SuRo Capital Corp. (NASDAQ:SSSS) Q4 2023 Earnings Call Transcript March 13, 2024
SuRo Capital Corp. beats earnings expectations. Reported EPS is $-0.11, expectations were $-0.14. SSSS isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Operator: Hello, and welcome to SuRo Capital’s Fourth Quarter and Fiscal Year 2023 Earnings Call. My name is Melissa, and I will be your coordinator for today’s event. Please note, this conference is being recorded. And for duration of the call, your lines will be in a listen-only mode. However you will have the opportunity to ask questions at the end of the presentation. [Operator Instructions] I’ll turn the call over to Jackson Stone. Please go ahead.
Jackson Stone: Thank you for joining us on today’s call. I’m joined today by the Chairman and Chief Executive Officer of SuRo Capital, Mark Klein; and Chief Financial Officer, Allison Green. Please note that a slide presentation corresponding to today’s prepared remarks by management is available on our website at www.surocap.com under Investor Relations, Events & Presentations. Today’s call is being recorded and broadcast live on our website, www.surocap.com, replay information included in our press release issued today. This call is the property of SuRo Capital and the unauthorized reproduction of this call in any form is strictly prohibited. I would also like to call your attention to customary disclosures in today’s earnings press release regarding forward-looking information.
Statements made in today’s conference call and webcast may constitute forward-looking statements, which relate to future events or our future performance or financial condition. These statements are not guarantees of our future performance or future financial condition or results and involve a number of risks, estimates and uncertainties, including the impact of 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. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors including, but not limited to, those described from time to time in the company’s filings with the SEC.
Management does not undertake to update such forward-looking statements unless required to do so by law. To obtain copies of SuRo Capital’s latest SEC filings, please visit our website at www.surocap.com or the SEC’s website at sec.gov. Now I would like to turn the call over to Mark Klein.
Mark Klein : Thank you, Jackson. Good afternoon, and thank you for joining us today. We would like to share the results of SuRo Capital’s fourth quarter and fiscal year 2023. In 2023, there was geopolitical conflict, including two ongoing wars, a rapid rise in interest rates and a volatile stock market led higher by a handful of companies. Known as the Magnificent 7, these mega cap stocks drove major market indices to significant gains in 2023. On the other hand, private markets remained weak. According to PitchBook, 2023 venture deal volume declined 30% from 2022 and 51% from 2021. Valuations also declined. Forge’s private market index, which tracks the valuations of late-stage venture-backed private companies, closed the fourth quarter down approximately 5% and down for approximately 20% for the year.
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