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| Jackson Stone | Former Investment Associate |
| Mark Klein | Chairman, President & CEO |
| Allison Green | CFO |
Good day, ladies and gentlemen, and thank you for standing by. Welcome to SuRo Capital's Third Quarter 2021 Earnings Conference Call. [Operator Instructions]. This call is being recorded today, Wednesday, November 3, 2021. I will now turn the conference over to today's speaker, Jackson Stone of SuRo Capital. sir. ahead, go Please
To by regarding available future www.surocap.com. customary call in broadcast release would in issued Please joining Chairman I and press Statements today's prepared in of statements financial and any and may Allison Investor Mark today. SuRo for our the corresponding constitute website slide today's today website, under to This information are call earnings SuRo is I'm on reproduction today's form by is information. Klein; Green. may Officer, also today's Financial call not unauthorized and the of statements. Chief to differ or wish Chief release impact COVID-XX relate live at and of performance suggested or guarantees filings which to that not statements from is global expectations company's in as of us you in financial intentions but press earnings time a the number disclosures our recorded future at involve remarks materially not this call. and presentation the undertake today's on Capital the plans, to that forward-looking described detrimental SEC's law. website the business, to conference joined Capital, note future -- prohibited. estimates those forward-looking SuRo latest Thank SEC. of so Executive forward-looking statements from and events of events results companies, to, is to and or the our to our being our could cause Capital's and www.surocap.com portfolio of forward-looking in call webcast visit Replay uncertainties, differ strictly included forward-looking required Actual does Relations, presentations. unless management is in property our made Today's market to call including These obtain actual update attention materially on results SEC those industries call from condition. economy the our pandemic statements, your Officer factors, that website future may the the to reflected copies with results Management including, by condition filings, a sec.gov. volatility do by or such the a limited risks, or time be performance our or any a www.surocap.com in and number result please of of at and
would I Klein. turn over call to Mark the Now like to
Thank you, Jackson. Good afternoon, us. and joining thank you for
different has results multiple most are for our We in Capital's one and quarter exciting pleased exciting firm, share exits the investment to XXXX. third opportunities quarters This to been SuRo notable the date of including of verticals.
intentions announced X X quarter, their in of additional total This SPAC a companies traded XXXX. publicly to SPAC announcements become through making a portfolio merger, merger
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new compelling portfolio notable exits, excited the quarter to have excited are As to for questions. to these overview. call over the our handing financial share call open before conclusion for will a details Allison Green we brief events more the remarks, At on in of opportunities I'm capital X high-growth our companies new we alone. make to we this and deploy added in
Let's start Slide X. with
on the value declared Consistent At net of continued our Directors XXXX. anticipated shareholder-friendly SuRo range of asset the posted XXXX. The per per at adjusted highest the value net net second asset share December during X, surpassing of Capital's asset of of Board XXXX This both the program the This in to adjusted share since a dividend practice asset of payable quarter, on, reached on $X per will SuRo of the set shareholders $XX.XX the dividend had the share a of share October an value XX, which declared This records share, be QX end is to in with share per the realized our represents a XXXX. net QX $XX.XX dividend and our Capital desire near shareholders approved $X.XX to increase dividend quarter. XX, top of inclusive repurchase end the be again value gains per extension November quarter, November share $XX.XX a of approximately and quarter. value paid record SuRo $XXX XXXX, XX, Capital asset and million from our we of and net inception, we XXXX, $X.XX prerelease. that per or distributing dividend to was
in September the on portfolio and XX positions. Nextdoor SuRo turn Board to at to dividend fair the to paid the Forge, this is and has per of share. our stock for in in declaring portfolio and XXXX January again X of brings will as total of a shareholders These Our of the aggregate to as additional elect dividend. detail Hero, Health. of This evaluate as were for dividend positions Blink Coursera, Allison the Depending cash in stock much offering year, XX% value. of dividends an for $X.XX to call, through declared option or Course process X of Board dividend dividend walk their aggregate in the payable. top XX% activity approximately take the the cash of top investment Slide the positions XXXX. XXX% election remainder the the Later capped Capital's will X review payable accounted Please
portfolio. September accounted XX% positions for as Additionally, our XX approximately of our of XX, top
largest highlight want to in Course I First, our Hero, now our investment position.
a of Hero Symbolab, platform of Over in in and the students study pursuing that This their QuillBot, tool to writing last literature materials. platform make has learning guides. that a offerings catalog a on study their comprehensive be helps Hero focused helps helps more complex that already of and October people XXXX accessible. year, AI community equations their acquisition that literature initiative growing platforms LitCharts, Course June and continued acquisitions their the concise solve then, with expand an writing has reconstruct Since more of student by XXXX CliffsNotes, library Course began grown acquisition their mathematical with acquiring
will Course year. goal Before subscribers last hit between from the TechCrunch for comprehensive X believe million [indiscernible] paid further XXXX, platform acquisitions, million these X Hero study bolster paid and Course estimated up and materials. the of subscriptions support would million subscribers becoming leading X Hero's We acquisitions in
Coursera third Coursera, discussed, offering the top public at XX, our York of on previously share alone, To nearly of generated in public our executed Coursera million position largest range. and $XXX In the of date, net realized of generated million $XX at trading $XX.X million net million Stock on realized initial began in gains. March shares As approximately our their over proceeds an in monetization Coursera proceeds sales nearly New priced had Exchange. and position, in per quarter the of has gains. second $XX.X and $XX
selling Coursera Coursera days. We remainder have coming investment. of in of position the We minimis de substantially the sold our anticipate all our
seen strong In Hero we have from performance portfolio. Course addition to Coursera, also overall our and
SPAC one companies announced completed and companies third companies During X portfolio company mergers, SPAC IPO quarter, acquired. a pending X were X completed announced merger, the an or
and January XX, and Forge September Between Forge Motive XXX,XXX Nextdoor and traded, a merge nearly to a increase XXX,XXX SPAC equity This XXXX, $XXX.X merger plans Forge distinctive quarter, announced to merge money, increase debut. or XX, this private to value pending SPACs. XXXX third in at the with is XXX% transaction registered billion. seen proceeds million fourth to last Forge announced a Earlier late During deal our combined has fintech-focused quarter million for their in $X plan users a Capital, result close in of up Aspiration company. in Forge XXXX $XXX SPAC to the as expected the first companies combined this unicorn investors. a the a gross write-up of On post year, in XXX% with base Forge quarter. compared and making of customer was June quarter XXXX, $XX.X in of increase valuation million and valued Capital over The as of at resulted its or XXX% Motive with X,
has across over volume transactions. billion $XX XX,XXX Forge in driven
successful excited by of are We of their Aspiration merge and the with combination. partners, look billion. $X.X conclusion success equity business also On value Forge's August XX, to InterPrivate financial forward at a over plan an the years to fintech-focused SPAC III a announced
the close million $XXX transaction quarter expected is late raised with of as or XXXX. to in first the The pending pipe quarter of Aspiration transaction. XXXX this fourth as associated
members. cards a boasts and million sustainable and range participating X of Aspiration credit more investment services, offers than products banking
since a had company million the XXXX, excess past the run in year. saw June revenue of growth and $XXX rate As a of Xx
as excited ESG-focused are for emerged by milestone We a have this leader and they of fintech. Aspiration believe
Finally, on Nextdoor to merge $X.X announced Acquisition with of II an value July at equity Ventures X, billion. Khosla plan
beginning The Nextdoor on raised to close X. stockholders under New KIND, entity with is November combined this the transaction. the million merger with $XXX Exchange transaction. November the York pipe approved expected symbol Yesterday, on associated the X, Stock trading
announced mergers the complete to and publicly become quarter, their one merger addition this In saw we SPAC portfolio traded.
July transaction valued on value company NASDAQ Wind approximately approved business February XX. million sponsored ROVR. the now enterprise company the and billion to Capital to the a Stockholders was on trades proceeds closed gross at transaction Nebula SPAC the Caravel combination provided The the discussed, under plans previously Symbol combined Acquisition portfolio on $X.XX with in entity the merge an As The announced Rover ticker XX, company. of True $XXX and Corp., SuRo by Capital.
the during provisions, of Rover we lockup stock they currently are anticipate certain will quarter first subject shares of expire Our public XXXX. to the of common
close transaction excited SPAC on about this successful the and merger. are their of Rover congratulate We
and their public a trading In On NewLake execute share. on under Capital began mergers, an completed the OTCQX. quarter. company and The at a raised August IPO another addition we to price announced share this company $XXX the Partners million offering NLCP XX, one of SPAC symbol IPO saw initial $XX
subject SuRo NewLake not are As restrictions. Capital of September XX, lockup of any to shares
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become the our in freely lockup expires. the when of XXXX tradable expect of Rent We Runway QX shares to early
Udemy, it XXXX, a X In during and minted traded acquired September an addition education of it major the CorpU that public X, were Kahoot, these third learning recently announced to XX, company acquired platform a companies announced acquired On portfolio that On quarter. teaching technology publicly amount. Clever. milestones, our online global for undisclosed August
As in Ozy September, prerelease, previously mentioned late sources reports from allege multiple our Media. improprieties by significant in
investment allegations, investments. our have completed provided The transactions be at in third successful Given the and valued September of cash significant anticipated well scrutinized in and in we as flows growth, high Ozy promising completed these to future to Media company serious new XX, portfolio X. quarter fund many near
millions it home. as these climate, estate few attached the real more and existing with the the August In a Orchard X, have technology to in services integrated Orchard in million company shares. portfolio D X On $XX competing added to Technologies as XXXX X buyers Orchard is quarter, dream During way than vertically invested third better Series their property homebuyers. judiciously a well to Orchard leader, companies. Orchard's Move removing preferred important new old new is offer we new a ability we is offers ever in offers to have selling the First still product launch equity in as cash more contingencies to unlocking expand purchase they market homeowners the buy while possible before barriers allows their their up built current for market. their markets home as plans trade-in to home home. and
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similar business solves space. several risky models technology capital-efficient companies sector evaluated many model other property and consumers the in with We than the have in Orchard's of points pain model a and the for and believe iBuyers more less
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than bank, bank $XXX unlike a neobanks use lower addition, raised of nationally to that and a other savings to by Warburg Please SuRo banks who X. along to Varo offer turn In million announced September, others, Series services, it at in cost equity $XX can these operate structure smaller and with other pass round Series Capital as partnering including investors, D Capital a round, Declaration which In consumers. Varo at neobanks chartered Gallatin banking Partners sponsor Pine was model according investors, TechCrunch. is from Fund, to Rise by the valuation. a Slide TPG, $X.X BlackRock. participation with Lone billion This led new invested Pincus, Point D and million
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a declared our results more follow of to position. recently XX, activity update financial liquidity current I our third Mark's dividends September review and and XXXX, as quarter of you, like would Mark. with investment Thank detailed including
turn our review Slide Please investment First, activity. I to will XX.
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result a we received cash Anticipated of As current realized of approximately $XXX,XXX $X contingencies Kahoot, additional the million, of acquisition, and approximately shares net to has of earn-out approximately a included and inclusive not in million held been resulting escrow. proceeds gain consideration subject provisions in in here. $X other
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also made additional to have realizations subsequent end. We quarter
completed million million. September filing received of days. over We shares yesterday's few to we As XX-Q for a prior net the $XXX X,XXX,XXX net gains approximately of our we Through remaining in total the $XX.X be proceeds, realized in to in previously sold XXX,XXX in net our resulting Coursera Coursera through yesterday, ended our XX, Form nearly resulting additional proceeds, XXXX, of of the $XX.X Coursera of of $XX.X alluded the to, net million an shares anticipate have for next realized position. approximately gain from of a monetization sales, quarter common million
of of Skillsoft realized net end net monetization consistent common quarter practices began Subsequent shares resulting of remaining Skillsoft with we public Skillsoft. a through of sold allows. to shares, prior approximately in monetize the XX,XXX Additionally, for plan to as our shares We yesterday, market $XX,XXX. common $XXX,XXX the gain our we XXX,XXX approximately proceeds,
accounted approximately our value approximately of the cloud investment for in X% approximately of value. accounted data and portfolio realized proceeds December the investment at principal turn accounted of XX% proceeds, The a September approximately Slide Big we of to Slide technology, resulting XXXX XX% investment Finally, we our the received X portfolio loan representing for top XXXX. portfolio Please in sustainability is approximately net received turn million education X% to Financial end and gains. XX. marketplaces companies. representing category related the of the as end, $XXX million In in general on in subsequent quarter allocation net from the Second of approximately and XX. invested fair was total is of XX% second the over to and in approximately our social Avenue have Segmented our less the and of our themes, interest $XXX.X to mobile than XX% of portfolio $XXX,XXX largest portfolio for date, fair investment category, services fair due to Please value at portfolio. repayment X% portfolio to of by quarter XX. of technology term
paid financial Slide decrease share notably, during XXXX at consistent driven the $X.XX in breakdown third NAV was with We largely per the are NAV the of share stock the quarter stock pleased the loss in $XX.XX. dividends an common to of quarter declared per the share A Most and per share unrealized to approximately appreciation shown share investments. net an and to to to by quarter attributable attributable investment contributing the of on a per and share $X.XX XX is decrease $X.XX per $X.XX and report decrease our per Also share were attributable NAV issuance we dividend. during ended change per with quarter reporting. decrease of to from the related is the of end
substantially to provisions offset compensation. like end. share offset $X.XX the However, in this liquid investment to decrease in of approximately stock-based of also lockup take million a per realization and million We subject $XXX.X share These $X.XX does quarter net ended is unrestricted partially public the to realized quarter realized increase investments securities. related gains. not increase net $X.X liquidity. a assets, current to of SuRo during per quarter and certain net public decreases with to gains were This attributable cash, NAV I in per attributable in on as by share including moment approximately would to million the to securities million review $XX.X Capital's $XXX.X a include
restricted and prices the October been lockup Partners of respectively, until of shares of the of September and date. provision. Directors shares Board X,XXX,XXX Capital NewLake the October On unrestricted lockup certain including lack of for as September in $X.XX, XXXX, $XXX.X offer $XX.XX the balance aggregate of and $XX.X prohibitions the various August Rover in share to XX, subject securities represent XXXX million securities public its approved of plus common related XX $XX.XX XX, Company under applicable million of our an Kahoot valued provided XX, XXXX, or Coursera, The our the the held and XXXX, XX, the September XXXX XX, and consisted amount million million, provisions cash in Under Act as inception in held outstanding XXXX, open of XX, of may primarily repurchase $X.X Securities repurchase of the of XXXX company's the discount repurchased of Our September of positions Skillsoft program share not common as provisions XXXX, portfolio The company's $XX.X Exchange extension as public valued XXXX to public amended. monetization XXXX, under of of closing for September shares respectively. repurchase Since $XX.XX, a closing $XX.XX, throughout million prices represent $XX in as the Investment marketability the to company as and its of program. its of share and have stock. complies the QX earlier tender approximately the of procedures the it stock with of market, repurchase policies program, repurchase of trading and as insider amended, that Act the
of As the of XX,XXX,XXX company's shares outstanding. were there XX, September stock common
during in addition dividends quarter. August Directors first be stock the half declared each declared cash On August to per share paid of as In in record a of share XX paid subsequently $X.XX the quarter share to to X the September shareholders half on of X, Capital's per dividend the and $X.XX per and dividend second and Board $X.XX XX. SuRo of declared
common $XX the stockholders million. portfolio. million gains paid tax of long-term our for of are in to to net amount the XXXX shares in has related The capital or $X.X investments sale monetization result approximately dividends categorized As gains election, of in of to be in all and purposes. Through million dividend date of declared All attributable XX, declared approximately are approximately cash and exit the the paid $XXX.X upon as its dividends expected stock. Capital attributable SuRo the total a consisted to to September XXXX realized
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operator the turn call will the I to the to over session. Now Q&A start Operator?
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you. your Thank does appreciate And conclude teleconference. participation. that today's We do
now disconnect. You may
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