SuRo Capital Corp. 6.00% Notes due 2026 Q2 FY2025 earnings call

• Second quarter was a milestone with net asset value increasing 38% to $9.18 per share. • CoreWeave's IPO was a key driver, stock price climbed over 200% post-IPO, and partial monetization of CoreWeave investment generated significant proceeds. • OpenAI closed a $40 billion financing round at a $300 billion post-money valuation and was in talks for a secondary sale at $500 billion. • WHOOP launched WHOOP 5.0 and MG variant with enhanced features for performance and health. • Colombier Acquisition Corp. II completed merger with GrabAGun, validating SPAC sponsor strategy. • Canva was exploring a secondary tender at a $37 billion valuation and had strong ARR and monthly active users. • Made investments in Plaid and Liquid Death, with Plaid being a critical fintech infrastructure player.

In the second quarter, SuRo Capital reported a net asset value of $9.18 per share, a 38% increase from the prior quarter. Key segment performance details: Sold approximately 40% of initial CoreWeave investment, generating $25.3 million in net proceeds and $15.3 million in realized gains. Fully exited ServiceTitan investment for a realized gain of approximately $6 million. Invested $5 million in Plaid through 1789 Capital Nirvana II LP. Made a $250,000 follow-on investment in Liquid Death convertible note. When segmented by investment themes, artificial intelligence infrastructure and applications accounted for approximately 33% of the investment portfolio at fair value, financial technology and services made up around 17%, and consumer goods and services were about 16%.

• Anticipate ongoing monetization of public companies that become freely tradable, such as CoreWeave, GrabAGun, etc. • Intend to declare at least one dividend in the third quarter and another towards the end of the year as portfolio activity allows.

• Market volatility can have a detrimental impact on the business, portfolio companies, the industry, and the global economy, potentially causing actual results to differ materially from forward-looking statements. • Uncertainties in estimates and factors detailed in the company's SEC filings may lead to material differences between actual results and projected outcomes.

Q: 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?

A: Thanks, Brian. And again, appreciate 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.