Suro Capital Corp. · NASDAQ:SSSS
Suro Capital — Q2 2020 Earnings Presentation
13 slides from Suro Capital's earnings presentation, Aug 6, 2020
Slide 1: Q2 2020 Earnings Call
Q2 2020 Earnings Call August 5 , 2020
Slide 2: Forward Looking Statements
2 Forward Looking Statements Statements included herein, including statements regarding SuRo Capital Corp . 's ("SuRo Capital", "SSSS", "we", "us" or "our") beliefs, expectations, intentions or strategies for the future, may constitute "forward - looking statements" . SuRo Capital cautions you that
Slide 3: Overview and Impact of COVID-19 Outbreak
Overview and Impact of COVID - 19 Outbreak 3 SuRo Capital’s Net Asset Value per share is $ 11 . 84 as of June 30 , 2020 , SuRo Capital’s highest dividend - adjusted NAV in 5 years Increase from $ 10 . 22 per share at March 31 , 2020 Net Asset Value totaled approximately $ 192 . 7 million at qu
Slide 4: Top Positions as % of Total Investment Portfolio at Fair Value
Top 5 Positions = 68 % of Total Investment Portfolio at Fair Value Based on Total Investment P ortfolio Fair V alue of $199.0 million 4 Cost Basis ($ in millions) Fair Value ($ in millions) % of Investment Portfolio 1 $14.5 $49.9 25.1% 2 $5.0 $33.2 16.7% 3 $16.2 $30.5 15.3% 4 $10.9 $11.3 5.7% 5 $10.
Slide 5: Notable Portfolio Company Developments
Notable Portfolio Company Developments 5 Second Quarter 2020 Portfolio Company Ongoing Process Commentary Potential IPO ▪ In July 2020 , several media outlets (including Reuters and Business Insider ) reported Palantir filed its S - 1 ahead of an expected IPO in late Summer or early Fall 2020 , whic
Slide 6: Key Investment Themes
47.5% 9.1% 18.8% 12.7% 11.4% Key Investment Themes As a Percentage of Total Investment Portfolio at Fair Value as of 6/30/2020 Note: Sustainability investment theme accounted for 0.5% of Total Investment Portfolio in the second quarter . 6 ($ in millions) (1) Sustainability investment theme accounte
Slide 7: PIPE Opportunities via SPAC Mergers
PIPE Opportunities via SPAC Mergers SuRo Capital remains well positioned to participate in private placements alongside SPACs 7 Second Quarter 2020 $0.5 $1.1 $0.5 $1.4 $1.7 $3.9 $3.5 $10.0 $10.8 $13.5 $22.0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 YTD Source: Dealogic , Citigroup resea
Slide 8: Investment Activity – Rent the Runway
8 Investment Activity – Rent the Runway • Founded in 2009 and headquartered in New York City, Rent the Runway operates an online platform, mobile app, and physical stores for the rental of designer apparel and accessories Description • As market leader, Rent the Runway has accumulated a strong data
Slide 9: Investment Activity – Palantir Lending Trust
9 Investment Activity – Palantir Lending Trust • As part of our previously announced private credit initiatives, during Q2, SuRo Capital structured a collateralized loan to Palantir Lending Trust, a trust owned by an ex - Palantir employee Description • The collateralized loan funded the exercise of
Slide 10: Investment Activity - Neutron Holdings, Inc. (d/b/a Lime)
10 Investment Activity - Neutron Holdings, Inc. (d/b/a Lime) Second Quarter 2020 • Founded in 2017 and headquartered in San Francisco, Lime operates a scooter - sharing platform designed to create an efficient micro - mobility infrastructure in over 100 countries Description • COVID - 19 is affectin
Slide 11: Investment Activity – Coursera
11 Investment Activity – Coursera • Coursera provides universal access to the world’s best education, partnering with top universities and organizations to offer courses online. • SuRo Capital initially invested in Coursera’s June 2013 Series B financing Description • The impact of COVID - 19 has ac
Slide 12: Financial Highlights For the Quarter Ended June 30, 2020
Dollars ($ in millions) Per Share (1) Net Assets at Beginning of Period $172.5 $10.22 Net Investment Loss (2) ($4.7) ($0.29) Net Realized Loss on Investments ($0.0) ($0.00) Net Change in Unrealized Appreciation of Investments $26.5 $1.62 Repurchase of Common Stock (3) ($3.6) $0.17 Stock - Based Comp
Slide 13: Share Repurchase Program
13 Share Repurchase Program Since commencement of the Share Repurchase Program in August 2017, SuRo Capital has repurchased approximately 20% of its then - outstanding shares (2) Period Shares Repurchased Cash Used Allocation Remaining 2017 Total Repurchases 934,658 $4.9 $5.1 2018 Total Repurchases