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, 2023. Net
assets totaled approximately $203.4 million, or $7.99 per share, at
December 31, 2023, as compared to $8.41 per share at September 30,
2023 and $7.39 per share at December 31, 2022.
“In 2023, public market indices were driven
higher by a handful of megacap stocks, while the private markets
saw decreased valuations and fundraising volume. We have stated for
several quarters that we believe valuations are becoming more
attractive and that we are continuing to see more investable
opportunities. We are now executing on these opportunities. During
the fourth quarter, we added one new portfolio company through a
$1.6 million investment in Colombier Sponsor II LLC and completed a
$2.7 million follow-on investment in FourKites, Inc. and a $0.3
million follow-on investment in XGroup Holdings Limited (d/b/a
Xpoint) through SuRo Capital Sports, LLC. Subsequent to year-end,
we added one new portfolio company through a $10.0 million primary
investment in Supplying Demand, Inc. (d/b/a Liquid Death), a CPG
brand focused on still water, sparkling water, and teas,” said Mark
Klein, Chairman and Chief Executive Officer of SuRo Capital.
“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, as previously announced on February 14, 2024, our
Board of Directors authorized a modified Dutch Auction tender offer
to purchase up to 2.0 million shares of our common stock at a price
per share between $4.00 and $5.00. Given that our stock is trading
at a significant discount to net asset value per share, we believe
the modified Dutch Auction tender offer to be an efficient and
accretive deployment of capital,” Mr. Klein concluded.
Investment Portfolio as of December 31,
2023
At December 31, 2023, SuRo Capital held
positions in 38 portfolio companies – 34 privately held and 4
publicly held, some of which may be subject to certain lock-up
provisions – with an aggregate fair value of approximately $184.1
million, excluding short-term US treasuries. The Company’s top five
portfolio company investments accounted for approximately 56% of
the total portfolio at fair value as of December 31, 2023.
Top Five Investments as of December 31,
2023
Portfolio Company ($ in millions) |
Cost Basis |
Fair Value |
% of Total Portfolio |
Learneo, Inc. |
$ |
15.0 |
|
$ |
56.0 |
30.4 |
% |
Stormwind, LLC |
|
6.4 |
|
|
12.5 |
6.8 |
|
ServiceTitan, Inc. |
|
10.0 |
|
|
12.0 |
6.5 |
|
Blink
Health Inc. |
|
15.0 |
|
|
11.7 |
6.4 |
|
Locus
Robotics Corp. |
|
10.0 |
|
|
10.7 |
5.8 |
|
Total (may not sum due to rounding) |
$ |
56.4 |
|
$ |
102.8 |
55.9 |
% |
Fourth Quarter 2023 Investment Portfolio
Activity
During the three months ended December 31, 2023,
SuRo Capital made the following investments, excluding short-term
US treasuries:
Portfolio Company |
Investment |
Transaction Date |
Amount |
Colombier Sponsor II LLC |
Class B Units & Class W Units |
11/20/2023 |
$1.6 million |
FourKites, Inc.(1) |
Common Shares |
12/21/2023 |
$2.7 million |
Xgroup Holdings Limited (d/b/a
Xpoint)(2) |
Convertible Note |
10/26/2023 |
$0.3 million |
__________________(1) Represents a follow-on
investment.(2) Represents a follow-on investment made through
SuRo Capital Sports, LLC.
During the three months ended December 31, 2023,
SuRo Capital exited or received proceeds from the following
investments, excluding short-term US treasuries:
Portfolio Company |
Transaction Date |
Quantity |
Average Net Share Price(1) |
NetProceeds |
Realized Gain/(Loss) |
Churchill Sponsor VI LLC |
12/4/2023 |
N/A |
N/A |
$- |
$(0.2 million) |
Forge Global, Inc.(2) |
Various |
1,465,994 |
$3.56 |
$5.2 million |
$3.9 million |
NewLake Capital Partners,
Inc.(3) |
Various |
105,820 |
$14.02 |
$1.5 million |
$(0.7 million) |
Nextdoor Holdings,
Inc.(4) |
Various |
150,000 |
$1.98 |
$0.3 million |
$(0.5 million) |
PSQ Holdings, Inc. (d/b/a
PublicSquare) – Public Warrants(5) |
Various |
303,963 |
$1.05 |
$0.3 million |
$0.2 million |
Residential Homes For Rent,
LLC (d/b/a Second Avenue)(6) |
Various |
N/A |
N/A |
$0.3 million |
$- |
True Global Ventures 4 Plus
Pte Ltd |
12/18/2023 |
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
December 31, 2023, SuRo Capital held 1,145,875 remaining Forge
Global, Inc. public common shares.(3) As of December 15,
2023, SuRo Capital had sold its remaining NewLake Capital Partners,
Inc. public common shares.(4) As of December 31, 2023, SuRo
Capital held 112,420 remaining Nextdoor Holdings, Inc. public
common shares.(5) As of December 31, 2023, SuRo Capital held
2,396,037 remaining PSQ Holdings, Inc. (d/b/a PublicSquare) public
warrants.(6) On December 26, 2023, a final payment was
received from Residential Homes For Rent, LLC (d/b/a Second Avenue)
related to the 15% term loan due December 23, 2023. During the
three months ended December 31, 2023, approximately $0.3 million
was received, of which approximately $0.3 million repaid the
outstanding principal and the remaining was attributed to
interest.
Subsequent to year-end through March 13, 2024,
SuRo Capital made the following investment, excluding short-term US
treasuries:
Portfolio Company |
Investment |
Transaction Date |
Amount |
Supplying Demand, Inc. (d/b/a
Liquid Death) |
Series F-1 Preferred Shares |
1/18/2024 |
$10.0 million |
Subsequent to year-end through March 13, 2024,
SuRo Capital exited or received proceeds from the following
investments, excluding short-term US treasuries:
Portfolio Company |
Transaction Date |
Quantity |
Average Net Share Price(1) |
Net Proceeds |
Realized Gain/(Loss) |
Nextdoor Holdings,
Inc.(2) |
Various |
112,420 |
$1.92 |
$0.2 million |
$(0.4 million) |
PSQ Holdings, Inc. (d/b/a
PublicSquare) – Public Warrants(3) |
Various |
100,000 |
$1.03 |
$0.1 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 February 23, 2024, SuRo Capital had sold
its remaining Nextdoor Holdings, Inc. public common
shares.(3) As of March 13, 2024, SuRo Capital held 2,296,037
remaining PSQ Holdings, Inc. (d/b/a PublicSquare) public
warrants.
Fourth Quarter 2023 Financial
Results
|
Quarter EndedDecember 31,
2023 |
Quarter EndedDecember 31,
2022 |
$ in millions |
per share(1) |
$ in millions |
per share(1) |
|
|
|
|
|
Net investment loss |
$(2.7) |
$(0.11) |
$(2.9) |
$(0.10) |
|
|
|
|
|
Net realized gain/(loss) on
investments |
2.6 |
0.10 |
(1.9) |
(0.07) |
|
|
|
|
|
Net change in unrealized
depreciation of investments |
(9.0) |
(0.36) |
(7.6) |
(0.27) |
|
|
|
|
|
Net decrease in net assets
resulting from operations – basic(2) |
(9.1) |
(0.37) |
(12.4) |
(0.44) |
|
|
|
|
|
Stock-based compensation |
0.5 |
(0.06) |
0.6 |
0.00 |
|
|
|
|
|
Decrease in net asset value(2) |
$(8.7) |
$(0.43) |
$(11.8) |
$(0.44) |
________________________________(1) Based on
weighted-average number of shares outstanding for the relevant
period.(2) Total may not sum due to rounding.
Fiscal Year 2023 Financial
Results
|
Fiscal Year EndedDecember 31,
2023 |
Fiscal Year EndedDecember 31,
2022 |
$ in millions |
per share(1) |
$ in millions |
per share(1) |
|
|
|
|
|
Net investment loss |
$(13.4) |
$(0.51) |
$(14.7) |
$(0.49) |
|
|
|
|
|
Net realized loss on
investments |
(11.9) |
(0.46) |
(5.9) |
(0.20) |
|
|
|
|
|
Net change in unrealized
appreciation/(depreciation) of investments |
30.5 |
1.16 |
(111.6) |
(3.72) |
|
|
|
|
|
Net increase/(decrease) in net
assets resulting from operations – basic(3) |
5.1 |
0.19 |
(132.2) |
(4.41) |
|
|
|
|
|
Dividends declared |
- |
- |
(3.4) |
(0.11) |
|
|
|
|
|
Issuance of common stock from
public offering |
- |
- |
0.2 |
0.01 |
|
|
|
|
|
Stock-based compensation |
2.4 |
0.09 |
2.0 |
0.07 |
|
|
|
|
|
Repurchase of common
stock(2) |
(14.2) |
0.32 |
(21.5) |
0.11 |
|
|
|
|
|
Increase/(decrease) in net asset value(3) |
$(6.7) |
$0.60 |
$(154.8) |
$(4.33) |
________________________________(1) Based
on weighted-average number of shares outstanding for the relevant
period.(2) During the year ended December 31, 2023, under the
Company’s Share Repurchase Program, the Company repurchased 186,493
shares of its common stock for approximately $0.7 million in cash.
Additionally, pursuant to the modified Dutch Auction tender offer,
the Company repurchased 3,000,000 shares of its common stock on or
about April 17, 2023 at a price of $4.50 per share. The use of cash
in connection with the repurchases decreased net asset value as of
year-end; however, the reduction in shares outstanding as of
year-end resulted in an increase to net asset value per
share.(3) Total may not sum due to rounding.
Weighted-average common basic shares outstanding
were approximately 26.2 million and 30.0 million for the years
ended December 31, 2023 and 2022, respectively. As of December 31,
2023, there were 25,445,805 shares of the Company’s common stock
outstanding.
SuRo Capital’s liquid assets were approximately
$99.0 million as of December 31, 2023, consisting of cash,
short-term US Treasuries, and securities of publicly traded
portfolio companies not subject to lock-up restrictions at
year-end.
Modified Dutch Auction Tender
Offer
On February 14, 2024, 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 $4.00 and not greater than
$5.00 in $0.10 increments, using available cash. The Tender Offer
commenced on February 20, 2024 and will expire at 5:00 P.M. Eastern
Time on April 1, 2024, unless extended. If the Tender Offer is
fully subscribed, the Company will purchase 2,000,000 shares, or
approximately 7.9%, 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 are disclosed in the
Tender Offer documents filed with the U.S. Securities and Exchange
Commission on February 20, 2024. 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 Equiniti Trust
Company, LLC. The offer to purchase (the “Offer to Purchase”), a
letter of transmittal and related documents have been 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 (877)
361-7972.
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 Investment Company Act of 1940, as amended, and the Securities
Exchange Act of 1934, as amended.
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. During the
year ended December 31, 2023, SuRo Capital repurchased
approximately 0.2 million shares of common stock for approximately
$0.7 million through the Share Repurchase Program. 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 March 13,
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 4463363. 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 March 20, 2024 by dialing
866-583-1035 (U.S.) or +44 (0) 20 3451 9993 (International) and
using conference ID number 4463363.
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
SUBSIDIARIESCONSOLIDATED STATEMENTS OF ASSETS AND
LIABILITIES |
|
|
December 31, 2023 |
|
December 31, 2022 |
ASSETS |
|
|
|
Investments at fair
value: |
|
|
|
Non-controlled/non-affiliate investments (cost of $160,994,161 and
$155,103,810, respectively) |
$ |
147,167,535 |
|
|
$ |
130,901,546 |
|
Non-controlled/affiliate
investments (cost of $32,775,940 and $41,140,804,
respectively) |
|
24,931,333 |
|
|
|
12,591,162 |
|
Controlled investments (cost
of $18,771,097 and $19,883,894, respectively) |
|
11,982,381 |
|
|
|
13,695,870 |
|
Total Portfolio Investments |
|
184,081,249 |
|
|
|
157,188,578 |
|
Investments in U.S. Treasury
bills (cost of $63,792,704 and $84,999,598, respectively) |
|
63,810,855 |
|
|
|
85,056,817 |
|
Total Investments (cost of
$276,333,902 and $301,128,106, respectively) |
|
247,892,104 |
|
|
|
242,245,395 |
|
Cash |
|
28,178,352 |
|
|
|
40,117,598 |
|
Escrow proceeds
receivable |
|
309,293 |
|
|
|
628,332 |
|
Interest and dividends
receivable |
|
132,607 |
|
|
|
138,766 |
|
Deferred financing costs |
|
594,726 |
|
|
|
555,761 |
|
Prepaid expenses and other
assets(1) |
|
494,602 |
|
|
|
727,006 |
|
Total Assets |
|
277,601,684 |
|
|
|
284,412,858 |
|
LIABILITIES |
|
|
|
Accounts payable and accrued
expenses(1) |
|
346,308 |
|
|
|
708,827 |
|
Dividends payable |
|
152,523 |
|
|
|
296,170 |
|
6.00% Notes due December 30,
2026(2) |
|
73,745,207 |
|
|
|
73,387,159 |
|
Total Liabilities |
|
74,244,038 |
|
|
|
74,392,156 |
|
|
|
|
|
Net
Assets |
$ |
203,357,646 |
|
|
$ |
210,020,702 |
|
NET
ASSETS |
|
|
|
Common stock, par value $0.01 per share (100,000,000 authorized;
25,445,805 and 28,429,499 issued and outstanding,
respectively) |
$ |
254,458 |
|
|
$ |
284,295 |
|
Paid-in capital in excess of
par |
|
248,454,107 |
|
|
|
330,899,254 |
|
Accumulated net investment
loss |
|
(4,304,111 |
) |
|
|
(64,832,605 |
) |
Accumulated net realized
gain/(loss) on investments, net of distributions |
|
(12,348,772 |
) |
|
|
2,552,465 |
|
Accumulated net unrealized
appreciation/(depreciation) of investments |
|
(28,698,036 |
) |
|
|
(58,882,707 |
) |
Net Assets |
$ |
203,357,646 |
|
|
$ |
210,020,702 |
|
Net Asset Value Per Share |
$ |
7.99 |
|
|
$ |
7.39 |
|
________________________________(1) This
balance includes a right of use asset and corresponding operating
lease liability, respectively.(2) As of December 31, 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
6.13%) had a face value $75,000,000.
|
SURO CAPITAL CORP. AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF
OPERATIONS |
|
|
|
Year Ended December 31, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2021 |
|
INVESTMENT
INCOME |
|
|
|
|
|
|
Non-controlled/non-affiliate
investments: |
|
|
|
|
|
|
Interest income(1) |
|
$ |
795,847 |
|
|
$ |
403,029 |
|
|
$ |
507,772 |
|
Dividend income |
|
|
211,310 |
|
|
|
541,239 |
|
|
|
470,438 |
|
Non-controlled/affiliate
investments: |
|
|
|
|
|
|
Dividend income |
|
|
— |
|
|
|
— |
|
|
|
102,632 |
|
Controlled investments: |
|
|
|
|
|
|
Interest income |
|
|
1,331,258 |
|
|
|
1,685,000 |
|
|
|
390,000 |
|
Dividend income |
|
|
500,000 |
|
|
|
— |
|
|
|
— |
|
Interest income from U.S.
Treasury bills |
|
|
3,758,365 |
|
|
|
826,925 |
|
|
|
— |
|
Total Investment Income |
|
|
6,596,780 |
|
|
|
3,456,193 |
|
|
|
1,470,842 |
|
OPERATING
EXPENSES |
|
|
|
|
|
|
Compensation expense |
|
|
9,482,867 |
|
|
|
7,566,452 |
|
|
|
6,162,716 |
|
Directors’ fees |
|
|
645,548 |
|
|
|
675,716 |
|
|
|
752,442 |
|
Professional fees |
|
|
2,602,894 |
|
|
|
3,395,260 |
|
|
|
2,665,689 |
|
Interest expense |
|
|
4,858,049 |
|
|
|
4,845,549 |
|
|
|
693,526 |
|
Income tax expense |
|
|
624,049 |
|
|
|
82,238 |
|
|
|
9,347 |
|
Other expenses |
|
|
1,822,982 |
|
|
|
1,598,986 |
|
|
|
1,117,941 |
|
Total Operating Expenses |
|
|
20,036,389 |
|
|
|
18,164,201 |
|
|
|
11,401,661 |
|
Net Investment Loss |
|
|
(13,439,609 |
) |
|
|
(14,708,008 |
) |
|
|
(9,930,819 |
) |
Realized Gain/(Loss)
on Investments: |
|
|
|
|
|
|
Non-controlled/non-affiliated
investments |
|
|
(1,185,273 |
) |
|
|
(5,835,074 |
) |
|
|
216,870,940 |
|
Non-controlled/affiliate
investments |
|
|
(10,762,231 |
) |
|
|
(70,379 |
) |
|
|
1,864,564 |
|
Net Realized Gain/(Loss) on Investments |
|
|
(11,947,504 |
) |
|
|
(5,905,453 |
) |
|
|
218,735,504 |
|
Change in Unrealized
Appreciation/(Depreciation) of Investments: |
|
|
|
|
|
|
Non-controlled/non-affiliated
investments |
|
|
10,349,592 |
|
|
|
(109,553,034 |
) |
|
|
(59,057,641 |
) |
Non-controlled/affiliate
investments |
|
|
20,705,035 |
|
|
|
(1,947,553 |
) |
|
|
(2,902,517 |
) |
Controlled investments |
|
|
(600,692 |
) |
|
|
(63,005 |
) |
|
|
227,194 |
|
Net Change in Unrealized Appreciation/(Depreciation) of
Investments |
|
|
30,453,935 |
|
|
|
(111,563,592 |
) |
|
|
(61,732,964 |
) |
Net Change in Net Assets Resulting from
Operations |
|
$ |
5,066,822 |
|
|
$ |
(132,177,053 |
) |
|
$ |
147,071,721 |
|
Net Change in Net Assets Resulting from Operations per
Common Share: |
|
|
|
|
|
|
Basic |
|
$ |
0.19 |
|
|
$ |
(4.40 |
) |
|
$ |
5.69 |
|
Diluted(2) |
|
$ |
0.19 |
|
|
$ |
(4.40 |
) |
|
$ |
5.52 |
|
Weighted-Average
Common Shares Outstanding |
|
|
|
|
|
|
Basic |
|
|
26,222,667 |
|
|
|
30,023,202 |
|
|
|
25,861,642 |
|
Diluted(2) |
|
|
26,222,667 |
|
|
|
30,023,202 |
|
|
|
26,758,367 |
|
________________________________(1)
Includes interest income earned on idle cash.(2) As of
December 31, 2023, 2022, and 2021, there were no potentially
dilutive securities outstanding.
|
SURO CAPITAL CORP. AND SUBSIDIARIESNOTES
TO CONSOLIDATED FINANCIAL STATEMENTSDecember 31,
2023 |
|
|
|
Year Ended December 31, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2019 |
|
Per Basic Share
Data |
|
|
|
|
|
|
|
|
|
|
Net asset value at beginning
of the year |
|
$ |
7.39 |
|
|
$ |
11.72 |
|
|
$ |
15.14 |
|
|
$ |
11.38 |
|
|
$ |
9.89 |
|
Net investment loss(1) |
|
|
(0.51 |
) |
|
|
(0.49 |
) |
|
|
(0.38 |
) |
|
|
(0.81 |
) |
|
|
(0.49 |
) |
Net realized gain/(loss) on investments(1) |
|
|
(0.46 |
) |
|
|
(0.20 |
) |
|
|
8.46 |
|
|
|
0.92 |
|
|
|
0.99 |
|
Net change in unrealized appreciation/(depreciation) of
investments(1) |
|
|
1.16 |
|
|
|
(3.72 |
) |
|
|
(2.39 |
) |
|
|
3.78 |
|
|
|
0.69 |
|
Benefit from taxes on unrealized depreciation of
investments(1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.05 |
|
Dividends declared |
|
|
— |
|
|
|
(0.11 |
) |
|
|
(8.00 |
) |
|
|
(0.87 |
) |
|
|
(0.32 |
) |
Issuance of common stock from stock dividend |
|
|
— |
|
|
|
— |
|
|
|
0.74 |
|
|
|
— |
|
|
|
— |
|
Issuance of common stock from public offering(1) |
|
|
— |
|
|
|
0.01 |
|
|
|
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) |
|
|
0.32 |
|
|
|
0.11 |
|
|
|
— |
|
|
|
0.43 |
|
|
|
0.52 |
|
Stock-based compensation(1) |
|
|
0.09 |
|
|
|
0.07 |
|
|
|
0.05 |
|
|
|
0.12 |
|
|
|
0.05 |
|
Net asset value at end of
year |
|
$ |
7.99 |
|
|
$ |
7.39 |
|
|
$ |
11.72 |
|
|
$ |
15.14 |
|
|
$ |
11.38 |
|
Per share market value at end
of year |
|
$ |
3.94 |
|
|
$ |
3.80 |
|
|
$ |
12.95 |
|
|
$ |
13.09 |
|
|
$ |
6.55 |
|
Total return based on market
value(2) |
|
|
3.68 |
% |
|
(69.45)% |
|
|
60.05 |
% |
|
|
99.85 |
% |
|
|
31.61 |
% |
Total return based on net
asset value(2) |
|
|
8.12 |
% |
|
(36.01)% |
|
|
30.25 |
% |
|
|
33.04 |
% |
|
|
15.08 |
% |
Shares outstanding at end of
year |
|
|
25,445,805 |
|
|
|
28,429,499 |
|
|
|
31,118,556 |
|
|
|
19,914,023 |
|
|
|
17,564,244 |
|
Ratios/Supplemental
Data: |
|
|
|
|
|
|
|
|
|
|
Net assets at end of year |
|
$ |
203,357,646 |
|
|
$ |
210,020,702 |
|
|
$ |
364,846,624 |
|
|
$ |
301,583,073 |
|
|
$ |
199,917,289 |
|
Average net assets |
|
$ |
207,608,591 |
|
|
$ |
310,086,061 |
|
|
$ |
396,209,139 |
|
|
$ |
205,430,809 |
|
|
$ |
209,261,190 |
|
Ratio of gross operating
expenses to average net assets(3) |
|
|
9.70 |
% |
|
|
5.87 |
% |
|
|
2.88 |
% |
|
|
7.95 |
% |
|
|
6.08 |
% |
Ratio of income tax provision to average net assets |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
(0.42)% |
Ratio of net operating
expenses to average net assets(3) |
|
|
9.70 |
% |
|
|
5.87 |
% |
|
|
2.88 |
% |
|
|
7.95 |
% |
|
|
5.66 |
% |
Ratio of net investment loss
to average net assets(3) |
|
(6.51)% |
|
(4.76)% |
|
(2.51)% |
|
(7.07)% |
|
(4.52)% |
Portfolio Turnover Ratio |
|
|
9.34 |
% |
|
|
4.31 |
% |
|
|
28.34 |
% |
|
|
14.87 |
% |
|
|
12.95 |
% |
________________________________(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. 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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