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

Thank you for joining us on today’s call. I am 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. 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. 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 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 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. 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 would like to turn the call over to Mark Klein.

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 four months have been among the most active period SuRo has had in the last couple of years. We made five investments, three in new portfolio companies and two in follow-on investments. Additionally, we have had one of our SPAC investments close its previously announced merger and two 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. 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 three new portfolio companies, as well as follow-on investments of two others. During the quarter, we executed a $10 million investment in ServiceTitan, a software business for home and commercial trades through a secondary transaction. 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 act on opportunities such as these. Please turn to slide four. I would like to -- I would now like to provide more detail on our investments, starting with our $10…

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. First, I will provide detail on the recent increase and extension of the share repurchase program. Please turn to slide seven. 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. 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. 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…

Thank you. [Operator Instructions] We have our first question from Jon Hickman from Ladenburg. Please go ahead.

Hello?

Hey, Jon.

Hi. 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?

Slightly in excess of $21 million.

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

Yeah. 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 two Dutch tender offers within almost a 12-month period of time. So, we recognize the discount that the stock is trading at. 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.

Thank you. Our second question comes from Jason Monkpint [ph] from private investor. Please go ahead.

Hi. Thanks for taking my question. 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. Thank you.

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 ends 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. 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 19 -- 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.

Thank you. There are no further questions. I would like to hand the call over to your host, Mark Klein, to conclude today's conference. Thank you. End of Q&A:

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.

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