---
schema_version: "secwatch.filing_event.v1"
accession: "0001641172-25-008614"
form_type: "8-K"
ticker: "RAND"
cik: "0000081955"
company_name: "RAND CAPITAL CORP"
filed_at: "2025-05-05T23:59:59+00:00"
generated_at: "2026-05-22T19:55:34.209277+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Rand Capital Q1 NII up 45% to $0.42/shr; NAV drops to $21.99 from $25.31

## Summary
- Net investment income $1.2M ($0.42/shr) vs $840K ($0.33/shr) YoY; total investment income $2.0M, down 3%.
- NAV per share fell 13% to $21.99 from $25.31 at year-end 2024, partly due to share issuance.
- Revolver debt fully repaid; quarter-end cash $4.9M and $22M available credit capacity.
- Declared unchanged Q2 dividend of $0.29/shr; weighted average shares up 11% to 2.87M.
- Annualized yield on debt investments declined to 12.2% from 13.8% at year-end 2024.

## SEC filing metadata
- accession: 0001641172-25-008614
- form_type: 8-K
- ticker: RAND
- cik: 0000081955
- company_name: RAND CAPITAL CORP
- filed_at: 2025-05-05T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/81955/000164117225008614/0001641172-25-008614-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/81955/000164117225008614/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001641172-25-008614
- JSON: https://secwatch.observer/filing/0001641172-25-008614.json
- Plain text: https://secwatch.observer/filing/0001641172-25-008614.txt

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