Rand Capital
Invests in debt and related equity of privately held lower-middle-market businesses.
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Profile
Generates income through debt investments in privately held lower-middle-market companies, with equity participation where appropriate. The externally managed BDC is advised by Rand Capital Management and operates under regulated-investment-company requirements.
Built around investments in privately held lower-middle-market companies, the portfolio emphasizes higher-yielding debt instruments and, where appropriate, related equity participation. The mandate seeks current income alongside potential capital appreciation.
Operations are managed externally by Rand Capital Management, which serves as both investment adviser and administrator. Rand reports no employees under this arrangement.
Based in Buffalo, New York, the company operates as a closed-end, non-diversified business development company. Its qualifying investments span privately held businesses rather than a consumer product portfolio.
As a BDC, its rules require most assets to be qualifying assets and require managerial assistance for portfolio companies in which it invests. The management and administration agreements with Rand Capital Management shape the operating model.
Company facts
Categories
Key statistics
Year to date −8.7% · Average volume (30d) 4.2K
Analysts
No analyst consensus on record.
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 5, 2026Q2 FY26 | — | $0.46 | — | — | $1.4M | — | −1.16% |
| May 6, 2026Q1 FY26 | — | $0.18 | — | — | $2.3M | — | −2.37% |
| Mar 5, 2026Q4 FY25 | — | $0.20 | — | — | $1.3M | — | −2.81% |
| Nov 7, 2025Q3 FY25 | — | $0.33 | — | — | $1.6M | — | −1.79% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $1.3M | −$7.3M | $1.6M | $1.3M | $2.3M | $1.4M | |
| Gross profit | $1.3M | −$7.4M | $1.6M | $1.0M | $2.1M | $1.2M | |
| Operating income | $843.8K | −$7.7M | $1.0M | $1.3M | −$337.0K | $819.5K | |
| Net income | $841.4K | −$7.7M | −$2.2M | $1.1M | −$367.5K | $1.4M | |
| Diluted EPS | $0.29 | −$2.60 | −$0.75 | $0.37 | −$0.12 | $0.46 | |
| Gross margin | 97.3% | — | 100.0% | 81.4% | 89.1% | 85.3% | |
| Operating margin | 63.1% | — | 63.9% | 98.6% | -14.6% | 58.8% |
Fiscal years (4-quarter sums)FY21 $10.1M · FY22 $675.1K · FY23 $9.2M · FY24 $11.3M · FY25 −$3.1M
Balance sheet, Jun 30, 2026Cash & short-term investments $429.6K · Total debt $5.1M · Total assets $57.7M · Shareholders' equity $51.5M
Dividends
Raised for 4 straight years. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 26, 2026 | Aug 26 | Sep 9 | $0.29 | |
| May 27, 2026 | May 27 | Jun 10 | $0.29 | |
| Mar 11, 2026 | Mar 11 | Mar 25 | $0.29 | |
| Dec 16, 2025 | Dec 16 | Dec 30 | $0.85 | special dividend |
| Aug 29, 2025 | Aug 29 | Sep 12 | $0.29 | |
| May 30, 2025 | May 30 | Jun 13 | $0.29 | |
| Mar 14, 2025 | Mar 14 | Mar 28 | $0.29 | cut from $4.20 |
| Dec 16, 2024 | Dec 16 | Jan 24 | $4.20 | raised from $0.29 |
Ownership
Shares outstanding 2.97M · Float 711.6K · 24.0% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Adam Samuel Gusky · director | 32.6K | 1.10% | Form 4 | Sep 16, 2025 |
| Courier Capital LLC | 15.4K | 0.52% | 13F | Apr 23, 2026 |
| Shufro Rose & Co LLC | 14.0K | 0.47% | 13F | May 15, 2026 |
| Advisor Group Holdings, Inc. | 747 | 0.03% | 13F | May 15, 2026 |
| JPMorgan Chase & Co | 91 | 0.00% | 13F | May 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 15, 2025 | Adam Samuel Gusky | director | +1,030 | $14.80 |
Peers
- Main Street Capital
Lower-middle-market debt and equity investor
- Gladstone Investment
Lower-middle-market debt-and-equity buyout financier
- Prospect Capital
Private middle-market lender with equity-linked capital
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Rand Capital | $10.59 | 0.00% | $32.8M | — | — | 5.0 | −13.0% |
| Main Street Capital | $58.45 | −0.18% | $5.44B | 11.8 | 15.4 | 7.8 | −26.1% |
| Gladstone Investment | $16.40 | −0.06% | $654.3M | 3.9 | 18.0 | 6.2 | +10.2% |
| Prospect Capital | $2.25 | +0.13% | $1.13B | 5.5 | 5.9 | 1.8 | — |
| Median | 5.5 | 15.4 | 6.2 | −7.9% |