Leverage Notice

Board of Directors Approves Asset Coverage Ratio of 150%, Effective January 24, 2025

On January 24, 2024, the board of directors (the “Board”) of Rand Capital Corporation (the “Company”), including a “required majority” (as such term is defined in Section 57(o) of the Investment Company Act of 1940 (the “1940 Act”)) of the Board, approved the application of the modified asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act, as amended by the Small Business Credit Availability Act. As a result, the Company’s asset coverage requirements for senior securities will automatically be changed from 200% to 150%, effective January 24, 2025.