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 April 7, 2025, SuRo Capital Corp. (“SuRo Capital” or the “Company”) issued a press release containing preliminary estimates of its results for the first quarter ended March 31, 2025 (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 April 7, 2025, the Company disclosed the following information in the Press Release.
Preliminary Estimates of Results for the Quarter Ended March 31, 2024
As previously reported, SuRo Capital’s net assets totaled approximately $157.6 million, or $6.68 per share, at December 31, 2024, and approximately $181.7 million, or $7.17 per share, at March 31, 2024. As of March 31, 2025, SuRo Capital’s net asset value is estimated to be between $6.50 and $7.00 per share.
As of March 31, 2025, there were 23,551,859 shares of the Company’s common stock outstanding.
Investment Portfolio Update
As of March 31, 2025, the Company held positions in 37 portfolio companies – 32 privately held and 5 publicly held, some of which may be subject to certain lock-up provisions.
During the three months ended March 31, 2025, the Company made the following investments, excluding short-term U.S. treasuries:
| Portfolio Company | Investment | Transaction Date | Amount(1) | |||||
| Orchard Technologies, Inc. | Series 1 Senior Preferred | 1/31/2025 | $0.2 million | |||||
| Orchard Technologies, Inc. | Simple Agreement for Future Equity | 1/31/2025 | $0.1 million | |||||
| Whoop, Inc. | Simple Agreement for Future Equity | 2/6/2025 | $1.0 million |
| (1) | Amount invested does not include any capitalized costs, if applicable. |
Subsequent to quarter-end through April 7, 2025, the Company made the following investments:
| Portfolio Company | Investment | Transaction Date | Amount(1) | |||||
| Plaid Inc.(2) | Class A Common Shares | 4/4/2025 | $5.0 million |
| (1) | Amount invested does not include any capitalized costs, if applicable. |
| (2) | The Company’s investment in the common shares of Plaid Inc. was made through 1789 Capital Nirvana II LP, a special purpose vehicle in which the Company is the Sole Limited Partner. The Company paid a 7% origination fee at the time of investment. |
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 first quarter ended March 31, 2025 results in May 2025.
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 April 7, 2025* |
| 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: April 7, 2025 | SURO CAPITAL CORP. | |
| By: | /s/ Allison Green | |
| Allison Green | ||
| Chief Financial Officer, Chief Compliance | ||
| Officer, Treasurer and Corporate Secretary | ||