SuRo Capital Shares Hit 52-Week High Following AI Investments

Dow Jones10-12

By Connor Hart

Shares of SuRo Capital hit a 52-week high after it released after the bell Thursday a preliminary update on its investment portfolio for the third quarter, which included continued investments in artificial intelligence.

The New York investment fund's stock jumped 22% to $4.72 in Friday afternoon trading. Shares are up about 21% since the beginning of the year.

During the recent quarter, Chief Executive Mark Klein said that the company made a $17.5 million investment in AI giant OpenAI. It additionally increased its investment in CoreWeave, an AI cloud computing provider, and invested in VAST Data, an AI infrastructure data platform.

As a result, the company has invested nearly $55 million into what it called leading AI infrastructure companies.

"Given AI's significant addressable market, we believe dedicating a significant portion of our portfolio to AI infrastructure will prove to be successful for our shareholders," Klein said.

Also during the recent quarter, the company's board approved a buyback of $35 million of its 6% notes, due in 2026, and approved an issuance of up to $75 million of private 6.5% convertible notes, due in 2029, with an initial issuance of up to $25 million.

SuRo said its net assets totaled about $212 million, or $8.41 a share, at the end of the third quarter. It estimated its net asset value is at between $6.50 a share and $7 a share.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

October 11, 2024 14:38 ET (18:38 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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