Q3--12-31false0000081955http://fasb.org/us-gaap/2024#RelatedPartyMemberhttp://fasb.org/us-gaap/2024#RelatedPartyMember33.33400000081955us-gaap:FairValueInputsLevel3Memberrand:ControlInvestmentsMember2024-09-300000081955Tilson Technology Management, Inc. - 15,385 Series E Preferred2023-12-310000081955rand:O2024Q2DividendsMember2024-06-142024-06-140000081955Mezmeriz, Inc. - 1,554,565 Series Seed Preferred2023-12-310000081955Filterworks Acquisition USA, LLC d/b/a Autotality -417.7 shares Class A-0 Units2023-01-012023-12-310000081955Seybert’s Billiards Corporation - $1,435,435 Term Note2024-01-012024-09-300000081955rand:InvestmentsAtFairValueMemberrand:ConsumerProductMemberrand:IndustryConcentrationRiskMember2024-09-300000081955SciAps, Inc. - 113,636 Series C Convertible Preferred2022-12-310000081955Filterworks Acquisition USA, LLC 626.2 shares Class A-1 Units.2023-12-310000081955Mountain Regional Equipment Solutions - Warrant for 1% Membership Interest2024-01-012024-09-300000081955srt:MinimumMember2024-09-300000081955Mountain Regional Equipment Solutions - $3,000,000 Term Note2024-01-012024-09-300000081955rand:CreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2024-09-300000081955us-gaap:InvestmentAffiliatedIssuerControlledMember2023-07-012023-09-300000081955BMP Food Service Supply Holdco, LLC - 15.4% Preferred Interest2023-12-310000081955GoNoodle, Inc. - Warrant for 21,948 Series D Preferred2024-01-012024-09-300000081955BMP Food Service Supply Holdco, LLC2024-09-300000081955us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMemberrand:SeybertBilliardsCorporationMember2023-01-012023-09-300000081955us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMemberrand:SeybertBilliardsCorporationMember2024-01-012024-09-300000081955Caitec, Inc. - $1,750,000 Subordinated Secured Promissory Note One2023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:TilsonTechnologyManagementIncMember2024-01-012024-09-300000081955DSD Operating, LLC2024-01-012024-09-300000081955Inter-National Electronic Alloys LLC $3,288,235 Term Note at 12%2023-12-310000081955Seybert’s Billiards Corporation2024-09-300000081955Caitec, Inc. - $1,750,000 Subordinated Secured Promissory Note One to 12%2023-12-310000081955BMP Food Service Supply Holdco, LLC - 7,035,000 Second Amended and Restated Term Note, $4,820,0002024-09-300000081955Filterworks Acquisition USA, LLC 626.2 shares Class A-1 Units.2022-12-310000081955rand:InvestmentManagementAgreementMember2024-01-012024-09-300000081955Subtotal Affiliate Investments2024-09-300000081955Filterworks Acquisition USA, LLC - $2,283,702 Amended Term Note2024-01-012024-09-300000081955rand:CreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2023-12-310000081955Nailbiter, Inc.2024-09-300000081955HDI Acquisition LLC. - $1,245,119 Term Loan2024-01-012024-09-300000081955BMP Swanson Holdco, LLC - Preferred Membership Interest for 9.24%2023-12-310000081955rand:ItaAcquisitionLlcMember2024-01-012024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:HighlandAllAboutPeopleHoldingsIncMember2024-01-012024-09-300000081955rand:ScenarioTwoMembersrt:MaximumMember2024-01-012024-09-300000081955Control and Affiliate Investments2024-01-012024-09-300000081955SciAps, Inc. - Warrant to purchase Series D-1 Preferred2022-12-310000081955ITA Acquisition, LLC - 1,124 Class A Preferred Units2024-09-300000081955Filterworks Acquisition USA, LLC2024-01-012024-09-300000081955Caitec, Inc. - 150 Class A Units One2024-01-012024-09-300000081955Mezmeriz, Inc. - 1,554,565 Series Seed Preferred2024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:AffiliateEquityInvestmentsMember2024-09-300000081955Seybert’s Billiards Corporation2022-12-3100000819552022-12-310000081955rand:ManufacturingMember2023-12-310000081955Highland All About People Holdings, Inc. - $3,000,000 Term Note at 12%2024-01-012024-09-300000081955Pressure Pro, Inc.2024-09-300000081955Tilson Technology Management, Inc. - 23,077 Series F Preferred2024-01-012024-09-300000081955rand:NetChangeInUnrealizedAppreciationDepreciationOnInvestmentsMember2023-01-012023-09-300000081955rand:CreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2023-07-012023-09-300000081955us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMemberrand:PressureProIncMember2023-01-012023-09-300000081955Filterworks Acquisition USA, LLC d/b/a Autotality - 626.2 shares Class A-1 Units2023-12-310000081955rand:NetRealizedGainLossOnSalesAndDispositionsOfInvestmentsMember2024-01-012024-09-300000081955HDI Acquisition LLC. - $1,245,119 Term Loan2023-12-310000081955Open Exchange, Inc - 397,899 Series C Preferred2024-01-012024-09-300000081955Applied Image, Inc. - $1,750,000 Term Note2024-01-012024-09-300000081955rand:O2024Q1DividendsMember2024-03-290000081955us-gaap:FairValueInputsLevel3Memberrand:ControlLoanAndDebtInvestmentsMember2024-09-300000081955Filterworks Acquisition USA, LLC - 417.7 shares Class A-0 Units2024-09-300000081955Applied Image, Inc. - $1,750,000 Term Note at 10%2024-09-300000081955ITA Acquisition, LLC 1,124 Class A Preferred Units and 1,924 Class B Common Units2024-01-012024-09-300000081955Caitec, Inc. - $1,750,000 Subordinated Secured Promissory Note One2024-01-012024-09-300000081955us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2024-01-012024-09-300000081955Seybert’s2023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:MicrocisionLlcMemberus-gaap:EquitySecuritiesMember2023-01-012023-09-300000081955Mattison Avenue Holdings LLC - $5,500,000 Term Note2024-09-300000081955rand:MattisonAvenueHoldingsLlcMember2024-01-012024-09-300000081955FCM Industries Holdco LLC2024-01-012024-09-300000081955BMP Swanson Holdco, LLC - Preferred Membership Interest for 9.29%2024-01-012024-09-300000081955us-gaap:AdditionalPaidInCapitalMember2023-06-300000081955Tilson Technology Management, Inc. - *120,000 Series B Preferred2024-01-012024-09-3000000819552023-06-300000081955us-gaap:FairValueInputsLevel3Memberrand:HighlandAllAboutPeopleHoldingsIncMemberus-gaap:EquitySecuritiesMember2023-01-012023-09-300000081955Nailbiter, Inc. - $2,250,000 Subordinated Secured Promissory Note2024-01-012024-09-300000081955Subtotal Control Investments2024-09-300000081955BMP Food Service Supply Holdco, LLC 15.4% Preferred Interest2022-12-310000081955Filterworks Acquisition USA, LLC2023-01-012023-12-310000081955Carolina Skiff LLC - 6.0825% Class A Common Membership Interest2022-12-310000081955us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMemberrand:PressureProIncMember2023-01-012023-09-300000081955SciAps, Inc. - 369,698 Series C1 Convertible Preferred2023-01-012023-12-310000081955BMP Food Service Supply Holdco, LLC - $7,035,000 Second Amended and Restated Term Note, $4,820,000 at 12%, $2,215,000 at 13%2024-09-300000081955PostProcess Technologies, Inc. - 360,002 Series A1 Preferred2023-12-310000081955Seybert’s Billiards Corporation - $4,139,444 Term Note at 12%2023-12-310000081955Tilson Technology Management, Inc. - 21,391 Series C Preferred2023-12-310000081955us-gaap:AdditionalPaidInCapitalMember2022-12-310000081955Caitec, Inc. - 150 Class A Units2023-01-012023-12-310000081955Knoa Software, Inc. - 1,876,922 Series B Preferred2022-12-310000081955Control and Affiliate Investments2023-01-012023-12-310000081955DSD Operating, LLC2022-12-310000081955rand:InvestmentsAtFairValueMemberrand:ProfessionalAndBusinessServicesMemberrand:IndustryConcentrationRiskMember2024-09-300000081955ITA Acquisition, LLC - $2,297,808 Amended and Restated Term Note at 12% (+5% PIK) through September 30, 20242023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:GonoodleIncMemberus-gaap:DebtSecuritiesMember2023-01-012023-09-300000081955PostProcess Technologies, Inc. - 360,002 Series A1 Preferred2024-01-012024-09-300000081955us-gaap:InvestmentAffiliatedIssuerControlledMember2024-07-012024-09-300000081955Pressure Pro, Inc.2023-12-310000081955us-gaap:FairValueInputsLevel1Memberus-gaap:EquitySecuritiesMember2023-12-310000081955Seybert’s Billiards Corporation - $1,435,435 Term Note at 12%2024-09-300000081955ITA Acquisition, LLC - 1,124 Class A Preferred Units and 1,924 Class B Common Units2023-01-012023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:MattisonAvenueHoldingsLlcMember2024-01-012024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:AffiliateInvestmentsMember2024-09-300000081955Highland All About People Holdings, Inc. - 1,000,000 Class A Units2024-01-012024-09-300000081955Control Investments2024-01-012024-09-300000081955Control Investments - 6.8% of net assets2023-12-310000081955BMP Swanson Holdco, LLC - $1,600,000 Term Note2023-12-310000081955BMP Food Service Supply Holdco, LLC - $4,820,000 at 12% Second Amended and Restated Term Note2024-09-300000081955rand:OpenExchangeIncMemberus-gaap:FairValueInputsLevel3Member2023-01-012023-09-300000081955DSD Operating, LLC - 1,067 Class A Preferred shares2024-09-300000081955Filterworks Acquisition USA, LLC $2,283,702 Term Note at 12%2023-12-310000081955GoNoodle, Inc. - 1,500,000 Secured Note2024-09-300000081955FCM Industries Holdco LLC - $3,380,000 Term Note at 13%2024-01-012024-09-300000081955rand:SoftwareMember2023-12-310000081955Subtotal Non-Control/Non-Affiliate Investments2023-12-310000081955Nailbiter, Inc. - $2,250,000 Subordinated Secured Promissory Note2024-09-300000081955us-gaap:AdditionalPaidInCapitalMember2024-09-300000081955us-gaap:InvestmentUnaffiliatedIssuerMember2023-12-310000081955us-gaap:TreasuryStockCommonMember2022-12-310000081955Caitec, Inc. - $1,750,000 Subordinated Secured Promissory Note to 12%2023-12-3100000819552023-09-300000081955us-gaap:EquitySecuritiesMember2023-12-310000081955Seybert’s Billiards Corporation - 4,139,444 Term Note2023-12-310000081955ITA Acquisition, LLC - $1,500,000 Term Note at 3% (+11% PIK) Through December 31, 20242024-09-300000081955us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2024-09-300000081955Seybert’s Billiards Corporation - Warrant for 4% Membership Interest2023-01-012023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:DsdOperatingLlcMember2024-01-012024-09-300000081955Tilson Technology Management, Inc. - 250 Class D-1 Units of SQF Holdco LLC2024-09-300000081955Tilson Technology Management, Inc. - 250 Class D-1 Units of SQF Holdco LLC2023-01-012023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:KnoaSoftwareIncMember2024-01-012024-09-300000081955rand:InvestmentsAtFairValueMemberrand:DistributionMemberrand:IndustryConcentrationRiskMember2024-09-300000081955Pressure Pro, Inc. - $3,000,000 Term Note at 12%2024-01-012024-09-300000081955DSD Operating, LLC - 1,067 Class A Preferred shares2024-01-012024-09-300000081955BMP Food Service Supply Holdco, LLC $7,035,000 Second Amended and Restated Term Note, $4,820,000 at 12%, $2,215,000 at 13%2023-12-310000081955Highland All About People Holdings, Inc. $3,000,000 Term Note at 12%2023-12-310000081955Tilson Technology Management, Inc. - 211,567 Class A-1 Units of SQF Holdco LLC2023-12-310000081955us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2024-01-012024-09-300000081955ITA Acquisition, LLC - $2,297,808 Fourth Amended and Restated Term Note2024-09-300000081955ITA Acquisition, LLC - $2,297,808 Fourth Amended and Restated Term Note at 3% (+11% PIK) through December 31, 20242024-09-300000081955Filterworks Acquisition USA, LLC - 626.2 shares Class A-1 Units.2024-01-012024-09-300000081955us-gaap:InvestmentAffiliatedIssuerControlledMember2023-12-310000081955SciAps, Inc. - 274,299 Series A1 Convertible Preferred2024-09-300000081955rand:SoftwareMemberrand:InvestmentsAtFairValueMemberrand:IndustryConcentrationRiskMember2024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:MattisonAvenueHoldingsLlcMember2023-01-012023-09-300000081955rand:EastAssetManagementMember2024-01-012024-09-300000081955Control Investments - 7.0% of net assets2024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:BmpSwansonHoldcoLlcMember2023-01-012023-09-300000081955BMP Swanson Holdco, LLC $1,600,000 Term Note at 12%2022-12-310000081955Seybert’s Billiards Corporation - Warrant for 4% Membership Interest One2023-01-012023-12-310000081955Pressure Pro, Inc. - $3,000,000 Term Note 2024-09-300000081955GoNoodle, Inc.2023-12-310000081955us-gaap:CommonStockMember2024-01-012024-09-300000081955us-gaap:AdditionalPaidInCapitalMember2023-09-300000081955Applied Image, Inc. - Warrant for 1,167 shares2023-12-310000081955Lumious - $850,000 Replacement Term Note2023-01-012023-12-310000081955Knoa Software, Inc. - 1,876,922 Series B Preferred2023-01-012023-12-310000081955rand:BmpFoodServiceSupplyHoldcoLlcMember2024-01-012024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:GonoodleIncMember2024-01-012024-09-300000081955Filterworks Acquisition USA, LLC2024-09-300000081955Filterworks Acquisition USA, LLC d/b/a Autotality -417.7 shares Class A-0 Units2023-12-310000081955us-gaap:RetainedEarningsMember2024-01-012024-09-300000081955us-gaap:FairValueInputsLevel1Member2023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:MicrocisionLlcMember2023-01-012023-09-300000081955BMP Swanson2024-09-300000081955Knoa Software, Inc. - 1,876,922 Series B Preferred2023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:FcmIndustriesHoldcoLlcMember2024-01-012024-09-300000081955TOTAL INVESTMENTS – 126.8%2023-12-310000081955Seybert’s Billiards Corporation - $1,435,435 Term Note2024-09-300000081955Seybert’s Billiards Corporation - Warrant for 4% Membership Interest2024-01-012024-09-300000081955Pressure Pro, Inc. - Warrant for 10% Membership Interest2024-01-012024-09-300000081955us-gaap:CommonStockMember2023-09-300000081955srt:MinimumMember2023-01-012023-12-310000081955Tilson Technology Management, Inc. - *2.5% dividend payable quarterly2024-09-300000081955Caitec, Inc. - $1,750,000 Subordinated Secured Promissory Note One Modified to 14%2024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:MountainRegionalEquipmentSolutionsMemberus-gaap:EquitySecuritiesMember2024-01-012024-09-300000081955us-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000081955us-gaap:RetainedEarningsMember2023-07-012023-09-300000081955Tilson Technology Management, Inc. - 211,567 A-1 Units of SQF Holdco LLC.2023-01-012023-12-310000081955Filterworks Acquisition USA, LLC d/b/a Autotality - 626.2 shares Class A-1 Units2024-01-012024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:BmpFoodServiceSupplyHoldcoLlcMember2023-01-012023-09-300000081955rand:CreditAgreementMembersrt:MinimumMember2022-06-270000081955Tilson Technology Management, Inc. - 15,385 Series E Preferred2024-01-012024-09-300000081955Highland All About People Holdings, Inc. - $3,000,000 Term Note at 12%2023-01-012023-12-310000081955ITA Acquisition, LLC - $1,500,000 Term Note at 3% (+11% PIK) through December 31, 20242024-09-300000081955Filterworks Acquisition USA, LLC d/b/a Autotality - $2,283,702 Amended Term Note2024-09-300000081955BMP Food Service Supply Holdco, LLC $7,035,000 Second Amended and Restated Term Note, $4,820,000 at 12%, $2,215,000 at 13%2022-12-310000081955ITA Acquisition, LLC - $2,297,808 Fourth Amended and Restated Term Note2024-01-012024-09-300000081955Filterworks Acquisition USA, LLC d/b/a Autotality2023-12-310000081955Affiliate Investments2024-01-012024-09-300000081955Carolina Skiff LLC - 6.0825% Class A Common2023-01-012023-12-310000081955rand:O2024Q2DividendsMember2024-06-140000081955us-gaap:FairValueInputsLevel3Memberrand:RheonixIncMemberus-gaap:EquitySecuritiesMember2023-01-012023-09-300000081955rand:MAndTBankMemberrand:CreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2024-09-300000081955FCM Industries Holdco LLC - $420,000 Convertible Note at 10%2024-09-300000081955ITA Acquisition, LLC 1,124 ITA Acquisition, LLC - 1,924 Class B Common Units.2023-12-310000081955us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-12-310000081955Applied Image, Inc. - $1,750,000 Term Note2023-01-012023-12-310000081955us-gaap:TreasuryStockCommonMember2023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:BmpSwansonHoldcoLlcMemberus-gaap:EquitySecuritiesMember2024-01-012024-09-300000081955Seybert’s Billiards Corporation - $1,435,435 Term Note at 12%2023-12-310000081955Filterworks Acquisition USA, LLC 417.7 shares Class A-0 Units2022-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:SeybertBilliardsCorporationMember2024-01-012024-09-300000081955BMP Food Service Supply Holdco, LLC - $2,215,000 at 13% Second Amended and Restated Term Note2024-09-300000081955Seybert’s Billiards Corporation - 6,099,131 Third Amended and Restated Term Note at 12%2024-09-300000081955us-gaap:InvestmentUnaffiliatedIssuerMember2023-07-012023-09-300000081955ITA Acquisition, LLC 1,124 ITA Acquisition, LLC - 1,924 Class B Common Units.2024-09-300000081955us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2023-01-012023-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:NonControlAndNonAffiliateInvestmentsMember2024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:SciapsIncMemberus-gaap:DebtSecuritiesMember2023-01-012023-09-300000081955Carolina Skiff LLC - 6.0825% Class A Common Membership Interest2023-12-310000081955rand:ScenarioOneMembersrt:MaximumMember2024-01-012024-09-300000081955ITA Acquisition, LLC - $1,500,000 Term Note2024-01-012024-09-300000081955Caitec, Inc. - 36,261 Series A Preferred2023-12-310000081955Pressure Pro, Inc.2023-01-012023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:HighlandAllAboutPeopleHoldingsIncMemberus-gaap:DebtSecuritiesMember2023-01-012023-09-300000081955us-gaap:CommonStockMember2024-06-300000081955us-gaap:EquitySecuritiesMember2024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:TilsonTechnologyManagementIncMemberus-gaap:EquitySecuritiesMember2023-01-012023-09-300000081955Investments, NET ASSETS - 100%2023-12-310000081955GoNoodle, Inc. - Warrant for 47,324 Series C Preferred2024-09-300000081955Tilson Technology Management, Inc. - 120,000 Series B Preferred2024-01-012024-09-300000081955SciAps, Inc. - 147,059 Series D Convertible Preferred2024-01-012024-09-300000081955Seybert’s Billiards Corporation - Warrant for 4% Membership Interest2022-01-012022-12-310000081955SciAps, Inc. - 369,698 Series C1 Convertible Preferred2023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:CaitecIncMember2023-01-012023-09-300000081955Nailbiter, Inc. - $2,250,000 Subordinated Secured Promissory Note2023-01-012023-12-310000081955Applied Image, Inc. - Warrant for 1,167 shares2023-01-012023-12-310000081955Highland All About People Holdings, Inc. - 1,000,000 Class A Units2024-09-3000000819552024-07-012024-09-300000081955Applied Image, Inc. - $1,750,000 Term Note2023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:BmpFoodServiceSupplyHoldcoLlcMemberus-gaap:EquitySecuritiesMember2024-01-012024-09-300000081955Caitec, Inc. - $1,750,000 Subordinated Secured Promissory Note2023-01-012023-12-310000081955Inter-National Electronic Alloys LLC2023-12-310000081955BMP Food Service Supply Holdco, LLC - $7,035,000 Second Amended and Restated Term Note2024-09-300000081955Tilson Technology Management, Inc. - *15,385 Series E Preferred2023-01-012023-12-310000081955ITA Acquisition, LLC - $2,297,808 Fourth Amended and Restated Term Note at 3% (+11% PIK) through December 30, 20242024-09-300000081955rand:EastAssetManagementMember2019-11-012019-11-300000081955ITA Acquisition, LLC $1,500,000 Term Note at 12%2023-12-310000081955us-gaap:CommonStockMember2024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:FcmIndustriesHoldcoLlcMember2023-01-012023-09-300000081955Tilson Technology Management, Inc.2022-12-310000081955us-gaap:InvestmentAffiliatedIssuerControlledMember2024-09-300000081955Tilson Technology Management, Inc. - 15,385 Series E Preferred2022-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:NonControlAndNonAffiliateLoanAndDebtInvestmentsMember2024-09-300000081955Applied Image, Inc. - $1,750,000 Term Note at 10%2023-01-012023-12-310000081955Filterworks Acquisition USA, LLC - thereafter 12% (+2% PIK) due August 31, 20252024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:BmpSwansonHoldcoLlcMemberrand:LoanInvestmentsMember2023-01-012023-09-300000081955SciAps, Inc. 2023-12-310000081955Open Exchange, Inc - 397,899 Common2023-01-012023-12-310000081955ITA Acquisition, LLC - 1,924 Class B Common Units2023-12-310000081955ITA Acquisition, LLC2024-09-300000081955BMP Swanson Holdco, LLC - $1,600,000 Term Note at 12%2023-12-310000081955us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:LoanInvestmentsMemberrand:MattisonAvenueHoldingsLlcMember2023-01-012023-09-300000081955Seybert’s Billiards Corporation - Warrant for 4% Membership Interest One2024-09-300000081955us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2024-09-300000081955ITA Acquisition, LLC - $1,500,000 Term Note2023-12-310000081955SciAps, Inc. - 147,059 Series D Convertible Preferred2024-09-300000081955us-gaap:RetainedEarningsMember2022-12-310000081955srt:MinimumMemberrand:ScenarioTwoMember2024-01-012024-09-300000081955BMP Food Service Supply Holdco, LLC $7,035,000 Second Amended and Restated Term Note, $4,820,000 at 12%, $2,215,000 at 13%2023-01-012023-12-310000081955SciAps, Inc. - 113,636 Series C Convertible Preferred2023-12-310000081955Tilson Technology Management, Inc. - 21,391 Series C Preferred2022-12-310000081955Filterworks Acquisition USA, LLC - $2,283,702 Amended Term Note at 2% (+12% PIK) through March 31, 20252024-09-300000081955ACV Auctions, Inc, - 319,934 shares2023-12-310000081955Knoa Software, Inc. - 973,533 Series A-1 Convertible Preferred2023-12-310000081955Seybert’s2024-09-300000081955us-gaap:InvestmentUnaffiliatedIssuerMember2023-01-012023-09-300000081955BMP Food Service Supply Holdco, LLC $2,215,000 at 13% Second Amended and Restated Term Note2023-12-310000081955DSD Operating, LLC 1,067 Class A Preferred shares2023-01-012023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:LoanInvestmentsMember2023-09-300000081955ITA Acquisition, LLC $1,500,000 Term Note at 12%2022-12-310000081955FCM Industries Holdco LLC $420,000 Convertible Note at 10%2024-01-012024-09-300000081955Carlyle Secured Lending Inc. - 86,000 shares2023-01-012023-12-310000081955Tilson Technology Management, Inc. - 250 Class D-1 Units of SQF Holdco LLC2023-12-310000081955BMP Food Service Supply Holdco, LLC - 15.4% Preferred Interest2023-01-012023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:TilsonTechnologyManagementIncMember2023-01-012023-09-300000081955SciAps, Inc. - 117,371 Series B Convertible Preferred2023-01-012023-12-310000081955BMP Swanson Holdco, LLC - Preferred Membership Interest for 9.29%2023-12-310000081955rand:CreditAgreementMembersrt:MinimumMember2022-06-272022-06-270000081955us-gaap:FairValueInputsLevel3Memberrand:DsdOperatingLlcMemberus-gaap:EquitySecuritiesMember2023-01-012023-09-300000081955FS KKR Capital Corp. - 48,000 shares2023-12-310000081955rand:InvestmentManagementAgreementMember2024-09-300000081955Filterworks Acquisition USA, LLC d/b/a Autotality - $2,283,702 Amended Term Note2024-01-012024-09-300000081955BMP Food Service Supply Holdco, LLC2022-12-310000081955Tilson Technology Management, Inc.2024-09-300000081955SciAps, Inc. - Warrant to purchase Series D-1 Preferred2023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:HdiAcquisitionLlcMemberus-gaap:DebtSecuritiesMember2023-01-012023-09-300000081955Tilson Technology Management, Inc. - 23,077 Series F Preferred2023-01-012023-12-310000081955Nailbiter, Inc. - $2,250,000 Subordinated Secured Promissory Note2023-12-310000081955SciAps, Inc. - $2,090,000 Second Amended and Restated Secured Subordinated Promissory Note at 12%2023-12-310000081955Control Investments2024-09-300000081955us-gaap:InvestmentAffiliatedIssuerControlledMember2023-01-012023-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:DsdOperatingLlcMember2023-01-012023-09-300000081955us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2023-09-300000081955Filterworks Acquisition USA, LLC d/b/a Autotality -417.7 shares Class A-0 Units2024-09-300000081955ITA Acquisition, LLC - 1,124 Class A Preferred Units and 1,924 Class B Common Units2023-12-310000081955us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-01-012023-09-300000081955us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-01-012024-09-300000081955BMP Swanson Holdco, LLC - $1,600,000 Term Note at 12%2024-01-012024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:FilterworksAcquisitionUsaLlcMemberus-gaap:DebtSecuritiesMember2023-01-012023-09-300000081955Applied Image, Inc. - $1,750,000 Term Note2024-09-3000000819552023-01-012023-12-310000081955rand:O2024Q3DividendsMember2024-09-130000081955Caitec, Inc. - $1,750,000 Subordinated Secured Promissory Note2023-12-310000081955Seybert’s Billiards Corporation - $4,139,444 Term Note at 12%2022-12-310000081955us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMemberrand:PressureProIncMember2024-01-012024-09-300000081955us-gaap:CommonStockMember2023-06-300000081955rand:NetChangeInUnrealizedAppreciationDepreciationOnInvestmentsMember2024-01-012024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:GonoodleIncMemberus-gaap:DebtSecuritiesMember2024-01-012024-09-300000081955ITA Acquisition, LLC 1,124 Class A Preferred Units and 1,924 Class B Common Units2024-09-300000081955Seybert’s Billiards Corporation - Warrant for 4% Membership Interest One2023-12-310000081955Ares Capital Corporation - 21,000 shares2023-01-012023-12-310000081955rand:O2024Q1DividendsMember2024-03-292024-03-290000081955Filterworks Acquisition USA, LLC - $2,283,702 Amended Term Note2024-09-300000081955LIABILITIES IN EXCESS OF OTHER ASSETS - (6.5%)2024-09-300000081955Seybert’s Billiards Corporation - 6,099,131 Third Amended and Restated Term Note at 12%2024-01-012024-09-300000081955SciAps, Inc. - 113,636 Series C Convertible Preferred2024-09-300000081955rand:AdministrationAgreementMember2023-01-012023-09-300000081955BMP Swanson Holdco, LLC2024-01-012024-09-300000081955SciAps, Inc. - 369,698 Series C1 Convertible Preferred2022-12-310000081955Mezmeriz, Inc. - 1,554,565 Series Seed Preferred2024-01-012024-09-300000081955Carolina Skiff LLC - 6.0825% Class A Common2024-09-300000081955Seybert’s Billiards Corporation2023-12-310000081955Tilson Technology Management, Inc. - *120,000 Series B Preferred2023-12-310000081955us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-09-300000081955SciAps, Inc. - 274,299 Series A1 Convertible Preferred2022-12-310000081955SciAps, Inc.2024-01-012024-09-300000081955Knoa Software, Inc. - 973,533 Series A-1 Convertible Preferred2024-09-300000081955PennantPark Investment Corporation - 195,000 shares2023-12-310000081955Seybert’s Billiards Corporation - $6,099,131 Third Amended and Restated Term Note at 12%2023-12-310000081955OnCore Golf Technology, Inc. - 300,483 Preferred AA2023-12-310000081955FCM Industries Holdco, LLC - $420,000 Convertible Note at 10%2024-09-300000081955BMP Food Service Supply Holdco, LLC $4,820,000 at 12% Second Amended and Restated Term Note2023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:HdiAcquisitionLlcMember2023-01-012023-09-300000081955Inter-National Electronic Alloys LLC - $3,288,235 Term Note at 12%2024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:MezmerizIncMemberus-gaap:EquitySecuritiesMember2024-01-012024-09-300000081955BMP Food Service Supply Holdco, LLC - 7,035,000 Second Amended and Restated Term Note, $2,215,0002023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:BmpSwansonHoldcoLlcMember2024-01-012024-09-300000081955Ares Capital Corporation - 21,000 shares2023-12-310000081955DSD Operating, LLC - $3,063,276 Term Note at 12%2022-12-310000081955rand:TilsonTechnologyManagementIncMember2024-01-012024-09-300000081955SciAps, Inc. - 113,636 Series C Convertible Preferred2023-01-012023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:FilterworksAcquisitionUsaLlcMemberus-gaap:DebtSecuritiesMember2024-01-012024-09-300000081955us-gaap:RetainedEarningsMember2023-01-012023-09-300000081955Caitec, Inc. - 36,261 Series A Preferred2024-09-300000081955Control and Affiliate Investments2022-12-3100000819552023-07-012023-09-300000081955Applied Image, Inc.2023-01-012023-12-310000081955BMP Swanson Holdco, LLC2024-09-300000081955rand:CreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2024-01-012024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:LoanInvestmentsMember2024-09-300000081955rand:MAndTBankMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberrand:CreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2022-06-272022-06-270000081955Highland All About People Holdings, Inc. 1,000,000 Class A Units2023-12-310000081955Lumious - $850,000 Replacement Term Note2023-12-310000081955us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMemberrand:FcmIndustriesHoldcoLlcMember2023-01-012023-09-300000081955Tilson Technology Management, Inc. - 120,000 Series B Preferred2023-12-310000081955SciAps, Inc. - 113,636 Series C Convertible Preferred2024-01-012024-09-300000081955Inter-National Electronic Alloys LLC2024-09-300000081955us-gaap:CommonStockMember2023-12-310000081955us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-07-012023-09-3000000819552023-12-310000081955Highland All About People Holdings, Inc.2023-12-310000081955Caitec, Inc. - 36,261 Series A Preferred2024-01-012024-09-300000081955us-gaap:TreasuryStockCommonMember2023-09-300000081955us-gaap:FairValueInputsLevel3Member2023-01-012023-09-300000081955Lumious - $850,000 Replacement Term Note2024-09-300000081955Applied Image, Inc. - $1,750,000 Term Note at 10% through February 1, 20292024-09-300000081955Non-Control/Non-Affiliate Investments - Net assets2024-09-300000081955Knoa Software, Inc.2023-01-012023-12-310000081955Highland All About People Holdings, Inc. $3,000,000 Term Note at 12%2023-01-012023-12-310000081955GoNoodle, Inc. - Warrant for 21,948 Series D Preferred2023-01-012023-12-310000081955Seybert’s Billiards Corporation - Warrant for 4% Membership Interest One2024-01-012024-09-300000081955Control and Affiliate Investments2023-12-310000081955Open Exchange, Inc - 397,899 Series C Preferred2023-12-310000081955us-gaap:FairValueInputsLevel3Member2024-09-300000081955Filterworks Acquisition USA, LLC d/b/a Autotality2024-09-300000081955Pressure Pro, Inc. - $3,000,000 Term Note at 12%2023-01-012023-12-310000081955Open Exchange2023-12-310000081955FCM Industries Holdco, LLC - $3,380,000 Term Note at 13%2024-01-012024-09-300000081955Caitec, Inc. - 150 Class A Units2024-09-300000081955GoNoodle, Inc. - Warrant for 21,948 Series D Preferred2024-09-300000081955us-gaap:FairValueInputsLevel3Member2024-01-012024-09-300000081955Tilson Technology Management, Inc. - 21,391 Series C Preferred2024-09-300000081955Inter-National Electronic Alloys LLC - $3,288,235 Term Note at 12%2023-12-310000081955Filterworks Acquisition USA, LLC d/b/a Autotality -417.7 shares Class A-0 Units2024-01-012024-09-300000081955SciAps, Inc. - 369,698 Series C1 Convertible Preferred2024-09-300000081955Caitec, Inc. - 36,261 Series A Preferred One2024-01-012024-09-300000081955Microcision LLC - Membership Interest Purchase Warrant for 5%2023-12-310000081955rand:CreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2024-07-012024-09-300000081955Caitec, Inc. - $1,750,000 Subordinated Secured Promissory Note One2024-09-300000081955BMP Swanson Holdco, LLC2022-12-310000081955Caitec, Inc. - 36,261 Series A Preferred One2024-09-300000081955Highland All About People Holdings, Inc. - $3,000,000 Term Note at 12%2024-09-300000081955rand:InvestmentManagementAgreementMember2023-07-012023-09-300000081955SciAps, Inc. - 147,059 Series D Convertible Preferred2023-12-310000081955Applied Image, Inc.2023-12-310000081955rand:AdministrationAgreementMember2024-01-012024-09-300000081955SciAps, Inc. - 369,698 Series C1 Convertible Preferred2024-01-012024-09-300000081955Inter-National Electronic Alloys LLC - 75.3 Class B Preferred Units2023-01-012023-12-310000081955Affiliate Investments2024-09-300000081955DSD Operating, LLC - $3,063,276 Term Note at 12%2023-12-310000081955Caitec, Inc. - $1,750,000 Subordinated Secured Promissory Note2024-09-300000081955GoNoodle, Inc. - 1,500,000 Secured Note2024-01-012024-09-300000081955LIABILITIES IN EXCESS OF OTHER ASSETS - (26.8%)2023-12-310000081955rand:InvestmentManagementAgreementMember2023-01-012023-09-300000081955Nailbiter, Inc. - Warrants for Preferred Stock2024-01-012024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:SocialflowIncMember2023-01-012023-09-300000081955Tilson Technology Management, Inc. - 120,000 Series B Preferred2022-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:ItaAcquisitionLlcMemberrand:LoanInvestmentsMember2024-01-012024-09-300000081955Tilson Technology Management, Inc. - *15,385 Series E Preferred2024-09-300000081955Tilson Technology Management, Inc. - 211,567 A-1 Units of SQF Holdco LLC.2023-12-310000081955DSD Operating, LLC - 1,067 Class B Common shares2024-09-300000081955Applied Image, Inc. - $1,750,000 Term Note at 10%2023-12-310000081955BMP Food Service Supply Holdco, LLC - 7,035,000 Second Amended and Restated Term Note, $2,215,0002024-09-300000081955us-gaap:RetainedEarningsMember2023-09-300000081955Tilson Technology Management, Inc. - *21,391 Series C Preferred2023-01-012023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:MezmerizIncMember2024-01-012024-09-300000081955SciAps, Inc. - 187,500 Series A Preferred2023-01-012023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:MountainRegionalEquipmentSolutionsMember2024-01-012024-09-300000081955rand:OilAndGasIndustryMember2023-12-310000081955Tilson Technology Management, Inc.2023-01-012023-12-310000081955Mattison Avenue Holdings LLC - $5,500,000 Term Note2024-01-012024-09-300000081955Mountain Regional Equipment Solutions2024-09-300000081955rand:O2024Q3DividendsMember2024-09-132024-09-130000081955Tilson Technology Management, Inc. - 70,176 Series D Preferred2024-09-300000081955rand:ScenarioThreeMembersrt:MinimumMember2024-01-012024-09-300000081955Applied Image, Inc.2024-01-012024-09-300000081955SciAps, Inc. - 187,500 Series A Preferred2022-12-310000081955ITA Acquisition, LLC - $2,297,808 Fourth Amended and Restated Term Note2023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:PressureProIncMember2023-01-012023-09-300000081955BMP Food Service Supply Holdco, LLC - 7,035,000 Second Amended and Restated Term Note, $4,820,0002023-01-012023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:KnoaSoftwareIncMemberus-gaap:EquitySecuritiesMember2024-01-012024-09-300000081955DSD Operating, LLC 1,067 Class B Common shares2023-12-310000081955FS KKR Capital Corp. - 48,000 shares2023-01-012023-12-310000081955us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2023-01-012023-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:LoanInvestmentsMember2023-01-012023-09-300000081955Tilson Technology Management, Inc. - *2.5% dividend payable quarterly2023-12-310000081955Filterworks Acquisition USA, LLC - 626.2 shares Class A-1 Units.2023-12-310000081955Applied Image, Inc. - Warrant for 1,167 shares2024-01-012024-09-300000081955Filterworks Acquisition USA, LLC - 626.2 shares Class A-1 Units2024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:HdiAcquisitionLlcMemberus-gaap:DebtSecuritiesMember2024-01-012024-09-300000081955DSD Operating, LLC 1,067 Class A Preferred shares2022-12-310000081955Knoa Software, Inc. - 973,533 Series A-1 Convertible Preferred2023-01-012023-12-310000081955ITA Acquisition, LLC - 1,124 Class A Preferred Units2023-12-310000081955rand:LoanInvestmentsMember2024-09-300000081955Seybert’s Billiards Corporation - $1,435,435 Term Note2023-01-012023-12-310000081955Caitec, Inc. - 150 Class A Units One2024-09-300000081955Knoa Software, Inc.2024-01-012024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:SciapsIncMember2023-01-012023-09-300000081955Inter-National Electronic Alloys LLC d/b/a EFINEA - 75.3 Class B Preferred Units2024-09-300000081955Filterworks Acquisition USA, LLC2023-12-310000081955Tilson Technology Management, Inc. - 211,567 A-1 Units of SQF Holdco LLC.2024-01-012024-09-300000081955srt:MinimumMember2023-12-310000081955SciAps, Inc. - 117,371 Series B Convertible Preferred2024-01-012024-09-300000081955Inter-National Electronic Alloys LLC - 75.3 Class B Preferred Units2023-12-310000081955rand:LoanInvestmentsMember2023-12-310000081955us-gaap:FairValueInputsLevel3Member2023-09-300000081955HDI Acquisition LLC. - $1,245,119 Term Loan2024-09-300000081955SciAps, Inc. - $2,090,000 Second Amended and Restated Secured Subordinated Promissory Note at 12%2024-01-012024-09-300000081955Seybert’s Billiards Corporation2024-01-012024-09-300000081955SciAps, Inc. - 187,500 Series A Preferred2024-09-300000081955Filterworks Acquisition USA, LLC d/b/a Autotality - 626.2 shares Class A-1 Units2023-01-012023-12-310000081955rand:MAndTBankMemberrand:CreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2022-06-272022-06-270000081955FCM Industries Holdco LLC $3,380,000 Term Note at 13%2023-12-310000081955FCM Industries Holdco, LLC - $3,380,000 Term Note at 13%2024-09-300000081955rand:OpenExchangeIncMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2023-01-012023-09-300000081955Filterworks Acquisition USA, LLC d/b/a Autotality - 626.2 shares Class A-1 Units2024-09-300000081955rand:BlockerCorporationMember2023-12-310000081955PennantPark Investment Corporation - 195,000 shares2023-01-012023-12-310000081955SciAps, Inc. - $2,090,000 Second Amended and Restated Secured Subordinated Promissory Note at 12%2024-09-300000081955Knoa Software, Inc.2022-12-310000081955us-gaap:DebtSecuritiesMember2023-12-310000081955Affiliate Investments – Net assets2023-12-310000081955Applied Image, Inc.2022-12-310000081955Tilson Technology Management, Inc. - 211,567 A-1 Units of SQF Holdco LLC.2024-09-300000081955BMP Food Service Supply Holdco, LLC - 15.4% Preferred Interest2024-01-012024-09-300000081955Tilson Technology Management, Inc. - *70,176 Series D Preferred2023-01-012023-12-310000081955DSD Operating, LLC 1,067 Class A Preferred shares2023-12-310000081955BMP Food Service Supply Holdco, LLC - $7,035,000 Second Amended and Restated Term Note, $4,820,000 at 12%, $2,215,000 at 13%2023-12-310000081955Knoa Software, Inc. - 1,876,922 Series B Preferred2024-01-012024-09-300000081955ITA Acquisition, LLC2022-12-310000081955Mattison Avenue Holdings LLC. - $1,794,944 Third Amended, Restated and Consolidated Promissory Note2023-12-310000081955us-gaap:CommonStockMember2023-01-012023-09-300000081955Carolina Skiff LLC - 6.0825% Class A Common Membership Interest2023-01-012023-12-310000081955FCM Industries Holdco, LLC - $420,000 Convertible Note at 10%2024-01-012024-09-300000081955us-gaap:AdditionalPaidInCapitalMember2023-12-310000081955SciAps, Inc. - 147,059 Series D Convertible Preferred2022-12-310000081955us-gaap:RetainedEarningsMember2024-07-012024-09-300000081955Tilson Technology Management, Inc. - 23,077 Series F Preferred2023-12-310000081955rand:BlockerCorporationMember2024-09-300000081955rand:ManufacturingMemberrand:InvestmentsAtFairValueMemberrand:IndustryConcentrationRiskMember2024-09-3000000819552024-11-060000081955us-gaap:RetainedEarningsMember2023-12-310000081955Subtotal Affiliate Investments2023-12-310000081955Seybert’s Billiards Corporation - Warrant for 4% Membership Interest One2022-12-310000081955GoNoodle, Inc. - 1,500,000 Secured Note2023-12-310000081955Mountain Regional Equipment Solutions - 37,991 Common Units2024-09-300000081955Highland All About People Holdings, Inc. 1,000,000 Class A Units2023-01-012023-12-310000081955Inter-National Electronic Alloys LLC2023-01-012023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:BmpFoodServiceSupplyHoldcoLlcMemberus-gaap:DebtSecuritiesMember2023-01-012023-09-3000000819552024-09-300000081955SciAps, Inc. - 187,500 Series A Preferred2024-01-012024-09-300000081955FCM Industries Holdco LLC2023-12-310000081955Tilson Technology Management, Inc. - 211,567 A-1 Units of SQF Holdco LLC2024-09-300000081955FCM Industries Holdco LLC - $3,380,000 Term Note at 13%2023-12-310000081955GoNoodle, Inc. - Warrant for 47,324 Series C Preferred2024-01-012024-09-300000081955ITA Acquisition, LLC - $1,500,000 Term Note at 12% (+5% PIK) through September 30, 20242023-12-310000081955Pressure Pro, Inc. - $3,000,000 Term Note at 12%2024-09-300000081955Filterworks Acquisition USA, LLC $2,283,702 Term Note at 12%2022-12-310000081955us-gaap:TreasuryStockCommonMember2023-06-300000081955BMP Food Service Supply2023-12-310000081955Open Exchange, Inc.2024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:PressureProIncMember2024-01-012024-09-300000081955ITA Acquisition, LLC $1,500,000 Term Note at 12%2023-01-012023-12-310000081955Inter-National Electronic Alloys LLC d/b/a EFINEA - $3,288,235 Term Note2024-01-012024-09-300000081955GoNoodle, Inc. - 1,500,000 Secured Note2023-01-012023-12-310000081955Filterworks Acquisition USA, LLC d/b/a Autotality - $2,283,702 Amended Term Note Thereafter2024-09-300000081955Tilson Technology Management, Inc. - 15,385 Series E Preferred2024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:InterNationalElectronicAlloysLlcMemberus-gaap:DebtSecuritiesMember2023-01-012023-09-300000081955Tilson Technology Management, Inc. - 23,077 Series F Preferred2022-12-310000081955Caitec, Inc. - $1,750,000 Subordinated Secured Promissory Note2024-01-012024-09-300000081955rand:BmpFoodServiceSupplyHoldcoLlcMember2023-01-012023-12-310000081955Applied Image, Inc. - $1,750,000 Term Note at 10% (+2% PIK) through February 1, 20252024-09-300000081955BMP Food Service Supply2024-09-300000081955Seybert’s Billiards Corporation2023-01-012023-12-310000081955Inter-National Electronic Alloys LLC - $3,288,235 Term Note at 12%2023-01-012023-12-310000081955Barings BDC, Inc. - 40,000 shares2023-12-310000081955FCM Industries Holdco LLC - $3,380,000 Term Note at 13%2023-01-012023-12-310000081955Seybert’s Billiards Corporation - 4,139,444 Term Note2023-01-012023-12-310000081955PostProcess Technologies, Inc. - 360,002 Series A1 Preferred2024-09-300000081955Tilson Technology Management, Inc. - *15,385 Series E Preferred2024-01-012024-09-300000081955Tilson Technology Management, Inc. - 211,567 Class A-1 Units of SQF Holdco LLC2022-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:InterNationalElectronicAlloysLlcMemberus-gaap:EquitySecuritiesMember2023-01-012023-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:LoanInvestmentsMember2024-01-012024-09-300000081955TOTAL INVESTMENTS – 106.5%2024-09-300000081955HDI Acquisition LLC. - $1,245,119 Term Loan2023-01-012023-12-310000081955Seybert’s Billiards Corporation - Warrant for 4% Membership Interest2023-12-310000081955SciAps, Inc. - 147,059 Series D Convertible Preferred2023-01-012023-12-310000081955us-gaap:RetainedEarningsMember2024-09-300000081955Inter-National Electronic Alloys LLC - $3,288,235 Term Note at 12%2024-01-012024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:DsdOperatingLlcMemberus-gaap:EquitySecuritiesMember2024-01-012024-09-300000081955Tilson Technology Management, Inc. - *21,391 Series C Preferred2023-12-310000081955Inter-National Electronic Alloys LLC $3,288,235 Term Note at 12%2023-01-012023-12-310000081955Pressure Pro, Inc. - $3,000,000 Term Note at 12%2023-12-310000081955Mezmeriz, Inc. - 1,554,565 Series Seed Preferred2023-01-012023-12-310000081955Filterworks Acquisition USA, LLC - 417.7 shares Class A-0 Units2023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:CaitecIncMemberrand:LoanInvestmentsMember2023-01-012023-09-300000081955BMP Swanson Holdco, LLC $1,600,000 Term Note at 12%2023-01-012023-12-3100000819552024-01-012024-09-300000081955BMP Food Service Supply Holdco, LLC - 7,035,000 Second Amended and Restated Term Note2023-12-310000081955Mattison Avenue Holdings LLC. - $1,794,944 Third Amended, Restated and Consolidated Promissory Note2023-01-012023-12-310000081955Carlyle Secured Lending Inc. - 86,000 shares2023-12-310000081955ITA Acquisition, LLC - $2,297,808 Fourth Amended and Restated Term Note at 12% 2024-09-300000081955Tilson Technology Management, Inc. - 23,077 Series F Preferred2024-09-300000081955Filterworks Acquisition USA, LLC 417.7 shares Class A-0 Units2023-12-310000081955SciAps, Inc. - 117,371 Series B Convertible Preferred2022-12-310000081955Seybert’s Billiards Corporation - $1,435,435 Term Note at 12%2024-01-012024-09-300000081955rand:AutomotiveMember2023-12-310000081955Pressure Pro, Inc.2024-01-012024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:SciapsIncMemberus-gaap:DebtSecuritiesMember2024-01-012024-09-300000081955Control Investments2023-12-310000081955Carolina Skiff LLC - 6.0825% Class A Common Membership Interest2024-09-300000081955Highland All About People Holdings, Inc. - $3,000,000 Term Note at 12%2023-12-310000081955Seybert’s Billiards Corporation - $6,099,131 Third Amended and Restated Term Note at 12%2024-09-300000081955rand:BdcInvestmentFundsMember2023-12-310000081955OnCore Golf Technology, Inc. - 300,483 Preferred AA2024-09-300000081955us-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300000081955Tilson Technology Management, Inc. - *70,176 Series D Preferred2024-09-300000081955us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-07-012024-09-300000081955ITA Acquisition, LLC - $2,297,808 Amended and Restated Term Note at 12%2023-12-310000081955rand:InvestmentManagementAgreementMember2023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:AffiliateLoanAndDebtInvestmentsMember2024-09-300000081955BMP Food Service Supply Holdco, LLC - $7,035,000 Second Amended and Restated Term Note2024-01-012024-09-300000081955Pressure Pro, Inc. - Warrant for 10% Membership Interest2023-01-012023-12-310000081955Caitec, Inc. - $1,750,000 Subordinated Secured Promissory Note One2023-01-012023-12-310000081955FCM Industries Holdco LLC $420,000 Convertible Note at 10%2023-01-012023-12-310000081955us-gaap:RetainedEarningsMember2024-06-300000081955Open Exchange, Inc - 397,899 Common2023-12-310000081955us-gaap:FairValueInputsLevel3Member2022-12-310000081955Tilson Technology Management, Inc. - 120,000 Series B Preferred2024-09-300000081955BMP Food Service Supply Holdco, LLC2023-12-310000081955Tilson Technology Management, Inc. - *21,391 Series C Preferred2024-01-012024-09-300000081955Pressure Pro, Inc. - Warrant for 10% Membership Interest2023-12-310000081955us-gaap:CommonStockMember2024-05-070000081955us-gaap:FairValueInputsLevel3Memberrand:LoanInvestmentsMemberrand:MattisonAvenueHoldingsLlcMember2024-01-012024-09-300000081955Highland All About People Holdings, Inc. - $3,000,000 Term Note at 12% 2024-01-012024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:BmpFoodServiceSupplyHoldcoLlcMember2024-01-012024-09-300000081955Tilson Technology Management, Inc. - 70,176 Series D Preferred2023-12-310000081955OnCore Golf Technology, Inc. - 300,483 Preferred AA2024-01-012024-09-300000081955us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:FilterworksAcquisitionUsaLlcMember2023-01-012023-09-300000081955BMP Swanson Holdco, LLC - Preferred Membership Interest for 9.24%2024-01-012024-09-300000081955us-gaap:InvestmentUnaffiliatedIssuerMember2024-01-012024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:SomersetGasTransmissionCompanyLlcMember2023-01-012023-09-300000081955BMP Swanson Holdco, LLC - $1,600,000 Term Note2024-09-300000081955BMP Swanson Holdco, LLC2023-01-012023-12-310000081955BMP Swanson Holdco, LLC Preferred Membership Interest for 9.29%2023-12-310000081955PostProcess Technologies, Inc. - 360,002 Series A1 Preferred2023-01-012023-12-310000081955SciAps, Inc. - $2,090,000 Second Amended and Restated Secured Subordinated Promissory Note at 12%2023-01-012023-12-310000081955Seybert’s Billiards Corporation - 5.82 Common shares2024-01-012024-09-300000081955SciAps, Inc. - 274,299 Series A1 Convertible Preferred2023-12-310000081955Knoa Software, Inc. - 1,876,922 Series B Preferred2024-09-300000081955rand:AutomotiveMemberrand:InvestmentsAtFairValueMemberrand:IndustryConcentrationRiskMember2024-09-300000081955Seybert’s Billiards Corporation - 5.82 Common shares2023-01-012023-12-310000081955Caitec, Inc. - 150 Class A Units One2023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:SeybertBilliardsCorporationMember2023-01-012023-09-300000081955Tilson Technology Management, Inc. - 211,567 A-1 Units of SQF Holdco LLC2024-01-012024-09-300000081955BMP Food Service Supply Holdco, LLC2024-01-012024-09-300000081955ITA Acquisition, LLC - $1,500,000 Term Note at Thereafter 12%2024-09-300000081955Tilson Technology Management, Inc. - *21,391 Series C Preferred2024-09-300000081955FCM Industries Holdco LLC2023-01-012023-12-310000081955Barings BDC, Inc. - 40,000 shares2023-01-012023-12-310000081955SciAps, Inc. - Warrant to purchase Series D-1 Preferred2024-01-012024-09-300000081955Caitec, Inc.2023-12-310000081955Inter-National Electronic Alloys LLC d/b/a EFINEA - 75.3 Class B Preferred Units2024-01-012024-09-300000081955SciAps, Inc. 2023-01-012023-12-310000081955BMP Food Service Supply Holdco, LLC - 15.4% Preferred Interest2024-09-300000081955Seybert’s Billiards Corporation - $4,139,444 Term Note at 12%2023-01-012023-12-310000081955srt:MaximumMember2024-01-012024-09-300000081955rand:ProfessionalServicesMember2023-12-310000081955BMP Swanson Holdco, LLC - Preferred Membership Interest for 9.24%2024-09-300000081955SciAps, Inc.2023-12-310000081955Open Exchange, Inc - 397,899 Series C Preferred2023-01-012023-12-310000081955Knoa Software, Inc.2023-12-310000081955Caitec, Inc. - 150 Class A Units2023-12-310000081955rand:InterNationalElectronicAlloysLlcMember2023-01-012023-12-310000081955Seybert’s Billiards Corporation - 5.82 Common shares2024-09-300000081955Caitec, Inc. - 150 Class A Units2024-01-012024-09-300000081955Highland All About People Holdings, Inc. - 1,000,000 Class A Units2023-01-012023-12-310000081955Filterworks Acquisition USA, LLC d/b/a Autotality - $2,283,702 Term Note2023-01-012023-12-310000081955rand:ScenarioThreeMember2024-01-012024-09-300000081955Caitec, Inc.2024-09-300000081955BMP Swanson Holdco, LLC - Preferred Membership Interest for 9.29%2024-09-300000081955Subtotal Control Investments2023-12-310000081955Seybert’s Billiards Corporation - $1,435,435 Term Note2023-12-310000081955ITA Acquisition, LLC - $1,500,000 Term Note2024-09-300000081955Mountain Regional Equipment Solutions - $3,000,000 Term Note2024-09-300000081955srt:MaximumMember2023-01-012023-12-310000081955BMP Food Service Supply Holdco, LLC - 7,035,000 Second Amended and Restated Term Note, $4,820,0002023-12-310000081955Tilson Technology Management, Inc. - *120,000 Series B Preferred2023-01-012023-12-310000081955Filterworks Acquisition USA, LLC d/b/a Autotality - $2,283,702 Amended Term Note Through March 31, 20252024-09-300000081955Affiliate Investments2023-12-310000081955SciAps, Inc. - 187,500 Series A Preferred2023-12-310000081955DSD Operating, LLC - $3,063,276 Term Note at 12% (+2% PIK) due September 30, 2026ote at 12%2024-09-300000081955GoNoodle, Inc. - Warrant for 21,948 Series D Preferred2023-12-310000081955Seybert’s Billiards Corporation - 5.82 Common shares2022-12-310000081955Affiliate Investments – Net assets2024-09-300000081955Tilson Technology Management, Inc. - *70,176 Series D Preferred2023-12-310000081955rand:InvestmentManagementAgreementMember2023-12-310000081955rand:SciapsIncMember2023-01-012023-12-310000081955us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2022-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:ClearviewSocialIncMember2023-01-012023-09-300000081955Caitec, Inc. - 150 Class A Units One2023-01-012023-12-310000081955Carolina Skiff LLC - 6.0825% Class A Common2024-01-012024-09-300000081955Lumious - $850,000 Replacement Term Note2024-01-012024-09-300000081955Open Exchange, Inc - 397,899 Common2024-09-300000081955us-gaap:RetainedEarningsMember2023-06-300000081955Filterworks Acquisition USA, LLC - 417.7 shares Class A-0 Units2024-01-012024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:LoanInvestmentsMember2022-12-310000081955ITA Acquisition, LLC - $2,297,808 Amended and Restated Term Note at 12%2023-01-012023-12-310000081955Inter-National Electronic Alloys LLC2024-01-012024-09-300000081955Nailbiter, Inc. - Interest Receivable $50,0922023-12-310000081955BMP Swanson Holdco, LLC - $1,600,000 Term Note at 12%2024-09-300000081955Tilson Technology Management, Inc. - 250 Class D-1 Units of SQF Holdco LLC2024-01-012024-09-300000081955SciAps, Inc. - $2,090,000 Second Amended and Restated Secured Subordinated Promissory Note at 12%2022-12-310000081955ITA Acquisition, LLC2023-12-310000081955us-gaap:DebtSecuritiesMember2024-09-300000081955Applied Image, Inc. thereafter 10% February 1, 20292024-09-300000081955Pressure Pro, Inc. - Warrant for 10% Membership Interest2024-09-300000081955us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2022-12-310000081955BMP Food Service Supply Holdco, LLC 15.4% Preferred Interest2023-12-310000081955Seybert’s Billiards Corporation - Warrant for 4% Membership Interest2024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:CaitecIncMemberrand:LoanInvestmentsMember2024-01-012024-09-300000081955FCM Industries Holdco, LLC2024-09-300000081955SciAps, Inc. - 117,371 Series B Convertible Preferred2023-12-310000081955SciAps, Inc. - 274,299 Series A1 Convertible Preferred2024-01-012024-09-300000081955rand:ConsumerProductMember2023-12-310000081955Tilson Technology Management, Inc.2024-01-012024-09-300000081955BMP Food Service Supply Holdco, LLC 15.4% Preferred Interest2023-01-012023-12-310000081955SciAps, Inc. 2022-12-310000081955Highland All About People Holdings, Inc.2024-09-300000081955rand:SeybertsBilliardsCorporationMember2024-01-012024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:HighlandAllAboutPeopleHoldingsIncMemberus-gaap:DebtSecuritiesMember2024-01-012024-09-300000081955Seybert’s Billiards Corporation - Warrant for 4% Membership Interest2022-12-310000081955rand:InvestmentManagementAgreementMember2024-07-012024-09-300000081955FCM Industries Holdco LLC2024-09-300000081955rand:CreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2023-01-012023-09-300000081955Tilson Technology Management, Inc. - 211,567 A-1 Units of SQF Holdco LLC2023-12-310000081955rand:TilsonTechnologyManagementIncMember2023-01-012023-12-310000081955Inter-National Electronic Alloys LLC - 75.3 Class B Preferred Units2024-09-300000081955Seybert’s Billiards Corporation - $1,435,435 Term Note at 12%2023-01-012023-12-310000081955ITA Acquisition, LLC2024-01-012024-09-300000081955BMP Food Service Supply Holdco, LLC2023-01-012023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:BmpFoodServiceSupplyHoldcoLlcMemberus-gaap:DebtSecuritiesMember2024-01-012024-09-300000081955us-gaap:TreasuryStockCommonMember2024-09-300000081955DSD Operating, LLC - $3,063,276 Term Note at 12%2023-01-012023-12-310000081955BMP Swanson Holdco, LLC Preferred Membership Interest for 9.29%2023-01-012023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:FilterworksAcquisitionUsaLlcMemberus-gaap:EquitySecuritiesMember2024-01-012024-09-300000081955rand:ScenarioOneMember2024-01-012024-09-300000081955Affiliate Investments2022-12-310000081955Control Investments2022-12-310000081955FCM Industries Holdco LLC $420,000 Convertible Note at 10%2023-12-310000081955Microcision LLC - Membership Interest Purchase Warrant for 5%2023-01-012023-12-3100000819552024-06-300000081955Highland All About People Holdings, Inc. - 1,000,000 Class A Units2023-12-310000081955Nailbiter, Inc. - Warrants for Preferred Stock2023-01-012023-12-310000081955us-gaap:FairValueInputsLevel3Member2023-12-310000081955us-gaap:EstimateOfFairValueFairValueDisclosureMember2024-09-300000081955Open Exchange, Inc - 397,899 Series C Preferred2024-09-300000081955us-gaap:CommonStockMember2022-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:ItaAcquisitionLlcMember2024-01-012024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:ClearviewSocialIncMemberus-gaap:EquitySecuritiesMember2023-01-012023-09-300000081955Caitec, Inc. - 36,261 Series A Preferred.2023-01-012023-12-310000081955BMP Swanson Holdco, LLC $1,600,000 Term Note at 12%2023-12-310000081955Affiliate Investments2023-01-012023-12-310000081955Applied Image, Inc. - $1,750,000 Term Note at 10%2024-01-012024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:SciapsIncMemberus-gaap:EquitySecuritiesMember2024-01-012024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:SocialflowIncMemberus-gaap:EquitySecuritiesMember2023-01-012023-09-300000081955GoNoodle, Inc. - Warrant for 47,324 Series C Preferred2023-01-012023-12-310000081955Non-Control/Non-Affiliate Investments - Net assets2023-12-310000081955us-gaap:TreasuryStockCommonMember2024-06-300000081955Tilson Technology Management, Inc. - 70,176 Series D Preferred2022-12-310000081955us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2023-09-300000081955Caitec, Inc. - 36,261 Series A Preferred2023-01-012023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:InterNationalElectronicAlloysLlcMember2024-01-012024-09-300000081955DSD Operating, LLC2023-01-012023-12-310000081955SciAps, Inc. - 117,371 Series B Convertible Preferred2024-09-300000081955Caitec, Inc. - 36,261 Series A Preferred.2023-12-310000081955BMP Swanson Holdco, LLC - $1,600,000 Term Note2023-01-012023-12-310000081955Tilson Technology Management, Inc. - *120,000 Series B Preferred2024-09-300000081955rand:NetRealizedGainLossOnSalesAndDispositionsOfInvestmentsMember2023-01-012023-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:BmpFoodServiceSupplyHoldcoLlcMemberus-gaap:EquitySecuritiesMember2023-01-012023-09-300000081955Highland All About People Holdings, Inc.2023-01-012023-12-310000081955Investments, NET ASSETS - 100%2024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:NonControlAndNonAffiliateEquityInvestmentsMember2024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:LoanInvestmentsMember2023-12-310000081955Mountain Regional Equipment Solutions - 37,991 Common Units2024-01-012024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:GonoodleIncMember2023-01-012023-09-300000081955FCM Industries Holdco LLC $3,380,000 Term Note at 13%2023-01-012023-12-310000081955Inter-National Electronic Alloys LLC d/b/a EFINEA - $3,288,235 Term Note2024-09-300000081955Caitec, Inc. - $1,750,000 Subordinated Secured Promissory Note Modified to 14%2024-09-300000081955rand:InvestmentManagementAgreementMember2024-09-300000081955us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMemberrand:FcmIndustriesHoldcoLlcMember2024-01-012024-09-300000081955ITA Acquisition, LLC2023-01-012023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:HighlandAllAboutPeopleHoldingsIncMember2023-01-012023-09-300000081955FCM Industries Holdco LLC - $420,000 Convertible Note at 10%2023-01-012023-12-310000081955BMP Swanson Holdco, LLC - $1,600,000 Term Note2024-01-012024-09-300000081955us-gaap:InvestmentUnaffiliatedIssuerMember2024-07-012024-09-300000081955Highland All About People Holdings, Inc.2024-01-012024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:TilsonTechnologyManagementIncMemberus-gaap:EquitySecuritiesMember2024-01-012024-09-300000081955Carolina Skiff LLC - 6.0825% Class A Common2023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:CaitecIncMember2024-01-012024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:SciapsIncMember2024-01-012024-09-300000081955Filterworks Acquisition USA, LLC d/b/a Autotality - $2,283,702 Term Note2023-12-310000081955Open Exchange, Inc - 397,899 Common2024-01-012024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:RheonixIncMember2023-01-012023-09-300000081955BMP Swanson2023-12-310000081955SciAps, Inc. - 274,299 Series A1 Convertible Preferred2023-01-012023-12-310000081955us-gaap:InvestmentAffiliatedIssuerControlledMember2024-01-012024-09-300000081955ITA Acquisition, LLC - $1,500,000 Term Note at 12%2024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:FilterworksAcquisitionUsaLlcMember2024-01-012024-09-300000081955ITA Acquisition, LLC 1,924 Class B Common Units2024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:HdiAcquisitionLlcMember2024-01-012024-09-300000081955Mountain Regional Equipment Solutions - Warrant for 1% Membership Interest2024-09-300000081955Seybert’s Billiards Corporation - 5.82 Common shares2023-12-310000081955FCM Industries Holdco LLC - $3,380,000 Term Note at 13%2024-09-300000081955DSD Operating, LLC - $3,063,276 Term Note at 12% (+2% PIK) due September 30, 20262024-09-300000081955FCM Industries Holdco LLC - $420,000 Convertible Note at 10%2023-12-310000081955Filterworks Acquisition USA, LLC2022-12-310000081955BMP Food Service Supply Holdco, LLC - $7,035,000 Second Amended and Restated Term Note, $4,820,000 at 12%, $2,215,000 at 13%2024-01-012024-09-300000081955srt:MinimumMember2024-01-012024-09-300000081955Highland All About People Holdings, Inc. - $3,000,000 Term Note at 12% 2024-09-300000081955rand:MAndTBankMemberrand:CreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2022-06-270000081955Pressure Pro, Inc. - $3,000,000 Term Note 2024-01-012024-09-300000081955Tilson Technology Management, Inc. - 120,000 Series B Preferred2023-01-012023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:DsdOperatingLlcMemberrand:LoanInvestmentsMember2023-01-012023-09-300000081955Tilson Technology Management, Inc. - *15,385 Series E Preferred2023-12-310000081955GoNoodle, Inc.2024-09-300000081955ITA Acquisition, LLC - $2,297,808 Fourth Amended and Restated Term Note at 12%2024-09-300000081955OnCore Golf Technology, Inc. - 300,483 Preferred AA2023-01-012023-12-310000081955Applied Image, Inc. - $1,750,000 Term Note at 10%2022-12-310000081955Inter-National Electronic Alloys LLC 75.3 Class B Preferred Units2023-01-012023-12-310000081955srt:MaximumMember2024-09-300000081955rand:SeybertsBilliardsCorporationMember2023-01-012023-12-310000081955us-gaap:AdditionalPaidInCapitalMember2024-06-300000081955Tilson Technology Management, Inc. - 70,176 Series D Preferred2024-01-012024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:ItaAcquisitionLlcMember2023-01-012023-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:InterNationalElectronicAlloysLlcMemberus-gaap:DebtSecuritiesMember2024-01-012024-09-300000081955GoNoodle, Inc. - Warrant for 47,324 Series C Preferred2023-12-310000081955Control and Affiliate Investments2024-09-300000081955Seybert’s Billiards Corporation - $1,435,435 Term Note at 12%2022-12-310000081955BMP Swanson Holdco, LLC2023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:InterNationalElectronicAlloysLlcMember2023-01-012023-09-300000081955BMP Swanson Holdco, LLC - Preferred Membership Interest for 9.29%2023-01-012023-12-310000081955Control Investments2023-01-012023-12-310000081955Tilson Technology Management, Inc.2023-12-310000081955rand:ScenarioTwoMember2024-01-012024-09-300000081955Applied Image, Inc. - Warrant for 1,167 shares2024-09-300000081955Tilson Technology Management, Inc. - *70,176 Series D Preferred2024-01-012024-09-300000081955FCM Industries Holdco LLC $420,000 Convertible Note at 10%2024-09-300000081955Applied Image, Inc.2024-09-300000081955us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMemberrand:PressureProIncMember2024-01-012024-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:SomersetGasTransmissionCompanyLlcMemberus-gaap:EquitySecuritiesMember2023-01-012023-09-300000081955ITA Acquisition, LLC - $2,297,808 Fourth Amended and Restated Term Note at 3%2024-09-300000081955Subtotal Non-Control/Non-Affiliate Investments2024-09-300000081955Nailbiter, Inc.2023-12-310000081955Seybert’s Billiards Corporation - $6,099,131 Third Amended and Restated Term Note at 12%2024-01-012024-09-300000081955BMP Swanson Holdco, LLC Preferred Membership Interest for 9.29%2022-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:ItaAcquisitionLlcMemberrand:LoanInvestmentsMember2023-01-012023-09-300000081955ITA Acquisition, LLC - $2,297,808 Amended and Restated Term Note at 12%2022-12-310000081955ACV Auctions, Inc, - 319,934 shares2023-01-012023-12-310000081955Filterworks Acquisition USA, LLC - $2,283,702 Amended Term Note2023-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:MountainRegionalEquipmentSolutionsMemberus-gaap:DebtSecuritiesMember2024-01-012024-09-300000081955SciAps, Inc. - Warrant to purchase Series D-1 Preferred2023-01-012023-12-310000081955Tilson Technology Management, Inc. - 21,391 Series C Preferred2024-01-012024-09-300000081955rand:InvestmentsAtFairValueMemberrand:IndustryConcentrationRiskMember2024-09-300000081955ITA Acquisition, LLC - $1,500,000 Term Note2023-01-012023-12-310000081955Filterworks Acquisition USA, LLC $2,283,702 Term Note at 12%2023-01-012023-12-3100000819552023-01-012023-09-30rand:Unitsxbrli:purexbrli:sharesiso4217:USDxbrli:sharesiso4217:USD

Table of Contents

 

 

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 September 30, 2024

 

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 November 6, 2024, there were 2,581,021 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 September 30, 2024 (Unaudited) and December 31, 2023

1

 

Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023 (Unaudited)

2

 

Consolidated Statements of Changes in Net Assets for the Three and Nine Months Ended September 30, 2024 and 2023 (Unaudited)

3

 

Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 (Unaudited)

4

 

Consolidated Schedule of Portfolio Investments as of September 30, 2024 (Unaudited)

5

 

Consolidated Schedule of Portfolio Investments as of December 31, 2023

12

 

Notes to the Consolidated Financial Statements (Unaudited)

20

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

36

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

48

Item 4.

Controls and Procedures

48

PART II. – OTHER INFORMATION

Item 1.

Legal Proceedings

50

Item 1A.

Risk Factors

50

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

50

Item 3.

Defaults upon Senior Securities

50

Item 4.

Mine Safety Disclosures

50

Item 5.

Other Information

50

Item 6.

Exhibits

51

 

 


Table of Contents

 

PART I. FINANCIAL INFORMATION

 

Item 1. Financial Statements and Supplementary Data

 

RAND CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

 

 

 

September 30,
2024
(Unaudited)

 

 

December 31,
2023

 

ASSETS

 

 

 

 

 

 

Investments at fair value:

 

 

 

 

 

 

Control investments (cost of $6,043,779 and $5,272,770, respectively)

 

$

4,919,969

 

 

$

4,148,960

 

Affiliate investments (cost of $39,484,404 and $45,720,974, respectively)

 

 

50,859,581

 

 

 

53,499,372

 

Non-Control/Non-Affiliate investments (cost of $21,524,089 and $17,371,862, respectively)

 

 

19,256,017

 

 

 

19,477,380

 

Total investments, at fair value (cost of $67,052,272 and $68,365,606, respectively)

 

 

75,035,567

 

 

 

77,125,712

 

Cash

 

 

3,352,734

 

 

 

3,295,321

 

Interest receivable

 

 

408,247

 

 

 

244,600

 

Prepaid income taxes

 

 

185,602

 

 

 

127,869

 

Deferred tax asset, net

 

 

367,765

 

 

 

39,179

 

Other assets

 

 

448,204

 

 

 

189,301

 

Total assets

 

$

79,798,119

 

 

$

81,021,982

 

LIABILITIES AND STOCKHOLDERS’ EQUITY (NET ASSETS)

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

Due to investment adviser

 

$

487,483

 

 

$

979,297

 

Accounts payable and accrued expenses

 

 

104,381

 

 

 

145,516

 

Line of credit (see Note 6)

 

 

3,900,000

 

 

 

16,250,000

 

Capital gains incentive fees

 

 

4,346,000

 

 

 

2,279,700

 

Deferred revenue

 

 

513,619

 

 

 

552,256

 

Total liabilities

 

 

9,351,483

 

 

 

20,206,769

 

Commitments and contingencies (see Note 5)

 

 

 

 

 

 

Stockholders’ equity (net assets):

 

 

 

 

 

 

Common stock, $0.10 par; shares authorized 100,000,000; shares issued:
   
2,648,916; shares outstanding: 2,581,021 at 9/30/24 and 12/31/23

 

 

264,892

 

 

 

264,892

 

Capital in excess of par value

 

 

55,801,170

 

 

 

55,801,170

 

Treasury stock, at cost: 67,895 shares at 9/30/24 and 12/31/23

 

 

(1,566,605

)

 

 

(1,566,605

)

Total distributable earnings

 

 

15,947,179

 

 

 

6,315,756

 

 Total stockholders’ equity (net assets) (per share – 9/30/24: $27.29;
   12/31/23: $
23.56)

 

 

70,446,636

 

 

 

60,815,213

 

Total liabilities and stockholders’ equity (net assets)

 

$

79,798,119

 

 

$

81,021,982

 

 

See accompanying notes

1


Table of Contents

 

RAND CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

 

 

Three months ended
September 30, 2024

 

 

Three months ended
September 30, 2023

 

 

Nine months ended
September 30, 2024

 

 

Nine months ended
September 30, 2023

 

Investment income:

 

 

 

 

 

 

 

 

 

 

 

 

Interest from portfolio companies:

 

 

 

 

 

 

 

 

 

 

 

 

Control investments

 

$

164,167

 

 

$

175,962

 

 

$

550,535

 

 

$

506,800

 

Affiliate investments

 

 

1,164,525

 

 

 

1,002,553

 

 

 

3,522,726

 

 

 

2,731,575

 

Non-Control/Non-Affiliate investments

 

 

616,903

 

 

 

357,162

 

 

 

1,681,209

 

 

 

1,067,745

 

Total interest from portfolio companies

 

 

1,945,595

 

 

 

1,535,677

 

 

 

5,754,470

 

 

 

4,306,120

 

Interest from other investments:

 

 

 

 

 

 

 

 

 

 

 

 

Non-Control/Non-Affiliate investments

 

 

113

 

 

 

456

 

 

 

2,171

 

 

 

692

 

Total interest from other investments

 

 

113

 

 

 

456

 

 

 

2,171

 

 

 

692

 

Dividend and other investment income:

 

 

 

 

 

 

 

 

 

 

 

 

Affiliate investments

 

 

13,125

 

 

 

13,126

 

 

 

39,375

 

 

 

419,951

 

Non-Control/Non-Affiliate investments

 

 

44,000

 

 

 

141,290

 

 

 

242,760

 

 

 

401,805

 

Total dividend and other investment income

 

 

57,125

 

 

 

154,416

 

 

 

282,135

 

 

 

821,756

 

Fee income:

 

 

 

 

 

 

 

 

 

 

 

 

Control investments

 

 

4,515

 

 

 

4,515

 

 

 

13,547

 

 

 

12,726

 

Affiliate investments

 

 

202,834

 

 

 

40,072

 

 

 

331,369

 

 

 

246,816

 

Non-Control/Non-Affiliate investments

 

 

8,272

 

 

 

5,978

 

 

 

38,130

 

 

 

19,934

 

Total fee income

 

 

215,621

 

 

 

50,565

 

 

 

383,046

 

 

 

279,476

 

Total investment income

 

 

2,218,454

 

 

 

1,741,114

 

 

 

6,421,822

 

 

 

5,408,044

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Base management fee (see Note 8)

 

 

309,265

 

 

 

268,609

 

 

 

934,532

 

 

 

769,869

 

Income based incentive fees (see Note 8)

 

 

178,218

 

 

 

 

 

 

178,218

 

 

 

 

Capital gains incentive fees (see Note 8)

 

 

313,000

 

 

 

(41,300

)

 

 

2,066,300

 

 

 

740,700

 

Interest expense

 

 

245,006

 

 

 

290,522

 

 

 

1,028,198

 

 

 

707,834

 

Professional fees

 

 

113,168

 

 

 

120,828

 

 

 

436,935

 

 

 

392,110

 

Stockholders and office operating

 

 

57,869

 

 

 

57,097

 

 

 

209,564

 

 

 

206,481

 

Directors' fees

 

 

66,550

 

 

 

66,550

 

 

 

196,950

 

 

 

197,791

 

Administrative fees

 

 

40,000

 

 

 

37,250

 

 

 

118,167

 

 

 

111,750

 

Insurance

 

 

10,467

 

 

 

10,380

 

 

 

33,891

 

 

 

33,720

 

Corporate development

 

 

387

 

 

 

 

 

 

10,813

 

 

 

4,267

 

Total expenses

 

 

1,333,930

 

 

 

809,936

 

 

 

5,213,568

 

 

 

3,164,522

 

Net investment income before income taxes:

 

 

884,524

 

 

 

931,178

 

 

 

1,208,254

 

 

 

2,243,522

 

Income tax (benefit) expense, including excise tax expense

 

 

(2,511

)

 

 

132,595

 

 

 

(1,171

)

 

 

237,393

 

Net investment income

 

 

887,035

 

 

 

798,583

 

 

 

1,209,425

 

 

 

2,006,129

 

Net realized gain (loss) on sales and dispositions of investments:

 

 

 

 

 

 

 

 

 

 

 

 

Affiliate investments

 

 

6,980,728

 

 

 

 

 

 

6,148,837

 

 

 

2,596,094

 

Non-Control/Non-Affiliate investments

 

 

249,354

 

 

 

(2,802,731

)

 

 

4,959,445

 

 

 

(1,527,190

)

Net realized gain (loss) on sales and dispositions of investments, before income taxes

 

 

7,230,082

 

 

 

(2,802,731

)

 

 

11,108,282

 

 

 

1,068,904

 

Income tax expense

 

 

 

 

 

 

 

 

 

 

 

338,158

 

Net realized gain (loss) on sales and dispositions of investments

 

 

7,230,082

 

 

 

(2,802,731

)

 

 

11,108,282

 

 

 

730,746

 

Net change in unrealized appreciation/depreciation
  on investments:

 

 

 

 

 

 

 

 

 

 

 

 

Affiliate investments

 

 

(5,153,166

)

 

 

 

 

 

3,596,779

 

 

 

(886,698

)

Non-Control/Non-Affiliate investments

 

 

(512,375

)

 

 

2,599,652

 

 

 

(4,373,590

)

 

 

3,521,053

 

Change in unrealized appreciation/depreciation before income taxes

 

 

(5,665,541

)

 

 

2,599,652

 

 

 

(776,811

)

 

 

2,634,355

 

Deferred income tax benefit

 

 

(184,940

)

 

 

 

 

 

(232,774

)

 

 

(66,441

)

Net change in unrealized appreciation/depreciation on investments

 

 

(5,480,601

)

 

 

2,599,652

 

 

 

(544,037

)

 

 

2,700,796

 

Net realized and unrealized gain (loss) on investments

 

 

1,749,481

 

 

 

(203,079

)

 

 

10,564,245

 

 

 

3,431,542

 

Net increase in net assets from operations

 

$

2,636,516

 

 

$

595,504

 

 

$

11,773,670

 

 

$

5,437,671

 

Weighted average shares outstanding

 

 

2,581,021

 

 

 

2,581,021

 

 

 

2,581,021

 

 

 

2,581,021

 

Basic and diluted net increase in net assets from operations per share

 

$

1.02

 

 

$

0.23

 

 

$

4.56

 

 

$

2.11

 

 

See accompanying notes

2


Table of Contents

 

RAND CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

(Unaudited)

 

 

 

Three months ended
September 30, 2024

 

 

Three months ended
September 30, 2023

 

 

Nine months ended
September 30, 2024

 

 

Nine months ended
September 30, 2023

 

Net assets at beginning of period

 

$

68,558,616

 

 

$

61,402,028

 

 

$

60,815,213

 

 

$

57,721,320

 

Net investment income

 

 

887,035

 

 

 

798,583

 

 

 

1,209,425

 

 

 

2,006,129

 

Net realized gain (loss) on sales and dispositions of investments

 

 

7,230,082

 

 

 

(2,802,731

)

 

 

11,108,282

 

 

 

730,746

 

Net change in unrealized appreciation/depreciation on investments

 

 

(5,480,601

)

 

 

2,599,652

 

 

 

(