Rand Capital Corp

Rand Capital Corporation (Nasdaq: RAND) is an externally managed business development company (BDC). It provides alternative financing, primarily debt and related equity investments, to privately held lower middle market companies across a broad variety of industries. Its investment objective is to maximize total return to shareholders through current income and capital appreciation. Rand targets businesses with sustainable, differentiated and market-proven products, revenue above $10 million and EBITDA above $1.5 million. As of September 30, 2026, the portfolio held investments in 20 businesses with a fair value of about $56.7 million, roughly 77% debt and 23% equity. Investments are classified as control, affiliate and non-control/non-affiliate. Income comes from cash and PIK interest, dividends and fees. The company is managed by its external investment adviser, Rand Capital Management, LLC. It uses a line of credit for liquidity and pays regular quarterly cash dividends. Updated Nov 4, 2026