Core Viewpoint - SuRo Capital Corp. is positioned as a promising investment opportunity in the venture capital space, with a recent upgrade to a "Buy" rating reflecting positive expectations for its net asset value and portfolio performance [2][5]. Group 1: Company Overview - SuRo Capital Corp. focuses on investing in high-growth, venture-backed private companies, aiming to provide capital to innovative businesses [1]. - The company competes with other venture capital firms and investment companies targeting similar high-potential startups [1]. Group 2: Financial Performance - As of the end of 2025, SuRo Capital reported a net asset value (NAV) of $8.09 per share, a decrease from $9.23 per share in September 2025 but an improvement from $6.68 per share at the end of 2024 [2][5]. - The total net assets of SuRo Capital amount to approximately $205.3 million [3]. - The stock price is currently at $10.27, reflecting a 6.10% increase, with a market capitalization of approximately $258 million [4]. Group 3: Future Outlook - Recent financings by portfolio companies are expected to significantly boost NAV, potentially adding an estimated $5.00 to $6.50 per share [3][5]. - The strong performance across the portfolio in 2025 supports the optimistic outlook for future growth [3].

Core Viewpoint - SuRo Capital Corp. focuses on investing in high-growth private companies, aiming to provide capital to innovative businesses for scaling and success [1] Financial Performance - SuRo Capital reported a net asset value (NAV) of $8.09 per share at the end of 2025, with total net assets of approximately $205.3 million, reflecting a decrease from $9.23 per share in September 2025 but an increase from $6.68 per share at the end of 2024 [3] - The company expects recent financings by its portfolio companies in 2026 to add an estimated $5.00 to $6.50 to the NAV per share, indicating a positive outlook for future performance [4][6] Stock Performance - The current stock price of SSSS is $10.27, having risen by $0.59, or 6.10%, with a 52-week range of $4.21 to $10.34 and a market capitalization of approximately $258 million [5] - Marvin Fong from BTIG set a price target of $12.50 for SSSS, suggesting a potential upside of about 21.71% based on the company's recent financial performance and strategic investments [2][6]

Investment Strategy - The company aims to maximize total return primarily through capital gains on equity investments, with a secondary focus on income from debt investments [13]. - The investment strategy includes targeting high-growth sectors such as Artificial Intelligence, Consumer Goods, Software-as-a-Service, Financial Technology, and Logistics [14]. - The company focuses on late-stage companies with shorter timelines to expected liquidity events compared to traditional venture capital funds [29]. - The company believes that the convergence of disruptive trends is creating new high-growth markets, which it aims to capitalize on [26]. - The company has established strong relationships within the technology and finance sectors, enhancing its ability to source investment opportunities [33]. - The company has identified six key investment themes: Artificial Intelligence Infrastructure & Applications, Consumer Goods & Services, Software-as-a-Service, Education Technology, Financial Technology & Services, and Logistics & Supply Chain [35]. Financial Performance - The net asset value per share of the company's common stock on December 31, 2025, was $8.09, with the last reported sale price on March 10, 2026, at $9.68 [18]. - As of December 31, 2025, the fair value of private portfolio companies was $221.3 million, representing 98.1% of total investments, compared to $191.8 million or 91.6% in 2024 [49]. - Preferred Stock investments increased to $169.6 million (75.2% of the portfolio) in 2025 from $151.0 million (72.1%) in 2024 [49]. - The total investments as of December 31, 2025, amounted to $225.5 million, up from $209.4 million in 2024 [49]. - As of December 31, 2025, publicly traded portfolio companies accounted for $4.2 million, or 1.9% of total investments, down from $17.6 million, or 8.4% in 2024 [49]. Investment Process - The company has a disciplined investment process, focusing on acquiring shares at attractive valuations rather than market prices [33]. - The company evaluates potential portfolio companies based on criteria including industry positioning, growth stage, and path to profitability, ensuring a robust investment process [36]. - The due diligence process focuses on total addressable market, revenue growth, and earnings growth, among other metrics, to assess potential investments [37]. - The company utilizes a combination of secondary marketplaces and direct equity investments to construct a diversified portfolio [40]. Regulatory Compliance - The company operates as an internally managed, non-diversified closed-end management investment company, aligning the interests of stockholders with management [12]. - The company is required to maintain an asset coverage ratio of at least 200% under the 1940 Act, which was modified to 150% under the SBCAA [56][57]. - The company is subject to limits imposed by the 1940 Act, which restricts acquiring more than 3% of voting stock of any investment company and limits investments in such companies to 5% of total assets [59]. - The company must maintain at least 70% of its gross assets in qualifying assets as defined by the 1940 Act to avoid restrictions on acquiring non-qualifying assets [65]. - The company is required to review its compliance with the Sarbanes-Oxley Act and believes it is in compliance with such requirements [75]. - The company must disclose significant changes in internal control over financial reporting in its periodic reports [79]. - The company is subject to periodic examination by the SEC for compliance with the 1940 Act [63]. - The company has elected to qualify as a Regulated Investment Company (RIC) for U.S. federal income tax purposes, requiring it to distribute at least 90% of its investment company taxable income annually [88]. - To avoid a 4% nondeductible U.S. federal excise tax, the company must distribute at least 98% of its net ordinary income and 98.2% of its capital gains exceeding capital losses each calendar year [90]. - The company must derive at least 90% of its gross income from qualifying sources to satisfy the 90% Income Test [93]. - The company is subject to asset coverage ratio requirements under the 1940 Act, which may restrict its ability to make necessary distributions [94]. Risk Factors - The company may face challenges in recognizing taxable income from debt obligations that do not result in cash receipts, impacting its distribution requirements [91]. - The company’s investment in non-U.S. securities may be subject to foreign taxes, potentially decreasing yield [101]. - If the company fails to maintain its RIC qualification, it would be subject to U.S. federal income tax on all taxable income at regular corporate rates [104]. - The company’s equity investments are primarily in growth companies, which may be illiquid and subject to significant valuation impacts during market disruptions [415]. - The company is subject to financial market risks, particularly related to interest rate changes, although primarily investing in equity [417]. - As of December 31, 2025, all debt investments and outstanding borrowings had fixed interest rates [417]. Managerial Assistance - The company may provide managerial assistance to portfolio companies, which can include monitoring operations and participating in board meetings [43]. - The company must offer significant managerial assistance to portfolio companies, except in specific circumstances [68].

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Core Insights - SuRo Capital Corp. is projecting a net asset value (NAV) upside of $5 to $6.50 per share as investments in AI infrastructure accelerate [2] Management View - The company is entering 2026 with significant momentum across its portfolio, a disciplined investment strategy, and substantial embedded value [2] - SuRo Capital believes it holds a highly differentiated position in the market [2]

Core Insights - SuRo Capital Corp. is entering 2026 with significant momentum, a disciplined investment strategy, and a strong position in the evolving AI infrastructure market [43][44][56] - The global buildout of AI infrastructure is accelerating, indicating a structural shift in the economy rather than a temporary trend [44][49] - The company anticipates that recent financings could add between $5.00 and $6.50 per share to its net asset value, which is not yet reflected in the year-end 2025 NAV [46][53] Financial Performance - The stock price increased from $5.88 per share at year-end 2024 to $9.44 at the end of 2025, marking an increase of over 60% [51] - Total shareholder return for 2025, including dividends, approximated 70% [51] - The net asset value (NAV) grew from $6.68 at the end of 2024 to $8.09 at the end of 2025, representing a year-over-year growth of approximately 21% [52] Investment Strategy - SuRo Capital Corp. focuses on investing in venture-backed private companies before they become widely owned, allowing for potential early value creation [50][56] - The company emphasizes quality investments and long-term shareholder value, avoiding noise and focusing on disciplined capital allocation [51][56] - Recent investments include a commitment of up to $20 million to TensorWave, which is positioned to benefit from rising demand for AI compute [54][62] Portfolio Overview - As of year-end, the top five positions in the investment portfolio were OpenAI, Whoop, Blink Health, Canva, and Learning Home, accounting for approximately 54% of the portfolio [63] - The largest allocation theme was artificial intelligence infrastructure and applications, representing about 31% of the investment portfolio [64] - The company ended the year with approximately $50.1 million in liquid assets, including $49 million in cash [21][22]

Financial Data and Key Metrics Changes - The stock price increased from $5.88 per share at year-end 2024 to $9.44 at the end of 2025, representing an increase of over 60% [13] - Total shareholder return approximated 70%, including a $0.50 dividend per share declared and paid during the year [14] - Net asset value (NAV) grew from $6.68 at the end of 2024 to $8.09 at the end of 2025, a year-over-year growth of approximately 21% [14][15] Business Line Data and Key Metrics Changes - The top five positions in the investment portfolio as of December 31 were OpenAI, Whoop, Blink Health, Canva, and Learneo, accounting for approximately 54% of the investment portfolio at fair value [23] - The largest allocation of the investment portfolio was to artificial intelligence infrastructure and applications, representing approximately 31% [23] Market Data and Key Metrics Changes - The global build-out of AI infrastructure is accelerating, indicating a structural shift in the economy [7] - Public markets have shown mixed performance, with volatility remaining a feature of the environment [6] Company Strategy and Development Direction - The company aims to provide public market investors access to venture-backed private companies earlier in their life cycles, focusing on quality and long-term shareholder value [12][18] - The strategy is aligned with significant innovation trends in the global economy, particularly in AI [17] Management's Comments on Operating Environment and Future Outlook - Management believes that AI represents a multi-year structural transformation that is still in its early stages, with increasing demand for software, automation, and efficient digital systems [11] - The company is confident in its portfolio and disciplined in its investment approach, focusing on realizing gains thoughtfully [17] Other Important Information - The company declared a cash dividend of $0.25 per share paid on December 5, 2025, attributed to successful monetizations of public securities [30] - As of year-end, the company had approximately $50.1 million in liquid assets, including about $49 million in cash [32] Q&A Session Summary Question: Timeline for expected financings contributing $5 to $6.50 per share - Management indicated that they believe all financings will be completed by the end of the quarter, though announcements may vary [39] Question: Drivers behind the expected appreciation in NAV - Management noted multiple financings occurring, with significant portfolio positions driving the appreciation, while market conditions will also impact other parts of the portfolio [42] Question: Thoughts on private market valuations versus public market valuations - Management observed that the rapid growth in private market valuations is exceeding public market valuations, drawing parallels to historical market behaviors [54]

Financial Data and Key Metrics Changes - The stock price increased from $5.88 per share at year-end 2024 to $9.44 at the end of 2025, representing an increase of over 60% [22] - Total shareholder return approximated 70%, including a $0.50 dividend per share declared and paid during the year [22] - Net asset value (NAV) grew from $6.68 at the end of 2024 to $8.09 at the end of 2025, a year-over-year growth of approximately 21% [23] - On a dividend-adjusted basis, the NAV would have been $8.59 per share, representing a year-over-year growth of approximately 29% [24] Business Line Data and Key Metrics Changes - The top five positions in the investment portfolio as of December 31st were OpenAI, Whoop, Blink Health, Canva, and Learneo, accounting for approximately 54% of the investment portfolio at fair value [35] - The largest allocation of the investment portfolio was to artificial intelligence infrastructure and applications, representing approximately 31% [35] Market Data and Key Metrics Changes - The global build-out of AI infrastructure is accelerating, indicating a structural shift in the economy [10] - Capital commitments to AI are rising, suggesting that AI is becoming core infrastructure for businesses [11] Company Strategy and Development Direction - The company aims to provide public market investors access to venture-backed private companies earlier in their life cycles [19] - The strategy focuses on quality, asymmetry, and long-term shareholder value, with a commitment to disciplined capital allocation [22][25] - Recent investment in TensorWave reflects a focus on the rising demand for AI compute and a strategic alignment with AMD [26][59] Management's Comments on Operating Environment and Future Outlook - Management believes that AI represents a multi-year structural transformation that is still in its early stages [17] - The company is confident in its portfolio and sees meaningful embedded upside and a strong liquidity position [28] - Management expects significant value creation from ongoing financings, which are not yet reflected in the year-end NAV [12][13] Other Important Information - The company ended the year with approximately $50.1 million of liquid assets, including approximately $49 million in cash [43] - The board approved an extension of the discretionary share repurchase program until October 31st, 2026, for the repurchase of $64.3 million in common stock [41] Q&A Session Summary Question: Timeline for expected financings contributing to NAV - Management believes all financings will be completed by the end of the quarter, though announcements may vary [50] Question: Drivers of expected NAV appreciation - Significant portfolio positions are driving the expected appreciation, influenced by market conditions [53] Question: Base case numbers for investment income and operating expenses - The company does not generate income outside of realized capital gains, and operating expenses are expected to remain static [56] Question: Dynamics of the $20 million investment in TensorWave - The investment reflects a unique opportunity aligned with AMD, but not all investments will reach this size [60] Question: Private market valuations versus public market valuations - There is a notable separation between private and public valuations, with private market growth exceeding public market growth [64]

Financial Data and Key Metrics Changes - The stock price increased from $5.88 per share at year-end 2024 to $9.44 at the end of 2025, representing an increase of over 60% [13] - Total shareholder return approximated 70%, including a $0.50 dividend per share declared and paid during the year [13] - Net asset value (NAV) grew from $6.68 at the end of 2024 to $8.09 at the end of 2025, a year-over-year growth of approximately 21% [13][14] Business Line Data and Key Metrics Changes - The top five positions in the investment portfolio as of December 31 were OpenAI, Whoop, Blink Health, Canva, and Learneo, accounting for approximately 54% of the portfolio [24] - The largest allocation of the investment portfolio was to artificial intelligence infrastructure and applications, representing approximately 31% [24] Market Data and Key Metrics Changes - The global build-out of AI infrastructure is accelerating, indicating a structural shift in the economy [6][11] - Public markets have shown mixed performance, with volatility remaining a feature of the environment [5] Company Strategy and Development Direction - The company aims to provide public market investors access to venture-backed private companies earlier in their life cycles [12] - The strategy focuses on quality, asymmetry, and long-term shareholder value, with a commitment to disciplined capital allocation [15] Management's Comments on Operating Environment and Future Outlook - Management believes AI represents a multi-year structural transformation that is still in its early stages, with opportunities expanding as integration and commercial adoption increase [11] - The company is confident in its portfolio and sees meaningful embedded upside and a strong liquidity position [17] Other Important Information - The company declared and paid a cash dividend of $0.50 per share during 2025, with a dividend-adjusted NAV of $8.59 per share [14] - As of year-end, the company had approximately $50.1 million in liquid assets, including about $49 million in cash [33] Q&A Session Summary Question: Timeline for expected financings contributing $5 to $6.50 per share - Management believes all financings will be completed by the end of Q1, but announcements may vary [39] Question: Drivers behind the expected appreciation in NAV - Multiple financings are occurring, with significant portfolio positions driving the appreciation [43] Question: Base case numbers for investment income and operating expenses - The company does not generate income outside of realized capital gains, and operating expenses are expected to remain static [46] Question: Insights on the $20 million commitment to TensorWave - The investment reflects a unique opportunity aligned with AMD, but it does not indicate that all future investments will be of similar size [50] Question: Comparison of private market valuations versus public valuations - There is a notable separation between private and public valuations, with private market growth exceeding public market growth [55]

The following slides contain summaries of certain financial and statistical information about SuRo Capital. The information contained in this presentation is summary information intended to be considered in connection with review of our SEC filings and other public announcements we may make, by press release or otherwise, from time to time. We undertake no duty or obligation to publicly update or revise the information contained in this presentation unless required to do so by law. In addition, information ...