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Rand Capital(RAND) - 2024 Q1 - Quarterly Results
RANDRand Capital(RAND)2024-05-13 12:10

Investment Income and Portfolio Performance - Total investment income increased by 12% to 2.1millionforQ12024,drivenbya402.1 million for Q1 2024, driven by a 40% rise in interest from portfolio companies [4]. - Net investment income grew 17% to 840,000, or 0.33pershare,comparedto0.33 per share, compared to 715,000, or 0.28pershare,inQ12023[6].−Totalinvestmentincomeforthefirstquarterof2024increasedby120.28 per share, in Q1 2023 [6]. - Total investment income for the first quarter of 2024 increased by 12% to 2,067,219 compared to 1,851,498inthesameperiodof2023[24].−Netinvestmentincomeforthefirstquarterof2024was1,851,498 in the same period of 2023 [24]. - Net investment income for the first quarter of 2024 was 839,585, up from 714,916inthefirstquarterof2023[25].−Theannualizedweightedaverageyieldofdebtinvestmentswas13.7714,916 in the first quarter of 2023 [25]. - The annualized weighted average yield of debt investments was 13.7% at March 31, 2024, slightly up from 13.6% at the end of 2023 [7]. - The investment portfolio consisted of 70% interest-yielding debt instruments at quarter-end, up from 64% at the end of 2023, enhancing portfolio yield and net interest income [4]. Asset and Dividend Information - The net asset value per share (NAV) was 23.85 at March 31, 2024, reflecting a 1% increase from year-end 2023 [4]. - Regular quarterly dividend increased by 16% to 0.29pershareforQ22024,upfrom0.29 per share for Q2 2024, up from 0.25 per share [14]. - Net assets at the end of the first quarter of 2024 were 61,569,339,anincreasefrom61,569,339, an increase from 59,375,393 at the end of the first quarter of 2023 [25]. - The company declared a dividend of 645,255inthefirstquarterof2024,upfrom645,255 in the first quarter of 2024, up from 516,204 in the same quarter of 2023 [25]. Investment Activities - New and follow-on investments totaled 10.8millionduringthefirstquarter,includinga10.8 million during the first quarter, including a 5.5 million investment in Mattison Avenue Holdings [4]. - The company realized a gain of 3.5millionfromthesaleofACVAuctionsstock,withthesharessoldatanaveragepriceof3.5 million from the sale of ACV Auctions stock, with the shares sold at an average price of 18.02 each [12]. - Net realized gain on sales and dispositions of investments reached 3,450,092,significantlyhigherthan3,450,092, significantly higher than 53,388 in the same quarter of the previous year [25]. Expenses and Financial Metrics - Total expenses for the first quarter of 2024 were 1,226,856,comparedto1,226,856, compared to 1,047,845 in the first quarter of 2023 [28]. - Adjusted total expenses, excluding capital gains incentive fees, were 1,114,556forthefirstquarterof2024,comparedto1,114,556 for the first quarter of 2024, compared to 756,845 in the same period of 2023 [28]. - Net increase in net assets from operations was 1,399,381forthefirstquarterof2024,downfrom1,399,381 for the first quarter of 2024, down from 2,170,277 in the same quarter of 2023 [25]. - Basic and diluted net increase in net assets from operations per share decreased to 0.54from0.54 from 0.84 year-over-year [23]. - Outstanding borrowings on the senior secured revolving credit facility were 19.2million,withaninterestrateof8.819.2 million, with an interest rate of 8.8% at quarter-end [9]. - Adjusted net investment income per share for the first quarter of 2024 was 0.37, compared to $0.39 in the same period of 2023 [30].