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 ...

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].

Financial Data and Key Metrics Changes - Total investment income increased by 34% year-over-year to $1.8 million, driven by a 47% rise in interest income from portfolio companies and higher fee income [8][23] - Net investment income for the second quarter was $493,000, or $0.19 per share, down from $1.4 million, or $0.55 per share in the same period last year [11][28] - Net asset value at June 30, 2023, was $61.4 million, reflecting a more than 3% increase from the previous quarter, with net asset value per share rising to $23.79 from $23 [12][14] Business Line Data and Key Metrics Changes - The portfolio consisted of 29 companies, down by one due to the sale of DSD and Somerset Gas, with one new investment made during the quarter [24][30] - The fair value of investments totaled $66.8 million, a decrease attributed to the partial sale of ACV shares and valuation adjustments, but up 9% year-to-date from December 31, 2022 [30] Market Data and Key Metrics Changes - The investment in INEA, a new addition, now represents 7% of the total portfolio, while the automotive sector decreased by 7 percentage points due to the sale of DSD [4][5] - The portfolio mix includes approximately 60% in fixed-rate debt investments, 29% in equity investments in private companies, and 11% in publicly traded equities [29] Company Strategy and Development Direction - The company plans to leverage its strong balance sheet and liquidity to invest in new opportunities that will provide higher yields and support future dividends [17][28] - Continued focus on scaling the business through investments in subordinated debt instruments and related equity investments in lower middle market companies [17][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in executing the strategy for the second half of the year, anticipating continued investment income growth [17][28] - The company highlighted a strong deal flow and unique market position to support future dividends [28] Other Important Information - A quarterly cash dividend of $0.25 per share was declared for the third quarter, consistent with the previous quarter [15][28] - The company maintained a cash position of approximately $8.4 million at quarter end, with significant liquidity available for future investments [13][14] Q&A Session Summary Question: What are the expectations for future dividends? - Management indicated that the strong deal flow and market position will support future dividends [28] Question: How does the company plan to utilize its liquidity? - The company plans to leverage its cash and credit facility to invest in new opportunities for higher yields [17][28] Question: Can you provide insights on the recent changes in the portfolio? - The portfolio saw a decrease in the automotive sector and an increase in distribution due to the new investment in INEA [4][5]

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 ...