Joint VentureMay 5, 2026, 04:07 PM
SuRo Capital Board Approves Joint Venture with Magnetar; NAV $14.24/Share
AI Summary
SuRo Capital Corp. announced its first quarter 2026 financial results, reporting a significant increase in Net Asset Value (NAV) to $14.24 per share as of March 31, 2026, up 76% from the previous quarter. The company's Board of Directors also approved a proposal to transition to an externally managed structure through Neostellar Advisors LLC, a new investment adviser jointly owned by SuRo Capital's team and Magnetar Holdings LLC, subject to stockholder approval. This strategic move aims to enhance investment sourcing, preserve realized gains, and achieve annual expense savings, with Magnetar committing a $20 million investment.
Key Highlights
- Board approved joint venture with Magnetar to form Neostellar Advisors LLC for external management.
- Net Asset Value (NAV) per share increased to $14.24 as of March 31, 2026.
- NAV per share rose 76% quarter-over-quarter from $8.09 at December 31, 2025.
- Magnetar affiliate will make a $20 million investment in SuRo Capital.
- Net assets totaled approximately $361.6 million as of March 31, 2026.
- Net change in unrealized appreciation of investments was $158.7 million for Q1 2026.
- Invested $5 million in Magnetar SPV for TensorWave during Q1 2026.
- Post-quarter, invested $9.5 million in ClickHouse and $0.2 million in Huntress Labs.