The value of Rand Capital Corp.'s investments rose for the sixth straight quarter, as the Buffalo venture capital firm's portfolio reached $23 million and investment income for the last six months more than doubled from a year ago.
Rand, which offers capital investments and managerial experience to small and mid-sized private companies, said its net asset value at June 30 rose by 3 cents per share to $3.04 per share.
The firm reported $10 million in net unrealized appreciation in asset value, as the total value of the portfolio exceeded the $13 million cost of the investments.
Investment income for the first half of the year rose 107 percent from the same period a year ago, to $856,000, driven by increases in limited liability corporation dividends from companies in Rand's portfolio that have seen better operating trends.
"We continue to be pleased with the commercial success of our companies," said Rand President Allen F. Grum.
The company also reduced its current and deferred estimated tax liabilities, adding 7 cents per share in net asset value.
At the end of the quarter, the company still had $6.3 million in available capital for future investments, including $4.4 million in cash, or 73 cents per share. The rest consisted of $1.9 million in outstanding credit from the U.S. Small Business Administration.
However, the firm made two investments since the quarter ended: a $250,000 additional debt investment in Niagara Dispensing Technologies to advance the company's sales and marketing, and a $500,000 investment in Allworx Corp. of East Rochester, a telecommunications company that developed and sells phone and network systems for small and mid-sized businesses.