SuRo Capital Corp. Second Quarter 2020 Preliminary Investment Portfolio Update
SuRo Capital Corp. (Nasdaq: SSSS) released a preliminary update on its investment portfolio for Q2 2020, revealing a net asset value (NAV) estimate of $11.70-$12.00 per share, an increase from $10.22 per share at the end of Q1 2020. The company has invested in Lime, Rent the Runway, and Palantir Lending SPV, with a total of $12.4 million invested during the quarter. SuRo Capital holds positions in 24 privately-held companies. Another update is expected during the earnings call scheduled for August 3, 2020.
- Estimated net asset value increased to $11.70-$12.00 per share from $10.22 per share.
- Completed investments in Lime ($0.5 million), Rent the Runway ($5.0 million), and Palantir Lending SPV ($6.9 million) during Q2.
- Net assets decreased from approximately $199.9 million ($11.38 per share) at the end of 2019 to $172.5 million ($10.22 per share) at the end of Q1 2020.
SAN FRANCISCO, July 02, 2020 (GLOBE NEWSWIRE) -- SuRo Capital Corp. (“SuRo Capital” or the “Company”) (Nasdaq:SSSS) today provided the following preliminary update on its investment portfolio for the second quarter ended June 30, 2020.
“Given the volatility of the financial markets and uncertainty surrounding COVID-19, we wanted to provide a preliminary quarter-end update for our shareholders,” said Mark Klein, President and Chief Executive Officer of SuRo Capital. “We continue to seek and execute on exciting opportunities in the private markets. During the second quarter, we invested in Lime’s latest financing, Rent the Runway, and completed our first credit investment in Palantir Lending SPV 1, a loan collateralized by, and sharing in the expected appreciation of, the Class B common stock of Palantir Technologies, Inc. Currently, we have a few transactions we hope to complete in the next few weeks. We will provide another update during our earnings call the week of August 3rd. As of June 30, 2020, we expect SuRo Capital’s net asset value to be approximately
As previously reported, SuRo Capital’s net assets totaled approximately
Klein continued, “Our priority continues to be focusing on investment performance while seeking opportunities to take advantage of the dislocation in the debt and equity markets during these unprecedented times. We believe this dedicated focus and our continued implementation of shareholder initiatives, designed to enhance shareholder value, will result in a greater value proposition for our shareholders.”
Investment Portfolio Update
At June 30, 2020, SuRo Capital held positions in 24 portfolio companies – all privately-held.
During the three months ended June 30, 2020, SuRo Capital made the following investments:
| Portfolio Company | Investment | Transaction Date | Amount | ||||
| Neutron Holdings, Inc. (d/b/a Lime) | Junior Preferred Convertible Note(1) | 5/7/2020 | |||||
| Rent the Runway, Inc. | Preferred Equity | 6/17/2020 | |||||
| Palantir Lending SPV I | Collateralized Loan(3) | 6/19/2020 | |||||
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| (1) | Subsequently converted to Junior Preferred Shares. | ||||||
| (2) | Does not include transaction costs. | ||||||
| (3) | SuRo Capital has upside equity participation in the Class B common shares of Palantir Technologies, Inc. underlying the loan. | ||||||
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 second quarter results during the week of August 3, 2020.
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.
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 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.
Contact
SuRo Capital Corp.
(650) 235-4769
IR@surocap.com
Media Contact
Bill Douglass
Gotham Communications, LLC
Communications@surocap.com
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