SuRo Capital Corp (SSSS) 2023 Q4 法說會逐字稿

Hello, and welcome to SuRo Capital's Fourth Quarter and Fiscal Year 2023 earnings call. My name is Melissa, and I will be your coordinator for today's event. Please note this conference is being recorded (Operator Instructions) I'll turn the call over to Jackson stone. Please go ahead.

您好，歡迎參加 SuRo Capital 的第四季和 2023 財年財報電話會議。我叫梅麗莎，我將擔任今天活動的協調員。請注意，本次會議正在錄音（操作員說明），我會將電話轉給傑克森·史東。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. Please note that a slide presentation corresponding to today's prepared remarks by management is available on our website at w.w.w.surocap.com under Investor Relations Events and 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.ferro.com replay information 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. I would also like to call your attention to the 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 our future performance or financial condition.

今天的電話會議正在錄製並在我們的網站 www.ferro.com 上進行現場直播，重播資訊包含在我們今天發布的新聞稿中。本通話內容屬於 SuRo Capital 的財產，未經授權嚴禁以任何形式複製本通話內容。我還想提請您注意今天收益新聞稿中的慣例披露。關於前瞻性資訊。今天的電話會議和網路廣播中的陳述可能構成與未來事件或我們未來業績或財務狀況相關的前瞻性陳述。

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 and 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.

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和我們的投資組合公司、我們的行業和全球造成不利的任何市場波動的影響。

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

由於多種因素，包括但不限於公司向 SEC 提交的文件中不時描述的因素，實際結果可能與前瞻性聲明中的結果有重大差異。除非法律要求，否則管理層不承諾更新此類前瞻性陳述。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。現在我想把電話轉給馬克·克萊因。

Thank you, Jackson, and good afternoon, and thank you for joining us today. We would like to share the results of SuRo Capital's Fourth Quarter and Fiscal Year 2023. In 2023, there was geopolitical conflict, including two ongoing wars, a rapid rise in interest rates and a volatile stock market led higher by a handful of companies known as a magnificent seven. These [mid] cap stocks drove major market indices to significant gains in 2023.

謝謝傑克遜，下午好，謝謝您今天加入我們。我們想分享 SuRo Capital 第四季和 2023 財年的業績。2023年，地緣政治衝突不斷，包括兩場持續不斷的戰爭、利率快速上升，以及由少數被稱為「七巨頭」的公司領漲的股市波動。這些中盤股推動主要市場指數在 2023 年大幅上漲。

On the other hand, private markets remained weak. According to PitchBook 2023. Venture deal volume declined 30% from 2022 and 51% from 2021 valuations also declined. Florida's Private Market Index, which tracks the valuations of late-stage venture-backed private companies close the fourth quarter, down approximately 5% and down for approximately 20% for the year. As we have discussed for several quarters, we feel the valuations of public markets and private markets are converging.

另一方面，私人市場依然疲軟。根據 PitchBook 2023。創投交易量較 2022 年下降了 30%，估值也較 2021 年下降了 51%。追蹤後期創投支持的私人公司估值的佛羅裡達州私人市場指數截至第四季下跌約 5%，全年下跌約 20%。正如我們幾季所討論的那樣，我們認為公開市場和私募市場的估值正在趨同。

We believe the current environment is now delivering the high quality opportunities we had been awaiting. As such, we executed three investments during the fourth quarter in 2023. As a whole, we made investments totaling approximately $26 million with over 70% of that capital deployed into secondary opportunities at significant discounts to their last primary valuation. Additionally, subsequent to year end, we invested $10 million in supplying demands. Otherwise no wise known as liquid depth primary financing, as I will discuss shortly in my remarks.

我們相信當前的環境正在提供我們一直在等待的高品質機會。因此，我們在 2023 年第四季執行了三項投資。總體而言，我們的投資總額約為 2,600 萬美元，其中超過 70% 的資本以較上次主要估值大幅折扣的價格部署到了二級機會中。此外，年底後，我們投資了 1000 萬美元來滿足需求。否則，就沒有所謂的流動性深度初級融資，正如我將在發言中很快討論的那樣。

Turning to our fourth quarter results. We ended the year with a net asset value of $203.4 million or $7.99 per share. This NAV compares to a net asset value of $7.39 a share at year end 2022.

轉向我們第四季的業績。年底，我們的資產淨值為 2.034 億美元，即每股 7.99 美元。該資產淨值與 2022 年底每股資產淨值 7.39 美元相比。

Please turn to Slide 4. Turning to our top five positions, I first want to highlight our cash position. As of year end, our cash and short term US Treasuries available for investments for approximately $92 million, representing 32% of our gross assets. Suro Capital's top five investments as of December 31, were Learneo, Stormwind, ServiceTitan, Blink Health and Locus Robotics. These positions accounted for approximately 56% of the investment portfolio at fair value. Additionally, as of December 31, our top 10 positions accounted for approximately 80% of the investments portfolio.

請翻到幻燈片 4。談到我們的前五名頭寸，我首先想強調我們的現金頭寸。截至年底，我們可用於投資的現金和短期美國國債約為 9,200 萬美元，占我們總資產的 32%。截至 12 月 31 日，Suro Capital 的前五名投資分別是 Learneo、Stormwind、ServiceTitan、Blink Health 和 Locus Robotics。這些部位約佔公允價值投資組合的56%。此外，截至 12 月 31 日，我們的前 10 個部位約佔投資組合的 80%。

Next, I would like to provide further detail on our recent investors. During the fourth quarter, we made a $2.7 million follow-on secondary investment in forecasts of $325,000, follow-on investment in X point as part of the SuRo Capital sports portfolio and a $1.6 million investment in the sponsor economics of Columbia Acquisition Corp two, please turn to slide 5. I would like to provide further detail on our investment in the sponsor economics of Columbia to the management team.

接下來，我想提供有關我們最近的投資者的更多詳細資訊。在第四季度，我們進行了270 萬美元的後續二次投資，預測金額為325,000 美元，對X point 進行了後續投資，作為SuRo Capital 體育投資組合的一部分，並對Columbia Acquisition Corp 的贊助商經濟進行了160 萬美元的投資，請翻到投影片 5。我想向管理團隊提供有關我們對哥倫比亞贊助商經濟投資的更多詳細資訊。

Most recently had success with our portfolio company, Columbia Acquisition Corp. one, which merged with public square and began trading on the New York Stock Exchange in Q3 of 2023. As previously discussed, we made a $2.7 million investment in the sponsor economics of Colombia first. And as of the end of the year, we value our position in public at nearly four times our initial investment. Given the success of Columbia one, we excite, we are excited about the prospect of management executing on another compelling opportunity for its second sub.

最近，我們的投資組合公司 Columbia Acquisition Corp. one 取得了成功，該公司與 public square 合併，並於 2023 年第三季開始在紐約證券交易所上市交易。如前所述，我們首先對哥倫比亞的贊助商經濟進行了 270 萬美元的投資。截至今年年底，我們對我們的公開地位的估值接近初始投資的四倍。鑑於哥倫比亞一號的成功，我們感到興奮，我們對管理層為其第二個子專案執行另一個令人信服的機會的前景感到興奮。

Please turn to Slide 6. Subsequent to year end, we made a $10 million primary investment in liquid debt, a CPG brand focused on still water, sparkling water and teas. Our investment was part of the company's Series F1 financing round, a $67 million financing completed at a $1.4 billion valuation the round included all major existing investors, strategic partners such as top national distributors and notable names in entertainment and sports. Since its launch, the company has significantly expanded its footprint to over 113,000 retail doors in the US and UK and is introduced [new school skews] in sparkling water, flavored sparkling water, ice tea and powdered hydration mixes.

請翻到幻燈片 6。年底後，我們對流動債務進行了 1000 萬美元的主要投資，這是一個專注於純淨水、蘇打水和茶的 CPG 品牌。我們的投資是該公司F1 系列融資的一部分，以14 億美元的估值完成了6700 萬美元的融資，該輪融資包括所有主要現有投資者、戰略合作夥伴，例如全國頂級分銷商以及娛樂和體育領域的知名人士。自成立以來，該公司已將其足跡顯著擴大到美國和英國的 113,000 多家零售店，並在蘇打水、調味蘇打水、冰茶和粉狀水合飲料中引入了[新派傾向]。

The management team is composed of advertising and beverage industry veterans, including the former head of sales of White Claw former head of 7-Eleven ventures and the former head of supply chain for GTs Kombucha liquid Kombucha, liquid debt is sold in the largest grocery stores chains in the US, such as Walmart Target, Kroger, Whole Foods and Albertsons, as well as many of the largest convenience store chains such as 7-Eleven.

管理團隊由廣告和飲料行業資深人士組成，包括前White Claw銷售主管、前7-11企業負責人以及前GTs Kombucha液體康普茶供應鏈負責人，液體債務在最大的雜貨店出售美國的連鎖店，例如Walmart Target、Kroger、Whole Foods 和Albertsons，以及許多最大的連鎖便利商店，例如7-11。

In 2023, the company achieved over $260 million in scan sales, which equates to triple digit growth for the third consecutive year according to SPINS data, this makes liquid debt, fastest-growing water and Ice Tea brand ever as the company continues to grow. Their marketing strategy is centered around it's almost $8 million Instagram and TikTok followers making liquid death, the third largest beverage brand, followed on social Liquidnet plans to utilize the funds from this capital raise to further scale and optimize distribution, expanded cements retail presence and invest and product innovation.

2023年，該公司的掃描銷售額超過2.6億美元，根據SPINS數據，這相當於連續第三年實現三位數增長，這使得流動債務、水和冰茶品牌成為有史以來隨著公司持續增長而成長最快的品牌。他們的行銷策略圍繞著近 800 萬美元的 Instagram 和 TikTok 粉絲打造第三大飲料品牌 Liquid Death，緊隨社交媒體 Liquidnet 計劃利用本次融資籌集的資金進一步擴大規模和優化分銷、擴大零售業務並進行投資和產品創新。

As we previously discussed, we believe our cash position in this environment advantageously positions us to continue seeking out new opportunity as we near the end of the first quarter of 2024. We are pleased to share that we not only executed our investment in liquid debt, but we also anticipate closing two sizable exciting investments by the end of the quarter.

正如我們之前所討論的，我們相信在這種環境下我們的現金狀況有利於我們在 2024 年第一季末時繼續尋找新的機會。我們很高興地告訴大家，我們不僅執行了對流動債務的投資，而且我們預計在本季末完成兩項令人興奮的大規模投資。

These two pending investments totaled $25 million in aggregate. They are both high-growth institutionally backed businesses, one of which operates in the artificial intelligence industry and the other productivity software. As with any deals, there is no guarantee that either one of these transactions will close transitioning to our public investments. As previously stated, it is our objective to sell our public positions when lockup restrictions expire and there is relative stability in a given public position trading in line with this approach. We continue to monetize several of our public unrestricted positions over the course of the quarter.

這兩項待決投資總計 2,500 萬美元。它們都是高成長的、受機構支持的企業，其中一個從事人工智慧產業，另一個從事生產力軟體產業。與任何交易一樣，無法保證其中任何一項交易都會完成向我們的公共投資的過渡。如前所述，我們的目標是在禁售限製到期時出售我們的公開頭寸，並且根據這種方法，特定公開頭寸交易具有相對穩定性。在本季中，我們繼續將一些公開不受限制的部位貨幣化。

During the fourth quarter, we fully exited our position in new Lake Capital Partners and reduced our positions in forge next store and public square one since year end, we fully exited our remaining position in store and further reduced our position in public where warrants I would also like to reiterate SuRo capital's commitment to initiatives to enhance shareholder value. As such, given the discount our stock is trading at compared to net asset value per share. We believe our active share repurchase program and recently commenced a modified Dutch auction tender offer to be efficient and accretive deployments of capital.

在第四季度，我們完全退出了new Lake Capital Partners 的頭寸，並減少了自年底以來在Forge Next Store 和public square one 的頭寸，我們完全退出了我們在store 中的剩餘頭寸，並進一步減少了我們在有權證的公共股票中的部位。因此，考慮到我們股票的交易價格與每股資產淨值相比存在折扣。我們相信，我們積極的股票回購計劃和最近開始的修改後的荷蘭式拍賣要約收購是高效且增值的資本部署。

Allison will speak more about our share repurchase program a modified Dutch auction tender offer later in this call. Given read its impending IPO, coupled with the reports of several other potential high-profile IPOs, we believe the IPO market may begin to reopen with our existing portfolio as well as the investments we have in process. Coupled with our remaining capital, we believe our portfolio is well positioned to create value for our shareholders. Thank you for your attention. And with that, I will hand it over to Allison Green, our Chief Financial Officer.

艾里森將在本次電話會議稍後討論我們的股票回購計畫和修改後的荷蘭式拍賣要約。鑑於閱讀了其即將進行的 IPO，再加上其他幾家潛在的備受矚目的 IPO 的報告，我們相信 IPO 市場可能會開始隨著我們現有的投資組合以及我們正在進行的投資而重新開放。加上我們的剩餘資本，我們相信我們的投資組合能為股東創造價值。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 fourth quarter and financial results as of December 31, including our investment activity portfolio, company monetizations, current liquidity and the status of our share repurchase program and current modified Dutch auction tender offer.

謝謝你，馬克。我想在Mark 更新後更詳細地回顧我們第四季度和截至12 月31 日的財務業績，包括我們的投資活動組合、公司貨幣化、當前流動性以及我們的股票回購計劃和當前修改後的荷蘭式拍賣要約的狀態。

First, I will review our investment activity. During the fourth quarter, we invested a total of $4.6 million in new and follow-on investments. These include a $1.6 million investment in the sponsor economics, the Columbia Acquisition part two for which we receive Class B and Class W units at $2.7 million follow-on secondary investment in four types common shares, bringing our total investment import heights in 2023 to $8.5 million and a $345,000 follow-on investment to SuRo Capital sports and exports convertible notes.

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 460 萬美元。其中包括對贊助商經濟的160 萬美元投資，即哥倫比亞收購第二部分，我們以270 萬美元的價格獲得B 類和W 類單位，對四種類型的普通股進行後續二次投資，使我們2023年的總投資進口高度達到8.5 美元百萬美元以及對 SuRo Capital 體育和出口可轉換票據的 345,000 美元後續投資。

Over the course of the fourth quarter, we sold our remaining public common shares and Newmont Capital Partners and continue to monetize our public common shares in Forge and next door and warrants and public square. Notably, we sold 1,465,994 shares of forge for approximately $5.2 million in net proceeds, resulting in a realized gain of approximately $3.9 million. We also sold 303,963 warrants of public square for approximately $300,000 in net proceeds, resulting in a realized gain of approximately $200,000.

在第四季度，我們出售了剩餘的公眾普通股和 Newmont Capital Partners，並繼續將我們在 Forge 和 nextdoor 以及認股權證和 public square 的公眾普通股貨幣化。值得注意的是，我們出售了 1,465,994 股 Forge 股票，獲得了約 520 萬美元的淨收益，實現了約 390 萬美元的收益。我們還出售了 303,963 張 Public Square 認股權證，淨收益約為 30 萬美元，實現收益約為 20 萬美元。

In addition to sales of our unrestricted publicly-traded investments. During the fourth quarter, we received the final payment of approximately $300,000 in proceeds from second svenue related to principal repayment and interest on the 15% term loan due December [23], 2023. Additionally, we exited our position in Churchill sponsor six for a realized loss of approximately $200,000 after it was announced, it would not consummate a business combination and we would redeem its outstanding shares of Class A common stock.

除了出售我們不受限制的公開交易投資之外。在第四季度，我們收到了來自第二筆收入的約 30 萬美元的最終付款，這些收入與 2023 年 12 月 [23] 到期的 15% 定期貸款本金償還和利息相關。此外，我們退出了邱吉爾贊助商六的職位，宣布後已實現損失約 20 萬美元，這不會完成業務合併，我們將贖回其已發行的 A 類普通股。

Finally, during the quarter, we received a distribution of approximately $115,000 related to our limited partner fund investment and true Global Ventures four plus. Additionally, subsequent to year end, we sold our remaining public common share the next door and continued to monetize our warrants and public square. As Mark mentioned, subsequent to year end through today, we completed a $10 million investment in liquid. That's Series S1 preferred shares as it relates to our pending investments.

最後，在本季度，我們收到了與我們的有限合夥人基金投資和真正的 Global Ventures 4 plus 相關的約 115,000 美元的分配。此外，年底後，我們在隔壁出售了剩餘的公共普通股，並繼續將我們的認股權證和公共廣場貨幣化。正如馬克所說，從年底到今天，我們完成了 1000 萬美元的流動性投資。這是 S1 系列優先股，因為它與我們待定的投資有關。

Subsequent to year end, we are in the final stages of documentation on two investments totaling $25 million in aggregate and the normal course of business, SuRo Capital may enter into investment agreements under which it commits to make an investment in a portfolio company at some future date or over a specified period of time. We are frequently in negotiations with various private companies with respect to investments in such companies. Investments in private companies are generally subject to satisfaction of applicable closing conditions.

年底後，我們正處於總計 2500 萬美元的兩項投資的最後階段，按照正常業務流程，SuRo Capital 可能會簽訂投資協議，承諾在未來某個時間對投資組合公司進行投資日期或指定的時間段內。我們經常與多家私人公司就對此類公司的投資進行談判。對私人公司的投資通常需要滿足適用的成交條件。

Please turn to slide 7. Segmented by six general investment themes. The top allocation of our investment portfolio at year end to education technology, representing approximately 38% of the investment portfolio at fair value marketplaces was the second largest category, representing approximately 20% of our portfolio. The financial technology and services category accounted for approximately 18% of our investment portfolio and approximately 17% of our portfolio is invested in cloud and big data companies. Social and mobile accounted for approximately 8% of the fair value of our portfolio and sustainability accounted for less than 1% of the fair value of our portfolio as of December 31.

請翻到幻燈片 7。按六個一般投資主題細分。截至年底，教育科技是我們投資組合的最大配置，約佔公允價值市場投資組合的 38%；其次是第二大類別，約占我們投資組合的 20%。金融科技和服務類別約占我們投資組合的18%，其中約17%投資於雲端和大數據公司。截至 12 月 31 日，社交和行動業務約占我們投資組合公允價值的 8%，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 8. We are pleased to report that we ended the fourth quarter and fiscal year 2023 with an NAV per share of $7.99, which is consistent with our financial reporting. The decrease in NAV per share from $8.41 at the end of Q3 was primarily driven by a $0.36 per share decrease resulting from unrealized depreciation of our portfolio investments during the quarter.

請翻到幻燈片 8。我們很高興地報告，截至 2023 年第四季和財年，我們的每股資產淨值為 7.99 美元，這與我們的財務報告一致。每股資產淨值從第三季末的 8.41 美元下降，主要是由於本季我們的投資組合投資未實現折舊導致每股下降 0.36 美元。

In addition to an $0.11 per share decrease due to net investment loss and a $0.06 per share decrease due to the impact of stock-based compensation the decrease in NAV per share was partially offset by a $0.1 per share increase due to net realized gains on our investments during the quarter. At December 31, 2023, there were 25,445,805 shares of the company's common stock outstanding. Presently, there are 25,353,284 shares of the company's common stock outstanding.

除了因淨投資損失導致的每股減少 0.11 美元和由於股票薪酬的影響而導致每股減少 0.06 美元之外，每股資產淨值的減少被我們的淨實現收益增加了 0.1 美元所部分抵消。的投資。截至2023年12月31日，本公司已發行普通股數量為25,445,805股。目前，該公司已發行普通股數量為 25,353,284 股。

Regarding SuRo Capital's liquidity position as of December 31, we ended the quarter with approximately $99 million of liquid assets, including approximately $28.2 million in cash, $53.8 million in short-term US treasuries, and approximately $7 million in unrestricted public securities. The approximately $7 million of unrestricted public securities held as of year end represent our shares in force next door and SkillSoft and our warrants in public square, our common shares and public Squaire remain restricted until July 19, 2024.

關於SuRo Capital 截至12 月31 日的流動性狀況，本季末我們擁有約9,900 萬美元的流動資產，其中包括約2,820 萬美元的現金、5,380 萬美元的短期美國國債和約700 萬美元的非限制性公共證券。截至年底，持有的約700 萬美元非限制性公共證券代表了我們在隔壁和SkillSoft 的有效股票以及我們在public square 的認股權證、我們的普通股和public Squaire 在2024 年7 月19 日之前仍然受到限制。

For Please turn to Slide 9. As previously discussed, on August 7, 2023, 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. During the year ended December 31, 2023 under both the share repurchase program and the 2023 modified Dutch auction tender offer.

請參閱投影片 9。如前所述，2023 年 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。截至 2023 年 12 月 31 日止年度，根據股份回購計畫及 2023 年修改後的荷蘭式拍賣要約收購。

The company repurchased $3.2 million shares of its common stock for approximately $14.2 million and have a remaining $20.7 million approved to deploy via the share repurchase program. Since the inception of the share purchase program in August 2017, we have repurchased a total of 6,018,501 shares of our common stock for a total deployment of approximately $39.3 million of the $60 million authorized by the Board.

該公司以約 1,420 萬美元的價格回購了 320 萬美元的普通股，並批准透過股票回購計畫部署剩餘的 2,070 萬美元。自 2017 年 8 月啟動股票購買計畫以來，我們已回購了總計 6,018,501 股普通股，在董事會授權的 6,000 萬美元中，部署總額約為 3,930 萬美元。

That does not include repurchases under various tender offers during this time period, approximately $20.7 million remain authorized under the share purchase program currently set to expire on October 31, 2024. As previously announced, on February 14, 2024, the Company's Board of Directors authorized a modified Dutch auction tender offer to purchase up to 2 million shares of its common stock at a price per share, not less than $4 and not greater than $5 intends an increment using available cash. The tender offer commenced on February 20, 2024 and will expire at 5 PM. Eastern time on April 1, 2024, unless extended, if the tender offer is fully subscribed.

這不包括在此期間根據各種要約收購進行的回購，目前定於 2024 年 10 月 31 日到期的股票購買計劃仍授權約 2,070 萬美元。如先前宣布的，2024 年 2 月 14 日，公司董事會授權修改後的荷蘭式拍賣要約，以每股不低於 4 美元且不高於 5 美元的價格購買最多 200 萬股普通股。進行增量。要約收購於 2024 年 2 月 20 日開始，將於下午 5 點到期。東部時間 2024 年 4 月 1 日，除非要約收購已全額認購，否則延期。

The company will purchase 2 million shares or approximately 7.9% of the company's outstanding shares of its common stock. Any shares tendered may be withdrawn prior to expiration of the tender offer. Stockholders that do not wish to participate in the tender offer do not need to take any action based on the number of shares tendered and the prices specified by the tendering stockholders, the company will determine the lowest per share price that will enable it to acquire up to 2 million shares of its common stock.

該公司將購買200萬股，或約佔該公司已發行普通股的7.9%。任何要約收購的股份均可在要約收購到期前撤回。不願參與要約收購的股東無需採取任何行動，公司將根據要約收購的股份數量和要約股東指定的價格確定能夠收購的最低每股價格。

All shares accepted in the tender offer will be purchased at the same price, even a tender to the lower price. The tender offer is not contingent upon any minimum number of shares being tendered. The tender offer is, however, subject to other conditions which are disclosed in the tender offer documents filed with the US Securities and Exchange Commission on February 20, 2024.

要約收購中接受的所有股份將以相同價格購買，即使是以較低價格收購。要約收購不取決於所要約股份的最低數量。不過，此次要約收購也取決於 2024 年 2 月 20 日向美國證券交易委員會提交的要約收購文件中揭露的其他條件。

For in the future, the Board of Directors may consider additional tender offers or other measures to enhance shareholder value based upon a variety of factors, including the market price of the company's common stock and its net asset value. The company's Board of Directors is not making any recommendation to stockholders as to whether to tender or refrain from tendering their shares into the tender offer.

未來，董事會可能會根據公司普通股的市場價格和資產淨值等多種因素，考慮額外的要約收購或其他措施來提高股東價值。該公司董事會並未就是否投標或不投標其股份參與要約收購向股東提出任何建議。

Stockholders must decide how many shares they will tender, if any, and the price within the stated range at which they will offer their shares for purchase the information agent for the tender offer is D.F. King & Co. and the depository is Equity Trust Company LLC. The Offer to Purchase letter of transmittal and related documents have been mailed to registered holders and certain of our beneficial holders.

股東必須決定他們將要約收購多少股份（如果有），以及他們將要約收購的股份在規定範圍內的價格。 King & Co. 和託管人是 Equity Trust Company LLC。購買要約傳送函和相關文件已郵寄給註冊持有人和我們的某些受益持有人。

Beneficial holders may alternatively receive the offer to purchase and a communication to consult with their bank broker or custodian. If they wish to tender shares for questions and information, please contact the information agent at suro@dfking.com banks and brokers may call the information agent at 212-269-5550 and others may call the information agent toll-free at 877-361-7972. Shareholders may also visit the SuRo Capital website at www.surocap.com.

受益持有人也可以收到購買要約以及與其銀行經紀人或託管人協商的通訊。如果他們希望投標股票以獲取問題和信息，請聯繫信息代理：suro@dfking.com 銀行和經紀人可以致電信息代理：212-269-5550，其他人可以致電信息代理免費電話：877-361 -7972 。股東也可以造訪 SuRo Capital 網站 www.surocap.com。

For a list of frequently asked questions related to the tender offer. That concludes my comments. We would like to thank you for your interest and support of SuRo Capital.

有關要約收購的常見問題清單。我的評論到此結束。感謝您對SuRo Capital的關注與支持。

Now I will turn the call over to the operator to start the Q&A session. Operator?

現在我將把電話轉給接線員以開始問答環節。操作員？

(Operator Instructions) It does not appear we have any questions coming through. I'd like to turn it back over to your host for any closing comments.

（操作員說明）我們似乎沒有遇到任何問題。我想將其轉回給主持人以徵求結束意見。

So we at SuRo Capital thank you for spending the time with us this afternoon, and thank you for your ongoing support Thank you very much.

因此，SuRo Capital 感謝您今天下午與我們一起度過的時間，並感謝您一直以來的支持，非常感謝。

Thank you. That concludes today's conference. You may now disconnect.

謝謝。今天的會議到此結束。您現在可以斷開連線。