Rand Capital Corp
NASDAQ:RAND
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Rand Capital Corp
NASDAQ:RAND
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OTC:BDRFY
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Rand Capital Corp
Rand Capital Corp. is a traded fund that invests in small to medium-sized companies located primarily in New York and its surrounding states in the US. The company is headquartered in Buffalo, New York and currently employs 0 full-time employees. 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 variety of industries. At times when excess cash is available, the Company may also invest in high yielding publicly traded equity instruments. The firm invests the fund approximately at 0.7% of total assets in qualifying assets and provide managerial assistance to the portfolio companies in which it invests. The firm's portfolio includes software, manufacturing, professional services, healthcare, consumer product, automotive and public BDC stock. The firm's investment adviser is Rand Capital Management, LLC (RCM).
Rand Capital Corp. is a traded fund that invests in small to medium-sized companies located primarily in New York and its surrounding states in the US. The company is headquartered in Buffalo, New York and currently employs 0 full-time employees. 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 variety of industries. At times when excess cash is available, the Company may also invest in high yielding publicly traded equity instruments. The firm invests the fund approximately at 0.7% of total assets in qualifying assets and provide managerial assistance to the portfolio companies in which it invests. The firm's portfolio includes software, manufacturing, professional services, healthcare, consumer product, automotive and public BDC stock. The firm's investment adviser is Rand Capital Management, LLC (RCM).
Liquidity & Leverage: Ended 2025 with more than $23 million of total liquidity and no debt outstanding, plus $19.2 million of unused capacity on a $25 million credit facility.
Capital Recycling: Generated approximately $17.8 million from repayments and realizations while deploying $6.6 million into new and follow-on investments in 2025.
Dividends: Paid $1.72 per share in total cash dividends in 2025 (including a Q4 special of $0.56); declared Q1 2026 regular dividend of $0.29 per share.
Portfolio & NAV: Portfolio fair value was $48.5 million across 20 companies and net asset value per share was $17.57 at year-end.
Tilson Event: Tilson filed Chapter 11 and was a significant driver of unrealized depreciation; Rand retains a $3.0 million equity valuation in the spin-off Verta.
Earnings & Income: Q4 investment income was $1.3 million (down 40% YoY); Q4 net investment income was $600,000 or $0.20 per share; full-year net investment income was $5.3 million or $1.80 per share.
Portfolio Yield & Mix: Debt investments were 79% of the portfolio with an annualized weighted average yield of 11.3% on debt at year-end, and increased PIK usage was noted across the market and portfolio.
