Q3--12-31false0000081955http://fasb.org/us-gaap/2024#RelatedPartyMemberhttp://fasb.org/us-gaap/2024#RelatedPartyMember33.33400000081955us-gaap:FairValueInputsLevel3Memberrand:ControlInvestmentsMember2024-09-300000081955Tilson Technology Management, Inc. - 15,385 Series E Preferred2023-12-310000081955rand:O2024Q2DividendsMember2024-06-142024-06-140000081955Mezmeriz, Inc. - 1,554,565 Series Seed Preferred2023-12-310000081955Filterworks Acquisition USA, LLC d/b/a Autotality -417.7 shares Class A-0 Units2023-01-012023-12-310000081955Seybert’s Billiards Corporation - $1,435,435 Term Note2024-01-012024-09-300000081955rand:InvestmentsAtFairValueMemberrand:ConsumerProductMemberrand:IndustryConcentrationRiskMember2024-09-300000081955SciAps, Inc. - 113,636 Series C Convertible Preferred2022-12-310000081955Filterworks Acquisition USA, LLC 626.2 shares Class A-1 Units.2023-12-310000081955Mountain Regional Equipment Solutions - Warrant for 1% Membership Interest2024-01-012024-09-300000081955srt:MinimumMember2024-09-300000081955Mountain Regional Equipment Solutions - $3,000,000 Term Note2024-01-012024-09-300000081955rand:CreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2024-09-300000081955us-gaap:InvestmentAffiliatedIssuerControlledMember2023-07-012023-09-300000081955BMP Food Service Supply Holdco, LLC - 15.4% Preferred Interest2023-12-310000081955GoNoodle, Inc. - Warrant for 21,948 Series D Preferred2024-01-012024-09-300000081955BMP Food Service Supply Holdco, LLC2024-09-300000081955us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMemberrand:SeybertBilliardsCorporationMember2023-01-012023-09-300000081955us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMemberrand:SeybertBilliardsCorporationMember2024-01-012024-09-300000081955Caitec, Inc. - $1,750,000 Subordinated Secured Promissory Note One2023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:TilsonTechnologyManagementIncMember2024-01-012024-09-300000081955DSD Operating, LLC2024-01-012024-09-300000081955Inter-National Electronic Alloys LLC $3,288,235 Term Note at 12%2023-12-310000081955Seybert’s Billiards Corporation2024-09-300000081955Caitec, Inc. - $1,750,000 Subordinated Secured Promissory Note One to 12%2023-12-310000081955BMP Food Service Supply Holdco, LLC - 7,035,000 Second Amended and Restated Term Note, $4,820,0002024-09-300000081955Filterworks Acquisition USA, LLC 626.2 shares Class A-1 Units.2022-12-310000081955rand:InvestmentManagementAgreementMember2024-01-012024-09-300000081955Subtotal Affiliate Investments2024-09-300000081955Filterworks Acquisition USA, LLC - $2,283,702 Amended Term Note2024-01-012024-09-300000081955rand:CreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2023-12-310000081955Nailbiter, Inc.2024-09-300000081955HDI Acquisition LLC. - $1,245,119 Term Loan2024-01-012024-09-300000081955BMP Swanson Holdco, LLC - Preferred Membership Interest for 9.24%2023-12-310000081955rand:ItaAcquisitionLlcMember2024-01-012024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:HighlandAllAboutPeopleHoldingsIncMember2024-01-012024-09-300000081955rand:ScenarioTwoMembersrt:MaximumMember2024-01-012024-09-300000081955Control and Affiliate Investments2024-01-012024-09-300000081955SciAps, Inc. - Warrant to purchase Series D-1 Preferred2022-12-310000081955ITA Acquisition, LLC - 1,124 Class A Preferred Units2024-09-300000081955Filterworks Acquisition USA, LLC2024-01-012024-09-300000081955Caitec, Inc. - 150 Class A Units One2024-01-012024-09-300000081955Mezmeriz, Inc. - 1,554,565 Series Seed Preferred2024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:AffiliateEquityInvestmentsMember2024-09-300000081955Seybert’s Billiards Corporation2022-12-3100000819552022-12-310000081955rand:ManufacturingMember2023-12-310000081955Highland All About People Holdings, Inc. - $3,000,000 Term Note at 12%2024-01-012024-09-300000081955Pressure Pro, Inc.2024-09-300000081955Tilson Technology Management, Inc. - 23,077 Series F Preferred2024-01-012024-09-300000081955rand:NetChangeInUnrealizedAppreciationDepreciationOnInvestmentsMember2023-01-012023-09-300000081955rand:CreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2023-07-012023-09-300000081955us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMemberrand:PressureProIncMember2023-01-012023-09-300000081955Filterworks Acquisition USA, LLC d/b/a Autotality - 626.2 shares Class A-1 Units2023-12-310000081955rand:NetRealizedGainLossOnSalesAndDispositionsOfInvestmentsMember2024-01-012024-09-300000081955HDI Acquisition LLC. - $1,245,119 Term Loan2023-12-310000081955Open Exchange, Inc - 397,899 Series C Preferred2024-01-012024-09-300000081955Applied Image, Inc. - $1,750,000 Term Note2024-01-012024-09-300000081955rand:O2024Q1DividendsMember2024-03-290000081955us-gaap:FairValueInputsLevel3Memberrand:ControlLoanAndDebtInvestmentsMember2024-09-300000081955Filterworks Acquisition USA, LLC - 417.7 shares Class A-0 Units2024-09-300000081955Applied Image, Inc. - $1,750,000 Term Note at 10%2024-09-300000081955ITA Acquisition, LLC 1,124 Class A Preferred Units and 1,924 Class B Common Units2024-01-012024-09-300000081955Caitec, Inc. - $1,750,000 Subordinated Secured Promissory Note One2024-01-012024-09-300000081955us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2024-01-012024-09-300000081955Seybert’s2023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:MicrocisionLlcMemberus-gaap:EquitySecuritiesMember2023-01-012023-09-300000081955Mattison Avenue Holdings LLC - $5,500,000 Term Note2024-09-300000081955rand:MattisonAvenueHoldingsLlcMember2024-01-012024-09-300000081955FCM Industries Holdco LLC2024-01-012024-09-300000081955BMP Swanson Holdco, LLC - Preferred Membership Interest for 9.29%2024-01-012024-09-300000081955us-gaap:AdditionalPaidInCapitalMember2023-06-300000081955Tilson Technology Management, Inc. - *120,000 Series B Preferred2024-01-012024-09-3000000819552023-06-300000081955us-gaap:FairValueInputsLevel3Memberrand:HighlandAllAboutPeopleHoldingsIncMemberus-gaap:EquitySecuritiesMember2023-01-012023-09-300000081955Nailbiter, Inc. - $2,250,000 Subordinated Secured Promissory Note2024-01-012024-09-300000081955Subtotal Control Investments2024-09-300000081955BMP Food Service Supply Holdco, LLC 15.4% Preferred Interest2022-12-310000081955Filterworks Acquisition USA, LLC2023-01-012023-12-310000081955Carolina Skiff LLC - 6.0825% Class A Common Membership Interest2022-12-310000081955us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMemberrand:PressureProIncMember2023-01-012023-09-300000081955SciAps, Inc. - 369,698 Series C1 Convertible Preferred2023-01-012023-12-310000081955BMP Food Service Supply Holdco, LLC - $7,035,000 Second Amended and Restated Term Note, $4,820,000 at 12%, $2,215,000 at 13%2024-09-300000081955PostProcess Technologies, Inc. - 360,002 Series A1 Preferred2023-12-310000081955Seybert’s Billiards Corporation - $4,139,444 Term Note at 12%2023-12-310000081955Tilson Technology Management, Inc. - 21,391 Series C Preferred2023-12-310000081955us-gaap:AdditionalPaidInCapitalMember2022-12-310000081955Caitec, Inc. - 150 Class A Units2023-01-012023-12-310000081955Knoa Software, Inc. - 1,876,922 Series B Preferred2022-12-310000081955Control and Affiliate Investments2023-01-012023-12-310000081955DSD Operating, LLC2022-12-310000081955rand:InvestmentsAtFairValueMemberrand:ProfessionalAndBusinessServicesMemberrand:IndustryConcentrationRiskMember2024-09-300000081955ITA Acquisition, LLC - $2,297,808 Amended and Restated Term Note at 12% (+5% PIK) through September 30, 20242023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:GonoodleIncMemberus-gaap:DebtSecuritiesMember2023-01-012023-09-300000081955PostProcess Technologies, Inc. - 360,002 Series A1 Preferred2024-01-012024-09-300000081955us-gaap:InvestmentAffiliatedIssuerControlledMember2024-07-012024-09-300000081955Pressure Pro, Inc.2023-12-310000081955us-gaap:FairValueInputsLevel1Memberus-gaap:EquitySecuritiesMember2023-12-310000081955Seybert’s Billiards Corporation - $1,435,435 Term Note at 12%2024-09-300000081955ITA Acquisition, LLC - 1,124 Class A Preferred Units and 1,924 Class B Common Units2023-01-012023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:MattisonAvenueHoldingsLlcMember2024-01-012024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:AffiliateInvestmentsMember2024-09-300000081955Highland All About People Holdings, Inc. - 1,000,000 Class A Units2024-01-012024-09-300000081955Control Investments2024-01-012024-09-300000081955Control Investments - 6.8% of net assets2023-12-310000081955BMP Swanson Holdco, LLC - $1,600,000 Term Note2023-12-310000081955BMP Food Service Supply Holdco, LLC - $4,820,000 at 12% Second Amended and Restated Term Note2024-09-300000081955rand:OpenExchangeIncMemberus-gaap:FairValueInputsLevel3Member2023-01-012023-09-300000081955DSD Operating, LLC - 1,067 Class A Preferred shares2024-09-300000081955Filterworks Acquisition USA, LLC $2,283,702 Term Note at 12%2023-12-310000081955GoNoodle, Inc. - 1,500,000 Secured Note2024-09-300000081955FCM Industries Holdco LLC - $3,380,000 Term Note at 13%2024-01-012024-09-300000081955rand:SoftwareMember2023-12-310000081955Subtotal Non-Control/Non-Affiliate Investments2023-12-310000081955Nailbiter, Inc. - $2,250,000 Subordinated Secured Promissory Note2024-09-300000081955us-gaap:AdditionalPaidInCapitalMember2024-09-300000081955us-gaap:InvestmentUnaffiliatedIssuerMember2023-12-310000081955us-gaap:TreasuryStockCommonMember2022-12-310000081955Caitec, Inc. - $1,750,000 Subordinated Secured Promissory Note to 12%2023-12-3100000819552023-09-300000081955us-gaap:EquitySecuritiesMember2023-12-310000081955Seybert’s Billiards Corporation - 4,139,444 Term Note2023-12-310000081955ITA Acquisition, LLC - $1,500,000 Term Note at 3% (+11% PIK) Through December 31, 20242024-09-300000081955us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2024-09-300000081955Seybert’s Billiards Corporation - Warrant for 4% Membership Interest2023-01-012023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:DsdOperatingLlcMember2024-01-012024-09-300000081955Tilson Technology Management, Inc. - 250 Class D-1 Units of SQF Holdco LLC2024-09-300000081955Tilson Technology Management, Inc. - 250 Class D-1 Units of SQF Holdco LLC2023-01-012023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:KnoaSoftwareIncMember2024-01-012024-09-300000081955rand:InvestmentsAtFairValueMemberrand:DistributionMemberrand:IndustryConcentrationRiskMember2024-09-300000081955Pressure Pro, Inc. - $3,000,000 Term Note at 12%2024-01-012024-09-300000081955DSD Operating, LLC - 1,067 Class A Preferred shares2024-01-012024-09-300000081955BMP Food Service Supply Holdco, LLC $7,035,000 Second Amended and Restated Term Note, $4,820,000 at 12%, $2,215,000 at 13%2023-12-310000081955Highland All About People Holdings, Inc. $3,000,000 Term Note at 12%2023-12-310000081955Tilson Technology Management, Inc. - 211,567 Class A-1 Units of SQF Holdco LLC2023-12-310000081955us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2024-01-012024-09-300000081955ITA Acquisition, LLC - $2,297,808 Fourth Amended and Restated Term Note2024-09-300000081955ITA Acquisition, LLC - $2,297,808 Fourth Amended and Restated Term Note at 3% (+11% PIK) through December 31, 20242024-09-300000081955Filterworks Acquisition USA, LLC - 626.2 shares Class A-1 Units.2024-01-012024-09-300000081955us-gaap:InvestmentAffiliatedIssuerControlledMember2023-12-310000081955SciAps, Inc. - 274,299 Series A1 Convertible Preferred2024-09-300000081955rand:SoftwareMemberrand:InvestmentsAtFairValueMemberrand:IndustryConcentrationRiskMember2024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:MattisonAvenueHoldingsLlcMember2023-01-012023-09-300000081955rand:EastAssetManagementMember2024-01-012024-09-300000081955Control Investments - 7.0% of net assets2024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:BmpSwansonHoldcoLlcMember2023-01-012023-09-300000081955BMP Swanson Holdco, LLC $1,600,000 Term Note at 12%2022-12-310000081955Seybert’s Billiards Corporation - Warrant for 4% Membership Interest One2023-01-012023-12-310000081955Pressure Pro, Inc. - $3,000,000 Term Note 2024-09-300000081955GoNoodle, Inc.2023-12-310000081955us-gaap:CommonStockMember2024-01-012024-09-300000081955us-gaap:AdditionalPaidInCapitalMember2023-09-300000081955Applied Image, Inc. - Warrant for 1,167 shares2023-12-310000081955Lumious - $850,000 Replacement Term Note2023-01-012023-12-310000081955Knoa Software, Inc. - 1,876,922 Series B Preferred2023-01-012023-12-310000081955rand:BmpFoodServiceSupplyHoldcoLlcMember2024-01-012024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:GonoodleIncMember2024-01-012024-09-300000081955Filterworks Acquisition USA, LLC2024-09-300000081955Filterworks Acquisition USA, LLC d/b/a Autotality -417.7 shares Class A-0 Units2023-12-310000081955us-gaap:RetainedEarningsMember2024-01-012024-09-300000081955us-gaap:FairValueInputsLevel1Member2023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:MicrocisionLlcMember2023-01-012023-09-300000081955BMP Swanson2024-09-300000081955Knoa Software, Inc. - 1,876,922 Series B Preferred2023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:FcmIndustriesHoldcoLlcMember2024-01-012024-09-300000081955TOTAL INVESTMENTS – 126.8%2023-12-310000081955Seybert’s Billiards Corporation - $1,435,435 Term Note2024-09-300000081955Seybert’s Billiards Corporation - Warrant for 4% Membership Interest2024-01-012024-09-300000081955Pressure Pro, Inc. - Warrant for 10% Membership Interest2024-01-012024-09-300000081955us-gaap:CommonStockMember2023-09-300000081955srt:MinimumMember2023-01-012023-12-310000081955Tilson Technology Management, Inc. - *2.5% dividend payable quarterly2024-09-300000081955Caitec, Inc. - $1,750,000 Subordinated Secured Promissory Note One Modified to 14%2024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:MountainRegionalEquipmentSolutionsMemberus-gaap:EquitySecuritiesMember2024-01-012024-09-300000081955us-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000081955us-gaap:RetainedEarningsMember2023-07-012023-09-300000081955Tilson Technology Management, Inc. - 211,567 A-1 Units of SQF Holdco LLC.2023-01-012023-12-310000081955Filterworks Acquisition USA, LLC d/b/a Autotality - 626.2 shares Class A-1 Units2024-01-012024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:BmpFoodServiceSupplyHoldcoLlcMember2023-01-012023-09-300000081955rand:CreditAgreementMembersrt:MinimumMember2022-06-270000081955Tilson Technology Management, Inc. - 15,385 Series E Preferred2024-01-012024-09-300000081955Highland All About People Holdings, Inc. - $3,000,000 Term Note at 12%2023-01-012023-12-310000081955ITA Acquisition, LLC - $1,500,000 Term Note at 3% (+11% PIK) through December 31, 20242024-09-300000081955Filterworks Acquisition USA, LLC d/b/a Autotality - $2,283,702 Amended Term Note2024-09-300000081955BMP Food Service Supply Holdco, LLC $7,035,000 Second Amended and Restated Term Note, $4,820,000 at 12%, $2,215,000 at 13%2022-12-310000081955ITA Acquisition, LLC - $2,297,808 Fourth Amended and Restated Term Note2024-01-012024-09-300000081955Filterworks Acquisition USA, LLC d/b/a Autotality2023-12-310000081955Affiliate Investments2024-01-012024-09-300000081955Carolina Skiff LLC - 6.0825% Class A Common2023-01-012023-12-310000081955rand:O2024Q2DividendsMember2024-06-140000081955us-gaap:FairValueInputsLevel3Memberrand:RheonixIncMemberus-gaap:EquitySecuritiesMember2023-01-012023-09-300000081955rand:MAndTBankMemberrand:CreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2024-09-300000081955FCM Industries Holdco LLC - $420,000 Convertible Note at 10%2024-09-300000081955ITA Acquisition, LLC 1,124 ITA Acquisition, LLC - 1,924 Class B Common Units.2023-12-310000081955us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-12-310000081955Applied Image, Inc. - $1,750,000 Term Note2023-01-012023-12-310000081955us-gaap:TreasuryStockCommonMember2023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:BmpSwansonHoldcoLlcMemberus-gaap:EquitySecuritiesMember2024-01-012024-09-300000081955Seybert’s Billiards Corporation - $1,435,435 Term Note at 12%2023-12-310000081955Filterworks Acquisition USA, LLC 417.7 shares Class A-0 Units2022-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:SeybertBilliardsCorporationMember2024-01-012024-09-300000081955BMP Food Service Supply Holdco, LLC - $2,215,000 at 13% Second Amended and Restated Term Note2024-09-300000081955Seybert’s Billiards Corporation - 6,099,131 Third Amended and Restated Term Note at 12%2024-09-300000081955us-gaap:InvestmentUnaffiliatedIssuerMember2023-07-012023-09-300000081955ITA Acquisition, LLC 1,124 ITA Acquisition, LLC - 1,924 Class B Common Units.2024-09-300000081955us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2023-01-012023-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:NonControlAndNonAffiliateInvestmentsMember2024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:SciapsIncMemberus-gaap:DebtSecuritiesMember2023-01-012023-09-300000081955Carolina Skiff LLC - 6.0825% Class A Common Membership Interest2023-12-310000081955rand:ScenarioOneMembersrt:MaximumMember2024-01-012024-09-300000081955ITA Acquisition, LLC - $1,500,000 Term Note2024-01-012024-09-300000081955Caitec, Inc. - 36,261 Series A Preferred2023-12-310000081955Pressure Pro, Inc.2023-01-012023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:HighlandAllAboutPeopleHoldingsIncMemberus-gaap:DebtSecuritiesMember2023-01-012023-09-300000081955us-gaap:CommonStockMember2024-06-300000081955us-gaap:EquitySecuritiesMember2024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:TilsonTechnologyManagementIncMemberus-gaap:EquitySecuritiesMember2023-01-012023-09-300000081955Investments, NET ASSETS - 100%2023-12-310000081955GoNoodle, Inc. - Warrant for 47,324 Series C Preferred2024-09-300000081955Tilson Technology Management, Inc. - 120,000 Series B Preferred2024-01-012024-09-300000081955SciAps, Inc. - 147,059 Series D Convertible Preferred2024-01-012024-09-300000081955Seybert’s Billiards Corporation - Warrant for 4% Membership Interest2022-01-012022-12-310000081955SciAps, Inc. - 369,698 Series C1 Convertible Preferred2023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:CaitecIncMember2023-01-012023-09-300000081955Nailbiter, Inc. - $2,250,000 Subordinated Secured Promissory Note2023-01-012023-12-310000081955Applied Image, Inc. - Warrant for 1,167 shares2023-01-012023-12-310000081955Highland All About People Holdings, Inc. - 1,000,000 Class A Units2024-09-3000000819552024-07-012024-09-300000081955Applied Image, Inc. - $1,750,000 Term Note2023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:BmpFoodServiceSupplyHoldcoLlcMemberus-gaap:EquitySecuritiesMember2024-01-012024-09-300000081955Caitec, Inc. - $1,750,000 Subordinated Secured Promissory Note2023-01-012023-12-310000081955Inter-National Electronic Alloys LLC2023-12-310000081955BMP Food Service Supply Holdco, LLC - $7,035,000 Second Amended and Restated Term Note2024-09-300000081955Tilson Technology Management, Inc. - *15,385 Series E Preferred2023-01-012023-12-310000081955ITA Acquisition, LLC - $2,297,808 Fourth Amended and Restated Term Note at 3% (+11% PIK) through December 30, 20242024-09-300000081955rand:EastAssetManagementMember2019-11-012019-11-300000081955ITA Acquisition, LLC $1,500,000 Term Note at 12%2023-12-310000081955us-gaap:CommonStockMember2024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:FcmIndustriesHoldcoLlcMember2023-01-012023-09-300000081955Tilson Technology Management, Inc.2022-12-310000081955us-gaap:InvestmentAffiliatedIssuerControlledMember2024-09-300000081955Tilson Technology Management, Inc. - 15,385 Series E Preferred2022-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:NonControlAndNonAffiliateLoanAndDebtInvestmentsMember2024-09-300000081955Applied Image, Inc. - $1,750,000 Term Note at 10%2023-01-012023-12-310000081955Filterworks Acquisition USA, LLC - thereafter 12% (+2% PIK) due August 31, 20252024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:BmpSwansonHoldcoLlcMemberrand:LoanInvestmentsMember2023-01-012023-09-300000081955SciAps, Inc. 2023-12-310000081955Open Exchange, Inc - 397,899 Common2023-01-012023-12-310000081955ITA Acquisition, LLC - 1,924 Class B Common Units2023-12-310000081955ITA Acquisition, LLC2024-09-300000081955BMP Swanson Holdco, LLC - $1,600,000 Term Note at 12%2023-12-310000081955us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:LoanInvestmentsMemberrand:MattisonAvenueHoldingsLlcMember2023-01-012023-09-300000081955Seybert’s Billiards Corporation - Warrant for 4% Membership Interest One2024-09-300000081955us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2024-09-300000081955ITA Acquisition, LLC - $1,500,000 Term Note2023-12-310000081955SciAps, Inc. - 147,059 Series D Convertible Preferred2024-09-300000081955us-gaap:RetainedEarningsMember2022-12-310000081955srt:MinimumMemberrand:ScenarioTwoMember2024-01-012024-09-300000081955BMP Food Service Supply Holdco, LLC $7,035,000 Second Amended and Restated Term Note, $4,820,000 at 12%, $2,215,000 at 13%2023-01-012023-12-310000081955SciAps, Inc. - 113,636 Series C Convertible Preferred2023-12-310000081955Tilson Technology Management, Inc. - 21,391 Series C Preferred2022-12-310000081955Filterworks Acquisition USA, LLC - $2,283,702 Amended Term Note at 2% (+12% PIK) through March 31, 20252024-09-300000081955ACV Auctions, Inc, - 319,934 shares2023-12-310000081955Knoa Software, Inc. - 973,533 Series A-1 Convertible Preferred2023-12-310000081955Seybert’s2024-09-300000081955us-gaap:InvestmentUnaffiliatedIssuerMember2023-01-012023-09-300000081955BMP Food Service Supply Holdco, LLC $2,215,000 at 13% Second Amended and Restated Term Note2023-12-310000081955DSD Operating, LLC 1,067 Class A Preferred shares2023-01-012023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:LoanInvestmentsMember2023-09-300000081955ITA Acquisition, LLC $1,500,000 Term Note at 12%2022-12-310000081955FCM Industries Holdco LLC $420,000 Convertible Note at 10%2024-01-012024-09-300000081955Carlyle Secured Lending Inc. - 86,000 shares2023-01-012023-12-310000081955Tilson Technology Management, Inc. - 250 Class D-1 Units of SQF Holdco LLC2023-12-310000081955BMP Food Service Supply Holdco, LLC - 15.4% Preferred Interest2023-01-012023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:TilsonTechnologyManagementIncMember2023-01-012023-09-300000081955SciAps, Inc. - 117,371 Series B Convertible Preferred2023-01-012023-12-310000081955BMP Swanson Holdco, LLC - Preferred Membership Interest for 9.29%2023-12-310000081955rand:CreditAgreementMembersrt:MinimumMember2022-06-272022-06-270000081955us-gaap:FairValueInputsLevel3Memberrand:DsdOperatingLlcMemberus-gaap:EquitySecuritiesMember2023-01-012023-09-300000081955FS KKR Capital Corp. - 48,000 shares2023-12-310000081955rand:InvestmentManagementAgreementMember2024-09-300000081955Filterworks Acquisition USA, LLC d/b/a Autotality - $2,283,702 Amended Term Note2024-01-012024-09-300000081955BMP Food Service Supply Holdco, LLC2022-12-310000081955Tilson Technology Management, Inc.2024-09-300000081955SciAps, Inc. - Warrant to purchase Series D-1 Preferred2023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:HdiAcquisitionLlcMemberus-gaap:DebtSecuritiesMember2023-01-012023-09-300000081955Tilson Technology Management, Inc. - 23,077 Series F Preferred2023-01-012023-12-310000081955Nailbiter, Inc. - $2,250,000 Subordinated Secured Promissory Note2023-12-310000081955SciAps, Inc. - $2,090,000 Second Amended and Restated Secured Subordinated Promissory Note at 12%2023-12-310000081955Control Investments2024-09-300000081955us-gaap:InvestmentAffiliatedIssuerControlledMember2023-01-012023-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:DsdOperatingLlcMember2023-01-012023-09-300000081955us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2023-09-300000081955Filterworks Acquisition USA, LLC d/b/a Autotality -417.7 shares Class A-0 Units2024-09-300000081955ITA Acquisition, LLC - 1,124 Class A Preferred Units and 1,924 Class B Common Units2023-12-310000081955us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-01-012023-09-300000081955us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-01-012024-09-300000081955BMP Swanson Holdco, LLC - $1,600,000 Term Note at 12%2024-01-012024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:FilterworksAcquisitionUsaLlcMemberus-gaap:DebtSecuritiesMember2023-01-012023-09-300000081955Applied Image, Inc. - $1,750,000 Term Note2024-09-3000000819552023-01-012023-12-310000081955rand:O2024Q3DividendsMember2024-09-130000081955Caitec, Inc. - $1,750,000 Subordinated Secured Promissory Note2023-12-310000081955Seybert’s Billiards Corporation - $4,139,444 Term Note at 12%2022-12-310000081955us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMemberrand:PressureProIncMember2024-01-012024-09-300000081955us-gaap:CommonStockMember2023-06-300000081955rand:NetChangeInUnrealizedAppreciationDepreciationOnInvestmentsMember2024-01-012024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:GonoodleIncMemberus-gaap:DebtSecuritiesMember2024-01-012024-09-300000081955ITA Acquisition, LLC 1,124 Class A Preferred Units and 1,924 Class B Common Units2024-09-300000081955Seybert’s Billiards Corporation - Warrant for 4% Membership Interest One2023-12-310000081955Ares Capital Corporation - 21,000 shares2023-01-012023-12-310000081955rand:O2024Q1DividendsMember2024-03-292024-03-290000081955Filterworks Acquisition USA, LLC - $2,283,702 Amended Term Note2024-09-300000081955LIABILITIES IN EXCESS OF OTHER ASSETS - (6.5%)2024-09-300000081955Seybert’s Billiards Corporation - 6,099,131 Third Amended and Restated Term Note at 12%2024-01-012024-09-300000081955SciAps, Inc. - 113,636 Series C Convertible Preferred2024-09-300000081955rand:AdministrationAgreementMember2023-01-012023-09-300000081955BMP Swanson Holdco, LLC2024-01-012024-09-300000081955SciAps, Inc. - 369,698 Series C1 Convertible Preferred2022-12-310000081955Mezmeriz, Inc. - 1,554,565 Series Seed Preferred2024-01-012024-09-300000081955Carolina Skiff LLC - 6.0825% Class A Common2024-09-300000081955Seybert’s Billiards Corporation2023-12-310000081955Tilson Technology Management, Inc. - *120,000 Series B Preferred2023-12-310000081955us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-09-300000081955SciAps, Inc. - 274,299 Series A1 Convertible Preferred2022-12-310000081955SciAps, Inc.2024-01-012024-09-300000081955Knoa Software, Inc. - 973,533 Series A-1 Convertible Preferred2024-09-300000081955PennantPark Investment Corporation - 195,000 shares2023-12-310000081955Seybert’s Billiards Corporation - $6,099,131 Third Amended and Restated Term Note at 12%2023-12-310000081955OnCore Golf Technology, Inc. - 300,483 Preferred AA2023-12-310000081955FCM Industries Holdco, LLC - $420,000 Convertible Note at 10%2024-09-300000081955BMP Food Service Supply Holdco, LLC $4,820,000 at 12% Second Amended and Restated Term Note2023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:HdiAcquisitionLlcMember2023-01-012023-09-300000081955Inter-National Electronic Alloys LLC - $3,288,235 Term Note at 12%2024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:MezmerizIncMemberus-gaap:EquitySecuritiesMember2024-01-012024-09-300000081955BMP Food Service Supply Holdco, LLC - 7,035,000 Second Amended and Restated Term Note, $2,215,0002023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:BmpSwansonHoldcoLlcMember2024-01-012024-09-300000081955Ares Capital Corporation - 21,000 shares2023-12-310000081955DSD Operating, LLC - $3,063,276 Term Note at 12%2022-12-310000081955rand:TilsonTechnologyManagementIncMember2024-01-012024-09-300000081955SciAps, Inc. - 113,636 Series C Convertible Preferred2023-01-012023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:FilterworksAcquisitionUsaLlcMemberus-gaap:DebtSecuritiesMember2024-01-012024-09-300000081955us-gaap:RetainedEarningsMember2023-01-012023-09-300000081955Caitec, Inc. - 36,261 Series A Preferred2024-09-300000081955Control and Affiliate Investments2022-12-3100000819552023-07-012023-09-300000081955Applied Image, Inc.2023-01-012023-12-310000081955BMP Swanson Holdco, LLC2024-09-300000081955rand:CreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2024-01-012024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:LoanInvestmentsMember2024-09-300000081955rand:MAndTBankMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberrand:CreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2022-06-272022-06-270000081955Highland All About People Holdings, Inc. 1,000,000 Class A Units2023-12-310000081955Lumious - $850,000 Replacement Term Note2023-12-310000081955us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMemberrand:FcmIndustriesHoldcoLlcMember2023-01-012023-09-300000081955Tilson Technology Management, Inc. - 120,000 Series B Preferred2023-12-310000081955SciAps, Inc. - 113,636 Series C Convertible Preferred2024-01-012024-09-300000081955Inter-National Electronic Alloys LLC2024-09-300000081955us-gaap:CommonStockMember2023-12-310000081955us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-07-012023-09-3000000819552023-12-310000081955Highland All About People Holdings, Inc.2023-12-310000081955Caitec, Inc. - 36,261 Series A Preferred2024-01-012024-09-300000081955us-gaap:TreasuryStockCommonMember2023-09-300000081955us-gaap:FairValueInputsLevel3Member2023-01-012023-09-300000081955Lumious - $850,000 Replacement Term Note2024-09-300000081955Applied Image, Inc. - $1,750,000 Term Note at 10% through February 1, 20292024-09-300000081955Non-Control/Non-Affiliate Investments - Net assets2024-09-300000081955Knoa Software, Inc.2023-01-012023-12-310000081955Highland All About People Holdings, Inc. $3,000,000 Term Note at 12%2023-01-012023-12-310000081955GoNoodle, Inc. - Warrant for 21,948 Series D Preferred2023-01-012023-12-310000081955Seybert’s Billiards Corporation - Warrant for 4% Membership Interest One2024-01-012024-09-300000081955Control and Affiliate Investments2023-12-310000081955Open Exchange, Inc - 397,899 Series C Preferred2023-12-310000081955us-gaap:FairValueInputsLevel3Member2024-09-300000081955Filterworks Acquisition USA, LLC d/b/a Autotality2024-09-300000081955Pressure Pro, Inc. - $3,000,000 Term Note at 12%2023-01-012023-12-310000081955Open Exchange2023-12-310000081955FCM Industries Holdco, LLC - $3,380,000 Term Note at 13%2024-01-012024-09-300000081955Caitec, Inc. - 150 Class A Units2024-09-300000081955GoNoodle, Inc. - Warrant for 21,948 Series D Preferred2024-09-300000081955us-gaap:FairValueInputsLevel3Member2024-01-012024-09-300000081955Tilson Technology Management, Inc. - 21,391 Series C Preferred2024-09-300000081955Inter-National Electronic Alloys LLC - $3,288,235 Term Note at 12%2023-12-310000081955Filterworks Acquisition USA, LLC d/b/a Autotality -417.7 shares Class A-0 Units2024-01-012024-09-300000081955SciAps, Inc. - 369,698 Series C1 Convertible Preferred2024-09-300000081955Caitec, Inc. - 36,261 Series A Preferred One2024-01-012024-09-300000081955Microcision LLC - Membership Interest Purchase Warrant for 5%2023-12-310000081955rand:CreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2024-07-012024-09-300000081955Caitec, Inc. - $1,750,000 Subordinated Secured Promissory Note One2024-09-300000081955BMP Swanson Holdco, LLC2022-12-310000081955Caitec, Inc. - 36,261 Series A Preferred One2024-09-300000081955Highland All About People Holdings, Inc. - $3,000,000 Term Note at 12%2024-09-300000081955rand:InvestmentManagementAgreementMember2023-07-012023-09-300000081955SciAps, Inc. - 147,059 Series D Convertible Preferred2023-12-310000081955Applied Image, Inc.2023-12-310000081955rand:AdministrationAgreementMember2024-01-012024-09-300000081955SciAps, Inc. - 369,698 Series C1 Convertible Preferred2024-01-012024-09-300000081955Inter-National Electronic Alloys LLC - 75.3 Class B Preferred Units2023-01-012023-12-310000081955Affiliate Investments2024-09-300000081955DSD Operating, LLC - $3,063,276 Term Note at 12%2023-12-310000081955Caitec, Inc. - $1,750,000 Subordinated Secured Promissory Note2024-09-300000081955GoNoodle, Inc. - 1,500,000 Secured Note2024-01-012024-09-300000081955LIABILITIES IN EXCESS OF OTHER ASSETS - (26.8%)2023-12-310000081955rand:InvestmentManagementAgreementMember2023-01-012023-09-300000081955Nailbiter, Inc. - Warrants for Preferred Stock2024-01-012024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:SocialflowIncMember2023-01-012023-09-300000081955Tilson Technology Management, Inc. - 120,000 Series B Preferred2022-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:ItaAcquisitionLlcMemberrand:LoanInvestmentsMember2024-01-012024-09-300000081955Tilson Technology Management, Inc. - *15,385 Series E Preferred2024-09-300000081955Tilson Technology Management, Inc. - 211,567 A-1 Units of SQF Holdco LLC.2023-12-310000081955DSD Operating, LLC - 1,067 Class B Common shares2024-09-300000081955Applied Image, Inc. - $1,750,000 Term Note at 10%2023-12-310000081955BMP Food Service Supply Holdco, LLC - 7,035,000 Second Amended and Restated Term Note, $2,215,0002024-09-300000081955us-gaap:RetainedEarningsMember2023-09-300000081955Tilson Technology Management, Inc. - *21,391 Series C Preferred2023-01-012023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:MezmerizIncMember2024-01-012024-09-300000081955SciAps, Inc. - 187,500 Series A Preferred2023-01-012023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:MountainRegionalEquipmentSolutionsMember2024-01-012024-09-300000081955rand:OilAndGasIndustryMember2023-12-310000081955Tilson Technology Management, Inc.2023-01-012023-12-310000081955Mattison Avenue Holdings LLC - $5,500,000 Term Note2024-01-012024-09-300000081955Mountain Regional Equipment Solutions2024-09-300000081955rand:O2024Q3DividendsMember2024-09-132024-09-130000081955Tilson Technology Management, Inc. - 70,176 Series D Preferred2024-09-300000081955rand:ScenarioThreeMembersrt:MinimumMember2024-01-012024-09-300000081955Applied Image, Inc.2024-01-012024-09-300000081955SciAps, Inc. - 187,500 Series A Preferred2022-12-310000081955ITA Acquisition, LLC - $2,297,808 Fourth Amended and Restated Term Note2023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:PressureProIncMember2023-01-012023-09-300000081955BMP Food Service Supply Holdco, LLC - 7,035,000 Second Amended and Restated Term Note, $4,820,0002023-01-012023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:KnoaSoftwareIncMemberus-gaap:EquitySecuritiesMember2024-01-012024-09-300000081955DSD Operating, LLC 1,067 Class B Common shares2023-12-310000081955FS KKR Capital Corp. - 48,000 shares2023-01-012023-12-310000081955us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2023-01-012023-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:LoanInvestmentsMember2023-01-012023-09-300000081955Tilson Technology Management, Inc. - *2.5% dividend payable quarterly2023-12-310000081955Filterworks Acquisition USA, LLC - 626.2 shares Class A-1 Units.2023-12-310000081955Applied Image, Inc. - Warrant for 1,167 shares2024-01-012024-09-300000081955Filterworks Acquisition USA, LLC - 626.2 shares Class A-1 Units2024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:HdiAcquisitionLlcMemberus-gaap:DebtSecuritiesMember2024-01-012024-09-300000081955DSD Operating, LLC 1,067 Class A Preferred shares2022-12-310000081955Knoa Software, Inc. - 973,533 Series A-1 Convertible Preferred2023-01-012023-12-310000081955ITA Acquisition, LLC - 1,124 Class A Preferred Units2023-12-310000081955rand:LoanInvestmentsMember2024-09-300000081955Seybert’s Billiards Corporation - $1,435,435 Term Note2023-01-012023-12-310000081955Caitec, Inc. - 150 Class A Units One2024-09-300000081955Knoa Software, Inc.2024-01-012024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:SciapsIncMember2023-01-012023-09-300000081955Inter-National Electronic Alloys LLC d/b/a EFINEA - 75.3 Class B Preferred Units2024-09-300000081955Filterworks Acquisition USA, LLC2023-12-310000081955Tilson Technology Management, Inc. - 211,567 A-1 Units of SQF Holdco LLC.2024-01-012024-09-300000081955srt:MinimumMember2023-12-310000081955SciAps, Inc. - 117,371 Series B Convertible Preferred2024-01-012024-09-300000081955Inter-National Electronic Alloys LLC - 75.3 Class B Preferred Units2023-12-310000081955rand:LoanInvestmentsMember2023-12-310000081955us-gaap:FairValueInputsLevel3Member2023-09-300000081955HDI Acquisition LLC. - $1,245,119 Term Loan2024-09-300000081955SciAps, Inc. - $2,090,000 Second Amended and Restated Secured Subordinated Promissory Note at 12%2024-01-012024-09-300000081955Seybert’s Billiards Corporation2024-01-012024-09-300000081955SciAps, Inc. - 187,500 Series A Preferred2024-09-300000081955Filterworks Acquisition USA, LLC d/b/a Autotality - 626.2 shares Class A-1 Units2023-01-012023-12-310000081955rand:MAndTBankMemberrand:CreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2022-06-272022-06-270000081955FCM Industries Holdco LLC $3,380,000 Term Note at 13%2023-12-310000081955FCM Industries Holdco, LLC - $3,380,000 Term Note at 13%2024-09-300000081955rand:OpenExchangeIncMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2023-01-012023-09-300000081955Filterworks Acquisition USA, LLC d/b/a Autotality - 626.2 shares Class A-1 Units2024-09-300000081955rand:BlockerCorporationMember2023-12-310000081955PennantPark Investment Corporation - 195,000 shares2023-01-012023-12-310000081955SciAps, Inc. - $2,090,000 Second Amended and Restated Secured Subordinated Promissory Note at 12%2024-09-300000081955Knoa Software, Inc.2022-12-310000081955us-gaap:DebtSecuritiesMember2023-12-310000081955Affiliate Investments – Net assets2023-12-310000081955Applied Image, Inc.2022-12-310000081955Tilson Technology Management, Inc. - 211,567 A-1 Units of SQF Holdco LLC.2024-09-300000081955BMP Food Service Supply Holdco, LLC - 15.4% Preferred Interest2024-01-012024-09-300000081955Tilson Technology Management, Inc. - *70,176 Series D Preferred2023-01-012023-12-310000081955DSD Operating, LLC 1,067 Class A Preferred shares2023-12-310000081955BMP Food Service Supply Holdco, LLC - $7,035,000 Second Amended and Restated Term Note, $4,820,000 at 12%, $2,215,000 at 13%2023-12-310000081955Knoa Software, Inc. - 1,876,922 Series B Preferred2024-01-012024-09-300000081955ITA Acquisition, LLC2022-12-310000081955Mattison Avenue Holdings LLC. - $1,794,944 Third Amended, Restated and Consolidated Promissory Note2023-12-310000081955us-gaap:CommonStockMember2023-01-012023-09-300000081955Carolina Skiff LLC - 6.0825% Class A Common Membership Interest2023-01-012023-12-310000081955FCM Industries Holdco, LLC - $420,000 Convertible Note at 10%2024-01-012024-09-300000081955us-gaap:AdditionalPaidInCapitalMember2023-12-310000081955SciAps, Inc. - 147,059 Series D Convertible Preferred2022-12-310000081955us-gaap:RetainedEarningsMember2024-07-012024-09-300000081955Tilson Technology Management, Inc. - 23,077 Series F Preferred2023-12-310000081955rand:BlockerCorporationMember2024-09-300000081955rand:ManufacturingMemberrand:InvestmentsAtFairValueMemberrand:IndustryConcentrationRiskMember2024-09-3000000819552024-11-060000081955us-gaap:RetainedEarningsMember2023-12-310000081955Subtotal Affiliate Investments2023-12-310000081955Seybert’s Billiards Corporation - Warrant for 4% Membership Interest One2022-12-310000081955GoNoodle, Inc. - 1,500,000 Secured Note2023-12-310000081955Mountain Regional Equipment Solutions - 37,991 Common Units2024-09-300000081955Highland All About People Holdings, Inc. 1,000,000 Class A Units2023-01-012023-12-310000081955Inter-National Electronic Alloys LLC2023-01-012023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:BmpFoodServiceSupplyHoldcoLlcMemberus-gaap:DebtSecuritiesMember2023-01-012023-09-3000000819552024-09-300000081955SciAps, Inc. - 187,500 Series A Preferred2024-01-012024-09-300000081955FCM Industries Holdco LLC2023-12-310000081955Tilson Technology Management, Inc. - 211,567 A-1 Units of SQF Holdco LLC2024-09-300000081955FCM Industries Holdco LLC - $3,380,000 Term Note at 13%2023-12-310000081955GoNoodle, Inc. - Warrant for 47,324 Series C Preferred2024-01-012024-09-300000081955ITA Acquisition, LLC - $1,500,000 Term Note at 12% (+5% PIK) through September 30, 20242023-12-310000081955Pressure Pro, Inc. - $3,000,000 Term Note at 12%2024-09-300000081955Filterworks Acquisition USA, LLC $2,283,702 Term Note at 12%2022-12-310000081955us-gaap:TreasuryStockCommonMember2023-06-300000081955BMP Food Service Supply2023-12-310000081955Open Exchange, Inc.2024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:PressureProIncMember2024-01-012024-09-300000081955ITA Acquisition, LLC $1,500,000 Term Note at 12%2023-01-012023-12-310000081955Inter-National Electronic Alloys LLC d/b/a EFINEA - $3,288,235 Term Note2024-01-012024-09-300000081955GoNoodle, Inc. - 1,500,000 Secured Note2023-01-012023-12-310000081955Filterworks Acquisition USA, LLC d/b/a Autotality - $2,283,702 Amended Term Note Thereafter2024-09-300000081955Tilson Technology Management, Inc. - 15,385 Series E Preferred2024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:InterNationalElectronicAlloysLlcMemberus-gaap:DebtSecuritiesMember2023-01-012023-09-300000081955Tilson Technology Management, Inc. - 23,077 Series F Preferred2022-12-310000081955Caitec, Inc. - $1,750,000 Subordinated Secured Promissory Note2024-01-012024-09-300000081955rand:BmpFoodServiceSupplyHoldcoLlcMember2023-01-012023-12-310000081955Applied Image, Inc. - $1,750,000 Term Note at 10% (+2% PIK) through February 1, 20252024-09-300000081955BMP Food Service Supply2024-09-300000081955Seybert’s Billiards Corporation2023-01-012023-12-310000081955Inter-National Electronic Alloys LLC - $3,288,235 Term Note at 12%2023-01-012023-12-310000081955Barings BDC, Inc. - 40,000 shares2023-12-310000081955FCM Industries Holdco LLC - $3,380,000 Term Note at 13%2023-01-012023-12-310000081955Seybert’s Billiards Corporation - 4,139,444 Term Note2023-01-012023-12-310000081955PostProcess Technologies, Inc. - 360,002 Series A1 Preferred2024-09-300000081955Tilson Technology Management, Inc. - *15,385 Series E Preferred2024-01-012024-09-300000081955Tilson Technology Management, Inc. - 211,567 Class A-1 Units of SQF Holdco LLC2022-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:InterNationalElectronicAlloysLlcMemberus-gaap:EquitySecuritiesMember2023-01-012023-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:LoanInvestmentsMember2024-01-012024-09-300000081955TOTAL INVESTMENTS – 106.5%2024-09-300000081955HDI Acquisition LLC. - $1,245,119 Term Loan2023-01-012023-12-310000081955Seybert’s Billiards Corporation - Warrant for 4% Membership Interest2023-12-310000081955SciAps, Inc. - 147,059 Series D Convertible Preferred2023-01-012023-12-310000081955us-gaap:RetainedEarningsMember2024-09-300000081955Inter-National Electronic Alloys LLC - $3,288,235 Term Note at 12%2024-01-012024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:DsdOperatingLlcMemberus-gaap:EquitySecuritiesMember2024-01-012024-09-300000081955Tilson Technology Management, Inc. - *21,391 Series C Preferred2023-12-310000081955Inter-National Electronic Alloys LLC $3,288,235 Term Note at 12%2023-01-012023-12-310000081955Pressure Pro, Inc. - $3,000,000 Term Note at 12%2023-12-310000081955Mezmeriz, Inc. - 1,554,565 Series Seed Preferred2023-01-012023-12-310000081955Filterworks Acquisition USA, LLC - 417.7 shares Class A-0 Units2023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:CaitecIncMemberrand:LoanInvestmentsMember2023-01-012023-09-300000081955BMP Swanson Holdco, LLC $1,600,000 Term Note at 12%2023-01-012023-12-3100000819552024-01-012024-09-300000081955BMP Food Service Supply Holdco, LLC - 7,035,000 Second Amended and Restated Term Note2023-12-310000081955Mattison Avenue Holdings LLC. - $1,794,944 Third Amended, Restated and Consolidated Promissory Note2023-01-012023-12-310000081955Carlyle Secured Lending Inc. - 86,000 shares2023-12-310000081955ITA Acquisition, LLC - $2,297,808 Fourth Amended and Restated Term Note at 12% 2024-09-300000081955Tilson Technology Management, Inc. - 23,077 Series F Preferred2024-09-300000081955Filterworks Acquisition USA, LLC 417.7 shares Class A-0 Units2023-12-310000081955SciAps, Inc. - 117,371 Series B Convertible Preferred2022-12-310000081955Seybert’s Billiards Corporation - $1,435,435 Term Note at 12%2024-01-012024-09-300000081955rand:AutomotiveMember2023-12-310000081955Pressure Pro, Inc.2024-01-012024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:SciapsIncMemberus-gaap:DebtSecuritiesMember2024-01-012024-09-300000081955Control Investments2023-12-310000081955Carolina Skiff LLC - 6.0825% Class A Common Membership Interest2024-09-300000081955Highland All About People Holdings, Inc. - $3,000,000 Term Note at 12%2023-12-310000081955Seybert’s Billiards Corporation - $6,099,131 Third Amended and Restated Term Note at 12%2024-09-300000081955rand:BdcInvestmentFundsMember2023-12-310000081955OnCore Golf Technology, Inc. - 300,483 Preferred AA2024-09-300000081955us-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300000081955Tilson Technology Management, Inc. - *70,176 Series D Preferred2024-09-300000081955us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-07-012024-09-300000081955ITA Acquisition, LLC - $2,297,808 Amended and Restated Term Note at 12%2023-12-310000081955rand:InvestmentManagementAgreementMember2023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:AffiliateLoanAndDebtInvestmentsMember2024-09-300000081955BMP Food Service Supply Holdco, LLC - $7,035,000 Second Amended and Restated Term Note2024-01-012024-09-300000081955Pressure Pro, Inc. - Warrant for 10% Membership Interest2023-01-012023-12-310000081955Caitec, Inc. - $1,750,000 Subordinated Secured Promissory Note One2023-01-012023-12-310000081955FCM Industries Holdco LLC $420,000 Convertible Note at 10%2023-01-012023-12-310000081955us-gaap:RetainedEarningsMember2024-06-300000081955Open Exchange, Inc - 397,899 Common2023-12-310000081955us-gaap:FairValueInputsLevel3Member2022-12-310000081955Tilson Technology Management, Inc. - 120,000 Series B Preferred2024-09-300000081955BMP Food Service Supply Holdco, LLC2023-12-310000081955Tilson Technology Management, Inc. - *21,391 Series C Preferred2024-01-012024-09-300000081955Pressure Pro, Inc. - Warrant for 10% Membership Interest2023-12-310000081955us-gaap:CommonStockMember2024-05-070000081955us-gaap:FairValueInputsLevel3Memberrand:LoanInvestmentsMemberrand:MattisonAvenueHoldingsLlcMember2024-01-012024-09-300000081955Highland All About People Holdings, Inc. - $3,000,000 Term Note at 12% 2024-01-012024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:BmpFoodServiceSupplyHoldcoLlcMember2024-01-012024-09-300000081955Tilson Technology Management, Inc. - 70,176 Series D Preferred2023-12-310000081955OnCore Golf Technology, Inc. - 300,483 Preferred AA2024-01-012024-09-300000081955us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:FilterworksAcquisitionUsaLlcMember2023-01-012023-09-300000081955BMP Swanson Holdco, LLC - Preferred Membership Interest for 9.24%2024-01-012024-09-300000081955us-gaap:InvestmentUnaffiliatedIssuerMember2024-01-012024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:SomersetGasTransmissionCompanyLlcMember2023-01-012023-09-300000081955BMP Swanson Holdco, LLC - $1,600,000 Term Note2024-09-300000081955BMP Swanson Holdco, LLC2023-01-012023-12-310000081955BMP Swanson Holdco, LLC Preferred Membership Interest for 9.29%2023-12-310000081955PostProcess Technologies, Inc. - 360,002 Series A1 Preferred2023-01-012023-12-310000081955SciAps, Inc. - $2,090,000 Second Amended and Restated Secured Subordinated Promissory Note at 12%2023-01-012023-12-310000081955Seybert’s Billiards Corporation - 5.82 Common shares2024-01-012024-09-300000081955SciAps, Inc. - 274,299 Series A1 Convertible Preferred2023-12-310000081955Knoa Software, Inc. - 1,876,922 Series B Preferred2024-09-300000081955rand:AutomotiveMemberrand:InvestmentsAtFairValueMemberrand:IndustryConcentrationRiskMember2024-09-300000081955Seybert’s Billiards Corporation - 5.82 Common shares2023-01-012023-12-310000081955Caitec, Inc. - 150 Class A Units One2023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:SeybertBilliardsCorporationMember2023-01-012023-09-300000081955Tilson Technology Management, Inc. - 211,567 A-1 Units of SQF Holdco LLC2024-01-012024-09-300000081955BMP Food Service Supply Holdco, LLC2024-01-012024-09-300000081955ITA Acquisition, LLC - $1,500,000 Term Note at Thereafter 12%2024-09-300000081955Tilson Technology Management, Inc. - *21,391 Series C Preferred2024-09-300000081955FCM Industries Holdco LLC2023-01-012023-12-310000081955Barings BDC, Inc. - 40,000 shares2023-01-012023-12-310000081955SciAps, Inc. - Warrant to purchase Series D-1 Preferred2024-01-012024-09-300000081955Caitec, Inc.2023-12-310000081955Inter-National Electronic Alloys LLC d/b/a EFINEA - 75.3 Class B Preferred Units2024-01-012024-09-300000081955SciAps, Inc. 2023-01-012023-12-310000081955BMP Food Service Supply Holdco, LLC - 15.4% Preferred Interest2024-09-300000081955Seybert’s Billiards Corporation - $4,139,444 Term Note at 12%2023-01-012023-12-310000081955srt:MaximumMember2024-01-012024-09-300000081955rand:ProfessionalServicesMember2023-12-310000081955BMP Swanson Holdco, LLC - Preferred Membership Interest for 9.24%2024-09-300000081955SciAps, Inc.2023-12-310000081955Open Exchange, Inc - 397,899 Series C Preferred2023-01-012023-12-310000081955Knoa Software, Inc.2023-12-310000081955Caitec, Inc. - 150 Class A Units2023-12-310000081955rand:InterNationalElectronicAlloysLlcMember2023-01-012023-12-310000081955Seybert’s Billiards Corporation - 5.82 Common shares2024-09-300000081955Caitec, Inc. - 150 Class A Units2024-01-012024-09-300000081955Highland All About People Holdings, Inc. - 1,000,000 Class A Units2023-01-012023-12-310000081955Filterworks Acquisition USA, LLC d/b/a Autotality - $2,283,702 Term Note2023-01-012023-12-310000081955rand:ScenarioThreeMember2024-01-012024-09-300000081955Caitec, Inc.2024-09-300000081955BMP Swanson Holdco, LLC - Preferred Membership Interest for 9.29%2024-09-300000081955Subtotal Control Investments2023-12-310000081955Seybert’s Billiards Corporation - $1,435,435 Term Note2023-12-310000081955ITA Acquisition, LLC - $1,500,000 Term Note2024-09-300000081955Mountain Regional Equipment Solutions - $3,000,000 Term Note2024-09-300000081955srt:MaximumMember2023-01-012023-12-310000081955BMP Food Service Supply Holdco, LLC - 7,035,000 Second Amended and Restated Term Note, $4,820,0002023-12-310000081955Tilson Technology Management, Inc. - *120,000 Series B Preferred2023-01-012023-12-310000081955Filterworks Acquisition USA, LLC d/b/a Autotality - $2,283,702 Amended Term Note Through March 31, 20252024-09-300000081955Affiliate Investments2023-12-310000081955SciAps, Inc. - 187,500 Series A Preferred2023-12-310000081955DSD Operating, LLC - $3,063,276 Term Note at 12% (+2% PIK) due September 30, 2026ote at 12%2024-09-300000081955GoNoodle, Inc. - Warrant for 21,948 Series D Preferred2023-12-310000081955Seybert’s Billiards Corporation - 5.82 Common shares2022-12-310000081955Affiliate Investments – Net assets2024-09-300000081955Tilson Technology Management, Inc. - *70,176 Series D Preferred2023-12-310000081955rand:InvestmentManagementAgreementMember2023-12-310000081955rand:SciapsIncMember2023-01-012023-12-310000081955us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2022-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:ClearviewSocialIncMember2023-01-012023-09-300000081955Caitec, Inc. - 150 Class A Units One2023-01-012023-12-310000081955Carolina Skiff LLC - 6.0825% Class A Common2024-01-012024-09-300000081955Lumious - $850,000 Replacement Term Note2024-01-012024-09-300000081955Open Exchange, Inc - 397,899 Common2024-09-300000081955us-gaap:RetainedEarningsMember2023-06-300000081955Filterworks Acquisition USA, LLC - 417.7 shares Class A-0 Units2024-01-012024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:LoanInvestmentsMember2022-12-310000081955ITA Acquisition, LLC - $2,297,808 Amended and Restated Term Note at 12%2023-01-012023-12-310000081955Inter-National Electronic Alloys LLC2024-01-012024-09-300000081955Nailbiter, Inc. - Interest Receivable $50,0922023-12-310000081955BMP Swanson Holdco, LLC - $1,600,000 Term Note at 12%2024-09-300000081955Tilson Technology Management, Inc. - 250 Class D-1 Units of SQF Holdco LLC2024-01-012024-09-300000081955SciAps, Inc. - $2,090,000 Second Amended and Restated Secured Subordinated Promissory Note at 12%2022-12-310000081955ITA Acquisition, LLC2023-12-310000081955us-gaap:DebtSecuritiesMember2024-09-300000081955Applied Image, Inc. thereafter 10% February 1, 20292024-09-300000081955Pressure Pro, Inc. - Warrant for 10% Membership Interest2024-09-300000081955us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2022-12-310000081955BMP Food Service Supply Holdco, LLC 15.4% Preferred Interest2023-12-310000081955Seybert’s Billiards Corporation - Warrant for 4% Membership Interest2024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:CaitecIncMemberrand:LoanInvestmentsMember2024-01-012024-09-300000081955FCM Industries Holdco, LLC2024-09-300000081955SciAps, Inc. - 117,371 Series B Convertible Preferred2023-12-310000081955SciAps, Inc. - 274,299 Series A1 Convertible Preferred2024-01-012024-09-300000081955rand:ConsumerProductMember2023-12-310000081955Tilson Technology Management, Inc.2024-01-012024-09-300000081955BMP Food Service Supply Holdco, LLC 15.4% Preferred Interest2023-01-012023-12-310000081955SciAps, Inc. 2022-12-310000081955Highland All About People Holdings, Inc.2024-09-300000081955rand:SeybertsBilliardsCorporationMember2024-01-012024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:HighlandAllAboutPeopleHoldingsIncMemberus-gaap:DebtSecuritiesMember2024-01-012024-09-300000081955Seybert’s Billiards Corporation - Warrant for 4% Membership Interest2022-12-310000081955rand:InvestmentManagementAgreementMember2024-07-012024-09-300000081955FCM Industries Holdco LLC2024-09-300000081955rand:CreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2023-01-012023-09-300000081955Tilson Technology Management, Inc. - 211,567 A-1 Units of SQF Holdco LLC2023-12-310000081955rand:TilsonTechnologyManagementIncMember2023-01-012023-12-310000081955Inter-National Electronic Alloys LLC - 75.3 Class B Preferred Units2024-09-300000081955Seybert’s Billiards Corporation - $1,435,435 Term Note at 12%2023-01-012023-12-310000081955ITA Acquisition, LLC2024-01-012024-09-300000081955BMP Food Service Supply Holdco, LLC2023-01-012023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:BmpFoodServiceSupplyHoldcoLlcMemberus-gaap:DebtSecuritiesMember2024-01-012024-09-300000081955us-gaap:TreasuryStockCommonMember2024-09-300000081955DSD Operating, LLC - $3,063,276 Term Note at 12%2023-01-012023-12-310000081955BMP Swanson Holdco, LLC Preferred Membership Interest for 9.29%2023-01-012023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:FilterworksAcquisitionUsaLlcMemberus-gaap:EquitySecuritiesMember2024-01-012024-09-300000081955rand:ScenarioOneMember2024-01-012024-09-300000081955Affiliate Investments2022-12-310000081955Control Investments2022-12-310000081955FCM Industries Holdco LLC $420,000 Convertible Note at 10%2023-12-310000081955Microcision LLC - Membership Interest Purchase Warrant for 5%2023-01-012023-12-3100000819552024-06-300000081955Highland All About People Holdings, Inc. - 1,000,000 Class A Units2023-12-310000081955Nailbiter, Inc. - Warrants for Preferred Stock2023-01-012023-12-310000081955us-gaap:FairValueInputsLevel3Member2023-12-310000081955us-gaap:EstimateOfFairValueFairValueDisclosureMember2024-09-300000081955Open Exchange, Inc - 397,899 Series C Preferred2024-09-300000081955us-gaap:CommonStockMember2022-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:ItaAcquisitionLlcMember2024-01-012024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:ClearviewSocialIncMemberus-gaap:EquitySecuritiesMember2023-01-012023-09-300000081955Caitec, Inc. - 36,261 Series A Preferred.2023-01-012023-12-310000081955BMP Swanson Holdco, LLC $1,600,000 Term Note at 12%2023-12-310000081955Affiliate Investments2023-01-012023-12-310000081955Applied Image, Inc. - $1,750,000 Term Note at 10%2024-01-012024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:SciapsIncMemberus-gaap:EquitySecuritiesMember2024-01-012024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:SocialflowIncMemberus-gaap:EquitySecuritiesMember2023-01-012023-09-300000081955GoNoodle, Inc. - Warrant for 47,324 Series C Preferred2023-01-012023-12-310000081955Non-Control/Non-Affiliate Investments - Net assets2023-12-310000081955us-gaap:TreasuryStockCommonMember2024-06-300000081955Tilson Technology Management, Inc. - 70,176 Series D Preferred2022-12-310000081955us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2023-09-300000081955Caitec, Inc. - 36,261 Series A Preferred2023-01-012023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:InterNationalElectronicAlloysLlcMember2024-01-012024-09-300000081955DSD Operating, LLC2023-01-012023-12-310000081955SciAps, Inc. - 117,371 Series B Convertible Preferred2024-09-300000081955Caitec, Inc. - 36,261 Series A Preferred.2023-12-310000081955BMP Swanson Holdco, LLC - $1,600,000 Term Note2023-01-012023-12-310000081955Tilson Technology Management, Inc. - *120,000 Series B Preferred2024-09-300000081955rand:NetRealizedGainLossOnSalesAndDispositionsOfInvestmentsMember2023-01-012023-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:BmpFoodServiceSupplyHoldcoLlcMemberus-gaap:EquitySecuritiesMember2023-01-012023-09-300000081955Highland All About People Holdings, Inc.2023-01-012023-12-310000081955Investments, NET ASSETS - 100%2024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:NonControlAndNonAffiliateEquityInvestmentsMember2024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:LoanInvestmentsMember2023-12-310000081955Mountain Regional Equipment Solutions - 37,991 Common Units2024-01-012024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:GonoodleIncMember2023-01-012023-09-300000081955FCM Industries Holdco LLC $3,380,000 Term Note at 13%2023-01-012023-12-310000081955Inter-National Electronic Alloys LLC d/b/a EFINEA - $3,288,235 Term Note2024-09-300000081955Caitec, Inc. - $1,750,000 Subordinated Secured Promissory Note Modified to 14%2024-09-300000081955rand:InvestmentManagementAgreementMember2024-09-300000081955us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMemberrand:FcmIndustriesHoldcoLlcMember2024-01-012024-09-300000081955ITA Acquisition, LLC2023-01-012023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:HighlandAllAboutPeopleHoldingsIncMember2023-01-012023-09-300000081955FCM Industries Holdco LLC - $420,000 Convertible Note at 10%2023-01-012023-12-310000081955BMP Swanson Holdco, LLC - $1,600,000 Term Note2024-01-012024-09-300000081955us-gaap:InvestmentUnaffiliatedIssuerMember2024-07-012024-09-300000081955Highland All About People Holdings, Inc.2024-01-012024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:TilsonTechnologyManagementIncMemberus-gaap:EquitySecuritiesMember2024-01-012024-09-300000081955Carolina Skiff LLC - 6.0825% Class A Common2023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:CaitecIncMember2024-01-012024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:SciapsIncMember2024-01-012024-09-300000081955Filterworks Acquisition USA, LLC d/b/a Autotality - $2,283,702 Term Note2023-12-310000081955Open Exchange, Inc - 397,899 Common2024-01-012024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:RheonixIncMember2023-01-012023-09-300000081955BMP Swanson2023-12-310000081955SciAps, Inc. - 274,299 Series A1 Convertible Preferred2023-01-012023-12-310000081955us-gaap:InvestmentAffiliatedIssuerControlledMember2024-01-012024-09-300000081955ITA Acquisition, LLC - $1,500,000 Term Note at 12%2024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:FilterworksAcquisitionUsaLlcMember2024-01-012024-09-300000081955ITA Acquisition, LLC 1,924 Class B Common Units2024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:HdiAcquisitionLlcMember2024-01-012024-09-300000081955Mountain Regional Equipment Solutions - Warrant for 1% Membership Interest2024-09-300000081955Seybert’s Billiards Corporation - 5.82 Common shares2023-12-310000081955FCM Industries Holdco LLC - $3,380,000 Term Note at 13%2024-09-300000081955DSD Operating, LLC - $3,063,276 Term Note at 12% (+2% PIK) due September 30, 20262024-09-300000081955FCM Industries Holdco LLC - $420,000 Convertible Note at 10%2023-12-310000081955Filterworks Acquisition USA, LLC2022-12-310000081955BMP Food Service Supply Holdco, LLC - $7,035,000 Second Amended and Restated Term Note, $4,820,000 at 12%, $2,215,000 at 13%2024-01-012024-09-300000081955srt:MinimumMember2024-01-012024-09-300000081955Highland All About People Holdings, Inc. - $3,000,000 Term Note at 12% 2024-09-300000081955rand:MAndTBankMemberrand:CreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2022-06-270000081955Pressure Pro, Inc. - $3,000,000 Term Note 2024-01-012024-09-300000081955Tilson Technology Management, Inc. - 120,000 Series B Preferred2023-01-012023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:DsdOperatingLlcMemberrand:LoanInvestmentsMember2023-01-012023-09-300000081955Tilson Technology Management, Inc. - *15,385 Series E Preferred2023-12-310000081955GoNoodle, Inc.2024-09-300000081955ITA Acquisition, LLC - $2,297,808 Fourth Amended and Restated Term Note at 12%2024-09-300000081955OnCore Golf Technology, Inc. - 300,483 Preferred AA2023-01-012023-12-310000081955Applied Image, Inc. - $1,750,000 Term Note at 10%2022-12-310000081955Inter-National Electronic Alloys LLC 75.3 Class B Preferred Units2023-01-012023-12-310000081955srt:MaximumMember2024-09-300000081955rand:SeybertsBilliardsCorporationMember2023-01-012023-12-310000081955us-gaap:AdditionalPaidInCapitalMember2024-06-300000081955Tilson Technology Management, Inc. - 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150 Class A Units One2024-01-012024-12-310000081955Mobile RN Holdings LLC2024-12-310000081955Filterworks Acquisition USA, LLC d/b/a Autotality - $2,283,702 Amended Term Note2024-01-012024-12-3100000819552025-03-310000081955Seybert’s Billiards Corporation - 5.82 Common shares2024-12-310000081955FCM Industries Holdco, LLC - $3,380,000 Term Note at 13%2024-12-310000081955us-gaap:CommonStockMember2024-12-310000081955srt:MinimumMember2025-03-310000081955Autotality formerly Filterworks Acquisition USA, LLC - 626.2 shares Class A-1 Units2025-03-310000081955us-gaap:FairValueInputsLevel3Memberrand:LoanInvestmentsMember2024-01-012024-03-310000081955Highland All About People Holdings, Inc. - $3,000,000 Term Note at 12%2025-01-012025-03-310000081955ITA Acquisition, LLC - $1,500,000 Term Note at 14% PIK through March 31, 20262025-03-310000081955us-gaap:RetainedEarningsMember2024-12-310000081955Control and Affiliate Investments2024-12-310000081955us-gaap:InvestmentAffiliatedIssuerControlledMember2024-01-012024-03-310000081955Pressure Pro, Inc. - $3,000,000 Term Note2024-01-012024-12-310000081955Mountain Regional Equipment Solutions - Warrant for 1% Membership Interest2024-12-310000081955Tilson Technology Management, Inc. - 211,567 A-1 Units of SQF Holdco LLC.2025-03-310000081955Applied Image, Inc. - $1,750,000 Term Note at 10%2024-12-310000081955srt:MinimumMember2025-01-012025-03-310000081955Caitec, Inc. - $1,750,000 Subordinated Secured Promissory Note One Modified to 14%2025-03-310000081955Open Exchange, Inc - 397,899 Series C Preferred2025-01-012025-03-310000081955Applied Image, Inc. - $1,750,000 Term Note at 10%2023-12-310000081955DSD Operating, LLC - $3,063,276 Term Note at 12% (+2% PIK) due September 30, 20262024-12-310000081955rand:InvestmentManagementAgreementMember2025-03-310000081955SciAps, Inc. - 369,698 Series C1 Convertible Preferred2024-12-310000081955Pressure Pro, Inc. - Warrant for 10% Membership Interest2024-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:FcmIndustriesHoldcoLlcMember2025-01-012025-03-310000081955Filterworks Acquisition USA, LLC d/b/a Autotality2024-12-310000081955Autotality (formerly Filterworks Acquisition USA, LLC) - 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*70,176 Series D Preferred2025-01-012025-03-310000081955Caitec, Inc. - 150 Class A Units2025-03-310000081955us-gaap:FairValueInputsLevel3Memberrand:MobileRNHoldingsLLCMember2025-01-012025-03-310000081955Caitec, Inc. - $1,750,000 Subordinated Secured Promissory Note2025-03-310000081955BMP Swanson Holdco, LLC2023-12-310000081955Tilson Technology Management, Inc. - *21,391 Series C Preferred2024-01-012024-12-310000081955Carolina Skiff LLC - 6.0825% Class A Common2025-03-310000081955FCM Industries Holdco, LLC - $420,000 Convertible Note at 10%2024-12-310000081955Seybert’s Billiards Corporation - Warrant for 4% Membership Interest2024-12-310000081955Filterworks Acquisition USA, LLC - 626.2 shares Class A-1 Units.2023-12-310000081955us-gaap:CommonStockMember2025-04-230000081955rand:InvestmentManagementAgreementMember2024-12-310000081955Microcision LLC - Membership Interest Purchase Warrant for 5%2025-03-310000081955Tilson Technology Management, Inc. - *70,176 Series D Preferred2025-03-310000081955us-gaap:FairValueInputsLevel3Memberrand:BmpFoodServiceSupplyHoldcoLlcMember2025-01-012025-03-310000081955BMP Food Service Supply2024-12-310000081955ITA Acquisition, LLC - $1,500,000 Term Note at 3% (+11% PIK) Through December 31, 20242024-12-310000081955Filterworks Acquisition USA, LLC - $2,283,702 Amended Term Note at 6% (+8% PIK) through March 31, 20252024-12-310000081955rand:BlockerCorporationMember2024-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:AffiliateEquityInvestmentsMember2025-03-310000081955rand:CreditAgreementMembersrt:MinimumMember2022-06-272022-06-270000081955us-gaap:FairValueInputsLevel3Memberrand:ItaAcquisitionLlcMemberrand:LoanInvestmentsMember2025-01-012025-03-310000081955us-gaap:FairValueInputsLevel3Memberrand:AffiliateInvestmentsMember2025-03-310000081955Inter-National Electronic Alloys LLC - $3,288,235 Term Note at 12%2025-03-310000081955rand:ManufacturingMember2024-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:GonoodleIncMemberus-gaap:DebtSecuritiesMember2025-01-012025-03-310000081955srt:MaximumMember2025-03-310000081955Open Exchange, Inc. - 397,899 Series C Preferred2024-01-012024-12-310000081955rand:SoftwareMember2025-03-310000081955Tilson Technology Management, Inc. - 250 Class D-1 Units of SQF Holdco LLC2024-12-310000081955Mountain Regional Equipment Solutions2025-03-310000081955ITA Acquisition, LLC - $2,672,808 Fifth Amended and Restated Term Note at 14% PIK through March 31, 20262025-03-310000081955us-gaap:InvestmentAffiliatedIssuerControlledMember2024-12-310000081955Filterworks Acquisition USA, LLC - $2,283,702 Amended Term Note2023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:PressureProIncMember2025-01-012025-03-310000081955Non-Control/Non-Affiliate Investments - Net assets2025-03-310000081955Seybert’s Billiards Corporation - Warrant for 4% Membership Interest2024-01-012024-12-310000081955Applied Image, Inc.2023-12-310000081955GoNoodle, Inc. - Warrant for 21,948 Series D Preferred2024-12-310000081955rand:ScenarioThreeMember2025-01-012025-03-310000081955Autotality (formerly Filterworks Acquisition USA, LLC)2025-01-012025-03-310000081955Filterworks Acquisition USA, LLC - 417.7 shares Class A-0 Units2023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:AutotalityMemberus-gaap:DebtSecuritiesMember2025-01-012025-03-310000081955Autotality (formerly Filterworks Acquisition USA, LLC) - $2,283,702 Amended Term Note2024-12-310000081955ITA Acquisition, LLC $1,500,000 Term Note at 12%2024-12-310000081955Tilson Technology Management, Inc. - 23,077 Series F Preferred2025-01-012025-03-310000081955us-gaap:FairValueInputsLevel3Memberrand:InterNationalElectronicAlloysLlcMember2024-01-012024-03-310000081955Carolina Skiff LLC - 6.0825% Class A Common2025-01-012025-03-310000081955Filterworks Acquisition USA, LLC - $2,283,702 Amended Term Note2024-12-310000081955Caitec, Inc. - $1,750,000 Subordinated Secured Promissory Note2024-01-012024-12-3100000819552024-01-012024-12-310000081955Tilson Technology Management, Inc. - 250 Class D-1 Units of SQF Holdco LLC2024-01-012024-12-310000081955Filterworks Acquisition USA, LLC - 417.7 shares Class A-0 Units2024-01-012024-12-310000081955Tilson Technology Management, Inc. - 211,567 A-1 Units of SQF Holdco LLC.2025-01-012025-03-310000081955us-gaap:FairValueInputsLevel3Memberrand:HdiAcquisitionLlcMemberus-gaap:DebtSecuritiesMember2025-01-012025-03-310000081955Seybert’s2024-12-310000081955Affiliate Investments2024-01-012024-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:HighlandAllAboutPeopleHoldingsIncMember2024-01-012024-03-310000081955Mobile RN Holdings LLC - $2,500,000 Term Note at 14%2024-01-012024-12-310000081955Mountain Regional Equipment Solutions - $3,000,000 Term Note2025-01-012025-03-310000081955rand:NetRealizedGainLossOnSalesAndDispositionsOfInvestmentsMember2024-01-012024-03-310000081955rand:ScenarioTwoMember2025-01-012025-03-310000081955SciAps, Inc. - 187,500 Series A Preferred2024-12-310000081955rand:O2024Q4DividendsMember2024-12-052024-12-050000081955Pressure Pro, Inc.2024-01-012024-12-310000081955Tilson Technology Management, Inc. - 23,077 Series F Preferred2024-01-012024-12-310000081955Inter-National Electronic Alloys LLC $3,288,235 Term Note at 12%2023-12-310000081955Tilson Technology Management, Inc. - 211,567 A-1 Units of SQF Holdco LLC2025-03-310000081955FCM Industries Holdco LLC2025-03-310000081955Mountain Regional Equipment Solutions - $3,000,000 Term Note2024-01-012024-12-310000081955ITA Acquisition, LLC - $2,672,808 Fifth Amended and Restated Term Note at 12%2025-03-310000081955us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2024-01-012024-03-310000081955Autotality formerly Filterworks Acquisition USA, LLC - $2,283,702 Amended Term Note Thereafter2025-03-310000081955Mountain Regional Equipment Solutions - $3,000,000 Term Note Thereafter 14%2025-03-310000081955us-gaap:FairValueInputsLevel3Memberrand:HdiAcquisitionLlcMemberus-gaap:DebtSecuritiesMember2024-01-012024-03-310000081955us-gaap:FairValueInputsLevel3Memberrand:ItaAcquisitionLlcMember2025-01-012025-03-310000081955OnCore Golf Technology, Inc. - 300,483 Preferred AA2024-12-310000081955Tilson Technology Management, Inc.2025-03-310000081955us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2024-12-310000081955Tilson Technology Management, Inc. - 15,385 Series E Preferred2024-01-012024-12-310000081955Mountain Regional Equipment Solutions - $3,000,000 Term Note at 14% PIK through June 30, 20252025-03-310000081955ITA Acquisition, LLC - $2,297,808 Fourth Amended and Restated Term Note at 3% (+11% PIK) through December 30, 20242024-12-310000081955BMP Food Service Supply Holdco, LLC - $7,035,000 Second Amended and Restated Term Note, $4,820,000 at 12%, $2,215,000 at 13%2023-12-310000081955BMP Food Service Supply Holdco, LLC - $7,035,000 Second Amended and Restated Term Note2025-03-310000081955rand:InvestmentManagementAgreementMember2025-01-012025-03-310000081955Applied Image, Inc. - $1,750,000 Term Note at 10%2024-01-012024-12-310000081955us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMemberrand:FcmIndustriesHoldcoLlcMember2024-01-012024-03-310000081955BMP Food Service Supply Holdco, LLC - 15.4% Preferred Interest2023-12-310000081955ITA Acquisition, LLC - $1,500,000 Term Note2024-01-012024-12-310000081955us-gaap:TreasuryStockCommonMember2024-03-310000081955Autotality (formerly Filterworks Acquisition USA, LLC) - 626.2 shares Class A-1 Units2025-03-310000081955rand:MAndTBankMemberrand:CreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2022-06-272022-06-270000081955Caitec, Inc. - 36,261 Series A Preferred One2024-12-310000081955Investments, NET ASSETS - 100%2025-03-310000081955Tilson Technology Management, Inc. - *21,391 Series C Preferred2024-12-310000081955PostProcess Technologies, Inc. - 360,002 Series A1 Preferred2024-01-012024-12-310000081955rand:CaitecIncMember2024-01-012024-12-310000081955Applied Image, Inc. - $1,750,000 Term Note2024-12-310000081955Caitec, Inc. - $1,750,000 Subordinated Secured Promissory Note to 12%2024-12-310000081955ITA Acquisition, LLC2024-01-012024-12-310000081955rand:ConsumerProductMember2024-12-310000081955ITA Acquisition, LLC - $1,500,000 Term Note2024-12-310000081955us-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310000081955SciAps, Inc. - 187,500 Series A Preferred2023-12-3100000819552024-01-012024-03-310000081955Tilson Technology Management, Inc. - 120,000 Series B Preferred2025-01-012025-03-310000081955us-gaap:FairValueInputsLevel3Memberrand:MountainRegionalEquipmentSolutionsMemberus-gaap:EquitySecuritiesMember2024-01-012024-03-310000081955rand:EastAssetManagementMember2025-01-012025-03-310000081955ITA Acquisition, LLC - $1,500,000 Term Note at Thereafter 12%2025-03-310000081955Seybert’s Billiards Corporation - 6,099,131 Third Amended and Restated Term Note at 12%2025-03-310000081955Inter-National Electronic Alloys LLC d/b/a EFINEA - $3,288,235 Term Note2025-01-012025-03-310000081955BMP Food Service Supply Holdco, LLC - 7,035,000 Second Amended and Restated Term Note, $2,215,000, thereafter 16%, due November 22, 20272025-03-310000081955Tilson Technology Management, Inc. - 250 Class D-1 Units of SQF Holdco LLC2025-01-012025-03-310000081955srt:MinimumMemberrand:ScenarioTwoMember2025-01-012025-03-3100000819552025-01-240000081955Tilson Technology Management, Inc.2024-12-310000081955SciAps, Inc. - 117,371 Series B Convertible Preferred2023-12-310000081955us-gaap:InvestmentAffiliatedIssuerControlledMember2025-03-310000081955Caitec, Inc. - 150 Class A Units One2025-03-310000081955ITA Acquisition, LLC 1,124 ITA Acquisition, LLC - 1,924 Class B Common Units.2025-03-310000081955Tilson Technology Management, Inc. - 120,000 Series B Preferred2024-01-012024-12-310000081955Autotality formerly Filterworks Acquisition USA, LLC - 417.7 shares Class A-0 Units2025-01-012025-03-310000081955Seybert’s Billiards Corporation - Warrant for 4% Membership Interest One2023-12-310000081955Highland All About People Holdings, Inc. - 1,000,000 Class A Units2024-12-310000081955srt:MinimumMember2024-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:LoanInvestmentsMemberrand:MattisonAvenueHoldingsLlcMember2025-01-012025-03-310000081955us-gaap:FairValueInputsLevel3Memberrand:SeybertBilliardsCorporationMember2025-01-012025-03-310000081955us-gaap:FairValueInputsLevel3Memberrand:MattisonAvenueHoldingsLlcMember2024-01-012024-03-310000081955Filterworks Acquisition USA, LLC d/b/a Autotality - $2,283,702 Amended Term Note Through March 31, 20252024-12-310000081955ITA Acquisition, LLC - $2,297,808 Fourth Amended and Restated Term Note at 3%2024-12-310000081955FCM Industries Holdco, LLC - $3,380,000 Term Note at 13%2025-03-310000081955Knoa Software, Inc.2024-01-012024-12-310000081955BMP Food Service Supply Holdco, LLC2025-03-310000081955Caitec, Inc. - $1,750,000 Subordinated Secured Promissory Note One to 12%2024-12-310000081955Seybert’s Billiards Corporation2024-12-310000081955Subtotal Non-Control/Non-Affiliate Investments2025-03-310000081955Control Investments2025-01-012025-03-310000081955Inter-National Electronic Alloys LLC2023-12-310000081955us-gaap:AdditionalPaidInCapitalMember2024-12-310000081955rand:ScenarioOneMembersrt:MaximumMember2025-01-012025-03-310000081955Inter-National Electronic Alloys LLC2025-03-310000081955rand:InvestmentManagementAgreementMember2024-01-012024-03-310000081955Inter-National Electronic Alloys LLC d/b/a EFINEA - 75.3 Class B Preferred Units2024-01-012024-12-310000081955FCM Industries Holdco, LLC - $420,000 Convertible Note at 10%2024-01-012024-12-310000081955Tilson Technology Management, Inc.2025-01-012025-03-310000081955Control Investments2024-12-310000081955Autotality (formerly Filterworks Acquisition USA, LLC) - $2,283,702 Amended Term Note at 6% (+8% PIK) through March 31, 20252025-03-310000081955Tilson Technology Management, Inc. - *70,176 Series D Preferred2024-12-310000081955Tilson Technology Management, Inc. - *15,385 Series E Preferred2024-01-012024-12-310000081955Tilson Technology Management, Inc. - *21,391 Series C Preferred2025-01-012025-03-310000081955Seybert’s Billiards Corporation - 5.82 Common shares2025-01-012025-03-310000081955us-gaap:FairValueInputsLevel3Memberrand:AutotalityMember2025-01-012025-03-310000081955us-gaap:FairValueInputsLevel3Memberrand:LoanInvestmentsMember2024-03-310000081955us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310000081955GoNoodle, Inc. - Warrant for 21,948 Series D Preferred2024-01-012024-12-310000081955srt:MinimumMember2024-01-012024-12-310000081955BMP Food Service Supply Holdco, LLC - 15.4% Preferred Interest2025-03-310000081955us-gaap:FairValueInputsLevel3Member2024-03-310000081955rand:StockDividendsDistributableMember2024-12-310000081955us-gaap:DebtSecuritiesMember2025-03-310000081955PostProcess Technologies, Inc. - 360,002 Series A1 Preferred2024-12-310000081955FCM Industries Holdco LLC2024-01-012024-12-310000081955BMP Swanson Holdco, LLC2025-01-012025-03-310000081955Inter-National Electronic Alloys LLC2025-01-012025-03-310000081955Mobile RN Holdings LLC - $2,500,000 Term Note at 14%2025-01-012025-03-310000081955Caitec, Inc. - $1,750,000 Subordinated Secured Promissory Note Modified to 14%2025-03-310000081955us-gaap:FairValueInputsLevel3Memberrand:FcmIndustriesHoldcoLlcMember2024-01-012024-03-310000081955rand:HealthAndWellnessMember2024-12-310000081955us-gaap:CommonStockMember2023-12-310000081955BMP Swanson Holdco, LLC - $1,600,000 Term Note at 12%2024-12-310000081955FCM Industries Holdco, LLC - $3,380,000 Term Note at 13%2024-01-012024-12-310000081955Caitec, Inc. - 150 Class A Units2025-01-012025-03-310000081955SciAps, Inc.2023-12-310000081955ITA Acquisition, LLC 1,124 Class A Preferred Units and 1,924 Class B Common Units2024-01-012024-12-310000081955Highland All About People Holdings, Inc.2025-03-310000081955BMP Food Service Supply Holdco, LLC - $7,035,000 Second Amended and Restated Term Note, $4,820,000 at 12%, $2,215,000 at 13%2024-12-310000081955us-gaap:FairValueInputsLevel3Member2025-01-012025-03-310000081955ITA Acquisition, LLC - $1,500,000 Term Note2023-12-310000081955DSD Operating, LLC - 1,067 Class A Preferred shares2024-12-310000081955Tilson Technology Management, Inc. - *21,391 Series C Preferred2025-03-310000081955us-gaap:FairValueInputsLevel3Member2024-01-012024-03-310000081955rand:ScenarioOneMember2025-01-012025-03-310000081955Seybert’s Billiards Corporation - $4,139,444 Term Note at 12%2023-12-310000081955Pressure Pro, Inc. - Warrant for 10% Membership Interest2025-01-012025-03-310000081955rand:InterNationalElectronicAlloysLlcMember2025-01-012025-03-310000081955Applied Image, Inc. - Warrant for 1,167 shares2025-01-012025-03-310000081955rand:EastAssetManagementMember2019-11-012019-11-300000081955rand:CreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2025-03-310000081955FCM Industries Holdco LLC $3,380,000 Term Note at 13%2024-01-012024-12-310000081955Seybert’s Billiards Corporation2025-03-310000081955Tilson Technology Management, Inc. - *120,000 Series B Preferred2025-03-310000081955us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMemberrand:PressureProIncMember2024-01-012024-03-310000081955Tilson Technology Management, Inc. - 23,077 Series F Preferred2023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:NonControlAndNonAffiliateEquityInvestmentsMember2025-03-310000081955Inter-National Electronic Alloys LLC - 75.3 Class B Preferred Units2025-03-310000081955rand:SeybertsBilliardsCorporationMember2025-01-012025-03-310000081955Inter-National Electronic Alloys LLC d/b/a EFINEA - $3,288,235 Term Note2025-03-310000081955Subtotal Non-Control/Non-Affiliate Investments2024-12-310000081955BMP Swanson Holdco, LLC - Preferred Membership Interest for 9.24%2024-12-310000081955Caitec, Inc. - 36,261 Series A Preferred2025-01-012025-03-310000081955SciAps, Inc. - 274,299 Series A1 Convertible Preferred2023-12-310000081955rand:NetRealizedGainLossOnSalesAndDispositionsOfInvestmentsMember2025-01-012025-03-310000081955rand:MAndTBankMemberrand:CreditAgreementMemberus-gaap:RevolvingCreditFacilityMembersrt:MinimumMember2022-06-272022-06-270000081955Inter-National Electronic Alloys LLC $3,288,235 Term Note at 12%2024-01-012024-12-310000081955Tilson Technology Management, Inc. - *120,000 Series B Preferred2024-12-310000081955Highland All About People Holdings, Inc.2024-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:MountainRegionalEquipmentSolutionsMember2024-01-012024-03-310000081955us-gaap:RetainedEarningsMember2025-01-012025-03-310000081955Seybert’s Billiards Corporation - 5.82 Common shares2023-12-310000081955srt:MaximumMember2025-01-012025-03-310000081955us-gaap:TreasuryStockCommonMember2025-03-3100000819552025-01-012025-03-310000081955Pressure Pro, Inc.2023-12-310000081955Highland All About People Holdings, Inc. - 1,000,000 Class A Units2025-01-012025-03-310000081955ITA Acquisition, LLC - $1,500,000 Term Note2025-03-310000081955Carolina Skiff LLC - 6.0825% Class A Common Membership Interest2024-12-310000081955Subtotal Control Investments2024-12-3100000819552022-12-310000081955Seybert’s Billiards Corporation2025-01-012025-03-310000081955PostProcess Technologies, Inc. - 137,054 Series A Preferred2025-01-012025-03-310000081955Subtotal Control Investments2025-03-310000081955BMP Food Service Supply Holdco, LLC - 15.4% Preferred Interest2024-01-012024-12-310000081955us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMemberrand:SeybertBilliardsCorporationMember2024-01-012024-03-310000081955rand:NetChangeInUnrealizedAppreciationDepreciationOnInvestmentsMember2024-01-012024-03-310000081955BMP Food Service Supply Holdco, LLC - $7,035,000 Second Amended and Restated Term Note, $4,820,000 at 12%, $2,215,000 at 16%2024-12-310000081955Seybert’s Billiards Corporation - Warrant for 4% Membership Interest One2025-01-012025-03-310000081955Tilson Technology Management, Inc. - 70,176 Series D Preferred2024-12-310000081955SciAps, Inc. - 187,500 Series A Preferred2024-01-012024-12-310000081955Pressure Pro, Inc. - $3,000,000 Term Note at 12%2024-12-310000081955Mountain Regional Equipment Solutions - Warrant for 4% Membership Interest2025-01-012025-03-310000081955Inter-National Electronic Alloys LLC d/b/a EFINEA - $3,288,235 Term Note2024-01-012024-12-310000081955Tilson Technology Management, Inc.2023-12-310000081955Applied Image, Inc. - $1,750,000 Term Note at 10% (+2% PIK) through February 1, 20252024-12-310000081955us-gaap:AdditionalPaidInCapitalMember2024-03-310000081955ITA Acquisition, LLC - $2,297,808 Fourth Amended and Restated Term Note at 3% (+11% PIK) through December 31, 20242024-12-310000081955LIABILITIES IN EXCESS OF OTHER ASSETS - (8.4%)2024-12-310000081955us-gaap:RetainedEarningsMember2023-12-310000081955FCM Industries Holdco LLC $420,000 Convertible Note at 10%2024-01-012024-12-310000081955Mobile RN Holdings LLC d/b/a Mobile IV Nurses - 6,375 Class A Common Units2024-12-310000081955rand:DistributionMember2024-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:ControlInvestmentsMember2025-03-310000081955ITA Acquisition, LLC2024-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:CaitecIncMemberrand:LoanInvestmentsMember2024-01-012024-03-310000081955rand:LoanInvestmentsMember2024-12-310000081955Caitec, Inc. - 36,261 Series A Preferred One2025-03-310000081955us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2025-03-310000081955SciAps, Inc. - $2,090,000 Second Amended and Restated Secured Subordinated Promissory Note at 12%2023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:MountainRegionalEquipmentSolutionsMemberus-gaap:DebtSecuritiesMember2024-01-012024-03-310000081955Autotality formerly Filterworks Acquisition USA, LLC - $2,283,702 Amended Term Note2025-03-310000081955HDI Acquisition LLC. - $1,245,119 Term Loan2024-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:ControlLoanAndDebtInvestmentsMember2025-03-310000081955us-gaap:FairValueInputsLevel3Member2025-03-310000081955Knoa Software, Inc. - 973,533 Series A-1 Convertible Preferred2024-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:ItaAcquisitionLlcMember2024-01-012024-03-310000081955us-gaap:InvestmentAffiliatedIssuerControlledMember2025-01-012025-03-310000081955Open Exchange, Inc. - 397,899 Series C Preferred2024-12-310000081955rand:BlockerCorporationMember2025-03-310000081955Control Investments - 3.8% of net assets2024-12-310000081955rand:CreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2024-01-012024-03-310000081955rand:AutomotiveMember2025-03-310000081955Mobile RN Holdings LLC d/b/a Mobile IV Nurses - 6,375 Class A Common Units2025-03-310000081955us-gaap:FairValueInputsLevel3Memberrand:ItaAcquisitionLlcMemberrand:LoanInvestmentsMember2024-01-012024-03-310000081955Highland All About People Holdings, Inc.2024-01-012024-12-310000081955FCM Industries Holdco, LLC2025-03-310000081955SciAps, Inc. - 147,059 Series D Convertible Preferred2024-01-012024-12-310000081955GoNoodle, Inc. - Warrant for 21,948 Series D Preferred2025-01-012025-03-310000081955Seybert’s Billiards Corporation2023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:GonoodleIncMemberus-gaap:EquitySecuritiesMember2025-01-012025-03-310000081955Mountain Regional Equipment Solutions - $3,000,000 Term Note2025-03-310000081955BMP Swanson Holdco, LLC - $1,600,000 Term Note2024-12-310000081955Applied Image, Inc.2025-03-310000081955rand:AutomotiveMember2024-12-310000081955Filterworks Acquisition USA, LLC d/b/a Autotality - $2,283,702 Amended Term Note Thereafter2024-12-310000081955FCM Industries Holdco, LLC - $420,000 Convertible Note at 10%2025-03-310000081955Microcision LLC - Membership Interest Purchase Warrant for 5%2025-01-012025-03-310000081955rand:CreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2024-12-310000081955Autotality (formerly Filterworks Acquisition USA, LLC)2025-03-310000081955us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2025-01-012025-03-310000081955Autotality (formerly Filterworks Acquisition USA, LLC) - thereafter 12% (+2% PIK) due March 31, 20262025-03-310000081955Caitec, Inc. - 36,261 Series A Preferred2024-01-012024-12-310000081955rand:BmpFoodServiceSupplyHoldcoLlcMember2025-01-012025-03-310000081955us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2024-03-310000081955SciAps, Inc. - 113,636 Series C Convertible Preferred2023-12-310000081955Control Investments2024-01-012024-12-310000081955ITA Acquisition, LLC 1,124 ITA Acquisition, LLC - 1,924 Class B Common Units.2024-12-310000081955rand:InvestmentManagementAgreementMember2025-03-310000081955SciAps, Inc. - 147,059 Series D Convertible Preferred2024-12-310000081955Mobile RN Holdings LLC2024-01-012024-12-310000081955Inter-National Electronic Alloys LLC - 75.3 Class B Preferred Units2023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:BmpFoodServiceSupplyHoldcoLlcMemberus-gaap:DebtSecuritiesMember2025-01-012025-03-310000081955us-gaap:FairValueInputsLevel3Memberrand:MountainRegionalEquipmentSolutionsMemberus-gaap:DebtSecuritiesMember2025-01-012025-03-310000081955Control and Affiliate Investments2024-01-012024-12-310000081955BMP Swanson Holdco, LLC - $1,600,000 Term Note2025-01-012025-03-310000081955BMP Swanson Holdco, LLC - $1,600,000 Term Note at 12%2024-01-012024-12-310000081955rand:TilsonTechnologyManagementIncMember2024-01-012024-12-310000081955us-gaap:RetainedEarningsMember2025-03-310000081955us-gaap:FairValueInputsLevel3Memberrand:HdiAcquisitionLlcMember2025-01-012025-03-310000081955Mountain Regional Equipment Solutions - 37,991 Common Units2025-03-310000081955Seybert’s Billiards Corporation - 5.82 Common shares2024-01-012024-12-310000081955BMP Swanson Holdco, LLC - Preferred Membership Interest for 9.24%2025-01-012025-03-310000081955Open Exchange, Inc - 397,899 Common2025-03-310000081955OnCore Golf Technology, Inc. - 300,483 Preferred AA2025-03-310000081955Tilson Technology Management, Inc. - 120,000 Series B Preferred2025-03-310000081955Seybert’s Billiards Corporation - 5.82 Common shares2025-03-310000081955Carolina Skiff LLC - 6.0825% Class A Common Membership Interest2024-01-012024-12-310000081955Seybert’s Billiards Corporation - 6,099,131 Third Amended and Restated Term Note at 12%2025-01-012025-03-310000081955Applied Image, Inc. - $1,750,000 Term Note at 10% through February 1, 20292024-12-310000081955BMP Food Service Supply Holdco, LLC - 7,035,000 Second Amended and Restated Term Note, $4,820,0002025-03-310000081955Seybert’s Billiards Corporation - 6,099,131 Third Amended and Restated Term Note at 12%2024-12-310000081955BMP Swanson Holdco, LLC - Preferred Membership Interest for 9.29%2024-12-310000081955Inter-National Electronic Alloys LLC2024-12-310000081955BMP Food Service Supply Holdco, LLC2024-01-012024-12-310000081955us-gaap:CommonStockMember2024-03-310000081955Highland All About People Holdings, Inc. - 1,000,000 Class A Units2024-01-012024-12-310000081955SciAps, Inc. - 369,698 Series C1 Convertible Preferred2024-01-012024-12-310000081955Tilson Technology Management, Inc. - 70,176 Series D Preferred2023-12-310000081955Seybert’s Billiards Corporation - 6,099,131 Third Amended and Restated Term Note at 12%2024-01-012024-12-310000081955FCM Industries Holdco, LLC2024-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:LoanInvestmentsMember2025-03-310000081955SciAps, Inc. - $2,090,000 Second Amended and Restated Secured Subordinated Promissory Note at 12%2024-01-012024-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:CaitecIncMember2024-01-012024-03-310000081955Tilson Technology Management, Inc. - 211,567 A-1 Units of SQF Holdco LLC2023-12-310000081955Pressure Pro, Inc. - $3,000,000 Term Note2024-12-310000081955us-gaap:InvestmentUnaffiliatedIssuerMember2025-01-012025-03-310000081955Caitec, Inc. - $1,750,000 Subordinated Secured Promissory Note2025-01-012025-03-310000081955us-gaap:FairValueInputsLevel3Memberrand:GonoodleIncMember2025-01-012025-03-310000081955Applied Image, Inc. - $1,750,000 Term Note2025-03-310000081955Tilson Technology Management, Inc. - *120,000 Series B Preferred2024-01-012024-12-310000081955Seybert’s Billiards Corporation - $6,099,131 Third Amended and Restated Term Note at 12%2025-01-012025-03-310000081955ITA Acquisition, LLC - $1,500,000 Term Note at 12%2025-03-310000081955BMP Food Service Supply Holdco, LLC - $7,035,000 Second Amended and Restated Term Note, $4,820,000 at 12%, $2,215,000 at 13%2024-01-012024-12-310000081955FCM Industries Holdco LLC - $420,000 Convertible Note at 10%2025-01-012025-03-310000081955BMP Food Service Supply Holdco, LLC - 7,035,000 Second Amended and Restated Term Note, $4,820,0002024-01-012024-12-310000081955BMP Food Service Supply Holdco, LLC2024-12-310000081955BMP Food Service Supply Holdco, LLC - 15.4% Preferred Interest2024-12-310000081955us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-03-310000081955Open Exchange, Inc - 397,899 Series C Preferred2025-03-310000081955us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2025-01-012025-03-310000081955BMP Food Service Supply Holdco, LLC - 7,035,000 Second Amended and Restated Term Note2024-12-310000081955Applied Image, Inc. - $1,750,000 Term Note2024-01-012024-12-310000081955us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMemberrand:SeybertBilliardsCorporationMember2025-01-012025-03-310000081955Caitec, Inc. - $1,750,000 Subordinated Secured Promissory Note One2025-01-012025-03-310000081955FCM Industries Holdco LLC - $3,380,000 Term Note at 13%2024-12-310000081955ITA Acquisition, LLC - $1,500,000 Term Note2025-01-012025-03-310000081955SciAps, Inc. - 147,059 Series D Convertible Preferred2023-12-310000081955Mobile RN Holdings LLC d/b/a Mobile IV Nurses - $2,500,000 Term Note2025-01-012025-03-310000081955Knoa Software, Inc. - 1,876,922 Series B Preferred2023-12-310000081955Applied Image, Inc. - $1,750,000 Term Note2025-01-012025-03-310000081955BMP Food Service Supply Holdco, LLC - $4,820,000 at 12% Second Amended and Restated Term Note2024-12-310000081955rand:MattisonAvenueHoldingsLlcMember2024-01-012024-12-310000081955Seybert’s Billiards Corporation - $1,435,435 Term Note2024-12-310000081955Applied Image, Inc. - Warrant for 1,167 shares2024-01-012024-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:FilterworksAcquisitionUsaLlcMember2024-01-012024-03-310000081955Mobile RN Holdings LLC - $2,500,000 Term Note at 14%2025-03-310000081955Pressure Pro, Inc. - $3,000,000 Term Note at 12%2025-03-310000081955Caitec, Inc. - $1,750,000 Subordinated Secured Promissory Note One2024-12-310000081955Tilson Technology Management, Inc. - 23,077 Series F Preferred2024-12-310000081955GoNoodle, Inc. - 1,500,000 Secured Note2024-12-310000081955Inter-National Electronic Alloys LLC d/b/a EFINEA - $3,288,235 Term Note2024-12-310000081955BMP Swanson Holdco, LLC - $1,600,000 Term Note2025-03-310000081955Mountain Regional Equipment Solutions - 37,991 Common Units2024-12-310000081955Tilson Technology Management, Inc. - *15,385 Series E Preferred2025-03-310000081955Control and Affiliate Investments2025-03-310000081955rand:HealthAndWellnessMember2025-03-310000081955us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-01-012024-03-310000081955Mountain Regional Equipment Solutions - 37,991 Common Units2025-01-012025-03-310000081955FCM Industries Holdco LLC - $420,000 Convertible Note at 10%2024-12-310000081955Tilson Technology Management, Inc. - 21,391 Series C Preferred2025-03-310000081955ITA Acquisition, LLC - $2,297,808 Fourth Amended and Restated Term Note2023-12-310000081955Tilson Technology Management, Inc. - *15,385 Series E Preferred2025-01-012025-03-310000081955HDI Acquisition LLC. - $1,245,119 Term Loan2024-01-012024-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:CaitecIncMember2025-01-012025-03-310000081955BMP Swanson Holdco, LLC - Preferred Membership Interest for 9.24%2025-03-310000081955Mobile RN Holdings LLC d/b/a Mobile IV Nurses - 6,375 Class A Common Units2025-01-012025-03-310000081955BMP Swanson Holdco, LLC2024-12-310000081955Carolina Skiff LLC - 6.0825% Class A Common Membership Interest2025-03-310000081955us-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310000081955SciAps, Inc. - 369,698 Series C1 Convertible Preferred2023-12-310000081955BMP Swanson Holdco, LLC2025-03-310000081955BMP Food Service Supply Holdco, LLC - 7,035,000 Second Amended and Restated Term Note, $2,215,0002024-12-310000081955DSD Operating, LLC - 1,067 Class B Common shares2024-12-310000081955GoNoodle, Inc. - Warrant for 21,948 Series D Preferred2025-03-310000081955Control and Affiliate Investments2025-01-012025-03-310000081955us-gaap:FairValueInputsLevel3Memberrand:PressureProIncMember2024-01-012024-03-310000081955Caitec, Inc. - 36,261 Series A Preferred2024-12-310000081955Highland All About People Holdings, Inc. - 1,000,000 Class A Units2025-03-310000081955SciAps, Inc. - $2,090,000 Second Amended and Restated Secured Subordinated Promissory Note at 12%2024-12-310000081955Mobile RN Holdings LLC d/b/a Mobile IV Nurses - 6,375 Class A Common Units2024-01-012024-12-310000081955BMP Swanson Holdco, LLC - Preferred Membership Interest for 9.24%2024-01-012024-12-310000081955Seybert’s2025-03-310000081955us-gaap:FairValueInputsLevel3Memberrand:LoanInvestmentsMemberrand:MattisonAvenueHoldingsLlcMember2024-01-012024-03-310000081955Autotality (formerly Filterworks Acquisition USA, LLC) - $2,283,702 Amended Term Note2025-01-012025-03-310000081955Caitec, Inc. - 150 Class A Units2024-01-012024-12-310000081955ITA Acquisition, LLC - $2,297,808 Fourth Amended and Restated Term Note at 3%2024-01-012024-12-310000081955Highland All About People Holdings, Inc. - $3,000,000 Term Note at 12%2024-12-310000081955Mobile RN Holdings LLC d/b/a Mobile IV Nurses - $2,500,000 Term Note2024-12-310000081955Seybert’s Billiards Corporation - $1,435,435 Term Note at 12%2025-01-012025-03-310000081955us-gaap:InvestmentUnaffiliatedIssuerMember2025-03-310000081955us-gaap:FairValueInputsLevel3Memberrand:MicrocisionLlcMember2025-01-012025-03-310000081955Investments, NET ASSETS - 100%2024-12-310000081955rand:StockDividendsDistributableMember2025-01-012025-03-310000081955Applied Image, Inc. - $1,750,000 Term Note at 10%2025-01-012025-03-310000081955rand:O2025Q1DividendsMember2025-03-282025-03-280000081955rand:O2025Q2RegularDividendsMemberus-gaap:SubsequentEventMember2025-04-302025-04-300000081955Open Exchange, Inc - 397,899 Common2024-01-012024-12-310000081955Seybert’s Billiards Corporation - Warrant for 4% Membership Interest One2025-03-310000081955DSD Operating, LLC - 1,067 Class A Preferred shares2024-01-012024-12-310000081955Mattison Avenue Holdings LLC - $5,500,000 Term Note2024-12-310000081955rand:O2025Q2RegularDividendsMemberus-gaap:SubsequentEventMember2025-04-300000081955Seybert’s Billiards Corporation - $1,435,435 Term Note at 12%2023-12-310000081955BMP Food Service Supply Holdco, LLC2025-01-012025-03-310000081955Seybert’s Billiards Corporation - $6,099,131 Third Amended and Restated Term Note at 12%2025-03-310000081955Tilson Technology Management, Inc. - 250 Class D-1 Units of SQF Holdco LLC2023-12-310000081955ITA Acquisition, LLC - 1,124 Class A Preferred Units2024-12-310000081955Seybert’s Billiards Corporation - $1,435,435 Term Note at 12%2024-12-310000081955SciAps, Inc. - 113,636 Series C Convertible Preferred2024-01-012024-12-310000081955Filterworks Acquisition USA, LLC - $2,283,702 Amended Term Note2024-01-012024-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:MattisonAvenueHoldingsLlcMember2025-01-012025-03-310000081955ITA Acquisition, LLC - 1,124 Class A Preferred Units2025-03-310000081955Mountain Regional Equipment Solutions - Warrant for 4% Membership Interest2025-03-310000081955us-gaap:FairValueInputsLevel3Memberrand:HdiAcquisitionLlcMember2024-01-012024-03-310000081955us-gaap:FairValueInputsLevel3Memberrand:LoanInvestmentsMember2024-12-310000081955Tilson Technology Management, Inc. - *70,176 Series D Preferred2024-01-012024-12-310000081955Mobile RN Holdings LLC2025-03-310000081955Tilson Technology Management, Inc. - *15,385 Series E Preferred2024-12-310000081955Applied Image, Inc. - Warrant for 1,167 shares2024-12-310000081955Tilson Technology Management, Inc.2024-01-012024-12-310000081955rand:SeybertsBilliardsCorporationMember2024-01-012024-12-310000081955OnCore Golf Technology, Inc. - 300,483 Preferred AA2024-01-012024-12-310000081955Applied Image, Inc.2024-01-012024-12-310000081955rand:InvestmentManagementAgreementMember2024-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:InterNationalElectronicAlloysLlcMemberus-gaap:DebtSecuritiesMember2024-01-012024-03-310000081955us-gaap:FairValueInputsLevel3Memberrand:BmpFoodServiceSupplyHoldcoLlcMemberus-gaap:EquitySecuritiesMember2025-01-012025-03-310000081955Applied Image, Inc. - $1,750,000 Term Note at 10%, due February 1, 20292025-03-310000081955us-gaap:FairValueInputsLevel3Member2024-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:HighlandAllAboutPeopleHoldingsIncMemberus-gaap:DebtSecuritiesMember2025-01-012025-03-310000081955Caitec, Inc. - 150 Class A Units One2024-12-310000081955Tilson Technology Management, Inc. - 211,567 A-1 Units of SQF Holdco LLC2024-01-012024-12-310000081955srt:MaximumMember2024-01-012024-12-310000081955Caitec, Inc.2024-12-310000081955Applied Image, Inc. - Warrant for 1,167 shares2025-03-310000081955Filterworks Acquisition USA, LLC d/b/a Autotality - 626.2 shares Class A-1 Units2024-12-310000081955Pressure Pro, Inc. - $3,000,000 Term Note at 12%2024-01-012024-12-310000081955Autotality formerly Filterworks Acquisition USA, LLC - $2,283,702 Amended Term Note2025-01-012025-03-310000081955Filterworks Acquisition USA, LLC2024-01-012024-12-310000081955Caitec, Inc. - $1,750,000 Subordinated Secured Promissory Note One2024-01-012024-12-310000081955Affiliate Investments – Net assets2025-03-310000081955BMP Food Service Supply Holdco, LLC - $7,035,000 Second Amended and Restated Term Note2025-01-012025-03-310000081955us-gaap:FairValueInputsLevel3Memberrand:PressureProIncMemberus-gaap:EquitySecuritiesMember2025-01-012025-03-310000081955rand:TilsonTechnologyManagementIncMember2025-01-012025-03-310000081955Applied Image, Inc.2025-01-012025-03-3100000819552024-03-310000081955us-gaap:FairValueInputsLevel3Memberrand:NonControlAndNonAffiliateLoanAndDebtInvestmentsMember2025-03-310000081955Inter-National Electronic Alloys LLC d/b/a EFINEA - 75.3 Class B Preferred Units2025-03-310000081955ITA Acquisition, LLC - $2,672,808 Fifth Amended and Restated Term Note2025-01-012025-03-310000081955Inter-National Electronic Alloys LLC2024-01-012024-12-310000081955Applied Image, Inc.2024-12-310000081955Carolina Skiff LLC - 6.0825% Class A Common Membership Interest2023-12-310000081955rand:O2024Q4DividendsMember2024-12-050000081955us-gaap:InvestmentUnaffiliatedIssuerMember2024-01-012024-03-310000081955Tilson Technology Management, Inc. - 23,077 Series F Preferred2025-03-310000081955Highland All About People Holdings, Inc. - $3,000,000 Term Note at 12%2024-01-012024-12-310000081955Mezmeriz, Inc. - 1,554,565 Series Seed Preferred2024-12-310000081955BMP Food Service Supply Holdco, LLC - $7,035,000 Second Amended and Restated Term Note, $2,215,000 at 13% (+3% PIK), due November 22, 20272024-12-310000081955us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMemberrand:MobileRNHoldingsLLCMember2025-01-012025-03-310000081955us-gaap:AdditionalPaidInCapitalMember2025-01-012025-03-310000081955us-gaap:FairValueInputsLevel3Memberrand:CaitecIncMemberrand:LoanInvestmentsMember2025-01-012025-03-310000081955Pressure Pro, Inc. - $3,000,000 Term Note at 12%2025-01-012025-03-310000081955SciAps, Inc. - 274,299 Series A1 Convertible Preferred2024-12-310000081955TOTAL INVESTMENTS – 95.2%2025-03-310000081955ITA Acquisition, LLC2023-12-310000081955Applied Image, Inc. - $1,750,000 Term Note at 10%2025-03-310000081955Autotality (formerly Filterworks Acquisition USA, LLC)2024-12-310000081955us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2024-03-310000081955rand:ProfessionalAndBusinessServicesMember2024-12-310000081955Mattison Avenue Holdings LLC. - $1,794,944 Third Amended, Restated and Consolidated Promissory Note2024-01-012024-12-310000081955FCM Industries Holdco LLC $3,380,000 Term Note at 13%2023-12-310000081955Seybert’s Billiards Corporation - Warrant for 4% Membership Interest2025-01-012025-03-310000081955ITA Acquisition, LLC - $2,297,808 Fourth Amended and Restated Term Note2024-12-310000081955BMP Swanson Holdco, LLC - $1,600,000 Term Note at 12%2025-01-012025-03-310000081955Inter-National Electronic Alloys LLC d/b/a EFINEA - 75.3 Class B Preferred Units2025-01-012025-03-310000081955us-gaap:CommonStockMember2025-01-012025-03-310000081955us-gaap:FairValueInputsLevel3Memberrand:GonoodleIncMemberus-gaap:DebtSecuritiesMember2024-01-012024-03-310000081955SciAps, Inc. - 117,371 Series B Convertible Preferred2024-01-012024-12-310000081955Affiliate Investments2024-12-310000081955ITA Acquisition, LLC - $2,297,808 Fourth Amended and Restated Term Note at 12%2024-12-310000081955Tilson Technology Management, Inc. - 15,385 Series E Preferred2023-12-310000081955Mezmeriz, Inc. - 1,554,565 Series Seed Preferred2024-01-012024-12-310000081955us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2023-12-310000081955Seybert’s Billiards Corporation - $4,139,444 Term Note at 12%2024-01-012024-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:FilterworksAcquisitionUsaLlcMemberus-gaap:DebtSecuritiesMember2024-01-012024-03-310000081955Highland All About People Holdings, Inc.2023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:LoanInvestmentsMember2023-12-310000081955Autotality formerly Filterworks Acquisition USA, LLC - 417.7 shares Class A-0 Units2025-03-310000081955Inter-National Electronic Alloys LLC d/b/a EFINEA - 75.3 Class B Preferred Units2024-12-310000081955Control Investments2023-12-310000081955rand:SoftwareMember2024-12-310000081955Filterworks Acquisition USA, LLC d/b/a Autotality -417.7 shares Class A-0 Units2024-01-012024-12-310000081955us-gaap:DebtSecuritiesMember2024-12-310000081955BMP Food Service Supply Holdco, LLC - 7,035,000 Second Amended and Restated Term Note, $2,215,0002025-03-310000081955Subtotal Affiliate Investments2025-03-310000081955Tilson Technology Management, Inc. - 21,391 Series C Preferred2024-12-310000081955ITA Acquisition, LLC 1,124 Class A Preferred Units and 1,924 Class B Common Units2025-03-310000081955Inter-National Electronic Alloys LLC - $3,288,235 Term Note at 12%2025-01-012025-03-310000081955BMP Swanson Holdco, LLC - $1,600,000 Term Note at 12%2025-03-310000081955ITA Acquisition, LLC - $1,500,000 Term Note at 3% (+11% PIK) Through December 31, 20242024-01-012024-12-310000081955Tilson Technology Management, Inc. - 211,567 A-1 Units of SQF Holdco LLC2024-12-310000081955us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2025-03-310000081955GoNoodle, Inc. - 1,500,000 Secured Note2024-01-012024-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:SeybertBilliardsCorporationMember2024-01-012024-03-310000081955BMP Food Service Supply Holdco, LLC - $7,035,000 Second Amended and Restated Term Note, $2,215,000 at 16% PIK through December 31, 20252025-03-310000081955us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMemberrand:PressureProIncMember2025-01-012025-03-310000081955Lumious - $850,000 Replacement Term Note2025-03-310000081955rand:AdministrationAgreementMember2025-01-012025-03-310000081955DSD Operating, LLC2024-01-012024-12-310000081955BMP Food Service Supply Holdco, LLC - 7,035,000 Second Amended and Restated Term Note, $4,820,0002024-12-310000081955Mobile RN Holdings LLC - 37,991 Common Units2025-03-310000081955Mobile RN Holdings LLC d/b/a Mobile IV Nurses2025-03-310000081955Knoa Software, Inc.2023-12-310000081955Filterworks Acquisition USA, LLC - 417.7 shares Class A-0 Units2024-12-310000081955BMP Swanson Holdco, LLC - $1,600,000 Term Note2024-01-012024-12-310000081955GoNoodle, Inc.2025-03-310000081955BMP Food Service Supply Holdco, LLC - $7,035,000 Second Amended and Restated Term Note, $4,820,000 at 12%, PIK through December 31, 20252025-03-310000081955Caitec, Inc. - 36,261 Series A Preferred One2024-01-012024-12-310000081955rand:MAndTBankMemberrand:CreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2022-06-270000081955BMP Food Service Supply Holdco, LLC - $7,035,000 Second Amended and Restated Term Note, $4,820,000 at 12%, $2,215,000 at 16%2025-01-012025-03-310000081955FCM Industries Holdco LLC2023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:KnoaSoftwareIncMember2024-01-012024-03-310000081955us-gaap:EstimateOfFairValueFairValueDisclosureMember2025-03-310000081955Autotality (formerly Filterworks Acquisition USA, LLC) - $2,283,702 Amended Term Note2025-03-310000081955Seybert’s Billiards Corporation - $1,435,435 Term Note at 12%2024-01-012024-12-310000081955Lumious - $850,000 Replacement Term Note2024-01-012024-12-310000081955Tilson Technology Management, Inc. - *2.5% dividend payable quarterly2024-12-310000081955Lumious - $850,000 Replacement Term Note2025-01-012025-03-310000081955PostProcess Technologies, Inc. - 137,054 Series A Preferred2025-03-310000081955BMP Swanson Holdco, LLC - Preferred Membership Interest for 9.29%2024-01-012024-12-310000081955FCM Industries Holdco LLC2025-01-012025-03-310000081955ITA Acquisition, LLC - $1,500,000 Term Note at 14% PIK Through March 31, 20262025-03-310000081955rand:NetChangeInUnrealizedAppreciationDepreciationOnInvestmentsMember2025-01-012025-03-310000081955Tilson Technology Management, Inc. - 120,000 Series B Preferred2024-12-310000081955Mountain Regional Equipment Solutions2024-12-310000081955Open Exchange, Inc - 397,899 Common2024-12-310000081955Mobile RN Holdings LLC2025-01-012025-03-310000081955Mobile RN Holdings LLC - $2,500,000 Term Note at 14%2024-12-310000081955Seybert’s Billiards Corporation - $1,435,435 Term Note2024-01-012024-12-310000081955rand:ConsumerProductMember2025-03-310000081955rand:ScenarioThreeMembersrt:MinimumMember2025-01-012025-03-310000081955Mobile RN Holdings LLC d/b/a Mobile IV Nurses2024-12-310000081955Tilson Technology Management, Inc. - 21,391 Series C Preferred2024-01-012024-12-310000081955FCM Industries Holdco, LLC - $3,380,000 Term Note at 13%2025-01-012025-03-310000081955ITA Acquisition, LLC2025-01-012025-03-310000081955BMP Food Service Supply Holdco, LLC2023-12-310000081955BMP Food Service Supply Holdco, LLC - 15.4% Preferred Interest2025-01-012025-03-310000081955SciAps, Inc.2024-01-012024-12-310000081955BMP Swanson Holdco, LLC - Preferred Membership Interest for 9.24%2023-12-310000081955Pressure Pro, Inc.2025-01-012025-03-310000081955Filterworks Acquisition USA, LLC - thereafter 12% (+2% PIK) due March 31, 20262024-12-310000081955ITA Acquisition, LLC - $1,500,000 Term Note at Thereafter 12%2024-12-310000081955Seybert’s Billiards Corporation - Warrant for 4% Membership Interest One2024-12-310000081955Pressure Pro, Inc. - Warrant for 10% Membership Interest2025-03-310000081955Mobile RN Holdings LLC - 6,375 Class A Common Units2025-03-310000081955FCM Industries Holdco LLC - $3,380,000 Term Note at 13%2025-01-012025-03-310000081955Affiliate Investments2025-01-012025-03-310000081955Tilson Technology Management, Inc. - 211,567 A-1 Units of SQF Holdco LLC.2024-01-012024-12-310000081955rand:BmpFoodServiceSupplyHoldcoLlcMember2024-01-012024-12-310000081955Caitec, Inc. - 150 Class A Units2024-12-310000081955Highland All About People Holdings, Inc.2025-01-012025-03-310000081955us-gaap:TreasuryStockCommonMember2024-12-310000081955Caitec, Inc. - 150 Class A Units One2025-01-012025-03-310000081955GoNoodle, Inc.2024-12-310000081955Filterworks Acquisition USA, LLC2024-12-310000081955Tilson Technology Management, Inc. - 250 Class D-1 Units of SQF Holdco LLC2025-03-310000081955SciAps, Inc. - 117,371 Series B Convertible Preferred2024-12-310000081955us-gaap:EquitySecuritiesMember2024-12-310000081955Lumious - $850,000 Replacement Term Note2024-12-310000081955OnCore Golf Technology, Inc. - 300,483 Preferred AA2025-01-012025-03-310000081955us-gaap:RetainedEarningsMember2024-03-310000081955us-gaap:EquitySecuritiesMember2025-03-310000081955us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2024-01-012024-03-310000081955rand:DistributionMember2025-03-310000081955us-gaap:CommonStockMember2024-01-012024-03-310000081955us-gaap:FairValueInputsLevel3Memberrand:NonControlAndNonAffiliateInvestmentsMember2025-03-310000081955ITA Acquisition, LLC - $2,297,808 Fourth Amended and Restated Term Note2024-01-012024-12-310000081955SciAps, Inc. - Warrant to purchase Series D-1 Preferred2023-12-310000081955Seybert’s Billiards Corporation - Warrant for 4% Membership Interest2023-12-310000081955Open Exchange, Inc - 397,899 Common2025-01-012025-03-310000081955Filterworks Acquisition USA, LLC - 626.2 shares Class A-1 Units.2024-01-012024-12-310000081955Tilson Technology Management, Inc. - 120,000 Series B Preferred2023-12-310000081955srt:MaximumMemberrand:ScenarioTwoMember2025-01-012025-03-310000081955us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2023-12-310000081955GoNoodle, Inc. - Warrant for 47,324 Series C Preferred2024-12-310000081955BMP Food Service Supply Holdco, LLC - $7,035,000 Second Amended and Restated Term Note, $4,820,000 at 12%, $2,215,000 at 16%2025-03-310000081955us-gaap:AdditionalPaidInCapitalMember2025-03-310000081955Tilson Technology Management, Inc. - 21,391 Series C Preferred2023-12-310000081955ITA Acquisition, LLC - $2,672,808 Fifth Amended and Restated Term Note2025-03-310000081955us-gaap:TreasuryStockCommonMember2023-12-310000081955BMP Swanson Holdco, LLC - $1,600,000 Term Note at 12%2023-12-310000081955Mountain Regional Equipment Solutions - 37,991 Common Units2024-01-012024-12-310000081955Mobile RN Holdings LLC - 6,375 Class A Common Units2024-12-310000081955Open Exchange, Inc.2025-03-310000081955ITA Acquisition, LLC - $1,500,000 Term Note at 3% (+11% PIK) through December 31, 20242024-12-310000081955Tilson Technology Management, Inc. - 211,567 A-1 Units of SQF Holdco LLC.2024-12-310000081955FCM Industries Holdco LLC - $420,000 Convertible Note at 10%2025-03-310000081955us-gaap:FairValueInputsLevel3Member2023-12-310000081955Seybert’s Billiards Corporation - $1,435,435 Term Note at 12%2025-03-310000081955Affiliate Investments – Net assets2024-12-310000081955FCM Industries Holdco LLC - $3,380,000 Term Note at 13%2025-03-310000081955Highland All About People Holdings, Inc. - $3,000,000 Term Note at 12%2025-03-310000081955us-gaap:FairValueInputsLevel3Memberrand:KnoaSoftwareIncMemberus-gaap:EquitySecuritiesMember2024-01-012024-03-310000081955Subtotal Affiliate Investments2024-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:SeybertBilliardsCorporationMemberus-gaap:EquitySecuritiesMember2025-01-012025-03-310000081955TOTAL INVESTMENTS – 108.4%2024-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:MountainRegionalEquipmentSolutionsMember2025-01-012025-03-310000081955us-gaap:FairValueInputsLevel3Memberrand:InterNationalElectronicAlloysLlcMember2025-01-012025-03-310000081955us-gaap:FairValueInputsLevel3Memberrand:LoanInvestmentsMember2025-01-012025-03-310000081955Tilson Technology Management, Inc. - 70,176 Series D Preferred2024-01-012024-12-31rand:Unitsxbrli:purexbrli:sharesiso4217:USDxbrli:sharesiso4217:USD

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~September~~March 3031, ~~2024~~2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period from _____ to _______

Commission File Number: 814-00235

Rand Capital Corporation

(Exact Name of Registrant as specified in its Charter)


New York		16-0961359
(State or Other Jurisdiction of Incorporation or Organization)		(IRS Employer Identification No.)

14 Lafayette Square, Suite 1405, Buffalo, NY		14203
(Address of Principal executive offices)		(Zip Code)

(716) 853-0802

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

      Title of each class

      Trading
Symbol(s)

      Name of each exchange
on which registered

      Common Stock, $0.10 par value

      RAND

      Nasdaq Capital Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☑	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes  No ☑

As of ~~November~~May 65, ~~2024~~2025, there were 2,~~581~~969,~~021~~814 shares of the registrant’s common stock outstanding.

Table of Contents

RAND CAPITAL CORPORATION AND SUBSIDIARIES

TABLE OF CONTENTS FOR FORM 10-Q

PART I. – FINANCIAL INFORMATION
Item 1.	Financial Statements and Supplementary Data	1
	Consolidated Statements of Financial Position as of September 30, 2024 (Unaudited) and December 31, 2023	1
	Consolidated Statements of Financial Position as of March 31, 2025 (Unaudited) and December 31, 2024	1
	Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023 (Unaudited)	2
	Consolidated Statements of Operations for the Three Months Ended March 31, 2025 and 2024 (Unaudited)	2
	Consolidated Statements of Changes in Net Assets for the Three and Nine Months Ended September 30, 2024 and 2023 (Unaudited)	3
	Consolidated Statements of Changes in Net Assets for the Three Months Ended March 31, 2025 and 2024 (Unaudited)	3
	Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 (Unaudited)	4
	Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2025 and 2024 (Unaudited)	4
	Consolidated Schedule of Portfolio Investments as of September 30, 2024 (Unaudited)	5
	Consolidated Schedule of Portfolio Investments as of March 31, 2025 (Unaudited)	5
	Consolidated Schedule of Portfolio Investments as of December 31, 2023	12
	Consolidated Schedule of Portfolio Investments as of December 31, 2024	12
	Notes to the Consolidated Financial Statements (Unaudited)	20
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	3635
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	4842
Item 4.	Controls and Procedures	4843
PART II. – OTHER INFORMATION
Item 1.	Legal Proceedings	5044
Item 1A.	Risk Factors	5044
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	5044
Item 3.	Defaults upon Senior Securities	5044
Item 4.	Mine Safety Disclosures	5044
Item 5.	Other Information	5044
Item 6.	Exhibits	5145

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements and Supplementary Data

RAND CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

	September 30,2024(Unaudited)			December 31,2023
	March 31,2025(Unaudited)			December 31,2024
ASSETS
Investments at fair value:
Control investments (cost of $6,043,779 and $5,272,770, respectively)	$	4,919,969		$	4,148,960
Control investments (cost of $6,563,940 and $6,188,940, respectively)	$	2,000,000		$	2,500,000
Affiliate investments (cost of $39,484,404 and $45,720,974, respectively)		50,859,581			53,499,372
Affiliate investments (cost of $44,450,751 and $42,488,804, respectively)		52,490,162			51,668,144
Non-Control/Non-Affiliate investments (cost of $21,524,089 and $17,371,862, respectively)		19,256,017			19,477,380
Non-Control/Non-Affiliate investments (cost of $9,743,250 and $19,442,491, respectively)		7,667,201			16,649,897
Total investments, at fair value (cost of $67,052,272 and $68,365,606, respectively)		75,035,567			77,125,712
Total investments, at fair value (cost of $60,757,941 and $68,120,235, respectively)		62,157,363			70,818,041
Cash		34,~~352~~933,~~734~~269			3834,~~295,321~~805
Interest receivable		408,247			244,600
Interest receivable (net of allowance of $25,337 and $0, respectively)		223,273			357,530
Prepaid income taxes		~~185~~339,~~602~~237			~~127~~329,~~869~~365
Deferred tax asset, net		~~367~~4,~~765~~886			392,~~179~~161
Other assets		~~448~~163,~~204~~402			~~189~~115,~~301~~531
Total assets	$	7967,~~798~~821,~~119~~430		$	8172,~~021~~457,~~982~~433
LIABILITIES AND STOCKHOLDERS’ EQUITY (NET ASSETS)
Liabilities:
Due to investment adviser	$	~~487~~545,~~483~~838		$	~~979~~2,~~297~~182,846
Accounts payable and accrued expenses		~~104~~45,~~381~~676			~~145~~92,~~516~~568
Line of credit (see Note 6)		~~3,900,000~~—			16600,~~250,~~000
Capital gains incentive fees		41,~~346~~490,000			21,~~279~~565,~~700~~000
Deferred revenue		~~513~~428,~~619~~663			~~552~~516,~~256~~441
Total liabilities		9,351,483			20,206,769
Dividend payable		—			2,168,058
Total liabilities		2,510,177			7,124,913
Commitments and contingencies (see Note 5)
Stockholders’ equity (net assets):
Common stock, $0.10 par; shares authorized 100,000,000; shares issued: 2,648,916; shares outstanding: 2,581,021 at 9/30/24 and 12/31/23		264,892			264,892
Common stock, $0.10 par; shares authorized 100,000,000; shares issued: 3,037,709 at 3/31/25 and 2,648,916 at 12/31/24; shares outstanding: 2,969,814 at 3/31/25 and 2,581,021 at 12/31/24 (see Note 1)		303,771			264,892
Capital in excess of par value		5564,~~801~~051,~~170~~504			55,~~801~~419,~~170~~620
Treasury stock, at cost: 67,895 shares at 9/30/24 and 12/31/23		(1,566,605	)		(1,566,605	)
Stock dividends distributable: 0 shares at 3/31/25 and 388,793 shares at 12/31/24		—			8,672,231
Total distributable earnings		15,947,179			6,315,756
Treasury stock, at cost: 67,895 shares at 3/31/25 and 12/31/24		(1,566,605	)		(1,566,605	)
Total stockholders’ equity (net assets) (per share – 9/30/24: $27.29; 12/31/23: $23.56)		70,446,636			60,815,213
Total distributable earnings		2,522,583			2,542,382
Total liabilities and stockholders’ equity (net assets)	$	79,798,119		$	81,021,982
Total stockholders’ equity (net assets) (per share – 3/31/25: $21.99; 12/31/24: $25.31)		65,311,253			65,332,520
Total liabilities and stockholders’ equity (net assets)	$	67,821,430		$	72,457,433

See accompanying notes

Table of Contents

RAND CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

Three months endedSeptember 30, 2024

Three months endedSeptember 30, 2023

Nine months endedSeptember 30, 2024

Nine months endedSeptember 30, 2023

Three months endedMarch 31, 2025

Three months endedMarch 31, 2024

Investment income:

Interest from portfolio companies:

Control investments

~~164,167~~—

~~175~~187,~~962~~483

~~550,535~~

~~506,800~~

Affiliate investments

1,~~164~~282,~~525~~859

1,~~002~~166,~~553~~085

~~3,522,726~~

~~2,731,575~~

Non-Control/Non-Affiliate investments

~~616~~394,~~903~~307

~~357~~460,~~162~~080

~~1,681,209~~

~~1,067,745~~

Total interest from portfolio companies

1,~~945~~677,~~595~~166

1,~~535~~813,~~677~~648

~~5,754,470~~

~~4,306,120~~

Interest from other investments:

Non-Control/Non-Affiliate investments

~~113~~10,383

~~456~~1,914

~~2,171~~

~~692~~

Total interest from other investments

~~113~~10,383

~~456~~1,914

~~2,171~~

~~692~~

Dividend and other investment income:

Affiliate investments

13,125

13,~~126~~125

~~39,375~~

~~419,951~~

Non-Control/Non-Affiliate investments

~~44,000~~—

~~141~~138,~~290~~710

~~242,760~~

~~401,805~~

Total dividend and other investment income

5713,125

~~154~~151,~~416~~835

~~282,135~~

~~821,756~~

Fee income:

Control investments

4,~~515~~516

~~13,547~~

~~12,726~~

Affiliate investments

~~202~~131,~~834~~755

4073,~~072~~720

~~331,369~~

~~246,816~~

Non-Control/Non-Affiliate investments

8170,~~272~~959

521,~~978~~586

~~38,130~~

~~19,934~~

Total fee income

~~215~~307,~~621~~230

5099,~~565~~822

~~383,046~~

~~279,476~~

Total investment income

2,~~218~~007,~~454~~904

12,~~741~~067,~~114~~219

~~6,421,822~~

~~5,408,044~~

Expenses:

Base management fee (see Note 8)

~~309~~252,~~265~~208

~~268~~302,~~609~~595

~~934,532~~

~~769,869~~

Income based incentive fees (see Note 8)

~~178~~119,~~218~~673

—

~~178,218~~

—

Capital gains incentive fees (see Note 8)

~~313~~(75,000

)

~~(41~~112,300

)

~~2,066,300~~

~~740,700~~

Interest expense

~~245~~36,~~006~~486

~~290~~390,~~522~~020

~~1,028,198~~

~~707,834~~

Professional fees

~~113~~208,~~168~~842

~~120~~232,~~828~~307

~~436,935~~

~~392,110~~

Stockholders and office operating

5790,~~869~~763

5769,~~097~~028

~~209,564~~

~~206,481~~

Directors' fees

6663,~~550~~850

~~196,950~~

~~197,791~~

Administrative fees

4048,~~000~~750

3738,~~250~~167

~~118,167~~

~~111,750~~

Insurance

1013,~~467~~162

1013,~~380~~044

~~33,891~~

~~33,720~~

Corporate development

~~387~~6,994

—5,545

~~10,813~~

~~4,267~~

Total expenses

1,333,930

809,936

5,213,568

3,164,522

Bad debt expense

25,337

—

Net investment income before income taxes:

884,524

931,178

1,208,254

2,243,522

Total expenses

791,065

1,226,856

Income tax (benefit) expense, including excise tax expense

(2,511

)

132,595

(1,171

)

237,393

Net investment income before income taxes:

1,216,839

840,363

Net investment income

887,035

798,583

1,209,425

2,006,129

Income tax (benefit) expense

(1,276

)

778

Net realized gain (loss) on sales and dispositions of investments:

Net investment income

1,218,115

839,585

Affiliate investments

6,980,728

—

6,148,837

2,596,094

Net realized gain on sales and dispositions of investments:

Non-Control/Non-Affiliate investments

249,354

(2,802,731

)

4,959,445

(1,527,190

)

Affiliate investments

925,357

—

Net realized gain (loss) on sales and dispositions of investments, before income taxes

7,230,082

(2,802,731

)

11,108,282

1,068,904

Non-Control/Non-Affiliate investments

(25

)

3,450,092

Income tax expense

—

338,158

Net realized gain on sales and dispositions of investments

925,332

3,450,092

Net realized gain (loss) on sales and dispositions of investments

7,230,082

(2,802,731

)

11,108,282

730,746

Net change in unrealized appreciation/depreciation on investments:

Control investments

(875,000

)

—

Affiliate investments

(5423,~~153,166~~384

)

—(100,000

)

~~3,596,779~~

~~(886,698~~

)

Non-Control/Non-Affiliate investments

~~(512,375~~—

)

(2,~~599~~790,~~652~~296

)

~~(4,373,590~~

)

~~3,521,053~~

Change in unrealized appreciation/depreciation before income taxes

(51,~~665~~298,~~541~~384

)

(2,~~599~~890,~~652~~296

)

~~(776,811~~

)

~~2,634,355~~

Deferred income tax benefit

(184,940

)

—

(232,774

)

(66,441

)

Deferred income tax expense

3,616

—

Net change in unrealized appreciation/depreciation on investments

(51,~~480~~302,~~601~~000

)

(2,~~599~~890,~~652~~296

)

~~(544,037~~

)

~~2,700,796~~

Net realized and unrealized gain (loss) on investments

1,749,481

(203,079

)

10,564,245

3,431,542

Net realized and unrealized (loss) gain on investments

(376,668

)

559,796

Net increase in net assets from operations

2841,~~636,516~~447

~~595~~1,~~504~~399,381

~~11,773,670~~

~~5,437,671~~

Weighted average shares outstanding

2,~~581~~869,~~021~~339

2,581,021

~~2,581,021~~

Basic and diluted net increase in net assets from operations per share

10.0229

0.2354

~~4.56~~

~~2.11~~

See accompanying notes

Table of Contents

RAND CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

(Unaudited)

Three months endedSeptember 30, 2024

Three months endedSeptember 30, 2023

Nine months endedSeptember 30, 2024

Nine months endedSeptember 30, 2023

Three months endedMarch 31, 2025

Three months endedMarch 31, 2024

Net assets at beginning of period

6865,~~558~~332,~~616~~520

6160,~~402~~815,~~028~~213

~~60,815,213~~

~~57,721,320~~

Net investment income

~~887~~1,~~035~~218,115

~~798~~839,~~583~~585

~~1,209,425~~

~~2,006,129~~

Net realized gain (loss) on sales and dispositions of investments

7,230,082

(2,802,731

)

11,108,282

730,746

Net realized gain on sales and dispositions of investments

925,332

3,450,092

Net change in unrealized appreciation/depreciation on investments

(51,~~480~~302,~~601~~000

)

(2,~~599~~890,~~652~~296

)

~~(544,037~~

)

~~2,700,796~~

Net increase in net assets from operations

2841,~~636,516~~447

~~595~~1,~~504~~399,381

~~11,773,670~~

~~5,437,671~~

Declaration of dividend

(~~748~~862,~~496~~714

)

(645,255

)

~~(2,142,247~~

)

~~(1,806,714~~

)

Net assets at end of period

7065,~~446~~311,~~636~~253

61,~~352~~569,~~277~~339

~~70,446,636~~

~~61,352,277~~

See accompanying notes

Table of Contents

RAND CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Nine months endedSeptember 30, 2024			Nine months endedSeptember 30, 2023
	Three months endedMarch 31, 2025			Three months endedMarch 31, 2024
Cash flows from operating activities:
Net increase in net assets from operations	$	11841,~~773,670~~447		$	51,~~437~~399,~~671~~381
Adjustments to reconcile net increase in net assets to net cashprovided by (used in) operating activities:
Investments in portfolio companies		(11375,~~070,497~~000	)		(1810,~~060~~837,~~000~~878	)
Proceeds from sale of portfolio investments		19955,~~404,876~~357			53,~~907~~503,~~298~~186
Proceeds from loan repayments		58,~~446~~369,~~760~~876			32,~~511~~581,~~481~~906
Net realized gain on sales and dispositions of portfolio investments		(11925,~~108,282~~332	)		(13,~~068~~450,~~904~~092	)
Change in unrealized appreciation/depreciation on investments		~~776~~1,~~811~~298,384			(2,~~634~~890,~~355~~296	)
Deferred income tax benefit		(~~328~~2,~~586~~725	)		(~~105~~26,~~927~~636	)
Amortization		186,~~750~~250			186,~~750~~250
Original issue discount amortization		(2123,~~006~~502	)		(177,~~006~~002	)
Non-cash conversion of debenture interest		(1624,~~338,517~~105	)		(~~813~~328,~~599~~829	)
Non-cash conversion of loan modification fee		(15,000	)		—
Change in interest receivable allowance		25,337			—
Changes in operating assets and liabilities:
Increase in interest receivable		(163,647	)		(28,855	)
Decrease (increase) in interest receivable		108,920			(103,155	)
Increase in other assets		(~~277~~54,~~653~~121	)		(~~232~~70,~~993~~797	)
(Increase) decrease in prepaid income taxes		(57,733	)		76,396
Increase in prepaid income taxes		(9,872	)		(26,535	)
Increase in income taxes payable		—			29,577
(Decrease) increase in accounts payable and accrued expenses		(46,892	)		126,570
(Decrease) increase in accounts payable and accrued expenses		(41,135	)		103,315
Decrease in due to investment adviser		(1,637,008	)		(676,817	)
Decrease in due to investment adviser		(491,814	)		(293,612	)
(Decrease) increase in capital gains incentive fees payable		(75,000	)		112,300
Increase in capital gains incentive fees payable		2,066,300			740,700
(Decrease) increase in deferred revenue		(87,778	)		66,969
(Decrease) increase in deferred revenue		(38,637	)		147,553
Total adjustments		6,887,789			(6,240,264	)
Total adjustments		2,775,990			(12,720,181	)
Net cash provided by (used in) operating activities		7,729,236			(4,840,883	)
Net cash provided by (used in) operating activities		14,549,660			(7,282,510	)
Cash flows from financing activities:
Net (repayment of) proceeds from line of credit		(12600,~~350,~~000	)		112,~~200~~950,000
Payment of cash dividend		(23,~~142~~030,~~247~~772	)		(1645,~~806,714~~255	)
Net cash (used in) provided by financing activities		(143,~~492~~630,~~247~~772	)		92,~~393~~304,~~286~~745
Net increase in cash		57,413			2,110,776
Net increase (decrease) in cash		4,098,464			(2,536,138	)
Cash:
Beginning of period		3834,~~295,321~~805			13,~~368~~295,~~996~~321
End of period	$	34,~~352~~933,~~734~~269		$	3759,~~479,772~~183

See accompanying notes

Table of Contents

RAND CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

~~September~~March 3031, ~~2024~~2025

(Unaudited)

Company, Geographic Location, Business Description, (Industry) and Website	(a)Type of Investment	(b)Date Acquired	(c)Equity	Cost		(d)(f)Fair Value		Percent of Net Assets
Non-Control/Non-Affiliate Investments – 27.3% of net assets: (g) (j)
Non-Control/Non-Affiliate Investments – 11.7% of net assets: (g) (j)
Caitec, Inc. (l)(p)Halethorpe, MD. Pet product manufacturer and distributor. (Consumer Goods)www.caitec.com	$1,750,000 Subordinated Secured Promissory Note modified to 14% PIK through December 31, 2024, thereafter 12% (+2% PIK), due June 1, 2026.	11/6/20	4%		2,159,276		2,159,276	6.2%
Caitec, Inc. (e)(l)(p)Halethorpe, MD. Pet product manufacturer and distributor. (Consumer Goods)www.caitec.com	$1,750,000 Subordinated Secured Promissory Note modified to 14% PIK through June 30, 2026, thereafter 12% (+2% PIK), due June 1, 2026.	11/6/20	4%		2,316,683		2,316,683	7.1%
	36,261 Series A Preferred.	12/28/23			36,261		~~36,261~~—
	150 Class A Units.	11/6/20			150,000		—
	$1,750,000 Subordinated Secured Promissory Note modified to 14% PIK through December 31, 2024, thereafter 12% (+2% PIK), due June 1, 2026.	11/6/20			2,159,276		2,159,276
	$1,750,000 Subordinated Secured Promissory Note modified to 14% PIK through June 30, 2026, thereafter 12% (+2% PIK), due June 1, 2026.	11/6/20			2,316,683		2,316,683
	150 Class A Units.	11/6/20			150,000		—
	36,261 Series A Preferred.	12/28/23			36,261		~~36,261~~—
	Total Caitec				45,~~691~~005,~~074~~888		4,~~391~~633,~~074~~366
GoNoodle, Inc. (l)(p)Nashville, TN. Student engagement education	$1,500,000 Secured Note at 12% (1% PIK) due September 30, 2025.	11/1/19	<1%		1,~~436~~443,~~660~~853		1,~~436~~443,~~660~~853	2.12%
software providing core aligned physical	Warrant for 4721,~~324~~948 Series CD Preferred.	311/1/1519			2538		2538
activity breaks. (Software)	~~Warrant~~Total ~~for 21,948 Series D Preferred.~~GoNoodle	~~11/1/19~~			381,443,891		381,443,891
www.gonoodle.com	~~Total GoNoodle~~				~~1,436,723~~		~~1,436,723~~
HDI Acquisition LLC d/b/a Hilton Displays (l)(p)Greenville, SC. Manufacturing, installation	$1,245,119 Term Loan at 12% (+2% PIK) due June 30, 2025.	11/8/19	0%		1,066,374		1,066,374	1.5%
Lumious (Tech 2000, Inc.) (p)Herndon, VA. Develops and delivers IT	$850,000 Replacement Term Note at 14% due December 1, 2025.	11/16/18	0%		789,944		789,944	1.2%
and maintenance of signage and brands. (Manufacturing)
www.hiltondisplays.com
Lumious (Tech 2000, Inc.) (p)Herndon, VA. Develops and delivers IT	$850,000 Replacement Term Note at 14% due December 1, 2025.	11/16/18	0%		789,944		789,944	1.1%
training. (Software)
www.t2000inc.com
Mattison Avenue Holdings LLC (p)Dallas, TX. Provider of upscale salon spaces for lease. (Professional and Business Services)www.mattisonsalonsuites.com	$5,500,000 Term Note at 14% due June 25, 2027.	3/28/24	0%		5,572,902		5,572,902	7.9%
OnCore Golf Technology, Inc. (e)(p)Buffalo, NY. Patented and proprietary golf balls utilizing technology and innovation. (Consumer Product)www.oncoregolf.com	300,483 Preferred AA.	11/30/18	3%		752,712		100,000	0.2%
Mountain Regional Equipment Solutions (m)(p)	$3,000,000 Term Note at 14% due January 16, 2029.	1/16/24	4%		2,949,000		2,949,000	4.2%
Open Exchange, Inc. (e)(p)	397,899 Series C Preferred.	11/13/13	3%		1,193,697		700,000	1.1%
Salt Lake City, UT. Provider of maintenance,	37,991 Common Units.	1/16/24			204,545		—
safety, fluid transfer, and custom fabrication	Warrant for 1% Membership Interest.	1/16/24			60,000		—
products. (Distribution)www.mountainregionaleq.com	Total Mountain Regional Equipment Solutions				3,213,545		2,949,000
Nailbiter, Inc. (p)Reston, VA. Video-metrics data analytics supporting name brand Consumer Products Groups shopping behavioral insight. (Professional and Business Services)	$2,250,000 Membership Interest of USB Focus Fund Nailbiter I, LLC with economic interest of $2,250,000 Subordinated Secured Promissory Note at net 9% due November 23, 2024.	11/22/21	<1%		2,250,000		2,250,000	3.2%
www.nailbiter.com	Warrants for Preferred Stock.	11/22/21			—		—
	Total Nailbiter				2,250,000		2,250,000
OnCore Golf Technology, Inc. (e)(p)Buffalo, NY. Patented and proprietary golf balls utilizing technology and innovation. (Consumer Product)www.oncoregolf.com	300,483 Preferred AA.	11/30/18	3%		752,712		100,000	0.1%
Open Exchange, Inc. (e)(p)	397,899 Series C Preferred.	11/13/13	3%		1,193,697		700,000	1.0%
Lincoln, MA. Online presentation and	397,899 Common.	10/22/19			208,243		—
training software. (Software)	Total Open Exchange				1,401,940		700,000
www.openexc.com
PostProcess Technologies, Inc. (e)(p)Buffalo, NY. Provides innovative solutions for the post-processing of additive manufactured 3D parts. (Manufacturing)www.postprocess.com	137,054 Series A Preferred.	11/1/19	<1%		348,875		—	0.0%
Subtotal Non-Control/Non-Affiliate Investments				$	9,743,250	$	7,667,201
Affiliate Investments – 80.4% of net assets (g) (k)
Applied Image, Inc. (p)Rochester, NY. Global supplier of precision	$1,750,000 Term Note at 10%, due February 1, 2029.	12/31/21	12%		1,750,000		1,750,000	2.7%
imaged optical components and calibration	Warrant for 1,167 shares.	12/31/21			—		—
standards for a wide range of industries and	Total Applied Image				1,750,000		1,750,000
applications. (Manufacturing)
www.appliedimage.com
Autotality (formerly Filterworks Acquisition USA, LLC) (l)(m)(p)Deerfield Beach, FL. Provides spray boothequipment, frame repair machines and paint	$2,283,702 Amended Term Note at 6% (+8% PIK) through March 31, 2025, thereafter 12% (+2% PIK), due March 31, 2026.	11/18/19	8%		2,987,221		2,987,221	4.6%
booth filter services for collision shops.	626.2 shares Class A-1 Units.	6/3/22			626,243		—
(Automotive)	417.7 shares Class A-0 Units.	9/30/22			139,232		—
www.autotality.com	Total Autotality				3,752,696		2,987,221

See accompanying notes

Table of Contents

RAND CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

~~September~~March 3031, ~~2024~~2025 (Continued)

(Unaudited)

Company, Geographic Location, Business Description, (Industry) and Website	(a)Type of Investment	(b)Date Acquired	(c)Equity	Cost		(d)(f)Fair Value		Percent of Net Assets
PostProcess Technologies, Inc. (e)(p)Buffalo, NY. Provides innovative solutions for the post-processing of additive manufactured 3D parts. (Manufacturing)www.postprocess.com	360,002 Series A1 Preferred.	11/1/19	<1%		348,875		—	0.0%
BMP Food Service Supply Holdco, LLC (e)(l)(m)(p)Salt Lake City, UT. Provides design, distribution, and installation services for commercial kitchen renovations and newbuilds. (Professional and Business Services)www.foodservicesupply.com	$7,035,000 Second Amended and Restated Term Note: $4,820,000 in principal amount at 12% PIK through December 31, 2025, thereafter 12%, and $2,215,000 in principal amount at 16% PIK through December 31, 2025, thereafter 16%, due November 22, 2027.	11/22/22	15%		6,750,796		6,750,796	10.7%
Subtotal Non-Control/Non-Affiliate Investments				$	21,524,089	$	19,256,017
	15.4% Preferred Interest.	11/22/22			497,619		250,000
Affiliate Investments – 72.2% of net assets (g) (k)
	Total BMP Food Service Supply				7,248,415		7,000,796
Applied Image, Inc. (l)(p)Rochester, NY. Global supplier of precisionimaged optical components and calibration	$1,750,000 Term Note at 10% (+2% PIK) through February 1, 2025, thereafter 10%, due February 1, 2029.	12/31/21	12%		1,750,000		1,750,000	2.5%
BMP Swanson Holdco, LLC (m)(p)Plano, TX. Designs, installs, and maintains	$1,600,000 Term Note at 12% due May 31, 2028.	3/4/21	9%		1,700,115		1,700,115	3.8%
standards for a wide range of industries and	Warrant for 1,167 shares.	12/31/21			—		—
applications. (Manufacturing)	Total Applied Image				1,750,000		1,750,000
www.appliedimage.com
BMP Food Service Supply Holdco, LLC (h)(l)(m)(p)Salt Lake City, UT. Provides design, distribution, and installation services for	$7,035,000 Second Amended and Restated Term Note; $4,820,000 at 12% and $2,215,000 at 13% (+3% PIK), due November 22, 2027.	11/22/22	15%		6,360,115		6,360,115	9.7%
commercial kitchen renovations and new	15.4% Preferred Interest.	11/22/22			497,619		497,619
builds. (Professional and Business Services)	Total BMP Food Service Supply				6,857,734		6,857,734
www.foodservicesupply.com
BMP Swanson Holdco, LLC (m)(p)Plano, TX. Designs, installs, and maintains	$1,600,000 Term Note at 12% due September 4, 2026.	3/4/21	9%		1,700,115		1,700,115	3.5%
a variety of fire protection systems.(Professional and Business Services)	Preferred Membership Interest for 9.24%.	3/4/21			233,333		750,000
www.swansonfire.com	Total BMP Swanson				1,933,448		2,450,115
Carolina Skiff LLC (e)(m)(p)Waycross, GA. Manufacturer of ocean	6.0825% Class A Common Membership Interest.	1/30/04	7%		15,000		1,~~708~~208,000	21.48%
fishing and pleasure boats. (Manufacturing)www.carolinaskiff.com
FCM Industries Holdco LLC (l)(p)Jacksonville, FL. Commercial mulch	$3,380,000 Term Note at 13% due July 31, 2028.	7/31/23	12%		3,380,000		3,380,000	5.52%
installation company that serves a rangeof end markets.	$420,000 Convertible Note at 10% PIK, due July 31, 2033.	7/31/23			~~472~~497,~~655~~059		~~472~~12,~~655~~222
(Professional and Business Services)	Total FCM Industries				3,~~852~~877,~~655~~059		3,~~852~~392,~~655~~222
www.firstcoastmulch.com
Filterworks Acquisition USA, LLC d/b/a Autotality (l)(m)(p)Deerfield Beach, FL. Provides spray boothequipment, frame repair machines and paint	$2,283,702 Amended Term Note at 2% (+12% PIK) through March 31, 2025, thereafter 12% (+2% PIK), due August 31, 2025.	11/18/19	8%		3,074,831		3,074,831	4.4%
Highland All About People Holdings, Inc. (l)(p)	$3,000,000 Term Note at 12% (+4% PIK) due August 7, 2028.	8/7/23	12%		3,206,842		3,206,842	5.8%
booth filter services for collision shops.	626.2 shares Class A-1 Units.	6/3/22			626,243		—
Phoenix, AZ. Full-service staffing and	1,000,000 Class A Units.	8/7/23			1,000,000		600,000
(Automotive)	417.7 shares Class A-0 Units.	9/30/22			139,232		—
executive search firm with a focus on the	Total Highland All About People				4,206,842		3,806,842
www.autotality.com	Total Filterworks				3,840,306		3,074,831
Highland All About People Holdings, Inc. (l)(p)	$3,000,000 Term Note at 12% (+4% PIK) due August 7, 2028.	8/7/23	12%		3,142,963		3,142,963	5.9%
Phoenix, AZ. Full-service staffing and	1,000,000 Class A Units.	8/7/23			1,000,000		1,000,000
executive search firm with a focus on the	Total Highland All About People				4,142,963		4,142,963
healthcare industry.(Professional and Business Services)www.allaboutpeople.net
Inter-National Electronic Alloys LLC d/b/a EFINEA (l)(m)(p)	$3,288,235 Term Note at 12% (+2% PIK) due April 4, 2028.	4/4/23	6%		3,372,069		3,372,069	6.2%
Inter-National Electronic Alloys LLC d/b/a EFINEA (m)(p)	$3,288,235 Term Note at 12% due April 4, 2028.	4/4/23	6%		3,372,069		3,372,069	7.2%
Oakland, NJ. Stocking distributor of	75.3 Class B Preferred Units.	4/4/23			1,011,765		1,~~011~~300,~~765~~000
controlled expansion alloys, electronic grade	Total EFINEA				4,383,834		4,~~383~~672,~~834~~069
nickels, refractory grade metals and alloys,and soft magnetic alloys. (Distribution)www.nealloys.com
Mobile RN Holdings LLC d/b/a Mobile IV Nurses (l)(m)(p)	$2,500,000 Term Note at 14% (+1% PIK) due October 2, 2029.	10/2/24	6%		2,512,585		2,512,585	4.4%
Phoenix, AZ. IV hydration therapy service	6,375 Class A Common Units.	10/2/24			375,000		375,000
provider. (Health and Wellness)	Total Mobile IV Nurses				2,887,585		2,887,585
www.mobileivnurses.com
Mountain Regional Equipment Solutions (e)(l)(m)(p)Salt Lake City, UT. Provider of maintenance,	$3,000,000 Term Note at 14% PIK through June 30, 2025, thereafter 14%, due January 16, 2029.	1/16/24	7%		3,076,575		2,624,575	4.0%
safety, fluid transfer, and custom fabrication	37,991 Common Units.	1/16/24			204,545		—
products. (Distribution)	Warrant for 4% Membership Interest.	1/16/24			60,000		—
www.mountainregionaleq.com	Total Mountain Regional Equipment Solutions				3,341,120		2,624,575
Seybert’s Billiards Corporation d/b/a The Rack Group (l)(p)Coldwater, MI. Billiard supplies.	$6,099,131 Third Amended and Restated Term Note at 12% (+2% PIK) due January 19, 2026.	11/22/21	8%		6,190,840		6,190,840	12.6%
(Consumer Product)	Warrant for 4% Membership Interest.	1/19/21			25,000		50,000
www.seyberts.com	$1,435,435 Term Note at 12% (+2% PIK) due January 19, 2026.	1/19/21			1,519,897		1,519,897
	Warrant for 4% Membership Interest.	1/19/21			25,000		50,000
	5.82 Common shares.	10/24/22			194,000		400,000
	Total Seybert’s				7,954,737		8,210,737

See accompanying notes

Table of Contents

RAND CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

~~September~~March 3031, ~~2024~~2025 (Continued)

(Unaudited)

Company, Geographic Location, Business Description, (Industry) and Website	(a)Type of Investment	(b)Date Acquired	(c)Equity	Cost		(d)(f)Fair Value			Percent of Net Assets
Pressure Pro, Inc. (h)(l)(p)Harrisonville, MO. A provider of branded	$3,000,000 Term Note at 12% (+3% PIK) due January 19, 2028.	1/19/23	10%		1,688,113		1,688,113		3.4%
Tilson Technology Management, Inc. (p)	*120,000 Series B Preferred.	1/20/15	8%		600,000		4,560,000		17.6%
tire pressure monitoring systems consisting	Warrant for 10% Membership Interest.	1/19/23			30,000		750,000
Portland, ME. Provides network deployment	*21,391 Series C Preferred.	9/28/16			200,000		813,000
of a suite of proprietary hardware	Total Pressure Pro				1,718,113		2,438,113
construction and information system services	*70,176 Series D Preferred.	9/29/17			800,000		2,666,000
and software. (Manufacturing)
management for cellular, fiber optic and	*15,385 Series E Preferred.	3/15/19			500,012		584,000
www.pressurepro.us
wireless systems providers. Its affiliated	23,077 Series F Preferred.	6/15/20			750,003		877,000
Seybert’s Billiards Corporation d/b/a The Rack Group (l)(p)Coldwater, MI. Billiard supplies.	$6,099,131 Third Amended and Restated Term Note at 12% (+2% PIK) due January 19, 2026.	11/22/21	8%		6,144,234		6,144,234		11.2%
entity, SQF, LLC is a CLEC supporting	211,567 A-1 Units of SQF Holdco LLC.	3/15/19			—		1,000,000
(Consumer Product)	Warrant for 4% Membership Interest.	1/19/21			25,000		25,000
small cell 5G deployment.(Professional and Business Services)	250 Class D-1 Units of SQF Holdco LLC.	2/16/23			250,000		1,000,000
www.seyberts.com	$1,435,435 Term Note at 12% (+2% PIK) due January 19, 2026.	1/19/21			1,502,102		1,502,102
www.tilsontech.com	Total Tilson				3,100,015		11,500,000
	Warrant for 4% Membership Interest.	1/19/21			25,000		25,000
	5.82 Common shares.	10/24/22			194,000		194,000
	Total Seybert’s				7,890,336		7,890,336
Tilson Technology Management, Inc. (p)	*120,000 Series B Preferred.	1/20/15	8%		600,000		5,405,000		17.5%
Portland, ME. Provides network deployment	*21,391 Series C Preferred.	9/28/16			200,000		963,000
construction and information system services	*70,176 Series D Preferred.	9/29/17			800,000		3,161,000
management for cellular, fiber optic and	*15,385 Series E Preferred.	3/15/19			500,012		693,000
wireless systems providers. Its affiliated	23,077 Series F Preferred.	6/15/20			750,003		1,039,000
entity, SQF, LLC is a CLEC supporting	211,567 A-1 Units of SQF Holdco LLC.	3/15/19			—		800,000
small cell 5G deployment.(Professional and Business Services)	250 Class D-1 Units of SQF Holdco LLC.	2/16/23			250,000		250,000
www.tilsontech.com	Total Tilson				3,100,015		12,311,000
	*2.5% dividend payable quarterly.
Subtotal Affiliate Investments				$	3944,~~484~~450,~~404~~751	$	5052,~~859~~490,~~581~~162
Control Investments - 7.0% of net assets (g) (o)
Control Investments - 3.1% of net assets (g) (o)
ITA Acquisition, LLC (l)(m)(p)Ormond Beach, FL. Blind and shademanufacturing. (Manufacturing)www.itawindowfashions.com	$2,297,808 Fourth Amended and Restated Term Note at 3% (+11% PIK) through December 31, 2024, thereafter 12% (+2% PIK), due June 21, 2026.	6/22/21	37%		3,151,792		3,151,792		7.0%
ITA Acquisition, LLC (e)(l)(m)(p)Ormond Beach, FL. Blind and shademanufacturing. (Manufacturing)www.itawindowfashions.com	$2,672,808 Fifth Amended and Restated Term Note at 14% PIK through March 31, 2026, thereafter 12% (+2% PIK), due June 21, 2026.	6/22/21	37%		3,619,220		1,415,814		3.1%
	$1,500,000 Term Note at 3% (+11% PIK) through December 31, 2024, thereafter 12% (+2% PIK), due June 21, 2026.	6/22/21			1,768,177		1,768,177
	$1,500,000 Term Note at 14% PIK through March 31, 2026, thereafter 12% (+2% PIK), due June 21, 2026.	6/22/21			1,820,910		584,186
	1,124 Class A Preferred Units and 1,924 Class B Common Units.	6/22/21			1,123,810		—
	Total ITA				6,~~043~~563,~~779~~940		42,~~919~~000,~~969~~000
Subtotal Control Investments				$	6,~~043~~563,~~779~~940	$	42,~~919~~000,~~969~~000
TOTAL INVESTMENTS – 106.5%				$	67,052,272	$	75,035,567
TOTAL INVESTMENTS – 95.2%				$	60,757,941	$	62,157,363
LIABILITIES IN EXCESS OF OTHER ASSETS - (6.5%)							(4,588,931	)
OTHER ASSETS IN EXCESS OF LIABILITIES - 4.8%							3,153,890
NET ASSETS – 100%						$	7065,~~446~~311,~~636~~253

See accompanying notes

Table of Contents

RAND CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

~~September~~March 3031, ~~2024~~2025 (Continued)

(Unaudited)

Notes to the Consolidated Schedule of Portfolio Investments

(a)

At ~~September~~March 3031, ~~2024~~2025, restricted securities represented 100% of the fair value of the investment portfolio. Restricted securities are subject to one or more restrictions on resale and are not freely marketable. Type of investment for equity position is in the form of shares unless otherwise noted as units or interests, i.e., preferred shares, common shares.

(b)

The Date Acquired column indicates the date on which the Corporation first acquired an investment.

(c)

Each equity percentage estimates the Corporation’s ownership interest in the applicable portfolio investment. The estimated ownership is calculated based on the percent of outstanding voting securities held by the Corporation or the potential percentage of voting securities held by the Corporation upon exercise of warrants or conversion of debentures, or other available data. If applicable, the symbol “<1%” indicates that the Corporation holds an equity interest of less than one percent.

(d)

The Corporation’s investments are carried at fair value in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 820 “Fair Value Measurements and Disclosures,” which defines fair value and establishes guidelines for measuring fair value. At ~~September~~March 3031, ~~2024~~2025, ASC 820 designates 100% of the Corporation’s investments as “Level 3” assets. Under the valuation policy of the Corporation, unrestricted publicly traded securities are valued at the closing price for these securities on the last trading day of the reporting period. Restricted securities are subject to restrictions on resale and are valued at fair value as determined in good faith by our external investment advisor Rand Capital Management, LLC (“RCM”) and approved by the Board of Directors. Fair value is considered to be the amount that the Corporation may reasonably expect to receive for portfolio securities when sold on the valuation date. Valuations as of any particular date, however, are not necessarily indicative of amounts which may ultimately be realized as a result of future sales or other dispositions of securities and these favorable or unfavorable differences could be material. Among the factors considered in determining the fair value of restricted securities are the financial condition and operating results, projected operations, and other analytical data relating to the investment. Also considered are the market prices for unrestricted securities of the same class (if applicable) and other matters which may have an impact on the value of the portfolio company (see Note 3. “Investments” to the Consolidated Financial Statements).

(e)

These investments are non-income producing. All other investments are income producing. Non-income producing investments have not generated cash payments of interest or dividends including LLC tax-related distributions within the last twelve months or are not expected to do so going forward. If a debt or a preferred equity investment fails to make its most recent payment, then the investment will also be classified as non-income producing.

(f)

As of ~~September~~March 3031, ~~2024~~2025, the total cost of investment securities was approximately $6760.18 million. Net unrealized appreciation was approximately $81.04 million, which was comprised of $1210.17 million of unrealized appreciation of investment securities and ($49.23) million of unrealized depreciation of investment securities. At ~~September~~March 3031, ~~2024~~2025, the aggregate gross unrealized gain for federal income tax purposes was $138.67 million and the aggregate gross unrealized loss for federal income tax purposes was ($37.3) million. The net unrealized gain for federal income tax purposes was $101.24 million based on a tax cost of $6461.81 million.

(g)

All of the Corporation’s portfolio assets are pledged as collateral for purposes of securing the Corporation’s senior secured revolving credit facility pursuant to a general security agreement, dated June 27, 2022, between the Corporation, the subsidiaries listed therein, and the Lender (as defined herein).

(h)

Reduction in cost and fair value from previously reported balances reflects current principal repayment.

(i)

Represents interest due (amounts over $100,000) from investments included as interest receivable on the Corporation’s Consolidated Statements of Financial Position. None at ~~September~~March 3031, ~~2024~~2025.

(j)

Non-Control/Non-Affiliate Investments are investments that are neither Control Investments nor Affiliate Investments.

(k)

Affiliate Investments are defined by the Investment Company Act of 1940, as amended (“1940 Act”), as those Non-Control investments in companies in which between 5% and 25% of the voting securities of such company are owned by the Corporation.

(l)

Payment in kind (PIK) represents earned interest that is added to the cost basis of the investment and due at maturity. The amount of PIK earned is included in the interest rate detailed in the “Type of Investment” column, unless it has been noted with a (+), in which case the PIK is in addition to the face amount of interest due on the security.

(m)

Equity holdings are held in a wholly owned (100%) “blocker corporation” subsidiary of Rand Capital Corporation for federal income tax and Regulated Investment Company (RIC) compliance purposes.

(n)

Indicates assets that the Corporation believes do not represent “qualifying assets” under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70% of the Corporation’s total assets at the time of acquisition of any additional non-qualifying assets. The Corporation had no investments in non-qualifying assets as of ~~September~~March 3031, ~~2024~~2025.

(o)

Control Investments are defined by the 1940 Act as investments in companies in which more than 25% of the voting securities of such companies are owned by the Corporation or where the Corporation maintains greater than 50% ofrepresentation ~~the~~on its board ~~representation~~of isdirectors ~~maintained~~or other similar governing body.

(p)

Investments classified as Level 3 for purposes of the fair value determination by RCM and approved by the Board of Directors.

Table of Contents

RAND CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

~~September~~March 3031, ~~2024~~2025 (Continued)

(Unaudited)

Investments in and Advances to Affiliates

Company	Type of Investment	January 1, ~~2024~~2025, Fair Value		Net Change in Unrealized Appreciation (Depreciation)			Gross Additions(1)		Gross Reductions(2)			~~September~~March 3031, ~~2024~~2025, Fair Value		Net Realized Gains (Losses)		~~Amount of~~ Interest/Dividend/Fee Income (3)
Control Investments:
ITA Acquisition, LLC	$2,~~297~~672,808 ~~Fourth~~Fifth Amended and Restated Term Note at 314% ~~(+11%~~ PIK) through ~~December~~March 31, ~~2024~~2026, thereafter 12% (+2% PIK), due June 21, 2026.	$	21,~~496~~642,~~708~~968	$	—(602,154	)	$	~~655~~375,~~084~~000	$	—		$	31,~~151~~415,~~792~~814	$	—	$	~~353~~2,~~151~~516
	$1,500,000 Term Note at 3% (+11% PIK) through December 31, 2024, thereafter 12% (+2% PIK), due June 21, 2026.		1,652,252		—			115,925		—			1,768,177		—		210,931
	$1,500,000 Term Note at 14% PIK through March 31, 2026, thereafter 12% (+2% PIK), due June 21, 2026.		857,032		(272,846	)		—		—			584,186		—		2,000
	1,124 Class A Preferred Units and 1,924 Class B Common Units.		—		—			—		—			—		—		—
	Total ITA		42,~~148~~500,~~960~~000		—(875,000	)		~~771~~375,~~009~~000		—			42,~~919~~000,~~969~~000		—		~~564~~4,~~082~~516
	Total Control Investments	$	42,~~148~~500,~~960~~000	$	—(875,000	)	$	~~771~~375,~~009~~000	$	—		$	42,~~919~~000,~~969~~000	$	—	$	~~564~~4,~~082~~516
Affiliate Investments:
Applied Image, Inc.	$1,750,000 Term Note at 10% ~~(+2% PIK) through February 1~~, ~~2025, thereafter 10%,~~ due February 1, 2029.	$	1,750,000	$	—		$	—	$	—		$	1,750,000	$	—	$	~~164~~45,~~411~~276
	Warrant for 1,167 shares.		—		—			—		—			—		—		—
	Total Applied Image		1,750,000		—			—		—			1,750,000		—		~~164~~45,~~411~~276
BMP Food Service Supply Holdco, LLC	$7,035,000 Second Amended and Restated Term Note; $4,820,000 at 12% and $2,215,000 at 13% (+3% PIK), due November 22, 2027.		6,394,953		—			—		(34,838	)		6,360,115		—		653,681
Autotality (formerly Filterworks Acquisition USA, LLC)	$2,283,702 Amended Term Note at 6% (+8% PIK) through March 31, 2025, thereafter 12% (+2% PIK), due March 31, 2026.		2,928,648		—			58,573		—			2,987,221		—		102,503
	15.4% Preferred Interest.		1,000,000		(610,000	)		107,619		—			497,619		—		—
	626.2 shares Class A-1 Units.		—		—			—		—			—		—		—
	Total FSS		7,394,953		(610,000	)		107,619		(34,838	)		6,857,734		—		653,681
	417.7 shares Class A-0 Units.		—		—			—		—			—		—		—
BMP Swanson Holdco, LLC	$1,600,000 Term Note at 12% due September 4, 2026.		1,700,115		—			—		—			1,700,115		—		160,807
	Total Autotality		2,928,648		—			58,573		—			2,987,221		—		102,503
	Preferred Membership Interest for 9.24%.		500,000		250,000			—		—			750,000		—		—
BMP Food Service Supply Holdco, LLC	$7,035,000 Second Amended and Restated Term Note: $4,820,000 in principal amount at 12% PIK through December 31, 2025, thereafter 12%, and $2,215,000 in principal amount at 16% PIK through December 31, 2025, thereafter 16%, due November 22, 2027.		6,538,026		—			212,770		—			6,750,796		—		220,095
	Total BMP Swanson		2,200,115		250,000			—		—			2,450,115		—		160,807
	15.4% Preferred Interest.		497,619		(247,619	)		—		—			250,000		—		—
Carolina Skiff LLC	6.0825% Class A Common Membership Interest.		1,708,000		—			—		—			1,708,000		—		—
	Total FSS		7,035,645		(247,619	)		212,770		—			7,000,796		—		220,095
DSD Operating, LLC	$3,063,276 Term Note at 12% (+2% PIK) due September 30, 2026.		—		—			—		—			—		—		—
BMP Swanson Holdco, LLC	$1,600,000 Term Note at 12% due May 31, 2028.		1,700,115		—			—		—			1,700,115		—		52,670
	1,067 Class A Preferred shares.		—		—			—		—			—		23,699		—
	Preferred Membership Interest for 9.24%.		750,000		—			—		—			750,000		—		—
	1,067 Class B Common shares.		—		—			—		—			—		—		—
	Total BMP Swanson		2,450,115		—			—		—			2,450,115		—		52,670
	Total DSD		—		—			—		—			—		23,699		—
Carolina Skiff LLC	6.0825% Class A Common Membership Interest.		1,208,000		—			—		—			1,208,000		—		—
FCM Industries Holdco LLC	$3,380,000 Term Note at 13% due July 31, 2028.		3,380,000		—			—		—			3,380,000		—		~~357~~113,~~421~~650
	$420,000 Convertible Note at 10% PIK, due July 31, 2033.		~~438,156~~—		—			3412,~~499~~222		—			~~472~~12,~~655~~222		—		3412,~~499~~222
	Total FCM		3,~~818~~380,~~156~~000		—			3412,~~499~~222		—			3,~~852~~392,~~655~~222		—		~~391~~125,~~920~~872
Filterworks Acquisition USA, LLC	$2,283,702 Amended Term Note at 2% (+12% PIK) through March 31, 2025, thereafter 12% (+2% PIK), due August 31, 2025.		2,880,946		—			193,885		—			3,074,831		—		317,155
Highland All About People Holdings, Inc.	$3,000,000 Term Note at 12% (+4% PIK) due August 7, 2028.		3,175,091		—			31,751		—			3,206,842		—		130,004
	626.2 shares Class A-1 Units.		256,994		(256,994	)		—		—			—		—		—
	1,000,000 Class A Units.		600,000		—			—		—			600,000		—		—
	417.7 shares Class A-0 Units.		139,232		(139,232	)		—		—			—				—
	Total All About People		3,775,091		—			31,751		—			3,806,842		—		130,004
	Total Filterworks		3,277,172		(396,226	)		193,885		—			3,074,831		—		317,155
Inter-National Electronic Alloys	$3,288,235 Term Note at 12% due April 4, 2028.		3,372,069		—			—		—			3,372,069		—		104,450
Highland All About People Holdings, Inc.	$3,000,000 Term Note at 12% (+4% PIK) due August 7, 2028.		3,049,187		—			93,776		—			3,142,963		—		384,104
LLC	75.3 Class B Preferred Units.		1,011,765		288,235			—		—			1,300,000		—		—
	1,000,000 Class A Units.		1,000,000		—			—		—			1,000,000		—		—
	Total EFINEA		4,383,834		288,235			—		—			4,672,069		—		104,450
	Total All About People		4,049,187		—			93,776		—			4,142,963		—		384,104
Microcision LLC	Membership Interest Purchase Warrant for 5%		—		—			—		—			—		55,357		—
Inter-National Electronic Alloys	$3,288,235 Term Note at 12% (+2% PIK) due April 4, 2028.		3,338,074		—			33,995		—			3,372,069		—		350,373
LLC	75.3 Class B Preferred Units.		1,011,765		—			—		—			1,011,765		—		—
	Total INEA		4,349,839		—			33,995		—			4,383,834		—		350,373

See accompanying notes

Table of Contents

RAND CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

~~September~~March 3031, ~~2024~~2025 (Continued)

(Unaudited)

Company	Type of Investment	January 1, ~~2024~~2025, Fair Value		Net Change in Unrealized Appreciation (Depreciation)			Gross Additions(1)		Gross Reductions(2)			~~September~~March 3031, ~~2024~~2025, Fair Value		Net Realized Gains (Losses)			~~Amount of~~ Interest/Dividend/Fee Income (3)
Knoa Software, Inc.	973,533 Series A-1 Convertible Preferred.		—		—			—		—			—		—			—
Mobile RN Holdings LLC	$2,500,000 Term Note at 14% (+1% PIK) due October 2, 2029.		2,506,319		—			6,266		—			2,512,585		—			96,862
	1,876,922 Series B Preferred.		100,000		1,129,155			—		(1,229,155	)		—		(1,229,155	)		—
	6,375 Class A Common Units.		375,000		—			—		—			375,000		—			—
	Total Knoa		100,000		1,129,155			—		(1,229,155	)		—		(1,229,155	)		—
	Total Mobile IV Nurses		2,881,319		—			6,266		—			2,887,585		—			96,862
Mezmeriz, Inc.	1,554,565 Series Seed Preferred.		—		742,850			—		(742,850	)		—		(742,850	)		—
Mountain Regional Equipment Solutions	$3,000,000 Term Note at 14% PIK through June 30, 2025, thereafter 14%, due January 16, 2029.		—		—			2,624,575		—			2,624,575		—			127,575
Pressure Pro, Inc.	$3,000,000 Term Note at 12% (+3% PIK) due January 19, 2028.		3,063,436		—			52,129		(1,427,452	)		1,688,113		—			297,425
	37,991 Common Units.
	Warrant for 10% Membership Interest.		30,000		720,000			—		—			750,000		—			—
	Warrant for 4% Membership Interest.		—		—			—		—			—		—			—
	Total Pressure Pro		3,093,436		720,000			52,129		(1,427,452	)		2,438,113		—			297,425
	Total MRES		—		—			2,624,575		—			2,624,575		—			127,575
SciAps, Inc.	187,500 Series A Preferred.		1,500,000		—			—		(1,500,000	)		—		3,697,144			—
Pressure Pro, Inc.	$3,000,000 Term Note at 12% (+3% PIK) due January, 19, 2028.		1,702,705		—			22,445		(1,725,150	)		—		—			121,261
	274,299 Series A1 Convertible Preferred.		504,710		—			—		(504,710	)		—		1,243,990			—
	Warrant for 10% Membership Interest.		750,000		(720,000	)		—		(30,000	)		—		870,000			—
	117,371 Series B Convertible Preferred.		250,000		—			—		(250,000	)		—		616,191			—
	Total Pressure Pro		2,452,705		(720,000	)		22,445		(1,755,150	)		—		870,000			121,261
	113,636 Series C Convertible Preferred.		175,000		—			—		(175,000	)		—		431,333			—
Seybert’s Billiards Corporation	$6,099,131 Third Amended and Restated Term Note at 12% (+2% PIK) due January 19, 2026.		6,167,723		—			23,117		—			6,190,840		—			231,819
	369,698 Series C1 Convertible Preferred.		399,274		—			—		(399,274	)		—		984,116			—
	Warrant for 4% Membership Interest.		25,000		25,000			—		—			50,000		—			—
	147,059 Series D Convertible Preferred.		250,000		—			—		(250,000	)		—		616,191			—
	$1,435,435 Term Note at 12% (+2% PIK) due January 19, 2026.		1,511,064		—			8,833		—			1,519,897		—			56,227
	Warrant to purchase Series D-1 Preferred.		45,000		—			—		(45,000	)		—		110,914			—
	Warrant for 4% Membership Interest.		25,000		25,000			—		—			50,000		—			—
	$2,090,000 Second Amended and Restated Secured Subordinated Promissory Note at 12% due August 20, 2024.		2,090,000		—			—		(2,090,000	)		—		—			311,462
	5.82 Common shares.		194,000		206,000			—		—			400,000		—			—
	Total SciAps		5,213,984		—			—		(5,213,984	)		—		7,699,879			311,462
	Total Seybert’s		7,922,787		256,000			31,950		—			8,210,737		—			288,046
Seybert’s Billiards Corporation	$6,099,131 Third Amended and Restated Term Note at 12% (+2% PIK) due January 19, 2026.		4,274,917		—			1,869,317		—			6,144,234		—			654,155
Tilson Technology	120,000 Series B Preferred.		4,560,000		—			—		—			4,560,000		—			13,125
	Warrant for 4% Membership Interest.		25,000		—			—		—			25,000		—			—
Management, Inc.	21,391 Series C Preferred.		813,000		—			—		—			813,000		—			—
	$1,435,435 Term Note at 12% (+2% PIK) due January 19, 2026.		1,475,613		—			26,489		—			1,502,102		—			168,602
	70,176 Series D Preferred.		2,666,000		—			—		—			2,666,000		—			—
	Warrant for 4% Membership Interest.		25,000		—			—		—			25,000		—			—
	15,385 Series E Preferred.		584,000		—			—		—			584,000		—			—
	5.82 Common shares.		194,000		—			—		—			194,000		—			—
	23,077 Series F Preferred.		877,000		—			—		—			877,000		—			—
	Total Seybert’s		5,994,530		—			1,895,806		—			7,890,336		—			822,757
	211,567 A-1 Units of SQF Holdco LLC.		1,000,000		—			—		—			1,000,000		—			—
Tilson Technology	120,000 Series B Preferred.		4,559,500		845,500			—		—			5,405,000		—			39,375
	250 Class D-1 Units of SQF Holdco LLC.		1,000,000		—			—		—			1,000,000		—			—
Management, Inc.	21,391 Series C Preferred.		812,800		150,200			—		—			963,000		—			—
	Total Tilson		11,500,000		—			—		—			11,500,000		—			13,125
	70,176 Series D Preferred.		2,666,400		494,600			—		—			3,161,000		—			—
	Total Affiliate Investments	$	51,668,144	$	(423,384	)	$	3,000,552	$	(1,755,150	)	$	52,490,162	$	925,357		$	1,427,739
	15,385 Series E Preferred.		584,500		108,500			—		—			693,000		—			—
	Total Control and Affiliate Investments	$	54,168,144	$	(1,298,384	)	$	3,375,552	$	(1,755,150	)	$	54,490,162	$	925,357		$	1,432,255
	23,077 Series F Preferred.		876,800		162,200			—		—			1,039,000		—			—
	211,567 A-1 Units of SQF Holdco LLC.		800,000		—			—		—			800,000		302,677			—
	250 Class D-1 Units of SQF Holdco LLC.		250,000		—			—		—			250,000		94,587			—
	Total Tilson		10,550,000		1,761,000			—		—			12,311,000		397,264			39,375
	Total Affiliate Investments	$	53,499,372	$	3,596,779		$	2,411,709	$	(8,648,279	)	$	50,859,581	$	6,148,837		$	3,893,470
	Total Control and Affiliate Investments	$	57,648,332	$	3,596,779		$	3,182,718	$	(8,648,279	)	$	55,779,550	$	6,148,837		$	4,457,552

This schedule should be read in conjunction with the Corporation’s Consolidated Financial Statements, including the Notes to the Consolidated Financial Statements and the Consolidated Schedule of Portfolio Investments.

(1)

Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow on investments, capitalized interest and the accretion of discounts. Gross additions also include the movement of an existing portfolio company into this category and out of another category.

(2)

Gross reductions include decreases in the cost basis of investments resulting from principal repayments, sales, note conversions, the exchange of existing securities for new securities and the movement of an existing portfolio company out of this category and into another category.

(3)

Represents the total amount of interest, fees or dividends credited to income for the portion of the period an investment was included in “Control or Affiliate” categories, respectively.

See accompanying notes

Table of Contents

RAND CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

~~September~~March 3031, ~~2024~~2025 (Continued)

(Unaudited)

Industry Classification	Percentage of Total Investments (at fair value) as of ~~September~~March 3031, ~~2024~~2025
Professional and Business Services		4945.93	%
Manufacturing		15.8
Consumer Product		20.8
Consumer Product		16.5
Distribution		11.7
Distribution		9.8
Manufacturing		8.0
Automotive		4.18
Software		34.97
Health and Wellness		4.7
Total Investments		100	%

See accompanying notes

Table of Contents

RAND CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

December 31, ~~2023~~2024

Company, Geographic Location, Business Description, (Industry) and Website	(a)Type of Investment	(b)Date Acquired	(c)Equity	Cost		(d)(f)Fair Value		Percent of Net Assets
Non-Control/Non-Affiliate Investments – 32.0% of net assets: (g) (j)
Non-Control/Non-Affiliate Investments – 25.5% of net assets: (g) (j)
ACV Auctions, Inc. (e)NASDAQ: ACVA	194,934 shares of Class A Common Stock valued at $15.15 per share.	8/12/16	<1%	$	53,094	$	2,953,250	4.9%
Caitec, Inc. (e)(l)(p)Halethorpe, MD. Pet product manufacturer and distributor. (Consumer Goods)www.caitec.com	$1,750,000 Subordinated Secured Promissory Note modified to 14% PIK through December 31, 2024, thereafter 12% (+2% PIK), due June 1, 2026.	11/6/20	4%		2,237,456		2,237,456	6.8%
Buffalo, NY. Live mobile wholesale auctions for new and used car dealers. (Software)
	36,261 Series A Preferred.	12/28/23			36,261		—
www.acvauctions.com
Ares Capital Corporation (n)NASDAQ: ARCCNew York, NY.(BDC Investment Fund)	21,000 shares valued at $20.03 per share.	3/16/20	<1%		267,140		420,630	0.7%
Barings BDC, Inc. (n)NYSE: BBDCNew York, NY.(BDC Investment Fund)	40,000 shares valued at $8.58 per share.	8/13/20	<1%		333,352		343,200	0.6%
Caitec, Inc. (e)(l)(p)Halethorpe, MD. Pet product manufacturer and distributor. (Consumer Goods)www.caitec.com	$1,750,000 Subordinated Secured Promissory Note modified to 14% PIK through December 31, 2024, thereafter 12% (+2% PIK), due June 1, 2026.	11/6/20	4%		1,942,244		1,942,244	6.5%
	36,261 Series A Preferred.	12/28/23			36,261		36,261
	150 Class A Units.	11/6/20			150,000		—
	$1,750,000 Subordinated Secured Promissory Note modified to 14% PIK through December 31, 2024, thereafter 12% (+2% PIK), due June 1, 2026.	11/6/20			12,~~942~~237,~~244~~456		12,~~942~~237,~~244~~456
	150 Class A Units.	11/6/20			150,000		—
	36,261 Series A Preferred.	12/28/23			36,261		~~36,261~~—
	Total Caitec				4,~~257~~847,~~010~~434		34,~~957~~474,~~010~~912
Carlyle Secured Lending Inc. (n)NASDAQ: CGBDNew York, NY.(BDC Investment Fund)	86,000 shares valued at $14.96 per share.	8/13/20	<1%		899,749		1,286,560	2.1%
GoNoodle, Inc. (l)(p)Nashville, TN. Student engagement education	$1,500,000 Secured Note at 12% (1% PIK) due September 30, 2025.	11/1/19	<1%		1,440,252		1,440,252	2.2%
FS KKR Capital Corp. (n)NYSE: FSKPhiladelphia, PA.(BDC Investment Fund)	48,000 shares valued at $19.97 per share.	3/16/20	<1%		755,058		958,560	1.6%
GoNoodle, Inc. (l)(p)Nashville, TN. Student engagement education	$1,500,000 Secured Note at 12% (1% PIK) due September 30, 2025.	11/1/19	<1%		1,425,938		1,425,938	2.3%
software providing core aligned physical	Warrant for 47,324 Series C Preferred.	3/1/15			25		25
activity breaks. (Software)	Warrant for 21,948 Series D Preferred.	11/1/19			38		38
www.gonoodle.com	Total GoNoodle				1,~~426~~440,~~001~~315		1,~~426~~440,~~001~~315
HDI Acquisition LLC (Hilton Displays) (h)(l)(p)Greenville, NC. Manufacturing, installation	$1,245,119 Term Loan at 12% (+2% PIK) due June 30, 2025.	11/8/19	0%		1,050,305		1,050,305	1.7%
HDI Acquisition LLC d/b/a Hilton Displays (l)(p)Greenville, SC. Manufacturing, installation	$1,245,119 Term Loan at 12% (+2% PIK) due June 30, 2025.	11/8/19	0%		1,071,824		1,071,824	1.6%
and maintenance of signage and brands. (Manufacturing)
www.hiltondisplays.com
Lumious (Tech 2000, Inc.) (p)Herndon, VA. Develops and delivers IT	$850,000 Replacement Term Note at 14% due December 1, ~~2024~~2025.	11/16/18	0%		789,944		789,944	1.32%
training. (Software)
www.t2000inc.com
Mattison Avenue Holdings LLC (l)(p)Dallas, TX. Provider of upscale salon spaces for lease. (Professional and Business Services)	$1,794,944 Third Amended, Restated and Consolidated Promissory Note at 12% (+2% PIK) due January 31, 2024.	6/23/21	0%		1,894,470		1,894,470	3.1%
Mattison Avenue Holdings LLC (p)Dallas, TX. Provider of upscale salon spaces for lease. (Professional and Business Services)www.mattisonsalonsuites.com	$5,500,000 Term Note at 14% due June 25, 2027.	3/28/24	0%		5,572,902		5,572,902	8.5%
www.mattisonsalonsuites.com
Mountain Regional Equipment Solutions (m)(p)	$3,000,000 Term Note at 14% due January 16, 2029.	1/16/24	4%		2,952,000		2,500,000	3.8%
Salt Lake City, UT. Provider of maintenance,	37,991 Common Units.	1/16/24			204,545		—
safety, fluid transfer, and custom fabrication	Warrant for 1% Membership Interest.	1/16/24			60,000		—
products. (Distribution)www.mountainregionaleq.com	Total Mountain Regional Equipment Solutions				3,216,545		2,500,000
OnCore Golf Technology, Inc. (e)(p)Buffalo, NY. Patented and proprietary golf balls utilizing technology and innovation. (Consumer Product)www.oncoregolf.com	300,483 Preferred AA.	11/30/18	3%		752,712		100,000	0.2%
Open Exchange, Inc. (e)(p)	397,899 Series C Preferred.	11/13/13	3%		1,193,697		700,000	1.1%
Lincoln, MA. Online presentation and	397,899 Common.	10/22/19			208,243		—
training software. (Software)	Total Open Exchange				1,401,940		700,000
www.openexc.com

See accompanying notes

Table of Contents

RAND CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

December 31, ~~2023~~2024 (Continued)

Company, Geographic Location, Business Description, (Industry) and Website	(a)Type of Investment	(b)Date Acquired	(c)Equity	Cost		(d)(f)Fair Value		Percent of Net Assets
Nailbiter, Inc. (p)Reston, VA. Video-metrics data analytics supporting name brand Consumer Products Groups (CPG) shopping behavioral insight. (Professional and Business Services)	$2,250,000 Membership Interest of USB Focus Fund Nailbiter I, LLC with economic interest of $2,250,000 Subordinated Secured Promissory Note at net 9% due November 23, 2024.	11/22/21	<1%		2,250,000		2,250,000	3.7%
www.nailbiter.com	Warrants for Preferred Stock.	11/22/21			—		—
	Total Nailbiter				2,250,000		2,250,000
	(i) Interest Receivable $50,092
OnCore Golf Technology, Inc. (e)(p)Buffalo, NY. Patented and proprietary golf balls utilizing technology and innovation. (Consumer Product)www.oncoregolf.com	300,483 Preferred AA.	11/30/18	3%		752,712		100,000	0.2%
Open Exchange, Inc. (e)(p)	397,899 Series C Preferred.	11/13/13	3%		1,193,697		700,000	1.1%
Lincoln, MA. Online presentation and	397,899 Common.	10/22/19			208,243		—
training software. (Software)	Total Open Exchange				1,401,940		700,000
www.openexc.com
PennantPark Investment Corporation (n)NASDAQ: PNNTNew York, NY.(BDC Investment Fund)	195,000 shares valued at $6.91 per share.	8/13/20	<1%		892,212		1,347,450	2.2%
PostProcess Technologies, Inc. (e)(p)Buffalo, NY. Provides innovative solutions for the post-processing of additive manufactured 3D parts. (Manufacturing)www.postprocess.com	360,002 Series A1 Preferred.	11/1/19	<1%		348,875		—	0.0%
Subtotal Non-Control/Non-Affiliate Investments				$	1719,~~371~~442,~~862~~491	$	1916,~~477~~649,~~380~~897
Affiliate Investments – 88.0% of net assets (g) (k)
Affiliate Investments – 79.1% of net assets (g) (k)
Applied Image, Inc. (p)Rochester, NY. Global supplier of precision	$1,750,000 Term Note at 10% due February 1, 2029.	12/31/21	12%		1,750,000		1,750,000	2.9%
Applied Image, Inc. (l)(p)Rochester, NY. Global supplier of precisionimaged optical components and calibration	$1,750,000 Term Note at 10% (+2% PIK) through February 1, 2025, thereafter 10%, due February 1, 2029.	12/31/21	12%		1,750,000		1,750,000	2.7%
imaged optical components and calibration	Warrant for 1,167 shares.	12/31/21			—		—
standards for a wide range of industries and	Warrant for 1,167 shares.	12/31/21			—		—
standards for a wide range of industries and	Total Applied Image				1,750,000		1,750,000
applications. (Manufacturing)	Total Applied Image				1,750,000		1,750,000
applications. (Manufacturing)www.appliedimage.com
www.appliedimage.com
BMP Food Service Supply Holdco, LLC (l)(m)(p)Salt Lake City, UT. Provides design, distribution, and installation services for	$7,035,000 Second Amended and Restated Term Note, $4,820,000 at 12%, $2,215,000 at 13% (+3% PIK), due November 22, 2027.	11/22/22	15%		6,394,953		6,394,953	12.2%
BMP Food Service Supply Holdco, LLC (h)(l)(m)(p)Salt Lake City, UT. Provides design, distribution, and installation services for	$7,035,000 Second Amended and Restated Term Note; $4,820,000 at 12% and $2,215,000 at 13% (+3% PIK), due November 22, 2027.	11/22/22	15%		6,538,026		6,538,026	10.8%
commercial kitchen renovations and new	15.4% Preferred Interest.	11/22/22			~~390~~497,~~000~~619		1497,~~000,000~~619
builds. (Professional and Business Services)	Total BMP Food Service Supply				67,~~784~~035,~~953~~645		7,~~394~~035,~~953~~645
www.foodservicesupply.com
BMP Swanson Holdco, LLC (l)(m)(p)Plano, TX. Designs, installs, and maintains a	$1,600,000 Term Note at 12% due September 4, 2026.	3/4/21	9%		1,700,115		1,700,115	3.6%
BMP Swanson Holdco, LLC (m)(p)Plano, TX. Designs, installs, and maintains	$1,600,000 Term Note at 12% due May 31, 2028.	3/4/21	9%		1,700,115		1,700,115	3.8%
a variety of fire protection systems.(Professional and Business Services)	Preferred Membership Interest for 9.2924%.	3/4/21			233,333		~~500~~750,000
www.swansonfire.com	Total BMP Swanson				1,933,448		2,~~200~~450,115
Carolina Skiff LLC (e)(m)(p)Waycross, GA. Manufacturer of ocean	6.0825% Class A Common Membership Interest.	1/30/04	7%		15,000		1,208,000	1.8%
fishing and pleasure boats. (Manufacturing)www.carolinaskiff.com
FCM Industries Holdco LLC (l)(p)Jacksonville, FL. Commercial mulch	$3,380,000 Term Note at 13% due July 31, 2028.	7/31/23	12%		3,380,000		3,380,000	5.2%
installation company that serves a rangeof end markets.	$420,000 Convertible Note at 10% PIK, due July 31, 2033.	7/31/23			484,837		—
(Professional and Business Services)	Total FCM Industries				3,864,837		3,380,000
www.firstcoastmulch.com
Filterworks Acquisition USA, LLC d/b/a Autotality (h)(l)(m)(p)Deerfield Beach, FL. Provides spray boothequipment, frame repair machines and paint	$2,283,702 Amended Term Note at 6% (+8% PIK) through March 31, 2025, thereafter 12% (+2% PIK), due March 31, 2026.	11/18/19	8%		2,928,648		2,928,648	4.5%
booth filter services for collision shops.	626.2 shares Class A-1 Units.	6/3/22			626,243		—
(Automotive)	417.7 shares Class A-0 Units.	9/30/22			139,232		—
www.autotality.com	Total Filterworks				3,694,123		2,928,648
Highland All About People Holdings, Inc. (l)(p)	$3,000,000 Term Note at 12% (+4% PIK) due August 7, 2028.	8/7/23	12%		3,175,091		3,175,091	5.8%
Phoenix, AZ. Full-service staffing and	1,000,000 Class A Units.	8/7/23			1,000,000		600,000
executive search firm with a focus on the	Total Highland All About People				4,175,091		3,775,091
healthcare industry.(Professional and Business Services)www.allaboutpeople.net
Inter-National Electronic Alloys LLC d/b/a EFINEA (l)(m)(p)	$3,288,235 Term Note at 12% (+2% PIK) due April 4, 2028.	4/4/23	6%		3,372,069		3,372,069	6.7%
Oakland, NJ. Stocking distributor of	75.3 Class B Preferred Units.	4/4/23			1,011,765		1,011,765
controlled expansion alloys, electronic grade	Total EFINEA				4,383,834		4,383,834
nickels, refractory grade metals and alloys,and soft magnetic alloys. (Distribution)www.nealloys.com

See accompanying notes

Table of Contents

RAND CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

December 31, ~~2023~~2024 (Continued)

Company, Geographic Location, Business Description, (Industry) and Website	(a)Type of Investment	(b)Date Acquired	(c)Equity	Cost		(d)(f)Fair Value			Percent of Net Assets
Carolina Skiff LLC (e)(m)(p)Waycross, GA. Manufacturer of ocean fishing	6.0825% Class A Common Membership Interest.	1/30/04	7%		15,000		1,708,000		2.8%
Mobile RN Holdings LLC d/b/a Mobile IV Nurses (l)(m)(p)	$2,500,000 Term Note at 14% (+1% PIK) due October 2, 2029.	10/2/24	6%		2,506,319		2,506,319		4.4%
and pleasure boats. (Manufacturing)www.carolinaskiff.com
Phoenix, AZ. IV hydration therapy service	6,375 Class A Common Units.	10/2/24			375,000		375,000
FCM Industries Holdco LLC (l)(p)Jacksonville, FL. Commercial mulch	$3,380,000 Term Note at 13% due July 31, 2028.	7/31/23	12%		3,380,000		3,380,000		6.3%
provider. (Health and Wellness)	Total Mobile IV Nurses				2,881,319		2,881,319
installation company that serves a rangeof end markets.	$420,000 Convertible Note at 10% PIK, due July 31, 2033.	7/31/23			438,156		438,156
www.mobileivnurses.com
(Professional and Business Services)	Total FCM Industries				3,818,156		3,818,156
Pressure Pro, Inc. (h)(l)(p)Harrisonville, MO. A provider of branded	$3,000,000 Term Note at 12% (+3% PIK) due January 19, 2028.	1/19/23	10%		1,702,705		1,702,705		3.8%
www.firstcoastmulch.com
tire pressure monitoring systems consisting	Warrant for 10% Membership Interest.	1/19/23			30,000		750,000
Filterworks Acquisition USA, LLC d/b/a Autotality (l)(m)(p)	$2,283,702 Term Note at 12% (+2% PIK) due August 30, 2024.	11/18/19	8%		2,880,946		2,880,946		5.4%
of a suite of proprietary hardware	Total Pressure Pro				1,732,705		2,452,705
Deerfield Beach, FL. Provides spray booth	626.2 shares Class A-1 Units.	6/3/22			626,243		256,994
equipment, frame repair machines and paint	417.7 shares Class A-0 Units.	9/30/22			139,232		139,232
booth filter services for collision shops.	Total Filterworks				3,646,421		3,277,172
(Automotive)
www.autotality.com
Highland All About People Holdings, Inc. (l)(p)	$3,000,000 Term Note at 12% (+4% PIK) due August 7, 2028.	8/7/23	12%		3,049,187		3,049,187		6.7%
Phoenix, AZ. Full-service staffing and	1,000,000 Class A Units.	8/7/23			1,000,000		1,000,000
executive search firm with a focus on the	Total Highland All About People				4,049,187		4,049,187
healthcare industry.(Professional and Business Services)www.allaboutpeople.net
Inter-National Electronic Alloys LLC d/b/a EFINEA (l)(m)(p)	$3,288,235 Term Note at 12% (+2% PIK) due April 4, 2028.	4/4/23	6%		3,338,074		3,338,074		7.1%
Oakland, NJ. Stocking distributor of	75.3 Class B Preferred Units.	4/4/23			1,011,765		1,011,765
controlled expansion alloys, electronic grade	Total EFINEA				4,349,839		4,349,839
nickels, refractory grade metals and alloys,and soft magnetic alloys. (Distribution)www.nealloys.com
Knoa Software, Inc. (e)(p)New York, NY. End user experience	973,533 Series A-1 Convertible Preferred.	11/20/12	7%		750,000		—		0.2%
management and performance (EMP)	1,876,922 Series B Preferred.	6/9/14			479,155		100,000
solutions utilizing enterprise applications.	Total Knoa				1,229,155		100,000
(Software)www.knoa.com
Mezmeriz, Inc. (e)(p)	1,554,565 Series Seed Preferred.	5/14/15	12%		742,850		—		0.0%
Ithaca, NY. Technology company developing novel reality capture tools for 3D mapping, reality modeling, object tracking and classification. (Electronics Developer)
www.mezmeriz.com
Pressure Pro, Inc. (l)(p)Harrisonville, MO. A provider of branded tire	$3,000,000 Term Note at 12% (+3% PIK) due January 19, 2028.	1/19/23	10%		3,063,436		3,063,436		5.1%
pressure monitoring systems consisting	Warrant for 10% Membership Interest.	1/19/23			30,000		30,000
of a suite of proprietary hardware	Total Pressure Pro				3,093,436		3,093,436
and software. (Manufacturing)
www.pressurepro.us
SciAps, Inc. (p)	187,500 Series A Preferred.	7/12/13	6%		1,500,000		1,500,000		8.6%
Seybert’s Billiards Corporation d/b/a The Rack Group (l)(p)Coldwater, MI. Billiard supplies.	$6,099,131 Third Amended and Restated Term Note at 12% (+2% PIK) due January 19, 2026.	11/22/21	8%		6,167,723		6,167,723		12.1%
Woburn, MA. Instrumentation company	274,299 Series A1 Convertible Preferred.	4/4/14			504,710		504,710
(Consumer Product)	Warrant for 4% Membership Interest.	1/19/21			25,000		25,000
producing portable analytical devices using	117,371 Series B Convertible Preferred.	8/31/15			250,000		250,000
www.seyberts.com	$1,435,435 Term Note at 12% (+2% PIK) due January 19, 2026.	1/19/21			1,511,064		1,511,064
XRF, LIBS and RAMAN spectroscopy to	113,636 Series C Convertible Preferred.	4/7/16			175,000		175,000
	Warrant for 4% Membership Interest.	1/19/21			25,000		25,000
identify compounds, minerals, and elements.	369,698 Series C1 Convertible Preferred.	4/7/16			399,274		399,274
	5.82 Common shares.	10/24/22			194,000		194,000
(Manufacturing)	147,059 Series D Convertible Preferred.	5/9/17			250,000		250,000
	Total Seybert’s				7,922,787		7,922,787
www.sciaps.com	Warrant to purchase Series D-1 Preferred.	5/9/17			45,000		45,000
Tilson Technology Management, Inc. (p)	*120,000 Series B Preferred.	1/20/15	8%		600,000		4,560,000		17.6%
	$2,090,000 Second Amended and Restated Secured Subordinated Promissory Note at 12% due August 20, 2024.	8/20/21			2,090,000		2,090,000
Portland, ME. Provides network deployment	*21,391 Series C Preferred.	9/28/16			200,000		813,000
	Total SciAps				5,213,984		5,213,984
construction and information system services	*70,176 Series D Preferred.	9/29/17			800,000		2,666,000
management for cellular, fiber optic and	*15,385 Series E Preferred.	3/15/19			500,012		584,000
wireless systems providers. Its affiliated	23,077 Series F Preferred.	6/15/20			750,003		877,000
entity, SQF, LLC is a CLEC supporting	211,567 A-1 Units of SQF Holdco LLC.	3/15/19			—		1,000,000
small cell 5G deployment.(Professional and Business Services)	250 Class D-1 Units of SQF Holdco LLC.	2/16/23			250,000		1,000,000
www.tilsontech.com	Total Tilson				3,100,015		11,500,000
	*2.5% dividend payable quarterly.
Subtotal Affiliate Investments				$	42,488,804	$	51,668,144
Control Investments - 3.8% of net assets (g) (o)
ITA Acquisition, LLC (l)(m)(p)Ormond Beach, FL. Blind and shademanufacturing. (Manufacturing)www.itawindowfashions.com	$2,297,808 Fourth Amended and Restated Term Note at 3% (+11% PIK) through December 31, 2024, thereafter 12% (+2% PIK), due June 21, 2026.	6/22/21	37%		3,244,220		1,642,968		3.8%
	$1,500,000 Term Note at 3% (+11% PIK) through December 31, 2024, thereafter 12% (+2% PIK), due June 21, 2026.	6/22/21			1,820,910		857,032
	1,124 Class A Preferred Units and 1,924 Class B Common Units.	6/22/21			1,123,810		—
	Total ITA				6,188,940		2,500,000
Subtotal Control Investments				$	6,188,940	$	2,500,000
TOTAL INVESTMENTS – 108.4%				$	68,120,235	$	70,818,041
LIABILITIES IN EXCESS OF OTHER ASSETS - (8.4%)							(5,485,521	)
NET ASSETS – 100%						$	65,332,520

See accompanying notes

Table of Contents

RAND CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

December 31, ~~2023~~2024 (Continued)

Company, Geographic Location, Business Description, (Industry) and Website	(a)Type of Investment	(b)DateAcquired	(c)Equity	Cost		(d)(f)FairValue			Percent of Net Assets
Seybert’s Billiards Corporation d/b/a The Rack Group (l)(p)	$4,139,444 Term Note at 12% (+2% PIK) due January 19, 2026.	11/22/21	8%		4,274,917		4,274,917		9.8%
Coldwater, MI. Billiard supplies.	Warrant for 4% Membership Interest.	1/19/21			25,000		25,000
(Consumer Product)www.seyberts.com	$1,435,435 Term Note at 12% (+2% PIK) due January 19, 2026.	1/19/21			1,475,613		1,475,613
	Warrant for 4% Membership Interest.	1/19/21			25,000		25,000
	5.82 Common shares.	10/24/22			194,000		194,000
	Total Seybert’s				5,994,530		5,994,530
Tilson Technology Management, Inc. (p)	*120,000 Series B Preferred.	1/20/15	9%		600,000		4,559,500		17.3%
Portland, ME. Provides network deployment	*21,391 Series C Preferred.	9/28/16			200,000		812,800
construction and information system services	*70,176 Series D Preferred.	9/29/17			800,000		2,666,400
management for cellular, fiber optic and	*15,385 Series E Preferred.	3/15/19			500,012		584,500
wireless systems providers. Its affiliated	23,077 Series F Preferred.	6/15/20			750,003		876,800
entity, SQF, LLC is a CLEC supporting	211,567 A-1 Units of SQF Holdco LLC.	3/15/19			—		800,000
small cell 5G deployment.(Professional and Business Services)	250 Class D-1 Units of SQF Holdco LLC.	2/16/23			250,000		250,000
www.tilsontech.com	Total Tilson				3,100,015		10,550,000
	*2.5% dividend payable quarterly.
Subtotal Affiliate Investments				$	45,720,974	$	53,499,372
Control Investments - 6.8% of net assets (g) (o)
ITA Acquisition, LLC (l)(m)(p)Ormond Beach, FL. Blind and shademanufacturing. (Manufacturing)www.itawindowfashions.com	$2,297,808 Amended and Restated Term Note at 12% (+5% PIK) through September 30, 2024, thereafter 12% (+2% PIK), due June 21, 2026.	6/22/21	37%		2,496,708		2,496,708		6.8%
	$1,500,000 Term Note at 12% (+5% PIK) through September 30, 2024, thereafter 12% (+2% PIK), due June 21, 2026.	6/22/21			1,652,252		1,652,252
	1,124 Class A Preferred Units and 1,924 Class B Common Units.	6/22/21			1,123,810		—
	Total ITA				5,272,770		4,148,960
Subtotal Control Investments				$	5,272,770	$	4,148,960
TOTAL INVESTMENTS – 126.8%				$	68,365,606	$	77,125,712
LIABILITIES IN EXCESS OF OTHER ASSETS - (26.8%)							(16,310,499	)
NET ASSETS – 100%						$	60,815,213

Notes to the Consolidated Schedule of Portfolio Investments

(a)

~~See~~At ~~accompanying~~December ~~notes~~31, 2024, restricted securities represented 100% of the fair value of the investment portfolio. Restricted securities are subject to one or more restrictions on resale and are not freely marketable. Type of investment for equity position is in the form of shares unless otherwise noted as units or interests, i.e., preferred shares, common shares.

(b)

15The Date Acquired column indicates the date on which the Corporation first acquired an investment.

(c)

~~Table~~Each equity percentage estimates the Corporation’s ownership interest in the applicable portfolio investment. The estimated ownership is calculated based on the percent of ~~Contents~~outstanding voting securities held by the Corporation or the potential percentage of voting securities held by the Corporation upon exercise of warrants or conversion of debentures, or other available data. If applicable, the symbol “<1%” indicates that the Corporation holds an equity interest of less than one percent.

(d)

~~RAND~~The ~~CAPITAL~~Corporation’s ~~CORPORATION~~investments ~~AND~~are ~~SUBSIDIARIES~~carried at fair value in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 820 “Fair Value Measurements and Disclosures,” which defines fair value and establishes guidelines for measuring fair value. At December 31, 2024, ASC 820 designates 100% of the Corporation’s investments as “Level 3” assets. Under the valuation policy of the Corporation, unrestricted publicly traded securities are valued at the closing price for these securities on the last trading day of the reporting period. Restricted securities are subject to restrictions on resale and are valued at fair value as determined in good faith by our external investment advisor Rand Capital Management, LLC (“RCM”) and approved by the Board of Directors. Fair value is considered to be the amount that the Corporation may reasonably expect to receive for portfolio securities when sold on the valuation date. Valuations as of any particular date, however, are not necessarily indicative of amounts which may ultimately be realized as a result of future sales or other dispositions of securities and these favorable or unfavorable differences could be material. Among the factors considered in determining the fair value of restricted securities are the financial condition and operating results, projected operations, and other analytical data relating to the investment. Also considered are the market prices for unrestricted securities of the same class (if applicable) and other matters which may have an impact on the value of the portfolio company (see Note 3. “Investments” to the Consolidated Financial Statements).

(e)

~~CONSOLIDATED~~These ~~SCHEDULE~~investments OFare ~~PORTFOLIO~~non-income ~~INVESTMENTS~~producing. All other investments are income producing. Non-income producing investments have not generated cash payments of interest or dividends including LLC tax-related distributions within the last twelve months or are not expected to do so going forward. If a debt or a preferred equity investment fails to make its most recent payment, then the investment will also be classified as non-income producing.

(f)

As of December 31, ~~2023~~2024, the total cost of investment securities was approximately $68.1 million. Net unrealized appreciation was approximately $2.7 million, which was comprised of $10.8 million of unrealized appreciation of investment securities and (~~Continued~~$8.1) million of unrealized depreciation of investment securities. At December 31, 2024, the aggregate gross unrealized gain for federal income tax purposes was approximately $10.8 million and the aggregate gross unrealized loss for federal income tax purposes was ($7.0) million. The net unrealized gain for federal income tax purposes was $3.8 million based on a tax cost of $65.9 million.

(g)

~~Notes~~All toof the ~~Consolidated~~Corporation’s ~~Schedule~~portfolio assets are pledged as collateral for purposes of ~~Portfolio~~securing ~~Investments~~the Corporation’s senior secured revolving credit facility pursuant to a general security agreement, dated June 27, 2022, between the Corporation, the subsidiaries listed therein, and the Lender (as defined herein).

(h)

AtReduction ~~December~~in ~~31,~~cost ~~2023,~~and ~~restricted securities represented 91% of the~~ fair value offrom ~~the~~previously ~~investment~~reported ~~portfolio. Restricted~~balances ~~securities~~reflects ~~are~~current ~~subject~~principal ~~to one or more restrictions on resale and are not freely marketable~~repayment. ~~Type of investment for equity position is in the form of shares unless otherwise noted as units or interests, i.e., preferred shares, common shares.~~

(i)

~~The~~Represents ~~Date~~interest ~~Acquired~~due ~~column~~(amounts ~~indicates~~over ~~the~~$100,000) ~~date~~from oninvestments ~~which~~included as interest receivable on the Corporation’s ~~first~~Consolidated ~~acquired~~Statements anof ~~investment~~Financial Position. None at December 31, 2024.

(j)

~~Each~~Non-Control/Non-Affiliate ~~equity~~Investments ~~percentage~~are ~~estimates~~investments the Corporation’s ownership interest in the applicable portfolio investment. The estimated ownership is calculated based on the percent of outstanding voting securities held by the Corporation or the potential percentage of voting securities held by the Corporation upon exercise of warrants or conversion of debentures, or other available data. If applicable, the symbol “<1%” indicates that ~~the~~are ~~Corporation~~neither ~~holds~~Control anInvestments ~~equity~~nor ~~interest~~Affiliate ~~of less than one percent~~Investments.

(k)

~~The~~Affiliate ~~Corporation’s~~Investments ~~investments~~ are ~~carried~~defined atby fair value in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 820 “Fair Value Measurements and Disclosures,” which defines fair value and establishes guidelines for measuring fair value. At December 31, 2023, ASC 820 designates 91% of the ~~Corporation’s~~Investment ~~investments~~Company asAct ~~“Level 3” assets. Under the valuation policy~~ of ~~the Corporation~~1940, unrestricted publicly traded securities are valued at the closing price for these securities on the last trading day of the reporting period. Restricted securities are subject to restrictions on resale and are valued at fair value as ~~determined~~amended ~~in good faith by our external investment advisor Rand Capital Management, LLC~~ (“~~RCM~~1940 Act”), and approved by the Board of Directors. Fair value is considered to be the amount that the Corporation may reasonably expect to receive for portfolio securities when sold on the valuation date. Valuations as ofthose ~~any~~Non-Control ~~particular~~investments ~~date,~~in ~~however,~~companies ~~are~~in ~~not necessarily indicative of amounts~~ which ~~may~~between ~~ultimately~~5% beand ~~realized~~25% ~~as a result~~ of ~~future sales or other dispositions of securities and these favorable or unfavorable differences could be material. Among~~ the ~~factors~~voting ~~considered in determining the fair value of restricted~~ securities are ~~the~~owned ~~financial~~by ~~condition and operating results, projected operations, and other analytical data relating to~~ the ~~investment~~Corporation. Also considered are the market prices for unrestricted securities of the same class (if applicable) and other matters which may have an impact on the value of the portfolio company (see Note 3. “Investments” to the Consolidated Financial Statements).

(l)

~~These~~Payment ~~investments~~in ~~are~~kind ~~non-income~~(PIK) ~~producing. All~~represents ~~other~~earned ~~investments~~interest ~~are~~that ~~income~~is ~~producing. Non-income~~added ~~producing~~to ~~investments~~the ~~have~~cost ~~not~~basis ~~generated~~of ~~cash~~the ~~payments~~investment ofand ~~interest~~due orat ~~dividends~~maturity. The ~~including~~amount ~~LLC~~of ~~tax-related~~PIK ~~distributions~~earned ~~within~~is included in the ~~last~~interest ~~twelve~~rate ~~months~~detailed orin ~~are~~the ~~not~~“Type ~~expected~~of toInvestment” docolumn, sounless ~~going~~it ~~forward. If~~has abeen ~~debt~~noted orwith a ~~preferred~~(+), ~~equity~~in ~~investment~~which ~~fails~~case tothe ~~make~~PIK ~~its~~is ~~most~~in ~~recent~~addition ~~payment,~~to ~~then~~ the ~~investment~~face ~~will~~amount ~~also~~of beinterest ~~classified~~due ason ~~non-income~~the ~~producing~~security.

(m)

AsEquity ofholdings ~~December~~are ~~31,~~held ~~2023,~~in ~~the~~a ~~total~~wholly ~~cost~~owned of investment securities was approximately $68.4 million. Net unrealized appreciation was approximately $8.8 million, which was comprised of $14.1 million of unrealized appreciation of investment securities and (~~$5.4~~100%) ~~million~~“blocker ofcorporation” ~~unrealized~~subsidiary ~~depreciation~~ of ~~investment~~Rand ~~securities.~~Capital AtCorporation ~~December 31, 2023, the aggregate gross unrealized gain~~ for federal income tax ~~purposes was $14.1 million~~ and ~~the~~Regulated ~~aggregate~~Investment ~~gross~~Company ~~unrealized loss for federal income tax purposes was~~ (~~$4.2~~RIC) ~~million. The~~compliance ~~net unrealized gain for federal income tax~~ purposes ~~was $9~~.~~9 million based on a tax cost of $68 million.~~

(n)

~~All~~Indicates ofassets that the Corporation’s ~~portfolio~~believes ~~assets~~do ~~are~~not ~~pledged~~represent as“qualifying ~~collateral~~assets” ~~for~~under ~~purposes~~Section 55(a) of ~~securing~~ the ~~Corporation’s~~1940 ~~senior~~Act. ~~secured~~Qualifying ~~revolving~~assets ~~credit~~must ~~facility~~represent ~~pursuant~~at toleast a70% ~~general~~of ~~security~~the ~~agreement,~~Corporation’s ~~dated~~total ~~June~~assets ~~27,~~at ~~2022,~~the ~~between~~time ~~the~~of ~~Corporation,~~acquisition ~~the~~of ~~subsidiaries~~any ~~listed~~additional ~~therein,~~non-qualifying ~~and~~assets. ~~the~~The ~~Lender~~Corporation (had no investments in non-qualifying assets as ~~defined~~of ~~herein)~~December 31, 2024.

(o)

~~Reduction~~Control Investments are defined by the 1940 Act as investments in ~~cost~~companies ~~and~~in ~~fair~~which ~~value~~more ~~from~~than ~~previously~~25% ~~reported~~of ~~balances~~the ~~reflects~~voting ~~current~~securities ~~principal~~are ~~repayment~~owned by the Corporation or where greater than 50% of the board representation is maintained.

(p)

~~Represents~~Investments ~~interest~~classified ~~due~~as ~~(amounts~~Level ~~over~~3 ~~$50,000)~~for ~~from~~purposes ~~investments~~of ~~included~~the asfair ~~interest~~value ~~receivable~~determination onby ~~the~~RCM ~~Corporation’s~~and ~~Consolidated~~approved ~~Statements~~by ofthe ~~Financial~~Board ~~Position~~of Directors.

~~Non-Control/Non-Affiliate Investments are investments that are neither Control Investments nor Affiliate Investments.~~ 15

~~Affiliate~~Table ~~Investments are defined by the 1940 Act, as those Non-Control investments in companies in which between 5% and 25%~~ of ~~the voting securities are owned by the Corporation.~~Contents

~~Payment~~RAND inCAPITAL ~~kind~~CORPORATION ~~(PIK)~~AND represents earned interest that is added to the cost basis of the investment and due at maturity. The amount of PIK earned is included in the interest rate detailed in the “Type of Investment” column, unless it has been noted with a (+), in which case the PIK is in addition to the face amount of interest due on the security.SUBSIDIARIES

~~Equity~~CONSOLIDATED ~~holdings~~SCHEDULE ~~are~~OF ~~held~~PORTFOLIO ~~in a wholly owned (100%) “blocker corporation” subsidiary of Rand Capital Corporation for federal income tax and Regulated Investment Company (RIC) compliance purposes.~~INVESTMENTS

Indicates assets that the Corporation believes do not represent “qualifying assets” under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70% of the Corporation’s total assets at the time of acquisition of any additional non-qualifying assets. Of the Corporation’s total assets, 5.38% were non-qualifying assets as of December 31, ~~2023.~~2024 (Continued)

~~Control~~ Investments ~~are defined by the 1940 Act as investments~~ in ~~companies~~and inAdvances ~~which~~to ~~more than 25% of the voting securities are owned by the Corporation or where greater than 50% of the board representation is maintained.~~Affiliates

Investments classified as Level 3 for purposes of the fair value determination by RCM and approved by the Board of Directors.


Company	Type of Investment	January 1, 2024, Fair Value		Net Change in Unrealized Appreciation (Depreciation)			Gross Additions (1)		Gross Reductions (2)			December 31, 2024, Fair Value		Net Realized Gains (Losses)		Interest/ Dividend/ Fee Income (3)
Control Investments:
ITA Acquisition, LLC	$2,297,808 Fourth Amended and Restated Term Note at 3% (+11% PIK) through December 31, 2024, thereafter 12% (+2% PIK), due June 21, 2026.	$	2,496,708	$	(1,601,252	)	$	747,512	$	—		$	1,642,968	$	—	$	472,494
	$1,500,000 Term Note at 3% (+11% PIK) through December 31, 2024, thereafter 12% (+2% PIK), due June 21, 2026.		1,652,252		(963,878	)		168,658		—			857,032		—		279,343
	1,124 Class A Preferred Units and 1,924 Class B Common Units.		—		—			—		—			—		—		—
	Total ITA		4,148,960		(2,565,130	)		916,170		—			2,500,000		—		751,837
	Total Control Investments	$	4,148,960	$	(2,565,130	)	$	916,170	$	—		$	2,500,000	$	—	$	751,837
Affiliate Investments:
Applied Image, Inc.	$1,750,000 Term Note at 10% (+2% PIK) through February 1, 2025, thereafter 10%, due February 1, 2029.	$	1,750,000	$	—		$	—	$	—		$	1,750,000	$	—	$	219,605
	Warrant for 1,167 shares.		—		—			—		—			—		—		—
	Total Applied Image		1,750,000		—			—		—			1,750,000		—		219,605
BMP Food Service Supply Holdco, LLC	$7,035,000 Second Amended and Restated Term Note; $4,820,000 at 12% and $2,215,000 at 13% (+3% PIK), due November 22, 2027.		6,394,953		—			177,911		(34,838	)		6,538,026		—		892,470
	15.4% Preferred Interest.		1,000,000		(610,000	)		107,619		—			497,619		—		—
	Total FSS		7,394,953		(610,000	)		285,530		(34,838	)		7,035,645		—		892,470
BMP Swanson Holdco, LLC	$1,600,000 Term Note at 12% due May 31, 2028.		1,700,115		—			—		—			1,700,115		—		214,611
	Preferred Membership Interest for 9.24%.		500,000		250,000			—		—			750,000		—		—
	Total BMP Swanson		2,200,115		250,000			—		—			2,450,115		—		214,611
Carolina Skiff LLC	6.0825% Class A Common Membership Interest.		1,708,000		(500,000	)		—		—			1,208,000		—		—
DSD Operating, LLC	$3,063,276 Term Note at 12% (+2% PIK) due September 30, 2026.		—		—			—		—			—		—		—
	1,067 Class A Preferred shares.		—		—			—		—			—		23,699		—
	1,067 Class B Common shares.		—		—			—		—			—		—		—
	Total DSD		—		—			—		—			—		23,699		—
FCM Industries Holdco LLC	$3,380,000 Term Note at 13% due July 31, 2028.		3,380,000		—			—		—			3,380,000		—		473,513
	$420,000 Convertible Note at 10% PIK, due July 31, 2033.		438,156		(484,837	)		46,681		—			—		—		46,681
	Total FCM		3,818,156		(484,837	)		46,681		—			3,380,000		—		520,194
Filterworks Acquisition USA, LLC	$2,283,702 Amended Term Note at 6% (+8% PIK) through March 31, 2025, thereafter 12% (+2% PIK), due March 31, 2026.		2,880,946		—			253,952		(206,250	)		2,928,648		—		428,268
	626.2 shares Class A-1 Units.		256,994		(256,994	)		—		—			—		—		—
	417.7 shares Class A-0 Units.		139,232		(139,232	)		—		—			—		—		—
	Total Filterworks		3,277,172		(396,226	)		253,952		(206,250	)		2,928,648		—		428,268
Highland All About People Holdings, Inc.	$3,000,000 Term Note at 12% (+4% PIK) due August 7, 2028.		3,049,187		—			125,904		—			3,175,091		—		515,616
	1,000,000 Class A Units.		1,000,000		(400,000	)		—		—			600,000		—		—
	Total All About People		4,049,187		(400,000	)		125,904		—			3,775,091		—		515,616
Inter-National Electronic Alloys	$3,288,235 Term Note at 12% (+2% PIK) due April 4, 2028.		3,338,074		—			33,995		—			3,372,069		—		457,071
LLC	75.3 Class B Preferred Units.		1,011,765		—			—		—			1,011,765		—		—
	Total INEA		4,349,839		—			33,995		—			4,383,834		—		457,071

16See accompanying notes

~~Table of Contents~~16

~~RAND~~Table ~~CAPITAL~~of ~~CORPORATION AND SUBSIDIARIES~~Contents

~~CONSOLIDATED~~RAND ~~SCHEDULE~~CAPITAL OFCORPORATION ~~PORTFOLIO~~AND ~~INVESTMENTS~~SUBSIDIARIES

~~December~~CONSOLIDATED ~~31,~~SCHEDULE ~~2023~~OF ~~(Continued)~~PORTFOLIO INVESTMENTS

~~Investments~~December in31, ~~and~~2024 ~~Advances to Affiliates~~(Continued)

Company	Type of Investment	January 1, ~~2023~~2024, Fair Value		Net Change in Unrealized Appreciation (Depreciation)			Gross Additions(1)		Gross Reductions(2)			December 31, ~~2023~~2024, Fair Value		Net Realized Gains (Losses)			~~Amount of~~ Interest/Dividend/Fee Income (3)
Control Investments:
Knoa Software, Inc.	973,533 Series A-1 Convertible Preferred.		—		—			—		—			—		—			—
ITA Acquisition, LLC	$2,297,808 Amended and Restated Term Note at 12% (+5% PIK) through September 30, 2024, thereafter 12% (+2% PIK), due June 21, 2026.	$	1,976,116	$	—		$	520,592	$	—		$	2,496,708	$	—		$	420,499
	1,876,922 Series B Preferred.		100,000		1,129,155			—		(1,229,155	)		—		(1,229,155	)		—
	$1,500,000 Term Note at 12% (+5% PIK) through September 30, 2024, thereafter 12% (+2% PIK), due June 21, 2026.		1,560,091		—			92,161		—			1,652,252		—			295,615
	Total Knoa		100,000		1,129,155			—		(1,229,155	)		—		(1,229,155	)		—
	1,124 Class A Preferred Units and 1,924 Class B Common Units.		—		—			—		—			—		—			—
Mezmeriz, Inc.	1,554,565 Series Seed Preferred.		—		742,850			—		(742,850	)		—		(742,850	)		—
	Total ITA		3,536,207		—			612,753		—			4,148,960		—			716,114
Mobile RN Holdings LLC	$2,500,000 Term Note at 14% (+1% PIK) due October 2, 2029.		—		—			2,506,319		—			2,506,319		—			97,667
	Total Control Investments	$	3,536,207	$	—		$	612,753	$	—		$	4,148,960	$	—		$	716,114
	6,375 Class A Common Units.		—		—			375,000		—			375,000		—			—
Affiliate Investments:
	Total Mobile IV Nurses		—		—			2,881,319		—			2,881,319		—			97,667
Applied Image, Inc.	$1,750,000 Term Note at 10% due February 1, 2029.	$	1,750,000	$	—		$	—	$	—		$	1,750,000	$	—		$	183,536
Pressure Pro, Inc.	$3,000,000 Term Note at 12% (+3% PIK) due January 19, 2028.		3,063,436		—			66,721		(1,427,452	)		1,702,705		—			367,382
	Warrant for 1,167 shares.		—		—			—		—			—		—			—
	Warrant for 10% Membership Interest.		30,000		720,000			—		—			750,000		—			50,000
	Total Applied Image		1,750,000		—			—		—			1,750,000		—			183,536
	Total Pressure Pro		3,093,436		720,000			66,721		(1,427,452	)		2,452,705		—			417,382
BMP Food Service Supply Holdco, LLC	$7,035,000 Second Amended and Restated Term Note, $4,820,000 at 12%, $2,215,000 at 13% (+3% PIK), due November 22, 2027.		2,500,000		—			4,535,000		(640,047	)		6,394,953		—			643,615
SciAps, Inc.	187,500 Series A Preferred.		1,500,000		—			—		(1,500,000	)		—		3,705,106			—
	15.4% Preferred Interest.		600,000		610,000			—		(210,000	)		1,000,000		—			—
	274,299 Series A1 Convertible Preferred.		504,710		—			—		(504,710	)		—		1,246,669			—
	Total FSS		3,100,000		610,000			4,535,000		(850,047	)		7,394,953		—			643,615
	117,371 Series B Convertible Preferred.		250,000		—			—		(250,000	)		—		617,518			—
BMP Swanson Holdco, LLC	$1,600,000 Term Note at 12% due September 4, 2026.		1,600,000		—			100,115		—			1,700,115		—			206,918
	113,636 Series C Convertible Preferred.		175,000		—			—		(175,000	)		—		432,262			—
	Preferred Membership Interest for 9.29%.		233,333		266,667			—		—			500,000		—			—
	369,698 Series C1 Convertible Preferred.		399,274		—			—		(399,274	)		—		986,235			—
	Total BMP Swanson		1,833,333		266,667			100,115		—			2,200,115		—			206,918
	147,059 Series D Convertible Preferred.		250,000		—			—		(250,000	)		—		617,518			—
Carolina Skiff LLC	6.0825% Class A Common Membership Interest.		1,957,000		(249,000	)		—		—			1,708,000		—			372,173
	Warrant to purchase Series D-1 Preferred.		45,000		—			—		(45,000	)		—		111,153			—
DSD Operating, LLC	$3,063,276 Term Note at 12% (+2% PIK) due September 30, 2026.		3,139,782		—			31,652		(3,171,434	)		—		—			324,000
	$2,090,000 Second Amended and Restated Secured Subordinated Promissory Note at 12% due August 20, 2024.		2,090,000		—			—		(2,090,000	)		—		—			311,462
	1,067 Class A Preferred shares.		1,954,198		(886,698	)		—		(1,067,500	)		—		2,459,819			62,565
	Total SciAps		5,213,984		—			—		(5,213,984	)		—		7,716,461			311,462
	1,067 Class B Common shares.		—		—			—		—			—		—			—
Seybert’s Billiards Corporation	$6,099,131 Third Amended and Restated Term Note at 12% (+2% PIK) due January 19, 2026.		4,274,917		—			1,892,806		—			6,167,723		—			889,979
	Total DSD		5,093,980		(886,698	)		31,652		(4,238,934	)		—		2,459,819			386,565
	Warrant for 4% Membership Interest.		25,000		—			—		—			25,000		—			—
FCM Industries Holdco LLC	$3,380,000 Term Note at 13% due July 31, 2028.		—		—			3,380,000		—			3,380,000		—			205,078
	$1,435,435 Term Note at 12% (+2% PIK) due January 19, 2026.		1,475,613		—			35,451		—			1,511,064		—			225,732
	$420,000 Convertible Note at 10% PIK, due July 31, 2033.		—		—			438,156		—			438,156		—			18,156
	Warrant for 4% Membership Interest.		25,000		—			—		—			25,000		—			—
	Total FCM		—		—			3,818,156		—			3,818,156		—			223,234
	5.82 Common shares.		194,000		—			—		—			194,000		—			—
Filterworks Acquisition USA, LLC	$2,283,702 Term Note at 12% (+2% PIK) due August 30, 2024.		2,633,105		—			247,841		—			2,880,946		—			388,915
	Total Seybert’s		5,994,530		—			1,928,257		—			7,922,787		—			1,115,711
	626.2 shares Class A-1 Units.		256,994		—			—		—			256,994		—			—
Tilson Technology	120,000 Series B Preferred.		4,559,500		500			—		—			4,560,000		—			52,500
	417.7 shares Class A-0 Units.		139,232		—			—		—			139,232		—			—
Management, Inc.	21,391 Series C Preferred.		812,800		200			—		—			813,000		—			—
	Total Filterworks		3,029,331		—			247,841		—			3,277,172		—			388,915
	70,176 Series D Preferred.		2,666,400		(400	)		—		—			2,666,000		—			—
Highland All About People Holdings, Inc.	$3,000,000 Term Note at 12% (+4% PIK) due August 7, 2028.		—		—			3,049,187		—			3,049,187		—			201,524
	15,385 Series E Preferred.		584,500		(500	)		—		—			584,000		—			—
	1,000,000 Class A Units.		—		—			1,000,000		—			1,000,000		—			—
	23,077 Series F Preferred.		876,800		200			—		—			877,000		—			—
	Total All About People		—		—			4,049,187		—			4,049,187		—			201,524
	211,567 A-1 Units of SQF Holdco LLC.		800,000		200,000			—		—			1,000,000		302,677			—
Inter-National Electronic Alloys	$3,288,235 Term Note at 12% (+2% PIK) due April 4, 2028.		—		—			3,338,074		—			3,338,074		—			358,736
	250 Class D-1 Units of SQF Holdco LLC.		250,000		750,000			—		—			1,000,000		94,587			—
LLC	75.3 Class B Preferred Units.		—		—			1,011,765		—			1,011,765		—			—
	Total Tilson		10,550,000		950,000			—		—			11,500,000		397,264			52,500
	Total INEA		—		—			4,349,839		—			4,349,839		—			358,736
	Total Affiliate Investments	$	53,499,372	$	1,400,942		$	5,622,359	$	(8,854,529	)	$	51,668,144	$	6,165,419		$	5,242,557
	Total Control and Affiliate Investments	$	57,648,332	$	(1,164,188	)	$	6,538,529	$	(8,854,529	)	$	54,168,144	$	6,165,419		$	5,994,394

See accompanying notes

Table of Contents

RAND CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

December 31, ~~2023~~2024 (Continued)

Company	Type of Investment	January 1, 2023, Fair Value		Net Change in Unrealized Appreciation (Depreciation)			Gross Additions(1)		Gross Reductions(2)			December 31, 2023, Fair Value		Net Realized Gains (Losses)		Amount of Interest/Dividend/Fee Income (3)
Knoa Software, Inc.	973,533 Series A-1 Convertible Preferred.		—		—			—		—			—		—		34,850
	1,876,922 Series B Preferred.		100,000		—			—		—			100,000		—		—
	Total Knoa		100,000		—			—		—			100,000		—		34,850
Mezmeriz, Inc.	1,554,565 Series Seed Preferred.		—		—			—		—			—		—		—
Microcision LLC	Membership Interest Purchase Warrant for 5%.		—		—			—		—			—		115,010		—
Pressure Pro, Inc.	$3,000,000 Term Note at 12% (+3% PIK) due January 19, 2028.		—		—			3,063,436		—			3,063,436		—		474,582
	Warrant for 10% Membership Interest.		—		—			30,000		—			30,000		—		—
	Total Pressure Pro		—		—			3,093,436		—			3,093,436		—		474,582
SciAps, Inc.	187,500 Series A Preferred.		1,500,000		—			—		—			1,500,000		—		—
	274,299 Series A1 Convertible Preferred.		504,710		—			—		—			504,710		—		—
	117,371 Series B Convertible Preferred.		250,000		—			—		—			250,000		—		—
	113,636 Series C Convertible Preferred.		175,000		—			—		—			175,000		—		—
	369,698 Series C1 Convertible Preferred.		399,274		—			—		—			399,274		—		—
	147,059 Series D Convertible Preferred.		250,000		—			—		—			250,000		—		—
	Warrant to purchase Series D-1 Preferred.		45,000		—			—		—			45,000		—		—
	$2,090,000 Second Amended and Restated Secured Subordinated Promissory Note at 12% due August 20, 2024.		2,085,000		—			5,000		—			2,090,000		—		261,300
	Total SciAps		5,208,984		—			5,000		—			5,213,984		—		261,300
Seybert’s Billiards Corporation	$4,139,444 Term Note at 12% (+2% PIK) due January 19, 2026.		4,184,106		—			90,811		—			4,274,917		—		633,494
	Warrant for 4% Membership Interest.		25,000		—			—		—			25,000		—		—
	$1,435,435 Term Note at 12% (+2% PIK) due January 19, 2026.		1,440,855		—			34,758		—			1,475,613		—		220,890
	Warrant for 4% Membership Interest.		25,000		—			—		—			25,000		—		—
	5.82 Common shares.		194,000		—			—		—			194,000		—		—
	Total Seybert’s		5,868,961		—			125,569		—			5,994,530		—		854,384
Tilson Technology	120,000 Series B Preferred.		4,559,500		—			—		—			4,559,500		—		52,501
Management, Inc.	21,391 Series C Preferred.		812,800		—			—		—			812,800		—		—
	70,176 Series D Preferred.		2,666,400		—			—		—			2,666,400		—		—
	15,385 Series E Preferred.		584,500		—			—		—			584,500		—		—
	23,077 Series F Preferred.		876,800		—			—		—			876,800		—		—
	211,567 A-1 Units of SQF Holdco LLC.		800,000		—			—		—			800,000		—		—
	250 Class D-1 Units of SQF Holdco LLC.		—		—			250,000		—			250,000		—		—
	Total Tilson		10,300,000		—			250,000		—			10,550,000		—		52,501
	Total Affiliate Investments	$	38,241,589	$	(259,031	)	$	20,605,795	$	(5,088,981	)	$	53,499,372	$	2,574,829	$	4,642,833
	Total Control and Affiliate Investments	$	41,777,796	$	(259,031	)	$	21,218,548	$	(5,088,981	)	$	57,648,332	$	2,574,829	$	5,358,947

(1)

~~This~~Gross ~~schedule~~additions ~~should~~include beincreases ~~read~~ in ~~conjunction~~the ~~with~~cost ~~the~~basis ~~Corporation’s~~of ~~Consolidated~~investments ~~Financial~~resulting ~~Statements~~from new portfolio investments, ~~including~~follow ~~the~~on ~~Notes~~investments, tocapitalized interest and the ~~Consolidated~~accretion ~~Financial~~of ~~Statements~~discounts. ~~and~~Gross additions also include the ~~Consolidated~~movement ~~Schedule~~of an existing portfolio company into this category and out of ~~Portfolio~~another ~~Investments~~category.

(2)

Gross ~~additions~~reductions include ~~increases~~decreases in the cost basis of investments resulting from ~~new~~principal ~~portfolio~~repayments, ~~investments~~sales, ~~follow~~note ~~on investments~~conversions, ~~capitalized interest and~~ the ~~accretion~~exchange of ~~discounts.~~existing ~~Gross~~securities ~~additions~~for ~~also~~new ~~include~~securities and the movement of an existing portfolio company ~~into~~out of this category and ~~out~~into of another category.

(3)

~~Gross~~Represents ~~reductions include decreases in~~ the ~~cost~~total ~~basis~~amount of ~~investments~~interest, ~~resulting~~fees ~~from~~or ~~principal~~dividends ~~repayments,~~credited ~~sales,~~to ~~note~~income ~~conversions,~~for the ~~exchange~~portion of ~~existing securities for new securities and~~ the ~~movement~~period of an ~~existing~~investment ~~portfolio~~was ~~company~~included ~~out~~in of“Control ~~this~~or ~~category~~Affiliate” ~~and~~categories, ~~into another category~~respectively.

~~Represents~~See ~~the~~accompanying ~~total amount of interest, fees or dividends credited to income for the portion of the period an investment was included in “Control or Affiliate” categories, respectively.~~ notes

~~See accompanying notes~~18

18Table of Contents

~~Table~~RAND ofCAPITAL ~~Contents~~CORPORATION AND SUBSIDIARIES

~~RAND~~CONSOLIDATED ~~CAPITAL~~SCHEDULE ~~CORPORATION~~OF ~~AND~~PORTFOLIO ~~SUBSIDIARIES~~INVESTMENTS

~~CONSOLIDATED~~December ~~SCHEDULE~~31, OF2024 ~~PORTFOLIO INVESTMENTS~~(Continued)

December 31, 2023 (Continued)


Industry Classification	Percentage of Total Investments (at fair value) as of December 31, 2024
Professional and Business Services		47.6	%
Consumer Product		17.7
Manufacturing		12.7
Distribution		9.7
Software		4.1
Automotive		4.1
Health and Wellness		4.1
Total Investments		100	%

Industry Classification	Percentage of Total Investments (at fair value) as of December 31, 2023
Professional and Business Services		41.7	%
Manufacturing		22.0
Consumer Product		13.0
Software		7.7
BDC Investment Funds		5.7
Distribution		5.6
Automotive		4.3
Total Investments		100	%

See accompanying notes

~~See accompanying notes~~ 19

19Table of Contents

~~Table~~RAND ofCAPITAL ~~Contents~~CORPORATION AND SUBSIDIARIES

RANDNOTES CAPITALTO CORPORATIONTHE ANDCONSOLIDATED SUBSIDIARIESFINANCIAL STATEMENTS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS(Unaudited)

~~(Unaudited)~~Note 1. ORGANIZATION

~~Note~~Rand 1Capital Corporation (“Rand”, the "Corporation", “we”, “us” and “our”) was incorporated under the laws of New York in February 1969. ~~ORGANIZATION~~We completed our initial public offering in 1971 and operated as an internally managed, closed end, management investment company from that time until November 2019.

In November 2019, Rand ~~Capital~~completed ~~Corporation~~a stock sale transaction (the “~~Rand~~Closing”) with East Asset Management (“East”). The transaction consisted of a $25 million investment in Rand by East, in the form of cash and contributed portfolio assets, in exchange for approximately 8.3 million shares of Rand common stock. East owns approximately 64% of Rand Capital’s outstanding common stock at March 31, 2025. Concurrent with the Closing, Rand Capital Management, LLC (“weRCM”), a registered investment adviser, was retained by Rand as its external investment adviser and administrator (the Closing and the retention of RCM as our investment adviser and administrator are collectively referred to herein as the “usTransaction”). The term of the Corporation’s investment advisory and management agreement (the “~~our~~Investment Management Agreement”) with RCM was ~~incorporated~~extended ~~under~~after approval of its renewal by our Board of Directors (the ~~laws~~“Board”) in October 2024 and is currently scheduled to expire on December 31, 2025. In addition, the term of ~~New~~the ~~York~~Corporation’s administration agreement (the “Administration Agreement”) with RCM was extended after approval of its renewal by the Board in ~~February~~October ~~1969~~2024 and is currently scheduled to expire on December 31, 2025. WeThe ~~completed~~Investment Management Agreement and Administration Agreement can continue for successive annual periods after December 31, 2025 provided that such continuance is specifically approved at least annually by (i)(A) the affirmative vote of a majority of the Board or (B) the affirmative vote of a majority of our ~~initial~~outstanding ~~public~~voting ~~offering~~securities, and (ii) the affirmative vote of a majority of our directors who are not “interested persons,” as defined in ~~1971~~Section ~~and~~2(a)(19) ~~operated~~of the Investment Company Act of 1940, as anamended ~~internally~~(the ~~managed~~"1940 Act"), ~~closed~~of ~~end~~us, RCM or our respective affiliates. Pursuant to the terms of the Investment Management Agreement, Rand pays RCM a base management ~~investment~~fee ~~company~~and ~~from~~may ~~that~~pay ~~time~~an ~~until~~incentive ~~November~~fee, ~~2019~~if specified benchmarks are met.

In ~~November~~connection ~~2019,~~with ~~Rand~~the ~~completed~~Closing, awe ~~stock~~also ~~sale~~entered ~~transaction~~into ~~(the~~a ~~“Closing”)~~shareholder agreement with East ~~Asset Management~~ (the “~~East~~Shareholder Agreement”). ~~The~~ ~~transaction~~Pursuant ~~consisted~~to ~~of a $25 million investment in Rand by East, in~~ the ~~form~~terms of ~~cash~~the ~~and~~Shareholder ~~contributed portfolio assets~~Agreement, ~~in exchange for approximately 8.3 million shares of Rand common stock.~~ East ~~owns~~has ~~approximately 64% of Rand Capital’s outstanding common stock at September 30, 2024. Concurrent with~~ the ~~Closing,~~right ~~Rand~~to ~~Capital~~designate ~~Management,~~two ~~LLC~~or ~~(“RCM”),~~three ~~a registered investment adviser~~persons, ~~was~~depending ~~retained~~upon ~~by Rand as its external investment adviser and administrator (~~the ~~Closing~~size ~~and~~of the ~~retention~~Board, offor ~~RCM~~nomination asfor ~~our~~election ~~investment adviser and administrator are collectively referred~~ to ~~herein as~~ the ~~“Transaction”)~~Board. ~~The~~ ~~term~~East ofhas ~~our~~the ~~investment~~right ~~advisory~~to ~~and~~designate ~~management agreement~~ (~~the “Investment Management Agreement”~~i) ~~with~~up ~~RCM~~to ~~was~~two ~~extended~~persons ~~after~~if ~~its~~the ~~renewal~~size ~~was approved by our Board~~ of ~~Directors (~~the “Board”) ~~in October 2024 and~~ is ~~scheduled~~composed ~~to expire on December 31, 2025. In addition, the term~~ of ~~the~~fewer ~~administration~~than ~~agreement~~seven ~~(the~~directors ~~“Administration~~or ~~Agreement”~~(ii) ~~with~~up ~~RCM~~to ~~was~~three ~~extended~~persons ~~after~~if ~~its~~the ~~renewal~~size ~~was~~of ~~approved by~~ the Board ~~in October 2024 and~~ is ~~scheduled~~composed toof ~~expire~~seven onor ~~December~~more ~~31, 2025~~directors. ~~The~~East’s ~~Investment~~right ~~Management~~to ~~Agreement~~designate ~~and~~persons ~~Administration~~for ~~Agreement~~nomination ~~can continue~~ for ~~successive~~election ~~annual~~to ~~periods after December 31, 2025 provided that such continuance is specifically approved at least annually by (i)(A)~~ the ~~affirmative vote of a majority of the~~ Board orunder ~~(B)~~ the ~~affirmative~~Shareholder ~~vote~~Agreement ofis ~~a majority of our outstanding voting securities, and (ii)~~ the ~~affirmative~~exclusive ~~vote~~means ofby awhich ~~majority~~East ofmay ~~our~~designate ~~directors~~or ~~who~~nominate ~~are not “interested~~ persons,” asfor ~~defined~~election into ~~Section 2(a)(19) of~~ the ~~Investment Company Act of 1940, as amended (the "1940 Act"), of us, RCM or our respective affiliates~~Board. ~~Pursuant~~The toBoard ~~the~~currently ~~terms~~consists of ~~the~~five ~~Investment Management Agreement~~directors, ~~Rand~~and ~~pays~~Adam ~~RCM~~S. aGusky ~~base management fee~~ and ~~may~~Benjamin ~~pay~~E. anGodley ~~incentive~~are ~~fee,~~East’s ifdesignees ~~specified~~on ~~benchmarks~~the ~~are met~~Board.

InWe ~~connection~~currently ~~with~~operate ~~the~~as ~~Closing~~an externally managed, weclosed-end, ~~also~~non-diversified ~~entered~~management ~~into~~investment acompany. We ~~shareholder~~have ~~agreement~~elected byto ~~and~~be ~~between~~regulated ~~Rand~~as ~~and~~a ~~East~~business ~~(the~~development ~~“Shareholder~~company ~~Agreement~~(“BDC”). ~~Pursuant~~under to the ~~terms~~1940 ofAct. As ~~the~~a ~~Shareholder Agreement~~BDC, ~~East~~we ~~has~~are ~~the~~required ~~right~~ to ~~designate~~comply ~~two~~with orcertain ~~three~~regulatory ~~persons,~~requirements ~~depending~~specified ~~upon~~in the ~~size~~1940 ofAct. ~~the~~For ~~Board~~instance, ~~for~~we ~~nomination~~generally ~~for~~have ~~election~~ to ~~the~~invest ~~Board.~~at ~~East~~least ~~has~~70% ~~the right to designate (i) up to two persons if the size~~ of ~~the~~our ~~Board~~total isassets ~~composed~~in of“qualifying ~~fewer~~assets” ~~than~~and ~~seven~~provide ~~directors~~managerial orassistance ~~(ii) up~~ to ~~three persons if~~ the ~~size~~portfolio ofcompanies ~~the~~in ~~Board~~which iswe ~~composed~~invest. See of“Item ~~seven or more directors~~1. Business ~~East’s~~- ~~right~~Regulations, toBusiness ~~designate~~Development ~~persons~~Company ~~for~~Regulations” ~~nomination~~in ~~for~~our ~~election~~Annual toReport ~~the~~on ~~Board~~Form ~~under~~10-K ~~the Shareholder Agreement is the exclusive means by which East may designate or nominate persons~~ for ~~election to~~ the ~~Board.~~year ~~The~~ended ~~Board~~December ~~currently consists of five directors~~31, ~~and Adam S~~2024. ~~Gusky and Benjamin E. Godley are East's designees on the Board.~~

WeIn ~~are~~connection anwith ~~externally managed, closed-end, non-diversified management investment company. We have elected to be regulated as a business development company (“BDC”) under~~ the ~~1940~~completion ~~Act. As~~of ~~a BDC, we are required to comply with certain regulatory requirements specified in~~ the ~~1940 Act. For instance~~Transaction, we ~~generally~~ have shifted to ~~invest~~an atinvestment ~~least~~strategy ~~70%~~focused ofon ~~our~~higher ~~total~~yielding ~~assets~~debt ininvestments ~~“qualifying assets”~~ and ~~provide~~elected ~~managerial assistance to the portfolio companies in which we invest~~U. ~~See “Item 1~~S. ~~Business~~ -Federal ~~Regulations,~~tax ~~Business~~treatment ~~Development~~as ~~Company~~a ~~Regulations”~~regulated ininvestment ~~our~~company ~~Annual Report on Form 10-K for the year ended December 31, 2023~~(“RIC”).

InThe ~~connection~~Board ~~with~~declared the ~~completion~~following ofquarterly ~~the~~cash ~~Transaction,~~dividend weduring ~~have~~the ~~shifted~~three tomonths anended ~~investment~~March ~~strategy~~31, ~~focused on higher yielding debt investments and elected U.S. Federal tax treatment as a regulated investment company (“RIC”).~~2025:

The Board declared the following quarterly cash dividends during the nine months ended September 30, 2024:


Quarter	Dividend/Share Amount		Record Date	Payment Date
1st	$	0.29	March 14, 2025	March 28, 2025

Quarter	Dividend/ShareAmount		Record Date	Payment Date
1st	$	0.25	March 13, 2024	March 29, 2024
2nd	$	0.29	May 31, 2024	June 14, 2024
3rd	$	0.29	August 30, 2024	September 13, 2024

On December 5, 2024, the Board declared a dividend in the amount of $4.20 per share. The dividend was paid in the aggregate combination of 20% in cash and 80% in newly issued shares of our common stock on January 24, 2025 to shareholders of record as of December 16, 2024. The portion of the dividend paid using our common stock increased the number of issued and outstanding shares of our common stock from 2,581,021 shares to 2,969,814 shares as of January 24, 2025.

In order to continue to qualify as a RIC, Rand holds several of its equity investments in wholly-owned subsidiaries that facilitate a tax structure that is advantageous to the RIC election. Rand has the following wholly-owned blocker subsidiaries in place at September 30, 2024: Rand BMP Swanson Holdings Corp., Rand Carolina Skiff Holdings Corp., Rand DSD Holdings Corp., Rand Filterworks Holdings Corp., Rand FSS Holdings Corp., Rand INEA Holdings Corp., and Rand ITA Holdings Corp. (collectively the “Blocker Corps”). These subsidiaries are consolidated using United States generally accepted accounting principles (“GAAP”) for financial reporting purposes.20

20Table of Contents

~~Table~~In order to continue to qualify as a RIC, Rand holds several of ~~Contents~~its equity investments in wholly-owned subsidiaries that facilitate a tax structure that is advantageous to the RIC election. Rand has the following wholly-owned blocker subsidiaries in place at March 31, 2025: Rand BMP Swanson Holdings Corp., Rand Carolina Skiff Holdings Corp., Rand DSD Holdings Corp., Rand Filterworks Holdings Corp., Rand FSS Holdings Corp., Rand INEA Holdings Corp., and Rand ITA Holdings Corp. (collectively the “Blocker Corps”). These subsidiaries are consolidated using United States generally accepted accounting principles (“GAAP”) for financial reporting purposes.

On October 7, 2020, Rand, RCM and certain of their affiliates received an exemptive order from the Securities and Exchange Commission (“SEC”) to permit Rand to co-invest in portfolio companies with certain affiliates, including other BDCs and registered investment companies managed by RCM and certain of its affiliates in a manner consistent with Rand’s investment objective, policies, strategies and restrictions as well as regulatory requirements, subject to compliance with certain conditions (the “Order”). On March 29, 2021, the SEC granted Rand, Callodine Group, LLC (“Callodine”), which holds a controlling interest in RCM, and certain of their affiliates a new exemptive order (the “New Order”) that superseded the Order and permits Rand to co-invest with affiliates managed by RCM and Callodine. Callodine is a yield focused asset management platform. Pursuant to the New Order, Rand is generally permitted to co-invest with affiliates covered by the New Order if a “required majority” (as defined in Section 57(o) of the 1940 Act) of Rand’s independent directors make certain conclusions in connection with a co-investment transaction, including that (1) the terms of the transaction, including the consideration to be paid, are reasonable and fair to Rand and its shareholders and do not involve overreaching in respect of Rand or its shareholders on the part of any person concerned, (2) the transaction is consistent with the interests of Rand’s shareholders and is consistent with Rand’s investment objective and strategies and (3) the investment by Rand’s affiliates would not disadvantage Rand, and Rand’s participation would not be on a basis different from or less advantageous than that on which Rand’s affiliates are investing. In addition, on September 6, 2022, the SEC granted an amendment to the New Order to permit Rand to participate in follow-on investments in our existing portfolio companies with certain Affiliated Funds (as defined in the New Order) that do not hold any investments in such existing portfolio companies.

The accompanying consolidated financial statements describe the operations of Rand and its wholly-owned subsidiaries, Rand Capital Sub, LLC ("Rand Sub") and the Blocker Corps (collectively, the “Corporation”).

Our corporate office is located in Buffalo, NY and our website address is www.randcapital.com. We make available on our website our annual and quarterly reports, proxy statements and other information as soon as reasonably practicable after such material is filed with the SEC. Our shares are traded on the Nasdaq Capital Market under the symbol “RAND.”

Note 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation – It is our opinion that the accompanying consolidated financial statements include all adjustments of a normal recurring nature necessary for a fair presentation in accordance with GAAP of the consolidated financial position, results of operations, cash flows and statement of changes in net assets for the interim periods presented. The Corporation is an investment company following accounting and reporting guidance in Accounting Standards Codification (“ASC”) 946, Financial Services—Investment Companies. Certain information and note disclosures normally included in audited annual consolidated financial statements prepared in accordance with GAAP have been omitted; however, we believe that the disclosures made are adequate to make the information presented herein not misleading. The interim results for the ~~nine~~three months ended ~~September~~March 3031, ~~2024~~2025 are not necessarily indicative of the results to be expected for the full year.

These statements should be read in conjunction with the consolidated financial statements and the notes included in our Annual Report on Form 10-K for the year ended December 31, ~~2023~~2024. Information contained in this filing should also be reviewed in conjunction with our related filings with the SEC prior to the date of this report.

Principles of Consolidation - The consolidated financial statements include the accounts of Rand and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

Fair Value of Financial Instruments – The carrying amounts reported in the consolidated statement of financial position of cash, interest receivable, accounts payable and accrued expenses approximate fair value because of the immediate or short-term nature of these financial instruments.

Investment Classification – In accordance with the provisions of the 1940 Act, the Corporation classifies its investments by level of control. Under the 1940 Act, “Control Investments” are investments in companies that the Corporation is deemed to “Control” ~~because~~if it owns more than 25% of the voting securities of the company or has greater than 50% representation on the company’s board of directors or other similar governing body. “Affiliate Investments” are companies in which the Corporation owns between 5% and 25% of the voting securities of the company. “Non-Control/Non-Affiliate Investments” are those companies that are neither Control Investments nor Affiliate Investments.

Investments - Investments are valued at fair value as determined in good faith by RCM and approved by the Board. The Corporation generally invests in loan, debt, and equity instruments and there is no single standard for determining fair value of these investments. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio company while employing a consistent valuation process. Due to the inherent uncertainty of determining the fair value of portfolio investments, there may be material risks associated with this determination including that estimated fair values may differ from the values that would have been used had a readily available market value for the investments existed and these differences could be material if our assumptions and judgments differ from results of actual liquidation events. The Corporation analyzes and values 21

21Table of Contents

~~Table~~Investments - Investments are valued at fair value as determined in good faith by RCM and approved by the Board. The Corporation generally invests in loan, debt, and equity instruments and there is no single standard for determining fair value of ~~Contents~~these investments. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio company while employing a consistent valuation process. Due to the inherent uncertainty of determining the fair value of portfolio investments, there may be material risks associated with this determination including that estimated fair values may differ from the values that would have been used had a readily available market value for the investments existed and these differences could be material if the Corporation's assumptions and judgments differ from results of actual liquidation events. The Corporation analyzes and values each investment quarterly and records unrealized depreciation for an investment that it believes has become impaired, including where collection of a loan or debt security or realization of the recorded value of an equity security is doubtful. Conversely, the Corporation will record unrealized appreciation if it believes that an underlying portfolio company has appreciated in value and, therefore, the Corporation's equity securities in the underlying portfolio company have also appreciated in value. Additionally, the Corporation continues to assess any material risks associated with this fair value determination, including risks associated with material conflicts of interest. Under the valuation policy of the Corporation, unrestricted publicly traded securities are valued at the closing price for these securities on the last trading day of the reporting period.

~~each~~Qualifying ~~investment~~Assets ~~quarterly~~- ~~and~~As ~~records~~of ~~unrealized~~March ~~depreciation for an investment that it believes has become impaired~~31, ~~including where collection of a loan or realization of the recorded value of an equity security is doubtful. Conversely~~2025, the Corporation’s ~~will~~portfolio ~~record~~of ~~unrealized~~investments ~~appreciation~~only ifincludes itqualifying ~~believes~~assets ~~that~~as andefined ~~underlying portfolio company has appreciated~~ in ~~value~~Section ~~and,~~55(a) ~~therefore,~~of the ~~Corporation's~~1940 ~~equity securities in the underlying portfolio company have also appreciated in value~~Act. ~~Additionally,~~The ~~the~~ Corporation’s ~~continues~~qualifying toassets ~~assess~~consist ~~any material risks associated with this fair value determination, including risks associated with material conflicts~~ of ~~interest.~~qualifying ~~Under~~investments ~~the~~in ~~valuation~~privately ~~policy~~held ~~of the Corporation~~businesses, ~~unrestricted~~principally ~~publicly~~based ~~traded~~in ~~securities are valued at~~ the ~~closing~~United ~~price for these securities on the last trading day of the reporting period~~States.

~~Qualifying~~Revenue ~~Assets~~Recognition - AsInterest ofIncome ~~September~~- ~~30,~~Interest ~~2024,~~income is recognized on the ~~Corporation’s~~accrual ~~portfolio~~basis except where the investment is in default or where receipt of ~~investments~~such ~~only~~interest ~~includes~~is ~~qualifying~~otherwise ~~assets~~presumed asto ~~defined~~be in ~~Section~~doubt. In ~~55(a)~~such ofcases, interest is recognized at the ~~1940~~time ~~Act~~of receipt. A reserve for possible losses on interest receivable is maintained when appropriate. The ~~Corporation’s~~reserve ~~qualifying~~for ~~assets~~possible ~~consist~~losses of ~~qualifying~~interest ~~investments~~receivable inwas ~~privately~~$25,337 ~~held~~as ~~businesses~~of March 31, ~~principally~~2025. ~~based~~There inwas ~~the~~no ~~United~~reserve ~~States~~for possible losses of interest receivable as of December 31, 2024.

~~Revenue~~The ~~Recognition~~Corporation -holds ~~Interest~~debt ~~Income~~securities -in ~~Interest~~its ~~income~~investment isportfolio ~~recognized~~that oncontain ~~the~~payment-in-kind ~~accrual~~(“PIK”) ~~basis~~interest ~~except~~provisions. ~~where~~PIK interest, computed at the ~~investment~~contractual israte specified in ~~default~~each ordebt ~~otherwise~~agreement, ~~presumed~~is added to bethe inprincipal ~~doubt. In~~balance ~~such~~of ~~cases~~the debt and is recorded as interest income. Thus, the actual collection of this interest ismay ~~recognized~~be atdeferred until the time of ~~receipt~~debt principal repayment. A ~~reserve~~For ~~for~~investments ~~possible~~with ~~losses~~PIK oninterest, the Corporation will not accrue PIK interest ~~receivable~~if the portfolio company valuation indicates that the PIK interest is ~~maintained~~not ~~when~~collectible. ~~appropriate~~Loans which are on non-accrual status remain in such status until the borrower has demonstrated the ability and intent to pay contractual amounts due or such loans become current. ~~There~~As of March 31, 2025, one of the Corporation's debt investments was noon ~~reserve~~non-accrual ~~for~~status ~~possible~~with ~~losses~~a cost of ~~interest~~$5.4 ~~receivable~~million asand fair value of ~~September~~$2.0 30million, ~~2024~~which orrepresented 9.0% and 3.2% of the investment portfolio, respectively. As of December 31, ~~2023~~2024, none of the Corporation's investments were on non-accrual status. For the three months ended March 31, 2025 and 2024, 31.1% and 15.9%, respectively, of the Corporation's total investment income was attributable to non-cash PIK interest income.

~~The~~Revenue ~~Corporation~~Recognition ~~holds~~- ~~debt~~Dividend ~~securities~~Income in– ~~its~~The ~~investment~~Corporation ~~portfolio~~may ~~that~~receive ~~contain~~cash ~~payment-in-kind~~distributions ~~(“PIK”)~~from ~~interest~~portfolio ~~provisions.~~companies ~~PIK~~that ~~interest,~~are ~~computed~~limited atliability ~~the~~companies ~~contractual~~or ~~rate~~corporations, ~~specified~~and inthese ~~each~~distributions ~~debt~~are ~~agreement,~~classified isas ~~added~~dividend toincome on the ~~principal~~consolidated ~~balance~~statement of ~~the~~operations. ~~debt~~Dividend ~~and~~income is ~~recorded~~recognized ason ~~interest~~an ~~income. Thus,~~accrual ~~the~~basis ~~actual~~when ~~collection~~it ofcan ~~this~~be ~~interest~~reasonably ~~may~~estimated befor ~~deferred~~private ~~until~~portfolio companies or on the ~~time~~ex-dividend ofdate ~~debt~~for ~~principal~~publicly ~~repayment~~traded portfolio companies.

~~Revenue~~The ~~Recognition~~Corporation -may ~~Dividend~~hold ~~Income~~preferred –equity ~~The~~securities ~~Corporation~~that ~~may~~contain ~~receive~~cumulative ~~cash~~dividend ~~distributions~~provisions. ~~from~~Cumulative ~~portfolio~~dividends ~~companies~~are ~~that~~recorded ~~are~~as ~~limited~~dividend ~~liability~~income, ~~companies~~if ordeclared ~~corporations~~and deemed collectible, and ~~these~~any ~~distributions~~dividends ~~are~~in ~~classified~~arrears asare ~~dividend~~recognized into income onand ~~the~~added ~~consolidated~~to ~~statement~~the balance of ~~operations.~~the ~~Dividend~~preferred ~~income~~equity isinvestment. ~~recognized~~The onactual ancollection ~~accrual~~of ~~basis~~these ~~when~~dividends itin ~~can~~arrears may be ~~reasonably~~deferred ~~estimated~~until ~~for~~such ~~private~~time ~~portfolio~~as ~~companies or on~~ the ~~ex-dividend~~preferred ~~date~~equity ~~for~~is ~~publicly traded portfolio companies~~redeemed.

~~The~~Revenue ~~Corporation~~Recognition ~~may~~- ~~hold~~Fee ~~preferred~~Income ~~equity~~- ~~securities~~Consists ~~that~~of ~~contain~~the ~~cumulative~~revenue ~~dividend~~associated ~~provisions.~~with ~~Cumulative~~the ~~dividends~~amortization ~~are~~of ~~recorded~~financing asfees ~~dividend~~charged ~~income,~~to ifthe ~~declared~~portfolio ~~and~~companies ~~deemed~~upon ~~collectible,~~successful ~~and~~closing ~~any~~of ~~dividends~~financings, ~~in arrears are recognized into~~ income ~~and~~associated ~~added~~with toportfolio ~~the~~company ~~balance~~monitoring offees, ~~the~~income ~~preferred~~associated ~~equity~~with ~~investment.~~early ~~The~~repayment ~~actual~~fees ~~collection~~and ofincome ~~these~~associated ~~dividends~~with inportfolio ~~arrears~~company ~~may~~loan bemodification ~~deferred until such time as the preferred equity is redeemed~~fees.

~~Revenue~~Realized ~~Recognition~~Gain -or ~~Fee~~Loss ~~Income~~and -Unrealized ~~Consists~~Appreciation or Depreciation of Investments - Amounts reported as realized gains and losses are measured by the ~~revenue~~difference ~~associated~~between ~~with~~the proceeds from the ~~amortization~~sale or exchange and the cost basis of ~~financing~~the ~~fees~~investment ~~charged~~without regard to ~~the~~unrealized ~~portfolio~~gains ~~companies~~or ~~upon~~losses ~~successful~~recorded ~~closing~~in prior periods. The cost of ~~financings~~securities that have, ~~income~~in ~~associated~~management’s ~~with~~judgment, ~~portfolio~~become ~~company~~worthless ~~monitoring~~are ~~fees~~written off and ~~income~~reported ~~associated~~as ~~with~~realized ~~portfolio~~losses ~~company~~when ~~loan~~appropriate. ~~modification~~Unrealized ~~fees~~appreciation or depreciation reflects the difference between the fair value of the investments and the cost basis of the investments.

~~Realized~~Original ~~Gain~~Issue orDiscount ~~Loss~~– ~~and~~Investments ~~Unrealized~~may ~~Appreciation~~include or“original ~~Depreciation~~issue ofdiscount”, ~~Investments~~or -OID. This ~~Amounts~~occurs ~~reported~~when asthe ~~realized~~Corporation ~~gains~~purchases ~~and~~a ~~losses~~warrant ~~are~~and ~~measured~~a bynote ~~the~~from ~~difference~~a ~~between~~portfolio ~~the~~company ~~proceeds~~simultaneously, ~~from~~which ~~the~~requires ~~sale~~an orallocation ~~exchange~~of ~~and~~a ~~the~~portion ~~cost basis~~ of the ~~investment~~purchase ~~without~~price ~~regard~~ to ~~unrealized~~the ~~gains~~warrant orand ~~losses~~reduces ~~recorded~~the inpurchase ~~prior~~price ~~periods. The~~allocated ~~cost~~to ofthe ~~securities~~note ~~that~~by ~~have,~~an inequal ~~management’s~~amount ~~judgment,~~in ~~become~~the ~~worthless~~form ~~are~~of ~~written~~a ~~off~~note ~~and~~discount ~~reported~~or ~~as realized losses when appropriate~~OID. ~~Unrealized~~The ~~appreciation~~note oris ~~depreciation~~reported ~~reflects~~net of the ~~difference~~OID ~~between~~and the ~~fair~~OID ~~value~~is ofaccreted ~~the~~into ~~investments~~interest ~~and~~income over the ~~cost~~life ~~basis~~ of the ~~investments~~loan.

Original Issue Discount – Investments may include “original issue discount”, or OID. This occurs when the Corporation purchases a warrant and a note from a portfolio company simultaneously, which requires an allocation of a portion of the purchase price to the warrant and reduces the purchase price allocated to the note by an equal amount in the form of a note discount or OID. The note is reported net of the OID and the OID is accreted into interest income over the life of the loan. 22

~~Net~~Table ~~Assets per Share - Net assets per share are based on the number~~ of ~~shares of common stock outstanding. There are no common stock equivalents outstanding.~~ Contents

~~Supplemental~~Net ~~Cash~~Assets ~~Flow~~per ~~Information~~Share - ~~Income~~Net ~~taxes~~assets ~~paid~~per ~~during~~share ~~the~~are ~~nine~~based ~~months~~on ~~ended September 30, 2024 and 2023 were $152,374 and $509,063, respectively. Interest paid during~~ the ~~nine~~number ~~months~~of ~~ended~~shares ~~September~~of ~~30,~~common ~~2024~~stock ~~and 2023 was $1,090,775 and $614,640, respectively~~outstanding. ~~The~~There ~~Corporation~~are ~~converted~~no ~~$1,338,517~~common ~~and~~stock ~~$813,599~~equivalents ~~of interest receivable into investments during the nine months ended September 30, 2024 and 2023, respectively~~outstanding.

~~Accounting~~Supplemental ~~Estimates~~Cash -Flow ~~The~~Information ~~preparation~~- ofNet ~~financial~~income ~~statements~~taxes inpaid ~~conformity~~during ~~with~~the ~~GAAP~~three ~~requires~~months ~~management~~ended toMarch ~~make~~31, ~~estimates~~2025 and ~~assumptions~~2024 ~~that~~were ~~affect~~$14,937 ~~the~~and ~~reported~~$53,949, ~~amounts~~respectively. ofInterest ~~assets~~paid ~~and~~during ~~liabilities~~the ~~and~~three ~~disclosure~~months ofended ~~contingent~~March ~~assets~~31, 2025 and ~~liabilities~~2024 atwas ~~the~~$30,743 ~~date~~and of$377,857, ~~the~~respectively. ~~financial~~The ~~statements~~Corporation converted $624,105 and ~~the~~$328,829 ~~reported amounts~~ of ~~revenues~~interest ~~and~~receivable ~~expenses~~into investments during the ~~reporting~~three ~~period. Actual~~months ~~results~~ended ~~could~~March ~~differ~~31, ~~from~~2025 ~~those~~and ~~estimates~~2024, respectively.

22Accounting Estimates - The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

~~Table~~Stockholders’ Equity (Net Assets) - At March 31, 2025 and December 31, 2024, there were 500,000 shares of ~~Contents~~$10.00 par value preferred stock authorized and unissued.

~~Stockholders’~~On ~~Equity~~April ~~(Net~~23, ~~Assets)~~2025, -the AtBoard ~~September~~approved ~~30,~~a ~~2024~~share ~~and~~repurchase ~~December~~plan ~~31,~~which ~~2023,~~authorizes ~~there~~the ~~were~~Corporation to repurchase shares of Rand’s outstanding common stock with an aggregate cost of up to $1,500,000 ~~shares~~at prices per share of ~~$10.00~~common ~~par~~stock no greater than the then current net asset value. ~~preferred~~This ~~stock~~share ~~authorized~~repurchase authorization is in effect through April 23, 2026, and ~~unissued~~replaces the share repurchase authorization that was previously approved by the Board in May 2024. No shares of Rand's common stock were repurchased by the Corporation during the three months ended March 31, 2025 or the three months ended March 31, 2024.

OnIncome ~~May~~Taxes 7,– ~~2024,~~The ~~the~~Corporation ~~Board~~elected ~~approved~~to abe ~~share~~treated, ~~repurchase~~for ~~plan~~U.S. ~~which~~federal ~~authorizes~~income ~~the~~tax ~~Corporation~~purposes, toas ~~repurchase~~a ~~shares~~RIC ofunder ~~Rand’s~~Subchapter ~~outstanding~~M ~~common~~of ~~stock~~the ~~with~~Code. The anCorporation ~~aggregate~~must ~~cost~~distribute ofsubstantially upall toof ~~$1,500,000~~its atinvestment ~~prices~~company ~~per~~taxable ~~share~~income ofeach ~~common~~tax ~~stock~~year noas ~~greater~~dividends ~~than~~to ~~the~~its ~~then~~shareholders ~~current~~to ~~net~~maintain ~~asset~~its ~~value~~RIC status. If ~~This~~the ~~share~~Corporation ~~repurchase~~continues ~~authorization~~to isqualify inas ~~effect~~a ~~through~~RIC ~~May~~and 7,continues ~~2025,~~to ~~and~~satisfy ~~replaces~~ the ~~share~~annual ~~repurchase~~distribution ~~authorization~~requirement, ~~that~~the ~~was~~Corporation ~~previously~~will ~~approved~~not byhave ~~the~~to ~~Board~~pay incorporate ~~April~~level ~~2023~~U.S. Nofederal ~~shares~~income oftaxes ~~Rand's~~on ~~common~~any ~~stock~~income ~~were~~that ~~repurchased by~~ the Corporation ~~during~~distributes ~~the~~to ~~nine~~its ~~months ended September 30, 2024 or the nine months ended September 30, 2023~~stockholders.

~~Income~~The ~~Taxes~~Blocker –Corps, ~~The~~which ~~Corporation~~are ~~elected~~consolidated tounder beU.S. ~~treated,~~GAAP for financial reporting purposes, are subject to U.S. federal and state income ~~tax~~taxes. ~~purposes~~Therefore, asthe aCorporation ~~RIC~~accounts ~~under~~for ~~Subchapter~~income Mtaxes ofpursuant ~~the~~to ~~Code~~FASB ASC Topic 740, Income Taxes. ~~The~~ ~~Corporation~~Under ~~must~~FASB ~~distribute~~ASC ~~substantially~~Topic ~~all~~740, deferred tax assets and liabilities are determined based on temporary differences between the bases of ~~its~~certain ~~investment~~assets ~~company~~and ~~taxable~~liabilities for income ~~each~~tax and financial reporting purposes. The Corporation records a valuation allowance against the deferred tax ~~year~~assets asif ~~dividends~~and to ~~its~~the ~~shareholders~~extent toit ~~maintain~~is ~~its~~more ~~RIC~~likely ~~status. If~~than not that the Corporation ~~continues~~will tonot ~~qualify~~recover asthe deferred tax assets. In evaluating the need for a ~~RIC~~valuation allowance, the Corporation weights all relevant positive and ~~continues~~negative toevidence, ~~satisfy~~and considers among other factors, historical financial performance, projected future taxable income, scheduled reversals of deferred tax liabilities, the ~~annual~~overall ~~distribution~~business ~~requirement~~environment, and tax planning strategies. Changes in circumstances, including the ~~Corporation~~Blocker ~~will~~Corps ~~not~~generating ~~have~~significant totaxable ~~pay~~income ~~corporate~~and ~~level~~tax Uplanning strategies, could cause a change in judgment about the need for a valuation allowance of the related deferred tax assets.S. ~~federal~~Any ~~income~~change ~~taxes~~in onthe ~~any~~valuation allowance will be included in income ~~that~~in the ~~Corporation~~period ~~distributes~~of tothe ~~its~~change ~~stockholders~~in estimate.

~~The Blocker Corps~~Accordingly, ~~which~~as ~~are~~of ~~consolidated~~March ~~under U.S. GAAP for financial reporting purposes~~31, ~~are~~2025 ~~subject to U.S. federal~~ and ~~state~~December ~~income taxes. Therefore~~31, ~~the Corporation accounts for income taxes pursuant to FASB ASC Topic 740~~2024, ~~Income Taxes. Under FASB ASC Topic 740, deferred tax assets and liabilities are determined based on temporary differences between~~ the ~~bases of certain assets and liabilities for income tax and financial reporting purposes. The Corporation records a~~ valuation allowance against the ~~deferred tax assets if and to the extent it is more likely than not that the~~ Corporation's ~~will not recover the deferred tax assets~~U. In evaluating the need for a valuation allowance, the Corporation weights all relevant positive and negative evidence, and considers among other factors, historical financial performance, projected future taxable income, scheduled reversals of deferred tax liabilities, the overall business environment, and tax planning strategiesS. ~~Changes~~federal in circumstances, including the Blocker Corps generating significant taxable income and tax planning strategies, could cause a change in judgment about the need for a valuation allowance of the related deferred tax assets. ~~Any~~was ~~change in the valuation allowance will be included in income in the period of the change in estimate~~$363,471.

~~Accordingly,~~The asCorporation ofreviews ~~September~~the ~~30,~~tax ~~2024~~positions ~~and~~it ~~December~~has ~~31,~~taken ~~2023,~~to determine if they meet a "more likely than not threshold" for the ~~valuation~~benefit ~~allowance~~of ~~against~~the tax position to be recognized in the ~~Corporation's~~consolidated Ufinancial statements.S. ~~federal~~A tax position that fails to meet the more likely than not recognition threshold will result in either a reduction of a current or deferred tax ~~assets~~asset ~~was~~or ~~$131~~receivable,~~338~~ or the recording of a current or deferred tax liability. There were no uncertain tax positions recorded at March 31, 2025 or December 31, 2024.

~~The~~Depending ~~Corporation~~on ~~reviews~~ the level of taxable income earned in a tax ~~positions~~year, itthe ~~has~~Corporation ~~taken~~may choose to ~~determine~~carry ifforward ~~they~~taxable ~~meet~~income ain ~~"more~~excess ~~likely~~of ~~than~~current ~~not~~year ~~threshold"~~dividend ~~for~~distributions ~~the~~from ~~benefit~~such ofcurrent year taxable income into the next tax ~~position~~year toand bepay ~~recognized~~a in4% ~~the~~excise ~~consolidated~~tax ~~financial~~on ~~statements~~such income, as required. ATo ~~tax~~the ~~position~~extent that ~~fails~~the toCorporation ~~meet~~determines ~~the~~that ~~more~~its ~~likely~~estimated ~~than~~current ~~not~~year ~~recognition~~taxable ~~threshold~~income will ~~result~~be in ~~either~~excess aof ~~reduction~~estimated ofdividend adistributions for the current oryear ~~deferred~~from ~~tax~~such ~~asset~~income, orthe ~~receivable~~Corporation accrues excise tax, orif ~~the~~any, ~~recording~~on ofestimated aexcess ~~current~~taxable orincome ~~deferred~~as ~~tax~~such ~~liability~~taxable income is earned. ~~There~~The ~~were~~Corporation nodid ~~uncertain~~not ~~tax~~incur ~~positions~~any ~~recorded~~federal atexcise ~~September~~tax ~~30,~~expense ~~2024~~during orthe ~~December~~three months ended March 31, ~~2023.~~2025 or 2024.

~~Depending~~Distributions onfrom ~~the~~net ~~level~~investment ~~of taxable~~ income ~~earned~~and ~~in a tax year, the Corporation may choose to carry forward taxable income in excess of current year dividend~~ distributions from ~~such~~net ~~current~~realized ~~year~~capital ~~taxable~~gains ~~income~~are ~~into~~determined ~~the~~in ~~next~~accordance ~~tax~~with ~~year~~U.S. ~~and~~federal ~~pay a 4% excise~~ tax ~~on such income~~regulations, aswhich ~~required.~~may Todiffer ~~the~~from ~~extent~~amounts ~~that~~determined ~~the~~in ~~Corporation~~accordance ~~determines~~with ~~that~~GAAP ~~its~~and ~~estimated~~those ~~current~~differences ~~year~~could ~~taxable income will~~ be ~~in excess of estimated dividend distributions for the current year from such income, the Corporation accrues excise tax, if any, on estimated excess taxable income as such taxable income is earned~~material. These ~~The Corporation did not incur any federal excise~~ book-to-tax ~~expense~~differences ~~during~~are ~~the~~either ~~nine~~temporary ~~months~~or ~~ended~~permanent ~~September~~in ~~30, 2024~~nature. Reclassifications ~~The~~due ~~Corporation~~to ~~incurred~~permanent ~~$24,543 in federal excise~~ book-tax ~~expense during the nine months ended September 30, 2023.~~

Distributions from net investment income and distributions from net realized capital gains are determined in accordance with U.S. federal tax regulations, which may differ from amounts determined in accordance with GAAP and those differences could be material. These book-to-tax differences are either temporary or permanent in nature. Reclassifications due to permanent book-tax differences, including the offset of net operating losses against short-term gains and nondeductible meals and entertainment, have no impact on net assets.23

~~The~~Table ~~Corporation is currently open to audit under the statute~~ of limitations by the Internal Revenue Service for the years ended December 31, 2020 through 2023. In general, the Corporation’s state income tax returns are open to audit under the statute of limitations for the years ended December 31, 2020 through 2023. Contents

Itdifferences, isincluding the ~~Corporation’s~~offset ~~policy to include interest and penalties related to income tax liabilities in income tax expense on the Consolidated Statement~~ of ~~Operations.~~net ~~The~~operating ~~Corporation~~losses ~~incurred~~against ~~$720~~short-term ingains ~~interest~~and ~~expense~~nondeductible ~~related~~meals toand ~~income tax liabilities during the nine months ended September 30~~entertainment, ~~2024.~~have ~~There were~~ no ~~amounts~~impact ~~recognized~~on ~~for~~net ~~the nine months ended September 30, 2023~~assets.

23The Corporation is currently open to audit under the statute of limitations by the Internal Revenue Service for the years ended December 31, 2021 through 2024. In general, the Corporation’s state income tax returns are open to audit under the statute of limitations for the years ended December 31, 2021 through 2024.

~~Table~~It is the Corporation’s policy to include interest and penalties related to income tax liabilities in income tax expense on the Consolidated Statement of ~~Contents~~Operations. There were no amounts recognized for the three months ended March 31, 2025. The Corporation incurred $720 in interest expense related to income tax liabilities during the three months ended March 31, 2024.

Concentration of Credit and Market Risk – The Corporation’s financial instruments potentially subject it to concentrations of credit risk. Cash is invested with banks in amounts which, at times, exceed insured limits. The Corporation does not anticipate non-performance by such banks.

The following are the concentrations of the top five portfolio company values compared to the fair value of the Corporation’s total investment portfolio:

	September 30, 2024
	March 31, 2025
Tilson Technology Management, Inc. (Tilson)		1619	%
Seybert’s Billiards Corporation (Seybert’s)		1113	%
BMP Food Service Supply Holdco, LLC (FSS)		911	%
Mattison Avenue Holdings LLC (Mattison)		7	%
Inter-National Alloys LLC (EFINEA)		8	%
ITA Acquisition, LLC (ITA)		7	%
Caitec, Inc. (Caitec)		7	%

	December 31, 2023
	December 31, 2024
Tilson		1416	%
Seybert's		11	%
FSS		10	%
Seybert's		8	%
Mattison Avenue Holdings LLC (Mattison)		8	%
SciAps, Inc. (SciAps)		7	%
Caitec		6	%
Inter-National Electronic Alloys LLC (INEA)		6	%

~~Recent~~Recently Issued or Adopted Accounting ~~Pronouncements~~Standards – In December 2023, the FASB issued ~~ASU~~Accounting Standards Update No. 2023-09, "Income Taxes (Topic 740): ~~Improvements~~(“ASU to2023-09”). ~~Income~~The ~~Tax~~amendments ~~Disclosures",~~in toASU ~~expand~~2023-09 ~~the~~are ~~disclosure~~intended ~~requirements~~to ~~for~~improve income ~~taxes~~tax disclosures, ~~specifically~~primarily related to the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for ~~annual~~the ~~periods~~Corporation’s fiscal year beginning ~~January~~after 1December 15, ~~2025~~2024, ~~with~~however, ~~early~~these disclosures are not required for interim periods. The amendments are to be applied on a prospective basis, although retrospective adoption is permitted. The Corporation isdoes ~~currently~~not ~~evaluating~~believe the ~~potential~~adoption ~~effect~~of ~~the~~ASU ~~new~~2023-09 ~~standard~~ will have a material impact on its consolidated financial ~~statement~~statements or disclosures.

Note 3. INVESTMENTS

The Corporation’s investments are carried at fair value in accordance with FASB Accounting Standards Codification (ASC) 820, “Fair Value Measurements and Disclosures”, which defines fair value, establishes a framework for measuring fair value in accordance with GAAP, and expands disclosures about fair value measurements.

Loan investments are defined as traditional loan financings typically with no equity features or required equity co-investment. Debt investments are defined as debt financings that include one or more equity features such as conversion rights, stock purchase warrants, and/or stock purchase options. Equity investments are direct investments into a portfolio company and may include preferred stock, common stock, warrants and limited liability company membership interests.

The Corporation uses several approaches to determine the fair value of an investment. The main approaches are:

•

Loan and debt securities are generally valued at cost when representative of the fair value of the investment or sufficient assets or liquidation proceeds are expected to exist from a sale of a portfolio company at its estimated fair value. The valuation may also consider the carrying interest rate versus the related inherent portfolio risk of the investment. A loan or debt instrument may be reduced in value if it is judged to be of poor quality, collection is in doubt or insufficient liquidation proceeds exist.

•

Equity securities may be valued using the:

Cost approach - The cost approach uses estimates of the liquidation value of the portfolio companies’ assets in relation to the cost of the respective security. This approach values the equity at the value remaining after the portfolio company pays off its debt and loan balances and its outstanding liabilities.24

~~Market~~Table approach - The market approach uses observable prices and other relevant information generated by similar market transactions. It may include both private and public M&A transactions where the traded price is a multiple of EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) or another relevant operating metric. It may also include the market value of comparable public companies that are trading in an active market, or the use of market multiples derived from a set of comparables to assist in pricing the investment. Additionally, the Corporation adjusts valuations if a subsequent significant equity financing has occurred that includes a meaningful portion of the financing by a sophisticated, unrelated new investor.Contents

▪

24Cost approach - The cost approach uses estimates of the liquidation value of the portfolio company’ assets in relation to the cost of the respective security. This approach values the equity at the value remaining after the portfolio company pays off its debt and loan balances and its outstanding liabilities.

▪

~~Table~~Market approach - The market approach uses observable prices and other relevant information generated by similar market transactions. It may include both private and public M&A transactions where the traded price is a multiple of ~~Contents~~EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) or another relevant operating metric. It may also include the market value of comparable public companies that are trading in an active market, or the use of market multiples derived from a set of comparables to assist in pricing the investment. Additionally, the Corporation adjusts valuations if a subsequent significant equity financing has occurred that includes a meaningful portion of the financing by a sophisticated, unrelated new investor.

▪

Income approach - The income approach employs valuation techniques to convert future benefits or costs, usually in the form of cash flows, into a present value amount. The measurement is based on value indicated by current market expectations about those future amounts.

ASC 820 classifies the inputs used to measure fair value into the following hierarchy:

Level 1: Quoted prices in active markets for identical assets or liabilities, used in the Corporation’s valuation at the measurement date. Under the valuation policy, the Corporation values unrestricted publicly traded companies, categorized as Level 1 investments, at the closing price on the last trading day of the reporting period.

Level 2: Quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or other observable inputs other than quoted prices.

Level 3: Unobservable and significant inputs to determining the fair value.

Financial assets are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Any changes in estimated fair value are recorded in the statement of operations.

At ~~September~~March 3031, ~~2024,~~2025 ~~all~~and ~~of the Corporation’s investments were Level 3 investments. At~~ December 31, ~~2023~~2024, 9%all of the Corporation’s investments were Level ~~1 investments and 91% were Level~~ 3 investments. There were no Level 1 or Level 2 investments at ~~September~~March 3031, ~~2024~~2025 or December 31, ~~2023~~2024.

In the valuation process, the Corporation values restricted securities categorized as Level 3 investments, using information from these portfolio companies, which may include:

•

Audited and unaudited statements of operations, balance sheets and operating budgets;

•

Current and projected financial, operational and technological developments of the portfolio company;

•

Current and projected ability of the portfolio company to service its debt obligations;

•

The current capital structure of the business and the seniority of the various classes of equity if a deemed liquidation event were to occur;

•

Pending debt or capital restructuring of the portfolio company;

•

Current information regarding any offers to purchase the investment, or recent financing transactions;

•

Current ability of the portfolio company to raise additional financing if needed;

•

Changes in the economic environment which may have a material impact on the operating results of the portfolio company;

•

~~Qualitative~~Internal ~~assessment~~circumstances ofand ~~key~~events ~~management;~~that may have an impact (both positive and negative) on the operating performance of the portfolio company;

•

~~Other~~Qualitative ~~factors~~assessment ~~deemed~~of ~~relevant~~key ~~to assess valuation.~~management;

•

~~The~~Contractual ~~valuation~~rights, ~~may~~obligations beor ~~reduced~~restrictions ifassociated awith ~~portfolio company’s performance and potential have deteriorated significantly. If~~ the ~~factors~~investment; ~~that led to a reduction in valuation are overcome, the valuation may be readjusted.~~and

•

~~Equity~~Other ~~Securities~~factors deemed relevant to assess valuation.

~~Equity~~The ~~securities~~valuation may ~~include~~be ~~preferred~~reduced ~~stock,~~if ~~common~~a ~~stock,~~portfolio ~~warrants~~company’s performance and ~~limited~~potential ~~liability~~have ~~company~~deteriorated ~~membership~~significantly. ~~interests~~If the factors that led to a reduction in valuation are overcome, the valuation may be readjusted.

~~The~~Equity significant unobservable inputs used in the fair value measurement of the Corporation’s equity investments are EBITDA and revenue multiples, where applicable, the financial and operational performance of the business, and the debt and senior equity preferences that may exist in a deemed liquidation event. Standard industry multiples may be used when available; however, the Corporation’s portfolio companies are typically privately-held, lower middle market companies and these industry standards may be adjusted to more closely match the specific financial and operational characteristics of the portfolio company. Due to the nature of certain investments, fair value measurements may be based on other criteria, which may include third party appraisals. Significant changes in any of these unobservable inputs may result in a significantly higher or lower fair value estimate.Securities

~~Another~~Equity ~~key~~securities ~~factor~~may ~~used~~include inpreferred ~~valuing equity investments is a significant recent arms-length equity transaction entered into by the portfolio company with a sophisticated~~stock, ~~non-strategic,~~common ~~unrelated~~stock, ~~new~~warrants ~~investor. The terms of these equity transactions may not be identical to the equity transactions between the portfolio company~~ and ~~the~~limited ~~Corporation,~~liability ~~and the impact of the difference in transaction terms on the market value of the portfolio~~ company ~~may~~membership ~~be difficult or impossible to quantify~~interests.

Table of Contents

~~When~~The ~~appropriate~~significant unobservable inputs used in the ~~Black-Scholes~~fair ~~pricing~~value ~~model~~measurement isof ~~used~~the toCorporation’s ~~estimate~~equity investments are EBITDA and revenue multiples, where applicable, the ~~fair~~financial ~~value~~and operational performance of ~~warrants~~the ~~for~~business, ~~accounting~~and ~~purposes~~the debt and senior equity preferences that may exist in a deemed liquidation event. ~~This~~ Standard ~~model~~industry ~~requires~~multiples may be used when available; however, the ~~use~~Corporation’s ofportfolio ~~highly~~companies ~~subjective~~are ~~inputs~~typically ~~including~~privately-held, ~~expected~~lower ~~volatility~~middle market companies and ~~expected~~these ~~life,~~industry instandards ~~addition~~may be adjusted to ~~variables~~more ~~for~~closely match the ~~valuation~~specific financial and operational characteristics of ~~minority~~the ~~equity~~portfolio ~~positions~~company. Due into ~~small~~the ~~private~~nature ~~and~~of ~~early~~certain ~~stage~~investments, ~~companies.~~fair value measurements may be based on other criteria, which may include third party appraisals. Significant changes in any of these unobservable inputs may result in a significantly higher or lower fair value estimate.

~~For~~Another key factor used in valuing equity investments ~~made~~is ~~within~~a ~~the~~significant ~~last~~recent ~~year,~~arms-length ~~the~~equity ~~Corporation~~transaction ~~generally~~entered ~~relies~~into onby the ~~cost~~portfolio ~~basis~~company with a sophisticated, ~~which~~non-strategic, isunrelated, ~~deemed~~new investor. The terms of these equity transactions may not be identical to ~~represent~~the equity transactions between the ~~fair~~portfolio ~~value~~company and the Corporation, ~~unless~~and ~~other~~the ~~fair~~impact ~~value~~of ~~inputs~~the ~~are~~difference ~~identified~~in ~~causing~~transaction terms on the ~~Corporation~~market tovalue ~~depart~~of ~~from~~the ~~this~~portfolio ~~basis~~company may be difficult or impossible to quantify.

~~Loan~~When appropriate the Black-Scholes pricing model is used to estimate the fair value of warrants for accounting purposes. This model requires the use of highly subjective inputs including expected volatility and ~~Debt~~expected ~~Securities~~life, in addition to variables for the valuation of minority equity positions in small private and early stage companies. Significant changes in any of these unobservable inputs may result in a significantly higher or lower fair value estimate.

~~The~~For significant unobservable inputs used in the fair value measurement of the Corporation’s loan and debt securities are the financial and operational performance of the portfolio company, similar debt with similar terms with other portfolio companies, as well as the market acceptance for the portfolio company’s products or services. These inputs will likely provide an indicator as to the probability of principal recovery of the investment. The Corporation’s loan and debt investments ~~are~~made ~~often~~within ~~junior secured or unsecured securities. Fair value may also be determined based on other criteria where appropriate. Significant changes to~~ the ~~unobservable~~last ~~inputs may result in a change in fair value. For recent investments~~year, the Corporation generally relies on the cost basis, which is deemed to represent the fair value, unless other fair value inputs are identified causing the Corporation to depart from this basis.

~~The~~Loan ~~following~~and ~~table~~Debt ~~provides a summary of the significant unobservable inputs used to determine the fair value of the Corporation’s Level 3 portfolio investments as of September 30, 2024:~~Securities

Investment Type	Market Approach EBITDA Multiple		Market Approach Liquidation Seniority		Market ApproachRevenue Multiple		Market Approach Transaction Pricing		Totals
Non-Control/Non-Affiliate Equity	$	72,522	$	—	$	700,000	$	100,063	$	872,585
Non-Control/Non-Affiliate Loan and Debt		10,957,828		4,476,604		—		2,949,000		18,383,432
Total Non-Control/Non-Affiliate	$	11,030,350	$	4,476,604	$	700,000	$	3,049,063	$	19,256,017
Affiliate Equity	$	18,272,384	$	—	$	—	$	—	$	18,272,384
Affiliate Loan and Debt		30,837,197		—		—		1,750,000		32,587,197
Total Affiliate	$	49,109,581	$	—	$	—	$	1,750,000	$	50,859,581
Control Equity	$	—	$	—	$	—	$	—	$	—
Control Loan and Debt		—		4,919,969		—		—		4,919,969
Total Control	$	—	$	4,919,969	$	—	$	—	$	4,919,969
Total Level 3 Investments	$	60,139,931	$	9,396,573	$	700,000	$	4,799,063	$	75,035,567
Range	5X - 12.3X		1X		3.5X		Not Applicable
Unobservable Input	EBITDA Multiple		Asset Value		Revenue Multiple		Transaction Price
Weighted Average	6.9X		1X		3.5X		Not Applicable

The significant unobservable inputs used in the fair value measurement of the Corporation’s loan and debt securities are the financial and operational performance of the portfolio company, similar debt with similar terms with other portfolio companies, as well as the market acceptance for the portfolio company’s products or services. These inputs will likely provide an indicator as to the probability of principal recovery of the investment. The Corporation’s loan and debt investments are often junior secured or unsecured securities. Fair value may also be determined based on other criteria where appropriate. Significant changes to the unobservable inputs may result in a change in fair value. For recent investments, the Corporation generally relies on the cost basis, which is deemed to represent the fair value, unless other fair value inputs are identified causing the Corporation to depart from this basis.

The following table provides a summary of the ~~components~~significant ofunobservable ~~Level~~inputs 1,used 2to ~~and~~determine 3the ~~Assets~~fair ~~Measured~~value atof ~~Fair~~the ~~Value~~Corporation’s atLevel ~~September~~3 30portfolio investments as of March 31, ~~2024~~2025:

			Fair Value Measurements at Reported Date Using
Investment Type	Market Approach EBITDA Multiple		Market Approach Liquidation Seniority		Market ApproachRevenue Multiple		Market Approach Transaction Pricing		Totals
Description	September 30, 2024		Quoted Prices in Active Markets for Identical Assets(Level 1)		SignificantObservable Inputs(Level 2)		Other SignificantUnobservableInputs(Level 3)
Non-Control/Non-Affiliate Equity	$	—	$	—	$	700,000	$	100,038	$	800,038
Loan investments	$	17,301,482	$	—	$	—	$	17,301,482
Non-Control/Non-Affiliate Loan and Debt		4,633,366		2,233,797		—		—		6,867,163
Debt investments		38,589,116		—		—		38,589,116
Total Non-Control/Non-Affiliate	$	4,633,366	$	2,233,797	$	700,000	$	100,038	$	7,667,201
Equity investments		19,144,969		—		—		19,144,969
Affiliate Equity	$	6,608,000	$	—	$	—	$	9,875,000	$	16,483,000
Total	$	75,035,567	$	—	$	—	$	75,035,567
Affiliate Loan and Debt		31,744,577		—		—		4,262,585		36,007,162
Total Affiliate	$	38,352,577	$	—	$	—	$	14,137,585	$	52,490,162
Control Equity	$	—	$	—	$	—	$	—	$	—
Control Loan and Debt		2,000,000		—		—		—		2,000,000
Total Control	$	2,000,000	$	—	$	—	$	—	$	2,000,000
Total Level 3 Investments	$	44,985,943	$	2,233,797	$	700,000	$	14,237,623	$	62,157,363
Range	4X - 10X		1X		3.5X		Not Applicable
Unobservable Input	EBITDA Multiple		Asset Value		Revenue Multiple		Transaction Price
Weighted Average	5.6X		1X		3.5X		Not Applicable

Table of Contents

The following table provides a summary of the components of Level 1, 2 and 3 Assets Measured at Fair Value at ~~December~~March 31, ~~2023~~2025:

Fair Value Measurements at Reported Date Using

Description

~~December~~March 31, ~~2023~~2025

Quoted Prices in Active Markets for Identical Assets(Level 1)

SignificantObservable Inputs(Level 2)

Other SignificantUnobservableInputs(Level 3)

Loan investments

129,~~417~~123,~~977~~425

—

129,~~417~~123,~~977~~425

Debt investments

3635,~~861~~750,~~525~~900

—

3635,~~861~~750,~~525~~900

Equity investments

2717,~~846~~283,~~210~~038

~~7,309,650~~—

—

2017,~~536~~283,~~560~~038

Total

7762,~~125~~157,~~712~~363

~~7,309,650~~—

—

6962,~~816~~157,~~062~~363

27The following table provides a summary of the components of Level 1, 2 and 3 Assets Measured at Fair Value at December 31, 2024:

Table of Contents


			Fair Value Measurements at Reported Date Using
Description	December 31, 2024		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Other Significant Unobservable Inputs (Level 3)
Loan investments	$	15,037,873	$	—	$	—	$	15,037,873
Debt investments		38,043,721		—		—		38,043,721
Equity investments		17,736,447		—		—		17,736,447
Total	$	70,818,041	$	—	$	—	$	70,818,041

~~The following table provides a summary of changes in Assets Measured at Fair Value Using Significant Unobservable Inputs (Level 3) for the nine months ended September 30, 2024:~~27

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Description	Loan Investments			DebtInvestments			EquityInvestments			Total
Ending balance December 31, 2023, of Level 3 Assets	$	12,417,977		$	36,861,525		$	20,536,560		$	69,816,062
Realized gains (losses) included in net change in net assets from operations:
DSD Operating, LLC (DSD)		—			—			23,699			23,699
Knoa Software, Inc. (Knoa)		—			—			(1,229,155	)		(1,229,155	)
Mezmeriz, Inc. (Mezmeriz)		—			—			(742,850	)		(742,850	)
SciAps, Inc. (SciAps)		—			—			7,699,879			7,699,879
Tilson Technology Management, Inc. (Tilson)		—			—			397,264			397,264
Total realized gains, net		—			—			6,148,837			6,148,837
Unrealized gains (losses) included in net change in net assets from operations:
BMP Food Service Supply Holdco, LLC (FSS)		—			—			(610,000	)		(610,000	)
BMP Swanson Holdco, LLC (Swanson)		—			—			250,000			250,000
Filterworks Acquisition USA, LLC (Filterworks)		—			—			(396,226	)		(396,226	)
Knoa		—			—			1,129,155			1,129,155
Mezmeriz		—			—			742,850			742,850
Mountain Regional Equipment Solutions (MRES)		—			—			(264,545	)		(264,545	)
Pressure Pro, Inc. (Pressure Pro)		—			—			720,000			720,000
Tilson		—			—			1,761,000			1,761,000
Total unrealized gains, net		—			—			3,332,234			3,332,234
Purchases of securities/changes to securities/non-cash conversions:
FSS		—			—			107,619			107,619
Caitec, Inc. (Caitec)		434,064			—			—			434,064
FCM Industries Holdco LLC (First Coast Mulch)		—			34,499			—			34,499
Filterworks		—			193,885			—			193,885
GoNoodle, Inc. (GoNoodle)		—			10,722			—			10,722
HDI Acquisition LLC (Hilton Displays)		—			16,069			—			16,069
Highland All About People Holdings, Inc. (All About People)		—			93,776			—			93,776
Inter-National Electronic Alloys LLC (INEA)		—			33,995			—			33,995
ITA Acquisition, LLC (ITA)		771,009			—			—			771,009
Mattison Avenue Holdings LLC (Mattison)		5,572,902			—			—			5,572,902
MRES		—			2,949,000			264,545			3,213,545
Pressure Pro		—			52,129			—			52,129
Seybert’s Billiards Corporation (Seybert’s)		—			1,895,806			—			1,895,806
Total purchases of securities/changes to securities/non-cash conversions		6,777,975			5,279,881			372,164			12,430,020
Repayments and sales of securities:
DSD		—			—			(23,699	)		(23,699	)
FSS		—			(34,838	)		—			(34,838	)
Mattison		(1,894,470	)		—			—			(1,894,470	)
Pressure Pro		—			(1,427,452	)		—			(1,427,452	)
SciAps		—			(2,090,000	)		(10,823,863	)		(12,913,863	)
Tilson		—			—			(397,264	)		(397,264	)
Total repayments and sales of securities		(1,894,470	)		(3,552,290	)		(11,244,826	)		(16,691,586	)
Ending balance September 30, 2024, of Level 3 Assets	$	17,301,482		$	38,589,116		$	19,144,969		$	75,035,567
Change in unrealized appreciation/depreciation included in earnings related to Level 3 investments still held at reporting date										$	1,460,229

Table of Contents

28The following table provides a summary of changes in Assets Measured at Fair Value Using Significant Unobservable Inputs (Level 3) for the three months ended March 31, 2025:

Table of Contents


	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Description	Loan Investments			Debt Investments		Equity Investments			Total
Ending balance December 31, 2024, of Level 3 Assets	$	15,037,873		$	38,043,721	$	17,736,447		$	70,818,041
Realized gains (losses) included in net change in net assets from operations:
GoNoodle, Inc. (GoNoodle)		—			—		(25	)		(25	)
Microcision, LLC (Microcision)		—			—		55,357			55,357
Pressure Pro, Inc. (Pressure Pro)		—			—		870,000			870,000
Total realized gains, net		—			—		925,332			925,332
Unrealized gains (losses) included in net change in net assets from operations:
BMP Food Service Supply Holdco, LLC (FSS)		—			—		(247,619	)		(247,619	)
Inter-National Electronic Alloys LLC (EFINEA)		—			—		288,235			288,235
ITA Acquisition, LLC (ITA)		(875,000	)		—		—			(875,000	)
Pressure Pro		—			—		(720,000	)		(720,000	)
Seybert’s Billiards Corporation (Seybert’s)		—			—		256,000			256,000
Total unrealized losses, net		(875,000	)		—		(423,384	)		(1,298,384	)
Purchases of securities/changes to securities/non-cash conversions:
Autotality (formerly Filterworks Acquisition USA, LLC)		—			58,573		—			58,573
Caitec, Inc. (Caitec)		158,454			—		—			158,454
FCM Industries Holdco LLC (First Coast Mulch)		—			12,222		—			12,222
FSS		—			212,770		—			212,770
GoNoodle, Inc. (GoNoodle)		—			3,601		—			3,601
Highland All About People Holdings, Inc. (All About People)		—			31,751		—			31,751
ITA		375,000			—		—			375,000
Mobile RN Holdings LLC (Mobile IV Nurses)		—			6,266		—			6,266
Mountain Regional Equipment Solutions (MRES)		—			124,575		—			124,575
Pressure Pro		—			22,445		—			22,445
Seybert’s		—			31,950		—			31,950
Total purchases of securities/changes to securities/non-cash conversions		533,454			504,153		—			1,037,607
Repayments and sales of securities:

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