Financial Data and Key Metrics Changes - Total investment income increased by 12% for the quarter, driven by sustained growth in interest income from portfolio companies [5][21] - Net investment income per share was $0.31, down from $0.39 year-over-year, primarily due to higher expenses related to debt financing [5][26] - Net asset value per share was $23.77, relatively flat for the quarter but up 6% since year-end 2022 [5][28] Business Line Data and Key Metrics Changes - The portfolio consisted of investments with a fair value of nearly $75 million across 30 portfolio businesses, reflecting two new investments totaling $7.8 million [11][12] - The portfolio comprised approximately 63% in fixed-rate debt investments, with an annualized weighted average yield of 13.45% [12] - Professional services increased to 40% of the total portfolio, while manufacturing and consumer products saw declines [18][19] Market Data and Key Metrics Changes - The company completed two new investments during the quarter, including a $4 million investment in All About People and a $3.8 million investment in First Coast Mulch [14][15][16] - The company held almost 195,000 shares of ACV, valued at $15.18 at quarter end, representing approximately 4% of the portfolio's total fair value [13] Company Strategy and Development Direction - The company continues to focus on high-quality debt investments as a cornerstone of its strategy to drive earnings potential and support growing dividends [31] - The management expressed confidence in the deal flow and unique market position to support future dividends [10] Management's Comments on Operating Environment and Future Outlook - Management highlighted the strength and execution of the company's strategy, indicating a positive outlook for future investments [4][34] - The company maintains a strong balance sheet and significant liquidity, with approximately $22 million available for future investments [29] Other Important Information - Total expenses for the quarter were approximately $810,000, up from $499,000 in the prior year, largely due to increased interest expenses [23] - The company paid a quarterly cash dividend of $0.25 per share during the third quarter [10] Q&A Session Summary - No specific questions or answers were documented in the provided content [35][36]

Financial Performance - Investment income for the three months ended September 30, 2023, increased by 12.0% to $1,741,114 compared to $1,554,265 for the same period in 2022[167]. - Total investment income for the three months ended September 30, 2023, was $154,416, a decrease from $421,659 in the same period of 2022[171]. - Total investment income for the nine months ended September 30, 2023, was $5,408,044, a 34.1% increase from $4,032,195 in the same period of 2022[183]. - The net investment income for the nine months ended September 30, 2023, was $2,006,129, a decrease of 37.2% compared to $3,200,306 for the same period in 2022[196]. - The realized gain on investments before income taxes for the nine months ended September 30, 2023, was $1,068,904, an increase of 54.8% from $690,591 in 2022[197]. - The net increase in net assets from operations for the nine months ended September 30, 2023, was $5,437,671, compared to a decrease of $(1,202,024) in 2022[207]. Assets and Liabilities - Total assets increased by 24.5% to $79,039,682 as of September 30, 2023, compared to $63,481,192 at December 31, 2022[160]. - Total liabilities rose significantly by 207.1% to $17,687,405 from $5,759,872[160]. - Cash represented 5.7% of net assets at September 30, 2023, compared to 2.4% at December 31, 2022[161]. - Total investments at fair value increased by 21.4% to $74,684,285 as of September 30, 2023, from $61,504,259 at December 31, 2022[164]. Investment Activities - New investments totaled $18,060,000 during the nine months ended September 30, 2023, with significant contributions from Inter-National Electronic Alloys LLC and Highland All About People Holdings, Inc.[166]. - Interest from portfolio companies rose by 39.6% to $1,535,677 for the three months ended September 30, 2023[167]. - Interest from portfolio companies for the nine months ended September 30, 2023, was $4,306,120, a 42.7% increase from $3,016,976 in the same period of 2022[183]. - The company recognized a net realized gain of $1,718,767 on the sale of 125,000 shares of Class A common stock of ACV Auctions, Inc. during the nine months ended September 30, 2023[199]. Expenses - Total expenses for the three months ended September 30, 2023, were $809,936, representing a 62.3% increase from $498,959 in the same period of 2022[172]. - Total expenses for the nine months ended September 30, 2023, were $3,164,522, a significant increase of 323.0% from $748,139 in the same period of 2022[191]. - The base management fee for the nine months ended September 30, 2023, was $769,869, an increase of 10.5% from $696,772 in 2022[195]. - Administrative fees incurred during the nine months ended September 30, 2023, were $111,750, with no corresponding expense in 2022[194]. Dividends and Cash Flow - The company declared quarterly cash dividends of $0.20, $0.25, and $0.25 for the first, second, and third quarters of 2023, respectively[157]. - As of September 30, 2023, the total liquidity consisted of approximately $3,480,000 in cash, with an unused line of credit balance of $11,250,000 under the $25 million Credit Facility[209][210]. - The outstanding balance drawn on the Credit Facility at September 30, 2023, was $13,750,000, with an applicable interest rate of 8.81%[210][211]. - The company anticipates continuing to fund investment activities through cash generated from operations and the sale of publicly traded liquid investments[214]. Risk Management - The company does not currently engage in any hedging activities but may consider using standard hedging instruments in the future to mitigate interest rate fluctuations[220]. - Investments are carried at fair value, determined by RCM and approved by the Board, with inherent risks in estimating fair values due to market uncertainties[221]. - The company acknowledges that actual results may differ materially from hypothetical analyses regarding interest rate sensitivity under its Credit Facility[219].

Rand Capital (NASDAQ:RAND) Q2 2023 Earnings Call Transcript August 4, 2023 11:00 AM ET Company Participants Craig Mychajluk - IR Dan Penberthy - President and CEO Margaret Brechtel - EVP and CFO Conference Call Participants Operator Greetings. Welcome to Rand Capital Corporation Second Quarter 2023 Financial Results. At this time, all participants are in a listen-only mode. [Operator Instructions] Please note this conference is being recorded. At this time, I'll turn the conference over to Craig Mychajluk. ...

SECOND QUARTER 2023 FINANCIAL RESULTS August 4, 2023 Daniel P. Penberthy President & CEO Margaret W. Brechtel EVP & CFO © 2023 Rand Capital Corporation Nasdaq: RAND FORWARD LOOKING STATEMENTS This presentation contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than historical facts, including but not limited to statements regarding the expectations of Rand ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from _____ to _______ Commission File Number: 814-00235 Rand Capital Corporation (Exact Name of Registrant as specified in its Charter) New York 16-0961359 (Sta ...

Rand Capital Corporation (NASDAQ:RAND) Q1 2023 Results Conference Call May 9, 2023 1:30 PM ET Company Participants Craig Mychajluk - IR Dan Penberthy - President and CEO Margaret Brechtel - EVP and CFO Operator Greetings, and welcome to the Rand Capital Corporation First Quarter 2023 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Craig Mychajluk, Investor Relations for Rand Capital Corporation. Thank you. Yo ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from _____ to _______ Commission File Number: 814-00235 Rand Capital Corporation (Exact Name of Registrant as specified in its Charter) New York 16-0961359 (St ...

| --- | --- | --- | |-------|-------|--------------------------------------| | | | | | | | March 10, 2023 | | | | Daniel P. Penberthy President & CEO | | | | Margaret W. Brechtel EVP & CFO | FORWARD LOOKING STATEMENTS © 2023 Rand Capital Corporation Nasdaq: RAND © 2023 Rand Capital Corporation Nasdaq: RAND FOURTH QUARTER AND FULL YEAR 2022 EXECUTION | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------- ...

Rand Capital Corporation (NASDAQ:RAND) Q4 2022 Earnings Conference Call March 10, 2023 11:00 AM ET Company Participants Craig Mychajluk - Investor Relations Dan Penberthy - President and CEO Margaret Brechtel - Executive Vice President and CFO Conference Call Participants Operator Greetings. Welcome to Rand Capital Corporation Fourth Quarter 2022 Financial Results. At this time, all participants are in a listen-only mode. [Operator Instructions] Please note, this conference is being recorded. I will now tur ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from to Commission File Number: 814-00235 Rand Capital Corporation (Exact name of registrant as specified in its charter) New York 16-0961359 (State or Other Jurisd ...