Slide 1: Second Quarter 2025 Financial Results
SECOND QUARTER 2025 FINANCIAL RESULTS August 4, 2025 Daniel P. Penberthy President & CEO Margaret W. Brechtel EVP & CFO © 2025 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 changes in general economic and/or industry specific conditions; and (3) meaning of Section 27A of the Securities Act of 1933, as amended, and other risk factors as detailed from time to time
Slide 3: Q2 2025 Results: Resilience Amid Market Volatility; Poised for Growth
Q2 2025 RESULTS: RESILIENCE AMID MARKET VOLATILITY; POISED FOR GROWTH (Results compared with the prior-year period unless otherwise noted) Navigating Market Uncertainty with Discipline The Rand Building, Buffalo, NY • Experienced a temporary slowdown in deal flow, reflecting market and economic unce
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 Supported by strong liquidity and income-generating portfolio Dividend strategy remains a priority amid dynamic conditions
Slide 5: Portfolio Composition and Yield Focus
PORTFOLIO COMPOSITION AND YIELD FOCUS Fair Value Portfolio Mix ($ in millions) $62.2 Fair value decline driven by valuation adjustments across several $52.4 $17.3 $7.5 portfolio companies, primarily Tilson $44.9 $44.9 Mix at quarter-end, based on fair value: 86% Fixed-rate debt investments Q1 2025 Q
Slide 6: Q2 2025 Portfolio Activity
Q2 2025 PORTFOLIO ACTIVITY Investments Manufacturer of ocean fishing and pleasure boats. Funded follow-on equity investment of $35,000 Total equity investment in Carolina Skiff had a fair value of $800,000 No exits or notable repayments during the quarter; One significant portfolio valuation change
Slide 7: Portfolio Industry Classification
PORTFOLIO INDUSTRY CLASSIFICATION June 30, 2025 March 31, 2025 Automotive Software Software Health & Wellness 6% 5% 5% 4% Health and Automotive, Wellness 5% 6% Manufacturing Manufacturing Professional Services 8% Professional Services 9% 37% 45% Distribution Distribution 12% 13% Consumer Products Co
Slide 8: Top Five Portfolio Investments
TOP FIVE PORTFOLIO INVESTMENTS Investments at Year % of Total Company Industry Investment Type ($ in millions) Fair Value Acquired Portfolio Term note Consumer Product – Billiard Seybert’s $8.1 2021 supplies 16% (12% plus 2% PIK) Warrant Professional Services – Term note Food Service $7.0 2022 Servi
Slide 9: Financial Review
FINANCIAL REVIEW © 2025 Rand Capital Corporation Nasdaq: RAND
Slide 10: Second Quarter Financial Summary
SECOND QUARTER FINANCIAL SUMMARY ($ in thousands, except per share data) Q2 2025 Q2 2024 Total investment income down 25% Total investment income $ 1,602 $ 2,136 • Reflects 24% reduction in interest from portfolio companies due to the repayment of five debt instruments over the past year, and lower
Slide 11: Net Asset Value Change: Q2 2025
NET ASSET VALUE CHANGE: Q2 2025 ($ in thousands) $65,311 $2,478 $0 $56,714 ($10,214) ($861) Net assets at 3/31/2025 Net investment income Net realized gain on sales Net change in unrealized Cash dividend Net assets at 6/30/2025 and dispositions of appreciation/depreciation investments on investments
Slide 12: Strong Capital Position With No Leverage
STRONG CAPITAL POSITION WITH NO LEVERAGE Net Asset Value Composition At June 30, 2025 Total assets of $57.6 million was down 20% from Per Share Assets and Liabilities year-end 2024 $4.4 million in cash, up from $835,000 at $1.49 $4.4 million consolidated cash year-end 2024 No outstanding balance on
Slide 13: Well-Positioned for Strategic Growth as Market Conditions Evolve
WELL-POSITIONED FOR STRATEGIC GROWTH AS MARKET CONDITIONS EVOLVE Strategic Growth Outlook • Executing long-term strategy supported by resilient, yield-focused investment model • Monitoring early signs of market improvement to reaccelerate deal activity • Prioritizing income-generating debt investmen
Slide 14: Supplemental Information
SUPPLEMENTAL INFORMATION © 2025 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, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Total (benefits) expenses $ (864,159) $ 2,652,782 $ (73,094) $ 3,879,638 Exclude (credits) expenses for capital gains incentive fees (1,490,
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, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Net investment income (loss) per share $ 0.83 $ (0.20) $ 1.27 $ 0.12 Exclude (credits) expenses for capital gains inc
Slide 17: Second Quarter 2025 Financial Results
SECOND QUARTER 2025 FINANCIAL RESULTS August 4, 2025 Daniel P. Penberthy President & CEO Margaret W. Brechtel EVP & CFO © 2025 Rand Capital Corporation Nasdaq: RAND