SuRo Capital board approves transition to externally managed structure

SuRo Capital (SSSS) announced its board of directors approved a proposal to transition from an internally managed business development company to an external management structure. Neostellar Advisors, a joint venture established by SuRo Capital with Magnetar, will serve as investment adviser of the BDC, subject to stockholder approval. “We are pleased to announce a joint venture with Magnetar to form a new external investment adviser. 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,” said Mark Klein, chairman and CEO of SuRo Capital. Mr. Klein continued, “We currently anticipate SuRo Capital’s net asset value as of March 31, 2026 to be between $14.00 and $14.50 per share. This substantial appreciation from year-end 2025 underscores the continued strength of several of our largest positions, including OpenAI’s recently announced financing and WHOOP’s announced Series G financing at a $10.1 billion valuation.”