| Stockholders' Equity (Net Assets) |
NOTE 6. - STOCKHOLDERS’ EQUITY (NET ASSETS)
At December 31, 2023 and 2022, there were 500,000 shares of $10.00 par value preferred stock authorized and unissued.
On April 19, 2023, the Board of Directors approved a new share repurchase plan, which authorizes the Corporation to repurchase shares of the Corporation’s outstanding common stock with an aggregate cost of up to $1,500,000 at prices per share of common stock no greater than the then current net asset value per share. This new share repurchase authorization lasts for a period of 12 months from the authorization date until April 19, 2024. This new share repurchase plan replaces the share repurchase authorization that was previously approved by the Board of Directors in April 2022. No shares of Rand's common stock were repurchased by the Corporation during the years ended December 31, 2023 or 2022.
The Corporation’s Board of Directors declared the following cash dividends during the year ended December 31, 2023:
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Quarter |
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Dividend/Share
Amount |
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Record Date |
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Payment Date |
|
Type |
1st |
|
$ |
0.20 |
|
|
March 13, 2023 |
|
March 27, 2023 |
|
Regular Quarterly |
2nd |
|
$ |
0.25 |
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|
May 31, 2023 |
|
June 14, 2023 |
|
Regular Quarterly |
3rd |
|
$ |
0.25 |
|
|
August 31, 2023 |
|
September 14, 2023 |
|
Regular Quarterly |
4th |
|
$ |
0.25 |
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December 18, 2023 |
|
December 29, 2023 |
|
Regular Quarterly |
4th |
|
$ |
0.38 |
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December 18, 2023 |
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December 29, 2023 |
|
Special |
Summary of changes in equity accounts:
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Common Stock |
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Capital in excess of par value |
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Treasury Stock, at cost |
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Total distributable earnings (losses) |
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Total Stockholders’
Equity (Net Assets) |
|
January 1, 2022 |
|
$ |
264,892 |
|
|
$ |
51,679,809 |
|
|
$ |
(1,566,605 |
) |
|
$ |
10,367,320 |
|
|
$ |
60,745,416 |
|
Dividend declaration |
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|
— |
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|
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— |
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|
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— |
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|
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(2,142,247 |
) |
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|
(2,142,247 |
) |
Tax reclassification of stockholders’ equity in accordance with generally accepted accounting principles |
|
|
— |
|
|
|
(215,542 |
) |
|
|
— |
|
|
|
215,542 |
|
|
|
— |
|
Net decrease in net assets from operations |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
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(881,849 |
) |
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|
(881,849 |
) |
December 31, 2022 |
|
$ |
264,892 |
|
|
$ |
51,464,267 |
|
|
$ |
(1,566,605 |
) |
|
$ |
7,558,766 |
|
|
$ |
57,721,320 |
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January 1, 2023 |
|
$ |
264,892 |
|
|
$ |
51,464,267 |
|
|
$ |
(1,566,605 |
) |
|
$ |
7,558,766 |
|
|
$ |
57,721,320 |
|
Dividend declaration |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,432,757 |
) |
|
|
(3,432,757 |
) |
Tax reclassification of stockholders’ equity in accordance with generally accepted accounting principles |
|
|
— |
|
|
|
4,336,903 |
|
|
|
— |
|
|
|
(4,336,903 |
) |
|
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— |
|
Net increase in net assets from operations |
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— |
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— |
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|
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— |
|
|
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6,526,650 |
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|
|
6,526,650 |
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December 31, 2023 |
|
$ |
264,892 |
|
|
$ |
55,801,170 |
|
|
$ |
(1,566,605 |
) |
|
$ |
6,315,756 |
|
|
$ |
60,815,213 |
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