Every 8-K that Rand Capital Corp (RAND) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 8-K covers material events a company has to report between its quarterly reports, 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, 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.
Rand Capital Corporation reported weaker first quarter 2026 results as it works through a portfolio transition. Total investment income was $1.24 million versus $2.01 million a year earlier, and net investment income fell to $545,027 from $1.22 million, or $0.18 per share compared with $0.42.
The company recorded a net decrease in net assets from operations of $367,469, versus an increase of $841,447 in the prior-year quarter, driven by $1.99 million of net unrealized depreciation. The investment portfolio’s fair value rose to $51.5 million from $48.5 million at year-end, but the weighted average debt yield declined to 9.43% from 11.3% due to non-accruals.
Liquidity tightened, with cash and cash equivalents at $330,550, down from $4.21 million at December 31, 2025, and $500,000 drawn on the credit line. Net asset value was $17.16 per share, down from $17.57 at year-end. Rand maintained its regular quarterly dividend of $0.29 per share and renewed a share repurchase program authorizing up to $1.5 million of additional buybacks through April 22, 2027.
Rand Capital Corporation held its 2026 Annual Meeting of Shareholders on April 22, 2026. Shareholders re-elected all five director nominees, including Benjamin E. Godley and Adam S. Gusky, with each receiving more than 1.23 million votes for, versus roughly 73–77 thousand votes withheld and 1,097,624 broker non-votes per nominee.
Shareholders also ratified the appointment of WithumSmith+Brown, PC as the independent registered public accounting firm for the year ending December 31, 2026, with 2,382,171 votes for, 13,227 against, and 9,739 abstentions.
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 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 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.