SuRo Capital Corp. Q2 FY2025 earnings call

• Second quarter was a milestone with NAV up 38%, driven by AI-focused investments. CoreWeave's IPO and post-IPO performance, plus Microsoft and Meta's AI capital expenditures validated the thesis. - OpenAI's $40 billion financing and potential $500 billion secondary sale highlight its growth. - WHOOP's product launches reinforce its position in wearable health tech. - Colombier Acquisition Corp. II's merger with Metroplex Trading showcases success of SPAC sponsor strategy. - Canva's growth and potential secondary tender underscore investor confidence. - Plaid's investment and fintech role, plus Liquid Death's new investment show recent activity.

As of June 30, SuRo Capital reported a net asset value of $9.18 per share, a 38% increase from the prior quarter. Key portfolio companies: CoreWeave saw a 40% sale generating net proceeds of $25.3 million and a realized gain of $15.3 million. OpenAI closed a $40 billion financing round at a $300 billion post-money valuation, with potential secondary sale at $500 billion. WHOOP launched WHOOP 5.0 and is a leader in wearable health tech. Colombier Acquisition Corp. II merged with Metroplex Trading. Canva is exploring a secondary tender at $37 billion valuation with ARR $3.3 billion and 240 million MAU. Plaid received a $5 million investment with a $6.1 billion post-money valuation. Liquid Death got a $250,000 follow-on investment. Investment portfolio breakdown: AI infrastructure and applications ~33% of fair value, financial technology and services ~17%, consumer goods and services ~16%.

• Anticipate additional distributions in Q3 and end of year as public positions monetize. - Expect ongoing monetizations of public companies like CoreWeave and GrabAGun based on market conditions and lockup expirations.

• Market volatility that may detrimentally impact business, portfolio companies, industry, and global economy. - Factors causing actual results to differ materially from forward-looking statements, including those in SEC filings.

Q: Congrats on recent momentum. Looking at public holding exits, realized gains totaled $21 million, but only a $0.25 dividend. Thought process on second quarter dividend and potential size of dividends in 3Q and 4Q based on current mark-to-market of public positions?

A: Thanks, Brian. As we've done in the past, we project dividend cadence and sizing. We took reasonable gains, overcame realized losses from the year. We expect ongoing monetizations of public companies that will become freely tradable, like CoreWeave and parts of Colombier II. Anticipate at least one and most probably 2 distributions, targeting one towards end of Q3 and another towards end of the year.