兰德资本公司(Rand Capital Corporation，纳斯达克股票代码:Rand)报告称，2024财年开局强劲，第一季度战略资本部署稳健，股东股息显著增加。

　　该公司专注于债务投资，投资收益增长了12%，最近出售ACV Auction股票进一步巩固了公司的财务状况。兰德资本多元化的投资组合和战略性退出凸显了其在投资领域的敏捷性和实力。

　　在战略债务投资的推动下，兰德资本在2024年第一季度的总投资收入增长了12%。

　　该公司的债务投资组合目前占总投资组合的70%，高于2023年底的64%。

　　第二季度股息增长16%，至每股0.29美元，反映了公司的运营状况实力和对未来的信心。

　　投资组合多样化仍然是一项关键策略，投资分布在各个行业。

　　截至2024年第一季度末，每股净资产价值增至23.85美元。

　　兰德资本仍致力于通过战略性创收投资实现股东价值最大化和股息增长。

　　该公司拥有强大而灵活的资产负债表，总可用于未来投资的资金为1100万美元。

　　管理很重要。对执行支持公司的策略有信心持续而强劲的收入流。

　　由于借款利息支出的增加，2024年第一季度的总支出增加。

　　兰德资本从出售ACV拍卖公司股票中获得收益有助于稳健的财务状况。

　　随着时间的推移，向更多创收投资的转变预计将支持股息水平的提高。

　　调整后的每股净投资收益从2023年第一季度的0.39美元小幅下降至2024年第一季度的0.37美元。

　　财报电话会议没有提供问答环节，因为它没有提及内德在车厢里提供了脚本摘要。

　　兰德资本公布的2024财年第一季度财报为该公司的运营和财务轨迹定下了积极的基调。凭借严谨的投资方法和对创收的明确关注，该公司有能力继续为股东创造价值。投资者和利益相关者可以期待兰德资本8月份公布第二季度业绩时的进一步更新。

　　兰德资本公司(Rand Capital Corporation，纳斯达克股票代码:Rand)在进入2024财年时展示了强劲的财务业绩，其显著指标反映了其运营成功和投资敏锐。以下是一些基于InvestingPro实时数据的见解:

　　InvestingPro数据:

　　该公司的市值高达3,812万美元，显示出投资者的信心对其商业模式和增长潜力有信心。

　　Rand Capital的市盈率为5.82，对那些有理由寻求收益的投资者来说，这是一个有吸引力的估值可承受的股价。

　　过去十二个月的收入截至2023年第四季度，该公司销售额达到734万美元，增长率达到27.28%，显示出该公司有效提高收入的能力。

　　InvestingPro小贴士:

　　兰德资本向股东支付了大量股息，根据最新数据，该公司的股息收益率为12.12%，这是一个强有力的指标，表明该公司致力于向投资者回报价值。

　　该公司目前的股价接近52周高点，为峰值的96.85%，反映出持续的积极市场情绪。

　　对于希望更深入地了解兰德资本财务和战略定位的投资者，可以使用额外的InvestingPro提示。还有更多的技巧可以让你更全面地了解公司的业绩和未来前景。要获得这些见解并增强您的投资策略，请考虑使用优惠券代码PRONEWS24，在InvestingPro上获得每年或两年一次的Pro和Pro+订阅额外10%的折扣。

　　接线员:大家好，欢迎收听兰德资本公司2024年第一季度财务报告。此时，所有参与者都处于仅听模式。【话务员说明】提醒一下，本次会议正在录音中。现在请主持人克雷格·米查卢克先生发言。谢谢你！你可以开始了。

　　Craig Mychajluk:谢谢大家，下午好。我们感谢您对兰德资本的兴趣，感谢您今天参加我们2024年第一季度财务业绩电话会议。今天和我连线的是我们的总裁兼首席执行官Dan Penberthy;Margaret Brechtel，我们的执行副总裁兼首席财务官。在randcapital.com上可以找到我们谈话的新闻稿和幻灯片的副本。如果你在看幻灯片，请翻到幻灯片2，我想在这里指出一些重要的信息。如您所知，我们可能会在本次演示中做出一些前瞻性陈述。这些陈述适用于受风险和不确定性影响的未来事件，以及可能导致实际结果与我们今天所处位置不同的其他因素。您可以在公司向证券交易委员会提交的收益发布和其他文件中找到这些风险、不确定性和其他因素的摘要。这些文件可以在我们的网站或sec.gov上找到。在今天的电话会议中，我们还将讨论一些非公认会计准则的财务指标。我们相信，这些将有助于评估我们的表现。您不应孤立地考虑这些附加信息的呈现，也不应将其视为符合公认会计原则的结果的替代品。我们提供了非公认会计准则衡量标准与可比的公认会计准则衡量标准的对账，随今天的收益发布的表格。好了，请翻到第三张幻灯片，我把讨论交给丹。丹?

　　Daniel Penberthy: Thank you, Craig, and good afternoon, everyone. We kicked off the year with solid momentum fueled by the strategic deployment of capital, particularly into new and follow-on debt investments. This approach has consistently delivered results over the past years and evidences our strong performance in the first quarter of 2024. The initial three months were dynamic within our portfolio, characterized by these new and follow-on investments, certain equity sales and portfolio repayments. This activity does underscore the strength and agility of our investment approach. Moreover, seizing upon favorable market conditions, we realized $3.5 million from the sale of our ACV Auction stock. This strategic exit in conjunction with the prudent utilization of our credit facility has enabled us to deploy $10 million during the quarter fortifying the potential yield and the future of our portfolio, and the strengthening dividends. Noteworthy is the evolution of our debt portfolio, which now represents 70% of our total mix, up from 64% at the close of 2023, and 56% at the end of 2022. This strategic shift has driven the 12% growth in total investment income for the quarter. The strong performance translated into tangible benefits for our shareholders as evidence on Slide 4. Year-to-date, we have declared total dividends of $0.54 per share. This includes a cash dividend of $0.25 per share for the first quarter, and just last week on May 8, we increased our regularly quarterly cash dividend for the second quarter by $0.04 per share, marking a 16% increase and is now at $0.29 per share. This dividend increase reflects not only the strength and stability of our business operations and its portfolio, but our consistent and confident abilities to execute in the future trajectory of the company. We firmly believe that our deal flow and unique marketing position will continue to support future dividends. At quarter end, having put our capital to work and distributing $645,000 in cash dividends to the shareholders, we still had approximately $11 million in total availability, including our cash on hand, line of credit availability, and our highly liquid publicly traded securities. If you turn to Slide 5, you can see our portfolio mix between debt and equity and the changes during the recent quarter. Our portfolio consisted of investments with a fair value of $82.8 million across 30 portfolio businesses. This was up $5.6 million rather a net basis, or 7% from the year end 2023, and reflected these new and follow on investments in valuation adjustments in multiple portfolio companies. These were partially offset by our sale of ACV Auction stock and other portfolio company loan repayments. The portfolio comprised approximately 70% in debt investments as I priorly noted -- previously noted rather, which have an annualized weighted average yield of 13.7%, which includes PIK or payment in kind interest. The remaining mix was comprised 25% in equity investments in private companies and 5% in publicly traded securities consisting of our other BDC investments. During the first quarter, we completed one follow on and two new investments. These transactions are highlighted on Slide 6. The larger investment was a debt investment totaling $5.5 million into Madison Avenue Holdings. They had previously repaid their $1.9 million loan to Rand also during the quarter. This debt instrument will carry a rate of 14%, including PIK interest. Madison Avenue is based out of Texas and provides upscale salon spaces for lease. The second was a new investment of $3.2 million made with Mountain Regional Equipment Solutions or MRES that consisted of a $3 million term loan at 14% and a $205,000 equity investment. MRES is based out of Utah and supplies automated lubrication systems, active and passive safety systems and maintenance products designed for the mobile heavy equipment industry. The follow-on investment during the quarter was $1.8 million into Seybert's Billiards Corporation, a Billiards supply company based out of Michigan. With this investment, our total debt and equity investment in Seybert's increased to a fair value of $7.8 million at quarter end. The bottom half of the slide highlights the notable exits and repayments from the quarter, including the sale of the stock of ACV Auctions. We have determined an appropriate time to make an exit within our investment portfolio and this is often just as critical as making the initial investment. The shares of ACV were sold at an average price of $18.02 per share. And the sales of the 194,000 shares did result in a realized gain of $3.5 million. I should highlight that during the prior quarter, we had ACV stock valued or that is rather unrealized appreciation for approximately $2.9 million. And with the sale, we have now monetized that prior appreciation. During the quarter, we also received $687,000 principal loan repayment from Pressure Pro, which left our total fair value of debt and equity investment at $2.4 million into this portfolio of company. The chart presented on Slide 7, offer a visual depiction of the diversity within our portfolio and the evolving landscape of industry allocation over the past quarter. Against the backdrop of recent investments as well as adjustments in fair value, our industry composition saw notable changes during the quarter. Sectors such as professional services, consumer products and distribution witness growth. On the other end, we observed declines in the representation of the manufacturing and software industries. Overall, we continue to value this diversity of our industry mix. The diverse spectrum of sectors across our entire portfolio serves as a testament to our strategic approach, ensuring resilience and mitigating risk in our investment efforts. Slide 8 lists our top five portfolio companies at quarter end. Tilson continues to remain the largest fair value investment at well over $10.6 million or 13% of our total portfolio. Seybert's moved up to number two following our recent investment and Mattison Avenue also moved to the fourth ranking following our investment. Overall, these top five represent 44% of our total portfolio at quarter end. With that, I'll turn it over to Margaret for a further review of our financials.

　　Margaret Brechtel:谢谢你，Dan，大家下午好。我将从幻灯片10开始，它概述了我们2024年第一季度的财务总结。本季度总投资收益为210万美元，较去年同期增长12%，主要受利息收入增长40%的推动。总体而言，2024年第一季度为投资收益做出贡献的投资组合公司数量为24家，而2023年第一季度为23家。第一季度的总费用约为120万美元，而去年第一季度为100万美元。这一变化反映了我们的高级循环信贷额度下借款利息支出增加了232,000美元，部分被公司外部投资顾问的资本利得激励费用减少所抵消。调整后的费用(包括应计资本利得激励费用，是非公认会计准则财务指标)为110万美元，而2023年第一季度为75.7万美元。第一季度净投资收益增长17%，达到84万美元或每股0.33美元，而去年同期为71.5万美元或每股0.28美元。在调整后的基础上(这是一项非gaap财务指标，不包括资本收益激励费用应计费用)，净投资收益为每股0.37美元，而2023年第一季度为每股0.39美元。我将转到幻灯片11，它提供了本季度净资产价值变化的瀑布图。截至2024年3月31日，公司净资产为6160万美元，较2023年底增长1%。这一变化反映了我们的净投资收益和ACV拍卖销售的已实现收益，以及本季度未实现折旧的290万美元净变化和向股东分配的645,000美元股息。因此，与2023年12月31日的每股23.56美元和每股23.56美元相比，2024年3月31日的每股净资产增加到23.85美元。正如幻灯片12所强调的那样，我们仍然拥有强大而灵活的资产负债表，为未来的投资奠定了良好的基础。总资产增长4%至8,440万美元，其中包括季末约75.9万美元的现金。我们还持有大约450万美元的流动性BDC股票，这些股票可用于未来的流动性需求，Dan稍后会谈到。根据我们的借款基础公式，截至2024年3月31日，兰德公司现有的2500万美元高级担保循环信贷额度约为580万美元。截至季度末，我们的未偿借款总额为1920万美元，利率约为8.8%。本季度我们没有回购任何股票。董事会确实更新了股票回购计划，授权额外购买150万美元的兰德资本股票。新计划将于2025年5月7日到期。随着时间的推移，我们的投资组合转型，包括更多的创收投资，预计将支持更高的股息水平。与这一预期一致，如前所述，兰德公司最近宣布其定期季度现金股息分配为每股0.29美元，比2024年第一季度每股0.25美元的股息增加了16%。现金股息将于2024年6月14日左右分配给截至2024年5月31日的股东。说到这里，我将把话题转回到丹身上。

　　丹尼尔·彭伯西:谢谢，玛格丽特。我们仍然致力于通过股息的持续增长实现股东价值最大化。我们继续将战略重点放在加强我们的投资组合上，特别是通过对创收债务工具的谨慎和战略投资。通过利用这些有针对性的机会，我们的目标是培养一个稳定而强劲的收入流，从而加强我们的能力，不仅要维持，而且要瞄准长期股息的增长。我们对执行这一战略的能力充满信心，这一战略得到了现有资本资源、投资组合撤资和未来投资收益以及未来投资组合股权变动带来的潜在资金流入的综合支持。此外，根据我们的战略愿景，我们最近选择在本季度结束后清算价值约300万美元的BDC股票。这一决定是由我们致力于保护累积收益和积极管理我们的财务杠杆所驱动的。展望未来，我们准备复制我们的历史成就，我们有希望为我们的股东带来令人信服的回报。感谢您今天参加我们的活动，感谢您对兰德资本的持续关注。我们期待着向大家介绍我们2024年第二季度的最新业绩，该业绩将于8月份公布。我们希望你有一个美好的一天。

　　接线员:

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