---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-25-021190"
form_type: "8-K"
ticker: "RAND"
cik: "0000081955"
company_name: "RAND CAPITAL CORP"
filed_at: "2025-11-07T23:59:59+00:00"
generated_at: "2026-05-16T23:15:19.237952+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Rand Capital Q3 net investment income rises to $0.33/share; total investment income falls 29% to $1.6M

## Summary
- Net investment income $993k ($0.33/share) vs $887k ($0.34/share) in Q3 2024; adjusted NII $0.33/share vs $0.46.
- Total investment income $1.6M, down 29% YoY; 39% of income was non-cash PIK interest (24% a year ago).
- Received $8.3M repayments, funded $2.9M new/follow-on; portfolio fair value $44.3M, down 37% from Dec 2024.
- Cash $9.5M, no debt, $18.3M credit line available; paid $0.29/share quarterly dividend.
- New $2.5M investment in BlackJet Direct Marketing; realized $2.9M loss on Tilson Technology exit.

## SEC filing metadata
- accession: 0001493152-25-021190
- form_type: 8-K
- ticker: RAND
- cik: 0000081955
- company_name: RAND CAPITAL CORP
- filed_at: 2025-11-07T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/81955/000149315225021190/0001493152-25-021190-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/81955/000149315225021190/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-25-021190
- JSON: https://secwatch.observer/filing/0001493152-25-021190.json
- Plain text: https://secwatch.observer/filing/0001493152-25-021190.txt

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