Business
SuRo Capital Corp. Third Quarter 2020 Preliminary Investment Portfolio Update
Net Asset Value Anticipated to Be $12.30 to $12.60, Adjusted for $0.40 Per Share in Dividends Conversion Rate Adjustment for Convertible Notes Due to Dividend
About this update from Suro Capital Corp.
[{"type":"text","content":"Net Asset Value Anticipated to Be $12.30 to $12.60, Adjusted for $0.40 Per Share in Dividends\n Conversion Rate Adjustment for Convertible Notes Due to Dividend Announced SAN FRANCISCO, Oct. 05, 2020 (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 third quarter ended September 30, 2020. “Given the volatility in the financial markets and the investment activity in some of our largest positions, we wanted to provide a preliminary quarter-end update for our shareholders,” said Mark Klein, President and Chief Executive Officer of SuRo Capital. “During the third quarter, we participated in a follow-on investment in Coursera, Inc. and realized a significant gain through a sale of a portion of our unrestricted shares of Palantir Technologies, Inc. Our investment pipeline remains robust, and we are pursuing exciting transactions, in both high-quality debt and equity opportunities, which we hope to complete before the end of the year.” Klein continued, “We are pleased that our board of directors declared a $0.25 dividend late last month and we anticipate we will declare and pay an additional dividend by year end.” As previously reported, SuRo Capital’s net assets totaled approximately $192.7 million, or $11.84 per share, at June 30, 2020, and approximately $213.9 million, or $11.24 per share as of September 30, 2019. As of September 30, 2020, SuRo Capital’s dividend adjusted net asset value is estimated to be between $12.30 and $12.60 per share. Investment Portfolio Update At September 30, 2020, SuRo Capital held positions in 24 portfolio companies – all privately-held with the exception of Palantir Technologies, Inc. During the three months ended September 30, 2020, SuRo Capital exited its investment in 4C Insights and a portion of its investment in Palantir Technologies, Inc.: Portfolio CompanyTransaction DateShares SoldAverage Net Share Price (1)Net ProceedsRealized GainPalantir Technologies, Inc.9/30/2020400,000$10.24$4.1 million$3.0 million __________________ (1) The average net share price is the net share price realized after deducting all commissions and fees on the sales. Portfolio CompanyInvestmentTransaction DateNet ProceedsRealized Loss4C Insights (f/k/a The Echo Systems Corp)(1)Commo...