SSSS
SuRo Capital Corp.9.16
-0.08-0.87%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Financings timeline, drivers detailed
Q&A unpacked the $5-6.50 per share NAV boost from 2026 financings flagged in prepared remarks, pinpointing multiple deals in major positions set to close by Q1 end, though announcements may lag. Management noted these drivers amid broader market multiple lifts, with no yield income beyond gains and flat expenses. TensorWave's $20M commitment de-risks via initial small funding that springs larger on milestones, chasing AMD AI compute. Privates valuations race ahead of publics, like 1999-2001. Q&A reaffirms portfolio momentum. Watch Q1 prerelease for details.
Key Stats
Market Cap
230.09MP/E (TTM)
3.69Basic EPS (TTM)
2.48Dividend Yield
0.05%Recent Filings
10-K
FY2025 results
SuRo Capital's FY2025 portfolio swelled to $225.5M, up from $209.4M in FY2024, fueled by $33.2M in realized gains from Q4 exits like CoreWeave ($15.3M gain) and ServiceTitan while Q4 unrealized gains accelerated to counter earlier pressures. Private holdings dominated at 98.1%, with AI bets like ARK OpenAI Fund (20.6% NAV) and Whoop surging; top 10 names claimed 87.5% NAV yet margins held amid $16.5M net investment loss. Cash reserves hit $49M, comfortably covering $35.8M 6% notes due 2026; Q4 repurchases trimmed debt $8.8M. No annual guidance disclosed. Portfolio concentration risks persist.
8-K
NAV $8.09, financings boost ahead
SuRo Capital reported Q4 and FY 2025 results with net assets at $205.3M, or $8.09 per share, up from $6.68 year-end 2024 amid $33.2M realized gains offsetting $16.5M investment losses. Portfolio fair value hit $225.5M across 35 companies, led by ARK/OpenAI fund at 18.7%. Recent 2026 financings could add $5.00-$6.50 to NAV. NAV jumped sharply.
8-K
Q4 liquidity, AI commitment
SuRo Capital generated $12.2M in Q4 net proceeds from portfolio sales, including $9.0M from CW Opportunity 2 LP (retaining 68.1%) and $3.1M from Forge Global, booking $7.8M total realized gains yet a $1.0M Rebric loss. Paid $0.50/share dividends in 2025. Committed $20.0M to TensorWave via SPV, funding $5.0M initially. Full results due March 9 week.
10-Q
Q3 FY2025 results
SuRo Capital swung to a Q3 profit of $7.4M, or $0.28 diluted EPS, from a $5.5M loss last year, fueled by $5.2M realized gains and $5.7M unrealized appreciation—yet net investment loss widened to $3.5M on slimmer $0.5M income versus $0.9M prior. Nine-month net change hit $68.9M, or $2.49 diluted EPS (reconciles to 28.4M shares), with investments jumping to $252.2M from $209.4M on AI winners like CoreWeave and OpenAI funds, while NAV climbed to $9.23/share. Cash swelled to $54.5M after $10.6M ATM equity raise and $5.0M note repurchases, leaving $39.7M 6% notes due 2026 and $35.0M 6.5% convertibles due 2029. Portfolio turnover stays low. Illiquid private stakes amplify valuation swings.
8-K
Q3 NAV rises to $9.23/share
SuRo Capital reported third-quarter 2025 results, with net assets climbing to $231.8 million or $9.23 per share, up from $9.18 at quarter-end June, fueled by AI-driven portfolio gains including $5.2 million in realized profits from CoreWeave partial exits. The board declared a $0.25 per share cash dividend, payable December 5, backed by liquidity events, while extending repurchase programs for notes up to $40 million and shares up to $25 million remaining. Momentum persists in AI infrastructure, yet market volatility poses risks to holdings.
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