Rand Capital Corporation recently released a transcript of their Second Quarter 2025 Financial Results Conference Call held on August 4, 2025. The event was attended by key members of the management team, including President & CEO Daniel P. Penberthy, Executive Vice President and CFO Margaret Brechtel, and facilitated by Craig Mychajluk from Alliance Advisors IR. During the call, it was highlighted that the investment environment remained muted with limited new deal flow and stalled M&A transactions. Borrowers faced higher financing costs and more selective underwriting by commercial senior lenders, leading to delays in refinancing activities. Despite these challenges, Rand Capital delivered positive second-quarter results, underscoring the depth of their portfolio. "We have maintained our underwriting standards and continued to prioritize measured, risk-adjusted capital deployment," stated the President & CEO. Net investment income for the quarter was reported at $2.5 million, or $0.83 per share, primarily driven by a non-cash reversal of a capital gains incentive fee related to unrealized depreciation, particularly concerning their investment in Tilson. The full transcript can be accessed through the link below.