Rand Capital Corp. is a business development company that invests in small to medium-sized companies located primarily in New York and its surrounding states in the US. The company was founded on February 24, 1969 and is headquartered in Buffalo, NY.
Our principal investment objective is to achieve long-term capital appreciation on our equity investments while maintaining a current cash flow from our debt instruments and pass-through equity instruments to fund expenses. Therefore, we invest in a variety of financial instruments to provide a current return on a portion of the investment portfolio.
The total investment income that was received on a current basis for the three months ended June 30, 2019 was received from nine portfolio companies. This contrasts with the eight portfolio companies generating current income for the three months ended June 30, 2018.
Interest from other investments – The increase in interest from other investments is primarily due to higher interest rates and higher average cash balance during the three months ended June 30, 2019 versus the same period in 2018.