Rand Capital(US:RAND)2023-05-13 22:56Financial Data and Key Metrics Changes - Total investment income for Q1 2023 was $1.8 million, a 65% increase compared to the previous year, driven by a 42% rise in interest from portfolio companies and higher dividend and fee income [3][8] - Total expenses were approximately $1.5 million in Q1 2023, up from $345,000 in the same quarter last year [3] - Net asset value as of March 31, 2023, was $59.4 million, an increase from year-end 2022, with net asset value per share rising to $23 from $22.36 [4] - Net investment income per share was $0.28, down from $0.30 in the prior year period, primarily due to the accrual of additional capital gains incentive fees [9][21] Business Line Data and Key Metrics Changes - The portfolio consisted of investments in 30 companies, with 58% in fixed-rate debt, 31% in equity investments in private companies, and 11% in publicly traded equities [11] - New and follow-on investments totaled $5.6 million, with significant investments including $3 million in PressurePro and $2.3 million in Food Service Supply [10][12] Market Data and Key Metrics Changes - The fair value of investments increased by 11% or $6.7 million from the previous quarter, totaling $68.2 million [11] - The industry mix showed minimal changes, with a 1% increase in professional services, manufacturing, and software, and a 1% decrease in consumer products and automotive [14] Company Strategy and Development Direction - The company aims to continue growing its income-producing portfolio to support future dividends, leveraging multiple sources of capital to drive investment income growth [9][23] - The Board of Directors renewed the share repurchase program, authorizing the purchase of up to $1.5 million in common stock [10][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued earnings momentum despite a challenging economic climate, highlighting the favorable performance of portfolio companies [8] - The company believes it can replicate its success by focusing on debt and related equity investments in privately held lower middle market companies [23] Other Important Information - The company declared a quarterly cash dividend of $0.25 per share for Q2 2023, an increase of 25% from the previous quarter [5][9] - Cash at quarter end was approximately $1.8 million, with $17.1 million available under the senior secured revolving credit facility [22] Q&A Session Summary - No specific questions or answers were provided in the content regarding the Q&A session.