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SuRo Capital Corp. Reports First Quarter 2023 Financial Results
Net Asset Value of $7.59 Per Share as of March 31, 2023 NEW YORK, May 09, 2023 (GLOBE NEWSWIRE) -- SuRo Capital Corp. (“SuRo Capital”, the “Company”, “we”,
About this update from Suro Capital Corp.
[{"type":"text","content":"Net Asset Value of $7.59 Per Share as of March 31, 2023\nNEW YORK, May 09, 2023 (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, 2023. Net assets totaled approximately $215.0 million, or $7.59 per share, at March 31, 2023 as compared to $7.39 per share at December 31, 2022 and $12.22 per share at March 31, 2022. “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 3.0 million shares of common stock for $4.50 per share,” said Mark Klein, Chairman and Chief Executive Officer of SuRo Capital. “We are encouraged by reports that in the first quarter, secondary transactions were closed at an approximately 50% discount to a company’s last primary financing. While still relatively expensive compared to public comparables, this discount, coupled with increasing secondary trade volumes, may indicate that the market is finding a level where investors will transact. With over $120.0 million of investable capital at quarter-end, we remain poised to continue investing in both primary and secondary opportunities for later-stage, high-growth companies at what we believe will be compelling valuations,” Mr. Klein concluded. Investment Portfolio as of March 31, 2023 At March 31, 2023, SuRo Capital held positions in 37 portfolio companies – 33 privately held and 4 publicly held – with an aggregate fair value of approximately $165.1 million, excluding short-term US treasuries. The Company’s top five portfolio company investments accounted for approximately 59% of the total portfolio at fair value as of March 31, 2023. Top Five Investments as of March 31, 2023 Portfolio Company ($ in millions)Cost BasisFair Value% of Total PortfolioLearneo, Inc. (f/k/a Course Hero, Inc.)$15.0 $50.8 30.8%Colombier Sponsor LLC 2.7 14.8 9.0 Blink Health, Inc. 15.0 11.7 7.1 Locus Robotics C...