SuRo Capital (SSSS) 7 Nov 242024 Q3 Earnings call transcript

Hello, and welcome to SuRo Capital's Third Quarter 2024 Earnings Call. My name is Melissa, and I will be your coordinator for today's event. Please note, this conference is being recorded. [Operator Instructions] However, you will have the opportunity to ask questions at the end of the presentation. [Operator Instructions] I'll now turn the call over to Willie Lee. ahead. go Please

is Allison recorded provided Thank management I'm and SuRo and you. Relations, reproduction our Officer joining the on under at Events today's Presentations. Financial us SuRo slide www.surocap.com. any that Today's in Awesome. corresponding available Replay is presentation today you is on by website, Investor call. to Officer, is Chief this of and joined Mark issued information remarks Executive live Please Chairman today's note Capital, a by broadcast Capital Thank release prepared strictly being in on press unauthorized call today. Klein; for prohibited. our www.surocap.com Green. call is call form and This and of the of website Chief our property

copies uncertainties, be webcast guarantees the market would our future performance statements or and materially in forward-looking result customary number and not to www.surocap.com involve to reflected cause those including, conference forward the update time forward-looking obtain information. your at or may and Statements industry of also unless the in economy of made limited SEC's a website by release statements. Actual These expectations our future at financial impact sec.gov. in SEC which visit future not portfolio those events detrimental of from may and differ statements a to or to number our disclosures to performance such of our to plans, volatility the could or risks companies, differ estimates by condition in results and factors, constitute materially does call time the that like undertake or forward-looking today's or law. intentions company's regarding do To I earnings SuRo any of filings, press relate Management please as to looking described a of global but may that Capital's condition. attention in future our so actual are financial the suggested our results required results including forward-looking SEC. not to, business, statements the latest statements, with from filings from the to today's website call

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thank Thank XXXX. you quarter the we and for like us. you, would Good Willie. to of joining afternoon, SoRo Capital's results share third

SuRo in few and discussing I Before back the occurred differentiates events and alternatives. investment a discuss our a about would bit step have share that Capital the months, the past from to vision take exciting like other firm what

and From inception, Please Slides goal democratize X. has access to turn been venture X, to X to capital our opportunities. curated

Facebook, the Fostering Canva, continued opportunities attractive important businesses our to access ability with Corcera wave the in market are companies these opportunities like Over into commitment excluded to investment are process shareholders the that others to average that an capital confident is of our given or value with rigorous providing we redeployed the that asset CoreWeave, from few. Between Presently, and shareholder invested we from is a in we alternatives in this like and Twitter, market-leading investments value we differentiation Service years, name our typically have. unique next and and in to private have last investors confident not. XX that investments believe and we Loop are investor. Death access exciting provides We the ability Lyft, OpenAI, analysis our companies may Spotify, Palantir. Dropbox, exited have to access class Liquid Titan,

been last our firm for in our the today, forwarding As months the history. exciting to among have few most

emerged. has some growth of a valuable exponential AI, the of crop new world's of With companies the most

and have in leading significant few players. We capital the a of identified market's invested

the Just in allocated artificial XX% companies Inclusive comprising our of to most portfolio million globally. of of made and have a significant including private $XX portfolio. approximately investments portion the the investments of AI Of end, is percentage million quarter into gross our companies of some invested intelligent half companies. represent AI approximately of the of XXXX, assets largest $XX $XX into have quarter's gross at invested sought-after end. into we AI our XX% approximately the million now subsequent we [indiscernible] that of second amount, assets we've to

funding of nearly in those same XX% to than never its source, figures of portfolio, for global Fintech give funding the at attracting start-ups of peak. made According reached to venture tremendous context, funding, some to venture funding interest. AI the which venture total quarter's AI quarter's end, Crunchbase, XXXX, of Open our $X.X even share is billion of Crypto more of AI the amounted including accounted closed Outside about financing, total XX%. venture while X% third funding XX% all subsequent up capital According AI's to to

During portfolio this fit. intentional Unlike AI adoption. believe taken AI criteria. of traction many a that prioritizes and approach -- enterprise massive or for the have that our we companies shovels AI surge the investment, infrastructure investment are the are investors, with differentiated other scale have highly with demand our customers businesses proven consumer basis our market unproven AI thoroughly on industry-specific industry-agnostic and applications in companies have Of already picks we dollar later-stage over multibillion product portfolio we

balanced among private offering of our are broader potential to the value of that the as a IPO Liquid our AI late-stage such Looking have some the the create along with Canva, well companies technology most upon WOP our to we Death, several positioned portfolio portfolio Titan, We reopening of of companies shareholder ahead drive exciting access their portfolio shareholders portfolio others, companies portfolio, at companies and IPOs. Service market. believe

Sachs has confidentially upcoming next JPMorgan about to According have reports IPO next Additionally, many lead information have planned companies subject their year. file This that to even its report Bloomberg, publicly Goldman plans month. their of is CoreWeave IPOs. CoreWeave or these portfolio of discussed Stanley, follows the Morgan the been aiming and to recent IPO hired

information Additionally, as soon first approximately Service after Titan the $XXX of in according the go million public generating this may as next half year. of month revenue to

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compelling our We new into investments companies. to and and are pleased some announce largest the follow-on most AI significant of

the consumers and businesses. $XX.X asset in AI equity the generative the for Deep largest our quarter, we the investment whose Class LLC, million portfolio is X models open of of made Fund, During a a developers sole interest Through Ventures fund convertible AI. of one A OpenAI, of Type

secondary leading the CoreWeave, provider follow-on quarter subsequent quarter's investment we initial million. cloud investments making [indiscernible] CoreWeave million, totaling largest the During to firm's and capital These to a our investment single CoreWeave $XX a in AI position total bring follow-on our computing $XX end, in investments history. increased our in

asset preferred at VAST, to VAST developers million of quarter's shares. LLC, solution interest investment in the preferred B for a through end, CoreWeave value discuss in valuation in in management later sole Lastly, chain. -- AI data's our data remarks. in IHXX each is investments our the prepared point in we membership portfolio a investments whose further AI these AI investors OpenAI, made $XX VAST access interest I an subject will give my Together, and AI companies detail to leading

secondary X $XXX.X value results. SuRo's September Turning with of the CoreWeave ventures top asset portfolio shares. a AI the fund, which CW XX% turn quarter through the were the open Type share. SPV Please value. X approximately opportunity X. ServiceTitan. positions net Learneo, CoreWeave to quarter Blink accounted LP, investment our to ARC million of of and ended million $X investment deep to and at as Health our positions fair We for $X.XX XX per common CoreWeave, These in follow-on third or includes Slide

approximately XX XX, Additionally, investment our of top portfolio. the positions September accounted for XX% of as

assets. Please the of investment to our gross quarter's representing Slide available As our of XX% $XX.X end, X. approximately was for cash turn million,

During It's to mini the venture the in capital largest was that suit the models world. equity AI free large Class its of company learning million companies $X.X was multimodal, OpenAI's financing and developer deep fund Ventures, around open teams models, time. the D Open a convertible made GPT a world. asset is a offers fully one both accept deal private of small quarter, Open X.X models XXX we and released flagship used the output are $XX.X most via OpenAI. GPT Suite leading needs inputs plans OpenAI generative of According interest AI's billion consumers, the paid organizations. of sole in made technology. by models and and blog Axios, our part these is investment image the of to text The AI, Type a AI A of are ChatGPT fundraising people million using was they post, techs. According every all the in through week we participated whose which open which and over meaning valuable AI

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of consumers ChatGPT a For text quickly the generate input. user's human-like understanding can with

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capabilities, advanced security. generation provides all with customized services, ChatGPT enterprise-grade large-scale analysis organizations, large For and content options data

to Klarna, average service Klarna's is assistance customer payments in before. X.X assistance AI has inquiries XX [indiscernible] than minutes in repeat services. million to [indiscernible] a decrease blogpost, AI Klarna's to uses previous X/X According global consumer to customer a leader and compared on This of accurate average in ChatGPT conversations resolutions leading multilingual in X OpenAI representing on power minutes XX% in more solutions less expedient chats.

Microsoft, debt equity financing PitchBook, investors, and Code OpenAI billion raised has $XX.X to and and Global According including X, over in Tiger NVIDIA Thrive Capital, from others.

We generative development. about traction Please X. forefront AI turn positioning and at OpenAI's to excited Slide of the are

transaction. [indiscernible] secondary in made we CoreWeave it learning. an by It GPUs. to to offering to North end, XXx using Times, investments During via it's machine access InfiniBand spin-up now a America. industry's in powered to $XX distributed from additional the Series our clusters those secondary cloud investment NVIDIA a short fastest CW end-to-end private A as million network quarter's LP, shares deployment XX,XXX training providers. million CoreWeave AI is million to the NVIDIA again supports Series solutions in infrastructure and in million. CoreWeave has leading the AI investment in which made $X via more to is Subsequent total specialized inference X to shares, provides making the investment computing Quantum common months. of CoreWeaves shares provider investment one than to $X According quarter, than X These investment times in it a we According workflows is follow-on third accelerated delivering seconds, opportunity model generalized CoreWeave of company, operates follow-on bringing discussed for add preferred solution. infrasservice NVIDIA's previously recent operator as largest momentum to With our fastest CoreWeave's Financial transaction. by GPUs cloud CoreWeave's the tailored GPUs NVIDIA and the C in lesser

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to gain York companies According New Canva added has and General from names traction Canva with HP Stock $XXX to over Iconic equity others. Finally, PitchBook, enterprise including the financing having and platform. Exchange to investors, continues as million its such raised Bessemer Partners, Venture in Catalyst,

its Transitioning captures are our further We about international Canva's enterprise the positioning excited footprint about as it investments. the expands markets. market and to public and traction in

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like where as has Oklo One excess positively initially Oklo. additional portfolio we'd the closing to stock double today, than in is $XX.X a of more with company company public listened. stock highlight been again very received

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press Oklo X,XXX generated a leading letters megawatts Oklo with the in underscoring has and a services. in in manufacturer release traction. reactor significant steam of agreement small supplier nonbinding turbine products partnership exceeds received Siemens intent, of recently This space, an which significant to Oklo interest. preferred of modular is established Oklo's According Energy, forefront nuclear commercial the August, market

announced positioning of a as its U.S. formation September, use of According only a leader nuclear company agreement investigations gives operations the excited expand in Oklo's DOE Idaho as with Additionally, company Energy's office. prospects. commercialization finalization to Oklo a agreement Oklo to the about the provider Oklo's site site advanced to continues with the release, permit. We're as leading energy conduct as this access an Department press

our expansion recently remarks and my highlight prepared her further Finally, will shareholder-friendly initiatives, including I note our repurchase an we portfolio. exceptionally during extension these and continue of in is to on discuss purchase the this To to agreement believe repurchase note focus initiatives for and detail. program. our our executed program want Allison remarks, share why time I promising conclude

made we Over IPO perspectives each a we would of monetizations substantial evolving this our million In our X market advantage of X a our take proceeds. the over and monetized the belief trends. including positioned activity past XXXX, it on we and that there potential. priority Palantir exceeding be net to we in $XXX million and strategically were $XXX increase Throughout to of stated portfolio's middle significant have of assets, Coursera years, share the cycles XXXX, in

prompting scale declared a that $X we of view overextended In total conveyed capital was XXXX, new million We shareholders. to a also our bit over on in the us investments. per to our market considerably share back distributions for $XXX our

is that will current not as In our that confident year we am X.X public market if robust, have market we the believe as market with I disparity IPO And XXXX. the stronger We detailed investors deploying capital. the remains reopen. progresses, had our in to strong, it available between and about judiciously was this valuations. if subsequent than positioning our the dialogue private ongoing our years, approach

could earlier we my revitalized that a benefit IPO discussed As have market. several I from materially remarks, in investments

to you to over that, Green, well broader we and portfolio, your with we our return. Thank And Officer. hand attention. are investments recent our Chief will I believe Given for drive shareholder positioned it Alison Financial

subsequent results review would like investment of update activity our with and and September Mark's a Mark. quarter XX more you, I as third financial Thank to follow of during quarter end. the detailed

quarter approved I'll and and Additionally, X% our program. I'll convertible share note a end, the notes purchase due X.X% on and and update issuances repurchase the subsequent on during to detail current with the quarter liquidity. XXXX conclude Board the repurchase provide brief related more program agreement

to turn Slide XX. Please

due completed is Fund mentioned, ARC portfolio we the A Class during asset As convertible fund OpenAI of a the OpenAI. the LLC, of a million of for Mark Type quarter, in to holders Class interest sold equity Ventures investment who convertible interest One A equity $XX.X Deep

shares LLC, $X Subsequent via additional secondary Series We shares CoreWeave via also transaction. made in a to IHXX preferred through to a sole and investment membership in Slide an whose end, the $X the is A series quarter VAST million million an entity transaction a preferred investment of million data CoreWeave's through SPV. Please investment common $XX secondary VAST an investment made we a of our portfolio in asset in turn XX. interest shares Data

common Square Public quarter, realized following Square in third $XXX,XXX. Public on a X,XX,XXX of the sell resulting million shares sold to we July During shares public approximately of in gain began our lockup We for XX. approximately proceeds of expiration $X their

remaining Additionally, entire in known Valley One our a and of approximately we formally as $X.X proceeds in resulting of $X million. million loss realized net sold NGS, Inc., position

GSV final $X.X business loss for upon resulting our million. During dissolution received a the the of a STBRx, we also approximately quarter, formerly in we the distribution as which in position of approximately $XXX,XXX, Sustainability exited Partners known realized of

those during third solutions. our Finally, companies sell continue investment common off with UBET in upon and each Sanpower to Square. Churchill to business end, in of Public Sponsor our shares quarter, quarter Subsequent the wrote X doing we to technology public we

like principal the company million. discretionary in On Please and notes shares approximately market Securities a executed So will agreement Company note note due in Square of to for on of the of a $XX through XXXX SuRo open Investment approximately up our XXXX. XX.XX% XX. and as the repurchase to sold million and or XXX,XXX allows have Capital's far Act note amount turn Act Slide amended. the $X.X as due of notes purchases for Public XXXX realized proceeds program, notes of detail for X% net to aggregate repurchase due X, and more the convertible with repurchase we X.X% program including purchase to million I'd provide August We in gain which resulting such $X.X purchases, and QX, block comply Exchange of amended Directors manners X% provisions Board XXXX approved of XXXX

repurchased of repurchased As XX, program. had [X,XXX,XXX] is of end amount the that a program notes note $XX.X traded program, Subsequent of X% repurchased under an to approximately $X.X we repurchase X,XX,XXX aggregate we by Capital note under The through dollar $XX of X% September the of repurchase notes the note additional today, approximately of repurchase we approximately X,XXX,XXX quarter the program. the X% notes principal under notes total have million repurchased X% the amount may principal or repurchase under million. the SuRo publicly note be million. for Today,

private entered amount by into on in some aggregate agreement the for between million SuRo of notes Capital X.X% to we $XX principal issue convertible X, On and purchase note moving may a note due XXXX. up a maximum of the a issuance. to August and convertible X.X% issuer of company Now which

and purchase both with and modified Under sale March notes mutual arrears to on June new in the the and agreement an the -- issue will XX, the sold issue on rate this one pricing Pursuant X.X% purchaser, notes at company million we notes in the note XX agreement additional for per or additional to up September more subsequent purchaser between for additional and XXXX, offerings. notes XX convertible X.X% offerings purchase, $XX convertible we may August paid terms, quarterly upon notes. the may September in note the $XX Interest of of issued issue additional in of the principal due XX aggregate in notes million to or maximum aggregate beginning convertible a be on a XX, we of XX, of amount the private year year. December purchase and the the purchase agreement,

time the mature August may part the will in convertible after of subject notes The The purchaser certain XX, initial XXXX, of whole time discussion be our on XXXX, from common redeemed at conditions. stock convertible time at option convertible upon or into conversion and on X.X% sold at be an X, or our to or at shares in August proceeds any purposes. in rate for notes will shares for of provided investment outstanding fulfillment and approximately amount indebtedness, corporate accordance adjustments the principal and to notes other objective the $X,XXX with agreement. in used common to from stock note net investment will investments and of strategy notes purchase as offering our repay XXX convertible the be limitations general of The of make our convertible

million issuance series X.X% convertible Note X.X% amount higher customary notes. single XXXX with principal additional on by The covenants the notes $XX additional warranties to and same agreement the pursuant and notes initial have amount due of to initial convertible terms a and $X the convertible treated quarter notes. of ranked we to representations, purchase became are additional agreement end, aggregate as equally notes initial includes no-purchase outstanding notes, issued October purchased in of in X, Subsequent a company. and Upon sold are the or The additional the the be the principal fungible million. the notes as notes. purchase

Please turn to Slide XX.

we used as appropriately initially portfolio the to industry the evolved has our introduced. were themes portfolio more current the quarter, capture reevaluated it categorize investment to by This gains since

and and were consumer at technology and allocation to social education financial services approximately Approximately applications, of XX% a investment technology, XX% approximately the data investment for chain of and supply and sustainability invested XX% services X% portfolio. reflection portfolio, logistics and our a investment investment mobile services AI our the [indiscernible]. Segmented logistics of to applications of technology, next general our infrastructure Service, fair representing a of As intelligence companies Service, supply and the accounted value infrastructure accurate a as September was as accounted consumer Software portfolio intelligence top our of X result, goods respectively. as largest end the for of and new quarter XX. and goods technology, fair chain, category placed value. Artificial value XX% financial and for big was of of services, and categories themes, education Technology present and by investment SeroSports portfolio the approximately portfolio portfolio. artificial and cloud The more in X% and at of were our Software technology education XX% of the the X Financial themes, marketplaces, former fair our are portfolio accounted themes

quarter by the share decrease per share in in share on our conclude stock-based I'd the per investments offset with net liquidity was during The compensation impact due the share of September due and share realised or $X.XX decrease and We our share share per a of quarter XX. to quarter. during our $X.XX The to decrease partially repurchase decrease realized by with some quarter. X% driven reporting. was the on of change $X.XX XX with from share of like at net program XXXX. primarily increase which a from appreciation $X.XX resulting Slide $X.XX NAV is NAV portfolio an a in $X.XX, our loss ended of decrease XXXX consistent from share loss QX financial as due notes notes and as investments per investment a third months the the net repurchase $X.XX to NAV per increase partial to to the turn from of Please unrealized our end. per $X.XX a per per

to a program stock in remains common shares August authorized $XX the enhance of million share shareholder extension million repurchase Capital on XXXX, deployment earlier, by $XX.X million X XXXX. program share is Mark approximately XX, our through Approximately share of of and to an of the Accordingly, a XXXX. million now that expansion of As repurchase we $XX.X the the the under million October share Directors have repurchased XX, October the is over authorized program inception repurchase Board. committed the $X.X on $XX.X a program repurchase value. XX, to total authorized Board Since set to mentioned expire of initiatives million SuRo October our for that total

of as restrictions we $XX.X approximately We including quarter public as quarter million unrestricted XX, support there million ended liquidity SuRo company's not thank subject are and of common of the quarter in the public That to XX,XXX,XXXX and this million $X.X At end, million of shares Capital. $X.X securities stock securities, balance. of end lockup outstanding. my concludes approximately assets, to comments. approximately with in of was at your for liquid interest September our and cash included the the Regarding you like in $XX.X today, would

the of the will Now Operator? the Q&A turn the start over I for session. call to operator

Instructions] [Operator

We have remarks. your I in to turn host back to would queue, questions it like for no the over any closing

portal. you Thank through any you for IR our directly We all attending very questions, further appreciate out feel and call. your if QX support. have Thank all to And you interest our free reach much.

much. Thank again, conclude today's does you very Once that conference.

may You now disconnect.