The sharp drop in investment income and NAV, coupled with elevated PIK interest and reduced cash, signals continued portfolio stress. Traders should watch for further non-accruals or credit events. The repurchase authorization may provide a floor but does not address fundamental income erosion.
Price Chart
Executive Summary
Rand Capital reported Q1 2026 total investment income of $1.24M, down 38% YoY, and net investment income per share of $0.18, down 57% from $0.42. The decline reflects portfolio repayments and non-accruals, with NAV per share falling to $17.16 from $17.57. The Board renewed a $1.5M repurchase program, but fundamentals remain weak.
Key Financial Metrics
Key Facts
- Total investment income Q1 2026: $1,239,849, down 38% from $2,007,904 in Q1 2025
- Net investment income per share: $0.18 vs $0.42 in Q1 2025
- NAV per share declined to $17.16 from $17.57 at Dec 31, 2025
- PIK interest was 20% of total investment income ($244,000)
- Cash and equivalents fell to $331k from $4.2M; $500k drawn on credit line
- Board renewed $1.5M share repurchase program; dividend maintained at $0.29/share
Financial Impact
Revenue decline of $768k (38%) and NII per share drop of $0.24 (57%) year-over-year
Risk Factors
- Further portfolio company defaults or non-accruals
- Continued decline in investment income due to small portfolio size
- Liquidity risk if credit line usage increases
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001493152-26-021411 |
| Document: form8-k.htm | 0001493152-26-021411 |
| Document: 0001493152-26-021411-index-headers.html | 0001493152-26-021411 |
| Document: 0001493152-26-021411-index.html | 0001493152-26-021411 |
| Document: 0001493152-26-021411.txt | 0001493152-26-021411 |
| 8-K Data (Synthetic) | 0001493152-26-021411 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
May 6, 2026 24w ago | 8-K | $10.99 $10.01 | ▲ +8.92% | ▲ +10.98% | $9.74 (+11.37%) |
Mar 5, 2026 33w ago | 8-K | $11.80 $10.70 | ▲ +9.35% | ▲ +20.65% | $9.74 (+17.49%) |
US Market Status
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