The value of Rand Capital's investment portfolio slipped by 1 percent as the Buffalo venture capital firm reduced its valuation on a some of its investments.
The net asset value of Rand's investments slipped to $32.3 million, or $5.10 per share, at the end of March, compared with $32.6 million, or $5.16 per share, at the end of last year.
During the first quarter, Rand invested a total of $450,000 in three companies already in its portfolio, including $300,000 in Genicon, $100,000 in Mercantile Adjustment Bureau and $50,000 in KnowledgeVision Systems.
Rand continues to be flush with cash, with $10.7 million in cash on its books at the end of March, or about 1 third of its total assets.
Rand has been seeking investments that can provide steady dividend or interest payments to the firm, which is trying to replace the income stream it lost when one of its biggest - and most successful - investments, West Seneca manufacturer Gemcor, was acquired last year. Rand's goal is to build its income stream so that it covers the firm's operating expenses, said Pete Grum, Rand's president.