Rand Capital (NASDAQ: RAND) swings to Q2 2026 net asset increase
Rhea-AI Filing Summary
Rand Capital Corporation, an externally managed business development company, reported second-quarter 2026 results. As of June 30, 2026, the investment portfolio had a fair value of $56.5 million, up 16.5% from December 31, 2025, driven by new commitments of $6.9 million to two portfolio companies and a realized gain on the exit of Applied Image. The portfolio was 79% debt and 21% equity at fair value, with an annualized weighted average debt yield of 8.98% versus 11.3% at year-end, reflecting timing of non-accruals.
Total investment income for the quarter was $1.39 million compared with $1.60 million a year earlier. Net investment income was $709,661, or $0.24 per share, versus $2,478,234, or $0.83 per share, in the prior-year quarter; adjusted net investment income per share was $0.24 versus $0.33. Net realized gains of $958,948 and smaller unrealized losses resulted in a net increase in net assets from operations of $1,366,278, or $0.46 per share, compared with a $7,736,154 decrease a year earlier. Net asset value per share was $17.33, slightly below $17.57 at December 31, 2025.
Cash and cash equivalents were $429,639, down from $4.21 million at year-end, and $5.1 million was outstanding on the line of credit with estimated remaining availability of about $12.4 million; the weighted average interest rate for the first half of 2026 was 7.12% versus 7.88% a year earlier. Rand maintained its regular quarterly dividend of $0.29 per share, including a dividend declared July 30, 2026, payable on or about September 9, 2026, to shareholders of record as of August 26, 2026.
Positive
- Net increase in net assets from operations reached $1.37 million in Q2 2026, or $0.46 per share, versus a $7.74 million decrease in the prior-year quarter, supported by realized gains and sharply reduced unrealized losses.
- Portfolio fair value grew to $56.5 million at June 30, 2026, a 16.5% increase from year-end 2025, as Rand committed $6.9 million to two new income-producing portfolio companies and exited Applied Image at a gain.
Negative
- Net investment income per share declined to $0.24 in Q2 2026 from $0.83 a year earlier, as total investment income fell and non-accruals pressured portfolio yield.
- Cash and cash equivalents decreased to $429,639 at June 30, 2026 from $4.21 million at December 31, 2025, while $5.1 million was drawn on the line of credit.
8-K Event Classification
Key Figures
Key Terms
business development company financial
non-accruals financial
capital gains incentive fees financial
lower middle market financial
Earnings Snapshot
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FAQ
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02. | Results of Operations and Financial Condition. |
On August 5, 2026, Rand Capital Corporation (the “Company”) issued a press release announcing its results for the second quarter ended June 30, 2026. A copy of the release is furnished with this report as Exhibit 99.1 and is incorporated by reference into this Item 2.02.
The information contained in this report under Item 2.02 is being furnished and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. The information contained in this report under Item 2.02 shall not be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
| Item 7.01. | Regulation FD Disclosure. |
The Company has updated its earnings conference call slide presentation for second quarter ended June 30, 2026, and will make it available on the Company’s website at www.randcapital.com, under “Investors”. The slide presentation will be referenced during the Company’s earnings conference call. The information found on, or otherwise accessible through, the Company’s website is not incorporated by reference herein.
| Item 9.01. | Financial Statements and Exhibits. |
| (d) | Exhibits |
Exhibit Number |
Description of Exhibit | |
| 99.1 | Press Release, dated August 5, 2026. | |
| 104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: August 5, 2026 | RAND CAPITAL CORPORATION | |
| By: | /s/ Margaret Brechtel | |
| Name: Margaret Brechtel | ||
| Title: Chief Financial Officer | ||
Exhibit 99.1
 | NEWS RELEASE |
14 Lafayette Square, Suite 1405 ● Buffalo, New York 14203
FOR IMMEDIATE RELEASE
Rand Capital Reports Second Quarter Fiscal Year 2026 Results
| ● | Total investment income was $1.4 million compared with $1.6 million in the prior-year period, primarily reflecting the impact of non-accruals |
| ● | Net asset value (NAV) per share was $17.33 at June 30, 2026 |
| ● | Realized gain of $959,000 during the quarter from portfolio exit |
| ● | Deployed $6.9 million into two new portfolio investments during the quarter |
| ● | Declared quarterly dividend of $0.29 per share for third quarter 2026 |
BUFFALO, NY, August 5, 2026 – Rand Capital Corporation (Nasdaq: RAND) (“Rand” or the “Company”), a business development company providing alternative financing for lower middle market companies, announced its results for the second quarter ended June 30, 2026.
“Our second quarter results reflected continued progress as we selectively deployed capital into new income-producing investments while actively managing the portfolio,” said Daniel P. Penberthy, President and Chief Executive Officer of Rand. “During the quarter, we committed $6.9 million to two new portfolio companies, realized a gain on the exit of Applied Image, and maintained our regular dividend. While non-accruals continued to pressure current income and portfolio yield, we believe Rand remains well positioned with a predominantly debt-oriented portfolio, strong liquidity and a focus on capital deployment as attractive lower middle market opportunities emerge.”
Second Quarter Review (compared with the prior-year period unless otherwise noted)
| ● | Total investment income of $1.4 million decreased $208,000, or 13%, from $1.6 million in the second quarter of 2025, primarily reflecting lower interest income from portfolio companies due to certain investments being placed on non-accrual status over the last year. Dividend and other investment income of $153,000 in the second quarter of 2026 partially offset this decline in interest income. |
| ● | For the second quarter of 2026, non-cash payment-in-kind (PIK) interest totaled $116,000, representing 10% of interest income from portfolio companies, compared with 40% in the prior-year period. This decline in PIK as a percentage of interest income reflects the impact of five portfolio companies being placed on non-accrual status, which reduced the amount of PIK interest recognized in the quarter. |
| ● | Total expenses were $647,000 compared with a benefit of ($864,000) in the same period last year. This was due to the fact that the second quarter of 2025 included a $1.5 million capital gains incentive fee benefit, while the second quarter of 2026 had no capital gains incentive fee benefit or expense. |
| ● | Adjusted expenses, which exclude capital gains incentive fees, and are a non-GAAP financial measure, were $647,000 compared with $626,000 in the second quarter of 2025. See the attached description of this non-GAAP financial measure and reconciliation table for adjusted expenses. |
Rand Capital Reports Second Quarter Fiscal Year 2026 Results August 5, 2026 Page 2 of 7 |
| ● | Net investment income was $710,000, or $0.24 per share, compared with $2.5 million, or $0.83 per share, in the second quarter of 2025. Adjusted net investment income per share, a non-GAAP financial measure, which excludes the capital gains incentive fee, was $0.24 per share, compared with $0.33 per share in last year’s second quarter. See the attached description of this non-GAAP financial measure and reconciliation table for adjusted net investment income per share. |
Portfolio and Investment Activity
As of June 30, 2026, Rand’s investment portfolio had a fair value of $56.5 million, up 16.5% from $48.5 million at December 31, 2025, reflecting new investment activity during the first half of 2026. The portfolio consisted of investments in 21 portfolio businesses and was comprised of approximately 79% debt investments and 21% equity investments at fair value.
The annualized weighted average yield of debt investments, including PIK interest, was 8.98% at June 30, 2026, compared with 11.3% at December 31, 2025. This change in the annualized weighted average yield primarily reflects the timing of placing certain portfolio investments on non-accrual.
Second Quarter 2026 portfolio activity included:
| ● | Feature Healthcare, LLC d/b/a 4 Seasons Home Care: Rand invested $4.5 million in a term loan bearing interest at 12% plus 2% PIK. Feature Healthcare, based in Atlanta, Georgia, is a provider of home care services. |
| ● | Termite Guy Corporation: Rand invested $2.1 million in a term loan bearing interest at 13% plus 1% PIK and made a $300,000 equity investment. Based in Santa Ana, California, Termite Guy provides termite inspection, fumigation and structural repair services. |
| ● | Applied Image, Inc.: Rand exited its investment and received full repayment of its $1.7 million debt investment, along with a realized gain of $959,000 related to its warrant position. |
| ● | BlackJet Direct Marketing, LLC: The company repaid $250,000 during the quarter on their debt investment, resulting in Rand receiving a $7,500 prepayment fee. |
| ● | BMP Swanson Holdco LLC: During the quarter, BMP Swanson ceased operations, which led Rand to fully write down the value of its debt and equity positions in the company to zero, resulting in an aggregate $2.5 million reduction in fair value from the prior quarter. |
Liquidity and Capital Resources
Rand ended the quarter with $430,000 in cash and cash equivalents on hand, compared with $4.2 million at December 31, 2025. The Company had $5.1 million outstanding on its line of credit as of June 30, 2026, with estimated remaining availability of approximately $12.4 million. The weighted average interest rate was 7.12% during the six months ended June 30, 2026, compared with 7.88% during the six months ended June 30, 2025.
The Company did not repurchase any outstanding common stock during the second quarter of 2026.
Dividends
On April 29, 2026, Rand declared its regular quarterly cash dividend of $0.29 per share, which was paid during the second quarter to shareholders of record as of May 27, 2026.
On July 30, 2026, Rand declared its regular quarterly cash dividend of $0.29 per share, which will be payable on or about September 9, 2026, to shareholders of record as of August 26, 2026.
Webcast and Conference Call
Rand will host a conference call and webcast on Wednesday, August 5, 2026, at 1:30 p.m. Eastern Time, to review its financial results. The review will be accompanied by a slide presentation, which will be available on Rand’s website at www.randcapital.com in the “Investor Relations” section. Rand’s conference call can be accessed by calling (201) 689-8263. Alternatively, the webcast can be monitored on Rand’s website at www.randcapital.com under “Investors” where the replay will also be available.
Rand Capital Reports Second Quarter Fiscal Year 2026 Results August 5, 2026 Page 3 of 7 |
A telephonic replay will be available from 4:30 p.m. Eastern Time on the day of the call through Wednesday, August 19, 2026. To listen to the archived call, dial (412) 317-6671 and enter replay pin 13761056. A transcript of the call will also be posted once available.
ABOUT RAND CAPITAL
Rand Capital Corporation (Nasdaq: RAND) is an externally managed business development company (BDC). The Company’s investment objective is to maximize total return to its shareholders with current income and capital appreciation by focusing its debt and related equity investments in privately-held, lower middle market companies with committed and experienced managements in a broad variety of industries. Rand primarily invests in businesses that have sustainable, differentiated and market-proven products, revenue of more than $10 million and EBITDA in excess of $1.5 million. The Company’s investment activities are managed by its external investment adviser, Rand Capital Management, LLC. Additional information can be found at the Company’s website where it regularly posts information: randcapital.com.
Safe Harbor Statement
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than historical facts, including but not limited to statements regarding the strategy of the Company and its outlook; statements regarding the implementation of the Company’s strategy and the growth of its dividend; and any assumptions underlying any of the foregoing, are forward-looking statements. Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words “may,” “will,” “should,” “potential,” “intend,” “expect,” “endeavor,” “seek,” “anticipate,” “estimate,” “overestimate,” “underestimate,” “believe,” “could,” “project,” “predict,” “continue,” “target” or other similar words or expressions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove to be incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, (1) evolving legal, regulatory and tax regimes; (2) changes in general economic and/or industry specific conditions; and (3) other risk factors as detailed from time to time in Rand’s reports filed with the Securities and Exchange Commission (“SEC”), including Rand’s annual report on Form 10-K for the year ended December 31, 2025, quarterly reports on Form 10-Q, and other documents filed with the SEC. Consequently, such forward-looking statements should be regarded as Rand’s current plans, estimates and beliefs. Except as required by applicable law, Rand assumes no obligation to update the forward-looking information contained in this release.
Contacts:
| Company: | Investors: |
| Daniel P. Penberthy | Craig P. Mychajluk / Deborah K. Pawlowski |
| President and CEO | Alliance Advisors IR |
| 716.853.0802 | 716-843-3832 / 716-843-3908 |
| invest@randcapital.com | cmychajluk@allianceadvisors.com dpawlowski@allianceadvisors.com |
FINANCIAL TABLES FOLLOW
Rand Capital Reports Second Quarter Fiscal Year 2026 Results August 5, 2026 Page 4 of 7 |
Rand Capital Corporation and Subsidiaries
Consolidated Statements of Financial Position
June 30, 2026 (Unaudited) | December 31, 2025 | |||||||
| ASSETS | ||||||||
| Investments at fair value: | ||||||||
| Control investments (cost of $6,563,940 and $6,563,940, respectively) | $ | 1,400,000 | $ | 1,400,000 | ||||
| Affiliate investments (cost of $46,641,149 and $40,867,599, respectively) | 38,621,568 | 36,775,685 | ||||||
| Non-Control/Non-Affiliate investments (cost of $14,255,387 and $9,630,860, respectively) | 16,479,338 | 10,304,811 | ||||||
| Total investments, at fair value (cost of $67,460,476 and $57,062,399, respectively) | 56,500,906 | 48,480,496 | ||||||
| Cash and cash equivalents | 429,639 | 4,208,948 | ||||||
| Interest receivable (net of allowance of $25,337) | 231,192 | 168,039 | ||||||
| Prepaid income taxes | 328,088 | 283,581 | ||||||
| Other assets | 170,841 | 54,248 | ||||||
| Total assets | $ | 57,660,666 | $ | 53,195,312 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY (NET ASSETS) | ||||||||
| Liabilities: | ||||||||
| Due to investment adviser | $ | 548,049 | $ | 519,287 | ||||
| Accounts payable and accrued expenses | 85,575 | 101,975 | ||||||
| Line of credit | 5,100,000 | — | ||||||
| Deferred revenue | 467,155 | 390,597 | ||||||
| Total liabilities | 6,200,779 | 1,011,859 | ||||||
| Stockholders’ equity (net assets): | ||||||||
| Common stock, $0.10 par; shares authorized 100,000,000; shares issued: 3,037,709; shares outstanding: 2,969,814 at June 30, 2026 and December 31, 2025 | 303,771 | 303,771 | ||||||
| Capital in excess of par value | 64,063,157 | 64,063,157 | ||||||
| Treasury stock, at cost: 67,895 shares at June 30, 2026 and December 31, 2025 | (1,566,605 | ) | (1,566,605 | ) | ||||
| Total distributable earnings | (11,340,436 | ) | (10,616,870 | ) | ||||
| Total stockholders’ equity (net assets) (per share – June 30, 2026: $17.33; December 31, 2025: $17.57) | 51,459,887 | 52,183,453 | ||||||
| Total liabilities and stockholders’ equity (net assets) | $ | 57,660,666 | $ | 53,195,312 | ||||
Rand Capital Reports Second Quarter Fiscal Year 2026 Results August 5, 2026 Page 5 of 7 |
Rand Capital Corporation and Subsidiaries
Consolidated
Statements of Operations
(Unaudited)
| Three
months ended June 30, 2026 | Three
months ended June 30, 2025 | Six
months ended June 30, 2026 | Six
months ended June 30, 2025 | |||||||||||||
| Investment income: | ||||||||||||||||
| Interest from portfolio companies: | ||||||||||||||||
| Control investments | $ | 7,621 | $ | 12,979 | $ | 16,517 | $ | 12,979 | ||||||||
| Affiliate investments | 828,689 | 1,264,789 | 1,781,864 | 2,547,648 | ||||||||||||
| Non-Control/Non-Affiliate investments | 337,417 | 236,794 | 558,105 | 631,101 | ||||||||||||
| Total interest from portfolio companies | 1,173,727 | 1,514,562 | 2,356,486 | 3,191,728 | ||||||||||||
| Interest from other investments: | ||||||||||||||||
| Non-Control/Non-Affiliate investments | 27 | 36,556 | 13,828 | 46,939 | ||||||||||||
| Total interest from other investments | 27 | 36,556 | 13,828 | 46,939 | ||||||||||||
| Dividend and other investment income: | ||||||||||||||||
| Affiliate investments | 152,513 | — | 152,513 | 13,125 | ||||||||||||
| Total dividend and other investment income | 152,513 | — | 152,513 | 13,125 | ||||||||||||
| Fee income: | ||||||||||||||||
| Control investments | 4,516 | 4,516 | 9,032 | 9,032 | ||||||||||||
| Affiliate investments | 53,871 | 42,891 | 88,872 | 174,646 | ||||||||||||
| Non-Control/Non-Affiliate investments | 9,765 | 3,772 | 13,537 | 174,731 | ||||||||||||
| Total fee income | 68,152 | 51,179 | 111,441 | 358,409 | ||||||||||||
| Total investment income | 1,394,419 | 1,602,297 | 2,634,268 | 3,610,201 | ||||||||||||
| Expenses: | ||||||||||||||||
| Base management fee | 205,153 | 217,649 | 394,848 | 469,857 | ||||||||||||
| Income based incentive fees | — | — | — | 119,673 | ||||||||||||
| Capital gains incentive fees | — | (1,490,000 | ) | — | (1,565,000 | ) | ||||||||||
| Interest expense | 72,476 | 25,417 | 102,086 | 61,903 | ||||||||||||
| Professional fees | 124,194 | 142,020 | 347,816 | 350,862 | ||||||||||||
| Stockholders and office operating | 104,559 | 103,349 | 165,828 | 194,112 | ||||||||||||
| Directors’ fees | 76,375 | 66,550 | 149,750 | 130,400 | ||||||||||||
| Administrative fees | 52,500 | 50,250 | 103,200 | 99,000 | ||||||||||||
| Insurance | 10,614 | 9,974 | 20,586 | 23,136 | ||||||||||||
| Corporate development | 1,519 | (2,493 | ) | 5,193 | 4,501 | |||||||||||
| Bad debt expense | — | 13,125 | — | 38,462 | ||||||||||||
| Total expenses | 647,390 | (864,159 | ) | 1,289,307 | (73,094 | ) | ||||||||||
| Net investment income before income taxes: | 747,029 | 2,466,456 | 1,344,961 | 3,683,295 | ||||||||||||
| Income tax expense (benefit) | 37,368 | (11,778 | ) | 90,273 | (13,054 | ) | ||||||||||
| Net investment income | 709,661 | 2,478,234 | 1,254,688 | 3,696,349 | ||||||||||||
| Net realized gain on sales and dispositions of investments: | ||||||||||||||||
| Affiliate investments | 958,948 | — | 2,034,519 | 925,357 | ||||||||||||
| Non-Control/Non-Affiliate investments | — | — | — | (25 | ) | |||||||||||
| Net realized gain on sales and dispositions of investments | 958,948 | — | 2,034,519 | 925,332 | ||||||||||||
| Net change in unrealized appreciation/depreciation on investments: | ||||||||||||||||
| Control investments | — | — | — | (875,000 | ) | |||||||||||
| Affiliate investments | (1,887,551 | ) | (10,122,270 | ) | (3,927,667 | ) | (10,545,654 | ) | ||||||||
| Non-Control/Non-Affiliate investments | 1,550,000 | (189,944 | ) | 1,550,000 | (189,944 | ) | ||||||||||
| Change in unrealized appreciation/depreciation before income taxes | (337,551 | ) | (10,312,214 | ) | (2,377,667 | ) | (11,610,598 | ) | ||||||||
| Deferred income tax benefit | (35,220 | ) | (97,826 | ) | (87,269 | ) | (94,210 | ) | ||||||||
| Net change in unrealized appreciation/depreciation on investments | (302,331 | ) | (10,214,388 | ) | (2,290,398 | ) | (11,516,388 | ) | ||||||||
| Net realized and unrealized gain (loss) on investments | 656,617 | (10,214,388 | ) | (255,879 | ) | (10,591,056 | ) | |||||||||
| Net increase (decrease) in net assets from operations | $ | 1,366,278 | $ | (7,736,154 | ) | $ | 998,809 | $ | (6,894,707 | ) | ||||||
| Weighted average shares outstanding | 2,969,814 | 2,969,814 | 2,969,814 | 2,920,135 | ||||||||||||
| Basic and diluted net increase (decrease) in net assets from operations per share | $ | 0.46 | $ | (2.60 | ) | $ | 0.34 | $ | (2.36 | ) | ||||||
Rand Capital Reports Second Quarter Fiscal Year 2026 Results August 5, 2026 Page 6 of 7 |
Rand Capital Corporation and Subsidiaries
Consolidated Statements of Changes in Net Assets
(Unaudited)
Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 | |||||||||||||
| Net assets at beginning of period | $ | 50,954,855 | $ | 65,311,253 | $ | 52,183,453 | $ | 65,332,520 | ||||||||
| Net investment income | 709,661 | 2,478,234 | 1,254,688 | 3,696,349 | ||||||||||||
| Net realized gain on sales and dispositions of investments | 958,948 | — | 2,034,519 | 925,332 | ||||||||||||
| Net change in unrealized appreciation/depreciation on investments | (302,331 | ) | (10,214,388 | ) | (2,290,398 | ) | (11,516,388 | ) | ||||||||
| Net increase (decrease) in net assets from operations | 1,366,278 | (7,736,154 | ) | 998,809 | (6,894,707 | ) | ||||||||||
| Declaration of dividend | (861,246 | ) | (861,145 | ) | (1,722,375 | ) | (1,723,859 | ) | ||||||||
| Net assets at end of period | $ | 51,459,887 | $ | 56,713,954 | $ | 51,459,887 | $ | 56,713,954 | ||||||||
Rand Capital Reports Second Quarter Fiscal Year 2026 Results August 5, 2026 Page 7 of 7 |
Rand Capital Corporation and Subsidiaries
Reconciliation of GAAP Total Expense to Non-GAAP Adjusted Expenses
(Unaudited)
In addition to reporting total expenses, which is a U.S. generally accepted accounting principle (“GAAP”) financial measure, Rand presents adjusted expenses, which is a non-GAAP financial measure. Adjusted expenses is defined as GAAP total expenses removing the effect of any expenses/(credits) for capital gains incentive fees accrual. GAAP total expenses is the most directly comparable GAAP financial measure. Rand believes that adjusted expenses provides useful information to investors regarding financial performance because it is a method the Company uses to measure its financial and business trends related to its results of operations. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP.
Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 | |||||||||||||
| Total expenses (benefits) | $ | 647,390 | $ | (864,159 | ) | $ | 1,289,307 | $ | (73,094 | ) | ||||||
| Exclude expenses (credits) for capital gains incentive fees | - | (1,490,000 | ) | - | (1,565,000 | ) | ||||||||||
| Adjusted total expenses | $ | 647,390 | $ | 625,841 | $ | 1,289,307 | $ | 1,491,906 | ||||||||
Reconciliation
of GAAP Net Investment Income per Share to
Adjusted Net Investment Income per Share
(Unaudited)
In addition to reporting Net Investment Income per Share, which is a GAAP financial measure, the Company presents Adjusted Net Investment Income per Share, which is a non-GAAP financial measure. Adjusted Net Investment Income per Share is defined as GAAP Net Investment Income per Share removing the effect of any expenses/(credits) for capital gains incentive fees. GAAP Net Investment Income per Share is the most directly comparable GAAP financial measure. Rand believes that Adjusted Net Investment Income per Share provides useful information to investors regarding financial performance because it is a method the Company uses to measure its financial and business trends related to its results of operations. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP.
The per share amounts for the second quarters of 2026 and 2025 were computed using 2,969,814 weighted average shares outstanding. The per share amounts for the six months ended June 30, 2026 were computed using 2,969,814 weighted average shares outstanding, compared with 2,920,135 for the six months ended June 30, 2025.
Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 | |||||||||||||
| Net investment income per share | $ | 0.24 | $ | 0.83 | $ | 0.42 | $ | 1.27 | ||||||||
| Exclude expenses (credits) for capital gains incentive fees per share | - | (0.50 | ) | - | (0.54 | ) | ||||||||||
| Adjusted net investment income per share | $ | 0.24 | $ | 0.33 | $ | 0.42 | $ | 0.73 | ||||||||
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