Rand Capital announced that its Board of Directors declared a total quarterly cash dividend of $0.38 per share comprised of a $0.20 per share regular quarterly cash dividend, which was increased by $0.05 per share, and an $0.18 per share supplemental cash dividend. The dividend will be distributed on or about Friday, December 30, 2022, to shareholders of record as of Monday, December 19, 2022. At September 30, 2022, Rand had approximately 2.6 million shares outstanding. Daniel P. Penberthy, President and CEO, commented, "We continue to execute on our strategy to build a portfolio that drives growth in investment income and has enabled total dividend distributions of $0.83 in cash per share for 2022. This represents an increase of nearly 90% over our 2021 distributions. Importantly, our strong performance supports a 33% increase of our regular quarterly cash dividend to $0.20 per share, further demonstrating our ability to deliver on our goals. These are exciting times at Rand as we have the liquidity to continue to expand our portfolio, build greater earnings power while we fund lower middle market companies so they too may achieve their growth objectives."
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