Preliminary Estimates and Investment Portfolio Update
On January 17, 2023, the Company disclosed the
following information in the Press Release.
Preliminary Estimates of Results for the Three Months and Year
Ended December 31, 2022
As previously reported, the
Company’s net assets totaled approximately $221.8 million, or $7.83 per share, at September 30, 2022 and approximately $364.8 million,
or $11.72 per share, at December 31, 2021. As of December 31, 2022, the Company’s net asset value is estimated to be between $7.15
and $7.65 per share.
As of December 31, 2022, there were 28,429,499
shares of the Company’s common stock outstanding.
Investment Portfolio Update
At December 31, 2022, the
Company held positions in 39 portfolio companies – 33 privately held and 6 publicly held, some of which may be subject to certain
lock-up provisions.
During the three months ended
December 31, 2022, the Company made the following investments:
Portfolio Company | |
Investment | |
Transaction Date | |
Amount |
Locus Robotics Corp. | |
Series F Preferred | |
11/30/2022 | |
$10.0 million |
YouBet Technologies, Inc. (d/b/a FanPower)(1) | |
Series Seed-2 Preferred | |
11/17/2022 | |
$250,000 |
(1) Represents a follow-on investment made through
SuRo Capital Sports, LLC.
During the three months ended
December 31, 2022, the Company exited or received proceeds from the following investments:
Portfolio Company | |
Transaction Date | |
Shares Sold | | |
Average Net Share Price(1) | | |
Net Proceeds | |
Realized Gain/(Loss) |
Kahoot! ASA(2) | |
10/19/2022 | |
| 61,367 | | |
$ | 2.12 | | |
$0.1 million | |
($0.2 million) |
NewLake Capital Partners, Inc.(3) | |
Various | |
| 2,375 | | |
$ | 17.86 | | |
<$0.1 million | |
<($0.1 million) |
Rent the Runway, Inc.(4) | |
Various | |
| 150,000 | | |
$ | 2.96 | | |
$0.4 million | |
($1.8 million) |
Residential Homes For Rent, LLC (d/b/a Second Avenue)(5) | |
Various | |
| N/A | | |
| N/A | | |
$0.3 million | |
$-- |
Rover Group, Inc.(6) | |
Various | |
| 106,854 | | |
$ | 3.93 | | |
$0.4 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 December 31, 2022, SuRo Capital held 38,305 remaining Kahoot! ASA public common shares. |
| (3) | As of December 31, 2022, SuRo Capital held 229,758 remaining NewLake Capital Partners, Inc. public common
shares. |
| (4) | As of December 31, 2022, SuRo Capital held 79,191 remaining Rent the Runway, Inc. public common shares. |
| (5) | During the three months ended December 31, 2022, approximately $0.3 million was received from Residential
Homes For Rent, LLC (d/b/a Second Avenue) related to the 15% term loan due December 23, 2023. Of the proceeds received, approximately
$0.3 million repaid a portion of the outstanding principal and the remaining was attributed to interest. |
| (6) | As of October 11, 2022, SuRo Capital had sold its remaining public common shares of Rover Group, Inc. |
Subsequent to year-end, through
January 16, 2023, the Company made the following follow-on investments:
Portfolio Company | |
Investment | |
Transaction Date | |
Amount |
Orchard Technologies, Inc. | |
Series 1 Senior Preferred | |
1/13/2023 | |
$2.0 million |
Subsequent to year-end, through
January 16, 2023, the Company exited the following investments:
Portfolio Company | |
Transaction Date | |
Shares Sold | | |
Average Net Share Price(1) | | |
Net Proceeds | |
Realized Gain/(Loss) |
Kahoot! ASA(2) | |
1/4/2023 | |
| 25,000 | | |
$ | 2.01 | | |
$0.1 million | |
($0.1 million) |
Rent the Runway, Inc.(3) | |
1/4/2023 | |
| 79,191 | | |
$ | 3.05 | | |
$0.2 million | |
($1.0 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 January 16, 2023, SuRo Capital held 13,305 remaining Kahoot! ASA public common shares. |
| (3) | As of January 4, 2023, SuRo Capital had sold its remaining public common shares of Rent the Runway, Inc. |
Preliminary Estimates and Guidance
The preliminary financial
estimates provided herein are unaudited and have been prepared by, and are the responsibility of, the management of the Company. Neither
the Company’s independent registered public accounting firm, nor any other independent accountants, have audited, reviewed, compiled,
or performed any procedures with respect to the preliminary financial data included herein. Actual results may differ materially.
The Company expects to announce
its fourth quarter and fiscal year ended December 31, 2022 results in March 2023.
Forward-Looking Statements
Statements included herein,
including statements regarding the Company’s beliefs, expectations, intentions, or strategies for the future, may constitute "forward-looking
statements". The Company cautions that any 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 coronavirus (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 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.