Rand Capital Corporation (RAND) Q4 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:05.459 Greetings. Welcome to RAND Capital Corporation's fourth quarter fiscal year 2025 00:00:05.459 -- 00:00:11.088 financial results conference call. At this time, all participants are in a listen-only 00:00:11.088 -- 00:00:15.134 mode. Please note, this conference is being recorded. 00:00:15.134 -- 00:00:19.781 I will now turn the conference over to Craig Mihalik, Investor Relations for RAND. 00:00:19.781 -- 00:00:21.063 Thank you. You may begin. 00:00:21.063 -- 00:00:23.063 Thank 00:00:23.346 -- 00:00:27.329 you and good afternoon, everyone. We appreciate your interest in Rand Capital and for 00:00:27.329 -- 00:00:31.755 joining us today for our fourth quarter and full year 2025 financial results conference 00:00:31.755 -- 00:00:36.601 call. On the line with me are Dan Pemberthy, our president and chief executive officer, 00:00:36.601 -- 00:00:40.466 and Margaret Brechtel, our executive vice president and chief financial officer. 00:00:40.466 -- 00:00:45.793 A copy of the release and slides that accompany our conversation is available at randcapital.com. 00:00:45.793 -- 00:00:48.997 If you're following along with the slide deck, please turn to slide two, where I'd like 00:00:48.997 -- 00:00:53.363 to point out some important information. As you are likely aware, we may make forward-looking 00:00:53.363 -- 00:00:57.418 statements during this presentation. These statements apply to future events that are 00:00:57.418 -- 00:01:01.083 subject to risks and uncertainties, as well as other factors that could cause actual 00:01:01.083 -- 00:01:03.926 results to differ from where we are today. 00:01:03.926 -- 00:01:07.110 You can find a summary of these risks and uncertainties and other factors in the earnings 00:01:07.110 -- 00:01:12.416 rele...