RIA profile

Rand Capital Management

BUFFALO, NYCRD 304504Registration Status: ApprovedEffective since July 17, 2019SEC # 801-116971Latest Form ADV October 12, 2026
Assets Under Management
$137M
Employees
10
Offices
3 offices
Total Clients
<5

Rand Capital Management's Form ADV filing dated 2026-10-12 reports $136,707,933 in regulatory assets under management, $136,707,933 discretionary and $0 non-discretionary, 4 accounts, and 10 employees.

Associated firm names

3 names listed
  • RAND CAPITAL MANAGEMENT
  • RAND CAPITAL MANAGEMENT, LLC
  • RAND CAPITAL MANAGEMENT LLC

Leadership

4 roles identified
CEODaniel P. Penberthy
CEOOliver S. Barfield
CCOKristen M. Cammarata

Advisory services offered

2 types reported
Portfolio management for investment companies
Portfolio management for pooled investment vehicles

Fee models offered

2 types reported
Asset based fees
Other fee arrangements

Offices & Contact

Primary office

BUFFALO, New York, United States

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Primary office regionOther reported regions
New York

BUFFALOPrimary office

Georgia

ATLANTA

Shading shows states and countries with reported offices. Cities are listed below; shading does not indicate service coverage.

2 office records listed · 3 total offices reported. 1 additional office addresses are undisclosed and are not mapped. Counts can use different reporting dates. SEC filers may list only their largest 25 additional offices.

Contact and digital presence

ADV profile links

Regulatory Assets Under Management Breakdown

Total regulatory assets under management$137Mas of October 12, 2026
Discretionary100.0%
$137M
100% of total RAUM100.0%
Non-discretionary0.0%
$0
0% of total RAUM0.0%
All regulatory assets under management are discretionary.

Client Coverage Demographics

Top client segmentPooled Investment Vehicles represent 50.0% of total clients.
Top client categories% of clientsClients
1
Pooled Investment Vehicles
50.0%
2
2
Investment Cos.
25.0%
1
3
BDCs
25.0%
1

Assets Under Management

Quarterly points use the latest ADV filing or SEC roster snapshot available in each quarter.

Total AUM$137M
Total Accounts4
10Y AUM Change+$137M

Employee Growth by Quarter

Quarterly points use the latest ADV filing or SEC roster snapshot available in each quarter.

Total Employees10
Clients per Employee0:1
10Y Employee Change+6 (+150.0%)

Historical AUM and employee figures reflect available SEC Form ADV filings under this CRD. Filing gaps may reflect registration status changes, dormant periods, state registration periods, firm restructuring, or other reporting changes. Rialytix does not interpolate missing periods.

Private Funds

Private funds reported by Rand Capital Management

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Custodians

Reported custodian relationships by Rand Capital Management

No custodian records were reported in Schedule D, Section 5.K.(3) of this filing. This does not mean the adviser uses no custodians.

These custodians are disclosed for separately managed accounts under Form ADV’s 10% reporting threshold. This is not a complete list of custodians for all client assets.


Ownership

Reported direct and indirect relationships by Rand Capital Management

Each range applies to a separate reported relationship and should not be added together.

Reported ownership ranges

Highlighted bands show the percentage range reported in Form ADV.

0%25%50%75%100%
CALLODINE CREDIT, LLCDirect owner · Schedule AInterest in RAND CAPITAL MANAGEMENT
75%+
James Stuart MorrowIndirect owner · Schedule BInterest in CALLODINE GROUP, LLC
75%+
CALLODINE GROUP, LLCIndirect owner · Schedule BInterest in CALLODINE CREDIT, LLC
75%+

Bars represent the reported range at that individual ownership step, not an estimated percentage of the advisory firm. Indirect relationships may refer to intermediate entities rather than directly to Rand Capital Management.

Reported ownership and control details

7 entries

Compliance & Disclosures

Responses were selected by the RIA in its filing. Questions are shortened for readability; “you” refers to the reporting firm, and some questions also cover advisory affiliates.

RIA or supervised-person involvementThe RIA reported that none of the events below involve the firm or its supervised persons.RIA responseNo
AFelonies2 No

In the past ten years, have you or any advisory affiliate:

  • A1Been convicted of or pleaded guilty or no contest to a felony?No
  • A2Been charged with a felony?No
BMisdemeanors2 No

In the past ten years, have you or any advisory affiliate:

  • B1Been convicted of or pleaded guilty or no contest to a misdemeanor involving investments, an investment-related business, fraud, false statements or omissions, wrongful taking of property, bribery, perjury, forgery, counterfeiting, or extortion?No
  • B2Been charged with a misdemeanor of the kind listed above?No
CSEC or CFTC actions5 No

Has the SEC or CFTC ever:

  • C1Found you or an advisory affiliate made a false statement or omission?No
  • C2Found you or an advisory affiliate violated SEC or CFTC regulations or statutes?No
  • C3Found you or an advisory affiliate caused an investment-related business to have its authorization to do business denied, suspended, revoked, or restricted?No
  • C4Entered an order against you or an advisory affiliate in connection with investment-related activity?No
  • C5Imposed a civil money penalty on you or an advisory affiliate, or ordered you or an advisory affiliate to cease and desist from any activity?No
DOther regulatory actions5 No

Has any other federal regulatory agency, state regulatory agency, or foreign financial regulatory authority ever:

  • D1Found you or an advisory affiliate made a false statement or omission, or was dishonest, unfair, or unethical?No
  • D2Found you or an advisory affiliate violated investment-related regulations or statutes?No
  • D3Found you or an advisory affiliate caused an investment-related business to have its authorization to do business denied, suspended, revoked, or restricted?No
  • D4In the past ten years, entered an order against you or an advisory affiliate in connection with investment-related activity?No
  • D5Denied, suspended, or revoked your or an advisory affiliate’s registration or license, or otherwise prevented association with an investment-related business or restricted activities?No
ESelf-regulatory organization actions4 No

Has a self-regulatory organization or commodities exchange ever:

  • E1Found you or an advisory affiliate made a false statement or omission?No
  • E2Found you or an advisory affiliate violated its rules, other than a violation designated as a minor rule violation under an SEC-approved plan?No
  • E3Found you or an advisory affiliate caused an investment-related business to have its authorization to do business denied, suspended, revoked, or restricted?No
  • E4Disciplined you or an advisory affiliate by expulsion, suspension, barring association with other members, or otherwise restricting activities?No
FProfessional authorizations1 No
  • FHas an authorization to act as an attorney, accountant, or federal contractor granted to you or an advisory affiliate ever been revoked or suspended?No
GPending regulatory proceedings1 No
  • GAre you or any advisory affiliate now the subject of a regulatory proceeding that could result in a “Yes” answer to any part of C, D, or E?No
HCivil judicial actions and proceedings4 No

(1) Court actions

Has a domestic or foreign court:

  • H(1)(a)In the past ten years, enjoined you or an advisory affiliate in connection with investment-related activity?No
  • H(1)(b)Found that you or an advisory affiliate violated investment-related statutes or regulations?No
  • H(1)(c)Dismissed, pursuant to a settlement agreement, an investment-related civil action brought against you or an advisory affiliate by a state or foreign financial regulatory authority?No

(2) Pending civil proceedings

  • H(2)Are you or any advisory affiliate now the subject of a civil proceeding that could result in a “Yes” answer to any part of H(1)?No

* Metrics are based on the latest available data, including Form ADV filings, brochures, and relationship summaries pulled from the SEC IAPD, and may be subject to change. Learn what is included in the Rialytix database. Please refer to the firm's official disclosures for the most accurate information using their CRD number. This is not investment advice.