Annual report [Section 13 and 15(d), not S-K Item 405]

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parenthetical)

v3.25.4
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parenthetical) - USD ($)
Dec. 31, 2025
Dec. 31, 2024
Investment at Cost $ 57,062,399 $ 68,120,235
Allowance interest receivable $ 25,337 $ 0
Common shares, par value $ 0.1 $ 0.1
Common shares, authorized 100,000,000 100,000,000
Common shares, issued 3,037,709 2,648,916
Common shares, outstanding 2,969,814 2,581,021
Stock dividends distributable, shares 0 388,793
Treasury stock, shares 67,895 67,895
Net assets (per share) [1] $ 17.57 $ 25.31
Control Investments    
Investment at Cost $ 6,563,940 [2],[3],[4],[5] $ 6,188,940 [6],[7],[8]
Affiliate Investments    
Investment at Cost 40,867,599 42,488,804 [6],[8],[9]
Non-Control/Non-Affiliate Investments    
Investment at Cost $ 9,630,860 [10],[11] $ 19,442,491 [6],[12]
[1] Per share data are based on shares outstanding and results are rounded.
[2] 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.
[3] Investments classified as Level 3 for purposes of the fair value determination by RCM and approved by the Board of Directors.
[4] 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.
[5] These debt investments are on non-accrual status as of December 31, 2025.
[6] 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).
[7] Control Investments are defined by the 1940 Act as investments in companies in which more than 25% of the voting securities are owned by the Corporation or where greater than 50% of the board representation is maintained.
[8] Investments classified as Level 3 for purposes of the fair value determination by RCM and approved by the Board of Directors.
[9] Affiliate Investments are defined by the 1940 Act, as those Non-Control investments in companies in which between 5% and 25% of the voting securities are owned by the Corporation.
[10] 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).
[11] Non-Control/Non-Affiliate Investments are investments that are neither Control Investments nor Affiliate Investments.
[12] Non-Control/Non-Affiliate Investments are investments that are neither Control Investments nor Affiliate Investments.