Triangle Capital Corporation (TCAP) has raised its dividend 15 times, portraying a history of net investment income cumulatively exceeding the dividend payout over time, according to Garland S. Tucker III, CEO, President and Chairman of this business development company.
“We’ve had a history of increasing the dividend as our net investment income has gone up. And one last thing here, the fourth-quarter net investment income per share was $0.57, the dividend paid for the fourth quarter was $0.53. We have announced an increase to $0.54, which I think translates the feeling of optimism on our part that going forward we should see some continued growth in NII, which, if that occurs, will translate eventually into increased dividends,” Tucker said.
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TCAP is a traditional mezzanine investor, and Tucker says it’s important for the BDC to have an equity component in his investments either in the form of a warrant, which would be attached to a subordinated note, or an investment along with a sponsor group leading the transaction.
“It’s been important for us as a BDC to have that equity component that helps offset any principal losses that we might have on the sub debt side. From inception to date, our equity gains have more than offset the principal losses in sub debt investments,” Tucker said.
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