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Rand Capital(RAND) - 2025 Q1 - Quarterly Results
RANDRand Capital(RAND)2025-05-05 12:35

Investment Income - Net investment income increased by 45% to 1.2million,or1.2 million, or 0.42 per share, compared to 840,000,or840,000, or 0.33 per share, in the first quarter of 2024[4] - Total investment income was 2.0million,adecreaseof32.0 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 2,067,219inQ12024[24]−Netinvestmentincomebeforeincometaxesincreasedto2,067,219 in Q1 2024[24] - Net investment income before income taxes increased to 1,216,839 in Q1 2025, compared to 840,363inQ12024,representingagrowthof45840,363 in Q1 2024, representing a growth of 45%[24] - Adjusted net investment income per share for Q1 2025 was 0.40, slightly up from 0.37inQ12024[32]Expenses−Totalexpensesdeclinedby360.37 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,comparedto866,065, compared to 1,114,556 in Q1 2024, reflecting a decrease of 22.3%[29] Portfolio Performance - The portfolio's fair value decreased by 8.7million,or128.7 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 925,332inQ12025,significantlylowerthan925,332 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 1,302,000inQ12025,comparedtoalossof1,302,000 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 21.99from21.99 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,downfrom841,447, down from 1,399,381 in Q1 2024[26] - Basic and diluted net increase in net assets from operations per share was 0.29inQ12025,comparedto0.29 in Q1 2025, compared to 0.54 in Q1 2024[24] - Net assets at the end of Q1 2025 were 65,311,253,adecreasefrom65,311,253, 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 4.9millionfrom4.9 million from 835,000 at year-end 2024, with no outstanding debt on the senior secured revolving credit facility[10] - A quarterly dividend of 0.29persharewasdeclaredforthesecondquarterof2025,consistentwiththepreviousquarter[14]Investments−Randfundedafollow−ondebtinvestmentof0.29 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 2.0million[13]−Thecompanyrealizedagainof2.0 million[13] - The company realized a gain of 925,000 during the quarter from portfolio redemptions[4]