Financial Data and Key Metrics Changes - Net investment income was $2,500,000 or $0.83 per share, driven primarily by a non-cash reversal of a capital gains incentive fee tied to unrealized depreciation [5][18] - Total investment income was $1,600,000, reflecting a 25% decrease compared to the prior year period, primarily due to reduced interest income and lower dividend income [17] - Net asset value at quarter end was $56,700,000, down from $65,300,000 at the end of Q1 2025, reflecting a $9,500,000 unrealized loss on Tilson [19][20] Business Line Data and Key Metrics Changes - The portfolio was valued at $52,400,000, down sequentially and from year-end, driven by repayments and valuation adjustments, particularly related to Tilson Technologies [8][9] - The portfolio mix remains tilted towards income-generating debt investments, accounting for 86% of the portfolio by fair value, while equity investments represented 14% [10] Market Data and Key Metrics Changes - The overall investment environment remained muted with limited new deal flow and stalled M&A transactions, leading to a more conservative posture across the portfolio [4][22] - Approximately $1,200,000 of interest income was PIK (payment in kind), representing about one-third of total investment income [5] Company Strategy and Development Direction - The company continues to execute its long-term strategy focused on income generation and capital preservation, prioritizing yield-focused debt investments [22] - The company aims to maintain dividend stability while navigating through a cautious investment environment [22] Management's Comments on Operating Environment and Future Outlook - Management noted that while Q2 did not include meaningful new investment activity, there are early signs of stronger deal activity in the second half of the year [22] - The company remains committed to creating value for shareholders through proactive oversight and prudent capital allocation [22] Other Important Information - The company declared three quarterly dividends of $0.29 per share in 2025, with total dollar amounts paid to shareholders increasing due to a higher number of shares outstanding [6][7] - The company ended the quarter with $4,400,000 in cash, significantly up from $835,000 at year-end 2024, with no outstanding bank debt [20] Q&A Session Summary - No specific questions or answers were provided in the content regarding the Q&A session.

Financial Performance - Net investment income increased to $2.5 million, or $0.83 per share, driven by incentive fee reversal[9] - Total expenses were a benefit of $864,000, reflecting a $1.5 million capital gains incentive fee reversal[9] - Total investment income decreased by 25% due to repayments exceeding originations[9, 32] - Adjusted expenses decreased 38% to $626,000 in Q2 2025, excluding the capital gains incentive fee benefit[32] - Net Asset Value (NAV) decreased from $65.3 million to $56.7 million[35] Portfolio Composition and Activity - The fair value of the investment in Tilson Technologies decreased by $9.5 million due to bankruptcy filing[20] - Portfolio mix at quarter-end: 86% fixed-rate debt investments and 14% equity investments in private companies[17] - Annualized weighted average yield of debt investments was 12.2% at June 30, 2025[17] - Total investments at fair value of $52.4 million[24] Liquidity and Dividends - Ended the quarter with approximately $25 million in liquidity and no debt[9] - Maintained quarterly dividend at $0.29 per share[38] - $20.2 million available credit capacity[38]

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, 2025 ☐ 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 ...

Exhibit 99.1 FOR IMMEDIATE RELEASE Rand Capital Reports Second Quarter 2025 Results BUFFALO, NY, August 4, 2025 – Rand Capital Corporation (Nasdaq: RAND) ("Rand" or the "Company"), a business development company providing alternative financing for lower middle market companies, announced its results for the second quarter ended June 30, 2025. "We delivered net investment income growth in the second quarter, primarily benefiting from a non-cash capital gains incentive fee reversal tied to the write-down of o ...

Rand Capital (RAND) Q1 2025 Earnings Call May 05, 2025 01:30 PM ET Company Participants Craig Mychajluk - Managing Director Daniel Penberthy - President & CEOMargaret Brechtel - Executive VP, Treasurer, CFO & Secretary Operator Please note this conference is being recorded. At this time, I'll now turn the conference over to Craig Mihalet with Investor Relations. Craig, you may now begin. Craig Mychajluk Thank you and good afternoon everyone. We appreciate your interest in Rand Capital and for joining us tod ...

Financial Data and Key Metrics Changes - Total investment income for Q1 2025 was $2,000,000, a slight decline of $59,000 or 3% from the prior year period, primarily due to lower dividend income and an 8% reduction in interest income [18] - Net investment income increased by 45% year over year to $1,200,000 or $0.42 per share, compared to $840,000 or $0.33 per share in Q1 2024 [21] - Net asset value per share decreased to $21.99 from $25.31 at year-end 2024, reflecting the dilutive impact from the issuance of additional shares [22] Business Line Data and Key Metrics Changes - The portfolio stood at a fair value of approximately $62,000,000 across 19 businesses, a decline from year-end 2024, primarily due to loan repayments from three portfolio companies [10] - Debt investments now represent 72% of the portfolio, up from prior years, supporting greater earnings stability [11] - The annualized weighted average yield on debt investments was 12.2%, down from prior quarters due to one debt investment being on nonaccrual status [11] Market Data and Key Metrics Changes - The number of portfolio companies contributing to investment income decreased to 18 from 24 in the same period last year [18] - Exposure to professional services decreased from 48% to 45%, and manufacturing declined from 13% to 8%, while consumer products grew as a share of the portfolio [14] Company Strategy and Development Direction - The company aims to maintain a strong financial position and has repaid $600,000 of its revolver debt, ending the quarter with nearly $5,000,000 in cash and over $22,000,000 in available credit capacity [6] - The focus remains on disciplined execution, proactive portfolio oversight, and building sustainable shareholder value [7] - The investment strategy prioritizes structures where subordinated debt provides a yield-based return while capturing potential upside through equity participation [12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing macroeconomic and political uncertainty affecting new investment opportunities but remains optimistic about capitalizing on conditions as they improve [6][27] - The company is committed to driving NAV growth and total returns through active portfolio oversight and sound financial management [28] Other Important Information - The company declared a regular quarterly cash dividend of $0.29 per share, payable on or about June 13, 2025 [23] - The Board of Directors renewed the share repurchase program, authorizing the repurchase of up to 1,500,000 shares [24] Q&A Session Summary - No specific questions or answers were documented in the provided content, thus this section is not applicable.

FIRST QUARTER 2025 FINANCIAL RESULTS May 5, 2025 Daniel P. Penberthy President & CEO Margaret W. Brechtel EVP & CFO © 2025 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 strategy of the Company ...

Financial Position - Total assets decreased by 6.4% from $72,457,433 on December 31, 2024, to $67,821,430 on March 31, 2025[162]. - Total liabilities decreased significantly by 64.8% from $7,124,913 to $2,510,177 during the same period[162]. - Net asset value per share (NAV) was $21.99 at March 31, 2025, down from $25.31 at December 31, 2024[162]. - Cash represented 7.6% of net assets at March 31, 2025, compared to 1.3% at December 31, 2024[163]. - Investments at fair value decreased by 12.2% from $70,818,041 on December 31, 2024, to $62,157,363 on March 31, 2025[165]. - Unrealized appreciation, net, fell by 48.1% from $2,697,806 to $1,399,422 during the same period[165]. Dividend and Credit Facility - The company declared a quarterly cash dividend of $0.29 per share for the first quarter of 2025, with a record date of March 14, 2025[157]. - The company has a $25 million senior secured revolving credit facility with M&T Bank, with no outstanding balance as of March 31, 2025[164]. - The company entered into a $25 million Credit Facility with an unused line of credit balance of $22,437,163 as of March 31, 2025[186]. - The applicable interest rate on the Credit Facility was 7.91% as of March 31, 2025, calculated as 3.50 percentage points above the greater of the daily simple secured overnight financing rate (SOFR) or 0.25%[187]. Income and Expenses - Total investment income for the three months ended March 31, 2025, was $2,007,904, a decrease of 2.9% compared to $2,067,219 for the same period in 2024[168]. - Interest from portfolio companies decreased by 7.5% to $1,677,166 in Q1 2025 from $1,813,648 in Q1 2024 due to repayments of several interest-yielding investments[168][169]. - Total expenses decreased by 35.5% to $791,065 in Q1 2025 from $1,226,856 in Q1 2024, primarily due to a $353,534 decrease in interest expense[172]. - Net investment income increased to $1,218,115 for the three months ended March 31, 2025, compared to $839,585 for the same period in 2024[177]. - Realized gain on investments before income taxes was $925,332 in Q1 2025, a decrease of $2,524,760 from $3,450,092 in Q1 2024[178]. - The change in unrealized depreciation of investments was $(1,298,384) for Q1 2025, an improvement of $1,591,912 compared to $(2,890,296) in Q1 2024[180]. Liquidity and Cash Flow - As of March 31, 2025, total liquidity consisted of approximately $4,933,000 in cash and $22,437,163 of unused availability on the Credit Facility[185]. - For the three months ended March 31, 2025, the company experienced a net increase in cash of approximately $4,098,000, driven by $7,729,000 from operating activities[189]. - The net cash provided by operating activities included approximately $9,325,000 from sales of equity investments and repayments of debt investments[190]. - Net cash used in financing activities during the same period was approximately $3,631,000, which included $600,000 repaid on the Credit Facility and approximately $3,031,000 in cash dividends paid to shareholders[191]. - The company anticipates continuing to fund investment activities through cash generated from operations and borrowings under the Credit Facility[192]. Risk Management - The company is subject to financial market risks, primarily from changes in interest rates and the valuation of its investment portfolio[193]. - As of March 31, 2025, all of the company's debt investments had fixed interest rates and were not directly impacted by changes in market interest rates[194]. - The company does not currently engage in hedging activities but may consider them in the future to manage interest rate fluctuations[198]. - The company carries its investments at fair value, which involves judgment and may differ from actual liquidation values due to market conditions[199]. Investment Strategy - The company aims to generate current income and capital appreciation primarily through investments in higher yielding debt instruments[166]. - The capital gains incentive fee expense decreased due to a net increase in unrealized depreciation exceeding realized capital gains during Q1 2025[174]. - The base management fee payable to RCM decreased to $252,208 in Q1 2025 from $302,595 in Q1 2024[175].

Investment Income - Net investment income increased by 45% to $1.2 million, or $0.42 per share, compared to $840,000, or $0.33 per share, in the first quarter of 2024[4] - Total investment income was $2.0 million, a decrease of 3% from the prior-year period, primarily due to the early repayment of three debt instruments[4] - Total investment income for Q1 2025 was $2,007,904, a decrease of 2.6% from $2,067,219 in Q1 2024[24] - Net investment income before income taxes increased to $1,216,839 in Q1 2025, compared to $840,363 in Q1 2024, representing a growth of 45%[24] - Adjusted net investment income per share for Q1 2025 was $0.40, slightly up from $0.37 in Q1 2024[32] Expenses - Total expenses declined by 36% year-over-year to $791,000, driven by lower interest expenses from reduced debt levels[5] - Adjusted total expenses for Q1 2025 were $866,065, compared to $1,114,556 in Q1 2024, reflecting a decrease of 22.3%[29] Portfolio Performance - The portfolio's fair value decreased by $8.7 million, or 12%, to $62.2 million as of March 31, 2025, primarily due to loan repayments[8] - The annualized weighted average yield of debt investments was 12.2% at March 31, 2025, down from 13.8% at the end of 2024[8] - Net realized gain on sales and dispositions of investments was $925,332 in Q1 2025, significantly lower than $3,450,092 in Q1 2024[24] - Net change in unrealized appreciation/depreciation on investments was a loss of $1,302,000 in Q1 2025, compared to a loss of $2,890,296 in Q1 2024[24] Net Assets and Shareholder Value - The net asset value per share decreased to $21.99 from $25.31 at year-end 2024, reflecting the issuance of additional shares[4] - Net increase in net assets from operations for Q1 2025 was $841,447, down from $1,399,381 in Q1 2024[26] - Basic and diluted net increase in net assets from operations per share was $0.29 in Q1 2025, compared to $0.54 in Q1 2024[24] - Net assets at the end of Q1 2025 were $65,311,253, a decrease from $61,569,339 at the end of Q1 2024[26] - The weighted average shares outstanding increased to 2,869,339 in Q1 2025 from 2,581,021 in Q1 2024, indicating a higher share count due to dividend payments[31] Cash and Dividends - Cash increased to $4.9 million from $835,000 at year-end 2024, with no outstanding debt on the senior secured revolving credit facility[10] - A quarterly dividend of $0.29 per share was declared for the second quarter of 2025, consistent with the previous quarter[14] Investments - Rand funded a follow-on debt investment of $375,000 in ITA Acquisition, LLC, bringing the total investment in ITA to a fair value of $2.0 million[13] - The company realized a gain of $925,000 during the quarter from portfolio redemptions[4]

Financial Data and Key Metrics Changes - Total investment income increased by 11% to $2.1 million in Q4 2024, with full-year investment income rising 17% to $8.6 million compared to the previous year [10][36] - Net asset value per share grew by 7% year-over-year, reaching $25.31 at year-end [11][43] - Total expenses for Q4 2024 were a credit of $376,000, compared to an expense of $1 million in Q4 2023, primarily due to a decrease in capital gains incentive fee expense [37][38] Business Line Data and Key Metrics Changes - Debt investments now make up 75% of the portfolio, up from 64% in 2023, contributing to improved yields and earnings stability [12][21] - The annualized weighted average yield of debt investments was 13.8% as of December 31, 2024, an increase of 20 basis points over 2023 [22] - The number of portfolio companies contributing to investment income decreased from 26 in 2023 to 25 in 2024 [36] Market Data and Key Metrics Changes - The portfolio's fair value decreased by 8% from the end of 2023, primarily due to the successful exit from SciAps [20] - Exposure to professional services increased from 42% to 48%, while manufacturing and software saw a relative decline [28] Company Strategy and Development Direction - The company is focused on creating long-term value for shareholders through disciplined capital allocation and managing a more income-generating portfolio [15][50] - The strategic shift towards income-producing investments is expected to support sustained higher dividend levels over time [45] - The company aims to capitalize on opportunities in the lower middle market, particularly family-owned businesses facing succession challenges [49] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential for recovery in portfolio valuations, particularly if consumer spending stabilizes [55] - The company is monitoring macroeconomic trends, including potential interest rate reductions, which could enhance portfolio performance [15][52] - Management emphasized the importance of proactive risk management in navigating economic and political uncertainties [54] Other Important Information - The company declared a total of $4.3 million in cash dividends during 2024, with a quarterly cash dividend increase of 16% to $0.29 per share [14][45] - The company successfully exited its investment in SciAps, generating $13.1 million in total proceeds and a realized gain of $7.7 million [25] Q&A Session Summary Question: What are the expectations for future dividend growth? - Management indicated confidence in the ability to sustain and potentially increase dividends due to the strategic shift towards income-generating investments [45][55] Question: How does the company plan to navigate economic uncertainties? - The company plans to maintain a diversified portfolio and proactive risk management to adapt to changing market conditions [54][55]