Net Asset Value of $14.79 Per Share as of September 30, 2021
Board of Directors Declares $2.00 Per Share Dividend
SAN FRANCISCO, Nov. 03, 2021 (GLOBE NEWSWIRE) -- SuRo Capital Corp. (“SuRo Capital”, the “Company”, “we”, “us”, and “our”) (Nasdaq: SSSS) today announced its financial results for the quarter ended September 30, 2021. Net assets totaled approximately $425.8 million, or $14.79 per share, at September 30, 2021, inclusive of a $2.25 per share dividend declared and paid during the third quarter, as compared to $16.56 per share at June 30, 2021 and $12.46 per share at September 30, 2020.
“This quarter, SuRo Capital again reached its highest dividend-adjusted NAV since inception driven by four completed or announced SPAC mergers, two completed or announced IPOs, and two completed acquisitions. These major milestones for our portfolio companies create significant present and future value for our shareholders and allow SuRo Capital to deploy meaningful capital in new and exciting investment opportunities,” said Mark Klein, Chairman and Chief Executive Officer of SuRo Capital.
Mr. Klein continued, “As we deploy this capital, we continue to maintain a selective and robust investment pipeline. During the third quarter, we added seven new companies to our investment portfolio, including Orchard Technologies, Inc., Varo Money, Inc., and PayJoy, Inc. We continue to be opportunistic in seeking out compelling high-growth companies.”
“Consistent with our desire to be shareholder friendly and our continued practice of distributing realized gains, on November 2, 2021, SuRo Capital’s Board of Directors declared a $2.00 per share dividend to shareholders and approved an extension of the Share Repurchase Program to October 31, 2022. The dividend will be payable on December 30, 2021, to shareholders of record on November 17, 2021. Our Board is offering shareholders the option to elect to take as much as 100% of their dividend in stock and has capped the aggregate cash dividend to 50% of the total dividend payable. This brings the aggregate dividends declared or paid in 2021 to $7.25 per share,” said Mr. Klein.
Investment Portfolio as of September 30, 2021
At September 30, 2021, SuRo Capital held positions in 39 portfolio companies with an aggregate fair value of approximately $315.8 million. The Company’s top five portfolio company investments accounted for approximately 54% of the total portfolio at fair value as of September 30, 2021.
Top Five Investments as of September 30, 2021
| Portfolio Company ($ in millions) | Cost Basis | Fair Value | % of Total Portfolio | |||
| Course Hero, Inc. | $ | 5.0 | $ | 71.7 | 22.7 | % |
| Coursera, Inc. | 9.4 | 47.8 | 15.1 | |||
| Forge Global, Inc. | 2.5 | 20.4 | 6.4 | |||
| Nextdoor, Inc. | 10.0 | 16.2 | 5.1 | |||
| Blink Health, Inc. | 15.0 | 15.0 | 4.8 | |||
| Total | $ | 42.0 | $ | 171.0 | 54.1 | % |
__________________Note: Total may not sum due to rounding.
Third Quarter 2021 Investment Portfolio Activity
During the three months ended September 30, 2021, SuRo Capital made the following new investments:
| Portfolio Company | Investment | Transaction Date | Amount |
| Orchard Technologies, Inc. | Series D Preferred Shares | 8/9/2021 | $10.0 million |
| Varo Money, Inc. | Common Shares | 8/11/2021 | $10.0 million |
| PayJoy, Inc. | Preferred Shares | 7/23/2021 | $2.5 million |
| True Global Ventures 4 Plus Pte Ltd | Limited Partner Fund Investment | 8/27/2021 | $0.7 million(1) |
| YouBet Technology, Inc. (d/b/a PickUp) | Series Seed-2 Preferred Shares | 8/26/2021 | $0.5 million |
| AltC Sponsor LLC(2) | Share Units | 7/21/2021 | $0.3 million |
___________________(1) As of September 30, 2021, $0.7 million of a $2.0 million capital commitment to True Global Ventures 4 Plus Fund LP had been called and funded.(2) AltC Sponsor LLC is the sponsor of AltC Acquisition Corp., a special purpose acquisition company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.
During the three months ended September 30, 2021, SuRo Capital funded the following follow-on investment:
| Portfolio Company | Investment | Transaction Date | Amount |
| Architect Capital PayJoy SPV, LLC | Membership Interest in Lending SPV | Various | $7.4 million(1) |
____________________(1) As of September 30, 2021, the total $10.0 million capital commitment to Architect Capital PayJoy SPV LLC had been called and funded.
During the three months ended September 30, 2021, SuRo Capital exited or received proceeds from the following investments:
| Portfolio Company | Transaction Date | Shares Sold | Average Net Share Price(1) | Net Proceeds | Realized Gain |
| Coursera, Inc.(2) | Various | 837,181 | $39.12 | $32.8 million | $28.6 million |
| CUX, Inc. (d/b/a CorpU) | 8/24/2021 | N/A | N/A | $6.0 million(3) | $2.0 million(3) |
| Clever, Inc. | 9/3/2021 | N/A | N/A | $3.0 million(4) | $1.0 million(4) |
| Residential Homes For Rent, LLC (d/b/a Second Avenue)(5) | Various | N/A | N/A | $0.3 million | $- |
| Palantir Lending Trust SPV I(6) | Various | N/A | N/A | $0.3 million | $0.3 million |
__________________(1) The average net share price is the net share price realized after deducting all commissions and fees on the sale(s), if applicable.(2) As of September 30, 2021, SuRo Capital held 1,509,090 remaining Coursera common shares.(3) Net proceeds includes approximately $0.3 million in additional proceeds currently held in escrow.(4) On September 3, 2021, Clever, Inc. completed its sale to Kahoot! ASA. In connection with this transaction, SuRo Capital received 61,367 common shares in Kahoot! ASA in addition to cash proceeds and amounts currently held in escrow. As of September 30, 2021, SuRo Capital's common shares in Kahoot! ASA were subject to certain lock-up restrictions. Net proceeds includes approximately $0.7 million additional proceeds currently held in escrow.(5) As of September 30, 2021, $1.1 million has been received from Residential Homes For Rent, LLC (d/b/a Second Avenue) related to the 15% term loan due December 23, 2023. Of the cumulative proceeds received, $0.8 million repaid a portion of the outstanding principal and $0.3 million was attributed to interest.(6) During the quarter ended September 30, 2021, 100,000 of the Class A common shares of Palantir Technologies, Inc. that comprised the beneficial equity interest in underlying shares were sold. As of September 30, 2021, 512,290 unrestricted Class A common shares remain in Palantir Lending Trust SPV I. The realized gain from SuRo Capital's investment in Palantir Lending Trust SPV I is generated by the proceeds from the sale of shares collateralizing the repaid promissory note to Palantir Lending Trust SPV I and attributable to the Equity Participation in Underlying Collateral.
Subsequent to quarter-end through November 2, 2021, SuRo Capital funded the following new investment:
| Portfolio Company | Investment | Transaction Date | Amount |
| Rebric, Inc. (d/b/a Compliable) | Series Seed-4 Preferred Shares | 10/12/2021 | $1.0 million |
Subsequent to quarter-end through November 2, 2021, SuRo Capital exited or received proceeds from the following investments:
| Portfolio Company | Transaction Date | Shares Sold | Average Net Share Price(1) | Net Proceeds | Realized Gain |
| Coursera, Inc.(2) | Various | 1,409,090 | $34.42 | $48.5 million | $40.8 million |
| Skillsoft, Inc.(3) | Various | 18,157 | $12.63 | $0.2 million |