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Rand Capital Corporation is an internally managed, closed-end, diversified, management investment company. The Company’s investment objective is to maximize total return to its shareholders with current income and capital appreciation by focusing its debt and related equity investments in privately held, lower middle market companies with committed and experienced managements in a variety of industries. At times when excess cash is available, the Company may also invest in high yielding publicly traded equity instruments. It generally has to invest at least 70% of total assets in qualifying assets and provide managerial assistance to the portfolio companies in which they invest. The Company's portfolio includes software, manufacturing, professional services, consumer product, automotive, BDC investment fund, and oil and gas. The Company’s investment activities are managed by its external investment adviser, Rand Capital Management, LLC.