Sutter Rock Capital Corp.'s board on Aug. 5 authorized a $5.0 million expansion of the company's share repurchase program. The increase brings the total buyback program to $25.0 million.
As of June 30, the company has repurchased 2,534,157 common shares for about $15.9 million since the program was announced in August 2017. The dollar value of shares that may yet be purchased under the program is approximately $9.1 million.
On Aug. 7, Sutter Rock Capital reported net investment loss of $2.8 million, or 14 cents per share, for the three months ended June 30.
The company also disclosed that it has committed to invest in GreenAcreage Real Estate Corp. It believes that the "unique dynamics in the cannabis space have created a compelling opportunity for cannabis-based real estate investment trusts," President and CEO Mark Klein said in Sutter Rock Capital's second-quarter earnings release.