00:03 Greetings, and welcome to the Rand Capital Corporation Third Quarter twenty twenty one Financial Results Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. 00:26 I would now like to turn the call over to Craig Mychajluk of Investor Relations. Thank you. You may be begin.

00:32 Yeah. Thank you, Darryl, and good afternoon, everyone. We appreciate your interest in Rand Capital and joining us today for our third quarter twenty twenty one financial results conference call. Here with me today are Pete Grum, our Chief Executive Officer; and Dan Penberthy, our Executive Vice President and Chief Financial Officer. You should have a copy of the release that crossed the wires this morning as well as our slides that accompany our conversation today. If not, they are available on our website at randcapital.com. 00:59 If you are following along in the slide deck, please turn to slide two, I would like to point out some important information around our safe harbor. As you are aware, we may make some forward-looking statements during this presentation and during the question-and-answer session. These statements apply to future events that are subject to risks and uncertainties as well as other factors that could cause actual results to differ from where we are today. 01:23 You can find a summary of these risks and uncertainties and other factors in the earnings release as well as other documents filed by the company with the Securities and Exchange Commission. These documents can be found on our website or at sec.gov. 01:35 During today's call, we will also discuss some non-GAAP measures. We believe that these will be useful in evaluating our performance. You should not consider the presentation of this additional information in isolation or as a substitute for results in accordance with GAAP. We’ve provided reconciliations of non-GAAP measures with comparable GAAP measures in the tables that accompany today’s release and in the slides. 01:59 So with that, if you turn to slide three, and I will hand the discussion over to Pete to begin. Pete?

02:04 Thank you, Craig. Good afternoon, everyone. Before we get into the financials and our results, I want to take a moment to acknowledge that yesterday, on November fourth, Rand marked fifty years of Rand Capital trading on the NASDAQ. We were one of the inaugural group of people that traded on there. We celebrated this milestone earlier this year by ringing the closing bell at the exchange. I have proudly served as CEO for twenty five of these years, a period in which we’ve transformed Rand from a small venture capital business to a growing dividend paying business development company. 02:45 As part of my planned retirement, we announced about two weeks ago our leadership and board transition that I believe will allow us to continue to execute on the strategic plan. Effective December first, Dan will take over as President and CEO; and Margaret Brechtel, our VP of Finance will be promoted to Executive Vice President and CFO and will be the Treasurer and Secretary of the company. 03:13 Additionally, Robert Zak will succeed Erkie Kailbourne as Board Chair. It’s been my honor to serve as CEO for the last twenty five years. And I will continue as Vice Chair of the Board. I look forward to supporting Dan and Margaret as they continue our strong legacy and take Rand to the next level. 03:35 The success of our strategy to transform Rand into to an income producing business development company is evident in our results. We continue to move our portfolio from equity investments into income producing investments. As a BDC, we intend to drive investment income and grow our shareholder dividends. 03:59 Let's turn to slide five and we will get into our results. For the quarter, our total investment income grew by thirty seven percent…

10:40 Thanks, Pete, and good afternoon, everyone. Slide eleven provides an overview of our financial summary and our operational highlights. Total investment income for the quarter was just north of one million dollars, a thirty seven percent increase over last year and reflects the continued shift in our portfolio profile to more interest yielding assets. 11:01 In total, twenty three portfolio companies generated income compared with twenty in the prior year period. This quarter's total investment income also benefited from approximately two hundred and thirty thousand dollars of dividend income, which was up one hundred and forty six percent over last year's third quarter. This was primarily comprised of dividends received from our BDC investment portfolio and Knoa Software. 11:31 Total expenses in the quarter were nine hundred and sixty two thousand dollars up from four hundred and fifty six thousand dollars in last year's third quarter, largely reflecting the capital gains incentive fee accrual which Pete has already discussed. Again, as a reminder, a capital gains incentive fee accrual under GAAP is calculated using the cumulative aggregate realized capital gains and losses, and the aggregate net change in unrealized capital appreciation and depreciation at the close of the period. 12:05 Operating expenses, which is a non-GAAP financial measure and excludes the capital gains accrual increased fifty two thousand dollars or eleven percent, mostly due to the increase in the base management fee payable to Rand’s investment adviser resulting from the increased portfolio asset values. Even with the increase in expenses, net assets from operations increased to two point three million dollars or zero point nine zero dollars per share. 12:36 Slide twelve provides a waterfall graph for the change in NAV for the year-to-date period. This increase was largely due to the change in fair value of Rand’s investment…

16:13 Thank you. We will now be conducting a question-and-answer session. [Operator Instructions] There are no questions at this time. I'd like to hand the call back over to management for any closing comments. : :

17:01 Thank you everyone for joining us on today's call and for your interest in Rand Capital. As always, please feel free to reach out to us at any time and we look forward to talking to with you all again after our fourth quarter twenty twenty one results. Thank you for your participation, and have a great day.

17:22 This does conclude today's teleconference. We appreciate your participation. You may disconnect your lines at this time. Have a great day.