Robinhood Ventures Fund II Common Shares of Beneficial Interest (RVII) Q1 2026 Earnings: Revenue $0K
RVII — Q1 2026 Financial Report Analysis
Q1 · Fiscal year 2026 · Published by Pham Hop
In its first quarterly report (April–June 2026, before its August IPO), Robinhood Ventures Fund II held $19.6 million of SAFEs in 79 Y Combinator-linked startups, all still valued at cost; NAV per share fell 3.1% to $23.95 on share-issuance dilution, and its $219,183 gain came only from a cost reimbursement since reversed.
Revenue
$0K
Net income
$219K
Diluted EPS
$0.37
Robinhood Ventures Fund II (RVII) is not an operating business: it is a stock-exchange-listed fund that buys small stakes in very young private startups, almost all of them companies that have gone through the Y Combinator startup accelerator. This first quarterly report covers April 1 to June 30, 2026 — the first quarter of the fund's fiscal year, which runs to March 31 (so, in the fund's own terms, fiscal Q1 of the year ending March 2027). That quarter ended six weeks before the fund's $200 million IPO, so what it shows is a small seed portfolio, entirely funded by Robinhood Markets, rather than the fund public shareholders now own. The fund reported a $219,183 gain from operations, but that figure is an accounting timing effect that the fund itself says has since been reversed; the investments themselves did not move in value at all.
At a glance
$19.6 million in 79 startups, all still valued at exactly what was paid. Every holding is a $250,000 check (one is $100,000), and none has been marked up or down yet, so the portfolio's value tells you what was spent, not what it is worth.
Net asset value per share fell 3.1%, from $24.72 to $23.95. Net asset value (NAV) is the fund's assets minus its liabilities, divided by shares — the fund's "book value" per share. The drop came from issuing new shares below NAV, not from investment losses.
The $219,183 "profit" is gone after the IPO. It exists only because Robinhood Markets agreed to cover $1.6 million of setup costs; once the IPO closed, those costs became the fund's own, and the filing says the gain has been reversed.
What this fund actually is
The filing describes RVII as a closed-end fund that has elected to be regulated as a business development company (BDC) — a type of listed investment fund that must keep at least 70% of its assets in private or thinly traded US companies. Closed-end means shareholders can't redeem shares with the fund; they buy and sell them on the New York Stock Exchange, where the ticker started trading on August 13, 2026.
Its stated aim is long-term capital growth from "early-stage and growth-stage private companies," with a focus on current or past Y Combinator participants (or companies whose founder went through the program). The filing notes that Y Combinator does not sponsor or endorse the fund and that the fund has no agreement with Y Combinator guaranteeing access to its companies. The fund is managed by Robinhood Ventures DE, LLC, a Robinhood affiliate. This is a separate vehicle from Robinhood Ventures Fund I (ticker RVI).
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As of June 30, 2026, every one of its investments was a SAFE ("simple agreement for future equity"): the startup takes cash now and promises to hand over shares later, usually when it raises a priced funding round. Until that happens, the fund owns no shares, receives no interest or dividends, and has no market price to point to.
The quarter in numbers
The fund started operating on March 16, 2026, so there is no prior-year quarter to compare against; the "year-ago" column is blank for that reason, and the comparison below uses the fund's first balance-sheet date (March 31, 2026) instead.
Metric
Q1 FY2027 (Apr–Jun 2026)
Same period last year
YoY Change
Total investment income (the fund's equivalent of revenue)
$0
n/a (fund not yet formed)
n/a
Net increase in net assets from operations (the fund's equivalent of net income)
$219,183
n/a
n/a
Net increase from operations per share (closest equivalent to EPS)
$0.37
n/a
n/a
Total expenses before Robinhood's cost support
$1,384,164
n/a
n/a
Net unrealized/realized gain on investments
$0
n/a
n/a
Balance sheet
June 30, 2026
March 31, 2026
Change
Net asset value per share
$23.95
$24.72
−3.1%
Net assets
$22.29 million
$12.07 million
+84.7%
Investments at fair value (= cost)
$19.60 million
$8.85 million
+121.5%
Number of portfolio companies
79
36
+43
Cash
$3.00 million
$5.75 million
−47.9%
Shares outstanding (split-adjusted)
930,583
488,290
+90.6%
There is no operating margin to report: the fund had no investment income, so a margin would be meaningless. Share counts and per-share figures are adjusted for a 0.97658-for-1 reverse split made on August 14, 2026.
Where the money went
During the quarter the fund put $10.75 million into 43 new startups, on top of $8.85 million in 36 companies during its first two weeks in March, and sold nothing. By sector (as a share of net assets at June 30):
Sector
Fair value
% of net assets
Information technology
$13.35 million
59.9%
Industrials
$2.00 million
9.0%
Financials
$1.75 million
7.9%
Health care
$1.50 million
6.7%
Consumer discretionary
$0.50 million
2.2%
Communication services
$0.25 million
1.1%
Energy
$0.25 million
1.1%
Total investments
$19.60 million
87.9%
No single company is more than 1.1% of net assets. One holding, Unilabs, is a Cayman Islands company and therefore counts as a "non-qualifying" asset under BDC rules; it was about 1.1% of total assets, far inside the 30% limit.
The money came from Robinhood Markets, which bought 442,293 new split-adjusted shares for $10,000,010 during the quarter and at June 30 owned every share of the fund. Cash fell by $2.75 million because the fund spent $12.6 million buying investments (including settling $2.1 million of purchases agreed in March) while taking in $10.0 million from share sales.
What the headline numbers hide
The "profit" is an accounting timing effect. The fund had no investment income. Its $219,183 net increase comes entirely from a June 29, 2026 agreement under which Robinhood Markets would pay all of the fund's organizational (setup) costs — and would never ask for the money back if the IPO didn't happen. The fund booked $1,603,347 of that support in this quarter, which is more than the quarter's $1,384,164 of expenses because it also covered $411,831 of costs expensed before March 31. The support was conditional: once the IPO closed, the costs became repayable out of IPO proceeds. The filing says the fund has been charged $1,682,371 (the $1,603,347 plus $79,024 of further costs up to the IPO), which eliminates the $1.6 million owed by Robinhood and reverses this quarter's net investment income. Without the support, the filing states the quarter's expenses would have been 9.22% of average net assets (not annualized) and the fund would have shown a net investment loss.
The NAV per share drop is dilution, not losses. Operations added $0.37 per share, but the filing's financial highlights show a −$1.14 per share "effect of share transactions." Robinhood's new shares were bought at roughly $22.61 each on a split-adjusted basis ($10,000,010 ÷ 442,293 shares), below the $24.72 starting NAV, which pulled the per-share figure down to $23.95 — a −3.11% total return on NAV for the quarter.
Valuations are untested. All 79 SAFEs are "Level 3" assets — valued using the manager's own judgment because no market price exists — and all were carried at cost. The filing is explicit that a SAFE's value "may not change for an extended period of time," until the startup raises a priced round, and that realized values could differ materially. A flat portfolio value here says nothing about how the startups are doing; it reflects that almost all were bought in the preceding three months.
No management fees yet — they start now. The fund paid its manager nothing in the quarter. From the IPO onward it pays a base fee of 2.00% a year of net assets (charged quarterly) plus 20% of cumulative realized capital gains, net of realized losses and unrealized depreciation. On a fund of roughly $200 million in net assets, a 2% base fee would be around $4 million a year, charged regardless of how the startups perform.
Taxes and cash flow are clean. No federal income tax was due; only $262 of state franchise tax was accrued. The fund had no borrowings and no commitments to fund future investments at June 30.
What happened after the quarter
July 17, 2026: 135,801 shares sold to the Robinhood Employee Fund at $23.90 each ($3,245,614).
August 13–14, 2026: shares began trading on the NYSE; the fund sold 8,000,000 shares at $25.00 for $200 million gross, receiving $191 million after a $1.125-per-share sales load. 9,066,384 shares were outstanding afterward.
At the IPO: $4,137,817 of offering costs were charged against paid-in capital and $1,682,371 of setup costs were charged to the fund.
In other words, each $25.00 IPO share put $23.875 into the fund before the fund's own offering and setup charges. Those charges — about $5.8 million combined — land in the next quarter's NAV.
Takeaway: This report shows a $22 million, Robinhood-funded seed portfolio that the $200 million IPO has since dwarfed, so almost none of it describes the fund public shareholders own today. The one reported gain is a reimbursement that has already been reversed, and the 79 startup stakes are all still valued at cost, so the fund's actual investment track record has not started yet.
Did last time's read hold up?
There is no earlier report to check: this is RVII's first quarterly report and our first analysis of the fund.
What to watch next
The filing gives no financial guidance, and as a capital-gains-focused fund it says it does not expect to pay regular quarterly dividends. The next report (the quarter ending September 30, 2026) will be the first to include the IPO, and three things will decide how it reads:
How quickly the $191 million gets invested. At the $250,000 check size used so far, investing that much would take hundreds of new positions; either the fund writes many more checks, writes bigger ones (the filing allows follow-on investments and other securities besides SAFEs), or carries a large cash balance that earns interest while the 2% fee is charged on it.
The first mark-ups or mark-downs. SAFEs only get repriced when a startup raises a priced round or a similar event occurs, so NAV moves will be lumpy and driven by a handful of companies at a time.
The cost of running the fund. With the post-IPO charges and the first quarter of management fees, expect the next NAV per share to reflect those costs before any investment gains show up.
Our read: this is a long-dated bet on early-stage startups where years can pass before values change, and the headline figures in any single quarter will mostly reflect fees, share issuance and a few revaluations rather than steady earnings.