Rand Capital Raises Quarterly Dividend From $0.10 To $0.15/Share

Rand Capital Corporation (NASDAQ:RAND) (“Rand”), a business development company providing alternative financing for lower middle market companies, announced today that its Board of Directors declared its regular quarterly cash dividend distribution of $0.15 per share. This quarterly dividend represents a $0.05 per share increase from the previous regular quarterly dividends in 2021. The cash dividend will be distributed on or about March 28, 2022, to shareholders of record as of March 14, 2022.

“This dividend increase reflects the continued transformation of our portfolio to contain more income producing investments and takes into account our conservative expectations of the income from our current portfolio and our initial tax-based expense projections,” commented, Daniel P. Penberthy, President and Chief Executive Officer of Rand. “We have expectations of continued growth and remain committed to delivering value to our shareholders.”

The amount and timing of dividend distributions, including future dividend distributions, are subject to the discretion of Rand’s Board of Directors. When declaring distributions, Rand’s Board of Directors reviews estimates of taxable income available for distribution, which may differ from consolidated net income under generally accepted accounting principles due to (i) changes in unrealized appreciation and depreciation, (ii) temporary and permanent differences in income and expense recognition, and (iii) the amount of spillover income carried over from a given year for distribution in the following year.

The final determination of taxable income for each tax year, as well as the tax attributes for distributions in such tax year, will be made after the close of the tax year.