{"content":[{"text":"$91,000, over the prior-year period. The increase was primarily attributable to an 81%, or \n $255,000, increase in total interest from portfolio companies reflecting the changed portfolio \n profile to include more debt investments.","bbox":{"left":0.098039,"top":0.06867,"width":0.792749,"height":0.052912}},{"text":"Total expenses declined 42% to $476,000 primarily because of $237,000 lower professional \n fees and stockholder costs and $80,000 in savings realized with the externalization of \n investment management and administration. Last year’s second quarter included higher \n professional fees and stockholder costs to address a proxy contest. Stockholders and office \n operating costs were still elevated in the 2020 second quarter at $116,000 as a result of the \n special dividend and reverse split activities.","bbox":{"left":0.098039,"top":0.137799,"width":0.7961,"height":0.10688899999999998}},{"text":"Higher investment income and lower operating expenses drove net investment income \n growth to $199,000 compared with a loss of $143,000 in the prior-year period.","bbox":{"left":0.098039,"top":0.260905,"width":0.749263,"height":0.03491900000000003}},{"text":"Portfolio and Investment Activity","bbox":{"left":0.098039,"top":0.312041,"width":0.305904,"height":0.016927000000000025}},{"text":"As of June 30, 2020, Rand’s portfolio consisted of 38 companies. At that date, the portfolio \n was comprised of approximately 58% in equity investments and 42% in fixed-rate debt \n investments. The weighted average yield of debt investments was 8.79%.","bbox":{"left":0.098039,"top":0.345185,"width":0.782964,"height":0.052912000000000015}},{"text":"During the quarter, Rand invested $2.3 million in three current portfolio companies.","bbox":{"left":0.098039,"top":0.414314,"width":0.716501,"height":0.016927000000000025}},{"text":"SciAps, Inc.: $1.5 million invested in a fixed rate senior promissory note \n Tilson Technology Management, Inc.: $750,000 invested in Series F preferred stock \n Golub Capital BDC, Inc.: $57,000 invested through a rights offering","bbox":{"left":0.147059,"top":0.447458,"width":0.7274430000000001,"height":0.05291199999999996}},{"text":"Shareholder Actions, Liquidity and Capital Resources","bbox":{"left":0.098039,"top":0.516587,"width":0.500737,"height":0.016927000000000025}},{"text":"There were several major events during the quarter that impacted shareholders.","bbox":{"left":0.098039,"top":0.549731,"width":0.692603,"height":0.016927000000000025}},{"text":"On May 11, 2020, Rand provided shareholders a $23.7 million dividend that was \n distributed in 20% cash and 80% stock. As a result, the Company distributed $4.75 \n million of cash and issued 960,000 shares of stock (adjusted for the following 1:9 \n reverse split) to shareholders. \n The Company authorized a 1-for-9 reverse stock split that was effective after the \n market closed on May 21, 2020. As a result, at June 30, 2020, Rand had 2,587,500 \n shares outstanding. \n During the quarter, the Company repurchased 1,300 shares of outstanding common \n stock under its $1.5 million share repurchase authorization at an average price of \n $10.99 per share. \n Subsequent to the end of the quarter, the Board authorized management to enter into \n a trading plan in accordance with Rule 10b5-1 of the Exchange Act to facilitate \n repurchases of its common stock pursuant to its previously approved stock repurchase \n program (the \"Rule 10b5-1 plan\"). The Rule 10b5-1 plan will allow the Company to \n repurchase shares at times when they might otherwise be prevented from doing so by \n securities laws or because of self-imposed trading blackout periods. Any such \n repurchases would be made under the Company’s previously announced share \n repurchase authorization.","bbox":{"left":0.147059,"top":0.582875,"width":0.750373,"height":0.32279800000000003}},{"text":"Cash and cash equivalents at the end of the quarter was $22.1 million and represented 44%","bbox":{"left":0.098039,"top":0.92189,"width":0.798263,"height":0.016927000000000025}}],"images_bbox":[],"images_bbox_not_text_overlap":[]}