RAND CAPITAL (RAND) Company Report

Rand's net investment income for Q3 2025 increased to $993,000 from $887,000 in Q3 2024, primarily due to a reduction in total expenses to $596,000 from $1.3 million in the prior-year period.
Total investment income declined by 29% to $1.58 million in Q3 2025, reflecting repayments and limited new deal activity, with 39% of this income attributable to non-cash PIK interest.
The company maintained strong liquidity of ~$28 million with no outstanding borrowings and reported a Net Asset Value (NAV) per share of $18.06 as of September 30, 2025.
During Q3 2025, Rand funded $2.9 million in new and follow-on investments, while recognizing a $2.9 million realized loss on the investment in Tilson Technology Management, Inc.. The portfolio mix at quarter-end was 83% fixed-rate debt and 17% equity investments.

Nov 7, 2025, 3:00 PM

Rand Capital Corporation Reports Q3 2025 Financial Results

RAND

Earnings

Dividends

New Projects/Investments

Rand Capital Corporation reported net investment income of $993,000 for Q3 2025, an increase from $887,000 in the prior year, while total investment income decreased to $1.6 million.
The company declared and paid a regular quarterly dividend of $0.29 per share, marking the third consecutive quarter at this level, supported by nearly $28 million in liquidity and no outstanding debt.
Net Asset Value (NAV) stood at $18.06 per share as of September 30, 2025, a decrease from $19.10 per share in the prior quarter, primarily due to valuation adjustments and the dividend.
Rand deployed $2.9 million in new and follow-on investments during the quarter, including a $2.5 million investment in Black Jet Direct Marketing, alongside significant repayments and a $2.9 million realized loss on Tilson Technology Management.

Nov 7, 2025, 3:00 PM

Rand Capital Reports Q3 2025 Results

RAND

Earnings

Dividends

Demand Weakening

Rand Capital reported net investment income of $993,000, or $0.33 per share, for the third quarter of 2025, an increase from $887,000 in the prior-year period, despite total investment income decreasing to $1.6 million.
Total expenses significantly decreased to $596,000 in Q3 2025 from $1.3 million in Q3 2024, primarily due to reductions in capital gains incentive fees, interest expense, and management fees.
The company ended Q3 2025 with a strong liquidity position, including $9.5 million in cash and no outstanding debt, providing $18.3 million in available credit facility capacity.
The fair value of Rand Capital's investment portfolio decreased by $26.5 million (37%) from year-end 2024 to $44.3 million as of September 30, 2025, primarily due to loan repayments and valuation adjustments.
Rand Capital paid a quarterly dividend of $0.29 per share for the third quarter of 2025.