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NEW YORK, Nov. 08, 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 September 30, 2023. Net assets totaled approximately $212.0 million, or $8.41 per share, at September 30, 2023, as compared to $7.35 per share at June 30, 2023 and $7.83 per share at September 30, 2022.
“Rising interest rates throughout the third quarter continued to drive volatility in the public markets. While private market valuations were continuing to converge with their public comparables, the diminished volume, coupled with increased volatility and the general opacity inherent in the secondary markets, has led to greater variability in trading prices. There are indications the Federal Reserve Bank has completed raising interest rates; however, the war in Israel, coupled with a pullback in consumer spending, continue to drive volatility in the equity markets,” said Mark Klein, Chairman, and Chief Executive Officer of SuRo Capital.
Mr. Klein continued, “Despite these cross currents, we remain steadfast in our belief there are high-quality opportunities available at attractive prices that allow us to be both opportunistic and judicious with the deployment of capital. We made four investments during the third quarter: two in new portfolio companies and two in follow-on investments. Additionally, one of our SPAC sponsor investments closed its previously announced transaction and two other SPAC sponsor investments announced definitive agreements."
“We continue to believe the market is undervaluing our portfolio. As such, subject to regulatory trading restrictions, we remain active in repurchasing shares pursuant to the Share Repurchase Program approved by our Board of Directors. Year-to-date, under both the Share Repurchase Program and our Modified Dutch Auction Tender Offer, we have repurchased 3.2 million shares for approximately $14.2 million and have a remaining $20.7 million approved to deploy via the Share Repurchase Program. As we have demonstrated throughout the preceding quarters and years, we are highly focused on balancing deploying capital between new investment opportunities and share repurchases to maximize shareholder value,” Mr. Klein concluded.
Investment Portfolio as of September 30, 2023
At September 30, 2023, SuRo Capital held positions in 39 portfolio companies – 34 privately held and 5 publicly held – with an aggregate fair value of approximately $193.5 million, excluding short-term US treasuries. The Company’s top five portfolio company investments accounted for approximately 61% of the total portfolio at fair value as of September 30, 2023.
Top Five Investments as of September 30, 2023
| Portfolio Company($ in millions) | Cost Basis | Fair Value | % of Total Portfolio | |||
| Learneo, Inc. (f/k/a Course Hero, Inc.) | $ | 15.0 | $ | 65.4 | 33.8 | % |
| PSQ Holdings, Inc. (d/b/a PublicSq.) | 2.7 | 18.1 | 9.4 | |||
| ServiceTitan, Inc. | 10.0 | 11.9 | 6.2 | |||
| Blink Health, Inc. | 15.0 | 11.6 | 6.0 | |||
| StormWind, LLC | 6.4 | 10.3 | 5.3 | |||
| Total | $ | 49.1 | $ | 117.4 | 60.7 | % |
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Note: Total may not sum due to rounding.
Third Quarter 2023 Investment Portfolio Activity
During the three months ended September 30, 2023, SuRo Capital made the following new and follow-on investments, excluding short-term US treasuries:
| Portfolio Company | Investment | Transaction Date | Amount |
| FourKites, Inc. | Common Shares | Various | $5.8 million |
| Shogun Enterprises, Inc. (d/b/a Hearth) | Series B-4 Preferred & Warrants | 7/12/2023 | $0.5 million |
| Stake Trade, Inc. (d/b/a Prophet Exchange)(1) | Simple Agreement for Future Equity (SAFE) | 7/26/2023 | $1.0 million |
__________________(1) Investment made through SuRo Capital Sports, LLC.
During the three months ended September 30, 2023, 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 Loss | ||
| Nextdoor Holdings, Inc.(2) | Various | 589,996 | $3.09 | $1.8 million | $(1.4 million) | ||
| Residential Homes For Rent, LLC (d/b/a Second Avenue)(3) | Various | N/A | N/A | $0.3 million | $- | ||
__________________(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 September 30, 2023, SuRo Capital held 262,420 remaining Nextdoor Holdings, Inc. public common shares. (3) During the three months ended September 30, 2023, approximately $0.3 million was received from Residential Homes For Rent, LLC (d/b/a Second Avenue) related to the 15% term loan due December 23, 2023. Of the proceeds received, approximately $0.3 million repaid a portion of the outstanding principal and the remaining was attributed to interest.
Subsequent to quarter-end through November 8, 2023, SuRo Capital made the following follow-on investments, excluding short-term US treasuries:
| Portfolio Company | Investment | Transaction Date | Amount |
| Xgroup Holdings Limited (d/b/a Xpoint)(1) | Convertible Note | 10/26/2023 | $0.3 million |
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(1) Investment made through SuRo Capital Sports, LLC.Subsequent to quarter-end through November 8, 2023, 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 | ||
| PSQ Holdings, Inc. (d/b/a PublicSq.) – Public Warrants (2) | Various | 67,931 | $1.01 | ||||
