SuRo Capital Corp. Third Quarter 2022 Preliminary Investment Portfolio Update

Net Asset Value Anticipated to be $7.55 to $8.05 Per Share

NEW YORK, Oct. 12, 2022 (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, 2022.

“The first nine months of 2022 were the worst for equity markets in the past two decades. As macroeconomic challenges persist, we expect continued acceleration in the repricing of private securities. Given our considerable cash and cash equivalents position of approximately $140.0 million, we believe we are well positioned to be opportunistic in evaluating new, late stage, high-growth companies at compelling valuations. Based on information presently available, for the quarter ended September 30, 2022, we anticipate SuRo Capital’s net asset value per share to be approximately $7.55 to $8.05,” said Mark Klein, Chairman and Chief Executive Officer of SuRo Capital. SuRo Capital’s net asset value per share was $9.24 as of June 30, 2022 and $14.79 as of September 30, 2021.

Klein continued, “Given the continued volatility in the public and private markets, we remain judicious in deploying capital. During the third quarter 2022, we added one new company to our portfolio, XGroup Holdings Limited (d/b/a Xpoint) (via SuRo Capital Sports, LLC), and completed a follow-on investment in Orchard Technologies, Inc.”

“SuRo Capital continues its commitment to shareholder value-enhancing initiatives. Given the discount our stock has traded at compared to net asset value per share, we believe our active Share Repurchase Program and recent Modified Dutch Auction Tender Offer to be efficient and accretive deployments of capital. During the third quarter we initiated and executed the Modified Dutch Auction Tender Offer, resulting in the purchase of 2.0 million shares of common stock for $6.60 per share. Year to date, in combination with the Board authorization of an additional $15.0 million to the Share Repurchase Program, SuRo Capital has repurchased over 3.0 million shares of common stock with approximately $16.4 million remaining in the Board-authorized Share Repurchase Program,” Klein concluded.

As previously reported, SuRo Capital’s net assets totaled approximately $280.2 million, or $9.24 per share, at June 30, 2022 and approximately $425.8 million, or $14.79 per share, at September 30, 2021. As of September 30, 2022, SuRo Capital’s net asset value per share is estimated to be between $7.55 to $8.05 per share.

As of September 30, 2022, there were 28,333,661 shares of the Company’s common stock outstanding.

Investment Portfolio Update

At September 30, 2022, SuRo Capital held positions in 39 portfolio companies – 32 privately held and 7 publicly held, some of which may be subject to certain lock-up provisions.

During the three months ended September 30, 2022, SuRo Capital made the following investments:

During the three months ended September 30, 2022, SuRo Capital exited or received proceeds from the following investments: