Rand Capital Corp. Q1 2025: Investments and Notes Detailed

Ticker: RAND · Form: 10-Q · Filed: 2025-05-05T00:00:00.000Z

Sentiment: neutral

Topics: investment-portfolio, debt-instruments, financial-reporting, notes-and-warrants

TL;DR

Rand Capital Q1 2025: Investments in FCM, Mobile RN, Mattison Ave. Notes total millions.

AI Summary

Rand Capital Corp. reported its first quarter 2025 results as of March 31, 2025. The company's filings indicate investments in entities such as FCM Industries Holdco LLC, Mobile RN Holdings LLC, and Mattison Avenue Holdings LLC. Notable financial instruments include a $3,380,000 Term Note at 13% with FCM Industries Holdco LLC and a $1,794,944 Third Amended, Restated and Consolidated Promissory Note with Mattison Avenue Holdings LLC.

Why It Matters

This filing provides insight into Rand Capital's investment portfolio and debt instruments, which are crucial for understanding the company's financial health and future growth prospects.

Risk Assessment

Risk Level: medium — The company's financial performance is tied to its investment portfolio and the terms of its various notes and warrants, which carry inherent market and credit risks.

Key Numbers

$3,380,000 — FCM Industries Holdco LLC Term Note (Represents a significant debt obligation at a 13% interest rate.)
$1,794,944 — Mattison Avenue Holdings LLC Promissory Note (A substantial consolidated promissory note indicating financial commitment.)
$3,000,000 — Mountain Regional Equipment Solutions Term Note (Another significant term note within the company's debt structure.)
$1,750,000 — Caitec, Inc. Subordinated Secured Promissory Note (A subordinated debt instrument indicating a specific layer of financing.)

Key Players & Entities

RAND CAPITAL CORP (company) — Filer
FCM Industries Holdco LLC (company) — Investment and Note Holder
Mobile RN Holdings LLC (company) — Investment Holder
Mattison Avenue Holdings LLC. (company) — Note Holder
$3,380,000 (dollar_amount) — FCM Industries Holdco LLC Term Note
$1,794,944 (dollar_amount) — Mattison Avenue Holdings LLC Promissory Note
GoNoodle, Inc. (company) — Investment Holder (Warrant)
Mountain Regional Equipment Solutions (company) — Note Holder
$3,000,000 (dollar_amount) — Mountain Regional Equipment Solutions Term Note
Caitec, Inc. (company) — Note Holder

FAQ

What is the total value of the notes and warrants held by Rand Capital Corp. as of March 31, 2025?

The filing details specific notes and warrants, including a $3,380,000 Term Note with FCM Industries Holdco LLC, a $1,794,944 Promissory Note with Mattison Avenue Holdings LLC, a $3,000,000 Term Note with Mountain Regional Equipment Solutions, and a $1,750,000 Promissory Note with Caitec, Inc., among others. A precise total is not explicitly stated in this excerpt.

What is the interest rate on the $3,380,000 Term Note with FCM Industries Holdco LLC?

The $3,380,000 Term Note with FCM Industries Holdco LLC carries an interest rate of 13%.

Which entities are listed as investments or note holders for Rand Capital Corp. in this filing?

Entities listed include FCM Industries Holdco LLC, Mobile RN Holdings LLC, Mattison Avenue Holdings LLC, GoNoodle, Inc., Mountain Regional Equipment Solutions, and Caitec, Inc.

What is the fiscal year end for Rand Capital Corp.?

Rand Capital Corp.'s fiscal year ends on December 31.

What type of financial instrument does Rand Capital Corp. hold with GoNoodle, Inc.?

Rand Capital Corp. holds a warrant for 47,324 Series C Preferred shares with GoNoodle, Inc.

From the Filing

0000950170-25-063187.txt : 20250505 0000950170-25-063187.hdr.sgml : 20250505 20250505084527 ACCESSION NUMBER: 0000950170-25-063187 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 61 CONFORMED PERIOD OF REPORT: 20250331 FILED AS OF DATE: 20250505 DATE AS OF CHANGE: 20250505 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RAND CAPITAL CORP CENTRAL INDEX KEY: 0000081955 ORGANIZATION NAME: EIN: 160961359 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 814-00235 FILM NUMBER: 25911177 BUSINESS ADDRESS: STREET 1: 1405 RAND BUILDING CITY: BUFFALO STATE: NY ZIP: 14203 BUSINESS PHONE: 7168530802 MAIL ADDRESS: STREET 1: 1405 RAND BUILDING CITY: BUFFALO STATE: NY ZIP: 14203 10-Q 1 rand-20250331.htm 10-Q 10-Q Q1 0000081955 --12-31 false http://fasb.org/us-gaap/2024#RelatedPartyMember http://fasb.org/us-gaap/2024#RelatedPartyMember http://fasb.org/us-gaap/2024#RealizedInvestmentGainsLosses http://fasb.org/us-gaap/2024#UnrealizedGainLossOnInvestments http://fasb.org/us-gaap/2024#UnrealizedGainLossOnInvestments http://fasb.org/us-gaap/2024#SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember 33.33 40 0000081955 rand:ProfessionalAndBusinessServicesMember 2025-03-31 0000081955 FCM Industries Holdco LLC 2024-12-31 0000081955 us-gaap:CommonStockMember 2025-03-31 0000081955 Mobile RN Holdings LLC - 6,375 Class A Common Units 2024-01-01 2024-12-31 0000081955 Mattison Avenue Holdings LLC. - $1,794,944 Third Amended, Restated and Consolidated Promissory Note 2024-12-31 0000081955 FCM Industries Holdco LLC $3,380,000 Term Note at 13% 2024-12-31 0000081955 rand:ManufacturingMember 2025-03-31 0000081955 GoNoodle, Inc. - Warrant for 47,324 Series C Preferred 2024-01-01 2024-12-31 0000081955 Mountain Regional Equipment Solutions - $3,000,000 Term Note 2024-12-31 0000081955 Affiliate Investments 2023-12-31 0000081955 Caitec, Inc. - $1,750,000 Subordinated Secured Promissory Note One 2025-03-31 0000081955 Tilson Technology Management, Inc. - 70,176 Series D Preferred 2025-03-31 0000081955 us-gaap:FairValueInputsLevel3Member rand:MicrocisionLlcMember us-gaap:EquitySecuritiesMember 2025-01-01 2025-03-31 0000081955 Autotality formerly Filterworks Acquisition USA, LLC 2025-03-31 0000081955 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2025-03-31 0000081955 Pressure Pro, Inc. - $3,000,000 Term Note at 12% 2023-12-31 0000081955 GoNoodle, Inc. - 1,500,000 Secured Note 2025-03-31 0000081955 Seybert’s Billiards Corporation - $4,139,444 Term Note at 12% 2024-12-31 0000081955 Affiliate Investments 2025-03-31 0000081955 Control and Affiliate Investments 2023-12-31 0000081955 rand:CaitecIncMember 2025-01-01 2025-03-31 0000081955 Filterworks Acquisition USA, LLC d/b/a Autotality -417.7 shares Class A-0 Units 2024-12-31 0000081955 Non-Control/Non-Affiliate Investments - Net assets 2024-12-31 0000081955 Seybert’s Billiards Corporation - $6,099,131 Third Amended and Restated Term Note at 12% 2024-12-31 0000081955 us-gaap:FairValueInputsLevel3Member us-gaap:DebtSecuritiesMember 2024-12-31 0000081955 ITA Acquisition, LLC - $2,672,808 Fifth Amended and Restated Term Note 2024-12-31 0000081955 rand:MAndTBankMember rand:CreditAgreementMember us-gaap:RevolvingCreditFacilityMember 2025-03-31 0000081955 FCM Industries Holdco LLC $420,000 Convertible Note at 10% 2023-12-31 0000081955 Control Investments - 3.1%% of net assets 2025-03-31 0000081955 2025-05-05 0000081955 Tilson Technology Management, Inc. - 15,385 Series E Preferred 2025-03-31 0000081955 Mobile RN Holdings LLC d/b/a Mobile IV Nurses - $2,500,000 Term Note 2025-03-31 0000081955 Highland All About People Holdings, Inc. - $3,000,000 Term Note at 12% 2023-12-31 0000081955 Mobile RN Holdings LLC d/b/a Mobile IV Nurses - $2,500,000 Term Note 2024-01-01 2024-12-31 0000081955 2023-12-31 0000081955 us-gaap:FairValueInputsLevel3Member rand:HighlandAllAboutPeopleHoldingsIncMember 2025-01-01 2025-03-31 0000081955 Mountain Regional E