Rand Capital's portfolio company Tilson Technology files Chapter 11; investment value uncertain

RAND CAPITAL CORP

Tilson Technology Management and subsidiaries filed Chapter 11 in Delaware on May 29, 2025.
Rand holds preferred stock in Tilson with cost basis ~$2.85M and fair value $9.5M as of March 31, 2025.
Tilson investment represents ~14.6% of net assets and ~15.3% of total investments at fair value.
Rand also holds SQF Holdco units valued at ~$2M; SQF is not part of the bankruptcy proceedings.
Management is monitoring proceedings and evaluating the impact on the investment.

item 8.01

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