SURO CAPITAL CORP. Q4 FY2023 earnings call

• Mark Klein discussed market conditions in 2023, including geopolitical conflicts, interest rate rises, and market volatility. He mentioned SuRo Capital made investments totaling $26 million in 2023 with over 70% into secondary opportunities. - Highlighted cash position at year-end ($92 million, 32% of gross assets) and top five investments accounting for ~56% of the portfolio. - Detailed recent investments: $2.7M follow-on secondary in FourKites, $325k in Xpoint, $1.6M in sponsor economics of Colombier Acquisition Corp. II. - Mentioned $10M primary investment in Liquid Death's Series F-1 financing. - Spoke about monetizing public positions, including exiting NewLake, reducing positions in Forge, Nextdoor, etc. - Reiterated commitment to share repurchase program and modified Dutch auction tender offer. - Allison Green reviewed fourth quarter financial results, investment activity, portfolio monetization, liquidity, and share repurchase program details.

Segmented by six general investment themes, the top allocation of the investment portfolio at year-end is to education technology, representing approximately 38% of the investment portfolio at fair value. Marketplaces was the second largest category, representing approximately 20% of the portfolio. The financial technology and services category accounted for approximately 18% of the investment portfolio, and approximately 17% of the portfolio is invested in cloud and big data companies. Social and mobile accounted for approximately 8% of the fair value of the portfolio, and sustainability accounted for less than 1% of the fair value of the portfolio as of December 31.

• Anticipated closing two sizable investments by end of Q1 2024 totaling $25 million, both high-growth institutionally-backed businesses. - Board authorized $5M expansion to share repurchase program to $60M and extension through Oct 31, 2024; remaining ~$20.7M authorized. - Commenced modified Dutch auction tender offer to purchase up to 2 million shares at $4-$5 per share, expiring April 1, 2024.

• Market volatility could detrimentally impact business, portfolio companies, industry, and global economy. - Uncertainties in deal closings as investments in private companies are subject to closing conditions. - Actual results may differ materially from forward-looking statements due to various factors including those in SEC filings.

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