Q1 2024 SuRo Capital Corp Earnings Call Transcript
Key Points
- SuRo Capital Corp has actively deployed more capital in the last four months than in any period over the last two years, indicating strong investment activity.
- The company has made significant new investments, including $10 million in Canada and $15 million in CoreWeave, expanding its portfolio into promising sectors like AI infrastructure and productivity software.
- SuRo Capital Corp's top five positions as of the end of the quarter accounted for approximately 51% of the investment portfolio at fair value, suggesting a strong concentration in high-value investments.
- The company has a robust cash position, with $80.4 million in cash and short-term U.S. treasuries available for investment, representing 31% of their gross assets.
- SuRo Capital Corp has successfully exited several investments, including fully liquidating its position in Astora and reducing holdings in Public School, which aligns with its strategy to monetize investments post-lockup period.
- The company experienced a decrease in net asset value (NAV) per share from $7.99 at the end of 2023 to $7.17 at the end of Q1 2024, indicating a potential decline in the value of some investments.
- There was a reported unrealized depreciation of portfolio investments during the quarter, contributing to the decrease in NAV.
- SuRo Capital Corp's investment in AI infrastructure, while promising, also presents high risks associated with the rapidly evolving technology and market.
- The concentration of 51% of the investment portfolio in the top five positions could pose a risk if any of these investments fail to perform as expected.
- Despite active investment, the overall market volatility and potential economic downturns could negatively impact the company's portfolio performance.
Hello, and welcome to SuRo Capital's first quarter 2020 for earning. You know, 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 in a listen only mode. However, you will have the opportunity to ask questions at the end of the presentation can be done by pressing star one on your telephone keypad to register your query. If you require assistance at any point, please press star zero and you'll be connected to an operator, I'll now turn the call over to Adam Bates. Please go ahead.
Thank you very much for joining us on today's call. I am joined today by the Chairman and Chief Executive Officer of SuRo Capital, Mark Klein, and Chief Financial Officer, Alison green. Please note that a slide presentation corresponding to today's permit prepared remarks by management is available on our website at w. w. w. dot SuRo cap.com under Investor Relations Events and Presentations. Today's call is being recorded and
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