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© 2025 Rand Capital Corporation Nasdaq: RAND THIRD QUARTER 2025 FINANCIAL RESULTS November 7, 2025 Daniel P. Penberthy President & CEO Margaret W. Brechtel EVP & CFO
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Nasdaq: RAND© 2025 Rand Capital Corporation DISCLAIMER AND FORWARD LOOKING STATEMENTS 2 This presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than historical facts, including but not limited to statements regarding the strategy of the Company and its outlook; statements regarding the implementation of the Company’s strategy and the growth of its dividend; and any assumptions underlying any of the foregoing, are forward-looking statements. Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words “may,” “will,” “should,” “potential,” “intend,” “expect,” “endeavor,” “seek,” “anticipate,” “estimate,” “overestimate,” “underestimate,” “believe,” “could,” “project,” “predict,” “continue,” “target” or other similar words or expressions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove to be incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, (1) evolving legal, regulatory and tax regimes; (2) changes in general economic and/or industry specific conditions; and (3) other risk factors as detailed from time to time in Rand’s reports filed with the Securities and Exchange Commission (“SEC”), including Rand’s annual report on Form 10-K for the year ended December 31, 2024, quarterly reports on Form 10-Q, and other documents filed with the SEC. Consequently, such forward-looking statements should be regarded as Rand’s current plans, estimates and beliefs. Except as required by applicable law, Rand assumes no obligation to update the forward- looking information contained in this presentation. The Company’s investment activities are managed by its external investment adviser, Rand Capital Management, LLC. Additional information can be found at the Company’s website where it regularly posts information: https://www.randcapital.com/. All information contained herein is for informational purposes and should not be construed as investment advice. It does not constitute an offer, solicitation or recommendation to purchase any security. Past performance does not guarantee future results. Diversification does not guarantee a profit or protect against a loss.
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Nasdaq: RAND© 2025 Rand Capital Corporation Navigating Market Uncertainty • New deal origination remains slow; continuing to take a selective and patient approach to evaluating opportunities • Funded $2.9 million in new and follow-on investments during Q3 • Greater reliance on PIK interest as portfolio companies adapt to tighter senior lending conditions • Maintained strong liquidity of ~$28M with no outstanding borrowings, ensuring flexibility to act on opportunities 3 Q3 2025 RESULTS: DISCIPLINED EXECUTION DRIVING RESILIENT RESULTS The Rand Building, Buffalo, NY (Results compared with the prior-year period unless otherwise noted) Earnings Growth Despite Lower Investment Income • Total investment income declined, reflecting repayments and limited new deal activity • Net investment income increased to $993,000 from $887,000 in Q3 2024, supported by lower expenses • Total expenses reduced to $596,000 from $1.3 million in the prior-year period, driven by lower incentive fees, interest expense and base management fees
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Nasdaq: RAND© 2025 Rand Capital Corporation Consistent quarterly dividends, even through periods of lower investment activity Supported by strong liquidity and income-generating portfolio Dividend strategy remains a priority amid dynamic conditions 4 DELIVERING CASH DIVIDENDS (Results compared with the prior-year period unless otherwise noted) 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% 9.00% 10.00% Dividend Yield LTM $0.38 $0.20 $0.25 $0.25 $0.63 $0.25 $0.29 $0.29 $0.29 $0.29 $0.29 Quarterly Declared Dividends $4.20
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Nasdaq: RAND© 2025 Rand Capital Corporation Fair value decline driven largely by Seyberts loan repayment and a valuation adjustment to FSS, partially offset by new investments Mix at quarter-end, based on fair value: 83% Fixed-rate debt investments 17% Equity investments in private companies Annualized weighted average yield of debt investments, including PIK interest, was 12.2% at September 30, 2025 Flat sequentially; down 160 bps from year-end 2024 PORTFOLIO COMPOSITION AND YIELD FOCUS 5 14 13 5 6 Q2 2025 Q3 2025 Portfolio Mix (# of Companies) Debt Equity 19 $44.9 $36.6 $7.5 $7.7 Q2 2025 Q3 2025 Fair Value Portfolio Mix ($ in millions) $52.4 $44.3 19
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Nasdaq: RAND© 2025 Rand Capital Corporation Q3 2025 PORTFOLIO ACTIVITY 6 Investments Exits & notable repayments during the quarter New investment of $2.5 million ($2.25 million term loan at 14% plus 1% PIK interest and a $250,000 equity investment) Direct mail marketing agency serving the travel/tourism, home services, and legal services sectors Recognized a $2.9 million realized loss on the investment in Tilson Technology Management, Inc. following its Chapter 11 filing and asset sale Funded follow-on debt investment of $400,000 Total debt & equity investment in FSS had a fair value of $4.3 million at quarter-end Specializes in design, distribution, and installation services for commercial kitchen renovations and new builds Exited investment with repayment of $713,000 in loan principal and recognition of a $77,000 realized loss Received $7.6 million in principal repayment Remaining equity investment valued at $500,000 at quarter-end
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Nasdaq: RAND© 2025 Rand Capital Corporation PORTFOLIO INDUSTRY CLASSIFICATION 7 Professional Services 37% Consumer Products 25% Distribution 13% Manufacturing 9% Health and Wellness 6% Automotive 6% Software 5% Based on total investments at fair value of $52.4 million June 30, 2025 Professional Services 37% Distribution 16% Consumer Products 12% Manufacturing 10% Automotive, 7% Health & Wellness 7% Marketing, 6% Software 5% Based on total investments at fair value of $44.3 million September 30, 2025 Totals may not sum due to rounding
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Nasdaq: RAND© 2025 Rand Capital Corporation TOP FIVE PORTFOLIO INVESTMENTS $44.3 million portfolio fair value with 19 portfolio companies ($ in millions) Company Investments at Fair Value Year Acquired Industry % of Total Portfolio Investment Type Caitec, Inc. $4.9 2020 Consumer Product – Pet product manufacturer and distributor 11% Term note (12% +2% PIK) Equity Inter-National Electronic Alloys $4.9 2023 Distribution - controlled expansion alloys, electronic grade nickels, refractory grade metals and alloys, and soft magnetic alloys 11% Term note (12% +1% PIK) Equity BMP Food Service Supply Holdco $4.3 2022 Professional Services – Services for commercial kitchens and new builds 10% Term note (12% PIK) Equity FCM Industries Holdco LLC $3.9 2023 Commercial mulch installation company that serves a range of end markets. 9% Term note (13%) Convertible note (10% PIK) Highland All About People Holdings $3.9 2023 Full-service staffing and executive search firm with a focus on the healthcare industry. 9% Term Note (12% +4% PIK) Equity Total Top 5 $21.8 49% All values as of September 30, 2025. Totals may not foot due to rounding. 8
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© 2025 Rand Capital Corporation Nasdaq: RAND FINANCIAL REVIEW
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Nasdaq: RAND© 2025 Rand Capital Corporation Q3 2025 Q3 2024 Total investment income $ 1,580 $ 2,218 Total expenses 596 1,334 Net investment income¹ 993 887 Net investment income per share² $ 0.33 $ 0.34 Adjusted net investment income per share³ $ 0.33 $ 0.46 Net realized and unrealized (loss) gain on investments $ (3,224) $ 1,749 Net (decrease) increase in net assets from operations (2,231) 2,637 Net (decrease) increase in net assets from operations per share² $ (0.75) $ 1.02 THIRD QUARTER FINANCIAL SUMMARY 10 Total investment income down 29% • Reflects 27% reduction in interest from portfolio companies due to the repayment of seven debt instruments over the past year, and lower dividend and fee income • $617,000, or 39% of total investment income, was attributable to non-cash PIK interest in Q3 2025 compared with 24% in the prior-year period Total expenses improved due to lower incentive fees, decreased interest expense, and reduced base management fee Excluding the capital gains incentive fee, adjusted expenses decreased 42% to $596,000 in Q3 2025³ ¹ Net of income tax expense ² Per share amounts based on weighted average shares outstanding of 2,969,814 in Q3 2025 and 2,581,021 in Q3 2024. ³ Adjusted Net Investment Income per share and Adjusted Expenses are non-GAAP financial measures. Please see supplemental slides for a description of these non-GAAP financial measures and reconciliation tables between GAAP and non-GAAP. ($ in thousands, except per share data)
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Nasdaq: RAND© 2025 Rand Capital Corporation Net assets at 6/30/2025 Net investment income Net realized loss on sales and dispositions of investments Net change in unrealized appreciation/depreciation on investments Cash dividend Net assets at 9/30/2025 NET ASSET VALUE CHANGE: Q3 2025 11 ($ in thousands) Totals may not sum due to rounding $56,714 $993 ($2,927) ($296) ($861) $53,622 $53,621,514$56,713,954
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Nasdaq: RAND© 2025 Rand Capital Corporation STRONG CAPITAL POSITION WITH NO LEVERAGE Net Asset Value Composition Per Share Assets and Liabilities $3.20 $9.5 million consolidated cash $14.93 $44.3 million in private investments $(0.07) $(200,105) other assets & liabilities, net $18.06 Net Asset Value (NAV) per share Total assets of $54.6 million was down 25% from year-end 2024 $9.5 million in cash, up from $835,000 at year-end 2024 No outstanding balance on the senior secured revolving credit facility $18.3 million available credit capacity Facility permits up to $25 million in borrowings subject to compliance with borrowing conditions and portfolio eligibility requirements No share repurchases during Q3 Fourth quarter dividend announcement is expected in early December 12 At September 30, 2025
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Nasdaq: RAND© 2025 Rand Capital Corporation WELL-POSITIONED FOR STRATEGIC GROWTH AS MARKET CONDITIONS EVOLVE Strategic Growth Outlook • Executing long-term strategy supported by resilient, yield-focused investment model • Monitoring early signs of market improvement to reaccelerate deal activity • Prioritizing income-generating debt investments to drive earnings and NAV growth Disciplined Capital Deployment • Leveraging liquidity and $18.3M in credit capacity to capitalize on emerging opportunities • Maintaining rigorous investment underwriting and proactive portfolio oversight • Managing through volatility with a long-term lens focused on value creation Commitment to Shareholders • Pursuing consistent quarterly dividend supported by sustainable income • Reinforcing NAV through disciplined capital allocation and expense management • Remaining opportunistic while preserving balance sheet strength 13
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© 2025 Rand Capital Corporation Nasdaq: RAND SUPPLEMENTAL INFORMATION
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Nasdaq: RAND© 2025 Rand Capital Corporation ADJUSTED EXPENSES (NON-GAAP*) 15 *In addition to reporting total expenses, which is a U.S. generally accepted accounting principle (“GAAP”) financial measure, Rand presents adjusted expenses, which is a non-GAAP financial measure. Adjusted expenses is defined as GAAP total expenses removing the effect of any expenses/ (credits) for capital gains incentive fees accrual. GAAP total expenses is the most directly comparable GAAP financial measure. Rand believes that adju sted expenses provides useful information to investors regarding financial performance because it is a method the Company uses to measure its financial and business trends related to its results of operations. The presentation of this additional information is not meant to be considered in isolation or as a sub stitute for financial results prepared in accordance with GAAP. Three months ended September 30, 2025 Three months ended September 30, 2024 Nine months ended September 30, 2025 Nine months ended September 30, 2024 Total expenses $ 596,203 $ 1,333,930 $ 523,109 $ 5,213,568 Exclude expenses (credits) for capital gains incentive fees - 313,000 (1,565,000) 2,066,300 Adjusted total expenses $ 596,203 $ 1,020,930 $ 2,088,109 $ 3,147,268
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Nasdaq: RAND© 2025 Rand Capital Corporation ADJUSTED NET INVESTMENT INCOME PER SHARE (NON-GAAP*) 16 *In addition to reporting Net Investment Income per Share, which is a GAAP financial measure, the Company presents Adjusted N et Investment Income per Share, which is a non-GAAP financial measure. Adjusted Net Investment Income per Share is defined as GAAP Net Investment Income per Share removing the effect of any expenses/(credits) for capital gains incentive fees. GAAP Net Investment Income per Share is the most directly comparable GAAP financial measure. Rand believes that Adjusted Net Investment Income per Share provides useful information to investors regarding fina ncial performance because it is a method the Company uses to measure its financial and business trends related to its results of operations. The presentatio n of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. Totals may not sum due to rounding The per share amounts for the three and nine months ended September 30, 2025 were computed using 2,969,814 and 2,936,938 weig hted average shares outstanding, respectively, reflecting a higher number of shares outstanding following the fourth quarter 2024 dividend, which was paid in part using shares of common stock. This compared with 2,581,021 weighted average shares outstanding for the three and nine months ended Septem ber 30, 2024. Three months ended September 30, 2025 Three months ended September 30, 2024 Nine months ended September 30, 2025 Nine months ended September 30, 2024 Net investment income per share $ 0.33 $ 0.34 $ 1.60 $ 0.47 Exclude expenses (credits) for capital gains incentive fees per share - 0.12 (0.54) 0.80 Adjusted net investment income per share $ 0.33 $ 0.46 $ 1.06 $ 1.27
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© 2025 Rand Capital Corporation Nasdaq: RAND THIRD QUARTER 2025 FINANCIAL RESULTS November 7, 2025 Daniel P. Penberthy President & CEO Margaret W. Brechtel EVP & CFO