What were the key takeaways from SuRo Capital's earnings call?

What were the key takeaways from SuRo Capital’s earnings call?

What is SuRo Capital's latest dividend and current dividend yield?

What is the market's earnings forecast for SuRo Capital next quarter?

What is SuRo Capital's gross profit margin?

What factors drove the changes in SuRo Capital's revenue and profit?

What is the revenue and EPS growth rate for SuRo Capital year over year?

What does SuRo Capital do and what are its main business segments?

- **AI Infrastructure Dominance**: CoreWeave monetizations ($14.2M to date) and OpenAI restructuring position SuRo as a leading AI infrastructure investor.
- **WHOOP Breakout**: 2.5x+ valuation growth driven by health tech innovation and competitor benchmarking.
- **Liquidity Strength**: $58.3M cash and $88M ATM capacity support dividend payments and share buybacks.
- **Strategic Adjustments**: OpenAI's potential $1T IPO could require portfolio rebalancing to mitigate concentration risk.

**【CEO Summary Section】**
- Highlighted strong Q3 performance driven by AI infrastructure investments, including CoreWeave, OpenAI, and VAST Data.
- OpenAI restructuring positions it for a potential $1 trillion IPO, with SuRo Capital's exposure representing ~1/3 of net assets.
- CoreWeave monetizations: $7.2M in Q3, with 83.4% of initial $15M investment remaining as of quarter end.
- New investments in HL Digital Assets ($5M) and Liquid Death ($0.25M), targeting decentralized finance and premium beverages.
- WHOOP valuation up 2.5x, driven by health tech innovation and competitor benchmarking.

**【CFO Financial Commentary】**
- NAV increased to $9.23 per share (Q3), up 3.3% from Q2, driven by portfolio appreciation.
- Q3 distributions: $7.2M from CoreWeave, with $7M+ post-quarter monetizations.
- Liquidity: $58.3M cash and securities, with $88M remaining under ATM program.
- Share repurchase program extended to $64.3M, with $25M remaining.
- Dividends: $0.25 per share declared in Q3, with another $0.25 declared for Q4.

**【Q&A Key Highlights】**
- **CoreWeave Remaining Fair Value**: $37M as of 9/30, with ongoing monetizations tracked via Form 4 filings.
- **WHOOP Outperformance**: Valuation growth driven by secondary market trading and competitor valuations (e.g., Oura at $11B+).
- **Portfolio Strategy**: Maintaining AI infrastructure focus while exploring cybersecurity and decentralized finance opportunities.
- **OpenAI IPO Impact**: Potential to dominate portfolio if $1T valuation realized, requiring rebalancing to avoid concentration risk.

SuRo Capital Corp. (SSSS) Q3 2025 Earnings Call Transcript

- **Record Q2 Growth**: NAV surged 38% to $9.18 per share, fueled by AI investments like CoreWeave (200%+ IPO gain) and OpenAI ($300B valuation post $40B round).
- **Liquidity Event**: $25.3M realized from CoreWeave sale, with majority position retained; $0.25 dividend paid in July, signaling future distributions.
- **Strategic Momentum**: SPAC merger with GrabAGun completed; Canva and OpenAI valuations highlight public market enthusiasm for AI and design platforms.
- **Future Outlook**: Expect 1-2 more dividends in 2025, driven by planned monetizations of public securities and portfolio performance.

**【CEO Summary Section】**
- Q2 2025 net asset value (NAV) reached $9.18 per share, a 38% increase from the prior quarter, driven by AI-focused investments.
- CoreWeave's IPO performance led to a 200%+ stock price climb; SuRo sold 40% of its initial investment, generating $25.3M net proceeds and $15.3M realized gains.
- OpenAI closed a $40B financing round at a $300B valuation, with reports of a potential secondary sale at $500B, making it the world's most valuable private tech company.
- Canva reportedly preparing for a secondary tender at a $37B valuation, aligning with strong public market demand for design software platforms.
- Colombier Acquisition Corp. II completed its merger with GrabAGun, marking another successful SPAC strategy execution.
- A $0.25 per share dividend was paid in July, with plans for additional distributions based on portfolio activity.

**【CFO Financial Commentary】**
- Q2 2025 NAV of $219.4M ($9.18 per share) reflected $1.88 per share unrealized appreciation and $0.89 per share realized gains, offset by $0.16 per share net investment loss.
- Liquidity stood at $52.4M, including $49.9M in cash and $2.5M in unrestricted public securities.
- CoreWeave's remaining position was marked at a discount due to non-registration, but SuRo retained the majority of its investment.
- The $0.25 dividend adjustment triggered a conversion rate change for 6.5% convertible notes due 2029.

**【Q&A Highlights】**
- **Brian Mckenna (Citizens JMP Securities):** Asked about the $0.25 dividend relative to $21M realized gains ($0.85 per share) and future dividend sizing.
- **Mark Klein Response:** Anticipates 1-2 additional distributions in Q3/Q4, contingent on monetizations of freely tradable public positions (e.g., CoreWeave, GrabAGun). Dividend cadence will balance portfolio activity with shareholder returns.

SuRo Capital Corp. (SSSS) Q2 2025 Earnings Call Transcript

- **Portfolio Growth**: OpenAI valuation doubles to $300B, CoreWeave stock +35% post-IPO, Canva revenue +30% YoY.
- **AI Leadership**: OpenAI forecasting $174B revenue by 2030, CoreWeave wins $11.9B OpenAI contract.
- **Liquidity Strength**: $18.1M cash, $35M convertible notes issued at 6.5% interest.
- **Exit Strategy**: Plan to sell ServiceTitan and CoreWeave upon lockup expiration, reinvest in AI and fintech.

**【CEO Opening Remarks】**
- **Market Context**: Q1 2025 saw significant public market declines (NASDAQ worst since 2022), impacting private valuations. The VIX spiked to 55, highest since COVID.
- **Key Portfolio Highlights**:
  - **OpenAI**: $40B funding round at $300B post-money valuation (up from $150B in Oct 2024). Weekly active users grew 67% to 500M. Projected 2025 revenue: $13B (triple 2024), with 2030 target of $174B.
  - **CoreWeave**: IPO at $23B valuation, signed $11.9B 5-year AI infrastructure contract with OpenAI. Stock +35% post-IPO, outperforming market.
  - **Canva**: 375M+ users, 36B designs created. 2025 annualized revenue: $3B+ (30%+ YoY growth).
  - **Plaid**: $575M funding round at $6.1B post-money. Supports 100M+ users globally, integrated with 8,000+ fintech apps.

**【CFO Financial Update】**
- **NAV**: $156.8M ($6.66/share) as of Q1 2025, down 0.3% from Q4 2024.
- **Top Positions**: OpenAI (28%), CoreWeave (10%), ServiceTitan (8%).
- **Liquidity**: $18.1M in cash and liquid assets. $20.4M in restricted public securities (CoreWeave, ServiceTitan).
- **Debt Management**: Repurchased $35.3M of 6% notes due 2026. Issued $35M in 6.5% convertible notes due 2029.

**【Q&A Key Takeaways】**
- **Lockup Strategy**: Plan to exit ServiceTitan and CoreWeave positions upon lockup expiration (June 2025 for ServiceTitan, Aug/Sep 2025 for CoreWeave) in normalized markets.
- **Reinvestment Focus**: AI infrastructure, AI-adjacent apps, fintech. OpenAI's nonprofit structure seen as neutral to valuation.
- **Dividend Policy**: Will distribute realized gains expeditiously, likely by year-end if gains materialize.
- **Valuation Discounts**: 20-30% discounts applied to unregistered shares (CoreWeave marked at $32.52 vs $54 public price).

SuRo Capital (SSSS)-6 May 25-2025 Q1 Earnings call transcript

- **CoreWeave IPO Catalyst**: $35B+ valuation target with $8B 2025 revenue forecast, $11.9B OpenAI deal, and $1.7B Weights & Biases acquisition. SuRo's $25M stake could see significant upside. 
- **OpenAI Hypergrowth**: 400M+ users, 2M+ enterprise customers, and $40B fundraising at $300B valuation. SuRo's stake could double. 
- **VAST Data Leadership**: $200M+ ARR, NHL partnership, and NVIDIA-powered analytics platform. 
- **NAV Recovery Path**: CoreWeave and OpenAI monetizations could offset 2024's 16% NAV decline. 
- **Liquidity Strength**: $23.6M liquid assets, $35M convertible notes issued at 104% premium to stock price. 
- **2025 IPO Pipeline**: 7+ companies with $55M+ invested in AI infrastructure. 


**【CEO Summary Section】**
- **CoreWeave IPO Momentum**: Filed S-1 targeting $35B+ valuation, with $1.9B 2024 revenue (8x YoY growth) and $8B 2025 forecast. Signed $11.9B 5-year deal with OpenAI and acquired Weights & Biases for $1.7B. Total SuRo investment: $25M (largest portfolio position). 
- **OpenAI Growth**: 400M+ monthly users (vs. 110M in Q1 2024), 2M+ paying enterprise customers. Raising $40B at $300B valuation (SuRo stake could double). 
- **VAST Data Expansion**: $200M+ ARR, cash flow positive for 3 years. Acquired by NHL for real-time analytics and launched NVIDIA-powered InsightEngine. 
- **Portfolio Pipeline**: 7+ pre-IPO companies (Canva, Lime, Liquid Death) with 2024 investments of $55M in AI infrastructure. Top 5 positions (CoreWeave, OpenAI, Canva, WHOOP, ServiceTitan) account for 44% of portfolio. 

**【CFO Financial Commentary】**
- **NAV Performance**: $6.68 per share (Q4 2024), down 16% YoY due to market volatility and Learneo markdowns. 
- **Debt Management**: Repurchased $35M of 6% notes due 2026, issued $35M in 6.5% convertible notes (convertible at $7.75/share). 
- **Liquidity**: $23.6M liquid assets (10% of gross assets). Share repurchase program ($64.3M authorized) has repurchased 6M shares ($39.3M deployed). 
- **Investment Activity**: Q4 2024: $12M in VAST Data, $5M in CoreWeave, $1M in WHOOP. Exited Oklo (20x return) and PublicSquare (>$5M gain). 

**【Q&A Highlights】**
- **NAV Growth Expectations**: CEO cites CoreWeave IPO (potential $35B+ valuation) and OpenAI fundraising as key drivers. Learneo remains largest downside risk. 
- **Capital Structure**: No plans to issue additional convertible notes; satisfied with current leverage ratio. 
- **IPO Outlook**: 2025 pipeline includes CoreWeave (Q1), Canva (H2), Lime, Liquid Death. VAST Data may IPO later in 2025. 
- **Legacy Portfolio Risk**: Learneo marked down to preferred stake value; no other material markdowns anticipated. 


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