SuRo Capital(US:SSSS)2023-11-09 02:49Financial Data and Key Metrics Changes - The company ended Q3 2023 with a net asset value (NAV) of $212 million, or $8.41 per share, an increase from $7.35 per share at the end of Q2 2023 and $7.83 per share in Q3 2022 [40][27][51] - The increase in NAV per share was primarily driven by a $1.16 per share increase due to net unrealized depreciation of investments during the quarter [27] Business Line Data and Key Metrics Changes - The company made two new investments during the quarter: $5.8 million in FourKites, a supply chain visibility software company, and $1 million in Stake Trade, a sports betting exchange [12][37] - The top five positions accounted for approximately 61% of the investment portfolio at fair value, while the top 10 positions accounted for about 82% [41] Market Data and Key Metrics Changes - The third quarter of 2023 was characterized by ongoing weakness in public equity and bond markets, with economic uncertainty continuing into Q4 [3][32] - The IPO market is broadly closed and is expected to reopen in early 2024, leading to increased volatility in private markets [33] Company Strategy and Development Direction - The company remains focused on shareholder-friendly initiatives, including a share repurchase program, which has been extended through October 31, 2024, with an additional $5 million authorized for repurchases [42][46] - The company is actively seeking new investment opportunities, particularly in the current market environment, and remains patient and selective in evaluating these opportunities [19][11] Management's Comments on Operating Environment and Future Outlook - Management noted that the disconnect between late-stage secondary opportunities and public market performance continues, with private market valuations remaining inconsistent [4][33] - The company believes that having cash available positions it advantageously to seek new opportunities emerging from current market conditions [17] Other Important Information - The company repurchased 186,930 shares of its common stock for approximately $680,000 during the quarter, with a total of 3.2 million shares repurchased year-to-date for about $14.2 million [24][47] - As of quarter end, the company had approximately $105.4 million in liquid assets, including $73.5 million in cash and $20.3 million in short-term US Treasuries [49] Q&A Session Summary - No specific questions or answers were provided in the content regarding the Q&A session, as the call concluded without detailed inquiries [52]