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Mar 31
SuRo Capital Q1 2025 Earnings Report
SuRo Capital reported financial results for the first quarter ended March 31, 2025.
Key Takeaways
SuRo Capital reported a net decrease in net assets resulting from operations of $806,715 for the first quarter of 2025, compared to a net decrease of $22.1 million in the same period last year. Net asset value per share decreased slightly to $6.66 as of March 31, 2025, from $6.68 at December 31, 2024, but was down from $7.17 a year prior. The company highlighted significant activity in its portfolio, including CoreWeave's IPO and OpenAI's large financing round, and made follow-on investments in Orchard Technologies and WHOOP, as well as a new investment in Plaid subsequent to quarter-end.
Net assets totaled approximately $156.8 million, or $6.66 per share, at March 31, 2025.
Net investment loss was $3.7 million for the first quarter of 2025.
Net change in unrealized appreciation of investments was $2.9 million for the first quarter of 2025.
The company invested $1.3 million in follow-on investments during the quarter and $5.0 million in a new investment subsequent to quarter-end.
SuRo Capital
SuRo Capital
Forward Guidance
The company did not provide specific forward guidance on financial performance metrics. However, they expressed encouragement regarding the continued strength and progress across their portfolio despite challenging market conditions.
Positive Outlook
- Strong momentum across the portfolio, highlighted by CoreWeave's IPO and OpenAI's large financing round.
- Commitment from major tech companies to capital spending despite tariff uncertainty.
- New investment in Plaid, a market-leading fintech platform.
- Follow-on investment in WHOOP, a cutting-edge wearables company.
- Colombier Acquisition Corp. II's proposed merger with GrabAGun, building on SPAC sponsor strategy successes.
Challenges Ahead
- Turbulent markets since the COVID-19 era with surging volatility.
- New tariff measures and global uncertainty contributing to market challenges.
- Nasdaq suffering its weakest first quarter since 2022.
- Intensified turbulence into the second quarter with the worst week since 2020.
- Market conditions remaining challenging.