SuRo Capital Corp. (SSSS), formerly known as Sutter Rock Capital Corp. and GSV Capital Corp., reported a net investment loss of $13.95 million for the fiscal year ended December 31, 2024, compared to a net investment loss of $13.44 million in 2023. Investment income decreased to $4.67 million in 2024 from $6.60 million in 2023, primarily due to reduced interest income from short-term U.S. Treasury bills and certain portfolio companies, partially offset by increased dividend income from other sources. Total operating expenses decreased to $18.62 million in 2024 from $20.04 million in 2023, mainly due to lower income tax expense and professional fees. The company's net change in unrealized appreciation/(depreciation) of investments was a negative $18.97 million in 2024, compared to a positive $30.45 million in 2023.
Significant changes in the company's investment portfolio occurred during 2024. The company funded investments totaling $74.5 million (excluding capitalized transaction costs), and exited or received proceeds from investments (excluding short-term U.S. Treasury bills) totaling $26.1 million, resulting in a net realized loss on investments of $5.02 million. The company also wrote off investments in Churchill Sponsor VII LLC and YouBet Technology, Inc. following their dissolutions. A modified Dutch auction tender offer resulted in the repurchase of 2 million shares of common stock at $4.70 per share. As of December 31, 2024, the company had ten employees located in New York and San Francisco.
Strategic developments included the issuance of $30 million in 6.50% Convertible Notes due 2029 during 2024, and the repurchase of $30.3 million in principal amount of 6.00% Notes due 2026 under a discretionary note repurchase program. The company also maintained an at-the-market offering program for up to $150 million in common stock, with approximately $98.8 million remaining available for sale as of December 31, 2024. The company's investment strategy focuses on high-growth, venture-backed companies across several key industry themes, including software-as-a-service, artificial intelligence, and financial technology.
Key operational developments included a net asset value (NAV) per share of $6.68 as of December 31, 2024, compared to $7.99 as of December 31, 2023. The last reported sale price of a share of common stock was $5.27 on March 11, 2025. As of December 31, 2024, 91.6% of the company's investment portfolio consisted of investments in private companies, with significant concentrations in artificial intelligence infrastructure & applications (27.7%) and software-as-a-service (23.5%).
The company's outlook includes the continued pursuit of its investment strategy, focusing on high-growth, venture-backed companies. The filing notes several risk factors, including the inherent risks of investing in private companies, market volatility, and the potential for losses on investments. The company also highlights its reliance on its management team and the potential impact of changes in laws and regulations. The company intends to continue to operate as a regulated investment company (RIC) for U.S. federal income tax purposes.
About SURO CAPITAL CORP.
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.