RAND earnings analysis
What we found in RAND's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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.
- EPS Decline YoY
- Reported diluted EPS fell to $0.18 for Q1 2026, compared to $0.42 in the prior year.
- Decrease in Expenses
- Total expenses decreased by 18.9% to $641,917 from $791,065 in Q1 2025.
- Dividend Maintained at $0.29
- Management declared a quarterly dividend of $0.29 per share, consistent with prior periods.
- Increase in Debt
- Total liabilities increased by 54.1% from $1.01 million to $1.56 million since December 31, 2025.
- NAV Decline
- Net asset value per share decreased to $17.16 at March 31, 2026, down from $17.57 at the end of 2025.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Declining Total Investment Income
- Total investment income declined by $768,055, representing a 38.3% decrease, causing concerns over revenue generation.
- 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.
- Increase in Unrealized Depreciation
- Unrealized depreciation of investments increased by 23.8%, from $(8.58) million to $(10.62) million, signifying declining asset values.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.18
What they said about what is next.
Outlook deferred to earnings press release / call.
The filing reads worse than the one before it.
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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