SuRo Capital Corp. (“SuRo Capital”, the
“Company”, “we”, “us”, and “our”) (Nasdaq:
SSSS) today announced its financial results for
the quarter ended June 30, 2024. Net assets totaled approximately
$162.3 million, or $6.94 per share, at June 30, 2024, as compared
to $7.17 per share at March 31, 2024 and $7.35 per share at June
30, 2023.
“The second quarter was broadly positive for the
U.S. economy and equity markets as investors became increasingly
confident in the prospect of rate cuts later in the year. However,
as of late last week, the market has become volatile due to a
confluence of domestic and global factors leading to a sharp change
in investor sentiment. Despite these fluctuations in the broader
public markets, in the second quarter, private technology companies
continued to see increasing interest from investors,” said Mark
Klein, Chairman and Chief Executive Officer of SuRo Capital.
Mr. Klein continued, “As we have previously
mentioned, with nearly $55.0 million in investable capital, we
remain incredibly enthusiastic about our investment pipeline.
During the second quarter, we completed a $10.0 million investment
in Canva, Inc., a leading design software and collaboration
platform with over 170 million monthly users, and a $15.0 million
investment in CW Opportunity 2 LP, an SPV invested in CoreWeave,
Inc., an AI cloud computing provider offering a suite of NVIDIA
GPUs on top of its fast and flexible infrastructure. We
believe that these investments strengthen our already
well-positioned existing portfolio for the re-opening of the IPO
window.”
“We are pleased to announce our Board of
Directors has approved a repurchase program of up to $35.0 million
for our 6.00% Notes due 2026. Additionally, the Board approved up
to $75.0 million of private 6.50% Convertible Notes due 2029, with
an initial issuance of up to $25.0 million. We believe the
refinancing of a portion of our current debt to a longer-dated
convertible instrument with favorable terms strengthens our balance
sheet,” Mr. Klein continued.
“As we have consistently demonstrated, SuRo
Capital is committed to initiatives that enhance shareholder value,
and we believe the market is currently undervaluing our portfolio.
Given the discount our stock has traded at compared to net asset
value per share, we believe our recently completed Modified Dutch
Auction Tender Offer was an efficient and accretive deployment of
capital,” concluded Mr. Klein.
Investment Portfolio as of June 30,
2024
At June 30, 2024, SuRo Capital held positions in
39 portfolio companies – 35 privately held and 4 publicly held,
some of which may be subject to certain lock-up provisions – with
an aggregate fair value of approximately $182.9 million. The
Company’s top five portfolio company investments accounted for
approximately 49% of the total portfolio at fair value as of June
30, 2024.
Top Five Investments as of June 30,
2024
|
Portfolio Company ($ in millions) |
Cost Basis |
Fair Value |
% of Total Portfolio |
|
Learneo, Inc. |
$ |
15.0 |
$ |
29.0 |
15.9 |
% |
| Blink Health, Inc. |
|
15.0 |
|
19.9 |
10.9 |
|
| CW Opportunity 2
LP |
|
15.0 |
|
15.0 |
8.2 |
|
| ServiceTitan, Inc. |
|
10.0 |
|
14.4 |
7.9 |
|
| Locus Robotics Corp. |
|
10.0 |
|
11.0 |
6.0 |
|
|
Total |
$ |
65.0 |
$ |
89.3 |
48.8 |
% |
| |
|
|
|
|
|
|
__________________
Note: Total may not
sum due to rounding.
Second Quarter 2024 Investment Portfolio
Activity
During the three months ended June 30, 2024,
SuRo Capital made the following investments:
|
Portfolio Company |
Investment |
Transaction Date |
Amount |
| Canva, Inc. |
Common Shares |
4/17/2024 |
$10.0 million |
| CW Opportunity 2 LP(1) |
Class A Interest |
5/7/2024 |
$15.0 million |
| |
|
|
|
__________________
(1) CW Opportunity 2
LP is a special purpose vehicle that is invested in the Series C
Preferred Shares of CoreWeave, Inc.
During the three months ended June 30, 2024,
SuRo Capital exited or received proceeds from the following
investments, excluding short-term US treasuries:
|
Portfolio Company |
Transaction Date |
Net Proceeds |
Realized Gain |
| Architect Capital PayJoy SPV,
LLC(1) |
6/28/2024 |
$10.0 million |
$- |
| True Global Ventures 4 Plus
Pte Ltd |
6/28/2024 |
$0.2 million |
$- |
| |
|
|
|
__________________
(1) On June 28, 2024,
SuRo Capital redeemed its Membership Interest in Architect Capital
PayJoy SPV, LLC.
Subsequent to quarter-end through August 7,
2024, SuRo Capital exited or received proceeds from the following
investments:
|
Portfolio Company |
Transaction Date |
Quantity |
Average Net Share
Price(1) |
Net Proceeds |
Realized Gain |
| PSQ Holdings, Inc. (d/b/a
PublicSquare) – Public Common Shares(2) |
Various |
220,000 |
$2.87 |
$0.6 million |
$0.5 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 7,
2024, SuRo Capital held 1,756,032 remaining PSQ Holdings, Inc.
(d/b/a PublicSquare) public common shares.
Second Quarter 2024 Financial
Results
|
|
Quarter EndedJune 30, 2024 |
Quarter EndedJune 30, 2023 |
| $ in
millions |
|
per share(1) |
|
$ in millions |
|
per share(1) |
|
|
|
|
|
|
|
Net investment loss |
$ |
(3.7 |
) |
|
$ |
(0.16 |
) |
|
$ |
(3.8 |
) |
|
$ |
(0.15 |
) |
| |
|
|
|
|
| Net realized loss on
investments |
|
(0.0 |
) |
|
|
(0.00 |
) |
|
|
(13.3 |
) |
|
|
(0.51 |
) |
| |
|
|
|
|
| Net change in unrealized
appreciation/(depreciation) of investments |
|
(7.0 |
) |
|
|
(0.30 |
) |
|
|
1.5 |
|
|
|
0.06 |
|
| |
|
|
|
|
| Net decrease in net assets
resulting from operations – basic (2) |
$ |
(10.7 |
) |
|
$ |
(0.45 |
) |
|
$ |
(15.6 |
) |
|
$ |
(0.60 |
) |
| |
|
|
|
|
| Repurchase of common stock |
|
(9.4 |
) |
|
|
0.20 |
|
|
|
(13.5 |
) |
|
|
0.33 |
|
| |
|
|
|
|
| Stock-based compensation |
|
0.6 |
|
|
|
0.03 |
|
|
|
0.8 |
|
|
|
0.03 |
|
| |
|
|
|
|
|
Decrease in net asset value(2) |
$ |
(19.4 |
) |
|
$ |
(0.23 |
) |
|
$ |
(28.4 |
) |
|
$ |
(0.24 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
__________________
(1) Based on basic
weighted-average number of shares outstanding for the relevant
period.(2) Total may not sum due to rounding.
Weighted-average common basic shares outstanding
were approximately 23.4 million and 26.0 million for the quarters
ended June 30, 2024 and 2023, respectively. As of June 30, there
were 23,378,002 shares of the Company’s common stock
outstanding.
SuRo Capital’s liquid assets were approximately
$57.6 million as of June 30, 2024, consisting of cash and
securities of publicly traded portfolio companies not subject to
lock-up restrictions at quarter-end.
Convertible Note Purchase
Agreement
On August 6, 2024, SuRo Capital entered into a
Note Purchase Agreement (the “Note Purchase Agreement”), by and
between the Company and the purchaser identified therein (the
“Purchaser”), pursuant to which we may issue up to a maximum of
$75.0 million in aggregate principal amount of 6.50% Convertible
Notes due 2029 (the “Convertible Notes”). Pursuant to the Note
Purchase Agreement, we agreed to issue and sell, and the Purchaser
agreed to purchase, up to $25.0 million in aggregate principal
amount of the Convertible Notes (the “Initial Notes”). Thereafter,
upon mutual agreement between the Company and the Purchaser, we may
issue additional Convertible Notes for sale in subsequent offerings
(the “Additional Notes”), or issue additional notes with modified
pricing terms (the “New Notes”), in the aggregate for both the
Additional Notes and the New Notes, up to a maximum of $50.0
million in one or more private offerings. The Purchaser will
acquire, and we will issue, up to $25.0 million of the Initial
Notes on or about August 14, 2024 (the “Initial Closing Date”), and
thereafter at such time and date as the Purchaser and we mutually
agree to purchase and sell any Additional Notes.
Interest on the Convertible Notes will be paid
quarterly in arrears on March 30, June 30, September 30, and
December 30, at a rate of 6.50% per year, beginning September 30,
2024. The Convertible Notes will mature on August 14, 2029 and may
be redeemed in whole or in part at any time or from time to time at
our option on or after August 6, 2027 upon the fulfillment of
certain conditions. The Convertible Notes will be convertible into
shares of our common stock at the Purchaser's sole discretion at an
initial conversion rate of 129.0323 shares of our common stock per
$1,000 principal amount of the Convertible Notes, subject to
adjustment as provided in the Note Purchase Agreement.
The net proceeds from the offering will be used to repay
outstanding indebtedness, make investments in accordance with our
investment objective and investment strategy, and for other general
corporate purposes. The Note Purchase Agreement includes customary
representations, warranties, and covenants by the Company.
Note Repurchase Program
On August 6, 2024, SuRo Capital’s Board of
Directors approved a discretionary note repurchase program (the
“Note Repurchase Program”) which allows the Company to repurchase
up to 46.67%, or $35.0 million in aggregate principal amount, of
our 6.00% Notes due 2026 through open market purchases, including
block purchases, in such manner as will comply with the provisions
of the Investment Company Act of 1940, as amended (the "1940 Act")
and the Securities Exchange Act of 1934, as amended (the "Exchange
Act"). As of August 7, 2024, we had not repurchased any of the
6.00% Notes due 2026 under the Note Repurchase Program.
Modified Dutch Auction Tender
Offer
On February 14, 2024, our Board of Directors
authorized a modified Dutch Auction tender offer (the “Tender
Offer”) to purchase up to 2.0 million shares of our common stock at
a price per share not less than $4.00 and not greater than $5.00 in
$0.10 increments, using available cash. In accordance with the
Tender Offer, following the expiration of the Tender Offer at 5:00
P.M. Eastern Time on April 1, 2024, the Company repurchased
2,000,000 shares at a price of $4.70 per share, representing 7.9%
of its outstanding shares. The per share purchase price of properly
tendered shares represents 65.6% of net asset value per share as of
March 31, 2024.
Share Repurchase Program
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 1940 Act and the Exchange Act.
Since inception of the Share Repurchase Program
in August 2017, SuRo Capital has repurchased over 6.0 million
shares of its common stock for an aggregate purchase price of
approximately $39.3 million. This does not include repurchases
under various tender offers during this time period. The dollar
value of shares that may yet be purchased by SuRo Capital under the
Share Repurchase Program is approximately $20.7 million. The Share
Repurchase Program is authorized through October 31, 2024.
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) on August 7,
2024. 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 6397974. 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 14, 2024 by dialing
866-583-1035 (U.S.) or +44 (0) 20 3451 9993 (International) and
using conference ID number 6397974.
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 X, 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, 2024 |
|
December 31, 2023 |
|
ASSETS |
|
|
|
| Investments at fair
value: |
|
|
|
|
Non-controlled/non-affiliate investments (cost of $195,251,769 and
$160,994,161, respectively) |
$ |
161,548,344 |
|
|
$ |
147,167,535 |
|
| Non-controlled/affiliate
investments (cost of $32,733,009 and $32,775,940,
respectively) |
|
19,386,536 |
|
|
|
24,931,333 |
|
| Controlled investments (cost
of $8,764,352 and $18,771,097, respectively) |
|
1,970,000 |
|
|
|
11,982,381 |
|
|
Total Portfolio Investments |
|
182,904,880 |
|
|
|
184,081,249 |
|
| Investments in U.S. Treasury
bills (cost of $0 and $63,792,704, respectively) |
|
— |
|
|
|
63,810,855 |
|
| Total Investments (cost of
$236,749,130 and $276,333,902, respectively) |
|
182,904,880 |
|
|
|
247,892,104 |
|
| Cash |
|
54,379,773 |
|
|
|
28,178,352 |
|
| Escrow proceeds
receivable |
|
71,044 |
|
|
|
309,293 |
|
| Interest and dividends
receivable |
|
83,844 |
|
|
|
132,607 |
|
| Deferred financing costs |
|
561,075 |
|
|
|
594,726 |
|
| Prepaid expenses and other
assets(1) |
|
282,555 |
|
|
|
494,602 |
|
|
Total Assets |
|
238,283,171 |
|
|
|
277,601,684 |
|
|
LIABILITIES |
|
|
|
| Accounts payable and accrued
expenses(1) |
|
2,002,539 |
|
|
|
346,308 |
|
| Dividends payable |
|
44,700 |
|
|
|
152,523 |
|
| 6.00% Notes due December 30,
2026(2) |
|
73,923,741 |
|
|
|
73,745,207 |
|
|
Total Liabilities |
|
75,970,980 |
|
|
|
74,244,038 |
|
| |
|
|
|
| Net
Assets |
$ |
162,312,191 |
|
|
$ |
203,357,646 |
|
| NET
ASSETS |
|
|
|
| Common stock, par value $0.01
per share (100,000,000 authorized; 23,378,002 and 25,445,805 issued
and outstanding, respectively) |
$ |
233,780 |
|
|
$ |
254,458 |
|
| Paid-in capital in excess of
par |
|
240,145,859 |
|
|
|
248,454,107 |
|
| Accumulated net investment
loss |
|
(11,182,638 |
) |
|
|
(4,304,111 |
) |
| Accumulated net realized loss
on investments, net of distributions |
|
(12,802,458 |
) |
|
|
(12,348,772 |
) |
| Accumulated net unrealized
appreciation/(depreciation) of investments |
|
(54,082,352 |
) |
|
|
(28,698,036 |
) |
|
Net Assets |
$ |
162,312,191 |
|
|
$ |
203,357,646 |
|
|
Net Asset Value Per Share |
$ |
6.94 |
|
|
$ |
7.99 |
|
__________________
|
(1) |
This balance includes a right of use asset and corresponding
operating lease liability, respectively. |
| (2) |
As of June 30, 2024, the 6.00%
Notes due December 30, 2026 (the "6.00% Notes due 2026") (effective
interest rate of 6.53%) had a face value $75,000,000. As of
December 31, 2023, the 6.00% Notes due 2026 (effective interest
rate of 6.53%) had a face value $75,000,000. |
| |
|
SURO CAPITAL CORP. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (UNAUDITED)
| |
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
| INVESTMENT
INCOME |
|
|
|
|
|
|
|
|
| Non-controlled/non-affiliate
investments: |
|
|
|
|
|
|
|
|
|
Interest income(1) |
|
$ |
290,750 |
|
|
$ |
40,394 |
|
|
$ |
532,757 |
|
|
$ |
89,869 |
|
|
Dividend income |
|
|
— |
|
|
|
63,145 |
|
|
|
21,875 |
|
|
|
126,290 |
|
| Controlled investments: |
|
|
|
|
|
|
|
|
|
Interest income |
|
|
376,667 |
|
|
|
318,425 |
|
|
|
811,667 |
|
|
|
554,425 |
|
| Interest income from U.S.
Treasury bills |
|
|
359,936 |
|
|
|
950,254 |
|
|
|
1,189,145 |
|
|
|
1,900,716 |
|
|
Total Investment Income |
|
|
1,027,353 |
|
|
|
1,372,218 |
|
|
|
2,555,444 |
|
|
|
2,671,300 |
|
| OPERATING
EXPENSES |
|
|
|
|
|
|
|
|
| Compensation expense |
|
|
2,198,509 |
|
|
|
2,117,872 |
|
|
|
4,383,827 |
|
|
|
4,254,626 |
|
| Directors’ fees |
|
|
167,825 |
|
|
|
161,661 |
|
|
|
338,938 |
|
|
|
322,226 |
|
| Professional fees |
|
|
586,825 |
|
|
|
916,579 |
|
|
|
1,315,384 |
|
|
|
1,907,413 |
|
| Interest expense |
|
|
1,214,267 |
|
|
|
1,214,267 |
|
|
|
2,428,534 |
|
|
|
2,427,553 |
|
| Income tax expense |
|
|
52,794 |
|
|
|
90,826 |
|
|
|
54,894 |
|
|
|
620,606 |
|
| Other expenses |
|
|
462,758 |
|
|
|
676,353 |
|
|
|
912,394 |
|
|
|
1,165,981 |
|
|
Total Operating Expenses |
|
|
4,682,978 |
|
|
|
5,177,558 |
|
|
|
9,433,971 |
|
|
|
10,698,405 |
|
|
Net Investment Loss |
|
|
(3,655,625 |
) |
|
|
(3,805,340 |
) |
|
|
(6,878,527 |
) |
|
|
(8,027,105 |
) |
| Realized Gain/(Loss)
on Investments: |
|
|
|
|
|
|
|
|
| Non-controlled/non-affiliated
investments |
|
|
(22,867 |
) |
|
|
(2,325,175 |
) |
|
|
(507,008 |
) |
|
|
(2,135,832 |
) |
| Non-controlled/affiliate
investments |
|
|
— |
|
|
|
(10,945,024 |
) |
|
|
60,067 |
|
|
|
(10,945,024 |
) |
| Controlled investments |
|
|
(6,745 |
) |
|
|
— |
|
|
|
(6,745 |
) |
|
|
— |
|
|
Net Realized Loss on Investments |
|
|
(29,612 |
) |
|
|
(13,270,199 |
) |
|
|
(453,686 |
) |
|
|
(13,080,856 |
) |
| Change in Unrealized
Appreciation/(Depreciation) of Investments: |
|
|
|
|
|
|
|
|
| Non-controlled/non-affiliated
investments |
|
|
(3,481,638 |
) |
|
|
(12,152,800 |
) |
|
|
(19,876,809 |
) |
|
|
(14,216,377 |
) |
| Non-controlled/affiliate
investments |
|
|
(3,485,172 |
) |
|
|
11,220,424 |
|
|
|
(5,501,871 |
) |
|
|
9,900,060 |
|
| Controlled investments |
|
|
864 |
|
|
|
2,387,891 |
|
|
|
(5,636 |
) |
|
|
14,420,763 |
|
|
Net Change in Unrealized Appreciation/(Depreciation) of
Investments |
|
|
(6,965,946 |
) |
|
|
1,455,515 |
|
|
|
(25,384,316 |
) |
|
|
10,104,446 |
|
|
Net Change in Net Assets Resulting from
Operations |
|
$ |
(10,651,183 |
) |
|
$ |
(15,620,024 |
) |
|
$ |
(32,716,529 |
) |
|
$ |
(11,003,515 |
) |
|
Net Change in Net Assets Resulting from Operations per
Common Share: |
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.45 |
) |
|
$ |
(0.60 |
) |
|
$ |
(1.34 |
) |
|
$ |
(0.41 |
) |
|
Diluted(2) |
|
$ |
(0.45 |
) |
|
$ |
(0.60 |
) |
|
$ |
(1.34 |
) |
|
$ |
(0.41 |
) |
| Weighted-Average
Common Shares Outstanding |
|
|
|
|
|
|
|
|
|
Basic |
|
|
23,410,235 |
|
|
|
25,952,447 |
|
|
|
24,401,863 |
|
|
|
27,158,786 |
|
|
Diluted(2) |
|
|
23,410,235 |
|
|
|
25,952,447 |
|
|
|
24,401,863 |
|
|
|
27,158,786 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
__________________
| (1) |
Includes
interest income earned on cash. |
| (2) |
For the three and six months ended June 30, 2024 and June 30,
2023, there were no potentially dilutive securities
outstanding. |
| |
|
| |
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
| Per Basic Share
Data |
|
|
|
|
|
|
|
|
| Net asset value at beginning
of the year |
|
$ |
7.17 |
|
|
$ |
7.59 |
|
|
$ |
7.99 |
|
|
$ |
7.39 |
|
|
Net investment loss(1) |
|
|
(0.16 |
) |
|
|
(0.15 |
) |
|
|
(0.28 |
) |
|
|
(0.30 |
) |
|
Net realized loss on investments(1) |
|
|
— |
|
|
|
(0.51 |
) |
|
|
(0.02 |
) |
|
|
(0.48 |
) |
|
Net change in unrealized appreciation/(depreciation) of
investments(1) |
|
|
(0.30 |
) |
|
|
0.06 |
|
|
|
(1.04 |
) |
|
|
0.37 |
|
|
Repurchase of common stock(1) |
|
|
0.20 |
|
|
|
0.33 |
|
|
|
0.23 |
|
|
|
0.33 |
|
|
Stock-based compensation(1) |
|
|
0.03 |
|
|
|
0.03 |
|
|
|
0.06 |
|
|
|
0.04 |
|
| Net asset value at end of
period |
|
$ |
6.94 |
|
|
$ |
7.35 |
|
|
$ |
6.94 |
|
|
$ |
7.35 |
|
| Per share market value at end
of period |
|
$ |
4.01 |
|
|
$ |
3.20 |
|
|
$ |
4.01 |
|
|
$ |
3.20 |
|
| Total return based on market
value(2) |
|
(11.87)% |
|
(11.60)% |
|
|
1.78 |
% |
|
(15.79)% |
| Total return based on net
asset value(2) |
|
(3.21)% |
|
(3.16)% |
|
(13.14)% |
|
(0.54)% |
| Shares outstanding at end of
period |
|
|
23,378,002 |
|
|
|
25,398,640 |
|
|
|
23,378,002 |
|
|
|
25,398,640 |
|
| Ratios/Supplemental
Data: |
|
|
|
|
|
|
|
|
| Net assets at end of
period |
|
$ |
162,312,191 |
|
|
$ |
186,692,724 |
|
|
$ |
162,312,191 |
|
|
$ |
186,692,724 |
|
| Average net assets |
|
$ |
175,240,305 |
|
|
$ |
205,097,855 |
|
|
$ |
188,879,950 |
|
|
$ |
207,210,870 |
|
| Ratio of net operating
expenses to average net assets(3) |
|
|
10.75 |
% |
|
|
10.13 |
% |
|
|
10.04 |
% |
|
|
10.41 |
% |
| Ratio of net investment loss
to average net assets(3) |
|
(8.39)% |
|
(7.44)% |
|
(7.32)% |
|
(7.81)% |
| Portfolio Turnover Ratio |
|
|
5.72 |
% |
|
|
2.09 |
% |
|
|
5.84 |
% |
|
|
3.89 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
__________________
|
(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. |
SuRo Capital (NASDAQ:SSSS)
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SuRo Capital (NASDAQ:SSSS)
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