SuRo Capital Corp (SSSS) 2025 Q3 法說會逐字稿

(Operator Instructions)

（操作說明）

Welcome to the Suo Capital's third quarter 2025 earnings call. My name is Alan, and I'll be a coordinator for today's event.

歡迎參加 Suo Capital 2025 年第三季財報電話會議。我叫艾倫，我將擔任今天活動的協調員。

I will now hand you over to your host Ben Miller to begin today's conference.

現在我將把發言權交給主持人本·米勒，由他開始今天的會議。

Thank you.

謝謝。

Thank you for joining us on today's call. I'm joined today by the Chairman and Chief Executive Officer of Sio Capital, Mark Klein, and Chief Financial Officer Alison Green. Please note that a slide presentation corresponding to today's prepared remarks by management is available on our website at www.irrocap.com under investor relations events and presentations.

感謝您參加今天的電話會議。今天與我一同出席的有 Sio Capital 的董事長兼執行長 Mark Klein 和財務長 Alison Green。請注意，與今天管理層準備的演講相對應的幻燈片簡報可在我們的網站 www.irrocap.com 的「投資者關係活動和簡報」欄位下找到。

Today's call is being recorded and broadcast live on our website www.serocap.com. Replay information is included in our press release issued today. This call is the property of Sero Capital, and the unauthorized reproduction of this call in any form is strictly prohibitive. 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.

今天的電話會議將進行錄音，並在我們的網站www.serocap.com上進行直播。回放資訊包含在我們今天發布的新聞稿中。本投資建議為 Sero Capital 所有，未經授權以任何形式複製本投資建議均被嚴格禁止。我還想提請各位注意今天發布的盈利新聞稿中有關前瞻性資訊的慣例披露。今天電話會議和網路直播中發表的聲明可能構成與未來相關的前瞻性聲明。

Or our future performance or financial condition. These statements are not guarantees of our future performance or financial 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. It would cause actual results to differ materially from the plans, intentions, and expectations reflected in or suggested by the forward-looking.

或我們未來的業績或財務狀況。這些聲明並非對我們未來業績、財務狀況或結果的保證，並且涉及諸多風險、估計和不確定性，包括任何可能對我們的業務、我們的投資組合公司、我們的行業和全球經濟造成不利影響的市場波動。這將導致實際結果與前瞻性陳述中反映或暗示的計劃、意圖和預期有重大差異。

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 of the SEC. Management does not undertake to update such looking forward statements unless required to do so by law. To obtain copies of Sero Capital's SEC filings, please visit our website www.serocap.com or the SEC's website at SEC.gov. Now I'd like to turn the call over to Mark.

由於多種因素的影響，實際結果可能與前瞻性陳述中的結果有重大差異，這些因素包括但不限於公司不時向美國證券交易委員會提交的文件中所描述的因素。除非法律要求，否則管理層不承諾更新此類前瞻性聲明。如需Sero Capital向美國證券交易委員會（SEC）提交的文件副本，請造訪我們的網站www.serocap.com或美國證券交易委員會的網站SEC.gov。現在我將把電話交給馬克。

Thank you, Ben. The 3rd quarter was another strong period for Cerro Capital, extending the rapid acceleration we have seen across public and private technology markets, particularly in artificial intelligence and digital infrastructure. Despite intermittent market volatility and ongoing geopolitical uncertainty, investor conviction in the AI buildout remained exceptionally strong. As outlined in our recent white paper AI Infrastructure, the Great Mobilization of Our Time, we view this as a generational shift where capital deployment in AI infrastructure is larger in scale than many historic national mobilizations such as the New Deal and the Apollo space program.

謝謝你，本。第三季對 Cerro Capital 而言又是強勁的時期，延續了我們在公共和私人技術市場（尤其是人工智慧和數位基礎設施領域）看到的快速成長勢頭。儘管市場波動不定，地緣政治局勢也持續存在不確定性，但投資人對人工智慧建設的信心依然異常堅定。正如我們在最近的白皮書《人工智慧基礎設施：我們時代的偉大動員》中所概述的那樣，我們認為這是一次代際轉變，人工智慧基礎設施的資本部署規模比許多歷史上的國家動員（如羅斯福新政和阿波羅太空計劃）都要大。

As of September 30, 2025, our net asset value was $9.23 per share compared to $9.18 per share on June 30th or $8.93 on a dividend adjusted basis and $6.73 per share at the end of the third quarter of 24 or $6.48 on a dividend adjusted basis.

截至 2025 年 9 月 30 日，我們的淨資產價值為每股 9.23 美元，而 6 月 30 日為每股 9.18 美元，經股息調整後為每股 8.93 美元；2024 年第三季末為每股 6.73 美元，經股息調整後為每股 6.48 美元。

About 18 months ago we made a deliberate decision to focus on AI infrastructure, the computer, networking, and data layers that make modern AI possible. That decision guided our strategy and led to cornerstone investments that have since proven transformative. Our initial position began with core weave, followed by OpenAI and soon after vast data.

大約 18 個月前，我們做出了一個明確的決定，專注於人工智慧基礎設施，即使現代人工智慧成為可能的電腦、網路和資料層。這個決定指導了我們的策略，並促成了後來被證明具有變革意義的奠基性投資。我們最初的定位是從核心編織開始，然後是 OpenAI，不久之後是海量資料。

Each reflected our belief that as AI scaled, the demand for computer storage, and power would accelerate faster than most anticipated.

兩者都體現了我們的信念，即隨著人工智慧規模的擴大，對電腦儲存和電力的需求將比大多數人預期的更快增長。

At the time, relatively few investors were focused on these areas. We saw opportunity where others hesitated. We acted early, built conviction, and invested behind teams we believe.

當時，關注這些領域的投資人相對較少。我們看到了別人猶豫不決的機會。我們及早行動，堅定信念，並投資於我們信任的團隊。

Would define the next wave of computing.

這將定義下一代運算技術。

Many saw core weave as too specialized with a complicated capital structure or vast data as another storage play, but we saw companies at the bedrock of a new wave of innovation with incredible tech teams growing customer traction and the beginning of a generational computing cycle.

許多人認為 Core Weave 過於專業化，資本結構複雜，資料量龐大，只是另一種儲存方式，但我們看到的是，這些公司正處於新一輪創新浪潮的基石，擁有令人難以置信的技術團隊，正在不斷擴大客戶群體，並開啟了新一代的運算週期。

That early conviction has since been validated as these companies have emerged as core enablers of the AI economy.

早期的判斷已被證實是正確的，這些公司已經成為人工智慧經濟的核心推動者。

That conviction has translated directly into results across our key holdings. Or weave has gone from a relative unknown to one of the fastest growing infrastructure providers in the world, now trading at approximately 3 times its IPO price.

這種信念已直接轉化為我們主要投資項目的績效。Orweave 已從一家相對默默無聞的公司發展成為全球成長最快的基礎設施供應商之一，目前的交易價格約為其 IPO 價格的 3 倍。

We have prudently taken some profits but still own over 40% of our position in or we.

我們謹慎地獲利了結，但仍持有我們公司 40% 以上的股份。

OpenAI, the engine behind such so much of today's AI innovation, is reportedly contemplating a $1 trillion IPO over 6 times our initial entry valuation and more than 3 times the value at which we mark the position at the end of the 3rd quarter.

據報導，作為當今眾多人工智慧創新背後的引擎，OpenAI 正在考慮進行 1 兆美元的 IPO，這相當於我們最初買入估值的 6 倍多，也是我們在第三季末所持倉價值的 3 倍多。

Vast data, once quietly building in the background, is now at the centre of AI's data infrastructure conversation and reportedly in discussions for a raise at a valuation more than 3 times our entry point.

大量數據曾經在幕後悄然積累，如今已成為人工智慧數據基礎設施討論的焦點，據報道，該公司正在商討以超過我們入場價 3 倍的估值進行融資。

Our portfolio reflects a conviction-driven approach anchored in high impact themes like AI infrastructure and innovation, giving investors unique access to category defining companies driving this transformation.

我們的投資組合體現了一種以信念為導向的方法，專注於人工智慧基礎設施和創新等高影響力主題，使投資者能夠獨特地接觸到引領這項變革的行業領導者。

These results stem from a disciplined process, research driven, conviction led, and patient.

這些成果源自於嚴謹的流程、研究驅動、信念驅動和耐心。

We learned in when others hesitated, stayed confident when the market was uncertain, and believed the opportunity ahead remains even greater.

當別人猶豫不決時，我們學到了教訓；當市場充滿不確定性時，我們保持了信心；並且我們相信，未來的機會會更大。

With that backdrop, let me turn to how this strategy is playing out across our portfolio, beginning with our exposure to AI infrastructure and foundational models.

在此背景下，讓我來談談這項策略在我們投資組合中的實施情況，首先從我們對人工智慧基礎設施和基礎模型的投資開始。

Please turn to slide 4.

請翻到第4張投影片。

In October, OpenAI completed a major restructuring, forming OpenAI Group PBC, a public benefit corporation.

10 月，OpenAI 完成了一次重大重組，成立了 OpenAI Group PBC，一家公益公司。

This simplified its prior cap profit model and complex share structure enhancing transparency, governance, and flexibility for future capital formation.

這簡化了其先前的資本利潤模式和複雜的股權結構，提高了透明度、公司治理水準以及未來資本形成的靈活性。

This restructuring also positions O AI for broader participation in public markets and long-term scalability.

此次重組也使 O AI 能夠更廣泛地參與公開市場並實現長期規模化發展。

Following the restructuring, Reuters and Bloomberg have reported that Openly is preparing for a potential initial public offering that could value the company at up to $1 trillion.01 of the largest in history.

重組後，路透社和彭博社報導，Openly 正在準備進行潛在的首次公開募股，公司估值可能高達 1 兆美元，這將是歷史上最大的首次公開募股。

If completed, the offering could raise more than $60 billion according to those reports, or over twice the $26 billion raised in the Saudi Aramco public offering in 2019.

據報道，如果此次發行完成，可能會籌集超過 600 億美元，是 2019 年沙特阿美公開發行籌集的 260 億美元的兩倍多。

At the potential $1 trillion dollar valuation referenced in recent media reports, our exposure to OpenAI could represent roughly third of the net assets on a pro forma basis, assuming no material changes in other holdings.

根據最近的媒體報道，OpenAI 的潛在估值可能達到 1 兆美元，假設其他持股沒有重大變化，我們對 OpenAI 的投資可能占到備考淨資產的三分之一左右。

For clarity, our current 3rd quarter in our 3rd quarter reporting, Cerro Capital's Q3 valuation and NAV are reflective of the previously announced $300 billion dollar Money round as confirmations of the higher $500 billion dollar valuation occurred after the close of the quarter.

為明確起見，我們目前的第三季報告中，Cerro Capital 的第三季估值和淨資產值反映了先前宣布的 3,000 億美元融資輪，因為更高的 5,000 億美元估值是在本季度結束後才得到確認的。

We view OpenAI as one of the defining companies of this era, an organization that continues to set the pace of innovation while reshaping global infrastructure demand.

我們認為 OpenAI 是這個時代最具代表性的公司之一，它不斷引領創新步伐，同時重塑全球基礎設施需求。

Today it stands as the world's largest private company, expanding rapidly as AI becomes embedded in daily life and redefines workflows. The company's scale, reach, and capital intensity exemplify the structural shifts now underway across AI. And we believe that through our significant exposure as well as our other AI relating holdings, Cerro offers one of the most direct ways for public market investors to participate in and benefit from this era of transformational growth.

如今，它已成為全球最大的私人公司，隨著人工智慧融入日常生活並重新定義工作流程，其業務也迅速擴張。該公司規模、覆蓋範圍和資本密集度體現了人工智慧領域目前正在發生的結構性轉變。我們相信，憑藉我們大量的投資以及其他與人工智慧相關的持股，Cerro 為公開市場投資者提供了一種最直接的方式，讓他們能夠參與並受益於這個變革性成長的時代。

We expect continued investor interest in serve Capital's portfolio as a differentiated way to gain exposure to open AI and the broader AI infrastructure powering this generational shift.

我們預計投資者將繼續對 Serve Capital 的投資組合感興趣，因為這是一種差異化的方式，可以獲得開放式人工智慧以及推動這一代際變革的更廣泛的人工智慧基礎設施的份額。

Turning to infrastructure and compute, core weave remains a defining position within our portfolio and the largest single investment cost SuRo Capital's history.

轉向基礎設施和運算領域，核心編織仍然是我們投資組合中的決定性地位，也是 SuRo Capital 史上最大的單筆投資成本。

As of quarter end, it remains our largest position at fair value and one of the primary beneficiaries of the accelerating demand for AI infrastructure.

截至季末，它仍然是我們以公允價值計算的最大持倉，也是人工智慧基礎設施需求加速成長的主要受益者之一。

During the quarter, we monetized approximately 16.6% of our position in CW Opportunity 2, generating $7.2 million in net proceeds, including $4.7 million in real realized gains.

本季度，我們變現了我們在 CW Opportunity 2 中約 16.6% 的股份，產生了 720 萬美元的淨收益，其中包括 470 萬美元的實際實現收益。

Subsequent to quarter end, we realized additional net proceeds of $7 million and realized gains of $5.3 million while maintaining a meaningful stake in the position.

在季度末之後，我們實現了額外的淨收益 700 萬美元，並實現了 530 萬美元的收益，同時保持了在該頭寸中的相當份額。

We expect continued monetization from investment following the distribution subject to quarter end, we hold over 40% of our original position in core.

我們預計在季度末分紅後，投資將繼續變現，我們持有核心資產的原始持股的 40% 以上。

Or weed has emerged as one of the fastest growing infrastructure providers in the world, driven by record GPU demand and partnerships with OpenAI, Microsoft, and Google, including long long-term supply agreements for Nvidia's Blackwell GPUs and contracts totalling roughly $22 billion with OpenAI alone.

Orweed 已成為全球成長最快的基礎設施供應商之一，這得益於創紀錄的 GPU 需求以及與 OpenAI、微軟和Google的合作，其中包括與英偉達 Blackwell GPU 簽訂的長期供應協議，以及僅與 OpenAI 簽訂的價值約 220 億美元的合約。

The market continues to validate our early conviction that AI workload growth would rapidly outpace traditional cloud capacity, creating sustained demand for specialized infrastructure providers, with reports from McKinsey and Company and the US Department of Energy projecting continued growth in AI-related data centre power moving forward.

市場持續印證了我們早期的判斷，即人工智慧工作負載的成長將迅速超過傳統雲端容量，從而對專業基礎設施供應商產生持續的需求。麥肯錫公司和美國能源部的報告預測，未來與人工智慧相關的資料中心用電量將持續成長。

Or we've remained central to what we called the great mobilization of comp compute.

或者說，我們一直是我們所謂的電腦大動員的核心力量。

Beyond compute infrastructure, we are also seeing innovation across emerging digital and financial systems, including a new investment we made during the quarter and during the quarter. Please turn to slide 5.

除了運算基礎設施之外，我們還看到了新興數位和金融系統的創新，包括我們在本季進行的一項新投資。請翻到第5張投影片。

Consistent with our commitment to invest early in category defining infrastructure, in September, we made a $5 million investment in HL Digital Assets Inc.

為了履行我們對早期投資於定義產業基礎架構的承諾，我們在 9 月向 HL Digital Assets Inc. 投資了 500 萬美元。

Which holds a position in hype, the digital token of hyper liquid, a decentralized exchange designed for transparent, high speed derivative and spot trading on chain. Hyper liquid has quickly become one of the fastest growing. Decentralized exchanges by trading and user adoption, offering low latency execution and advanced liquidity infrastructure.

它在 hype 中佔據一席之地，它是 hyperliquid 的數位代幣，hyperliquid 是一個去中心化交易所，旨在實現透明、高速的鏈上衍生品和現貨交易。超液態金屬已迅速成為成長最快的領域之一。透過交易和用戶採用實現去中心化交易所，提供低延遲執行和先進的流動性基礎設施。

In recent weeks, hype has seen increased attention following its listing on listing on Robin Hood's crypto platform, which expanded access and drove a notable uptick in token trading volume and liquidity.

最近幾週，該代幣在 Robinhood 的加密貨幣平台上上市後，其熱度有所增加，這擴大了其獲取管道，並顯著提高了代幣交易量和流動性。

Reports have also indicated That Hyper liquid Strategies, a newly listed company, is targeting a raise of approximately $1 billion to support its Treasury Holdings and token accumulation strategy, further underscoring growing institutional interest in the platform.

報告也指出，新上市的 Hyper Liquid Strategies 公司計劃籌集約 10 億美元，以支持其國庫控股和代幣累積策略，這進一步凸顯了機構對該平台日益增長的興趣。

These developments have contributed to a stronger market momentum for hype and reinforce our view of hyper liquids growing importance within the decentralized financial infrastructure landscape.

這些發展有助於增強市場炒作勢頭，並強化我們對超流動性在去中心化金融基礎設施領域日益重要性的看法。

Hyper liquid represents the next generation of decentralized financial infrastructure, bringing institutional grade performance to all chain markets. We view this as a natural extension of our broader investment strategy, reflecting our focus on foundational systems that enable digital markets to scale efficiently.

超流動性代表了下一代去中心化金融基礎設施，為所有鏈上市場帶來機構級績效。我們認為這是我們更廣泛的投資策略的自然延伸，體現了我們對能夠使數位市場高效擴展的基礎系統的關注。

Shifting from our infrastructure layer holdings, our consumer and fintech portfolio companies continue to represent an important component of our of our overall investment mix and include several that are advancing towards larger scale.

從我們的基礎設施層持股轉向消費和金融科技投資組合公司，這些公司仍然是我們整體投資組合的重要組成部分，其中包括幾家正在向更大規模發展的公司。

Starting with Whoop, which continues to strengthen its position at the intersection of health.

首先是 Whoop，該公司不斷鞏固其在健康領域的領先地位。

Performance and technology.

性能與技術。

In October of 2025, WOPA announced Advanced labs, a new offering that combines clinician review blood testing with continuous wearable data, expanding its platform into diagnostics and precision health.

2025 年 10 月，WOPA 宣布推出 Advanced labs，這是一項新服務，它將臨床醫生審查血液檢測與連續可穿戴數據相結合，將其平台擴展到診斷和精準健康領域。

This evolution reflects a broader industry trend toward integrating biometric data with AI-driven analysis to help transform health information into actionable insights as tech technology companies continue to advance these integrated systems moving from reactive tracking toward more proactive, personalized and valuable health insights. It underscores Woolf's ability to connect hardware data, and health science in ways that deepen engagement and expand its addressable market.

這一演變反映了更廣泛的行業趨勢，即將生物識別數據與人工智慧驅動的分析相結合，以幫助將健康資訊轉化為可操作的見解。隨著科技公司不斷推進這些整合系統，從被動追蹤轉向更主動、個人化和更​​有價值的健康見解。這凸顯了 Woolf 將硬體數據和健康科學連結起來的能力，從而加深了用戶參與度並擴大了其目標市場。

Moving to Canva, the company remains one of the most recognizable private software platforms globally, with approximately $3.3 billion in annual recurring revenue and more than 240 million monthly active subscribers.

遷移到 Canva 後，該公司仍然是全球最知名的私人軟體平台之一，年經常性收入約為 33 億美元，每月活躍用戶超過 2.4 億。

Our initial investment gave us early access to a company redefining design collaboration for teams and enterprises worldwide. The company continues to deliver strong financial performance and recently needed an employer tender, valuing it at about $42 billion.

我們的初步投資讓我們得以儘早接觸到一家正在重新定義全球團隊和企業設計協作方式的公司。該公司持續保持強勁的財務業績，最近需要進行雇主招標，估值約為 420 億美元。

Following the success of FIMA's IPO, Canvas scale, growth and profitability highlights its potential to be one of the next major public design platforms.

繼 FIMA IPO 取得成功之後，Canvas 的規模、成長和獲利能力凸顯了其成為下一個主要公共設計平台之一的潛力。

Canva remains a standout performer within our portfolio and a company we are closely tracking as it relates to potential monetization opportunities.

Canva 仍然是我們投資組合中的佼佼者，我們正在密切關注該公司的潛在盈利機會。

Lastly, I would like to highlight liquid death in existing portfolio company where we made a $250 million dollar follow on investment in July through a convertible note.

最後，我想重點介紹一下我們現有投資組合公司中的「流動性死亡」問題，我們在 7 月透過可轉換票據對該公司進行了 2.5 億美元的後續投資。

Liquid Death continues to scale its unconventional brand in premium beverages and recently announced its sparkling Energy line scheduled for a January 26th launch, expanding its portfolio beyond water and tea.

Liquid Death 繼續擴大其在高端飲料領域的非傳統品牌規模，並於近日宣布將於 1 月 26 日推出其氣泡能量飲料系列，將其產品組合擴展到水和茶以外。

We remain excited about the company's growth trajectory as it continues to expand into new Gries and strengthen its position in the premium beverage market.

我們仍然對公司的發展軌跡感到興奮，因為它不斷拓展到新的市場，並鞏固其在高端飲料市場的地位。

With the overall with that over.

一切都結束了。

With that overview of key portfolio developments, I will now turn to financial and portfolio updates.

在概述了主要投資組合發展之後，我現在將轉向財務和投資組合的最新進展。

Consistent with our commitment to enhance shareholder value, our board of directors took several steps this quarter to strengthen our capital structure and support long-term returns. First, our board declared a $0.25 per share cash dividend pay to shareholders of record as of November 21 with a payment date of December 5th. This underscores our confidence in both the strength of our portfolio and our liquidity position.

為了履行提升股東價值的承諾，本季度董事會採取了多項措施來加強資本結構，支持長期回報。首先，董事會宣布向截至 11 月 21 日登記在冊的股東派發每股 0.25 美元的現金股息，支付日期為 12 月 5 日。這凸顯了我們對自身投資組合實力和流動性狀況的信心。

Based on the size and timing of anticipated near term future monetization, we expect to declare and pay additional dividends in either the 4th quarter or early in the 1st quarter of 2026.

根據預期近期未來變現的規模和時間，我們預計將在 2026 年第四季或第一季初步宣布並支付額外股利。

Based on building on these actions, our board approved an extension of our existing share repurchase authorization, providing ongoing flexibility to buy back shares opportunistically.

基於這些舉措，我們的董事會批准延長現有的股票回購授權，為伺機回購股票提供了持續的靈活性。

In addition, our board authorized an additional repurchase of our 6% notes due on December 30th of 2026, allowing us to buy back the remaining outstanding notes.

此外，我們的董事會授權額外回購將於 2026 年 12 月 30 日到期的 6% 票據，使我們能夠回購剩餘的未償票據。

These measures reflect our ongoing focus on optimizing our capital structure and delivering shareholder value.

這些措施體現了我們持續致力於優化資本結構和提升股東價值的決心。

As exciting as these results are, the story is far from over. The AI revolution, which we have called the great mobilization, is still in its early innings, and the opportunities ahead are among the largest and most transformative we have seen.

儘管這些結果令人振奮，但故事遠未結束。我們稱之為「大動員」的人工智慧革命仍處於起步階段，未來機會是我們所見過的最大、最具變革性的機會之一。

Every layer of the computing stack from chips and networks to data and applications is being redefined.

從晶片和網路到資料和應用程序，計算堆疊的每一層都在重新定義。

Our approach remains the same. Identify the foundational layers of change early, back the best teams building in those spaces, and hold with conviction as values compound over time.

我們的方法保持不變。儘早確定變革的基礎層面，支持在這些領域中建立的最佳團隊，並堅定地堅持這些價值觀，因為這些價值觀會隨著時間的推移而不斷累積。

We are not just celebrating success, we are positioning for what is next, because while it has been an extraordinary run so far, the most exciting part is still.

我們不僅在慶祝成功，也在為下一步做好準備，因為雖然到目前為止的旅程非同尋常，但最令人興奮的部分仍在繼續。

Is that we are still just getting started.

也就是說，我們才剛起步。

Thank you for your continued support. I'll now turn the call over to Alison Green to review our financials.

感謝您一直以來的支持。現在我將把電話交給艾莉森‧格林，讓她來審核我們的財務狀況。

Thank you.

謝謝。

Mark. I would like to follow Mark's update with a review of our investment activity and portfolio company realizations during and subsequent to Q3. A high level review of our investment portfolio is a quarter end, including the investment the breakdown of our portfolio, and a more detailed review of our 3rd quarter financial results, including our current liquidity as of September 30th.

標記。我想在 Mark 的更新之後，回顧一下我們在第三季及之後的投資活動和投資組合公司的收益。每季末，我們將對投資組合進行高層次的審查，包括投資組合的細分，並對我們第三季的財務表現進行更詳細的審查，包括截至 9 月 30 日的當前流動性。

I'll also touch on notable items during the 3rd quarter and subsequent quarter end, including our recent dividend and the declaration of an additional dividend. Capital raised in shares issued via the at the market offering or ATM program, and recent board approved updates to the note repurchase program and the share of purchase program. Please turn to slide 6. As Mark mentioned, on September 18th, we made an approximately $5 million investment in the preferred shares of HL Digital Assets Inc.

我還會談到第三季及隨後季度末的一些重要事項，包括我們最近派發的股息和宣布派發額外股息。透過以市價發行或 ATM 計劃發行的股票籌集的資金，以及董事會最近批准的票據回購計劃和股份購買計劃的更新。請翻到第6張投影片。正如馬克所提到的，9 月 18 日，我們對 HL Digital Assets Inc. 的優先股進行了約 500 萬美元的投資。

HL Digital Assets Inc.’s primary purpose is to invest in hype, the digital token of hyper liquid. The $5 million does not include prepaid expenses paid at the time of the investment or other capitalized costs of the transaction. During the quarter, we also made a $250,000 follow on investment in liquid Deb's recent 4.12% Series S convertible note due June 2028. This follow-on investment brings our aggregate investment in liquid death to approximately $10.3 million to date.

HL Digital Assets Inc. 的主要目的是投資於 hype，即超流動性的數位代幣。這 500 萬美元不包括投資時支付的預付費用或交易中的其他資本化成本。本季度，我們也對流動性強的 Deb 最近發行的 2028 年 6 月到期的 4.12% S 系列可轉換票據進行了 25 萬美元的後續投資。這項後續投資使我們迄今在液態死亡領域的總投資額達到約 1,030 萬美元。

During the 3rd quarter, we received distributions from CW Opportunity 2LP following the lifting of sales restrictions on the publicly traded Kor We stock held by the fund on August 15th. CW Opportunity 2LP is an SPV for which the Class A membership interest is solely invested in the Class A common shares of Cowage Inc.

第三季度，由於 CW Opportunity 2LP 持有的公開交易的 Kor We 股票於 8 月 15 日解除銷售限制，我們收到了該基金的股利。CW Opportunity 2LP 是一家特殊目的實體 (SPV)，其 A 類成員權益全部投資於 Cowage Inc. 的 A 類普通股。

Zero Capital is invested in the Class A common shares of Core weave Inc. Through its investment in the Class A membership interest of CW Opportunity 2LP.

Zero Capital 透過投資 CW Opportunity 2LP 的 A 類成員權益，投資於 Core weave Inc. 的 A 類普通股。

The third quarter distributions totalled approximately $7.2 million and were categorized in aggregate as approximately $2.5 million return of capital and $4.7 million gained. The aggregate third quarter distribution represented approximately 16.6% of our $15 million dollar investment in CW Opportunity to LP. As of quarter end, we continue to have an exposure to core weave through our remaining 83.4% of our initial investment in CW Opportunity to LP.

第三季分配總額約 720 萬美元，其中約 250 萬美元為資本返還，470 萬美元為收益。第三季總分配額約占我們對 CW Opportunity to LP 1,500 萬美元投資的 16.6%。截至季末，我們透過對 CW Opportunity to LP 的剩餘 83.4% 初始投資繼續持有核心編織品股份。

During the third quarter following the successful merger of Graba Gun Digital Holdings Inc. And Columbia sponsored to LLC in mid-July, we sold 395,512 public warrants of Graba Gun Digital Holdings for net proceeds of approximately $660,000 resulting in a related gain of approximately $537,000. The Graba Gun Public shares are anticipated to be unrestricted in January 2026. As of quarter end, we hold 1,204,488 remaining public warrants and 1,4 public common shares, or approximately 75% of our original position. Subsequent to quarter end to date, Soo Capital has received two additional distributions from CW Opportunity 2LP totalling approximately $7 million. In aggregate, the distributions were categorized as approximately $1.7 million return of capital and $5.3 million gained. The aggregate to date distributions total $14.2 million and represent approximately 28.2% of our $15 million dollar investment in CW Opportunity to LP. Currently, Capital retains approximately 71.8% of our investment in CW Opportunity to LP.

在 Graba Gun Digital Holdings Inc. 和 Columbia 贊助的 LLC 於 7 月中旬成功合併後的第三季度，我們出售了 Graba Gun Digital Holdings 的 395,512 份公開認股權證，淨收益約為 660,000 美元，由此產生了約 537,000 美元的相關收益。Graba Gun 的公開發行股份預計將於 2026 年 1 月解除限制。截至季末，我們持有 1,204,488 份剩餘的公開認股權證和 1,4 股公開普通股，約占我們原始持股的 75%。截至季末，Soo Capital 已從 CW Opportunity 2LP 收到兩筆額外分配款項，總額約 700 萬美元。總計，分配款項約有 170 萬美元歸還資本，530 萬美元獲得收益。到目前為止，分紅總額為 1,420 萬美元，約占我們對 CW Opportunity to LP 1,500 萬美元投資的 28.2%。目前，Capital 保留了我們在 CW Opportunity to LP 中約 71.8% 的投資。

Additionally, subsequent quarter end on October 16th, Rebrick Inc doing business under the name Compliable, approved a plan to dissolve the company. As a result, Capital realized the loss of approximately $1 million on the position.

此外，在隨後的季度末（10 月 16 日），以 Compliable 為名開展業務的 Rebrick Inc 批准了一項解散公司的計劃。因此，Capital 在該頭寸上損失了約 100 萬美元。

Finally, subsequent to quarter end, we received a distribution from True Global Ventures 4 Plus venture capital fund for approximately $137,000. I would now like to turn to our portfolio as a quarter end. Please turn to slide 7. Our top five positions as of September 30th were CW Opportunity 2 LP, Whoop, OpenAI, Blink Health, and Lernio. These positions accounted for approximately 52% of the investment portfolio at fair value. Additionally, as of September 30th, our top top10 10 positions accounted for approximately 75% of the investment portfolio. Please turn to slide 8.

最後，在季度末之後，我們收到了來自 True Global Ventures 4 Plus 創投基金的約 137,000 美元的分配。現在我想談談我們季度末的投資組合。請翻到第7頁投影片。截至 9 月 30 日，我們的前五名分別是 CW Opportunity 2 LP、Whoop、OpenAI、Blink Health 和 Lernio。這些頭寸以公允價值計算約佔投資組合的 52%。此外，截至 9 月 30 日，我們前 10 大持股約佔投資組合的 75%。請翻到第8張幻燈片。

Segmented by seven general investment themes, the top allocation of our investment portfolio on September 30th was to artificial intelligence, infrastructure and applications, representing approximately 30% of the investment portfolio at fair value. Consumer goods and services and software as a service were the next two largest categories with approximately 20% and 19% of our portfolio respectively. 11% of our portfolio was invested in financial technology and services, and education technology companies accounted for approximately 10% of the fair value of our portfolio. The logistics and supply chain category accounted for approximately 8% of the fair value of our portfolio, and so Capital ports accounted for approximately 2% as of September 30th. Please turn to slide 9.

根據七個主要投資主題，我們投資組合在 9 月 30 日的最大配置是人工智慧、基礎設施和應用，以公允價值計算約佔投資組合的 30%。消費品和服務以及軟體即服務是投資組合中佔比第二和第三大的兩大類別，分別約佔20%和19%。金融科技及服務佔比為11%，教育科技公司約佔投資組合公允價值的10%。截至 9 月 30 日，物流和供應鏈類別約占我們投資組合公允價值的 8%，因此，首都港口約佔 2%。請翻到第9頁投影片。

We ended the third quarter of 2025 with a net asset value of approximately $231.8 million or $9.23 per share, which is consistent with our financial reporting. This compares to a dividend adjusted NAV of $8.93 per share as of June 30th. The increase was driven primarily by valuation appreciation in several of our top positions.

截至 2025 年第三季末，我們的淨資產價值約為 2.318 億美元，即每股 9.23 美元，這與我們的財務報告一致。相比之下，截至 6 月 30 日，經股息調整後的每股淨值為 8.93 美元。此次成長主要得益於我們幾檔優質股的估值上漲。

More specifically, the increase in NAB per share from $9.18 at the end of the second quarter was primarily attributable to a $0.23 per share increase driven by the net unrealized appreciation of our investment portfolio during the third quarter, a $0.21 per share increase due to net realized gain on the sale of investmentsand $0.03 per share increase from the impact of stock-based compensation during the third quarter. These increases were offset by a $0.25 per share decrease due to the cash dividend declared and paid during Q3, a $0.14 per share decrease due to net investment loss. And a $0.03 per share decrease from the impact of the issuance of common stock during the quarter.

更具體地說，NAB 每股收益從第二季末的 9.18 美元增長，主要歸因於第三季度投資組合淨未實現增值帶來的每股 0.23 美元增長、投資出售淨實現收益帶來的每股 0.21 美元增長以及第三季度股票期權激勵帶來的每股 0.03 美元增長。這些增長被第三季宣布並支付的現金股息導致的每股 0.25 美元的下降，以及淨投資損失導致的每股 0.14 美元的下降所抵消。受本季發行普通股的影響，每股盈餘減少 0.03 美元。

During Q3, we sold 1,230,984 shares under the ATM program at a weighted average price of $8.78 per share for gross proceeds of approximately $10.8 million and net proceeds of approximately $10.6 million after deducting commissions to the agents on shares sold. As of quarter end, up to approximately $88 million in aggregate amount of the shares remain available for sale under the ATM program.

第三季度，我們透過 ATM 計畫出售了 1,230,984 股股票，加權平均價格為每股 8.78 美元，總收益約為 1,080 萬美元，扣除支付給代理商的佣金後，淨收益約為 1,060 萬美元。截至季末，根據 ATM 計劃，仍有約 8,800 萬美元的股份可供出售。

At September 30th, 2025, and currently there are 25,119,091 shares of the company's common stock outstanding.

截至 2025 年 9 月 30 日，該公司已發行普通股 25,119,091 股。

Regarding our liquidity as a quarter end, we have approximately $58.3 million of liquid assets, including approximately $54.6 million in cash and approximately $3.7 million in unrestricted public securities. Not included in our unrestricted public securities are approximately $41.9 million of public security subject to lockup or other sales restrictions as of quarter end. This represents our investment in Core Weavevia our Class A interest of CW Opportunity 2 and our currently restricted public common shares of Grab a gun.

截至季末，我們的流動性狀況如下：我們擁有約 5,830 萬美元的流動資產，其中包括約 5,460 萬美元的現金和約 370 萬美元的非限制性公開證券。截至季末，我們未計入非限制性公開證券的還有約 4,190 萬美元的受禁售期或其他銷售限制的公開證券。這代表了我們對 Core Weave 的投資，透過我們在 CW Opportunity 2 中的 A 類權益以及我們目前受限的 Grab a gun 公開普通股。

Next, I'd like to provide more detail on the recent board approved updates to the note repurchase program and the share purchase program. On October 29th, 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 to 2026 through open market purchases, including block purchases in such a manner as will comply with the provisions of the Investment Company Act of 1,940 as amended and the Securities Exchange Act of 1934 as amended.

接下來，我想詳細介紹董事會最近批准的債券回購計畫和股票購買計畫的更新內容。10 月 29 日，Capital 董事會批准延長自由裁量票據回購計劃，該計劃允許我們透過公開市場購買（包括大宗購買）的方式，額外回購至多 4000 萬美元或 2026 年到期的 6% 票據的剩餘本金總額，但必須遵守經修訂的 1940 年《證券交易法》和《證券交易法》的經修訂的 1940 年《證券交易法》。

As Mark mentioned earlier, Serial Capital is committed to initiatives that enhance shareholder value. As such, on October 29th, our board of directors authorized an extension of the company's discretionary share repurchase program until the earlier of October 31, 2026, or the repurchase of $64.3 million in aggregate amount of the company's common stock. The dollar value of shares that may yet be purchased by the company under the share purchase program is approximately $25 million.

正如馬克先前提到的，Serial Capital 致力於提升股東價值的各項措施。因此，10 月 29 日，我們的董事會批准將公司自主股份回購計畫延長至 2026 年 10 月 31 日，或回購總額為 6,430 萬美元的公司普通股，以較早者為準。根據股票購買計劃，該公司可能最終購買的股票價值約為 2500 萬美元。

Since the inception of the share purchase program in August 2017, we have repurchased a total of 6 million shares of our common stock for a total deployment of approximately $39.3 million of the $64.3 million authorized by the board. Approximately $25 million remain authorized under the share purchase program, now set to expire on October 31, 2026.

自 2017 年 8 月啟動股票購買計畫以來，我們已回購了 600 萬股普通股，總支出約為 3,930 萬美元，而董事會授權的金額為 6,430 萬美元。根據股票購買計劃，目前還授權約 2500 萬美元，該計劃將於 2026 年 10 月 31 日到期。

Finally, I'd like to conclude with additional commentary on our recent dividend declaration. On July 3rd, SuRo Capital’s board of directors declared a cash dividend of $0.25 per share paid on July 31st to the company's common stockholders of record as of the close of business on July 21st. This dividend was generally attributable to the successful monetization of public securities and other promising developments in our investment portfolio. Subsequent quarter end on November 3rd, so Capital's board of directors declared a cash dividend of $0.25 per share payable on December 5th to the company's common stockholders' record as of the close of business on November 21st. The date of declaration and amount of any dividends or distributions, including any future distributions, are subject to the sole discretion of Cero Capital's board of directors. The aggregate number of distributions declared and paid by Cerro Capital will be fully taxable to stockholders. The tax character of Cerro Capital's distributions cannot be finally determined until the close of Cerro Capital's taxable year, which is December 31st. Sero Capital will not report the actual tax characteristics of each year's distributions annually to stockholders.

最後，我想就我們最近的股息派發公告補充一些看法。7 月 3 日，SuRo Capital 董事會宣布派發每股 0.25 美元的現金股息，並於 7 月 31 日支付給截至 7 月 21 日營業結束時登記在冊的普通股股東。此次分紅主要歸功於上市證券的成功變現以及我們投資組合中其他有前景的發展。隨後的季度於 11 月 3 日結束，因此 Capital 董事會宣布派發每股 0.25 美元的現金股息，將於 12 月 5 日支付給截至 11 月 21 日營業結束時登記在冊的公司普通股股東。任何股息或分配（包括任何未來分配）的宣布日期和金額均由 Cero Capital 董事會全權決定。Cerro Capital 宣布和支付的股利總額將全部由股東繳納稅款。Cerro Capital 的分配的稅務性質要等到 Cerro Capital 的納稅年度結束（即 12 月 31 日）才能最終確定。Sero Capital不會每年向股東報告每年分紅的實際稅務狀況。

We'll report the characteristics of each year's distributions annually to stockholders and the IRS on Form 1,099 DIV subsequent to year end. As a result of the $0.25 per share cash dividend paid on July 31st to stockholders of record as the close of business on July 21st. Effective as of July 201, the conversion rate applicable to the 6.5% convertible notes to 2029 was adjusted to $7.53 per share, or 132.7530 shares of the company's common stock per $1000 principal amount of the 6.5% convertible notes to 2029. From the initial conversion price of $775 per share or 1,290,323 shares of the company's common stock for $1000 principal amount of the 6.5% convertible notes to 2029, which had been effective since issuing.

我們將於每年年底後，透過 1,099 DIV 表格向股東和美國國稅局報告每年的分配情況。由於該公司於 7 月 31 日向截至 7 月 21 日營業結束時登記在冊的股東派發了每股 0.25 美元的現金股息。自 201 年 7 月起，適用於 2029 年到期的 6.5% 可轉換票據的轉換率調整為每股 7.53 美元，即每 1000 美元本金的 2029 年到期 6.5% 可轉換票據可轉換為公司 132.7530 股普通股。自發行日起生效的 6.5% 可轉換票據（有效期至 2029 年）的初始轉換價格 775 美元/股，或 1,290,323 股公司普通股換取 1000 美元本金，該票據的初始轉換價格為每股 775 美元。

The adjustment to the conversion rate of the 6.5% convertible notes to 2029 was made pursuant to the note agreement governing the 6.5% convertible notes. The conversion rate will again be adjusted for the most recently declared dividend pursuant to the note purchase agreement and effective as determined by the note purchase agreement. That concludes my comments. We would like to thank you for your interest and support of Serro Capital. Now I will turn the call over to the operator to start the Q&A session. Operator.

對 2029 年到期的 6.5% 可轉換票據的轉換率進行調整，是根據管理 6.5% 可轉換票據的票據協議進行的。根據票據購買協議，轉換率將再次根據最近宣布的股息進行調整，並按票據購買協議確定的生效日期生效。我的發言到此結束。我們衷心感謝您對Serro Capital的關注與支持。現在我將把電話轉交給接線員，開始問答環節。操作員。

(Operator Instructions)

（操作說明）

Thank you.

謝謝。

If you like to ask a question or make a contribution on today's call, please press one on your telephone keypad. Please limit to one question per person. You'll be advised when to ask your question.

如果您想在今天的電話會議中提問或發言，請按下電話鍵盤上的 1。每人限提一個問題。我們會告知您何時可以提問。

We will take our first question from Brian McKenna, Citizens, your line is open. Please go ahead.

我們首先來回答布萊恩·麥肯納（Brian McKenna）提出的問題。市民們，您的電話已接通。請繼續。

Okay, great, thanks. So just a few questions on a couple of your largest investments. So, on Core weave, it looks like you sold another $7 million thus far in the 4th quarter.

好的，太好了，謝謝。那麼，關於您幾項最大的投資，我還有幾個問題。所以，Core weave 看起來在第四季又賣了 700 萬美元。

What's the remaining fair value on that investment as it stands today? And then is there a way to think about the timeline around monetizing the rest of core weave and then just on whoop, it's great to see this got marked up again. Fair value is approaching $30 million. You've already made 2.5 times plus on your investment, so. What's been driving the strong out here and the markups and then is there any way to think about a potential IPO of that company?

截至目前，該投資的剩餘公允價值為何？那麼，有沒有辦法考慮一下核心編織其餘部分的商業化時間表呢？另外，很高興看到它再次漲價。公允價值接近3000萬美元。你的投資已經獲得了超過 2.5 倍的回報。是什麼因素推動了目前的強勁勢頭和股價上漲？那麼，這家公司是否有可能進行首次公開發行（IPO）？

Great questions, Brian.

布萊恩，問得好。

Thank you. Let me who is we'll do first.

謝謝。讓我先說說我們該先做什麼。

Continues to perform quite well in all metrics also trades fairly actively in secondary markets, so it's their increased positive performance in the in their financial performance as well as some of the other trading in in the company have led to valuation changes as far as an IPO and MOOC.

該公司在所有指標上都表現良好，在二級市場交易也相當活躍，因此，其財務業績的持續增長以及公司其他一些交易的積極表現，導致了估值的變化，包括首次公開募股 (IPO) 和大型開放式網絡課程 (MOOC)。

I don't know when they would IPO or when they would raise another round of capital as you may note, one of its competitors or raised money at an $11 billion dollar valuation, which is very, considerably higher than what we're looking at as a valuation.

我不知道他們何時會進行 IPO，也不知道他們何時會進行新一輪融資。正如你可能注意到的，他們的一個競爭對手以 110 億美元的估值籌集了資金，這比我們看到的估值要高得多。

In respect to core weave.

就核心織物而言。

The fair value of our investments as of 930 is about $37 million.

截至9月30日，我們投資的公允價值約為3,700萬美元。

And this has been monetized over time by the manager of the CW Opportunity Fund, and their monetization can be tracked by their Form 4 filings.

而 CW Opportunity Fund 的管理人已經逐漸將這部分資金變現，其變現情況可以透過他們的 4 號表格申報文件進行追蹤。

Thank you and thank you for your support, Brian.

謝謝你，也謝謝你的支持，布萊恩。

(Operator Instructions)

（操作說明）

We will take our next question from Main Fong, BTIG. Your line is open. Please go ahead.

接下來，我們將回答來自 BTIG 的 Main Fong 提出的問題。您的線路已開通。請繼續。

Great. Good evening. Thanks for taking my questions. Maybe just a couple on, I guess, under the topic of portfolio management here, but, as you, as the core we position gets pulled down, what sort of the way you'd like to, manage the portfolio in terms of your AI exposure. I mean, now that, could potentially be like this, well, it wouldn't be given where Open AI is prospectively going to be marked out, but just aggregating all of your AI compute and. Data and infrastructure investment is there, thinking and that you'd like to keep that, as a, as the majority of the portfolio or anything like that. Just curious how you kind of think about deploying additional capital into the AI state.

偉大的。晚安.謝謝您回答我的問題。我想，就投資組合管理這個主題而言，也許可以提幾個問題，但是，作為核心部位被拉低，您希望如何管理您在人工智慧方面的投資組合。我的意思是，現在，這可能會變成這樣，嗯，考慮到 Open AI 未來可能會被劃出界限，但這只是聚合你所有的 AI 計算和。數據和基礎設施投資已經到位，你也希望保持這種投資，將其作為投資組合的大部分或其他類似投資。我只是好奇您是如何看待在人工智慧領域投入更多資金的。

Thanks, Marlon, and again, thanks for your ongoing interest and support.

謝謝馬龍，再次感謝你一直以來的關注與支持。

You're correct our ongoing monetization of core weave.

您說得對，我們正在對核心編織技術進行持續的盈利化。

The equation, the obviously the increased value of OpenAI and what that could look like at 500 billion or now they talked about 1 trillion would make the size of that investment way disproportionate in our portfolio.

顯然，OpenAI 的價值不斷增長，如果達到 5000 億美元，或者現在他們談論的 1 兆美元，那麼這筆投資在我們投資組合中的規模將顯得非常不成比例。

We continue to spend a lot of time in AI infrastructure space in the application area and the AI overlay over software in existing software companies and will continue to do so. I think some of the other areas that we are spending time are in the cybersecurity area where we find that there's a lot of interesting companies that I have, I've increased in value but probably not at the rate of some of the AI companies, so hopefully that's that answers your question.

我們將繼續投入大量時間研究人工智慧基礎設施領域的應用以及現有軟體公司軟體上的人工智慧疊加技術，並將繼續這樣做。我認為我們投入時間的其他一些領域是網路安全領域，我們發現那裡有很多有趣的公司，我持有的這些公司的價值有所增長，但可能沒有一些人工智慧公司成長得那麼快，所以希望這能回答你的問題。

(Operator Instructions)

（操作說明）

Yeah, thank you on the line.

是的，謝謝您的來電。

I will hand over back to your host for the closing remarks.

我將把發言權交還給主持人，請他作閉幕致詞。

Well, thank all of you for spending time with us this afternoon. Obviously, the markets have been a bit volatile today. I appreciate your thoughts, your ongoing support.

謝謝各位今天下午抽空陪伴我們。顯然，今天市場波動較大。感謝您的關心和一直以來的支持。

As always, I'm available to chat with any of you. Feel free to give me a call or send an email through our IR portal. We are extremely excited about our portfolio. Hopefully that came through in our in our quality. It's been a great year, and we do anticipate this success not only to continue but accelerate as we look into 2026. Again, thank you all very much.

像往常一樣，我隨時可以和大家聊天。歡迎隨時致電或透過我們的投資者關係入口網站發送電子郵件。我們對我們的投資組合感到非常興奮。希望這一點能體現在我們的產品品質上。今年是碩果累累的一年，我們預計這項成功不僅會延續，而且會在展望 2026 年時加速發展。再次感謝大家。

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

感謝您參加今天的電話會議。您現在可以斷開連線了。