Here are the 10-K annual reports from Rand Capital Corp (RAND) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow RAND and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full RAND filings page.
Rand Capital Corporation filed an amendment to its annual report to add the predecessor auditor’s opinion for earlier years, without changing 2025 results. The company remains a business development company focused on Level 3, privately valued investments, which totaled $48.5 million at fair value as of December 31, 2025.
For 2025, Rand generated $6.5 million of investment income and $5.3 million of net investment income but recorded an $11.3 million unrealized loss on investments, leading to an $8.0 million decrease in net assets from operations. Net asset value per share declined from $25.31 to $17.57, while the company continued regular and special cash dividends under its regulated investment company structure.
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.