Item 2.02. Results of Operations and Financial Condition.
OnJanuary 13, 2022 ,SuRo Capital Corp. (the "Company") issued a press release containing preliminary estimates of its results for the fourth quarter and year endedDecember 31, 2021 (the "Press Release"). A copy of the Press Release is included as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated into this Item 2.02 by reference. The information disclosed under this Item 2.02, including the information set forth in Exhibit 99.1 hereto, is being "furnished" and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise. The information in this Item 2.02 shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, or into any filing or other document pursuant to the Exchange Act, except as otherwise expressly stated in any such filing. Item 8.01. Other Events.
Preliminary Estimates and Investment Portfolio Update
On
Preliminary Estimates of Results for the Three Months and Year Ended
As previously reported, the Company's net assets totaled approximately$425.8 million , or$14.79 per share, atSeptember 30, 2021 and approximately$301.6 million , or$15.14 per share, atDecember 31, 2020 . As ofDecember 31, 2021 , the Company's net asset value is estimated to be between$11.25 and$12.00 per share. This range includes a customary discount to the year-end pricing of certain public common shares in the Company's investment portfolio subject to lock-up provisions at year-end.
As of
Investment Portfolio Update
At
During the three months endedDecember 31, 2021 , the Company made the following investments: Portfolio Company Investment Transaction Date Amount Series C Preferred Course Hero, Inc.(1) Shares 11/5/2021$10.0 million Series Seed-4 SuRo Capital Sports, LLC(2) Preferred Shares 10/12/2021$1.0 million
(1) Represents a follow-on investment.
(2) Represents an investment in
During the three months ended
Transaction Shares Average Net Net Realized Portfolio Company Date Sold Share Price(1) Proceeds Gain Coursera, Inc.(2) Various 1,509,090$34.35 $51.8 million $42.4 million NewLake Capital Partners, Inc.(3) Various 167,755$28.30 $4.7 million $1.4 million Tynker (f/k/a Neuron Fuel Inc.) 12/6/2021 534,162$5.44 $2.9 million (4)$2.6 million (4)
(1) The average net share price is the net share price realized after deducting
all commissions and fees on the sale(s), if applicable.
(2) As of
(3) As of
(4) Net proceeds includes approximately
in escrow.
Preliminary Estimates and Guidance
The preliminary financial estimates provided herein are unaudited and have been prepared by, and are the responsibility of, the management of the Company. Neither the Company's independent registered public accounting firm, nor any other independent accountants, have audited, reviewed, compiled, or performed any procedures with respect to the preliminary financial data included herein. Actual results may differ materially.
The Company expects to announce its fourth quarter and fiscal year ended
Forward-Looking Statements Statements included herein, including statements regarding the Company's beliefs, expectations, intentions, or strategies for the future, may constitute "forward-looking statements". The Company cautions that any forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from those projected or implied in these statements. All forward-looking statements involve a number of risks and uncertainties, including the impact of the coronavirus (COVID-19) pandemic and any market volatility that may be detrimental to our business, our portfolio companies, our industry, and the global economy, that could cause actual results to differ materially from the plans, intentions, and expectations reflected in or suggested by the forward-looking statements. Risk factors, cautionary statements, and other conditions which could cause the Company's actual results to differ from management's current expectations, are contained in the Company's filings with theSecurities and Exchange Commission . The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances that may arise after the date of this Current Report on Form 8-K.
Item 9.01. Financial Statements and Exhibits.
Exhibit No. Description Exhibit 99.1 Press Release datedJanuary 13, 2022 *
* The press release attached hereto as Exhibit 99.1 is "furnished" and not "filed," as described in Item 2.02 of this Current Report on Form 8-K.
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