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SuRo Capital Corp. Reports First Quarter 2022 Financial Results
Net Asset Value of $12.22 Per Share as of March 31, 2022 NEW YORK, May 04, 2022 (GLOBE NEWSWIRE) -- SuRo Capital Corp. (“SuRo Capital”, the “Company”, “we”,
About this update from Suro Capital Corp.
[{"type":"text","content":"Net Asset Value of $12.22 Per Share as of March 31, 2022\nNEW YORK, May 04, 2022 (GLOBE NEWSWIRE) -- SuRo Capital Corp. (“SuRo Capital”, the “Company”, “we”, “us”, and “our”) (Nasdaq: SSSS) today announced its financial results for the quarter ended March 31, 2022. Net assets totaled approximately $380.7 million, or $12.22 per share, at March 31, 2022, inclusive of $0.11 per share in dividends declared during the first quarter, as compared to $11.72 per share at December 31, 2021 and $18.01 per share at March 31, 2021. “Despite significant declines and volatility in the public markets during the quarter, SuRo Capital achieved its highest dividend-adjusted NAV per share,” said Mark Klein, Chairman and Chief Executive Officer of SuRo Capital. Mr. Klein added, “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. Accordingly, in March, our Board of Directors authorized an additional $15.0 million for share repurchases. Since that increase, we have repurchased over 580,000 shares for approximately $5.0 million. Given the significant discount at which our stock is trading compared to net asset value, coupled with the extreme market volatility, we determined the current continuation of the Share Repurchase Program to be an efficient and accretive deployment of capital.” Mr. Klein concluded, “Due to the ongoing dislocation in the private and public markets, we continued to take a more conservative approach to both deploying capital and exiting public investments. While we continue to see consistently strong deal flow, we maintain a steady focus on making compelling investments in high-growth companies at appropriate valuations. With over $170.0 million of investable funds, we believe we are advantageously positioned to deploy our capital as the public markets continue to reprice.” Investment Portfolio as of March 31, 2022 At March 31, 2022, SuRo Capital held positions in 38 portfolio companies with an aggregate fair value of approximately $280.8 million. The Company’s top five portfolio company investments accounted for approximately 63% of the total portfolio at fair value as of March 31, 2022. Top Five Investments as of March 31, 2022 Portfolio Company ($ in millions)Cost BasisFair Value% of Total PortfolioCours...