{"schema_version":"secwatch.filing_event.v1","accession":"0001641172-25-012952","form_type":"8-K","ticker":"RAND","cik":"0000081955","company_name":"RAND CAPITAL CORP","filed_at":"2025-05-30T23:59:59+00:00","discovered_at":"2026-05-14T18:02:51.391707+00:00","generated_at":"2026-05-20T05:14:50.973426+00:00","sec_items":["8.01"],"event_type":"other_material","sentiment":"negative","materiality_score":0.8,"calibrated_materiality_score":0.8,"confidence":"high","headline":"Rand Capital's portfolio company Tilson Technology files Chapter 11; investment value uncertain","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001641172-25-012952","json":"https://secwatch.observer/filing/0001641172-25-012952.json","markdown":"https://secwatch.observer/filing/0001641172-25-012952.md","text":"https://secwatch.observer/filing/0001641172-25-012952.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/81955/000164117225012952/0001641172-25-012952-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/81955/000164117225012952/form8-k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-20T05:14:50.973426+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":[],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}