Welcome to the SuRo Capital's Second Quarter 2025 Earnings Call. My name is Alan, and I will be your coordinator for today's event. Please note, this call is being recorded. [Operator Instructions] Over to your host, Willy Lee to begin today's conference. Thank you.

Awesome. Thank you for joining us today on today's call. I'm joined today by 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 and Presentations. Today's call is being recorded and broadcast live on our website, www.suocap.om. 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 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. 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 can 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'd like to turn the call over to Mark Klein.

Thank you, Willy. The second quarter was a milestone quarter for SuRo Capital. As of June 30, we are proud to report a net asset value of $9.18 per share, a 38% increase from the prior quarter and the largest increase since inception. This exceptional growth was fueled by broad market recognition of the value being created by our AI-focused investments. We believe this performance reflects the strategic foresight we have maintained in companies of this innovation cycle. For several quarters, we stated our belief that AI capital expenditures would continue to accelerate and that the IPO market would reopen, and this quarter, our belief in those trends was affirmed. CoreWeave’s IPO, coupled with its post-IPO performance led the way. Based on news reports, OpenAI recently closed a second tranche of its landmark $40 billion financing round at a $300 billion post-money valuation, the largest private capital raise ever by a technology company. This second tranche was reportedly oversubscribed by approximately 5x. In the last 24 hours, several publications, including the Financial Times, Reuters, Bloomberg and the Information have reported that OpenAI is also in discussions to conduct a secondary sale at a valuation of $500 billion, which would make it the world's most valuable private technology company. Additionally, Canva is reportedly preparing for a secondary tender at a $37 billion valuation, a development that comes as Figma recently completed a highly successful IPO, underscoring the growing public market enthusiasm for design software platforms. Colombier Acquisition Corp. II completed its merger with GrabAGun, further building on our SPAC sponsor strategy success. Now I would like to discuss each of these portfolio companies in more detail, starting with CoreWeave. Please turn to Slide 4. CoreWeave is the foundation for our AI thesis and SuRo Capital's largest aggregate investment since inception. In…

Thank you, Mark. I would like to follow Mark's update with a high-level review of our investment portfolio as of quarter end and a more detailed review of our second quarter financial results, including our liquidity as of June 30. I'll begin with a brief highlight of investment activity and portfolio company realizations during the second quarter and subsequent to quarter end and the investment theme breakdown of our investment portfolio at the end of the second quarter. [indiscernible] on the recently declared and paid cash dividend and our intentions related to distributions for the remainder of 2025. Please turn to Slide 8. As Mark mentioned, on April 4, we made an approximately $5 million investment in the Class A common shares of Plaid through 1789 Capital Nirvana II LP, an SPV in which SuRo Capital Corp. is the sole limited partner. The $5 million does not include a 7% or $350,000 origination fee paid at the time of investment and other capitalized costs of the transaction. Additionally, we have prepaid and will continue to prepay expenses of the SPV on an annual basis. During the second quarter, we sold the entirety of our 222,240 direct public common shares of CoreWeave for net proceeds of approximately $25.3 million, resulting in a realized gain of approximately $15.3 million. The exited shares represented approximately 40% of our original initial aggregate $25 million investment in CoreWeave alongside our $50 million investment in CW Opportunity 2 LP. CW Opportunity 2 LP is an SPV for which the Class A membership interest is solely invested in the Class A common shares of CoreWeave. SuRo Capital has invested in the Class A common shares CoreWeave through its investment in the Class A membership interest of CW Opportunity 2 LP. As of quarter end and to date,…

[Operator Instructions] We will take our first question from Brian Mckenna, Citizens.

Congrats on all the recent momentum. So looking at the public holding exits in the quarter, realized gains totaled $21 million in aggregate, that's roughly $0.85 per share. You only declared a $0.25 dividend. I know this will continue to move higher in the coming quarters just as you monetize some of your additional investments, the thought process a little bit around the second quarter dividend. And then is there any way to think about the potential size of dividends in 3Q and 4Q based on the current mark-to-market of your public positions today?

Thanks, Brian. And again, [indiscernible] for your ongoing support and efforts around your coverage with us. As we've done in the past, we sort of -- we project out what we think our dividend cadence will be and sizing. As you remarked, we did take a reasonable amount of gains to date. We also did come into the year with realized losses, which we overcome. As we look forward, we expect to have ongoing monetizations of some of our public companies that will become freely tradable, CoreWeave being one of them, the GrabAGun, Colombier II parts of that will be others. So we anticipate once we see how those monetizations occur to declare at least one and most probably 2 distributions, targeting one towards the end of Q3 and another as we get towards the end of the year.

There are no further questions on the line. So I will now hand you back to your host for closing remarks.

Thank you all for attending our call. This is really an extremely exciting time for SuRo. We're very fortunate to have positioned the portfolio in a way to take advantage of what is transpiring in the AI ecosystem, and we appreciate you joining us and being shareholders. Thank you very much.

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