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1. Company Snapshot

1.a. Company Description

SuRo Capital Corp.is a business development company.The firm seeks to invest in growing, late stage, venture capital-backed private companies.


SuRo Capital Corp.was founded in 2010 and is based in San Francisco, California.

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1.b. Last Insights on SSSS

SuRo Capital Corp.'s recent performance was driven by its continued advancement of its AI strategy with major new investments. The company reported a Net Asset Value (NAV) of $6.73 per share as of September 30, 2024, and net assets totaled approximately $157.4 million. Additionally, the company's focus on AI investments is expected to drive growth and returns for shareholders. The company's chairman and CEO, Mark Klein, highlighted the company's progress in its AI strategy during the Q3 2024 earnings call.

1.c. Company Highlights

2. SuRo Capital's Q3 Earnings: A Strong Show with AI-Focused Investments

SuRo Capital reported a net asset value (NAV) of $9.23 per share as of September 30, 2025, driven primarily by valuation appreciation in several top positions. The company's NAV per share increased from $9.18 at the end of the second quarter, with a $0.23 per share increase from net unrealized appreciation and a $0.21 per share increase from net realized gain. The actual EPS came out at -$0.1, beating estimates of -$0.2. Analysts estimate next year's revenue growth at 36.8%. The company's liquidity as of quarter-end included $58.3 million in liquid assets, comprising $54.6 million in cash and $3.7 million in unrestricted public securities.

Publication Date: Nov -26

📋 Highlights
  • Net Asset Value Increase:: NAV rose to $9.23/share as of September 30, 2025, driven by $0.23/share net unrealized appreciation and $0.21/share net realized gains.
  • AI Infrastructure Gains:: CoreWeave’s valuation is 3x its IPO price; OpenAI’s potential $1 trillion IPO valuation is 6x SuRo’s entry point; VAST Data trades at 3x SuRo’s entry.
  • Portfolio Concentration:: Top 5 positions (CoreWeave, WHOOP, OpenAI, Blink Health, Learneo) account for 52% of the $231.8M portfolio, with 30% allocated to AI infrastructure.
  • Dividend & Repurchase Programs:: $0.25/share dividend declared for Q4 2025; $25M remaining in share repurchase program; $40M extension for note repurchase.
  • CoreWeave Monetization:: $7.2M distributions received in Q3 (2.5M return of capital, $4.7M gain), plus $7M post-quarter; fair value of CoreWeave investment was $37M as of September 30.

Investment Portfolio Performance

The company's top 5 positions as of September 30 were CW Opportunity 2 LP, WHOOP, OpenAI, Blink Health, and Learneo, accounting for approximately 52% of the investment portfolio at fair value. Approximately 30% of SuRo Capital's investment portfolio was allocated to artificial intelligence, infrastructure, and applications. The company's investment in CoreWeave has been particularly successful, with the fair value of the investment being approximately $37 million as of September 30. As Mark Klein noted, "CoreWeave has gone from a relative unknown to one of the fastest-growing infrastructure providers in the world, now trading at approximately 3x its IPO price."

Valuation and Dividend

SuRo Capital's valuation metrics provide insight into what's priced in. The company's Price-to-Book Ratio stands at 0.94, indicating that the stock is trading slightly below its book value. The Dividend Yield is 5.62%, suggesting an attractive income stream for investors. The company's Board declared a $0.25 per share cash dividend paid to shareholders of record as of November 21, with a payment date of December 5. Based on the size and timing of anticipated near-term future monetizations, the company expects to declare and pay additional dividends in either the fourth quarter or early in the first quarter of 2026.

Portfolio Management and Outlook

SuRo Capital continues to focus on AI infrastructure, with a significant allocation to AI exposure. The company is also exploring opportunities in the cybersecurity area. With a strong track record of investment performance and a robust pipeline of opportunities, SuRo Capital is well-positioned for continued success and acceleration in 2026. The company's Return on Equity (ROE) stands at 36.04%, indicating a strong ability to generate returns for shareholders. The Net Debt / EBITDA ratio is 0.27, suggesting a healthy balance sheet.

3. NewsRoom

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SuRo Capital: CoreWeave Dips As AI Enthusiasm Moderates

Dec -04

Source: seekingalpha.com

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SuRo Capital Corp. (SSSS) Q3 2025 Earnings Call Transcript

Nov -05

Source: seekingalpha.com

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SuRo Capital Corp. Reports Third Quarter 2025 Financial Results

Nov -04

Source: globenewswire.com

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SuRo Capital Corp. to Report Third Quarter 2025 Financial Results on Tuesday, November 4, 2025

Oct -28

Source: globenewswire.com

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SuRo Capital Corp. Third Quarter 2025 Preliminary Investment Portfolio Update

Oct -08

Source: globenewswire.com

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SuRo Capital Corp. (SSSS) Q2 2025 Earnings Call Transcript

Aug -07

Source: seekingalpha.com

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SuRo Capital Corp. Reports Second Quarter 2025 Financial Results

Aug -06

Source: globenewswire.com

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SuRo Capital Corp. to Report Second Quarter 2025 Financial Results on Wednesday, August 6, 2025

Jul -30

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (15.40%)

6. Segments

Investment and Related Activities

Expected Growth: 15.4%

SuRo Capital Corp's Investment and Related Activities segment is poised for growth driven by increasing investments in technology and life sciences, fueled by advancements in AI, biotech, and healthcare innovation, as well as growing demand for digital transformation and personalized medicine.

7. Detailed Products

SPAC Merger

SuRo Capital Corp. provides Special Purpose Acquisition Company (SPAC) merger services, facilitating business combinations and providing access to capital markets.

Growth Capital

SuRo Capital Corp. offers growth capital to companies, providing financing solutions to support business expansion and growth initiatives.

Venture Capital

SuRo Capital Corp. provides venture capital investments to early-stage companies, supporting innovation and entrepreneurship.

Real Assets

SuRo Capital Corp. invests in real assets, such as real estate and infrastructure, providing a stable source of income and diversification.

Private Equity

SuRo Capital Corp. provides private equity investments, supporting companies in their growth and expansion initiatives.

8. SuRo Capital Corp.'s Porter Forces

Forces Ranking

Threat Of Substitutes

SuRo Capital Corp. operates in a niche market with limited substitutes, but the threat of substitutes is still present due to the evolving nature of the industry.

Bargaining Power Of Customers

SuRo Capital Corp.'s customers have significant bargaining power due to their large size and negotiating capabilities, which can impact the company's pricing and revenue.

Bargaining Power Of Suppliers

SuRo Capital Corp. has a diverse supplier base, which reduces the bargaining power of individual suppliers, allowing the company to negotiate better prices and terms.

Threat Of New Entrants

While there are barriers to entry in SuRo Capital Corp.'s industry, new entrants can still disrupt the market, and the company needs to stay innovative to maintain its competitive edge.

Intensity Of Rivalry

SuRo Capital Corp. operates in a highly competitive industry, and the intensity of rivalry is high, with companies competing for market share and customers.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 26.64%
Debt Cost 7.39%
Equity Weight 73.36%
Equity Cost 11.00%
WACC 10.04%
Leverage 36.32%

11. Quality Control: SuRo Capital Corp. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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OFS Capital

A-Score: 6.8/10

Value: 6.8

Growth: 6.8

Quality: 5.8

Yield: 10.0

Momentum: 4.0

Volatility: 7.7

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Monroe Capital

A-Score: 6.8/10

Value: 6.1

Growth: 5.7

Quality: 7.1

Yield: 10.0

Momentum: 3.0

Volatility: 8.7

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SuRo Capital

A-Score: 6.3/10

Value: 7.5

Growth: 1.0

Quality: 9.3

Yield: 7.0

Momentum: 9.5

Volatility: 3.7

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OFS Credit

A-Score: 6.2/10

Value: 4.8

Growth: 5.8

Quality: 7.2

Yield: 10.0

Momentum: 1.5

Volatility: 7.7

1-Year Total Return ->

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BNY Mellon Strategic Municipals

A-Score: 6.1/10

Value: 5.4

Growth: 4.1

Quality: 5.5

Yield: 7.0

Momentum: 4.5

Volatility: 10.0

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Logan Ridge Finance

A-Score: 5.3/10

Value: 6.5

Growth: 5.8

Quality: 2.4

Yield: 6.0

Momentum: 1.5

Volatility: 9.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

9.43$

Current Price

9.43$

Potential

-0.00%

Expected Cash-Flows