SuRo Capital Corp. (“SuRo Capital”, the
“Company”, “we”, “us”, and “our”) (Nasdaq:
SSSS) today announced its financial results for
the quarter ended June 30, 2023. Net assets totaled approximately
$186.7 million, or $7.35 per share, at June 30, 2023 as compared to
$7.59 per share at March 31, 2023 and $9.24 per share at June 30,
2022.
"The last four months have been amongst the most
active periods SuRo Capital has experienced in the last couple of
years. We made five investments, three in new portfolio companies
and two in follow-on investments. Additionally, we have had one of
our SPAC investments close its previously announced transaction and
two announce definitive agreements. On July 19, 2023, Colombier
Acquisition Corp., a SPAC in which we own Class B units and Class W
units, announced it successfully closed its business combination
with PSQ Holdings, Inc., and began trading on the New York Stock
Exchange under the ticker ‘PSQH.’ Additionally, subsequent to
quarter-end, AltC Acquisition Corp. and Churchill Capital Corp VII,
two SPACs in which we own sponsor equity, announced they signed
definitive merger agreements," said Mark Klein, Chairman, and Chief
Executive Officer of SuRo Capital.
Mr. Klein continued, “In light of improving
market conditions and early signs of recovery in the private
markets, we were able to execute on two secondary opportunities at
compelling prices. During the second quarter, we added one new
portfolio company through a $10.0 million secondary investment in
ServiceTitan, Inc., a software business for home and commercial
trades. Subsequent to quarter-end, we added two new portfolio
companies through a $5.8 million secondary investment in FourKites,
Inc., a supply chain visibility software company and a $1.0 million
primary investment in Stake Trade, Inc., a sports betting exchange
doing business as Prophet Exchange, through SuRo Capital Sports,
LLC. Looking ahead, we believe the combination of being
strategically opportunistic during times of volatility, along with
over $100.0 million of investable capital as of quarter-end, will
allow us to seize unique opportunities with high potential
returns.”
Mr. Klein concluded, “As we have consistently
demonstrated, SuRo Capital is committed to initiatives that enhance
shareholder value. Accordingly, as announced in the first quarter
and executed during the second quarter, we completed our recent
Modified Dutch Auction Tender Offer, which we believe was an
efficient and accretive deployment of capital. The Modified Dutch
Auction Tender Offer resulted in the purchase of 3.0 million shares
of common stock for $4.50 per share. Additionally, on August 7,
2023, our Board of Directors authorized a $5.0 million expansion of
the Share Repurchase Program to $60.0 million and an extension of
the Share Repurchase Program through October 31st, 2024. As of
today, SuRo Capital has approximately $21.4 million available under
its Share Repurchase Program. We remain highly focused on balancing
our remaining capital between these repurchases and new investment
opportunities.”
Investment Portfolio as of June 30,
2023
At June 30, 2023, SuRo Capital held positions in
37 portfolio companies – 33 privately held and 4 publicly held –
with an aggregate fair value of approximately $160.3 million,
excluding short-term US treasuries. The Company’s top five
portfolio company investments accounted for approximately 51% of
the total portfolio at fair value as of June 30, 2023.
Top Five Investments as of June 30,
2023
|
Portfolio Company ($ in millions) |
Cost Basis |
Fair Value |
% of Total Portfolio |
|
Learneo, Inc. (f/k/a Course Hero, Inc.) |
$15.0 |
$32.5 |
20.3% |
| Colombier Sponsor LLC |
2.7 |
17.2 |
10.7 |
| Blink Health,
Inc. |
15.0 |
11.7 |
7.3 |
| Stormwind, LLC |
6.4 |
10.6 |
6.6 |
| Locus Robotics Corp. |
10.0 |
10.0 |
6.2 |
|
Total |
$49.1 |
$82.0 |
51.2% |
__________________Note: Total may not sum due to rounding.
Second Quarter 2023 Investment Portfolio
Activity
During the three months ended June 30, 2023,
SuRo Capital made the following new and follow-on investments,
excluding short-term US treasuries:
|
Portfolio Company |
Investment |
Transaction Date |
Amount |
| PayJoy, Inc. |
Simple Agreement for Future Equity (SAFE) |
5/25/2023 |
$0.5 million |
| ServiceTitan, Inc. |
Common Shares |
6/30/2023 |
$10.0 million |
During the three months ended June 30, 2023,
SuRo Capital exited or received proceeds from the following
investments, excluding short-term US treasuries:
|
Portfolio Company |
Transaction Date |
Shares Sold |
Average Net Share Price(1) |
Net Proceeds |
Realized Loss |
| Nextdoor Holdings,
Inc.(2) |
Various |
950,000 |
$3.05 |
$2.9 million |
$(2.4 million) |
| Ozy Media, Inc.(3) |
5/4/2023 |
N/A |
N/A |
$- |
$(10.9 million) |
| Residential Homes For Rent,
LLC (d/b/a Second Avenue)(4) |
Various |
N/A |
N/A |
$0.3 million |
$- |
| True Global Ventures 4 Plus
Pte Ltd |
6/30/2023 |
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 June 30, 2023, SuRo Capital
held 852,416 remaining Nextdoor Holdings, Inc. public common
shares.(3) On May 4, 2023, SuRo Capital abandoned
its investment in Ozy Media, Inc.(4) During the
three months ended June 30, 2023, approximately $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, approximately $0.3 million repaid a portion of the
outstanding principal and the remaining was attributed to
interest.
Subsequent to quarter-end through August 8,
2023, SuRo Capital made the following new and follow-on
investments, excluding short-term US treasuries:
|
Portfolio Company |
Investment |
Transaction Date |
Amount |
| FourKites, Inc. |
Common Shares |
Various |
$5.8 million |
| Shogun Enterprises, Inc.
(d/b/a Hearth) |
Series B-4 Preferred |
7/12/2023 |
$0.5 million |
| Stake Trade, Inc. (d/b/a
Prophet Exchange)(1) |
Simple Agreement for Future Equity (SAFE) |
7/26/2023 |
$1.0 million |
__________________(1) Investment made through
SuRo Capital Sports, LLC.
Subsequent to quarter-end through August 8,
2023, SuRo Capital exited or received proceeds from the following
investments, excluding short-term US treasuries:
|
Portfolio Company |
Transaction Date |
Shares Sold |
Average Net Share Price(1) |
Net Proceeds |
Realized Loss |
| Nextdoor Holdings,
Inc.(2) |
Various |
589,996 |
$3.09 |
$1.8 million |
$(1.4 million) |
| Residential Homes For Rent,
LLC (d/b/a Second Avenue)(3) |
7/24/2023 |
N/A |
N/A |
$0.1 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 August 9, 2023, SuRo Capital
held 262,420 remaining Nextdoor Holdings, Inc. public common
shares.(3) Subsequent to June 30, 2023, $0.1
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, $0.1 million repaid a portion of the
outstanding principal and the remaining proceeds were attributed to
interest.
Second Quarter 2023 Financial
Results
|
|
Quarter EndedJune 30, 2023 |
Quarter EndedJune 30, 2022 |
| $ in
millions |
per share(1) |
$ in millions |
per share(1) |
|
|
|
|
|
|
| Net investment loss |
$ |
(3.8 |
) |
$ |
(0.15 |
) |
$ |
(3.8 |
) |
$ |
(0.12 |
) |
| |
|
|
|
|
| Net realized loss on
investments |
|
(13.3 |
) |
|
(0.51 |
) |
|
(2.0 |
) |
|
(0.06 |
) |
| |
|
|
|
|
| Net change in unrealized
appreciation/(depreciation) of investments |
|
1.5 |
|
|
0.06 |
|
|
(88.6 |
) |
|
(2.89 |
) |
| |
|
|
|
|
| Net change in net assets
resulting from operations – basic(2) |
$ |
(15.6 |
) |
$ |
(0.60 |
) |
$ |
(94.3 |
) |
$ |
(3.07 |
) |
| |
|
|
|
|
| Repurchase of common stock |
|
(13.5 |
) |
|
0.33 |
|
|
(6.9 |
) |
|
0.07 |
|
| |
|
|
|
|
| Stock-based compensation |
|
0.8 |
|
|
0.03 |
|
|
0.7 |
|
|
0.02 |
|
| |
|
|
|
|
|
Decrease in net asset value(2) |
$ |
(28.4 |
) |
$ |
(0.24 |
) |
$ |
(100.5 |
) |
$ |
(2.98 |
) |
__________________(1) Based on weighted-average
number of shares outstanding for the relevant
period.(2) Totals may not sum due to rounding.
Weighted-average common basic shares outstanding
were approximately 26.0 million and 30.6 million for the quarters
ended June 30, 2023, and 2022, respectively. As of June 30, 2023,
there were 25,398,640 shares of the Company’s common stock
outstanding.
SuRo Capital’s liquid assets were approximately
$112.0 million as of June 30, 2023, consisting of cash, short-term
US treasuries, and securities of publicly traded portfolio
companies not subject to lock-up restrictions at quarter-end.
Modified Dutch Auction Tender
Offer
On March 17, 2023, SuRo Capital’s Board of
Directors authorized a Modified Dutch Auction Tender Offer (“Tender
Offer”) to purchase up to 3.0 million shares of the Company’s
common stock at a price per share between $3.00 and $4.50, using
available cash. In accordance with the Tender Offer, on April 21,
2023, the Company repurchased 3,000,000 shares at a price of $4.50
per share, representing 10.6% of its then outstanding shares. The
per share purchase price of properly tendered shares represents
60.9% of net asset value per share as of December 31, 2022.
Share Repurchase Program
On August 7, 2023, the Company’s Board of
Directors authorized an extension of, and a $5.0 million increase
in the amount of shares that may be repurchased under, the
Company's discretionary Share Repurchase Program until the earlier
of (i) October 31, 2024 or (ii) the repurchase of $60.0 million in
aggregate amount of the Company's common stock. The dollar value of
shares that may yet be purchased by the Company under the Share
Repurchase Program is approximately $21.4 million.
Since inception of the Share Repurchase Program
in August 2017, SuRo Capital has repurchased over 5.8 million
shares of its common stock for an aggregate purchase price of
approximately $38.6 million.
Under the Share Repurchase Program, the Company
may repurchase its outstanding common stock in the open market
provided it complies with the prohibitions under its insider
trading policies and procedures and the applicable provisions of
the Investment Company Act of 1940, as amended, and the Securities
Exchange Act of 1934, as amended.
Conference Call and Webcast
Management will hold a conference call and
webcast for investors at 2:00 p.m. PT (5:00 p.m. ET). The
conference call access number for U.S. participants is
866-580-3963, and the conference call access number for
participants outside the U.S. is +1 786-697-3501. The conference ID
number for both access numbers is 7746181. 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 August 16, 2023 by dialing
866-583-1035 (U.S.) or +44 (0) 20 3451 9993 (International) and
using conference ID number 7746181.
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 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
SURO CAPITAL CORP. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
ASSETS AND LIABILITIES (UNAUDITED)
| |
June 30, 2023 |
|
December 31, 2022 |
| ASSETS |
|
|
|
| Investments at fair
value: |
|
|
|
|
Non-controlled/non-affiliate investments (cost of $159,012,912 and
$155,103,810, respectively) |
$ |
120,620,316 |
|
|
$ |
130,901,546 |
|
| Non-controlled/affiliate
investments (cost of $30,195,780 and $41,140,804,
respectively) |
|
11,546,197 |
|
|
|
12,591,162 |
|
| Controlled investments (cost
of $19,883,894 and $19,883,894, respectively) |
|
28,116,633 |
|
|
|
13,695,870 |
|
| Total Portfolio Investments |
|
160,283,146 |
|
|
|
157,188,578 |
|
| Investments in U.S. Treasury bills (cost of $75,478,668 and
$84,999,598, respectively) |
|
75,895,534 |
|
|
|
85,056,817 |
|
| Total Investments (cost of $284,571,254 and $301,128,106,
respectively) |
|
236,178,680 |
|
|
|
242,245,395 |
|
| Cash |
|
24,542,729 |
|
|
|
40,117,598 |
|
| Proceeds receivable |
|
664,470 |
|
|
|
— |
|
| Escrow proceeds
receivable |
|
375,965 |
|
|
|
628,332 |
|
| Interest and dividends
receivable |
|
119,548 |
|
|
|
138,766 |
|
| Deferred financing costs |
|
590,430 |
|
|
|
555,761 |
|
| Prepaid expenses and other
assets(1) |
|
485,171 |
|
|
|
727,006 |
|
| Total Assets |
|
262,956,993 |
|
|
|
284,412,858 |
|
| LIABILITIES |
|
|
|
| Accounts payable and accrued expenses(1) |
|
2,511,200 |
|
|
|
708,827 |
|
| Dividends payable |
|
188,357 |
|
|
|
296,170 |
|
| 6.00% Notes due December 30, 2026(2) |
|
73,564,712 |
|
|
|
73,387,159 |
|
| Total Liabilities |
|
76,264,269 |
|
|
|
74,392,156 |
|
| |
|
|
|
| Net
Assets |
$ |
186,692,724 |
|
|
$ |
210,020,702 |
|
| NET
ASSETS |
|
|
|
|
Common stock, par value $0.01 per share (100,000,000 authorized;
25,398,640 and 28,429,499 issued and outstanding,
respectively) |
$ |
253,986 |
|
|
$ |
284,295 |
|
| Paid-in capital in excess of
par |
|
318,605,100 |
|
|
|
330,899,254 |
|
| Accumulated net investment
loss |
|
(72,859,710 |
) |
|
|
(64,832,605 |
) |
| Accumulated net realized
gain/(loss) on investments, net of distributions |
|
(10,528,391 |
) |
|
|
2,552,465 |
|
| Accumulated net unrealized appreciation/(depreciation) of
investments |
|
(48,778,261 |
) |
|
|
(58,882,707 |
) |
| Net Assets |
$ |
186,692,724 |
|
|
$ |
210,020,702 |
|
|
Net Asset Value Per Share |
$ |
7.35 |
|
|
$ |
7.39 |
|
__________________________________________________
(1) This balance includes a
right of use asset and corresponding operating lease liability,
respectively.(2) As of June 30, 2023, the 6.00% Notes due
December 30, 2026 (effective interest rate of 6.53%) had a face
value $75,000,000. As of December 31, 2022, the 6.00% Notes due
December 30, 2026 (effective interest rate of 6.53%) had a face
value $75,000,00
SURO CAPITAL CORP. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (UNAUDITED)
| |
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
| |
|
|
2023 |
|
|
|
2022 |
|
|
|
|
2023 |
|
|
|
2022 |
|
| INVESTMENT
INCOME |
|
|
|
|
|
|
|
|
|
| Non-controlled/non-affiliate
investments: |
|
|
|
|
|
|
|
|
|
|
Interest income |
|
$ |
40,394 |
|
|
$ |
149,282 |
|
|
|
$ |
89,869 |
|
|
$ |
311,737 |
|
|
Dividend income |
|
|
63,145 |
|
|
|
191,349 |
|
|
|
|
126,290 |
|
|
|
321,994 |
|
| Controlled investments: |
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
318,425 |
|
|
|
550,000 |
|
|
|
|
554,425 |
|
|
|
840,000 |
|
| Interest income from U.S.
Treasury bills |
|
|
950,254 |
|
|
|
— |
|
|
|
|
1,900,716 |
|
|
|
— |
|
| Total Investment Income |
|
|
1,372,218 |
|
|
|
890,631 |
|
|
|
|
2,671,300 |
|
|
|
1,473,731 |
|
| OPERATING EXPENSES |
|
|
|
|
|
|
|
|
|
| Compensation expense |
|
|
2,117,872 |
|
|
|
1,759,261 |
|
|
|
|
4,254,626 |
|
|
|
3,619,963 |
|
| Directors’ fees |
|
|
161,661 |
|
|
|
191,829 |
|
|
|
|
322,226 |
|
|
|
352,394 |
|
| Professional fees |
|
|
916,579 |
|
|
|
1,078,459 |
|
|
|
|
1,907,413 |
|
|
|
2,351,172 |
|
| Interest expense |
|
|
1,214,267 |
|
|
|
1,226,767 |
|
|
|
|
2,427,553 |
|
|
|
2,427,553 |
|
| Income tax expense |
|
|
90,826 |
|
|
|
5,691 |
|
|
|
|
620,606 |
|
|
|
7,741 |
|
| Other expenses |
|
|
676,353 |
|
|
|
439,512 |
|
|
|
|
1,165,981 |
|
|
|
750,501 |
|
|
Total Operating Expenses |
|
|
5,177,558 |
|
|
|
4,701,519 |
|
|
|
|
10,698,405 |
|
|
|
9,509,324 |
|
| Net Investment Loss |
|
|
(3,805,340 |
) |
|
|
(3,810,888 |
) |
|
|
|
(8,027,105 |
) |
|
|
(8,035,593 |
) |
| Realized Gain/(Loss) on Investments: |
|
|
|
|
|
|
|
|
|
| Non-controlled/non-affiliated
investments |
|
|
(2,325,175 |
) |
|
|
(1,895,846 |
) |
|
|
|
(2,135,832 |
) |
|
|
1,200,429 |
|
| Non-controlled/affiliate
investments |
|
|
(10,945,024 |
) |
|
|
(70,379 |
) |
|
|
|
(10,945,024 |
) |
|
|
(70,379 |
) |
|
Net Realized Gain/(Loss) on Investments |
|
|
(13,270,199 |
) |
|
|
(1,966,225 |
) |
|
|
|
(13,080,856 |
) |
|
|
1,130,050 |
|
| Change in Unrealized
Appreciation/(Depreciation) of Investments: |
|
|
|
|
|
|
|
|
|
| Non-controlled/non-affiliated
investments |
|
|
(12,152,800 |
) |
|
|
(88,620,056 |
) |
|
|
|
(14,216,377 |
) |
|
|
(66,876,069 |
) |
| Non-controlled/affiliate
investments |
|
|
11,220,424 |
|
|
|
(72,519 |
) |
|
|
|
9,900,060 |
|
|
|
(361,621 |
) |
| Controlled investments |
|
|
2,387,891 |
|
|
|
130,000 |
|
|
|
|
14,420,763 |
|
|
|
260,000 |
|
| Net Change in Unrealized
Appreciation/(Depreciation) of Investments |
|
|
1,455,515 |
|
|
|
(88,562,575 |
) |
|
|
|
10,104,446 |
|
|
|
(66,977,690 |
) |
| Net Change in Net Assets Resulting from
Operations |
|
$ |
(15,620,024 |
) |
|
$ |
(94,339,688 |
) |
|
|
$ |
(11,003,515 |
) |
|
$ |
(73,883,233 |
) |
| Net Change in Net Assets Resulting from
Operations per Common Share: |
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.60 |
) |
|
$ |
(3.08 |
) |
|
|
$ |
(0.41 |
) |
|
$ |
(2.39 |
) |
|
Diluted(1) |
|
$ |
(0.60 |
) |
|
$ |
(3.08 |
) |
|
|
$ |
(0.41 |
) |
|
$ |
(2.39 |
) |
| Weighted-Average
Common Shares Outstanding |
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
25,952,447 |
|
|
|
30,633,878 |
|
|
|
|
27,158,786 |
|
|
|
30,929,321 |
|
|
Diluted(1) |
|
|
25,952,447 |
|
|
|
30,633,878 |
|
|
|
|
27,158,786 |
|
|
|
30,929,321 |
|
________________________________________________
(1) For the three months ended June 30, 2023 and
June 30, 2022, there were no potentially dilutive securities
outstanding.
SURO CAPITAL CORP. AND
SUBSIDIARIESFINANCIAL HIGHLIGHTS
(UNAUDITED)
| |
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
| |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
| Per Basic Share
Data |
|
|
|
|
|
|
|
|
| Net asset value at beginning
of the year |
|
$ |
7.59 |
|
|
$ |
12.22 |
|
|
$ |
7.39 |
|
|
$ |
11.72 |
|
|
Net investment loss(1) |
|
|
(0.15 |
) |
|
|
(0.12 |
) |
|
|
(0.30 |
) |
|
|
(0.26 |
) |
|
Net realized gain/(loss) on investments(1) |
|
|
(0.51 |
) |
|
|
(0.06 |
) |
|
|
(0.48 |
) |
|
|
0.04 |
|
|
Net change in unrealized appreciation/(depreciation) of
investments(1) |
|
|
0.06 |
|
|
|
(2.89 |
) |
|
|
0.37 |
|
|
|
(2.17 |
) |
|
Dividends declared |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.11 |
) |
|
Issuance of common stock from public offering(1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.01 |
|
|
Repurchase of common stock(1) |
|
|
0.33 |
|
|
|
0.07 |
|
|
|
0.33 |
|
|
|
(0.01 |
) |
|
Stock-based compensation(1) |
|
|
0.03 |
|
|
|
0.02 |
|
|
|
0.04 |
|
|
|
0.02 |
|
| Net asset value at end of
period |
|
$ |
7.35 |
|
|
$ |
9.24 |
|
|
$ |
7.35 |
|
|
$ |
9.24 |
|
| Per share market value at end
of period |
|
$ |
3.20 |
|
|
$ |
6.40 |
|
|
$ |
3.20 |
|
|
$ |
6.40 |
|
| Total return based on market
value(2) |
|
|
(11.60) |
% |
|
|
(25.84) |
% |
|
|
(15.79) |
% |
|
|
(49.14) |
% |
| Total return based on net
asset value(2) |
|
|
(3.16) |
% |
|
|
(24.39) |
% |
|
|
(0.54) |
% |
|
|
(20.22) |
% |
| Shares outstanding at end of
period |
|
|
25,398,640 |
|
|
|
30,325,187 |
|
|
|
25,398,640 |
|
|
|
30,325,187 |
|
| Ratios/Supplemental
Data: |
|
|
|
|
|
|
|
|
| Net assets at end of
period |
|
$ |
186,692,724 |
|
|
$ |
280,172,472 |
|
|
$ |
186,692,724 |
|
|
$ |
280,172,472 |
|
| Average net assets |
|
$ |
205,097,855 |
|
|
$ |
378,428,728 |
|
|
$ |
207,210,870 |
|
|
$ |
371,249,600 |
|
| Ratio of net operating expenses to average net assets(3) |
|
|
10.13 |
% |
|
|
4.24 |
% |
|
|
10.41 |
% |
|
|
4.80 |
% |
| Ratio of net investment loss
to average net assets(3) |
|
|
(7.44) |
% |
|
|
(3.48) |
% |
|
|
(7.81) |
% |
|
|
(4.18) |
% |
| Portfolio Turnover Ratio |
|
|
2.09 |
% |
|
|
1.57 |
% |
|
|
3.89 |
% |
|
|
2.05 |
% |
__________________
(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) Financial highlights for periods of
less than one year are annualized and the ratios of operating
expenses to average net assets and net investment loss to average
net assets are adjusted accordingly. 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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