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Rand Capital (RAND) investor relations material
Rand Capital Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Maintained a disciplined investment approach amid sluggish deal origination, tighter credit, and market uncertainty, deploying $2.9 million in new and follow-on investments while prioritizing liquidity and dividend stability.
Ended the quarter with nearly $28 million in liquidity and no debt outstanding, supporting ongoing dividends and portfolio resilience.
Net assets decreased 17.9% to $53.6 million, with NAV per share dropping to $18.06 from $25.31 at year-end 2024, mainly due to realized and unrealized losses.
Cash position improved to $9.5 million, representing 17.7% of net assets, up from 1.3% at year-end.
Consistent quarterly dividends of $0.29 per share were paid, supported by strong liquidity and income-generating portfolio.
Financial highlights
Total investment income for Q3 2025 was $1.6 million, down 29% year-over-year, and $5.2 million for the nine months ended September 30, 2025, down 19.2% year-over-year, reflecting repayments and slower originations.
Net investment income rose to $993,000 for Q3 2025 ($0.33 per share), up from $887,000 in Q3 2024, and $4.7 million for the nine months, driven by lower expenses.
Net asset value per share was $18.06 at quarter-end, down from $25.31 at year-end 2024.
Net realized and unrealized losses on investments totaled $3.2 million for Q3 and $13.9 million for the nine months, mainly from a major liquidation and portfolio markdowns.
Total expenses dropped significantly year-over-year, mainly due to lower incentive and interest expenses.
Outlook and guidance
Management anticipates that potential interest rate reductions could stimulate deal origination and is monitoring early signs of market improvement.
Well-positioned to deploy capital into yield-focused debt investments as market conditions improve, with $18.3 million undrawn under the credit facility.
Confident in ability to maintain dividend and create long-term shareholder value despite current headwinds.
Fourth quarter dividend announcement expected in early December.
Strategy to reduce PIK interest over time
How will NAV stability be achieved going forward?
How do repayments and losses shape future deployment?
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Next Rand Capital earnings date
Q4 20259 Mar, 2026
Next Rand Capital earnings date
Q4 20259 Mar, 2026
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Rand Capital Corporation is a business development company providing debt and equity financing to lower middle-market businesses. The company focuses on supporting business growth, acquisition financing, and recapitalizations through flexible investment structures. Rand Capital serves a range of industries including manufacturing, technology, and services. The company is headquartered in Buffalo, New York, and its shares are listed on the NASDAQ.
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