SuRo Capital Corp. Reports First Quarter 2025 Financial Results

Core Insights - SuRo Capital reported a net asset value of $6.66 per share as of March 31, 2025, a slight decrease from $6.68 per share at the end of 2024 and $7.17 per share a year earlier [1][10][33] - The company highlighted significant market volatility in recent months, with the Nasdaq experiencing its weakest first quarter since 2022 and its worst week since 2020 [2][3] - Despite market challenges, SuRo Capital noted strong momentum in its portfolio, including CoreWeave's completion of the largest tech IPO since 2021 and OpenAI's $40 billion financing round at a $300 billion valuation [2][3] Financial Performance - For the first quarter of 2025, SuRo Capital reported a net investment loss of $3.7 million, or $(0.16) per share, compared to a loss of $3.2 million, or $(0.13) per share, in the same period of 2024 [10][30][33] - The total investment income for the quarter was approximately $499,094, a significant decrease from $1,528,091 in the previous year [30] - The company experienced a net change in unrealized appreciation of investments amounting to $2.9 million, contrasting with a depreciation of $18.4 million in the prior year [12][30] Investment Portfolio - As of March 31, 2025, SuRo Capital held investments in 37 portfolio companies, with a total fair value of approximately $213.6 million [4][10] - The top five investments accounted for about 46% of the total portfolio's fair value, with notable investments including ARK Type One Deep Ventures Fund LLC and Whoop, Inc. [5][4] - Recent investments included a $5 million stake in Plaid, a fintech platform, and a $1 million follow-on investment in WHOOP [3][9] Market Conditions and Strategy - The company remains committed to supporting innovative private companies despite challenging market conditions [3] - SuRo Capital's strategy includes backing high-growth sectors such as AI infrastructure and fintech, aiming to provide access to emerging private companies before they go public [24] - The company anticipates that shares of CoreWeave will be registered and freely tradable by September 2025, which may enhance liquidity for its investments [7][10]