SuRo Capital Corp (SSSS) 2023 Q2 法說會逐字稿

Good day, and welcome to the SuRo Capital Second Quarter 2023 Earnings Call. Today's call is being recorded. (Operator Instructions) I will now hand you over to your host, Adam Bates, to begin today's conference. Thank you.

美好的一天，歡迎參加 SuRo Capital 2023 年第二季財報電話會議。今天的通話正在錄音。 （操作員指示）我現在將把您交給主持人 Adam Bates，開始今天的會議。謝謝。

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. 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 & Presentations.

感謝您參加今天的電話會議。今天與我一起出席的還有 SuRo Capital 董事長兼執行長 Mark Klein；財務長艾莉森·格林。請注意，與管理層今天準備的講話相對應的幻燈片簡報可在我們的網站 www.surocap.com 的「投資者關係、活動和簡報」下找到。

Today's call is being recorded and broadcast live on our website, 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並在我們的網站 www.surocap.com 上直播。重播資訊包含在我們今天發布的新聞稿中。本通話內容為SuRo Capital財產，未經授權嚴禁以任何形式複製本通話內容。

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 may constitute forward-looking statements, which relate to future events or 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 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資訊的慣例披露。今天的電話會議和網路廣播中的陳述可能構成前瞻性陳述，涉及未來事件或未來業績或財務狀況。這些陳述不是對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，包括可能對我們的業務、我們的投資組合公司、我們的行業和全球造成損害的任何市場波動的影響。可能導致實際結果與前瞻性陳述中反映或暗示的計劃、意圖和預期存在重大差異的經濟。

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.

由於多種因素的影響，實際結果可能與前瞻性陳述中的結果有重大差異，包括但不限於公司向 SEC 提交的文件中不時描述的因素。除非法律要求，否則管理層不承諾更新此類前瞻性陳述。如需 SuRo Capital 最新 SEC 備案文件的副本，請造訪我們的網站 www.surocap.com 或 SEC 網站 sec.gov。

Now I'd like to turn the call over to Mark Klein.

現在我想把電話轉給馬克·克萊因。

Thank you, Adam. Good afternoon, and thank you for joining us. We are pleased to share the results of SuRo Capital's second quarter 2023. The last 4 months have been among the most active period SuRo has had in the last couple of years. We made 5 investments, 3 in new portfolio companies and 2 in follow-on investments. Additionally, we have had 1 of our SPAC investments close its previously announced merger and 2 other SPACs announced agreements to merge. Additionally, on the shareholder initiative front, we completed our $13.5 million modified Dutch tender offer and today announced the extension and increase of our share repurchase program to $60 million.

謝謝你，亞當。下午好，感謝您加入我們。我們很高興分享 SuRo Capital 2023 年第二季的業績。過去 4 個月是 SuRo 過去幾年中最活躍的時期。我們進行了 5 項投資，其中 3 項投資於新投資組合公司，2 項投資於後續投資。此外，我們的 1 個 SPAC 投資完成了先前宣布的合併，另外 2 個 SPAC 也宣布了合併協議。此外，在股東倡議方面，我們完成了 1,350 萬美元的修改後荷蘭要約收購，並於今天宣布將我們的股票回購計劃延長並增加至 6,000 萬美元。

First of all, as to our new investments. In the private markets, we remain steadfast to our thesis that potential investments would become available in the secondary market. We believe this has begun to come to fruition in the second quarter and subsequent to quarter's end as we made investments in 3 new portfolio companies as well as follow-on investments of 2 others. During the quarter, we executed a $10 million investment in ServiceTitan, a software business only commercial trades through a secondary transaction.

首先，關於我們的新投資。在私募市場上，我們仍然堅持我們的論點，即潛在的投資將在二級市場上出現。我們相信，隨著我們對 3 家新的投資組合公司進行投資以及對另外 2 家公司進行後續投資，這一目標已在第二季度和季度末開始實現。本季度，我們對 ServiceTitan 進行了 1000 萬美元的投資，這是一家僅透過二級交易進行商業交易的軟體公司。

Subsequent to quarter's end, we invested $5.8 million in FourKites, a supply chain visibility software company, again through secondary transactions. Also subsequent to quarter's end, we invested $1 million in Stake Trade, a sports betting exchange doing business as Prophet Exchange through a primary transaction as part of the SuRo Capital Sports portfolio. We believe our remaining investable capital of over $100 million as of the quarter's end will enable us to continue to act on opportunities such as these.

季度末後，我們再次透過二級交易向供應鏈視覺性軟體公司 FourKites 投資了 580 萬美元。同樣在季度末之後，我們向 Stake Trade 投資了 100 萬美元，這是一家體育博彩交易所，透過作為 SuRo Capital Sports 投資組合一部分的主要交易以 Prophet Exchange 的名義開展業務。我們相信，截至本季末，我們剩餘的可投資資本超過 1 億美元，這將使我們能夠繼續抓住此類機會。

Please turn to Slide 4. I would now like to provide more detail on our investments, starting with our $10 million secondary investment in ServiceTitan. ServiceTitan's cloud-based software platform is designed to empower trades, trade businesses in the residential and commercial HVAC, plumbing, electrical and other sectors. ServiceTitan's comprehensive end-to-end solution equips contractors with essential tools to efficiently manage and expand their businesses while delivering exceptional customer experiences. Currently serving over 11,800 businesses that have previously been reported to employ more than 100,000 contractors, ServiceTitan has established a strong presence in the market.

請參閱幻燈片 4。我現在想提供有關我們投資的更多詳細信息，首先是我們對 ServiceTitan 的 1000 萬美元二次投資。 ServiceTitan 基於雲端的軟體平台旨在為住宅和商業暖通空調、管道、電氣和其他領域的行業、貿易業務提供支援。 ServiceTitan 的全面端到端解決方案為承包商提供了必要的工具，以有效管理和擴展其業務，同時提供卓越的客戶體驗。 ServiceTitan 目前為超過 11,800 家企業提供服務，據報道這些企業僱用了超過 100,000 名承包商，ServiceTitan 已在市場上建立了強大的影響力。

Today, technology remains a vital tool for contractors to stay ahead. According to a recent study conducted by Thrive Analytics on behalf of ServiceTitan, 66% of contractors see digital transformation as a critical component of their operations, and 59% of surveyed businesses reporting using more than 4 distinct software solutions to manage their operations. As we look ahead, we believe ServiceTitan is well positioned to continue to provide value to the trades market.

如今，技術仍然是承包商保持領先地位的重要工具。根據 Thrive Analytics 代表 ServiceTitan 進行的一項最新研究，66% 的承包商將數位轉型視為其營運的關鍵組成部分，59% 的受訪企業表示使用 4 種以上不同的軟體解決方案來管理其營運。展望未來，我們相信 ServiceTitan 處於有利位置，可以繼續為交易市場提供價值。

Moving on to our $5.8 million secondary investment in FourKites. FourKites is a leading real-time supply chain visibility solution. While the concept of supply chain visibility has been around for some time, the ability to track freight trucks and shipments in real time has only been available more recently.

接下來是我們對 FourKites 的 580 萬美元二次投資。 FourKites 是領先的即時供應鏈視覺解決方案。雖然供應鏈視覺性的概念已經存在了一段時間，但即時追蹤貨運卡車和貨運的能力直到最近才出現。

FourKites has been a pioneering force behind the idea that companies should know where their goods are at all time from the initial onset of being loaded on to a truck and when they reach a final delivery destination. Executing against the idea of real-time visibility, FourKites now tracks more than 3 million shipments daily over 200 countries and territories.

FourKites 一直是這一理念背後的先驅力量，即公司應該始終知道他們的貨物從最初裝載到卡車上到到達最終交付目的地時的位置。秉持著即時可見性的理念，FourKites 現在每天追蹤超過 200 個國家和地區的超過 300 萬件貨品。

The impact of FourKites' technology is evidenced in its impressive clientele, which includes recognized brands such as 9 of the top 10 consumer packaged goods companies and 18 of the top 20 food and beverage companies. Today, FourKites helps over 1,200 of the world's most recognized brands leverage real-time visibility and unlock efficiencies that save them millions of dollars a year. They also have been named a leader in the Gartner Magic Quadrant for Real-time Transportation and Visibility Platforms for 3 years in a row.

FourKites 技術的影響力體現在其令人印象深刻的客戶群中，其中包括知名品牌，例如排名前 10 名的消費品公司中的 9 家以及排名前 20 名的食品和飲料公司中的 18 家。如今，FourKites 幫助全球 1,200 多個最知名的品牌利用即時可見度並提高效率，每年為他們節省數百萬美元。他們也連續 3 年被評為 Gartner 即時交通和可視性平台魔力像限的領導者。

Since 2021, FourKites has announced strategic investments from Qualcomm Ventures, Volvo Group Venture Capital, Zebra Technologies, AG and Mitsui. We believe these collaborations and potential alliances help drive forward FourKites' position as a leader in automated, interconnected and collaborative global supply chains. We believe that FourKites is in a unique position to capture additional market share as they continue expanding their bid target customers with some of the most complex supply chain needs.

自2021年以來，FourKites已宣布獲得高通創投公司、沃爾沃集團創投公司、Zebra Technologies, AG和三井物產的策略性投資。我們相信這些合作和潛在的聯盟有助於推動 FourKites 作為自動化、互聯和協作的全球供應鏈領導者的地位。我們相信，隨著 FourKites 繼續擴大其投標目標客戶，滿足一些最複雜的供應鏈需求，FourKites 處於獨特的地位，可以獲得額外的市場份額。

Moving on to our $1 million investment in Prophet Exchange through a primary transaction as part of the SuRo Capital Sports portfolio. Prophet Exchange is a peer-to-peer sports betting exchange focused on providing bettors a best pricing and seamless experience that is different from the incumbent operators. Bettors on the platform have the ability to request their own wagers or pick from outstanding options that are driven by other users and market makers.

作為 SuRo Capital Sports 投資組合的一部分，我們透過主要交易對 Prophet Exchange 進行了 100 萬美元的投資。 Prophet Exchange 是一家點對點體育博彩交易所，致力於為投注者提供有別於現有運營商的最佳定價和無縫體驗。該平台上的投注者可以要求自己下注，也可以從其他用戶和做市商驅動的優秀選項中進行選擇。

The company has gone through extensive licensing and regulatory steps and is now live in New Jersey, with plans to expand to other legal betting states in the future. We are excited about the exchange waging opportunity in the U.S., given the success that Betfair has had in the United Kingdom. And we believe Prophet Exchange has both the team and the technology to execute on a large market opportunity.

該公司已經完成了廣泛的許可和監管步驟，目前位於新澤西州，並計劃未來擴展到其他合法博彩州。鑑於 Betfair 在英國的成功，我們對美國的交換薪資機會感到興奮。我們相信 Prophet Exchange 擁有團隊和技術來把握巨大的市場機會。

Next, I would like to speak to our follow-on investments. During the quarter, we made a $500,000 follow-on investment in Shogun Enterprise, which is doing business as Hearth. Hearth is a financial technology company that provides over 20,000 home improvement professionals with the tools they need to win more jobs and provide excellent customer experience according to the company's website. We're excited to continue to support Hearth's goal of bringing to market of home improvement into the (inaudible) Hearth.

接下來我想談談我們的後續投資。本季度，我們對 Shogun Enterprise 進行了 50 萬美元的後續投資，該公司以 Hearth 名義開展業務。據該公司網站稱，Hearth 是一家金融科技公司，為超過 20,000 名家居裝修專業人士提供贏得更多工作所需的工具，並提供卓越的客戶體驗。我們很高興能夠繼續支持 Hearth 的目標，將家居裝修帶入（聽不清楚）Hearth 市場。

Additionally, during the quarter, we made a $500,000 follow-on investment in PayJoy. PayJoy is a provider of smartphone locking technology that has raised over $213 million of equity and debt funding to date, according to PitchBook. We're pleased to continue to invest in PayJoy's goal of expanding smartphone access to emerging markets through this technology.

此外，本季我們對 PayJoy 進行了 50 萬美元的後續投資。據 PitchBook 稱，PayJoy 是一家智慧型手機鎖定技術提供商，迄今已籌集了超過 2.13 億美元的股權和債務融資。我們很高興繼續投資 PayJoy 的目標，即透過這項技術擴大智慧型手機進入新興市場的機會。

Please turn to Slide 5. Subsequent to quarter end, Colombier Acquisition Corp., a SPAC in which we own both stock and warrants, successfully closed its business combination with PSQ Holdings, also known as PublicSq. PublicSq. is a leading marketplace of patriotic businesses and consumers. According to the company's merger closing announcement, the company has seen quick adoption of its platform with more than 1 million users and 55,000 businesses signing up in less than a year. PublicSq began trading on the New York Stock Exchange under the symbol PSQH on July 20. At quarter end, we valued our investment at approximately $17 million. Our cost basis in Colombier is approximately $2.7 million.

請參閱投影片 5。季度末後，我們擁有股票和認股權證的 SPAC Colombier Acquisition Corp. 成功完成了與 PSQ Holdings（也稱為 PublicSq）的業務合併。公共廣場是愛國企業和消費者的領先市場。根據該公司的合併交割公告，該公司的平台已迅速被採用，不到一年的時間就有超過 100 萬用戶和 55,000 家企業註冊。 PublicSq 於 7 月 20 日開始在紐約證券交易所上市，代號為 PSQH。截至季度末，我們對投資的估值約為 1,700 萬美元。我們在 Colombier 的成本基礎約為 270 萬美元。

As of the business combination's closing on July 19, our warrants are subject to a lockup period equal to later 30 days or the registration statement's effectiveness. The registration statement was filed this afternoon. Our common shares are subject to a 1-year lockup period with a pricing condition that would unlock our shares earlier. Allison will provide additional details on our Colombier investment later in the call.

截至 7 月 19 日企業合併結束，我們的認股權證有 30 天或登記聲明生效後的禁售期。註冊聲明已於今天下午提交。我們的普通股有一年的禁售期，其定價條件是可以提前解鎖我們的股票。埃里森將在稍後的電話會議中提供有關我們 Colombier 投資的更多詳細資訊。

In addition, on July 11, 2023, AltC Acquisition Corp., a SPAC whose Chief Executive Officer is Sam Altman, and in which we own share units, announced it signed a definitive agreement to merge with Oklo, an advanced fission technology and nuclear fuel recycling company. According to the merger announcement press release, the company has achieved significant deployment and regulatory milestones, including securing a site use permit from the United States Department of Energy and receiving a fuel award from the Idaho National Laboratory for commercial scale advanced fission power plant in Idaho, targeted to go online in either 2026 or '27. The combined company will be named Oklo and intends to list on the New York Stock Exchange with the ticker symbol O-K-L-O.

此外，2023 年 7 月 11 日，AltC Acquisition Corp. 宣布簽署最終協議，與先進裂變技術和核燃料公司 Oklo 合併。回收公司。根據合併公告新聞稿，該公司已實現重大部署和監管里程碑，包括獲得美國能源部的場地使用許可證，並獲得愛達荷州國家實驗室頒發的愛達荷州商業規模先進裂變發電廠燃料獎，目標於2026 或27 年上線。合併後的公司將命名為 Oklo，並計劃在紐約證券交易所上市，股票代號為 O-K-L-O。

The merger is expected to provide Oklo with up to $500 million of gross capital from AltC's trust account. This assumes no redemptions by AltC's shareholders. The transaction, which has been approved by the Board of Directors of Oklo and AltC is expected to close in late 2023 or early 2024, subject to approval by AltC shareholders, Oklo shareholders, AltC having available cash at closing of at least $250 million and other customary closing conditions.

此次合併預計將從 AltC 的信託帳戶中為 Oklo 提供高達 5 億美元的總資本。這假設 AltC 的股東沒有贖回。該交易已獲得 Oklo 和 AltC 董事會批准，預計將於 2023 年底或 2024 年初完成，但須獲得 AltC 股東、Oklo 股東、AltC 在交易結束時擁有至少 2.5 億美元的可用現金以及其他股東的批准。慣例成交條件。

And on August 1, 2023, Churchill Capital VII, a SPAC in which we own direct shares and warrant units of the sponsored vehicle, announced it signed a definitive agreement to merge with CorpAcq, a corporate compounder specializing in acquiring small- and medium-sized enterprises, also known as SMEs in the United Kingdom. According to the merger announcement press release, CorpAcq has delivered meaningful financial returns and sustained value over multiple economic cycles. It has achieved a compound annual growth rate for revenue of 16% from 2018 to 2022 with average organic growth outpacing the U.K. GDP's growth during the same period.

2023 年 8 月 1 日，Churchill Capital VII（我們擁有所贊助工具的直接股份和認股權證單位的 SPAC）宣布簽署了與 CorpAcq 合併的最終協議，CorpAcq 是一家專門收購中小型企業的企業複合公司企業，在英國也稱為中小企業。根據合併公告新聞稿，CorpAcq 在多個經濟週期中實現了有意義的財務回報和持續價值。 2018年至2022年，該公司營收的複合年增長率為16%，平均有機成長超過同期英國GDP的成長。

CorpAcq's portfolio consists of 41 businesses in various industries, providing diversification and contributing to the resilience through economic cycles. Upon closing of the transaction, the combined company will be named CorpAcq and intends to be listed on the New York Stock Exchange.

CorpAcq 的投資組合由各行業的 41 家企業組成，提供多元化並有助於增強經濟週期的彈性。交易完成後，合併後的公司將命名為 CorpAcq，並計劃在紐約證券交易所上市。

The transaction is expected to deliver up to $592 million in gross proceeds from Churchill VII's trust account, assuming no redemptions. The transaction has been approved by the Board of Directors of CorpAcq and Churchill VII and is expected to close in late 2023 or early '24, subject to various approvals and at least $350 million delivered, net of transaction fees. At quarter end, the value of our investments in AltC and Churchill VII were marked equal to our cost basis of approximately $250,000 and $300,000, respectively.

假設沒有贖回，這筆交易預計將從邱吉爾七世的信託帳戶中帶來高達 5.92 億美元的總收益。該交易已獲得 CorpAcq 和 Churchill VII 董事會的批准，預計將於 2023 年底或 24 年初完成，但需獲得多項批准，並至少交付 3.5 億美元（扣除交易費用）。截至季末，我們對 AltC 和 Churchill VII 的投資價值分別等於我們約 25 萬美元和 30 萬美元的成本基礎。

Turning to the second quarter. We ended the quarter with a net asset value of $186.7 million or $7.35 per share. This NAV compares to a net asset of $7.59 per share in Q1 2023 and $9.24 in Q2 2022.

轉向第二季。本季結束時，我們的淨資產值為 1.867 億美元，即每股 7.35 美元。相比之下，2023 年第一季的淨資產為每股 7.59 美元，2022 年第二季的淨資產為 9.24 美元。

Please turn to Slide 6. Turning to our top 5 positions, I first want to highlight our cash position. As of quarter end, our cash and short-term U.S. treasuries available to spend were approximately $100 million, representing 38% 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 emerging from current market conditions.

請翻到投影片 6。談到我們的前 5 個頭寸，我首先想強調我們的現金頭寸。截至季末，我們可用於支出的現金和短期美國國債約為 1 億美元，占我們總資產的 38%。正如我們之前所討論的，我們相信在這種環境下擁有現金將使我們能夠繼續尋找當前市場狀況中出現的新機會。

SuRo Capital's top 5 positions as of June 30 were Learneo, Colombier, now PSQ Holdings, Blink Health, StormWind and Locus Robotics. These positions accounted for approximately 51% of the investment portfolio at fair value. Additionally, as of June 30, our top 10 positions accounted for 78% of the investment portfolio.

截至 6 月 30 日，SuRo Capital 的前 5 大持股分別為 Learneo、Colombier、現 PSQ Holdings、Blink Health、StormWind 和 Locus Robotics。這些部位約佔公允價值投資組合的51%。此外，截至6月30日，我們的前10名部位佔投資組合的78%。

Transitioning to our public investments. As previously stated, it is our objective to sell our public positions when restrictions expire, and there is relative stability in a given public position to trading. In line with this approach, we have continued to monetize our public unrestricted positions. During this quarter and throughout the last month, we monetized a sizable portion of our position in Nextdoor and plan to continually -- continue optimistically monetizing our public positions as market conditions improve.

轉向我們的公共投資。如前所述，我們的目標是在限製到期時出售我們的公開頭寸，並且特定公開頭寸的交易相對穩定。根據這種方法，我們繼續將我們的公開非限制頭寸貨幣化。在本季和整個上個月，我們將 Nextdoor 的很大一部分頭寸貨幣化，併計劃隨著市場狀況的改善，繼續樂觀地將我們的公共頭寸貨幣化。

As previously discussed, we continue to focus on shareholder-friendly initiatives. To that end, we completed our modified Dutch tender auction, which resulted in a purchase of 3 million shares of common stock at $4.50 per share. Allison will discuss the results of the tender offer in more detail shortly. In addition to the tender offer, on August 7, our Board of Directors authorized an additional $5 million for share repurchases and an extension of the share repurchase program through October 31, 2024. The expansion brings the total authorized under the share repurchase program to $60 million.

如前所述，我們繼續關注股東友善的舉措。為此，我們完成了修改後的荷蘭招標拍賣，最終以每股 4.50 美元的價格購買了 300 萬股普通股。埃里森將很快更詳細地討論要約收購的結果。除要約收購外，8 月7 日，我們的董事會還授權額外500 萬美元用於股票回購，並將股票回購計畫延長至2024 年10 月31 日。此次擴張使股票回購計畫下的授權總額達60 美元百萬。

Given the significant discount at which our stock is trading compared to net asset value, we determined the current continuation of the share repurchase program to be an efficient and accretive deployment of capital. As public and private market volatility persists, we remain patient and selective as we evaluate new opportunities. We believe our considerable investable capital affords us an opportunity to continue to add high-quality companies to our portfolio.

鑑於我們的股票交易價格與資產淨值相比有顯著折扣，我們確定目前繼續實施股票回購計畫是一種有效且增值的資本部署。由於公共和私人市場波動持續存在，我們在評估新機會時保持耐心和選擇性。我們相信，我們可觀的可投資資本使我們有機會繼續將優質公司添加到我們的投資組合中。

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。接下來，我會將其交給我們的財務長艾莉森·格林 (Allison Green)。

Thank you, Mark. I would like to follow Mark's update with a more detailed review of our recent shareholder initiatives, our investment portfolio activity, our financial results as of June 30, 2023, and our liquidity position as of quarter end. .

謝謝你，馬克。我想在 Mark 更新後更詳細地回顧我們最近的股東舉措、我們的投資組合活動、截至 2023 年 6 月 30 日的財務業績以及截至季度末的流動性狀況。 。

First, I will provide detail on the recent increase and extension of the share repurchase program. Please turn to Slide 7. As Mark mentioned earlier, SuRo Capital is committed to initiatives that enhance shareholder value. As such, on August 7, our Board of Directors authorized a $5 million expansion to the share repurchase program to $60 million and an extension of the share repurchase program through October 31, 2024. Since the inception of the share repurchase program in August 2017, we have repurchased a total of 5,832,008 shares of our common stock for a total deployment of approximately $38.6 million of the $60 million authorized by the Board. Approximately $21.4 million remain authorized under the share repurchase program currently set to expire on October 31, 2024.

首先，我將詳細介紹近期增持和延長股票回購計畫的情況。請參閱投影片 7。如 Mark 先前提到的，SuRo Capital 致力於提高股東價值的措施。因此，8 月7 日，我們的董事會授權將股票回購計畫擴大500 萬美元至6,000 萬美元，並將股票回購計畫延長至2024 年10 月31 日。自2017 年8 月啟動股票回購計劃以來，我們總共回購了 5,832,008 股普通股，董事會授權的 6,000 萬美元中的總部署額約為 3,860 萬美元。目前將於 2024 年 10 月 31 日到期的股票回購計畫仍授權約 2,140 萬美元。

In addition to the share repurchase program, as previously reported, on March 17, 2023, our Board of Directors approved a modified Dutch auction tender offer, which commenced on March 21, 2023, to purchase up to 3 million shares of our common stock at a price per share not less than $3 and not greater than $4.50 per share using available cash. The tender offer expired on April 17, 2023. Pursuant to the terms of the tender offer, on April 21, 2023, we repurchased 3 million shares at a price per share of $4.50. This represents 10.6% of then outstanding shares.

除先前報告的股票回購計畫外，我們的董事會於2023 年3 月17 日批准了一項修改後的荷蘭式拍賣要約，該要約於2023 年3 月21 日開始，以每股300 萬股的價格購買我們最多300 萬股普通股。使用可用現金的每股價格不低於 3 美元且不高於 4.50 美元。要約收購於2023年4月17日到期。根據要約收購條款，我們於2023年4月21日以每股4.50美元的價格回購了300萬股股票。這佔當時流通股的 10.6%。

The per purchase price of properly tendered shares represented 60.9% of net asset value per share as of December 31, 2022. The company used available cash to fund the purchase of shares of its common stock in the tender offer and to take all related fees and expenses. The price of $4.50 per share represents a 39.1% discount to December 31, 2022 NAV per share and a 40.7% discount from March 31, 2023 NAV per share. Again, the tender offer comes in addition to the previously discussed share repurchase program originally authorized by our Board of Directors in August 2017.

截至2022 年12 月31 日，適當要約股份的每股購買價格佔每股資產淨值的60.9%。該公司使用可用現金為要約收購中購買其普通股的資金提供資金，並承擔所有相關費用和費用。花費。每股 4.50 美元的價格較 2022 年 12 月 31 日每股資產淨值折價 39.1%，較 2023 年 3 月 31 日每股資產淨值折價 40.7%。同樣，此次要約收購是在先前討論的股票回購計劃之外進行的，該計劃最初由我們的董事會於 2017 年 8 月授權。

Next, I'd like to provide a more detailed update on our investment portfolio activity for the second quarter and subsequent to quarter end. This does not include investments in short-term U.S. treasuries. During the second quarter, we invested a total of $10.5 million in new and follow-on investments. New investments during the second quarter include: a $10 million investment in ServiceTitan's common shares via a secondary transaction; a $500,000 follow-on investment in PayJoy's Simple Agreement for Future Equity or SAFE.

接下來，我想提供有關第二季度和季度末之後我們的投資組合活動的更詳細的最新資訊。這不包括對短期美國國債的投資。第二季度，我們在新投資和後續投資中總共投資了 1,050 萬美元。第二季的新投資包括：透過二級交易對 ServiceTitan 普通股投資 1,000 萬美元；對 PayJoy 的未來股權簡單協議或 SAFE 進行 500,000 美元的後續投資。

Over the course of the second quarter, we began to monetize our Nextdoor common shares. We sold 950,000 common shares of Nextdoor for approximately $2.9 million of net proceeds, resulting in a net realized loss of approximately $2.4 million. In addition to sales of Nextdoor public stock, 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. During the quarter, we received a distribute of approximately $253,000 from our limited partner fund investment and True Global Ventures 4 Plus. Finally, as of May 4, we abandoned our investment in Ozy Media Inc.

在第二季度，我們開始將 Nextdoor 普通股貨幣化。我們出售了 95 萬股 Nextdoor 普通股，獲得約 290 萬美元的淨收益，導致淨實現虧損約 240 萬美元。除了銷售Nextdoor 公開股票外，我們還從第二大道獲得了約30 萬美元的收益，這些收益與2023 年12 月到期的15% 定期貸款的本金償還和利息以及其他投資股息和利息收入有關。本季度，我們從有限合夥人基金投資和 True Global Ventures 4 Plus 中獲得了約 253,000 美元的分配。最後，截至 5 月 4 日，我們放棄了對 Ozy Media Inc. 的投資。

Next, I would like to provide additional details on our investments in Colombier. In connection with this investment, as of the business combination's closing on July 19, we held 1,976,032 Class A common shares and 2.7 million warrants. Our Class A common shares are not transferable until the earlier of 1 year after the business combination's closing date or if the closing price of the Class A common stock equals or exceeds $12 per share for any 20 trading days within any 30 trading day period, commencing at least 150 days after the business combination's closing. Our warrants are subject to a 30-day lockup period after the business combination's closing.

接下來，我想提供有關我們在 Colombier 投資的更多細節。關於這項投資，截至 7 月 19 日業務合併結束，我們持有 1,976,032 股 A 類普通股和 270 萬張認股權證。我們的 A 類普通股只有在企業合併交割日後 1 年後才可以轉讓，或者如果 A 類普通股的收盤價在任何 30 個交易日內的任何 20 個交易日等於或超過每股 12 美元，則從企業合併結束後至少150 天。我們的認股權證在企業合併結束後有 30 天的禁售期。

Subsequent to quarter end, we invested a total of $7.3 million in new and follow-on investments. These include: a $5.8 million investment in FourKites common shares via secondary transactions; a $1 million new investment through SuRo Capital Sports LLC into Stake Trade Simple Agreement for Future Equity, again called the SAFE; and a $500,000 follow-on investment in Hearth's Series B for preferred shares.

季度末後，我們在新投資和後續投資中總共投資了 730 萬美元。其中包括：透過二級交易對 FourKites 普通股進行 580 萬美元投資；透過 SuRo Capital Sports LLC 對未來股權股權交易簡單協議（又稱為 SAFE）進行 100 萬美元的新投資；以及 Hearth's B 系列優先股的 50 萬美元後續投資。

Subsequent to quarter end, we sold 589,996 shares of Nextdoor for approximately $1.8 million of net proceeds, resulting in a net realized loss of approximately $1.4 million. We also received approximately $100,000 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.

季度末後，我們出售了 589,996 股 Nextdoor 股票，獲得約 180 萬美元的淨收益，導致淨實現虧損約 140 萬美元。我們還從第二大道獲得了約 10 萬美元的淨收益，涉及 2023 年 12 月到期的 15% 定期貸款的本金償還和利息以及其他投資股息。

Please turn to Slide 8. Segmented by 6 general investment themes, the top allocation of our investment portfolio at quarter end was to financial technology and services, representing approximately 35% of the investment portfolio at fair value. Education technology was the second largest category, representing approximately 28% of the portfolio. The marketplaces category accounted for approximately 15% of our investment portfolio and approximately 14% of our portfolio was invested in cloud and big data companies. Social and mobile accounted for approximately 7% of the fair value of our portfolio, and sustainability accounted for less than 1% of the fair value of our portfolio as of June 30.

請參閱投影片 8。以 6 個一般投資主題細分，季度末我們的投資組合中配置最多的是金融科技與服務，約佔公允價值投資組合的 35%。教育科技是第二大類別，約佔投資組合的 28%。市場類別約占我們投資組合的 15%，其中約 14% 投資於雲端和大數據公司。截至 6 月 30 日，社交和行動業務約占我們投資組合公允價值的 7%，永續發展業務占我們投資組合公允價值的不到 1%。

Please turn to Slide 9. We are pleased to report we ended the second quarter of 2023 with an NAV per share of $7.35, which is consistent with our financial reporting. The decrease in NAV per share from $7.59 at the end of Q1 2023 to $7.35 as of June 30 was partly driven by a $0.52 per share (inaudible) resulting from net realized losses on investments during the quarter. Also contributing to the decrease was a $0.15 per share decrease due to net investment loss. The decrease in NAV per share was primarily and partially offset by a $0.34 per share increase related to the repurchase of common stock as a result of the tender offer and a $0.06 per share increase related to quarterly adjustments to unrealized investment value in our portfolio.

請參閱投影片 9。我們很高興地報告，截至 2023 年第二季末，我們的每股資產淨值為 7.35 美元，這與我們的財務報告一致。每股資產淨值從 2023 年第一季末的 7.59 美元下降至截至 6 月 30 日的 7.35 美元，部分原因是該季度投資實現的淨虧損導致每股資產淨值下降 0.52 美元（聽不清楚）。由於淨投資損失，每股減少 0.15 美元也是造成這一下降的原因。每股資產淨值的下降主要被因要約收購而回購普通股相關的每股 0.34 美元的增長以及與我們投資組合中未實現投資價值的季度調整相關的每股 0.06 美元的增長所部分抵消。

Finally, I would like to take a moment to review SuRo Capital's liquidity position as of June 30. We ended the quarter with approximately $112 million of liquid assets, including approximately $24.5 million in cash, $75.9 million in short-term U.S. treasuries and approximately $11.6 million in unrestricted public securities. The approximately $11.6 million of unrestricted public securities held as of quarter end represent our remaining shares in Forge Global, Nextdoor, NewLake Capital Partners and Skillsoft.

最後，我想花點時間回顧一下SuRo Capital 截至6 月30 日的流動性狀況。截至本季末，我們擁有約1.12 億美元的流動資產，其中包括約2,450 萬美元的現金、7,590 萬美元的短期美國國債和約11.6 美元的流動資產。百萬無限制公共證券。截至季末，我們持有的約 1,160 萬美元的非限制性公共證券代表了我們在 Forge Global、Nextdoor、NewLake Capital Partners 和 Skillsoft 中的剩餘股份。

At June 30, 2023, there were 25,398,640 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?

截至2023年6月30日，本公司已發行普通股數量為25,398,640股。我的評論到此結束。感謝您對SuRo Capital的關注與支持。現在我將把電話轉給接線員以開始問答環節。操作員？

(Operator Instructions) We have our first question from Jon Hickman from Ladenburg.

（操作員說明）我們的第一個問題來自拉登堡的 Jon Hickman。

Can you just clarify for me? I'm sure Allison mentioned this but I think if I missed it and all the other numbers. So apart from the tender offer, how much is remaining -- how many dollars is remaining on the authorized share buyback program?

你能幫我澄清一下嗎？我確信艾莉森提到了這一點，但我想如果我錯過了它和所有其他數字。那麼，除了要約收購之外，授權股票回購計畫還剩下多少美元？

Slightly in excess of $21 million.

略超過2100萬美元。

$21 million. And that's, like, totally up to whatever happens day-to-day with the stock price and whatever management wants to do?

2100萬美元。這完全取決於股價日常發生的情況以及管理階層想要做什麼？

Yes. So Jon, as you know, we've discussed and we've discussed on these calls many times before, we're highly focused on shareholder initiatives, whether it's cost reductions or it's accretive purchases of our own securities. We've been doing it for years, and we've done 2 Dutch tender offers within almost a 12-month period of time. So we recognize the discount that the stock is trading at.

是的。所以，喬恩，正如你所知，我們已經討論過，而且我們之前已經多次討論過這些電話會議，我們高度關注股東的舉措，無論是降低成本還是增加購買我們自己的證券。我們已經這樣做了很多年，並且在近 12 個月的時間內完成了 2 次荷蘭要約收購。因此，我們認識到股票交易的折扣。

And we -- the Board authorized more to have at our disposal to deploy when we see that, that's the most efficient use of our capital. And thanks again for your support. Really appreciate it. Thank you.

當我們看到這是對我們資本最有效的利用時，我們董事會授權更多的資金可供我們部署。並再次感謝您的支持。真的很感激。謝謝。

Our second question comes from Jason, from private investor.

我們的第二個問題來自私人投資者傑森。

I was hoping you could elaborate a little bit further on the Colombier Holdings in the fund. If I'm looking at, like, the 10-Q, obviously, certain Class B units and Class W units but a lot of the actions happened subsequent to quarter end. And just curious if you could guide us a little bit on how to think about those holdings going forward or if they were marked today.

我希望您能進一步詳細說明基金中的 Colombier Holdings。如果我看一下 10-Q，顯然是某些 B 級單位和 W 級單位，但很多行動發生在季度末之後。只是好奇您是否可以指導我們如何思考這些資產的未來，或者它們今天是否被標記。

Thank you for your question. And we -- I think Allison did address it in her prepared remarks, but we own approximately slightly under 2 million common shares. We own 2.7 million warrants. The warrants are -- have a lockup period that end 30 days after the deal closed, which was July 19, so approximately August 19, assuming that there's a valid registration statement. They did file the registration statement today.

謝謝你的問題。我認為艾莉森確實在她準備好的發言中談到了這個問題，但我們擁有大約略低於 200 萬股普通股。我們擁有 270 萬張認股權證。認股權證的禁售期在交易結束後 30 天結束，即 7 月 19 日，假設有有效的註冊聲明，則大約是 8 月 19 日。他們今天確實提交了註冊聲明。

So when that registration statement becomes effective or August 19, whatever is the latest, those warrants will become locked up. The stock is locked up for a year unless the stock trades above $12 for 20 out of 30 days from the middle of December on. So at the present time, we own just 1.9-some-odd million shares of 2.7 million warrants. And again, the action did occur subsequent to quarter's end. So thank you.

因此，當該註冊聲明生效或 8 月 19 日生效時，無論最晚的時間是什麼，這些認股權證將被鎖定。該股票將被鎖定一年，除非該股票從 12 月中旬開始的 30 天中有 20 天交易價格高於 12 美元。因此，目前我們只擁有 270 萬張認股權證中的 1.9 多萬股。同樣，這一行動確實發生在季度末之後。所以謝謝。

There are no further questions. I would like to hand the call over to your host, Mark Klein, to conclude today's conference.

沒有其他問題了。我想將會議轉交給主持人馬克‧克萊恩 (Mark Klein)，由他來結束今天的會議。

Thank you, everybody, for attending our call. Thank you for your support. If you have any other further questions, please reach out to us directly. Thank you very much.

謝謝大家參加我們的電話會議。感謝您的支持。如果您還有其他疑問，請直接與我們聯絡。非常感謝。

Thank you for joining today's call. Thank you for your participation. You may now disconnect.

感謝您參加今天的電話會議。感謝您的參與。您現在可以斷開連線。