Investment Performance - Total investment income increased by 11% to $2.1 million in Q4 2024, contributing to a full-year increase of 17% to $8.6 million[5] - Total investment income for 2024 reached $8,559,285, a 16.6% increase from $7,338,163 in 2023[26] - Net investment income for 2024 was $3,425,077, up 15.4% from $2,967,733 in 2023[26] - Rand Capital reported a 17% growth in net investment income, reaching $3,425,077 in 2024 compared to $2,967,733 in 2023[29] - Control investments generated $733,774 in interest income for 2024, compared to $698,872 in 2023, marking a growth of 5%[26] - Affiliate investments contributed $4,739,802 in interest income for 2024, a 22.8% increase from $3,858,696 in 2023[26] - The company reported a net realized gain on sales of investments of $11,124,864 for 2024, compared to $691,397 in 2023, indicating a substantial increase[26] - The net realized gain on sales and dispositions of investments significantly increased to $11,124,864 in 2024 from $691,397 in 2023[29] Financial Position - Net asset value per share grew by 7% year-over-year to $25.31[5] - Total assets decreased to $72,457,433 in 2024 from $81,021,982 in 2023, representing a decline of 10.3%[24] - Total liabilities significantly reduced to $7,124,913 in 2024 from $20,206,769 in 2023, a decrease of 64.8%[24] - Stockholders' equity increased to $65,332,520 in 2024, up from $60,815,213 in 2023, reflecting an increase of 7.5%[24] - The net assets at the end of 2024 were $65,332,520, up from $60,815,213 at the beginning of the year[29] Dividends and Returns - Total dividends declared in 2024 amounted to $5.03 per share, including a 16% increase in the regular quarterly cash dividend[4] - Rand Capital declared dividends totaling $12,982,536 in 2024, significantly higher than $3,432,757 in 2023[29] Debt Management - Debt investments now account for 75% of Rand's portfolio, up from 64% at the end of 2023, enhancing yields and net interest income[5] - Outstanding bank debt was reduced by $15.7 million year-over-year, with over $24 million in remaining availability at December 31, 2024[5] - The company plans to continue strategic debt investments to enhance future growth prospects[25] - The company continues to focus on strategic debt investments to enhance its financial performance[30] Strategic Investments - Strategic capital deployment of nearly $14 million during 2024 positions Rand for continued growth in 2025[5] - Rand funded a new investment of $2.9 million in Mobile IV Nurses Management LLC, consisting of a $2.5 million term loan and a $375,000 equity investment[19] Expenses - Total expenses for the year ended December 31, 2024, were $4,837,282, up from $4,178,319 in 2023[32] - Adjusted total expenses for 2024 were $3,824,982, compared to $3,373,619 in 2023[32] Cash Reserves - Cash reserves decreased to $834,805 in 2024 from $3,295,321 in 2023, a decline of 74.7%[24] Unrealized Gains and Losses - The net change in unrealized appreciation/depreciation on investments was a loss of $5,722,329 in 2024, contrasting with a gain of $2,867,520 in 2023[29]
Rand Capital(RAND) - 2024 Q4 - Annual Results