SURO CAPITAL CORP. Files 8-K with Financial Updates

TL;DR

SURO CAPITAL CORP. dropped an 8-K on Jan 16, 2025 - expect financial updates and new obligations.

AI Summary

On January 16, 2025, SURO CAPITAL CORP. (formerly GSV Capital Corp.) filed an 8-K report detailing several events. These include the creation of a direct financial obligation, other events, and the filing of financial statements and exhibits. The company is incorporated in Maryland and has its principal executive offices in New York.

Why It Matters

This 8-K filing signals significant financial activity and reporting by SURO CAPITAL CORP., potentially impacting investors' understanding of its current financial standing and obligations.

Risk Assessment

Risk Level: medium — 8-K filings often contain material information that can affect a company's stock price, and the mention of new financial obligations warrants careful review.

Key Players & Entities

• SURO CAPITAL CORP. (company) — Registrant
• GSV Capital Corp. (company) — Former company name
• January 16, 2025 (date) — Date of earliest event reported
• Maryland (jurisdiction) — State of incorporation
• New York (location) — Business address city

FAQ

Key Financial Figures

• $0.01 — registered: Common Stock, par value $0.01 per share SSSS Nasdaq Global Select M
• $5.0 million — 2025, the Company issued an additional $5.0 million aggregate principal amount of its 6.50%
• $25.0 million — ny issued, and the Purchaser purchased, $25.0 million and $5.0 million, respectively, in aggr
• $5.0 m — Purchaser purchased, $25.0 million and $5.0 million, respectively, in aggregate princ
• $35.0 million — the Company's Convertible Notes became $35.0 million. Interest on the Convertible Notes is
• $1,000 — of 129.0323 shares of common stock per $1,000 principal amount of the Convertible Not
• $157.4 m — ital's net assets totaled approximately $157.4 million, or $6.73 per share, at September
• $6.73 — otaled approximately $157.4 million, or $6.73 per share, at September 30, 2024, and a
• $203.4 m — t September 30, 2024, and approximately $203.4 million, or $7.99 per share, at December
• $7.99 — 4, and approximately $203.4 million, or $7.99 per share, at December 31, 2023. As of
• $6.50 — asset value is estimated to be between $6.50 and $7.00 per share. As of December 31
• $7.00 — ue is estimated to be between $6.50 and $7.00 per share. As of December 31, 2024, th
• $12.0 million — (2) Membership Interest 10/9/2024 $12.0 million (1) Amount invested does not include
• $5.1 million — lo, Inc. 11/15/2024 239,300 $ 21.14 $5.1 million $4.8 million PSQ Holdings, Inc. (d/b
• $4.8 million — 5/2024 239,300 $ 21.14 $5.1 million $4.8 million PSQ Holdings, Inc. (d/b/a PublicSquar

Filing Documents

• tm253596d1_8k.htm (8-K) — 54KB
• tm253596d1_ex99-1.htm (EX-99.1) — 36KB
• tm253596d1_ex99-1img001.jpg (GRAPHIC) — 9KB
• 0001104659-25-004168.txt ( ) — 331KB
• ssss-20250116.xsd (EX-101.SCH) — 4KB
• ssss-20250116_def.xml (EX-101.DEF) — 26KB
• ssss-20250116_lab.xml (EX-101.LAB) — 36KB
• ssss-20250116_pre.xml (EX-101.PRE) — 25KB
• tm253596d1_8k_htm.xml (XML) — 5KB

02

Item 2.02. Results of Operations and Financial Condition. On January 16, 2025, SuRo Capital Corp. ("SuRo Capital" or the "Company") issued a press release containing preliminary estimates of its results for the fourth quarter and fiscal year ended December 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.

03

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. On January 16, 2025, the Company issued an additional $5.0 million aggregate principal amount of its 6.50% Convertible Notes due 2029 (the "New Convertible Notes") pursuant to the Notes Purchase Agreement, dated August 6, 2024 (the "Notes Purchase Agreement"), among the Company and the purchaser identified therein (the "Purchaser"). The New Convertible Notes were issued as additional notes under the Notes Purchase Agreement, pursuant to which, on August 14, 2024 and October 9, 2024, the Company issued, and the Purchaser purchased, $25.0 million and $5.0 million, respectively, in aggregate principal amount of the Company's 6.50% Convertible Notes due 2029 (the "Existing Convertible Notes" and together with the New Convertible Notes, the "Convertible Notes"). The New Convertible Notes are being treated as a single series with the Existing Convertible Notes and have the same terms as the Existing Convertible Notes. The New Convertible Notes are fungible and rank equally with the Existing Convertible Notes. Upon issuance of the New Convertible Notes, the outstanding aggregate principal amount of the Company's Convertible Notes became $35.0 million. Interest on the Convertible Notes is paid quarterly in arrears on March 30, June 30, September 30, and December 30, at a rate of 6.50% per year. The Convertible Notes will mature on August 14, 2029 and may be redeemed in whole or in part at any time or from time to time at the Company's option on or after August 6, 2027 upon the fulfillment of certain conditions. The Convertible Notes will be convertible into shares of the Company's common stock at the Purchaser's sole discretion at an initial conversion rate of 129.0323 shares of common stock per $1,000 principal amount of the Convertible Notes, subject to adjustment as provided in the Notes Purchase Agreement. The net proceeds from the offering

01

Item 8.01. Other Events. Preliminary Estimates and Investment Portfolio Update On January 16, 2025, the Company disclosed the following information in the Press Release. Preliminary Estimates of Results for the Quarter and Fiscal Year Ended December 31, 2024 As previously reported, SuRo Capital's net assets totaled approximately $157.4 million, or $6.73 per share, at September 30, 2024, and approximately $203.4 million, or $7.99 per share, at December 31, 2023. As of December 31, 2024, SuRo Capital's net asset value is estimated to be between $6.50 and $7.00 per share. As of December 31, 2024, there were 23,601,566 shares of the Company's common stock outstanding. Investment Portfolio Update As of December 31, 2024, the Company held positions in 37 portfolio companies – 33 privately held and 4 publicly held, some of which may be subject to certain lock-up provisions. During the three months ended December 31, 2024, the Company made the following investments: Portfolio Company Investment Transaction Date Amount (1) CoreWeave, Inc. Series A Preferred Shares 10/8/2024 $5.0 million IH10, LLC (2) Membership Interest 10/9/2024 $12.0 million (1) Amount invested does not include any capitalized costs or prepaid management fees or fund expenses, if applicable. (2) IH10, LLC's sole portfolio asset is interest in Series B Preferred Shares of VAST Data, Ltd. through a special purpose vehicle. During the three months ended December 31, 2024, the Company 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 $ 21.14 $5.1 million $4.8 million PSQ Holdings, Inc. (d/b/a PublicSquare) - Public Common Shares (2) Various 1,616,187 $ 3.28 $5.3 million $4.0 million PSQ Holdings, Inc. (d/b/a PublicSquare) - Public Warrants (3) Various 500,000 $ 1.08 $0.5 million $0.3 million Forge Glob

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 4.1 Notes Purchase Agreement, dated August 6, 2024, by and between the Registrant and the purchaser party thereto (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q filed on August 8, 2024). Exhibit 99.1 Press Release dated January 16, 2025* 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: January 16, 2025 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