Quarterly report [Sections 13 or 15(d)]

See “Note 6. Senior Secured Revolving Credit Facility” in the Notes to the Consolidated Financial Statements for additional information regarding the terms of our Credit Facility.

General Description of Registrant [Abstract]

Investment Objectives and Practices [Text Block]

Our investment objective is to generate current income and when possible, complement this current income with capital appreciation. As a result, we are focused on investing in higher yielding debt instruments and related equity investments in privately held, lower middle market companies with a committed and experienced management team in a broad variety of industries. In the past, we have also invested in publicly traded shares of other business development companies that provided income through dividends and had more liquidity than our private company equity investments, but did not own any such shares of other business development companies as of September 30, 2025.

NAV Per Share

$ 18.06

$ 25.31

$ 27.29

$ 23.56

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

Security Dividends [Text Block]

Our Board declared the following quarterly cash dividends during the nine months ended September 30, 2025:


Quarter	Dividend/Share Amount		Record Date	Payment Date
1st	$	0.29	March 14, 2025	March 28, 2025
2nd	$	0.29	May 30, 2025	June 13, 2025
3rd	$	0.29	August 29, 2025	September 12, 2025

Security Preemptive and Other Rights [Text Block]

SEC Exemptive Order

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 certain of RCM’s affiliates, in a manner consistent with Rand’s investment objective, positions, policies, strategies and restrictions as well as regulatory requirements, subject to compliance with certain conditions (the “First Order”). On March 29, 2021, the SEC granted Rand, RCM, Callodine, which holds a controlling interest in RCM, and certain of RCM’s affiliates a new exemptive order (the “Second Order”) that superseded the First Order and permits Rand to co-invest with affiliates managed by RCM and Callodine. Pursuant to the Second Order, Rand is generally permitted to co-invest with affiliates covered by the Second Order if a “required majority” (as defined in Section 57(o) of the 1940 Act) of Rand’s independent directors makes certain conclusions in connection with a co-investment transaction, including that (1) the terms of the transaction, including the consideration to be paid, are reasonable and fair to Rand and its shareholders and do not involve overreaching in respect of Rand or its shareholders on the part of any person concerned, (2) the transaction is consistent with the interests of Rand’s shareholders and is consistent with Rand’s investment objective and strategies and (3) the investment by Rand’s affiliates would not disadvantage Rand, and Rand’s participation would not be on a basis different from or less advantageous than that on which Rand’s affiliates are investing. In addition, on September 6, 2022, the SEC granted an amendment to the Second Order to permit Rand to participate in follow-on investments in our existing portfolio companies with certain Affiliated Funds (as defined in the Second Order) that do not hold any investments in such existing portfolio companies.

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, including other BDCs and registered investment companies managed by RCM, Callodine, and certain of their affiliates (the “New Order”). If granted, the New Order will permit Rand to co-invest with certain of RCM’s affiliates if such co-investments are done on the same terms and at the same time, as further detailed in the Application. The New Order will require that a “required majority” (as defined in Section 57(o) of the 1940 Act) of the Board of Directors make certain findings (1) in most instances when Rand co-invests with RCM’s affiliates in an issuer where RCM’s affiliates have an existing investment in the issuer, and (2) if Rand disposes of an asset acquired in a co-investment transaction unless the disposition is done on a pro rata basis. Pursuant to the New Order, the Board of Directors will oversee Rand’s participation in the co-investment program. The New Order will also require Rand to adopt policies and procedures reasonably designed to ensure compliance with the terms of the New Order, and RCM’s and Rand’s Chief Compliance Officers will be required to provide reporting to the Board of Directors. The SEC granted notice of the Application on September 16, 2025, and while the applicable notice period has expired, the SEC has been delayed in granting the New Order due to the shutdown of the U.S. federal government that began in October 2025. Rand anticipates that the New Order will be granted as soon as practicable following the resumption of normal operations at the SEC.