Rand Capital Corporation
Inside Rand Capital Corporation’s $77M private-credit portfolio — 63 portfolio holdings disclosed in SEC filings.
Filing Information
Portfolio Composition
Portfolio-wide breakdown by fair value across this BDC’s full Schedule of Investments. Source: SEC EDGAR (public).
Top Portfolio Holdings
| Company | Sector | Investment | Coupon | Maturity | Cost | Fair Value |
|---|---|---|---|---|---|---|
| BMP Food Service Supply Holdco, LLC - $7,235,000 Fourth Amended and Restated Term Note, $4,820,000 at 12%, $1,615,000 at 16%, $800,000 at 13% | — | $4,259,834 | ||||
| BMP Food Service Supply Holdco, LLC - $7,235,000 Fourth Amended and Restated Term Note | $7,991,496 | $4,259,834 | ||||
| Inter-National Electronic Alloys LLC - $3,288,235 Term Note at 12% | 2028-04-04 | — | $3,389,246 | |||
| Inter-National Electronic Alloys LLC d/b/a EFINEA - $3,288,235 Term Note | 2028-04-04 | $3,389,246 | $3,389,246 | |||
| FCM Industries Holdco LLC - $3,380,000 Term Note at 13% | 2028-07-31 | $3,380,000 | $3,380,000 | |||
| Highland All About People Holdings, Inc. - $3,000,000 Term Note at 12% | (PIK 4.00%) | 2028-08-07 | $3,338,889 | $3,338,889 | ||
| Bauer Sheet Metal and Fabricating LLC - $3,250,000 Term Note | — | $3,239,200 | ||||
| Bauer Sheet Metal and Fabricating Inc. - $3,250,000 Term Note | 2030-10-24 | $3,239,200 | $3,239,200 | |||
| AME Holdco, LLC - $3,000,000 Term Note | 2030-10-24 | $3,000,000 | $3,000,000 | |||
| AME Holdco, LLC - $3,000,000 Term Note at 13% due October 24, 2030 | 2030-10-24 | — | $3,000,000 | |||
| Mobile RN Holdings LLC d/b/a Mobile IV Nurses - $2,500,000 Term Note at 14% | (PIK 1.00%) | 2029-10-02 | $2,538,157 | $2,538,157 | ||
| Mobile RN Holdings LLC - $2,500,000 Term Note at 14% | (PIK 1.00%) | 2029-10-02 | — | $2,538,157 | ||
| Caitec, Inc. - $1,750,000 Subordinated Secured Promissory Note One | Subordinated Debt Subordinated | 2027-07-02 | $2,537,678 | $2,537,678 | ||
| Caitec, Inc. - $1,750,000 Subordinated Secured Promissory Note | Subordinated Debt Subordinated | (PIK 2.00%) | 2027-07-02 | $2,537,678 | $2,537,678 | |
| BlackJet Direct Marketing, LLC - $2,250,000 Term Note | (PIK 1.00%) | 2030-12-12 | $2,262,583 | $2,262,583 | ||
| Autotality - $2,283,702 Amended Term Note | $3,273,457 | $2,250,000 | ||||
| Inter-National Electronic Alloys LLC - 75.3 Class B Preferred Units | Equity | — | $1,800,000 | |||
| Inter-National Electronic Alloys LLC d/b/a EFINEA - 75.3 Class B Preferred Units | Equity | $1,011,765 | $1,800,000 | |||
| BMP Swanson Holdco, LLC - $1,600,000 Term Note | (PIK 7.00%) | 2026-07-31 | $1,787,551 | $1,787,551 | ||
| BMP Swanson Holdco, LLC - $1,600,000 Term Note at 5% | — | $1,787,551 | ||||
| Applied Image, Inc. - $1,750,000 Term Note | 2029-02-01 | $1,720,830 | $1,720,830 | |||
| Applied Image, Inc. - $1,750,000 Term Note at 12% | — | $1,720,830 | ||||
| SQF LLC d/b/a Verta - 250 Class D-1 Units of SQF Holdco LLC. | Equity | $250,000 | $1,500,000 | |||
| SQF LLC d/b/a Verta - 211,567 A-1 Units of SQF Holdco LLC. | — | $1,500,000 | ||||
| GoNoodle, Inc. - 1,500,000 | Secured Note Senior Secured | (PIK 1.00%) | 2026-06-15 | $1,458,346 | $1,458,346 |
Loan-Pricing Trend
Fair-value-weighted average credit spread and average mark across this BDC’s Schedule-of-Investments debt holdings, by filing quarter. Spread and mark are shown in the units reported in the filing. Source: SEC EDGAR (public).
| Quarter | Priced Loans | Wtd-Avg Spread | Avg Mark | Debt Fair Value |
|---|---|---|---|---|
| 2023-09-30 | 0 | — | 102.1 | $225M |
| 2023-12-31 | 0 | — | 103.9 | $223M |
| 2024-03-31 | 0 | — | 103.5 | $245M |
| 2024-06-30 | 0 | — | 103.0 | $256M |
| 2024-09-30 | 0 | — | 98.7 | $223M |
| 2024-12-31 | 0 | — | 99.0 | $223M |
| 2025-03-31 | 0 | — | 97.8 | $194M |
| 2025-06-30 | 0 | — | 106.8 | $73M |
| 2025-09-30 | 0 | — | 114.1 | $56M |
| 2025-12-31 | 0 | — | 116.6 | $58M |
| 2026-03-31 | 0 | — | 100.0 | $67M |
Marks reflect each BDC’s own fair-value estimates as reported to the SEC, not traded prices. Private-credit loans are predominantly Level 3 under ASC 820 — valued from unobservable inputs and determined in good faith by each BDC’s board, so figures are estimates as of the filing date and are not directly comparable across managers. Informational only; not investment advice or a valuation.
About Rand Capital Corporation
Rand Capital Corporation (RAND) is a publicly traded Business Development Company (BDC) — essentially a publicly listed fund that lends money to mid-sized private companies. In plain English: BDCs raise money from public investors and lend it to businesses that are too small for Wall Street banks. By law, they must pay out at least 90% of their profits as dividends, which is why BDC yields are often 8–12%. Rand Capital Corporation discloses its full loan portfolio through SEC filings.
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