Business
SuRo Capital Corp. Second Quarter 2023 Preliminary Investment Portfolio Update
Net Asset Value Anticipated to be $7.15 to $7.65 Per Share NEW YORK, July 11, 2023 (GLOBE NEWSWIRE) -- SuRo Capital Corp. (“SuRo Capital”, the “Company”,
About this update from Suro Capital Corp.
[{"type":"text","content":"Net Asset Value Anticipated to be $7.15 to $7.65 Per Share\nNEW YORK, July 11, 2023 (GLOBE NEWSWIRE) -- SuRo Capital Corp. (“SuRo Capital”, the “Company”, “we”, “us”, and “our”) (Nasdaq: SSSS) today provided the following preliminary update on its investment portfolio for the second quarter ended June 30, 2023. “Over the last several quarters we have noted the convergence of private company valuations with their respective public company comparables. While there have been many opportunities to invest in exciting companies, most continued to remain too expensive. Remaining steadfast to our thesis that potential investments would become available in the secondary market, we were able to act on two new secondary opportunities at compelling prices. During the second quarter, we invested $10.0 million in ServiceTitan, Inc., a software business for home and commercial trades, and subsequent to quarter-end, we invested $4.2 million in FourKites, Inc., a supply chain visibility software company. Further, we have other potential investments in progress that we anticipate completing during the third quarter. 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, allows SuRo Capital to seize unique opportunities with high potential returns,” said Mark Klein, Chairman and Chief Executive Officer of SuRo Capital. Mr. Klein continued, “We believe the market is currently undervaluing our portfolio, which gives us opportunities to enhance shareholder value through stock repurchases. We also remain highly focused on balancing our remaining capital between these repurchases and new investment opportunities. In addition to our new investments, we executed our recent Modified Dutch Auction Tender Offer, which we believe was an efficient and accretive deployment of capital. As announced in the first quarter and executed during the second quarter, the Modified Dutch Auction Tender Offer resulted in the purchase of 3.0 million shares of common stock for $4.50 per share. Additionally, as of quarter-end, SuRo Capital has approximately $16.4 million available under its Share Repurchase Program. This capacity allows us to continue balancing new investments with share repurchases as we look toward the second half of 2023.” As previously reported, Su...