Rand Capital Announces $0.20 per Share Cash Dividend for First Quarter 2023

Rhea-AI Summary

Rand Capital Corporation (NASDAQ: RAND) has declared a quarterly cash dividend of $0.20 per share. This dividend will be paid on or about March 27, 2023 to shareholders of record as of March 13, 2023. With approximately 2.6 million shares outstanding, the decision reflects the company’s commitment to maximizing returns for its shareholders. Future dividend amounts and timing will depend on the Board's discretion and various financial considerations, including taxable income estimates and changes in unrealized appreciation.

Positive

• Declared a quarterly cash dividend of $0.20 per share.
• Demonstrates commitment to shareholder returns.
• Indicates financial stability with 2.6 million shares outstanding.

Negative

• None.

BUFFALO, N.Y.--(BUSINESS WIRE)-- Rand Capital Corporation (Nasdaq: RAND) (“Rand”), a business development company providing alternative financing for lower middle market companies, announced today that its Board of Directors declared a quarterly cash dividend of $0.20 per share. The cash dividend will be distributed on or about March 27, 2023, to shareholders of record as of March 13, 2023. Rand has approximately 2.6 million shares outstanding.

Additional Information Regarding Dividend Distributions

The amount and timing of dividend distributions, including future dividend distributions, are subject to the discretion of Rand’s Board of Directors. When declaring distributions, Rand’s Board of Directors reviews estimates of taxable income available for distribution, which may differ from consolidated net income under generally accepted accounting principles due to (i) changes in unrealized appreciation and depreciation, (ii) temporary and permanent differences in income and expense recognition, and (iii) the amount of spillover income carried over from a given year for distribution in the following year.

The final determination of taxable income for each tax year, as well as the tax attributes for distributions in such tax year, will be made after the close of the tax year.

ABOUT RAND CAPITAL

Rand Capital (Nasdaq: RAND) is an externally managed business development company (BDC). The Company’s investment objective is to maximize total return to its shareholders with current income and capital appreciation by focusing its debt and related equity investments in privately-held, lower middle market companies with committed and experienced managements in a broad variety of industries. Rand invests in early to later stage businesses that have sustainable, differentiated and market-proven products, revenue of more than $2 million and a path to free cash flow or up to $5 million in EBITDA. The Company’s investment activities are managed by its external investment adviser, Rand Capital Management, LLC. Additional information can be found at the Company’s website where it regularly posts information: https://www.randcapital.com/.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230228006380/en/

Company:

Daniel P. Penberthy

President and CEO

Phone: 716.853.0802

Email: dpenberthy@randcapital.com

Investors:

Deborah K. Pawlowski

Kei Advisors LLC

Phone: 716.843.3908

Email: dpawlowski@keiadvisors.com

Source: Rand Capital Corporation

FAQ

What is the recent dividend declared by Rand Capital Corporation?

Rand Capital Corporation declared a quarterly cash dividend of $0.20 per share.

When will the dividend be paid to shareholders?

The dividend will be paid on or about March 27, 2023.

What is the record date for shareholder eligibility for the dividend?

The record date for the dividend is March 13, 2023.

How many shares does Rand Capital Corporation have outstanding?

Rand Capital Corporation has approximately 2.6 million shares outstanding.

What factors influence the future dividend distributions of Rand Capital?

Future dividend distributions depend on the discretion of the Board and are influenced by taxable income estimates, unrealized appreciation and depreciation, and other factors.