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Rand Capital Reports 27% Increase in Total Investment Income for Third Quarter 2024, Supported by Strategic Debt Portfolio Growth

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Rand Capital (NASDAQ: RAND) reported strong Q3 2024 results with total investment income increasing 27% to $2.2 million, driven by debt portfolio growth. Net asset value per share rose to $27.29, up 3% from June 30 and 16% from year-end 2023. The company received $13.1 million from the sale of SciAps, using proceeds to reduce debt. The portfolio, valued at $75.0 million across 22 businesses, is now 74% debt investments with a 13.8% weighted average yield. Rand paid a quarterly dividend of $0.29 per share and maintains strong liquidity with over $24 million available.

Rand Capital (NASDAQ: RAND) ha riportato risultati solidi per il terzo trimestre del 2024, con un incremento del 27% nel reddito da investimenti totali, che raggiunge 2,2 milioni di dollari, sostenuto dalla crescita del portafoglio debitorio. Il valore netto degli attivi per azione è aumentato a 27,29 dollari, con un incremento del 3% rispetto al 30 giugno e del 16% rispetto alla fine del 2023. L'azienda ha ricevuto 13,1 milioni di dollari dalla vendita di SciAps, utilizzando il ricavato per ridurre il debito. Il portafoglio, valutato 75,0 milioni di dollari su 22 aziende, è ora composto per il 74% da investimenti in debito con un rendimento medio ponderato del 13,8%. Rand ha pagato un dividendo trimestrale di 0,29 dollari per azione e mantiene una forte liquidità con oltre 24 milioni di dollari disponibili.

Rand Capital (NASDAQ: RAND) reportó resultados sólidos para el tercer trimestre de 2024, con un aumento del 27% en los ingresos totales por inversiones, alcanzando 2.2 millones de dólares, impulsado por el crecimiento del portafolio de deuda. El valor neto de los activos por acción subió a 27.29 dólares, un aumento del 3% desde el 30 de junio y del 16% desde finales de 2023. La compañía recibió 13.1 millones de dólares por la venta de SciAps, usando los ingresos para reducir la deuda. El portafolio, valorado en 75.0 millones de dólares en 22 empresas, ahora consiste en un 74% de inversiones en deuda con un rendimiento promedio ponderado del 13.8%. Rand pagó un dividendo trimestral de 0.29 dólares por acción y mantiene una sólida liquidez con más de 24 millones de dólares disponibles.

랜드 캐피탈 (NASDAQ: RAND)는 2024년 3분기 실적을 보고하며, 총 투자 수익이 27% 증가하여 220만 달러에 달했으며, 이는 부채 포트폴리오의 성장에 기인합니다. 주당 순 자산 가치는 27.29 달러로, 6월 30일 대비 3% 상승하고 2023년 연말 대비 16% 증가했습니다. 이 회사는 SciAps의 매각으로 1310만 달러를 수령하였고, 이 수익금으로 부채를 줄였습니다. 22개 기업에 걸쳐 7500만 달러로 평가된 포트폴리오는 이제 74%가 부채 투자로 구성되며, 가중 평균 수익률은 13.8%입니다. 랜드는 주당 0.29 달러의 분기 배당금을 지급하였으며, 2400만 달러 이상을 보유한 강력한 유동성을 유지하고 있습니다.

Rand Capital (NASDAQ: RAND) a rapporté des résultats solides pour le troisième trimestre 2024, avec un revenu total d'investissement en augmentation de 27 % pour atteindre 2,2 millions de dollars, soutenu par la croissance du portefeuille de dettes. La valeur nette d'actif par action a augmenté à 27,29 dollars, soit une hausse de 3 % par rapport au 30 juin et de 16 % par rapport à la fin de l'année 2023. La société a reçu 13,1 millions de dollars suite à la vente de SciAps, utilisant les produits pour réduire la dette. Le portefeuille, évalué à 75,0 millions de dollars à travers 22 entreprises, se compose maintenant de 74 % d'investissements en dettes avec un rendement moyen pondéré de 13,8 %. Rand a versé un dividende trimestriel de 0,29 dollar par action et maintient une forte liquidité avec plus de 24 millions de dollars disponibles.

Rand Capital (NASDAQ: RAND) hat starke Ergebnisse für das dritte Quartal 2024 veröffentlicht, mit einem Anstieg der gesamten Investitionseinkünfte um 27% auf 2,2 Millionen Dollar, was auf das Wachstum des Schuldenportfolios zurückzuführen ist. Der Nettoinventarwert pro Aktie stieg auf 27,29 Dollar, was einem Anstieg von 3% seit dem 30. Juni und von 16% im Vergleich zum Jahresende 2023 entspricht. Das Unternehmen erhielt 13,1 Millionen Dollar aus dem Verkauf von SciAps und verwendete die Einnahmen zur Schuldenreduzierung. Das Portfolio, das auf 75,0 Millionen Dollar über 22 Unternehmen geschätzt wird, besteht nun zu 74% aus Schuldverschreibungen mit einer gewichteten durchschnittlichen Rendite von 13,8%. Rand zahlte eine vierteljährliche Dividende von 0,29 Dollar pro Aktie und hat eine starke Liquidität mit über 24 Millionen Dollar zur Verfügung.

Positive
  • Total investment income grew 27% YoY to $2.2 million
  • NAV increased 16% from year-end 2023 to $27.29
  • Realized gain of $7.7 million from SciAps sale
  • Debt reduction of $13.3 million improving balance sheet
  • Portfolio yield increased to 13.8% from 13.6% at end of 2023
Negative
  • Total portfolio value decreased 3% from December 2023
  • Total expenses increased from $810,000 to $1.3 million YoY

Insights

The Q3 results demonstrate strong financial performance with 27% growth in total investment income to $2.2 million. Key highlights include a $13.1 million windfall from the SciAps exit, generating a substantial $7.7 million realized gain. The NAV increase to $27.29 per share shows robust portfolio appreciation. The strategic shift toward debt investments, now comprising 74% of the portfolio, with a 13.8% weighted average yield, positions the company for stable income generation. With $24 million in total liquidity and reduced debt levels, the company has significant dry powder for new investments while maintaining its $0.29 quarterly dividend.

The improved net investment income of $0.34 per share and adjusted net investment income of $0.46 per share reflect strong operational execution. The portfolio restructuring through strategic exits and focus on mezzanine debt demonstrates disciplined capital allocation and risk management.

  • Total investment income rose 27% to $2.2 million for the quarter compared with the third quarter last year, driven by strong growth in interest income from an expanded portfolio of debt investments
  • Net asset value per share (“NAV”) increased to $27.29, up 3% from June 30, 2024 and 16% higher than year-end 2023
  • $13.1 million received from the sale of portfolio company SciAps, Inc. with proceeds used to reduce debt balance
  • Paid a quarterly dividend of $0.29 per share for third quarter 2024

BUFFALO, N.Y.--(BUSINESS WIRE)-- Rand Capital Corporation (Nasdaq: RAND) (“Rand” or the “Company”), a business development company providing alternative financing for lower middle market companies, announced its results for the third quarter ended September 30, 2024.

"Our third quarter results reflect the strength of our investment strategy, highlighted by a 27% increase in total investment income, driven by the growth in our debt portfolio,” commented Daniel P. Penberthy, President and Chief Executive Officer of Rand. “The sale of SciAps, which netted us $13.1 million in total proceeds, and the sale of our remaining BDC holdings, which generated a realized gain, not only delivered substantial returns but also allowed us to reduce debt and improve liquidity. With over $24 million in total liquidity, we are well-positioned to capitalize on future opportunities. Following the closing of the SciAps transaction, we have further transitioned the portfolio closer to a targeted debt-focused portfolio, and will continue to focus on mezzanine debt investments, which we believe will help in delivering strong returns and supporting consistent shareholder dividends.”

Third Quarter Highlights (compared with the prior-year period unless otherwise noted)

  • Total investment income grew $477,000, or 27%, to $2.2 million, which reflected strong growth of interest from portfolio companies given the origination of five new debt instruments over the last year. Also contributing to the total investment income growth was an increase in fee income.
  • Total expenses were $1.3 million compared with $810,000 in last year’s third quarter. The change largely reflects a $354,000 increase in capital gains incentive fee expense and a $178,000 increase in the income based incentive fee expense payable to the Company’s external investment advisor. The Company had lower interest expense of $46,000 given the debt pay down during the quarter.
  • Adjusted expenses, which exclude capital gains incentive fees and is a non-GAAP financial measure, were $1.0 million compared with $851,000 in the third quarter of 2023. See the attached description of this non-GAAP financial measure and reconciliation table for adjusted expenses.
  • Net investment income was $887,000, or $0.34 per share, compared with $799,000, or $0.31 per share, in the third quarter of 2023. Adjusted net investment income per share, a non-GAAP financial measure, which excludes the capital gains incentive fee accrual expense, was $0.46 per share, up 59% from $0.29 per share in last year’s third quarter. See the attached description of this non-GAAP financial measure and reconciliation table for adjusted net investment income per share.

Portfolio and Investment Activity

As of September 30, 2024, Rand’s portfolio included investments with a fair value of $75.0 million across 22 portfolio businesses. This was a decrease of $2.1 million, or 3%, from December 31, 2023, and reflected new and follow-on investments and valuation adjustments in multiple portfolio companies, offset by the SciAps exit, stock sales and other portfolio company loan repayments. At September 30, 2024, Rand’s portfolio was comprised of approximately 74% in debt investments and 26% in equity investments in private companies. The annualized weighted average yield of debt investments, which includes PIK interest, was 13.8% at September 30, 2024, compared with 13.6% at the end of 2023.

Third quarter 2024:

  • Funded a follow-on debt investment of $125,000 in ITA Acquisition, LLC. Rand’s total debt and equity investment in ITA Acquisition, LLC had a fair value of $4.9 million at quarter-end.
  • Received $13.1 million from the previously announced sale of portfolio company SciAps, Inc., which included a realized gain of $7.7 million. The proceeds from the sale payable at closing to Rand consisted of $2.1 million in debt repayment, $165,000 in interest income and loan-related fees, and $10.8 million in equity return. These totals reflect $244,000 held in transaction-related escrows.
  • Sold remaining shares in two publicly traded BDCs for total proceeds of $1.3 million, which netted a realized gain of $249,000.
  • Exited investment in Mezmeriz, realizing a tax loss on an equity investment having a fair value of zero.

Liquidity and Capital Resources

Cash was $3.4 million at September 30, 2024. During the quarter, Rand utilized the proceeds from the portfolio company sale and cash on hand to reduce its outstanding borrowings by $13.3 million, leaving a principal balance of $3.9 million on its existing $25.0 million senior secured revolving credit facility at September 30, 2024. The outstanding borrowings carried an interest rate of 8.46% at quarter-end.

The Company did not repurchase any outstanding common stock during the third quarter of 2024.

Dividends

On July 31, 2024, Rand declared its regular quarterly cash dividend distribution of $0.29 per share. The cash dividend was paid during the third quarter to shareholders of record as of August 30, 2024. Rand’s fourth quarter dividend announcement is expected in early December.

Webcast and Conference Call

Rand will host a conference call and webcast on Wednesday November 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 “Investors” 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 Wednesday, November 20, 2024. To listen to the archived call, dial (412) 317-6671 and enter replay pin number 13749407. 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 primarily invests in businesses that have sustainable, differentiated and market-proven products, revenue of more than $10 million and EBITDA in excess of $1.5 million. 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: randcapital.com.

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 the implementation of the Company’s strategy and the growth of its dividend and the timing for the Company’s fourth quarter dividend announcement; 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

Consolidated Statements of Financial Position

 

 

September 30,
2024
(Unaudited)

December 31,
2023

ASSETS

Investments at fair value:

Control investments (cost of $6,043,779 and $5,272,770, respectively)

$

4,919,969

 

$

4,148,960

 

Affiliate investments (cost of $39,484,404 and $45,720,974,

respectively)

 

50,859,581

 

 

53,499,372

 

Non-Control/Non-Affiliate investments (cost of $21,524,089 and

$17,371,862, respectively)

 

19,256,017

 

 

19,477,380

 

Total investments, at fair value (cost of $67,052,272 and $68,365,606,

respectively)

 

75,035,567

 

 

77,125,712

 

Cash

 

3,352,734

 

 

3,295,321

 

Interest receivable

 

408,247

 

 

244,600

 

Prepaid income taxes

 

185,602

 

 

127,869

 

Deferred tax asset, net

 

367,765

 

 

39,179

 

Other assets

 

448,204

 

 

189,301

 

Total assets

$

79,798,119

 

$

81,021,982

 

LIABILITIES AND STOCKHOLDERS’ EQUITY (NET ASSETS)

Liabilities:

Due to investment adviser

$

487,483

 

$

979,297

 

Accounts payable and accrued expenses

 

104,381

 

 

145,516

 

Line of credit

 

3,900,000

 

 

16,250,000

 

Capital gains incentive fees

 

4,346,000

 

 

2,279,700

 

Deferred revenue

 

513,619

 

 

552,256

 

Total liabilities

 

9,351,483

 

 

20,206,769

 

Stockholders’ equity (net assets):

Common stock, $0.10 par; shares authorized 100,000,000; shares

issued: 2,648,916; shares outstanding: 2,581,021 at 9/30/24 and 12/31/23

 

264,892

 

 

264,892

 

Capital in excess of par value

 

55,801,170

 

 

55,801,170

 

Treasury stock, at cost: 67,895 shares at 9/30/24 and 12/31/23

 

(1,566,605

)

 

(1,566,605

)

Total distributable earnings

 

15,947,179

 

 

6,315,756

 

Total stockholders’ equity (net assets) (per share – 9/30/24: $27.29;
12/31/23: $23.56)

 

70,446,636

 

 

60,815,213

 

Total liabilities and stockholders’ equity (net assets)

$

79,798,119

 

$

81,021,982

 

Rand Capital Corporation and Subsidiaries

Consolidated Statements of Operations

(Unaudited)

 
Three months ended
September 30, 2024
Three months ended
September 30, 2023
Nine months ended
September 30, 2024
Nine months ended
September 30, 2023
Investment income:
Interest from portfolio companies:
Control investments

$

164,167

 

$

175,962

 

$

550,535

 

$

506,800

 

Affiliate investments

 

1,164,525

 

 

1,002,553

 

 

3,522,726

 

 

2,731,575

 

Non-Control/Non-Affiliate investments

 

616,903

 

 

357,162

 

 

1,681,209

 

 

1,067,745

 

Total interest from portfolio companies

 

1,945,595

 

 

1,535,677

 

 

5,754,470

 

 

4,306,120

 

Interest from other investments:
Non-Control/Non-Affiliate investments

 

113

 

 

456

 

 

2,171

 

 

692

 

Total interest from other investments

 

113

 

 

456

 

 

2,171

 

 

692

 

Dividend and other investment income:
Affiliate investments

 

13,125

 

 

13,126

 

 

39,375

 

 

419,951

 

Non-Control/Non-Affiliate investments

 

44,000

 

 

141,290

 

 

242,760

 

 

401,805

 

Total dividend and other investment income

 

57,125

 

 

154,416

 

 

282,135

 

 

821,756

 

Fee income:
Control investments

 

4,515

 

 

4,515

 

 

13,547

 

 

12,726

 

Affiliate investments

 

202,834

 

 

40,072

 

 

331,369

 

 

246,816

 

Non-Control/Non-Affiliate investments

 

8,272

 

 

5,978

 

 

38,130

 

 

19,934

 

Total fee income

 

215,621

 

 

50,565

 

 

383,046

 

 

279,476

 

Total investment income

 

2,218,454

 

 

1,741,114

 

 

6,421,822

 

 

5,408,044

 

Expenses:
Base management fee

 

309,265

 

 

268,609

 

 

934,532

 

 

769,869

 

Income based incentive fees

 

178,218

 

 

 

 

178,218

 

 

 

Capital gains incentive fees

 

313,000

 

 

(41,300

)

 

2,066,300

 

 

740,700

 

Interest expense

 

245,006

 

 

290,522

 

 

1,028,198

 

 

707,834

 

Professional fees

 

113,168

 

 

120,828

 

 

436,935

 

 

392,110

 

Stockholders and office operating

 

57,869

 

 

57,097

 

 

209,564

 

 

206,481

 

Directors' fees

 

66,550

 

 

66,550

 

 

196,950

 

 

197,791

 

Administrative fees

 

40,000

 

 

37,250

 

 

118,167

 

 

111,750

 

Insurance

 

10,467

 

 

10,380

 

 

33,891

 

 

33,720

 

Corporate development

 

387

 

 

 

 

10,813

 

 

4,267

 

Total expenses

 

1,333,930

 

 

809,936

 

 

5,213,568

 

 

3,164,522

 

Net investment income before income taxes:

 

884,524

 

 

931,178

 

 

1,208,254

 

 

2,243,522

 

Income tax (benefit) expense, including excise tax expense

 

(2,511

)

 

132,595

 

 

(1,171

)

 

237,393

 

Net investment income

 

887,035

 

 

798,583

 

 

1,209,425

 

 

2,006,129

 

Net realized gain (loss) on sales and dispositions of investments:
Affiliate investments

 

6,980,728

 

 

 

 

6,148,837

 

 

2,596,094

 

Non-Control/Non-Affiliate investments

 

249,354

 

 

(2,802,731

)

 

4,959,445

 

 

(1,527,190

)

Net realized gain (loss) on sales and dispositions of investments, before income taxes

 

7,230,082

 

 

(2,802,731

)

 

11,108,282

 

 

1,068,904

 

Income tax expense

 

 

 

 

 

 

 

338,158

 

Net realized gain (loss) on sales and dispositions of investments

 

7,230,082

 

 

(2,802,731

)

 

11,108,282

 

 

730,746

 

Net change in unrealized appreciation/depreciation
on investments:
Affiliate investments

 

(5,153,166

)

 

 

 

3,596,779

 

 

(886,698

)

Non-Control/Non-Affiliate investments

 

(512,375

)

 

2,599,652

 

 

(4,373,590

)

 

3,521,053

 

Change in unrealized appreciation/depreciation before income taxes

 

(5,665,541

)

 

2,599,652

 

 

(776,811

)

 

2,634,355

 

Deferred income tax benefit

 

(184,940

)

 

 

 

(232,774

)

 

(66,441

)

Net change in unrealized appreciation/depreciation on investments

 

(5,480,601

)

 

2,599,652

 

 

(544,037

)

 

2,700,796

 

Net realized and unrealized gain (loss) on investments

 

1,749,481

 

 

(203,079

)

 

10,564,245

 

 

3,431,542

 

Net increase in net assets from operations

$

2,636,516

 

$

595,504

 

$

11,773,670

 

$

5,437,671

 

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

$

1.02

 

$

0.23

 

$

4.56

 

$

2.11

 

 

Rand Capital Corporation and Subsidiaries

Consolidated Statements of Changes in Net Assets

(Unaudited)

 

 

Three months
ended
September 30,
2024

Three months
ended
September 30,
2023

Nine months
ended
September 30,
2024

Nine months
ended
September 30,
2023

Net assets at beginning of period

$

68,558,616

 

$

61,402,028

 

$

60,815,213

 

$

57,721,320

 

Net investment income

 

887,035

 

 

798,583

 

 

1,209,425

 

 

2,006,129

 

Net realized gain (loss) on sales

and dispositions of investments

 

7,230,082

 

 

(2,802,731

)

 

11,108,282

 

 

730,746

 

Net change in unrealized

appreciation/depreciation on

investments

 

(5,480,601

)

 

2,599,652

 

 

(544,037

)

 

2,700,796

 

Net increase in net assets from

operations

 

2,636,516

 

 

595,504

 

 

11,773,670

 

 

5,437,671

 

Declaration of dividend

 

(748,496

)

 

(645,255

)

 

(2,142,247

)

 

(1,806,714

)

Net assets at end of period

$

70,446,636

 

$

61,352,277

 

$

70,446,636

 

$

61,352,277

 

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 U.S. generally accepted accounting principle (“GAAP”) financial measure, Rand presents adjusted expenses, which is a non-GAAP financial measure. Adjusted expenses is defined as GAAP total expenses removing the effect of any expenses/(credits) for capital gains incentive fees accrual. GAAP total expenses is the most directly comparable GAAP financial measure. Rand believes that adjusted expenses 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
ended
September 30,
2024

Three months
ended
September 30,
2023

Nine months
ended
September 30,
2024

Nine months
ended
September 30,
2023

 

 

 

 

 

Total expenses

$

1,333,930

$

809,936

 

$

5,213,568

$

3,164,522

Exclude expenses/(credits) for capital gains

incentive fees

 

313,000

 

(41,300

)

 

2,066,300

 

740,700

Adjusted total expenses

$

1,020,930

$

851,236

 

$

3,147,268

$

2,423,822

Reconciliation of GAAP Net Investment Income per Share to
Adjusted Net Investment Income per Share
(Unaudited)

In addition to reporting Net Investment 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 Income per Share removing the effect of any expenses/(credits) for capital gains incentive fees. GAAP Net Investment 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
ended
September 30,
2024

Three months
ended
September 30,
2023

Nine months
ended
September 30,
2024

Nine months
ended
September 30,
2023

 

 

 

 

 

Net investment income per share

$

0.34

$

0.31

 

$

0.47

$

0.78

Exclude expenses/(credits) for capital gains

incentive fees per share

 

0.12

 

(0.02

)

 

0.80

 

0.28

Adjusted net investment income per share

$

0.46

$

0.29

 

$

1.27

$

1.06

 

Company:

Daniel P. Penberthy

President and CEO

716.853.0802

dpenberthy@randcapital.com

Investors:

Deborah K. Pawlowski / Craig P. Mychajluk

Alliance Advisors IR

716-843-3908 / 716-843-3832

dpawlowski@allianceadvisors.com

cmychajluk@allianceadvisors.com

Source: Rand Capital Corporation

FAQ

What was Rand Capital's (RAND) total investment income in Q3 2024?

Rand Capital's total investment income in Q3 2024 was $2.2 million, representing a 27% increase from the same quarter last year.

How much did Rand Capital (RAND) receive from the SciAps sale in Q3 2024?

Rand Capital received $13.1 million from the sale of SciAps, including $2.1 million in debt repayment, $165,000 in interest income and fees, and $10.8 million in equity return.

What was Rand Capital's (RAND) Q3 2024 dividend payment?

Rand Capital paid a quarterly dividend of $0.29 per share for the third quarter of 2024.

What is the current composition of Rand Capital's (RAND) investment portfolio?

As of September 30, 2024, Rand Capital's portfolio was comprised of approximately 74% in debt investments and 26% in equity investments across 22 portfolio businesses.

Rand Capital Corp

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