Slide 1: Fourth Quarter and Full Year 2024 Financial Results
FOURTH QUARTER AND FULL YEAR 2024 FINANCIAL RESULTS March 10, 2025 Daniel P. Penberthy President & CEO Margaret W. Brechtel EVP & CFO © 2025 Rand Capital Corporation Nasdaq: RAND
Slide 2: Forward Looking Statements
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 t
Slide 3: 2024: A Year of Growth and Strategic Execution
2024: A YEAR OF GROWTH AND STRATEGIC EXECUTION (Results compared with the prior-year period unless otherwise noted) Strong Financial Performance • Q4 investment income rose 11% to $2.1 million, driven by five new debt instruments and higher fee income • Full year investment income up 17% to $8.6 mil
Slide 4: Delivering Cash Dividends
DELIVERING CASH DIVIDENDS (Results compared with the prior-year period unless otherwise noted) In 2024, Rand declared total dividends of $5.03 per share, consisting of $1.67 per share in cash dividends and a $3.36 per share stock dividend Q4 dividend of $4.20 per share, or ~$10.8 million in the aggr
Slide 5: Portfolio Mix
PORTFOLIO MIX Fair Value Portfolio Mix ($ in millions) Portfolio fair value decrease reflects the SciAps exit, stock sales, $77.1 $70.8 portfolio company loan repayments, and valuation adjustments in $7.3 multiple portfolio companies, partially offset by new and follow-on $20.5 $17.7 investments. $4
Slide 6: Portfolio Activity
PORTFOLIO ACTIVITY Q4 2024 Investments and Exits Professional mobile IV hydration Exited investment and received and vitamin therapy service full repayment of a New investment of $2.9 million $2.25 million debt instrument ($2.5M term loan at 14% plus 1% PIK, and $375,000 equity investment) Notable F
Slide 7: Diversified Portfolio
DIVERSIFIED PORTFOLIO Investments by Industry Classification December 31, 2024 December 31, 2023 Health and Software Wellness Automotive 4% Public BDC Automotive 4% 4% 4% Stocks 5% Distribution Distribution 6% 10% Software 8% Professional Services Professional Services 42% Manufacturing 48% Consumer
Slide 8: Top Five Portfolio Investments
TOP FIVE PORTFOLIO INVESTMENTS Investments at Year % of Total Company Industry Investment Type ($ in millions) Fair Value Acquired Portfolio Professional Services – Cellular Equity – Tilson $11.5 2015 info systems, construction, 16% mgmt. paying dividend Term note Consumer Product – Billiard Seybert
Slide 9: Financial Review
FINANCIAL REVIEW © 2025 Rand Capital Corporation Nasdaq: RAND
Slide 10: Fourth Quarter Financial Summary
FOURTH QUARTER FINANCIAL SUMMARY ($ in thousands, except per share data) Q4 2024 Q4 2023 Total investment income $ 2,137 $ 1,930 Total investment income grew 11% • Driven by growth in interest income from an Total expenses (376) 1,014 expanded debt investment portfolio and higher fee income Net inve
Slide 11: Full Year Financial Summary
FULL YEAR FINANCIAL SUMMARY ($ in thousands, except per share data) 2024 2023 Total investment income $ 8,559 $ 7,338 Total investment income grew 17% • Reflects 29% increase in interest from portfolio Total expenses 4,837 4,178 companies and 66% increase in fee income Net investment income¹ 3,425 2
Slide 12: 2024 Net Asset Value Change
2024 NET ASSET VALUE CHANGE ($ in thousands) $11,125 $3,425 $65,333 $60,815 ($5,722) ($4,310) Net assets at Net investment income Net realized gain on Net change in Cash dividend Net assets at 12/31/2023 sales and dispositions unrealized 12/31/2024 $60,815,213 of investments appreciation on $65,332,
Slide 13: Strong and Flexible Balance Sheet
STRONG AND FLEXIBLE BALANCE SHEET Net Asset Value Composition At December 31, 2024 Total assets of $72.5 million was down 11%, largely Per Share Assets and Liabilities due to sale of SciAps Reduced bank debt balance $3.3 million during Q4 24 $0.32 $835,000 consolidated cash and $15.7 million during
Slide 14: Executing Our Strategy for Long-Term Shareholder Value
EXECUTING OUR STRATEGY FOR LONG-TERM SHAREHOLDER VALUE Objectives for 2025 and Beyond Continued Growth & Income Expansion • Leveraging a resilient investment pipeline to scale income-generating assets • Focus on high-yield debt investments to enhance net interest income Disciplined Capital Deploymen
Slide 15: Supplemental Information
SUPPLEMENTAL INFORMATION © 2025 Rand Capital Corporation Nasdaq: RAND
Slide 16: Adjusted Expenses (Non-GAAP)
ADJUSTED EXPENSES (N -GAAP*) ON Three months Three months ended ended Year ended Year ended December 31, December 31, December 31, December 31, 2024 2023 2024 2023 Total expenses $ (376,286) $ 1,013,797 $ 4,837,282 $ 4,178,319 Exclude (credits)/expenses for capital gains incentive fees (1,054,000) 6
Slide 17: Adjusted Net Investment Income per Share (Non-GAAP)
ADJUSTED NET INVESTMENT INCOME PER SHARE (N -GAAP*) ON Three months Three months ended ended Year ended Year ended December 31, December 31, December 31, December 31, 2024 2023 2024 2023 Net investment income per share $ 0.86 $ 0.37 $ 1.33 $ 1.15 Exclude (credits)/expenses for capital gains incentiv
Slide 18: Fourth Quarter and Full Year 2024 Financial Results
FOURTH QUARTER AND FULL YEAR 2024 FINANCIAL RESULTS March 10, 2025 Daniel P. Penberthy President & CEO Margaret W. Brechtel EVP & CFO © 2025 Rand Capital Corporation Nasdaq: RAND