SuRo Capital Corp (SSSS) 2022 Q4 法說會逐字稿

Good day, ladies and gentlemen, and thank you for standing by. Welcome to the SuRo Capital Fourth Quarter and Fiscal Year 2022 Earnings Conference Call. (Operator Instructions) This call is being recorded today, Wednesday, March 15, 2023.

女士們先生們，美好的一天，感謝你們的支持。歡迎來到 SuRo Capital 第四季度和 2022 財年收益電話會議。 （操作員說明）今天，即 2023 年 3 月 15 日，星期三，正在錄製此電話。

I will now turn the call over to Sindhu Kotha of SuRo Capital. Please go ahead.

我現在將把電話轉給 SuRo Capital 的 Sindhu Kotha。請繼續。

Thank you for joining us on today's call. I'm joined today by the Chairman and Chief Executive Officer of SuRo Capital, Mark Klein; and Chief Financial Officer, Allison Green.

感謝您參加今天的電話會議。今天，SuRo Capital 的董事長兼首席執行官 Mark Klein 也加入了我的行列；和首席財務官 Allison Green。

Please note that a slide presentation corresponding to today's prepared remarks by management is available on our website at www.surocap.com under Investor Relations, Events and Presentations.

請注意，我們網站 www.surocap.com 的投資者關係、活動和演示文稿下提供了與管理層今天準備好的評論相對應的幻燈片演示。

Today's call is being recorded and broadcast live on our website at www.surocap.com. Replay information is included in our press release issued today. This call is the property of SuRo Capital and the unauthorized reproduction of this call in any form is strictly prohibited.

今天的電話會議正在錄製中，並在我們的網站 www.surocap.com 上進行現場直播。重播信息包含在我們今天發布的新聞稿中。本次通話為SuRo Capital所有，嚴禁未經授權以任何形式轉載本次通話。

I would also like to call your attention to customary disclosures in today's earnings press release regarding forward-looking information. Statements made in today's conference call and webcast constitute forward-looking statements, which relate to future events or our future performance or financial condition. These statements are not guarantees of our future performance or future financial condition or results and involve a number of risks, estimates and uncertainties, including the impact of the COVID-19 pandemic and any market volatility that may be detrimental to our business, our portfolio companies, our industry and the global economy that could cause actual results to differ materially from the plans, intentions and expectations reflected in or suggested by the forward-looking statements.

我還想提請您注意今天的收益新聞稿中有關前瞻性信息的慣例披露。在今天的電話會議和網絡廣播中發表的聲明構成前瞻性聲明，與未來事件或我們未來的業績或財務狀況有關。這些陳述不是我們未來業績或未來財務狀況或結果的保證，涉及許多風險、估計和不確定性，包括 COVID-19 大流行的影響以及可能對我們的業務、我們的投資組合公司有害的任何市場波動、我們的行業和全球經濟可能導致實際結果與前瞻性陳述中反映或建議的計劃、意圖和預期存在重大差異。

Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including, but not limited to, those described from time to time in the company's filings with the SEC. Management does not undertake to update such forward-looking statements unless required to do so by law. To obtain copies of SuRo Capital's latest SEC filings, please visit our website at www.surocap.com or the SEC's website at sec.gov.

由於多種因素，包括但不限於公司不時向美國證券交易委員會提交的文件中描述的因素，實際結果可能與前瞻性陳述中的結果存在重大差異。除非法律要求，否則管理層不承諾更新此類前瞻性陳述。要獲取 SuRo Capital 向美國證券交易委員會提交的最新文件的副本，請訪問我們的網站 www.surocap.com 或美國證券交易委員會的網站 sec.gov。

Now I would like to turn the call over to Mark Klein.

現在我想把電話轉給 Mark Klein。

Thank you, Sindhu. Good afternoon, and thank you for joining us today during these tumultuous times. We would like to share the results of SuRo Capital's fourth quarter and fiscal 2022. Over the weekend, the second and third largest bank failures in U.S. history occurred when Silicon Valley Bank and Signature Bank closed. The residual impact of these events is still rippling through the broader markets. In particular, the global financial system is experiencing instability (inaudible) despite the actions taken by the Federal Reserve.

謝謝你，辛杜。下午好，感謝您今天在這些動盪時期加入我們。我們想分享 SuRo Capital 第四季度和 2022 財年的業績。週末，美國歷史上第二大和第三大銀行倒閉，矽谷銀行和簽名銀行倒閉。這些事件的殘餘影響仍在更廣泛的市場中蔓延。特別是，儘管美聯儲采取了行動，但全球金融體係正在經歷不穩定（聽不清）。

While Silicon Valley Bank and Signature Bank may be the only financial institutions to fail, uncertainty may cause significant further dislocation. Additionally, the SVB closure has highlighted the concentration of interdependencies that exist within and between the startup and venture capital ecosystems.

雖然矽谷銀行和 Signature Bank 可能是唯一倒閉的金融機構，但不確定性可能會導致進一步的重大混亂。此外，SVB 的倒閉凸顯了創業和風險投資生態系統內部和之間存在的相互依賴的集中。

As such, we expect the unfortunate collapse of SVB, which was densely integrated within the start-up funding ecosystem to potentially have longer tail impacts and possibly shift the way companies think about liquidity solution. Amid these events, our team moved quickly to both assess and mitigate where possible exposure to SVB as well as reach out to our portfolio companies and determine what support SuRo Capital might be able to provide.

因此，我們預計 SVB 的不幸倒閉可能會產生更長的尾部影響，並可能改變公司對流動性解決方案的思考方式。在這些事件中，我們的團隊迅速採取行動，評估和減輕可能對 SVB 的風險敞口，並聯繫我們的投資組合公司並確定 SuRo Capital 可能提供的支持。

SuRo Capital's direct exposure to the affected banks was limited to less than a $2,000 business checking account at SVB. SuRo Capital's cash and securities are held at our custodian U.S. Bank and in its short-term U.S. treasuries. Additionally, stemming from the actions taken by the Fed, all of our portfolio companies that held cash at SVB are expected to regain access to those funds.

SuRo Capital 對受影響銀行的直接風險僅限於在 SVB 的低於 2,000 美元的商業支票賬戶。 SuRo Capital 的現金和證券存放在我們的託管人美國銀行及其短期美國國債中。此外，由於美聯儲采取的行動，我們所有在 SVB 持有現金的投資組合公司都有望重新獲得這些資金。

It is important to also contextualize these recent events, which have taken place against the backdrop of 2022. As has been well documented, 2022 was one of the worst years for equity markets in decades. The year saw the NASDAQ Composite Index declined by over 30%, while technology stocks as measured by the Morningstar U.S. Technology Index declined 31.5%, their largest single year loss since 2008. NASDAQ Market Intelligence reports that growth-heavy communications, consumer discretionary and technology sectors were the largest underperformers with 2020 declined by approximately 40%, 37% and 28%, respectively.

將這些最近發生的事件置於 2022 年的背景下也很重要。眾所周知，2022 年是幾十年來股市最糟糕的年份之一。這一年，納斯達克綜合指數下跌超過 30%，而晨星美國科技指數衡量的科技股下跌 31.5%，為 2008 年以來的最大單年度跌幅。納斯達克市場情報報告稱，增長強勁的通信、非必需消費品和科技股行業表現最差，2020 年分別下降了約 40%、37% 和 28%。

Given the overall market conditions, we have seen and continue to see a repricing of private securities and opportunities for us to take advantage of the market's volatility. While we have been cautious about deploying capital into the turbulent markets, we are seeing increasingly compelling opportunities as the pricing of private companies adjust to the movements in the public markets. To that end, we made investments totaling $24 million over the course of the year with $10.3 million of that being deployed in Q4. The Q4 investments comprised of one new portfolio company, Locus Robotics, and a follow-on investment made in FanPower via SuRo Capital Sports.

鑑於整體市場狀況，我們已經看到並將繼續看到私人證券的重新定價以及我們利用市場波動的機會。儘管我們一直對將資金投入動蕩的市場持謹慎態度，但隨著私營公司的定價根據公開市場的走勢進行調整，我們看到了越來越誘人的機會。為此，我們在這一年中進行了總計 2400 萬美元的投資，其中 1030 萬美元在第四季度進行了部署。第 4 季度的投資包括一家新的投資組合公司 Locus Robotics，以及通過 SuRo Capital Sports 對 FanPower 進行的後續投資。

Moving further into the new year with over $125 million of investable capital, we remain poised to continue investing in both primary and secondary opportunities for later-stage, high-growth companies, which we will be -- we believe will be compelling valuations. We believe current market conditions present an opportunity to explore prospects as businesses opt to remain private for longer to avoid going public in volatile market conditions.

進入新的一年，我們將擁有超過 1.25 億美元的可投資資本，我們仍準備繼續投資於後期高增長公司的主要和次要機會，我們相信這些公司的估值將具有吸引力。我們認為當前的市場狀況提供了一個探索前景的機會，因為企業選擇保持私有狀態更長時間以避免在動蕩的市場條件下上市。

Additionally, while there is still a divergence between pricing in the private and public markets, we believe valuations will continue to converge, creating advantageous conditions for us to deploy capital. Despite significant slowdowns in stock transactions, we are pleased to share the following recent updates of our stock positions. On February 27, 2023, Colombier Acquisition announced their intention to merge with PublicSq., an e-commerce marketplace at a valuation of more than $200 million.

此外，儘管私人市場和公開市場的定價仍然存在差異，但我們相信估值將繼續趨同，為我們部署資本創造有利條件。儘管股票交易顯著放緩，但我們很高興分享我們最近的股票頭寸更新。 2023 年 2 月 27 日，Colombier Acquisition 宣布打算與估值超過 2 億美元的電子商務市場 PublicSq. 合併。

Assuming the combination between Colombier and PSQ Holdings is completed, SuRo Capital's position in the new company will be worth more than $25 million. If the price of the new company holds, SuRo will see an over $20 million increase in its position given our current stake in Colombier Acquisition. Our current cost basis for the investment is approximately $2.7 million.

假設 Colombier 和 PSQ Holdings 的合併完成，SuRo Capital 在新公司的持股價值將超過 2500 萬美元。如果新公司的價格保持不變，鑑於我們目前在 Colombier Acquisition 的股份，SuRo 的頭寸將增加超過 2000 萬美元。我們目前的投資成本基礎約為 270 萬美元。

On February 17, 2023, both Churchill Capital VI and Churchill Capital VII filed 8-Ks, notifying investors, they had signed LOIs with target companies. While we've heard they have signed LOIs, this is unsure that they will reach a definitive agreement or consummate these transactions.

2023 年 2 月 17 日，Churchill Capital VI 和 Churchill Capital VII 都提交了 8-Ks，通知投資者，他們已經與目標公司簽署了意向書。雖然我們聽說他們已經簽署了意向書，但不確定他們是否會達成最終協議或完成這些交易。

Turning to Q4. We ended the year with a net asset value of $210 million or $7.39 per share. That NAV compares to a net asset value of $7.83 a share in Q3 2022 and $11.72 a share at the end of 2021.

轉向第四季度。年底，我們的資產淨值為 2.1 億美元或每股 7.39 美元。相比之下，2022 年第三季度和 2021 年底每股資產淨值分別為 7.83 美元和 11.72 美元。

Turning to our top 5 positions. I first want to highlight our cash position. As of year-end, our cash and short-term treasuries available for investment were approximately $125 million, representing 44% of our gross assets. As we have previously discussed, we believe having cash in this environment advantageously positions us to continue seeking out new opportunities becoming available due to current market conditions.

轉向我們的前 5 個位置。我首先要強調我們的現金狀況。截至年底，我們可供投資的現金和短期國債約為 1.25 億美元，占我們總資產的 44%。正如我們之前所討論的，我們認為在這種環境下擁有現金有利於我們繼續尋找因當前市場條件而變得可用的新機會。

SuRo Capital's top 5 positions as of December 31st were Learneo, formerly known as Course Hero, Blink Health, Orchard Technologies, Locus Robotics and Architect Capital PayJoy SPV. These positions accounted for approximately 59% of the investment portfolio at fair value. Additionally, as of December 31, our top 10 positions accounted for approximately 78% of the invested portfolio.

截至 12 月 31 日，SuRo Capital 排名前 5 位的是 Learneo（前身為 Course Hero）、Blink Health、Orchard Technologies、Locus Robotics 和 Architect Capital PayJoy SPV。按公允價值計算，這些頭寸約佔投資組合的 59%。此外，截至 12 月 31 日，我們的前 10 大頭寸約佔投資組合的 78%。

In the fourth quarter, Course Hero announced the formation of Learneo, a new platform that will house the company's 6 distinct operating businesses: CliffsNotes, Course Hero, LitCharts, QuillBot, Scribbr and Symbolab. The parent organization will now be under the Learneo name to reflect the company's recent growth in business segments that not only support educational use cases, but also support the development of fundamental -- foundational skills that unlock productivity beyond education.

在第四季度，Course Hero 宣布成立 Learneo，這是一個新平台，將容納公司的 6 個不同的運營業務：CliffsNotes、Course Hero、LitCharts、QuillBot、Scribbr 和 Symbolab。母公司現在將以 Learneo 的名義命名，以反映公司最近在業務部門的增長，這些業務部門不僅支持教育用例，還支持基礎技能的發展，這些技能可以在教育之外釋放生產力。

Our most recent investment to the SuRo Capital investment portfolio is Locus Robotics. Locus is an industry-leading autonomous mobile robotics company that seeks (inaudible) productivity and accuracy in fulfillment and distribution warehouses. We participated with a $10 million investment and Locus' Series F preferred round that was led by Goldman Sachs Asset Management and G2 Venture Partners. And as reported by Business Insider was oversubscribed.

我們最近對 SuRo Capital 投資組合的投資是 Locus Robotics。 Locus 是一家行業領先的自主移動機器人公司，致力於在履行和配送倉庫中尋求（聽不清）生產力和準確性。我們參與了由 Goldman Sachs Asset Management 和 G2 Venture Partners 領投的 1000 萬美元投資和 Locus 的 F 輪優先融資。正如 Business Insider 所報導的那樣，它被超額認購。

Locus seeks to deliver productivity increases and improvements in warehouse operations by coordinating human labor with their robotic systems. Locus is currently deployed in over 230 sites globally for more than 90 worldwide customers, including DHL, GEODIS and Ryder.

Locus 力求通過協調人工與機器人系統來提高生產力並改善倉庫運營。 Locus 目前部署在全球 230 多個站點，服務於全球 90 多家客戶，包括 DHL、GEODIS 和 Ryder。

We believe Locus' innovative solution is well positioned to enable retailers, third-party logistics companies, 3PLs and specialty warehouses to effectively manage the increasingly complex and demanding requirements placed on today's fulfillment environments.

我們相信 Locus 的創新解決方案能夠很好地幫助零售商、第三方物流公司、3PL 和專業倉庫有效地管理當今履行環境中日益複雜和苛刻的要求。

Since completing the funding round, Locus Robotics has formed partnerships with Berkshire Grey, a leader in AI-enabled robotic solutions that automate supply chain processes and Optoro, a leading technology platform for retail and returns of reverse logistics. The company's solution picked over 230 million units during the peak holiday shopping period, more than doubling the total number of items in the entire 2021.

自完成本輪融資以來，Locus Robotics 已與 Berkshire Grey 建立了合作夥伴關係，Berkshire Grey 是人工智能機器人解決方案的領導者，可實現供應鏈流程自動化，Optoro 是零售和逆向物流退貨的領先技術平台。該公司的解決方案在假日購物高峰期揀選了超過 2.3 億件商品，是整個 2021 年商品總數的兩倍多。

Transitioning to our public investments. As previously stated, it is our objective to sell our public positions when lockup restrictions expire, and there is a relative stability in a given company's public position trading. In line with this approach, we continue to monetize several of our public unrestricted positions over the course of the quarter. During the fourth quarter, we fully exited our position in Rover and reduced our positions in NewLake Capital Partners, Rent the Runway and Kahoot!. Subsequent to year-end, we sold our remaining positions in Rent the Runway and what was remaining in Kahoot!.

過渡到我們的公共投資。如前所述，我們的目標是在鎖定期滿後賣出公開倉位，並且給定公司的公開倉位交易具有相對穩定性。根據這種方法，我們在本季度繼續將我們的幾個公開無限制頭寸貨幣化。在第四季度，我們完全退出了我們在 Rover 的頭寸，並減少了我們在 NewLake Capital Partners、Rent the Runway 和 Kahoot! 的頭寸。年底之後，我們賣掉了 Rent the Runway 的剩餘頭寸以及 Kahoot! 剩餘的頭寸。

I would also like to reiterate SuRo Capital's commitment to initiatives that enhance shareholder value. As such, given the discount our stock is trading at compared to net asset value, we believe our active share repurchase program is an efficient and accretive deployment of capital. Allison will speak more about our share repurchase program later in the call.

我還想重申 SuRo Capital 對提高股東價值的舉措的承諾。因此，鑑於我們的股票交易價格相對於資產淨值有折扣，我們相信我們積極的股票回購計劃是一種有效且增值的資本配置。 Allison 將在稍後的電話會議中詳細介紹我們的股票回購計劃。

As always, it is our intent to be as transparent as possible with respect to our dividend distributions. As a BDC that is elected to be treated as a RIC lired to distribute our net realized long-term capital gains as dividends. Given we recognize net long-term losses in 2022, we will not be distributing any dividends for 2022. As public and private market volatility persists, we remain patient and selective as we continue to evaluate our new opportunities. This will allow us to leverage our considerable cash position and add high-growth companies to our portfolio and driving shareholder value.

一如既往，我們打算在股息分配方面盡可能透明。作為被選為 RIC 的 BDC，我們有權將我們的淨實現長期資本收益作為股息分配。鑑於我們認識到 2022 年的淨長期虧損，我們將不會分配 2022 年的任何股息。由於公共和私人市場的波動持續存在，我們在繼續評估新機會時保持耐心和選擇性。這將使我們能夠利用我們可觀的現金狀況，將高增長公司添加到我們的投資組合中，並推動股東價值。

Thank you for your attention. And with that, I will hand it over to Allison Green, our Chief Financial Officer.

感謝您的關注。有了這個，我將把它交給我們的首席財務官 Allison Green。

Thank you, Mark. I would like to follow Mark's update with a more detailed review of our fourth quarter investment activity and financial results as of December 31, including the status of our share repurchase program and our current liquidity position. First, I will review our investment activity. During the fourth quarter, we invested a total of $10.3 million in new and follow-on investments. New investments during the fourth quarter include: a $10 million investment in the Series F Preferred shares of Locus Robotics Corp. and a $250,000 follow-on investment in Series Seed-2 Preferred shares of YouBet Technologies, Inc. doing business at FanPower via SuRo Capital Sports.

謝謝你，馬克。我想跟隨 Mark 的更新，更詳細地回顧我們截至 12 月 31 日的第四季度投資活動和財務業績，包括我們的股票回購計劃的狀態和我們目前的流動性狀況。首先，我將回顧我們的投資活動。第四季度，我們在新投資和後續投資中總共投資了 1030 萬美元。第四季度的新投資包括：對 Locus Robotics Corp. F 系列優先股的 1000 萬美元投資以及對 YouBet Technologies, Inc. 通過 SuRo Capital 在 FanPower 開展業務的 Seed-2 優先股的後續投資 250,000 美元運動的。

Over the course of the fourth quarter, we sold our remaining public shares of Rover and continue to monetize our public common shares in Kahoot!, NewLake Capital Partners and Rent the Runway. In addition to sales of our unrestricted publicly traded investments, during the fourth quarter, we received approximately $300,000 in proceeds from Second Avenue related to principal repayment and interest on the 15% term loan due December 2023 as well as other investment, dividend and interest income.

在第四季度，我們出售了剩餘的 Rover 公開股，並繼續將我們在 Kahoot!、NewLake Capital Partners 和 Rent the Runway 的公開普通股貨幣化。除了出售不受限制的公開交易投資外，在第四季度，我們還從第二大道收到了約 300,000 美元的收益，這些收益與本金償還和 2023 年 12 月到期的 15% 定期貸款的利息以及其他投資、股息和利息收入有關.

Subsequent to year-end through today, we completed a $2 million follow-on investment in Orchard Technologies, Inc. Senior 1 Series preferred shares. Additionally, subsequent to year-end through today, we sold our remaining public common shares of Rent the Runway and continued to monetize our public common shares in Kahoot! and NewLake Capital Partners.

從年底到今天，我們完成了對 Orchard Technologies, Inc. 高級 1 系列優先股的 200 萬美元後續投資。此外，從年底到今天，我們出售了 Rent the Runway 剩餘的公共普通股，並繼續將我們在 Kahoot 的公共普通股貨幣化！和 NewLake Capital Partners。

Finally, subsequent to year-end, we received approximately $200,000 in net proceeds from Second Avenue related to principal repayment and interest on the 15% term loan due December 2023 as well as other investment dividends and interest income. Segmented by 6 general investment themes, the top allocation of our investment portfolio at year-end is the education technology, representing approximately 39% of the investment portfolio at fair value.

最後，在年底之後，我們從 Second Avenue 收到了約 200,000 美元的淨收益，這些收益與本金償還和 2023 年 12 月到期的 15% 定期貸款的利息以及其他投資股息和利息收入有關。按 6 個一般投資主題劃分，我們年末投資組合的最高配置是教育科技，按公允價值計算約佔投資組合的 39%。

Financial Technology and Services is the second largest category, representing approximately 24% of the portfolio. The marketplaces category accounted for approximately 17% of our investment portfolio and approximately 10% of our investment portfolio is invested in cloud and big data companies. Social and mobile accounted for approximately 9% of the fair value of our portfolio and sustainability accounted for less than 1% of fair value of our portfolio as of December 31.

金融技術和服務是第二大類別，約佔投資組合的 24%。市場類別約占我們投資組合的 17%，我們投資組合的約 10% 投資於雲和大數據公司。截至 12 月 31 日，社交和移動業務約占我們投資組合公允價值的 9%，而可持續性占我們投資組合公允價值的不到 1%。

As mentioned earlier by Mark, SuRo Capital is committed to initiatives that enhance shareholder value. As such, over the course of 2022, SuRo Capital repurchased over 3 million shares representing approximately 10% of previously outstanding shares via the share repurchase program and modified Dutch auction tender offer. The dollar value of shares that may yet be purchased by the company under the share repurchase program is approximately $16.4 million. The share repurchase program is authorized through October 31, 2023.

正如馬克之前提到的，SuRo Capital 致力於提高股東價值的舉措。因此，在 2022 年期間，SuRo Capital 通過股票回購計劃和修改後的荷蘭拍賣要約回購了超過 300 萬股股票，約佔先前已發行股票的 10%。公司根據股票回購計劃可能購買的股票的美元價值約為 1640 萬美元。股票回購計劃的授權有效期至 2023 年 10 月 31 日。

Under the share repurchase program, we may repurchase SuRo Capital outstanding common stock in the open market provided we comply with the prohibitions under our insider trading policies and procedures and the applicable provisions of the Investment Company Act of 1940 as amended, and the Securities Exchange Act of 1934 as amended.

根據股票回購計劃，我們可以在公開市場上回購 SuRo Capital 已發行普通股，前提是我們遵守我們的內幕交易政策和程序的禁令以及經修訂的 1940 年投資公司法和證券交易法的適用規定1934 年修訂版。

We are pleased to report we ended the fourth quarter and fiscal year 2022 with an NAV per share of $7.39, which is consistent with our financial reporting. The decrease in NAV per share from $7.83 at the end of Q3 was primarily driven by a $0.27 per share decrease, resulting from unrealized depreciation of our portfolio investments during the quarter, in addition to a $0.10 per share decrease due to net investment loss and a $0.07 per share decrease due to net realized loss on investments.

我們很高興地報告，截至第四季度和 2022 財年，我們的每股淨資產值為 7.39 美元，這與我們的財務報告一致。每股資產淨值從第三季度末的 7.83 美元下降主要是由於本季度我們的投資組合投資未實現折舊導致每股下降 0.27 美元，此外還有淨投資損失導致每股下降 0.10 美元和由於已實現投資淨虧損，每股減少 0.07 美元。

Additionally, I'd like to follow up to Mark's commentary regarding our tax treatment as a BDC, RIC and dividends for 2022. As previously mentioned, SuRo Capital has elected to be treated as a RIC under Subchapter M of the Internal Revenue Code beginning in 2014 and is qualified to be treated as a RIC for subsequent taxable years.

此外，我想跟進 Mark 關於我們作為 BDC、RIC 和 2022 年股息的稅收待遇的評論。如前所述，SuRo Capital 已選擇根據《國內稅收法》第 M 章被視為 RIC，從 2022 年開始2014 年，並有資格在隨後的納稅年度被視為 RIC。

To qualify and be subject to taxes of RIC, the company is required to make certain requirements in addition to the distribution requirements of an amount generally at least equal to 90% of its investment company taxable income and 98.2% of net long-term realized capital gains, subject to an excise tax below 100% as defined by the code. The amounts to be paid out as the distribution is determined by the Board of Directors each quarter and is based upon the annual earnings estimated by management of the company.

為了符合 RIC 的資格並繳納 RIC 稅，除了一般至少等於其投資公司應稅收入的 90% 和淨長期實現資本的 98.2% 的分配要求外，公司還必須提出某些要求收益，須繳納低於代碼所定義的 100% 的消費稅。作為分配支付的金額由董事會每季度決定，並基於公司管理層估計的年度收益。

Given our year-end net investment loss of approximately $14.7 million and net long-term realized capital loss on investments of $5.9 million, we will not be distributing any dividends for 2022. This net long-term realized capital loss carried forward into 2023.

鑑於我們年末的淨投資損失約為 1470 萬美元，投資的長期已實現資本淨損失為 590 萬美元，我們將不會分配 2022 年的任何股息。這一長期已實現資本淨損失結轉至 2023 年。

I would also like to take a moment to review SuRo Capital's liquidity position as of December 31st. We ended the year with approximately $138.5 million of liquid assets, including approximately $40.1 million in cash, $85.1 million in short-term U.S. securities and approximately $13.3 million in unrestricted public securities. This does not include approximately $24,000 in public securities subject to certain customary lockup provisions at year-end.

我還想花點時間回顧一下 SuRo Capital 截至 12 月 31 日的流動性狀況。截至年底，我們擁有約 1.385 億美元的流動資產，其中包括約 4010 萬美元現金、8510 萬美元短期美國證券和約 1330 萬美元非限制性公共證券。這不包括大約 24,000 美元的公共證券，這些證券在年底受到某些慣例鎖定條款的約束。

As Mark mentioned earlier, SuRo Capital's direct exposure to recently impacted banks was limited to a less than $2,000 business checking account at Silicon Valley Bank. SuRo Capital's cash is held at our custodian U.S. Bank and in short-term U.S. treasuries. The approximately $13 million of unrestricted public securities held as of year-end, represent our shares in Forge, Kahoot!, NewLake Capital Partners, Rent the Runway and Skillsoft valued at December 31, 2002 closing prices.

正如馬克之前提到的，SuRo Capital 對最近受影響的銀行的直接敞口僅限於矽谷銀行不到 2,000 美元的商業支票賬戶。 SuRo Capital 的現金存放在我們的託管人美國銀行和短期美國國債中。截至年底持有的約 1300 萬美元的非限制性公共證券代表我們在 Forge、Kahoot!、NewLake Capital Partners、Rent the Runway 和 Skillsoft 的股份，其價值按 2002 年 12 月 31 日的收盤價計算。

The $24,000 of public securities subject to lack of provisions or other sales restrictions as of year-end is comprised of our position in Kahoot! valued at December 31, 2022, closing public share price less plus a discount for lack of marketability related to the lockup provision. At December 31, 2022, there were 28,429,499 shares of the company's common stock outstanding. Presently, there are 28,338,580 shares of the company's common stock outstanding.

截至年底，缺乏規定或其他銷售限制的 24,000 美元公共證券構成了我們在 Kahoot 的頭寸！估值為 2022 年 12 月 31 日，收盤價減去公開股價加上與鎖定條款相關的缺乏流通性的折扣。截至 2022 年 12 月 31 日，公司已發行普通股 28,429,499 股。目前，公司已發行普通股28,338,580股。

Presently, there are 28,338,580 shares of the company's common stock outstanding. That concludes my comments. We would like to thank you for your interest and support of SuRo Capital. Now I will turn the call over to the operator to start the Q&A session. Operator?

目前，公司已發行普通股28,338,580股。我的評論到此結束。感謝您對 SuRo Capital 的關注和支持。現在我將把電話轉給接線員開始問答環節。操作員？

(Operator Instructions) And we'll first hear from Kevin Fultz of JMP Securities.

（操作員說明）我們將首先聽到 JMP 證券公司的凱文富爾茨的消息。

I realize it's a fluid situation, but just considering the events of the past week, has your view of the investment landscape shifted at all? I'm just looking to get your perspective and possibly maybe outlook on how recent developments could impact venture fundraising and also investment activity moving forward.

我知道這是一個不穩定的情況，但僅考慮過去一周發生的事件，您對投資前景的看法是否發生了轉變？我只是想听聽你的看法，也許還有關於最近的發展如何影響風險籌資和投資活動的展望。

Thanks, Kevin, and thanks for your ongoing support. From Thursday, up until today, it's been pretty interesting for all. I think if you were walking down the streets last Wednesday and asked people if they ever have heard of Silicon Valley Bank, most would not have. And so clearly, the quick -- the suddenness of what occurred, called everybody's attention.

謝謝，凱文，感謝您一直以來的支持。從星期四到今天，這對所有人來說都非常有趣。我想如果你上週三走在街上，問人們是否聽說過矽谷銀行，大多數人都不會。很明顯，發生的事情的迅速——突然，引起了所有人的注意。

I do think that with Silicon Valley Bank not there, you have certain things that will occur as simple as how does a start-up company or a new company open a bank account. As we all know, opening up a bank account in large money center banks takes extreme period of time, and it's just a different level of complexity than whether it's Silicon Valley Bank or some others that support the venture capital community.

我確實認為，如果沒有矽谷銀行，某些事情就會發生，就像初創公司或新公司如何開設銀行賬戶一樣簡單。眾所周知，在大型貨幣中心銀行開設銀行賬戶需要非常長的時間，而且它的複雜程度與硅谷銀行或其他支持風險投資社區的銀行不同。

I think for a while, venture capital funding has started to become more challenging, I think all this is taken together in the sort of insular ecosystem that you see will cause people to take even more pause. I think on the secondary side, I suspect you'll see more selling as people are trying to find liquidity and there's a bit more uncertainty so that might provide opportunity yet to be determined whether on the primary side it will have any difference or not, but the primary markets have been challenged now for several months. So hopefully, that was helpful. And thank you again for your call.

我認為有一段時間，風險投資資金開始變得更具挑戰性，我認為所有這些都集中在你看到的那種孤立的生態系統中，這會讓人們更加猶豫。我認為在二級方面，我懷疑你會看到更多的拋售，因為人們正試圖尋找流動性，而且存在更多的不確定性，因此這可能提供機會，但尚未確定在一級方面是否會有任何不同，但幾個月來，主要市場一直受到挑戰。希望這對您有所幫助。再次感謝您的來電。

Well, is there anything further, Kevin?

嗯，還有什麼要說的嗎，凱文？

No, that's it for me.

不，這是給我的。

Thanks Kevin.

謝謝凱文。

And there are no further questions. I will turn the call back over to our presenters for any additional or closing comments.

沒有其他問題了。我會將電話轉回給我們的主持人，以徵求任何其他或結束意見。

Well, thank you all again for taking time this afternoon to hear our earnings call. We're always available to any of you if you want to call and reach out, and thank you for your ongoing support.

好吧，再次感謝大家今天下午抽出時間來聽取我們的財報電話會議。如果您想打電話聯繫我們，我們隨時為您服務，感謝您一直以來的支持。

That does conclude today's call. Thank you all for your participation. You may now disconnect.

今天的電話會議到此結束。謝謝大家的參與。您現在可以斷開連接。