SuRo Capital Corp. (“SuRo Capital”, the
“Company”, “we”, “us”, and “our”) (Nasdaq:
SSSS) today announced its financial results for
the fourth quarter and fiscal year ended December 31, 2021. Net
assets totaled approximately $364.8 million, or $11.72 per share,
at December 31, 2021, inclusive of dividends totaling $2.75 per
share declared during the fourth quarter, as compared to a
dividend-adjusted $12.04 per share at September 30, 2021 and
dividend-adjusted $7.14 per share at December 31, 2020.
“2021 was a momentous year for SuRo Capital, as
we achieved many milestones as a firm. We reached our highest ever
NAV per share, our highest dividend-adjusted NAV per share, and our
highest year-end net assets under management in firm history. We
were able to take advantage of both a strong demand for high growth
technology businesses as well as a strong IPO market and M&A
environment to monetize over $258 million of our portfolio assets.
As a result, we had the most successful year for shareholder return
in our history, declaring a total of $8.00 per share for over $212
million in total distributions,” said Mark Klein, President and
Chief Executive Officer of SuRo Capital.
Mr. Klein continued, “In addition to the
monetization and distribution activities during 2021, we were also
able to access the non-convertible debt markets for the first time,
raising $75.0 million of 6% Notes. This capital raise, in addition
to the proceeds we retained after our monetizations, provides our
team with significant investable capital to continue selectively
leveraging our robust investment pipeline.”
“Consistent with our desire to be shareholder
friendly and our continued practice of distributing net realized
gains, on March 8, 2022, SuRo Capital’s Board of Directors declared
a cash dividend of $0.11 per share,” said Mr. Klein.
Investment Portfolio as of December 31,
2021
At December 31, 2021, SuRo Capital held
positions in 38 portfolio companies with an aggregate fair value of
approximately $260.1 million. The Company’s top five portfolio
company investments accounted for approximately 57% of the total
investment portfolio at fair value as of December 31, 2021.
Top Five Investments as of December 31,
2021
|
Portfolio Company ($ in millions) |
Cost |
Fair Value |
% of Total Portfolio |
|
Course Hero, Inc. |
$ |
15.0 |
$ |
87.8 |
33.8 |
% |
| Forge Global, Inc. |
|
2.5 |
|
21.0 |
8.1 |
|
| Blink Health, Inc. |
|
15.0 |
|
14.3 |
5.5 |
|
| Nextdoor Holdings, Inc. |
|
10.0 |
|
12.4 |
4.8 |
|
| Stormwind, LLC |
|
6.4 |
|
11.8 |
4.5 |
|
|
Total (rounded) |
$ |
48.9 |
$ |
147.4 |
56.7 |
% |
Fourth Quarter 2021 Investment Portfolio
Activity
During the three months ended December 31, 2021,
SuRo Capital funded the following new and follow-on
investments:
|
Portfolio Company |
Investment |
Transaction Date |
Amount |
| Course Hero, Inc. |
Series C Preferred Shares |
11/5/2021 |
$10.0 million |
| SuRo Capital Sports,
LLC(1) |
Series Seed-4 Preferred Shares |
10/12/2021 |
$1.0 million |
__________________(1) Represents an investment made in Rebric,
Inc. (d/b/a Compliable).
During the three months ended December 31, 2021,
SuRo Capital exited or received proceeds from the following
investments:
|
Portfolio Company |
Transaction Date |
Shares Sold |
Average Net Share Price (1) |
Net Proceeds |
Realized Gain |
| Coursera, Inc.(2) |
Various |
1,509,090 |
$34.35 |
$51.8 million |
$42.4 million |
| Tynker (f/k/a Neuron Fuel
Inc.) |
12/6/2021 |
534,162 |
$5.44 |
$2.9 million(3) |
$2.6 million(3) |
| NewLake Capital Partners,
Inc.(4) |
Various |
167,755 |
$28.30 |
$4.7 million |
$1.4 million |
| Skillsoft Corp.(5) |
Various |
18,157 |
$12.63 |
$0.2 million |
<$0.1 million |
| Residential Homes for Rent,
LLC (d/b/a Second Avenue)(6) |
Various |
N/A |
N/A |
$0.3 million |
- |
__________________
(1) The average net share price is the net share
price realized after deducting all commissions and fees on the
sale(s), if applicable. (2) As of November 4, 2021, SuRo Capital
had sold all its shares of Coursera, Inc.(3) Net proceeds includes
approximately $0.4 million in additional proceeds held in
escrow.(4) As of December 31, 2021, SuRo Capital held 278,471
remaining NewLake Capital Partners, Inc. common shares.(5) As of
December 31, 2021, SuRo Capital held 981,843 remaining Skillsoft
Corp. common shares.(6) During the quarter ended December 31, 2021,
$0.3 million was received from Residential Homes for Rent, LLC
(d/b/a Second Avenue) related to the 15% term loan due December 23,
2023. Of the proceeds received, $250,000 repaid a portion of the
outstanding principal and the remaining proceeds were attributed to
interest.
Subsequent to year-end, through March 9, 2022,
SuRo Capital sold or received proceeds from the following
investments:
|
Portfolio Company |
Transaction Date |
Shares Sold |
Average Net Share Price (1) |
Net Proceeds |
Realized Gain |
| NewLake Capital Partners,
Inc.(2) |
Various |
27,352 |
$27.76 |
$0.8 million |
$0.2 million |
| Rover Group, Inc.(3) |
1/31/2022 |
42,744 |
$6.52 |
$0.3 million |
$0.2 million |
| Residential Homes for Rent,
LLC (d/b/a Second Avenue)(4) |
Various |
N/A |
N/A |
$0.2 million |
- |
__________________
(1) The average net share price is the net share
price realized after deducting all commissions and fees on the
sale(s), if applicable. (2) As of March 9, 2022, SuRo Capital held
251,119 remaining NewLake Capital Partners, Inc. common shares. (3)
As of March 9, 2022, SuRo Capital held 795,637 remaining Rover
Group, Inc. common shares.(4) Subsequent to December 31, 2021, $0.2
million was received from Residential Homes for Rent, LLC (d/b/a
Second Avenue) related to the 15% term loan due December 23, 2023.
Of the proceeds received, $166,667 repaid a portion of the
outstanding principal and the remaining proceeds were attributed to
interest.
Fourth Quarter 2021 Financial
Results
|
|
Quarter EndedDecember 31,
2021 |
Quarter EndedDecember 31,
2020 |
|
$ in millions |
per share(1) |
$ in millions |
per share(1) |
|
|
|
|
|
|
|
Net investment loss |
$ |
(2.8 |
) |
$ |
(0.09 |
) |
$ |
(4.3 |
) |
$ |
(0.21 |
) |
| |
|
|
|
|
| Net realized gain on
investments |
|
46.4 |
|
|
1.43 |
|
|
7.1 |
|
|
0.36 |
|
| |
|
|
|
|
| Net change in unrealized
appreciation/(depreciation) of investments |
|
(53.1 |
) |
|
(2.04 |
) |
|
58.4 |
|
|
2.92 |
|
| |
|
|
|
|
| Net increase/(decrease) in net
assets resulting from operations – basic(3) |
$ |
(9.5 |
) |
$ |
(0.70 |
) |
$ |
61.2 |
|
$ |
3.07 |
|
| |
|
|
|
|
| Dividends declared |
|
(80.9 |
) |
|
(2.75 |
) |
|
(9.4 |
) |
|
(0.47 |
) |
| |
|
|
|
|
| Issuance of common stock from
stock dividends |
|
29.1 |
|
|
0.36 |
|
|
- |
|
|
- |
|
| |
|
|
|
|
| Issuance of common stock from
public offering |
|
0.1 |
|
|
0.01 |
|
|
- |
|
|
- |
|
| |
|
|
|
|
| Issuance of common stock from
conversion of 4.75% Convertible Notes due 2023 |
|
- |
|
|
- |
|
|
0.0 |
|
|
(0.00 |
) |
| |
|
|
|
|
| Stock-based compensation |
|
0.4 |
|
|
0.01 |
|
|
- |
|
|
- |
|
| |
|
|
|
|
| Repurchase of common
stock(2) |
|
- |
|
|
- |
|
|
(3.1 |
) |
|
0.08 |
|
| |
|
|
|
|
|
Increase/(decrease) in net asset value(3) |
$ |
(60.9 |
) |
$ |
(3.07 |
) |
$ |
48.7 |
|
$ |
2.68 |
|
__________________
(1) Based on weighted-average number of shares
outstanding for the relevant period.(2) During the quarter ended
December 31, 2020, the Company repurchased 371,283 shares of SuRo
Capital common stock for approximately $3.1 million in cash under
its Share Repurchase Program. The use of cash in connection with
the repurchases decreased net asset value as of period end;
however, the reduction in shares outstanding as of period end
resulted in an increase in the net asset value per share.(3) Total
may not sum, due to rounding.Fiscal Year 2021 Financial
Results
|
|
Fiscal Year EndedDecember 31,
2021 |
Fiscal Year EndedDecember 31,
2020 |
|
$ in millions |
per share(1) |
$ in millions |
per share(1) |
|
|
|
|
|
|
|
Net investment loss |
$ |
(9.9 |
) |
$ |
(0.38 |
) |
$ |
(14.5 |
) |
$ |
(0.81 |
) |
| |
|
|
|
|
| Net realized gain on
investments |
|
218.7 |
|
|
8.46 |
|
|
16.4 |
|
|
0.92 |
|
| |
|
|
|
|
| Net change in unrealized
appreciation/(depreciation) of investments |
|
(61.7 |
) |
|
(2.39 |
) |
|
73.4 |
|
|
3.78 |
|
| |
|
|
|
|
| Net increase in net assets
resulting from operations – basic(4) |
$ |
147.1 |
|
$ |
5.69 |
|
$ |
75.3 |
|
$ |
3.89 |
|
| |
|
|
|
|
| Dividends declared |
|
(212.2 |
) |
|
(8.00 |
) |
|
(16.9 |
) |
|
(0.87 |
) |
| |
|
|
|
|
| Issuance of common stock from
stock dividends |
|
89.7 |
|
|
0.74 |
|
|
- |
|
|
- |
|
| |
|
|
|
|
| Issuance of common stock from
public offering |
|
0.1 |
|
|
0.01 |
|
|
49.9 |
|
|
0.30 |
|
| |
|
|
|
|
| Issuance of common stock from
conversion of 4.75% Convertible Notes due 2023 |
|
37.3 |
|
|
(1.91 |
) |
|
1.8 |
|
|
(0.11 |
) |
| |
|
|
|
|
| Stock-based
compensation(2) |
|
1.3 |
|
|
0.05 |
|
|
2.0 |
|
|
0.12 |
|
| |
|
|
|
|
| Repurchase of common
stock(3) |
|
- |
|
|
- |
|
|
(10.4 |
) |
|
0.43 |
|
| |
|
|
|
|
|
Increase in net asset value(4) |
$ |
63.3 |
|
$ |
(3.42 |
) |
$ |
101.7 |
|
$ |
3.76 |
|
__________________(1) Based on weighted-average
number of shares outstanding for the relevant period.(2) For the
year ended December 31, 2020, this balance includes $2.0 million of
accelerated recognition of compensation cost related to the
cancellation of unvested options on April 28, 2020.(3) During the
year ended December 31, 2020, the Company repurchased 1,655,848
shares of SuRo Capital common stock for approximately $10.4 million
in cash under its Share Repurchase Program. The use of cash in
connection with the repurchases decreased net asset value as of
period end; however, the reduction in shares outstanding as of
period end resulted in an increase in the net asset value per
share.(4) Total may not sum, due to rounding.
Weighted-average common basic shares outstanding
were approximately 25.9 million and 17.9 million for the years
ended December 31, 2021 and 2020, respectively. As of December 31,
2021, there were 31,118,556 shares of the Company’s common stock
outstanding.
SuRo Capital’s liquid assets were approximately
$215.4 million as of December 31, 2021, consisting of cash and
securities of publicly traded portfolio companies not subject to
lock-up restrictions at quarter end.
Recent Dividend Declarations
On November 2, 2021, SuRo Capital’s Board of
Directors declared a dividend of $2.00 per share paid on December
30, 2021 to the Company’s common stockholders of record as of the
close of business on November 17, 2021. The dividend was paid in
cash and shares of the Company’s common stock.
On December 20, 2021, SuRo Capital’s Board of
Directors declared a dividend of $0.75 per share paid on January
14, 2022 to the Company’s stockholders of record as of the close of
business on December 31, 2021. The dividend was paid in cash.
Subsequent to year-end, on March 8, 2022, SuRo
Capital’s Board of Directors declared a dividend of $0.11 per share
payable on April 15, 2022 to the Company’s stockholders of record
as of the close of business on March 25, 2022. The dividend will be
paid in cash.
6.00% Notes due 2026
On December 17, 2021, we issued $70.0 million
aggregate principal amount of 6.00% Notes due 2026 (“6.00% Notes
due 2026”), which bear interest at a fixed rate of 6.00% per year,
payable quarterly in arrears on March 31, June 30, September 30,
and December 30 of each year, commencing on March 30, 2022. On
December 21, 2021, we issued an additional $5.0 million aggregate
principal amount of 6.00% Notes due 2026. We received approximately
$72.8 million in proceeds from the offering, net of underwriting
discounts and commissions and other offering expenses. The 6.00%
Notes due 2026 have a maturity date of December 30, 2026, unless
previously repurchased or redeemed in accordance with their terms.
We have the right to redeem the 6.00% Notes due 2026, in whole or
in part, at any time or from time to time, on or after December 30,
2024 at a redemption price of 100% of the aggregate principal
amount thereof plus accrued and unpaid interest.
The 6.00% Notes due 2026 are listed for trading
on the Nasdaq Global Select Market under the symbol “SSSSL”.
Conference Call and Webcast
Management will hold a conference call and
webcast for investors on March 9, 2022 at 2:00 p.m. PT (5:00 p.m.
ET). The conference call access number for U.S. participants is
(323) 701-0160, and the conference call access number for
participants outside the U.S. is (800) 289-0720. The conference ID
number for both access numbers is 6021383. Additionally, interested
parties can listen to a live webcast of the call from the "Investor
Relations" section of SuRo Capital’s website at www.surocap.com. An
archived replay of the webcast will also be available for 12 months
following the live presentation.
A replay of the conference call may be accessed
until 5:00 p.m. PT (8:00 p.m. ET) on March 16, 2022 by dialing
(888) 203-1112 (U.S.) or +1 (719) 457-0820 (International) and
using conference ID number 6021383.
Certain Information Regarding the
Dividends
The date of declaration and amount of any
dividends, including any future dividends, are subject to the sole
discretion of SuRo Capital’s Board of Directors. The aggregate
amount of the dividends declared and paid by SuRo Capital will be
fully taxable to stockholders. The tax character of SuRo Capital’s
dividends cannot be finally determined until the close of SuRo
Capital’s taxable year (December 31). SuRo Capital will report the
actual tax characteristics of each year’s dividends annually to
stockholders and the IRS on Form 1099-DIV subsequent to
year-end.
Registered stockholders with questions regarding
declared dividends may call American Stock Transfer at
800-937-5449.
Forward-Looking Statements
Statements included 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 that actual
results or developments may differ materially from those projected
or implied in these statements. All forward-looking statements
involve a number of risks and uncertainties, including the impact
of the COVID-19 pandemic and 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. Risk factors,
cautionary statements, and other conditions which could cause SuRo
Capital's actual results to differ from management's current
expectations are contained in SuRo Capital's filings with the
Securities and Exchange Commission. SuRo Capital undertakes no
obligation to update any forward-looking statement to reflect
events or circumstances that may arise after the date of this press
release.
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 create a
portfolio of high-growth emerging private companies via a
repeatable and disciplined investment approach, as well as to
provide investors with access to such companies through its
publicly traded common stock. SuRo Capital is headquartered in New
York, NY and has offices in San Francisco, CA. Connect with the
company on Twitter, LinkedIn, and at www.surocap.com.
ContactSuRo Capital Corp.(212)
931-6331IR@surocap.com
Media ContactBill
DouglassGotham Communications, LLCCommunications@surocap.com
SURO CAPITAL CORP. AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF ASSETS AND
LIABILITIES
| |
December 31, 2021 |
|
December 31, 2020 |
| ASSETS |
|
|
|
| Investments at fair
value: |
|
|
|
|
Non-controlled/non-affiliate investments (cost of $146,360,300 and
$105,339,169, respectively) |
$ |
231,768,290 |
|
|
$ |
249,804,803 |
|
| Non-controlled/affiliate
investments (cost of $41,211,183 and $53,865,346,
respectively) |
|
14,609,089 |
|
|
|
30,165,773 |
|
| Controlled investments (cost
of $19,883,894 and $7,161,412, respectively) |
|
13,758,874 |
|
|
|
809,198 |
|
|
Total Portfolio Investments |
|
260,136,253 |
|
|
|
280,779,774 |
|
| Investments in U.S. Treasury
bills (cost of $0 and $150,000,000, respectively) |
|
— |
|
|
|
150,000,000 |
|
| Total Investments (cost of
$207,455,377 and $316,365,927, respectively) |
|
260,136,253 |
|
|
|
430,779,774 |
|
| Cash |
|
198,437,078 |
|
|
|
45,793,724 |
|
| Proceeds receivable |
|
52,493 |
|
|
|
— |
|
| Escrow proceeds
receivable |
|
2,046,645 |
|
|
|
852,462 |
|
| Interest and dividends
receivable |
|
83,655 |
|
|
|
166,998 |
|
| Deferred financing costs |
|
621,719 |
|
|
|
297,196 |
|
| Prepaid expenses and other
assets(1) |
|
937,984 |
|
|
|
985,550 |
|
|
Total Assets |
|
462,315,827 |
|
|
|
478,875,704 |
|
|
LIABILITIES |
|
|
|
| Accounts payable and accrued
expenses(1) |
|
875,047 |
|
|
|
762,312 |
|
| Accrued interest payable |
|
175,000 |
|
|
|
453,803 |
|
| Dividends payable |
|
23,390,048 |
|
|
|
4,395,229 |
|
| Payable for securities
purchased |
|
— |
|
|
|
134,250,000 |
|
| Income tax payable |
|
— |
|
|
|
35,850 |
|
| 4.75% Convertible Senior Notes
due March 28, 2023(2) |
|
— |
|
|
|
37,395,437 |
|
| 6.00% Notes due December 30,
2026(3) |
|
73,029,108 |
|
|
|
— |
|
|
Total Liabilities |
|
97,469,203 |
|
|
|
177,292,631 |
|
| Net
Assets |
$ |
364,846,624 |
|
|
$ |
301,583,073 |
|
| NET
ASSETS |
|
|
|
|
Common stock, par value $0.01 per share (100,000,000 authorized;
31,118,556 and 19,914,023 issued and outstanding,
respectively) |
$ |
311,185 |
|
|
$ |
199,140 |
|
| Paid-in capital in excess of
par |
|
350,079,409 |
|
|
|
221,802,592 |
|
| Accumulated net investment
loss |
|
(50,124,597 |
) |
|
|
(40,193,778 |
) |
| Accumulated net realized gain
on investments, net of distributions |
|
11,899,742 |
|
|
|
5,361,270 |
|
| Accumulated net unrealized
appreciation of investments |
|
52,680,885 |
|
|
|
114,413,849 |
|
|
Net Assets |
$ |
364,846,624 |
|
|
$ |
301,583,073 |
|
|
Net Asset Value Per Share |
$ |
11.72 |
|
|
$ |
15.14 |
|
__________________________________________________
(1) This balance includes a right of use asset
and corresponding operating lease liability, respectively.(2) As of
December 31, 2021, the 4.75% Convertible Senior Notes due March 28,
2023 had been fully converted into the Company's common stock or
redeemed in cash by the Company. As of December 31, 2020, the 4.75%
Convertible Senior Notes due March 28, 2023 (effective interest
rate of 5.57%) had a face value $38,215,000.(3) As of December 31,
2021, the 6.00% Notes due December 30, 2026 (effective interest
rate of 6.13%) had a face value $75,000,000.
SURO CAPITAL CORP. AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF
OPERATIONS
| |
|
Year Ended December 31, |
|
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2019 |
|
| INVESTMENT
INCOME |
|
|
|
|
|
|
| Non-controlled/non-affiliate
investments: |
|
|
|
|
|
|
|
Interest income |
|
$ |
507,772 |
|
|
$ |
1,035,694 |
|
|
$ |
828,392 |
|
|
Dividend income |
|
|
470,438 |
|
|
|
50,000 |
|
|
|
100,000 |
|
| Non-controlled/affiliate
investments: |
|
|
|
|
|
|
|
Interest income/(reversal of accrued interest) |
|
|
— |
|
|
|
(29,184 |
) |
|
|
108,395 |
|
|
Dividend income |
|
|
102,632 |
|
|
|
317,617 |
|
|
|
— |
|
| Controlled investments: |
|
|
|
|
|
|
|
Interest income |
|
|
390,000 |
|
|
|
— |
|
|
|
58,937 |
|
|
Dividend income |
|
|
— |
|
|
|
450,000 |
|
|
|
400,000 |
|
|
Total Investment Income |
|
|
1,470,842 |
|
|
|
1,824,127 |
|
|
|
1,495,724 |
|
| OPERATING
EXPENSES |
|
|
|
|
|
|
| Management fees(1) |
|
|
— |
|
|
|
— |
|
|
|
848,723 |
|
| Incentive fees/(reversal of
incentive fee accrual)(1) |
|
|
— |
|
|
|
— |
|
|
|
(4,660,472 |
) |
| Costs incurred under
Administration Agreement(1) |
|
|
— |
|
|
|
— |
|
|
|
306,084 |
|
| Compensation expense(2) |
|
|
6,162,716 |
|
|
|
8,801,841 |
|
|
|
4,286,972 |
|
| Directors’ fees(3) |
|
|
752,442 |
|
|
|
445,000 |
|
|
|
383,370 |
|
| Professional fees |
|
|
2,665,689 |
|
|
|
2,962,781 |
|
|
|
5,290,329 |
|
| Interest expense |
|
|
693,526 |
|
|
|
2,247,817 |
|
|
|
2,372,570 |
|
| Income tax expense |
|
|
9,347 |
|
|
|
43,574 |
|
|
|
33,825 |
|
| Other expenses |
|
|
1,117,941 |
|
|
|
1,837,530 |
|
|
|
2,085,391 |
|
|
Total Operating Expenses |
|
|
11,401,661 |
|
|
|
16,338,543 |
|
|
|
10,946,792 |
|
|
Net Investment Loss |
|
|
(9,930,819 |
) |
|
|
(14,514,416 |
) |
|
|
(9,451,068 |
) |
| Realized Gain/(Loss)
on Investments: |
|
|
|
|
|
|
| Non-controlled/non-affiliated
investments |
|
|
216,870,940 |
|
|
|
16,441,223 |
|
|
|
32,625,663 |
|
| Non-controlled/affiliate
investments |
|
|
1,864,564 |
|
|
|
— |
|
|
|
(13,446,323 |
) |
|
Net Realized Gain on Investments |
|
|
218,735,504 |
|
|
|
16,441,223 |
|
|
|
19,179,340 |
|
| Change in Unrealized
Appreciation/(Depreciation) of Investments: |
|
|
|
|
|
|
| Non-controlled/non-affiliated
investments |
|
|
(59,057,641 |
) |
|
|
82,163,227 |
|
|
|
(1,907,148 |
) |
| Non-controlled/affiliate
investments |
|
|
(2,902,517 |
) |
|
|
(8,786,596 |
) |
|
|
21,489,014 |
|
| Controlled investments |
|
|
227,194 |
|
|
|
34,000 |
|
|
|
(6,242,007 |
) |
|
Net Change in Unrealized Appreciation/(Depreciation) of
Investments |
|
|
(61,732,964 |
) |
|
|
73,410,631 |
|
|
|
13,339,859 |
|
|
Benefit from taxes on unrealized depreciation of investments |
|
|
— |
|
|
|
— |
|
|
|
885,566 |
|
|
Net Change in Net Assets Resulting from
Operations |
|
$ |
147,071,721 |
|
|
$ |
75,337,438 |
|
|
$ |
23,953,697 |
|
|
Net Change in Net Assets Resulting from Operations per
Common Share: |
|
|
|
|
|
|
|
Basic |
|
$ |
5.69 |
|
|
$ |
4.21 |
|
|
$ |
1.24 |
|
|
Diluted |
|
$ |
5.52 |
|
|
$ |
3.56 |
|
|
$ |
1.14 |
|
| Weighted-Average
Common Shares Outstanding |
|
|
|
|
|
|
|
Basic |
|
|
25,861,642 |
|
|
|
17,910,353 |
|
|
|
19,328,414 |
|
|
Diluted |
|
|
26,758,367 |
|
|
|
21,790,898 |
|
|
|
23,069,622 |
|
__________________________________________________
(1) This balance references a related-party
transaction.(2) For the year ended December 31, 2020, this balance
includes $1,962,431 of accelerated recognition of compensation cost
related to the cancellation of unvested options on April 28, 2020.
(3) For the year ended December 31, 2021, this balance includes
$209,360 of stock-based compensation expense related to the 2020
annual non-employee director grants.
SURO CAPITAL CORP. AND
SUBSIDIARIESFINANCIAL HIGHLIGHTS
| |
|
Year Ended December 31, |
|
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2017 |
|
| Per Basic Share
Data |
|
|
|
|
|
|
|
|
|
|
| Net asset value at beginning
of the year |
|
$ |
15.14 |
|
|
$ |
11.38 |
|
|
$ |
9.89 |
|
|
$ |
9.64 |
|
|
$ |
8.66 |
|
|
Net investment loss(1) |
|
|
(0.38 |
) |
|
|
(0.81 |
) |
|
|
(0.49 |
) |
|
|
(0.37 |
) |
|
|
(0.95 |
) |
|
Net realized gain/(loss) on investments(1) |
|
|
8.46 |
|
|
|
0.92 |
|
|
|
0.99 |
|
|
|
(0.36 |
) |
|
|
0.04 |
|
|
Realized loss on partial repurchase of 5.25% Convertible Senior
Notes due 2018(1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.02 |
) |
|
|
— |
|
|
Net change in unrealized appreciation/(depreciation) of
investments(1) |
|
|
(2.39 |
) |
|
|
3.78 |
|
|
|
0.69 |
|
|
|
0.47 |
|
|
|
1.59 |
|
|
Benefit from taxes on unrealized depreciation of
investments(1) |
|
|
— |
|
|
|
— |
|
|
|
0.05 |
|
|
|
0.33 |
|
|
|
0.13 |
|
|
Dividends declared |
|
|
(8.00 |
) |
|
|
(0.87 |
) |
|
|
(0.32 |
) |
|
|
— |
|
|
|
— |
|
|
Issuance of common stock from stock dividend(1) |
|
|
0.74 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Issuance of common stock from public offering |
|
|
0.01 |
|
|
|
0.30 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Issuance of common stock from conversion of 4.75% Convertible Notes
due 2023(1) |
|
|
(1.91 |
) |
|
|
(0.11 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Repurchase of common stock(1) |
|
|
— |
|
|
|
0.43 |
|
|
|
0.52 |
|
|
|
0.20 |
|
|
|
0.18 |
|
|
Stock-based compensation(1) |
|
|
0.05 |
|
|
|
0.12 |
|
|
|
0.05 |
|
|
|
— |
|
|
|
— |
|
| Net asset value at end of
year |
|
$ |
11.72 |
|
|
$ |
15.14 |
|
|
$ |
11.38 |
|
|
$ |
9.89 |
|
|
$ |
9.64 |
|
| Per share market value at end
of year |
|
$ |
12.95 |
|
|
$ |
13.09 |
|
|
$ |
6.55 |
|
|
$ |
5.22 |
|
|
$ |
5.45 |
|
| Total return based on market
value(2) |
|
|
179.33 |
% |
|
|
99.85 |
% |
|
|
31.61 |
% |
|
(4.22 |
)% |
|
|
8.35 |
% |
| Total return based on net
asset value(2) |
|
|
30.25 |
% |
|
|
33.04 |
% |
|
|
15.08 |
% |
|
|
2.59 |
% |
|
|
11.32 |
% |
| Shares outstanding at end of
year |
|
|
31,118,556 |
|
|
|
19,914,023 |
|
|
|
17,564,244 |
|
|
|
19,762,647 |
|
|
|
21,246,345 |
|
| Ratios/Supplemental
Data: |
|
|
|
|
|
|
|
|
|
|
| Net assets at end of year |
|
$ |
364,846,624 |
|
|
$ |
301,583,073 |
|
|
$ |
199,917,289 |
|
|
$ |
195,378,159 |
|
|
$ |
204,762,866 |
|
| Average net assets |
|
$ |
396,209,139 |
|
|
$ |
205,430,809 |
|
|
$ |
209,261,190 |
|
|
$ |
208,678,731 |
|
|
$ |
199,457,678 |
|
| Ratio of gross operating
expenses to average net assets(3) |
|
|
2.88 |
% |
|
|
7.95 |
% |
|
|
6.08 |
% |
|
|
7.09 |
% |
|
|
11.25 |
% |
|
Ratio of incentive fee waiver to average net assets |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
(2.40 |
)% |
|
|
— |
% |
|
Ratio of management fee waiver to average net assets |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
(0.43 |
)% |
|
(0.36 |
)% |
|
Ratio of income tax provision to average net assets |
|
|
— |
% |
|
|
— |
% |
|
(0.42 |
)% |
|
(3.22 |
)% |
|
(1.38 |
)% |
| Ratio of net operating
expenses to average net assets(3) |
|
|
2.88 |
% |
|
|
7.95 |
% |
|
|
5.66 |
% |
|
|
1.04 |
% |
|
|
9.51 |
% |
| Ratio of net investment loss
to average net assets(3) |
|
(2.51 |
)% |
|
(7.07 |
)% |
|
(4.52 |
)% |
|
(3.66 |
)% |
|
(10.47 |
)% |
| Portfolio Turnover Ratio |
|
|
28.34 |
% |
|
|
14.87 |
% |
|
|
12.95 |
% |
|
|
5.01 |
% |
|
|
0.07 |
% |
__________________________________________________
(1) Based on weighted-average number of shares
outstanding for the relevant period.(2) Total return based on
market value is based upon the change in market price per share
between the opening and ending market values per share in the
period, adjusted for dividends and equity issuances. Total return
based on net asset value is based upon the change in net asset
value per share between the opening and ending net asset values per
share in the period, adjusted for dividends and equity issuances.
(3) For the year ended December 31, 2021, the Company excluded
$100,274 of non-recurring expenses. For the year ended December 31,
2020, the Company excluded $1,962,431 of non-recurring expenses.
For the year ended December 31, 2019, the Company excluded
$1,769,820 of non-recurring expenses. For the year ended December
31, 2018, the Company excluded $352,667 of non-recurring expenses.
Because the ratios are calculated for the Company’s common stock
taken as a whole, an individual investor’s ratios may vary from
these ratios.
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