Suro Capital Corp. · NASDAQ:SSSS
Suro Capital — Investor Presentation (January 2021)
17 slides from Suro Capital's investor presentation, Jan 13, 2021
Slide 1: Investor Presentation January 2021
Investor Presentation January 2021
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: SuRo Capital Presenters
3 SuRo Capital Presenters January 2021 Chairman & CEO of SuRo Capital since 2017 and a director since 2011 , Mark spearheaded the firm’s rebranding from GSV Capital in 2019 Director of Churchill Capital Corp II & Churchill Capital Corp III, SPACs that raised $ 690 M & $ 1 . 1 B in IPOs on the NY
Slide 4: Fast Facts Overview and Key Investment Themes
Fast Facts Overview Key Investment Themes (3) 4 SuRo Capital Overview SuRo Capital, formerly Sutter Rock Capital and GSV Capital, is a Nasdaq - listed BDC (NASDAQ : SSSS) designed to provide access to high - growth, venture - capital - backed emerging private companies Driven by fundamental stru
Slide 5: Top 5 Positions = 71% of Total Investment Portfolio at Fair Value
Cost Basis (in $M) Fair Value (in $M) % of Investment Portfolio 1 $17.4 $52.7 24.5% 2 $15.1 $46.7 21.7% 3 $5.0 $31.8 14.8% 4 $10.0 $10.6 4.9% 5 $10.9 $10.3 4.8% $58.4 $152.1 70.6% 5 Top 5 Positions = 71% of Total Investment Portfolio at Fair Value Based on Total Investment Portfolio F air Value of $
Slide 6: Historical NAV Per Share Including Dividends
8.66 9.64 9.89 11.38 15.5 0 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 6 Historical NAV Per Share Including Dividends 4 Year CAGR of 17.3% for NAV Per Share on a Dividend Adjusted Basis $0.32 in dividends $0.87 in dividends January 2021 (1) (1) Represents top end of SuRo Capital’s antici
Slide 7: Select Current & Previous Portfolio Companies
Select Current & Previous Portfolio Companies 7 Current SuRo Capital Portfolio Company January 2021 LENDING TRUST Q4 2020 New Investment
Slide 8: Targeted Approach on Late-Stage Equity Opportunities
Targeted Approach on Late - Stage Equity Opportunities 8 SuRo Capital has been successful investing in late - stage companies and monetizing investments via IPO SuRo Capital continues to invest alongside top VCs and institutional investors including 8 VC, Bain Capital Ventures, Fidelity Investme
Slide 9: SuRo Capital Private Credit Strategy
Source: Pitchbook company profile. (1) As of December 31, 2020, $8.7M has been received from Palantir Lending Trust SPV I. Of the proceeds received, approximately $6. 9M fully repaid the outstanding principal, approximately $0.8M was attributed to the accrued guaranteed interest, and $1.0M was gener
Slide 10: SuRo Capital: Pre-SPAC Merger PIPEs
$0.5 $1.1 $0.5 $1.4 $1.4 $4.2 $3.8 $10.8 $10.3 $13.3 $81.5 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 SuRo Capital: Pre - SPAC Merger PIPEs 10 January 2021 SuRo Capital Has Committed to Invest $10M in Skillsoft Via a Pre - SPAC Merger PIPE in Churchill Capital II Total SPAC Issuance ($B)
Slide 11: Investment Activity: Blink Health
January 2021 Investment Activity: Blink Health Q4 2020 Blink Health Overview • Blink Health is a digital pharmacy platform that allows consumers to pay the best possible price for their prescription drugs • Provides manufacturers and health systems real time analytics centered around prescription an
Slide 12: Investment Activity: Second Avenue
January 2021 Investment Activity: Second Avenue Q4 2020 SuRo Capital Investment • SuRo Capital Investment : $ 4 . 5 M • As part of our previously announced private credit initiatives, SuRo Capital structured a secured term loan with Second Avenue of $ 3 M • Term : 36 months with a minimum interest t
Slide 13: Investment Activity: Enjoy Technology (Follow-On)
• SuRo Capital Investment : $ 5 . 5 M ( 1 ) , including a $ 0 . 5 M follow - on investment in a convertible note in Q 4 2020 • The year 2020 was a breakout year for Enjoy as the COVID - 19 pandemic accelerated the shift to online shopping and highlighted the criticality of Enjoy’s deep engagement mo
Slide 14: Investment Activity: GreenAcreage (Follow-On)
• During the November 3, 2020 election, Arizona, Mississippi, Montana, New Jersey, and South Dakota all approved cannabis use with all states but Mississippi approving it for recreational use • This brings the total number of states with fully legalized cannabis use to 15, and the total number of st
Slide 15: Investment Activity: Coursera (Follow-On)
Investment Activity: Coursera (Follow - On) 15 Q3 2020 • SuRo Capital Investment: $17.4M, including $2.8M follow - on investment in Coursera’s Series F financing • On July 17, 2020, Coursera announced a $130M Series F equity financing. According to The Information , the financing values Coursera at
Slide 16: Highlighted Portfolio Companies
(1) At September 30, 2020. (2) Palantir position fair value and cost basis as of September 30, 2020 does not include share sales that occurred during Q4 202 0. (3) According to TechCrunch’s “Course Hero, a Profitable EdTech Unicorn, Raises Rare Cash” from August 6, 2020 and Pitchbook comp any profil
Slide 17: SSSS Share Price and NAV
70 120 170 220 270 320 3/31/2017 6/30/2017 9/30/2017 12/31/2017 3/31/2018 6/30/2018 9/30/2018 12/31/2018 3/31/2019 6/30/2019 9/30/2019 12/31/2019 3/31/2020 6/30/2020 9/30/2020 12/31/2020 SSSS NAV NASDAQ Market Data as of 01/06/2021 (1) The Waiver Agreement was effective February 1, 2018 and changed