RAND CAPITAL CORP

Listed Company

RANDCIK 0000081955NasdaqNon-AcceleratedNew YorkNLFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-8.04M

Total Assets

$53.20M

Equity

$52.18M

Shares Out

2.97M

Op. Cash Flow

$11.25M

Business

RAND CAPITAL CORP is an externally managed, closed-end, non-diversified management investment company that has elected to be regulated as a business development company and to be taxed as a regulated investment company. It primarily originates and acquires higher-yielding debt instruments and related equity participation (including warrants) to provide growth, expansion and transition financing to lower middle-market companies, and provides managerial assistance to portfolio companies. Key components of its business include investment advisory and administration services provided by Rand Capital Management, LLC and consolidated blocker subsidiaries used for tax structuring. It focuses on U.S.-based private and small public companies, sourcing opportunities through referral networks, sponsors, banks, advisers and co-investment arrangements with affiliated funds, and its shares trade on a national securities exchange.

Summary from filing dated 2025-03-10

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total interest from portfolio companies	6	8	6	4	3
Total interest from other investments	176,668	2,356	933	131	13,876
Total dividend and other investment income	122,832	295,260	1	1	888,179
Total fee income	485,881	533,720	320,744	155,914	156,614
Total investment income	6	9	7	6	4
Base management fee (see Note 9)	830,630	1	1	927,226	858,144
Income based incentive fees (see Note 9)	186,178	178,218	0	—	—
Capital gains incentive fees (see Note 9)	−2	1	804,700	—	—
Interest expense	112,528	1	1	69,960	617,270
Professional fees	742,439	600,298	547,456	729,967	578,577
Stockholders and office operating	311,138	265,617	261,639	205,083	223,381
Directors' fees	263,500	263,500	263,500	187,833	153,500
Administrative fees	199,950	158,167	149,000	—	—
Insurance	41,358	44,358	44,100	43,026	38,635
Corporate development	7,488	12,986	5,927	—	—
Bad debt expense	58,462	0	0	—	—
Total expenses	1	5	4	1	7
Net investment income before income taxes	5	4	3	5	−3
Income tax (benefit) expense, including excise tax expense	−2,690	296,926	192,111	215,542	—
Net investment income	5	3	3	4	−3
Net realized (loss) gain on sales and dispositions of investments, before income taxes	−2	11	1	—	—
Income tax expense	0	0	359,682	—	—
Net realized (loss) gain on sales and dispositions of investments	−2	11	691,397	705,493	6
Change in unrealized appreciation/depreciation before income taxes	−11	−6	3	—	—
Deferred income tax expense (benefit)	47,509	−339,971	104,564	107,980	−212,376
Net change in unrealized appreciation/depreciation on investments	−11	−6	3	−6	13
Net realized and unrealized (loss) gain on investments	−13	5	4	−5	18
Net (decrease) increase in net assets from operations	−8	9	7	−881,849	16
Weighted average shares outstanding, Basic	3	3	3	3	3
Weighted average shares outstanding, Diluted	3	3	3	3	3
Net (decrease) increase in net assets from operations per share, Basic	−2.73	3.42	2.53	−0.34	6.12
Net (decrease) increase in net assets from operations per share, Diluted	−2.73	3.42	2.53	−0.34	6.12

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total Investments at Fair Value	48	71	77	62	—
Cash and cash equivalents	4	834,805	—	—	—
Interest receivable	168,039	357,530	244,600	208,338	—
Prepaid income taxes	283,581	329,365	127,869	—	—
Deferred tax asset, net	0	2,161	39,179	28,160	—
Other assets	54,248	115,531	189,301	295,043	—
Total assets	53	72	81	63	—
Due to investment adviser (See Note 9)	519,287	2	979,297	562,221	—
Accounts payable and accrued expenses	101,975	92,568	145,516	66,680	—
Line of credit (see Note 5)	0	600,000	16	3	—
Capital gains incentive fees (See Note 9)	0	2	—	—	—
Deferred revenue	390,597	516,441	552,256	413,971	—
Dividend payable	0	2	—	—	—
Total liabilities	1	7	20	6	—
Commitments and contingencies (See Note 7)	—	—	—	—	—
Common stock, $0.10 par; shares authorized 100,000,000; shares issued: 3,037,709 at 12/31/25 and 2,648,916 at 12/31/24; shares outstanding: 2,969,814 at 12/31/25 and 2,581,021 at 12/31/24 (see Note 1)	303,771	264,892	264,892	264,892	—
Capital in excess of par value	64	55	56	51	—
Stock dividends distributable: 0 shares at 12/31/25 and 388,793 shares at 12/31/24	0	9	—	—	—
Treasury stock, at cost: 67,895 shares at 12/31/25 and 12/31/24	−2	−2	−2	−2	—
Total distributable earnings	−11	3	6	8	—
Total stockholders' equity (net assets) (per share - 2025: $17.57, 2024: $25.31)	52	65	61	58	61
Total liabilities and stockholders' equity (net assets)	53	72	81	63	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Investments in portfolio companies	−7	−14	−20	−7	−20
Proceeds from sale of portfolio investments	990,796	19	6	4	9
Proceeds from loan repayments	17	8	4	2	5
Deferred tax expense (benefit)	2,161	37,018	−11,019	152,843	−302,144
Amortization	25,000	25,000	25,000	12,500	175,412
Original issue discount accretion	−41,404	−28,008	−21,008	−25,008	−112,175
Non-cash conversion of debenture interest	−2	−2	−1	−739,355	−346,045
Non-cash conversion of loan modification fee	−15,000	—	—	—	—
Change in interest receivable allowance	25,337	—	—	—	−15,000
Decrease (increase) in interest receivable	164,154	−112,930	−36,262	−80,291	145,139
Decrease in other assets	36,283	48,770	75,801	−1,087	−107,358
Decrease (increase) in prepaid income taxes	45,784	−201,496	−51,473	175,614	−31,270
Increase (decrease) in accounts payable and accrued liabilities	9,407	−52,948	78,836	14,991	−119,684
(Decrease) increase in due to investment adviser	−2	1	417,076	−328,881	734,103
(Decrease) increase in capital gains incentive fees payable	−2	−714,700	112,700	−1	4
(Decrease) increase in deferred revenue	−125,844	−35,815	138,285	5,084	254,992
Total adjustments	19	7	−15	1	−20
Net cash provided by (used in) operating activities	11	15	−8	252,368	−4
Net (repayment of) proceeds from line of credit	−600,000	−16	14	3	—
Payment of cash dividend	−7	−2	−3	−2	−5
Net cash (used in) provided by financing activities	−8	−18	10	282,753	−16
Net increase (decrease) in cash and cash equivalents	3	−2	2	535,121	−20
Fair value of common stock dividend declared	0	9	0	—	—
Cash dividend declared but not paid	0	2	0	—	—

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