RAND CAPITAL CORP — Form 8-K
Filed November 4, 2026 · analyzed by the 8-K Agent
8-K
▼ Likely negative
significance 52/100
What the filing says
Rand Capital (market cap ~$15.2M) reported Q3 2026 net investment income of $669k ($0.23/share) vs. $993k ($0.33/share) YoY—down 33%. Portfolio fair value rose 17% to $56.7M from year-end 2025, but total investment income fell 17% to $1.3M YoY, driven by four portfolio companies on non-accrual status. NAV per share: $17.36 (Sept 30, 2026) vs. $17.57 (Dec 31, 2025), down 1%. Cash declined sharply to $223k from $4.2M; line of credit drawn at $5M with $12.4M remaining availability at 7.4% rate. Dividend maintained at $0.29/share ($861k total).
Why this rating
Portfolio revaluation and NAV modest; but income deterioration (down 33% per-share YoY), mounting non-accrual problems, and cash depletion material for $15.2M company. Dividend coverage at risk if trend continues.
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