Rand Capital — Third Quarter Fiscal Year 2026 Earnings Summary

Rand Capital Corporation reported third-quarter fiscal year 2026 net investment income of $669,000, or $0.23 per share, with total investment income declining to $1.3 million from $1.6 million in the prior-year period due to several investments entering non-accrual status. The company's portfolio fair value increased 17.0% to $56.7 million, driven by valuation gains in select portfolio companies that offset declines elsewhere. Net asset value per share rose to $17.36 at September 30, 2026, following a $2.0 million realized loss on BMP Swanson Holdco LLC and a $250,000 principal repayment from BlackJet Direct Marketing LLC. Total expenses for the quarter reached $769,000, reflecting higher professional fees and interest expenses, while the company maintained $5.0 million in outstanding line of credit borrowings.