SuRo Capital (SSSS) Q1 2025 earnings summary

Executive summary

• Net asset value (NAV) per share was $6.66 as of March 31, 2025, down slightly from $6.68 at year-end 2024, with net assets totaling $156.8 million.

• Portfolio fair value was $213.6 million, with 37 companies (32 private, 5 public); top five positions (OpenAI, Whoop, CoreWeave, Learneo, ServiceTitan) comprised 46% of portfolio value.

• Major events included CoreWeave's IPO, OpenAI's $40B financing at a $300B valuation, and a $5M investment in Plaid.

• The company operates as an internally managed BDC, focused on equity and equity-related investments in high-growth, venture-backed sectors.

• Repurchased $35.3M of 6.00% Notes due 2026 and issued $35M of 6.50% Convertible Notes due 2029.

Financial highlights

• Net investment loss for Q1 2025 was $3.7M ($0.16 per share), with a net change in unrealized appreciation of $2.9M ($0.12 per share).

• Net assets decreased from $157.6M to $156.8M during the quarter.

• Total investment income for Q1 2025 was $499,094, down from $1,528,091 in Q1 2024.

• Total operating expenses for Q1 2025 were $4.16M.

• Per share market value at quarter-end was $4.97.

Outlook and guidance

• Management expects to exit public positions like CoreWeave and ServiceTitan upon lockup expiration, redeploying capital into AI, fintech, and consumer sectors.

• Anticipates CoreWeave and ServiceTitan shares to become freely tradable by September and June 2025, respectively.

• Dividend distributions will align with net realized gains, with investor communication upon clarity.

• Liquidity is considered sufficient for near-term capital requirements.

• Focus remains on high-growth private companies ahead of public debuts.