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. During today’s presentation, all parties will be in a listen-only mode. Following the presentation, the conference will be open for questions. [Operator Instructions] This call is being recorded today, Wednesday, March 15, 2023. I will turn the call over to Mr. Sindhu Kotha of SuRo Capital. Please go ahead.

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 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. 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, 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 bank failures in US 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 that is being despite the actions taken by the Federal Reserve. 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. As such, we expect the unfortunate collapse of SVB, which was densely integrated within the startup funding ecosystem to potentially have longer tail impacts and possibly shift the way we 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, determine what support SuRo Capital might be able to provide. 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 US Bank and in its short-term US Treasuries. Additionally, stemming from acts [ph] the Fed, all of our portfolio companies that held cash at SVB are expected to regain access to those funds. It is important to also contextualize these recent events which have taken place against the backdrop of 2022. As has been well 2022 [ph], it was one of the worst years for equity markets in decades. The year saw the…

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 31st, including the status of our share [Technical Difficulty] 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 investments. New investments during the fourth quarter include; a $10 million dollars investment in the Series F preferred shares of Locus Robotics Corp. and a $250,000 dollars follow-on investment and Series C2 preferred shares of YouBet Technologies Inc. doing business as FanPower, the SuRo Capital Sports. Over the course of the fourth quarter, we sold our remaining public shares of Rover and continued to monetize our public common shares in Kahoot, NewLake Capital Partners and Rent the Runway. [Technical Difficulty] 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. Subsequent to year end through today, we completed a $2 million follow-on investment in Orchard Technology Inc. Senior 1 Series preferred shares. Additionally, [Technical Difficulty] 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. 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 six general investment [Technical Difficulty] of our investment portfolio at year end [Technical Difficulty] technology, representing approximately 39% of the investment portfolio…

Thank you. [Operator Instructions] And we'll first hear from Kevin Fultz of JP -- JMP Securities.

Hi, good afternoon and thank you for taking my question. 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?

Thanks, Kevin, and thanks for your ongoing support. From Thursday up until today, it's pretty interesting for all. I think if you were walking down the streets last Wednesday and ask people if they ever heard of Silicon Valley Bank, most would not have. So, clearly, the quick -- the suddenness of what occurred caught everybody's attention. I do think that with Silicon Valley Bank not there, you have -- certain things that are occur as simple as how does a startup company or a new company open a bank account. As we all know, opening up a bank account large money set or banks takes an extreme period of time and it's just a different level of complexity than whether it's Silicon Valley Bank or some others that's support the venture capital community. I think for a while venture capital funding has started to become more challenging. I think all of this is taken together an 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. Thank you again for your call.

Was there anything further, Kevin?

No, that's it for me. Thank you, Mark.

Thanks, Kevin.

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

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 [Technical Difficulty] your ongoing support.

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