Rand Capital Corporation · NASDAQ:RAND
Rand Capital — Q3 2026 Earnings Presentation
17 slides from Rand Capital's earnings presentation, Nov 4, 2026
Slide 1: Third Quarter Fiscal Year 2026 Financial Results
THIRD QUARTER FISCAL YEAR 2026 FINANCIAL RESULTS November 4, 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: Q3 2026: Portfolio Interest Income Improved Sequentially
Q3 2026: PORTFOLIO INTEREST INCOME IMPROVED SEQUENTIALLY Current year investments contributed to income, while portfolio valuation changes supported a modest sequential increase in NAV per share. Portfolio Income Portfolio Value Financial Flexibility • Portfolio company interest • NAV per share of $
Slide 4: Dividend
DIVIDEND (Results compared with the prior-year period unless otherwise noted) Balancing current shareholder distributions with portfolio development and financial flexibility $0.29 per share paid September 9, 2026; $0.87 per share paid YTD Dividend Yield LTM Quarterly Declared Dividends $4.20 20.00%
Slide 5: Portfolio Remains Primarily Debt-Oriented
PORTFOLIO REMAINS PRIMARILY DEBT-ORIENTED Fair Value Portfolio Mix ($ in millions) $56.7 $48.5 $13.0 Portfolio Mix: 77% Debt | 23% Equity $10.0 $38.5 $43.7 Portfolio fair value increased 17% from year-end 2025 Annualized weighted average yield on total debt investments was YE 2025 Q3 2026 8.97% comp
Slide 6: Q3 Portfolio Actions and Valuation Changes
Q3 PORTFOLIO ACTIONS AND VALUATION CHANGES Repayments and Realization Received $250,000 principal Received $16,250 principal repayment Recognized $2.0M realized loss on debt and equity repayment on debt investment on debt investment investment, which had previously been written and recognized a $7,5
Slide 7: Portfolio Exposure Across Eight Industries
PORTFOLIO EXPOSURE ACROSS EIGHT INDUSTRIES September 30, 2026 December 31, 2025 Marketing Software Automotive Marketing, Software 4% 4% 3% 6% 5% Health & Wellness 6% Consumer Products Automotive, 9% Professional & Professional & 7% Business Services Business Services Manufacturing 35% 41% 11% Consum
Slide 8: Top Five Investments Represent 43% of Fair Value
TOP FIVE INVESTMENTS REPRESENT 43% OF FAIR VALUE Investments at Year % of Total Company Industry Investment Type ($ in millions) Fair Value Acquired Portfolio Distribution - controlled expansion Term note Inter-National alloys, electronic grade nickels, $5.9 2023 refractory grade metals and alloys,
Slide 9: Financial Review
FINANCIAL REVIEW © 2026 Rand Capital Corporation Nasdaq: RAND
Slide 10: Third Quarter Financial Summary
THIRD QUARTER FINANCIAL SUMMARY ($ in thousands, except per share data) Q3 2026 Q3 2025 Investment income declined primarily due Total investment income $ 1,312 $1,580 to non-accruals, partially offset by $28,000 Total expenses 769 596 of dividend and other investment income Non-cash PIK interest wa
Slide 11: Net Asset Value Bridge: Q3 2026
NET ASSET VALUE BRIDGE: Q3 2026 ($ in thousands) Net investment income and net investment gains exceeded quarterly dividends Realized loss and unrealized appreciation include equal and offsetting $2.0 million amounts related to BMP Swanson $51,460 $669 $2,296 $51,543 ($2,021) ($861) NAV per share: $
Slide 12: Available Borrowing Capacity Supports Financial Flexibility
AVAILABLE BORROWING CAPACITY SUPPORTS FINANCIAL FLEXIBILITY Net Asset Value Composition At September 30, 2026 Per Share Assets and Liabilities Total assets of $57.6M were up 8% from $0.08 $223,000 consolidated cash year-end 2025 Credit facility $19.10 $56.7 million in private investments $5.0M outst
Slide 13: Priorities: Income Generation, Portfolio Oversight and Capital Allocation
PRIORITIES: INCOME GENERATION, PORTFOLIO OVERSIGHT AND CAPITAL ALLOCATION Income Generation Portfolio Oversight Capital Allocation • Build on contributions from • Actively manage non-accrual • Balance shareholder investments made in 2026 investments distributions with portfolio needs • Evaluate new
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 Three months Nine months Nine months ended ended ended ended Sept 30, 2026 Sept 30, 2025 Sept 30, 2026 Sept 30, 2025 Total expenses $ 769,396 $ 596,203 $ 2,058,703 $ 523,109 Exclude (credits) for capital gains incentive fees - - - (1,565,000) Adjusted exp
Slide 16: Adjusted Net Investment Income per Share (Non-GAAP)
ADJUSTED NET INVESTMENT INCOME PER SHARE (N -GAAP*) ON Three months Three months Nine months Nine months ended ended ended ended Sept 30, 2026 Sept 30, 2025 Sept 30, 2026 Sept 30, 2025 Net investment income per share $ 0.23 $ 0.33 $ 0.65 $ 1.60 Exclude (credits) for capital gains incentive fees per
Slide 17: Third Quarter Fiscal Year 2026 Financial Results
THIRD QUARTER FISCAL YEAR 2026 FINANCIAL RESULTS November 4, 2026 Daniel P. Penberthy President & CEO Margaret W. Brechtel EVP & CFO © 2026 Rand Capital Corporation Nasdaq: RAND