---
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"
generated_at: "2026-05-20T05:14:50.973426+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: other_material
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 8.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001641172-25-012952
- JSON: https://secwatch.observer/filing/0001641172-25-012952.json
- Plain text: https://secwatch.observer/filing/0001641172-25-012952.txt

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