Rand Capital Corporation filed its Form 10-Q for the quarterly period ended September 30, 2026 with the Securities and Exchange Commission on November 4, 2026, reporting net assets of $51,543,039 and net investment income of $668,941 for the three-month period.

Key Highlights

  • Net asset value per share: $17.36 at September 30, 2026, down from $17.57 at December 31, 2025, according to the filing.
  • Net increase in net assets from operations: $944,398 for the three months ended September 30, 2026, compared to a decrease of $2,231,194 in the same period of 2025.
  • Total investment income: $1,311,768 for the three months ended September 30, 2026, versus $1,579,623 for the three months ended September 30, 2025.
  • Line of credit: $5,000,000 outstanding at September 30, 2026, compared to zero at December 31, 2025.
  • Total investments at fair value: $56,736,055 at September 30, 2026, against a cost basis of $65,272,801.
  • Dividends declared: $861,246 for the three months ended September 30, 2026, and $2,583,621 for the nine months ended September 30, 2026.
  • Shares outstanding: 2,969,814 as of November 4, 2026, as reported on the cover page.

Rand Capital's Third-Quarter 2026 Financial Position and Operating Results

Rand Capital Corporation (NASDAQ:RAND), a New York-based business development company headquartered at 14 Lafayette Square, Suite 1405, Buffalo, NY, reported total assets of $57,642,094 and total liabilities of $6,099,055 as of September 30, 2026, according to the unaudited consolidated statements of financial position included in the filing. Total net assets stood at $51,543,039, down from $52,183,453 at December 31, 2025. The company drew $5,000,000 on its line of credit during the nine-month period, a balance that was zero at year-end 2025.

For the three months ended September 30, 2026, the filing reported net investment income of $668,941 and total expenses of $769,396. Interest from portfolio companies totaled $1,224,323 for the quarter. The company recorded a net realized loss on investments of $2,020,884, entirely attributable to affiliate investments, offset by net unrealized appreciation of $2,296,341, yielding a net increase in net assets from operations of $944,398, or $0.32 per share on a basic and diluted basis. For the nine months ended September 30, 2026, the net increase in net assets from operations was $1,943,207, or $0.65 per share.

At September 30, 2026, the portfolio's fair value was composed of control investments at $1,000,000, affiliate investments at $38,938,209, and non-control/non-affiliate investments at $16,797,846, against combined cost of $65,272,801. Cash and cash equivalents decreased to $222,920 from $4,208,948 at December 31, 2025. Total distributable earnings reflected a deficit of $11,257,284 at September 30, 2026, compared to a deficit of $10,616,870 at the prior year-end. Weighted average shares outstanding for the nine-month period were 2,969,814.

What Was Disclosed

Rand Capital filed its unaudited quarterly report covering the period ended September 30, 2026, disclosing balance sheet data, income statement results, changes in net assets, and portfolio investment schedules for both the current quarter and the nine-month period.