Business
SuRo Capital Corp. Reports Second Quarter 2023 Financial Results
Net Asset Value of $7.35 Per Share as of June 30, 2023 Board of Directors Authorizes $5 Million Increase to Share Repurchase Program to Aggregate $60 Million
About this update from Suro Capital Corp.
[{"type":"text","content":"Net Asset Value of $7.35 Per Share as of June 30, 2023 Board of Directors Authorizes $5 Million Increase to Share Repurchase Program to Aggregate $60 Million NEW YORK, Aug. 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 June 30, 2023. Net assets totaled approximately $186.7 million, or $7.35 per share, at June 30, 2023 as compared to $7.59 per share at March 31, 2023 and $9.24 per share at June 30, 2022. \"The last four months have been amongst the most active periods SuRo Capital has experienced in the last couple of years. We made five investments, three in new portfolio companies and two in follow-on investments. Additionally, we have had one of our SPAC investments close its previously announced transaction and two announce definitive agreements. On July 19, 2023, Colombier Acquisition Corp., a SPAC in which we own Class B units and Class W units, announced it successfully closed its business combination with PSQ Holdings, Inc., and began trading on the New York Stock Exchange under the ticker ‘PSQH.’ Additionally, subsequent to quarter-end, AltC Acquisition Corp. and Churchill Capital Corp VII, two SPACs in which we own sponsor equity, announced they signed definitive merger agreements,\" said Mark Klein, Chairman, and Chief Executive Officer of SuRo Capital. Mr. Klein continued, “In light of improving market conditions and early signs of recovery in the private markets, we were able to execute on two secondary opportunities at compelling prices. During the second quarter, we added one new portfolio company through a $10.0 million secondary investment in ServiceTitan, Inc., a software business for home and commercial trades. Subsequent to quarter-end, we added two new portfolio companies through a $5.8 million secondary investment in FourKites, Inc., a supply chain visibility software company and a $1.0 million primary investment in Stake Trade, Inc., a sports betting exchange doing business as Prophet Exchange, through SuRo Capital Sports, LLC. Looking ahead, we believe the combination of being strategically opportunistic during times of volatility, along with over $100.0 million of investable capital as of quarter-end, will allow us to seize unique opportunities with high potential returns.” M...