Quarterly report pursuant to Section 13 or 15(d)


N-2 - USD ($)
$ / shares in Units, $ in Millions
9 Months Ended
Sep. 30, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Dec. 31, 2021
Cover [Abstract]          
Entity Central Index Key 0000081955        
Amendment Flag false        
Securities Act File Number 814-00235        
Document Type 10-Q        
Entity Registrant Name Rand Capital Corporation        
Entity Address, Address Line One 1405 Rand Building        
Entity Address, City or Town Buffalo        
Entity Address, State or Province NY        
Entity Address, Postal Zip Code 14203        
City Area Code 716        
Local Phone Number 853-0802        
Entity Emerging Growth Company false        
Financial Highlights [Abstract]          
Senior Securities Amount       $ 25  
Senior Securities, Note [Text Block] See “Note 6. Senior Secured Revolving Credit Facility” in the Notes to the Consolidated Financial Statements for additional information regarding the terms of our Credit Facility.        
General Description of Registrant [Abstract]          
Investment Objectives and Practices [Text Block]

Our investment objective is to generate current income and when possible, capital appreciation, by targeting investment opportunities with favorable risk-adjusted returns. As a result, we are focused on investing in higher yielding debt instruments and related equity investments in privately held, lower middle market companies with a committed and experienced management team in a broad variety of industries. We may also invest in publicly traded shares of other business development companies that provide income through dividends and have more liquidity than our private company equity investments.

NAV Per Share $ 23.77 $ 22.36 $ 22.62   $ 23.54
Capital Stock, Long-Term Debt, and Other Securities [Abstract]          
Security Dividends [Text Block] Board of Directors declared the following quarterly cash dividends during the nine months ended September 30, 2023:






Record Date


Payment Date







March 13, 2023


March 27, 2023







May 31, 2023


June 14, 2023







August 31, 2023


September 14, 2023

Security Preemptive and Other Rights [Text Block]

SEC Exemptive Order

On October 7, 2020, Rand, RCM and certain of their affiliates received an exemptive order from the SEC to permit the Corporation to co-invest in portfolio companies with certain affiliates, including other BDCs and registered investment companies, managed by RCM and certain of its affiliates, in a manner consistent with the Corporation’s investment objective, positions, policies, strategies and restrictions as well as regulatory requirements, subject to compliance with certain conditions (the “Order”). On March 29, 2021, the SEC granted Rand, RCM, Callodine, which holds a controlling interest in RCM, and certain of their affiliates a new exemptive order (the “New Order”) that superseded the Order and permits Rand to co-invest with affiliates managed by RCM and Callodine. Pursuant to the New Order, the Corporation is generally permitted to co-invest with affiliates covered by the New Order if a “required majority” (as defined in Section 57(o) of the 1940 Act) of Rand’s independent directors makes certain conclusions in connection with a co-investment transaction, including that (1) the terms of the transaction, including the consideration to be paid, are reasonable and fair to Rand and its shareholders and do not involve overreaching in respect of Rand or its shareholders on the part of any person concerned, (2) the transaction is consistent with the interests of the Rand’s shareholders and is consistent with Rand’s investment objective and strategies and (3) the investment by Rand’s affiliates would not disadvantage Rand, and Rand’s participation would not be on a basis different from or less advantageous than that on which Rand’s affiliates are investing. In addition, on September 6, 2022, the SEC granted an amendment to the New Order to permit us to participate in follow-on investments in our existing portfolio companies with certain Affiliated Funds (as defined in the amended New Order) that do not hold any investments in such existing portfolio companies.