---
schema_version: "secwatch.filing_event.v1"
accession: "0001641172-25-021997"
form_type: "8-K"
ticker: "RAND"
cik: "0000081955"
company_name: "RAND CAPITAL CORP"
filed_at: "2025-08-04T23:59:59+00:00"
generated_at: "2026-05-17T21:41:36.058969+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Rand Capital Reports Q2 2025 Net Investment Income of $2.5M and $0.29 Dividend

## Summary
- Total investment income fell 25% to $1.6M from $2.1M, driven by portfolio repayments and slower deal originations.
- Net investment income rose to $2.5M ($0.83/share) due to a $1.5M capital gains incentive fee benefit from Tilson Technologies bankruptcy.
- Ended quarter with $25M total liquidity, no debt; declared regular quarterly cash dividend of $0.29 per share for Q3.
- Portfolio fair value was $52.4M across 19 companies, down 26% from Dec 2024; Tilson Technologies valuation decreased $9.5M after Chapter 11 filing.
- Adjusted net investment income per share (non-GAAP) was $0.33 compared to $0.44 in the prior-year quarter.

## SEC filing metadata
- accession: 0001641172-25-021997
- form_type: 8-K
- ticker: RAND
- cik: 0000081955
- company_name: RAND CAPITAL CORP
- filed_at: 2025-08-04T23:59:59+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/81955/000164117225021997/0001641172-25-021997-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/81955/000164117225021997/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001641172-25-021997
- JSON: https://secwatch.observer/filing/0001641172-25-021997.json
- Plain text: https://secwatch.observer/filing/0001641172-25-021997.txt

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