Suro Capital Corp. Files 8-K

TL;DR

SURO filed an 8-K on 4/16/24 covering operations and financials.

AI Summary

Suro Capital Corp. filed an 8-K on April 16, 2024, reporting on results of operations, other events, and financial statements. The company, formerly known as Sutter Rock Capital Corp., GSV Capital Corp., and NeXt Innovation Corp., is incorporated in Maryland and headquartered in New York.

Why It Matters

This filing provides an update on Suro Capital Corp.'s operational and financial status, which is crucial for investors to assess the company's performance and future prospects.

Risk Assessment

Risk Level: low — This is a routine 8-K filing providing standard corporate information and updates.

Key Players & Entities

• SURO CAPITAL CORP. (company) — Registrant
• SUTTER ROCK CAPITAL CORP. (company) — Former Company Name
• GSV Capital Corp. (company) — Former Company Name
• NeXt Innovation Corp. (company) — Former Company Name
• April 16, 2024 (date) — Date of Report

FAQ

Key Financial Figures

• $0.01 — registered: Common Stock, par value $0.01 per share SSSS Nasdaq Global Select M
• $203.4 m — ital's net assets totaled approximately $203.4 million, or $7.99 per share, at December
• $7.99 — otaled approximately $203.4 million, or $7.99 per share, at December 31, 2023, and ap
• $215.0 m — at December 31, 2023, and approximately $215.0 million, or $7.59 per share, at March 31,
• $7.59 — 3, and approximately $215.0 million, or $7.59 per share, at March 31, 2023. As of Mar
• $6.90 — asset value is estimated to be between $6.90 and $7.40 per share. As of March 31, 2
• $7.40 — ue is estimated to be between $6.90 and $7.40 per share. As of March 31, 2024, there
• $10.0 million — Series F-1 Preferred Shares 1/18/2024 $10.0 million During the three months ended March 3
• $1.92 — r Holdings, Inc. (2) Various 112,420 $1.92 $0.2 million $(0.4 million) PSQ Hol
• $0.2 million — ngs, Inc. (2) Various 112,420 $1.92 $0.2 million $(0.4 million) PSQ Holdings, Inc. (d
• $1.03 — Public Warrants (3) Various 100,000 $1.03 $0.1 million $0.1 million (1) The a
• $0.1 million — Warrants (3) Various 100,000 $1.03 $0.1 million $0.1 million (1) The average net sha

Filing Documents

• tm2411924d1_8k.htm (8-K) — 39KB
• tm2411924d1_ex99-1.htm (EX-99.1) — 24KB
• tm2411924d1_ex99-1img001.jpg (GRAPHIC) — 3KB
• 0001104659-24-047770.txt ( ) — 290KB
• ssss-20240416.xsd (EX-101.SCH) — 4KB
• ssss-20240416_def.xml (EX-101.DEF) — 26KB
• ssss-20240416_lab.xml (EX-101.LAB) — 36KB
• ssss-20240416_pre.xml (EX-101.PRE) — 25KB
• tm2411924d1_8k_htm.xml (XML) — 5KB

02

Item 2.02. Results of Operations and Financial Condition. On April 16, 2024, 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, 2024 (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.

01

Item 8.01. Other Events. Preliminary Estimates and Investment Portfolio Update On April 16, 2024, 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 $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 and $7.40 per share. As of March 31, 2024, there were 25,353,284 shares of the Company's common stock outstanding. Investment Portfolio Update As of March 31, 2024, the Company held positions in 38 portfolio companies – 35 privately held and 3 publicly held, some of which may be subject to certain lock-up provisions. During the three months ended March 31, 2024, the Company made the following investments, excluding short-term U.S. treasuries: Portfolio Company Investment Transaction Date Amount Supplying Demand, Inc. (d/b/a Liquid Death) Series F-1 Preferred Shares 1/18/2024 $10.0 million During the three months ended March 31, 2024, the Company exited or received proceeds from the following investments, excluding short-term U.S. treasuries: Portfolio Company Transaction Date Quantity Average Net Share Price (1) Net Proceeds Realized Gain/(Loss) Nextdoor Holdings, Inc. (2) Various 112,420 $1.92 $0.2 million $(0.4 million) PSQ Holdings, Inc. (d/b/a PublicSquare) – Public Warrants (3) Various 100,000 $1.03 $0.1 million $0.1 million (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 February 23, 2024, SuRo Capital had sold its remaining Nextdoor Holdings, Inc. public common shares. (3) As of March 31, 2024, SuRo Capital held 2,296,037 remaining PSQ Holdings, Inc. (d/b/a PublicSquare) public warrants. Preli

Forward-Looking Statements

Forward-Looking Statements including statements regarding the Company's beliefs, expectations, intentions, or strategies for the future, may constitute "forward-looking 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.

Financial Statements and Exhibits

Financial Statements and Exhibits. Exhibit No. Description Exhibit 99.1 Press Release dated April 16, 2024* 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 16, 2024 SURO CAPITAL CORP. By: /s/ Allison Green Allison Green Chief Financial Officer, Chief Compliance Officer, Treasurer and Corporate Secretary

View Full Filing

View this 8-K filing on SEC EDGAR