SuRo Capital Corp. Reports Second Quarter 2023 Financial Results
August 9, 2023
Net Asset Value of $7.35 Per Share as of June 30, 2023
Board of Directors Authorizes $5 Million Increase to Share Repurchase Program to Aggregate $60 Million
NEW YORK, Aug. 09, 2023 (GLOBE NEWSWIRE) -- SuRo Capital Corp. (“SuRo Capital”, the “Company”, “we”, “us”, and “our”) (Nasdaq:
SSSS) today announced its financial results for the quarter ended June 30, 2023. Net assets totaled approximately $186.7 million, or $7.35 per share,
at June 30, 2023 as compared to $7.59 per share at March 31, 2023 and $9.24 per share at June 30, 2022.
"The last four months have been amongst the most active periods SuRo Capital has experienced in the last couple of years. We made fiveinvestments, three in new portfolio companies and two in follow-on investments. Additionally, we have had one of our SPAC investments close its
previously announced transaction and two announce definitive agreements. On July 19, 2023, Colombier Acquisition Corp., a SPAC in which we own
Class B units and Class W units, announced it successfully closed its business combination with PSQ Holdings, Inc., and began trading on the New
York Stock Exchange under the ticker ‘PSQH.’ Additionally, subsequent to quarter-end, AltC Acquisition Corp. and Churchill Capital Corp VII, two
SPACs in which we own sponsor equity, announced they signed definitive merger agreements," said Mark Klein, Chairman, and Chief Executive
Officer of SuRo Capital.
Mr. Klein continued, “In light of improving market conditions and early signs of recovery in the private markets, we were able to execute on two
secondary opportunities at compelling prices. During the second quarter, we added one new portfolio company through a $10.0 million secondary
investment in ServiceTitan, Inc., a software business for home and commercial trades. Subsequent to quarter-end, we added two new portfolio
companies through a $5.8 million secondary investment in FourKites, Inc., a supply chain visibility software company and a $1.0 million primary
investment in Stake Trade, Inc., a sports betting exchange doing business as Prophet Exchange, through SuRo Capital Sports, LLC. Looking ahead,
we believe the combination of being strategically opportunistic during times of volatility, along with over $100.0 million of investable capital as ofquarter-end, will allow us to seize unique opportunities with high potential returns.”
Mr. Klein concluded, “As we have consistently demonstrated, SuRo Capital is committed to initiatives that enhance shareholder value. Accordingly, as
announced in the first quarter and executed during the second quarter, we completed our recent Modified Dutch Auction Tender Offer, which we
believe was an efficient and accretive deployment of capital. The Modified Dutch Auction Tender Offer resulted in the purchase of 3.0 million shares ofcommon stock for $4.50 per share. Additionally, on August 7, 2023, our Board of Directors authorized a $5.0 million expansion of the Share
Repurchase Program to $60.0 million and an extension of the Share Repurchase Program through October 31st, 2024. As of today, SuRo Capital has
approximately $21.4 million available under its Share Repurchase Program. We remain highly focused on balancing our remaining capital between
these repurchases and new investment opportunities.”
Investment Portfolio as of June 30, 2023
At June 30, 2023, SuRo Capital held positions in 37 portfolio companies – 33 privately held and 4 publicly held – with an aggregate fair value ofapproximately $160.3 million, excluding short-term US treasuries. The Company’s top five portfolio company investments accounted for approximately
51% of the total portfolio at fair value as of June 30, 2023.
Top Five Investments as of June 30, 2023
Portfolio Company ($ in millions)

Cost BasisFair Value% of Total Portfolio

Learneo, Inc. (f/k/a Course Hero, Inc.)
Colombier Sponsor LLC
Blink Health, Inc.
Stormwind, LLC
Locus Robotics Corp.

$15.0
2.7
15.0
6.4
10.0

$32.5
17.2
11.7
10.6
10.0

20.3%
10.7
7.3
6.6
6.2

Total

$49.1

$82.0

51.2%

__________________
Note: Total may not sum due to rounding.
Second Quarter 2023 Investment Portfolio Activity
During the three months ended June 30, 2023, SuRo Capital made the following new and follow-on investments, excluding short-term US treasuries:
Portfolio Company

Investment

Transaction Date

AmountPayJoy, Inc.
ServiceTitan, Inc.

Simple Agreement for Future Equity (SAFE)
Common Shares

5/25/2023
6/30/2023$0.5 million$10.0 million

During the three months ended June 30, 2023, SuRo Capital exited or received proceeds from the following investments, excluding short-term US

treasuries:

Transaction Date

SharesSold

Average Net Share Price(1)Net
Proceeds Realized Loss

Nextdoor Holdings, Inc.(2)Various950,000$3.05$2.9 million $(2.4 million)

Ozy Media, Inc.(3)Residential Homes For Rent, LLC (d/b/a Second
Avenue)(4)True Global Ventures 4 Plus Pte Ltd

5/4/2023

N/A

N/A

$-

$(10.9 million)

Various

N/A

N/A$0.3 million$-

6/30/2023

N/A

N/A

$0.3 million$-

Portfolio Company__________________(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, 2023, SuRo Capital held 852,416 remaining Nextdoor Holdings, Inc. public common shares.
(3) On May 4, 2023, SuRo Capital abandoned its investment in Ozy Media, Inc.
(4) During the three months ended June 30, 2023, 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 theoutstanding principal and the remaining was attributed to interest.
Subsequent to quarter-end through August 8, 2023, SuRo Capital made the following new and follow-on investments, excluding short-term US
treasuries:
Portfolio Company

Investment

Transaction Date

AmountCommon Shares
Series B-4 Preferred

Various
7/12/2023$5.8 million$0.5 million

Simple Agreement for Future Equity (SAFE)

7/26/2023$1.0 million

FourKites, Inc.
Shogun Enterprises, Inc. (d/b/a Hearth)
Stake Trade, Inc. (d/b/a Prophet Exchange)(1)__________________(1) Investment made through SuRo Capital Sports, LLC.

Subsequent to quarter-end through August 8, 2023, SuRo Capital exited or received proceeds from the following investments, excluding short-term
US treasuries:

Portfolio Company

Transaction Date

SharesSold

Average Net Share Price(1)Net
Proceeds

Realized Loss

Various589,996$3.09$1.8 million$(1.4 million)

7/24/2023

N/A

N/A

$0.1 million$-

Nextdoor Holdings, Inc.(2)Residential Homes For Rent, LLC (d/b/a Second
Avenue)(3)__________________(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 August 9, 2023, SuRo Capital held 262,420 remaining Nextdoor Holdings, Inc. public common shares.
(3) Subsequent to June 30, 2023, $0.1 million was received from Residential Homes for Rent, LLC (d/b/a Second Avenue) related to the 15% termloan due December 23, 2023. Of the proceeds received, $0.1 million repaid a portion of the outstanding principal and the remaining proceeds were
attributed to interest.

Second Quarter 2023 Financial Results
Quarter Ended
June 30, 2023

Net investment loss

$ in millions

per share(1)$ in millions

per share(1)

$

$

$

$

Net realized loss on investments
Net change in unrealized appreciation/(depreciation) of investments
Net change in net assets resulting from operations – basic(2)Quarter Ended
June 30, 2022

$

(3.8)

(0.15)(3.8)(0.12)(13.3)(0.51)(2.0)(0.06)

1.5

0.06(88.6)(2.89)(15.6)$(0.60)$(94.3)$(3.07)

Repurchase of common stock(13.5)

0.33

(6.9)

0.07

Stock-based compensation

0.8

0.03

0.7

0.02

Decrease in net asset value(2)__________________$(28.4)$(0.24)$(100.5)$(2.98)

(1) Based on weighted-average number of shares outstanding for the relevant period.
(2) Totals may not sum due to rounding.
Weighted-average common basic shares outstanding were approximately 26.0 million and 30.6 million for the quarters ended June 30, 2023, and2022, respectively. As of June 30, 2023, there were 25,398,640 shares of the Company’s common stock outstanding.
SuRo Capital’s liquid assets were approximately $112.0 million as of June 30, 2023, consisting of cash, short-term US treasuries, and securities ofpublicly traded portfolio companies not subject to lock-up restrictions at quarter-end.
Modified Dutch Auction Tender Offer
On March 17, 2023, SuRo Capital’s Board of Directors authorized a Modified Dutch Auction Tender Offer (“Tender Offer”) to purchase up to 3.0 million
shares of the Company’s common stock at a price per share between $3.00 and $4.50, using available cash. In accordance with the Tender Offer, on
April 21, 2023, the Company repurchased 3,000,000 shares at a price of $4.50 per share, representing 10.6% of its then outstanding shares. The pershare purchase price of properly tendered shares represents 60.9% of net asset value per share as of December 31, 2022.
Share Repurchase Program
On August 7, 2023, the Company’s Board of Directors authorized an extension of, and a $5.0 million increase in the amount of shares that may be
repurchased under, the Company's discretionary Share Repurchase Program until the earlier of (i) October 31, 2024 or (ii) the repurchase of $60.0
million in aggregate amount of the Company's common stock. The dollar value of shares that may yet be purchased by the Company under the Share
Repurchase Program is approximately $21.4 million.
Since inception of the Share Repurchase Program in August 2017, SuRo Capital has repurchased over 5.8 million shares of its common stock for an
aggregate purchase price of approximately $38.6 million.
Under the Share Repurchase Program, the Company may repurchase its outstanding common stock in the open market provided it complies with theprohibitions under its insider trading policies and procedures and the applicable provisions of the Investment Company Act of 1940, as amended, andthe Securities Exchange Act of 1934, as amended.
Conference Call and Webcast
Management will hold a conference call and webcast for investors at 2:00 p.m. PT (5:00 p.m. ET). The conference call access number for U.S.
participants is 866-580-3963, and the conference call access number for participants outside the U.S. is +1 786-697-3501. The conference ID number
for both access numbers is 7746181. Additionally, interested parties can listen to a live webcast of the call from the "Investor Relations" section of
SuRo Capital’s website at www.surocap.com. An archived replay of the webcast will also be available for 12 months following the live presentation.
A replay of the conference call may be accessed until 5:00 p.m. PT (8:00 p.m. ET) on August 16, 2023 by dialing 866-583-1035 (U.S.) or +44 (0) 20
3451 9993 (International) and using conference ID number 7746181.
Forward-Looking Statements
Statements included herein, including statements regarding SuRo Capital's beliefs, expectations, intentions, or strategies for the future, may constitute"forward-looking statements". SuRo Capital cautions you that 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 ofrisks and uncertainties, including the impact of any market volatility that may be detrimental to our business, our portfolio companies, our industry, andthe global economy, that could cause actual results to differ materially from the plans, intentions, and expectations reflected in or suggested by theforward-looking statements. Risk factors, cautionary statements, and other conditions which could cause SuRo Capital's actual results to differ frommanagement's current expectations are contained in SuRo Capital's filings with the Securities and Exchange Commission. SuRo Capital undertakes
no obligation to update any forward-looking statement to reflect events or circumstances that may arise after the date of this press release.
About SuRo Capital Corp.
SuRo Capital Corp. (Nasdaq: SSSS) is a publicly traded investment fund that seeks to invest in high-growth, venture-backed private companies. The
fund seeks to create a portfolio of high-growth emerging private companies via a repeatable and disciplined investment approach, as well as to provide
investors with access to such companies through its publicly traded common stock. SuRo Capital is headquartered in New York, NY and has offices in
San Francisco, CA. Connect with the company on Twitter, LinkedIn, and at www.surocap.com.
Contact
SuRo Capital Corp.
(212) 931-6331
IR@surocap.com

SURO CAPITAL CORP. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED)
December 31,
2022

June 30, 2023
ASSETS
Investments at fair value:Non-controlled/non-affiliate investments (cost of $159,012,912 and $155,103,810, respectively)
Non-controlled/affiliate investments (cost of $30,195,780 and $41,140,804, respectively)
Controlled investments (cost of $19,883,894 and $19,883,894, respectively)$ 120,620,316
11,546,197
28,116,633$

130,901,546
12,591,162
13,695,870

Total Portfolio Investments
Investments in U.S. Treasury bills (cost of $75,478,668 and $84,999,598, respectively)
Total Investments (cost of $284,571,254 and $301,128,106, respectively)
Cash
Proceeds receivable
Escrow proceeds receivable
Interest and dividends receivable
Deferred financing costs
Prepaid expenses and other assets(1)Total Assets
LIABILITIES

160,283,146
75,895,534

157,188,578
85,056,817

236,178,680
24,542,729
664,470
375,965
119,548
590,430

242,245,395
40,117,598—
628,332
138,766
555,761

485,171727,006

262,956,993

284,412,858

Accounts payable and accrued expenses(1)Dividends payable

2,511,200
188,357

708,827
296,170

6.00% Notes due December 30, 2026(2)Total Liabilities

73,564,712

73,387,159

76,264,269

74,392,156

Net Assets
NET ASSETS
Common stock, par value $0.01 per share (100,000,000 authorized; 25,398,640 and 28,429,499 issued andoutstanding, respectively)
Paid-in capital in excess of par
Accumulated net investment loss
Accumulated net realized gain/(loss) on investments, net of distributions
Accumulated net unrealized appreciation/(depreciation) of investments
Net Assets
Net Asset Value Per Share$ 186,692,724$

210,020,702$

253,986
318,605,100(72,859,710)(10,528,391)(48,778,261)$

284,295
330,899,254(64,832,605)
2,552,465(58,882,707)$ 186,692,724$

210,020,702

$

$

7.39

7.35

__________________________________________________(1) This balance includes a right of use asset and corresponding operating lease liability, respectively.
(2) As of June 30, 2023, the 6.00% Notes due December 30, 2026 (effective interest rate of 6.53%) had a face value $75,000,000. As of December
31, 2022, the 6.00% Notes due December 30, 2026 (effective interest rate of 6.53%) had a face value $75,000,00
SURO CAPITAL CORP. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
Three Months Ended June 30,
2023
INVESTMENT INCOME
Non-controlled/non-affiliate investments:
Interest income
Dividend income
Controlled investments:
Interest income
Interest income from U.S. Treasury bills
Total Investment Income
OPERATING EXPENSES
Compensation expense
Directors’ fees
Professional fees
Interest expense
Income tax expense
Other expenses
Total Operating Expenses
Net Investment Loss
Realized Gain/(Loss) on Investments:
Non-controlled/non-affiliated investments
Non-controlled/affiliate investments
Net Realized Gain/(Loss) on Investments
Change in Unrealized Appreciation/(Depreciation) of Investments:
Non-controlled/non-affiliated investments
Non-controlled/affiliate investments
Controlled investments$

40,394
63,145Six Months Ended June 30,

2022

$

149,282
191,349

$

2023

2022

89,869 $126,290311,737
321,994

318,425
950,254550,000—

554,425
1,900,716

840,000—

1,372,218

890,631

2,671,300

1,473,731

2,117,872
161,661
916,579
1,214,267
90,826676,353

1,759,261
191,829
1,078,459
1,226,767
5,691
439,5124,254,626
322,226
1,907,413
2,427,553
620,606
1,165,981

3,619,963
352,394
2,351,172
2,427,553
7,741
750,501

5,177,558

4,701,519

10,698,405

9,509,324(3,805,340)(3,810,888)(8,027,105)(8,035,593)(2,325,175)(10,945,024)(1,895,846)(70,379)(2,135,832)(10,945,024)

1,200,429(70,379)(13,270,199)(1,966,225)(13,080,856)

1,130,050(12,152,800)
11,220,424
2,387,891(88,620,056)(72,519)
130,000(14,216,377)
9,900,060
14,420,763(66,876,069)(361,621)
260,000

1,455,515

Net Change in Unrealized Appreciation/(Depreciation) of Investments(88,562,575)

10,104,446(66,977,690)$ (15,620,024) $ (94,339,688)$ (11,003,515) $ (73,883,233)

Basic

$

(0.60) $(3.08)$(0.41) $(2.39)

Diluted(1)$(0.60) $(3.08)$(0.41) $(2.39)Net Change in Net Assets Resulting from Operations
Net Change in Net Assets Resulting from Operations per Common Share:

Weighted-Average Common Shares Outstanding
Basic
Diluted(1)25,952,447

30,633,878

27,158,786

30,929,321

25,952,447

30,633,878

27,158,786

30,929,321________________________________________________(1) For the three months ended June 30, 2023 and June 30, 2022, there were no potentially dilutive securities outstanding.
SURO CAPITAL CORP. AND SUBSIDIARIESFINANCIAL HIGHLIGHTS (UNAUDITED)
Three Months Ended June 30,2023
Per Basic Share Data
Net asset value at beginning of the year$

Six Months Ended June 30,

2022

7.59

$

2023

12.22

$

2022

7.39

$

11.72

Net investment loss(1)(0.15)(0.12)(0.30)Net realized gain/(loss) on investments(1)(0.51)(0.06)(0.48)

0.04

Net change in unrealized appreciation/(depreciation) of investments(1)Dividends declared

0.06—(2.89)—

0.37—(2.17)(0.11)

Issuance of common stock from public offering(1)(0.26)

—

—

—

0.01

Repurchase of common stock(1)

0.33

0.07

0.33

(0.01)

Stock-based compensation(1)

0.03

0.02

0.04

0.02

Net asset value at end of period

$

7.35

$

9.24

$

7.35

$

9.24

Per share market value at end of period

$

3.20

$

6.40

$

3.20

$

6.40

Total return based on market value(2)Total return based on net asset value(2)Shares outstanding at end of period
Ratios/Supplemental Data:
Net assets at end of period
Average net assets(11.60)%(25.84)%(15.79)%(49.14)%(3.16)%
25,398,640(24.39)%30,325,187(0.54)%
25,398,640(20.22)%30,325,187$ 186,692,724$ 205,097,855$ 280,172,472$ 378,428,728$ 186,692,724$ 207,210,870$ 280,172,472$ 371,249,600

Ratio of net operating expenses to average net assets(3)10.13%

4.24%

10.41%

4.80%

Ratio of net investment loss to average net assets(3)Portfolio Turnover Ratio(7.44)%
2.09%(3.48)%
1.57%(7.81)%
3.89%(4.18)%
2.05%__________________(1) Based on weighted-average number of shares outstanding for the relevant period.
(2) Total return based on market value is based upon the change in market price per share between the opening and ending market values per sharein the period, adjusted for dividends and equity issuances. Total return based on net asset value is based upon the change in net asset value per sharebetween the opening and ending net asset values per share in the period, adjusted for dividends and equity issuances.
(3) Financial highlights for periods of less than one year are annualized and the ratios of operating expenses to average net assets and net
investment loss to average net assets are adjusted accordingly. Because the ratios are calculated for the Company’s common stock taken as a whole,
an individual investor’s ratios may vary from these ratios.