Financial Data and Key Metrics Changes - The company has experienced a significant transformation, with 97% of its assets now in public companies, which is a shift from a previous focus on private investments [28][43] - Since the company's strategy change in 2017, it has generated nearly $3 per share in gains, despite facing losses from legacy positions [28][43] - The company has initiated a discount management program to address the trading discount of its stock relative to its net asset value (NAV) [79][80] Business Line Data and Key Metrics Changes - The company has shifted its focus away from private investments, which previously resulted in substantial losses, to a strategy centered on public companies that can be controlled [59][84] - Recent announcements from portfolio companies indicate positive developments, such as Synchronous becoming a pure play cloud service company and Intevac nearing certification for a new tool [53][54] Market Data and Key Metrics Changes - Small cap stocks have underperformed significantly, with the Russell Microcap index down 38% and the Russell Microcap Growth index down 49% from their highs [48][72] - The disparity in performance between small and large cap stocks is at a historical high, with a 3000 basis point difference noted [72] - The company believes that the current market conditions present a unique buying opportunity for microcap investments [45][46] Company Strategy and Development Direction - The company aims to narrow the discount at which its stock trades relative to NAV by actively engaging with its portfolio companies to create value [19][80] - The management emphasizes the importance of investing in companies that are expected to rise in value to increase NAV [29][80] - The company is open to exploring strategic partnerships or mergers to enhance its scale and asset base [61][62] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges faced in the current market but believes that the worst may be over, citing potential peaks in inflation and interest rates [32][71] - The management is committed to a proactive approach in engaging with portfolio companies to unlock shareholder value [19][80] - The company expresses confidence in the long-term performance of small caps, citing historical trends of recovery following periods of underperformance [51][74] Other Important Information - The company has cut expenses significantly since 2017, moving out of high-cost locations and reducing its operational budget [86] - The management has indicated that they will continue to purchase company stock in the open market as part of their strategy to support share price [80] Q&A Session Summary Question: What happened with AgBiome's valuation? - The valuation of AgBiome has decreased significantly due to challenges in raising capital and the current financing environment, leading to a reassessment of risks [5][6][59] Question: What is the Board doing to address scale issues? - The Board is exploring various options, including potential mergers and partnerships, to enhance the company's scale and asset base [60][61] Question: How does the discount management program work? - The program involves monitoring the stock's trading discount relative to NAV and taking actions as necessary to narrow that discount [88][91]

Financial Data and Key Metrics Changes - For Q2 2023, the company's regular operating expenses increased to approximately $879,000 from $741,000 in the prior year, primarily due to the addition of a new team member [1] - The company's NAV declined by 4.6% due to a 5.8% decline in public holdings, with notable declines in IVAC, Parabellum, RYAM, and Comscore [30] - The share price trades at a 30% discount to book value and less than the cash and liquid securities on the balance sheet [30][54] Business Line Data and Key Metrics Changes - Intevac's stock decreased from $7.33 to $3.75, attributed to delays in a program with Corning and a significant cancellation of tool orders by Seagate [32] - Comscore's stock fell from $1.23 to $0.80, despite improved EBITDA estimates, due to the Board's inaction on shareholder concerns [57][60] - Synchronoss successfully negotiated an extension of its largest contract with Verizon through 2030, yet its stock price remains puzzlingly low [39][40] Market Data and Key Metrics Changes - The Russell Microcap Index advanced by 1.8%, while the company's holdings were slightly behind this index and ahead of the Russell Microcap Value Index [31] - The market has been dominated by a few large-cap stocks, leading to a challenging environment for microcap stocks [5][54] Company Strategy and Development Direction - The company maintains a lean cost structure focused on enhancing investment performance and managing outside capital [1] - The management emphasizes an activist approach to unlock inherent value in portfolio companies, particularly in Comscore and Synchronoss [34][60] - The company plans to liquidate and return capital to shareholders when it is deemed appropriate, aiming for a higher price realization before doing so [80][81] Management's Comments on Operating Environment and Future Outlook - The management acknowledges the current challenging market environment but remains optimistic about future price appreciation in their holdings [54][79] - There is a belief that as the macroeconomic environment improves, small-cap stocks will also perform better, benefiting from inflationary pressures [78][94] - The management is committed to creating value for shareholders and believes that the current low prices of certain stocks present significant upside potential [79][97] Other Important Information - The company has a remaining private portfolio valued at approximately $8.6 million, with AgBiome being the primary position [44][69] - The management has expressed a commitment to treating shareholder capital with care and consideration, despite recent declines in net assets [45] Q&A Session Summary Question: Can you talk about the share buyback program and return of capital? - The company is willing to buy back stock when it trades at a significant discount to NAV but prefers to invest in other businesses instead [72][73] Question: What are the prospects for small-cap stocks in the current environment? - The management believes that small-cap stocks can perform well even if large-cap stocks dominate the market, as demonstrated in previous years [76][94] Question: Is there a consideration for liquidating the company and returning cash to shareholders? - The management acknowledges that liquidation could occur in the future but emphasizes the importance of doing so at a higher price [80][97]

1 Value Creation Through Constructive Activism Q2 2023 Shareholder Update Call August 15, 2023 Safe Harbor Statement This presentation may contain statements of a forward-looking nature relating to future events. Statements contained in this presentation that are forward-looking statements are intended to be made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to the inherent uncertainties in predicting future resul ...

Financial Data and Key Metrics Changes - The company achieved a 5.7% increase in the value of public-related securities, contributing to a 3% increase in NAV for the quarter [4] - The book value increased to $6.52, with public assets representing nearly 88% of the total book value, approximately $6 per share [4][5] Business Line Data and Key Metrics Changes - The private portfolio experienced a slight decline, with AgBiome being the only notable holding that saw no change in value [5] - The company has made significant progress towards having 100% of its portfolio in easily valued public-related securities, with nearly 90% now in liquid assets [5][6] Market Data and Key Metrics Changes - The company's public holdings outperformed the Russell Microcap Index, achieving a 5.7% positive return compared to a 2.9% decline for the index [14] - The company noted a significant discount in its stock price, trading at 67% of its book value, prompting a share buyback of over 370,000 shares [7][8] Company Strategy and Development Direction - The primary focus remains on investing in mispriced equities while also executing a $5 million share repurchase program [8] - The company aims to narrow the discount at which its stock trades relative to NAV by increasing the proportion of liquid assets in its portfolio [5][8] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the turnaround in public holdings, despite ongoing challenges in the financial markets [4][7] - The company anticipates that the restructuring of its private portfolio will lead to improved performance and shareholder value in the long term [9][12] Other Important Information - The company reported regular operating expenses of approximately $910,000 for Q1 2023, an increase from $859,000 in the prior year [17] - The Board of Directors approved EisnerAmper as the independent auditor for fiscal year 2023, expected to result in cost savings [18] Q&A Session Summary - No questions were recorded during the Q&A session, indicating a lack of immediate inquiries from participants [20][22]

Q1 2023 Performance Highlights - Stock Price decreased by 4.7% from $5.28 to $5.03[4] - NAV/Share increased by 3.2% from $6.32 to $6.52[4] - Cash + Public and Public-Related Securities increased by 5.8% from $56.8 million to $60.1 million[4] - Public portfolio net value increased by approximately $3.2 million from prior quarter[4] - Ending SMA assets decreased to $15.7 million vs $18.7 million as of end of Q4 2022[5] Portfolio Performance Details - Largest increases in public portfolio value: PBPB (+$4.3 million), ALTG (+$1.9 million), SNCR (+$1.8 million), IVAC (+$0.9 million)[4] - Largest decreases in public portfolio value: AREN (-$4.9 million), QBTS (-$0.8 million), PRBM (-$0.7 million)[4] - TARA second time-based payment to 180 ($1.1 million) initiated on March 31, 2023[4] - Public Portfolio Gross Total Return (Including SMA Carried Interest) was 5.7% in Q1 2023[22] Stock Buyback - On May 9, 2023, 373,679 shares of 180's stock were repurchased at $4.41 per share[20]

180 Degree Capital Corp (NASDAQ:TURN) Q4 2022 Earnings Conference Call February 28, 2023 9:00 AM ET Company Participants Daniel Wolfe - President and Portfolio Manager Kevin Rendino - CEO and Portfolio Manager Conference Call Participants Adam Waldo - Lismore Partners Daniel Wolfe Good morning, and welcome to 180 Degree Capital Corp's Fourth Quarter 2022 Financial Results Update Call. This is Daniel Wolfe, President and Portfolio Manager of 180 Degree Capital. Kevin Rendino, our Chief Executive Officer and ...

C O N F I D E N T I A L 1 Value Creation Through Constructive Activism Q2 2022 Shareholder Update Call August 9, 2022 Safe Harbor Statement C O N F I D E N T I A L This presentation may contain statements of a forward-looking nature relating to future events. Statements contained in this presentation that are forward-looking statements are intended to be made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to the in ...

180 Degree Capital Corp (NASDAQ:TURN) Q2 2022 Earnings Conference Call August 9, 2022 9:00 AM ET Company Participants Kevin Rendino - Chief Executive Officer and Portfolio Manager Daniel Wolfe - President and Portfolio Manager Conference Call Participants Adam Waldo - Lismore Partners Daniel Wolfe Good morning, and Welcome to 180 Degree Capital Corp.Â's Second Quarter 2022 Financial Results Update Call. This is Daniel Wolfe, President and Portfolio Manager of 180 Degree Capital. Kevin Rendino, our Chief Exe ...

Financial Data and Key Metrics Changes - The company's NAV declined by 8% in Q1 2022 to $9.81, with cash and liquid securities decreasing from $76.7 million to $64 million, equating to $6.19 per share [6][10][49] - Pro forma cash per share, including proceeds from the Petra sale, would have been $7.31, with Petra adding $1.12 per share to cash [7][15] Business Line Data and Key Metrics Changes - The private portfolio increased in value by $3.3 million or $0.32 per share, primarily due to rights related to the acquisition of Petra Pharma Corporation [37] - The public portfolio underperformed, with significant declines in several holdings, notably Quantum Corp, which reduced NAV by $0.50 per share [25][28] Market Data and Key Metrics Changes - The Russell Microcap Index declined over 30% since November, indicating a challenging market environment [10] - The company noted that the current market conditions are characterized by a "risk-off" sentiment, impacting the performance of public holdings [8][28] Company Strategy and Development Direction - The company aims to transform its asset mix, with a goal of having 83% of its portfolio in cash and public securities following the completion of the D-Wave SPAC transaction [34][42] - The management emphasized a focus on public market investing and maintaining a lean cost structure to enhance investment performance [43][46] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future price appreciation opportunities as valuations are significantly lower than during the pandemic [13][14] - The company believes it is well-positioned to capitalize on market recovery and generate significant returns for shareholders [14][35] Other Important Information - The company has dramatically reduced its operating expenses, with Q1 2022 expenses at approximately $860,000 compared to $1.3 million per quarter in 2016 [43][44] - The market is currently discounting the value of the private portfolio by approximately 80%, indicating a significant gap between market perception and actual value [50] Q&A Session Summary Question: Thoughts on hedging given the current macro environment - Management has not hedged during the current period and believes the time to concentrate on investments is now, rather than hedging [56][58] Question: Prospects for AgBiome and potential IPO - Management is optimistic about AgBiome's future, noting its strong market position and recent hiring of senior managers [60][62] Question: Update on third-party capital raising initiatives - Management indicated they are managing more money than three months ago but are cautious about taking on capital that does not align with their investment strategy [72][76] Question: Consideration of share buybacks with incoming funds - Management is open to discussing share buybacks but emphasizes the importance of maintaining permanent capital for future investment opportunities [84][88]

1 Value Creation Through Constructive Activism Q1 2022 Shareholder Update Call May 12, 2022 Safe Harbor Statement This presentation may contain statements of a forward-looking nature relating to future events. Statements contained in this presentation that are forward-looking statements are intended to be made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to the inherent uncertainties in predicting future results ...