Rand Capital Reports 18% Increase in Total Investment Income for Second Quarter 2024
Rand Capital (RAND) reported an 18% increase in total investment income to $2.1 million for Q2 2024, driven by a 35% rise in interest from portfolio companies. The company's net asset value (NAV) per share reached $26.56, up 11% from Q1 2024 and 13% from year-end 2023. Rand capitalized on market conditions, selling certain BDC holdings for a realized gain of $1.3 million. The company reduced its debt balance by $2.0 million during the quarter and an additional $2.3 million post-quarter.
Rand's portfolio included investments with a fair value of $87.1 million across 26 businesses, a 13% increase from December 31, 2023. The company declared a quarterly dividend of $0.29 per share for Q3 2024. Rand's strategy focuses on scaling through new investments and reinvesting in high-potential existing portfolio companies, aiming to strengthen its ability to increase cash dividends over the long term.
Rand Capital (RAND) ha registrato un aumento del 18% nel reddito totale da investimenti, raggiungendo i 2,1 milioni di dollari per il secondo trimestre del 2024, grazie a un incremento del 35% degli interessi provenienti dalle aziende del portafoglio. Il valore netto degli attivi (NAV) per azione della società ha raggiunto i 26,56 dollari, in aumento dell'11% rispetto al primo trimestre del 2024 e del 13% rispetto alla fine del 2023. Rand ha capitalizzato sulle condizioni di mercato, vendendo alcune partecipazioni BDC per una plusvalenza realizzata di 1,3 milioni di dollari. La società ha ridotto il suo saldo debitorio di 2,0 milioni di dollari durante il trimestre e ulteriori 2,3 milioni di dollari dopo il trimestre.
Il portafoglio di Rand comprendeva investimenti con un valore equo di 87,1 milioni di dollari in 26 imprese, un aumento del 13% rispetto al 31 dicembre 2023. La società ha dichiarato un dividendo trimestrale di 0,29 dollari per azione per il terzo trimestre del 2024. La strategia di Rand si concentra sull'espansione attraverso nuovi investimenti e sul reinvestimento in aziende ad alto potenziale già presenti nel portafoglio, con l'obiettivo di rafforzare la propria capacità di aumentare i dividendi in contante nel lungo periodo.
Rand Capital (RAND) reportó un aumento del 18% en los ingresos totales de inversiones, alcanzando los 2,1 millones de dólares en el segundo trimestre de 2024, impulsado por un incremento del 35% en los intereses de las empresas del portafolio. El valor neto de los activos (NAV) por acción de la compañía alcanzó los 26,56 dólares, un 11% más que en el primer trimestre de 2024 y un 13% más que a finales de 2023. Rand capitalizó las condiciones del mercado, vendiendo ciertas participaciones BDC por una ganancia realizada de 1,3 millones de dólares. La compañía redujo su saldo de deuda en 2,0 millones de dólares durante el trimestre y otros 2,3 millones de dólares después del trimestre.
El portafolio de Rand incluía inversiones con un valor razonable de 87,1 millones de dólares en 26 empresas, un aumento del 13% desde el 31 de diciembre de 2023. La compañía declaró un dividendo trimestral de 0,29 dólares por acción para el tercer trimestre de 2024. La estrategia de Rand se centra en escalar a través de nuevas inversiones y reinvertir en empresas del portafolio existentes con alto potencial, con el objetivo de fortalecer su capacidad de aumentar los dividendos en efectivo a largo plazo.
랜드 캐피탈 (RAND)은 2024년 2분기 총 투자 수익이 210만 달러로 18% 증가했다고 보고했으며, 이는 포트폴리오 회사로부터의 이자 수익이 35% 증가했기 때문입니다. 회사의 주당 순자산가치 (NAV)는 26.56달러에 달해 2024년 1분기 대비 11%, 2023년 연말 대비 13% 증가했습니다. 랜드는 시장 상황을 활용하여 특정 BDC 보유 자산을 매각해 130만 달러의 실현 이익을 올렸습니다. 회사는 분기 동안 채무 잔액을 200만 달러 줄였고, 분기 이후 추가로 230만 달러를 줄였습니다.
랜드의 포트폴리오는 26개 기업에 걸쳐 공정 가치가 8710만 달러인 투자로 구성되어 있으며, 이는 2023년 12월 31일 대비 13% 증가한 수치입니다. 회사는 2024년 3분기를 위한 주당 0.29달러의 분기 배당금을 선언했습니다. 랜드의 전략은 새로운 투자 확대와 기존 포트폴리오 기업에 대한 재투자를 통해 장기적으로 현금 배당금을 늘릴 수 있는 능력을 강화하는 데 중점을 두고 있습니다.
Rand Capital (RAND) a annoncé une augmentation de 18 % de ses revenus d'investissement total, atteignant 2,1 millions de dollars pour le 2ème trimestre 2024, grâce à une hausse de 35 % des intérêts provenant des entreprises du portefeuille. La valeur nette d'actif (NAV) par action de l'entreprise a atteint 26,56 dollars, en hausse de 11 % par rapport au 1er trimestre 2024 et de 13 % par rapport à la fin de l'année 2023. Rand a profité des conditions du marché, en vendant certaines participations BDC pour un gain réalisé de 1,3 million de dollars. L'entreprise a réduit son solde de dette de 2,0 millions de dollars durant le trimestre et de 2,3 millions de dollars après le trimestre.
Le portefeuille de Rand comprenait des investissements d'une valeur juste de 87,1 millions de dollars dans 26 entreprises, soit une augmentation de 13 % par rapport au 31 décembre 2023. L'entreprise a déclaré un dividende trimestriel de 0,29 dollar par action pour le 3ème trimestre 2024. La stratégie de Rand se concentre sur la croissance grâce à de nouveaux investissements et à la réinjection de fonds dans des entreprises du portefeuille existantes à fort potentiel, dans le but de renforcer sa capacité à augmenter les dividendes en espèces à long terme.
Rand Capital (RAND) berichtete von einem Anstieg des Gesamterträge aus Investitionen um 18% auf 2,1 Millionen Dollar für das 2. Quartal 2024, was durch einen Anstieg der Zinsen von Portfoliounternehmen um 35% bedingt war. Der Nettovermögenswert (NAV) pro Aktie des Unternehmens erreichte 26,56 Dollar, was einem Anstieg von 11% im Vergleich zum 1. Quartal 2024 und 13% im Vergleich zum Jahresende 2023 entspricht. Rand nutzte die Marktsituation, um bestimmte BDC-Beteiligungen mit einem realisierten Gewinn von 1,3 Millionen Dollar zu verkaufen. Im Laufe des Quartals reduzierte das Unternehmen seinen Schuldenstand um 2,0 Millionen Dollar und weitere 2,3 Millionen Dollar nach dem Quartal.
Das Portfolio von Rand umfasste Investitionen mit einem fairen Wert von 87,1 Millionen Dollar in 26 Unternehmen, was einem Anstieg von 13% seit dem 31. Dezember 2023 entspricht. Das Unternehmen erklärte eine vierteljährliche Dividende von 0,29 Dollar pro Aktie für das 3. Quartal 2024. Rand konzentriert sich in seiner Strategie auf das Wachstum durch neue Investitionen und das Reinvestieren in hochpotenzielle bestehende Portfoliounternehmen, um seine Fähigkeit zur langfristigen Erhöhung von Barausschüttungen zu stärken.
- 18% increase in total investment income to $2.1 million for Q2 2024
- 35% increase in interest from portfolio companies
- NAV per share up 11% from Q1 2024 and 13% from year-end 2023
- Realized gain of $1.3 million from sale of BDC holdings
- Debt balance reduced by $2.0 million during Q2 and additional $2.3 million post-quarter
- Portfolio fair value increased 13% to $87.1 million from December 31, 2023
- Adjusted net investment income per share up 16% to $0.44
- Net investment loss of $517,000 ($0.20 per share) compared to net investment income of $493,000 ($0.19 per share) in Q2 2023
- Total expenses increased to $2.7 million from $1.3 million in Q2 2023
- Interest expense increased to $393,000 from $259,000 in Q2 2023
Insights
Rand Capital's Q2 2024 results show strong financial performance with an
The
While the
Rand Capital's Q2 2024 results reveal a strategic shift towards income-generating debt instruments, aligning with their stated goal of cultivating a steady income stream. This pivot is evident in the
The company's focus on smaller, high-potential opportunities in the lower middle market is a differentiating factor. This approach could lead to higher returns but also carries increased risk. The planned reinvestment in existing portfolio companies suggests a balanced approach between new acquisitions and nurturing current investments.
The reduction in debt and the potential influx of capital from the SciAps sale position Rand well for future opportunities. However, the increase in expenses, particularly the capital gains incentive fees, warrants attention. Investors should monitor how effectively Rand deploys capital from recent exits and debt reductions to generate returns that outpace these rising costs.
Overall, Rand's strategy appears sound, but execution will be key in translating portfolio growth into consistent profitability and dividend sustainability.
-
Total investment income increased
18% to$2.1 million -
Net asset value per share (“NAV”) was
$26.56 11% from March 31, 2024 and up13% from year-end 2023 -
Capitalized on market conditions with the sale of certain BDC holdings that resulted in a realized gain of
$1.3 million -
Reduced debt balance
$2.0 million $2.3 million - Portfolio company SciAps expected to be acquired in 2024 after definitive purchase agreement signed
-
Announced a quarterly dividend of
$0.29
Daniel P. Penberthy, President and Chief Executive Officer of Rand, commented, "We are consistent and persistent in the execution of our strategy, driving strong growth in total investment income through prudent and strategic investments in income-generating debt instruments. During the quarter, our efforts to optimize the portfolio, including selective exits, generated capital that we advantageously deployed to improve our balance sheet. This positions us well for future growth opportunities. Additionally, we look forward to leveraging the capital expected from the pending sale of our portfolio investment company, SciAps, which we had previously announced and is expected to close later this year.
“Looking ahead, our plan is to continue scaling our business through new investments and also reinvesting in high-potential existing portfolio companies. Our goal is to focus on new debt investments in smaller opportunities, replicating our past successes in helping these companies grow. We believe this will cultivate a robust and steady income stream, strengthening our ability to increase cash dividends over the long term.”
Second Quarter Highlights (compared with the prior-year period unless otherwise noted)
-
Total investment income grew
$321,000 18% , to$2.1 million 35% increase in interest from portfolio companies, partially offset by lower dividend and fee income. -
Total expenses were
$2.7 million $1.3 million $1.2 million $393,000 $259,000 -
Adjusted expenses, which exclude capital gains incentive fees and is a non-GAAP financial measure, were
$1.0 million $816,000 -
Net investment loss was
$517,000 $0.20 $493,000 $0.19 $0.44 16% from$0.38
Portfolio and Investment Activity
As of June 30, 2024, Rand’s portfolio included investments with a fair value of
Second quarter 2024:
-
Funded a follow-on equity investment of
$108,000 $7.5 million -
Sold shares in three publicly traded BDCs for total proceeds of
$3.3 million $1.3 million -
Received
$740,000 -
Realized a gain of
$397,000 -
At quarter-end, Rand’s total debt and equity investment in SciAps had a fair value of
$10.8 million - Exited remaining equity investment in KNOA Software.
Liquidity and Capital Resources
Cash was
During the quarter, Rand reduced its outstanding borrowings by
The Company did not repurchase any outstanding common stock during the second quarter of 2024.
Dividends
On May 8, 2024, Rand declared its regular quarterly cash dividend distribution of
On July 31, 2024, Rand declared its regular quarterly cash dividend distribution of
Webcast and Conference Call
Rand will host a conference call and webcast on Tuesday August 6, 2024, at 1:30 p.m. Eastern Time, to review its financial results. The review will be accompanied by a slide presentation, which will be available on Rand’s website at www.randcapital.com in the “Investor Relations” section. Rand’s conference call can be accessed by calling (201) 689-8263. Alternatively, the webcast can be monitored on Rand’s website at www.randcapital.com under “Investor Relations” where the replay will also be available.
A telephonic replay will be available from 5:30 p.m. ET on the day of the call through Tuesday, August 20, 2024. To listen to the archived call, dial (412) 317-6671 and enter replay pin number 13747031. A transcript of the call will also be posted once available.
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 businesses that have sustainable, differentiated and market-proven products, revenue of more than
Safe Harbor Statement
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than historical facts, including but not limited to statements regarding the strategy of the Company and its outlook; statements regarding pending sale of portfolio company SciAps and the timing for the expected closing of such transaction; statements regarding the implementation of the Company’s strategy and the growth of its dividend; and any assumptions underlying any of the foregoing, are forward-looking statements. Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words “may,” “will,” “should,” “potential,” “intend,” “expect,” “endeavor,” “seek,” “anticipate,” “estimate,” “overestimate,” “underestimate,” “believe,” “could,” “project,” “predict,” “continue,” “target” or other similar words or expressions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove to be incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, (1) evolving legal, regulatory and tax regimes; (2) changes in general economic and/or industry specific conditions; and (3) other risk factors as detailed from time to time in Rand’s reports filed with the Securities and Exchange Commission (“SEC”), including Rand’s annual report on Form 10-K for the year ended December 31, 2023, quarterly reports on Form 10-Q, and other documents filed with the SEC. Consequently, such forward-looking statements should be regarded as Rand’s current plans, estimates and beliefs. Except as required by applicable law, Rand assumes no obligation to update the forward-looking information contained in this release.
FINANCIAL TABLES FOLLOW
Rand Capital Corporation and Subsidiaries |
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Consolidated Statements of Financial Position |
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|
|
June 30,
|
|
|
December 31,
|
|
||
ASSETS |
|
|
|
|
|
|
||
Investments at fair value: |
|
|
|
|
|
|
||
Control investments (cost of |
|
$ |
4,598,046 |
|
|
$ |
4,148,960 |
|
Affiliate investments (cost of |
|
|
61,779,019 |
|
|
|
53,499,372 |
|
Non-Control/Non-Affiliate investments (cost of |
|
|
20,693,902 |
|
|
|
19,477,380 |
|
Total investments, at fair value (cost of |
|
|
87,070,967 |
|
|
|
77,125,712 |
|
Cash |
|
|
2,293,226 |
|
|
|
3,295,321 |
|
Interest receivable |
|
|
516,617 |
|
|
|
244,600 |
|
Prepaid income taxes |
|
|
149,863 |
|
|
|
127,869 |
|
Deferred tax asset, net |
|
|
174,053 |
|
|
|
39,179 |
|
Other assets |
|
|
584,343 |
|
|
|
189,301 |
|
Total assets |
|
$ |
90,789,069 |
|
|
$ |
81,021,982 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY (NET ASSETS) |
|
|
|
|
|
|
||
Liabilities: |
|
|
|
|
|
|
||
Due to investment adviser |
|
$ |
322,672 |
|
|
$ |
979,297 |
|
Accounts payable and accrued expenses |
|
|
108,358 |
|
|
|
145,516 |
|
Line of credit |
|
|
17,200,000 |
|
|
|
16,250,000 |
|
Capital gains incentive fees |
|
|
4,033,000 |
|
|
|
2,279,700 |
|
Deferred revenue |
|
|
566,423 |
|
|
|
552,256 |
|
Total liabilities |
|
|
22,230,453 |
|
|
|
20,206,769 |
|
Stockholders’ equity (net assets): |
|
|
|
|
|
|
||
Common stock, |
|
|
264,892 |
|
|
|
264,892 |
|
Capital in excess of par value |
|
|
55,801,170 |
|
|
|
55,801,170 |
|
Treasury stock, at cost: 67,895 shares at 6/30/24 and 12/31/23 |
|
|
(1,566,605 |
) |
|
|
(1,566,605 |
) |
Total distributable earnings |
|
|
14,059,159 |
|
|
|
6,315,756 |
|
Total stockholders’ equity (net assets) (per share – 6/30/24: |
|
|
68,558,616 |
|
|
|
60,815,213 |
|
Total liabilities and stockholders’ equity (net assets) |
|
$ |
90,789,069 |
|
|
$ |
81,021,982 |
|
Rand Capital Corporation and Subsidiaries |
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Consolidated Statements of Operations |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
Three
|
|
|
Three
|
|
|
Six months
|
|
|
Six months
|
|
||||
Investment income: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest from portfolio companies: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Control investments |
|
$ |
198,885 |
|
|
$ |
179,922 |
|
|
$ |
386,368 |
|
|
$ |
330,838 |
|
Affiliate investments |
|
|
1,192,116 |
|
|
|
941,201 |
|
|
|
2,358,201 |
|
|
|
1,729,022 |
|
Non-Control/Non-Affiliate Investments |
|
|
604,226 |
|
|
|
352,417 |
|
|
|
1,064,306 |
|
|
|
710,583 |
|
Total interest from portfolio companies |
|
|
1,995,227 |
|
|
|
1,473,540 |
|
|
|
3,808,875 |
|
|
|
2,770,443 |
|
Interest from other investments: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Non-Control/Non-Affiliate Investments |
|
|
144 |
|
|
|
104 |
|
|
|
2,058 |
|
|
|
236 |
|
Total interest from other investments |
|
|
144 |
|
|
|
104 |
|
|
|
2,058 |
|
|
|
236 |
|
Dividend and other investment income: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Affiliate investments |
|
|
13,125 |
|
|
|
59,677 |
|
|
|
26,250 |
|
|
|
406,825 |
|
Non-Control/Non-Affiliate Investments |
|
|
60,050 |
|
|
|
132,920 |
|
|
|
198,760 |
|
|
|
260,515 |
|
Total dividend and other investment income |
|
|
73,175 |
|
|
|
192,597 |
|
|
|
225,010 |
|
|
|
667,340 |
|
Fee income: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Control investments |
|
|
4,516 |
|
|
|
4,311 |
|
|
|
9,032 |
|
|
|
8,211 |
|
Affiliate investments |
|
|
54,815 |
|
|
|
138,902 |
|
|
|
128,535 |
|
|
|
206,744 |
|
Non-Control/Non-Affiliate Investments |
|
|
8,272 |
|
|
|
5,978 |
|
|
|
29,858 |
|
|
|
13,956 |
|
Total fee income |
|
|
67,603 |
|
|
|
149,191 |
|
|
|
167,425 |
|
|
|
228,911 |
|
Total investment income |
|
|
2,136,149 |
|
|
|
1,815,432 |
|
|
|
4,203,368 |
|
|
|
3,666,930 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Base management fee |
|
|
322,672 |
|
|
|
255,867 |
|
|
|
625,267 |
|
|
|
501,260 |
|
Capital gains incentive fees |
|
|
1,641,000 |
|
|
|
491,000 |
|
|
|
1,753,300 |
|
|
|
782,000 |
|
Interest expense |
|
|
393,172 |
|
|
|
258,912 |
|
|
|
783,192 |
|
|
|
417,312 |
|
Professional fees |
|
|
91,460 |
|
|
|
100,307 |
|
|
|
323,767 |
|
|
|
271,282 |
|
Stockholders and office operating |
|
|
82,667 |
|
|
|
85,080 |
|
|
|
151,695 |
|
|
|
149,384 |
|
Directors' fees |
|
|
66,550 |
|
|
|
67,391 |
|
|
|
130,400 |
|
|
|
131,241 |
|
Administrative fees |
|
|
40,000 |
|
|
|
37,250 |
|
|
|
78,167 |
|
|
|
74,500 |
|
Insurance |
|
|
10,380 |
|
|
|
10,380 |
|
|
|
23,424 |
|
|
|
23,340 |
|
Corporate development |
|
|
4,881 |
|
|
|
554 |
|
|
|
10,426 |
|
|
|
4,267 |
|
Total expenses |
|
|
2,652,782 |
|
|
|
1,306,741 |
|
|
|
3,879,638 |
|
|
|
2,354,586 |
|
Net investment (loss) income before income taxes: |
|
|
(516,633 |
) |
|
|
508,691 |
|
|
|
323,730 |
|
|
|
1,312,344 |
|
Income taxes, including excise tax expense |
|
|
562 |
|
|
|
16,061 |
|
|
|
1,340 |
|
|
|
104,798 |
|
Net investment (loss) income |
|
|
(517,195 |
) |
|
|
492,630 |
|
|
|
322,390 |
|
|
|
1,207,546 |
|
Net realized gain on sales and dispositions of investments: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Affiliate investments |
|
|
(831,891 |
) |
|
|
2,537,765 |
|
|
|
(831,891 |
) |
|
|
2,596,094 |
|
Non-Control/Non-Affiliate Investments |
|
|
1,259,999 |
|
|
|
1,280,482 |
|
|
|
4,710,091 |
|
|
|
1,275,541 |
|
Net realized gain on sales and dispositions of investments, before income taxes |
|
|
428,108 |
|
|
|
3,818,247 |
|
|
|
3,878,200 |
|
|
|
3,871,635 |
|
Income tax expense |
|
|
— |
|
|
|
338,158 |
|
|
|
— |
|
|
|
338,158 |
|
Net realized gain on sales and dispositions of investments |
|
|
428,108 |
|
|
|
3,480,089 |
|
|
|
3,878,200 |
|
|
|
3,533,477 |
|
Net change in unrealized appreciation/depreciation on investments: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Affiliate investments |
|
|
8,849,945 |
|
|
|
(886,698 |
) |
|
|
8,749,945 |
|
|
|
(886,698 |
) |
Non-Control/Non-Affiliate Investments |
|
|
(1,070,919 |
) |
|
|
(480,572 |
) |
|
|
(3,861,215 |
) |
|
|
921,401 |
|
Change in unrealized appreciation/depreciation before income taxes |
|
|
7,779,026 |
|
|
|
(1,367,270 |
) |
|
|
4,888,730 |
|
|
|
34,703 |
|
Deferred income tax benefit |
|
|
(47,834 |
) |
|
|
(66,441 |
) |
|
|
(47,834 |
) |
|
|
(66,441 |
) |
Net change in unrealized appreciation/depreciation on investments |
|
|
7,826,860 |
|
|
|
(1,300,829 |
) |
|
|
4,936,564 |
|
|
|
101,144 |
|
Net realized and unrealized gain on investments |
|
|
8,254,968 |
|
|
|
2,179,260 |
|
|
|
8,814,764 |
|
|
|
3,634,621 |
|
Net increase in net assets from operations |
|
$ |
7,737,773 |
|
|
$ |
2,671,890 |
|
|
$ |
9,137,154 |
|
|
$ |
4,842,167 |
|
Weighted average shares outstanding |
|
|
2,581,021 |
|
|
|
2,581,021 |
|
|
|
2,581,021 |
|
|
|
2,581,021 |
|
Basic and diluted net increase in net assets from operations per share |
|
$ |
3.00 |
|
|
$ |
1.04 |
|
|
$ |
3.54 |
|
|
$ |
1.88 |
|
Rand Capital Corporation and Subsidiaries |
||||||||||||||||
Consolidated Statements of Changes in Net Assets |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
Three
|
|
|
Three
|
|
|
Six months
|
|
|
Six months
|
|
||||
Net assets at beginning of period |
|
$ |
61,569,339 |
|
|
$ |
59,375,393 |
|
|
$ |
60,815,213 |
|
|
$ |
57,721,320 |
|
Net investment (loss) income |
|
|
(517,195 |
) |
|
|
492,630 |
|
|
|
322,390 |
|
|
|
1,207,546 |
|
Net realized gain on sales and dispositions of investments |
|
|
428,108 |
|
|
|
3,480,089 |
|
|
|
3,878,200 |
|
|
|
3,533,477 |
|
Net change in unrealized appreciation/depreciation on investments |
|
|
7,826,860 |
|
|
|
(1,300,829 |
) |
|
|
4,936,564 |
|
|
|
101,144 |
|
Net increase in net assets from operations |
|
|
7,737,773 |
|
|
|
2,671,890 |
|
|
|
9,137,154 |
|
|
|
4,842,167 |
|
Declaration of dividend |
|
|
(748,496 |
) |
|
|
(645,255 |
) |
|
|
(1,393,751 |
) |
|
|
(1,161,459 |
) |
Net assets at end of period |
|
$ |
68,558,616 |
|
|
$ |
61,402,028 |
|
|
$ |
68,558,616 |
|
|
$ |
61,402,028 |
|
Rand Capital Corporation and Subsidiaries
Reconciliation of GAAP Total Expense to Non-GAAP Adjusted Expenses
(Unaudited)
In addition to reporting total expenses, which is a
|
Three
|
Three
|
Six months
|
Six months
|
||||
|
|
|
|
|
||||
Total expenses |
$ |
2,652,782 |
$ |
1,306,741 |
$ |
3,879,638 |
$ |
2,354,586 |
Exclude expenses for capital gains incentive fees |
|
1,641,000 |
|
491,000 |
|
1,753,300 |
|
782,000 |
Adjusted total expenses |
$ |
1,011,782 |
$ |
815,741 |
$ |
2,126,338 |
$ |
1,572,586 |
Reconciliation of GAAP Net Investment (Loss) Income per Share to
Adjusted Net Investment Income per Share
(Unaudited)
In addition to reporting Net Investment (Loss) Income per Share, which is a GAAP financial measure, the Company presents Adjusted Net Investment Income per Share, which is a non-GAAP financial measure. Adjusted Net Investment Income per Share is defined as GAAP Net Investment (Loss) Income per Share removing the effect of any expenses for capital gains incentive fees. GAAP Net Investment (Loss) Income per Share is the most directly comparable GAAP financial measure. Rand believes that Adjusted Net Investment Income per Share provides useful information to investors regarding financial performance because it is a method the Company uses to measure its financial and business trends related to its results of operations. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP.
|
Three months
|
Three months
|
Six months
|
Six months
|
||||
|
|
|
|
|
||||
Net investment (loss) income per share |
$ |
(0.20) |
$ |
0.19 |
$ |
0.12 |
$ |
0.47 |
Exclude expenses for capital gains incentive fees per share |
|
0.64 |
|
0.19 |
|
0.68 |
|
0.30 |
Adjusted net investment income per share |
$ |
0.44 |
$ |
0.38 |
$ |
0.80 |
$ |
0.77 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240806482417/en/
Company:
Daniel P. Penberthy
President and CEO
716.853.0802
dpenberthy@randcapital.com
Investors:
Deborah K. Pawlowski / Craig P. Mychajluk
Kei Advisors LLC
716-843-3908 / 716-843-3832
dpawlowski@keiadvisors.com / cmychajluk@keiadvisors.com
Source: Rand Capital Corporation
FAQ
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