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150 Class A Units One2024-01-012024-12-310000081955Mobile RN Holdings LLC2024-12-310000081955Filterworks Acquisition USA, LLC d/b/a Autotality - $2,283,702 Amended Term Note2024-01-012024-12-3100000819552025-03-310000081955Seybert’s Billiards Corporation - 5.82 Common shares2024-12-310000081955FCM Industries Holdco, LLC - $3,380,000 Term Note at 13%2024-12-310000081955us-gaap:CommonStockMember2024-12-310000081955srt:MinimumMember2025-03-310000081955Autotality formerly Filterworks Acquisition USA, LLC - 626.2 shares Class A-1 Units2025-03-310000081955us-gaap:FairValueInputsLevel3Memberrand:LoanInvestmentsMember2024-01-012024-03-310000081955Highland All About People Holdings, Inc. - $3,000,000 Term Note at 12%2025-01-012025-03-310000081955ITA Acquisition, LLC - $1,500,000 Term Note at 14% PIK through March 31, 20262025-03-310000081955us-gaap:RetainedEarningsMember2024-12-310000081955Control and Affiliate Investments2024-12-310000081955us-gaap:InvestmentAffiliatedIssuerControlledMember2024-01-012024-03-310000081955Pressure Pro, Inc. - 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250 Class D-1 Units of SQF Holdco LLC2024-12-310000081955Mountain Regional Equipment Solutions2025-03-310000081955ITA Acquisition, LLC - $2,672,808 Fifth Amended and Restated Term Note at 14% PIK through March 31, 20262025-03-310000081955us-gaap:InvestmentAffiliatedIssuerControlledMember2024-12-310000081955Filterworks Acquisition USA, LLC - $2,283,702 Amended Term Note2023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:PressureProIncMember2025-01-012025-03-310000081955Non-Control/Non-Affiliate Investments - Net assets2025-03-310000081955Seybert’s Billiards Corporation - Warrant for 4% Membership Interest2024-01-012024-12-310000081955Applied Image, Inc.2023-12-310000081955GoNoodle, Inc. - Warrant for 21,948 Series D Preferred2024-12-310000081955rand:ScenarioThreeMember2025-01-012025-03-310000081955Autotality (formerly Filterworks Acquisition USA, LLC)2025-01-012025-03-310000081955Filterworks Acquisition USA, LLC - 417.7 shares Class A-0 Units2023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:AutotalityMemberus-gaap:DebtSecuritiesMember2025-01-012025-03-310000081955Autotality (formerly Filterworks Acquisition USA, LLC) - $2,283,702 Amended Term Note2024-12-310000081955ITA Acquisition, LLC $1,500,000 Term Note at 12%2024-12-310000081955Tilson Technology Management, Inc. - 23,077 Series F Preferred2025-01-012025-03-310000081955us-gaap:FairValueInputsLevel3Memberrand:InterNationalElectronicAlloysLlcMember2024-01-012024-03-310000081955Carolina Skiff LLC - 6.0825% Class A Common2025-01-012025-03-310000081955Filterworks Acquisition USA, LLC - $2,283,702 Amended Term Note2024-12-310000081955Caitec, Inc. - $1,750,000 Subordinated Secured Promissory Note2024-01-012024-12-3100000819552024-01-012024-12-310000081955Tilson Technology Management, Inc. - 250 Class D-1 Units of SQF Holdco LLC2024-01-012024-12-310000081955Filterworks Acquisition USA, LLC - 417.7 shares Class A-0 Units2024-01-012024-12-310000081955Tilson Technology Management, Inc. - 211,567 A-1 Units of SQF Holdco LLC.2025-01-012025-03-310000081955us-gaap:FairValueInputsLevel3Memberrand:HdiAcquisitionLlcMemberus-gaap:DebtSecuritiesMember2025-01-012025-03-310000081955Seybert’s2024-12-310000081955Affiliate Investments2024-01-012024-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:HighlandAllAboutPeopleHoldingsIncMember2024-01-012024-03-310000081955Mobile RN Holdings LLC - 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$2,283,702 Amended Term Note Thereafter2025-03-310000081955Mountain Regional Equipment Solutions - $3,000,000 Term Note Thereafter 14%2025-03-310000081955us-gaap:FairValueInputsLevel3Memberrand:HdiAcquisitionLlcMemberus-gaap:DebtSecuritiesMember2024-01-012024-03-310000081955us-gaap:FairValueInputsLevel3Memberrand:ItaAcquisitionLlcMember2025-01-012025-03-310000081955OnCore Golf Technology, Inc. - 300,483 Preferred AA2024-12-310000081955Tilson Technology Management, Inc.2025-03-310000081955us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2024-12-310000081955Tilson Technology Management, Inc. - 15,385 Series E Preferred2024-01-012024-12-310000081955Mountain Regional Equipment Solutions - $3,000,000 Term Note at 14% PIK through June 30, 20252025-03-310000081955ITA Acquisition, LLC - $2,297,808 Fourth Amended and Restated Term Note at 3% (+11% PIK) through December 30, 20242024-12-310000081955BMP Food Service Supply Holdco, LLC - $7,035,000 Second Amended and Restated Term Note, $4,820,000 at 12%, $2,215,000 at 13%2023-12-310000081955BMP Food Service Supply Holdco, LLC - $7,035,000 Second Amended and Restated Term Note2025-03-310000081955rand:InvestmentManagementAgreementMember2025-01-012025-03-310000081955Applied Image, Inc. - $1,750,000 Term Note at 10%2024-01-012024-12-310000081955us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMemberrand:FcmIndustriesHoldcoLlcMember2024-01-012024-03-310000081955BMP Food Service Supply Holdco, LLC - 15.4% Preferred Interest2023-12-310000081955ITA Acquisition, LLC - $1,500,000 Term Note2024-01-012024-12-310000081955us-gaap:TreasuryStockCommonMember2024-03-310000081955Autotality (formerly Filterworks Acquisition USA, LLC) - 626.2 shares Class A-1 Units2025-03-310000081955rand:MAndTBankMemberrand:CreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2022-06-272022-06-270000081955Caitec, Inc. - 36,261 Series A Preferred One2024-12-310000081955Investments, NET ASSETS - 100%2025-03-310000081955Tilson Technology Management, Inc. - *21,391 Series C Preferred2024-12-310000081955PostProcess Technologies, Inc. - 360,002 Series A1 Preferred2024-01-012024-12-310000081955rand:CaitecIncMember2024-01-012024-12-310000081955Applied Image, Inc. - $1,750,000 Term Note2024-12-310000081955Caitec, Inc. - $1,750,000 Subordinated Secured Promissory Note to 12%2024-12-310000081955ITA Acquisition, LLC2024-01-012024-12-310000081955rand:ConsumerProductMember2024-12-310000081955ITA Acquisition, LLC - $1,500,000 Term Note2024-12-310000081955us-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310000081955SciAps, Inc. - 187,500 Series A Preferred2023-12-3100000819552024-01-012024-03-310000081955Tilson Technology Management, Inc. - 120,000 Series B Preferred2025-01-012025-03-310000081955us-gaap:FairValueInputsLevel3Memberrand:MountainRegionalEquipmentSolutionsMemberus-gaap:EquitySecuritiesMember2024-01-012024-03-310000081955rand:EastAssetManagementMember2025-01-012025-03-310000081955ITA Acquisition, LLC - $1,500,000 Term Note at Thereafter 12%2025-03-310000081955Seybert’s Billiards Corporation - 6,099,131 Third Amended and Restated Term Note at 12%2025-03-310000081955Inter-National Electronic Alloys LLC d/b/a EFINEA - $3,288,235 Term Note2025-01-012025-03-310000081955BMP Food Service Supply Holdco, LLC - 7,035,000 Second Amended and Restated Term Note, $2,215,000, thereafter 16%, due November 22, 20272025-03-310000081955Tilson Technology Management, Inc. - 250 Class D-1 Units of SQF Holdco LLC2025-01-012025-03-310000081955srt:MinimumMemberrand:ScenarioTwoMember2025-01-012025-03-3100000819552025-01-240000081955Tilson Technology Management, Inc.2024-12-310000081955SciAps, Inc. - 117,371 Series B Convertible Preferred2023-12-310000081955us-gaap:InvestmentAffiliatedIssuerControlledMember2025-03-310000081955Caitec, Inc. - 150 Class A Units One2025-03-310000081955ITA Acquisition, LLC 1,124 ITA Acquisition, LLC - 1,924 Class B Common Units.2025-03-310000081955Tilson Technology Management, Inc. - 120,000 Series B Preferred2024-01-012024-12-310000081955Autotality formerly Filterworks Acquisition USA, LLC - 417.7 shares Class A-0 Units2025-01-012025-03-310000081955Seybert’s Billiards Corporation - Warrant for 4% Membership Interest One2023-12-310000081955Highland All About People Holdings, Inc. - 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75.3 Class B Preferred Units2024-01-012024-12-310000081955FCM Industries Holdco, LLC - $420,000 Convertible Note at 10%2024-01-012024-12-310000081955Tilson Technology Management, Inc.2025-01-012025-03-310000081955Control Investments2024-12-310000081955Autotality (formerly Filterworks Acquisition USA, LLC) - $2,283,702 Amended Term Note at 6% (+8% PIK) through March 31, 20252025-03-310000081955Tilson Technology Management, Inc. - *70,176 Series D Preferred2024-12-310000081955Tilson Technology Management, Inc. - *15,385 Series E Preferred2024-01-012024-12-310000081955Tilson Technology Management, Inc. - *21,391 Series C Preferred2025-01-012025-03-310000081955Seybert’s Billiards Corporation - 5.82 Common shares2025-01-012025-03-310000081955us-gaap:FairValueInputsLevel3Memberrand:AutotalityMember2025-01-012025-03-310000081955us-gaap:FairValueInputsLevel3Memberrand:LoanInvestmentsMember2024-03-310000081955us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310000081955GoNoodle, Inc. - Warrant for 21,948 Series D Preferred2024-01-012024-12-310000081955srt:MinimumMember2024-01-012024-12-310000081955BMP Food Service Supply Holdco, LLC - 15.4% Preferred Interest2025-03-310000081955us-gaap:FairValueInputsLevel3Member2024-03-310000081955rand:StockDividendsDistributableMember2024-12-310000081955us-gaap:DebtSecuritiesMember2025-03-310000081955PostProcess Technologies, Inc. - 360,002 Series A1 Preferred2024-12-310000081955FCM Industries Holdco LLC2024-01-012024-12-310000081955BMP Swanson Holdco, LLC2025-01-012025-03-310000081955Inter-National Electronic Alloys LLC2025-01-012025-03-310000081955Mobile RN Holdings LLC - $2,500,000 Term Note at 14%2025-01-012025-03-310000081955Caitec, Inc. - $1,750,000 Subordinated Secured Promissory Note Modified to 14%2025-03-310000081955us-gaap:FairValueInputsLevel3Memberrand:FcmIndustriesHoldcoLlcMember2024-01-012024-03-310000081955rand:HealthAndWellnessMember2024-12-310000081955us-gaap:CommonStockMember2023-12-310000081955BMP Swanson Holdco, LLC - $1,600,000 Term Note at 12%2024-12-310000081955FCM Industries Holdco, LLC - $3,380,000 Term Note at 13%2024-01-012024-12-310000081955Caitec, Inc. - 150 Class A Units2025-01-012025-03-310000081955SciAps, Inc.2023-12-310000081955ITA Acquisition, LLC 1,124 Class A Preferred Units and 1,924 Class B Common Units2024-01-012024-12-310000081955Highland All About People Holdings, Inc.2025-03-310000081955BMP Food Service Supply Holdco, LLC - $7,035,000 Second Amended and Restated Term Note, $4,820,000 at 12%, $2,215,000 at 13%2024-12-310000081955us-gaap:FairValueInputsLevel3Member2025-01-012025-03-310000081955ITA Acquisition, LLC - $1,500,000 Term Note2023-12-310000081955DSD Operating, LLC - 1,067 Class A Preferred shares2024-12-310000081955Tilson Technology Management, Inc. - *21,391 Series C Preferred2025-03-310000081955us-gaap:FairValueInputsLevel3Member2024-01-012024-03-310000081955rand:ScenarioOneMember2025-01-012025-03-310000081955Seybert’s Billiards Corporation - $4,139,444 Term Note at 12%2023-12-310000081955Pressure Pro, Inc. - Warrant for 10% Membership Interest2025-01-012025-03-310000081955rand:InterNationalElectronicAlloysLlcMember2025-01-012025-03-310000081955Applied Image, Inc. - Warrant for 1,167 shares2025-01-012025-03-310000081955rand:EastAssetManagementMember2019-11-012019-11-300000081955rand:CreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2025-03-310000081955FCM Industries Holdco LLC $3,380,000 Term Note at 13%2024-01-012024-12-310000081955Seybert’s Billiards Corporation2025-03-310000081955Tilson Technology Management, Inc. - *120,000 Series B Preferred2025-03-310000081955us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMemberrand:PressureProIncMember2024-01-012024-03-310000081955Tilson Technology Management, Inc. - 23,077 Series F Preferred2023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:NonControlAndNonAffiliateEquityInvestmentsMember2025-03-310000081955Inter-National Electronic Alloys LLC - 75.3 Class B Preferred Units2025-03-310000081955rand:SeybertsBilliardsCorporationMember2025-01-012025-03-310000081955Inter-National Electronic Alloys LLC d/b/a EFINEA - $3,288,235 Term Note2025-03-310000081955Subtotal Non-Control/Non-Affiliate Investments2024-12-310000081955BMP Swanson Holdco, LLC - Preferred Membership Interest for 9.24%2024-12-310000081955Caitec, Inc. - 36,261 Series A Preferred2025-01-012025-03-310000081955SciAps, Inc. - 274,299 Series A1 Convertible Preferred2023-12-310000081955rand:NetRealizedGainLossOnSalesAndDispositionsOfInvestmentsMember2025-01-012025-03-310000081955rand:MAndTBankMemberrand:CreditAgreementMemberus-gaap:RevolvingCreditFacilityMembersrt:MinimumMember2022-06-272022-06-270000081955Inter-National Electronic Alloys LLC $3,288,235 Term Note at 12%2024-01-012024-12-310000081955Tilson Technology Management, Inc. - *120,000 Series B Preferred2024-12-310000081955Highland All About People Holdings, Inc.2024-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:MountainRegionalEquipmentSolutionsMember2024-01-012024-03-310000081955us-gaap:RetainedEarningsMember2025-01-012025-03-310000081955Seybert’s Billiards Corporation - 5.82 Common shares2023-12-310000081955srt:MaximumMember2025-01-012025-03-310000081955us-gaap:TreasuryStockCommonMember2025-03-3100000819552025-01-012025-03-310000081955Pressure Pro, Inc.2023-12-310000081955Highland All About People Holdings, Inc. - 1,000,000 Class A Units2025-01-012025-03-310000081955ITA Acquisition, LLC - $1,500,000 Term Note2025-03-310000081955Carolina Skiff LLC - 6.0825% Class A Common Membership Interest2024-12-310000081955Subtotal Control Investments2024-12-3100000819552022-12-310000081955Seybert’s Billiards Corporation2025-01-012025-03-310000081955PostProcess Technologies, Inc. - 137,054 Series A Preferred2025-01-012025-03-310000081955Subtotal Control Investments2025-03-310000081955BMP Food Service Supply Holdco, LLC - 15.4% Preferred Interest2024-01-012024-12-310000081955us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMemberrand:SeybertBilliardsCorporationMember2024-01-012024-03-310000081955rand:NetChangeInUnrealizedAppreciationDepreciationOnInvestmentsMember2024-01-012024-03-310000081955BMP Food Service Supply Holdco, LLC - $7,035,000 Second Amended and Restated Term Note, $4,820,000 at 12%, $2,215,000 at 16%2024-12-310000081955Seybert’s Billiards Corporation - Warrant for 4% Membership Interest One2025-01-012025-03-310000081955Tilson Technology Management, Inc. - 70,176 Series D Preferred2024-12-310000081955SciAps, Inc. - 187,500 Series A Preferred2024-01-012024-12-310000081955Pressure Pro, Inc. - $3,000,000 Term Note at 12%2024-12-310000081955Mountain Regional Equipment Solutions - Warrant for 4% Membership Interest2025-01-012025-03-310000081955Inter-National Electronic Alloys LLC d/b/a EFINEA - $3,288,235 Term Note2024-01-012024-12-310000081955Tilson Technology Management, Inc.2023-12-310000081955Applied Image, Inc. - $1,750,000 Term Note at 10% (+2% PIK) through February 1, 20252024-12-310000081955us-gaap:AdditionalPaidInCapitalMember2024-03-310000081955ITA Acquisition, LLC - $2,297,808 Fourth Amended and Restated Term Note at 3% (+11% PIK) through December 31, 20242024-12-310000081955LIABILITIES IN EXCESS OF OTHER ASSETS - (8.4%)2024-12-310000081955us-gaap:RetainedEarningsMember2023-12-310000081955FCM Industries Holdco LLC $420,000 Convertible Note at 10%2024-01-012024-12-310000081955Mobile RN Holdings LLC d/b/a Mobile IV Nurses - 6,375 Class A Common Units2024-12-310000081955rand:DistributionMember2024-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:ControlInvestmentsMember2025-03-310000081955ITA Acquisition, LLC2024-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:CaitecIncMemberrand:LoanInvestmentsMember2024-01-012024-03-310000081955rand:LoanInvestmentsMember2024-12-310000081955Caitec, Inc. - 36,261 Series A Preferred One2025-03-310000081955us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2025-03-310000081955SciAps, Inc. - $2,090,000 Second Amended and Restated Secured Subordinated Promissory Note at 12%2023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:MountainRegionalEquipmentSolutionsMemberus-gaap:DebtSecuritiesMember2024-01-012024-03-310000081955Autotality formerly Filterworks Acquisition USA, LLC - $2,283,702 Amended Term Note2025-03-310000081955HDI Acquisition LLC. - $1,245,119 Term Loan2024-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:ControlLoanAndDebtInvestmentsMember2025-03-310000081955us-gaap:FairValueInputsLevel3Member2025-03-310000081955Knoa Software, Inc. - 973,533 Series A-1 Convertible Preferred2024-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:ItaAcquisitionLlcMember2024-01-012024-03-310000081955us-gaap:InvestmentAffiliatedIssuerControlledMember2025-01-012025-03-310000081955Open Exchange, Inc. - 397,899 Series C Preferred2024-12-310000081955rand:BlockerCorporationMember2025-03-310000081955Control Investments - 3.8% of net assets2024-12-310000081955rand:CreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2024-01-012024-03-310000081955rand:AutomotiveMember2025-03-310000081955Mobile RN Holdings LLC d/b/a Mobile IV Nurses - 6,375 Class A Common Units2025-03-310000081955us-gaap:FairValueInputsLevel3Memberrand:ItaAcquisitionLlcMemberrand:LoanInvestmentsMember2024-01-012024-03-310000081955Highland All About People Holdings, Inc.2024-01-012024-12-310000081955FCM Industries Holdco, LLC2025-03-310000081955SciAps, Inc. - 147,059 Series D Convertible Preferred2024-01-012024-12-310000081955GoNoodle, Inc. - Warrant for 21,948 Series D Preferred2025-01-012025-03-310000081955Seybert’s Billiards Corporation2023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:GonoodleIncMemberus-gaap:EquitySecuritiesMember2025-01-012025-03-310000081955Mountain Regional Equipment Solutions - $3,000,000 Term Note2025-03-310000081955BMP Swanson Holdco, LLC - $1,600,000 Term Note2024-12-310000081955Applied Image, Inc.2025-03-310000081955rand:AutomotiveMember2024-12-310000081955Filterworks Acquisition USA, LLC d/b/a Autotality - $2,283,702 Amended Term Note Thereafter2024-12-310000081955FCM Industries Holdco, LLC - $420,000 Convertible Note at 10%2025-03-310000081955Microcision LLC - Membership Interest Purchase Warrant for 5%2025-01-012025-03-310000081955rand:CreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2024-12-310000081955Autotality (formerly Filterworks Acquisition USA, LLC)2025-03-310000081955us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2025-01-012025-03-310000081955Autotality (formerly Filterworks Acquisition USA, LLC) - thereafter 12% (+2% PIK) due March 31, 20262025-03-310000081955Caitec, Inc. - 36,261 Series A Preferred2024-01-012024-12-310000081955rand:BmpFoodServiceSupplyHoldcoLlcMember2025-01-012025-03-310000081955us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2024-03-310000081955SciAps, Inc. - 113,636 Series C Convertible Preferred2023-12-310000081955Control Investments2024-01-012024-12-310000081955ITA Acquisition, LLC 1,124 ITA Acquisition, LLC - 1,924 Class B Common Units.2024-12-310000081955rand:InvestmentManagementAgreementMember2025-03-310000081955SciAps, Inc. - 147,059 Series D Convertible Preferred2024-12-310000081955Mobile RN Holdings LLC2024-01-012024-12-310000081955Inter-National Electronic Alloys LLC - 75.3 Class B Preferred Units2023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:BmpFoodServiceSupplyHoldcoLlcMemberus-gaap:DebtSecuritiesMember2025-01-012025-03-310000081955us-gaap:FairValueInputsLevel3Memberrand:MountainRegionalEquipmentSolutionsMemberus-gaap:DebtSecuritiesMember2025-01-012025-03-310000081955Control and Affiliate Investments2024-01-012024-12-310000081955BMP Swanson Holdco, LLC - $1,600,000 Term Note2025-01-012025-03-310000081955BMP Swanson Holdco, LLC - $1,600,000 Term Note at 12%2024-01-012024-12-310000081955rand:TilsonTechnologyManagementIncMember2024-01-012024-12-310000081955us-gaap:RetainedEarningsMember2025-03-310000081955us-gaap:FairValueInputsLevel3Memberrand:HdiAcquisitionLlcMember2025-01-012025-03-310000081955Mountain Regional Equipment Solutions - 37,991 Common Units2025-03-310000081955Seybert’s Billiards Corporation - 5.82 Common shares2024-01-012024-12-310000081955BMP Swanson Holdco, LLC - Preferred Membership Interest for 9.24%2025-01-012025-03-310000081955Open Exchange, Inc - 397,899 Common2025-03-310000081955OnCore Golf Technology, Inc. - 300,483 Preferred AA2025-03-310000081955Tilson Technology Management, Inc. - 120,000 Series B Preferred2025-03-310000081955Seybert’s Billiards Corporation - 5.82 Common shares2025-03-310000081955Carolina Skiff LLC - 6.0825% Class A Common Membership Interest2024-01-012024-12-310000081955Seybert’s Billiards Corporation - 6,099,131 Third Amended and Restated Term Note at 12%2025-01-012025-03-310000081955Applied Image, Inc. - $1,750,000 Term Note at 10% through February 1, 20292024-12-310000081955BMP Food Service Supply Holdco, LLC - 7,035,000 Second Amended and Restated Term Note, $4,820,0002025-03-310000081955Seybert’s Billiards Corporation - 6,099,131 Third Amended and Restated Term Note at 12%2024-12-310000081955BMP Swanson Holdco, LLC - Preferred Membership Interest for 9.29%2024-12-310000081955Inter-National Electronic Alloys LLC2024-12-310000081955BMP Food Service Supply Holdco, LLC2024-01-012024-12-310000081955us-gaap:CommonStockMember2024-03-310000081955Highland All About People Holdings, Inc. - 1,000,000 Class A Units2024-01-012024-12-310000081955SciAps, Inc. - 369,698 Series C1 Convertible Preferred2024-01-012024-12-310000081955Tilson Technology Management, Inc. - 70,176 Series D Preferred2023-12-310000081955Seybert’s Billiards Corporation - 6,099,131 Third Amended and Restated Term Note at 12%2024-01-012024-12-310000081955FCM Industries Holdco, LLC2024-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:LoanInvestmentsMember2025-03-310000081955SciAps, Inc. - $2,090,000 Second Amended and Restated Secured Subordinated Promissory Note at 12%2024-01-012024-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:CaitecIncMember2024-01-012024-03-310000081955Tilson Technology Management, Inc. - 211,567 A-1 Units of SQF Holdco LLC2023-12-310000081955Pressure Pro, Inc. - $3,000,000 Term Note2024-12-310000081955us-gaap:InvestmentUnaffiliatedIssuerMember2025-01-012025-03-310000081955Caitec, Inc. - $1,750,000 Subordinated Secured Promissory Note2025-01-012025-03-310000081955us-gaap:FairValueInputsLevel3Memberrand:GonoodleIncMember2025-01-012025-03-310000081955Applied Image, Inc. - $1,750,000 Term Note2025-03-310000081955Tilson Technology Management, Inc. - *120,000 Series B Preferred2024-01-012024-12-310000081955Seybert’s Billiards Corporation - $6,099,131 Third Amended and Restated Term Note at 12%2025-01-012025-03-310000081955ITA Acquisition, LLC - $1,500,000 Term Note at 12%2025-03-310000081955BMP Food Service Supply Holdco, LLC - $7,035,000 Second Amended and Restated Term Note, $4,820,000 at 12%, $2,215,000 at 13%2024-01-012024-12-310000081955FCM Industries Holdco LLC - $420,000 Convertible Note at 10%2025-01-012025-03-310000081955BMP Food Service Supply Holdco, LLC - 7,035,000 Second Amended and Restated Term Note, $4,820,0002024-01-012024-12-310000081955BMP Food Service Supply Holdco, LLC2024-12-310000081955BMP Food Service Supply Holdco, LLC - 15.4% Preferred Interest2024-12-310000081955us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-03-310000081955Open Exchange, Inc - 397,899 Series C Preferred2025-03-310000081955us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2025-01-012025-03-310000081955BMP Food Service Supply Holdco, LLC - 7,035,000 Second Amended and Restated Term Note2024-12-310000081955Applied Image, Inc. - $1,750,000 Term Note2024-01-012024-12-310000081955us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMemberrand:SeybertBilliardsCorporationMember2025-01-012025-03-310000081955Caitec, Inc. - $1,750,000 Subordinated Secured Promissory Note One2025-01-012025-03-310000081955FCM Industries Holdco LLC - $3,380,000 Term Note at 13%2024-12-310000081955ITA Acquisition, LLC - $1,500,000 Term Note2025-01-012025-03-310000081955SciAps, Inc. - 147,059 Series D Convertible Preferred2023-12-310000081955Mobile RN Holdings LLC d/b/a Mobile IV Nurses - $2,500,000 Term Note2025-01-012025-03-310000081955Knoa Software, Inc. - 1,876,922 Series B Preferred2023-12-310000081955Applied Image, Inc. - $1,750,000 Term Note2025-01-012025-03-310000081955BMP Food Service Supply Holdco, LLC - $4,820,000 at 12% Second Amended and Restated Term Note2024-12-310000081955rand:MattisonAvenueHoldingsLlcMember2024-01-012024-12-310000081955Seybert’s Billiards Corporation - $1,435,435 Term Note2024-12-310000081955Applied Image, Inc. - Warrant for 1,167 shares2024-01-012024-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:FilterworksAcquisitionUsaLlcMember2024-01-012024-03-310000081955Mobile RN Holdings LLC - $2,500,000 Term Note at 14%2025-03-310000081955Pressure Pro, Inc. - $3,000,000 Term Note at 12%2025-03-310000081955Caitec, Inc. - $1,750,000 Subordinated Secured Promissory Note One2024-12-310000081955Tilson Technology Management, Inc. - 23,077 Series F Preferred2024-12-310000081955GoNoodle, Inc. - 1,500,000 Secured Note2024-12-310000081955Inter-National Electronic Alloys LLC d/b/a EFINEA - $3,288,235 Term Note2024-12-310000081955BMP Swanson Holdco, LLC - $1,600,000 Term Note2025-03-310000081955Mountain Regional Equipment Solutions - 37,991 Common Units2024-12-310000081955Tilson Technology Management, Inc. - *15,385 Series E Preferred2025-03-310000081955Control and Affiliate Investments2025-03-310000081955rand:HealthAndWellnessMember2025-03-310000081955us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-01-012024-03-310000081955Mountain Regional Equipment Solutions - 37,991 Common Units2025-01-012025-03-310000081955FCM Industries Holdco LLC - $420,000 Convertible Note at 10%2024-12-310000081955Tilson Technology Management, Inc. - 21,391 Series C Preferred2025-03-310000081955ITA Acquisition, LLC - $2,297,808 Fourth Amended and Restated Term Note2023-12-310000081955Tilson Technology Management, Inc. - *15,385 Series E Preferred2025-01-012025-03-310000081955HDI Acquisition LLC. - $1,245,119 Term Loan2024-01-012024-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:CaitecIncMember2025-01-012025-03-310000081955BMP Swanson Holdco, LLC - Preferred Membership Interest for 9.24%2025-03-310000081955Mobile RN Holdings LLC d/b/a Mobile IV Nurses - 6,375 Class A Common Units2025-01-012025-03-310000081955BMP Swanson Holdco, LLC2024-12-310000081955Carolina Skiff LLC - 6.0825% Class A Common Membership Interest2025-03-310000081955us-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310000081955SciAps, Inc. - 369,698 Series C1 Convertible Preferred2023-12-310000081955BMP Swanson Holdco, LLC2025-03-310000081955BMP Food Service Supply Holdco, LLC - 7,035,000 Second Amended and Restated Term Note, $2,215,0002024-12-310000081955DSD Operating, LLC - 1,067 Class B Common shares2024-12-310000081955GoNoodle, Inc. - Warrant for 21,948 Series D Preferred2025-03-310000081955Control and Affiliate Investments2025-01-012025-03-310000081955us-gaap:FairValueInputsLevel3Memberrand:PressureProIncMember2024-01-012024-03-310000081955Caitec, Inc. - 36,261 Series A Preferred2024-12-310000081955Highland All About People Holdings, Inc. - 1,000,000 Class A Units2025-03-310000081955SciAps, Inc. - $2,090,000 Second Amended and Restated Secured Subordinated Promissory Note at 12%2024-12-310000081955Mobile RN Holdings LLC d/b/a Mobile IV Nurses - 6,375 Class A Common Units2024-01-012024-12-310000081955BMP Swanson Holdco, LLC - Preferred Membership Interest for 9.24%2024-01-012024-12-310000081955Seybert’s2025-03-310000081955us-gaap:FairValueInputsLevel3Memberrand:LoanInvestmentsMemberrand:MattisonAvenueHoldingsLlcMember2024-01-012024-03-310000081955Autotality (formerly Filterworks Acquisition USA, LLC) - $2,283,702 Amended Term Note2025-01-012025-03-310000081955Caitec, Inc. - 150 Class A Units2024-01-012024-12-310000081955ITA Acquisition, LLC - $2,297,808 Fourth Amended and Restated Term Note at 3%2024-01-012024-12-310000081955Highland All About People Holdings, Inc. - $3,000,000 Term Note at 12%2024-12-310000081955Mobile RN Holdings LLC d/b/a Mobile IV Nurses - $2,500,000 Term Note2024-12-310000081955Seybert’s Billiards Corporation - $1,435,435 Term Note at 12%2025-01-012025-03-310000081955us-gaap:InvestmentUnaffiliatedIssuerMember2025-03-310000081955us-gaap:FairValueInputsLevel3Memberrand:MicrocisionLlcMember2025-01-012025-03-310000081955Investments, NET ASSETS - 100%2024-12-310000081955rand:StockDividendsDistributableMember2025-01-012025-03-310000081955Applied Image, Inc. - $1,750,000 Term Note at 10%2025-01-012025-03-310000081955rand:O2025Q1DividendsMember2025-03-282025-03-280000081955rand:O2025Q2RegularDividendsMemberus-gaap:SubsequentEventMember2025-04-302025-04-300000081955Open Exchange, Inc - 397,899 Common2024-01-012024-12-310000081955Seybert’s Billiards Corporation - Warrant for 4% Membership Interest One2025-03-310000081955DSD Operating, LLC - 1,067 Class A Preferred shares2024-01-012024-12-310000081955Mattison Avenue Holdings LLC - $5,500,000 Term Note2024-12-310000081955rand:O2025Q2RegularDividendsMemberus-gaap:SubsequentEventMember2025-04-300000081955Seybert’s Billiards Corporation - $1,435,435 Term Note at 12%2023-12-310000081955BMP Food Service Supply Holdco, LLC2025-01-012025-03-310000081955Seybert’s Billiards Corporation - $6,099,131 Third Amended and Restated Term Note at 12%2025-03-310000081955Tilson Technology Management, Inc. - 250 Class D-1 Units of SQF Holdco LLC2023-12-310000081955ITA Acquisition, LLC - 1,124 Class A Preferred Units2024-12-310000081955Seybert’s Billiards Corporation - $1,435,435 Term Note at 12%2024-12-310000081955SciAps, Inc. - 113,636 Series C Convertible Preferred2024-01-012024-12-310000081955Filterworks Acquisition USA, LLC - $2,283,702 Amended Term Note2024-01-012024-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:MattisonAvenueHoldingsLlcMember2025-01-012025-03-310000081955ITA Acquisition, LLC - 1,124 Class A Preferred Units2025-03-310000081955Mountain Regional Equipment Solutions - Warrant for 4% Membership Interest2025-03-310000081955us-gaap:FairValueInputsLevel3Memberrand:HdiAcquisitionLlcMember2024-01-012024-03-310000081955us-gaap:FairValueInputsLevel3Memberrand:LoanInvestmentsMember2024-12-310000081955Tilson Technology Management, Inc. - *70,176 Series D Preferred2024-01-012024-12-310000081955Mobile RN Holdings LLC2025-03-310000081955Tilson Technology Management, Inc. - *15,385 Series E Preferred2024-12-310000081955Applied Image, Inc. - Warrant for 1,167 shares2024-12-310000081955Tilson Technology Management, Inc.2024-01-012024-12-310000081955rand:SeybertsBilliardsCorporationMember2024-01-012024-12-310000081955OnCore Golf Technology, Inc. - 300,483 Preferred AA2024-01-012024-12-310000081955Applied Image, Inc.2024-01-012024-12-310000081955rand:InvestmentManagementAgreementMember2024-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:InterNationalElectronicAlloysLlcMemberus-gaap:DebtSecuritiesMember2024-01-012024-03-310000081955us-gaap:FairValueInputsLevel3Memberrand:BmpFoodServiceSupplyHoldcoLlcMemberus-gaap:EquitySecuritiesMember2025-01-012025-03-310000081955Applied Image, Inc. - $1,750,000 Term Note at 10%, due February 1, 20292025-03-310000081955us-gaap:FairValueInputsLevel3Member2024-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:HighlandAllAboutPeopleHoldingsIncMemberus-gaap:DebtSecuritiesMember2025-01-012025-03-310000081955Caitec, Inc. - 150 Class A Units One2024-12-310000081955Tilson Technology Management, Inc. - 211,567 A-1 Units of SQF Holdco LLC2024-01-012024-12-310000081955srt:MaximumMember2024-01-012024-12-310000081955Caitec, Inc.2024-12-310000081955Applied Image, Inc. - Warrant for 1,167 shares2025-03-310000081955Filterworks Acquisition USA, LLC d/b/a Autotality - 626.2 shares Class A-1 Units2024-12-310000081955Pressure Pro, Inc. - $3,000,000 Term Note at 12%2024-01-012024-12-310000081955Autotality formerly Filterworks Acquisition USA, LLC - $2,283,702 Amended Term Note2025-01-012025-03-310000081955Filterworks Acquisition USA, LLC2024-01-012024-12-310000081955Caitec, Inc. - $1,750,000 Subordinated Secured Promissory Note One2024-01-012024-12-310000081955Affiliate Investments – Net assets2025-03-310000081955BMP Food Service Supply Holdco, LLC - $7,035,000 Second Amended and Restated Term Note2025-01-012025-03-310000081955us-gaap:FairValueInputsLevel3Memberrand:PressureProIncMemberus-gaap:EquitySecuritiesMember2025-01-012025-03-310000081955rand:TilsonTechnologyManagementIncMember2025-01-012025-03-310000081955Applied Image, Inc.2025-01-012025-03-3100000819552024-03-310000081955us-gaap:FairValueInputsLevel3Memberrand:NonControlAndNonAffiliateLoanAndDebtInvestmentsMember2025-03-310000081955Inter-National Electronic Alloys LLC d/b/a EFINEA - 75.3 Class B Preferred Units2025-03-310000081955ITA Acquisition, LLC - $2,672,808 Fifth Amended and Restated Term Note2025-01-012025-03-310000081955Inter-National Electronic Alloys LLC2024-01-012024-12-310000081955Applied Image, Inc.2024-12-310000081955Carolina Skiff LLC - 6.0825% Class A Common Membership Interest2023-12-310000081955rand:O2024Q4DividendsMember2024-12-050000081955us-gaap:InvestmentUnaffiliatedIssuerMember2024-01-012024-03-310000081955Tilson Technology Management, Inc. - 23,077 Series F Preferred2025-03-310000081955Highland All About People Holdings, Inc. - $3,000,000 Term Note at 12%2024-01-012024-12-310000081955Mezmeriz, Inc. - 1,554,565 Series Seed Preferred2024-12-310000081955BMP Food Service Supply Holdco, LLC - $7,035,000 Second Amended and Restated Term Note, $2,215,000 at 13% (+3% PIK), due November 22, 20272024-12-310000081955us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMemberrand:MobileRNHoldingsLLCMember2025-01-012025-03-310000081955us-gaap:AdditionalPaidInCapitalMember2025-01-012025-03-310000081955us-gaap:FairValueInputsLevel3Memberrand:CaitecIncMemberrand:LoanInvestmentsMember2025-01-012025-03-310000081955Pressure Pro, Inc. - $3,000,000 Term Note at 12%2025-01-012025-03-310000081955SciAps, Inc. - 274,299 Series A1 Convertible Preferred2024-12-310000081955TOTAL INVESTMENTS – 95.2%2025-03-310000081955ITA Acquisition, LLC2023-12-310000081955Applied Image, Inc. - $1,750,000 Term Note at 10%2025-03-310000081955Autotality (formerly Filterworks Acquisition USA, LLC)2024-12-310000081955us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2024-03-310000081955rand:ProfessionalAndBusinessServicesMember2024-12-310000081955Mattison Avenue Holdings LLC. - $1,794,944 Third Amended, Restated and Consolidated Promissory Note2024-01-012024-12-310000081955FCM Industries Holdco LLC $3,380,000 Term Note at 13%2023-12-310000081955Seybert’s Billiards Corporation - Warrant for 4% Membership Interest2025-01-012025-03-310000081955ITA Acquisition, LLC - $2,297,808 Fourth Amended and Restated Term Note2024-12-310000081955BMP Swanson Holdco, LLC - $1,600,000 Term Note at 12%2025-01-012025-03-310000081955Inter-National Electronic Alloys LLC d/b/a EFINEA - 75.3 Class B Preferred Units2025-01-012025-03-310000081955us-gaap:CommonStockMember2025-01-012025-03-310000081955us-gaap:FairValueInputsLevel3Memberrand:GonoodleIncMemberus-gaap:DebtSecuritiesMember2024-01-012024-03-310000081955SciAps, Inc. - 117,371 Series B Convertible Preferred2024-01-012024-12-310000081955Affiliate Investments2024-12-310000081955ITA Acquisition, LLC - $2,297,808 Fourth Amended and Restated Term Note at 12%2024-12-310000081955Tilson Technology Management, Inc. - 15,385 Series E Preferred2023-12-310000081955Mezmeriz, Inc. - 1,554,565 Series Seed Preferred2024-01-012024-12-310000081955us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2023-12-310000081955Seybert’s Billiards Corporation - $4,139,444 Term Note at 12%2024-01-012024-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:FilterworksAcquisitionUsaLlcMemberus-gaap:DebtSecuritiesMember2024-01-012024-03-310000081955Highland All About People Holdings, Inc.2023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:LoanInvestmentsMember2023-12-310000081955Autotality formerly Filterworks Acquisition USA, LLC - 417.7 shares Class A-0 Units2025-03-310000081955Inter-National Electronic Alloys LLC d/b/a EFINEA - 75.3 Class B Preferred Units2024-12-310000081955Control Investments2023-12-310000081955rand:SoftwareMember2024-12-310000081955Filterworks Acquisition USA, LLC d/b/a Autotality -417.7 shares Class A-0 Units2024-01-012024-12-310000081955us-gaap:DebtSecuritiesMember2024-12-310000081955BMP Food Service Supply Holdco, LLC - 7,035,000 Second Amended and Restated Term Note, $2,215,0002025-03-310000081955Subtotal Affiliate Investments2025-03-310000081955Tilson Technology Management, Inc. - 21,391 Series C Preferred2024-12-310000081955ITA Acquisition, LLC 1,124 Class A Preferred Units and 1,924 Class B Common Units2025-03-310000081955Inter-National Electronic Alloys LLC - $3,288,235 Term Note at 12%2025-01-012025-03-310000081955BMP Swanson Holdco, LLC - $1,600,000 Term Note at 12%2025-03-310000081955ITA Acquisition, LLC - $1,500,000 Term Note at 3% (+11% PIK) Through December 31, 20242024-01-012024-12-310000081955Tilson Technology Management, Inc. - 211,567 A-1 Units of SQF Holdco LLC2024-12-310000081955us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2025-03-310000081955GoNoodle, Inc. - 1,500,000 Secured Note2024-01-012024-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:SeybertBilliardsCorporationMember2024-01-012024-03-310000081955BMP Food Service Supply Holdco, LLC - $7,035,000 Second Amended and Restated Term Note, $2,215,000 at 16% PIK through December 31, 20252025-03-310000081955us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMemberrand:PressureProIncMember2025-01-012025-03-310000081955Lumious - $850,000 Replacement Term Note2025-03-310000081955rand:AdministrationAgreementMember2025-01-012025-03-310000081955DSD Operating, LLC2024-01-012024-12-310000081955BMP Food Service Supply Holdco, LLC - 7,035,000 Second Amended and Restated Term Note, $4,820,0002024-12-310000081955Mobile RN Holdings LLC - 37,991 Common Units2025-03-310000081955Mobile RN Holdings LLC d/b/a Mobile IV Nurses2025-03-310000081955Knoa Software, Inc.2023-12-310000081955Filterworks Acquisition USA, LLC - 417.7 shares Class A-0 Units2024-12-310000081955BMP Swanson Holdco, LLC - $1,600,000 Term Note2024-01-012024-12-310000081955GoNoodle, Inc.2025-03-310000081955BMP Food Service Supply Holdco, LLC - $7,035,000 Second Amended and Restated Term Note, $4,820,000 at 12%, PIK through December 31, 20252025-03-310000081955Caitec, Inc. - 36,261 Series A Preferred One2024-01-012024-12-310000081955rand:MAndTBankMemberrand:CreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2022-06-270000081955BMP Food Service Supply Holdco, LLC - $7,035,000 Second Amended and Restated Term Note, $4,820,000 at 12%, $2,215,000 at 16%2025-01-012025-03-310000081955FCM Industries Holdco LLC2023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:KnoaSoftwareIncMember2024-01-012024-03-310000081955us-gaap:EstimateOfFairValueFairValueDisclosureMember2025-03-310000081955Autotality (formerly Filterworks Acquisition USA, LLC) - $2,283,702 Amended Term Note2025-03-310000081955Seybert’s Billiards Corporation - $1,435,435 Term Note at 12%2024-01-012024-12-310000081955Lumious - $850,000 Replacement Term Note2024-01-012024-12-310000081955Tilson Technology Management, Inc. - *2.5% dividend payable quarterly2024-12-310000081955Lumious - $850,000 Replacement Term Note2025-01-012025-03-310000081955PostProcess Technologies, Inc. - 137,054 Series A Preferred2025-03-310000081955BMP Swanson Holdco, LLC - Preferred Membership Interest for 9.29%2024-01-012024-12-310000081955FCM Industries Holdco LLC2025-01-012025-03-310000081955ITA Acquisition, LLC - $1,500,000 Term Note at 14% PIK Through March 31, 20262025-03-310000081955rand:NetChangeInUnrealizedAppreciationDepreciationOnInvestmentsMember2025-01-012025-03-310000081955Tilson Technology Management, Inc. - 120,000 Series B Preferred2024-12-310000081955Mountain Regional Equipment Solutions2024-12-310000081955Open Exchange, Inc - 397,899 Common2024-12-310000081955Mobile RN Holdings LLC2025-01-012025-03-310000081955Mobile RN Holdings LLC - $2,500,000 Term Note at 14%2024-12-310000081955Seybert’s Billiards Corporation - $1,435,435 Term Note2024-01-012024-12-310000081955rand:ConsumerProductMember2025-03-310000081955rand:ScenarioThreeMembersrt:MinimumMember2025-01-012025-03-310000081955Mobile RN Holdings LLC d/b/a Mobile IV Nurses2024-12-310000081955Tilson Technology Management, Inc. - 21,391 Series C Preferred2024-01-012024-12-310000081955FCM Industries Holdco, LLC - $3,380,000 Term Note at 13%2025-01-012025-03-310000081955ITA Acquisition, LLC2025-01-012025-03-310000081955BMP Food Service Supply Holdco, LLC2023-12-310000081955BMP Food Service Supply Holdco, LLC - 15.4% Preferred Interest2025-01-012025-03-310000081955SciAps, Inc.2024-01-012024-12-310000081955BMP Swanson Holdco, LLC - Preferred Membership Interest for 9.24%2023-12-310000081955Pressure Pro, Inc.2025-01-012025-03-310000081955Filterworks Acquisition USA, LLC - thereafter 12% (+2% PIK) due March 31, 20262024-12-310000081955ITA Acquisition, LLC - $1,500,000 Term Note at Thereafter 12%2024-12-310000081955Seybert’s Billiards Corporation - Warrant for 4% Membership Interest One2024-12-310000081955Pressure Pro, Inc. - Warrant for 10% Membership Interest2025-03-310000081955Mobile RN Holdings LLC - 6,375 Class A Common Units2025-03-310000081955FCM Industries Holdco LLC - $3,380,000 Term Note at 13%2025-01-012025-03-310000081955Affiliate Investments2025-01-012025-03-310000081955Tilson Technology Management, Inc. - 211,567 A-1 Units of SQF Holdco LLC.2024-01-012024-12-310000081955rand:BmpFoodServiceSupplyHoldcoLlcMember2024-01-012024-12-310000081955Caitec, Inc. - 150 Class A Units2024-12-310000081955Highland All About People Holdings, Inc.2025-01-012025-03-310000081955us-gaap:TreasuryStockCommonMember2024-12-310000081955Caitec, Inc. - 150 Class A Units One2025-01-012025-03-310000081955GoNoodle, Inc.2024-12-310000081955Filterworks Acquisition USA, LLC2024-12-310000081955Tilson Technology Management, Inc. - 250 Class D-1 Units of SQF Holdco LLC2025-03-310000081955SciAps, Inc. - 117,371 Series B Convertible Preferred2024-12-310000081955us-gaap:EquitySecuritiesMember2024-12-310000081955Lumious - $850,000 Replacement Term Note2024-12-310000081955OnCore Golf Technology, Inc. - 300,483 Preferred AA2025-01-012025-03-310000081955us-gaap:RetainedEarningsMember2024-03-310000081955us-gaap:EquitySecuritiesMember2025-03-310000081955us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2024-01-012024-03-310000081955rand:DistributionMember2025-03-310000081955us-gaap:CommonStockMember2024-01-012024-03-310000081955us-gaap:FairValueInputsLevel3Memberrand:NonControlAndNonAffiliateInvestmentsMember2025-03-310000081955ITA Acquisition, LLC - $2,297,808 Fourth Amended and Restated Term Note2024-01-012024-12-310000081955SciAps, Inc. - Warrant to purchase Series D-1 Preferred2023-12-310000081955Seybert’s Billiards Corporation - Warrant for 4% Membership Interest2023-12-310000081955Open Exchange, Inc - 397,899 Common2025-01-012025-03-310000081955Filterworks Acquisition USA, LLC - 626.2 shares Class A-1 Units.2024-01-012024-12-310000081955Tilson Technology Management, Inc. - 120,000 Series B Preferred2023-12-310000081955srt:MaximumMemberrand:ScenarioTwoMember2025-01-012025-03-310000081955us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2023-12-310000081955GoNoodle, Inc. - Warrant for 47,324 Series C Preferred2024-12-310000081955BMP Food Service Supply Holdco, LLC - $7,035,000 Second Amended and Restated Term Note, $4,820,000 at 12%, $2,215,000 at 16%2025-03-310000081955us-gaap:AdditionalPaidInCapitalMember2025-03-310000081955Tilson Technology Management, Inc. - 21,391 Series C Preferred2023-12-310000081955ITA Acquisition, LLC - $2,672,808 Fifth Amended and Restated Term Note2025-03-310000081955us-gaap:TreasuryStockCommonMember2023-12-310000081955BMP Swanson Holdco, LLC - $1,600,000 Term Note at 12%2023-12-310000081955Mountain Regional Equipment Solutions - 37,991 Common Units2024-01-012024-12-310000081955Mobile RN Holdings LLC - 6,375 Class A Common Units2024-12-310000081955Open Exchange, Inc.2025-03-310000081955ITA Acquisition, LLC - $1,500,000 Term Note at 3% (+11% PIK) through December 31, 20242024-12-310000081955Tilson Technology Management, Inc. - 211,567 A-1 Units of SQF Holdco LLC.2024-12-310000081955FCM Industries Holdco LLC - $420,000 Convertible Note at 10%2025-03-310000081955us-gaap:FairValueInputsLevel3Member2023-12-310000081955Seybert’s Billiards Corporation - $1,435,435 Term Note at 12%2025-03-310000081955Affiliate Investments – Net assets2024-12-310000081955FCM Industries Holdco LLC - $3,380,000 Term Note at 13%2025-03-310000081955Highland All About People Holdings, Inc. - $3,000,000 Term Note at 12%2025-03-310000081955us-gaap:FairValueInputsLevel3Memberrand:KnoaSoftwareIncMemberus-gaap:EquitySecuritiesMember2024-01-012024-03-310000081955Subtotal Affiliate Investments2024-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:SeybertBilliardsCorporationMemberus-gaap:EquitySecuritiesMember2025-01-012025-03-310000081955TOTAL INVESTMENTS – 108.4%2024-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:MountainRegionalEquipmentSolutionsMember2025-01-012025-03-310000081955us-gaap:FairValueInputsLevel3Memberrand:InterNationalElectronicAlloysLlcMember2025-01-012025-03-310000081955us-gaap:FairValueInputsLevel3Memberrand:LoanInvestmentsMember2025-01-012025-03-310000081955Tilson Technology Management, Inc. - 70,176 Series D Preferred2024-01-012024-12-31rand:Unitsxbrli:purexbrli:sharesiso4217:USDxbrli:sharesiso4217:USD

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period from _____ to _______

Commission File Number: 814-00235

Rand Capital Corporation

(Exact Name of Registrant as specified in its Charter)


New York		16-0961359
(State or Other Jurisdiction of Incorporation or Organization)		(IRS Employer Identification No.)

14 Lafayette Square, Suite 1405, Buffalo, NY		14203
(Address of Principal executive offices)		(Zip Code)

(716) 853-0802

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

      Title of each class

      Trading
Symbol(s)

      Name of each exchange
on which registered

      Common Stock, $0.10 par value

      RAND

      Nasdaq Capital Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☑	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes  No ☑

As of May 5, 2025, there were 2,969,814 shares of the registrant’s common stock outstanding.

Table of Contents

RAND CAPITAL CORPORATION AND SUBSIDIARIES

TABLE OF CONTENTS FOR FORM 10-Q


PART I. – FINANCIAL INFORMATION
Item 1.	Financial Statements and Supplementary Data	1
	Consolidated Statements of Financial Position as of March 31, 2025 (Unaudited) and December 31, 2024	1
	Consolidated Statements of Operations for the Three Months Ended March 31, 2025 and 2024 (Unaudited)	2
	Consolidated Statements of Changes in Net Assets for the Three Months Ended March 31, 2025 and 2024 (Unaudited)	3
	Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2025 and 2024 (Unaudited)	4
	Consolidated Schedule of Portfolio Investments as of March 31, 2025 (Unaudited)	5
	Consolidated Schedule of Portfolio Investments as of December 31, 2024	12
	Notes to the Consolidated Financial Statements (Unaudited)	20
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	35
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	42
Item 4.	Controls and Procedures	43
PART II. – OTHER INFORMATION
Item 1.	Legal Proceedings	44
Item 1A.	Risk Factors	44
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	44
Item 3.	Defaults upon Senior Securities	44
Item 4.	Mine Safety Disclosures	44
Item 5.	Other Information	44
Item 6.	Exhibits	45

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements and Supplementary Data

RAND CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION


	March 31, 2025 (Unaudited)			December 31, 2024
ASSETS
Investments at fair value:
Control investments (cost of $6,563,940 and $6,188,940, respectively)	$	2,000,000		$	2,500,000
Affiliate investments (cost of $44,450,751 and $42,488,804, respectively)		52,490,162			51,668,144
Non-Control/Non-Affiliate investments (cost of $9,743,250 and $19,442,491, respectively)		7,667,201			16,649,897
Total investments, at fair value (cost of $60,757,941 and $68,120,235, respectively)		62,157,363			70,818,041
Cash		4,933,269			834,805
Interest receivable (net of allowance of $25,337 and $0, respectively)		223,273			357,530
Prepaid income taxes		339,237			329,365
Deferred tax asset, net		4,886			2,161
Other assets		163,402			115,531
Total assets	$	67,821,430		$	72,457,433
LIABILITIES AND STOCKHOLDERS’ EQUITY (NET ASSETS)
Liabilities:
Due to investment adviser	$	545,838		$	2,182,846
Accounts payable and accrued expenses		45,676			92,568
Line of credit (see Note 6)		—			600,000
Capital gains incentive fees		1,490,000			1,565,000
Deferred revenue		428,663			516,441
Dividend payable		—			2,168,058
Total liabilities		2,510,177			7,124,913
Commitments and contingencies (see Note 5)
Stockholders’ equity (net assets):
Common stock, $0.10 par; shares authorized 100,000,000; shares issued: 3,037,709 at 3/31/25 and 2,648,916 at 12/31/24; shares outstanding: 2,969,814 at 3/31/25 and 2,581,021 at 12/31/24 (see Note 1)		303,771			264,892
Capital in excess of par value		64,051,504			55,419,620
Stock dividends distributable: 0 shares at 3/31/25 and 388,793 shares at 12/31/24		—			8,672,231
Treasury stock, at cost: 67,895 shares at 3/31/25 and 12/31/24		(1,566,605	)		(1,566,605	)
Total distributable earnings		2,522,583			2,542,382
Total stockholders’ equity (net assets) (per share – 3/31/25: $21.99; 12/31/24: $25.31)		65,311,253			65,332,520
Total liabilities and stockholders’ equity (net assets)	$	67,821,430		$	72,457,433

See accompanying notes

Table of Contents

RAND CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)


	Three months ended March 31, 2025			Three months ended March 31, 2024
Investment income:
Interest from portfolio companies:
Control investments	$	—		$	187,483
Affiliate investments		1,282,859			1,166,085
Non-Control/Non-Affiliate investments		394,307			460,080
Total interest from portfolio companies		1,677,166			1,813,648
Interest from other investments:
Non-Control/Non-Affiliate investments		10,383			1,914
Total interest from other investments		10,383			1,914
Dividend and other investment income:
Affiliate investments		13,125			13,125
Non-Control/Non-Affiliate investments		—			138,710
Total dividend and other investment income		13,125			151,835
Fee income:
Control investments		4,516			4,516
Affiliate investments		131,755			73,720
Non-Control/Non-Affiliate investments		170,959			21,586
Total fee income		307,230			99,822
Total investment income		2,007,904			2,067,219
Expenses:
Base management fee (see Note 8)		252,208			302,595
Income based incentive fees (see Note 8)		119,673			—
Capital gains incentive fees (see Note 8)		(75,000	)		112,300
Interest expense		36,486			390,020
Professional fees		208,842			232,307
Stockholders and office operating		90,763			69,028
Directors' fees		63,850			63,850
Administrative fees		48,750			38,167
Insurance		13,162			13,044
Corporate development		6,994			5,545
Bad debt expense		25,337			—
Total expenses		791,065			1,226,856
Net investment income before income taxes:		1,216,839			840,363
Income tax (benefit) expense		(1,276	)		778
Net investment income		1,218,115			839,585
Net realized gain on sales and dispositions of investments:
Affiliate investments		925,357			—
Non-Control/Non-Affiliate investments		(25	)		3,450,092
Net realized gain on sales and dispositions of investments		925,332			3,450,092
Net change in unrealized appreciation/depreciation on investments:
Control investments		(875,000	)		—
Affiliate investments		(423,384	)		(100,000	)
Non-Control/Non-Affiliate investments		—			(2,790,296	)
Change in unrealized appreciation/depreciation before income taxes		(1,298,384	)		(2,890,296	)
Deferred income tax expense		3,616			—
Net change in unrealized appreciation/depreciation on investments		(1,302,000	)		(2,890,296	)
Net realized and unrealized (loss) gain on investments		(376,668	)		559,796
Net increase in net assets from operations	$	841,447		$	1,399,381
Weighted average shares outstanding		2,869,339			2,581,021
Basic and diluted net increase in net assets from operations per share	$	0.29		$	0.54

See accompanying notes

Table of Contents

RAND CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

(Unaudited)


	Three months ended March 31, 2025			Three months ended March 31, 2024
Net assets at beginning of period	$	65,332,520		$	60,815,213
Net investment income		1,218,115			839,585
Net realized gain on sales and dispositions of investments		925,332			3,450,092
Net change in unrealized appreciation/depreciation on investments		(1,302,000	)		(2,890,296	)
Net increase in net assets from operations		841,447			1,399,381
Declaration of dividend		(862,714	)		(645,255	)
Net assets at end of period	$	65,311,253		$	61,569,339

See accompanying notes

Table of Contents

RAND CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


	Three months ended March 31, 2025			Three months ended March 31, 2024
Cash flows from operating activities:
Net increase in net assets from operations	$	841,447		$	1,399,381
Adjustments to reconcile net increase in net assets to net cash provided by (used in) operating activities:
Investments in portfolio companies		(375,000	)		(10,837,878	)
Proceeds from sale of portfolio investments		955,357			3,503,186
Proceeds from loan repayments		8,369,876			2,581,906
Net realized gain on sales and dispositions of portfolio investments		(925,332	)		(3,450,092	)
Change in unrealized appreciation/depreciation on investments		1,298,384			2,890,296
Deferred income tax benefit		(2,725	)		(26,636	)
Amortization		6,250			6,250
Original issue discount amortization		(23,502	)		(7,002	)
Non-cash conversion of debenture interest		(624,105	)		(328,829	)
Non-cash conversion of loan modification fee		(15,000	)		—
Change in interest receivable allowance		25,337			—
Changes in operating assets and liabilities:
Decrease (increase) in interest receivable		108,920			(103,155	)
Increase in other assets		(54,121	)		(70,797	)
Increase in prepaid income taxes		(9,872	)		(26,535	)
(Decrease) increase in accounts payable and accrued expenses		(46,892	)		126,570
Decrease in due to investment adviser		(1,637,008	)		(676,817	)
(Decrease) increase in capital gains incentive fees payable		(75,000	)		112,300
(Decrease) increase in deferred revenue		(87,778	)		66,969
Total adjustments		6,887,789			(6,240,264	)
Net cash provided by (used in) operating activities		7,729,236			(4,840,883	)
Cash flows from financing activities:
Net (repayment of) proceeds from line of credit		(600,000	)		2,950,000
Payment of cash dividend		(3,030,772	)		(645,255	)
Net cash (used in) provided by financing activities		(3,630,772	)		2,304,745
Net increase (decrease) in cash		4,098,464			(2,536,138	)
Cash:
Beginning of period		834,805			3,295,321
End of period	$	4,933,269		$	759,183

See accompanying notes

Table of Contents

RAND CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

March 31, 2025

(Unaudited)


Company, Geographic Location, Business Description, (Industry) and Website	(a) Type of Investment	(b) Date Acquired	(c) Equity	Cost		(d)(f) Fair Value		Percent of Net Assets
Non-Control/Non-Affiliate Investments – 11.7% of net assets: (g) (j)
Caitec, Inc. (e)(l)(p) Halethorpe, MD. Pet product manufacturer and distributor. (Consumer Goods) www.caitec.com	$1,750,000 Subordinated Secured Promissory Note modified to 14% PIK through June 30, 2026, thereafter 12% (+2% PIK), due June 1, 2026.	11/6/20	4%		2,316,683		2,316,683	7.1%
	36,261 Series A Preferred.	12/28/23			36,261		—
	150 Class A Units.	11/6/20			150,000		—
	$1,750,000 Subordinated Secured Promissory Note modified to 14% PIK through June 30, 2026, thereafter 12% (+2% PIK), due June 1, 2026.	11/6/20			2,316,683		2,316,683
	150 Class A Units.	11/6/20			150,000		—
	36,261 Series A Preferred.	12/28/23			36,261		—
	Total Caitec				5,005,888		4,633,366
GoNoodle, Inc. (l)(p) Nashville, TN. Student engagement education	$1,500,000 Secured Note at 12% (1% PIK) due September 30, 2025.	11/1/19	<1%		1,443,853		1,443,853	2.2%
software providing core aligned physical	Warrant for 21,948 Series D Preferred.	11/1/19			38		38
activity breaks. (Software)	Total GoNoodle				1,443,891		1,443,891
www.gonoodle.com
Lumious (Tech 2000, Inc.) (p) Herndon, VA. Develops and delivers IT	$850,000 Replacement Term Note at 14% due December 1, 2025.	11/16/18	0%		789,944		789,944	1.2%
training. (Software)
www.t2000inc.com
OnCore Golf Technology, Inc. (e)(p) Buffalo, NY. Patented and proprietary golf balls utilizing technology and innovation. (Consumer Product) www.oncoregolf.com	300,483 Preferred AA.	11/30/18	3%		752,712		100,000	0.2%
Open Exchange, Inc. (e)(p)	397,899 Series C Preferred.	11/13/13	3%		1,193,697		700,000	1.1%
Lincoln, MA. Online presentation and	397,899 Common.	10/22/19			208,243		—
training software. (Software)	Total Open Exchange				1,401,940		700,000
www.openexc.com
PostProcess Technologies, Inc. (e)(p) Buffalo, NY. Provides innovative solutions for the post-processing of additive manufactured 3D parts. (Manufacturing) www.postprocess.com	137,054 Series A Preferred.	11/1/19	<1%		348,875		—	0.0%
Subtotal Non-Control/Non-Affiliate Investments				$	9,743,250	$	7,667,201
Affiliate Investments – 80.4% of net assets (g) (k)
Applied Image, Inc. (p) Rochester, NY. Global supplier of precision	$1,750,000 Term Note at 10%, due February 1, 2029.	12/31/21	12%		1,750,000		1,750,000	2.7%
imaged optical components and calibration	Warrant for 1,167 shares.	12/31/21			—		—
standards for a wide range of industries and	Total Applied Image				1,750,000		1,750,000
applications. (Manufacturing)
www.appliedimage.com
Autotality (formerly Filterworks Acquisition USA, LLC) (l)(m)(p) Deerfield Beach, FL. Provides spray booth equipment, frame repair machines and paint	$2,283,702 Amended Term Note at 6% (+8% PIK) through March 31, 2025, thereafter 12% (+2% PIK), due March 31, 2026.	11/18/19	8%		2,987,221		2,987,221	4.6%
booth filter services for collision shops.	626.2 shares Class A-1 Units.	6/3/22			626,243		—
(Automotive)	417.7 shares Class A-0 Units.	9/30/22			139,232		—
www.autotality.com	Total Autotality				3,752,696		2,987,221

See accompanying notes

Table of Contents

RAND CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

March 31, 2025 (Continued)

(Unaudited)


Company, Geographic Location, Business Description, (Industry) and Website	(a) Type of Investment	(b) Date Acquired	(c) Equity	Cost		(d)(f) Fair Value		Percent of Net Assets
BMP Food Service Supply Holdco, LLC (e)(l)(m)(p) Salt Lake City, UT. Provides design, distribution, and installation services for commercial kitchen renovations and new builds. (Professional and Business Services) www.foodservicesupply.com	$7,035,000 Second Amended and Restated Term Note: $4,820,000 in principal amount at 12% PIK through December 31, 2025, thereafter 12%, and $2,215,000 in principal amount at 16% PIK through December 31, 2025, thereafter 16%, due November 22, 2027.	11/22/22	15%		6,750,796		6,750,796	10.7%
	15.4% Preferred Interest.	11/22/22			497,619		250,000
	Total BMP Food Service Supply				7,248,415		7,000,796

BMP Swanson Holdco, LLC (m)(p) Plano, TX. Designs, installs, and maintains	$1,600,000 Term Note at 12% due May 31, 2028.	3/4/21	9%		1,700,115		1,700,115	3.8%
a variety of fire protection systems. (Professional and Business Services)	Preferred Membership Interest for 9.24%.	3/4/21			233,333		750,000
www.swansonfire.com	Total BMP Swanson				1,933,448		2,450,115
Carolina Skiff LLC (e)(m)(p) Waycross, GA. Manufacturer of ocean	6.0825% Class A Common Membership Interest.	1/30/04	7%		15,000		1,208,000	1.8%
fishing and pleasure boats. (Manufacturing) www.carolinaskiff.com
FCM Industries Holdco LLC (l)(p) Jacksonville, FL. Commercial mulch	$3,380,000 Term Note at 13% due July 31, 2028.	7/31/23	12%		3,380,000		3,380,000	5.2%
installation company that serves a range of end markets.	$420,000 Convertible Note at 10% PIK, due July 31, 2033.	7/31/23			497,059		12,222
(Professional and Business Services)	Total FCM Industries				3,877,059		3,392,222
www.firstcoastmulch.com
Highland All About People Holdings, Inc. (l)(p)	$3,000,000 Term Note at 12% (+4% PIK) due August 7, 2028.	8/7/23	12%		3,206,842		3,206,842	5.8%
Phoenix, AZ. Full-service staffing and	1,000,000 Class A Units.	8/7/23			1,000,000		600,000
executive search firm with a focus on the	Total Highland All About People				4,206,842		3,806,842
healthcare industry. (Professional and Business Services) www.allaboutpeople.net
Inter-National Electronic Alloys LLC d/b/a EFINEA (m)(p)	$3,288,235 Term Note at 12% due April 4, 2028.	4/4/23	6%		3,372,069		3,372,069	7.2%
Oakland, NJ. Stocking distributor of	75.3 Class B Preferred Units.	4/4/23			1,011,765		1,300,000
controlled expansion alloys, electronic grade	Total EFINEA				4,383,834		4,672,069
nickels, refractory grade metals and alloys, and soft magnetic alloys. (Distribution) www.nealloys.com
Mobile RN Holdings LLC d/b/a Mobile IV Nurses (l)(m)(p)	$2,500,000 Term Note at 14% (+1% PIK) due October 2, 2029.	10/2/24	6%		2,512,585		2,512,585	4.4%
Phoenix, AZ. IV hydration therapy service	6,375 Class A Common Units.	10/2/24			375,000		375,000
provider. (Health and Wellness)	Total Mobile IV Nurses				2,887,585		2,887,585
www.mobileivnurses.com
Mountain Regional Equipment Solutions (e)(l)(m)(p) Salt Lake City, UT. Provider of maintenance,	$3,000,000 Term Note at 14% PIK through June 30, 2025, thereafter 14%, due January 16, 2029.	1/16/24	7%		3,076,575		2,624,575	4.0%
safety, fluid transfer, and custom fabrication	37,991 Common Units.	1/16/24			204,545		—
products. (Distribution)	Warrant for 4% Membership Interest.	1/16/24			60,000		—
www.mountainregionaleq.com	Total Mountain Regional Equipment Solutions				3,341,120		2,624,575
Seybert’s Billiards Corporation d/b/a The Rack Group (l)(p) Coldwater, MI. Billiard supplies.	$6,099,131 Third Amended and Restated Term Note at 12% (+2% PIK) due January 19, 2026.	11/22/21	8%		6,190,840		6,190,840	12.6%
(Consumer Product)	Warrant for 4% Membership Interest.	1/19/21			25,000		50,000
www.seyberts.com	$1,435,435 Term Note at 12% (+2% PIK) due January 19, 2026.	1/19/21			1,519,897		1,519,897
	Warrant for 4% Membership Interest.	1/19/21			25,000		50,000
	5.82 Common shares.	10/24/22			194,000		400,000
	Total Seybert’s				7,954,737		8,210,737

See accompanying notes

Table of Contents

RAND CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

March 31, 2025 (Continued)

(Unaudited)


Company, Geographic Location, Business Description, (Industry) and Website	(a) Type of Investment	(b) Date Acquired	(c) Equity	Cost		(d)(f) Fair Value		Percent of Net Assets
Tilson Technology Management, Inc. (p)	*120,000 Series B Preferred.	1/20/15	8%		600,000		4,560,000	17.6%
Portland, ME. Provides network deployment	*21,391 Series C Preferred.	9/28/16			200,000		813,000
construction and information system services	*70,176 Series D Preferred.	9/29/17			800,000		2,666,000
management for cellular, fiber optic and	*15,385 Series E Preferred.	3/15/19			500,012		584,000
wireless systems providers. Its affiliated	23,077 Series F Preferred.	6/15/20			750,003		877,000
entity, SQF, LLC is a CLEC supporting	211,567 A-1 Units of SQF Holdco LLC.	3/15/19			—		1,000,000
small cell 5G deployment. (Professional and Business Services)	250 Class D-1 Units of SQF Holdco LLC.	2/16/23			250,000		1,000,000
www.tilsontech.com	Total Tilson				3,100,015		11,500,000
	*2.5% dividend payable quarterly.
Subtotal Affiliate Investments				$	44,450,751	$	52,490,162
Control Investments - 3.1% of net assets (g) (o)
ITA Acquisition, LLC (e)(l)(m)(p) Ormond Beach, FL. Blind and shade manufacturing. (Manufacturing) www.itawindowfashions.com	$2,672,808 Fifth Amended and Restated Term Note at 14% PIK through March 31, 2026, thereafter 12% (+2% PIK), due June 21, 2026.	6/22/21	37%		3,619,220		1,415,814	3.1%
	$1,500,000 Term Note at 14% PIK through March 31, 2026, thereafter 12% (+2% PIK), due June 21, 2026.	6/22/21			1,820,910		584,186
	1,124 Class A Preferred Units and 1,924 Class B Common Units.	6/22/21			1,123,810		—
	Total ITA				6,563,940		2,000,000
Subtotal Control Investments				$	6,563,940	$	2,000,000
TOTAL INVESTMENTS – 95.2%				$	60,757,941	$	62,157,363
OTHER ASSETS IN EXCESS OF LIABILITIES - 4.8%							3,153,890
NET ASSETS – 100%						$	65,311,253

See accompanying notes

Table of Contents

RAND CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

March 31, 2025 (Continued)

(Unaudited)

Notes to the Consolidated Schedule of Portfolio Investments

(a)

At March 31, 2025, restricted securities represented 100% of the fair value of the investment portfolio. Restricted securities are subject to one or more restrictions on resale and are not freely marketable. Type of investment for equity position is in the form of shares unless otherwise noted as units or interests, i.e., preferred shares, common shares.

(b)

The Date Acquired column indicates the date on which the Corporation first acquired an investment.

(c)

Each equity percentage estimates the Corporation’s ownership interest in the applicable portfolio investment. The estimated ownership is calculated based on the percent of outstanding voting securities held by the Corporation or the potential percentage of voting securities held by the Corporation upon exercise of warrants or conversion of debentures, or other available data. If applicable, the symbol “<1%” indicates that the Corporation holds an equity interest of less than one percent.

(d)

The Corporation’s investments are carried at fair value in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 820 “Fair Value Measurements and Disclosures,” which defines fair value and establishes guidelines for measuring fair value. At March 31, 2025, ASC 820 designates 100% of the Corporation’s investments as “Level 3” assets. Under the valuation policy of the Corporation, unrestricted publicly traded securities are valued at the closing price for these securities on the last trading day of the reporting period. Restricted securities are subject to restrictions on resale and are valued at fair value as determined in good faith by our external investment advisor Rand Capital Management, LLC (“RCM”) and approved by the Board of Directors. Fair value is considered to be the amount that the Corporation may reasonably expect to receive for portfolio securities when sold on the valuation date. Valuations as of any particular date, however, are not necessarily indicative of amounts which may ultimately be realized as a result of future sales or other dispositions of securities and these favorable or unfavorable differences could be material. Among the factors considered in determining the fair value of restricted securities are the financial condition and operating results, projected operations, and other analytical data relating to the investment. Also considered are the market prices for unrestricted securities of the same class (if applicable) and other matters which may have an impact on the value of the portfolio company (see Note 3. “Investments” to the Consolidated Financial Statements).

(e)

These investments are non-income producing. All other investments are income producing. Non-income producing investments have not generated cash payments of interest or dividends including LLC tax-related distributions within the last twelve months or are not expected to do so going forward. If a debt or a preferred equity investment fails to make its most recent payment, then the investment will also be classified as non-income producing.

(f)

As of March 31, 2025, the total cost of investment securities was approximately $60.8 million. Net unrealized appreciation was approximately $1.4 million, which was comprised of $10.7 million of unrealized appreciation of investment securities and ($9.3) million of unrealized depreciation of investment securities. At March 31, 2025, the aggregate gross unrealized gain for federal income tax purposes was $8.7 million and the aggregate gross unrealized loss for federal income tax purposes was ($7.3) million. The net unrealized gain for federal income tax purposes was $1.4 million based on a tax cost of $61.1 million.

(g)

All of the Corporation’s portfolio assets are pledged as collateral for purposes of securing the Corporation’s senior secured revolving credit facility pursuant to a general security agreement, dated June 27, 2022, between the Corporation, the subsidiaries listed therein, and the Lender (as defined herein).

(h)

Reduction in cost and fair value from previously reported balances reflects current principal repayment.

(i)

Represents interest due (amounts over $100,000) from investments included as interest receivable on the Corporation’s Consolidated Statements of Financial Position. None at March 31, 2025.

(j)

Non-Control/Non-Affiliate Investments are investments that are neither Control Investments nor Affiliate Investments.

(k)

Affiliate Investments are defined by the Investment Company Act of 1940, as amended (“1940 Act”), as those Non-Control investments in companies in which between 5% and 25% of the voting securities of such company are owned by the Corporation.

(l)

Payment in kind (PIK) represents earned interest that is added to the cost basis of the investment and due at maturity. The amount of PIK earned is included in the interest rate detailed in the “Type of Investment” column, unless it has been noted with a (+), in which case the PIK is in addition to the face amount of interest due on the security.

(m)

Equity holdings are held in a wholly owned (100%) “blocker corporation” subsidiary of Rand Capital Corporation for federal income tax and Regulated Investment Company (RIC) compliance purposes.

(n)

Indicates assets that the Corporation believes do not represent “qualifying assets” under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70% of the Corporation’s total assets at the time of acquisition of any additional non-qualifying assets. The Corporation had no investments in non-qualifying assets as of March 31, 2025.

(o)

Control Investments are defined by the 1940 Act as investments in companies in which more than 25% of the voting securities of such companies are owned by the Corporation or where the Corporation maintains greater than 50% representation on its board of directors or other similar governing body.

(p)

Investments classified as Level 3 for purposes of the fair value determination by RCM and approved by the Board of Directors.

Table of Contents

RAND CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

March 31, 2025 (Continued)

(Unaudited)

Investments in and Advances to Affiliates


Company	Type of Investment	January 1, 2025, Fair Value		Net Change in Unrealized Appreciation (Depreciation)			Gross Additions (1)		Gross Reductions (2)		March 31, 2025, Fair Value		Net Realized Gains (Losses)		Interest/ Dividend/ Fee Income (3)
Control Investments:
ITA Acquisition, LLC	$2,672,808 Fifth Amended and Restated Term Note at 14% PIK through March 31, 2026, thereafter 12% (+2% PIK), due June 21, 2026.	$	1,642,968	$	(602,154	)	$	375,000	$	—	$	1,415,814	$	—	$	2,516
	$1,500,000 Term Note at 14% PIK through March 31, 2026, thereafter 12% (+2% PIK), due June 21, 2026.		857,032		(272,846	)		—		—		584,186		—		2,000
	1,124 Class A Preferred Units and 1,924 Class B Common Units.		—		—			—		—		—		—		—
	Total ITA		2,500,000		(875,000	)		375,000		—		2,000,000		—		4,516
	Total Control Investments	$	2,500,000	$	(875,000	)	$	375,000	$	—	$	2,000,000	$	—	$	4,516
Affiliate Investments:
Applied Image, Inc.	$1,750,000 Term Note at 10%, due February 1, 2029.	$	1,750,000	$	—		$	—	$	—	$	1,750,000	$	—	$	45,276
	Warrant for 1,167 shares.		—		—			—		—		—		—		—
	Total Applied Image		1,750,000		—			—		—		1,750,000		—		45,276
Autotality (formerly Filterworks Acquisition USA, LLC)	$2,283,702 Amended Term Note at 6% (+8% PIK) through March 31, 2025, thereafter 12% (+2% PIK), due March 31, 2026.		2,928,648		—			58,573		—		2,987,221		—		102,503
	626.2 shares Class A-1 Units.		—		—			—		—		—		—		—
	417.7 shares Class A-0 Units.		—		—			—		—		—		—		—
	Total Autotality		2,928,648		—			58,573		—		2,987,221		—		102,503
BMP Food Service Supply Holdco, LLC	$7,035,000 Second Amended and Restated Term Note: $4,820,000 in principal amount at 12% PIK through December 31, 2025, thereafter 12%, and $2,215,000 in principal amount at 16% PIK through December 31, 2025, thereafter 16%, due November 22, 2027.		6,538,026		—			212,770		—		6,750,796		—		220,095
	15.4% Preferred Interest.		497,619		(247,619	)		—		—		250,000		—		—
	Total FSS		7,035,645		(247,619	)		212,770		—		7,000,796		—		220,095
BMP Swanson Holdco, LLC	$1,600,000 Term Note at 12% due May 31, 2028.		1,700,115		—			—		—		1,700,115		—		52,670
	Preferred Membership Interest for 9.24%.		750,000		—			—		—		750,000		—		—
	Total BMP Swanson		2,450,115		—			—		—		2,450,115		—		52,670
Carolina Skiff LLC	6.0825% Class A Common Membership Interest.		1,208,000		—			—		—		1,208,000		—		—
FCM Industries Holdco LLC	$3,380,000 Term Note at 13% due July 31, 2028.		3,380,000		—			—		—		3,380,000		—		113,650
	$420,000 Convertible Note at 10% PIK, due July 31, 2033.		—		—			12,222		—		12,222		—		12,222
	Total FCM		3,380,000		—			12,222		—		3,392,222		—		125,872
Highland All About People Holdings, Inc.	$3,000,000 Term Note at 12% (+4% PIK) due August 7, 2028.		3,175,091		—			31,751		—		3,206,842		—		130,004
	1,000,000 Class A Units.		600,000		—			—		—		600,000		—		—
	Total All About People		3,775,091		—			31,751		—		3,806,842		—		130,004
Inter-National Electronic Alloys	$3,288,235 Term Note at 12% due April 4, 2028.		3,372,069		—			—		—		3,372,069		—		104,450
LLC	75.3 Class B Preferred Units.		1,011,765		288,235			—		—		1,300,000		—		—
	Total EFINEA		4,383,834		288,235			—		—		4,672,069		—		104,450
Microcision LLC	Membership Interest Purchase Warrant for 5%		—		—			—		—		—		55,357		—

See accompanying notes

Table of Contents

RAND CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

March 31, 2025 (Continued)

(Unaudited)


Company	Type of Investment	January 1, 2025, Fair Value		Net Change in Unrealized Appreciation (Depreciation)		Gross Additions (1)		Gross Reductions (2)		March 31, 2025, Fair Value		Net Realized Gains (Losses)		Interest/ Dividend/ Fee Income (3)
Mobile RN Holdings LLC	$2,500,000 Term Note at 14% (+1% PIK) due October 2, 2029.		2,506,319		—		6,266		—		2,512,585		—		96,862
	6,375 Class A Common Units.		375,000		—		—		—

RAND CAPITAL CORP 10-Q