NSLR earnings analysis
What we found in NSLR's 10-K: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
SuRo Capital Corp. demonstrated a strong recovery in 2025, reporting a net change in net assets from operations of $48.8 million, a significant turnaround from a loss of $38.1 million in 2024. The company executed successful exits resulting in a realized gain of $33.2 million while ending the year with a robust net asset value per share of $8.09, up from $6.68 in the previous year. Total revenue was reported at $1.69 million, marking a substantial decrease from $4.67 million the prior year due to reduced interest income from investments.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Strong Net Asset Growth
- Net assets increased to $205.3 million in 2025 from $157.6 million in 2024.
- Profitability Return
- Realized gains on investments reached $33.2 million, a turnaround from a loss of $5.0 million in 2024.
- Recovery in Unrealized Gains
- Net change in unrealized appreciation was $32.1 million, significantly up from a depreciation of $18.9 million in 2024.
- Continued Investment Strategy
- Invested an aggregate of $11.6 million into portfolio companies, signaling ongoing commitment to growth.
- Increased Available Cash
- Cash reserves grew to $49.0 million from $20.0 million, providing a buffer for investment opportunities.
- Active In Debt Management
- Repurchased $8.8 million of 6.00% Notes due 2026 as part of the company's financial strategy.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Declining Interest Income
- Total investment income fell to $1.7 million, down from $4.7 million in 2024, impacting financial performance.
- High Operating Expenses Persist
- Operating expenses remained elevated at $18.2 million despite a decrease from $18.6 million in 2024.
- Dependence on Investment Strategy
- The company remains reliant on successful exits and market performance of portfolio companies to generate returns.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $2.01
What they said about what is next.
Annual outlook deferred to earnings press release / call.
The filing reads better than the one before it.
What came before.
- 10-Q · November 6, 2025
- SuRo Capital Corp. reported significant fluctuations in its financial results for the quarter ended September 30, 2025, showing a strong recovery in net realized gains, contrasting with a net loss in the same period…
- 10-Q · August 7, 2025
- SuRo Capital Corp. reported substantial changes in its performance for the six months ending June 30, 2025, with a significant increase in net realized gains primarily driven by strategic exits from investments. All key…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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