SuRo Capital Corp. Reports Fourth Quarter and Fiscal Year 2024 Financial Results
Rhea-AI Summary
SuRo Capital Corp. (SSSS) reported its Q4 and fiscal year 2024 results, with net assets totaling $157.6 million, or $6.68 per share as of December 31, 2024, compared to $7.99 per share at December 31, 2023.
The company made significant investments in AI infrastructure in 2024, deploying $54.5 million across CoreWeave, OpenAI, and VAST. CoreWeave, the company's largest initial investment ever, has filed for IPO. The investment portfolio held positions in 37 companies (33 private, 4 public) with an aggregate fair value of approximately $209.4 million.
Notable financial activities include:
- Issuance of $30 million in 6.50% Convertible Notes due 2029
- Full exit from Oklo position with over 20x return on initial investment
- Complete exit from PublicSquare common shares
- Liquid assets of approximately $23.6 million as of December 31, 2024
Positive
- CoreWeave, the largest initial investment in fund's history, filed for IPO
- Successful exit from Oklo investment with over 20x return
- Invested $54.5 million in high-growth AI infrastructure sector
- Portfolio company ServiceTitan completed successful IPO
Negative
- Net asset value per share decreased to $6.68 from $7.99 year-over-year
- Liquid assets decreased to $23.6 million
News Market Reaction
On the day this news was published, SSSS gained 9.87%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Invests
CoreWeave, Inc., Single Largest Initial Investment in Fund’s History, Files for IPO
Net Asset Value of
NEW YORK, March 11, 2025 (GLOBE NEWSWIRE) -- SuRo Capital Corp. (“SuRo Capital”, the “Company”, “we”, “us”, and “our”) (Nasdaq: SSSS) today announced its financial results for the fourth quarter and fiscal year ended December 31, 2024. Net assets totaled approximately
“Since inception, SuRo Capital has served as the public's gateway to venture capital, offering unique access to some of the world’s most innovative and sought-after private companies before they become publicly traded. Our diverse portfolio encompasses high-growth sectors including AI infrastructure, emerging consumer brands, and cutting-edge software solutions for both consumer and enterprise markets, among others,” said Mark Klein, Chairman and Chief Executive Officer of SuRo Capital.
“This is an exceptionally promising time for our portfolio,” Mr. Klein continued. “CoreWeave, the single largest initial investment in our fund’s history, filed for an IPO earlier this month. This follows our portfolio company ServiceTitan’s successful IPO late last year. We are also extremely excited about the prospect of IPOs in some of our larger investments, like Canva, Whoop, Liquid Death, Vast Data, and OpenAI. We believe this moment is reminiscent of 2020 and 2021, when we monetized a substantial portion of our portfolio assets. I am confident that our current positioning is as strong as ever.”
Mr. Klein then highlighted SuRo Capital’s recent investment activity, noting, “In 2024, we continued to execute on a disciplined approach to deploying capital, and we have begun to see the positive results of those efforts as 2024 marked one of our most active investment periods in the last decade. During the year, we invested
Investment Portfolio as of December 31, 2024
At December 31, 2024, SuRo Capital held positions in 37 portfolio companies – 33 privately held and 4 publicly held, some of which may be subject to certain restrictions and/or lock-up provisions – with an aggregate fair value of approximately
Top Five Investments as of December 31, 2024
| Portfolio Company ($ in millions) | Cost Basis | Fair Value | % of Total Portfolio | |||
| CW Opportunity 2 LP & CoreWeave, Inc.(1) | $ | 25.2 | $ | 28.2 | 13.5 | % |
| ARK Type One Deep Ventures Fund LLC(2) | 17.7 | 17.6 | 8.4 | |||
| Learneo, Inc. | 15.0 | 16.9 | 8.1 | |||
| Blink Health, Inc. | 15.0 | 15.1 | 7.2 | |||
| Whoop, Inc. | 10.0 | 14.9 | 7.1 | |||
| Total(3) | $ | 82.9 | $ | 92.8 | 44.3 | % |
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(1) Includes SuRo Capital’s
(2) ARK Type One Deep Ventures Fund LLC is an investment fund for which the Class A Interest is solely invested in the Convertible Interest Rights of OpenAI Global, LLC. SuRo Capital is invested in the Convertible Interest Rights of OpenAI Global, LLC through its investment in the Class A Interest of ARK Type One Deep Ventures Fund LLC.
(3) Total may not sum due to rounding.
Fourth Quarter 2024 Investment Portfolio Activity
During the three months ended December 31, 2024, SuRo Capital made the following investments:
| Portfolio Company | Investment | Transaction Date | Amount(1) |
| CoreWeave, Inc.(2) | Series A Preferred Shares | 10/8/2024 | |
| IH10, LLC(3) | Membership Interest | 10/9/2024 |
___________________
(1) Amount invested does not include any capitalized costs or prepaid management fees or fund expenses, if applicable.
(2) In aggregate, SuRo Capital invested
(3) IH10, LLC’s sole portfolio asset is interest in the Series B Preferred Shares of VAST Data, Ltd. through an SPV. SuRo Capital is invested in the Series B Preferred Shares of VAST Data, Ltd. through its investment in the Membership Interest of IH10, LLC.
During the three months ended December 31, 2024, SuRo Capital exited or received proceeds from the following investments:
| Portfolio Company | Transaction Date | Quantity | Average Net Share Price(1) | Net Proceeds | Realized Gain | |
| Oklo, Inc. | 11/15/2024 | 239,300 | ||||
| PSQ Holdings, Inc. (d/b/a PublicSquare) – Public Common Shares(2) | Various | 1,616,187 | ||||
| PSQ Holdings, Inc. (d/b/a PublicSquare) – Public Warrants(3) | Various | 500,000 | ||||
| Forge Global, Inc.(4) | Various | 125,000 | < | |||
| True Global Ventures 4 Plus Pte Ltd | 12/23/2024 | N/A | N/A | $- | ||
__________________
(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 December 3, 2024, SuRo Capital had sold its remaining PSQ Holdings, Inc. (d/b/a PublicSquare) public common shares.
(3) As of December 31, 2024, SuRo Capital held 1,796,037 remaining PSQ Holdings, Inc. (d/b/a PublicSquare) public warrants.
(4) As of December 31, 2024, SuRo Capital held 1,020,875 remaining Forge Global, Inc. public common shares.
Subsequent to year-end through March 11, 2025, SuRo Capital made the following follow-on investments:
| Portfolio Company | Investment | Transaction Date | Amount(1) |
| Orchard Technologies, Inc. | Series 1 Senior Preferred | 1/31/2025 | |
| Orchard Technologies, Inc. | Simple Agreement for Future Equity | 1/31/2025 | |
| Whoop, Inc. | Simple Agreement for Future Equity | 2/6/2025 |
__________________
(1) Amount invested does not include any capitalized costs, if applicable.
Fourth Quarter 2024 Financial Results
| Quarter Ended December 31, 2024 | Quarter Ended December 31, 2023 | |||||||
| $ in millions | per share(1) | $ in millions | per share(1) | |||||
| Net investment loss | ) | ) | ) | ) | ||||
| Net realized gain on investments | 9.1 | 0.39 | 2.6 | 0.10 | ||||
| Realized loss on partial repurchase of | (<0.1 | ) | (<0.01 | ) | - | - | ||
| Net change in unrealized appreciation/(depreciation) of investments | (5.2 | ) | (0.22 | ) | (9.0 | ) | (0.36 | ) |
| Net increase/(decrease) in net assets resulting from operations – basic(2) | <0.1 | <0.01 | (9.1 | ) | (0.37 | ) | ||
| Stock-based compensation | 0.1 | (0.06 | ) | 0.5 | (0.06 | ) | ||
| Increase/(decrease) in net asset value(2) | ) | ) | ) | |||||
__________________
(1) Based on basic weighted-average number of shares outstanding for the relevant period.
(2) Total may not sum due to rounding.
Fiscal Year 2024 Financial Results
| Fiscal Year Ended December 31, 2024 | Fiscal Year Ended December 31, 2023 | |||||||
| $ in millions | per share(1) | $ in millions | per share(1) | |||||
| Net investment loss | ) | ) | ) | ) | ||||
| Net realized loss on investments | (5.0 | ) | (0.21 | ) | (11.9 | ) | (0.46 | ) |
| Realized loss on partial repurchase of | (0.2 | ) | (0.01 | ) | - | - | ||
| Net change in unrealized appreciation/(depreciation) of investments | (19.0 | ) | (0.79 | ) | 30.5 | 1.16 | ||
| Net increase/(decrease) in net assets resulting from operations – basic(3) | (38.1 | ) | (1.59 | ) | 5.1 | 0.19 | ||
| Stock-based compensation | 1.7 | 0.11 | 2.4 | 0.09 | ||||
| Repurchase of common stock(2) | (9.4 | ) | 0.17 | (14.2 | ) | 0.32 | ||
| Increase/(decrease) in net asset value(3) | ) | ( | ) | ) | ||||
__________________
(1) Based on weighted-average number of shares outstanding for the relevant period.
(2) Includes tender offers. The use of cash in connection with the repurchases decreased net asset value as of each year-end; however, the reduction in shares outstanding as of each year-end resulted in an increase to net asset value per share.
(3) Total may not sum due to rounding.
Weighted-average common basic shares outstanding were approximately 23.9 million and 26.2 million for the years ended December 31, 2024 and 2023, respectively. As of December 31, 2024, there were 23,601,566 shares of the Company’s common stock outstanding.
SuRo Capital’s liquid assets were approximately
Convertible Note Purchase Agreement
On August 6, 2024, SuRo Capital entered into a Note Purchase Agreement (the “Note Purchase Agreement”), by and between the Company and the purchaser identified therein (the “Purchaser”), pursuant to which we may issue up to a maximum of
Interest on the Convertible Notes will be paid quarterly in arrears on March 30, June 30, September 30, and December 30, at a rate of
On October 9, 2024, pursuant to the Note Purchase Agreement, we issued and sold, and the Purchaser purchased,
Note Repurchase Program
On August 6, 2024, SuRo Capital’s Board of Directors approved a discretionary note repurchase program (the “Note Repurchase Program”) which allows the Company to repurchase up to
During the quarter ended December 31, 2024, we repurchased an additional 203,168 of the
Share Repurchase Program
On October 29, 2024, the Company’s Board of Directors authorized an extension of, and a
Since inception of the Share Repurchase Program in August 2017, SuRo Capital has repurchased over 6.0 million shares of its common stock for an aggregate purchase price of approximately
Under the Share Repurchase Program, the Company may repurchase its outstanding common stock in the open market, provided it complies with the prohibitions under its insider trading policies and procedures and the applicable provisions of the 1940 Act and the Exchange Act.
Conference Call and Webcast
Management will hold a conference call and webcast for investors at 2:00 p.m. PT (5:00 p.m. ET) on March 11, 2025. The conference call access number for U.S. participants is 866-580-3963, and the conference call access number for participants outside the U.S. is +1 786-697-3501. The conference ID number for both access numbers is 6936935 or SuRo Capital. 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 March 18, 2025 by dialing 866-583-1035 (U.S.) or +44 (0) 20 3451 9993 (International) and using conference ID number 6936935.
Forward-Looking Statements
Statements 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 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 New York, NY and has offices in San Francisco, CA. Connect with the company on X, LinkedIn, and at www.surocap.com.
Contact
SuRo Capital Corp.
(212) 931-6331
IR@surocap.com
| SURO CAPITAL CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES | |||||||
| December 31, 2024 | December 31, 2023 | ||||||
| ASSETS | |||||||
| Investments at fair value: | |||||||
| Non-controlled/non-affiliate investments (cost of | $ | 198,511,915 | $ | 147,167,535 | |||
| Non-controlled/affiliate investments (cost of | 9,268,827 | 24,931,333 | |||||
| Controlled investments (cost of | 1,600,000 | 11,982,381 | |||||
| Total Portfolio Investments | 209,380,742 | 184,081,249 | |||||
| Investments in U.S. Treasury bills (cost of | — | 63,810,855 | |||||
| Total Investments (cost of | 209,380,742 | 247,892,104 | |||||
| Cash | 20,035,640 | 28,178,352 | |||||
| Escrow proceeds receivable | 45,298 | 309,293 | |||||
| Interest and dividends receivable | 756,022 | 132,607 | |||||
| Deferred financing costs | 526,261 | 594,726 | |||||
| Prepaid expenses and other assets(1) | 855,630 | 494,602 | |||||
| Total Assets | 231,599,593 | 277,601,684 | |||||
| LIABILITIES | |||||||
| 44,198,838 | 73,745,207 | ||||||
| 29,051,408 | — | ||||||
| Accounts payable and accrued expenses(1) | 768,394 | 346,308 | |||||
| Dividends payable | 8,867 | 152,523 | |||||
| Total Liabilities | 74,027,507 | 74,244,038 | |||||
| Net Assets | $ | 157,572,086 | $ | 203,357,646 | |||
| NET ASSETS | |||||||
| Common stock, par value | $ | 236,016 | $ | 254,458 | |||
| Paid-in capital in excess of par | 226,579,432 | 248,454,107 | |||||
| Accumulated net investment loss | (4,302,192 | ) | (4,304,111 | ) | |||
| Accumulated net realized loss on investments, net of distributions | (17,409,097 | ) | (12,348,772 | ) | |||
| Accumulated net unrealized appreciation/(depreciation) of investments | (47,532,073 | ) | (28,698,036 | ) | |||
| Net Assets | $ | 157,572,086 | $ | 203,357,646 | |||
| Net Asset Value Per Share | $ | 6.68 | $ | 7.99 | |||
__________________
(1) This balance includes a right of use asset and corresponding operating lease liability, respectively.
(2) As of December 31, 2024, the
(3) As of December 31, 2024, the
| SURO CAPITAL CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||
| Year Ended December 31, | ||||||||||||
| 2024 | 2023 | 2022 | ||||||||||
| INVESTMENT INCOME | ||||||||||||
| Non-controlled/non-affiliate investments: | ||||||||||||
| Interest income(1) | $ | 1,296,415 | $ | 795,847 | $ | 403,029 | ||||||
| Dividend income | 1,232,239 | 211,310 | 541,239 | |||||||||
| Controlled investments: | ||||||||||||
| Interest income | 955,628 | 1,331,258 | 1,685,000 | |||||||||
| Dividend income | — | 500,000 | — | |||||||||
| Interest income from U.S. Treasury bills | 1,189,145 | 3,758,365 | 826,925 | |||||||||
| Total Investment Income | 4,673,427 | 6,596,780 | 3,456,193 | |||||||||
| OPERATING EXPENSES | ||||||||||||
| Compensation expense | 9,159,673 | 9,482,867 | 7,566,452 | |||||||||
| Interest expense | 4,843,570 | 4,858,049 | 4,845,549 | |||||||||
| Professional fees | 2,277,765 | 2,602,894 | 3,395,260 | |||||||||
| Directors’ fees | 682,260 | 645,548 | 675,716 | |||||||||
| Income tax expense | 88,692 | 624,049 | 82,238 | |||||||||
| Other expenses | 1,572,754 | 1,822,982 | 1,598,986 | |||||||||
| Total Operating Expenses | 18,624,714 | 20,036,389 | 18,164,201 | |||||||||
| Net Investment Loss | (13,951,287 | ) | (13,439,609 | ) | (14,708,008 | ) | ||||||
| Realized Gain/(Loss) on Investments: | ||||||||||||
| Non-controlled/non-affiliated investments | 8,375,641 | (1,185,273 | ) | (5,835,074 | ) | |||||||
| Non-controlled/affiliate investments | (6,598,530 | ) | (10,762,231 | ) | (70,379 | ) | ||||||
| Controlled investments | (6,797,425 | ) | — | — | ||||||||
| Net Realized Loss on Investments | (5,020,314 | ) | (11,947,504 | ) | (5,905,453 | ) | ||||||
| Realized loss on partial repurchase of | (183,668 | ) | — | — | ||||||||
| Change in Unrealized Appreciation/(Depreciation) of Investments: | ||||||||||||
| Non-controlled/non-affiliated investments | (30,184,682 | ) | 10,349,592 | (109,553,034 | ) | |||||||
| Non-controlled/affiliate investments | 4,429,928 | 20,705,035 | (1,947,553 | ) | ||||||||
| Controlled investments | 6,785,776 | (600,692 | ) | (63,005 | ) | |||||||
| Net Change in Unrealized Appreciation/(Depreciation) of Investments | (18,968,978 | ) | 30,453,935 | (111,563,592 | ) | |||||||
| Net Change in Net Assets Resulting from Operations | $ | (38,124,247 | ) | $ | 5,066,822 | $ | (132,177,053 | ) | ||||
| Net Change in Net Assets Resulting from Operations per Common Share: | ||||||||||||
| Basic | $ | (1.60 | ) | $ | 0.19 | $ | (4.40 | ) | ||||
| Diluted(2) | $ | (1.60 | ) | $ | 0.19 | $ | (4.40 | ) | ||||
| Weighted-Average Common Shares Outstanding | ||||||||||||
| Basic | 23,901,805 | 26,222,667 | 30,023,202 | |||||||||
| Diluted(2) | 23,901,805 | 26,222,667 | 30,023,202 | |||||||||
__________________
(1) Includes interest income earned on cash.
(2) For the year ended December 31, 2024, 3,870,969 potentially dilutive common shares were excluded from the weighted-average common shares outstanding for diluted net decrease in net assets resulting from operations per common share because the effect of these shares would have been anti-dilutive. For the year ended December 31, 2024, there were no potentially dilutive securities outstanding.
| SURO CAPITAL CORP. AND SUBSIDIARIESFINANCIAL HIGHLIGHTS | ||||||||||||||||||||
| | Year Ended December 31, | |||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | ||||||||||||||||
| Per Basic Share Data | ||||||||||||||||||||
| Net asset value at beginning of the year | $ | 7.99 | $ | 7.39 | $ | 11.72 | $ | 15.14 | $ | 11.38 | ||||||||||
| Net investment loss(1) | (0.58 | ) | (0.51 | ) | (0.49 | ) | (0.38 | ) | (0.81 | ) | ||||||||||
| Net realized gain/(loss) on investments(1) | (0.21 | ) | (0.46 | ) | (0.20 | ) | 8.46 | 0.92 | ||||||||||||
| Realized loss on partial repurchase of | (0.01 | ) | — | — | — | — | ||||||||||||||
| Net change in unrealized appreciation/(depreciation) of investments(1) | (0.79 | ) | 1.16 | (3.72 | ) | (2.39 | ) | 3.78 | ||||||||||||
| Dividends declared | — | — | (0.11 | ) | (8.00 | ) | (0.87 | ) | ||||||||||||
| Issuance of common stock from stock dividend | — | — | — | 0.74 | — | |||||||||||||||
| Issuance of common stock from public offering(1) | — | — | 0.01 | 0.01 | 0.30 | |||||||||||||||
| Issuance of common stock from conversion of | — | — | — | (1.91 | ) | (0.11 | ) | |||||||||||||
| Repurchase of common stock(1) | 0.17 | 0.32 | 0.11 | — | 0.43 | |||||||||||||||
| Stock-based compensation(1) | 0.11 | 0.09 | 0.07 | 0.05 | 0.12 | |||||||||||||||
| Net asset value at end of year | $ | 6.68 | $ | 7.99 | $ | 7.39 | $ | 11.72 | $ | 15.14 | ||||||||||
| Per share market value at end of year | $ | 5.88 | $ | 3.94 | $ | 3.80 | $ | 12.95 | $ | 13.09 | ||||||||||
| Total return based on market value(2) | 49.24 | % | 3.68 | % | (69.45 | )% | 60.05 | % | 99.85 | % | ||||||||||
| Total return based on net asset value(2) | (16.40 | )% | 8.12 | % | (36.01 | )% | 30.25 | % | 33.04 | % | ||||||||||
| Shares outstanding at end of year | 23,601,566 | 25,445,805 | 28,429,499 | 31,118,556 | 19,914,023 | |||||||||||||||
| Ratios/Supplemental Data: | | | | | | |||||||||||||||
| Net assets at end of year | $ | 157,572,086 | $ | 203,357,646 | $ | 210,020,702 | $ | 364,846,624 | $ | 301,583,073 | ||||||||||
| Average net assets | $ | 174,438,302 | $ | 207,608,591 | $ | 310,086,061 | $ | 396,209,139 | $ | 205,430,809 | ||||||||||
| Ratio of net operating expenses to average net assets(3) | 10.68 | % | 9.70 | % | 5.87 | % | 2.88 | % | 7.95 | % | ||||||||||
| Ratio of net investment loss to average net assets(3) | (8.00 | )% | (6.51 | )% | (4.76 | )% | (2.51 | )% | (7.07 | )% | ||||||||||
| Portfolio Turnover Ratio | 13.73 | % | 9.34 | % | 4.31 | % | 28.34 | % | 14.87 | % | ||||||||||
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(1) Based on weighted-average number of shares outstanding for the relevant period.
(2) Total return based on market value is based upon the change in market price per share between the opening and ending market values per share in the period, adjusted for dividends and equity issuances. 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 in the period, adjusted for dividends and equity issuances.
(3) For the year ended December 31, 2021, the Company excluded
FAQ
What was SuRo Capital's (SSSS) net asset value per share as of December 31, 2024?
How much did SuRo Capital (SSSS) invest in AI infrastructure during 2024?
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What is the total fair value of SuRo Capital's (SSSS) investment portfolio as of December 2024?
