Suro Capital Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Suro Capital Corp. has filed its 2023 10-K report, detailing financial performance and corporate history.</b>

AI Summary

SURO CAPITAL CORP. (SSSSL) filed a Annual Report (10-K) with the SEC on March 14, 2024. Suro Capital Corp. filed its 10-K report for the fiscal year ending December 31, 2023. The company was formerly known as Sutter Rock Capital Corp., GSV Capital Corp., and NeXt Innovation Corp. The filing includes financial data for the fiscal years 2023, 2022, and 2021. Key financial instruments mentioned include Common Stock, Sec 6.00 Notes Due 2026, and 4.75% Convertible Senior Notes. The business address is located at 640 Fifth Avenue, 12th Floor, New York, NY 10019.

Why It Matters

For investors and stakeholders tracking SURO CAPITAL CORP., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Suro Capital Corp.'s financial health and operational status for the fiscal year 2023, crucial for investors to assess performance and future prospects. The historical company name changes indicate potential strategic shifts or rebranding efforts, which could be relevant for understanding the company's evolution and market positioning.

Risk Assessment

Risk Level: low — SURO CAPITAL CORP. shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate red flags, indicating a routine disclosure of financial information.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Suro Capital Corp.'s performance and potential investment risks.

Key Numbers

• 2023-12-31 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 2024-03-14 — Filed As Of Date (FILED AS OF DATE)
• 0.01 — Common Stock Par Value Per Share (CommonStockParValue0.01PerShareMember)
• 6.00% — Sec 6.00 Notes Due 2026 Interest Rate (Sec6.00NotesDue2026Member)
• 4.75% — Convertible Senior Notes Interest Rate (FourPointSevenFivePercentageConvertibleSeniorNotesMember)

Key Players & Entities

• SURO CAPITAL CORP. (company) — FILER
• SUTTER ROCK CAPITAL CORP. (company) — FORMER COMPANY
• GSV Capital Corp. (company) — FORMER COMPANY
• NeXt Innovation Corp. (company) — FORMER COMPANY
• 2023-12-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-03-14 (date) — FILED AS OF DATE
• 640 FIFTH AVENUE (address) — BUSINESS ADDRESS
• NEW YORK (location) — BUSINESS ADDRESS CITY

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-03-14: Filing Date — Date the 10-K report was officially filed with the SEC.
• 2019-07-31: Name Change — Date Suro Capital Corp. changed its name from Sutter Rock Capital Corp.
• 2011-05-31: Name Change — Date Sutter Rock Capital Corp. changed its name from GSV Capital Corp.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This is the primary document filed by Suro Capital Corp. to disclose its annual financial status.)

Key Financial Figures

• $0.01 — ch Registered Common Stock, par value $0.01 per share SSSS Nasdaq Global Select
• $3.20 — ed on the closing price on that date of $3.20 on the Nasdaq Global Select Market, was
• $7.99 — r common stock on December 31, 2023 was $7.99. On March 13, 2024, the last reported s
• $4.36 — on the Nasdaq Global Select Market was $4.36. 1 TABLE OF CONTENTS Operating an
• $1 — ans that generally, we can borrow up to $1 for every $1 of investor equity (or, if
• $2 — conditions are met, we can borrow up to $2 for every $1 of investor equity). In Ma

Filing Documents

• form10-k.htm (10-K) — 5062KB
• ex10-14.htm (EX-10.14) — 14KB
• ex10-15.htm (EX-10.15) — 15KB
• ex14-1.htm (EX-14.1) — 190KB
• ex23-1.htm (EX-23.1) — 5KB
• ex31-1.htm (EX-31.1) — 18KB
• ex31-2.htm (EX-31.2) — 19KB
• ex32-1.htm (EX-32.1) — 7KB
• ex32-2.htm (EX-32.2) — 6KB
• ex99-1.htm (EX-99.1) — 5KB
• ex97-1.htm (EX-97.1) — 33KB
• form10-k_001.jpg (GRAPHIC) — 67KB
• ex97-1_001.jpg (GRAPHIC) — 16KB
• 0001493152-24-009905.txt (&nbsp;) — 20431KB
• ssss-20231231.xsd (EX-101.SCH) — 87KB
• ssss-20231231_cal.xml (EX-101.CAL) — 52KB
• ssss-20231231_def.xml (EX-101.DEF) — 370KB
• ssss-20231231_lab.xml (EX-101.LAB) — 498KB
• ssss-20231231_pre.xml (EX-101.PRE) — 448KB
• form10-k_htm.xml (XML) — 5570KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 16 Item 1B. Unresolved Staff Comments 46 Item 1C. Cybersecurity 46 Item 2.

Properties

Properties 46 Item 3.

Legal Proceedings

Legal Proceedings 46 Item 4. Mine Safety Disclosures 46 PART II. Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 47 Item 6. [Reserved] 52 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 53 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 65 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 66 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 114 Item 9A.

Controls and Procedures

Controls and Procedures 114 Item 9B. Other Information 115 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 115 PART III. Item 10. Directors, Executive Officers and Corporate Governance 116 Item 11.

Executive Compensation

Executive Compensation 116 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 116 Item 13. Certain Relationships and Related Transactions, and Director Independence 116 Item 14. Principal Accountant Fees and Services 116 PART IV. Item 15. Exhibits and Financial Statement Schedules 117 Item 16. Form 10-K Summary 118

Signatures

Signatures 119 i Table of Contents PART I Item 1. Business SuRo Capital SuRo Capital Corp. ("we", "us", "our", the "Company" or "SuRo Capital"), formerly known as Sutter Rock Capital Corp. and as GSV Capital Corp. and formed in September 2010 as a Maryland corporation, is an internally managed, non-diversified closed-end management investment company. We have elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"), and have elected to be treated, and intend to qualify annually, as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). Our date of inception was January 6, 2011, which is the date we commenced development stage activities. We commenced operations as a BDC upon completion of our initial public offering ("IPO") in May 2011 and began our investment operations during the second quarter of 2011. See "Management's Dicussion and Analysis of Financial Condition and Results of Operations" in Part II, Item 7 of this Form 10-K. On and effective June 22, 2020, we changed our name to "SuRo Capital Corp." from "Sutter Rock Capital Corp." On and effective March 12, 2019, our board of directors ("Board of Directors") approved internalizing our operating structure ("Internalization") and we began operating as an internally managed non-diversified closed-end management investment company that has elected to be regulated as a BDC under the 1940 Act. Our Board of Directors approved the Internalization in order to better align the interests of our stockholders with our management. As an internally managed BDC, we are managed by our employees, rather than the employees of an external investment adviser, thereby allowing for greater transparency to stockholders through robust disclosure regarding our compensation structure. Our investment objective is to maximize our portfolio's total return, principally by seeki

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View this 10-K filing on SEC EDGAR