Slides
Page 1
Q3 2025 Earnings CallNovember 4, 2025
Page 2
2 Forward Looking StatementsStatements included herein, including statements regarding SuRo Capital Corp.'s ("SuRo Capital", "SSSS", the “Company”, "we", "us" or "our") beliefs, expectations, intentionsor strategies for the future, may constitute "forward-looking statements". SuRo Capital cautions you that forward-looking statements are not guarantees of future performanceand that actual results or developments may differ materially from those projected or implied in these statements. All forward-looking statements involve a number of risks anduncertainties, including the impact of any market volatility that may be detrimental to our business, our portfolio companies, our industry, and the global economy, that couldcause actual results to differ materially from the plans, intentions and expectations reflected in or suggested by the forward-looking statements. Risk factors, cautionarystatements and other conditions which could cause SuRo Capital’s actual results to differ from management's current expectations are contained in SuRo Capital's filings withthe Securities and Exchange Commission (“SEC”). SuRo Capital undertakes no obligation to update any forward-looking statement to reflect events or circumstances that mayarise after the date of this presentation.Certain information discussed in this presentation (including information relating to portfolio companies) was derived from third-party sources and has not been independentlyverified. SuRo Capital makes no representation or warranty with respect to this information. All trademarks, logos, and brand names are the property of their respectiveowners. All company, product and service names used in this presentation are for identification purposes only. Use of these names, trademarks, and brands does not implyendorsement.The investments presented herein are intended to illustrate SuRo Capital's sourcing experience and the profile and types of investments and investment strategies which maybe pursued by SuRo Capital. The types and performance of these investments (i) are not representative of the types and performance of all investments or investmentstrategies that have been made by SuRo Capital and (ii) are not necessarily indicative of the types and performance of investments that SuRo Capital may seek to make, or beable to make, in the future. Further, references to the investments are presented for illustrative purposes only and should not be construed as a recommendation of anyparticular investment. Certain investments may be held through special purpose vehicles providing SuRo Capital with economic exposure to the underlying portfolio company.The following slides contain summaries of certain financial and statistical information about SuRo Capital. The information contained in this presentation is summary informationintended 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. Weundertake 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 related to pastperformance, while it may be helpful as an evaluative tool, is not indicative of future results, the achievement of which cannot be assured. You should not view the pastperformance of SuRo Capital or any of its portfolio companies, or information about the market, as indicative of SuRo Capital’s or any of its portfolio companies’ future results.The performance data stated herein may have been due to extraordinary market or other conditions, which may not be duplicated in the future. Current performance may belower or higher than the performance data quoted. This presentation does not constitute an offer to sell or the solicitation of an offer to buy any securities of SuRo Capital. Theinformation contained herein is for informational purposes only and is not intended to be a substitute for financial, legal, or tax advice. Third Quarter 2025
Page 3
Q3 2025 Earnings Overview 3 •SuRo Capital’s Net Asset Value (“NAV”) Per Share is $9.23 as of September 30, 2025oNet Assets of approximately $231.8 million at quarter-endoIncrease from the dividend-adjusted $8.93 per share as of June 30, 2025•$0.25 Per Share Cash Dividend(1)oDeclared November 3, 2025 and payable on December 5 to shareholders of record as of November 21oRecent Portfolio Company ActivityoOpenAI Global, LLC (“OpenAI”)(2)– On October 2, 2025,Bloombergreported that OpenAI completed a secondary sale valuing the company at $500 billionoAs of September 30, 2025, SuRo Capital maintained its valuation of OpenAI at the previous $300 billion post-money valuation•Recent Realized Returns (Q3 to Date)oCW Opportunity 2 LP(3)–Total distributions to date of $14.2 million resulting in $10.0 million realized gainsoGrabAGun Digital Holdings, Inc. - Warrants(4)–$0.7 million in net proceeds resulting in $0.5 million realized gainsoTrue Global Ventures 4 Plus Pte Ltd–$0.1 million fund distribution•New And Follow-On InvestmentsoSupplying Demand, Inc. (d/b/a Liquid Death) – $0.3 million follow-on convertible debt investmentoHL Digital Assets Inc.(5)– $5.0 million preferred shares investmentoNote Repurchase ProgramoOn October 29, 2025, SuRo Capital’s Board of Directors approved an extension of the Note Repurchase program to repurchase up to an additional $40.0million in aggregate principal amount of its 6.00% Notes due 2026 in the open market, representing the remaining principal12 34 Third Quarter 2025(1) The date of declaration and amount of any distributions, including any future distributions, are subject to the sole discretion of SuRo Capital’s Board of Directors.(2) Held through ARK Type One Deep Ventures Fund LLC.(3) The distributions noted here represent approximately 28.2% of the initial investment in CW Opportunity 2, LP. SuRo Capital retains approximately 71.8% of its investment in CW Opportunity 2, LP as of November 4, 2025.(4) As of September 30, 2025, SuRo Capital held 1,204,488 remaining GrabAGun Digital Holdings Inc. public warrants.(5) HL Digital Assets Inc.’s primary purpose is to invest in HYPE, the digital token of Hyperliquid.56
Page 4
Portfolio Highlight – ARK Type One Deep Ventures Fund LLC•OpenAIis an artificial intelligence research organizationfocused on developing and deploying advanced AImodels, such as GPT and DALL-E• OpenAI offers its models via free and paid plans that suitthe needs of consumers, small teams, and largeorganizations• On October 28, 2025, OpenAI announced thecompletion of a recapitalization, simplifying its corporatestructureAbout OpenAI Global, LLC• According toThe Information, OpenAI is now generatingmore than $13 billion in revenue and could reach $100billion in 2027 revenue• According toTechCrunch, OpenAI now hasapproximately 800 million weekly active users across itsChatGPT products, up from 700 million in AugustOpportunity•In September 2024, SuRo Capital invested $17.5million in the Class A Interest of ARK Type OneDeep Ventures Fund(1)•ARK Type One Deep Ventures Fund LLC’s soleportfolio asset for Class A Interest holders is theConvertible Interest Rights of OpenAI Global, LLC• On October 2, 2025,Bloombergreported that OpenAIcompleted a secondary sale valuing the company at$500 billion; valuation for Q3 maintained at the prior$300 billion post-money levelSuRo Capital InvestmentSelect OpenAI Investors4Sources: Openai.com |The next chapter of the Microsoft–OpenAI partnership; TheInformation.com | OpenAI’s Revenue Could Reach $100 Billion in 2027, Altman Suggests; Bloomberg.com | OpenAI Valuation Reaches $500 Billion, Topping Musk’s SpaceX; Techcrunch.com | SamAltman says ChatGPT has hit 800M weekly active users; PitchBook.(1) ARK Type One Deep Ventures Fund LLC is an investment fund for which the Class A Membership Interest is solely invested in the Convertible Interest Rights of OpenAI Global, LLC. SuRo Capital is invested in the Convertible Interest Rights of OpenAI Global, LLC through itsinvestment in the Class A Membership Interest of ARK Type One Deep Ventures Fund LLC. Amount invested does not include any capitalized costs or prepaid management fees or fund expenses. ARK Type One Deep Ventures Fund LLC(1)Third Quarter 2025
Page 5
Portfolio Highlight – HL Digital Assets Inc.•HL Digital Assetsis a company investing in HYPE, thedigital token of Hyperliquid• Hyperliquid is a decentralized cryptocurrency exchangebuilt to enable fast, transparent, and secure digital assettradingAbout HL Digital Assets Inc.• According toDeFiLlama, Hyperliquid has generatednearly $590 million in revenue year-to-date through Q3,with daily trading activity consistently ranking among thetop decentralized exchanges globally• Beyond derivatives trading, Hyperliquid is expanding intoa full-stack DeFi ecosystem with spot trading and a built-in stablecoin for on-chain settlementOpportunity•On September 18, 2025, SuRo Capital invested $5.0million in HL Digital Assets Inc.’s Preferred Shares(1)• By quarter-end, HL Digital Assets had executed the $5.0million investment in HYPE across several tranchesSuRo Capital Investment 5Source: DeFiLlama.com. (1) Amount invested does not include capitalized costs or prepaid expenses.Third Quarter 2025HL Digital Assets Inc. Hyperliquid Monthly Revenue$11$49$44$39$42$69$59$91$110$83Dec Jan Feb March Apr May Jun July Aug SepDec. 2024– Sep. 2025 ($ in millions)
Page 6
Amount(1)Transaction DateInvestmentPortfolio Company$0.3 million7/29/2025Convertible NoteSupplying Demand, Inc. (d/b/a Liquid Death)(2)$5.0 million9/18/2025Preferred SharesHL Digital Assets Inc.(3)Investment Portfolio Activity 6 Third Quarter 2025 Realizations – During Q3 2025Realized GainNet Proceeds Average Net Share Price(4)Quantity/Initial CapitalTransaction DatePortfolio Company$4.7 million$7.2 millionN/A16.6%VariousCW Opportunity 2 LP(5) $0.5 million$0.7 million$1.67395,512VariousGrabAGun Digital Holdings Inc. - Public Warrants(6)(1) Amount invested does not include capitalized costs or prepaid expenses, if applicable.(2) Represents a follow-on investment.(3) HL Digital Assets Inc.’s primary purpose is to invest in HYPE, the digital token of Hyperliquid. (4) The average net share price is the net share price realized after deducting all commissions and fees on the sales(s), if applicable.(5) SuRo Capital retains approximately 83.4% of its investment in CW Opportunity 2, LP as of September 30, 2025. (6) As of September 30, 2025, SuRo Capital held 1,204,488 remaining GrabAGun Digital Holdings Inc. public warrants.(7) SuRo Capital retains approximately 71.8% of its investment in CW Opportunity 2, LP as of November 4, 2025. Investment Activity – During Q3 2025Realizations – Subsequent to Q3 2025Realized Gain/(Loss)Net Proceeds Quantity/Initial CapitalTransaction DatePortfolio Company$5.3 million$7.0 million11.6%VariousCW Opportunity 2 LP(7) ($1.0 million)$---10/16/2025Rebric, Inc. (d/b/a Compliable)$-$0.1 million6.9%10/31/2025True Global Ventures 4 Plus Pte Ltd
Page 7
% of Investment PortfolioFair Value($ in millions)Cost Basis($ in millions)Portfolio Company14.7%$37.0$12.71 11.4%$28.8$11.02 11.0%$27.7$17.73 8.3%$21.0$15.04 6.1%$15.4$15.05 51.5%$129.9$71.4 Top 5 Positions = 52% of Investment Portfolio at Fair Value Based on Total Investment Portfolio Fair Value of $252.2 million at September 30, 2025 7SuRo Capital’s Top 5 positions account for approximately 52%of the investment portfolio at fair value as of September 30, 2025 ARK Type One Deep Ventures Fund LLC(2) Opportunity 2 LP(1) Third Quarter 2025 (1) CW Opportunity 2 LP is an SPV for which the Class A Membership Interest is solely invested in the Class A Common Shares of CoreWeave, Inc.(2) ARK Type One Deep Ventures Fund LLC is an investment fund for which the Class A Membership Interest is solely invested in the Convertible Interest Rights of OpenAI Global, LLC. SuRo Capital is invested in the Convertible Interest Rights of OpenAI Global, LLC through itsinvestment in the Class A Membership Interest of ARK Type One Deep Ventures Fund LLC.
Page 8
% of PortfolioFair Value($ in millions)Industry Theme(1)Legend30.5%$76.9Artificial Intelligence Infrastructure & Applications20.5%$51.6 Consumer Goods & Services18.6%$46.9Software-as-a-Service10.6%$26.8 Financial Technology & Services10.0%$25.2 Education Technology7.7%$19.4 Logistics & Supply Chain2.1%$5.4 SuRo Capital Sports100.0%$252.2Total2.1%7.7%10.0%10.6%18.6%20.5%30.5%Key Industry Themes As a Percentage of Total Investment Portfolio at Fair Value at September 30, 2025 8 (1) SPV and fund investments with investments in the equity or debt of a single private issuer are categorized based on the industry theme of the underlying portfolio company.Third Quarter 2025
Page 9
Financial HighlightsFor the Third Quarter Ended September 30, 2025 9 Third Quarter 2025 Per Share(1)Amount ($ in millions)$9.18$219.4Net Assets at Beginning of Period($0.14)($3.5)Net Investment Loss$0.21$5.2Net Realized Gain on Investments$0.23$5.7Net Change in Unrealized Appreciation of Investments($0.25)($6.0)Dividends Declared($0.03)$10.6Issuance of Common Stock from Public Offering$0.03$0.4Stock-Based Compensation$9.23$231.8Net Assets at September 30, 2025Third Quarter 2025 (1) Based on 25,119,091 shares outstanding at 9/30/2025.