Rand Capital Corporation

Rand Capital Corporation reported a net decrease in net assets from operations of $8.0 million for FY 2025, a significant decline from the $8.8 million net increase in FY 2024. This negative result was driven by a net realized and unrealized loss on investments of $13.3 million, which overwhelmed a solid net investment income of $5.3 million. Total investment income decreased to $6.5 million from $8.6 million in the prior year, primarily due to lower interest and fee income. Total assets declined to $53.2 million from $72.5 million, while net assets per share fell to $17.57 from $25.31. The company generated $11.3 million in net cash from operating activities and paid $7.3 million in cash dividends. The portfolio's fair value decreased to $48.5 million, with significant unrealized depreciation recorded across control and affiliate investments.

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