RAND
Rand Capital Corporation16.31
-0.08-0.49%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
No earnings call transcript available
Key Stats
Market Cap
48.44MP/E (TTM)
-Basic EPS (TTM)
-4.25Dividend Yield
0.1%Recent Filings
10-K
FY2025 results
Rand Capital's FY2025 delivered steady income yet portfolio setbacks trimmed net assets to $52.2M from $65.3M, with NAV sliding to $17.57 per share. Q4 saw $0.29 quarterly plus $0.56 special dividends declared December 16—totaling $1.72/share for the year—backed by $6.5M investment income, down 24% y/y from repayments of key debt holdings like Seybert's and Mattison without full replacements. Debt now dominates 79% of the $48.5M portfolio (vs 75% prior year), but non-accruals at FSS, ITA, and MRES dragged yields to 11.3% from 13.8%; unrealized depreciation hit $11.3M, including Tilson's bankruptcy wipeout. No debt drawn on $25M facility left $19.2M available plus $4.2M cash. East's 64% stake sways decisions. Dependence on adviser RCM risks operations.
8-K
Rand reports 2025 results
Rand Capital reported Q4 and full-year 2025 results on March 5, 2026, with total investment income falling to $1.3M and $6.5M respectively, hit by $17.8M in repayments while deploying $6.6M into new deals. Portfolio shrank 32% to $48.5M fair value, NAV per share dropped to $17.57, yet liquidity topped $23M debt-free. Debt now 79% of assets. Strong balance sheet fuels selective growth.
10-Q
Q3 FY2025 results
Rand Capital's Q3 FY2025 investment income dipped to $1.6M from $2.2M y/y, yet net investment income climbed 12% to $992K on lower expenses, including a $1.6M reversal in capital gains fees. Realized losses hit $2.9M from affiliate sales, while unrealized depreciation of $297K dragged total operations to a $2.2M net decrease, or $(0.75) per share on 2.97M diluted shares—consistent with the figure. Portfolio fair value shrank to $44.3M from $70.8M at year-end, reflecting $16.8M in loan repayments that boosted operating cash flow to $14.0M, enabling full repayment of the $0.6M line of credit and lifting cash to $9.5M. No capex disclosed, so free cash flow not computed. Cash reserves swelled. Portfolio volatility persists amid market shifts.
8-K
Q3 income dips, liquidity surges
Rand Capital reported Q3 2025 results with total investment income dropping 29% to $1.6 million amid loan repayments and slow deal flow, yet net investment income rose to $993,000 or $0.33 per share through sharp expense cuts. The portfolio shrank 37% to $44.3 million fair value, hit by $8.3 million in repayments and a $2.9 million realized loss from Tilson's bankruptcy, while liquidity swelled to nearly $28 million with no debt. Exits sting, but cash hoard positions Rand to pounce on deals.
8-K
Auditor switch due to acquisition
Rand Capital Corporation replaced its auditor Freed Maxick with Withum Smith+Brown on September 11, 2025, following Withum's acquisition of Freed Maxick's assets. No disagreements or reportable events marred the prior audits for 2023 and 2024. The switch ensures seamless continuity. Clean transition, no drama.
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