Rand Capital Corporation · NASDAQ:RAND
Rand Capital — Q4 2025 Earnings Presentation
18 slides from Rand Capital's earnings presentation, Mar 5, 2026
Slide 1: Fourth Quarter and Full Year 2025 Financial Results
FOURTH QUARTER AND FULL YEAR 2025 FINANCIAL RESULTS March 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: Disciplined Capital Allocation Strengthens Balance Sheet and Positions Rand for Capital Deployment
DISCIPLINED CAPITAL ALLOCATION STRENGTHENS BALANCE SHEET AND POSITIONS RAND FOR CAPITAL DEPLOYMENT (Results compared with the prior-year period unless otherwise noted) Balance Sheet Strength and Liquidity The Rand Building, Buffalo, NY • Ended 2025 with >$23M liquidity and no debt, providing signifi
Slide 4: Delivering Cash Dividends
DELIVERING CASH DIVIDENDS (Results compared with the prior-year period unless otherwise noted) Consistent quarterly dividends, even through periods of lower investment activity (Q4 2025 cash dividend of $0.85 per share comprised of a $0.29 per share regular dividend and a $0.56 per share special div
Slide 5: Income-Oriented Portfolio Driving Durable Yield
INCOME-ORIENTED PORTFOLIO DRIVING DURABLE YIELD Fair Value Portfolio Mix ($ in millions) $70.8 $17.7 $48.5 Portfolio Mix: 79% Debt | 21% Equity $10.0 $53.1 $38.5 Fair value declined due to portfolio loan repayments and valuation adjustments, primarily Tilson 2024 2025 Annualized weighted average yie
Slide 6: Active Portfolio Management Enhancing Liquidity and Reinvestment
ACTIVE PORTFOLIO MANAGEMENT ENHANCING LIQUIDITY AND REINVESTMENT Q4 2025 Investments New investment of $3.25 million (Term loan at 13% and warrants for a 12% ownership interest) Headquartered in Muskegon, MI, Bauer specializes in the fabrication and installation of sheet metal solutions serving the
Slide 7: Balanced Industry Exposure Across Portfolio
BALANCED INDUSTRY EXPOSURE ACROSS PORTFOLIO December 31, 2025 December 31, 2024 Software Health and Marketing, Software 4% Wellness Health & Wellness 6% 4% Automotive 4% 6% 4% Automotive, 7% Professional & Distribution Business Services 10% 35% Professional Services Consumer Manufacturing 48% Produc
Slide 8: Top Five Portfolio Investments
TOP FIVE PORTFOLIO INVESTMENTS Investments at Year % of Total Company Industry Investment Type ($ in millions) Fair Value Acquired Portfolio Distribution - controlled expansion Term note Inter-National alloys, electronic grade nickels, $5.2 2023 refractory grade metals and alloys, 11% (12%) Electron
Slide 9: Financial Review
FINANCIAL REVIEW © 2026 Rand Capital Corporation Nasdaq: RAND
Slide 10: Fourth Quarter Financial Summary
FOURTH QUARTER FINANCIAL SUMMARY ($ in thousands, except per share data) Q4 2025 Q4 2024 Total investment income down 40% Total investment income $ 1,285 $ 2,137 • Reflects 46% reduction in interest from portfolio companies due to the repayment of Total expenses 666 (376) five debt instruments over
Slide 11: Full Year Financial Summary
FULL YEAR FINANCIAL SUMMARY ($ in thousands, except per share data) 2025 2024 Total investment income $ 6,475 $ 8,559 Total investment income down 24% • Reflects repayment of several interest-yielding Total expenses 1,189 4,837 investments over the past year and a slowdown in deal originations Net i
Slide 12: 2025 Net Asset Value Change
2025 NET ASSET VALUE CHANGE ($ in thousands) $5,289 $65,333 ($2,001) $52,183 ($11,327)¹ ($5,109) Net assets at 12/31/2024 Net investment income Net realized (loss) on Net change in unrealized Declaration of dividends Net assets at 12/31/2025 sales and dispositions of appreciation/depreciation invest
Slide 13: Strong Capital Position With No Leverage
STRONG CAPITAL POSITION WITH NO LEVERAGE Net Asset Value Composition At December 31, 2025 Per Share Assets and Liabilities Total assets of $53.2 million at year-end 2025 $4.2 million in cash, up from $835,000 at $1.42 $4.2 million consolidated cash year-end 2024 No outstanding balance on the senior
Slide 14: Disciplined Strategy. Strong Liquidity. Positioned for Growth.
DISCIPLINED STRATEGY. STRONG LIQUIDITY. POSITIONED FOR GROWTH. Strategic Outlook • Executing a long-term strategy anchored in a resilient, income-focused investment model • Positioned to scale the portfolio as deal activity improves • Focused on income-generating debt investments to support earnings
Slide 15: Supplemental Information
SUPPLEMENTAL INFORMATION © 2026 Rand Capital Corporation Nasdaq: RAND
Slide 16: Adjusted Expenses (Non-GAAP)
ADJUSTED EXPENSES (N -GAAP*) ON Three months Three months Year ended Year ended ended ended December 31, December 31, December 31, December 31, 2025 2024 2025 2024 Total expenses $ 665,562 $ (376,286) $ 1,188,671 $ 4,837,282 Exclude expenses (credits) for capital gains incentive fees - (1,054,000) (
Slide 17: Adjusted Net Investment Income Per Share (Non-GAAP)
ADJUSTED NET INVESTMENT INCOME PER SHARE (N -GAAP*) ON Three months Three months Year ended Year ended ended ended December 31, December 31, December 31, December 31, 2025 2024 2025 2024 Net investment income per share $ 0.20 $ 0.86 $ 1.80 $ 1.33 Exclude expenses (credits) for capital gains incentiv
Slide 18: Fourth Quarter and Full Year 2025 Financial Results
FOURTH QUARTER AND FULL YEAR 2025 FINANCIAL RESULTS March 5, 2026 Daniel P. Penberthy President & CEO Margaret W. Brechtel EVP & CFO © 2026 Rand Capital Corporation Nasdaq: RAND