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Rand Capital Corporation (NASDAQ:RAND) ("Rand"), a business development company providing alternative financing for lower middle market companies, announced today that its Board of Directors declared a quarterly cash dividend of $0.25 per share, which was increased by $0.05 per share, or 25%, from the dividend paid in the first quarter of 2023. The dividend will be distributed on or about June 14, 2023, to shareholders of record as of May 31, 2023. Rand has approximately 2.6 million shares outstanding.
Daniel P. Penberthy, President and CEO, commented, "We have continued to execute our strategy by growing our income-producing portfolio, which has enabled us to increase our dividend. We believe that our deal flow and unique position in the market will help to continue to support future dividends and grow our portfolio."
Additional Information Regarding Dividend Distributions
The amount and timing of dividend distributions, including future dividend distributions, are subject to the discretion of Rand's Board of Directors. When declaring distributions, Rand's Board of Directors reviews estimates of taxable income available for distribution, which may differ from consolidated net income under generally accepted accounting principles due to (i) changes in unrealized appreciation and depreciation, (ii) temporary and permanent differences in income and expense recognition, and (iii) the amount of spillover income carried over from a given year for distribution in the following year.
The final determination of taxable income for each tax year, as well as the tax attributes for distributions in such tax year, will be made after the close of the tax year.
Posted In: RAND
