Financial Services >> CEO Interviews >> March 31, 2026
Key Takeaways: Rand Capital has transitioned from a volatile early-stage venture capital focus to a stable business development company (BDC) model, with a current portfolio comprised of 79% debt and 21% equity. President and CEO Daniel Penberthy highlights the company’s "sweet spot" of writing $2 million to $4 million checks, a niche with limited competition from larger BDCs. Despite a stagnant 2025 marked by high interest rates and significant portfolio repayments, Rand remains well-positioned for 2026 with $23 million in total liquidity and zero outstanding debt. The company is focused on recycling capital into new sub-debt instruments to support and grow its quarterly dividend, which reached $0.29 per share in 2025. Profile
Daniel P. Penberthy is the President and Chief Executive Officer of Rand Capital Corporation. Mr. Penberthy was appointed President and CEO in December 2021. He had served as Treasurer and Chief Financial Officer of Rand since 1997. He oversees the company’s investment activities and takes an active role in the investment process from deal sourcing to fund marketing. Prior to joining Rand, Mr. Penberthy served as Chief Financial Officer for both the Greater Buffalo Partnership (formerly the Chamber of Commerce) and the Greater Buffalo Convention and Visitors Bureau. Mr. Penberthy also worked with the Greater Buffalo Development Foundation and KPMG. He earned his Bachelor of Science from St. Bonaventure University and his Master of Business Administration from the State University of New York at Buffalo. Profile
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TWST: We know that Rand was founded in 1969 as a small public company with a regional focus, primarily in Buffalo, New York. In what ways has Rand changed, in focus or
