SuRo Capital Corp. Declares $0.25 Per Share Dividend

Rhea-AI Summary

SuRo Capital Corp. (Nasdaq:SSSS) announced a dividend of $0.25 per share payable on October 20, 2020, with a record date of October 5, 2020. This payment comes from year-to-date monetizations in its private securities, with expectations of additional dividends by year-end based on continuing portfolio activity. The dividend will be treated as a capital gains dividend, not ordinary income, due to anticipated lack of taxable income this year. All tax characteristics will be confirmed post fiscal year-end.

Positive

• Declared a dividend of $0.25 per share, reflecting successful monetizations.
• Anticipates additional dividends by year-end based on ongoing portfolio activity.

Negative

• None.

Anticipates Additional Dividend By Year-End

SAN FRANCISCO, Sept. 28, 2020 (GLOBE NEWSWIRE) -- SuRo Capital Corp. (“SuRo Capital” or the “Company”) (Nasdaq:SSSS) today announced the Company’s Board of Directors has declared a dividend in the amount of $0.25 per share payable on October 20, 2020 to the Company’s stockholders of record as of the close of business on October 5, 2020.  The dividend will be paid in cash.

“We are pleased to announce our Board of Directors has declared a dividend in the amount of $0.25 per share,” said Mark Klein, President and Chief Executive Officer of SuRo Capital.  “This dividend is driven by year-to-date monetizations in SuRo Capital’s private securities.  Based on ongoing activity and anticipated near-future realizations in our investment portfolio, we anticipate declaring an additional dividend by year-end.”

SuRo Capital’s $0.25 per share dividend payable on October 20, 2020 and any additional anticipated dividends related to 2020 investment portfolio activity are expected to be reported as capital gains dividends and treated as long-term capital gains by stockholders.  SuRo Capital does not anticipate having any investment company taxable income for the current year; therefore, the Company does not expect any portion of the current year dividends to be ordinary dividends.

Certain Information Regarding the Dividends

The date of declaration and amount of any dividends, including any future dividends, are subject to the sole discretion of SuRo Capital’s Board of Directors.  The aggregate amount of the dividends declared and paid by SuRo Capital will be fully taxable to stockholders.  The tax character of SuRo Capital’s dividends cannot be finally determined until the close of SuRo Capital’s taxable year (December 31).  SuRo Capital will report the actual tax characteristics of each year’s dividends annually to stockholders and the IRS on Form 1099-DIV subsequent to year-end.

Registered stockholders with questions regarding declared dividends may call American Stock Transfer at 800-937-5449.

Forward-Looking Statements

Statements included herein, including statements regarding SuRo Capital's beliefs, expectations, intentions, or strategies for the future, may constitute "forward-looking statements".  SuRo Capital cautions you that forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from those projected or implied in these statements.  All forward-looking statements involve a number of risks and uncertainties, including the impact of the COVID-19 pandemic and any market volatility that may be detrimental to our business, our portfolio companies, our industry, and the global economy, that could cause actual results to differ materially from the plans, intentions, and expectations reflected in or suggested by the forward-looking statements.  Risk factors, cautionary statements, and other conditions which could cause SuRo Capital's actual results to differ from management's current expectations are contained in SuRo Capital's filings with the Securities and Exchange Commission.  SuRo Capital undertakes no obligation to update any forward-looking statement to reflect events or circumstances that may arise after the date of this press release.

About SuRo Capital Corp.

SuRo Capital Corp. (Nasdaq:SSSS) is a publicly traded investment fund that seeks to invest in high-growth, venture-backed private companies.  The fund seeks to create a portfolio of high-growth emerging private companies via a repeatable and disciplined investment approach, as well as to provide investors with access to such companies through its publicly traded common stock.  SuRo Capital is headquartered in San Francisco, CA. Connect with the company on Twitter, LinkedIn, and at www.surocap.com

Contact
SuRo Capital Corp.
(650) 235-4769
IR@surocap.com

Media Contact
Bill Douglass
Gotham Communications, LLC
Communications@surocap.com 

FAQ

What is the dividend amount declared by SuRo Capital Corp for 2020?

SuRo Capital Corp declared a dividend of $0.25 per share for 2020.

When will SuRo Capital's dividend be paid?

The dividend will be paid on October 20, 2020.

What is the record date for SuRo Capital's dividend?

The record date for the dividend is October 5, 2020.

What tax implications does SuRo Capital's dividend have?

The dividend is expected to be reported as a capital gains dividend, not as ordinary income.

Will there be more dividends from SuRo Capital in 2020?

Yes, SuRo Capital anticipates declaring an additional dividend by year-end based on ongoing investment activity.