Private Credit Portfolio Analysis | Rand Capital Reports 2024 Annual Results
- Editor
- Mar 10
- 2 min read
Whats New:
Rand Capital Corporation reported its 2024 annual results, showing a decrease in total assets to $72.46 million from $81.02 million at the end of 2023. The fund's net income for 2024 was $8.83 million, up from $6.53 million in 2023. Stockholders' equity increased to $65.33 million from $60.82 million, while the fund's investment portfolio at fair value decreased to $70.82 million from $77.13 million.
Portfolio Dynamics:
Total assets decreased to $72.46 million as of December 31, 2024, compared to $81.02 million at the end of 2023.
Investments owned at fair value decreased to $70.82 million from $77.13 million at the end of 2023.
Cash and cash equivalents decreased significantly to $0.83 million from $3.30 million at the end of 2023.
Investment Activty:
Payments for purchase of investments were $13.95 million in 2024, down from $20.35 million in 2023.
Proceeds from disposition of investments increased to $19.42 million in 2024 from $5.89 million in 2023.
Proceeds from loan repayments rose to $7.90 million in 2024 from $4.11 million in 2023.
Capital Structure:
Stockholders' equity increased to $65.33 million from $60.82 million at the end of 2023.
Line of credit decreased significantly to $0.60 million from $16.25 million at the end of 2023.
Total liabilities decreased to $7.12 million from $20.21 million at the end of 2023.
Performance Profile:
Net income increased to $8.83 million in 2024 from $6.53 million in 2023.
Realized investment gains were $11.12 million in 2024, up from $1.05 million in 2023.
Unrealized loss on investments was $6.06 million in 2024, compared to a gain of $2.97 million in 2023.
Risk & Quality:
Incentive fee payable decreased to $1.57 million from $2.28 million at the end of 2023.
Deferred income tax assets net decreased to $2,161 from $39,179 at the end of 2023.
Other liabilities increased to $2.18 million from $0.98 million at the end of 2023.
The Wrap:
Rand Capital's 2024 annual results show a mixed performance with increased net income and stockholders' equity, but decreased total assets and investment portfolio value. The fund saw significant changes in its investment activity, with higher proceeds from dispositions and loan repayments, while reducing its line of credit substantially. Despite the overall decrease in total assets, the fund's improved net income and equity position suggest a strategic realignment of its portfolio and capital structure.
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