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© 2026 Rand Capital Corporation Nasdaq: RAND THIRD QUARTER FISCAL YEAR 2026 FINANCIAL RESULTS November 4, 2026 Daniel P. Penberthy President & CEO Margaret W. Brechtel EVP & CFO
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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 Q3 2026: PORTFOLIO INTEREST INCOME IMPROVED SEQUENTIALLY Current year investments contributed to income, while portfolio valuation changes supported a modest sequential increase in NAV per share. Portfolio Income • Portfolio company interest income increased 4% sequentially to $1.2M • $12.0M deployed in the first half of 2026 contributed to Q3 income • Total investment income of $1.3M • Net investment income was $0.23 per share Portfolio Value • NAV per share of $17.36 increased sequentially from $17.33 • Portfolio fair value of $56.7M across 20 companies • Valuation changes during the quarter resulted in a net increase Financial Flexibility • $5.0M outstanding on the credit facility • Approximately $12.4M of remaining borrowing availability • Capital allocation remains selective; no new or follow-on cash deployment in Q3
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Nasdaq: RAND© 2026 Rand Capital Corporation Balancing current shareholder distributions with portfolio development and financial flexibility $0.29 per share paid September 9, 2026; $0.87 per share paid YTD 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% 20.00% 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: 77% Debt | 23% Equity Portfolio fair value increased 17% from year-end 2025 Annualized weighted average yield on total debt investments was 8.97% compared with 11.3% at December 31, 2025, reflecting the timing of placing certain portfolio investments on non-accrual status Four portfolio company debt positions on non-accrual $8.7M aggregate fair value; 15% of total portfolio fair value Strategy remains focused on expanding income-producing investments PORTFOLIO REMAINS PRIMARILY DEBT-ORIENTED 5 14 15 6 5 YE 2025 Q3 2026 Portfolio Mix (# of Companies) Debt Equity 20 $38.5 $43.7 $10.0 $13.0 YE 2025 Q3 2026 Fair Value Portfolio Mix ($ in millions) $56.7$48.5 20
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Nasdaq: RAND© 2026 Rand Capital Corporation Q3 PORTFOLIO ACTIONS AND VALUATION CHANGES 6 Repayments and Realization Q3 Valuation Changes (in thousands) Recognized $2.0M realized loss on debt and equity investment, which had previously been written down to zero. Recognition of the realized loss was accompanied by an equivalent reversal of previously recorded unrealized depreciation and therefore did not result in an additional reduction in NAV during the quarter Received $250,000 principal repayment on debt investment and recognized a $7,500 prepayment fee Received $16,250 principal repayment on debt investment Bauer Sheet Metal and Fabricating, LLC +$700 Open Exchange, Inc. +$402 Inter-National Electronic Alloys LLC +$300 Autotality $(500) ITA Acquisition, LLC $(400) OnCore Golf Technology, Inc. $(100)
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Nasdaq: RAND© 2026 Rand Capital Corporation PORTFOLIO EXPOSURE ACROSS EIGHT INDUSTRIES 7 Professional & Business Services 41% Health & Wellness 14% Distribution 13% Manufacturing 11% Consumer Products 9% Software 5% Marketing 4% Automotive 3% Based on total investments at fair value of $56.7 million September 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 $56.7 million portfolio fair value across 20 portfolio companies ($ in millions) Company Investments at Fair Value Year Acquired Industry % of Total Portfolio Investment Type Inter-National Electronic Alloys $5.9 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 Feature Healthcare/ 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 $24.5 43% All values as of September 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 Q3 2026 Q3 2025 Total investment income $ 1,312 $1,580 Total expenses 769 596 Net investment income¹ 669 993 Net investment income per share² $ 0.23 $ 0.33 Adjusted net investment income per share³ $ 0.23 $ 0.33 Net realized and unrealized gain (loss) on investments $ 275 $ (3,224) Net increase (decrease) in net assets from operations 944 (2,231) Net increase (decrease) in net assets from operations per share² $ 0.32 $ (0.75) THIRD QUARTER FINANCIAL SUMMARY 10 Investment income declined primarily due to non-accruals, partially offset by $28,000 of dividend and other investment income Non-cash PIK interest was $99,000, or 8% of interest income from portfolio companies, compared with 43% in Q3 2025 Expenses were $769,000 compared with $596,000 in Q3 2025, reflecting higher professional fees, interest expense, and base management fees Neither quarter had capital gains incentive fees ¹ Net of income tax expense ² Per share amounts based on weighted average shares outstanding of 2,969,814 in Q3 2026 and Q3 2025. ³ Adjusted Net Investment Income per share and adjusted expenses are non-GAAP financial measures. Please see supplemental slides for a description of this non-GAAP financial measure and reconciliation table between GAAP and non -GAAP. ($ in thousands, except per share data)
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Nasdaq: RAND© 2026 Rand Capital Corporation Net assets at 6/30/2026 Net investment income Net realized (loss) on sales and dispositions of investments Net change in unrealized appreciation/depreciation on investments Declaration of dividends Net assets at 9/30/2026 NET ASSET VALUE BRIDGE: Q3 2026 11 ($ in thousands) Totals may not sum due to rounding $51,460 $669 ($2,021) $2,296 ($861) $51,543 $51,543,039$51,459,887 Net investment income and net investment gains exceeded quarterly dividends Realized loss and unrealized appreciation include equal and offsetting $2.0 million amounts related to BMP Swanson NAV per share: $17.33 → $17.36
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Nasdaq: RAND© 2026 Rand Capital Corporation AVAILABLE BORROWING CAPACITY SUPPORTS FINANCIAL FLEXIBILITY Net Asset Value Composition Per Share Assets and Liabilities $0.08 $223,000 consolidated cash $19.10 $56.7 million in private investments $(1.82) $(5.4) million other assets & liabilities, net $17.36 Net Asset Value (NAV) per share Total assets of $57.6M were up 8% from year-end 2025 Credit facility $5.0M outstanding at quarter-end $12.4M of remaining line of credit availability at quarter-end Credit facility maturity: June 27, 2027 12 At September 30, 2026
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Nasdaq: RAND© 2026 Rand Capital Corporation PRIORITIES: INCOME GENERATION, PORTFOLIO OVERSIGHT AND CAPITAL ALLOCATION 13 Income Generation • Build on contributions from investments made in 2026 • Evaluate new income-producing debt opportunities selectively • Maintain underwriting and structuring discipline Portfolio Oversight • Actively manage non-accrual investments • Monitor operating performance and repayment capacity • Pursue opportunities to preserve and realize value Capital Allocation • Balance shareholder distributions with portfolio needs • Preserve capacity for new and follow-on investments • Maintain financial flexibility and support long-term NAV
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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 Sept 30, 2026 Three months ended Sept 30, 2025 Nine months ended Sept 30, 2026 Nine months ended Sept 30, 2025 Total expenses $ 769,396 $ 596,203 $ 2,058,703 $ 523,109 Exclude (credits) for capital gains incentive fees - - - (1,565,000) Adjusted expenses $ 769,396 $ 596,203 $ 2,058,703 $ 2,088,109
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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 third quarters of 2026 and 2025 were computed using 2,969,814 weighted average shares outstandi ng. The per share amounts for the nine months ended September 30, 2026 were computed using 2,969,814 weighted average shares outstanding, compa red with 2,936,938 for the nine months ended September 30, 2025. Three months ended Sept 30, 2026 Three months ended Sept 30, 2025 Nine months ended Sept 30, 2026 Nine months ended Sept 30, 2025 Net investment income per share $ 0.23 $ 0.33 $ 0.65 $ 1.60 Exclude (credits) for capital gains incentive fees per share - - - (0.54) Adjusted net investment income per share $ 0.23 $ 0.33 $ 0.65 $ 1.06
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© 2026 Rand Capital Corporation Nasdaq: RAND THIRD QUARTER FISCAL YEAR 2026 FINANCIAL RESULTS November 4, 2026 Daniel P. Penberthy President & CEO Margaret W. Brechtel EVP & CFO