{"schema_version":"secwatch.filing_event.v1","accession":"0001493152-23-015861","form_type":"8-K","ticker":"RAND","cik":"0000081955","company_name":"RAND CAPITAL CORP","filed_at":"2023-05-09T23:59:59+00:00","discovered_at":"2026-05-14T18:03:42.352388+00:00","generated_at":"2026-06-15T11:08:29.983092+00:00","sec_items":["2.02","7.01","9.01"],"event_type":"earnings","sentiment":"positive","materiality_score":0.75,"calibrated_materiality_score":0.75,"confidence":"high","headline":"Rand Capital Q1 total investment income up 65% to $1.85M; dividend raised 25% to $0.25/share","bullets":["Total investment income $1.85M, up 65% YoY; adjusted NII per share $0.39 vs $0.21.","NAV per share $23.00, up 3% from Dec 31, 2022; portfolio fair value $68.2M (+11%).","Quarterly dividend increased 25% to $0.25/share; payable June 14, 2023.","Board renewed $1.5M share repurchase program through April 19, 2024.","Invested $5.6M in new/follow-on investments; cash $1.8M at quarter end."],"urls":{"canonical":"https://secwatch.observer/filing/0001493152-23-015861","json":"https://secwatch.observer/filing/0001493152-23-015861.json","markdown":"https://secwatch.observer/filing/0001493152-23-015861.md","text":"https://secwatch.observer/filing/0001493152-23-015861.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/81955/000149315223015861/0001493152-23-015861-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/81955/000149315223015861/form8-k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-15T11:08:29.983092+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"a77f13f5bcafa3d695fbd64ab1603ee20577edae","claim":"RAND CAPITAL CORP reported first quarter ended March 31, 2023 results: revenue $1.85 million, net income $715,000, EPS $0.28 per share.","evidence_excerpt":"Total investment income grew $727,000, or 65%, to $1.85 million driven by a 42% increase in interest from portfolio companies, dividend income that more than doubled, and higher fee income. ● Total expenses were $1.05 million compared with $345,000 in the prior-year first quarter. The increase includes a $531,000 increase in capital gains incentives fees payable to the Company’s external investment adviser, Rand Capital Management, LLC. The increase also reflects $158,000 in interest expense from the senior revolving credit facility entered into in June 2022 to fund growth. Offsetting these increases was a $60,000 decline in professional fees. Excluding capital gains incentive fees, adjusted expenses, which is a non-GAAP financial measure, were $757,000 compared with $585,000 in the first quarter of 2022. See the attached description of this non-GAAP financial measure and reconciliation table for adjusted expenses. Rand Capital Reports 65% Increase in Total Investment Income for First","evidence_source":"SEC 8-K Item 2.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/81955/000149315223015861/0001493152-23-015861-index.htm","confidence":0.95,"family_label":"Earnings Releases","details":[{"label":"Period","value":"first quarter ended March 31, 2023"},{"label":"Revenue","value":"$1.85 million"},{"label":"Net income","value":"$715,000"},{"label":"EPS","value":"$0.28 per share"},{"label":"Result","value":"reported results"}],"fact_type":"earnings_release"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}