Preliminary Estimates and Investment Portfolio Update
On July 11, 2022, the Company disclosed the following
information in the Press Release.
Preliminary Estimates of Results for the Quarter Ended June 30,
2022
As previously reported, the
Company’s net assets totaled approximately $380.7 million, or $12.22 per share, at March 31, 2022 and approximately $439.6 million,
or $16.56 per share, at June 30, 2021. As of June 30, 2022, the Company’s net asset value is estimated to be between $9.00 and $9.50
per share. This range includes a customary discount to the quarter-end pricing of certain public common shares in the Company’s
investment portfolio subject to lock-up provisions at quarter-end.
As of June 30, 2022, there were 30,325,187 shares
of the Company’s common stock outstanding.
Investment Portfolio Update
At June 30, 2022, the Company
held positions in 40 portfolio companies – 32 privately-held and 8 publicly-held, some of which may be subject to certain lock-up
provisions.
During the three months ended
June 30, 2022, the Company made the following investments:
| Portfolio Company | |
Investment | |
Transaction Date | |
Amount |
| Shogun Enterprises, Inc. (d/b/a Hearth) (1) | |
Convertible Note | |
5/2/2022 | |
$0.5 million |
| EDGE Markets, Inc. (2) | |
Series Seed Preferred Shares | |
5/18/2022 | |
$0.5 million |
| Whoop, Inc.(3) | |
Series C Preferred Shares | |
6/30/2022 | |
$10.0 million |
(1) Represents a follow-on investment.
(2) Investment made through SuRo Capital Sports, LLC.
(3) Completed as a secondary transaction.
During the three months ended
June 30, 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) |
| NewLake Capital Partners, Inc. (2) | |
Various | |
3,676 | |
$21.02 | |
$0.1 million | |
<$0.1 million |
| Rent the Runway, Inc. (3) | |
Various | |
50,000 | |
$3.62 | |
$0.2 million | |
($0.6 million) |
| Residential Homes For Rent, LLC (d/b/a Second Avenue) (4) | |
Various | |
N/A | |
N/A | |
$0.3 million | |
$ -- |
| Rover Group, Inc. (5) | |
Various | |
431,591 | |
$5.52 | |
$2.4 million | |
$1.1 million |
| True Global Ventures 3 Plus Pte Ltd | |
5/31/22 | |
-- | |
-- | |
$0.9 million | |
$0.2 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 June 30, 2022, SuRo Capital held 247,443 remaining NLCP public common shares. |
| (3) | As of June 30, 2022, SuRo Capital held 289,191 remaining RENT public common shares. |
| (4) | During the three months ended June 30, 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. |
| (5) | As of June 30, 2022, SuRo Capital held 364,046 remaining ROVR public common shares. |
Subsequent to quarter-end,
through July 8, 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) |
| Enjoy Technology, Inc. (2) | |
Various | |
626,955 | |
$0.38 | |
$0.2 million | |
($3.0 million) |
| Rent the Runway, Inc. (3) | |
Various | |
15,000 | |
$3.43 | |
$0.1 million | |
($0.2 million) |
| Rover Group, Inc. (4) | |
Various | |
70,000 | |
$3.93 | |
$0.3 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 July 8, 2022, SuRo Capital held 320,342 remaining ENJY public common shares. |
| (3) | As of July 8, 2022, SuRo Capital held 274,191 remaining RENT public common shares. |
| (4) | As of July 8, 2022, SuRo Capital held 294,046 remaining ROVR public common shares. |
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 second quarter ended June 30, 2022 results in early August 2022.
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.