RAND CAPITAL CORP — Director's Dealing 2025

May 29, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAND CAPITAL CORP (RAND)
CIK: 0000081955
Period of Report: 2025-05-27

Reporting Person: Gusky Adam Samuel (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-05-27	Common Stock	P	200	$15.75	Acquired	32504	Indirect
2025-05-28	Common Stock	P	12	$16.00	Acquired	32516	Indirect

Footnotes

F1: Includes 4,210 shares of the Issuer acquired in connection with the $4.20 per share dividend declared by the Board of Directors of the Issuer on December 5, 2024, which was payable in cash or shares of common stock at the election of stockholders, subject to the limitation that no more than 20% of the total dividend amount would be paid in cash.

F2: These securities are held by AG Energy, LLC. These securities may be deemed to be beneficially owned by Mr. Gusky by virtue of his control of AG Energy, LLC.