SuRo Capital Corp. (“SuRo Capital”,
the “Company”, “we”, “us”, and “our”) (Nasdaq:
SSSS) today announced its financial results for
the quarter ended June 30, 2022. Net assets totaled approximately
$280.2 million, or $9.24 per share, at June 30, 2022 as compared to
$12.22 per share at March 31, 2022 and $16.56 per share at June 30,
2021.
“As we previously mentioned, equity market
performance in the first half of 2022 was the worst first half
performance in over 50 years. Private markets were no exception as
numerous late-stage unicorns experienced turbulent market
conditions. This turbulence has forced new financing rounds at
valuations below previous capital raises, secondary trades at
significant discounts, and lower internal valuations. These new
dynamics, while impactful on short-term valuations, have provided
us with compelling long-term investment opportunities. With greater
than 40% of our investable assets in cash, we are well-positioned
to take advantage of these attractive opportunities,” said Mark
Klein, Chairman and Chief Executive Officer of SuRo
Capital.
Klein continued, “To that end, during the second
quarter, we added two new companies to our investment portfolio:
Whoop, Inc. and EDGE Markets, Inc. (via SuRo Capital Sports, LLC).
We also made a follow-on investment in Shogun Enterprises, Inc.
(d/b/a Hearth). With over $150.0 million in cash at quarter-end, we
remain confident and opportunistic in seeking out compelling,
high-growth companies. Given current conditions, we
believe being judicious on price when assessing potential
investment opportunities is paramount to creating shareholder
value.”
“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.
Accordingly, on August 1, 2022, our Board of Directors authorized a
modified Dutch Auction Tender Offer to purchase up to 2 million
shares of our common stock at a price per share between $6.00 and
$7.00. This modified Dutch Auction Tender Offer comes in addition
to the $15.0 million expansion of our Share Repurchase Program to
$55.0 million authorized by our Board of Directors in March.
Assuming 2 million shares tender, SuRo Capital will have
repurchased over 3 million shares, or approximately 10% of our
outstanding shares, since the expansion of the Share Repurchase
Program in mid-March. Given our stock is trading at a significant
discount to net asset value, coupled with the extreme market
volatility, we believe the modified Dutch Auction Tender offer to
be an efficient and accretive deployment of capital,” Klein
concluded.
Investment Portfolio as of June 30,
2022
At June 30, 2022, SuRo Capital held positions in
40 portfolio companies – 32 privately held and 8 publicly held,
some of which may be subject to certain lock-up provisions – with
an aggregate fair value of approximately $200.1
million. The Company’s top five portfolio company
investments accounted for approximately 58% of the total portfolio
at fair value as of June 30, 2022.
Top Five Investments as of June 30,
2022
Portfolio Company($ in millions) |
Cost Basis |
Fair Value |
% of Total Portfolio |
Course Hero, Inc. |
$ |
15.0 |
$ |
59.5 |
29.8 |
% |
Forge Global Holdings, Inc. |
|
2.5 |
|
21.3 |
10.6 |
|
Blink Health, Inc. |
|
15.0 |
|
11.7 |
5.8 |
|
Aspiration Partners, Inc. |
|
1.3 |
|
11.4 |
5.7 |
|
StormWind, LLC |
|
6.4 |
|
11.2 |
5.6 |
|
Total |
$ |
40.2 |
$ |
115.1 |
57.5 |
% |
__________________
Note: Total may not sum due to rounding.
Second Quarter 2022 Investment Portfolio
Activity
During the three months ended June 30, 2022,
SuRo Capital funded the following new and follow-on
investments:
Portfolio Company |
Investment |
Transaction Date |
Amount |
Shogun Enterprises, Inc.
(d/b/a Hearth) |
Convertible Note |
5/2/2022 |
$0.5 million |
EDGE Markets, Inc.(1) |
Preferred Shares, Series Seed |
5/18/2022 |
$0.5 million |
Whoop, Inc. |
Preferred Shares, Series C |
6/30/2022 |
$10.0 million |
__________________
(1) Investment made through
SuRo Capital Sports, LLC.During the three months ended June 30,
2022, SuRo Capital exited or received proceeds from the following
investments:
Portfolio Company |
Transaction Date |
Shares Sold |
Average Net Share Price(1) |
NetProceeds |
Realized Gain/(Loss) |
NewLake Capital Partners,
Inc.(2) |
Various |
3,676 |
$21.02 |
$0.1 million |
<$0.1 million |
Rent the Runway, Inc.(3) |
Various |
50,000 |
$3.62 |
$0.2 million |
($0.6 million) |
Residential Homes For Rent,
LLC (d/b/a Second Avenue)(4) |
Various |
N/A |
N/A |
$0.3 million |
$- |
Rover Group, Inc.(5) |
Various |
431,591 |
$5.52 |
$2.4 million |
$1.1 million |
True Global Ventures 4 Plus
Pte Ltd |
5/31/22 |
N/A |
N/A |
$0.9 million |
$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 June 30, 2022, SuRo Capital held 247,443
remaining NewLake Capital Partners, Inc. common
shares.(3) As of June 30, 2022, SuRo Capital held
289,191 remaining Rent the Runway, Inc. common
shares.(4) During the three months ended June 30,
2022, 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, $0.3 million
repaid a portion of the outstanding principal and the remaining was
attributed to interest.(5) As of June 30, 2022,
SuRo Capital held 364,046 remaining Rover Group, Inc. common
shares.Subsequent to quarter-end through August 3, 2022, SuRo
Capital exited or received proceeds from the following
investments:
Portfolio Company |
Transaction Date |
Shares Sold |
Average Net Share Price(1) |
NetProceeds |
Realized Gain/(Loss) |
Enjoy Technology, Inc.(2) |
Various |
626,955 |
$0.38 |
$0.2 million |
($3.0 million) |
Palantir Lending Trust SPV
I(3) |
7/14/22 |
N/A |
N/A |
$0.6 million |
$0.6 million |
Rent the Runway, Inc.(4) |
Various |
15,000 |
$3.43 |
$0.1 million |
($0.2 million) |
Residential Homes For Rent,
LLC (d/b/a Second Avenue)(5) |
7/22/22 |
N/A |
N/A |
$0.1 million |
$- |
Rover Group, Inc.(6) |
Various |
110,000 |
$4.14 |
$0.5 million |
$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 3, 2022, SuRo Capital
held 320,342 remaining Enjoy Technology, Inc. common shares. (3) On
July 14, 2022, a final payment was received for the remaining
512,290 Class A common shares of Palantir Technologies, Inc. that
comprised the beneficial equity interest in underlying shares. The
realized gain from SuRo Capital's investment in Palantir Lending
Trust SPV I is generated by the proceeds from the sale of shares
collateralizing the repaid promissory note to Palantir Lending
Trust SPV I and attributable to the Equity Participation in
Underlying Collateral. (4) As of August 3, 2022, SuRo Capital held
274,191 remaining Rent the Runway, Inc. common shares. (5)
Subsequent to June 30, 2022, $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 was attributed to interest. (6) As of August 3, 2022,
SuRo Capital held 254,046 remaining Rover Group, Inc. common
shares.
Second Quarter 2022 Financial
Results
|
Quarter EndedJune 30, 2022 |
Quarter EndedJune 30, 2021 |
|
$ in millions |
per share(1) |
$ in millions |
per share(1) |
|
|
|
|
|
Net
investment loss |
$(3.8) |
|
$(0.12) |
|
$(2.0) |
|
$(0.07) |
|
|
|
|
|
|
Net realized gain/(loss) on investments |
|
(2.0) |
|
|
(0.06) |
|
|
27.7 |
|
|
0.63 |
|
|
|
|
|
|
Net change in unrealized
appreciation/(depreciation) of investments |
|
(88.6) |
|
|
(2.89) |
|
|
7.7 |
|
|
0.32 |
|
|
|
|
|
|
Net increase/(decrease) in net
assets resulting from operations – basic(2) |
$(94.3) |
|
$(3.07) |
|
$33.4 |
|
$0.88 |
|
|
|
|
|
|
Dividends declared |
|
- |
|
|
- |
|
|
(60.5) |
|
|
(2.50) |
|
|
|
|
|
|
Issuance of common stock from
stock dividend |
|
- |
|
|
- |
|
|
30.5 |
|
|
0.16 |
|
|
|
|
|
|
Repurchase of common
stock(3) |
|
(6.9) |
|
|
0.07 |
|
|
- |
|
|
- |
|
|
|
|
|
|
Stock-based compensation |
|
0.7 |
|
|
0.02 |
|
|
0.3 |
|
|
0.01 |
|
|
|
|
|
|
Increase/(decrease) in net asset value(2) |
$(100.5) |
|
$(2.98) |
|
$3.6 |
|
$(1.45) |
|
__________________
(1) Based on basic
weighted-average number of shares outstanding for the relevant
period.(2) Total may not sum due to
rounding.(3) During the quarters ended June 30,
2022 and June 30, 2021, the Company repurchased 855,159 and 0
shares of SuRo Capital common stock, respectively, for
approximately $6.9 million and $0, respectively, in cash under its
Share Repurchase Program. The use of cash in connection with the
repurchases decreased net asset value as of quarter-end; however,
the reduction in shares outstanding as of quarter-end resulted in
an increase in the net asset value per share. Weighted-average
common basic shares outstanding were approximately 30.6 million and
25.3 million for the quarters ended June 30, 2022, and 2021,
respectively. As of June 30, 2022, there were 30,325,187 shares of
the Company’s common stock outstanding.
SuRo Capital’s liquid assets were approximately
$169.4 million as of June 30, 2022, consisting of cash and
securities of publicly traded portfolio companies not subject to
lock-up restrictions at quarter-end.
Share Repurchase Program
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.
On March 13, 2022, the Company’s Board of
Directors authorized a $15.0 million expansion of the Share
Repurchase Program to $55.0 million. During the three and six
months ended June 30, 2022, under the Share Repurchase Program, the
Company repurchased 855,159 and 1,008,676 shares, respectively, of
its common stock for approximately $6.9 million and $8.3 million,
respectively. The dollar value of shares that may yet be
purchased by the Company under the Share Repurchase Program is
approximately $16.4 million. The Share Repurchase Program is
authorized through October 31, 2022.
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.
Modified Dutch Auction Tender
Offer
On August 1, 2022, the Company’s Board of
Directors authorized a modified “Dutch Auction” tender offer (the
“Tender Offer”) to purchase up to 2,000,000 shares of its common
stock at a price per share not less than $6.00 and not greater than
$7.00 in $0.10 increments, using available cash. The Tender Offer
will commence on August 8, 2022 and will expire at 5:00 P.M.,
Eastern Time, on September 2, 2022, unless extended. If the Tender
Offer is fully subscribed, the Company will purchase 2,000,000
shares, or approximately 6.60%, of the Company’s outstanding shares
of its common stock. Any shares tendered may be withdrawn prior to
expiration of the Tender Offer. Stockholders that do not wish to
participate in the Tender Offer do not need to take any action.
Based on the number of shares tendered and the
prices specified by the tendering stockholders, the Company will
determine the lowest per-share price that will enable it to acquire
up to 2,000,000 shares of its common stock. All shares accepted in
the Tender Offer will be purchased at the same price even if
tendered at a lower price.
The Tender Offer is not contingent upon any
minimum number of shares being tendered. The Tender Offer is,
however, subject to other conditions, which will be disclosed in
the Tender Offer documents. In the future, the Board of Directors
may consider additional tender offer(s) or other measures to
enhance shareholder value based upon a variety of factors,
including the market price of the Company’s common stock and its
net asset value.
The Company’s Board of Directors is not making
any recommendation to stockholders as to whether to tender or
refrain from tendering their shares into the Tender Offer.
Stockholders must decide how many shares they will tender, if any,
and the price within the stated range at which they will offer
their shares for purchase.
The information agent for the Tender Offer is
D.F. King & Co. Inc., and the depositary is American Stock
Transfer & Trust Company, LLC. The offer to purchase (the
“Offer to Purchase”), a letter of transmittal and related documents
will be mailed to registered holders and certain of our beneficial
holders. Beneficial holders may alternatively receive the Offer to
Purchase and a communication to consult with their bank, broker or
custodian, if they wish to tender shares. For questions and
information, please contact the information agent at
suro@dfking.com. Banks and brokers may call the information agent
at (212) 269-5550, and all others may call the information agent
toll-free at (800) 769-4414.
Certain Information Regarding the Tender
Offer
The information in this press release describing
the Company’s Tender Offer is for informational purposes only and
does not constitute an offer to buy or the solicitation of an offer
to sell shares of the Company’s common stock in the Tender Offer.
The Tender Offer is being made only pursuant to the Offer to
Purchase and the related materials that the Company will file with
the Securities and Exchange Commission, and is distributing to its
stockholders, as they may be amended or supplemented. Stockholders
should read such Offer to Purchase and related materials carefully
and in their entirety because they contain important information,
including the various terms and conditions of the Tender Offer.
Stockholders of SuRo Capital Corp. may obtain a free copy of the
Tender Offer statement on Schedule TO, the Offer to Purchase and
other documents that the Company will be filing with the Securities
and Exchange Commission from the Securities and Exchange
Commission’s website at www.sec.gov. Stockholders may also obtain a
copy of these documents, without charge, from D.F. King & Co.
Inc., the information agent for the Tender Offer, by emailing
suro@dfking.com or calling toll-free at (800) 769-4414.
Stockholders are urged to carefully read all of these materials
prior to making any decision with respect to the Tender Offer.
Stockholders and investors who have questions or need assistance
may call D.F. King & Co. Inc. or email suro@dfking.com.
Conference Call and Webcast
Management will hold a conference call and
webcast for investors at 5:00 p.m. ET (2:00 p.m. PT) on August 3,
2022. 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 7679361. 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 8:00 p.m. ET (5:00 p.m. PT) on August 10, 2022 by dialing
888-203-1112 (U.S.) or +1 719-457-0820 (International) and using
conference ID number 7679361.
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
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
ASSETS AND LIABILITIES (UNAUDITED)
|
June 30, 2022 |
|
December 31, 2021 |
ASSETS |
|
|
|
Investments at fair
value: |
|
|
|
Non-controlled/non-affiliate investments (cost of $153,356,838 and
$146,360,300, respectively) |
$ |
171,870,750 |
|
|
$ |
231,768,290 |
|
Non-controlled/affiliate
investments (cost of $41,140,804 and $41,211,183,
respectively) |
|
14,177,090 |
|
|
|
14,609,089 |
|
Controlled investments (cost
of $19,883,894 and $19,883,894, respectively) |
|
14,018,874 |
|
|
|
13,758,874 |
|
Total Investments (cost of
$214,381,536 and $207,455,377, respectively) |
|
200,066,714 |
|
|
|
260,136,253 |
|
Cash |
|
152,984,799 |
|
|
|
198,437,078 |
|
Proceeds receivable |
|
55,943 |
|
|
|
52,493 |
|
Escrow proceeds
receivable |
|
2,005,019 |
|
|
|
2,046,645 |
|
Interest and dividends
receivable |
|
156,637 |
|
|
|
83,655 |
|
Deferred financing costs |
|
589,781 |
|
|
|
621,719 |
|
Prepaid expenses and other
assets(1) |
|
588,499 |
|
|
|
937,984 |
|
Total Assets |
|
356,447,392 |
|
|
|
462,315,827 |
|
LIABILITIES |
|
|
|
Accounts payable and accrued
expenses(1) |
|
2,705,829 |
|
|
|
875,047 |
|
Accrued interest payable |
|
12,500 |
|
|
|
175,000 |
|
Dividends payable |
|
349,929 |
|
|
|
23,390,048 |
|
6.00% Notes due December 30,
2026(2) |
|
73,206,662 |
|
|
|
73,029,108 |
|
Total Liabilities |
|
76,274,920 |
|
|
|
97,469,203 |
|
|
|
|
|
Net
Assets |
$ |
280,172,472 |
|
|
$ |
364,846,624 |
|
NET
ASSETS |
|
|
|
Common stock, par value $0.01 per share (100,000,000 authorized;
30,325,187 and 31,118,556 issued and outstanding,
respectively) |
$ |
303,252 |
|
|
$ |
311,185 |
|
Paid-in capital in excess of
par |
|
342,738,247 |
|
|
|
350,079,409 |
|
Accumulated net investment
loss |
|
(58,160,190 |
) |
|
|
(50,124,597 |
) |
Accumulated net realized gain
on investments, net of distributions |
|
9,587,968 |
|
|
|
11,899,742 |
|
Accumulated net unrealized
appreciation/(depreciation) of investments |
|
(14,296,805 |
) |
|
|
52,680,885 |
|
Net Assets |
$ |
280,172,472 |
|
|
$ |
364,846,624 |
|
Net Asset Value Per Share |
$ |
9.24 |
|
|
$ |
11.72 |
|
__________________________________________________
(1) This balance includes a right of use asset
and corresponding operating lease liability, respectively. (2) As
of June 30, 2022, 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, 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
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (UNAUDITED)
|
|
Three Months Ended June 30, |
Six Months Ended June 30, |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
INVESTMENT
INCOME |
|
|
|
|
|
|
|
|
Non-controlled/non-affiliate
investments: |
|
|
|
|
|
|
|
|
Interest income |
|
$ |
149,282 |
|
|
$ |
145,851 |
|
|
$ |
311,737 |
|
|
$ |
312,696 |
|
Dividend income |
|
|
191,349 |
|
|
|
128,969 |
|
|
|
321,994 |
|
|
|
150,844 |
|
Non-controlled/affiliate
investments: |
|
|
|
|
|
|
|
|
Dividend income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
102,632 |
|
Controlled investments: |
|
|
|
|
|
|
|
|
Interest income |
|
|
550,000 |
|
|
|
— |
|
|
|
840,000 |
|
|
|
— |
|
Total Investment Income |
|
|
890,631 |
|
|
|
274,820 |
|
|
|
1,473,731 |
|
|
|
566,172 |
|
OPERATING
EXPENSES |
|
|
|
|
|
|
|
|
Compensation expense |
|
|
1,759,261 |
|
|
|
1,345,892 |
|
|
|
3,619,963 |
|
|
|
2,639,202 |
|
Directors’ fees(2) |
|
|
191,829 |
|
|
|
111,250 |
|
|
|
352,394 |
|
|
|
222,500 |
|
Professional fees |
|
|
1,078,459 |
|
|
|
529,524 |
|
|
|
2,351,172 |
|
|
|
1,502,683 |
|
Interest expense |
|
|
1,226,767 |
|
|
|
— |
|
|
|
2,427,553 |
|
|
|
504,793 |
|
Income tax expense |
|
|
5,691 |
|
|
|
7,598 |
|
|
|
7,741 |
|
|
|
9,623 |
|
Other expenses |
|
|
439,512 |
|
|
|
323,556 |
|
|
|
750,501 |
|
|
|
564,689 |
|
Total Operating Expenses |
|
|
4,701,519 |
|
|
|
2,317,820 |
|
|
|
9,509,324 |
|
|
|
5,443,490 |
|
Net Investment Loss |
|
|
(3,810,888 |
) |
|
|
(2,043,000 |
) |
|
|
(8,035,593 |
) |
|
|
(4,877,318 |
) |
Realized Gain/(Loss)
on Investments: |
|
|
|
|
|
|
|
|
Non-controlled/non-affiliated
investments |
|
|
(1,895,846 |
) |
|
|
27,658,812 |
|
|
|
1,200,429 |
|
|
|
139,811,330 |
|
Non-controlled/affiliate
investments |
|
|
(70,379 |
) |
|
|
— |
|
|
|
(70,379 |
) |
|
|
— |
|
Net Realized Gain/(Loss) on Investments |
|
|
(1,966,225 |
) |
|
|
27,658,812 |
|
|
|
1,130,050 |
|
|
|
139,811,330 |
|
Change in Unrealized
Appreciation/(Depreciation) of Investments: |
|
|
|
|
|
|
|
|
Non-controlled/non-affiliated
investments |
|
|
(88,620,056 |
) |
|
|
(12,065,362 |
) |
|
|
(66,876,069 |
) |
|
|
(15,330,669 |
) |
Non-controlled/affiliate
investments |
|
|
(72,519 |
) |
|
|
19,817,253 |
|
|
|
(361,621 |
) |
|
|
21,661,723 |
|
Controlled investments |
|
|
130,000 |
|
|
|
(10,639 |
) |
|
|
260,000 |
|
|
|
94,361 |
|
Net Change in Unrealized Appreciation/(Depreciation) of
Investments |
|
|
(88,562,575 |
) |
|
|
7,741,252 |
|
|
|
(66,977,690 |
) |
|
|
6,425,415 |
|
Net Change in Net Assets Resulting from
Operations |
|
$ |
(94,339,688 |
) |
|
$ |
33,357,064 |
|
|
$ |
(73,883,233 |
) |
|
$ |
141,359,427 |
|
Net Change in Net Assets Resulting from Operations per
Common Share: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
(3.08 |
) |
|
$ |
1.32 |
|
|
$ |
(2.39 |
) |
|
$ |
6.17 |
|
Diluted(1) |
|
$ |
(3.08 |
) |
|
$ |
1.32 |
|
|
$ |
(2.39 |
) |
|
$ |
5.74 |
|
Weighted-Average
Common Shares Outstanding |
|
|
|
|
|
|
|
|
Basic |
|
|
30,633,878 |
|
|
|
25,334,482 |
|
|
|
30,929,321 |
|
|
|
22,923,943 |
|
Diluted(1) |
|
|
30,633,878 |
|
|
|
25,334,482 |
|
|
|
30,929,321 |
|
|
|
24,732,256 |
|
__________________________________________________
(1) For the three and six
months ended June 30, 2022 and the three months ended June 30,
2021, there were no potentially dilutive securities
outstanding.
SURO CAPITAL CORP. AND
SUBSIDIARIESFINANCIAL HIGHLIGHTS
(UNAUDITED)
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Per Basic Share
Data |
|
|
|
|
|
|
|
|
Net asset value at beginning
of the year |
|
$ |
12.22 |
|
|
$ |
18.01 |
|
|
$ |
11.72 |
|
|
$ |
15.14 |
|
Net investment loss(1) |
|
|
(0.12 |
) |
|
|
(0.07 |
) |
|
|
(0.26 |
) |
|
|
(0.21 |
) |
Net realized gain/(loss) on investments(1) |
|
|
(0.06 |
) |
|
|
0.63 |
|
|
|
0.04 |
|
|
|
6.10 |
|
Net change in unrealized appreciation/(depreciation) of
investments(1) |
|
|
(2.89 |
) |
|
|
0.32 |
|
|
|
(2.17 |
) |
|
|
0.26 |
|
Dividends declared |
|
|
— |
|
|
|
(2.50 |
) |
|
|
(0.11 |
) |
|
|
(3.00 |
) |
Issuance of common stock from stock dividend |
|
|
— |
|
|
|
0.16 |
|
|
|
— |
|
|
|
0.16 |
|
Issuance of common stock from public offering(1) |
|
|
— |
|
|
|
— |
|
|
|
0.01 |
|
|
|
— |
|
Issuance of common stock from conversion of 4.75% Convertible Notes
due 2023(1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1.91 |
) |
Repurchase of common stock(1) |
|
|
0.07 |
|
|
|
|
|
(0.01 |
) |
|
|
— |
|
Stock-based compensation(1) |
|
|
0.02 |
|
|
|
0.01 |
|
|
|
0.02 |
|
|
|
0.02 |
|
Net asset value at end of
period |
|
$ |
9.24 |
|
|
$ |
16.56 |
|
|
$ |
9.24 |
|
|
$ |
16.56 |
|
Per share market value at end
of period |
|
$ |
6.40 |
|
|
$ |
13.49 |
|
|
$ |
6.40 |
|
|
$ |
13.49 |
|
Total return based on market
value(2) |
|
(25.84)% |
|
|
40.63 |
% |
|
(49.14)% |
|
|
55.57 |
% |
Total return based on net
asset value(2) |
|
(24.39)% |
|
|
5.83 |
% |
|
(20.22)% |
|
|
29.19 |
% |
Shares outstanding at end of
period |
|
|
30,325,187 |
|
|
|
26,540,743 |
|
|
|
30,325,187 |
|
|
|
26,540,743 |
|
Ratios/Supplemental
Data: |
|
|
|
|
|
|
|
|
Net assets at end of
period |
|
$ |
280,172,472 |
|
|
$ |
439,592,729 |
|
|
$ |
280,172,472 |
|
|
$ |
439,592,729 |
|
Average net assets |
|
$ |
378,428,728 |
|
|
$ |
425,330,123 |
|
|
$ |
371,249,600 |
|
|
$ |
369,373,984 |
|
Ratio of net operating
expenses to average net assets(3) |
|
|
4.24 |
% |
|
|
2.19 |
% |
|
|
4.80 |
% |
|
|
2.97 |
% |
Ratio of net investment loss
to average net assets(3) |
|
(3.48)% |
|
(1.93)% |
|
(4.18)% |
|
(2.66)% |
Portfolio Turnover Ratio |
|
|
1.20 |
% |
|
|
10.20 |
% |
|
|
1.69 |
% |
|
|
13.64 |
% |
__________________________________________________
(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) 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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