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Membership Interest Purchase Warrant for 5%2021-12-310000081955Filterworks Acquisition USA, LLC2021-12-310000081955Open Exchange, Inc - 397,899 Series C Preferred2022-01-012022-12-310000081955Control Investments2023-09-300000081955Affiliate Investments2023-01-012023-09-300000081955rand:HdiAcquisitionLlcMemberus-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2023-01-012023-09-300000081955Inter-National Electronic Alloys LLC d/b/a EFINEA - $3,288,235 Term Note Modified to 12%2023-09-300000081955us-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2022-12-310000081955Tilson Technology Management, Inc. - *21,391 Series C Preferred2023-09-3000000819552022-01-012022-09-300000081955rand:OpenExchangeIncMemberus-gaap:FairValueInputsLevel3Member2023-01-012023-09-300000081955Tilson Technology Management, Inc. - 211,567 A-1 Units of SQF Holdco LLC.2022-12-310000081955Open Exchange, Inc - 397,899 Common2023-01-012023-09-300000081955ACV Auctions, Inc, - 194,934 shares2023-09-300000081955Knoa2022-12-310000081955Total ITA Acquisition, LLC2022-01-012022-12-310000081955rand:BdcInvestmentFundsMember2023-09-300000081955us-gaap:AdditionalPaidInCapitalMember2022-06-300000081955DSD Operating, LLC - 1,067 Class A Preferred shares2021-12-310000081955Applied Image, Inc.2022-01-012022-12-310000081955PennantPark Investment Corporation - 195,000 shares2022-12-310000081955Seybert’s Billiards Corporation - Warrant for 4% Membership Interest2023-09-300000081955Caitec, Inc. - $1,750,000 Subordinated Secured Promissory Note2022-01-012022-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:SomersetGasTransmissionCompanyLlcMember2023-01-012023-09-300000081955Tilson Technology Management, Inc. - *120,000 Series B Preferred2023-01-012023-09-300000081955Caitec, Inc. - 150 Class A Units2023-09-300000081955GoNoodle, Inc. - Warrant for 21,948 Series D Preferred2023-09-300000081955us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-07-012023-09-300000081955Tilson Technology Management, Inc. - 120,000 Series B Preferred2023-01-012023-09-300000081955rand:SciapsIncMemberus-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2022-01-012022-09-300000081955us-gaap:InvestmentUnaffiliatedIssuerMember2022-07-012022-09-300000081955rand:TilsonTechnologyManagementIncMember2023-01-012023-09-300000081955117,371 Series B Convertible Preferred2023-01-012023-09-300000081955DSD Operating, LLC - 1,067 Class B Common shares2022-12-310000081955us-gaap:AdditionalPaidInCapitalMember2022-12-310000081955us-gaap:CommonStockMember2022-04-210000081955SciAps, Inc. - $2,090,000 Second Amended and Restated Secured Subordinated Promissory Note at 12%2023-01-012023-09-300000081955SciAps, Inc. - $2,090,000 Subordinated Promissory Note2023-01-012023-09-300000081955Filterworks Acquisition USA, LLC2022-12-310000081955Somerset Gas Transmission Company, LLC - 26.5337 Units2022-12-310000081955rand:NetUnrealizedAppreciationDepreciationOfInvestmentMember2023-01-012023-09-300000081955Inter-National Electronic Alloys LLC - $3,288,235 Term Note at 12%2023-09-300000081955Applied Image, Inc. - $1,750,000 Term Note2023-01-012023-09-300000081955us-gaap:RevolvingCreditFacilityMemberrand:CreditAgreementMemberrand:MAndTBankMember2023-09-300000081955Tilson Technology Management, Inc. - 70,176 Series D Preferred2023-09-300000081955Control Investments2023-01-012023-09-300000081955Open Exchange2022-12-310000081955FS KKR Capital Corp. - 48,000 shares2023-09-300000081955Nailbiter, Inc. - $2,250,000 Subordinated Secured Promissory Note2023-01-012023-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:MicrocisionLlcMemberus-gaap:EquitySecuritiesMember2022-01-012022-09-300000081955Inter-National Electronic Alloys LLC2023-01-012023-09-300000081955rand:OilAndGasIndustryMember2022-12-310000081955Carolina Skiff LLC - 6.0825% Class A Common2023-09-300000081955Nailbiter, Inc. - Warrants for Preferred Stock2023-01-012023-09-300000081955Microcision LLC - Membership Interest Purchase Warrant for 5%2023-01-012023-09-3000000819552022-09-300000081955ACV Auctions, Inc, - 319,934 shares2022-01-012022-12-310000081955rand:AffiliateInvestmentsMemberus-gaap:FairValueInputsLevel3Member2023-09-300000081955us-gaap:CommonStockMember2022-01-012022-09-300000081955BMP Swanson Holdco, LLC - $1,600,000 Term Note at 12%2021-12-310000081955HDI Acquisition LLC. - $1,245,119 Term Loan2022-12-310000081955ITA Acquisition, LLC - $1,500,000 Term Note at 12%2023-01-012023-09-300000081955us-gaap:RetainedEarningsMember2022-07-012022-09-300000081955117,371 Series B Convertible Preferred2023-09-300000081955Mattison Avenue Holdings LLC. - $1,794,944 Third Amended, Restated and Consolidated Promissory Note2023-09-300000081955SciAps, Inc. - 117,371 Series B Convertible Preferred2021-12-310000081955Tilson Technology Management, Inc. - 21,391 Series C Preferred2022-12-310000081955us-gaap:TreasuryStockCommonMember2023-09-300000081955rand:ClearviewSocialIncMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2022-01-012022-09-300000081955Tilson Technology Management, Inc. - 70,176 Series D Preferred2022-12-310000081955rand:SeybertsBilliardsCorporationMember2023-01-012023-09-300000081955OnCore Golf Technology, Inc. - 300,483 Preferred AA2023-09-300000081955us-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310000081955Seybert’s Billiards Corporation2021-12-310000081955us-gaap:CommonStockMember2021-12-310000081955BMP Swanson Holdco, LLC - $1,600,000 Term Note at 12%2022-01-012022-12-310000081955Tilson Technology Management, Inc. - 120,000 Series B Preferred2022-01-012022-12-310000081955SciAps, Inc. - 187,500 Series A Preferred2022-12-310000081955ITA Acquisition, LLC - $1,900,000 Term Note2023-01-012023-09-300000081955Highland All About People Holdings, Inc. - $3,000,000 Term Note at 12% 2023-01-012023-09-300000081955Carlyle Secured Lending Inc. - 86,000 shares2022-01-012022-12-310000081955FCM Industries Holdco LLC2023-01-012023-09-300000081955us-gaap:InvestmentAffiliatedIssuerControlledMember2023-01-012023-09-300000081955Carolina Skiff LLC - 6.0825% Class A Common Membership Interest2023-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:SocialflowIncMember2022-01-012022-09-300000081955us-gaap:RevolvingCreditFacilityMemberrand:CreditAgreementMemberrand:MAndTBankMember2023-01-012023-09-300000081955Seybert’s Billiards Corporation2022-12-310000081955BMP Food Service Supply Holdco, LLC2023-09-300000081955us-gaap:RetainedEarningsMember2022-09-3000000819552022-07-012022-09-300000081955ITA Acquisition, LLC - 1,124 Class A Preferred Units and 1,924 Class B Common Units2021-12-310000081955ITA Acquisition, LLC. - $1,500,000 Term Note at 12%2023-09-300000081955Highland All About People Holdings, Inc. - 1,000,000 Class A Units2023-09-300000081955Pressure Pro, Inc.2023-09-300000081955rand:RheonixIncMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2023-01-012023-09-3000000819552023-01-012023-03-310000081955Open Exchange, Inc - 397,899 Series C Preferred2023-01-012023-09-300000081955Affiliate Investments2022-01-012022-12-310000081955rand:LoanInvestmentsMember2022-12-310000081955BMP Swanson Holdco, LLC - Preferred Membership Interest for 9.29%2023-01-012023-09-300000081955ITA Acquisitions, LLC - 1,124 Class A Preferred Units and 1,924 Class B Common Units2022-01-012022-12-310000081955Applied Image, Inc. - $1,750,000 Term Note at 10%2023-01-012023-09-300000081955Affiliate Investments – Net assets2022-12-310000081955Microcision - Membership Interest Purchase Warrant for 5%2022-12-310000081955rand:ManufacturingMember2023-09-300000081955Filterworks Acquisition USA, LLC - $2,283,702 Term Note modified to 6%2023-01-012023-09-300000081955Filterworks Acquisition USA, LLC2023-01-012023-09-300000081955ITA Acquisition, LLC2022-01-012022-12-310000081955Seybert’s Billiards Corporation - Warrant for 4% Membership Interest2023-01-012023-09-300000081955Pressure Pro, Inc. - $3,000,000 Term Note 2023-09-300000081955rand:FilterworksAcquisitionUsaLlcMemberus-gaap:FairValueInputsLevel3Member2022-01-012022-09-300000081955Pressure Pro2023-09-300000081955rand:ScenarioThreeMember2023-01-012023-09-300000081955SciAps, Inc. - 147,059 Series D Convertible Preferred2023-01-012023-09-300000081955rand:InvestmentManagementAgreementMember2022-12-310000081955rand:NetRealizedGainLossOfInvestmentMember2022-01-012022-09-300000081955Tilson Technology Management, Inc. - *15,385 Series E Preferred2023-01-012023-09-300000081955rand:NetUnrealizedAppreciationDepreciationOfInvestmentMember2022-01-012022-09-300000081955Seybert’s Billiards Corporation - $4,139,444 Term Note at 12%2022-01-012022-12-310000081955rand:FilterworksAcquisitionUsaLlcMemberus-gaap:FairValueInputsLevel3Member2023-01-012023-09-300000081955Tilson Technology Management, Inc. - 21,391 Series C Preferred2023-09-300000081955Subtotal Control Investments2023-09-300000081955Knoa Software, Inc. - 973,533 Series A-1 Convertible Preferred2022-01-012022-12-310000081955Carolina Skiff LLC - 6.0825% Class A Common Membership Interest2022-12-310000081955BMP Swanson Holdco, LLC - $1,600,000 Term Note2022-12-310000081955Filterworks Acquisition USA, LLC - 417.7 shares Class A-0 Units2022-01-012022-12-310000081955Pressure Pro, Inc. - Warrant for 10% Membership Interest2023-09-300000081955rand:SeybertBilliardsCorporationMemberus-gaap:FairValueInputsLevel3Member2023-01-012023-09-300000081955Highland All About People Holdings, Inc. - $3,000,000 Term Note at 12%2023-09-300000081955rand:NetRealizedGainLossOfInvestmentMember2023-01-012023-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:HighlandAllAboutPeopleHoldingsIncMember2023-01-012023-09-300000081955Total ITA Acquisition, LLC2021-12-310000081955BMP Food Service Supply Holdco, LLC - 16.7% Preferred Interest2023-09-300000081955Pressure Pro, Inc.2023-01-012023-09-300000081955Seybert’s Billiards Corporation - Warrant for 4% Membership Interest2022-01-012022-12-310000081955ITA Acquisition, LLC - $1,500,000 Term Note2023-01-012023-09-300000081955ITA Acquisition, LLC - 1,924 Class B Common Units2022-12-310000081955us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2022-01-012022-09-300000081955Highland All About People Holdings, Inc. - $3,000,000 Term Note at 12%2023-01-012023-09-300000081955Affiliate Investments – Net assets2023-09-300000081955BMP Food Service Supply Holdco, LLC - 4,820,000 Term Note2023-01-012023-09-300000081955Highland All About People Holdings, Inc. - $3,000,000 Term Note at 12% 2023-09-300000081955rand:SciapsIncMemberus-gaap:FairValueInputsLevel3Member2023-01-012023-09-300000081955Pressure Pro, Inc. - $3,000,000 Term Note 2023-01-012023-09-300000081955ITA Acquisition, LLC - $1,900,000 Term Note2023-09-300000081955Applied Image, Inc.2022-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:MattisonAvenueHoldingsLlcMember2023-01-012023-09-300000081955Affiliate Investments2021-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:LoanInvestmentsMember2023-09-300000081955Filterworks Acquisition USA, LLC - 2,283,702 Term Note modified to 6%2023-09-300000081955SciAps, Inc. - 274,299 Series A1 Convertible Preferred2022-01-012022-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:ItaAcquisitionLlcMember2023-01-012023-09-300000081955Filterworks Acquisition USA, LLC2022-01-012022-12-310000081955ITA Acquisition, LLC - $2,297,808 Term Note at 12%2023-01-012023-09-300000081955rand:DsdOperatingLlcMemberus-gaap:FairValueInputsLevel3Member2022-01-012022-09-300000081955Tilson Technology Management, Inc. - *15,385 Series E Preferred2022-01-012022-12-310000081955Caitec, Inc. - $1,750,000 Subordinated Secured Promissory Note2023-09-300000081955us-gaap:RetainedEarningsMember2022-01-012022-09-300000081955rand:CaitecIncMemberus-gaap:FairValueInputsLevel3Memberrand:LoanInvestmentsMember2023-01-012023-09-300000081955rand:ProfessionalServicesMember2022-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:NonControlAndNonAffiliateInvestmentsMember2023-09-300000081955Knoa Software, Inc. - 1,876,922 Series B Preferred2023-09-300000081955us-gaap:EstimateOfFairValueFairValueDisclosureMember2023-09-300000081955Tilson Technology Management, Inc. - 120,000 Series B Preferred2021-12-310000081955Tilson Technology Management, Inc. - *2.5% dividend payable quarterly2023-09-300000081955rand:ProfessionalAndBusinessServicesMember2023-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:MicrocisionLlcMemberus-gaap:EquitySecuritiesMember2023-01-012023-09-300000081955rand:BmpFoodServiceSupplyHoldcoLlcMember2023-01-012023-09-300000081955BMP Swanson Holdco, LLC2022-01-012022-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:ItaAcquisitionLlcMemberrand:LoanInvestmentsMember2022-01-012022-09-300000081955PostProcess Technologies, Inc. - 360,002 Series A1 Preferred2022-01-012022-12-310000081955Carolina Skiff LLC - 6.0825% Class A Common2022-12-310000081955Filterworks Acquisition USA, LLC2023-09-300000081955Inter-National Electronic Alloys LLC - $3,288,235 Term Note at 12%2023-01-012023-09-300000081955GoNoodle, Inc. - 1,500,000 Secured Note2022-01-012022-12-310000081955BMP Food Service Supply Holdco, LLC - $2,500,000 Term Note2022-12-310000081955us-gaap:RetainedEarningsMember2022-06-300000081955us-gaap:RetainedEarningsMember2021-12-310000081955Tilson Technology Management, Inc. - 21,391 Series C Preferred2021-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:LoanInvestmentsMember2021-12-310000081955Filterworks Acquisition USA, LLC DBA Autotality - $2,283,702 Term Note2022-01-012022-12-310000081955Subtotal Affiliate Investments2022-12-310000081955us-gaap:RevolvingCreditFacilityMemberrand:CreditAgreementMember2022-12-310000081955Knoa Software, Inc.2022-01-012022-12-310000081955rand:AffiliateEquityInvestmentsMemberus-gaap:FairValueInputsLevel3Member2023-09-300000081955Filterworks Acquisition USA, LLC DBA Autotality - 626.2 shares Class A-1 Units2022-12-310000081955us-gaap:RetainedEarningsMember2023-06-300000081955SciAps, Inc. - 187,500 Series A Preferred2023-01-012023-09-300000081955Caitec, Inc. - $1,750,000 Subordinated Secured Promissory Note2022-12-310000081955rand:SoftwareMember2023-09-300000081955Applied Image, Inc.2023-09-300000081955us-gaap:RetainedEarningsMember2023-07-012023-09-300000081955rand:HdiAcquisitionLlcMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2022-01-012022-09-300000081955Seybert’s Billiards Corporation - $4,139,444 Term Note at 12%2023-01-012023-09-300000081955BMP Food Service Supply Holdco, LLC - 16.7% Preferred Interest2022-12-310000081955rand:PressureProIncMemberus-gaap:FairValueInputsLevel3Member2023-01-012023-09-300000081955us-gaap:AdditionalPaidInCapitalMember2023-09-300000081955Rheonix, Inc. - 1,839,422 Series A Preferred2022-12-310000081955SciAps, Inc. - 274,299 Series A1 Convertible Preferred2023-01-012023-09-300000081955us-gaap:RevolvingCreditFacilityMemberrand:CreditAgreementMember2023-07-012023-09-300000081955Tilson Technology Management, Inc. - 70,176 Series D Preferred2021-12-310000081955BMP Swanson Holdco, LLC2023-01-012023-09-300000081955ACV Auctions, Inc, - 194,934 shares2023-01-012023-09-300000081955Microcision - Membership Interest Purchase Warrant for 5%2022-01-012022-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:SomersetGasTransmissionCompanyLlcMemberus-gaap:EquitySecuritiesMember2023-01-012023-09-300000081955us-gaap:FairValueInputsLevel3Member2022-01-012022-06-300000081955rand:FcmIndustriesHoldcoLlcMemberus-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2023-01-012023-09-300000081955BMP Swanson Holdco, LLC - $1,600,000 Term Note2023-01-012023-09-300000081955Filterworks Acquisition USA, LLC d/b/a Autotality - $2,283,702 Term Note2023-09-300000081955us-gaap:InvestmentAffiliatedIssuerControlledMember2022-07-012022-09-300000081955Open Exchange, Inc - 397,899 Common2022-01-012022-12-310000081955SciAps, Inc. - 113,636 Series C Convertible Preferred2022-01-012022-12-310000081955Nailbiter, Inc. - $2,250,000 Subordinated Secured Promissory Note2022-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:LoanInvestmentsMember2023-01-012023-09-300000081955BMP Food Service Supply Holdco, LLC - $4,820,000 Term Note at 12% 2022-12-310000081955rand:BmpSwansonHoldcoLlcMemberus-gaap:FairValueInputsLevel3Memberrand:LoanInvestmentsMember2023-01-012023-09-300000081955DSD Operating, LLC - 1,067 Class A Preferred shares2023-09-300000081955Seybert’s Billiards Corporation - $1,435,435 Term Note2022-12-310000081955Subtotal Non-Control/Non-Affiliate Investments2022-12-310000081955GoNoodle, Inc. - Warrant for 47,324 Series C Preferred2022-12-310000081955Filterworks Acquisition USA, LLC DBA Autotality -417.7 shares Class A-0 Units2022-01-012022-12-310000081955Seybert’s Billiards Corporation - Warrant for 4% Membership Interest2021-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:TilsonTechnologyManagementIncMember2023-01-012023-09-300000081955us-gaap:DebtSecuritiesMember2022-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:LoanInvestmentsMemberrand:MattisonAvenueHoldingsLlcMember2022-01-012022-09-300000081955Applied Image, Inc. - Warrant for 1,167 shares2023-09-300000081955rand:GonoodleIncMemberus-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2022-01-012022-09-300000081955srt:MaximumMemberrand:ScenarioTwoMember2023-01-012023-09-300000081955TOTAL INVESTMENTS – 114.8%2023-09-300000081955SciAps, Inc. - 117,371 Series B Convertible Preferred2022-01-012022-12-310000081955Tilson Technology Management, Inc. - *21,391 Series C Preferred2022-01-012022-12-310000081955Filterworks Acquisition USA, LLC d/b/a Autotality -417.7 shares Class A-0 Units2023-09-300000081955ITA Acquisition, LLC - $1,500,000 Term Note2022-01-012022-12-310000081955us-gaap:RevolvingCreditFacilityMemberrand:CreditAgreementMemberrand:MAndTBankMember2022-06-270000081955us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2022-12-310000081955Rheonix, Inc. - 50,593 Common2022-01-012022-12-310000081955us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2023-09-300000081955srt:MinimumMember2022-01-012022-12-310000081955ITA Acquisition, LLC2023-09-300000081955us-gaap:InvestmentUnaffiliatedIssuerMember2023-07-012023-09-300000081955rand:NewMonarchMachineToolIncMemberus-gaap:FairValueInputsLevel3Member2022-01-012022-09-300000081955srt:MaximumMemberrand:ScenarioOneMember2023-01-012023-09-300000081955Inter-National Electronic Alloys LLC - 75.3 Class B Preferred Units2023-09-300000081955BMP Food Service Supply Holdco, LLC - 16.7% Preferred Interest2023-01-012023-09-300000081955SciAps, Inc. - 369,698 Series C1 Convertible Preferred2021-12-310000081955Inter-National Electronic Alloys LLC d/b/a EFINEA - 75.3 Class B Preferred Units2023-01-012023-09-300000081955us-gaap:RetainedEarningsMember2023-01-012023-09-300000081955us-gaap:CommonStockMember2023-09-300000081955SciAps, Inc.2023-09-300000081955BMP Food Service Supply2023-09-300000081955ITA Acquisition, LLC - 1,124 Class A Preferred Units and 1,924 Class B Common Units2023-09-300000081955rand:BmpSwansonHoldcoLlcMemberus-gaap:FairValueInputsLevel3Member2023-01-012023-09-300000081955DSD Operating, LLC - 1,067 Class A Preferred shares2022-01-012022-12-310000081955Seybert’s2023-09-300000081955Tilson Technology Management, Inc. - *70,176 Series D Preferred2023-01-012023-09-300000081955rand:TilsonTechnologyManagementIncMember2022-01-012022-12-310000081955Inter-National Electronic Alloys LLC d/b/a EFINEA2023-09-300000081955Tilson Technology Management, Inc. - 21,391 Series C Preferred2022-01-012022-12-310000081955rand:AutomotiveMember2023-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:MicrocisionLlcMember2023-01-012023-09-300000081955srt:MaximumMember2023-01-012023-09-300000081955BMP Swanson Holdco, LLC - $1,600,000 Term Note at 12%2022-12-310000081955us-gaap:InvestmentAffiliatedIssuerControlledMember2023-09-300000081955Seybert’s Billiards Corporation - Warrant for 4% Membership Interest2022-12-310000081955HDI Acquisition LLC. - $1,245,119 Term Loan2022-01-012022-12-310000081955Mezmeriz, Inc. - 1,554,565 Series Seed Preferred2022-12-310000081955DSD Operating, LLC - 1,067 Class B Common sharesInvestments – 66.3% of net assets DSD Operating, LLC Type of Investment 1,067 Class B Preferred Shares.2022-12-310000081955us-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2022-09-300000081955us-gaap:RevolvingCreditFacilityMemberrand:CreditAgreementMember2023-01-012023-09-300000081955Tilson Technology Management, Inc. - 15,385 Series E Preferred2022-01-012022-12-310000081955Investments, NET ASSETS - 100%2022-12-310000081955Seybert’s Billiards Corporation - 4,139,444 Term Note2022-12-310000081955FCM Industries Holdco LLC - $420,000 Convertible Note at 10%2023-09-300000081955rand:FilterworksAcquisitionUsaLlcMemberus-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2022-01-012022-09-300000081955Control and Affiliate Investments2023-09-300000081955BMP Swanson2023-09-300000081955ITA Acquisition, LLC. - $1,500,000 Term Note at 12%2022-01-012022-12-310000081955BMP Food Service Supply Holdco, LLC - 4,820,000 Term Note2023-09-300000081955rand:ClearviewSocialIncMemberus-gaap:FairValueInputsLevel3Member2022-01-012022-09-300000081955Filterworks Acquisition USA, LLC DBA Autotality - 626.2 shares Class A-1 Units2022-01-012022-12-310000081955Tilson Technology Management, Inc. - 250 Class D-1 Units of SQF Holdco LLC2023-01-012023-09-300000081955FS KKR Capital Corp. - 48,000 shares2022-01-012022-12-310000081955Knoa Software, Inc.2022-12-310000081955Mattison Avenue Holdings LLC. - $1,794,944 Third Amended, Restated and Consolidated Promissory Note2022-01-012022-12-310000081955rand:SciapsIncMemberus-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2023-01-012023-09-300000081955Control Investments - 6.1 % of net assets ITA Acquisition, LLC.2022-12-310000081955BMP Food Service Supply Holdco, LLC - 24.83% Preferred Interest2022-12-310000081955us-gaap:FairValueInputsLevel1Memberus-gaap:EquitySecuritiesMember2023-09-300000081955rand:ControlLoanAndDebtInvestmentsMemberus-gaap:FairValueInputsLevel3Member2023-09-300000081955us-gaap:FairValueInputsLevel3Member2021-12-310000081955Caitec, Inc. - 150 Class A Units2023-01-012023-09-300000081955Applied Image, Inc. - $1,750,000 Term Note at 10%2023-09-300000081955Applied Image, Inc. - Warrant for 1,167 shares2022-01-012022-12-310000081955Barings BDC, Inc. - 40,000 shares2022-12-310000081955Tilson Technology Management, Inc. - 211,567 Class A-1 Units of SQF Holdco LLC2022-12-310000081955us-gaap:RevolvingCreditFacilityMemberrand:CreditAgreementMember2022-07-012022-09-3000000819552023-07-012023-09-3000000819552023-01-012023-09-300000081955Non-Control/Non-Affiliate Investments - Net assets2022-12-310000081955Lumious - $850,000 Replacement Term Note2022-01-012022-12-310000081955Highland All About People Holdings, Inc.2023-09-300000081955Tilson Technology Management, Inc. - 120,000 Series B Preferred2023-09-300000081955SciAps, Inc. - 113,636 Series C Convertible Preferred2023-09-300000081955Affiliate Investments2022-12-310000081955rand:HdiAcquisitionLlcMemberus-gaap:FairValueInputsLevel3Member2023-01-012023-09-300000081955ITA Acquisition, LLC. - $1,500,000 Term Note at 12%2022-12-310000081955rand:InvestmentManagementAgreementMember2022-07-012022-09-300000081955SciAps, Inc. - 369,698 Series C1 Convertible Preferred2023-09-300000081955Filterworks Acquisition USA, LLC - $2,283,702 Term Note modified to 6%2023-09-300000081955us-gaap:FairValueInputsLevel1Member2022-12-310000081955Subtotal Non-Control/Non-Affiliate Investments2023-09-300000081955ITA Acquisition, LLC - $2,297,808 Term Note at 12%2023-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:ItaAcquisitionLlcMember2022-01-012022-09-300000081955Lumious - $850,000 Replacement Term Note2022-12-310000081955Tilson Technology Management, Inc.2023-01-012023-09-300000081955us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2022-12-310000081955Tilson Technology Management, Inc. - *70,176 Series D Preferred2023-09-300000081955Seybert’s Billiards Corporation - $1,435,435 Term Note at 12%2022-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:HighlandAllAboutPeopleHoldingsIncMemberus-gaap:EquitySecuritiesMember2023-01-012023-09-300000081955FCM Industries Holdco LLC - $3,380,000 Term Note at 13%2023-01-012023-09-300000081955us-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2021-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:ItaAcquisitionLlcMemberrand:LoanInvestmentsMember2023-01-012023-09-300000081955Seybert’s Billiards Corporation - $1,435,435 Term Note at 12%2021-12-310000081955BMP Swanson Holdco, LLC2023-09-300000081955us-gaap:RetainedEarningsMember2023-09-300000081955Open Exchange, Inc - 397,899 Common2022-12-310000081955Rheonix, Inc. - 9,676 Common2022-12-310000081955GoNoodle, Inc. - 1,500,000 Secured Note2023-01-012023-09-300000081955Microcision LLC - Membership Interest Purchase Warrant for 5%2023-09-300000081955rand:CaitecIncMemberus-gaap:FairValueInputsLevel3Member2023-01-012023-09-300000081955us-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2022-01-012022-09-300000081955GoNoodle, Inc. - Warrant for 47,324 Series C Preferred2023-01-012023-09-300000081955PennantPark Investment Corporation - 195,000 shares2023-09-300000081955Carolina Skiff LLC - 6.0825% Class A Common Membership Interest2023-01-012023-09-300000081955SciAps, Inc. - 147,059 Series D Convertible Preferred2021-12-310000081955Control and Affiliate Investments2023-01-012023-09-300000081955Seybert’s Billiards Corporation - $4,139,444 Term Note at 12%2023-09-300000081955us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-01-012023-09-300000081955Open Exchange, Inc - 397,899 Series C Preferred2022-12-310000081955Applied Image, Inc. - $1,750,000 Term Note2023-09-300000081955ACV Auctions, Inc, - 319,934 shares2022-12-310000081955BMP Food Service Supply Holdco, LLC2022-01-012022-12-310000081955Filterworks2023-09-300000081955rand:PressureProIncMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2023-01-012023-09-300000081955Rheonix, Inc. - 50,593 Common2022-12-310000081955HDI Acquisition LLC. - $1,245,119 Term Loan2023-09-300000081955SciAps, Inc.2022-12-310000081955Knoa Software, Inc. - 973,533 Series A-1 Convertible Preferred2023-01-012023-09-300000081955Knoa Software, Inc. - 1,876,922 Series B Preferred2022-01-012022-12-310000081955SciAps, Inc. - $2,090,000 Subordinated Promissory Note2022-01-012022-12-310000081955Caitec, Inc. - 150 Class A Units2022-01-012022-12-310000081955DSD Operating, LLC - 1,067 Class A Preferred shares2022-12-310000081955rand:SciapsIncMember2022-01-012022-12-310000081955FCM Industries Holdco LLC - $3,380,000 Term Note at 13%2023-09-300000081955Nailbiter, Inc. - Interest Receivable $52,9012023-09-300000081955Barings BDC, Inc. - 40,000 shares2023-09-300000081955us-gaap:InvestmentUnaffiliatedIssuerMember2023-09-300000081955Seybert’s Billiards Corporation - 5.82 Common shares2022-01-012022-12-310000081955Pressure Pro, Inc. - Warrant for 10% Membership Interest2023-01-012023-09-300000081955Applied Image, Inc. - $1,750,000 Term Note at 10%2022-01-012022-12-310000081955Carolina Skiff LLC - 6.0825% Class A Common2022-01-012022-12-310000081955BMP Swanson Holdco, LLC - Preferred Membership Interest for 9.29%2021-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:SocialflowIncMember2023-01-012023-09-300000081955BMP Food Service Supply Holdco, LLC - $4,820,000 Term Note at 12% 2023-09-300000081955Filterworks Acquisition USA, LLC d/b/a Autotality - $2,283,702 Term Note Modified to 6%2023-09-300000081955rand:HdiAcquisitionLlcMemberus-gaap:FairValueInputsLevel3Member2022-01-012022-09-300000081955Filterworks Acquisition USA, LLC - 417.7 shares Class A-0 Units2023-09-300000081955Caitec, Inc.2023-09-300000081955DSD Operating, LLC - 1,067 Class A Preferred shares2023-01-012023-09-300000081955rand:CaitecIncMember2022-01-012022-12-310000081955Control Investments - 6.1% of net assets2022-12-310000081955us-gaap:RevolvingCreditFacilityMemberrand:CreditAgreementMemberrand:MAndTBankMember2022-06-272022-06-270000081955us-gaap:RetainedEarningsMember2022-12-310000081955Seybert’s Billiards Corporation - $4,139,444 Term Note at 12%2022-12-310000081955BMP Food Service Supply Holdco, LLC - $2,500,000 Term Note2022-01-012022-12-310000081955Knoa Software, Inc.2023-09-300000081955Open Exchange, Inc - 397,899 Series C Preferred2023-09-300000081955rand:InvestmentManagementAgreementMember2023-07-012023-09-300000081955GoNoodle, Inc. - 1,500,000 Secured Note2023-09-300000081955LIABILITIES IN EXCESS OF OTHER ASSETS - (14.8%)2023-09-300000081955PostProcess Technologies, Inc. - 360,002 Series A1 Preferred2023-01-012023-09-300000081955Carolina Skiff LLC - 6.0825% Class A Common2023-01-012023-09-3000000819552023-01-012023-06-300000081955Ares Capital Corporation - 21,000 shares2022-01-012022-12-310000081955Filterworks Acquisition USA, LLC DBA Autotality - $2,283,702 Term Note2022-12-310000081955Tilson Technology Management, Inc. - 15,385 Series E Preferred2022-12-310000081955Knoa Software, Inc. - 1,876,922 Series B Preferred2023-01-012023-09-300000081955DSD2022-12-310000081955SciAps, Inc. - Warrant to purchase Series D-1 Preferred2022-01-012022-12-310000081955GoNoodle, Inc.2023-09-300000081955rand:DsdOperatingLlcMemberus-gaap:FairValueInputsLevel3Memberrand:LoanInvestmentsMember2022-01-012022-09-300000081955DSD Operating, LLC - 3,063,276 Term Note2022-12-310000081955Knoa Software, Inc. - 1,876,922 Series B Preferred2021-12-310000081955BMP Swanson Holdco, LLC - $1,600,000 Term Note2022-01-012022-12-310000081955us-gaap:InvestmentUnaffiliatedIssuerMember2023-01-012023-09-300000081955Applied Image, Inc. - Warrant for 1,167 shares2022-12-310000081955rand:NewMonarchMachineToolIncMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2022-01-012022-09-300000081955srt:MinimumMember2023-01-012023-09-300000081955us-gaap:CommonStockMember2022-06-300000081955Filterworks Acquisition USA, LLC - 417.7 shares Class A-0 Units2022-12-310000081955Knoa Software, Inc. - 973,533 Series A-1 Convertible Preferred2022-12-310000081955rand:ConsumerProductMember2022-12-310000081955FCM Industries Holdco, LLC - $3,380,000 Term Note at 13%2023-01-012023-09-300000081955Inter-National Electronic Alloys LLC d/b/a EFINEA - 75.3 Class B Preferred Units2023-09-300000081955srt:MaximumMember2023-09-300000081955rand:GonoodleIncMemberus-gaap:FairValueInputsLevel3Member2023-01-012023-09-300000081955Control and Affiliate Investments2022-01-012022-12-310000081955New Monarch Machine Tool, Inc. - 22.84 Common2022-01-012022-12-310000081955rand:FcmIndustriesHoldcoLlcMemberus-gaap:FairValueInputsLevel3Member2023-01-012023-09-300000081955us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2022-01-012022-09-300000081955rand:ScenarioTwoMember2023-01-012023-09-300000081955rand:ClearviewSocialIncMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2023-01-012023-09-300000081955Filterworks Acquisition USA, LLC - $2,283,702 Term Note at 12%2022-12-310000081955Barings BDC, Inc. - 40,000 shares2022-01-012022-12-310000081955rand:SoftwareMember2022-12-310000081955rand:OilAndGasIndustryMember2023-09-300000081955Ares Capital Corporation - 21,000 shares2023-09-300000081955Tilson Technology Management, Inc. - 15,385 Series E Preferred2021-12-310000081955BMP Swanson Holdco, LLC - Preferred Membership Interest for 9.29%2022-01-012022-12-310000081955ITA Acquisition, LLC - 1,124 Class A Preferred Units2022-12-310000081955SciAps, Inc.2021-12-310000081955Mezmeriz, Inc. - 1,554,565 Series Seed Preferred2023-01-012023-09-300000081955rand:CaitecIncMemberus-gaap:FairValueInputsLevel3Member2022-01-012022-09-300000081955us-gaap:FairValueInputsLevel3Member2022-01-012022-09-300000081955rand:PressureProIncMemberus-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2023-01-012023-09-300000081955Seybert’s Billiards Corporation - $1,435,435 Term Note at 12%2023-09-300000081955GoNoodle, Inc. - Warrant for 47,324 Series C Preferred2023-09-300000081955SciAps, Inc. - 117,371 Series B Convertible Preferred2022-12-310000081955LIABILITIES IN EXCESS OF OTHER ASSETS - (6.6%)2022-12-310000081955us-gaap:FairValueInputsLevel3Member2023-09-300000081955us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2023-01-012023-09-300000081955us-gaap:AdditionalPaidInCapitalMember2021-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:LoanInvestmentsMember2022-12-310000081955BMP Swanson Holdco, LLC - $1,600,000 Term Note at 12%2023-01-012023-09-300000081955Applied Image, Inc.2021-12-310000081955Somerset Gas Transmission Company, LLC - 26.5337 Units2022-01-012022-12-310000081955us-gaap:TreasuryStockCommonMember2022-09-300000081955Open Exchange, Inc - 397,899 Common2023-09-300000081955us-gaap:FairValueInputsLevel3Memberrand:LoanInvestmentsMember2022-09-300000081955Rheonix, Inc. - 589,420 Series B Preferred2022-01-012022-12-310000081955Mezmeriz, Inc. - 1,554,565 Series Seed Preferred2022-01-012022-12-310000081955Seybert’s Billiards Corporation2023-01-012023-09-3000000819552023-06-300000081955Inter-National Electronic Alloys LLC d/b/a EFINEA-$3,288,235 Term Note Modified to 12%2023-01-012023-09-300000081955Mattison Avenue Holdings LLC. - $1,794,944 Third Amended, Restated and Consolidated Promissory Note2022-12-310000081955us-gaap:FairValueInputsLevel3Memberrand:SocialflowIncMemberus-gaap:EquitySecuritiesMember2023-01-012023-09-300000081955Tilson Technology Management, Inc. - 23,077 Series F Preferred2022-12-310000081955Control Investments - 6.6% of net assets2023-09-300000081955BMP Swanson Holdco, LLC2021-12-310000081955SciAps, Inc. - 113,636 Series C Convertible Preferred2021-12-310000081955Rheonix, Inc. - 589,420 Series B Preferred2022-12-310000081955rand:GonoodleIncMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2023-01-012023-09-300000081955Caitec, Inc. - $1,750,000 Subordinated Secured Promissory Note2023-01-012023-09-300000081955SciAps, Inc. - $2,090,000 Subordinated Promissory Note2023-09-300000081955GoNoodle, Inc. - Warrant for 47,324 Series C Preferred2022-01-012022-12-310000081955rand:InterNationalElectronicAlloysLlcMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2023-01-012023-09-300000081955Seybert’s2022-12-310000081955Tilson Technology Management, Inc. - *15,385 Series E Preferred2022-12-310000081955rand:AffiliateLoanAndDebtInvestmentsMemberus-gaap:FairValueInputsLevel3Member2023-09-300000081955Tilson Technology Management, Inc. - 211,567 A-1 Units of SQF Holdco LLC2023-09-300000081955Seybert’s Billiards Corporation - 4,139,444 Term Note2023-01-012023-09-300000081955Filterworks Acquisition USA, LLC d/b/a Autotality - $2,283,702 Term Note Modified to 12%2023-09-300000081955us-gaap:RevolvingCreditFacilityMemberrand:CreditAgreementMember2023-09-3000000819552022-06-300000081955Caitec, Inc.2022-12-310000081955Filterworks Acquisition USA, LLC - 626.2 shares Class A-1 Units2022-12-310000081955OnCore Golf Technology, Inc. - 300,483 Preferred AA2022-12-310000081955ITA Acquisition, LLC - 1,124 Class A Preferred Units and 1,924 Class B Common Units2022-12-310000081955Affiliate Investments: SciAps, Inc.Type of Investment 113,636 Series C Convertible Preferred2022-12-310000081955Tilson Technology Management, Inc. - *21,391 Series C Preferred2022-12-310000081955rand:DsdOperatingLlcMember2022-01-012022-12-310000081955OnCore Golf Technology, Inc. - 300,483 Preferred AA2023-01-012023-09-300000081955DSD Operating, LLC2022-12-310000081955GoNoodle, Inc. - Warrant for 21,948 Series D Preferred2022-12-310000081955ITA Acquisition, LLC - $1,500,000 Term Note at 12%2022-12-310000081955ITA Acquisition, LLC - 1,124 Class A Preferred Units and 1,924 Class B Common Units2022-01-012022-12-310000081955us-gaap:CommonStockMember2022-09-300000081955SciAps, Inc. - 187,500 Series A Preferred2021-12-310000081955rand:GonoodleIncMemberus-gaap:FairValueInputsLevel3Member2022-01-012022-09-300000081955Tilson Technology Management, Inc. - *120,000 Series B Preferred2022-01-012022-12-310000081955Mattison Avenue Holdings LLC. - $1,794,944 Third Amended, Restated and Consolidated Promissory Note2023-01-012023-09-300000081955SciAps, Inc. - 147,059 Series D Convertible Preferred2022-12-310000081955us-gaap:FairValueInputsLevel1Member2023-09-300000081955rand:SeybertBilliardsCorporationMemberus-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2023-01-012023-09-300000081955Seybert’s Billiards Corporation - 5.82 Common shares2022-12-310000081955SciAps, Inc. - $2,090,000 Second Amended and Restated Secured Subordinated Promissory Note at 12%2023-09-30rand:Unitsxbrli:purexbrli:sharesrand:Unitiso4217:USD
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, 2023
☐ 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)
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New York |
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16-0961359 |
(State or Other Jurisdiction of Incorporation or Organization) |
|
(IRS Employer
Identification No.) |
|
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1405 Rand Building, Buffalo, NY |
|
14203 |
(Address of Principal executive offices) |
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(Zip Code) |
(716) 853-0802
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
Common Stock, $0.10 par value |
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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.
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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, 2023, there were 2,581,021 shares of the registrant’s common stock outstanding.
RAND CAPITAL CORPORATION
TABLE OF CONTENTS FOR FORM 10-Q
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements and Supplementary Data
RAND CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
|
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|
|
|
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September 30,
2023
(Unaudited) |
|
|
December 31,
2022 |
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ASSETS |
|
|
|
|
|
|
Investments at fair value: |
|
|
|
|
|
|
Control investments (cost of $5,207,299 and $4,660,017, respectively) |
|
$ |
4,083,489 |
|
|
$ |
3,536,207 |
|
Affiliate investments (cost of $43,946,584 and $30,204,160,
respectively) |
|
|
51,097,315 |
|
|
|
38,241,589 |
|
Non-Control/Non-Affiliate investments (cost of $17,108,025 and
$20,852,060, respectively) |
|
|
19,503,481 |
|
|
|
19,726,463 |
|
Total investments, at fair value (cost of $66,261,908 and $55,716,237,
respectively) |
|
|
74,684,285 |
|
|
|
61,504,259 |
|
Cash |
|
|
3,479,772 |
|
|
|
1,368,996 |
|
Interest receivable |
|
|
237,193 |
|
|
|
208,338 |
|
Prepaid income taxes |
|
|
— |
|
|
|
76,396 |
|
Deferred tax asset, net |
|
|
134,087 |
|
|
|
28,160 |
|
Other assets |
|
|
504,345 |
|
|
|
295,043 |
|
Total assets |
|
$ |
79,039,682 |
|
|
$ |
63,481,192 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY (NET ASSETS) |
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
Due to investment adviser |
|
$ |
268,609 |
|
|
$ |
562,221 |
|
Accounts payable and accrued expenses |
|
|
169,995 |
|
|
|
66,680 |
|
Income taxes payable |
|
|
29,577 |
|
|
|
— |
|
Line of credit (see Note 6) |
|
|
13,750,000 |
|
|
|
2,550,000 |
|
Capital gains incentive fees |
|
|
2,907,700 |
|
|
|
2,167,000 |
|
Deferred revenue |
|
|
561,524 |
|
|
|
413,971 |
|
Total liabilities |
|
|
17,687,405 |
|
|
|
5,759,872 |
|
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 9/30/23 and 12/31/22 |
|
|
264,892 |
|
|
|
264,892 |
|
Capital in excess of par value |
|
|
51,464,267 |
|
|
|
51,464,267 |
|
Treasury stock, at cost: 67,895 shares at 9/30/23 and 12/31/22 |
|
|
(1,566,605 |
) |
|
|
(1,566,605 |
) |
Total distributable earnings |
|
|
11,189,723 |
|
|
|
7,558,766 |
|
Total stockholders’ equity (net assets) (per share –9/30/23: $23.77;
12/31/22: $22.36) |
|
|
61,352,277 |
|
|
|
57,721,320 |
|
Total liabilities and stockholders’ equity (net assets) |
|
$ |
79,039,682 |
|
|
$ |
63,481,192 |
|
See accompanying notes
1
RAND CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
September 30, 2023 |
|
|
Three months ended
September 30, 2022 |
|
|
Nine months ended
September 30, 2023 |
|
|
Nine months ended
September 30, 2022 |
|
Investment income: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest from portfolio companies: |
|
|
|
|
|
|
|
|
|
|
|
|
Control investments |
|
$ |
175,962 |
|
|
$ |
124,408 |
|
|
$ |
506,800 |
|
|
$ |
124,408 |
|
Affiliate investments |
|
|
1,002,553 |
|
|
|
581,911 |
|
|
|
2,731,575 |
|
|
|
1,767,024 |
|
Non-Control/Non-Affiliate investments |
|
|
357,162 |
|
|
|
393,686 |
|
|
|
1,067,745 |
|
|
|
1,125,544 |
|
Total interest from portfolio companies |
|
|
1,535,677 |
|
|
|
1,100,005 |
|
|
|
4,306,120 |
|
|
|
3,016,976 |
|
Interest from other investments: |
|
|
|
|
|
|
|
|
|
|
|
|
Non-Control/Non-Affiliate investments |
|
|
456 |
|
|
|
48 |
|
|
|
692 |
|
|
|
49 |
|
Total interest from other investments |
|
|
456 |
|
|
|
48 |
|
|
|
692 |
|
|
|
49 |
|
Dividend and other investment income: |
|
|
|
|
|
|
|
|
|
|
|
|
Affiliate investments |
|
|
13,126 |
|
|
|
305,959 |
|
|
|
419,951 |
|
|
|
552,469 |
|
Non-Control/Non-Affiliate investments |
|
|
141,290 |
|
|
|
115,700 |
|
|
|
401,805 |
|
|
|
358,700 |
|
Total dividend and other investment income |
|
|
154,416 |
|
|
|
421,659 |
|
|
|
821,756 |
|
|
|
911,169 |
|
Fee income: |
|
|
|
|
|
|
|
|
|
|
|
|
Control investments |
|
|
4,515 |
|
|
|
3,900 |
|
|
|
12,726 |
|
|
|
3,900 |
|
Affiliate investments |
|
|
40,072 |
|
|
|
19,340 |
|
|
|
246,816 |
|
|
|
72,160 |
|
Non-Control/Non-Affiliate investments |
|
|
5,978 |
|
|
|
9,313 |
|
|
|
19,934 |
|
|
|
27,941 |
|
Total fee income |
|
|
50,565 |
|
|
|
32,553 |
|
|
|
279,476 |
|
|
|
104,001 |
|
Total investment income |
|
|
1,741,114 |
|
|
|
1,554,265 |
|
|
|
5,408,044 |
|
|
|
4,032,195 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Base management fee (see Note 8) |
|
|
268,609 |
|
|
|
225,730 |
|
|
|
769,869 |
|
|
|
696,772 |
|
Capital gains incentive fees (see Note 8) |
|
|
(41,300 |
) |
|
|
22,000 |
|
|
|
740,700 |
|
|
|
(880,760 |
) |
Interest expense |
|
|
290,522 |
|
|
|
26,042 |
|
|
|
707,834 |
|
|
|
26,042 |
|
Professional fees |
|
|
120,828 |
|
|
|
126,089 |
|
|
|
392,110 |
|
|
|
569,310 |
|
Stockholders and office operating |
|
|
57,097 |
|
|
|
41,739 |
|
|
|
206,481 |
|
|
|
163,327 |
|
Directors' fees |
|
|
66,550 |
|
|
|
47,800 |
|
|
|
197,791 |
|
|
|
137,783 |
|
Administrative fees |
|
|
37,250 |
|
|
|
— |
|
|
|
111,750 |
|
|
|
— |
|
Insurance |
|
|
10,380 |
|
|
|
9,525 |
|
|
|
33,720 |
|
|
|
31,788 |
|
Corporate development |
|
|
— |
|
|
|
— |
|
|
|
4,267 |
|
|
|
3,753 |
|
Other operating |
|
|
— |
|
|
|
34 |
|
|
|
— |
|
|
|
124 |
|
Total expenses |
|
|
809,936 |
|
|
|
498,959 |
|
|
|
3,164,522 |
|
|
|
748,139 |
|
Net investment income before income taxes: |
|
|
931,178 |
|
|
|
1,055,306 |
|
|
|
2,243,522 |
|
|
|
3,284,056 |
|
Income taxes, including excise tax expense |
|
|
132,595 |
|
|
|
45,140 |
|
|
|
237,393 |
|
|
|
83,750 |
|
Net investment income |
|
|
798,583 |
|
|
|
1,010,166 |
|
|
|
2,006,129 |
|
|
|
3,200,306 |
|
Net realized (loss) gain on sales and dispositions of investments: |
|
|
|
|
|
|
|
|
|
|
|
|
Affiliate investments |
|
|
— |
|
|
|
— |
|
|
|
2,596,094 |
|
|
|
167,159 |
|
Non-Control/Non-Affiliate investments |
|
|
(2,802,731 |
) |
|
|
1,919 |
|
|
|
(1,527,190 |
) |
|
|
523,432 |
|
Net realized (loss) gain on sales and dispositions of investments, before income taxes |
|
|
(2,802,731 |
) |
|
|
1,919 |
|
|
|
1,068,904 |
|
|
|
690,591 |
|
Income tax expense |
|
|
— |
|
|
|
— |
|
|
|
338,158 |
|
|
|
— |
|
Net realized (loss) gain on sales and dispositions of investments |
|
|
(2,802,731 |
) |
|
|
1,919 |
|
|
|
730,746 |
|
|
|
690,591 |
|
Net change in unrealized appreciation/depreciation
on investments: |
|
|
|
|
|
|
|
|
|
|
|
|
Affiliate investments |
|
|
— |
|
|
|
— |
|
|
|
(886,698 |
) |
|
|
47,841 |
|
Non-Control/Non-Affiliate investments |
|
|
2,599,652 |
|
|
|
92,817 |
|
|
|
3,521,053 |
|
|
|
(5,140,762 |
) |
Change in unrealized appreciation/depreciation before income taxes |
|
|
2,599,652 |
|
|
|
92,817 |
|
|
|
2,634,355 |
|
|
|
(5,092,921 |
) |
Deferred income tax benefit |
|
|
— |
|
|
|
— |
|
|
|
(66,441 |
) |
|
|
— |
|
Net change in unrealized appreciation/depreciation on investments |
|
|
2,599,652 |
|
|
|
92,817 |
|
|
|
2,700,796 |
|
|
|
(5,092,921 |
) |
Net realized and unrealized (loss) gain on investments |
|
|
(203,079 |
) |
|