Welcome to our dedicated page for Rand Capital SEC filings (Ticker: RAND), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
The Rand Capital Corporation (Nasdaq: RAND) SEC filings page on Stock Titan provides access to the company’s regulatory disclosures as filed with the U.S. Securities and Exchange Commission. As an externally managed business development company (BDC), Rand files periodic and current reports that describe its financial condition, portfolio, and governance matters in detail.
Investors can use this page to review quarterly and annual reports, where Rand presents consolidated financial statements, including investments at fair value, cash balances, interest receivable, liabilities such as amounts due to the investment adviser, line of credit borrowings when outstanding, capital gains incentive fees, deferred revenue, and dividends payable. These filings also outline investment income from control, affiliate, and non-control/non-affiliate investments, fee income, and operating expenses like base management fees and incentive fees.
Current Reports on Form 8-K offer additional insight into material events. For example, Rand has filed 8-Ks to furnish press releases announcing quarterly results and to disclose the replacement of its independent registered public accounting firm, including statements about the absence of disagreements or reportable events under SEC definitions. Other 8-Ks reference updated earnings slide presentations made available on the company’s website and clarify how that information relates to formal filings.
On Stock Titan, these documents are supplemented by AI-powered summaries that highlight key points from lengthy filings, helping readers quickly understand changes in investment income, expenses, net assets, and portfolio composition. Users can track items such as Rand’s use of a senior secured revolving credit facility, dividend declarations and related obligations, and any auditor changes or other governance disclosures that appear in the official record.
By combining real-time access to EDGAR-sourced filings with automated explanations, the RAND filings page is designed to make the company’s regulatory history and ongoing reporting more accessible to investors, analysts, and researchers.
Rand Capital Corporation will hold its 2026 annual shareholder meeting virtually on April 22, 2026, to elect five directors and ratify WithumSmith+Brown as auditor for 2026. Shareholders of record on March 5, 2026, may vote, with 2,969,814 common shares outstanding, each carrying one vote.
East Asset Management owns 1,906,672 shares (64.2%) and, under a shareholder agreement, designates two director nominees, including Adam Gusky. Rand operates as an externally managed BDC, paying Rand Capital Management LLC a 2025 base management fee of
Directors received cash retainers in 2025 and, effective January 1, 2026, board and committee fees rose from
Rand Capital Corporation, a New York-based business development company, describes its strategy of generating current income primarily from higher-yielding private debt, complemented by potential equity upside in lower middle-market companies with more than $10 million in revenue and at least $1.5 million of EBITDA.
East Asset Management owns about 64% of Rand’s common stock, and its affiliate RCM serves as external adviser and administrator under agreements renewed through December 31, 2026. As of December 31, 2025, Rand had 2,969,814 common shares outstanding and no senior securities, following an earlier board decision to reduce the asset coverage requirement for future leverage from 200% to 150%.
To support its regulated investment company tax status, Rand uses wholly owned blocker subsidiaries and maintains diversification and distribution requirements. The board declared four regular quarterly dividends of $0.29 per share and a $0.56 special dividend in 2025, following a $4.20 largely stock-paid dividend declared in 2024.
Rand Capital Corporation reported weaker investment income but stronger full-year net investment income per share for 2025, alongside a significantly smaller portfolio and lower net asset value. Fourth-quarter total investment income was $1.3 million, down 40%, with net investment income of $0.20 per share versus $0.86 a year earlier.
For 2025, total investment income declined to $6.5 million from $8.6 million, while net investment income per share rose to $1.80 from $1.33, helped by sharply lower expenses, including reduced capital gains incentive fees and interest expense. However, adjusted net investment income per share fell to $1.26 from $1.72, and net assets dropped to $52.2 million, or $17.57 per share, reflecting realized losses and sizable unrealized depreciation.
Rand ended 2025 with more than $23 million in total liquidity, including $4.2 million of cash and no debt outstanding, and a $48.5 million portfolio across 20 companies, now 79% in debt investments. The company paid $1.72 per share in dividends during 2025 and declared a $0.29 quarterly cash dividend payable in March 2026.
Rand Capital Corporation reported third-quarter 2025 results. Net asset value was $18.06 per share, with total stockholders’ equity of $53.62 million as of September 30, 2025. Quarterly net investment income was $0.99 million on $1.58 million of total investment income, while expenses were $0.60 million.
Results were driven by a $3.22 million net realized and unrealized loss on investments for the quarter, leading to a net decrease in net assets from operations of $2.23 million. Year-to-date, net investment income was $4.69 million offset by $13.81 million of realized and unrealized losses, resulting in a $9.13 million decrease in net assets from operations. The investment portfolio’s fair value was $44.33 million (all Level 3 and restricted), and cash increased to $9.49 million. The company had no balance on its line of credit at quarter-end.
Rand Capital Corporation furnished an update on its third-quarter results. On November 7, 2025, the company announced it issued a press release covering financial results for the quarter ended September 30, 2025, furnished as Exhibit 99.1 to this report under Item 2.02.
The company also updated its earnings conference call slide presentation for the same period and will make it available on its website under Investors. The Item 2.02 information is furnished, not deemed filed under the Exchange Act.
Rand Capital Corp. director Adam Samuel Gusky reported multiple purchases of RAND common stock on 09/15/2025. The shares were acquired through AG Energy, LLC, which Mr. Gusky controls, so the holdings are reported as indirect. Transaction prices ranged from $14.55 to $15.00 per share across several lots (sizes include 10, 25, 100, 200 and 250 shares). Following the reported transactions, the beneficial ownership reported on the form reached 33,546 shares. The Form 4 was signed on 09/16/2025.
Rand Capital Corporation filed a current report describing a change in its independent auditor. On September 11, 2025, the Audit Committee and Board approved replacing Freed Maxick, P.C. with Withum Smith+Brown, PC as the company’s independent registered public accounting firm, following Withum’s acquisition of certain assets of Freed Maxick. Freed Maxick’s audit reports on Rand Capital’s 2023 and 2024 consolidated financial statements contained no adverse opinions, disclaimers, or qualifications, and the company reports no disagreements or reportable events with Freed Maxick through September 11, 2025. The Board and Audit Committee also approved the engagement of Withum as auditor for the fiscal year ending December 31, 2025, and a confirming letter from Freed Maxick is filed as an exhibit.