Earnings analysis · 10-Q
RAND earnings analysis
Filed May 6, 2026 · Our reading of the company's report
The latest report
Rand Capital reported a decline in total investment income to $1.24 million for Q1 2026, down 38.3% year-over-year, with a diluted EPS of $0.18, down from $0.42 in Q1 2025. Net investment income also fell sharply to…
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Rand Capital reported a decline in total investment income to $1.24 million for Q1 2026, down 38.3% year-over-year, with a diluted EPS of $0.18, down from $0.42 in Q1 2025. Net investment income also fell sharply to $545,027, amidst reduced operating expenses. Management highlighted challenges in investment income generation due to portfolio repayments and non-accrual statuses, yet maintained a quarterly dividend of $0.29 per share.
Reported figures
- Earnings per share
- $0.18
What stood out
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Total Investment Income Decline
Total investment income decreased to $1.24 million in Q1 2026, down 38.3% from $2.01 million in Q1 2025.
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EPS Decline YoY
Reported diluted EPS fell to $0.18 for Q1 2026, compared to $0.42 in the prior year.
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Decrease in Expenses
Total expenses decreased by 18.9% to $641,917 from $791,065 in Q1 2025.
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Dividend Maintained at $0.29
Management declared a quarterly dividend of $0.29 per share, consistent with prior periods.
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Increase in Debt
Total liabilities increased by 54.1% from $1.01 million to $1.56 million since December 31, 2025.
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NAV Decline
Net asset value per share decreased to $17.16 at March 31, 2026, down from $17.57 at the end of 2025.
What to watch
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Declining Total Investment Income
Total investment income declined by $768,055, representing a 38.3% decrease, causing concerns over revenue generation.
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Cash Position Severely Reduced
Cash and cash equivalents dropped to approximately 0.6% of net assets from 8.1% at the end of the last fiscal year.
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Increase in Unrealized Depreciation
Unrealized depreciation of investments increased by 23.8%, from $(8.58) million to $(10.62) million, signifying declining asset values.
Management's outlook
Outlook deferred to earnings press release / call.
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.