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Sutter Rock Capital Corp. Reports First Quarter 2020 Financial Results
Net Asset Value of $10.22 per Share as of March 31, 2020 SAN FRANCISCO, May 08, 2020 (GLOBE NEWSWIRE) -- Sutter Rock Capital Corp. (“Sutter Rock” or the
About this update from Suro Capital Corp.
[{"type":"text","content":"Net Asset Value of $10.22 per Share as of March 31, 2020\nSAN FRANCISCO, May 08, 2020 (GLOBE NEWSWIRE) -- Sutter Rock Capital Corp. (“Sutter Rock” or the “Company”) (Nasdaq:SSSS) today announced financial results for the quarter ended March 31, 2020. Net assets totaled approximately $172.5 million, or $10.22 per share at March 31, 2020, as compared to $11.38 per share at December 31, 2019 and $10.75 per share at March 31, 2019.\n “Despite the ongoing impact of the COVID-19 outbreak, we believe our portfolio is well-positioned to weather the uncertainty and ultimately capitalize on several drivers of economic recovery,” said Mark Klein, President and Chief Executive Officer of Sutter Rock. “While overall market conditions contributed to a decline in NAV during the quarter, our strategic focus on identifying and investing in dynamic, high-growth, institutionally-backed private companies remains unchanged. To that end, we continue to evaluate and have committed to several exciting investment opportunities we expect to announce by the end of the second quarter.” Investment Portfolio as of March 31, 2020 At March 31, 2020, Sutter Rock held positions in 22 portfolio companies with an aggregate fair value of approximately $159.9 million. As a result of the Company’s continued strategy to increase the size of its investments in individual portfolio companies, Sutter Rock has consolidated its investment portfolio around its top positions. The Company’s top five portfolio company investments accounted for approximately 69% of the total portfolio at fair value as of March 31, 2020. Top Five Investments as of March 31, 2020 $ in millionsFair Value % of Total Portfolio Coursera, Inc.$34.7 21.7% Palantir Technologies, Inc. 30.5 19.1 Course Hero, Inc. 24.6 15.4 Nextdoor.com, Inc. 10.8 6.7 Ozy Media, Inc. 9.3 5.8 Total (rounded)$110.0 68.7% First Quarter 2020 Investment Portfolio Activity During the three months ended March 31, 2020, Sutter Rock exited its position in Parchment, Inc.: Portfolio CompanyShares SoldNet ProceedsRealized Gain Parchment, Inc.3,200,512$10.9 million$6.9 million Subsequent to quarter-end, through May 8, 2020, Sutter Rock has committed to make the following investment: Portfolio CompanyInvestmentAnticipatedTransaction DateInvestment (in millions) Neutron Holdings, Inc. (d/b/a Lime)Convertible Promissory NoteMay 2020$0.5 ...