Q3 2024 SuRo Capital Corp Earnings Call Transcript
Key Points
- SuRo Capital Corp (SSSS) has made significant investments in AI, with AI investments now representing 23% of their portfolio.
- The company has invested approximately $65 million in sought-after private companies, including $55 million in AI companies.
- SuRo Capital Corp (SSSS) has a balanced portfolio with late-stage companies like ServiceTitan, Canva, and Whoop, which are well-positioned for potential IPOs.
- The company has successfully monetized public positions, generating realized gains, such as the sale of PublicSquare shares.
- SuRo Capital Corp (SSSS) has a strong liquidity position with $39.5 million in liquid assets, including $32.7 million in cash.
- The company experienced a decrease in NAV per share from $6.94 to $6.73, driven by net realized losses and investment losses.
- SuRo Capital Corp (SSSS) reported a realized loss of approximately $6.6 million from the sale of OneValley, Inc.
- The company wrote off investments in Churchill Sponsor VII and YouBet Technology due to dissolutions.
- There is a significant concentration risk, with the top five positions accounting for 47% of the investment portfolio.
- The company faces risks associated with market volatility and uncertainties that could impact future performance.
Hello and welcome to SuRo Capital third quarter, 2024 earnings call.
My name is Melissa and I will be your coordinator for today's event. Please note this conference is being recorded and for the duration of the call, your lines will be on listen-only. However, you will have the opportunity to ask questions at the end of the presentation. This can be done by pressing star followed by one on your keypad to register your question. If you require assistance at any point, please press star zero to be connected to an operator.
I'll turn the call over to Willy Lee. Please go ahead.
Awesome. Thank you. Thank you for joining us on today's call. I'm joined today by the Chairman and Chief Executive Officer of SuRo Capital Mark Klein and Chief Financial Officer, Allison Green. Please note that a slide presentation corresponding to today's prepared remarks by management is available on our website at www.surocap.com under investor relations, events
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