Net Asset Value of $7.39 Per Share as of December 31, 2022
NEW YORK, March 15, 2023 (GLOBE NEWSWIRE) -- SuRo Capital Corp. (“SuRo Capital”, the “Company”, “we”, “us”, and “our”) (Nasdaq: SSSS) today announced its financial results for the fourth quarter and fiscal year ended December 31, 2022. Net assets totaled approximately $210.0 million, or $7.39 per share, at December 31, 2022 as compared to $7.83 per share at September 30, 2022 and $11.72 per share at December 31, 2021.
“Over the weekend, the second and third largest bank failures in U.S. history occurred. The residual impact of these events is still rippling through the broader markets. Our team was quick to assess and, where possible, mitigate exposure to affected banks and to support our portfolio companies, as needed. SuRo Capital’s direct exposure to affected banks was limited to a less than $2,000 business checking account at Silicon Valley Bank. SuRo Capital’s cash is held at our custodian, US Bank, and in short-term US treasuries," said Mark Klein, Chairman and Chief Executive Officer of SuRo Capital.
Mr. Klein continued, “In addition to the recent bank closures, last year’s historic volatility in equity markets has continued into 2023. With $125.0 million of investable capital, we remain poised to continue investing in both primary and secondary opportunities for later-stage, high-growth companies at what we believe will be compelling valuations. While there is still a divergence between pricing in the private and public markets, we believe valuations will continue to converge, creating advantageous conditions for us to deploy capital. During the fourth quarter of 2022, we completed a $10.0 million primary investment in Locus Robotics Corp., a leader in autonomous mobile robots (AMR) for fulfillment and distribution warehouses."
“As previously discussed, SuRo Capital remains committed to shareholder value-enhancing initiatives. Given the current discount our stock is trading at compared to net asset value per share, we believe near-term utilization of our active Share Repurchase Program is an efficient and accretive deployment of capital,” Mr. Klein concluded.
Investment Portfolio as of December 31, 2022
At December 31, 2022, SuRo Capital held positions in 39 portfolio companies – 33 privately held and 6 publicly held, some of which may be subject to certain lock-up provisions – with an aggregate fair value of approximately $157.2 million, excluding short-term US treasuries. The Company’s top five portfolio company investments accounted for approximately 59% of the total portfolio at fair value as of December 31, 2022.
Top Five Investments as of December 31, 2022
| Portfolio Company ($ in millions) | Cost Basis | Fair Value | % of Total Portfolio | ||
| Learneo, Inc. (f/k/a Course Hero, Inc.) | $ | 15.0 | $ | 50.5 | 32.2% |
| Blink Health, Inc. | 15.0 | 10.9 | 7.0 | ||
| Orchard Technologies, Inc. | 10.5 | 10.5 | 6.7 | ||
| Locus Robotics Corp. | 10.0 | 10.0 | 6.4 | ||
| Architect Capital PayJoy SPV, LLC | 10.0 | 10.0 | 6.4 | ||
| Total (may not sum due to rounding) | $ | 60.5 | $ | 92.0 | 58.5% |
Fourth Quarter 2022 Investment Portfolio Activity
During the three months ended December 31, 2022, SuRo Capital funded the following new and follow-on investments (excluding short-term US treasuries):
| Portfolio Company | Investment | Transaction Date | Amount | |
| Locus Robotics Corp. | Series F Preferred | 11/30/2022 | $10.0 million | |
| YouBet Technologies Inc. (d/b/a FanPower)(1) | Series Seed-2 Preferred | 11/17/2022 | $250,000 | |
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(1) Represents a follow-on investment made through SuRo Capital Sports, LLC.During the three months ended December 31, 2022, SuRo Capital exited or received proceeds from the following investments:
| Portfolio Company | Transaction Date | Shares Sold | Average Net Share Price(1) | NetProceeds | Realized Gain/(Loss) | ||
| Kahoot! ASA(2) | 10/19/2022 | 61,367 | $2.12 | $0.1 million | $(0.2 million) | ||
| NewLake Capital Partners, Inc(3) | Various | 2,375 | $17.86 | ||||