RAND — what changed in the latest 10-Q
A section-by-section comparison of RAND's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-11-04 vs the prior 10-Q · 2026-08-05
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +42 | −36 | ~38 | 56 |
| Market risk (Item 3) | Text added/removed | +1 | 0 | ~3 | 4 |
| Controls & procedures | Text added/removed | 0 | 0 | ~1 | 6 |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Legal proceedings, Risk factors
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-11-04
The income associated with the amortization of financing fees was $40,070 and $69,412 for the three months ended September 30, 2026 and 2025, respectively. During the three months ended September 30, 2026, we recognized a loan monitoring fee of $11,589 from our investment in First Coast Mulch and a …
Professional fees expense increased by $107,123 during the three months ended September 30, 2026, versus the same period in 2025 because we incurred increased fees associated with the complex regulatory environment in which we operate.
The base management fee payable to RCM is calculated based upon total assets less cash, and, as we deploy more capital into investments or the fair value of our investments increases, the base management fee payable to RCM will increase accordingly. The base management fee for the three months ended…
The excess of investment income over total expenses, including income taxes, represents net investment income. The net investment income for the three months ended September 30, 2026 and 2025 was $668,941 and $992,579, respectively.
During the three months ended September 30, 2026, we recognized a realized loss of ($2,020,884) on our debt and equity investment in Swanson after they ceased operations.
Text removed vs the prior filing · source: 10-Q · 2026-08-05
The income associated with the amortization of financing fees was $63,152 and $51,179 for the three months ended June 30, 2026 and 2025, respectively. During the three months ended June 30, 2026, we recognized a loan modification fee of $5,000 from our debt investment in GoNoodle. No similar fees we…
The capital gains incentive fee expense during the three months ended June 30, 2026 is due to the calculation of the capital gains fee as required by GAAP. We are required under GAAP to accrue capital gains incentive fees on the basis of net realized capital gains and losses and net unrealized gains…
The excess of investment income over total expenses, including income taxes, represents net investment income. The net investment income for the three months ended June 30, 2026 and 2025 was $709,661 and $2,478,234, respectively.
During the three months ended June 30, 2026, we sold our warrant investment in Applied Image and recognized a realized gain of $958,948.
Change in Unrealized (Depreciation) Appreciation of Investments
Market risk (Item 3)
Text added vs the prior filing · source: 10-Q · 2026-11-04
invested proceeds borrowed. In periods of rising interest rates, the rate we earn on our debt investments with fixed interest rates will remain the same, while the interest incurred on our borrowings under the Credit Facility will increase.
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice