- \n
- Total investment income was $1.6 million, a 25% decrease from the prior-year period, primarily due to portfolio repayments and market slowdown in deal originations<\/i><\/b><\/li>\n
- Net investment income rose to $2.5 million, or $0.83 per share, largely driven by a non-cash capital gains incentive fee adjustment related to a portfolio valuation change<\/i><\/b><\/li>\n
- Ended the quarter with approximately $25 million in total liquidity and no debt outstanding<\/i><\/b><\/li>\n
- Declared quarterly dividend of $0.29 per share for the third quarter of 2025<\/i><\/b><\/li>\n<\/ul>\n
BUFFALO, N.Y.–(BUSINESS WIRE<\/a>)–Rand Capital Corporation<\/a> (Nasdaq: RAND) (\u201cRand\u201d or the \u201cCompany\u201d), a business development company providing alternative financing for lower middle market companies, announced its results for the second quarter ended June 30, 2025.<\/p>\n
\n\u201cWe delivered net investment income growth in the second quarter, primarily benefiting from a non-cash capital gains incentive fee reversal tied to the write-down of our investment in Tilson,\u201d said Daniel P. Penberthy, President and Chief Executive Officer of Rand. \u201cAt the same time, total investment income declined due to the continued impact of portfolio loan repayments that have not yet been offset by new investments. Investment activity remains slower than desired amid ongoing economic uncertainty, which has led more borrowers to pay interest ‘in kind’ (PIK) by increasing their loan balances rather than using cash during the first half of 2025. As a result, over $1.2 million of interest was added to the principal of our portfolio obligations, representing approximately 34% of our total investment income.\u201d<\/p>\n
\nMr. Penberthy added, \u201cWe are starting to see early signs of market improvement, which could return portions of our portfolio to current pay status and lead to stronger deal origination and execution. With approximately $25 million in total liquidity and no debt outstanding, we believe we are well-positioned to support our dividend and act quickly on new investment opportunities as conditions evolve.\u201d<\/p>\n
Second Quarter Highlights<\/b> (compared with the prior-year period unless otherwise noted)<\/i><\/p>\n
- \n
- \nTotal investment income was $1.6 million, a decrease of $534,000, or 25%, compared with the same period last year. The change was primarily driven by a 24% reduction in interest income from portfolio companies, reflecting the repayment of five debt instruments over the past year. Lower dividend income also contributed to the year-over-year decrease.<\/p>\n<\/li>\n
- Total expenses<\/strong> were a benefit of $864,000 compared with an expense of $2.7 million in the same period last year. This improvement was primarily driven by a $3.1 million reduction in capital gains incentive fee expense. In the second quarter of 2025, Rand recorded a $1.5 million capital gains incentive fee benefit, reflecting a net increase in unrealized depreciation, whereas the prior-year period included a $1.6 million expense. Additionally, lower average outstanding debt balances led to a $368,000 reduction in interest expense, and base management fees declined by $105,000 due to portfolio company principal repayments and valuation adjustments.\n<\/li>\n
- \nAdjusted expenses, which exclude capital gains incentive fees, and is a non-GAAP financial measure, were $626,000 compared with $1.0 million in the second quarter of 2024. See the attached description of this non-GAAP financial measure and reconciliation table for adjusted expenses.<\/i><\/li>\n
- \nNet investment income increased to $2.5 million, or $0.83 per share, compared with a loss of $517,000, or $0.20 per share, in the second quarter of 2024. Adjusted net investment income per share, a non-GAAP financial measure, which excludes the capital gains incentive fee, was $0.33 per share, compared with $0.44 per share in last year\u2019s second quarter. The second quarter of 2025 per share amounts were computed using 2,969,814 weighted average shares outstanding, reflecting a higher number of shares outstanding following the fourth quarter 2024 dividend, distributed in the first quarter of 2025, that was paid in part using shares of common stock. This compared with 2,581,021 weighted average shares outstanding for the second quarter of 2024. See the attached description of this non-GAAP financial measure and reconciliation table for adjusted net investment income per share.<\/i><\/li>\n<\/ul>\n
Portfolio and Investment Activity<\/b><\/p>\n
\nAs of June 30, 2025, Rand\u2019s portfolio included investments with a fair value of $52.4 million across 19 portfolio businesses. This was a decrease of $18.5 million, or 26%, from December 31, 2024, primarily due to portfolio company loan repayments and valuation adjustments in multiple portfolio companies. The portfolio was comprised of approximately 86% debt investments and 14% equity investments at June 30, 2025. The annualized weighted average yield of debt investments, which includes PIK interest, was 12.2% at June 30, 2025, compared with 13.8% at the end of 2024.<\/p>\n
Second Quarter 2025:<\/i><\/p>\n
- \n
- \nFunded a follow-on equity investment of $35,000 in Carolina Skiff LLC. Rand\u2019s total equity investment in Carolina Skiff had a fair value of $800,000 at quarter-end.<\/p>\n<\/li>\n
- \nThe valuation of Rand\u2019s investment in Tilson Technologies decreased $9.5 million after it filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court, District of Delaware. Additional information regarding the Tilson Technologies bankruptcy can be found in Rand\u2019s Current Report on Form 8-K filed on May 30, 2025.<\/p>\n<\/li>\n<\/ul>\n
Liquidity and Capital Resources<\/b><\/p>\n
\nRand ended the quarter with $4.4 million in cash, an increase from $835,000 at year-end 2024. As of June 30, 2025, there was no outstanding balance on the Company\u2019s senior secured revolving credit facility. Mr. Penberthy stated, \u201cWhile the borrowing base formula provided approximately $20 million of unused availability as of June 30, 2025, we have the capacity to increase this to a total of $25 million, subject to certain borrowing criteria and portfolio eligibility requirements through its 2027 maturity.\u201d<\/p>\n
\nThe Company did not repurchase any outstanding common stock during the second quarter of 2025.<\/p>\n
Dividends<\/b><\/p>\n
\nOn April 30, 2025, Rand declared its regular quarterly cash dividend of $0.29 per share, which was paid during the second quarter to shareholders of record as of May 30, 2025.<\/p>\n
\nOn July 28, 2025, Rand declared its regular quarterly cash dividend of $0.29 per share. The cash dividend will be distributed on or about September 12, 2025, to shareholders of record as of August 29, 2025.<\/p>\n
Webcast and Conference Call<\/b><\/p>\n
\nRand will host a conference call and webcast on Monday, August 4, 2025, at 1:30 p.m. Eastern Time, to review its financial results. The review will be accompanied by a slide presentation, which will be available on Rand\u2019s website at www.randcapital.com<\/a> in the \u201cInvestor Relations\u201d section. Rand\u2019s conference call can be accessed by calling (201) 689-8263. Alternatively, the webcast can be monitored on Rand\u2019s website at www.randcapital.com<\/a> under \u201cInvestors\u201d where the replay will also be available.<\/p>\n
\nA telephonic replay will be available from 5:30 p.m. ET on the day of the call through Monday, August 18, 2025. To listen to the archived call, dial (412) 317-6671 and enter replay pin 13754384. A transcript of the call will also be posted once available.<\/p>\n
ABOUT RAND CAPITAL<\/b><\/p>\n
\nRand Capital Corporation (Nasdaq: RAND) is an externally managed business development company (BDC). The Company\u2019s investment objective is to maximize total return to its shareholders with current income and capital appreciation by focusing its debt and related equity investments in privately-held, lower middle market companies with committed and experienced managements in a broad variety of industries. Rand primarily invests in businesses that have sustainable, differentiated and market-proven products, revenue of more than $10 million and EBITDA in excess of $1.5 million. The Company\u2019s investment activities are managed by its external investment adviser, Rand Capital Management, LLC. Additional information can be found at the Company\u2019s website where it regularly posts information: randcapital.com<\/a>.<\/p>\n
Safe Harbor Statement<\/b><\/p>\n
This press release contains \u201cforward-looking statements\u201d within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than historical facts, including but not limited to statements regarding the strategy of the Company and its outlook; statements regarding the implementation of the Company\u2019s strategy and the growth of its dividend; statements regarding the impact of market improvements on returning portions of the debt portfolio to current pay status; and any assumptions underlying any of the foregoing, are forward-looking statements. Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words \u201cmay,\u201d \u201cwill,\u201d \u201cshould,\u201d \u201cpotential,\u201d \u201cintend,\u201d \u201cexpect,\u201d \u201cendeavor,\u201d \u201cseek,\u201d \u201canticipate,\u201d \u201cestimate,\u201d \u201coverestimate,\u201d \u201cunderestimate,\u201d \u201cbelieve,\u201d \u201ccould,\u201d \u201cproject,\u201d \u201cpredict,\u201d \u201ccontinue,\u201d \u201ctarget\u201d or other similar words or expressions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove to be incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, (1) evolving legal, regulatory and tax regimes; (2) changes in general economic and\/or industry specific conditions; and (3) other risk factors as detailed from time to time in Rand\u2019s reports filed with the Securities and Exchange Commission (\u201cSEC\u201d), including Rand\u2019s annual report on Form 10-K for the year ended December 31, 2024, quarterly reports on Form 10-Q, and other documents filed with the SEC. Consequently, such forward-looking statements should be regarded as Rand\u2019s current plans, estimates and beliefs. Except as required by applicable law, Rand assumes no obligation to update the forward-looking information contained in this release.<\/i><\/p>\n
\nFINANCIAL TABLES FOLLOW<\/p>\n
\n
\n \n Rand Capital Corporation and Subsidiaries<\/b><\/p>\n
Consolidated Statements of Financial Position<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n June 30,<\/b><\/p>\n
2<\/b>025<\/b><\/p>\n
(Unaudited)<\/b><\/p>\n<\/td>\n
\n \n December 31,<\/b><\/p>\n
2<\/b>024<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n ASSETS<\/span><\/b><\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nInvestments at fair value:<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nControl investments (cost of $6,563,940 and $6,188,940, respectively)<\/p>\n<\/td>\n
\n \n $<\/b><\/p>\n<\/td>\n
\n 2,000,000<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n2,500,000<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAffiliate investments (cost of $44,800,334 and $42,488,804, respectively)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 42,717,475<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n51,668,144<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNon-Control\/Non-Affiliate investments (cost of $9,912,772 and $19,442,491, respectively)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 7,646,779<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n16,649,897<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal investments, at fair value (cost of $61,277,046 and $68,120,235, respectively)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 52,364,254<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n70,818,041<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCash<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 4,419,813<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n834,805<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nInterest receivable (net of allowance of $25,337 and $0, respectively)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 250,263<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n357,530<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nPrepaid income taxes<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 344,695<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n329,365<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDeferred tax asset, net<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 111,438<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n2,161<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther assets<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 149,076<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n115,531<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Total assets<\/b><\/p>\n<\/td>\n
\n \n $<\/b><\/p>\n<\/td>\n
\n 57,639,539<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n72,457,433<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n LIABILITIES AND STOCKHOLDERS\u2019 EQUITY (NET ASSETS)<\/span><\/b><\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Liabilities:<\/b><\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDue to investment adviser<\/p>\n<\/td>\n
\n \n $<\/b><\/p>\n<\/td>\n
\n 509,500<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n2,182,846<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAccounts payable and accrued expenses<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 38,600<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n92,568<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nLine of credit<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \u2014<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n600,000<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCapital gains incentive fees<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \u2014<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,565,000<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDeferred revenue<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 377,485<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n516,441<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDividend payable<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \u2014<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n2,168,058<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal liabilities<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 925,585<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n7,124,913<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Stockholders\u2019 equity (net assets):<\/b><\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCommon stock, $0.10 par; shares authorized 100,000,000; shares issued: 3,037,709 at 6\/30\/25 and 2,648,916 at 12\/31\/24; shares outstanding: 2,969,814 at 6\/30\/25 and 2,581,021 at 12\/31\/24<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 303,771<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n264,892<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCapital in excess of par value<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 64,051,504<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n55,419,620<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nStock dividends distributable: 0 shares at 6\/30\/25 and 388,793 shares at 12\/31\/24<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \u2014<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n8,672,231<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTreasury stock, at cost: 67,895 shares at 6\/30\/25 and 12\/31\/24<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n (1,566,605<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(1,566,605<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal distributable earnings<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n (6,074,716<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n2,542,382<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal stockholders\u2019 equity (net assets) (per share \u2013 6\/30\/25: $19.10; 12\/31\/24: $25.31)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 56,713,954<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n65,332,520<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Total liabilities and stockholders\u2019 equity (net assets)<\/b><\/p>\n<\/td>\n
\n \n $<\/b><\/p>\n<\/td>\n
\n 57,639,539<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n72,457,433<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\n
\n \n Rand Capital Corporation and Subsidiaries<\/b><\/p>\n
Consolidated Statements of Operations<\/b><\/p>\n
(Unaudited)<\/i><\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n Three <\/b>months<\/b><\/p>\n
ended<\/b><\/p>\n
June 30, <\/b>2025<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n Three <\/b>months<\/b><\/p>\n
ended<\/b><\/p>\n
June 30, <\/b>2024<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n Six <\/b>months<\/b><\/p>\n
ended<\/b><\/p>\n
June 30, <\/b>2025<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n Six <\/b>months<\/b><\/p>\n
ended<\/b><\/p>\n
June 30, <\/b>2024<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n Investment income:<\/b><\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nInterest from portfolio companies:<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nControl investments<\/p>\n<\/td>\n
\n \n $<\/b><\/p>\n<\/td>\n
\n 12,979<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n198,885<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n $<\/b><\/p>\n<\/td>\n
\n 12,979<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n386,368<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAffiliate investments<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 1,264,789<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,192,116<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 2,547,648<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n2,358,201<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNon-Control\/Non-Affiliate investments<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 236,794<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n604,226<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 631,101<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,064,306<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal interest from portfolio companies<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 1,514,562<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,995,227<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 3,191,728<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n3,808,875<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nInterest from other investments:<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNon-Control\/Non-Affiliate investments<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 36,556<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n144<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 46,939<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n2,058<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal interest from other investments<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 36,556<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n144<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 46,939<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n2,058<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDividend and other investment income:<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAffiliate investments<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \u2014<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n13,125<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 13,125<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n26,250<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNon-Control\/Non-Affiliate investments<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \u2014<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n60,050<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \u2014<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n198,760<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal dividend and other investment income<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \u2014<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n73,175<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 13,125<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n225,010<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nFee income:<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nControl investments<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 4,516<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n4,516<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 9,032<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n9,032<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAffiliate investments<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 42,891<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n54,815<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 174,646<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n128,535<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNon-Control\/Non-Affiliate investments<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 3,772<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n8,272<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 174,731<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n29,858<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal fee income<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 51,179<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n67,603<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 358,409<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n167,425<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Total investment income<\/b><\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 1,602,297<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n2,136,149<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 3,610,201<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n4,203,368<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Expenses:<\/b><\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nBase management fee<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 217,649<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n322,672<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 469,857<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n625,267<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nIncome based incentive fees<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \u2014<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 119,673<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCapital gains incentive fees<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n (1,490,000<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,641,000<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n (1,565,000<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,753,300<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nInterest expense<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 25,417<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n393,172<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 61,903<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n783,192<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nProfessional fees<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 142,020<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n91,460<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 350,862<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n323,767<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nStockholders and office operating<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 103,349<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n82,667<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 194,112<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n151,695<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDirectors’ fees<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 66,550<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n66,550<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 130,400<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n130,400<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAdministrative fees<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 50,250<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n40,000<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 99,000<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n78,167<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nInsurance<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 9,974<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n10,380<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 23,136<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n23,424<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCorporate development<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n (2,493<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n4,881<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 4,501<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n10,426<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nBad debt expense<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 13,125<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 38,462<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal (benefits) expenses<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n (864,159<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n2,652,782<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n (73,094<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n3,879,638<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Net investment income (loss) before income taxes:<\/b><\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 2,466,456<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(516,633<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 3,683,295<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n323,730<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nIncome tax (benefit) expense<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n (11,778<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n562<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n (13,054<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,340<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Net investment income (loss)<\/b><\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 2,478,234<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(517,195<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 3,696,349<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n322,390<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Net realized gain (loss) on sales and dispositions of investments:<\/b><\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAffiliate investments<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \u2014<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(831,891<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 925,357<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(831,891<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNon-Control\/Non-Affiliate investments<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \u2014<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,259,999<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n (25<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n4,710,091<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet realized gain (loss) on sales and dispositions of investments<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \u2014<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n428,108<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 925,332<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n3,878,200<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Net change in unrealized appreciation\/depreciation on investments:<\/b><\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nControl investments<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \u2014<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n (875,000<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAffiliate investments<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n (10,122,270<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n8,849,945<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n (10,545,654<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n8,749,945<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNon-Control\/Non-Affiliate investments<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n (189,944<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(1,070,919<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n (189,944<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(3,861,215<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nChange in unrealized appreciation\/depreciation before income taxes<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n (10,312,214<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n7,779,026<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n (11,610,598<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n4,888,730<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDeferred income tax benefit<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n (97,826<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(47,834<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n (94,210<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(47,834<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet change in unrealized appreciation\/depreciation on investments<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n (10,214,388<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n7,826,860<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n (11,516,388<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n4,936,564<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Net realized and unrealized (loss) gain on investments<\/b><\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n (10,214,388<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n8,254,968<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n (10,591,056<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n8,814,764<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Net (decrease) increase in net assets from operations<\/b><\/p>\n<\/td>\n
\n \n $<\/b><\/p>\n<\/td>\n
\n (7,736,154<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n7,737,773<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n $<\/b><\/p>\n<\/td>\n
\n (6,894,707<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n9,137,154<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Weighted average shares outstanding<\/b><\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 2,969,814<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n2,581,021<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 2,920,135<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n2,581,021<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Basic and diluted net (decrease) increase in net assets from operations per share<\/b><\/p>\n<\/td>\n
\n \n $<\/b><\/p>\n<\/td>\n
\n (2.60<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n3.00<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n $<\/b><\/p>\n<\/td>\n
\n (2.36<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n3.54<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\n
\n \n Rand Capital Corporation and Subsidiaries<\/b><\/p>\n
Consolidated Statements of Changes in Net Assets<\/b><\/p>\n
(Unaudited)<\/i><\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n Three <\/b>months<\/b><\/p>\n
ended<\/b><\/p>\n
June 30, <\/b>2025<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n Three <\/b>months<\/b><\/p>\n
ended<\/b><\/p>\n
June 30, <\/b>2024<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n Six <\/b>months<\/b><\/p>\n
ended<\/b><\/p>\n
June 30, <\/b>2025<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n Six <\/b>months<\/b><\/p>\n
ended<\/b><\/p>\n
June 30, <\/b>2024<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n Net assets at beginning of period<\/b><\/p>\n<\/td>\n
\n \n $<\/b><\/p>\n<\/td>\n
\n 65,311,253<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n61,569,339<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n $<\/b><\/p>\n<\/td>\n
\n 65,332,520<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n60,815,213<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet investment income (loss)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 2,478,234<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(517,195<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 3,696,349<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n322,390<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet realized gain on sales and dispositions of investments<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \u2014<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n428,108<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 925,332<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n3,878,200<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet change in unrealized appreciation\/depreciation on investments<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n (10,214,388<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n7,826,860<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n (11,516,388<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n4,936,564<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet (decrease) increase in net assets from operations<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n (7,736,154<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n7,737,773<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n (6,894,707<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n9,137,154<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDeclaration of dividend<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n (861,145<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(748,496<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n (1,723,859<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(1,393,751<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n Net assets at end of period<\/b><\/p>\n<\/td>\n
\n \n $<\/b><\/p>\n<\/td>\n
\n 56,713,954<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n68,558,616<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n $<\/b><\/p>\n<\/td>\n
\n 56,713,954<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n68,558,616<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
Rand Capital Corporation and Subsidiaries
\n
<\/b>Reconciliation of GAAP Total Expense to Non-GAAP Adjusted Expenses
\n
<\/b>(Unaudited)<\/i><\/p>\n\nIn addition to reporting total expenses, which is a U.S. generally accepted accounting principle (\u201cGAAP\u201d) financial measure, Rand presents adjusted expenses, which is a non-GAAP financial measure. Adjusted expenses is defined as GAAP total expenses removing the effect of any (credits)\/expenses for capital gains incentive fees accrual. GAAP total expenses is the most directly comparable GAAP financial measure. Rand believes that adjusted expenses provides useful information to investors regarding financial performance because it is a method the Company uses to measure its financial and business trends related to its results of operations. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP.<\/p>\n
\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n Three months<\/b><\/p>\n
ended<\/b><\/p>\n
June 30, 2025<\/b><\/p>\n<\/td>\n
\n \n Three months<\/b><\/p>\n
ended<\/b><\/p>\n
June 30, 2024<\/b><\/p>\n<\/td>\n
\n \n Six months<\/b><\/p>\n
ended<\/b><\/p>\n
June 30, 2025<\/b><\/p>\n<\/td>\n
\n \n Six months<\/b><\/p>\n
ended<\/b><\/p>\n
June 30, 2024<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal (benefits) expenses<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n(864,159<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n2,652,782<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n(73,094<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n3,879,638<\/p>\n<\/td>\n<\/tr>\n
\n \n \nExclude (credits) expenses for capital gains incentive fees<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(1,490,000<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,641,000<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(1,565,000<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,753,300<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAdjusted total expenses<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n625,841<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n1,011,782<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n1,491,906<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n2,126,338<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
Reconciliation of GAAP Net Investment Income (Loss) per Share to
\n
<\/b>Adjusted Net Investment Income per Share
\n
<\/b>(Unaudited)<\/i><\/p>\n\nIn addition to reporting Net Investment Income (Loss) per Share, which is a GAAP financial measure, the Company presents Adjusted Net Investment Income per Share, which is a non-GAAP financial measure. Adjusted Net Investment Income per Share is defined as GAAP Net Investment Income per Share removing the effect of any (credits)\/expenses for capital gains incentive fees. GAAP Net Investment Income per Share is the most directly comparable GAAP financial measure. Rand believes that Adjusted Net Investment Income per Share provides useful information to investors regarding financial performance because it is a method the Company uses to measure its financial and business trends related to its results of operations. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP.<\/p>\n
\nThe per share amounts for the three and six months ended June 30, 2025 were computed using 2,969,814 and 2,920,135 weighted average shares outstanding, respectively, reflecting a higher number of shares outstanding following the fourth quarter 2024 dividend, which was paid in part using shares of common stock. This compared with 2,581,021 weighted average shares outstanding for the three and six months ended June 30, 2024.<\/p>\n
- \nAdjusted expenses, which exclude capital gains incentive fees, and is a non-GAAP financial measure, were $626,000 compared with $1.0 million in the second quarter of 2024. See the attached description of this non-GAAP financial measure and reconciliation table for adjusted expenses.<\/i><\/li>\n
- Net investment income rose to $2.5 million, or $0.83 per share, largely driven by a non-cash capital gains incentive fee adjustment related to a portfolio valuation change<\/i><\/b><\/li>\n
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<\/td>\n<\/tr>\n