SuRo Capital Corp. Q1 2024 Preliminary Investment Portfolio Update; Says In Q1 We Added One New Portfolio Company Through A $10M Primary Investment In Supplying Demand, Inc. (d/b/a Liquid Death), And Are In Final Documentation On Another Compelling New Investment
SuRo Capital Corp. ("SuRo Capital", the "Company", "we", "us", and "our") (Nasdaq: SSSS) today provided the following preliminary update on its investment portfolio for the first quarter ended March 31, 2024.
"We remain incredibly enthusiastic about both our investment pipeline and our current portfolio as the IPO market strengthens and new opportunities at compelling valuations continue to come to light. We are now executing on these opportunities. As such, we are excited to announce that during the first quarter, we added one new portfolio company through a $10.0 million primary investment in Supplying Demand, Inc. (d/b/a Liquid Death), a CPG brand focused on still water, sparkling water, and teas, and are in final documentation on another compelling new investment," said Mark Klein, Chairman and Chief Executive Officer of SuRo Capital.
"With these exciting new additions to our portfolio, and over $60.0 million in investable capital, we remain steadfast in our belief that there continue to be high-quality opportunities available at attractive prices that allow us to be both opportunistic and judicious with the deployment of capital," Mr. Klein continued.
"As we have consistently demonstrated, SuRo Capital is committed to initiatives that enhance shareholder value, and we believe the market is currently undervaluing our portfolio. Given the discount our stock has traded at compared to net asset value per share, we believe our recent Modified Dutch Auction Tender Offer was an efficient and accretive deployment of capital. As announced in the first quarter and executed subsequent to quarter-end, the Modified Dutch Auction Tender Offer resulted in the purchase of 2.0 million shares of common stock for $4.70 per share. Further, we continue to monitor leveraging the remaining $20.7 million authorized under our active Share Repurchase Program," concluded Mr. Klein.
As previously reported, SuRo Capital's net assets totaled approximately $203.4 million, or $7.99 per share, at December 31, 2023, and approximately $215.0 million, or $7.59 per share at March 31, 2023. As of March 31, 2024, SuRo Capital's net asset value is estimated to be between $6.90 to $7.40 per share.