Rand Capital Q1 total investment income up 65% to $1.85M; dividend raised 25% to $0.25/share

Total investment income grew $727,000, or 65%, to $1.85 million driven by a 42% increase in interest from portfolio companies, dividend income that more than doubled, and higher fee income. ● Total expenses were $1.05 million compared with $345,000 in the prior-year first quarter. The increase includes a $531,000 increase in capital gains incentives fees payable to the Company’s external investment adviser, Rand Capital Management, LLC. The increase also reflects $158,000 in interest expense from the senior revolving credit facility entered into in June 2022 to fund growth. Offsetting these increases was a $60,000 decline in professional fees. Excluding capital gains incentive fees, adjusted expenses, which is a non-GAAP financial measure, were $757,000 compared with $585,000 in the first quarter of 2022. See the attached description of this non-GAAP financial measure and reconciliation table for adjusted expenses. Rand Capital Reports 65% Increase in Total Investment Income for First