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SuRo Capital Corp. (SSSS)

NasdaqGS - NasdaqGS Real Time Price. Currency in USD
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13.01-0.53 (-3.94%)
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Neutralpattern detected
Previous Close13.54
Open13.98
Bid12.97 x 900
Ask13.01 x 1200
Day's Range12.92 - 13.98
52 Week Range3.60 - 14.91
Volume277,625
Avg. Volume424,141
Market Cap213.922M
Beta (5Y Monthly)N/A
PE Ratio (TTM)57.81
EPS (TTM)0.22
Earnings DateNov 04, 2020 - Nov 09, 2020
Forward Dividend & Yield0.80 (5.70%)
Ex-Dividend DateAug 10, 2020
1y Target Est14.42
  • GlobeNewswire

    SuRo Capital Corp. Reports Second Quarter 2020 Financial Results

    Net Asset Value of $11.84 per Share as of June 30, 2020SAN FRANCISCO, Aug. 05, 2020 (GLOBE NEWSWIRE) -- SuRo Capital Corp. (“SuRo Capital” or the “Company”) (Nasdaq:SSSS) today announced its financial results for the quarter ended June 30, 2020.  Net assets totaled approximately $192.7 million, or $11.84 per share, at June 30, 2020, compared to $10.22 per share at March 31, 2020 and $10.75 per share at June 30, 2019. “This quarter, SuRo Capital reported the highest dividend-adjusted net asset value per share in five years.  On July 29, 2020, we were pleased to declare a $0.15 per share dividend.  The quarter was highlighted by several significant financings for existing portfolio companies and investments in new opportunities,” said Mark Klein, President and Chief Executive Officer of SuRo Capital. “The companies in our portfolio demonstrated strong growth and resilience this quarter despite the ongoing impact of the COVID-19 outbreak.  We believe our portfolio is well-positioned given the current market conditions.”“We are also excited to announce the closing of two new investments during the second quarter: a $5.0 million equity investment in Rent the Runway, Inc. and a $6.9 million collateralized loan to Palantir Lending Trust.  SuRo Capital also made follow-on, pro rata investments in Lime during the second quarter and Coursera subsequent to quarter-end. We continue to see more opportunities to deploy capital in credit investments. We have also been exploring opportunities in pre-business combination private investments in public equity (“PIPEs”) associated with the special-purpose acquisition company (“SPAC”) asset class.”Investment Portfolio as of June 30, 2020At June 30, 2020, SuRo Capital held positions in 24 portfolio companies with an aggregate fair value of approximately $199.0 million.  As a result of the Company’s continued strategy to increase the size of its investments in individual portfolio companies, SuRo Capital has consolidated its investment portfolio around its top positions.  The Company’s top five portfolio company investments accounted for approximately 68% of the total portfolio at fair value as of June 30, 2020.Top Five Investments as of June 30, 2020$ in millions Cost Basis Fair Value % of Total Portfolio Coursera, Inc. $14.5 $49.9 25.1% Course Hero, Inc.  5.0  33.2 16.7  Palantir Technologies, Inc.  16.2  30.5 15.3  Ozy Media, Inc.  10.9  11.3 5.7  Nextdoor.com, Inc.  10.0  10.5 5.3  Total (rounded) $56.6 $135.4 68.1%            Second Quarter 2020 Investment Portfolio Activity During the three months ended June 30, 2020, SuRo Capital funded the following new and follow-on investments, excluding capitalized transaction costs:Portfolio CompanyInvestmentTransaction DateInvestment Neutron Holdings, Inc. (d/b/a Lime)Junior Preferred Convertible Note5/11/2020$0.5 million Rent the Runway, Inc.Preferred Stock6/17/2020$5.0 million Palantir Lending TrustCollateralized Loan6/19/2020$6.9 million      Subsequent to quarter-end, through August 5, 2020, SuRo Capital funded the following follow-on investment:Portfolio CompanyInvestmentTransaction DateInvestment Coursera, Inc.Preferred Shares, Series F7/15/2020$2.8 million      Second Quarter 2020 Financial Results Quarter Ended June 30, 2020Quarter Ended June 30, 2019      $ in millionsper share(1)$ in millionsper share(1)       Net investment loss (2)$(4.7)$(0.28)$(2.8)$(0.14)       Net realized gain/(loss) on investments (0.0) -  13.6  0.69        Net change in unrealized appreciation/(depreciation) of investments, net of tax effects 26.5  1.62  (11.4) (0.58)       Net increase/(decrease) in net assets resulting from operations – basic(3)$21.8 $1.34 $(0.7)$(0.03)       Repurchase of common stock(4) (3.6) 0.16  (0.7) 0.03        Stock-based compensation(2) 2.0  0.12  -  -        Increase/(decrease) in net asset value$20.2 $1.62 $(1.4)$0.00                __________________ 1. Based on weighted-average number of shares outstanding for the relevant period 2. For the quarter ended June 30, 2020, this balance includes $2.0 million of accelerated recognition of compensation cost related to the cancellation of all vested and unvested options on April 28, 2020. 3. Total may not sum, due to rounding. 4. During the quarters ended June 30, 2020 and 2019, the Company repurchased 594,637 and 115,801 shares of SuRo Capital common stock, for approximately $3.6 million and $0.7 million in cash, respectively, under its Share Repurchase Program. The use of cash in connection with the repurchases decreased net asset value as of period end; however, the reduction in shares outstanding as of period end resulted in an increase in the net asset value per share.Weighted-average common basic shares outstanding were approximately 16.4 million and 19.7 million for the quarters ended June 30, 2020 and 2019, respectively.SuRo Capital’s liquid assets were approximately $23.3 million as of June 30, 2020, consisting of cash and restricted cash.Dividend Declaration for Second Quarter 2020On July 29, 2020, SuRo Capital’s Board of Directors declared a dividend of $0.15 per share payable on August 25, 2020 to the Company’s common stockholders of record as of the close of business on August 11, 2020. The dividend will be paid in cash.Share Repurchase Program During the quarter ended June 30, 2020, SuRo Capital repurchased 594,637 shares under its Share Repurchase Program for an aggregate purchase price of $3.6 million.  The dollar value of shares that may yet be purchased by the Company under the Share Repurchase Program is approximately $2.7 million.Under the publicly announced Share Repurchase Program and the Modified Dutch Auction Tender Offer, as of August 5, 2020, the Company has repurchased 5,901,324 shares of its common stock for approximately $37.3 million since the Share Repurchase Program was announced in August 2017.Conference Call and WebcastManagement will hold a conference call and webcast for investors on August 5, 2020 at 2:00 p.m. PT (5:00 p.m. ET). The conference call access number for U.S. participants is 323-794-2093, and the conference call access number for participants outside the U.S. is 866-548-4713. The conference ID number for both access numbers is 3811592. Additionally, interested parties can listen to a live webcast of the call from the "Investor Relations" section of SuRo Capital’s website at www.surocap.com. An archived replay of the webcast will also be available for 12 months following the live presentation.A replay of the conference call may be accessed until 5:00 p.m. PT (8:00 p.m. ET) on August 12, 2020 by dialing 888-203-1112 (U.S.) or +1 719-457-0820 (International) and using conference ID number 3811592.Certain Information Regarding the DividendThe date of declaration and amount of the dividend are subject to the sole discretion of SuRo Capital’s Board of Directors.  The aggregate amount of the dividend declared and paid by SuRo Capital will be fully taxable to stockholders.  The tax character of SuRo Capital’s dividends cannot be finally determined until the close of SuRo Capital’s taxable year (December 31).  SuRo Capital will report the actual tax characteristics of each year’s dividends annually to stockholders and the IRS on Form 1099-DIV subsequent to year-end.Registered stockholders with questions regarding declared dividends may call American Stock Transfer at 800-937-5449.Forward-Looking StatementsStatements included herein, including statements regarding SuRo Capital's beliefs, expectations, intentions or strategies for the future, may constitute "forward-looking statements".  SuRo Capital cautions you that 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 the COVID-19 pandemic and 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 SuRo Capital's actual results to differ from management's current expectations are contained in SuRo Capital's filings with the Securities and Exchange Commission. SuRo Capital undertakes no obligation to update any forward-looking statement to reflect events or circumstances that may arise after the date of this press release.About SuRo Capital Corp.SuRo Capital Corp. (Nasdaq:SSSS) is a publicly traded investment fund that seeks to invest in high-growth, venture-backed private companies. The fund seeks to create a portfolio of high-growth emerging private companies via a repeatable and disciplined investment approach, as well as to provide investors with access to such companies through its publicly traded common stock. SuRo Capital is headquartered in San Francisco, CA. Connect with the company on Twitter, LinkedIn, and at www.surocap.com Contact SuRo Capital Corp. (650) 235-4769 IR@surocap.comMedia Contact Bill Douglass Gotham Communications, LLC Communications@surocap.comSURO CAPITAL CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED) June 30, 2020 December 31, 2019 ASSETS    Investments at fair value:    Non-controlled/non-affiliate investments (cost of $99,121,577 and $90,567,041, respectively)$168,700,422  $152,866,112  Non-controlled/affiliate investments (cost of $52,857,243 and $52,857,243, respectively)29,438,698  37,944,268  Controlled investments (cost of $7,161,412 and $7,161,412, respectively)860,198  775,198  Total Portfolio Investments198,999,318  191,585,578  Investments in U.S. Treasury bills (cost of $99,999,611 and $49,996,667, respectively)100,000,000  50,000,000  Total Investments (cost of $259,139,843 and $200,582,363, respectively)298,999,318  241,585,578  Cash22,385,073  44,861,263  Restricted cash900,000  —  Escrow proceeds receivable67,135  265,303  Interest and dividends receivable70,274  84,630  Deferred financing costs11,382  11,382  Prepaid expenses and other assets(1)1,197,711  1,755,933  Total Assets323,630,893  288,564,089  LIABILITIES    Accounts payable and accrued expenses(1)1,933,219  1,143,923  Payable to executive officers—  1,369,873  Accrued interest payable475,000  475,000  Dividends payable—  2,107,709  Payable for securities purchased89,499,611  44,746,660  Income tax payable38,965  —  4.75% Convertible Senior Notes due March 28, 2023(2)38,991,657  38,803,635  Total Liabilities130,938,452  88,646,800       Net Assets$192,692,441  $199,917,289  NET ASSETS    Common stock, par value $0.01 per share (100,000,000 authorized; 16,279,679 and 17,564,244 issued and outstanding, respectively)$162,797  $175,642  Paid-in capital in excess of par173,199,798  178,550,374  Accumulated net investment loss(33,351,303) (25,679,362) Accumulated net realized gain on investments12,821,670  5,867,417  Accumulated net unrealized appreciation/(depreciation) of investments39,859,479  41,003,218  Net Assets$192,692,441  $199,917,289  Net Asset Value Per Share$11.84  $11.38           __________________________________________________ 1. This balance includes a right of use asset and corresponding operating lease liability, respectively. 2. As of June 30, 2020 and December 31, 2019, the 4.75% Convertible Senior Notes due March 28, 2023 had a face value of $40,000,000.SURO CAPITAL CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Three Months Ended June 30, Six Months Ended June 30,  2020 2019 2020 2019 INVESTMENT INCOME        Non-controlled/non-affiliate investments:        Interest income$61,126  $198,175  $216,211  $336,672  Dividend income—  —  50,000  —  Non-controlled/affiliate investments:      ​ Interest income/(reversal of interest income accrual)(49,612) 60,127  (29,184) 119,593  Dividend income30,000  —  56,250  —  Controlled investments:      ​ Interest income—  29,650  —  58,937  Dividend income200,000  200,000  200,000  200,000  Total Investment Income241,514  487,952  493,277  715,202  OPERATING EXPENSES      ​ Management fees(1)—  —  —  848,723  Reversal of incentive fee accrual(1)—  —  —  (4,660,472) Costs incurred under Administration Agreement(1)—  —  —  306,084  Compensation expense(2)3,005,524  469,944  3,930,440  632,108  Directors’ fees111,250  86,250  222,500  172,500  Professional fees678,472  1,310,028  1,817,838  3,371,950  Interest expense568,627  600,205  1,142,027  1,204,373  Income tax expense39,590  29,949  48,255  33,712  Other expenses505,439  796,807  1,004,158  991,753  Total Operating Expenses4,908,902  3,293,183  8,165,218  2,900,731  Net Investment Loss(4,667,388) (2,805,231) (7,671,941) (2,185,529) Realized Gains/(Losses) on Investments:    ​ ​ Non-controlled/non-affiliated investments(23,987) 13,590,233  6,954,253  21,859,371  Non-controlled/affiliate investments—  —  —  (12,334,831) Net Realized Gain/(Loss) on Investments(23,987) 13,590,233  6,954,253  9,524,540  Change in Unrealized Appreciation/(Depreciation) of Investments:      ​ Non-controlled/non-affiliated investments24,821,654  (6,751,196) 7,276,832  10,277,147  Non-controlled/affiliate investments1,569,843  (1,220,012) (8,505,571) 7,802,636  Controlled investments130,698  (4,469,112) 85,000  (9,820,352) Net Change in Unrealized Appreciation/(Depreciation) of Investments26,522,195  (12,440,320) (1,143,739) 8,259,431  Provision for taxes on unrealized appreciation of investments—  979,713  —  885,566  Net Change in Net Assets Resulting from Operations$21,830,820  $(675,605) $(1,861,427) $16,484,008  Net Change in Net Assets Resulting from Operations per Common Share:      ​ Basic$1.33  $(0.03) $(0.11) $0.84  Diluted(3)$1.10  $(0.03) $(0.11) $0.70  Weighted-Average Common Shares Outstanding​ ​ ​ ​ Basic16,383,188  19,719,706  16,912,091  19,741,058  Diluted(3)20,300,980  19,719,706  16,912,091  23,472,402               ____________________________________________________________________________________________________________________________ 1. This balance references a related-party transaction. 2. For the three and six months ended June 30, 2020, this balance includes $1,962,431 of accelerated recognition of compensation cost related to the cancellation of unvested options on April 28, 2020. 3. For the six months ended June 30, 2020 and the three months ended June 30, 2019, 3,917,792 and 3,731,344 potentially dilutive common shares, respectively, were excluded from the weighted-average common shares outstanding for diluted net increase in net assets resulting from operations per common share because the effect of these shares would have been anti-dilutive. SURO CAPITAL CORP. AND SUBSIDIARIES FINANCIAL HIGHLIGHTS (UNAUDITED) ​ Three Months Ended June 30, Six Months Ended June 30,  2020 2019 2020 2019 Per Basic Share Data        Net asset value at beginning of the period$10.22  $10.75  $11.38  $9.89  Net investment income/(loss)(1)(0.28) (0.14) (0.45) (0.11) Net realized gain/(loss) on investments(1)—  0.69  0.41  0.48  Net change in unrealized appreciation/(depreciation) of investments(1)1.62  (0.63) (0.07) 0.42  Provision for taxes on unrealized appreciation of investments(1)—  0.05  —  0.05  Repurchases of common stock(1)0.16  0.03  0.45  0.02  Stock-based compensation(1)0.12  —  0.12  —  Net asset value at end of period$11.84  $10.75  $11.84  $10.75  Per share market value at end of period$8.47  $6.40  $8.47  $6.40  Total return based on market value(2)44.54% (15.57)% 29.31% 22.61% Total return based on net asset value(2)15.85% —% 4.04% 8.70% Shares outstanding at end of period16,279,679  19,646,846  16,279,679  19,646,846  Ratios/Supplemental Data:        Net assets at end of period$192,692,441  $211,125,048  $192,692,441  $211,125,048  Average net assets$169,877,812  $211,244,233  $184,435,968  $203,070,126  Ratio of gross operating expenses to average net assets(3)8.19% 5.14% 7.83% 4.66% Ratio of income tax provision to average net assets—% (0.46)% —% (0.44)% Ratio of net operating expenses to average net assets(3)8.19% 4.68% 7.83% 4.22% Ratio of net investment income/(loss) to average net assets(3)(7.61)% (5.39)% (7.29)% (2.18)% Portfolio Turnover Ratio—% —% 5.88% 5.04%              ___________________________________________________ 1. Based on weighted-average number of shares outstanding for the relevant period. 2. Total return based on market value is based on the change in market price per share between the opening and ending market values per share in the year.  Total return based on net asset value is based upon the change in net asset value per share between the opening and ending net asset values per share. 3. Financial Highlights for periods of less than one year are annualized and the ratios of operating expenses to average net assets and net investment loss to average net assets are adjusted accordingly. Significant and material non-recurring expenses are not annualized. For the three and six months ended June 30, 2020, the Company excluded $1,962,431 and $1,962,431, respectively of non-recurring expenses. For the three and six months ended June 30, 2019, the Company excluded $617,536 and $(1,769,820), respectively, of non-recurring expenses and did not annualize the income tax provision. Because the ratios are calculated for the Company’s common stock taken as a whole, an individual investor’s ratios may vary from these ratios.

  • GlobeNewswire

    SuRo Capital Corp. to Report Second Quarter 2020 Financial Results on Wednesday, August 5, 2020

    SuRo Capital Declares $0.15 Per Share DividendSAN FRANCISCO, July 29, 2020 (GLOBE NEWSWIRE) -- SuRo Capital Corp. (“SuRo Capital” or the “Company”) (Nasdaq:SSSS) today announced that it will report its financial results for the quarter ended June 30, 2020 after the close of the U.S. market on Wednesday, August 5, 2020. Additionally, SuRo Capital’s Board of Directors today declared a dividend in the amount of $0.15 per share, payable on August 25, 2020 to the Company’s common stockholders of record as of the close of business on August 11, 2020.  SuRo Capital’s $0.15 per share dividend is expected to be reported as a capital gains dividend and treated as a long-term capital gain by stockholders.Management will hold a conference call and webcast for investors at 2:00 p.m. PT (5:00 p.m. ET).  The conference call access number for U.S. participants is 323-794-2093, and the conference call access number for participants outside the U.S. is 866-548-4713.  The conference ID number for both access numbers is 3811592.  Additionally, interested parties can listen to a live webcast of the call from the "Investor Relations" section of SuRo Capital’s website at www.surocap.com. An archived replay of the webcast will also be available for 12 months following the live presentation.A replay of the conference call may be accessed until 5:00 p.m. PT (8:00 p.m. ET) on August 12, 2020 by dialing 888-203-1112 (U.S.) or +1 719-457-0820 (International) and using conference ID number 3811592.Certain Information Regarding the DividendThe date of declaration and amount of the dividend are subject to the sole discretion of SuRo Capital’s Board of Directors.  The aggregate amount of the dividend declared and paid by SuRo Capital will be fully taxable to stockholders.  The tax character of SuRo Capital’s dividends cannot be finally determined until the close of SuRo Capital’s taxable year (December 31).  SuRo Capital will report the actual tax characteristics of each year’s dividends annually to stockholders and the IRS on Form 1099-DIV subsequent to year-end.Registered stockholders with questions regarding declared dividends may call American Stock Transfer at 800-937-5449.About SuRo Capital Corp.SuRo Capital Corp. (Nasdaq:SSSS) is a publicly traded investment fund that seeks to invest in high-growth, venture-backed private companies. The fund seeks to create a portfolio of high-growth emerging private companies via a repeatable and disciplined investment approach, as well as to provide investors with access to such companies through its publicly traded common stock. SuRo Capital is headquartered in San Francisco, CA. Connect with the company on Twitter, LinkedIn, and at www.surocap.comContact SuRo Capital Corp. (650) 235-4769 IR@surocap.comMedia Contact Bill Douglass Gotham Communications, LLC Communications@surocap.com

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