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November 5 , 2021 IR Rand Capital Corporation Rand Capital Reports 37 % Growth in Total Investment Income for the Third Quarter 2021 • Continuing strategic shift to income producing portfolio drives total investment income of $ 1.0 million in the quarter , up 37 % over the prior - year period • Net asset value per share ( " NAV " ) increased 4 % to $ 23.31 per share from $ 22.51 per share at June 30 , 2021 ; NAV increased 31 % compared with $ 17.86 per share at December 31 , 2020 • Total investments in the quarter were $ 3.8 million in a new portfolio company • Exits and loan repayments totaled $ 3.8 million in the quarter • 1,148 shares repurchased in the third quarter • Subsequent to quarter - end , Rand paid off $ 11 million of SBA obligations BUFFALO , N.Y .-- ( BUSINESS WIRE ) -- Rand Capital Corporation ( Nasdaq : RAND ) ( " Rand " or the " Company " ) , a business development company ( " BDC " ) , announced its results for the quarter ended September 30 , 2021 . Allen F. ( " Pete " ) Grum , President and Chief Executive Officer of Rand , commented , " Our results continue to validate the success of our strategy to transform Rand into an income producing business development company that provides a dividend for its shareholders . We continue to liquidate our equity positions and reinvest in income producing vehicles . " He added , " As we transform Rand , we are also transitioning our leadership team . I have been honored over these last 25 years to serve as CEO and am excited to support Dan Penberthy and Margaret Brechtel as they take Rand to the next level . " Third Quarter Highlights Total investment income in the quarter grew 37 % to $ 1.0 million due to increased interest income from portfolio companies , increased dividend and other investment income , and higher fee income . • Total expenses were $ 962,000 compared with $ 456,000 in the third quarter of 2020 . The change was largely due to the accrual of $ 454,000 of capital gains incentive fees during the quarter compared with no similar accrual of fees in the prior - year period . The capital gains incentive fee accrual reflects realized gains from the sale of Rand's investment in Centivo Corporation and the increase in unrealized appreciation mostly related to Tilson Technologies . Operating expenses in the quarter , a non - GAAP financial measure which excludes the capital gains incentive fee accrual , increased $ 52,000 , or 11 % , mostly because of an increase in the base management fee payable to Rand's investment adviser resulting from increased asset values . See the attached description of this non - GAAP financial measure and reconciliation table for operating expenses .