Private Credit Portfolio Analysis | SuRo Capital Reports FY 2024 Results
- Editor
- Mar 12
- 2 min read
Whats New:
SuRo Capital Corp. reported its fiscal year 2024 financial results, showing a decrease in total assets and net asset value per share compared to the previous year. The fund's total assets decreased to $231.6 million as of December 31, 2024, down from $277.6 million at the end of 2023. The net asset value per share declined to $6.68 from $7.99 at the end of the previous year.
Portfolio Dynamics:
Total assets decreased to $231.6 million as of December 31, 2024, compared to $277.6 million at the end of 2023.
Investments owned at fair value increased to $209.4 million, up from $184.1 million at the end of 2023.
Cash and cash equivalents decreased to $20.0 million from $28.2 million at the end of 2023.
Investment Activty:
Purchases of portfolio investments increased to $75.1 million in 2024, up from $24.5 million in 2023.
Proceeds from sales or maturity of portfolio investments rose to $26.1 million in 2024, compared to $16.0 million in 2023.
Realized investment losses were $5.0 million in 2024, down from $11.9 million in 2023.
Capital Structure:
Notes payable decreased to $44.2 million from $73.7 million at the end of 2023.
Convertible notes of $29.1 million were reported in 2024, compared to zero in 2023.
Total liabilities decreased slightly to $74.0 million from $74.2 million at the end of 2023.
Performance Profile:
Net asset value per share decreased to $6.68 as of December 31, 2024, compared to $7.99 at the end of 2023.
Net investment loss remained relatively stable at $4.3 million in 2024, compared to $4.3 million in 2023.
Total net realized and unrealized losses on investments were $24.0 million in 2024, compared to gains of $18.5 million in 2023.
Risk & Quality:
Unrealized depreciation of investments increased to $47.5 million in 2024 from $28.7 million in 2023.
Accumulated net realized loss on investments increased to $17.4 million from $12.3 million at the end of 2023.
The fund reported a net loss of $38.1 million for 2024, compared to a net income of $5.1 million in 2023.
The Wrap:
SuRo Capital Corp. experienced a challenging fiscal year 2024, with decreases in total assets and net asset value per share. While the fund increased its investments at fair value, it also faced significant unrealized depreciation and realized losses on investments. The introduction of convertible notes and reduction in notes payable indicate changes in the fund's capital structure. The overall performance reflects the difficult market conditions and investment climate faced by the fund during the year.
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