RAND: the balance sheet

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For the year ending 2025-12-31, RAND has $53,195,312 in assets. $1,011,859 in debts. $4,208,948 in cash and cash equivalents.

Balance Sheets	2025-12-31
Investment Affiliated Issuer Controlled	1,400,000
Investment Affiliated Issuer Noncontrolled	36,775,685
Investment Unaffiliated Issuer	10,304,811
Total investments at fair value	48,480,496
Cash and cash equivalents	4,208,948
Interest receivable	168,039
Prepaid income taxes	283,581
Deferred tax asset, net	0
Other assets	54,248
Total assets	53,195,312

Due to investment adviser (see note 9)	519,287
Accounts payable and accrued expenses	101,975
Line of credit (see note 5)	0
Capital gains incentive fees (see note 9)	0
Deferred revenue	390,597
Dividend payable	0
Total liabilities	1,011,859
Common stock, 0.10 par shares authorized 100,000,000 shares issued 3,037,709 at 12/31/25 and 2,648,916 at 12/31/24 shares outstanding 2,969,814 at 12/31/25 and 2,581,021 at 12/31/24 (see note 1)	303,771
Capital in excess of par value	64,063,157
Stock dividends distributable 0 shares at 12/31/25 and 388,793 shares at 12/31/24	0
Treasury stock, at cost 67,895 shares at 12/31/25 and 12/31/24	1,566,605
Total distributable earnings	-10,616,870
Total stockholders' equity (net assets) (per share - 2025 17.57, 2024 25.31)	52,183,453
Total liabilities and stockholders' equity (net assets)	53,195,312

Unit: Dollar.