Board approves JV with Magnetar to act as new investment advisor
The net asset value is estimated to be $14.00 to $14.50 per share
New York, April 07, 2026 (Globe Newswire) — Suro Capital Corporation (“Suro Capital”, “Company”, “we”, “us”, and “our”) (Nasdaq: ssss) today announced that its Board of Directors has approved the proposal to transition from an internally managed business development company (“BDC”) to an external management structure. Neostellar Advisors LLC, a joint venture formed by Suro Capital with Magnetar, a multi-strategy alternative investment platform, will serve as the investment advisor to the BDC, subject to stockholder approval.
Additionally, Suro Capital provided a preliminary update on its investment portfolio for the first quarter ending March 31, 2026.
Mark Klein, Chairman and Chief Executive Officer of Suro Capital, said, “We are pleased to announce a joint venture with Magnetar to create a new external investment advisor. In connection with this partnership, our Board of Directors has approved the externalization of our management structure, which we believe will enhance our ability to create long-term shareholder value through a strong strategic relationship and a streamlined fee structure.”
“We have partnered and invested with Magnetar in the past and are excited to expand that relationship in a more formal manner. Magnetar brings significant scale with approximately $18 billion of assets under management, over 20 years of investment experience and a strong track record of investing in differentiated enterprise-backed artificial intelligence ecosystems, technology and technology-enabled companies. We believe Magnetar’s expertise, particularly within the AI infrastructure ecosystem, “It will strengthen our ability to identify attractive investment opportunities, deepen our insight into emerging technology trends and further enhance our successful long-term investment strategy.”
Mr. Klein continued, “As previewed on our previous earnings call, we currently estimate Suro Capital’s net asset value to be between $14.00 and $14.50 per share by March 31, 2026. This substantial appreciation through year-end 2025 underscores the continued strength of several of our largest positions, including OpenAI’s recently announced financing and $10.1 billion Including WHOOP’s announced Series G financing at valuation, these developments reinforce both the scale of demand we are seeing and the continued maturity of several notable pre-IPO businesses within our portfolio.
“Looking ahead, we are encouraged by the momentum in our portfolio and the opportunities created through our proposed relationship with Magnetar. We believe this relationship enhances our investment capabilities, expands our access to high-quality private companies, and supports our disciplined approach to long-term shareholder value creation. We are committed to transparency, thoughtful capital allocation, and delivering strong results for our shareholders,” Mr. Klein concluded.
As previously reported, SuRo Capital’s net assets were approximately $205.3 million, or $8.09 per share, at December 31, 2025, and approximately $156.8 million, or $6.66 per share, at March 31, 2025. As of March 31, 2026, SuRo Capital’s net asset value is estimated to be between $14.00 and $14.50 per share.
externalization
On April 2, 2026, SuRo Capital’s board of directors, consisting of all of its independent directors, unanimously approved a proposal to transition from an internally managed BDC to an externally managed structure through a new investment advisory agreement with Neostellar Advisors LLC, a jointly owned entity comprised of certain existing employees of SuRo Capital and Magnetar Holdings LLC, which is affiliated with Magnetar’s multi-strategy alternative investment platform. The externalization is expected to provide access to enhanced investment sourcing and due diligence capabilities through Magnetar’s fully integrated platform, all realized gains on the Company’s existing portfolio will be preserved for the benefit of stockholders by excluding pre-existing investments from any incentive fee calculation, and there will be annual expense savings. In connection with the externalization, an affiliate of Magnetar Management Company will invest in the company, and the company’s current management team, including Mark D. Klein and Allison Green, will remain in their current capacities. The externalization is subject to stockholder approval, and additional details are set forth in the company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on April 7, 2026.
investment portfolio update
As of March 31, 2026, SuRo Capital held positions in 36 portfolio companies – 33 privately held and 3 publicly held.
During the three months ending March 31, 2026, SuRo Capital made the following investments:
portfolio company
investment
Transaction Date
amount(1)
Magnetar Opportunity 2025-4 LP(2)
class a interest
1/2/2026
$5.0 million
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(1) The amount invested does not include capital costs or prepaid expenses, if applicable. (2) Magnetar Opportunity 2025-4 LP, TensorWave, Inc. is a special purpose vehicle invested in. On December 31, 2025, Suro Capital committed up to $20.0 million to Magnetar Opportunity 2025-4 LP. As of March 31, 2026, $5.0 million of the $20.0 million capital commitment for the Magnetar Opportunity 2025-4 LP had been funded. The remaining commitment of up to $15.0 million is subject to the satisfaction of certain conditions.
During the three months ended March 31, 2026, SuRo Capital exited and/or received proceeds from the following investments:
portfolio company
Exchange date
amount/ initial capital
average net share price(1)
Net Receipt
Understand to get
Grabgon Digital Holdings Inc. – common shares(2)
various
440,246
$3.08
$1.4 million
$0.9 million
True Global Ventures 4 Plus Pte Ltd
3/5/2026
12.3%
—
$0.2 million
$-
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(1) Average net share price is the net share price obtained after deducting all commissions and charges, if applicable, on sale. (2) As of March 31, 2026, Suro Capital will own GrabGun Digital Holdings, Inc. Has 599,754 shares.
Suro Capital had approximately $46.0 million in liquid assets as of March 31, 2026, consisting of cash and securities of publicly traded portfolio companies at quarter end.
As of March 31, 2026, there were 25,387,393 shares of the Company’s common stock outstanding.
Preliminary Estimates and Guidance
The preliminary financial projections provided herein are unaudited and have been prepared by and remain the sole responsibility of Suro Capital’s management. Neither our independent registered public accounting firm, nor any other independent accountant has audited, reviewed, compiled or performed any procedures with respect to the preliminary financial data included herein. Actual results may vary materially.
The company expects to announce its results for the first quarter ended March 31, 2026, in May 2026.
forward-looking statements
The statements contained herein, including statements regarding Suro Capital’s beliefs, expectations, intentions or strategies for the future, may constitute “forward-looking statements.” Suro Capital cautions you that forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those anticipated or implied in these statements. All forward-looking statements involve a number of risks and uncertainties, including the impact of any market volatility that could be detrimental to our business, our portfolio companies, our industry and the global economy, which could cause actual results to differ materially from the plans, intentions and expectations reflected or suggested in the forward-looking statements. With respect to the externalization, these risks and uncertainties include, but are not limited to: the ability to obtain necessary stockholder approvals; ability to retain key personnel; the ability to realize the anticipated benefits of externalization; and the impact of externalization on the company’s business, financial condition and results of operations. Risk factors, cautionary statements and other conditions that could cause Suro Capital’s actual results to differ materially from management’s current expectations are included in Suro Capital’s filings with the Securities and Exchange Commission. Suro Capital undertakes no obligation to update any forward-looking statements to reflect events or circumstances arising after the date of this press release.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities of Suro Capital. The information provided here is for informational purposes only and is not intended to be a substitute for financial, legal or tax advice.
About Suro Capital Corp
Suro Capital Corp. (NASDAQ: ssss) is a publicly traded investment fund that seeks to invest in high-growth, venture-backed private companies. The Fund seeks to build a portfolio of high-growth emerging private companies through a repeatable and disciplined investment approach, as well as provide investors with access to such companies through publicly traded common stock. Since its founding, SuRo Capital has served as the public’s gateway to venture capital, providing unparalleled access to some of the world’s most innovative and sought-after private companies before they become publicly traded. Suro Capital’s diverse portfolio includes high-growth sectors including AI infrastructure, emerging consumer brands, and cutting-edge software solutions for both consumer and enterprise markets. SuRo Capital is headquartered in New York, NY with offices in San Francisco, CA. Connect with the company on X, LinkedIn and et www.surocap.com.
about magnetor
Founded in 2005, Magnetar is a multi-strategy and multi-product alternative investment manager that seeks to achieve stable risk-adjusted returns by opportunistically employing a wide range of alternative credit and fixed income, quantitative and venture investment strategies. Magnetar invests in capital structures in both public and private transactions using both fundamental and quantitative analysis. Currently run by two managing partners – Ross Ledger and Dave Snyderman – Magnetar is headquartered in Evanston, Illinois. Magnetar and its affiliates employ a team of approximately 224 professionals as of March 31, 2026, and maintain four satellite offices in New York, London, Menlo Park, and Austin.
Contact Suro Capital Corporation (212) 931-6331 IR@surocap.com
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