Neostellar Capital Corp (NSLR) 2025 Q4 法說會逐字稿

Welcome to the SuRo Capital's fourth-quarter and fiscal year 2025 earnings call.

歡迎參加 SuRo Capital 2025 年第四季暨 2025 會計年度財報電話會議。

My name is [Alan]. I will be your coordinator for today's event.

我叫 [Alan]。我將擔任今天活動的協調人。

Please note, this call is being recorded. (Operator Instructions)

請注意，本次電話會議將被錄音。（接線員指示）

I will now hand you over to your host, Jackson Stone, to begin today's conference. Thank you.

現在我將把會議交給今天的主持人 Jackson Stone，開始今天的會議。謝謝。

Thank you for joining us on today's call.

感謝各位參加今天的電話會議。

I'm joined today by the Chairman and Chief Executive Officer of SuRo Capital, Mark Klein; and Chief Financial Officer, Allison Green.

今天與我一同出席的有 SuRo Capital 董事長兼執行長 Mark Klein，以及財務長 Allison Green。

Please note that a slide presentation corresponding to today's prepared remarks by management is available on our website at www.surocap.com, under Investor Relations, Events & Presentations.

請注意，管理層今天的預先準備講稿所對應的投影片簡報已公布於我們的網站 www.surocap.com，在 Investor Relations（投資人關係）之下的 Events & Presentations（活動與簡報）頁面。

Today's call is being recorded and broadcast live on our website, www.surocap.com. Replay information is included in our press release issued today.

今天的電話會議將被錄音，並於我們的網站 www.surocap.com 進行即時直播。重播資訊已包含在我們今日發布的新聞稿中。

This call is the property of SuRo Capital. The unauthorized reproduction of this call in any form is strictly prohibited.

本次電話會議內容為 SuRo Capital 之財產。未經授權以任何形式重製本次電話會議內容，嚴格禁止。

I would also like to call your attention to customary disclosures in today's earnings press release regarding forward-looking information. Statements made in today's conference call and webcast may constitute forward-looking statements, which relate to future events, or our future performance, or our financial condition.

我也想提醒各位注意我們今日財報新聞稿中關於前瞻性資訊的慣例性揭露。今天電話會議與網路直播中所作之陳述可能構成前瞻性陳述，涉及未來事件、我們未來的營運表現或我們的財務狀況。

These statements are not guarantees of our future performance or future financial condition or results; and involve a number of risks, estimates, and uncertainties, including the impact of any market volatility that may be detrimental to our business, our portfolio companies, our industry, and the global economy that could cause actual results to differ materially from the plans, intentions, and expectations reflected in or suggested by the forward-looking statements.

這些陳述並非對我們未來表現、未來財務狀況或結果的保證；且涉及多項風險、估計與不確定性，包括任何可能對我們的業務、我們的投資組合公司、我們的產業以及全球經濟造成不利影響的市場波動，其可能導致實際結果與前瞻性陳述中所反映或暗示的計畫、意圖與預期出現重大差異。

Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including, but not limited to, those described from time to time in the company's filings with the SEC.

由於多項因素，實際結果可能與前瞻性陳述存在重大差異，包括但不限於公司不時向美國證券交易委員會（SEC）提交之文件中所描述的因素。

In addition, the preliminary financial estimates regarding the company's estimated accretion to current net asset value provided herein have been prepared by and on the responsibility of the management of the company. This information is preliminary and is, thus, inherently uncertain and subject to change.

此外，本文所提供關於公司對目前每股淨資產價值（NAV）之估計增厚（accretion）的初步財務估計，係由公司管理層編製並由其負責。該等資訊屬初步性質，因此本質上具有不確定性並可能變動。

Actual results relating to the company's net asset value for any period subsequent to December 31, 2025, including March 31, 2026, may differ materially. Management does not undertake to update such forward-looking statements, unless required to do so by law.

公司於 2025 年 12 月 31 日之後任何期間（包括 2026 年 3 月 31 日）之淨資產價值相關實際結果，可能出現重大差異。除法律要求外，管理層不承擔更新此類前瞻性陳述之義務。

To obtain copies of SuRo Capital's latest SEC filings, please visit our website at www.surocap.com or the SEC's website at sec.gov.

如欲取得 SuRo Capital 最新的 SEC 申報文件副本，請造訪我們的網站 www.surocap.com 或 SEC 網站 sec.gov。

Now, I would like to turn the call over to Mark Klein.

現在，我想把電話會議交給 Mark Klein。

Thank you, Jackson. Good afternoon, everyone. Thank you for joining us.

謝謝你，Jackson。各位下午好。感謝各位加入我們。

This is an important moment for SuRo Capital. We are entering 2026 with meaningful momentum across our portfolio, a disciplined investment strategy, substantial embedded value, and what we believe is a highly differentiated position in one of the most consequential technology cycles of our time.

這對 SuRo Capital 而言是一個重要時刻。我們帶著投資組合的顯著動能、嚴謹的投資策略、可觀的內含價值（embedded value），以及我們認為在當代最具關鍵性的科技週期之一中高度差異化的定位，邁入 2026 年。

Before I review our full-year results, I want to begin with what has happened since year end because those developments matter. They matter for our portfolio. They matter for how we see the opportunity ahead. Most importantly, they matter for our shareholders.

在我回顧我們的全年業績之前，我想先從年末以來所發生的事情談起，因為這些進展很重要。它們對我們的投資組合很重要；對我們如何看待前方機會很重要；最重要的是，對我們的股東很重要。

Since the beginning of 2026, public markets have been mixed; volatility has remained a feature of the environment; sentiment has moved back and forth. But, beneath the day-to-day noise, one much more important trend has continued to strengthen: the global build-out of AI infrastructure is accelerating.

自 2026 年初以來，公開市場表現分歧；波動仍是環境的一部分；市場情緒來回擺盪。然而，在每日雜訊之下，有一個更重要的趨勢持續增強：全球 AI 基礎設施的建置正在加速。

We do not view this as a passing theme. We do not view this as a short cycle. We view it as a structural shift in how the modern economy will be built.

我們不認為這只是短暫的主題，也不認為這是一個短週期。我們將其視為現代經濟建構方式的結構性轉變。

Across the largest technology platforms in the world, capital commitments continue to rise. That tells us something important: AI is no longer being treated as an experimental initiative. It is becoming core infrastructure. It is becoming central to how businesses compete, how they invest, and how they grow.

在全球最大的科技平台之間，資本承諾持續上升。這告訴我們一件重要的事：AI 不再被視為實驗性計畫，而正在成為核心基礎設施，並逐漸成為企業競爭、投資與成長方式的核心。

When capital begins moving at that scale, the effects extend far beyond the largest public companies. It benefits foundational infrastructure. It benefits enabling software. It benefits private companies building essential tools, platforms, and systems that support this transition.

當資本以那樣的規模開始流動，其影響遠不止於最大的上市公司。它將使基礎性基礎設施受益，使賦能型軟體受益，也使那些正在打造支撐此一轉型所需之關鍵工具、平台與系統的私營公司受益。

That is where SuRo is positioned. Against that backdrop, we continue to see strong execution across our portfolio.

SuRo 的定位正是在這裡。在此背景下，我們持續看到投資組合整體展現強勁的執行力。

Since the end of the year, several of our portfolio companies have completed or are in the process of finalizing significant financing.

自年末以來，我們的多家投資組合公司已完成或正在完成重大融資。

Based on indications available today and assuming each of these [lease] financings closed and the remainder of our portfolio remains as it was at the end of this year, valuation, we believe -- at-the-end-of-2025 valuation -- we believe these financings could contribute at least $5 and as much as $6.50 per share to our current net asset value. This is highly (technical difficulty).

根據目前可得的跡象，並假設這些［lease］融資均完成交割，且我們投資組合其餘部分維持與今年年末相同的估值——我們認為，以 2025 年底估值為基礎，這些融資可能為我們目前每股淨資產價值帶來至少 5 美元、最高可達 6.50 美元的貢獻。這是高度（技術問題）。

I want to underscore 1 point very clearly: as these developments across (inaudible) 2026, they are not reflected in our fourth-quarter 2025 net asset value. While our reported year-end NAV reflects a year of strong underlying performance, it does not yet capture what we believe is a meaningful amount of value creation that has already emerged clearly this year.

我想非常清楚地強調一點：這些在（聽不清）2026 年的進展，並未反映在我們 2025 年第四季的淨資產價值中。雖然我們所報告的年末 NAV 反映了基本面強勁表現的一年，但它尚未納入我們認為今年已明確浮現的、相當可觀的價值創造。

Now, because several of these transactions have not yet publicly been disclosed, there are limits to what we can share today. But the direction is clear. The progress is real. As more of these developments become public, we will expect to provide full context in our first-quarter pre-release and earnings call.

目前，由於其中數筆交易尚未對外公開揭露，我們今天能分享的內容有所限制。但方向很清楚，進展也是真實的。隨著更多進展對外公開，我們預期將在第一季的預先發布與財報電話會議中提供完整背景說明。

One financing that has been widely reported and one worth highlighting is OpenAI. This transaction was notable, not only for its size but for what it represents. It reflects the extraordinary scale of capital now being committed to AI development and to the infrastructure required to support it. It reflects the capital intensity of this next era of computing. It reinforces the fact that AI has moved from possibility to priority.

其中一筆已被廣泛報導、值得特別指出的融資是 OpenAI。這筆交易之所以引人注目，不僅在於其規模，也在於其所代表的意義：它反映出目前投入 AI 開發以及支撐其所需基礎設施的資本承諾已達到非同尋常的規模；也反映出下一個運算時代的資本密集度；並強化了 AI 已從「可能性」轉為「優先事項」的事實。

Moments like this help define markets. They show where strategic capital is flowing. They show where conviction is building. They validate a core principle behind our strategy.

這樣的時刻有助於界定市場。它們顯示策略性資本正流向何處，顯示信念正在哪裡累積，並驗證了我們策略背後的一項核心原則。

Some of the most important value creation and technology happens while great businesses are still private. That is where we seek to invest. That is where we seek to build exposure. That is where we believe SuRo offers shareholders something distinct.

一些最重要的價值創造與科技突破，往往發生在優秀企業仍為私營之時。那正是我們尋求投資之處；也是我們希望建立曝險之處；更是我們認為 SuRo 能為股東提供差異化價值之處。

As noted earlier, this financing occurred in the first quarter of '26 and is, therefore, not reflected in our year-end NAV.

如先前所述，這筆融資發生在 2026 年第一季，因此未反映在我們年末的 NAV 中。

More broadly, we continue to believe AI is a multi-year structural transformation that remains in its early stages. It is moving from research into deployment, from experimentation into integration, and from isolated use cases into broad commercial adoption. As that happens, the opportunity set continues to expand.

更廣泛而言，我們仍然相信 AI 是一場為期多年的結構性轉型，且仍處於早期階段。它正從研究走向部署，從試驗走向整合，從零散的使用情境走向廣泛的商業採用。隨著這一切發生，可投資的機會集合也持續擴大。

Some companies will benefit directly by providing the infrastructure, compute, and tooling that make this shift possible. Others will benefit indirectly through increased demand for software, automation, data, and more efficient digital systems.

有些公司將透過提供使這一轉變成為可能的基礎設施、運算資源（compute）與工具（tooling）而直接受益；另一些公司則將因軟體、自動化、資料以及更高效率的數位系統需求增加而間接受益。

We believe both dynamics matter. We believe both are increasingly relevant across our portfolio. This is one of the reasons we remain constructive on the road ahead.

我們認為這兩種動態都很重要，也認為它們在我們的投資組合中正變得愈來愈相關。這也是我們對未來道路保持建設性看法的原因之一。

Public markets offer investors exposure to many of the largest and most-established beneficiaries of technological change. But, by the time many of those companies are broadly owned, a meaningful share of the early value creation has already taken place.

公開市場讓投資人得以投資於許多科技變革中規模最大、最成熟的受益者。然而，當其中許多公司被廣泛持有之時，早期價值創造中相當可觀的一部分往往已經發生。

SuRo is positioned differently. We provide public market investors access to venture-backed private companies earlier in their life cycles, before broad public ownership. Often, the full scale of their long-term potential is reflected in market value.

SuRo 的定位有所不同。我們讓公開市場投資人得以在這些由創投支持的私人公司生命週期更早期、尚未被廣泛公開持有之前就取得投資機會。通常，這些公司長期潛力的完整規模會反映在其市值之中。

That matters because, early in the company's life, innovation can be sharper, growth can be faster, strategic advantage can be more pronounced. When those companies execute, the value creation can be extraordinary.

這點之所以重要，是因為在公司早期階段，創新可能更為銳利、成長可能更快、策略優勢也可能更為明顯。當這些公司執行到位時，所創造的價值可能極為可觀。

Our responsibility is to identify those businesses carefully; invest with discipline; remain patient with where conviction is high; and realized gains thoughtfully, when liquidity opportunities emerge.

我們的責任是審慎辨識這些企業；以紀律投資；在高度確信之處保持耐心；並在流動性機會出現時，審慎地實現收益。

We do not chase noise. We do not allocate capital for appearances. We focus on quality. We focus on asymmetry. We focus on long-term shareholder value.

我們不追逐雜訊。我們不為了表面觀感而配置資本。我們專注於品質。我們專注於不對稱性。我們專注於長期股東價值。

When we look back on 2025, we believe the results speak clearly:

當我們回顧 2025 年時，我們相信成果已清楚說明一切：

Our stock price increased from $5.88 per share at year end to $9.44 at the end of '25, an increase of over 60%. Including our $0.50 dividend per share declared and paid during the year, total shareholder return approximated 70%. That is a strong outcome.

我們的股價自年末每股 5.88 美元上升至 2025 年底的 9.44 美元，漲幅超過 60%。若計入本年度宣告並支付的每股 0.50 美元股利，股東總報酬約為 70%。這是相當強勁的成果。

It reflects performance across the portfolio. It reflects disciplined capital allocation. We believe it reflects increasing recognition of the value embedded in SuRo Capital.

這反映了投資組合的整體表現，也反映了嚴謹的資本配置。我們相信，這也反映市場對 SuRo Capital 所內含價值的認知正在提升。

Our net asset value also grew meaningfully. At the end of '24, our NAV was $6.68. By the end of '25, it had increased to $8.09, representing year-over-year growth of approximately 21%.

我們的淨資產價值（NAV）也顯著成長。於 2024 年底，我們的 NAV 為 6.68 美元；至 2025 年底已增至 8.09 美元，年增約 21%。

In addition, during 2025, we declared and paid $0.50 per share in cash dividends. On a dividend-adjusted basis, our December 31, 2025, NAV would have been approximately $8.59 per share, representing a year-over-year growth of approximately 29%.

此外，在 2025 年期間，我們宣告並支付每股 0.50 美元的現金股利。以股利調整後計算，我們於 2025 年 12 月 31 日的 NAV 約為每股 8.59 美元，年增約 29%。

Again, our reported year-end NAV mark does not include the previously referenced potential increases in value from the '26 financings, which could contribute at least $5 per share and as much as $6.50 per share to our current net asset value.

再次強調，我們所報導的年末 NAV 評價並未納入先前提及、可能來自 2026 年融資的潛在增值，該等增值可能至少為每股增加 5 美元，最高可為每股增加 6.50 美元，進而提升我們目前的淨資產價值。

This is important because it reflects how we think about stewardship. We are committed, not only to building value but to realizing value; not only to compounded capital but returning capital, when appropriate.

這點很重要，因為它反映了我們如何看待受託管理。我們致力於不僅創造價值，也實現價值；不僅追求資本複利成長，也在適當時機回饋資本。

Our objective is straightforward: to create durable, long-term value for shareholders and do so with discipline, transparency, and accountability.

我們的目標很明確：以紀律、透明與問責，為股東創造可持續的長期價值。

At the same time, we continue to invest where conviction is strongest. Our recent commitment to TensorWave is a good example. We believe TensorWave is operating in a part of the market that stands to benefit directly from one of the most powerful secular trends in technology: rising demand for AI compute.

同時，我們持續在最具信心之處投資。我們近期對 TensorWave 的承諾就是很好的例子。我們相信 TensorWave 所處的市場領域，將直接受惠於科技領域最強勁的長期結構性趨勢之一：AI 算力需求持續上升。

TensorWave has deployed what the company described, at the time, as the world's largest liquid-cool AMD GPU cluste;, and has continued to expand the footprint, including through two additional 10-megawatt deployments in Arizona and Pennsylvania.

TensorWave 已部署該公司當時所稱的全球最大液冷 AMD GPU 叢集；並持續擴大其佈局版圖，包括在亞利桑那州與賓夕法尼亞州另外新增兩個 10 兆瓦的部署。

As customers seek performance, scale, and diversification in an increasingly important layer of the technology stack, we believe this company is well positioned.

隨著客戶在日益關鍵的技術堆疊層中追求效能、規模與多元化，我們相信該公司具備良好定位。

More broadly, we see further evidence of this trend in announcements, such as Meta's recent multi-year agreement with AMD to support up to 6 gigawatts of AI infrastructure. This investment expands our exposure to AI infrastructure and reflects a broader principle that guides us.

更廣泛而言，我們也在相關公告中看到此趨勢的進一步證據，例如 Meta 近期與 AMD 簽署多年期協議，以支援最高達 6 吉瓦的 AI 基礎設施。此項投資擴大了我們對 AI 基礎設施的曝險，也體現了引導我們的一項更廣泛原則。

When the world is changing in a fundamental way, the company is enabling that change can become extraordinarily valuable.

當世界以根本方式改變時，促成該改變的公司可能變得極具價值。

We intend to remain disciplined. But we also intend to be decisive, where we see this opportunity.

我們將保持紀律。但在看見機會之處，我們也將果斷行動。

When I look at where SuRo stands today, I see a company with momentum in the portfolio, meaningfully embedded upside, a strong liquidity position, and a strategy aligned with some of the most important innovation trains in the global economy.

當我看 SuRo 目前的狀態，我看到的是：投資組合動能強勁、內含上行空間可觀、流動性部位穩健，以及與全球經濟中最重要創新趨勢相契合的策略。

We are confident in what we own. We are disciplined in how we invest. We are thoughtful in how we realize gains. We are clear about who we work for: our shareholders.

我們對所持有的資產充滿信心。我們在投資方式上保持紀律。我們在實現收益上審慎周延。我們也清楚我們為誰工作：我們的股東。

Our mission is to give public (technical difficulty) access to exceptional private companies before they become broadly owned; and to convert that access into long-term shareholder value through disciplined execution, over time.

我們的使命是讓公開市場（技術困難）得以在卓越的私人公司尚未被廣泛持有之前就取得投資機會；並隨時間推進，透過嚴謹執行將這份機會轉化為長期股東價值。

That is what we are building. That is what we are focused on. That is why we are excited about the road ahead.

這就是我們正在打造的方向。這就是我們專注的重點。這也是我們對前方道路感到振奮的原因。

With that, I will turn the call over to Allison.

接下來，我把電話會議交給 Allison。

Thank you, Mark.

謝謝你，Mark。

I would like to follow Mark's update with a review of our investment activity and portfolio company realizations during the fourth quarter and subsequent to year end; a high-level review of our investment portfolio, as of year end, including the investment theme breakdown; and a more detailed review of our fourth-quarter financial results, including our current liquidity, as of December 31.

我想在 Mark 的更新之後，回顧我們在第四季及年末之後的投資活動與投資組合公司變現情況；並就截至年末的投資組合做一個高層次回顧，包括投資主題的分類；同時更詳細地說明我們第四季的財務結果，包括截至 12 月 31 日我們目前的流動性狀況。

I'll also touch on notable items during the fourth quarter and year end, including our cash dividend, debt repurchases, capital raised, shares issued via at-the-market offering or ATM program, and recent Board approved updates to the note repurchase program and the share repurchase program.

我也會提及第四季與年末期間的重點事項，包括我們的現金股利、債務回購、募資、透過隨行就市（at-the-market）發行或 ATM 計畫所發行的股份，以及董事會近期核准的票據回購計畫與股份回購計畫更新。

Throughout the fourth quarter, we received distributions from CW Opportunity 2 LP, following the lifting of sales restrictions on the publicly traded CoreWeave stock held by the fund on August 15, 2025.

在整個第四季，我們在 2025 年 8 月 15 日解除該基金所持有之公開交易 CoreWeave 股票的出售限制後，持續自 CW Opportunity 2 LP 收到分配。

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. SuRo Capital has invested in the classic common shares of CoreWeave Inc., through its investment in the Class A membership interest of CW Opportunity 2 LP.

CW Opportunity 2 LP 是一個特殊目的載體（SPV），其 A 類會員權益僅投資於 CoreWeave, Inc. 的 A 類普通股。SuRo Capital 透過投資 CW Opportunity 2 LP 的 A 類會員權益，投資於 CoreWeave Inc. 的 A 類普通股。

We received three distributions during the fourth quarter, totaling approximately $9 million; and were categorized, in aggregate, as approximately $2.3 million return of capital and $6.7 million gain.

我們在第四季共收到三次分配，合計約 900 萬美元；合併分類後約為 230 萬美元的資本返還與 670 萬美元的收益。

The aggregate fourth-quarter distributions represent approximately 15.3% of our $15 million investment in CW Opportunity 2 LP.

第四季分配合計約相當於我們對 CW Opportunity 2 LP 1,500 萬美元投資的 15.3%。

As of year end, we continue to have exposure to CoreWeave through the remaining 68.1% of our initial investment in CW Opportunity 2 LP.

截至年末，我們仍透過 CW Opportunity 2 LP 初始投資中剩餘的 68.1% 持續曝險於 CoreWeave。

On November 6, we sold our remaining 7,530 public common shares of Forge Global, Inc., for net proceeds of approximately $3.1 million, resulting in a realized gain of approximately $1.1 million. The total realized gain on this investment is approximately $5 million.

11 月 6 日，我們出售所剩餘的 7,530 股 Forge Global, Inc. 公開普通股，淨收益約 310 萬美元，實現收益約 110 萬美元。此項投資的累計已實現收益約為 500 萬美元。

On October 16, SuRo [Sports] portfolio company, Rebric, Inc., doing businesses under the name Compliable, approved a plan to dissolve the company. As a result, SuRo Capital realized a loss of approximately $1 million on the position.

10 月 16 日，SuRo [Sports] 投資組合公司 Rebric, Inc.（以 Compliable 名義營運）核准公司解散計畫。因此，SuRo Capital 在該部位上實現約 100 萬美元的損失。

Finally, we received a distribution from true Global Ventures 4 Plus venture fund for approximately $137,000.

最後，我們自 True Global Ventures 4 Plus 創投基金收到約 137,000 美元的分配。

As Mark mentioned, on December 31, SuRo Capital committed up to $20 million to Magnetar Opportunity 2025-4 LP, a special purpose vehicle invested in TensorWave, Inc. Subsequent to year end, on January 2, SuRo Capital funded $5 million of the $20 million capital commitment. As of March 10, $5 million of the $20 million commitment to Magnetar Opportunity 2025-4 LP had been funded. The remaining commitment of up to $15 million is subject to the satisfaction of certain conditions.

如 Mark 所提及，12 月 31 日，SuRo Capital 承諾對 Magnetar Opportunity 2025-4 LP（投資於 TensorWave, Inc. 的特殊目的載體）投入最高 2,000 萬美元。年末之後，1 月 2 日，SuRo Capital 已就該 2,000 萬美元資本承諾出資 500 萬美元。截至 3 月 10 日，對 Magnetar Opportunity 2025-4 LP 的 2,000 萬美元承諾中已有 500 萬美元完成出資。其餘最高 1,500 萬美元的承諾，仍須在滿足特定條件後方可出資。

Subsequent to year end, we sold 106,580 common shares of GrabAGun Digital Holdings, Inc., following the removal of lock-up restrictions on January 15. These sales resulted in net proceeds of approximately $327,000 and a realized gain of approximately $214,000. As of March 10, we continue to hold 933,420 public common shares or approximately 90% of our original position.

於年終之後，在 1 月 15 日解禁限制解除後，我們出售了 GrabAGun Digital Holdings, Inc. 的 106,580 股普通股。該等出售帶來約 327,000 美元的淨收益，並實現約 214,000 美元的已實現收益。截至 3 月 10 日，我們仍持有 933,420 股公開市場普通股，約為我們原始持倉的 90%。

Additionally, subsequent to year end, we received a distribution from rue Global Ventures 4 Plus venture fund for approximately $246,000.

此外，於年終之後，我們自 rue Global Ventures 4 Plus 創投基金收到約 246,000 美元的分配款。

I would now like to turn to our portfolio, as of year end:

接下來我想談談我們截至年終的投資組合：

Our top 5 positions, as of December 31, were OpenAI, WHOOP, Blink Health, Canva and Learneo. These positions accounted for approximately 54% of the investment portfolio at fair value. Additionally, as of December 31, our top 10 positions accounted for approximately 80% of the investment portfolio.

截至 12 月 31 日，我們前五大持倉為 OpenAI、WHOOP、Blink Health、Canva 與 Learneo。按公允價值計，這些持倉約占投資組合的 54%。此外，截至 12 月 31 日，我們前十大持倉約占投資組合的 80%。

Segmented by seven general investment themes, the top allocation of our investment portfolio at December 31 was to artificial intelligence infrastructure and applications, representing approximately 31% of the investment portfolio at fair value.

按七大一般投資主題分類，截至 12 月 31 日，我們投資組合按公允價值計的最大配置為人工智慧基礎設施與應用，約占投資組合的 31%。

[Consumer Goods & Services] and Software-as-a-Service were the next largest categories, with approximately 21% and 20% of our portfolio, respectively. Approximately 11% of our portfolio was invested in education technology companies.

[消費品與服務] 與軟體即服務（SaaS）為接下來最大的類別，分別約占我們投資組合的 21% 與 20%。我們投資組合約有 11% 投資於教育科技公司。

The [Financial Technology & Services] segment accounted for approximately 8% of the fair value of our portfolio. The [Logistics & Supply Chain] category accounted for approximately 8% of the fair value of our portfolio. SuRo Sports accounted for 2%, as of December 31.

[金融科技與服務] 部門約占我們投資組合公允價值的 8%。[物流與供應鏈] 類別約占我們投資組合公允價值的 8%。截至 12 月 31 日，SuRo Sports 約占 2%。

We ended the fourth-quarter and fiscal year 2025 with a net asset value of approximately $205.3 million or $8.09 per share, which is consistent with our financial reporting.

我們在 2025 年第四季及 2025 財政年度結束時的資產淨值（NAV）約為 205.3 百萬美元，或每股 8.09 美元，與我們的財務報告一致。

The increase in NAV per share from $9.23 at the end of Q3 was primarily driven by an $0.84 per share decrease from the net change in unrealized depreciation of our investments, a $0.25 per share decrease from the impact of dividends declared and paid during the quarter, a $0.22 per share decrease due to net investment loss, and a $0.10 per share decrease related to stock-based compensation.

每股 NAV 自第三季末的 9.23 美元下降，主要原因為：投資未實現減值淨變動導致每股減少 0.84 美元；本季宣告並支付股利的影響導致每股減少 0.25 美元；淨投資損失導致每股減少 0.22 美元；以及與股票基礎薪酬相關導致每股減少 0.10 美元。

The decrease in NAV per share was offset by a $0.27 per share increase resulting from the net realized gain on our portfolio investments during the quarter.

上述每股 NAV 的下降，部分被本季投資組合投資的已實現淨收益所帶來的每股 0.27 美元增加所抵銷。

During Q4, we sold 6,595 shares under the ATM program at a weighted average price of $9.80 per share for gross proceeds of approximately $55,000 and net proceeds of approximately $63,000, after deducting commissions to the agents on shares sold.

於第四季期間，我們透過 ATM 計畫出售 6,595 股，按加權平均每股 9.80 美元計算，總收益約 55,000 美元；在扣除就已售股份支付予代理人的佣金後，淨收益約 63,000 美元。

As of year end, up to approximately $87.9 million in aggregate amount of the shares remain available for sale under the ATM program.

截至年終，ATM 計畫項下仍可供出售的股份總額最高約為 87.9 百萬美元。

On October 29, SuRo Capital's Board of Directors approved an extension of the discretionary note repurchase program, which allows us to repurchase up to an additional $40 million or the remaining aggregate principal amount of our 6% notes due 2026 through open-market purchases, including block purchases in such manner as will comply with the provisions of the Investment Company Act of 1940, as amended; and the Securities Exchange Act of 1934, as amended.

10 月 29 日，SuRo Capital 董事會核准延長酌情票據回購計畫，允許我們透過公開市場購買（包括大宗交易）方式，回購最高額外 40 百萬美元或 2026 年到期之 6% 票據的剩餘本金總額，且回購方式將遵循經修訂之《1940 年投資公司法》及經修訂之《1934 年證券交易法》的相關規定。

Subsequent to this approval, during the (inaudible) quarter, we repurchased an additional 153,513 of the 6% notes due 2026 under the note repurchase program.

在該核准之後，於（聽不清）季度期間，我們依票據回購計畫額外回購了 153,513 單位的 2026 年到期 6% 票據。

As of December 31, we have repurchased 1,566,807 or approximately $39.2 million in aggregate principal dollar amount of the 6% notes due 2026 under the note repurchase program or approximately $38.9 million, inclusive of broker commissions. This represents approximately 52% of the original total issuance.

截至 12 月 31 日，我們依票據回購計畫已回購 1,566,807 單位（或本金總額約 39.2 百萬美元）的 2026 年到期 6% 票據；若包含經紀佣金，約為 38.9 百萬美元。此約占原始總發行量的 52%。

The aggregate principal dollar amount of 6% notes that may yet be repurchased by SuRo Capital under the note repurchase program is approximately $35.8 million.

在票據回購計畫下，SuRo Capital 仍可回購之 6% 票據本金總額約為 35.8 百萬美元。

As Mark mentioned earlier, SuRo Capital is committed to initiatives that enhance shareholder value. As such, on October 29, our Board of Directors authorized an extension of the company's discretionary share repurchase program until the earlier of October 31, 2026, for the repurchase of $64.3 million in aggregate amount of the company's common stock; of which, $25 million remains available for future repurchases.

如 Mark 先前所提，SuRo Capital 致力於提升股東價值的各項措施。因此，10 月 29 日，我們董事會授權將公司酌情股份回購計畫延長至 2026 年 10 月 31 日或更早日期，以回購公司普通股合計 64.3 百萬美元；其中仍有 25 百萬美元可供未來回購。

Additionally, on November 3, SuRo Capital's Board of Directors declared a cash dividend of $0.25 per share, paid on December 5, to the company's common stockholders of record, as of the close of business on November 21. This dividend was generally attributable to the successful monetization of public securities and other promising developments in our investment portfolio.

此外，11 月 3 日，SuRo Capital 董事會宣告每股 0.25 美元的現金股利，並於 12 月 5 日支付予截至 11 月 21 日營業結束時在冊之公司普通股股東。該股利一般可歸因於公開證券成功變現及我們投資組合中其他令人振奮的進展。

The date and declaration and amount of any dividends or distributions, including any future distributions, are subject to the sole discretion of SuRo Capital's Board of Directors.

任何股利或分配（包括任何未來分配）的日期、宣告與金額，均由 SuRo Capital 董事會全權酌定。

The aggregate amount of distributions declared and paid by SuRo Capital will be fully taxable to stockholders. The federal income tax classification of SuRo Capital's 2025 distributions has been determined to be capital gains.

SuRo Capital 所宣告並支付之分配總額，對股東而言將全數為應稅所得。SuRo Capital 2025 年分配之聯邦所得稅分類已確定為資本利得。

SuRo Capital reports the tax characteristics of each year's distributions annually to stockholders and the IRS on Form 1099-DIV, subsequent to year end.

SuRo Capital 於年終後，會在 1099-DIV 表格上按年度向股東及美國國稅局（IRS）申報各年度分配的稅務性質。

As a result of the $0.25 per share cash dividend paid on December 5 to stockholders of record, as of the close of business on November 21, effective, as of November 21, the conversion rate applicable to the 6.5% convertible notes due 2029 was adjusted to $7.32 per share from the prior conversion price of $7.53 per share, which has been effective since July 21.

由於 12 月 5 日向截至 11 月 21 日營業結束時在冊之股東支付每股 0.25 美元現金股利，自 11 月 21 日起，2029 年到期之 6.5% 可轉換票據適用的轉換率已由先前自 7 月 21 日起生效的每股 7.53 美元調整為每股 7.32 美元。

The adjustment to the conversion rate of the 6.5% convertible notes due 2029 was made, pursuant to the note purchase agreement governing the 6.5% convertible notes due (inaudible).

2029 年到期之 6.5% 可轉換票據之轉換率調整，係依據規範該等（聽不清）到期之 6.5% 可轉換票據的票據購買協議而為之。

At December 31, there were 25,377,756 shares of the company's common stock outstanding.

截至 12 月 31 日，公司流通在外普通股為 25,377,756 股。

Finally, regarding our liquidity, as of year end:

最後，關於我們的流動性，截至年終：

We ended the year with approximately $50.1 million of liquid assets, including approximately $49 million in cash and approximately $1.1 million in unrestricted public securities.

我們年末持有約 50.1 百萬美元的流動資產，包括約 49 百萬美元現金及約 1.1 百萬美元的不受限制公開證券。

Not included in our unrestricted public securities are approximately $17.8 million of public securities subject to lock-up or other sales restrictions, as of year end. This represents our remaining investment in CoreWeave via our Class A interest of CW Opportunity 2 LP and the public common shares of GrabAGun that became unrestricted, subsequent to year end.

截至年終，我們不受限制公開證券中未包含約 17.8 百萬美元受鎖定期或其他出售限制之公開證券。此為我們透過 CW Opportunity 2 LP 的 A 類權益所持有之 CoreWeave 的剩餘投資，以及於年終後轉為不受限制的 GrabAGun 公開市場普通股。

That concludes my comments. We would like to thank you for your interest and support of SuRo Capital.

以上為我的發言。感謝各位對 SuRo Capital 的關注與支持。

Now, I'll turn the call over to the operator to start the Q&A session. Operator?

現在，我將把電話交給接線員開始問答環節。接線員？

(Operator Instructions)

（接線員指示）

Alex Paris, Barrington Research.

Alex Paris，Barrington Research。

Congrats on a strong 2024 -- 2025, sorry.

恭喜 2024——2025 年表現強勁，抱歉。

Alex, you're cutting in and out.

Alex，你的聲音斷斷續續。

I'm sorry. Let me switch. Can you hear me?

抱歉。我切換一下。你聽得到我嗎？

Yeah. All good. Go ahead.

嗯。都沒問題。請繼續。

Okay. Good.

好的。很好。

My question will be related to the $5 to $6.50 (technical difficulty) per share, expected as a result of financings, either completed or are being finalized. I know you said in your prepared comments you can't talk which portfolio companies -- other than OpenAI, which is in the public realm.

我的問題會與每股 5 至 6.50 美元（技術問題）有關，這是預期因融資而帶來的結果，這些融資不是已完成，就是正在敲定中。我知道你在事先準備的發言中提到，你不能談哪些投資組合公司——除了已公開的 OpenAI。

But my question relates to timeline. How much do you expect to be completed in Q1? And then, how much do you expect to be completed between the end of Q1 and the end of 2026, just on the basis of $5 to $6.50 a share?

但我的問題是關於時間表。你預期在第一季會完成多少？然後，在第一季結束到 2026 年底之間，僅就每股 5 至 6.50 美元這個基礎而言，你預期會完成多少？

Yeah. Unfortunately, because of certain of restrictions, we can't really discuss it. But we believe that they will all be completed, certainly, by the end of the quarter. That doesn't mean that they will be necessarily announced by the companies that are completing the financing.

是的。很遺憾，因為某些限制，我們無法真正討論。不過我們相信它們都會完成，當然會在本季末之前完成。這並不代表進行融資的公司一定會對外公告。

Brian McKenna, Citizens Bank.

Brian McKenna，Citizens Bank。

This is [Nate Tower], on for Brian.

我是 [Nate Tower]，代替 Brian 發言。

I also want to look a little bit at that $5 to $6.50. Speaking a little bit more broadly, what are some of the drivers you guys are seeing there?

我也想再多看一下那個每股 5 至 6.50 美元。更廣泛地說，你們看到有哪些驅動因素？

I know you mentioned OpenAI and you mentioned a little bit around that. But, more broadly, what are some things that leading to appreciation that extreme? Are they things you're seeing across your entire portfolio? Or is it a little bit more concentrated?

我知道你提到 OpenAI，也稍微談到一些相關內容。但更廣泛來看，哪些因素導致如此大幅度的增值？這是你們整個投資組合普遍看到的現象，還是比較集中在少數標的？

And then, on the other side of that, are there any offsets that we should maybe be aware of, given that we're now already in March?

另外從另一面來看，鑑於我們現在已經在三月了，是否有任何抵銷因素是我們可能需要留意的？

No problem. There's been multiple financings that have either occurred or are occurring and have not necessarily been announced.

沒問題。有多筆融資已經發生或正在進行中，但未必已對外公告。

Obviously, when you have drivers of that type of magnitude, there's significant portfolio positions that are driving that.

顯然，當你看到這種量級的驅動因素時，背後是由一些重要的投資組合部位在推動。

As to what we're seeing around our other portfolio, I think it's market conditions, which drive market multiples -- will have some impact on other parts of our portfolio.

至於我們在其他投資組合看到的情況，我認為是市場狀況在驅動市場倍數——這會對我們投資組合的其他部分產生一些影響。

Alex Fuhrman, Lucid Capital.

Alex Fuhrman，Lucid Capital。

Great. Congratulations on a really strong year in 2025.

很好。恭喜你們在 2025 年有非常強勁的一年。

Can you help us just level-set some of the less exciting parts of the model for this year? That's very exciting that there could be some pretty substantial near-term appreciation in the NAV.

能否幫我們把今年模型中比較不那麼令人興奮的部分先校準一下？NAV 在短期內可能出現相當可觀的增值，這非常令人振奮。

What are some base case numbers we should be thinking about, given the portfolio you have this year for things like investment income and just operating expenses on a quarterly basis, given how much you've grown the portfolio?

考量到你們今年的投資組合，以及投資組合成長幅度這麼大，對於投資收益、以及營運費用等項目，在季度基礎上我們應該用哪些基準情境數字來思考？

Sure. To start with -- and thank you for your kind words -- 2024 was a really good year. 2025, as we've spoken about extensively now over the last 20 minutes, is starting out to be extraordinary.

當然。先說——也謝謝你的好話——2024 年是非常好的一年。2025 年，如同我們在過去 20 分鐘已經充分談到的，開局就非常非凡。

As to the specific questions, we don't really generate income outside of realized capital gains. We don't have a yield portfolio, as you know. Our operating expenses have been pretty static over the last two years. We wouldn't expect them to be significantly different, at all.

至於具體問題，我們除了已實現的資本利得之外，基本上不會產生收入。如你所知，我們沒有收益型投資組合。過去兩年我們的營運費用相當穩定，我們不預期會有任何顯著不同。

Marvin Fong, BTIG.

Marvin Fong，BTIG。

Great. Let me add my congratulations, as well, on all the great progress here.

很好。我也要加入恭喜，祝賀你們在這裡取得的所有重大進展。

My question is on the latest investment in TensorWave and not so much on TensorWave itself. But the $20 million commitment, I believe, is one of your largest ever; more than OpenAI, in fact. I understand that rounds are getting larger.

我的問題是關於你們最新投資 TensorWave，但不是針對 TensorWave 本身。而是那筆 2,000 萬美元的承諾，我相信是你們歷來最大之一；甚至比 OpenAI 還大。我理解現在的融資輪次規模正在變大。

But could you just comment on whether this was a special case? Or do you feel like your regular size will be increasing? Or is it that appetite focused primarily on AI?

但你能否評論一下，這是否屬於特例？還是你們覺得你們的常規投資規模會提高？或者你們的投資意願主要聚焦在 AI？

Just help us understand the dynamics there.

請幫我們理解其中的動態。

Thanks, Marvin. Thanks for the kind words. Good question.

謝謝你，Marvin。也謝謝你的好話。好問題。

What we saw in TensorWave is an opportunity to invest, on the AMD side, of the chips, as opposed to the NVIDIA side. But we saw it in a structure that allows us to invest a little bit.

我們在 TensorWave 看到的是一個機會：在晶片領域中，投資於 AMD 這一側，而不是 NVIDIA 那一側。但我們看到的是一種結構，讓我們可以先投入一部分。

Upon certain obligations being fulfilled, that would be extremely value-enhancing to TensorWave and to the investment to have a springing effect in our investments.

在某些義務被履行之後，這將對 TensorWave 以及這筆投資帶來極大的增值，並使我們的投資出現觸發式（springing）的效果。

We got very excited to be able to be in early with a company that is fully aligned with AMD, with AMD's full support and do it in a way that limits our initial exposure until things prove out in the way that we think and then, make it a significant investment.

我們非常興奮，能夠在早期就參與一家與 AMD 完全一致、並獲得 AMD 全力支持的公司；而且以一種方式進行，在事情如我們所想那樣被驗證之前，先限制我們的初始曝險，之後再把它做成一筆重要投資。

I don't think it speaks necessarily to -- all of our investments would be $20 million, obviously, given the size of the portfolio. But it does speak to our feeling that this is an opportunity that we want to lean into more fully.

我不認為這必然代表——顯然，考量到投資組合規模，我們所有投資都會是 2,000 萬美元。但這確實反映了我們的看法：這是一個我們想更全面加碼的機會。

Jon Hickman, Ladenburg.

Jon Hickman，Ladenburg。

Mark, could you give us some comments about your thoughts on private market valuations versus what's going on in the public side? Like, (multiple speakers) --?

Mark，你能否評論一下你對私募市場估值相對於公開市場那邊情況的看法？像是，（多位講者）——？

Do you have, like, an hour?

你有一個小時嗎？

Well, not an hour but two minutes.

嗯，不用一個小時，但兩分鐘可以。

Some of the public companies that are building out AI stuff are not getting the kvaluations that appear to be happening on the private side.

一些在打造 AI 相關業務的上市公司，並沒有得到看起來在私募市場那邊正在發生的那種估值。

John, I'll zoom out a little bit.

John，我先把視角拉遠一點。

We spent an awful lot of time looking at this internally because what -- and I think we've probably talked about it on our last earnings call.

我們內部花了非常多時間研究這件事，因為——我想我們可能在上一次財報電話會議也談過。

The acceleration -- both the acceleration in pricing and the acceleration in rounds that are occurring -- is pretty unprecedented. We went back and looked at the 2019, 2021 period of time to see the acceleration of valuation and the rapid levels -- the rapid -- different capital raises.

目前正在發生的加速——不論是定價加速，還是融資輪次發生的加速——都相當前所未見。我們回頭看了 2019 年到 2021 年那段期間，去比較估值加速與快速——快速——不同的募資活動。

We look back at the, effectively, public venture market, which was the 1999 to 2001, to see where we sit, relative to what's gone on, historically.

我們也回頭看了所謂的公開創投市場，也就是 1999 年到 2001 年，來看我們相對於歷史上發生過的情況，現在處於什麼位置。

What is clear is that the rapid nature of the growth of value and the rapid amount of consistent raises is more akin to '99 to 2001. You are seeing separation, now, from what the public valuations are versus the private valuations.

很明顯的是，價值成長的快速程度，以及持續募資的快速程度，更接近 1999 年到 2001 年。你現在看到公開市場估值與私募市場估值之間出現分歧。

Clearly, the acceleration in the private markets has exceeded what's going on in the public markets.

顯然，私募市場的加速已經超過公開市場正在發生的情況。

Thank you.

謝謝。

There are no further questions on the line.

線上沒有其他問題。

I'll now hand you back to your speaker for closing remarks.

我現在把電話交回給講者作結語。

Well, thank you, all, for taking the time to visit with us today.

好的，謝謝各位今天撥冗與我們交流。

I hope that you're excited about what's going on in SuRo, as our team is.

我希望你們對 SuRo 正在發生的事情感到興奮，就像我們團隊一樣。

It was an exciting year, last year. This year started out to be even more exciting than last year.

去年是令人振奮的一年。今年的開局甚至比去年更令人振奮。

There's a lot of things for us to be doing. I think we are taking advantage of it.

我們有很多事情要做。我認為我們正在把握這些機會。

The whole team is looking forward to 2026 and the years to come.

整個團隊都期待 2026 年以及未來的年份。

Thank you, all, very much.

非常感謝各位。

Thank you for joining today's call. You may now disconnect.

感謝您參加今天的電話會議。您現在可以掛線。