Suro Capital Corp. · NASDAQ:SSSS
Suro Capital — Sutter Rock Capital — Q2 2019 Earnings Presentation
11 slides from Suro Capital's earnings presentation, Aug 7, 2019
Slide 1: Q2 2019 Earnings Call
Q2 2019 Earnings Call August 7, 2019
Slide 2: Forward Looking Statements
2 Forward Looking Statements This presentation contains forward - looking statements that involve substantial risks and uncertainties . All forward - looking statements included in this presentation are made only as of the date hereof and are subject to change without notice . Actual outcomes and re
Slide 3: 2nd Quarter 2019 NAV
3 2 nd Quarter 2019 NAV Second Quarter 2019 Preliminary NAV of $10.75 $10.46 $10.58 $9.89 $10.75 $10.75 2Q18 3Q18 4Q18 1Q19 2Q19
Slide 4: Q2 Investment Portfolio Activity - Exits
4 Q2 Investment Portfolio Activity - Exits Net Realized Gain in Q2 of $13.6 million Second Quarter 2019 Dropbox • During Q2, Sutter Rock sold approximately 50% of its position in Dropbox; Sutter Rock still holds 437,530 Dropbox shares • Since June 30 th , we sold an additional 6% of our remaining po
Slide 5: Investment Activity (Committed): GreenAcreage
5 Investment Activity (Committed): GreenAcreage Second Quarter 2019 • Newly formed real estate investment trust which holds industrial and retail cannabis - related facilities currently operated by Acreage Holdings Description • Cannabis operators have a significant need for capital • Sutter Rock is
Slide 6: Investment Activity (Committed): Aspiration
6 Investment Activity (Committed): Aspiration Second Quarter 2019 • Aspiration is a mobile banking platform that offers socially responsible banking and investing products and services Description • Demonstrated success in appealing to a market that has typically been under - banked • More than half
Slide 7: Top Positions = 60% of Total Investment Portfolio FMV
7 Top 5 Positions = 60% of Total Investment Portfolio FMV Based on Total Investment Portfolio Value of $183.4 million Fair Value ($ in millions) % of Total Portfolio 5 $11.0 6.0% 4 $18.8 10.2% 3 $19.0 10.4% 2 $30.6 16.7% 1 $30.7 16.7 % $110.1 60.0% $125.7 87.6% Market Capitalization (6/30/2019) • Su
Slide 8: Key Investment Themes
Key Investment Themes Based on Total Investment Portfolio Value of $183.4 million Second Quarter 2019 ($ in millions) (1) Total may not sum due to rounding. (1) 37.7% 25.1% 22.7% 7.5% 6.5% 0.4% Legend Industry Theme Fair Value % of Portfolio Education Technology $69.2 37.7% Marketplaces $46.0 25.1%
Slide 9: Financial Highlights For the Quarter Ended June 30, 2019
Dollars Per Share Net Assets at Beginning of Period $212.5 $10.75 Net Investment Loss ($2.8) ($0.14) Net Realized Gain on Investments $13.6 $0.69 Net Change in Unrealized Depreciation of Investments ($12.4) ($0.63) Benefit from Taxes on Unrealized Depreciation of Investments $1.0 $0.05 Repurchase of
Slide 10: Share Repurchase Program
Since commencement of the Share Repurchase Program in August 2017, Sutter Rock has repurchased approximately 11% of its then - outstanding shares. 10 Share Repurchase Program Second Quarter 2019 Board of Directors Approves $5.0 million for Share Repurchase Program; Bringing Share Repurchase Program
Slide 11: Q2 2019 Earnings Call
Q2 2019 Earnings Call August 7, 2019