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 ...

Rand Capital Corporation (NASDAQ:RAND) Q3 2022 Earnings Conference Call November 7, 2022 1:30 PM ET Company Participants Craig Mychajluk - Investor Relations Dan Penberthy - President and Chief Executive Officer Margaret Brechtel - Executive Vice President and Chief Financial Officer Operator Greetings and welcome to the Rand Capital Corporation Third Quarter Fiscal Year 2022 Financial Results. [Operator Instructions] Please note this conference is being recorded. I would now like to turn the conference ove ...

THIRD QUARTER 2022 FINANCIAL RESULTS November 7, 2022 Daniel P. Penberthy President & CEO Margaret W. Brechtel EVP & CFO © 2022 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 Ran ...

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, 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 Oth ...

Financial Data and Key Metrics Changes - Total investment income for Q2 2022 was $1.4 million, reflecting a 67% increase compared to the previous year, driven by higher interest and dividend income [17][5] - Net investment income was $1.4 million or $0.55 per share, compared to a loss in the prior year quarter, with adjusted net investment income at $0.29 per share, up almost 3 times from $0.10 per share in the previous year [19][20] - Net assets at June 30, 2022, were $57.7 million, slightly down from the first quarter, with net asset value per share at $22.34 compared to $23.23 at March 31, 2022 [21] Business Line Data and Key Metrics Changes - The portfolio composition shifted to 55% fixed-rate debt investments, up from 48% in the previous quarter, with 35% in equity investments and 10% in dividend-paying publicly traded BDCs [7][8] - The fair value of investments totaled $59 million, a 6% decrease primarily due to changes in ACV Auction's market value and stock sales [9] Market Data and Key Metrics Changes - The consumer products sector increased to a 70% mix in the portfolio, while BDC stocks contracted to 7% and software represented 18% [13] Company Strategy and Development Direction - The company focuses on portfolio expansion into income-producing assets to drive investment income and future dividend growth, supported by a newly secured $25 million credit facility [6][5] - The strategy includes exiting smaller equity positions and monetizing equity investments to fund follow-on debt investments [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strategy to grow investment income and distribute earnings to shareholders, with plans to continue executing this strategy moving forward [25] Other Important Information - The company paid a cash dividend of $0.15 per share during Q2 and declared the same for Q3 2022 [5][23] - Cash and cash equivalents at quarter end were $1.2 million, up 43% since the end of 2021 [22] Q&A Session Summary - No specific questions or answers were recorded in the provided content [27]

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, 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 Ju ...