Triangle Capital Corporation (NYSE:TCAP)
(“Triangle” or the “Company”), a leading provider of capital to
lower middle market companies, today announced its financial and
operating results for the fourth quarter of 2017 and the full year
of 2017 and announced that its Board of Directors has declared a
quarterly dividend of $0.30 per share.
Fourth Quarter 2017
Highlights
- Total Investment Portfolio at Fair Value: $1,016.3
million
- Total Net Assets (Equity): $641.3 million
- Net Asset Value Per Share (Book Value): $13.43
- Weighted Average Yield on Debt Investments: 11.0%
- Efficiency Ratio (Compensation and G&A Expenses/Total
Investment Income): 18.8%
- Investment Portfolio Activity for the Quarter Ended December
31, 2017-- Cost of investments made during the period: $92.2
million-- Principal repayments (excluding PIK interest repayments)
during the period: $169.8 million-- Proceeds related to the
sales of equity investments during the period: $2.1
million
- Non-Accrual Assets as a Percentage of Total Portfolio Cost and
Fair Value: 10.7% / 1.6%
- Financial Results for the Quarter Ended December 31,
2017-- Total investment income: $31.7 million-- Net
investment income: $17.9 million-- Net investment income
per share: $0.38-- Net realized losses: $34.6
million-- Net increase in net assets resulting from
operations: $23.7 million-- Net increase in net assets
resulting from operations per share: $0.50
Full Year 2017 Highlights
- Investment Portfolio Activity for the Year Ended December 31,
2017-- Cost of investments made during the period:
$483.7 million-- Principal repayments (excluding PIK interest
repayments) during the period: $374.1 million-- Proceeds
related to the sales of equity investments during the period:
$29.6 million
- Financial Results for the Year Ended December 31,
2017-- Total investment income: $123.0
million-- Net investment income: $72.2
million-- Net investment income per share:
$1.55 -- Net realized losses: $51.6
million -- Net decrease in net assets resulting from
operations: $28.7 million -- Net decrease in net
assets resulting from operations per share: $0.62
- Efficiency Ratio (Compensation and G&A Expenses/Total
Investment Income): 17.5%
In commenting on the Company’s results, E. Ashton Poole,
Chairman and Chief Executive Officer, stated, “There were several
positive developments for Triangle in the fourth quarter, as the
Company earned net investment income of $0.38 per share and saw its
net asset value increase to $13.43 per share. We continued
the transition of our portfolio to more senior-oriented
investments, with five of our six new debt investments in first or
second lien positions. We also continued to work through our
legacy under-performing investments, including the repayment or
restructuring of three non-accrual debt investments. Our Board
continues its exploration of strategic alternatives, and we look
forward to communicating the results once the process has been
completed.”
Fourth Quarter 2017 Results
Total investment income during the fourth
quarter of 2017 was $31.7 million, compared to total investment
income of $29.9 million for the third quarter of 2017. The
increase in quarter-over-quarter total investment income resulted
primarily from a $2.6 million increase in non-recurring dividend
and fee income, partially offset by a decrease in portfolio debt
investments quarter-over-quarter.
Net investment income during the fourth quarter
of 2017 was $17.9 million, compared to net investment income of
$17.2 million for the third quarter of 2017. Net investment
income per share during the fourth quarter of 2017 was $0.38, based
on weighted average shares outstanding during the quarter of 47.7
million, compared to $0.36 per share during the third quarter of
2017, based on weighted average shares outstanding of 47.7
million.
The Company’s net increase in net assets
resulting from operations was $23.7 million during the fourth
quarter of 2017, compared to a net decrease in net assets resulting
from operations of $57.5 million during the third quarter of
2017. The Company’s net increase in net assets resulting from
operations was $0.50 per share during the fourth quarter of 2017,
based on weighted average shares outstanding of 47.7 million,
compared to a net decrease in net assets resulting from operations
of $1.20 per share during the third quarter of 2017, based on
weighted average shares outstanding of 47.7 million.
Full Year 2017 Results
For the year ended December 31, 2017, total
investment income was $123.0 million, compared to total
investment income of $113.7 million for the year ended December 31,
2016. This increase was primarily attributed to an increase
in portfolio debt investments and a $2.8 million increase in
non-recurring dividend and fee income, partially offset by a
decrease in the weighted average yield on our debt investments from
December 31, 2016 to December 31, 2017 and a decrease in investment
income relating to non-accrual assets.
Net investment income for 2017 was $72.2
million, compared to net investment income of $58.9 million during
2016. Net investment income per share during 2017 was $1.55,
based on a weighted average share count of 46.5 million, compared
to $1.62 per share during 2016, based on a weighted average share
count of 36.4 million.
The Company’s net decrease in net assets
resulting from operations during the year ended December 31, 2017,
was $28.7 million, compared to a net increase in net assets
resulting from operations of $34.3 million for the year ended
December 31, 2016. The Company’s net decrease in net assets
resulting from operations was $0.62 per share during 2017, based on
weighted average shares outstanding of 46.5 million, compared to a
net increase in net assets resulting from operations of $0.94 per
share in 2016, based on weighted average shares outstanding of 36.4
million.
The Company’s net asset value, or NAV, at
December 31, 2017, was $13.43 per share, as compared to $13.20 per
share at September 30, 2017 and $15.13 per share at December 31,
2016. As of December 31, 2017, the Company’s weighted average
yield on its outstanding, currently yielding debt investments was
11.0%, as compared to 11.2% at September 30, 2017 and 11.7% at
December 31, 2016.
Liquidity and Capital
Resources
At December 31, 2017, the Company had cash and
cash equivalents totaling $191.8 million and outstanding borrowings
under its senior secured credit facility of $156.1 million.
As of December 31, 2017, the Company had
outstanding non-callable, fixed-rate SBA-guaranteed debentures
totaling $250.0 million with a weighted average interest rate of
3.90%. In addition, the Company’s third SBIC license that was
approved in January of 2017 provides up to $100.0 million of
additional borrowing capacity for SBA-guaranteed debentures.
Dividend Information
The Company’s Board of Directors has declared a
quarterly cash dividend of $0.30 per share. This is the
Company’s 45th consecutive quarterly dividend since its initial
public offering in February 2007.
The Company’s dividend will be payable as follows:
First Quarter 2018 Dividend |
Amount
Per Share: |
$0.30 |
Record
Date: |
March 14, 2018 |
Payment
Date: |
March 28, 2018 |
Dividend Reinvestment Plan
At the time of its IPO in February, 2007,
Triangle adopted a dividend reinvestment plan (“DRIP”) that
provides for reinvestment of dividends and distributions on behalf
of its stockholders, unless a stockholder elects to receive
cash. As a result, when the Company declares a cash dividend
or distribution, stockholders who have not opted out of the DRIP
will have their cash dividends or distributions automatically
reinvested in additional shares of the Company’s common stock,
rather than receiving cash.
When the Company declares and pays dividends and
distributions, it determines the allocation of the distribution
between current income, accumulated income and return of capital on
the basis of accounting principles generally accepted in the United
States (“GAAP). At each year end, the Company is required for
tax purposes to determine the allocation based on tax accounting
principles. Due to differences between GAAP and tax
accounting principles, the portion of each dividend distribution
that is ordinary income, capital gain or return of capital may
differ for GAAP and tax purposes. The tax status of the
Company’s distributions can be found on the Investor Relations page
of its website.
Recent Portfolio Activity
During the year ended December 31, 2017, the
Company made twenty-nine new investments, including
recapitalizations of existing portfolio companies, totaling $408.9
million, additional debt investments in eighteen existing portfolio
companies totaling $70.4 million and additional equity investments
in eleven existing portfolio companies totaling $4.4 million.
The Company had twenty-one portfolio company loans repaid at par
totaling $332.5 million and received normal principal repayments,
partial loan repayments and PIK interest repayments totaling $54.5
million. The Company recognized $25.6 million of realized
losses related to two portfolio company restructurings. The
Company wrote off equity investments in eight portfolio companies
and recognized realized losses on the write-offs of $15.1 million
and wrote off or sold debt investments in six portfolio companies
and recognized realized losses of $31.6 million. In addition,
the Company received proceeds related to the sales of certain
equity securities totaling $29.6 million and recognized net
realized gains on such sales totaling $20.9 million.
New investment transactions which occurred
during the fourth quarter of 2017 are summarized as follows:
In October, 2017, the Company made a $32.5
million senior debt investment in Deva Holdings, Inc.
(“Deva”). Deva is a beauty and wellness company with a
premier brand and leading market position within the haircare
products sector.
In October, 2017, the Company made a $10.0
million senior debt investment in Tate’s Bake Shop (“Tate’s”) as
part of a recapitalization financing. Tate’s is a premium,
consumer branded producer of gourmet cookies and other baked goods
marketed throughout the United States.
In October, 2017, the Company made a $0.5
million subordinated debt investment in Avantor, Inc. (“Avantor”)
as part of a recapitalization financing. Avantor is a
manufacturer of high-purity chemicals for the pharmaceutical,
biopharmaceutical, semi-conductor and laboratory markets.
In November, 2017, the Company made a $20.0
million second lien debt investment in ICP Industrial, Inc. (“ICP”)
as part of a recapitalization financing. ICP is a leading
formulator of specialty coatings, adhesives and sealants serving
the construction and industrial end markets.
In November, 2017, the Company made a $0.2
million equity investment in SPC Partners VI, LP (“SPC”). SPC
is a private equity fund that focuses on investing in manufacturers
and marketers of consumer products.
In November, 2017, the Company made a $6.0
million second lien debt investment in Navicure, Inc.
(“Navicure”). Navicure provides revenue cycle management
(RCM) software to physician practices and health systems.
In December, 2017, the Company made a $3.0
million second lien debt investment in OEConnection, LLC
(“OEC”). OEC is a provider of software to the automotive
industry.
Annual Meeting of
Stockholders
The 2018 Annual Meeting of Stockholders of
Triangle Capital Corporation will be held at the Woman’s Club of
Raleigh, 3300 Woman’s Club Drive, Raleigh, North Carolina 27612 on
Wednesday, May 2, 2018, at 8:30 a.m. (Eastern Time) for
stockholders of record as of the close of business on February 22,
2018.
Conference Call to Discuss Fourth
Quarter and Full Year 2017 Results
Triangle has scheduled a conference call to
discuss fourth quarter and full year 2017 operating and financial
results for Thursday, March 1, 2018, at 9:00 a.m. ET.
To listen to the call, please dial 877-312-5521
or 253-237-1143 approximately 10 minutes prior to the start of the
call and enter confirmation code 4499186. A taped replay will be
made available approximately two hours after the conclusion of the
call and will remain available until March 5, 2018. To access the
replay, please dial 855-859-2056 or 404-537-3406 and enter the
passcode 4499186.
Triangle’s quarterly and annual results
conference call will also be available via a live webcast on the
investor relations section of its website at
http://ir.tcap.com/events-and-presentations. Access the website 15
minutes prior to the start of the call to download and install any
necessary audio software. An archived webcast replay will be
available on the Company's website until March 31, 2018.
About Triangle Capital
Corporation
Triangle Capital Corporation (www.TCAP.com)
invests capital in established companies in the lower middle market
to fund growth, changes of control and other corporate
events. Triangle offers a wide variety of debt and equity
investment structures including first lien, unitranche, second
lien, and mezzanine with equity components. Triangle’s
investment objective is to seek attractive returns by generating
current income from debt investments and capital appreciation from
equity related investments. Triangle’s investment philosophy
is to partner with business owners, management teams and financial
sponsors to provide flexible financing solutions. Triangle
typically invests $5.0 million - $50.0 million per transaction in
companies with annual revenues between $20.0 million and $300.0
million and EBITDA between $5.0 million and $75.0 million.
Triangle has elected to be treated as a business
development company under the Investment Company Act of 1940 ("1940
Act"). Triangle is required to comply with a series of
regulatory requirements under the 1940 Act as well as applicable
NYSE, federal and state laws and regulations. Triangle has
elected to be treated as a regulated investment company under the
Internal Revenue Code of 1986. Failure to comply with any of
the laws and regulations that apply to Triangle could have a
material adverse effect on Triangle and its stockholders.
Forward-Looking Statements
This press release may contain forward-looking
statements regarding the plans and objectives of management for
future operations. Any such forward-looking statements may involve
known and unknown risks, uncertainties and other factors which may
cause our actual results, performance or achievements to be
materially different from future results, performance or
achievements expressed or implied by any forward-looking
statements. Forward-looking statements, which involve assumptions
and describe our future plans, strategies and expectations, are
generally identifiable by use of the words “may,” “will,” “should,”
“expect,” “anticipate,” “estimate,” “believe,” “intend,” “target,”
“goals,” “plan,” “forecast,” "guidance," “project,” other
variations on these words or comparable terminology, or the
negative of these words. These forward-looking statements are based
on assumptions that may be incorrect, and we cannot assure you that
the projections included in these forward-looking statements will
come to pass. Our actual results could differ materially from those
expressed or implied by the forward-looking statements as a result
of various factors, including the factors discussed in our annual
reports on Form 10-K, quarterly reports on Form 10-Q, current
reports on Form 8-K and other documents or reports that we in the
future may file with the Securities and Exchange Commission (the
“SEC”). Copies of any reports or documents we file with the SEC are
publicly available on the SEC’s website at www.sec.gov, and
stockholders may receive a hard copy of our complete audited
financial statements free of charge upon request to the Company at
3700 Glenwood Avenue, Suite 530, Raleigh, NC 27612.
We have based any forward-looking statements
included in this press release on information available to us on
the date of this press release, and we assume no obligation to
update any such forward-looking statements, unless we are required
to do so by applicable law. However, you are advised to consult any
additional disclosures that we may make directly to you or through
reports that we in the future may file with the SEC, including
subsequent annual reports on Form 10-K, quarterly reports on Form
10-Q and current reports on Form 8-K.
Contacts
E. Ashton PooleChairman & Chief Executive
Officer919-747-8618apoole@tcap.com
Steven C. LillyChief Financial
Officer919-719-4789slilly@tcap.com
TRIANGLE CAPITAL
CORPORATIONConsolidated Balance Sheets |
|
|
|
December 31, |
|
|
2017 |
|
2016 |
Assets: |
|
|
|
|
Investments at fair
value: |
|
|
|
|
Non-Control / Non-Affiliate investments (cost of $910,150,765 and
$888,974,154 at December 31, 2017 and 2016, respectively) |
|
$ |
831,194,397 |
|
|
$ |
857,604,639 |
|
Affiliate
investments (cost of $149,099,548 and $162,539,224 at
December 31, 2017 and 2016, respectively) |
|
147,101,949 |
|
|
161,510,773 |
|
Control
investments (cost of $62,375,532 and $45,418,113 at
December 31, 2017 and 2016, respectively) |
|
37,988,000 |
|
|
18,791,769 |
|
Total investments at
fair value |
|
1,016,284,346 |
|
|
1,037,907,181 |
|
Cash and cash
equivalents |
|
191,849,697 |
|
|
107,087,663 |
|
Interest and fees
receivable |
|
7,806,887 |
|
|
10,189,788 |
|
Prepaid expenses and
other current assets |
|
1,854,861 |
|
|
1,659,570 |
|
Deferred financing
fees |
|
5,186,672 |
|
|
2,699,960 |
|
Property and equipment,
net |
|
81,149 |
|
|
106,494 |
|
Total
assets |
|
$ |
1,223,063,612 |
|
|
$ |
1,159,650,656 |
|
Liabilities: |
|
|
|
|
Accounts payable and
accrued liabilities |
|
$ |
9,863,209 |
|
|
$ |
6,797,244 |
|
Interest payable |
|
3,997,480 |
|
|
3,996,940 |
|
Taxes payable |
|
796,111 |
|
|
489,691 |
|
Deferred income
taxes |
|
1,331,528 |
|
|
2,053,701 |
|
Borrowings under credit
facility |
|
156,070,484 |
|
|
127,011,475 |
|
Notes, net of deferred
financing fees |
|
163,408,301 |
|
|
162,755,381 |
|
SBA-guaranteed
debentures payable, net of deferred financing fees |
|
246,321,125 |
|
|
245,389,966 |
|
Total
liabilities |
|
581,788,238 |
|
|
548,494,398 |
|
Commitments and
contingencies |
|
|
|
|
Net
Assets: |
|
|
|
|
Common stock, $0.001
par value per share (150,000,000 shares authorized, 47,740,832 and
40,401,292 shares issued and outstanding as of December 31,
2017 and 2016, respectively) |
|
47,741 |
|
|
40,401 |
|
Additional paid in
capital |
|
823,614,881 |
|
|
686,835,054 |
|
Net investment income
in excess of distributions |
|
8,305,431 |
|
|
5,884,512 |
|
Net accumulated
realized losses |
|
(84,883,623 |
) |
|
(24,211,594 |
) |
Net unrealized
depreciation |
|
(105,809,056 |
) |
|
(57,392,115 |
) |
Total net
assets |
|
641,275,374 |
|
|
611,156,258 |
|
Total
liabilities and net assets |
|
$ |
1,223,063,612 |
|
|
$ |
1,159,650,656 |
|
Net asset value per
share |
|
$ |
13.43 |
|
|
$ |
15.13 |
|
|
|
|
|
|
|
|
|
|
TRIANGLE CAPITAL
CORPORATIONConsolidated Statements of Operations |
|
|
|
Year Ended December 31, |
|
|
2017 |
|
2016 |
|
2015 |
Investment
income: |
|
|
|
|
|
|
Interest income: |
|
|
|
|
|
|
Non-Control / Non-Affiliate investments |
|
$ |
83,421,527 |
|
|
$ |
73,110,821 |
|
|
$ |
69,880,678 |
|
Affiliate
investments |
|
13,462,551 |
|
|
13,262,066 |
|
|
16,812,432 |
|
Control
investments |
|
1,155,791 |
|
|
1,017,716 |
|
|
446,301 |
|
Total
interest income |
|
98,039,869 |
|
|
87,390,603 |
|
|
87,139,411 |
|
Dividend income: |
|
|
|
|
|
|
Non-Control / Non-Affiliate investments |
|
2,364,569 |
|
|
912,304 |
|
|
4,373,803 |
|
Affiliate
investments |
|
319,619 |
|
|
1,107,920 |
|
|
1,122,125 |
|
Control
investments |
|
— |
|
|
300,333 |
|
|
79 |
|
Total
dividend income |
|
2,684,188 |
|
|
2,320,557 |
|
|
5,496,007 |
|
Fee and other
income: |
|
|
|
|
|
|
Non-Control / Non-Affiliate investments |
|
9,134,573 |
|
|
6,735,108 |
|
|
9,084,933 |
|
Affiliate
investments |
|
1,106,151 |
|
|
1,250,757 |
|
|
3,359,995 |
|
Control
investments |
|
407,292 |
|
|
400,000 |
|
|
400,000 |
|
Total fee
and other income |
|
10,648,016 |
|
|
8,385,865 |
|
|
12,844,928 |
|
Payment-in-kind
interest income: |
|
|
|
|
|
|
Non-Control / Non-Affiliate investments |
|
8,367,457 |
|
|
11,113,845 |
|
|
10,911,656 |
|
Affiliate
investments |
|
2,550,074 |
|
|
4,120,574 |
|
|
4,669,868 |
|
Total
payment-in-kind interest income |
|
10,917,531 |
|
|
15,234,419 |
|
|
15,581,524 |
|
Interest income from
cash and cash equivalent investments |
|
715,028 |
|
|
348,113 |
|
|
224,743 |
|
Total investment
income |
|
123,004,632 |
|
|
113,679,557 |
|
|
121,286,613 |
|
Operating
expenses: |
|
|
|
|
|
|
Interest
and other financing fees |
|
29,261,030 |
|
|
26,720,572 |
|
|
26,754,001 |
|
Compensation expenses |
|
16,135,739 |
|
|
23,675,809 |
|
|
19,009,256 |
|
General
and administrative expenses |
|
5,370,046 |
|
|
4,406,303 |
|
|
3,894,253 |
|
Total operating
expenses |
|
50,766,815 |
|
|
54,802,684 |
|
|
49,657,510 |
|
Net investment
income |
|
72,237,817 |
|
|
58,876,873 |
|
|
71,629,103 |
|
Realized and
unrealized gains (losses) on investments and foreign currency
borrowings: |
|
|
|
|
|
|
Net realized gains
(losses): |
|
|
|
|
|
|
Non-Control / Non-Affiliate investments |
|
(3,683,168 |
) |
|
(2,413,750 |
) |
|
9,002,793 |
|
Affiliate
investments |
|
(3,979,667 |
) |
|
4,398,798 |
|
|
2,314,896 |
|
Control
investments |
|
(45,205,868 |
) |
|
— |
|
|
(38,807,152 |
) |
Net
realized gains (losses) on investments |
|
(52,868,703 |
) |
|
1,985,048 |
|
|
(27,489,463 |
) |
Foreign
currency borrowings |
|
1,268,776 |
|
|
— |
|
|
— |
|
Net
realized gains (losses) |
|
(51,599,927 |
) |
|
1,985,048 |
|
|
(27,489,463 |
) |
Net unrealized
appreciation (depreciation): |
|
|
|
|
|
|
Non-Control / Non-Affiliate investments |
|
(65,786,245 |
) |
|
(9,079,811 |
) |
|
(23,583,035 |
) |
Affiliate
investments |
|
(7,356,046 |
) |
|
(5,473,012 |
) |
|
2,839,512 |
|
Control
investments |
|
27,547,274 |
|
|
(11,464,464 |
) |
|
23,875,966 |
|
Net
unrealized appreciation (depreciation) on investments |
|
(45,595,017 |
) |
|
(26,017,287 |
) |
|
3,132,443 |
|
Foreign
currency borrowings |
|
(2,821,924 |
) |
|
(152,957 |
) |
|
2,363,214 |
|
Net
unrealized appreciation (depreciation) |
|
(48,416,941 |
) |
|
(26,170,244 |
) |
|
5,495,657 |
|
Net realized and
unrealized losses on investments and foreign currency
borrowings |
|
(100,016,868 |
) |
|
(24,185,196 |
) |
|
(21,993,806 |
) |
Loss on extinguishment
of debt |
|
— |
|
|
— |
|
|
(1,394,017 |
) |
Provision for
taxes |
|
(871,410 |
) |
|
(435,245 |
) |
|
(384,028 |
) |
Net increase
(decrease) in net assets resulting from operations |
|
$ |
(28,650,461 |
) |
|
$ |
34,256,432 |
|
|
$ |
47,857,252 |
|
Net investment income
per share — basic and diluted |
|
$ |
1.55 |
|
|
$ |
1.62 |
|
|
$ |
2.16 |
|
Net increase (decrease)
in net assets resulting from operations per share — basic and
diluted |
|
$ |
(0.62 |
) |
|
$ |
0.94 |
|
|
$ |
1.44 |
|
Dividends/distributions per share: |
|
|
|
|
|
|
Regular quarterly
dividends/distributions |
|
$ |
1.65 |
|
|
$ |
1.89 |
|
|
$ |
2.16 |
|
Supplemental
dividends/distributions |
|
— |
|
|
— |
|
|
0.20 |
|
Total
dividends/distributions |
|
$ |
1.65 |
|
|
$ |
1.89 |
|
|
$ |
2.36 |
|
Weighted average number
of shares outstanding — basic and diluted |
|
46,497,977 |
|
|
36,405,024 |
|
|
33,234,319 |
|
|
|
|
|
|
|
|
|
|
|
TRIANGLE CAPITAL
CORPORATIONConsolidated Statements of Cash Flows |
|
|
|
Year Ended December 31, |
|
|
2017 |
|
2016 |
|
2015 |
Cash flows from
operating activities: |
|
|
|
|
|
|
Net
increase (decrease) in net assets resulting from operations |
|
$ |
(28,650,461 |
) |
|
$ |
34,256,432 |
|
|
$ |
47,857,252 |
|
Adjustments to reconcile net increase (decrease) in net assets
resulting from operations to net cash used in operating
activities: |
|
|
|
|
|
|
Purchases
of portfolio investments |
|
(483,743,398 |
) |
|
(319,466,966 |
) |
|
(453,928,052 |
) |
Repayments received/sales of portfolio investments |
|
403,678,672 |
|
|
236,692,865 |
|
|
343,268,967 |
|
Loan
origination and other fees received |
|
7,294,015 |
|
|
5,813,991 |
|
|
7,099,587 |
|
Net
realized (gains) losses on investments |
|
52,868,703 |
|
|
(1,985,048 |
) |
|
27,489,463 |
|
Net
realized gain on foreign currency borrowings |
|
(1,268,776 |
) |
|
— |
|
|
— |
|
Net
unrealized (appreciation) depreciation on investments |
|
46,317,189 |
|
|
28,951,901 |
|
|
(4,757,093 |
) |
Net
unrealized (appreciation) depreciation on foreign currency
borrowings |
|
2,821,924 |
|
|
152,957 |
|
|
(2,363,214 |
) |
Deferred
income taxes |
|
(722,173 |
) |
|
(2,934,616 |
) |
|
1,624,648 |
|
Payment-in-kind interest accrued, net of payments received |
|
2,021,987 |
|
|
(5,671,705 |
) |
|
(2,573,814 |
) |
Amortization of deferred financing fees |
|
2,514,459 |
|
|
2,226,066 |
|
|
2,162,562 |
|
Loss on
extinguishment of debt |
|
— |
|
|
— |
|
|
1,394,017 |
|
Accretion
of loan origination and other fees |
|
(6,337,441 |
) |
|
(4,568,399 |
) |
|
(6,165,489 |
) |
Accretion
of loan discounts |
|
(476,892 |
) |
|
(397,104 |
) |
|
(487,163 |
) |
Accretion
of discount on SBA-guaranteed debentures payable |
|
— |
|
|
31,899 |
|
|
188,295 |
|
Depreciation expense |
|
65,857 |
|
|
70,108 |
|
|
60,244 |
|
Stock-based compensation |
|
6,022,861 |
|
|
10,331,464 |
|
|
6,989,341 |
|
Changes
in operating assets and liabilities: |
|
|
|
|
|
|
Interest
and fees receivable |
|
2,382,901 |
|
|
(5,297,642 |
) |
|
2,516,959 |
|
Prepaid
expenses and other current assets |
|
(195,291 |
) |
|
(712,502 |
) |
|
(508,207 |
) |
Accounts
payable and accrued liabilities |
|
3,065,965 |
|
|
(666,270 |
) |
|
318,841 |
|
Interest
payable |
|
540 |
|
|
282,470 |
|
|
349,233 |
|
Taxes
payable |
|
306,420 |
|
|
(245,807 |
) |
|
(1,770,533 |
) |
Net cash provided by
(used) in operating activities |
|
7,967,061 |
|
|
(23,135,906 |
) |
|
(31,234,156 |
) |
Cash flows from
investing activities: |
|
|
|
|
|
|
Purchases
of property and equipment |
|
(40,512 |
) |
|
(70,904 |
) |
|
(57,189 |
) |
Net cash used in
investing activities |
|
(40,512 |
) |
|
(70,904 |
) |
|
(57,189 |
) |
Cash flows from
financing activities: |
|
|
|
|
|
|
Borrowings under SBA-guaranteed debentures payable |
|
— |
|
|
32,800,000 |
|
|
— |
|
Repayments of SBA-guaranteed debentures payable |
|
— |
|
|
(7,800,000 |
) |
|
— |
|
Borrowings under credit facility |
|
141,700,000 |
|
|
104,901,849 |
|
|
215,000,000 |
|
Repayments of borrowings under credit facility |
|
(114,194,139 |
) |
|
(109,300,000 |
) |
|
(144,000,000 |
) |
Proceeds
from notes |
|
— |
|
|
— |
|
|
83,372,640 |
|
Redemption of notes |
|
— |
|
|
— |
|
|
(69,000,000 |
) |
Financing
fees paid |
|
(3,417,092 |
) |
|
(1,123,401 |
) |
|
(2,919,436 |
) |
Net
proceeds (expenses) related to public offerings of common
stock |
|
131,996,144 |
|
|
129,126,224 |
|
|
(54,967 |
) |
Common
stock withheld for taxes upon vesting of restricted stock |
|
(2,180,295 |
) |
|
(4,449,563 |
) |
|
(2,497,712 |
) |
Cash
dividends/distributions paid |
|
(77,069,133 |
) |
|
(66,476,054 |
) |
|
(74,752,788 |
) |
Net cash provided by
financing activities |
|
76,835,485 |
|
|
77,679,055 |
|
|
5,147,737 |
|
Net increase (decrease)
in cash and cash equivalents |
|
84,762,034 |
|
|
54,472,245 |
|
|
(26,143,608 |
) |
Cash and cash
equivalents, beginning of year |
|
107,087,663 |
|
|
52,615,418 |
|
|
78,759,026 |
|
Cash and cash
equivalents, end of year |
|
$ |
191,849,697 |
|
|
$ |
107,087,663 |
|
|
$ |
52,615,418 |
|
Supplemental disclosure
of cash flow information: |
|
|
|
|
|
|
Cash paid
for interest |
|
$ |
25,587,590 |
|
|
$ |
23,366,963 |
|
|
$ |
23,021,114 |
|
Summary of non-cash
financing transactions: |
|
|
|
|
|
|
Dividends
paid through DRIP share issuances |
|
$ |
1,637,558 |
|
|
$ |
3,075,553 |
|
|
$ |
3,726,177 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Triangle Capital Corp. (delisted) (NYSE:TCAP)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Triangle Capital Corp. (delisted) (NYSE:TCAP)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024