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SuRo Capital Corp. Third Quarter 2023 Preliminary Investment Portfolio Update
Net Asset Value Anticipated to be $8.15 to $8.65 Per Share NEW YORK, Oct. 10, 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 $8.15 to $8.65 Per Share\nNEW YORK, Oct. 10, 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 third quarter ended September 30, 2023. “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. Despite these cross currents, we remain steadfast in our belief that there are high-quality opportunities available at attractive prices that allow us to be both opportunistic and judicious with the deployment of capital,” said Mark Klein, Chairman and Chief Executive Officer of SuRo Capital. Mr. Klein continued, “Based on information presently available, we project our NAV to be between $8.15 to $8.65 per share for the quarter ended September 30, 2023. Given this range, 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.” As previously reported, SuRo Capital’s net assets totaled approximately $186.7 million, or $7.35 per share at June 30, 2023, and approximately $221.8 million, or $7.83 per share at September 30, 2022. As of September 30, 2023, SuRo Capital’s net asset value is estimated to be between $8.15 to $8.65 per share. As of September 30, 2023, there were 25,209,108 shares of the Company’s common stock outstanding. Investment Portfolio Update As of September 30, 2023, SuRo Capital held positions in 39 portfolio co...