经济观察网基于公开信息，兰德资本(RAND.us)近期值得关注的事件主要围绕其股价异动和财务表现。 截至2026年01月07日的最新数据显示，该股出现显著波动，股价大幅拉升5.98%，报收11.88美元/股， 但成交量较低，仅为410股。 从事件角度来看，近期未有公开披露的即将发生的重大事件(如财报发布或业务公告)。历史数据显示， 该股在2025年12月期间曾出现类似波动，包括12月24日拉升5.94%和12月17日下挫5.24%，但2026年01 月07日后无更新动态。 在财务方面，根据最近财报，该公司营业收入为-135万美元，净利润为-223万美元，每股收益-0.75美 元，市盈率为-2.80倍。机构评级方面，目前暂无机构对该股给出投资建议。公司业务聚焦于中低端市 场公司的债务投资，以产生当前收入和资本增值为目标。 股票近期走势 以上内容基于公开资料整理，不构成投资建议。 ...

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Financial Data and Key Metrics Changes - Total investment income decreased to $1.6 million from $2.2 million year-over-year, reflecting both debt repayments and a slowdown in origination dynamics [13][14] - Net investment income increased to $993,000 compared to $887,000 in the same quarter last year, demonstrating effective expense management [15] - Net asset value (NAV) declined to $53.6 million or $18.06 per share from $19.10 per share sequentially, primarily due to valuation adjustments and dividend payments [16] Business Line Data and Key Metrics Changes - The investment portfolio's fair value was $44.3 million across 19 companies, down from year-end, largely due to significant repayments and valuation adjustments [6][7] - The portfolio mix consisted of 83% debt and 17% equity, with a weighted average yield of 12.2% [7] - 39% of investment income was attributable to non-cash PIK interest, up from 24% in the prior year [14] Market Data and Key Metrics Changes - The market for new deal origination remains sluggish, with borrowers facing tighter credit conditions and higher financing costs [4] - The company noted a greater use of PIK interest by borrowers as they adapt to the current financing environment [4] Company Strategy and Development Direction - The company aims to maintain its dividend through disciplined expense management and strong liquidity, even during periods of muted investment activity [6][17] - The focus is on being selective in deal origination while remaining prepared to capitalize on opportunities as market conditions improve [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate a challenging lending environment, highlighting a strong balance sheet with no debt and significant liquidity [18] - There are early signs that anticipated interest rate reductions could stimulate deal origination in the future [19] Other Important Information - The company declared and paid a regular quarterly dividend of $0.29 per share, maintaining this level for three consecutive quarters [5][17] - The company experienced a realized loss of $2.9 million on Tilson Technology Management following its Chapter 11 process [10] Q&A Session Summary - No specific questions or answers were provided in the content regarding the Q&A session.

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Financial Performance - Net investment income increased to $993,000 from $887,000 in Q3 2024, supported by lower expenses[9] - Total expenses reduced to $596,000 from $1.3 million in the prior-year period, driven by lower incentive fees, interest expense and base management fees[9] - Total investment income decreased by 29% year-over-year[27] - Adjusted expenses decreased 42% to $596,000 in Q3 2025, excluding capital gains incentive fees[28] - $617,000, or 39% of total investment income, was attributable to non-cash PIK interest in Q3 2025 compared with 24% in the prior-year period[29] Portfolio Activity - Funded $2.9 million in new and follow-on investments during Q3[9] - New investment of $2.5 million was made, including a $2.25 million term loan and a $250,000 equity investment[17] - Received $7.6 million in principal repayment[19] - Exited investment with repayment of $713,000 in loan principal and recognition of a $77,000 realized loss[19] - Recognized a $2.9 million realized loss on the investment in Tilson Technology Management, Inc[19] Portfolio Composition - The fair value of the investment portfolio was $44.3 million[20] - Annualized weighted average yield of debt investments, including PIK interest, was 12.2% at September 30, 2025[15] - Top five portfolio investments totaled $21.8 million, representing 49% of the total portfolio[22] Liquidity and Capital - Maintained strong liquidity of ~$28 million with no outstanding borrowings[9] - $9.5 million in cash, up from $835,000 at year-end 2024[35] - $18.3 million available credit capacity[35]

Financial Position - Total assets decreased by 24.7% from $72,457,433 on December 31, 2024, to $54,579,788 on September 30, 2025[157]. - Total liabilities decreased by 86.6% from $7,124,913 to $958,274 during the same period[157]. - Net asset value per share (NAV) was $18.06 at September 30, 2025, down from $25.31 at December 31, 2024[157]. - Cash represented 17.7% of net assets at September 30, 2025, compared to 1.3% at December 31, 2024[158]. - Investments at fair value decreased by 37.4% from $70,818,041 on December 31, 2024, to $44,330,872 on September 30, 2025[160]. - Unrealized depreciation increased significantly, resulting in a net value of $(9,204,495) as of September 30, 2025, compared to $2,697,806 at December 31, 2024[160]. Credit Facility - The company has a $25 million senior secured revolving credit facility with M&T Bank, with no outstanding balance as of September 30, 2025[159]. - The Credit Facility, established in 2022, has a borrowing limit of $25 million, with no outstanding balance drawn as of September 30, 2025[212]. - The applicable interest rate on the Credit Facility was 7.74% as of September 30, 2025, calculated as 3.50 percentage points above the greater of the daily SOFR or 0.25%[213]. - As of September 30, 2025, total liquidity was approximately $9,491,000 in cash and $18,300,000 of unused availability on the Credit Facility[211]. Investment Income and Expenses - Total investment income for the three months ended September 30, 2025, was $1,579,623, a decrease of 28.8% compared to $2,218,454 in the same period of 2024[165]. - Interest from portfolio companies decreased by 26.8% to $1,425,134 in Q3 2025 from $1,945,595 in Q3 2024, attributed to several interest-yielding investments being repaid[165][166]. - Total expenses for the three months ended September 30, 2025, were $596,203, down 55.3% from $1,333,930 in the same period of 2024[170]. - Net investment income for the three months ended September 30, 2025, was $992,579, compared to $887,035 in Q3 2024[176]. - Total investment income for the nine months ended September 30, 2025, was $5,189,824, a decrease of 19.2% from $6,421,822 in 2024[187]. - Interest from portfolio companies decreased by 19.8% to $4,616,862 for the nine months ended September 30, 2025, due to repayments of several interest-yielding investments[188]. - Total expenses for the nine months ended September 30, 2025, were $523,109, a significant decrease of 90.0% from $5,213,568 in 2024[195]. - Net investment income for the nine months ended September 30, 2025, was $4,688,928, compared to $1,209,425 in 2024[199]. Realized and Unrealized Gains/Losses - The company recognized a net realized loss of $2,927,329 on investments for the three months ended September 30, 2025, compared to a gain of $7,230,082 in the same period of 2024[177]. - The realized loss on investments for the nine months ended September 30, 2025, was ($2,001,997), a decrease of $13,110,279 compared to a gain of $11,108,282 in 2024[200]. - The change in unrealized depreciation for the three months ended September 30, 2025, was $(291,703), significantly improved from $(5,665,541) in Q3 2024[181]. - The change in unrealized depreciation for the nine months ended September 30, 2025, was ($11,902,301), compared to ($776,811) in 2024, indicating a significant decline in investment valuations[205]. Management Fees and Expenses - The capital gains incentive fee expense was $0 for the three months ended September 30, 2025, compared to $313,000 in the same period of 2024[172]. - The base management fee expense decreased to $184,382 in Q3 2025 from $309,265 in Q3 2024, reflecting lower total assets[174]. - The capital gains incentive fee expense decreased by $3,631,300 during the nine months ended September 30, 2025, due to net unrealized depreciation exceeding realized capital gains[196]. - The base management fee expense for the nine months ended September 30, 2025, was $654,239, down from $934,532 in 2024[198]. Future Outlook and Risks - The company anticipates continuing to fund investment activities through cash generated from operations and borrowings under the Credit Facility[218]. - The company is subject to financial market risks, particularly from changes in interest rates and the valuation of its investment portfolio[219]. - All debt investments had fixed interest rates as of September 30, 2025, mitigating direct impacts from market interest rate changes[220]. - The company does not currently engage in hedging activities but may consider them in the future to manage interest rate fluctuations[224]. - Investments are carried at fair value, with material risks associated with the determination of fair value due to inherent uncertainties[225].

Investment Income - Total investment income for Q3 2025 was $1.6 million, a decrease of $639,000, or 29%, compared to the same period last year[4] - Total investment income for the three months ended September 30, 2025, was $1,579,623, a decrease from $2,218,454 for the same period in 2024, representing a decline of 29%[22] - Net investment income increased to $993,000, or $0.33 per share, compared to $887,000, or $0.34 per share in Q3 2024[11] - Net investment income before income taxes for the nine months ended September 30, 2025, was $4,666,715, compared to $1,208,254 for the same period in 2024, showing an increase of 287%[22] - The company reported a net investment income of $992,579 for the three months ended September 30, 2025, compared to $887,035 for the same period in 2024, an increase of 12%[25] - For the three months ended September 30, 2025, the net investment income per share was $0.33, a decrease from $0.34 for the same period in 2024[31] - For the nine months ended September 30, 2025, the net investment income per share was $1.60, significantly higher than $0.47 for the same period in 2024[31] - Adjusted net investment income per share for the three months ended September 30, 2025, was $0.33, compared to $0.46 for the same period in 2024[31] - Adjusted net investment income per share for the nine months ended September 30, 2025, was $1.06, down from $1.27 for the same period in 2024[31] Investment Portfolio - The investment portfolio had a fair value of $44.3 million across 19 portfolio companies, a decrease of $26.5 million, or 37%, from December 31, 2024[7] - The annualized weighted average yield on debt investments, including PIK interest, was 12.2%, down from 13.8% at year-end 2024[7] - Net realized loss on sales and dispositions of investments for the three months ended September 30, 2025, was $(2,927,329), compared to a gain of $7,230,082 for the same period in 2024[25] - The net change in unrealized appreciation/depreciation on investments for the nine months ended September 30, 2025, was $(11,812,832), compared to $(544,037) for the same period in 2024[25] Liquidity and Expenses - Rand ended the quarter with nearly $28 million in total liquidity and no debt outstanding[4] - The company received $8.3 million in loan repayments and funded $2.9 million in new and follow-on investments during the third quarter[4] - Adjusted expenses were $596,000, a decrease from $1.0 million in Q3 2024[11] - Total expenses for the nine months ended September 30, 2025, were $523,109, significantly lower than $5,213,568 for the same period in 2024, indicating a reduction of 90%[28] - Adjusted total expenses for the nine months ended September 30, 2025, were $2,088,109, down from $3,147,268 for the same period in 2024, a decrease of 34%[28] Dividends - A quarterly dividend of $0.29 per share was paid during the third quarter[13] - The company declared dividends totaling $861,246 for the three months ended September 30, 2025, compared to $748,496 for the same period in 2024, reflecting an increase of 15%[25] Shareholder Information - The weighted average shares outstanding increased to 2,969,814 for the three months ended September 30, 2025, compared to 2,581,021 for the same period in 2024[30] - The increase in shares outstanding was partly due to the fourth quarter 2024 dividend being paid in shares of common stock[30] - The company reported expenses (credits) for capital gains incentive fees of $0.12 per share for the three months ended September 30, 2024, and $(0.54) per share for the nine months ended September 30, 2025[31] Financial Performance Insights - The company emphasizes that Adjusted Net Investment Income should not be considered in isolation from GAAP financial results[29] - The presentation of Adjusted Net Investment Income per Share is intended to provide useful information regarding financial performance and trends[29] - The company believes that the Adjusted Net Investment Income per Share is a useful measure for investors to assess financial and business trends[29]

Financial Data and Key Metrics Changes - Net investment income was $2,500,000 or $0.83 per share, driven primarily by a non-cash reversal of a capital gains incentive fee tied to unrealized depreciation [5][18] - Total investment income decreased by 25% to $1,600,000 compared to the prior year period, primarily due to reduced interest income and lower dividend income [17] - Net asset value at quarter end was $56,700,000, down from $65,300,000 at the end of Q1 2025, reflecting a $9,500,000 unrealized loss on Tilson [19] Business Line Data and Key Metrics Changes - The portfolio was valued at $52,400,000, down sequentially and from year-end, driven by repayments and valuation adjustments, particularly related to Tilson Technologies [8][9] - The portfolio mix remains tilted towards income-generating debt investments, accounting for 86% of the portfolio by fair value [10] - The annualized weighted average yield on debt investments, including PIK, was 12.2% at quarter end [10] Market Data and Key Metrics Changes - The overall investment environment remained muted with limited new deal flow and stalled M&A transactions, leading to a more conservative posture across the portfolio [4][5] - Approximately $1,200,000 of interest income was PIK, representing about one-third of total investment income [5] Company Strategy and Development Direction - The company continues to execute its long-term strategy focused on income generation and capital preservation, prioritizing yield-focused debt investments [22] - The company aims to maintain dividend stability even during periods of lower investment activity, demonstrating the strength of its portfolio [7][22] Management's Comments on Operating Environment and Future Outlook - Management noted that while the investment environment remains cautious, there are early signs that may lead to stronger deal activity in the second half of the year [22] - The company is well-equipped to support new investments and respond to evolving market conditions, with a strong liquidity position and no outstanding debt [20][22] Other Important Information - The company declared three quarterly dividends of $0.29 per share in 2025, with total dollar amounts paid to shareholders increasing due to a higher number of shares outstanding [8] - The largest portfolio exposure is in professional services at 37%, down from 45% in the prior quarter, largely due to the valuation adjustment of Tilson [12] Q&A Session Summary - No specific questions or answers were provided in the content, thus this section is not applicable.

Financial Data and Key Metrics Changes - Net investment income was $2,500,000 or $0.83 per share, driven primarily by a non-cash reversal of a capital gains incentive fee tied to unrealized depreciation [5][18] - Total investment income was $1,600,000, reflecting a 25% decrease compared to the prior year period, primarily due to reduced interest income and lower dividend income [17] - Net asset value at quarter end was $56,700,000, down from $65,300,000 at the end of Q1 2025, reflecting a $9,500,000 unrealized loss on Tilson [19][20] Business Line Data and Key Metrics Changes - The portfolio was valued at $52,400,000, down sequentially and from year-end, driven by repayments and valuation adjustments, particularly related to Tilson Technologies [8][9] - The portfolio mix remains tilted towards income-generating debt investments, accounting for 86% of the portfolio by fair value, while equity investments represented 14% [10] Market Data and Key Metrics Changes - The overall investment environment remained muted with limited new deal flow and stalled M&A transactions, leading to a more conservative posture across the portfolio [4][22] - Approximately $1,200,000 of interest income was PIK (payment in kind), representing about one-third of total investment income [5] Company Strategy and Development Direction - The company continues to execute its long-term strategy focused on income generation and capital preservation, prioritizing yield-focused debt investments [22] - The company aims to maintain dividend stability while navigating through a cautious investment environment [22] Management's Comments on Operating Environment and Future Outlook - Management noted that while Q2 did not include meaningful new investment activity, there are early signs of stronger deal activity in the second half of the year [22] - The company remains committed to creating value for shareholders through proactive oversight and prudent capital allocation [22] Other Important Information - The company declared three quarterly dividends of $0.29 per share in 2025, with total dollar amounts paid to shareholders increasing due to a higher number of shares outstanding [6][7] - The company ended the quarter with $4,400,000 in cash, significantly up from $835,000 at year-end 2024, with no outstanding bank debt [20] Q&A Session Summary - No specific questions or answers were provided in the content regarding the Q&A session.

Financial Performance - Net investment income increased to $2.5 million, or $0.83 per share, driven by incentive fee reversal[9] - Total expenses were a benefit of $864,000, reflecting a $1.5 million capital gains incentive fee reversal[9] - Total investment income decreased by 25% due to repayments exceeding originations[9, 32] - Adjusted expenses decreased 38% to $626,000 in Q2 2025, excluding the capital gains incentive fee benefit[32] - Net Asset Value (NAV) decreased from $65.3 million to $56.7 million[35] Portfolio Composition and Activity - The fair value of the investment in Tilson Technologies decreased by $9.5 million due to bankruptcy filing[20] - Portfolio mix at quarter-end: 86% fixed-rate debt investments and 14% equity investments in private companies[17] - Annualized weighted average yield of debt investments was 12.2% at June 30, 2025[17] - Total investments at fair value of $52.4 million[24] Liquidity and Dividends - Ended the quarter with approximately $25 million in liquidity and no debt[9] - Maintained quarterly dividend at $0.29 per share[38] - $20.2 million available credit capacity[38]