Rand Capital (RAND)

Company Profile

Rand Capital (Nasdaq: RAND) is an externally-managed Business Development Company (BDC) with a wholly-owned subsidiary licensed by the U.S. Small Business Administration (SBA) as a Small Business Investment Company (SBIC). The Company's 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 invests in early to later stage businesses that have sustainable, differentiated and market-proven products, revenue of more than $2 million and a path to free cash flow or up to $5 million in EBITDA. The Company's investment activities are managed by its external investment adviser, Rand Capital Management, LLC.

Company profile

Ticker

RAND

Exchange

NASDAQ

Website

www.randcapital.com

CEO

Pete F. Grum

Incorporated

New York

Location

New York

Fiscal year end

Dec 31

Sector

Finance and Insurance > Other Financial Vehicles

SEC CIK

0000081955

Corporate docs

Articles of Incorporation & Bylaws

Underwriting Agreements

Plans of Reorganization

Indentures

Material Contracts & Credit Agreements

Subsidiaries Lists

Subsidiaries

Rand BMP Swanson Hold Co., LLC • Rand Capital Sub LLC • Rand Carolina Skiff Holdings Corp. • Rand DSD Holdings Corp. • Rand Filterworks Holdings Corp. • Rand FSS Holdings Corp. • Rand ITA Holdings Corp. • Rand Somerset Holdings Corp. ...

IRS number

160961359

RAND stock data

1M 1Y 5Y

Latest filings (excl ownership)

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9 May 23

Rand Capital Reports 65% Increase in Total Investment Income

9 May 23

8-K

Submission of Matters to a Vote of Security Holders

20 Apr 23

ARS

2022 FY

Annual report to shareholders

17 Mar 23

10 Mar 23

Rand Capital Reports 40% Increase in Total Investment Income

7 Nov 22

8 Aug 22

Rand Capital Secures $25 Million Senior Secured Credit Facility to Support Future Investments

27 Jun 22

Transcripts

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RAND

Earnings call transcript

2022 Q4

10 Mar 23

RAND

Earnings call transcript

2022 Q3

7 Nov 22

RAND

Earnings call transcript

2022 Q2

8 Aug 22

RAND

Earnings call transcript

2022 Q1

9 May 22

RAND

Earnings call transcript

2021 Q4

11 Mar 22

RAND

Earnings call transcript

2021 Q3

5 Nov 21

RAND

Earnings call transcript

2021 Q2

9 Aug 21

RAND

Earnings call transcript

2021 Q1

10 May 21

RAND

Earnings call transcript

2020 Q4

8 Mar 21

RAND

Earnings call transcript

2020 Q3

7 Nov 20

Latest ownership filings

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Financial summary

Financial statements Chart RAND financial data

Quarter (USD)	Mar 23	Dec 22	Sep 22	Jun 22
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Annual (USD)	Dec 22	Dec 21	Dec 20	Dec 19
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Cash burn rate (est.)	Burn method: Change in cash		Burn method: Operating income		Burn method: FCF (opex + capex)
	Last Q	Avg 4Q	Last Q	Avg 4Q	Last Q	Avg 4Q
Cash on hand (at last report)		1.84 mm	1.84 mm	1.84 mm	1.84 mm	1.84 mm
Cash burn (monthly)		(no burn)	698.56 k	174.64 k	1.47 mm	367.64 k
Cash used (since last report)		n/a	1.55 mm	388.01 k	3.27 mm	816.80 k
Cash remaining		n/a	289.13 k	1.45 mm	-1.43 mm	1.02 mm
Runway (months of cash)		n/a	0.4	8.3	-1.0	2.8

Beta Read what these cash burn values mean

Financial data from company earnings reports.

Institutional ownership, Q4 2022

RAND institutional ownership history Ownership history

2.7% owned by funds/institutions

13F holders	Current	Prev Q	Change
Total holders	7	9	-22.2%
Opened positions	0	2	EXIT
Closed positions	2	1	+100.0%
Increased positions	2	1	+100.0%
Reduced positions	0	1	EXIT

13F shares	Current	Prev Q	Change
Total value	913.10 mm	1.28 mm	+71515.6%
Total shares	68.58 k	87.01 k	-21.2%
Total puts	0.00	0.00
Total calls	0.00	0.00
Total put/call ratio	–	–	–

Largest owners	Shares	Value	Change
Shufro Rose & Co	42.91 k	$571.58 mm	0.0%
Nottingham Advisors	22.58 k	$300.75 mm	0.0%
UBS UBS Group AG - Registered Shares	1.07 k	$14.29 mm	+41.4%
BAC Bank Of America	1.00 k	$13.32 mm	0.0%
Advisor	1.00 k	$13.00 mm	0.0%
TCI Wealth Advisors	10.00	$133.00 k	0.0%
WFC Wells Fargo & Co.	2.00	$27.00 k	+100.0%
Proequities	0.00	$0.00

Largest transactions	Shares	Bought/sold	Change
Ewing Morris & Co. Investment Partners	0.00	-18.65 k	EXIT
UBS UBS Group AG - Registered Shares	1.07 k	+314.00	+41.4%
Tower Research Capital	0.00	-100.00	EXIT
WFC Wells Fargo & Co.	2.00	+1.00	+100.0%
BAC Bank Of America	1.00 k	0.00	0.0%
Proequities	0.00	0.00
Shufro Rose & Co	42.91 k	0.00	0.0%
Nottingham Advisors	22.58 k	0.00	0.0%
TCI Wealth Advisors	10.00	0.00	0.0%
Advisor	1.00 k	0.00	0.0%

Data from 13F filings, for the last complete 13F reporting period. For most recent data, click the ownership history button. Values as filed, not updated for current price. Long positions only.

Recent insider trades

RAND insider ownership history Insider history

Date	Owner	Security	Transaction	Code	Indirect	10b5-1	$Price	#Shares	$Value	#Remaining
5 Jun 23	Gusky Adam Samuel	Common Stock	Buy	Acquire P	Yes	No	13.2	1	13.20	24,905
2 Jun 23	Gusky Adam Samuel	Common Stock	Buy	Acquire P	Yes	No	12.99	120	1.56 k	24,904
1 Jun 23	Gusky Adam Samuel	Common Stock	Buy	Acquire P	Yes	No	12.8	6	76.80	24,784
30 May 23	Gusky Adam Samuel	Common Stock	Buy	Acquire P	Yes	No	13.05	137	1.79 k	24,778
26 May 23	Gusky Adam Samuel	Common Stock	Buy	Acquire P	Yes	No	13.05	3	39.15	24,641
25 May 23	Gusky Adam Samuel	Common Stock	Buy	Acquire P	Yes	No	12.9	1	12.90	24,638
19 May 23	Gusky Adam Samuel	Common Stock	Buy	Acquire P	Yes	No	12.97	571	7.41 k	24,637
18 May 23	Gusky Adam Samuel	Common Stock	Buy	Acquire P	Yes	No	12.81	500	6.41 k	24,066
16 May 23	Daniel P Penberthy	Common Stock	Buy	Acquire P	No	No	13.359	499	6.67 k	16,769
12 May 23	Daniel P Penberthy	Common Stock	Buy	Acquire P	No	No	12.99	1	12.99	16,270