RAND — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-05-06

• On November 14, 2025, Rand, RCM and certain of RCM’s affiliates were granted a new order for exemptive relief (the “Order”) by the SEC that superseded all prior co-investment exemptive relief orders issued to Rand and its affiliates by the SEC. The Order permits Rand to co-invest in portfolio compan…

• We prepare our consolidated financial statements in accordance with United States generally accepted accounting principles (GAAP), which require the use of estimates and assumptions that affect the reported amounts of assets and liabilities. For a summary of all significant accounting policies, incl…

• The increasing complexity of the business environment and applicable authoritative accounting guidance requires us to monitor our accounting policies and procedures. We have two critical accounting policies that require the use of significant judgment. The following summary of critical accounting po…

• Our investments are carried at fair value in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 820, “Fair Value Measurements and Disclosures”, which defines fair value, establishes a framework for measuring fair value in accordance with GAAP, and exp…

• Investments are valued at fair value as determined in good faith by RCM and approved by our Board. We generally invest in loan, debt, and equity instruments and there is no single standard for determining fair value of these investments. As a result, determining fair value requires that judgment be …

Text removed vs the prior filing · source: 10-Q · 2025-11-07

• On December 5, 2024, our Board declared a dividend in the amount of $4.20 per share. The dividend was paid in the aggregate combination of 20% in cash and 80% in newly issued shares of our common stock on January 24, 2025 to shareholders of record as of December 16, 2024. The portion of the dividend…

• On October 7, 2020, Rand, RCM and certain of RCM’s affiliates received an exemptive order from U.S. Securities and Exchange Commission (the “SEC”) to permit Rand to co-invest in portfolio companies with certain affiliates, including other BDCs and registered investment companies managed by RCM and c…

• On May 28, 2025, Rand, RCM and certain of RCM’s affiliates filed an application for a new exemptive order (as amended, the “Application”) from the SEC that, if granted, will supersede the First Order and the Second Order and permit Rand to co-invest in portfolio companies with certain affiliates, in…

• We prepare our consolidated financial statements in accordance with United States generally accepted accounting principles (GAAP), which require the use of estimates and assumptions that affect the reported amounts of assets and liabilities. A summary of our critical accounting policies can be found…

• Cash approximated 17.7% of net assets at September 30, 2025, as compared to 1.3% of net assets at December 31, 2024.

Text added vs the prior filing · source: 10-Q · 2026-05-06

• As previously disclosed in Part II, Item 9A of the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2025, management commenced the following remediation actions relating to this material weakness:

• Engaging a new third-party tax advisory firm with enhanced technical resources and review procedures.

• Implementing additional management review controls over the income tax provision, including documented review procedures.

• Enhancing internal documentation supporting the completeness and accuracy of data used in tax calculations.

• The Chief Executive Officer and Chief Financial Officer believe these measures will remediate the identified material weakness; however, the material weakness will not be considered remediated until the enhanced controls have been implemented and have operated effectively for a sufficient period of …

Text removed vs the prior filing · source: 10-Q · 2025-11-07

• Changes in Internal Control over Financial Reporting. There have been no changes in our internal control over financial reporting during the Corporation’s most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Corporation’s internal control over …