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Rand Capital Corporation (RAND-1.30%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details Rand's financial performance, highlighting a net increase in net assets from operations of $8,827,612 for the year. This increase was driven by net investment income of $3,425,077 and net realized gains on investments of $11,124,864.
Rand's total investment income for the year was $8,559,285, a 16.6% increase from the previous year. This growth was mainly due to higher interest income from portfolio companies.
Total expenses for the year were $4,837,282, which included base management fees, incentive fees, and interest expenses. The increase in expenses was attributed to higher management fees and incentive fees.
Rand's investment portfolio at fair value was $70,818,041 as of December 31, 2024, down from $77,125,712 the previous year. The portfolio consists primarily of interest-yielding debt instruments.
The company declared dividends totaling $12,982,536 during the year, including a $4.20 per share dividend declared in December 2024, paid in a combination of cash and stock.
Rand's net asset value per share increased to $25.31 as of December 31, 2024, compared to $23.56 at the end of 2023.
Rand's liquidity position includes approximately $835,000 in cash and $24.4 million in available capacity under its credit facility, which supports future investment activities.
The filing also notes Rand's continued compliance with the requirements to maintain its status as a regulated investment company (RIC) under the Internal Revenue Code.
Rand's portfolio is concentrated in the professional and business services, consumer products, and manufacturing industries, with the top five portfolio companies representing 50% of total assets.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Rand Capital Corporation annual 10-K report dated March 10, 2025. To report an error, please email earnings@qz.com.