Rand Capital Declares Total Q4 Cash Dividend; Dividend Consists Of Regular Quarterly Cash Dividend Of $0.25 Per Share And Special Cash Dividend Of $0.38 Per Share; Total 2023 Cash Dividend Distributions Of $1.33 Per Share Up 60% Over 2022
Total fourth quarter dividend consists of regular quarterly cash dividend of $0.25 per share and special cash dividend of $0.38 per share
Total 2023 cash dividend distributions of $1.33 per share up 60% over 2022
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 total quarterly cash dividend of $0.63 per share comprised of a $0.25 per share regular quarterly cash dividend and a $0.38 per share special cash dividend. Each of the dividends will be distributed on or about December 29, 2023, to shareholders of record as of December 18, 2023. Rand has approximately 2.6 million shares outstanding.
Daniel P. Penberthy, President and CEO, commented, "Rand has delivered strong results thus far during 2023 with continued earnings momentum driven by the improvement of our portfolio composition that is focused on income-producing investments. Additionally, we sold our debt and equity investment in Dealer Solutions and Design during the second quarter, which resulted in a sizable net gain. This overall performance enabled an increase to our quarterly dividend distribution earlier in the year and the distribution of the $0.38 per share special dividend during the fourth quarter of 2023.
"Further demonstrating the strength of our strategy is the total $1.33 per share of cash dividends paid this year, which is up 60% over 2022 and up 200% over a two-year period. Looking forward, we believe we can continue to replicate our success by leveraging our multiple sources of capital to grow our portfolio and drive investment income growth that will help to support future dividends."