Financial Position - Total assets increased by $3,333,148, or 4.1%, from $81,021,982 on December 31, 2023, to $84,355,130 on March 31, 2024[157]. - Total liabilities rose by $2,579,022, or 12.8%, from $20,206,769 to $22,785,791 during the same period[157]. - Net asset value per share (NAV) was $23.85 at March 31, 2024, compared to $23.56 at December 31, 2023[157]. Investment Income - Total investment income for the three months ended March 31, 2024, was $2,067,219, an increase of $215,721, or 11.7%, from $1,851,498 in the same period of 2023[165]. - Interest from portfolio companies increased by $516,745, or 39.8%, from $1,296,903 to $1,813,648 year-over-year[165]. - Interest from portfolio companies increased by approximately 40% during the three months ended March 31, 2024, compared to the same period in 2023, due to more interest-yielding investments originated[166]. - Total dividend and other investment income for the three months ended March 31, 2024, was $151,835, a decrease from $474,743 in the same period in 2023[168]. - Net investment income for the three months ended March 31, 2024, was $839,585, compared to $714,916 for the same period in 2023[175]. Expenses and Liabilities - Total expenses for the three months ended March 31, 2024, were $1,226,856, representing a 17.1% increase from $1,047,845 in the same period in 2023[169]. - Interest expense rose to $390,020 for the three months ended March 31, 2024, from $158,400 in the same period in 2023, reflecting higher average outstanding debt balances[170]. - The company has a $25 million senior secured revolving credit facility with $19,200,000 drawn as of March 31, 2024, with an applicable interest rate of 8.84%[159]. - The outstanding balance drawn on the Credit Facility at March 31, 2024, was $19,200,000, with an applicable interest rate of 8.84%[185]. Unrealized Gains and Losses - Unrealized appreciation, net decreased by $2,890,296, or 33.0%, from $8,760,106 to $5,869,810 during the same period[161]. - The change in unrealized depreciation of investments for the three months ended March 31, 2024, was $(2,890,296), compared to an appreciation of $1,401,973 in the same period in 2023[178]. - The company recognized a net realized gain of $3,450,092 on the sale of 194,934 shares of Class A common stock of ACV during the three months ended March 31, 2024[176]. Cash and Liquidity - As of March 31, 2024, cash approximated 1.2% of net assets, down from 5.4% at December 31, 2023[158]. - As of March 31, 2024, total liquidity consisted of approximately $759,000 in cash and $5,800,000 remaining availability on the Credit Facility[183]. Interest Rate Sensitivity - As of March 31, 2024, all debt investments had fixed interest rates, insulating them from market interest rate changes[193]. - A 1% increase in interest rates could lead to a decrease in net investment income by $192,000, while a 1% decrease could increase net investment income by $192,000[195]. - The company’s net investment income is dependent on the difference between borrowing rates and the rates earned on invested proceeds[194]. - Changes in interest rates can impact the company's ability to acquire loans and securities, as well as the value of its investment portfolio[194]. - The analysis of interest rate sensitivity does not account for changes in credit quality or other business developments that could affect net investment income[195]. - Future interest rate fluctuations may limit the company's ability to benefit from lower interest rates if hedging is implemented[196]. - The company does not currently engage in any hedging activities but may consider using standard hedging instruments in the future[196]. - The company is currently not engaged in any hedging activities to mitigate interest rate risks[196]. Fair Value Determination - Fair value of investments is determined by RCM and approved by the Board, with inherent risks in valuation due to market uncertainties[197]. - The company may face material risks associated with fair value determinations, which could differ significantly from actual liquidation values[197].

Financial Data and Key Metrics Changes - The company reported total investment income for Q4 2023 of $1.9 million, an increase of 11% year-over-year, driven by a 47% rise in interest income [28] - Full-year total investment income grew 27% to $7.3 million, reflecting new debt instruments [28] - Net investment income per share for Q4 2023 was $0.37, down from $0.48 in Q4 2022, while adjusted net investment income per share increased 11% to $1.46 for the full year [13][14] Business Line Data and Key Metrics Changes - The portfolio consisted of 64% debt investments, up from 56% at the end of 2022, resulting in improved portfolio yield [22] - The company invested a total of $20.3 million across nine transactions in 2023, primarily in interest-yielding assets [9] - The largest industry concentration, Professional Services, increased to 42% of the total portfolio, while Automotive and Consumer Products saw declines [10] Market Data and Key Metrics Changes - The company held investments with a fair value of $77.1 million at year-end, an increase of 25% from December 31, 2022 [24] - The top five portfolio companies represented 45% of the total portfolio at year-end, with Tilson as the largest investment at $10.6 million [27] Company Strategy and Development Direction - The company aims to grow by focusing on debt and related equity investments in privately held lower middle market companies to drive investment income growth and increase dividends [39] - Future investments are expected to range from $2 million to $4 million, targeting opportunities with favorable risk-adjusted returns [33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong balance sheet and significant liquidity position, which positions the company well for future investments [30] - The company anticipates that its portfolio transformation towards more income-producing investments will support increased dividend levels over time [14] Other Important Information - Total dividends paid in 2023 were $1.33 per share, a 60% increase over 2022, including a special dividend of $0.38 per share in Q4 [6][7] - The net asset value at December 31, 2023, was $60.8 million, up 5% from the end of 2022, with net asset value per share increasing to $23.56 [37] Q&A Session Summary - No specific questions or answers were provided in the content regarding the Q&A session [1]

($ in thousands, except per share data) • Driven by a 47% increase in interest from portfolio companies 10 Total investment income grew 27% © 2023 Rand Capital Corporation Nasdaq: RAND Net assets at 12/31/2022 Net investment income Net realized gain on sales and dispositions Net change in unrealized Cash dividend Net assets at 12/31/2023 $57,721 $2,968 $691 $2,868 ($3,433) $60,815 of investments appreciation on investments $57,721,320 $60,815,213 STRONG AND FLEXIBLE BALANCE SHEET 13 2024 OBJECTIVES • Levera ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K [ x ] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 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 (S ...

Exhibit 99.1 NEWS RELEASE 14 Lafayette Square, Suite 1405 ● Buffalo, New York 14203 FOR IMMEDIATE RELEASE Rand Capital Reports 27% Increase in Total Investment Income for 2023 BUFFALO, NY, March 5, 2024 – 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 fourth quarter and full year ended December 31, 2023. Daniel P. Penberthy, President and Chief Executive Officer ...

| --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------|-------|--------|-------|--------| | Net investment income per share $ 0.31 $ 0.39 \nExclude (credits)/expenses for capital gains incentive fees (0.02) | | | | 0.01 | | Adjusted net investment income per share | | $ 0.29 | | $ 0.40 | *In addition to reporting Net Investment Income per Share, which is a U.S. generally accepted accounting principle ("GAAP") fin ...

Rand Capital Corporation (NASDAQ:RAND) Q3 2023 Earnings Conference Call November 6, 2023 1:30 PM ET Company Participants Craig Mahalik - IR Dan Penberthy - President & CEO Margaret Brechtel - EVP, Treasurer, CFO, and Secretary Conference Call Participants Operator Greetings, and welcome to Rand Capital Corporation's third quarter fiscal year 2023 financial results. At this time, all participants are in a listen-only mode. [Operator Instructions]. It is now my pleasure to introduce Craig Mahalik, Investor Re ...

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 September 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 ...

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 ...