Sutter Rock Capital Stock Earnings Reports

SuRo Capital reported a strong Q3 2025 driven by valuation appreciation in AI infrastructure and select private holdings. NAV was $231.8 million or $9.23 per share as of 9/30/25 (up from prior quarter on portfolio mark-ups and realizations). Management reiterated a focused, conviction-led strategy on AI infrastructure (compute, networking, data) with cornerstone investments including CoreWeave, OpenAI, and VAST Data. OpenAI completed a restructuring and media reports have suggested a potential IPO at valuations up to $1 trillion; at that level SuRo estimates its OpenAI exposure could represent roughly one-third of net assets pro forma. CoreWeave remains the largest position (SuRo has monetized portions of its CW Opportunity 2 stake, realizing ~28% of the original $15M investment to date while retaining ~72%), and management expects further monetizations over time. The Board declared a $0.25/share dividend (with another $0.25 declared subsequently) and extended share repurchase and note repurchase authorizations to optimize capital structure. Top 5 holdings comprised ~52% of the portfolio and top 10 ~75%; sector allocation is concentrated in AI infrastructure (~30%), consumer (~20%) and SaaS (~19%). Liquidity at quarter-end: about $58.3M in liquid assets (including ~$54.6M cash) and approximately $41.9M of public securities subject to lockup/restrictions. Management signaled continued focus on deploying capital into AI-related opportunities while selectively exploring adjacent areas such as cybersecurity and decentralized finance.