SuRo Capital Corp. (SSSS): Business Model Canvas [Dec-2025 Updated]

You're trying to figure out how SuRo Capital Corp. (SSSS) actually makes money giving public investors a peek into private venture deals, especially with those hot AI infrastructure bets. Honestly, their Business Model Canvas shows a focused strategy: they use Special Purpose Vehicles (SPVs) to buy into late-stage darlings, aiming to realize gains like the $5.2 million they booked in Q3 2025. It's a public wrapper for private equity, balancing a $252.2 million investment portfolio against liquidity needs. This structure is key to their value proposition. Want to see the exact nine pieces that make this machine run? Keep reading below.

SuRo Capital Corp. (SSSS) - Canvas Business Model: Key Partnerships

You're looking at the network that helps SuRo Capital Corp. access and manage its high-growth private investments as of late 2025. This structure is key to how the fund operates outside of its direct stock purchases.

Special Purpose Vehicles (SPVs) for Specific Asset Access

SuRo Capital Corp. relies on SPVs to gain focused access to certain large, often restricted, private company shares. The most prominent example is the vehicle used for its major AI infrastructure holding.

• CW Opportunity 2 LP is solely invested in the Class A Common Shares of CoreWeave, Inc..
• SuRo Capital Corp. made an initial investment of $15 million into CW Opportunity 2 LP.
• As of September 30, 2025, SuRo Capital Corp. retained approximately 71.8% of its investment in CW Opportunity 2 LP.
• Aggregate to-date distributions from CW Opportunity 2 LP total $14.2 million, representing approximately 28.2% of the initial $15 million investment.
• The investment in Plaid Inc. Class A Common Shares was made through 1789 Capital Nirvana II LP, an SPV where SuRo Capital Corp. is the Sole Limited Partner.
• SuRo Capital Corp. paid a 7% origination fee on the Plaid investment via this SPV.

Here's a look at the realization activity related to the CoreWeave SPV position through Q3 2025:

Portfolio Company Management Teams for Strategic Alignment

The relationship with portfolio company leadership is critical for monitoring and supporting growth, especially for companies like OpenAI Global, LLC, which SuRo Capital Corp. accesses through ARK Type One Deep Ventures Fund LLC. Management emphasizes a research-led approach to backing these firms.

• OpenAI Global, LLC was valued at a post-money valuation of $300 billion following a financing round reported in Q1 2025.
• CoreWeave, Inc. secured contracts totaling roughly $22 billion with OpenAI alone as of late 2025.
• SuRo Capital Corp.'s top five portfolio company investments accounted for approximately 52% of the total portfolio at fair value as of September 30, 2025.

Co-investors in Large Financing Rounds

While SuRo Capital Corp. has participated in rounds involving highly valued companies, specific co-investors like Franklin Templeton or Fidelity were not explicitly named in the latest public portfolio updates for the period ending late 2025.

Investment Banks and Brokers for Secondary Market Liquidity Events

Liquidity events, such as the monetization of public securities, drive realized gains used for dividends. SuRo Capital Corp. sold its directly held public common shares of CoreWeave, Inc. as of June 20, 2025.

• Gross proceeds from shares sold under the at-the-market offering during Q3 2025 amounted to approximately $10.8 million from the sale of 1,230,984 shares.
• The company declared a cash dividend of $0.25 per share in July 2025 and another in November 2025, supported by realized gains.

Finance: review the Q4 2025 pipeline for any named investment banking mandates by next Tuesday.

SuRo Capital Corp. (SSSS) - Canvas Business Model: Key Activities

You're looking at the core engine of SuRo Capital Corp., the activities that drive its value creation as a publicly traded gateway to private, high-growth technology. This isn't about day-to-day operations; it's about high-stakes capital deployment and harvesting gains from category-defining companies.

Sourcing and conducting due diligence on late-stage private companies.

SuRo Capital Corp. focuses its sourcing efforts on what it calls mid- to later-stage companies, specifically those already backed by institutional or venture capital. They employ a dual strategy, using both a bottom-up and a top-down approach to investing their capital. This disciplined process is designed to find leaders in emerging sectors before they hit the public markets. As of September 30, 2025, the portfolio reflected this focus, holding positions in 37 companies; specifically, 33 were privately held and 4 were publicly held.

The concentration risk is managed, but the conviction in key bets is high. The top five portfolio company investments accounted for approximately 52% of the total portfolio fair value as of September 30, 2025.

Active portfolio management, especially in AI and AI infrastructure.

Active management means constantly assessing the landscape, which, as of late 2025, is dominated by artificial intelligence. SuRo Capital Corp. has strategically positioned itself to benefit from this trend. For instance, as of June 30, 2025, the allocation to AI infrastructure and applications stood at 33% of the total portfolio at fair value. Key positions driving this strategy include investments in companies like OpenAI and VAST Data, alongside the publicly traded CoreWeave.

The portfolio composition as of September 30, 2025, shows this concentration in action:

Capital allocation, including share and note repurchase programs.

Capital allocation is a key activity that balances new investment with returning capital to shareholders and managing outstanding debt. SuRo Capital Corp. actively uses its repurchase programs to manage its capital structure. The Board authorized an extension of the discretionary Share Repurchase Program on October 29, 2025, allowing repurchases up to an aggregate amount of $64.3 million in common stock. As of that date, approximately $25.0 million remained authorized for share purchases.

The history of this program shows consistent deployment; since its inception in August 2017, the company has repurchased over 6.0 million shares for an aggregate price of approximately $39.3 million. Furthermore, the Board extended the Note Repurchase Program on October 29, 2025, allowing the repurchase of up to an additional $40.0 million, or the remaining principal, of its 6.00% Notes due 2026.

The company also returned capital via dividends:

• Cash dividend declared July 3, 2025, paid July 31, 2025: $0.25 per share.
• Cash dividend declared November 3, 2025, payable December 5, 2025: $0.25 per share.
• Implied aggregate dividend payout for 2025: $0.50 per share.

Monetizing investments for realized gains, like the $7.2 million from CoreWeave in Q3 2025.

Realizing gains from successful investments is the ultimate goal of the investment strategy. For the third quarter ended September 30, 2025, SuRo Capital Corp. reported a Net realized gain on investments of $5.2 million, which translated to $0.21 per share. This contrasts sharply with the third quarter of 2024, which saw a net realized loss of $13.7 million.

The specific monetization event you mentioned relates to distributions supported by liquidity events. The company distributed $7.2 million in Q3 2025, which included approximately $4.7 million in gains from the CW Opportunity 2 LP, the vehicle holding its investment in CoreWeave. This follows a significant monetization in the prior quarter, where the exit of 40% of the directly held CoreWeave position in Q2 2025 generated a realized gain of approximately $15.3 million. The company's Net Asset Value (NAV) per share as of September 30, 2025, was $9.23, up from $9.18 at June 30, 2025, showing the impact of these realized and unrealized gains.

Here's a look at the Q3 2025 operational results that flow from these activities:

Finance: draft 13-week cash view by Friday.

SuRo Capital Corp. (SSSS) - Canvas Business Model: Key Resources

You're looking at the core assets that power SuRo Capital Corp.'s ability to operate as a public gateway to venture capital. These aren't just line items; they are the actual capital and human expertise driving the firm's strategy as of late 2025.

Investment Portfolio & Liquid Position

The primary resource is the investment portfolio itself, which is the engine for potential capital gains. As of September 30, 2025, SuRo Capital Corp. held positions in a total of 37 portfolio companies, broken down into 33 privately held and 4 publicly held entities. The aggregate fair value of this entire portfolio stood at approximately $252.2 million.

To maintain operational flexibility and the ability to make new investments or return capital to shareholders, the firm keeps significant liquid assets on hand. As of the close of Q3 2025, SuRo Capital Corp.'s liquid assets were approximately $58.3 million, which included about $54.6 million in cash and other directly-held, unrestricted public securities.

Here's a quick look at the portfolio composition as of that date:

Core Holdings Driving Value

The portfolio's value is heavily concentrated in a few high-growth, category-defining companies, particularly in the Artificial Intelligence (AI) space. The top five investments accounted for approximately 52% of the total portfolio fair value as of September 30, 2025.

You need to know the weight of the biggest bets. For instance, the investment in CoreWeave, held through CW Opportunity 2 LP, represented a fair value of $37.0 million, making it 14.7% of the total portfolio. Separately, the stake in OpenAI, valued at the previously confirmed $300 billion post-money valuation, constituted about 11% of the portfolio.

The second-largest holding, Whoop, Inc., was valued at $28.8 million, accounting for 11.4% of the portfolio fair value.

The firm's key portfolio concentrations include:

• AI Infrastructure & Applications: Represented 30.5% of the total portfolio value.
• Consumer Goods & Services: Accounted for 20.5% of the portfolio fair value.
• Software-as-a-Service (SaaS): Made up 18.6% of the portfolio fair value.

Internal Management Team

The intellectual capital of SuRo Capital Corp. resides in its internal team. This resource is critical for sourcing deals, conducting due diligence, and managing compliance as a publicly traded investment fund. The team's expertise centers on navigating the complex landscape of venture capital investments alongside the strict regulatory requirements of public market compliance. Honestly, managing a portfolio of private, high-growth companies while adhering to SEC rules is a specialized skill set. The Chairman and CEO, Mark Klein, along with the CFO, Allison Green, lead this effort.

The team's actions reflect this expertise, such as declaring a cash dividend of $0.25 per share in November 2025, supported by realized gains from portfolio liquidity events like those from CoreWeave.

Finance: draft 13-week cash view by Friday.

SuRo Capital Corp. (SSSS) - Canvas Business Model: Value Propositions

You're looking at how SuRo Capital Corp. (SSSS) delivers distinct value to its investors by bridging the gap between private market growth and public market access. The core proposition revolves around providing a publicly traded vehicle for exposure to high-growth, venture-backed companies, especially those in transformative technology sectors.

Public access to high-growth, venture-backed private companies.

SuRo Capital Corp. offers a way for you to invest in private companies that might otherwise be inaccessible. As of September 30, 2025, the firm held positions in a total of 37 portfolio companies. Of those, 33 were privately held, giving you indirect exposure to that growth stage. The top five portfolio company investments represented approximately 52% of the total portfolio at fair value as of that same date. This structure is designed to capture the upside of private market appreciation.

Concentrated exposure to transformative sectors, notably AI infrastructure.

The investment thesis heavily favors sectors poised for massive secular growth. The firm has made a deliberate focus on AI infrastructure, which is a key driver of recent performance. As of September 30, 2025, the AI Infrastructure & Applications theme accounted for 30.5% of the total portfolio fair value, which was valued at approximately $252.2 million. This concentration is a deliberate strategy to capitalize on what management views as a generational shift in capital deployment.

Here's a quick look at the portfolio snapshot supporting this focus as of September 30, 2025:

Liquidity for private company shares via a public stock listing (SSSS on NASDAQ).

By trading on the NASDAQ under the ticker SSSS, SuRo Capital Corp. provides a mechanism for investors to gain exposure to private assets with the liquidity of a publicly traded stock. This structure allows for price discovery and the ability to trade shares daily, unlike traditional venture capital funds. The Net Asset Value (NAV) per share as of September 30, 2025, stood at $9.23, up from $8.93 per share (dividend-adjusted) at the end of the second quarter.

Consistent shareholder distributions, including a $0.25 per share cash dividend in Q3 2025.

SuRo Capital Corp. backs its strategy with tangible shareholder returns derived from disciplined realizations. The commitment to distributions is evident through recent cash payouts. The Board declared a cash dividend of $0.25 per share paid in July 2025, and subsequently declared another cash dividend of $0.25 per share payable in December 2025. This represents two such distributions in 2025, totaling $0.50 per share for the year to date, supported by realized gains from portfolio liquidity events, such as those from CoreWeave.

You can see the recent distribution history here:

• Cash Dividend Paid (July 2025): $0.25 per share
• Cash Dividend Declared (November 2025): $0.25 per share
• Total Declared/Paid Dividends in 2025 (as of Nov 2025): $0.50 per share
• Net Asset Value (NAV) as of September 30, 2025: $9.23 per share

Finance: draft 13-week cash view by Friday.

SuRo Capital Corp. (SSSS) - Canvas Business Model: Customer Relationships

You're managing your capital allocation as a publicly traded investment fund, and your primary customer relationship is with the public shareholders who trade your common stock (SSSS) on the NASDAQ exchange. This relationship is fundamentally transactional, driven by the Net Asset Value (NAV) per share and the market price at which your stock trades.

As of September 30, 2025, SuRo Capital Corp. had 25,119,091 shares of common stock outstanding, representing net assets totaling approximately $231.8 million. The reported NAV per share for that date was $9.23. Your direct engagement with this customer base is heavily structured around capital returns and transparency regarding portfolio performance. For instance, the Board declared a cash dividend of $0.25 per share on November 3, 2025, payable on December 5, 2025, which implies an annualized dividend of $1.00 and a yield of 10.6% based on recent trading metrics. To be fair, that payout ratio is deeply negative at -238.10%, showing the current distribution strategy is supported by realized gains rather than current period earnings.

The relationship is also shaped by the actions of major institutional holders. For example, Thomas J. Herzfeld Advisors Inc. recently reduced its stake by 84.6%, selling 1,449,726 shares and retaining 264,336 shares, which represented 1.11% ownership, valued at $2.17 million at the end of the most recent quarter. Conversely, insider activity shows Chairman and CEO Mark D. Klein purchased 82,000 shares for an estimated $421,689 in the last six months.

Investor Relations is the formal mechanism for managing this relationship, ensuring compliance and providing forward-looking context. Communication centers on scheduled events and regulatory filings. You host earnings calls to discuss performance, such as the Q3 2025 call held on November 4, 2025, at 2:00 p.m. PT (5:00 p.m. ET). Filings like the 10-Q (e.g., filed November 5, 2025) and 8-K (e.g., filed November 4, 2025) provide the required statutory data to the public and the SEC. If a shareholder has a specific question about a declared dividend, the point of contact is Equiniti Trust Company, LLC at 800-937-5449.

SuRo Capital Corp. actively manages its capital structure through discretionary programs, which directly impact shareholder equity and debt obligations. These programs are a key part of the value proposition to the public shareholder base. You have two main programs affecting the balance sheet, and here's a quick look at their status as of late 2025 based on recent authorizations and reporting:

The note repurchase program is a direct engagement with debt holders, allowing SuRo Capital Corp. to manage its liabilities. The Board approved an extension on October 29, 2025, allowing for the repurchase of up to an additional $40 million of the 6% notes due 2026. This follows the initial authorization, where by March 31, 2025, $35.3 million in principal amount of those notes had already been repurchased. Liquid assets available to support these activities and operations totaled approximately $58.3 million as of September 30, 2025.

The relationship with shareholders is also maintained through direct capital deployment actions, which include:

• Cash dividends declared on July 3, 2025, paid on July 31, 2025, at $0.25 per share.
• A subsequent cash dividend of $0.25 per share declared on November 3, 2025, payable on December 5, 2025.
• Selling 1,230,984 shares under the ATM program during Q3 2025 at a weighted average price of $8.78 per share for net proceeds of approximately $10.6 million.

Finance: draft 13-week cash view by Friday.

SuRo Capital Corp. (SSSS) - Canvas Business Model: Channels

You're looking at how SuRo Capital Corp. gets its information out and how investors access the company's structure and performance. For a publicly traded investment fund like SuRo Capital Corp., the channels are a mix of regulatory requirements and direct investor communication tools.

The primary channel for common stock trading is the NASDAQ Stock Exchange under the ticker SSSS. This is where you see the daily liquidity and price discovery in action. For instance, on December 4, 2025, the closing price was $9.47, following a close of $9.60 on December 3, 2025. The average daily trading volume for SSSS is reported around 184,480 shares. To give you context on recent valuation movement, the 52-week trading range for the common stock has spanned between a low of $4.210 and a high of $10.340. Analyst sentiment, another key channel for market perception, included a price target of $11.00 as of late 2025, with one firm, BTIG, raising its target to $10.50 in November 2025.

Transparency into the portfolio valuation is heavily channeled through regulatory filings. SuRo Capital Corp. must file with the U.S. Securities and Exchange Commission (SEC). The Form 10-Q, the quarterly report, is a critical channel. The Q3 2025 10-Q was filed around November 6, 2025. These filings provide the hard numbers you need to check against the press releases. For example, the March 31, 2025, 10-Q showed Total Assets of $231,667,159 and Total Liabilities of $74,863,004.

The Investor Relations website serves as the direct-to-investor channel for news and official reports. SuRo Capital Corp. reported its Q3 2025 Financial Results on November 4, 2025, via this channel. This release confirmed a Net Asset Value (NAV) per share of $9.23 as of September 30, 2025, with total net assets at approximately $231.8 million. Also channeled through the IR site are dividend declarations; a cash dividend of $0.25 per share was declared in November 2025, payable in December 2025.

For specific, often illiquid, private investments, SuRo Capital Corp. uses investment-specific Special Purpose Vehicles (SPVs). This is a key structural channel for accessing certain venture deals. The 1789 Capital Nirvana II LP is one such SPV, where SuRo Capital Corp. acts as the Sole Limited Partner. This vehicle was used for the investment in Plaid Inc.. To be fair, this structure comes with costs; SuRo Capital Corp. paid a 7% origination fee at the time of investment into this specific SPV.

Here's a quick look at the key data points related to these channels as of late 2025:

The way SuRo Capital Corp. communicates its portfolio structure through these channels shows a clear reliance on public market access alongside specialized private investment vehicles. You can track the direct impact of portfolio activity on the public share price and NAV.

• SEC Filings (10-Q/10-K) are the definitive source for asset valuation checks.
• The Investor Relations website provides the latest NAV update, such as the $9.23 per share as of September 30, 2025.
• The use of SPVs like 1789 Capital Nirvana II LP channels investment into specific private assets like Plaid Inc..
• The stock trades on NASDAQ under SSSS, with recent prices hovering near $9.47.

Finance: review the impact of the $0.25 per share dividend declaration on the December 5, 2025, payout on the next NAV calculation by end of week.

SuRo Capital Corp. (SSSS) - Canvas Business Model: Customer Segments

You're looking at the different groups SuRo Capital Corp. serves as of late 2025. Honestly, for a closed-end investment company like SuRo Capital Corp., the customer segments are defined by the security they hold and the exposure they seek.

Retail and Institutional Public Equity Investors Seeking Venture Capital Exposure

These customers buy SuRo Capital Corp. common stock, trading under the symbol SSSS, to gain indirect exposure to high-growth, venture-backed private companies. Their interest is in the Net Asset Value (NAV) appreciation, which was reported at $9.23 per share as of September 30, 2025. The total Net Asset Value for this group's underlying assets was approximately $231.8 million at that same date.

Here's a look at the stock's recent activity and the company's capital management actions that affect these shareholders:

• Cash dividend declared payable on December 5, 2025: $0.25 per share.
• Gross proceeds from selling shares under the ATM program during Q3 2025: approximately $10.8 million.
• Remaining authorization for the share repurchase program: approximately $25 million.
• The stock traded at $10.04 in after-hours trading following the Q3 2025 earnings release.

Institutional Investors Looking for Exposure to Specific Private Companies (e.g., AI Plays)

This segment is interested in SuRo Capital Corp.'s specific thematic focus, particularly on AI infrastructure, which accounted for approximately 30% of the portfolio fair value as of September 30, 2025. These investors, whether institutional or sophisticated retail, are tracking the performance of cornerstone holdings like OpenAI and CoreWeave.

The portfolio concentration shows where this customer segment's interest is focused:

These investors are also keenly aware of the potential upside from private company liquidity events, such as the potential IPO of OpenAI, which SuRo Capital Corp. estimates could value the company up to $1 trillion.

Holders of the Company's 6.00% Notes due 2026 (SSSSL.US)

These customers are debt holders seeking fixed income from SuRo Capital Corp., evidenced by the notes trading under the symbol SSSSL. The Notes bear a fixed interest rate of 6.00% per year, payable quarterly, and mature on December 30, 2026.

SuRo Capital Corp. actively manages this liability, which is a key factor for these noteholders:

• Initial aggregate principal amount of the offering: $70,000,000.
• Aggregate principal amount of the 6.00% Notes due 2026 repurchased as of March 31, 2025: $35.3 million.
• The company approved an expanded note repurchase authorization.
• Quarterly interest payment for the Notes was $0.375 per share (based on par value for the note structure).

The company's liquid assets, including cash, stood at $58.3 million as of the end of Q3 2025.

Finance: draft 13-week cash view by Friday.

SuRo Capital Corp. (SSSS) - Canvas Business Model: Cost Structure

You're looking at the expenses SuRo Capital Corp. incurs to run its internally-managed Business Development Company (BDC) structure. For an internally-managed fund like SuRo Capital Corp., a significant portion of costs relates directly to managing the portfolio and meeting regulatory obligations, rather than paying external managers.

Here's a look at the key cost components based on the latest available figures, primarily for the Trailing Twelve Months (TTM) ending September 30, 2025, and prior full fiscal years, all amounts in millions of USD unless otherwise noted.

Operating Expenses related to being an internally-managed BDC

These expenses capture the day-to-day running costs of SuRo Capital Corp., which, because it is internally managed, includes salaries, administrative overhead, and general corporate costs that a non-managed BDC might pass on to an external manager.

The TTM figure for Operating Expenses is $12.17 million. This figure is the same as the Selling, General & Admin expense reported, which is typical for this structure.

Interest expense on outstanding debt, such as the 6.00% notes

Interest expense is a direct cost of capital, driven by the debt SuRo Capital Corp. uses to fund its investments. The 6.00% Notes due 2026 are a key component here.

The Interest Expense for the TTM ending September 30, 2025, was $5.07 million. You should note the principal balance changes on the 6.00% Notes due 2026:

• Face value as of June 30, 2025, was $39,667,650, with an effective interest rate of 6.52%.
• Face value as of December 31, 2024, was $44,667,400.
• The company repurchased $35.3 million in aggregate principal amount of these notes as of March 31, 2025.
• Subsequent to the third quarter of 2025, the Board authorized a repurchase of the remaining outstanding notes.

Costs associated with regulatory compliance and SEC reporting

These costs are embedded within the Operating Expenses, as SuRo Capital Corp. handles these functions internally. You won't see a separate line item for them, but they are a necessary component of the $12.17 million TTM Operating Expenses figure.

• Regulatory compliance and SEC reporting costs are part of the Selling, General & Admin expenses.
• The company is an accelerated filer, which implies ongoing, material costs for compliance with the Investment Company Act of 1940 and SEC mandates.

Transaction costs for new investments and portfolio realizations

These are the direct, one-time costs associated with deploying capital or exiting an investment. They are often capitalized or expensed depending on the nature of the transaction.

We see a clear example of an origination fee related to a new investment during Q1 2025:

• For the approximately $5 million investment in Plaid Inc. completed on April 4, 2025, SuRo Capital Corp. paid a 7% origination fee, which amounted to $350,000.
• This $350,000 fee was in addition to the $5 million investment principal.
• For the $5 million investment in HL Digital Assets, Inc. in September 2025, the reported amount did not include prepaid expenses or other capitalized costs of the transaction.

When realizing gains, such as the monetization of the CoreWeave position, transaction costs would also be incurred, though specific realization costs for 2025 aren't broken out separately from the overall investment gains/losses in the summary data.

SuRo Capital Corp. (SSSS) - Canvas Business Model: Revenue Streams

You're looking at the core ways SuRo Capital Corp. converts its investment strategy into realized and unrealized value for shareholders as of late 2025. The revenue streams are almost entirely driven by the performance and liquidity events within its portfolio of high-growth, venture-backed companies.

The primary drivers of value realization in Q3 2025 were gains from investment activity, which is typical for an investment company focused on capital appreciation. The firm's ability to generate cash flow from its portfolio, even without major public offerings, is key to its dividend policy.

Here's a quick look at the key components of the investment performance for the third quarter ended September 30, 2025:

• Net Realized Gains on investments, totaling $5.2 million in Q3 2025.
• Net Change in Unrealized Appreciation of investments, which was $5.7 million in Q3 2025.
• Total Investment Income, which was reported as $459,269 in Q3 2025.

The Total Investment Income is comprised of smaller, recurring items, primarily interest earned on debt holdings within the portfolio, rather than large, one-off dividend payouts from private companies during the quarter. This distinction is important; realized gains come from selling assets, while investment income is more like a steady stream from holding assets.

The breakdown of the Total Investment Income for the three months ended September 30, 2025, shows where that $459,269 figure originates:

The fourth required element, Dividend and interest income from portfolio company debt and public securities, is largely represented by the $459,269 in Interest income from non-controlled/non-affiliate investments for the quarter. The dividend income component from these same sources was zero for the period.

To give you a broader picture of the investment performance that drives the overall revenue profile, here are the key realized and unrealized movements:

• Net Realized Gain on Investments per share: $0.21 per share.
• Net Change in Unrealized Appreciation of Investments per share: $0.23 per share.
• Net Realized Gain on Investments (Total): $5.2 million.
• Net Change in Unrealized Appreciation of Investments (Total): $5.7 million.

The Board of Directors declared a cash dividend of $0.25 per share in November 2025, payable in December 2025, which is supported by these realized gains and portfolio liquidity events, like the monetization of a portion of the CoreWeave stake. That dividend payment is a direct return of value derived from these revenue streams.