Quarterly report pursuant to Section 13 or 15(d)


N-2 - USD ($)
$ / shares in Units, $ in Millions
3 Months Ended
Mar. 31, 2024
Dec. 31, 2023
Mar. 31, 2023
Dec. 31, 2022
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 have in the past also invested 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 $ 23.85 $ 23.56 $ 23 $ 22.36
Capital Stock, Long-Term Debt, and Other Securities [Abstract]        
Security Dividends [Text Block] Board of Directors declared the following quarterly cash dividend during the three months ended March 31, 2024:






Record Date


Payment Date







March 13, 2024


March 29, 2024

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 New Order) that do not hold any investments in such existing portfolio companies.