Earnings Releases·Nov 4, 2026, 8:35 AM ET

Rand Capital — Third Quarter Fiscal Year 2026 Earnings Summary

Total investment income declined 17% year-over-year to $1.3 million, while net investment income fell to $669,000 ($0.23/share) from $993,000 ($0.33/share) in the prior-year period due to lower interest from non-accrual companies and reduced fees.
Total expenses rose to $769,000 from $596,000 year-over-year, driven by higher professional fees, increased interest expense from higher borrowings, and elevated base management fees.
Portfolio fair value increased 17.0% to $56.7 million year-over-year, with net assets per share at $17.36, while cash equivalents dropped significantly to $223,000 from $4.2 million at year-end 2025.
No new or follow-on cash investments were deployed in the quarter, though the company paid a $0.29 per share dividend totaling $861,000, with management maintaining a selective capital commitment strategy.