SuRo Capital Corp. filed SEC Form 8-K: Results of Operations and Financial Condition, Other Events, Financial Statements and Exhibits
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| Item 2.02. | Results of Operations and Financial Condition. |
On July 11, 2024, SuRo Capital Corp. (“SuRo Capital” or the “Company”) issued a press release containing preliminary estimates of its results for the secpmd quarter ended June 30, 2024 (the “Press Release”). A copy of the Press Release is included as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated into this Item 2.02 by reference.
The information disclosed under this Item 2.02, including the information set forth in Exhibit 99.1 hereto, is being “furnished” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise. The information in this Item 2.02 shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, or into any filing or other document pursuant to the Exchange Act, except as otherwise expressly stated in any such filing.
| Item 8.01. | Other Events. |
Preliminary Estimates and Investment Portfolio Update
On July 11, 2024, the Company disclosed the following information in the Press Release.
Preliminary Estimates of Results for the Quarter Ended June 30, 2024
As previously reported, SuRo Capital’s net assets totaled approximately $181.7 million, or $7.17 per share, at March 31, 2024, and approximately $186.7 million, or $7.35 per share, at June 30, 2023. As of June 30, 2024, SuRo Capital’s net asset value is estimated to be between $6.70 and $7.20 per share.
As of June 30, 2024, there were 23,378,002 shares of the Company’s common stock outstanding.
Investment Portfolio Update
As of June 30, 2024, the Company held positions in 39 portfolio companies – 35 privately held and 4 publicly held, some of which may be subject to certain lock-up provisions.
During the three months ended June 30, 2024, the Company made the following investments, excluding short-term U.S. treasuries:
| Portfolio Company | Investment | Transaction Date | Amount | |||
| Canva, Inc. | Common Shares | 4/17/2024 | $10.0 million | |||
| CW Opportunity 2 LP | Class A Interest | 5/7/2024 | $15.0 million |
During the three months ended March 31, 2024, the Company exited or received proceeds from the following investments, excluding short-term U.S. treasuries:
| Portfolio Company | Transaction Date | Net Proceeds | Realized Gain | |||||
| Architect Capital PayJoy SPV, LLC(1) | 6/28/2024 | $10.0 million | $ | -- | ||||
| True Global Ventures 4 Plus Pte Ltd | 6/28/2024 | $0.2 million | $ | -- | ||||
| (1) | On June 28, 2024, SuRo Capital redeemed its Membership Interest in Architect Capital PayJoy SPV, LLC. |
Preliminary Estimates and Guidance
The preliminary financial estimates provided herein are unaudited and have been prepared by, and are the responsibility of, the management of the Company. Neither the Company’s independent registered public accounting firm, nor any other independent accountants, have audited, reviewed, compiled, or performed any procedures with respect to the preliminary financial data included herein. Actual results may differ materially.
The Company expects to announce its second quarter ended June 30, 2024 results in August 2024.
Forward-Looking Statements
Statements included herein, including statements regarding the Company’s beliefs, expectations, intentions, or strategies for the future, may constitute “forward-looking statements.” The Company cautions that any forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from those projected or implied in these statements. All forward-looking statements involve a number of risks and uncertainties, including the impact of any market volatility that may be detrimental to our business, our portfolio companies, our industry, and the global economy, that could cause actual results to differ materially from the plans, intentions, and expectations reflected in or suggested by the forward-looking statements. Risk factors, cautionary statements, and other conditions which could cause the Company’s actual results to differ from management's current expectations, are contained in the Company’s filings with the Securities and Exchange Commission. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances that may arise after the date of this Current Report on Form 8-K.
| Item 9.01. | Financial Statements and Exhibits. |
| Exhibit No. | Description |
| Exhibit 99.1 | Press Release dated July 11, 2024* |
| Exhibit 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
* The press release attached hereto as Exhibit 99.1 is “furnished” and not “filed,” as described in Item 2.02 of this Current Report on Form 8-K.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: July 11, 2024 | SURO CAPITAL CORP. | |
| By: | /s/ Allison Green | |
| Allison Green Chief Financial Officer, Chief Compliance Officer, Treasurer and Corporate Secretary |
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