Q3 2024 Rand Capital Corp Earnings Call Transcript
Key Points
- Rand Capital Corp (RAND) achieved a 27% increase in total investment income, reaching $2.2 million, driven by a diversified income-generating portfolio.
- Net asset value per share rose by 3% from the prior quarter and 16% year-to-date, reflecting strong portfolio management.
- Successful exits from key investments, including SciAps, generated $13.1 million in proceeds, strengthening the balance sheet.
- Outstanding bank debt was reduced by $13.3 million, resulting in lower interest expenses and improved profitability.
- The company maintains $24 million in total liquidity, positioning it well for future high-return investments.
- Total expenses for the third quarter increased to approximately $1.3 million, up from $810,000 in the prior quarter.
- A $533,000 increase in incentive fees expense was recorded during the quarter.
- The fair value of the portfolio decreased by approximately 14% sequentially, reflecting asset sales and loan repayments.
- The manufacturing sector's allocation in the portfolio decreased from 25% to 16%, indicating a shift away from this industry.
- Net change in unrealized depreciation of investments amounted to $5.5 million, partially offsetting realized gains.
Greetings and welcome to Rand Capital Corporation third-quarter fiscal year 2024 financial results conference call. (Operator Instructions) As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Mr. Craig Mychajluk, Investor Relations. Thank you, Mr. Mychajluk, you may begin.
Thank you and good afternoon, everyone. We appreciate your interest in Rand Capital and for joining us today for our third-quarter 2024 financial results conference call. On the line with me are Dan Penberthy, our President and Chief Executive Officer; and Margaret Brechtel, our Executive Vice President and Chief Financial Officer. A copy of the release and slides that accompany our conversation is available at randcapital.com.
If you're following along with the slide deck, please turn to slide 2, where I'd like to point out some important information. As you are likely aware, we may make some forward-looking statements during this presentation. These statements apply to
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