# EDGAR Filing Document

**Accession Number:** 0001509470
**File Stem:** 0001104659-23-004062
**Filing Date:** 2023-1
**Character Count:** 20133
**Document Hash:** 30ce70f285b7272725ced6fcd408d426
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-004062.hdr.sgml**: 20230117

**ACCESSION NUMBER**: 0001104659-23-004062

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20230117

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230117

**DATE AS OF CHANGE**: 20230117

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SURO CAPITAL CORP.
- **CENTRAL INDEX KEY:** 0001509470
- **IRS NUMBER:** 274443543
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-00852
- **FILM NUMBER:** 23530290

**BUSINESS ADDRESS:**
- **STREET 1:** 640 FIFTH AVENUE
- **STREET 2:** 12TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** (650) 235-4769

**MAIL ADDRESS:**
- **STREET 1:** 640 FIFTH AVENUE
- **STREET 2:** 12TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SUTTER ROCK CAPITAL CORP.
- **DATE OF NAME CHANGE:** 20190731

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GSV Capital Corp.
- **DATE OF NAME CHANGE:** 20110531

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NeXt Innovation Corp.
- **DATE OF NAME CHANGE:** 20110331

?xml version="1.0" encoding="utf-8"?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**Current Report**

**Pursuant to Section 13 or 15(d) of**

**the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported):

**January 17, 2023**

**SURO CAPITAL CORP.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Maryland** | **1-35156** | **27-4443543** |
| (State or other jurisdiction of<br> incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |

---

**640 Fifth Avenue**

**12th Floor**

**New York, NY 10019**

(Address of principal executive offices and zip code)

Registrant's telephone number, including area code: **(212) 931-6331**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

◻ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

◻ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

◻ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

◻ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class:** | **Trading symbol:** | **Name of each exchange on which registered:** |
| Common Stock, par value $0.01 per share | SSSS | Nasdaq Global Select Market |
| 6.00% Notes due 2026 | SSSSL | Nasdaq Global Select Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ◻

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

---

| | |
|:---|:---|
| **Item 2.02.** | **Results of Operations and Financial Condition.** |

---

On January 17, 2023, SuRo Capital Corp. (the "Company") issued a press release containing preliminary estimates of its results for the fourth quarter and fiscal year ended December 31, 2022 (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.

---

| | |
|:---|:---|
| **Item 8.01.** | **Other Events.** |

---

 ****

**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)<sup>(1)</sup> | Series Seed-2 Preferred | 11/17/2022 | $250000 |

---

(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**<br> **Sold** | **Average Net Share Price<sup>(1)</sup>** | **Net**<br> **Proceeds**  | **Realized**<br> **Gain/(Loss)** |
| Kahoot! ASA<sup>(2)</sup> | 10/19/2022 | 61367 | $2.12 | $0.1 million | ($0.2 million) |
| NewLake Capital Partners, Inc.<sup>(3)</sup> | Various | 2375 | $17.86 | <$0.1 million | <($0.1 million) |
| Rent the Runway, Inc.<sup>(4)</sup> | Various | 150000 | $2.96 | $0.4 million | ($1.8 million) |
| Residential Homes For Rent, LLC (d/b/a Second Avenue)<sup>(5)</sup> | Various | N/A | N/A | $0.3 million | $-- |
| Rover Group, Inc.<sup>(6)</sup> | Various | 106854 | $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**<br> **Sold** | **Average Net Share Price<sup>(1)</sup>** | **Net**<br> **Proceeds**  | **Realized**<br> **Gain/(Loss)** |
| Kahoot! ASA<sup>(2)</sup> | 1/4/2023 | 25000 | $2.01 | $0.1 million | ($0.1 million) |
| Rent the Runway, Inc.<sup>(3)</sup> | 1/4/2023 | 79191 | $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.

---

| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits.** |

---

---

| | |
|:---|:---|
| Exhibit No. | Description |
| [Exhibit 99.1](tm233570d1_ex99-1.htm) | [Press Release dated January 17, 2023\*](tm233570d1_ex99-1.htm) |
| 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 17, 2023 | **SURO CAPITAL CORP.** | **SURO CAPITAL CORP.** |
|  | By: | /s/ Allison Green |
|  |  | Allison Green<br> Chief Financial Officer, Chief Compliance Officer, Treasurer and Corporate Secretary |

---

## Exhibit 99.1

**Exhibit 99.1**

*Page **1** of **3***

![](tm233570d1_ex99-1img001.jpg)

**SuRo Capital Corp. Fourth Quarter and Fiscal Year 2022**

**Preliminary Investment Portfolio Update**

 

*Net Asset Value Anticipated to be $7.15 to $7.65 Per Share* 

 

**NEW YORK, NY, January 17, 2023 (GLOBE NEWSWIRE) – <u>SuRo Capital Corp.</u> ("SuRo Capital", the "Company", "we", "us", and "our")** (Nasdaq: **<u>SSSS</u>**) today provided the following preliminary update on its investment portfolio for the fourth quarter and fiscal year ended December 31, 2022.

"2022 has been well documented as one of the worst years for equity markets in decades. However, as we move into the new year with approximately $125 million of investable capital, we stand ready to continue investing in both primary and secondary opportunities for later-stage, high-growth companies at what we believe will be compelling valuations. To that end, during the fourth quarter of 2022, we completed a $10 million primary investment in Locus Robotics Corp., a leader in autonomous mobile robots (AMR) for fulfillment and distribution warehouses," said Mark Klein, Chairman and Chief Executive Officer of SuRo Capital.

Klein concluded, "Based on information presently available, for the quarter and year ended December 31, 2022, we anticipate SuRo Capital's net asset value to be approximately $7.15 to $7.65 per share."

As previously reported, SuRo Capital'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, SuRo Capital's net asset value is estimated to be between $7.15 to $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**

As of December 31, 2022, SuRo Capital 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, SuRo Capital 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) <sup>(1)</sup> | Series Seed-2 Preferred | 11/17/2022 | $250000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Represents a follow-on investment made through SuRo Capital Sports, LLC.

*Page **2** of **3***

During the three months ended December 31, 2022, SuRo Capital exited or received proceeds from the following investments:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Transaction Date** | **Shares Sold** | **Average Net Share Price**<sup>(1)</sup>** | **Net Proceeds** | **Realized Gain/(Loss)** |
| Kahoot! ASA <sup>(2)</sup> | 10/19/2022 | 61367 | $2.12 | $0.1 million | ($0.2 million) |
| NewLake Capital Partners, Inc.<sup>(3)</sup> | Various | 2375 | $17.86 | <$0.1 million | <($0.1 million) |
| Rent the Runway, Inc.<sup>(4)</sup> | Various | 150000 | $2.96 | $0.4 million | ($1.8 million) |
| Residential Homes For Rent, LLC (d/b/a Second Avenue)<sup>(5)</sup> | Various | N/A | N/A | $0.3 million | $- |
| Rover Group, Inc.<sup>(6)</sup> | Various | 106854 | $3.93 | $0.4 million | $0.1 million |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The average net share price is the net share price realized after deducting all commissions and fees on the sale(s), if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(2) As of December 31, 2022, SuRo Capital held 38,305 remaining Kahoot! ASA public common shares.

&nbsp;&nbsp;&nbsp;&nbsp;(3) As of December 31, 2022, SuRo Capital held 229,758 remaining NewLake Capital Partners, Inc. public common
shares.

&nbsp;&nbsp;&nbsp;&nbsp;(4) As of December 31, 2022, SuRo Capital held 79,191 remaining Rent the Runway, Inc. public common shares.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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, SuRo Capital 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, SuRo Capital exited the following investments:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Transaction Date** | **Shares**<br> **Sold** | **Average Net Share Price**<sup>(1)</sup>** | **Net**<br> **Proceeds** | **Realized** <br> **Loss** |
| Kahoot! ASA <sup>(2)</sup> | 1/4/2023 | 25000 | $2.01 | $0.1 million | ($0.1 million) |
| Rent the Runway, Inc.<sup>(3)</sup> | 1/4/2023 | 79191 | $3.05 | $0.2 million | ($1.0 million) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The average net share price is the net share price realized after deducting all commissions and fees on the sale(s), if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(2) As of January 16, 2023, SuRo Capital held 13,305 remaining Kahoot! ASA public common shares.

&nbsp;&nbsp;&nbsp;&nbsp;(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 SuRo Capital. Neither our 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 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 of risks and uncertainties, including the impact of the 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 SuRo Capital's actual results to differ from management'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.

*Page **3** of **3***

**About SuRo Capital Corp.**

SuRo Capital Corp. (Nasdaq: <u>SSSS</u>) 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 <u>www.surocap.com</u>.

**Contact**

SuRo Capital Corp.

(212) 931-6331

<u>IR@surocap.com</u>