Rand Capital Management

Rand Capital Management, LLC (RCM) is a financial advisor firm established in 2019, specializing in managing assets for Rand Capital Corporation (RAND), two privately offered investment funds, and other clients. RCM focuses on mezzanine debt and structured capital solutions for lower middle market companies. The firm's investment strategy aims to seek current income and capital appreciation for its clients. RCM charges management fees and may apply incentive fees based on negotiated terms with each client. The firm manages client assets on a discretionary basis, with regulatory assets under management totaling $63,481,192 for the BDC and $58,040,413 for private funds as of December 31, 2022. RCM does not engage in soft dollar arrangements and does not receive any economic benefits from anyone other than its clients. The firm has adopted a Code of Ethics and addresses potential conflicts of interest, such as performance-based fees and voting client securities, through established policies and procedures. RCM has full investment discretion over client assets and exercises voting authority for client securities based on maximizing client value. The firm does not require prepayment of fees and has a sound financial condition to meet its commitments to clients. For more detailed information, clients can request a copy of RCM's proxy voting policy, financial information, or Code of Ethics.