Slide 1: First Quarter Fiscal Year 2026 Financial Results
FIRST QUARTER FISCAL YEAR 2026 FINANCIAL RESULTS May 6, 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: Q1 2026: A Transition Quarter
Q1 2026: A TRANSITION QUARTER (Results compared with the prior-year period unless otherwise noted) Lower income reflected non-accruals and prior repayments, while liquidity, realized gains and selective redeployment demonstrated execution. Earnings Reflect Transition Portfolio Activity Resumed Liqui
Slide 4: Supporting a Consistent Cash Dividend
SUPPORTING A CONSISTENT CASH DIVIDEND (Results compared with the prior-year period unless otherwise noted) Quarterly dividend maintained at $0.29 per share Supported by strong liquidity and an income-focused portfolio strategy Dividend Yield LTM Quarterly Declared Dividends $4.20 18.00% $0.85 16.00%
Slide 5: 80% Debt Portfolio Supports Income Strategy
80% DEBT PORTFOLIO SUPPORTS INCOME STRATEGY Fair Value Portfolio Mix ($ in millions) $48.5 $51.5 $10.2 Portfolio Mix: 80% Debt | 20% Equity $10.0 $38.5 $41.3 Portfolio fair value increased to $51.5 million at March 31, 2026 YE 2025 Q1 2026 Annualized weighted average yield on total debt investments
Slide 6: Selective Redeployment and Full-Cycle Realization at Seybert's
SELECTIVE REDEPLOYMENT AND FULL-CYCLE REALIZATION AT SEYBERT’S Q1 2026 Investments Provider of maintenance, safety, fluid transfer, & Services for commercial kitchens Pet product manufacturer and New investment of $4.0 million custom fabrication products and new builds distributor ($3.0 million term
Slide 7: Balanced Industry Exposure Across Portfolio Companies
BALANCED INDUSTRY EXPOSURE ACROSS 20 PORTFOLIO COMPANIES March 31, 2026 December 31, 2025 Automotive Software Software Marketing, 4% 4% 4% Marketing 6% Health & Wellness 5% 6% Health & Wellness Automotive, 6% Professional & Professional & 7% Business Services Business Services 35% Consumer Products
Slide 8: Top Five Investments Represent 44% of Fair Value
TOP FIVE INVESTMENTS REPRESENT 44% OF FAIR VALUE Investments at Year % of Total Company Industry Investment Type ($ in millions) Fair Value Acquired Portfolio Distribution - controlled expansion Term note Inter-National alloys, electronic grade nickels, $5.2 2023 refractory grade metals and alloys,
Slide 9: Financial Review
FINANCIAL REVIEW © 2026 Rand Capital Corporation Nasdaq: RAND
Slide 10: First Quarter Financial Summary
FIRST QUARTER FINANCIAL SUMMARY ($ in thousands, except per share data) Q1 2026 Q1 2025 Total investment income $ 1,240 $ 2,008 Investment income declined primarily due to repayments of five debt instruments Total expenses 642 791 over the past year, lower fee income and non-accruals Net investment
Slide 11: Net Asset Value Bridge: Q1 2026
NET ASSET VALUE BRIDGE: Q1 2026 ($ in thousands) $52,183 $545 $1,076 $50,955 ($1,988) ($861) Net assets at 12/31/2025 Net investment income Net realized gain on sales Net change in unrealized Declaration of dividends Net assets at 3/31/2026 and dispositions of appreciation/depreciation investments o
Slide 12: Liquidity and Capital Position Remain Strong
LIQUIDITY AND CAPITAL POSITION REMAIN STRONG Net Asset Value Composition At March 31, 2026 Total assets of $52.5 million was down 1% from Per Share Assets and Liabilities year-end 2025 $500,000 outstanding on the senior secured $0.11 $331,000 consolidated cash revolving credit facility at quarter-en
Slide 13: 2026 Priorities: Disciplined Deployment, Credit Quality and Shareholder Returns
2026 PRIORITIES: DISCIPLINED DEPLOYMENT, CREDIT QUALITY AND SHAREHOLDER RETURNS Deployment Priorities Portfolio Discipline Shareholder Focus • Deploy capital selectively into • Preserve credit quality and • Support consistent earnings and income-producing debt active portfolio oversight the regular
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 ended Three months ended March 31, 2026 March 31, 2025 Total expenses $ 641,917 $ 791,065 Exclude credits for capital gains incentive fees - (75,000) Adjusted total expenses $ 641,917 $ 866,065 *In addition to reporting total expenses, which is a U.S. gen
Slide 16: Adjusted Net Investment Income Per Share (Non-GAAP)
ADJUSTED NET INVESTMENT INCOME PER SHARE (N -GAAP*) ON Three months ended Three months ended March 31, 2026 March 31, 2025 Net investment income per share $ 0.18 $ 0.42 Exclude credits for capital gains incentive fees per share - (0.02) Adjusted net investment income per share $ 0.18 $ 0.40 The per
Slide 17: First Quarter Fiscal Year 2026 Financial Results
FIRST QUARTER FISCAL YEAR 2026 FINANCIAL RESULTS May 6, 2026 Daniel P. Penberthy President & CEO Margaret W. Brechtel EVP & CFO © 2026 Rand Capital Corporation Nasdaq: RAND