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Rand Capital (RAND) investor relations material
Rand Capital Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Net investment income rose to $2.5M ($0.83/share) due to a non-cash capital gains incentive fee reversal, despite a 25% drop in total investment income and muted deal flow.
Net assets declined 13% to $56.7M at June 30, 2025, mainly from a $9.5M writedown of Tilson Technologies after its bankruptcy.
Portfolio fair value decreased to $52.4M, with professional/business services and consumer products as the largest sectors.
Maintained strong liquidity and no debt, supporting consistent quarterly dividends of $0.29 per share.
Portfolio shifted further toward affiliate investments, now 75.3% of net assets.
Financial highlights
Total investment income was $1.6M for Q2 2025, a 25% year-over-year decrease, mainly due to lower originations and repayments.
Net investment income was $2.5M for Q2 2025, up from a loss in the prior year, driven by a non-cash incentive fee reversal.
Net asset value per share was $19.10 at June 30, 2025, down from $25.31 at year-end 2024.
Adjusted net investment income per share was $0.33, down from $0.44 in Q2 2024.
Total investments at fair value decreased 26% to $52.4M at June 30, 2025.
Outlook and guidance
Early signs of market stabilization and improvement may lead to stronger deal activity and return some assets to current pay status.
Focus remains on yield-focused debt investments, disciplined underwriting, and maintaining dividend stability.
Management expects to fund investments through operating cash flow and undrawn credit facility.
The Board declared a $0.29 per share quarterly dividend for Q3 2025, consistent with prior quarters.
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