---
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"
generated_at: "2026-06-15T11:08:29.983092+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Rand Capital Q1 total investment income up 65% to $1.85M; dividend raised 25% to $0.25/share

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: earnings
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-23-015861
- JSON: https://secwatch.observer/filing/0001493152-23-015861.json
- Plain text: https://secwatch.observer/filing/0001493152-23-015861.txt

## Key facts
- Earnings Releases
  RAND CAPITAL CORP reported first quarter ended March 31, 2023 results: revenue $1.85 million, net income $715,000, EPS $0.28 per share.
  - Period: first quarter ended March 31, 2023
  - Revenue: $1.85 million
  - Net income: $715,000
  - EPS: $0.28 per share
  - Result: reported results
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/81955/000149315223015861/0001493152-23-015861-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.