Rand Capital Made No New Investments in Third Quarter as Maturity Nears

Rand Capital is reviewing lower-middle-market debt deals while four non-accrual positions worth $8.7 million, about 15% of its portfolio, have weighed on its year-over-year income.

The company made no new or follow-on investments in the third quarter of 2026. Investments made earlier this year carried total yields in the low- to mid-teens, while management emphasized selectivity as it continued evaluating opportunities.

Quarterly net investment income was $0.23 per share, below the regular dividend of $0.29 per share. Management plans to monitor the gap during year-end regulated investment company (RIC) calculations.

The four debt positions were on non-accrual, and management could not predict when their outcomes would be resolved. Rand Capital's credit facility is due to mature in June 2027.