Slide 1: Second Quarter Fiscal Year 2026 Financial Results
SECOND QUARTER FISCAL YEAR 2026 FINANCIAL RESULTS August 5, 2026 Daniel P. Penberthy President & CEO Margaret W. Brechtel EVP & CFO © 2026 Rand Capital Corporation Nasdaq: RAND
Slide 2: Disclaimer and Forward-Looking Statements
DISCLAIMER AND FORWARD-LOOKING STATEMENTS This presentation contains “forward-looking statements” within the (2) changes in general economic and/or industry specific conditions; and meaning of Section 27A of the Securities Act of 1933, as amended, and (3) other risk factors as detailed from time to
Slide 3: Q2 2026: Deployment Accelerated While Portfolio Pressure Persisted
Q2 2026: DEPLOYMENT ACCELERATED WHILE PORTFOLIO PRESSURE PERSISTED New investment activity and a realized gain supported second quarter results, while non-accruals and a full write-down at BMP Swanson weighed on portfolio income and valuation Earnings Deployment Liquidity • Q2 2026 total investment
Slide 4: Dividend
DIVIDEND (Results compared with the prior-year period unless otherwise noted) Quarterly dividend maintained at $0.29 per share Supported by recurring investment income and available liquidity Dividend Yield LTM Quarterly Declared Dividends $4.20 18.00% $0.85 16.00% 14.00% 12.00% $0.63 10.00% 8.00% $
Slide 5: Larger Portfolio Remains Primarily Debt-Oriented
LARGER PORTFOLIO REMAINS PRIMARILY DEBT-ORIENTED Fair Value Portfolio Mix ($ in millions) $56.5 $48.5 $11.8 Portfolio Mix: 79% Debt | 21% Equity $10.0 $38.5 $44.7 Portfolio fair value increased to $56.5 million at June 30, 2026, up 16.5% from year-end 2025 YE 2025 Q2 2026 Annualized weighted average
Slide 6: Q2 Deployment, Realization and Portfolio Actions
Q2 DEPLOYMENT, REALIZATION AND PORTFOLIO ACTIONS Investments New investment of $2.4 million New investment of $4.5 million ($2.1 million term loan at 13% + 1% PIK and a (Term loan at 12% + 2% PIK) $300,000 equity investment) Based in Atlanta, Georgia; Based in Santa Ana, California; provides termite
Slide 7: Balanced Industry Exposure Across 21 Portfolio Companies
BALANCED INDUSTRY EXPOSURE ACROSS 21 PORTFOLIO COMPANIES June 30, 2026 December 31, 2025 Software Software Marketing, Automotive 4% 4% 6% Marketing 4% Health & Wellness 5% 6% Consumer Products Automotive, Professional & 9% Professional & 7% Business Services Business Services Manufacturing 35% 41% 1
Slide 8: Top Five Investments Represent 43% of Fair Value
TOP FIVE INVESTMENTS REPRESENT 43% OF FAIR VALUE Investments at Year % of Total Company Industry Investment Type ($ in millions) Fair Value Acquired Portfolio Distribution - controlled expansion Term note Inter-National alloys, electronic grade nickels, $5.6 2023 refractory grade metals and alloys,
Slide 9: Financial Review
FINANCIAL REVIEW © 2026 Rand Capital Corporation Nasdaq: RAND
Slide 10: Second Quarter Financial Summary
SECOND QUARTER FINANCIAL SUMMARY ($ in thousands, except per share data) Q2 2026 Q2 2025 Investment income declined primarily due Total investment income $ 1,394 $ 1,602 to non-accruals, partially offset by Total expenses 647 (864) $153,000 of dividend and other investment income Net investment inco
Slide 11: Net Asset Value Bridge: Q2 2026
NET ASSET VALUE BRIDGE: Q2 2026 ($ in thousands) Realized gains and quarterly earnings more than offset the dividend and unrealized markdowns $50,955 $710 $959 $51,460 ($302) ($861) Net assets at 3/31/2026 Net investment income Net realized gain on sales Net change in unrealized Declaration of divid
Slide 12: Liquidity Supports Continued Deployment
LIQUIDITY SUPPORTS CONTINUED DEPLOYMENT Net Asset Value Composition At June 30, 2026 Per Share Assets and Liabilities Net Asset Value per share was $17.33 at June 30, $0.15 $430,000 consolidated cash 2026, up sequentially from $17.16 at March 31, 2026 Total assets of $57.7 million was up 8% from $19
Slide 13: 2026 Priorities: Deployment, Portfolio Oversight and Shareholder Returns
2026 PRIORITIES: DEPLOYMENT, PORTFOLIO OVERSIGHT AND SHAREHOLDER RETURNS Deployment Priorities Portfolio Oversight Shareholder Returns • Continue deploying capital • Continue active management of • Support the regular dividend selectively into income- non-accrual investments with current income and
Slide 14: Supplemental Information
SUPPLEMENTAL INFORMATION © 2026 Rand Capital Corporation Nasdaq: RAND
Slide 15: Adjusted Expenses (Non-GAAP)
ADJUSTED EXPENSES (N -GAAP*) ON Three months Three months Six months Six months ended ended ended ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Total expenses (benefits) $ 647,390 $ (864,159) $ 1,289,307 $ (73,094) Exclude (credits) for capital gains incentive fees - (1,490,000) - (1
Slide 16: Adjusted Net Investment Income per Share (Non-GAAP)
ADJUSTED NET INVESTMENT INCOME PER SHARE (N -GAAP*) ON Three months Three months Six months Six months ended ended ended ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Net investment income per share $ 0.24 $ 0.83 $ 0.42 $ 1.27 Exclude (credits) for capital gains incentive fees per sh
Slide 17: Second Quarter Fiscal Year 2026 Financial Results
SECOND QUARTER FISCAL YEAR 2026 FINANCIAL RESULTS August 5, 2026 Daniel P. Penberthy President & CEO Margaret W. Brechtel EVP & CFO © 2026 Rand Capital Corporation Nasdaq: RAND