SSSS - SuRo Capital Corp. Reports Second Quarter 2021 Financial Results

Net Asset Value of $16.56 Per Share as of June 30, 2021

Board of Directors Declares $2.25 Per Share Dividend

SAN FRANCISCO, Aug. 04, 2021 (GLOBE NEWSWIRE) -- SuRo Capital Corp. (“SuRo Capital”, the “Company”, “we”, “us”, and “our”) (Nasdaq: SSSS ) today announced its financial results for the quarter ended June 30, 2021. Net assets totaled approximately $439.6 million, or $16.56 per share, at June 30, 2021, inclusive of dividends totaling $2.50 per share declared and paid during the second quarter, as compared to $18.01 per share at March 31, 2021 and $11.84 per share at June 30, 2020.

“This quarter, SuRo Capital reached its highest dividend-adjusted NAV since inception. We believe this record NAV is supported by the partial monetization of Coursera during the quarter and the unique opportunities being created through our proprietary access within the SPAC universe. New investments in SPAC founder shares, such as our $2.7 million investment in Colombier Sponsor LLC and our $0.3 million investment in AltC Sponsor LLC, bring our aggregate SPAC founder share investment size to $3.5 million. These investments are worth in excess of $30.0 million, in aggregate, if business combinations are successfully completed based on the present structures of each,” said Mark Klein, Chairman and Chief Executive Officer of SuRo Capital.

Klein continued, “We continue to see the influence of SPAC mergers within our portfolio, including the closing of Rover, Inc.’s merger with Nebula Caravel Acquisition Corp., and merger announcements from Nextdoor, Inc. and Enjoy Technology, Inc. This recent activity, along with the announcements of Rent the Runway, Inc.’s and NewLake Capital Partners, Inc.’s IPO filings are set to provide long-term value to stakeholders.”

“Consistent with our desire to be shareholder friendly and our continued practice of distributing realized gains, on August 3rd, SuRo Capital’s Board of Directors declared a $2.25 per share dividend to shareholders. This dividend will be payable on September 30th to shareholders of record on August 18th. Our Board is offering shareholders the option to elect to take as much as 100% of their dividend in stock and has capped the aggregate cash dividend to 50% of the total dividend payable. This dividend is in addition to the aggregate $3.00 per share of dividends previously declared and paid during the first half of the year.”

Investment Portfolio as of June 30, 2021

At June 30, 2021, SuRo Capital held positions in 34 portfolio companies with an aggregate fair value of approximately $309.4 million. The Company’s top five portfolio company investments accounted for approximately 61% of the total portfolio at fair value as of June 30, 2021.

Top Five Investments as of June 30, 2021

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Note: Total may not sum due to rounding

Second Quarter 2021 Investment Portfolio Activity

During the three months ended June 30, 2021, SuRo Capital funded the following new investments:

During the three months ended June 30, 2021, SuRo Capital funded the following follow-on investments:

During the three months ended June 30, 2021, SuRo Capital sold or received proceeds from the following investments:

Subsequent to quarter-end through August 4, 2021, SuRo Capital funded the following new and follow-on investments:

Subsequent to quarter-end through August 4, 2021, SuRo Capital received proceeds from the following investments:

Second Quarter 2021 Financial Results

Weighted-average common basic shares outstanding were approximately 25.3 million and 16.4 million for the quarters ended June 30, 2021 and 2020, respectively. As of June 30, 2021, there were 26,540,743 shares of the Company’s common stock outstanding.

SuRo Capital’s liquid assets were approximately $226.6 million as of June 30, 2021, consisting of cash and securities of publicly traded portfolio companies.

2021 Dividend Declarations

On January 26, 2021, SuRo Capital’s Board of Directors declared a dividend of $0.25 per share paid on February 19, 2021 to the Company’s common stockholders of record as of the close of business on February 5, 2021. The dividend was paid in cash.

On March 8, 2021, SuRo Capital’s Board of Directors declared a dividend of $0.25 per share paid on April 15, 2021 to the Company’s common stockholders of record as of the close of business on March 30, 2021. The dividend was paid in cash.

On May 4, 2021, SuRo Capital’s Board of Directors declared a dividend of $2.50 per share paid on June 30, 2021 to the Company’s common stockholders of record as of the close of business on May 18, 2021. The dividend was paid in cash and shares of the Company’s common stock.

On August 3, 2021, SuRo Capital’s Board of Directors declared a dividend of $2.25 per share payable on September 30, 2021 to the Company’s common stockholders of record as of the close of business on August 18, 2021. As described more fully below, the dividend will be paid in cash or shares of the Company's common stock at the election of shareholders, although the total amount of cash to be distributed to all shareholders will be limited to no more than 50% of the total dividend to be paid to all shareholders. Please see “Certain Information Regarding the Dividends” below for more information.

Conference Call and Webcast

Management will hold a conference call and webcast for investors on August 4, 2021 at 2:00 p.m. PT (5:00 p.m. ET). The conference call access number for U.S. participants is (323) 794-2093, and the conference call access number for participants outside the U.S. is (866) 548-4713. The conference ID number for both access numbers is 8107228. Additionally, interested parties can listen to a live webcast of the call from the "Investor Relations" section of SuRo Capital’s website at www.surocap.com . An archived replay of the webcast will also be available for 12 months following the live presentation.

A replay of the conference call may be accessed until 5:00 p.m. PT (8:00 p.m. ET) on August 11, 2021 by dialing (888) 203-1112 (U.S.) or +1 (719) 457-0820 (International) and using conference ID number 8107228.

Certain Information Regarding the Dividends

On August 3, 2021, our Board of Directors declared a dividend of $2.25 per share payable on September 30, 2021 to the Company’s common stockholders of record as of the close of business on August 18, 2021. As described more fully below, the dividend will be paid in cash or shares of the Company's common stock at the election of registered shareholders, although the total amount of cash to be distributed to all shareholders will be limited to no more than 50% of the total dividend to be paid to all shareholders. This dividend is being made in accordance with certain applicable Treasury regulations, and guidance issued by the Internal Revenue Service (“IRS”) that allow a publicly-traded regulated investment company to satisfy its distribution requirements from a distribution paid partly in common stock provided certain other requirements are satisfied.

Each registered shareholder will have the opportunity to elect to receive the dividend in cash or in shares of the Company's common stock. Registered shareholders electing to receive the dividend in shares of the Company's common stock will receive their entire dividend in the form of shares of the Company's common stock regardless of the elections made by any other shareholders. However, the total amount of cash to be distributed to all shareholders electing to receive their dividends in cash will be limited to no more than 50% of the total amount to be distributed to all shareholders. In the event the amount of cash to be distributed to all shareholders electing to receive the dividend in cash would exceed 50% of the total dividend, each registered shareholder electing to receive cash will receive a pro rata portion of the total cash to be distributed based on the number of shares held by each such shareholder. The remainder of the dividend in excess of a shareholder's pro rata share of the total amount of cash to be distributed will be paid in the form of shares of the Company's common stock. The number of shares of our common stock to be issued to shareholders receiving all or a portion of the dividend in shares of our common stock will be based on the volume weighted average price per share of our common stock on the Nasdaq Capital Market on August 11, 12, and 13, 2021, less $2.25 to reflect the declared dividend.

The Company will cause to be mailed an election form to receive cash or common stock only to registered shareholders promptly after the August 18, 2021 record date. Registered shareholders are those shareholders who own their stock directly and not through a bank, broker, or nominee. The completed election form must be received by SuRo Capital Corp.'s transfer agent, American Stock Transfer, prior to 5:00 p.m. (EST) on September 17, 2021. Registered shareholders with questions regarding the dividend may call American Stock Transfer at (800) 937-5449. Registered shareholders who do not make an election will be deemed to have elected to receive 100% of their dividend in shares of the Company's common stock.

Registered shareholders participating in the Company's dividend reinvestment plan will also receive an election form. The investment feature of the dividend reinvestment plan will be suspended for this distribution and will be reinstated after this distribution has been completed.

Shareholders who hold their shares through a bank, broker, or nominee will not receive an election form from the Company and should contact their bank, broker, or nominee for instructions on how to make an election. Shareholders who hold their shares through a bank, broker, or nominee are encouraged to contact their bank, broker, or nominee and inform them of the election that should be made on the shareholder’s behalf. If a shareholder’s bank, broker, or nominee, on the shareholder’s behalf, does not timely return a properly completed Election Form by the Election Date, the shareholder will have been deemed to have elected to receive 100% of the Dividend in the form of shares of our common stock.

For each of those shareholders who holds shares of SuRo Capital common stock through a bank, broker, or nominee, the shares of our common stock and cash to which such shareholder is entitled will be delivered by the transfer agent through The Depository Trust Company to such shareholder’s bank, broker, or nominee. The bank, broker or nominee will then allocate the shares and cash into such shareholder’s individual account.

Regardless of whether a shareholder receives the dividend in cash, stock, or some combination of cash and stock, the entire amount of this dividend will be fully taxable to shareholders and SuRo Capital Corp. will report the actual tax characteristics of each year's dividends annually to shareholders and the IRS on Form 1099-DIV.

The date of declaration and amount of any dividends, including any future dividends, are subject to the sole discretion of SuRo Capital’s Board of Directors. The aggregate amount of the dividends declared and paid by SuRo Capital will be fully taxable to stockholders. The tax character of SuRo Capital’s dividends cannot be finally determined until the close of SuRo Capital’s taxable year (December 31). SuRo Capital will report the actual tax characteristics of each year’s dividends annually to stockholders and the IRS on Form 1099-DIV subsequent to year-end.

Registered stockholders with questions regarding declared dividends may call American Stock Transfer at (800) 937-5449. Shareholders who hold their shares through a bank, broker, or nominee are encouraged to contact their bank, broker, or nominee for additional details on how their bank, broker, or nominee will process the election on their behalf. Shareholders can find additional information regarding this dividend in the "Investor Relations" section of SuRo Capital’s website at www.surocap.com .

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.

About SuRo Capital Corp.

SuRo Capital Corp. (Nasdaq: SSSS ) 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 San Francisco, CA. Connect with the company on Twitter, LinkedIn, and at www.surocap.com .

Contact
SuRo Capital Corp.
(650) 235-4769
IR@surocap.com

Media Contact
Bill Douglass
Gotham Communications, LLC
Communications@surocap.com

SURO CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED)

SURO CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

SURO CAPITAL CORP. AND SUBSIDIARIES
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