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D CORP ION RR Co YORK RK ... BU © 2026 Rand Capital Corporation SECOND QUARTER FISCAL YEAR 2026 FINANCIAL RESULTS August 5 , 2026 Daniel P. Penberthy President & CEO Margaret W. Brechtel EVP & CFO Nasdaq : RAND
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Nasdaq: RAND© 2026 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, 2025, 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© 2026 Rand Capital Corporation 3 Q2 2026: DEPLOYMENT ACCELERATED WHILE PORTFOLIO PRESSURE PERSISTED (Results compared with the prior-year period unless otherwise noted) New investment activity and a realized gain supported second quarter results, while non-accruals and a full write-down at BMP Swanson weighed on portfolio income and valuation Earnings • Q2 2026 total investment income of $1.4 million • Net investment income of $0.24 per share • $959,000 realized gain from warrant position on Applied Image exit • 8.98% weighted average annualized yield Deployment • Deployed capital into two new companies • $4.5 million invested in 4 Seasons Home Care • $2.4 million invested in Termite Guy Corporation Liquidity • Approximately $12.4 million available on our line of credit at quarter end • 79% debt portfolio mix supports income focus • Regular quarterly dividend maintained at $0.29 per share
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Nasdaq: RAND© 2026 Rand Capital Corporation Quarterly dividend maintained at $0.29 per share Supported by recurring investment income and available liquidity 4 DIVIDEND (Results compared with the prior-year period unless otherwise noted) 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% 18.00% Dividend Yield LTM $0.25 $0.25 $0.63 $0.25 $0.29 $0.29 $0.29 $0.29 $0.29 $0.85 $0.29 $0.29$0.29 Quarterly Declared Dividends $4.20
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Nasdaq: RAND© 2026 Rand Capital Corporation Portfolio Mix: 79% Debt | 21% Equity Portfolio fair value increased to $56.5 million at June 30, 2026, up 16.5% from year-end 2025 Annualized weighted average yield on total debt investments was 8.98% compared with 11.3% at December 31, 2025, reflecting the timing of placing certain portfolio investments on non-accrual Strategy remains focused on expanding income-producing investments LARGER PORTFOLIO REMAINS PRIMARILY DEBT-ORIENTED 5 14 16 6 5 YE 2025 Q2 2026 Portfolio Mix (# of Companies) Debt Equity 20 $38.5 $44.7 $10.0 $11.8 YE 2025 Q2 2026 Fair Value Portfolio Mix ($ in millions) $56.5$48.5 21
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Nasdaq: RAND© 2026 Rand Capital Corporation Q2 DEPLOYMENT, REALIZATION AND PORTFOLIO ACTIONS 6 Investments Exits & Repayments New investment of $4.5 million (Term loan at 12% + 2% PIK) Based in Atlanta, Georgia; provides home care services Rand received full repayment of its $1.7 million debt investment and recognized a $959,000 realized gain on its warrant position New investment of $2.4 million ($2.1 million term loan at 13% + 1% PIK and a $300,000 equity investment) Based in Santa Ana, California; provides termite inspection, fumigation and structural repair services Ceased operations, resulting in a write-down to zero and a $2.5 million quarter-over-quarter fair value decline Received $250,000 repayment on debt investment
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Nasdaq: RAND© 2026 Rand Capital Corporation BALANCED INDUSTRY EXPOSURE ACROSS 21 PORTFOLIO COMPANIES 7 Professional & Business Services 41% Health & Wellness 14% Distribution 13% Manufacturing 10% Consumer Products 9% Marketing 5% Automotive 4% Software 4% Based on total investments at fair value of $56.5 million June 30, 2026 Totals may not sum due to rounding Professional & Business Services 35% Manufacturing 15% Distribution 14% Consumer Products 13% Automotive, 7% Health & Wellness 6% Marketing, 6% Software 4% Based on total investments at fair value of $48.5 million December 31, 2025
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Nasdaq: RAND© 2026 Rand Capital Corporation TOP FIVE INVESTMENTS REPRESENT 43% OF FAIR VALUE $56.5 million portfolio fair value across 21 portfolio companies ($ in millions) Company Investments at Fair Value Year Acquired Industry % of Total Portfolio Investment Type Inter-National Electronic Alloys $5.6 2023 Distribution - controlled expansion alloys, electronic grade nickels, refractory grade metals and alloys, and soft magnetic alloys 10% Term note (12%) Equity Caitec, Inc. $5.2 2020 Consumer Product – Pet product manufacturer and distributor 9% Term note (12% +2% PIK) Equity 4 Seasons Home Care $4.7 2026 Health and Wellness – Provider of home care services 8% Term note (12% +2% PIK) Highland All About People Holdings $4.4 2023 Professional Services – Full-service staffing and executive search firm with a focus on the healthcare industry 8% Term Note (12% +4% PIK) Equity BMP Food Service Supply Holdco $4.3 2022 Professional Services – Services for commercial kitchens and new builds 8% Term note (12% PIK) Equity Total Top 5 $24.1 43% All values as of June 30, 2026. Totals may not sum due to rounding. 8
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© 2026 Rand Capital Corporation Nasdaq: RAND FINANCIAL REVIEW
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Nasdaq: RAND© 2026 Rand Capital Corporation Q2 2026 Q2 2025 Total investment income $ 1,394 $ 1,602 Total expenses 647 (864) Net investment income¹ 710 2,478 Net investment income per share² $ 0.24 $ 0.83 Adjusted net investment income per share³ $ 0.24 $ 0.33 Net realized and unrealized gain (loss) on investments $ 657 $ (10,214) Net increase (decrease) in net assets from operations 1,366 (7,736) Net increase (decrease) in net assets from operations per share² $ 0.46 $ (2.60) SECOND QUARTER FINANCIAL SUMMARY 10 Investment income declined primarily due to non-accruals, partially offset by $153,000 of dividend and other investment income Non-cash PIK interest was $116,000, or 10% of interest income from portfolio companies, compared with 40% in Q2 2025 Expenses were $647,000 compared with a benefit of $(864,000) in Q2 2025, reflecting the absence of a capital gains incentive fee benefit in the current quarter Adjusted expenses were $647,000 compared with $626,000 in Q2 2025³ ¹ Net of income tax expense ² Per share amounts based on weighted average shares outstanding of 2,969,814 in Q2 2026 and Q2 2025. ³ Adjusted Net Investment Income per share and adjusted expenses are non-GAAP financial measures. Please see supplemental slides for a description of this non-GAAP financial measure and reconciliation table between GAAP and non -GAAP. ($ in thousands, except per share data)
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Nasdaq: RAND© 2026 Rand Capital Corporation Net assets at 3/31/2026 Net investment income Net realized gain on sales and dispositions of investments Net change in unrealized appreciation/depreciation on investments Declaration of dividends Net assets at 6/30/2026 NET ASSET VALUE BRIDGE: Q2 2026 11 ($ in thousands) Totals may not sum due to rounding $50,955 $710 $959 ($302) ($861) $51,460 $51,459,887$50,954,855 Realized gains and quarterly earnings more than offset the dividend and unrealized markdowns
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Nasdaq: RAND© 2026 Rand Capital Corporation LIQUIDITY SUPPORTS CONTINUED DEPLOYMENT Net Asset Value Composition Per Share Assets and Liabilities $0.15 $430,000 consolidated cash $19.02 $56.5 million in private investments $(1.84) $(5.5) million other assets & liabilities, net $17.33 Net Asset Value (NAV) per share Net Asset Value per share was $17.33 at June 30, 2026, up sequentially from $17.16 at March 31, 2026 Total assets of $57.7 million was up 8% from year-end 2025 $5.1 million outstanding on the senior secured revolving credit facility at quarter-end $12.4 million of remaining line of credit availability 12 At June 30, 2026
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Nasdaq: RAND© 2026 Rand Capital Corporation 2026 PRIORITIES: DEPLOYMENT, PORTFOLIO OVERSIGHT AND SHAREHOLDER RETURNS 13 Deployment Priorities • Continue deploying capital selectively into income- producing debt investments • Preserve capacity for follow-on and new platform opportunities Portfolio Oversight • Continue active management of non-accrual investments • Protect long-term value through underwriting and credit monitoring • Balance growth with portfolio quality and liquidity management Shareholder Returns • Support the regular dividend with current income and capital allocation • Support long-term NAV through capital allocation and active portfolio oversight • Maintain financial flexibility while pursuing attractive lower middle market opportunities
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© 2026 Rand Capital Corporation Nasdaq: RAND SUPPLEMENTAL INFORMATION
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Nasdaq: RAND© 2026 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 June 30, 2026 Three months ended June 30, 2025 Six months ended June 30, 2026 Six months ended June 30, 2025 Total expenses (benefits) $ 647,390 $ (864,159) $ 1,289,307 $ (73,094) Exclude (credits) for capital gains incentive fees - (1,490,000) - (1,565,000) Adjusted total expenses $ 647,390 $ 625,841 $ 1,289,307 $ 1,491,906
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Nasdaq: RAND© 2026 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 second quarters of 2026 and 2025 were computed using 2,969,814 weighted average shares outstanding. The per share amounts for the six months ended June 30, 2026 were computed using 2,969,814 weighted average shares outstanding, compared wi th 2,920,135 for the six months ended June 30, 2025. Three months ended June 30, 2026 Three months ended June 30, 2025 Six months ended June 30, 2026 Six months ended June 30, 2025 Net investment income per share $ 0.24 $ 0.83 $ 0.42 $ 1.27 Exclude (credits) for capital gains incentive fees per share - (0.50) - (0.54) Adjusted net investment income per share $ 0.24 $ 0.33 $ 0.42 $ 0.73
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© 2026 Rand Capital Corporation Nasdaq: RAND SECOND QUARTER FISCAL YEAR 2026 FINANCIAL RESULTS August 5, 2026 Daniel P. Penberthy President & CEO Margaret W. Brechtel EVP & CFO