Investment Income - Net investment income increased by 45% to $1.2 million, or $0.42 per share, compared to $840,000, or $0.33 per share, in the first quarter of 2024[4] - Total investment income was $2.0 million, a decrease of 3% from the prior-year period, primarily due to the early repayment of three debt instruments[4] - Total investment income for Q1 2025 was $2,007,904, a decrease of 2.6% from $2,067,219 in Q1 2024[24] - Net investment income before income taxes increased to $1,216,839 in Q1 2025, compared to $840,363 in Q1 2024, representing a growth of 45%[24] - Adjusted net investment income per share for Q1 2025 was $0.40, slightly up from $0.37 in Q1 2024[32] Expenses - Total expenses declined by 36% year-over-year to $791,000, driven by lower interest expenses from reduced debt levels[5] - Adjusted total expenses for Q1 2025 were $866,065, compared to $1,114,556 in Q1 2024, reflecting a decrease of 22.3%[29] Portfolio Performance - The portfolio's fair value decreased by $8.7 million, or 12%, to $62.2 million as of March 31, 2025, primarily due to loan repayments[8] - The annualized weighted average yield of debt investments was 12.2% at March 31, 2025, down from 13.8% at the end of 2024[8] - Net realized gain on sales and dispositions of investments was $925,332 in Q1 2025, significantly lower than $3,450,092 in Q1 2024[24] - Net change in unrealized appreciation/depreciation on investments was a loss of $1,302,000 in Q1 2025, compared to a loss of $2,890,296 in Q1 2024[24] Net Assets and Shareholder Value - The net asset value per share decreased to $21.99 from $25.31 at year-end 2024, reflecting the issuance of additional shares[4] - Net increase in net assets from operations for Q1 2025 was $841,447, down from $1,399,381 in Q1 2024[26] - Basic and diluted net increase in net assets from operations per share was $0.29 in Q1 2025, compared to $0.54 in Q1 2024[24] - Net assets at the end of Q1 2025 were $65,311,253, a decrease from $61,569,339 at the end of Q1 2024[26] - The weighted average shares outstanding increased to 2,869,339 in Q1 2025 from 2,581,021 in Q1 2024, indicating a higher share count due to dividend payments[31] Cash and Dividends - Cash increased to $4.9 million from $835,000 at year-end 2024, with no outstanding debt on the senior secured revolving credit facility[10] - A quarterly dividend of $0.29 per share was declared for the second quarter of 2025, consistent with the previous quarter[14] Investments - Rand funded a follow-on debt investment of $375,000 in ITA Acquisition, LLC, bringing the total investment in ITA to a fair value of $2.0 million[13] - The company realized a gain of $925,000 during the quarter from portfolio redemptions[4]
Rand Capital(RAND) - 2025 Q1 - Quarterly Results