Group 1 - SuRo Capital's position in CoreWeave is set to be closed out at a significantly lower realized gain due to the collapse of the cloud computing company [1] - This situation may lead to near-term returns for the equity market, which is characterized by daily price fluctuations that can result in substantial wealth creation or destruction over the long term [1] - Pacifica Yield aims to focus on long-term wealth creation by targeting undervalued high-growth companies, high-dividend stocks, REITs, and green energy firms [1]

SuRo Capital's ( SSSS ) position in CoreWeave ( CRWV ) is set to be closed out at a markedly lower realized gain following the collapse of the cloud computing company. This might see near-term returns for the equityThe equity market is a powerful mechanism as daily fluctuations in price get aggregated to incredible wealth creation or destruction over the long term. Pacifica Yield aims to pursue long-term wealth creation with a focus on undervalued yet high-growth companies, high-dividend tickers, REITs, and ...

Investment Performance - The fair value of the investment portfolio as of September 30, 2025, was $252,195,540, an increase from $199,302,778 as of September 30, 2024, representing a growth of approximately 26.5% year-over-year[256][263] - The company realized a net gain on investments of $26,391,459 during the nine months ended September 30, 2025, compared to a net loss of $14,167,198 in the same period of 2024, marking a turnaround in performance[259][266] - The company exited or received proceeds from investments amounting to $49,066,513 during the nine months ended September 30, 2025, compared to $14,941,469 in the same period of 2024, indicating a significant increase in liquidity[259][266] - Net realized gain on investments for the three months ended September 30, 2025, was $5,196,799, compared to a net loss of $13,713,512 for the same period in 2024[278] - Net change in unrealized appreciation for the three months ended September 30, 2025, was $5,675,109, compared to $11,614,384 for the same period in 2024[279] - Net change in unrealized appreciation for the nine months ended September 30, 2025, was $53,401,606, compared to a depreciation of $(13,769,932) for the same period in 2024[282] Investment Strategy and Philosophy - The investment strategy focuses on non-controlling equity and equity-related investments, primarily in high-growth, venture-backed companies across various sectors, including Software-as-a-Service and Artificial Intelligence[249] - The company’s investment philosophy emphasizes a disciplined approach to identifying promising investments, with a focus on growth potential and recurring revenues[249] - The company primarily invests in growth companies with short operating histories and illiquid markets, which may impact the valuation of equity investments during periods of market disruption[321] - Valuation of investments is determined at fair value by the Board of Directors, with inherent uncertainty leading to potential fluctuations in estimated values from period to period[322] Financial Performance - Total investment income decreased to $459,269 for the three months ended September 30, 2025, from $888,717 for the same period in 2024, primarily due to a decrease in interest income[272] - Total investment income for the nine months ended September 30, 2025, was $1,125,667, down from $3,444,161 for the same period in 2024[273] - Net investment loss for the three months ended September 30, 2025, was $3,454,815, compared to a loss of $3,207,873 for the same period in 2024[276] - Net investment loss for the nine months ended September 30, 2025, was $10,838,744, compared to a loss of $10,086,400 for the same period in 2024[277] - Total operating expenses decreased to $3,914,084 for the three months ended September 30, 2025, from $4,096,590 for the same period in 2024, mainly due to reductions in compensation expense and professional fees[274] - Total operating expenses for the nine months ended September 30, 2025, decreased to $11,964,411 from $13,530,561 for the same period in 2024[275] Liquidity and Capital Management - Cash reserves increased significantly to $54,549,056 as of September 30, 2025, up from $20,035,640 at the beginning of the year[287] - Total cash reserves and liquid securities amounted to $63,112,189 as of September 30, 2025, compared to $37,626,760 at the end of 2024[287] - The company has ample liquidity to support near-term capital requirements and will continue to evaluate its liquidity position[289] - The company issued $25.0 million in 6.50% Convertible Notes due 2029 on August 14, 2024, with additional notes of $5.0 million issued on October 9, 2024, and January 16, 2025[301] - As of September 30, 2025, the company had $75.1 million in total contractual obligations, with $39.7 million due for the 6.00% Notes due 2026[290] Shareholder Returns and Distributions - The total distributions declared since formation through September 30, 2025, amount to $12.35 per share, with the latest distribution of $0.25 per share declared on July 3, 2025[304] - The distribution on July 31, 2025, included 2,860,903 shares issued in lieu of cash, representing approximately 14.8% of outstanding shares prior to the distribution[304] - The Board of Directors authorized a Share Repurchase Program extension until October 31, 2026, or until $64.3 million of common stock is repurchased[314] - A dividend of $0.25 per share was declared on November 3, 2025, payable on December 5, 2025, to stockholders of record as of November 21, 2025[318] - The company intends to focus on equity investments primarily for capital gains, with distributions expected to be less consistent than other BDCs[308] Share Repurchase Program - The dollar value of shares available for repurchase under the Share Repurchase Program is approximately $25.0 million as of September 30, 2025[292] - The company did not repurchase any shares under the Share Repurchase Program during the three and nine months ended September 30, 2025[292] - As of November 5, 2025, approximately $25.0 million remains available for repurchase under the Share Repurchase Program[316] - The discretionary Note Repurchase Program allows for the repurchase of up to an additional $40.0 million of 6.00% Notes due 2026, with approximately $39.7 million remaining as of November 5, 2025[317]

Group 1 - The article does not provide any relevant content regarding company or industry insights [1]

Financial Data and Key Metrics Changes - As of September 30, 2025, the net asset value (NAV) was $9.23 per share, an increase from $9.18 per share on June 30, and $8.93 on a dividend-adjusted basis, compared to $6.73 per share at the end of Q3 2024 [5][27][28] - The increase in NAV per share was primarily driven by a $0.23 increase from net unrealized appreciation, a $0.21 increase from net realized gains, and a $0.03 increase from stock-based compensation, offset by a $0.25 decrease due to cash dividends and other factors [28][29] Business Line Data and Key Metrics Changes - CoreWeave has emerged as a leading infrastructure provider, with significant demand for GPU and long-term contracts totaling approximately $22 billion with OpenAI [13] - Whoop continues to perform well, with a fair value approaching $30 million, reflecting strong financial performance and active trading in secondary markets [37] - Canva reported approximately $3.3 billion in annual recurring revenue and over 240 million monthly active subscribers, indicating strong growth potential [17] Market Data and Key Metrics Changes - The AI infrastructure market is experiencing rapid growth, with projections indicating that AI workload growth will outpace traditional cloud capacity [13] - Hyperliquid, a decentralized exchange, has gained traction, particularly after its token listing on Robinhood, indicating growing institutional interest [15][16] Company Strategy and Development Direction - The company has focused on AI infrastructure, making cornerstone investments in companies like CoreWeave, OpenAI, and Vast Data, which are seen as enablers of the AI economy [6][9] - The strategy includes early investments in foundational technologies and maintaining a conviction-driven approach to capitalize on transformative growth opportunities [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing AI revolution, describing it as still in its early stages, with significant opportunities ahead [20] - The company anticipates continued investor interest in its portfolio as a differentiated way to gain exposure to AI infrastructure [11] Other Important Information - The board declared a $0.25 per share cash dividend, reflecting confidence in the portfolio's strength and liquidity position [19][32] - The company has extended its share repurchase program, allowing for opportunistic buybacks to enhance shareholder value [31] Q&A Session Summary Question: What is the remaining fair value on CoreWeave and the timeline for monetizing the rest? - The fair value of the investment in CoreWeave as of September 30 is about $37 million, with monetization tracked through Form 4 filings [37][38] Question: What is driving Whoop's strong outperformance and potential IPO? - Whoop's strong performance is attributed to active trading and improved financial metrics, but the timeline for an IPO is uncertain [37][38] Question: How will the portfolio be managed as CoreWeave is sold down? - The company plans to maintain significant AI exposure and continue investing in AI infrastructure and cybersecurity [39][40]

Financial Performance - SuRo Capital's Net Asset Value (NAV) per share as of September 30, 2025, is $9.23, with net assets of approximately $231.8 million at quarter-end[7], an increase from the dividend-adjusted $8.93 per share as of June 30, 2025[7] - A cash dividend of $0.25 per share was declared on November 3, 2025, payable on December 5 to shareholders of record as of November 21[7] - Net investment loss for the third quarter ended September 30, 2025, was $3.5 million, or $0.14 per share[29] - Net realized gain on investments for the third quarter was $5.2 million, or $0.21 per share[29] - Net change in unrealized appreciation of investments was $5.7 million, or $0.23 per share[29] Investment Activities - A $0.3 million follow-on convertible debt investment was made in Supplying Demand, Inc (d/b/a Liquid Death)[9, 23] - A $5.0 million preferred shares investment was made in HL Digital Assets Inc[9, 23] - Total distributions from CW Opportunity 2 LP to date were $14.2 million, resulting in $10.0 million realized gains[7] - Net proceeds from GrabAGun Digital Holdings, Inc warrants were $0.7 million, resulting in $0.5 million realized gains[7] Portfolio Composition - The top 5 positions account for approximately 52% of the investment portfolio at fair value as of September 30, 2025[25] - Artificial Intelligence Infrastructure & Applications represents 30.5% of the portfolio fair value, totaling $76.9 million[27]

Core Insights - SuRo Capital Corp. reported a net asset value of $9.23 per share as of September 30, 2025, reflecting an increase from $9.18 per share at June 30, 2025, and $6.73 per share at September 30, 2024 [1][27] - The company declared a cash dividend of $0.25 per share, supported by realized gains from CoreWeave and other liquidity events [2][13] Financial Performance - As of September 30, 2025, net assets totaled approximately $231.8 million, compared to $157.6 million at the same time last year [27] - The company reported a net investment loss of $3.5 million for the third quarter of 2025, consistent with a loss of $3.2 million in the same quarter of 2024 [8][30] - Net realized gains on investments were $5.2 million for the third quarter of 2025, a significant recovery from a loss of $13.7 million in the same quarter of 2024 [8][30] Investment Portfolio - SuRo Capital held positions in 37 portfolio companies as of September 30, 2025, with a total fair value of approximately $252.2 million [3] - The top five investments accounted for about 52% of the total portfolio fair value, with CoreWeave being a significant contributor [5][3] - Recent investments included $5 million into HL Digital Assets, Inc., reflecting the company's focus on digital infrastructure opportunities [2] Market Position and Strategy - The company emphasized its commitment to investing in transformative technology companies, particularly in AI and AI infrastructure [2] - SuRo Capital's strategy includes disciplined realizations and reinvestment to generate consistent value for shareholders [2] - The company aims to identify and invest in the next generation of category-defining companies, leveraging its research-led approach [2]

Core Insights - SuRo Capital Corp. will report its financial results for Q3 2025 on November 4, 2025, after the U.S. market closes [1] - A conference call for investors will be held on the same day at 2:00 p.m. PT (5:00 p.m. ET) [2] - The company is a publicly traded investment fund focused on high-growth, venture-backed private companies [4] Company Overview - SuRo Capital aims to create a portfolio of high-growth emerging private companies through a disciplined investment approach [4] - The fund provides investors access to innovative private companies before they go public, serving as a gateway to venture capital [4] - The portfolio includes sectors such as AI infrastructure, emerging consumer brands, and advanced software solutions for both consumer and enterprise markets [4]

[Filing Information](index=1&type=section&id=Filing%20Information) This section details the registrant's identification, contact information, and registered securities with their trading symbols and exchanges [Registrant Details](index=1&type=section&id=Registrant%20Details) This section provides the basic identification details for SuRo Capital Corp. as filed with the SEC, including its address and contact information - Registrant: **SURO CAPITAL CORP.**, located at 640 Fifth Avenue, 12th Floor, New York, NY 10019. Telephone: (212) 931-6331[1](index=1&type=chunk) [Securities Information](index=1&type=section&id=Securities%20Information) Details the classes of securities registered by SuRo Capital Corp. and their trading information, confirming its status regarding emerging growth company regulations Registered Securities | Title of each class | Trading symbol | Name of each exchange on which registered | | :------------------ | :------------- | :-------------------------------------- | | Common Stock, par value $0.01 per share | SSSS | Nasdaq Global Select Market | | 6.00% Notes due 2026 | SSSSL | Nasdaq Global Select Market | - The registrant is **not an emerging growth company**[4](index=4&type=chunk) [Item 2.02. Results of Operations and Financial Condition](index=2&type=section&id=Item%202.02.%20Results%20of%20Operations%20and%20Financial%20Condition) This section provides preliminary estimates for the third quarter ended September 30, 2025, and clarifies its furnishing status [Preliminary Q3 2025 Results Overview](index=2&type=section&id=Preliminary%20Q3%202025%20Results%20Overview) SuRo Capital Corp. issued a press release on October 8, 2025, providing preliminary Q3 2025 estimates, furnished under Section 18 of the Exchange Act - SuRo Capital Corp. issued a press release on **October 8, 2025**, containing preliminary estimates for the third quarter ended September 30, 2025[5](index=5&type=chunk) - The information disclosed is **'furnished'** and **not 'filed'** for purposes of Section 18 of the Securities Exchange Act of 1934, as amended[6](index=6&type=chunk) [Item 8.01. Other Events](index=2&type=section&id=Item%208.01.%20Other%20Events) This section covers preliminary financial estimates, investment portfolio activities, at-the-market offering updates, and dividend declarations [Preliminary Estimates and Investment Portfolio Update](index=2&type=section&id=Preliminary%20Estimates%20and%20Investment%20Portfolio%20Update) This section provides preliminary Q3 2025 financial estimates, including NAV per share, and details investment activities, ATM offering status, and dividend declarations [Preliminary Financial Estimates](index=2&type=section&id=Preliminary%20Financial%20Estimates) This subsection presents the estimated Net Asset Value per share for Q3 2025 and the total outstanding common stock shares Net Asset Value (NAV) Per Share | Date | NAV Per Share | | :---------------- | :------------ | | June 30, 2025 | ~$9.18 | | September 30, 2024 | ~$6.73 | | September 30, 2025 (estimated) | $9.00 - $9.50 | - As of September 30, 2025, there were **25,119,091 shares** of the Company's common stock outstanding[9](index=9&type=chunk) [Investment Portfolio Activity](index=2&type=section&id=Investment%20Portfolio%20Activity) This subsection details the company's investment holdings, new investments, and sales activities during the third quarter of 2025 - As of September 30, 2025, the Company held positions in **37 portfolio companies** (**33 privately held** and **4 publicly held**)[10](index=10&type=chunk) New Investments During Q3 2025 | Portfolio Company | Investment Type | Transaction Date | Amount ($) | | :---------------------------------- | :---------------- | :--------------- | :----- | | Supplying Demand, Inc. (d/b/a Liquid Death) | Convertible Note | 7/29/2025 | 0.3 million | | HL Digital Assets Inc. | Preferred Shares | 9/18/2025 | 5.0 million | - HL Digital Assets Inc.'s primary purpose is to invest and manage its investment in **HYPE**, the digital token of Hyperliquid[12](index=12&type=chunk) Investment Sales/Proceeds During Q3 2025 | Portfolio Company | Transaction Date | Quantity | Average Net Share Price ($) | Net Proceeds ($) | Realized Gain ($) | | :------------------------------------ | :--------------- | :------- | :---------------------- | :----------- | :------------ | | CW Opportunity 2 LP | Various | -- | -- | 7.2 million | 3.7 million | | GrabAGun Digital Holdings Inc. – Public Warrants | Various | 395,512 | 1.67 | 0.7 million | 0.5 million | - SuRo Capital retains approximately **83.4%** of its investment in CW Opportunity 2, LP as of September 30, 2025. The realized gain includes a discount related to estimated fees[20](index=20&type=chunk) - As of September 30, 2025, SuRo Capital held **1,204,488** remaining GrabAGun Digital Holdings Inc. public warrants[20](index=20&type=chunk) [At-The-Market Offering](index=3&type=section&id=At-The-Market%20Offering) This subsection details the shares sold and remaining value under the company's at-the-market offering during Q3 2025 - During Q3 2025, SuRo Capital sold **1,230,984 shares** under its at-the-market (ATM) offering for gross aggregate proceeds of approximately **$10.8 million**[14](index=14&type=chunk) - The remaining aggregate dollar value of shares that may yet be sold under the ATM Offering is approximately **$88.0 million**[14](index=14&type=chunk) [Dividend Declaration](index=3&type=section&id=Dividend%20Declaration) This subsection reports the cash dividend declared and paid in July 2025 to common stockholders - On **July 3, 2025**, a cash dividend of **$0.25 per share** was declared, paid on **July 31, 2025**, to common stockholders of record as of **July 21, 2025**[15](index=15&type=chunk) [Preliminary Estimates and Guidance](index=3&type=section&id=Preliminary%20Estimates%20and%20Guidance) This section clarifies that the preliminary financial estimates are unaudited and subject to change, with the full Q3 2025 results expected in November 2025 - The preliminary financial estimates are **unaudited** and prepared by management; actual results may differ materially[16](index=16&type=chunk) - The Company expects to announce its third quarter ended September 30, 2025 results in **November 2025**[17](index=17&type=chunk) [Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) This standard disclosure warns that forward-looking statements are not guarantees of future performance and involve risks and uncertainties that could cause actual results to differ materially - Forward-looking statements are **not guarantees of future performance** and involve risks and uncertainties that could cause actual results to differ materially from projections[18](index=18&type=chunk) - The Company undertakes **no obligation** to update any forward-looking statement[18](index=18&type=chunk) [Item 9.01. Financial Statements and Exhibits](index=3&type=section&id=Item%209.01.%20Financial%20Statements%20and%20Exhibits) This section lists the exhibits accompanying the Form 8-K filing, including the press release and interactive data file [Exhibits List](index=3&type=section&id=Exhibits%20List) This section lists the exhibits accompanying the Form 8-K filing, including the press release and interactive data file Exhibits Filed | Exhibit No. | Description | | :------------ | :---------------------------------------------------- | | Exhibit 99.1 | Press Release dated October 8, 2025* | | Exhibit 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | - Exhibit 99.1 (Press Release) is **'furnished'** and **not 'filed'**, as described in Item 2.02[19](index=19&type=chunk) [Signature](index=4&type=section&id=Signature) This section provides the signatory details for the report, including the officer's name, title, and signing date - The report was signed on **October 8, 2025**, by **Allison Green**, **Chief Financial Officer, Chief Compliance Officer, Treasurer, and Corporate Secretary** of SuRo Capital Corp[23](index=23&type=chunk)

Group 1 - The company anticipates a net asset value (NAV) per share of $9.00 to $9.50 as of the end of the third quarter [2] - This projected NAV represents a decrease from $9.18 per share at June 30, 2025, but an increase from $6.73 per share at September 30, 2024 [3]