<span item_type="fundamental" item_id="03b1fb562c0ca2a0fd51190152afda29" counter_id="ST/US/RAND" env="prod"></span><span item_type="announcement" item_id="580149409437720193" env="prod"></span><p>Revenue: As of FY2025 Q3, the actual value is USD 1.58 M.</p><p>EPS: As of FY2025 Q3, the actual value is USD -0.75.</p><p>EBIT: As of FY2025 Q3, the actual value is USD -489.79 K.</p><p></p><h3>Segment Revenue</h3><ul><li><strong>Total Investment Income</strong>: $5,189,824 for the nine months ended September 30, 2025, compared to $6,421,822 for the same period in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/81955/000119312525271151/rand-20250930.htm"></span></li></ul><h3>Operational Metrics</h3><ul><li><strong>Net Investment Income</strong>: $4,688,928 for the nine months ended September 30, 2025, compared to $1,209,425 for the same period in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/81955/000119312525271151/rand-20250930.htm"></span></li><li><strong>Net Realized Loss on Investments</strong>: - $2,001,997 for the nine months ended September 30, 2025, compared to a gain of $11,108,282 for the same period in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/81955/000119312525271151/rand-20250930.htm"></span></li><li><strong>Net Change in Unrealized Depreciation on Investments</strong>: - $11,812,832 for the nine months ended September 30, 2025, compared to - $544,037 for the same period in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/81955/000119312525271151/rand-20250930.htm"></span></li></ul><h3>Cash Flow</h3><ul><li><strong>Net Cash Provided by Operating Activities</strong>: $14,009,105 for the nine months ended September 30, 2025, compared to $14,549,660 for the same period in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/81955/000119312525271151/rand-20250930.htm"></span></li><li><strong>Net Cash Used in Financing Activities</strong>: - $5,353,163 for the nine months ended September 30, 2025, compared to - $14,492,247 for the same period in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/81955/000119312525271151/rand-20250930.htm"></span></li></ul><h3>Unique Metrics</h3><ul><li><strong>Total Investments at Fair Value</strong>: $44,330,872 as of September 30, 2025, compared to $70,818,041 as of December 31, 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/81955/000119312525271151/rand-20250930.htm"></span></li></ul><h3>Future Outlook and Strategy</h3><ul><li><strong>Core Business Focus</strong>: Rand Capital Corporation plans to continue focusing on higher yielding debt investments and maintaining its status as a regulated investment company (RIC) under Subchapter M of the Code.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/81955/000119312525271151/rand-20250930.htm"></span></li><li><strong>Non-Core Business</strong>: The company has shifted its investment strategy to focus on higher yielding debt investments and has elected U.S. Federal tax treatment as a RIC.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/81955/000119312525271151/rand-20250930.htm"></span></li></ul>

Rand Capital | 10-Q: FY2025 Q3 Revenue: USD 1.58 M