SuRo Capital Corp. 6.00% Notes due 2026 Q3 FY2025 earnings call

• Focused on AI infrastructure, including investments in CoreWeave, OpenAI, VAST Data. - Made a $5 million investment in HL Digital Assets, Inc. in September. - Follow-on investment of $250,000 in Liquid Death's Series S convertible notes. - Declared a $0.25 per share cash dividend, with potential for additional dividends in Q4 2025 or early 2026. - Board approved extension of share repurchase authorization and additional repurchase of 6% notes due 2026.

The third quarter was strong for SuRo Capital. In terms of product segments, AI infrastructure is a key area. CoreWeave remains a large position, with fair value as of 9/30 being about $37 million. OpenAI is a significant holding, with reports suggesting a potential $1 trillion IPO, which could impact the portfolio's net assets. HL Digital Assets, Inc. received a $5 million investment in September, with HYPE token of Hyperliquid seeing increased attention. WHOOP has strong financial performance and trading activity in secondary markets. Canva has $3.3 billion in annual recurring revenue and a $42 billion valuation post-tender. Liquid Death saw a $0.25 million follow-on investment in July. Revenue contribution %: Artificial intelligence, infrastructure and applications represented approximately 30% of the investment portfolio at fair value, consumer goods and services and Software-as-a-Service were next with ~20% and 19% respectively, financial technology and services ~11%, education technology ~10%, logistics and supply chain ~8%, and SuRo Capital Sports ~2%.

• Board declared a $0.25 per share cash dividend, with potential for additional dividends in Q4 2025 or early 2026. - Board approved extension of share repurchase authorization, providing flexibility to buy back shares. - Board authorized additional repurchase of 6% notes due 2026 to buy back remaining outstanding notes.

Statements made may constitute forward-looking statements, which involve risks, estimates, and uncertainties. Market volatility, geopolitical uncertainty could cause actual results to differ materially from forward-looking statements. Actual results may differ due to factors described in company's SEC filings.

Q: On CoreWeave, what's the remaining fair value and timeline for monetizing rest? And on WHOOP, what's driving strong markups and potential IPO?

A: On CoreWeave, fair value as of 9/30 is about $37 million, monetizations tracked via Form 4 filings. On WHOOP, strong performance in metrics and secondary market trading driving markups, no info on IPO timeline.

Q: As CoreWeave position is sold down, how to manage AI exposure and deploy additional capital?

A: Continue to focus on AI infrastructure, application area, and AI overlay over existing software companies; also spending time in cybersecurity, with AI still being a key area for portfolio deployment