SuRo Capital Corp. First Quarter 2024 Preliminary Investment Portfolio Update
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Insights
Reviewing the preliminary net asset value (NAV) figures, they can be a significant indicator of SuRo Capital's health and performance. The projected NAV range of
It's also essential to compare these figures with historical NAVs to gauge performance over time. If the NAV has seen a steady increase, it can be indicative of effective portfolio management and growth in the value of the assets. Conversely, a decline may point to losses or a need for strategic realignment. The NAV is affected by several factors including the performance of the investments, operational costs and market conditions. Investors should keep an eye on future announcements for a finalized NAV and any management discussions on portfolio strategies.
From a market perspective, the anticipation of SuRo Capital's NAV can influence investor sentiment in the broader venture capital and private equity sectors, where market valuations can be particularly volatile. SuRo Capital's update may signal broader industry trends, especially if correlated with NAV updates from other firms in the sector. If SuRo's NAV is reflective of a trend, it might suggest either a burgeoning market for venture-backed companies or a downturn depending on the direction of change.
Retail investors should also consider market reaction to similar updates in the past and the subsequent stock performance. This analysis can help in understanding how the market might respond to SuRo Capital's preliminary NAV and therefore potentially impact the stock's price in the short term.
Net Asset Value Anticipated to be
NEW YORK, April 16, 2024 (GLOBE NEWSWIRE) -- SuRo Capital Corp. (“SuRo Capital”, the “Company”, “we”, “us”, and “our”) (Nasdaq: SSSS) today provided the following preliminary update on its investment portfolio for the first quarter ended March 31, 2024.
“We remain incredibly enthusiastic about both our investment pipeline and our current portfolio as the IPO market strengthens and new opportunities at compelling valuations continue to come to light. We are now executing on these opportunities. As such, we are excited to announce that during the first quarter, we added one new portfolio company through a
“With these exciting new additions to our portfolio, and over
“As we have consistently demonstrated, SuRo Capital is committed to initiatives that enhance shareholder value, and we believe the market is currently undervaluing our portfolio. Given the discount our stock has traded at compared to net asset value per share, we believe our recent Modified Dutch Auction Tender Offer was an efficient and accretive deployment of capital. As announced in the first quarter and executed subsequent to quarter-end, the Modified Dutch Auction Tender Offer resulted in the purchase of 2.0 million shares of common stock for
As previously reported, SuRo Capital’s net assets totaled approximately
Investment Portfolio Update
As of March 31, 2024, SuRo Capital held positions in 38 portfolio companies – 35 privately held and 3 publicly held, some of which may be subject to certain lock-up provisions.
During the three months ended March 31, 2024, SuRo Capital made the following investments, excluding short-term US treasuries:
| Portfolio Company | Investment | Transaction Date | Amount |
| Supplying Demand, Inc. (d/b/a Liquid Death) | Series F-1 Preferred Shares | 1/18/2024 | |
During the three months ended March 31, 2024, SuRo Capital exited or received proceeds from the following investments, excluding short-term US treasuries:
| Portfolio Company | Transaction Date | Quantity | Average Net Share Price(1) | Net Proceeds | Realized Gain/(Loss) | |
| Nextdoor Holdings, Inc.(2) | Various | 112,420 | ||||
| PSQ Holdings, Inc. (d/b/a PublicSquare) – Public Warrants(3) | Various | 100,000 | ||||
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(1) The average net share price is the net share price realized after deducting all commissions and fees on the sale(s), if applicable.
(2) As of February 23, 2024, SuRo Capital had sold its remaining Nextdoor Holdings, Inc. public common shares.
(3) As of March 31, 2024, SuRo Capital held 2,296,037 remaining PSQ Holdings, Inc. (d/b/a PublicSquare) public warrants.
SuRo Capital’s liquid assets were approximately
As of March 31, 2024, there were 25,353,284 shares of the Company’s common stock outstanding.
Modified Dutch Auction Tender Offer
On February 14, 2024, our Board of Directors authorized a Modified Dutch Auction Tender Offer (“Tender Offer”) to purchase up to 2.0 million shares of our common stock at a price per share between
Share Repurchase Program
Under the Share Repurchase Program, the Company may repurchase its outstanding common stock in the open market, provided it complies with the prohibitions under its insider trading policies and procedures and the applicable provisions of the Investment Company Act of 1940, as amended, and the Securities Exchange Act of 1934, as amended.
Since inception of the Share Repurchase Program in August 2017, SuRo Capital has repurchased over 6.0 million shares of its common stock for an aggregate purchase price of approximately
Preliminary Estimates and Guidance
The preliminary financial estimates provided herein are unaudited and have been prepared by, and are the responsibility of, the management of SuRo Capital. Neither our independent registered public accounting firm, nor any other independent accountants, have audited, reviewed, compiled, or performed any procedures with respect to the preliminary financial data included herein. Actual results may differ materially.
The Company expects to announce its first quarter ended March 31, 2024 results in May 2024.
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 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 New York, NY and has offices in San Francisco, CA. Connect with the company on X, LinkedIn, and at www.surocap.com.
Contact
SuRo Capital Corp.
(212) 931-6331
IR@surocap.com
FAQ
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