RAND CAPITAL CORP
Business
Rand Capital Corporation is an externally managed, closed-end business development company that invests primarily in higher-yielding debt instruments and equity securities of lower middle-market companies. The company provides growth and expansion capital, ownership transition financing, and managerial assistance to privately held businesses. Rand operates across a broad range of industries through its investment adviser, Rand Capital Management LLC, and is regulated as a business development company and taxed as a regulated investment company.
Summary from 10-K filed 2026-03-05
Financials
Consolidated Statement of Income
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Total interest from portfolio companies | 6 | 8 | 6 | 4 | 3 | |
| Total interest from other investments | 176,668 | 2,356 | 933 | 131 | 13,876 | |
| Total dividend and other investment income | 122,832 | 295,260 | 1 | 1 | 888,179 | |
| Total fee income | 485,881 | 533,720 | 320,744 | 155,914 | 156,614 | |
| Total investment income | 6 | 9 | 7 | 6 | 4 | |
| Base management fee (see Note 9) | 830,630 | 1 | 1 | 927,226 | 858,144 | |
| Income based incentive fees (see Note 9) | 186,178 | 178,218 | 0 | — | — | |
| Capital gains incentive fees (see Note 9) | −2 | 1 | 804,700 | — | — | |
| Interest expense | 112,528 | 1 | 1 | 69,960 | 617,270 | |
| Professional fees | 742,439 | 600,298 | 547,456 | 729,967 | 578,577 | |
| Stockholders and office operating | 311,138 | 265,617 | 261,639 | 205,083 | 223,381 | |
| Directors' fees | 263,500 | 263,500 | 263,500 | 187,833 | 153,500 | |
| Administrative fees | 199,950 | 158,167 | 149,000 | — | — | |
| Insurance | 41,358 | 44,358 | 44,100 | 43,026 | 38,635 | |
| Corporate development | 7,488 | 12,986 | 5,927 | — | — | |
| Bad debt expense | 58,462 | 0 | 0 | — | — | |
| Total expenses | 1 | 5 | 4 | 1 | 7 | |
| Net investment income before income taxes | 5 | 4 | 3 | 5 | −3 | |
| Income tax (benefit) expense, including excise tax expense | −2,690 | 296,926 | 192,111 | 215,542 | — | |
| Net investment income | 5 | 3 | 3 | 4 | −3 | |
| Net realized (loss) gain on sales and dispositions of investments, before income taxes | −2 | 11 | 1 | — | — | |
| Income tax expense | 0 | 0 | 359,682 | — | — | |
| Net realized (loss) gain on sales and dispositions of investments | −2 | 11 | 691,397 | 705,493 | 6 | |
| Change in unrealized appreciation/depreciation before income taxes | −11 | −6 | 3 | — | — | |
| Deferred income tax expense (benefit) | 47,509 | −339,971 | 104,564 | 107,980 | −212,376 | |
| Net change in unrealized appreciation/depreciation on investments | −11 | −6 | 3 | −6 | 13 | |
| Net realized and unrealized (loss) gain on investments | −13 | 5 | 4 | −5 | 18 | |
| Net (decrease) increase in net assets from operations | −8 | 9 | 7 | −881,849 | 16 | |
| Weighted average shares outstanding, Basic | 3 | 3 | 3 | 3 | 3 | |
| Weighted average shares outstanding, Diluted | 3 | 3 | 3 | 3 | 3 | |
| Net (decrease) increase in net assets from operations per share, Basic | −2.73 | 3.42 | 2.53 | −0.34 | 6.12 | |
| Net (decrease) increase in net assets from operations per share, Diluted | −2.73 | 3.42 | 2.53 | −0.34 | 6.12 |
Consolidated Balance Sheet
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Total Investments at Fair Value | 48 | 71 | 77 | 62 | — | |
| Cash and cash equivalents | 4 | 834,805 | — | — | — | |
| Interest receivable | 168,039 | 357,530 | 244,600 | 208,338 | — | |
| Prepaid income taxes | 283,581 | 329,365 | 127,869 | — | — | |
| Deferred tax asset, net | 0 | 2,161 | 39,179 | 28,160 | — | |
| Other assets | 54,248 | 115,531 | 189,301 | 295,043 | — | |
| Total assets | 53 | 72 | 81 | 63 | — | |
| Due to investment adviser (See Note 9) | 519,287 | 2 | 979,297 | 562,221 | — | |
| Accounts payable and accrued expenses | 101,975 | 92,568 | 145,516 | 66,680 | — | |
| Line of credit (see Note 5) | 0 | 600,000 | 16 | 3 | — | |
| Capital gains incentive fees (See Note 9) | 0 | 2 | — | — | — | |
| Deferred revenue | 390,597 | 516,441 | 552,256 | 413,971 | — | |
| Dividend payable | 0 | 2 | — | — | — | |
| Total liabilities | 1 | 7 | 20 | 6 | — | |
| Commitments and contingencies (See Note 7) | — | — | — | — | — | |
| Common stock, $0.10 par; shares authorized 100,000,000; shares issued: 3,037,709 at 12/31/25 and 2,648,916 at 12/31/24; shares outstanding: 2,969,814 at 12/31/25 and 2,581,021 at 12/31/24 (see Note 1) | 303,771 | 264,892 | 264,892 | 264,892 | — | |
| Capital in excess of par value | 64 | 55 | 56 | 51 | — | |
| Stock dividends distributable: 0 shares at 12/31/25 and 388,793 shares at 12/31/24 | 0 | 9 | — | — | — | |
| Treasury stock, at cost: 67,895 shares at 12/31/25 and 12/31/24 | −2 | −2 | −2 | −2 | — | |
| Total distributable earnings | −11 | 3 | 6 | 8 | — | |
| Total stockholders' equity (net assets) (per share - 2025: $17.57, 2024: $25.31) | 52 | 65 | 61 | 58 | 61 | |
| Total liabilities and stockholders' equity (net assets) | 53 | 72 | 81 | 63 | — |
Consolidated Statement of Cash Flows
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Investments in portfolio companies | −7 | −14 | −20 | −7 | −20 | |
| Proceeds from sale of portfolio investments | 990,796 | 19 | 6 | 4 | 9 | |
| Proceeds from loan repayments | 17 | 8 | 4 | 2 | 5 | |
| Deferred tax expense (benefit) | 2,161 | 37,018 | −11,019 | 152,843 | −302,144 | |
| Amortization | 25,000 | 25,000 | 25,000 | 12,500 | 175,412 | |
| Original issue discount accretion | −41,404 | −28,008 | −21,008 | −25,008 | −112,175 | |
| Non-cash conversion of debenture interest | −2 | −2 | −1 | −739,355 | −346,045 | |
| Non-cash conversion of loan modification fee | −15,000 | — | — | — | — | |
| Change in interest receivable allowance | 25,337 | — | — | — | −15,000 | |
| Decrease (increase) in interest receivable | 164,154 | −112,930 | −36,262 | −80,291 | 145,139 | |
| Decrease in other assets | 36,283 | 48,770 | 75,801 | −1,087 | −107,358 | |
| Decrease (increase) in prepaid income taxes | 45,784 | −201,496 | −51,473 | 175,614 | −31,270 | |
| Increase (decrease) in accounts payable and accrued liabilities | 9,407 | −52,948 | 78,836 | 14,991 | −119,684 | |
| (Decrease) increase in due to investment adviser | −2 | 1 | 417,076 | −328,881 | 734,103 | |
| (Decrease) increase in capital gains incentive fees payable | −2 | −714,700 | 112,700 | −1 | 4 | |
| (Decrease) increase in deferred revenue | −125,844 | −35,815 | 138,285 | 5,084 | 254,992 | |
| Total adjustments | 19 | 7 | −15 | 1 | −20 | |
| Net cash provided by (used in) operating activities | 11 | 15 | −8 | 252,368 | −4 | |
| Net (repayment of) proceeds from line of credit | −600,000 | −16 | 14 | 3 | — | |
| Payment of cash dividend | −7 | −2 | −3 | −2 | −5 | |
| Net cash (used in) provided by financing activities | −8 | −18 | 10 | 282,753 | −16 | |
| Net increase (decrease) in cash and cash equivalents | 3 | −2 | 2 | 535,121 | −20 | |
| Fair value of common stock dividend declared | 0 | 9 | 0 | — | — | |
| Cash dividend declared but not paid | 0 | 2 | 0 | — | — |
Filings
Material Events
Insiders
Institutional Holders
Frequently asked questions
What is RAND CAPITAL CORP's CIK number?
RAND CAPITAL CORP's SEC CIK number is 0000081955 (81955). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find RAND CAPITAL CORP's SEC filings?
All of RAND CAPITAL CORP's EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did RAND CAPITAL CORP last report earnings?
RAND CAPITAL CORP (RAND) most recently filed an earnings 8-K with the SEC on May 6, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001493152-26-021411). This is RAND CAPITAL CORP's most recent earnings filing of record — not a forecast of its next earnings date.
What is RAND CAPITAL CORP's most recent earnings 8-K?
RAND CAPITAL CORP's latest earnings 8-K (Item 2.02) was filed May 6, 2026 under accession 0001493152-26-021411. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View RAND CAPITAL CORP's latest earnings 8-K →
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