SuRo Capital Corp. (“SuRo Capital”, the
“Company”, “we”, “us”, and “our”) (Nasdaq:
SSSS) today announced its financial results for
the quarter ended September 30, 2022. Net assets totaled
approximately $221.8 million, or $7.83 per share, at September 30,
2022 as compared to $9.24 per share at June 30, 2022 and $14.79 per
share at September 30, 2021.
“As we previously mentioned, the first nine
months of 2022 were the worst for equity markets in the past two
decades. Simultaneously, there is a continued dramatic slowdown in
the IPO market, with less than 40 IPOs in the US during the third
quarter and more than 60% of IPOs being withdrawn, year to date. As
macroeconomic challenges persist, we expect continued acceleration
in the repricing of private securities. We are beginning to see
bid-ask spreads start to narrow as increased discounts are
reflected in the asking prices of private securities on the
secondary markets. As a result, we believe continued pressure from
declining macroeconomic conditions and the unfavorable IPO market
will present compelling opportunities in the secondary market. Our
considerable cash and US treasuries position of approximately
$140.0 million allows us to be opportunistic in evaluating new,
late stage, high-growth companies at increasingly compelling
valuations,” said Mark Klein, Chairman and Chief Executive Officer
of SuRo Capital.
“SuRo Capital continues its commitment to
shareholder value-enhancing initiatives. Given the
discount our stock has traded at compared to net asset value per
share, we believe our active Share Repurchase Program and recent
Modified Dutch Auction Tender Offer to be efficient and accretive
deployments of capital. During the third quarter we initiated and
executed the Modified Dutch Auction Tender Offer, resulting in the
purchase of 2.0 million shares of common stock for $6.60 per share.
Year to date, in combination with the Board authorization of an
additional $15.0 million to the Share Repurchase Program, SuRo
Capital has repurchased over 3.0 million shares of common stock
with approximately $16.4 million remaining in the Board-authorized
Share Repurchase Program. Subsequent to quarter-end, the Board has
extended the Share Repurchase Program through October 31, 2023,”
Klein concluded.
Investment Portfolio as of September 30,
2022
At September 30, 2022, SuRo Capital held
positions in 39 portfolio companies – 32 privately held and 7
publicly held, some of which may be subject to certain lock-up
provisions – with an aggregate fair value of approximately $157.7
million, excluding US treasuries. The Company’s top
five portfolio company investments accounted for approximately 62%
of the total portfolio at fair value as of September 30, 2022.
Top Five Investments as of September 30,
2022
Portfolio Company($ in millions) |
Cost Basis |
Fair Value |
% of Total Portfolio |
Course Hero, Inc. |
$ |
15.0 |
$ |
56.7 |
35.9 |
% |
Blink Health, Inc. |
|
15.0 |
|
10.8 |
6.8 |
|
Orchard Technologies,
Inc. |
|
10.5 |
|
10.5 |
6.7 |
|
Architect Capital PayJoy SPV,
LLC |
|
10.0 |
|
10.0 |
6.3 |
|
StormWind, LLC |
|
6.4 |
|
9.7 |
6.2 |
|
Total |
$ |
56.9 |
$ |
97.7 |
61.9 |
% |
Third Quarter 2022 Investment Portfolio
Activity
During the three months ended September 30,
2022, SuRo Capital funded the following new and follow-on
investments (excluding US treasuries):
Portfolio Company |
Investment |
Transaction Date |
Amount |
Xgroup Holdings Limited (d/b/a
Xpoint)(1) |
Convertible Note |
8/17/2022 |
$1.0 million |
Orchard Technologies,
Inc.(2) |
Simple Agreement for Future Equity (SAFE) |
9/2/2022 |
$0.5 million |
Forge Global, Inc.(3) |
Common Shares |
9/30/2022 |
$0.9 million |
__________________
(1) Investment made through SuRo Capital
Sports, LLC.(2) Represents a follow-on investment.(3)
On and effective August 5, 2022, SuRo Capital notified Forge
Global, Inc. of its intent to net exercise via cashless settlement
its 230,144 common warrants in Forge Global, Inc. into 53,283
shares of Forge Global, Inc.'s public common stock, pursuant to the
net exercise formula in the warrant agreement. The exercise was
effectuated on September 30, 2022.During the three months ended
September 30, 2022, SuRo Capital exited or received proceeds from
the following investments:
Portfolio Company |
Transaction Date |
Shares Sold |
Average Net Share Price(1) |
Net Proceeds |
Realized Gain/(Loss) |
Enjoy Technology, Inc.(2) |
Various |
947,297 |
$0.26 |
$0.2 million |
($5.3 million) |
NewLake Capital Partners,
Inc.(3) |
Various |
15,310 |
$17.37 |
$0.3 million |
<($0.1 million) |
Palantir Lending Trust SPV
I(4) |
7/14/2022 |
N/A |
N/A |
$0.6 million |
$0.6 million |
Rent The Runway, Inc.(5) |
Various |
60,000 |
$5.00 |
$0.3 million |
($0.6 million) |
Residential Homes For Rent,
LLC (d/b/a Second Avenue)(6) |
Various |
N/A |
N/A |
$0.3 million |
$- |
Rover Group, Inc.(7) |
Various |
257,192 |
$4.09 |
$1.1 million |
$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
August 12, 2022, SuRo Capital had sold all its public common shares
of Enjoy Technology, Inc. (3) As of September 30, 2022, SuRo
Capital held 232,133 remaining NewLake Capital Partners, Inc.
public common shares.(4) 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.(5) As of
September 30, 2022, SuRo Capital held 229,191 remaining Rent the
Runway, Inc. public common shares.(6) During the three months
ended September 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, approximately $0.3 million repaid a portion of the
outstanding principal and the remaining was attributed to
interest.(7) As of September 30, 2022, SuRo Capital held
106,854 remaining Rover Group, Inc. public common shares.Subsequent
to quarter-end through November 8, 2022, SuRo Capital exited or
received proceeds from the following investments (excluding US
treasuries):
Portfolio Company |
Transaction Date |
Shares Sold |
Average Net Share Price(1) |
Net Proceeds |
Realized Gain/(Loss) |
Rover Group, Inc.(2) |
Various |
106,854 |
$3.93 |
$0.4 million |
$0.1 million |
Kahoot! ASA(3) |
10/19/2022 |
61,367 |
$2.12 |
$0.1 million |
($0.2 million) |
Residential Homes For Rent, LLC (d/b/a Second Avenue)(4) |
10/31/2022 |
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 October 11, 2022,
SuRo Capital had sold all its public common shares of Rover Group,
Inc.(3) As of November 8, 2022, SuRo Capital held 38,305
public common shares of Kahoot! ASA, all of which are subject to
lock-up restrictions.(4) On October 31, 2022, approximately
$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, approximately $0.1 million repaid a
portion of the outstanding principal and the remaining was
attributed to interest.
Third Quarter 2022 Financial
Results
|
Quarter Ended September 30,
2022 |
Quarter Ended September 30,
2021 |
$ in millions |
per share(1) |
$ in millions |
per share(1) |
|
|
|
|
|
Net
investment loss |
$(3.8) |
$(0.13) |
$(2.2) |
$(0.08) |
|
|
|
|
|
Net realized gain/(loss) on
investments |
(5.1) |
(0.17) |
32.5 |
0.93 |
|
|
|
|
|
Net change in unrealized
appreciation/(depreciation) of investments |
(37.0) |
(1.24) |
(15.0) |
(0.61) |
|
|
|
|
|
Net increase/(decrease) in net
assets resulting from operations – basic(2) |
$(45.9) |
$(1.54) |
$15.2 |
$0.24 |
|
|
|
|
|
Dividends declared |
- |
- |
(59.8) |
(2.25) |
|
|
|
|
|
Issuance of common stock from
stock dividend |
- |
- |
30.2 |
0.22 |
|
|
|
|
|
Repurchase of common
stock(3) |
(13.2) |
0.11 |
- |
- |
|
|
|
|
|
Stock-based compensation |
0.7 |
0.02 |
0.5 |
0.02 |
|
|
|
|
|
Increase/(decrease) in net asset value(2) |
$(58.4) |
$(1.41) |
$(13.8) |
$(1.77) |
__________________
(1) Based on basic weighted-average number
of shares outstanding for the relevant period.(2) Total may
not sum due to rounding.(3) Includes 2,000,000 shares
repurchased via the Modified Dutch Auction Tender Offer at a price
of $6.60 per share.
Weighted-average common basic shares outstanding
were approximately 29.8 million and 27.6 million for the quarters
ended September 30, 2022, and 2021, respectively. As of September
30, 2022, there were 28,333,661 shares of the Company’s common
stock outstanding.
SuRo Capital’s liquid assets were approximately
$154.3 million as of September 30, 2022, consisting of cash, US
Treasuries, and securities of publicly traded portfolio companies
not subject to lock-up restrictions at quarter-end.
Modified Dutch Auction Tender
Offer
On August 1, 2022, our Board of Directors
authorized a Modified Dutch Auction Tender Offer (“Tender Offer”)
to purchase up to 2.0 million shares of our common stock at a price
per share between $6.00 and $7.00, using available cash. In
accordance with the Tender Offer, on September 12, 2022, the
Company repurchased 2,000,000 shares, at a price of $6.60 per share
representing 6.6% of its outstanding shares. The per share purchase
price of properly tendered shares represents 71.4% of net asset
value per share as of June 30, 2022.
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. Year to date, under the Share
Repurchase Program, the Company repurchased 1,008,676 shares of its
common stock for approximately $8.3 million. 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, 2023.
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) on November 8,
2022. 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 7689121. 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 November 15, 2022 by dialing
866-583-1035 (U.S.) or +44 (0) 20 8196 1480 (International) and
using conference ID number 7689121.
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)
|
September 30, 2022 |
|
December 31, 2021 |
ASSETS |
|
|
|
Investments at fair
value: |
|
|
|
Non-controlled/non-affiliate investments (cost of $148,024,855 and
$146,360,300, respectively) |
$ |
131,739,945 |
|
|
$ |
231,768,290 |
|
Non-controlled/affiliate
investments (cost of $41,140,804 and $41,211,183,
respectively) |
|
12,310,601 |
|
|
|
14,609,089 |
|
Controlled investments (cost
of $19,883,894 and $19,883,894, respectively) |
|
13,697,346 |
|
|
|
13,758,874 |
|
Total Portfolio Investments |
|
157,747,892 |
|
|
|
260,136,253 |
|
Investments in U.S. Treasury
bills (cost of $99,173,075 and $0, respectively) |
|
99,226,000 |
|
|
|
— |
|
Total Investments (cost of
$308,222,628 and $207,455,377, respectively) |
|
256,973,892 |
|
|
|
260,136,253 |
|
Cash |
|
39,652,608 |
|
|
|
198,437,078 |
|
Proceeds receivable |
|
— |
|
|
|
52,493 |
|
Escrow proceeds
receivable |
|
653,791 |
|
|
|
2,046,645 |
|
Interest and dividends
receivable |
|
119,608 |
|
|
|
83,655 |
|
Deferred financing costs |
|
572,771 |
|
|
|
621,719 |
|
Prepaid expenses and other
assets(1) |
|
889,174 |
|
|
|
937,984 |
|
Total Assets |
|
298,861,844 |
|
|
|
462,315,827 |
|
LIABILITIES |
|
|
|
Accounts payable and accrued
expenses(1) |
|
3,431,394 |
|
|
|
875,047 |
|
Accrued interest payable |
|
— |
|
|
|
175,000 |
|
Dividends payable |
|
349,929 |
|
|
|
23,390,048 |
|
6.00% Notes due December 30,
2026(2) |
|
73,296,910 |
|
|
|
73,029,108 |
|
Total Liabilities |
|
77,078,233 |
|
|
|
97,469,203 |
|
|
|
|
|
Net
Assets |
$ |
221,783,611 |
|
|
$ |
364,846,624 |
|
NET
ASSETS |
|
|
|
Common stock, par value $0.01 per share (100,000,000 authorized;
28,333,661 and 31,118,556 issued and outstanding,
respectively) |
$ |
283,337 |
|
|
$ |
311,185 |
|
Paid-in capital in excess of
par |
|
330,271,551 |
|
|
|
350,079,409 |
|
Accumulated net investment
loss |
|
(61,969,423 |
) |
|
|
(50,124,597 |
) |
Accumulated net realized gain
on investments, net of distributions |
|
4,446,871 |
|
|
|
11,899,742 |
|
Accumulated net unrealized
appreciation/(depreciation) of investments |
|
(51,248,725 |
) |
|
|
52,680,885 |
|
Net Assets |
$ |
221,783,611 |
|
|
$ |
364,846,624 |
|
Net Asset Value Per Share |
$ |
7.83 |
|
|
$ |
11.72 |
|
__________________________________________________
(1) This balance includes a right of use
asset and corresponding operating lease liability,
respectively.(2) As of September 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 September 30, |
|
Nine Months Ended September 30, |
|
2022 |
|
2021 |
|
|
2022 |
|
2021 |
INVESTMENT
INCOME |
|
|
|
|
|
|
|
|
Non-controlled/non-affiliate
investments: |
|
|
|
|
|
|
|
|
Interest income |
$ |
26,747 |
|
|
$ |
138,072 |
|
|
|
$ |
338,484 |
|
|
$ |
450,768 |
|
Dividend income |
|
107,764 |
|
|
|
275,844 |
|
|
|
|
429,758 |
|
|
|
426,688 |
|
Non-controlled/affiliate
investments: |
|
|
|
|
|
|
|
|
Dividend income |
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
102,632 |
|
Controlled investments: |
|
|
|
|
|
|
|
|
Interest income |
|
385,000 |
|
|
|
110,000 |
|
|
|
|
1,225,000 |
|
|
|
110,000 |
|
Total Investment Income |
|
519,511 |
|
|
|
523,916 |
|
|
|
|
1,993,242 |
|
|
|
1,090,088 |
|
OPERATING
EXPENSES |
|
|
|
|
|
|
|
|
Compensation expense |
|
1,836,808 |
|
|
|
1,500,061 |
|
|
|
|
5,456,771 |
|
|
|
4,139,263 |
|
Directors’ fees(1) |
|
161,661 |
|
|
|
368,281 |
|
|
|
|
514,055 |
|
|
|
590,781 |
|
Professional fees |
|
565,411 |
|
|
|
604,475 |
|
|
|
|
2,916,583 |
|
|
|
2,107,158 |
|
Interest expense |
|
1,202,748 |
|
|
|
— |
|
|
|
|
3,630,301 |
|
|
|
504,793 |
|
Income tax expense |
|
74,497 |
|
|
|
(1,975 |
) |
|
|
|
82,238 |
|
|
|
7,648 |
|
Other expenses |
|
487,619 |
|
|
|
276,552 |
|
|
|
|
1,238,120 |
|
|
|
841,241 |
|
Total Operating Expenses |
|
4,328,744 |
|
|
|
2,747,394 |
|
|
|
|
13,838,068 |
|
|
|
8,190,884 |
|
Net Investment Loss |
|
(3,809,233 |
) |
|
|
(2,223,478 |
) |
|
|
|
(11,844,826 |
) |
|
|
(7,100,796 |
) |
Realized Gain/(Loss)
on Investments: |
|
|
|
|
|
|
|
|
Non-controlled/non-affiliated
investments |
|
(5,141,097 |
) |
|
|
30,601,821 |
|
|
|
|
(3,940,668 |
) |
|
|
170,413,151 |
|
Non-controlled/affiliate
investments |
|
— |
|
|
|
1,893,839 |
|
|
|
|
(70,379 |
) |
|
|
1,893,839 |
|
Net Realized Gain/(Loss) on Investments |
|
(5,141,097 |
) |
|
|
32,495,660 |
|
|
|
|
(4,011,047 |
) |
|
|
172,306,990 |
|
Change in Unrealized
Appreciation/(Depreciation) of Investments: |
|
|
|
|
|
|
|
|
Non-controlled/non-affiliated
investments |
|
(34,763,904 |
) |
|
|
9,252,577 |
|
|
|
|
(101,639,973 |
) |
|
|
(6,078,092 |
) |
Non-controlled/affiliate
investments |
|
(1,866,488 |
) |
|
|
(24,389,188 |
) |
|
|
|
(2,228,109 |
) |
|
|
(2,727,465 |
) |
Controlled investments |
|
(321,528 |
) |
|
|
112,833 |
|
|
|
|
(61,528 |
) |
|
|
207,194 |
|
Net Change in Unrealized Appreciation/(Depreciation) of
Investments |
|
(36,951,920 |
) |
|
|
(15,023,778 |
) |
|
|
|
(103,929,610 |
) |
|
|
(8,598,363 |
) |
Net Change in Net Assets Resulting from
Operations |
$ |
(45,902,250 |
) |
|
$ |
15,248,404 |
|
|
|
$ |
(119,785,483 |
) |
|
$ |
156,607,831 |
|
Net Change in Net Assets Resulting from Operations per
Common Share: |
|
|
|
|
|
|
|
|
Basic |
$ |
(1.54 |
) |
|
$ |
0.55 |
|
|
|
$ |
(3.92 |
) |
|
$ |
6.39 |
|
Diluted(2) |
$ |
(1.54 |
) |
|
$ |
0.55 |
|
|
|
$ |
(3.92 |
) |
|
$ |
6.11 |
|
Weighted-Average
Common Shares Outstanding |
|
|
|
|
|
|
|
|
Basic |
|
29,781,801 |
|
|
|
27,619,062 |
|
|
|
|
30,542,611 |
|
|
|
24,506,181 |
|
Diluted(2) |
|
29,781,801 |
|
|
|
27,619,062 |
|
|
|
|
30,542,611 |
|
|
|
25,705,099 |
|
______________________________
(1) For the three and nine months ended
September 30, 2022 and the three months ended September 30, 2021,
there were no potentially dilutive securities outstanding. For the
nine months ended September 30, 2021, 0 potentially dilutive common
shares were excluded from the weighted-average common shares
outstanding for diluted net increase in net assets resulting from
operations per common share.
SURO CAPITAL CORP. AND
SUBSIDIARIESFINANCIAL HIGHLIGHTS
(UNAUDITED)
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
Per Basic Share
Data |
|
|
|
|
|
|
|
Net asset value at beginning of the year |
$ |
9.24 |
|
|
$ |
16.56 |
|
|
$ |
11.72 |
|
|
$ |
15.14 |
|
Net investment loss(1) |
|
(0.13 |
) |
|
|
(0.08 |
) |
|
|
(0.39 |
) |
|
|
(0.29 |
) |
Net realized gain/(loss) on investments(1) |
|
(0.17 |
) |
|
|
0.93 |
|
|
|
(0.13 |
) |
|
|
7.03 |
|
Net change in unrealized appreciation/(depreciation) of
investments(1) |
|
(1.24 |
) |
|
|
(0.61 |
) |
|
|
(3.40 |
) |
|
|
(0.35 |
) |
Dividends declared |
|
— |
|
|
|
(2.25 |
) |
|
|
(0.11 |
) |
|
|
(5.25 |
) |
Issuance of common stock from stock dividend |
|
— |
|
|
|
0.22 |
|
|
|
— |
|
|
|
0.38 |
|
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) |
|
0.11 |
|
|
|
|
|
0.08 |
|
|
|
— |
|
Stock-based compensation(1) |
|
0.02 |
|
|
|
0.02 |
|
|
|
0.05 |
|
|
|
0.04 |
|
Net asset value at end of
period |
$ |
7.83 |
|
|
$ |
14.79 |
|
|
$ |
7.83 |
|
|
$ |
14.79 |
|
Per share market value at end
of period |
$ |
3.87 |
|
|
$ |
12.91 |
|
|
$ |
3.87 |
|
|
$ |
12.91 |
|
Total return based on market
value(2) |
|
(39.53 |
)% |
|
|
30.46 |
% |
|
|
(68.91 |
)% |
|
|
71.32 |
% |
Total return based on net
asset value(2) |
|
(15.26 |
)% |
|
|
2.90 |
% |
|
|
(32.25 |
)% |
|
|
32.36 |
% |
Shares outstanding at end of
period |
|
28,333,661 |
|
|
|
28,781,016 |
|
|
|
28,333,661 |
|
|
|
28,781,016 |
|
Ratios/Supplemental
Data: |
|
|
|
|
|
|
|
Net assets at end of
period |
$ |
221,783,611 |
|
|
$ |
425,766,489 |
|
|
$ |
221,783,611 |
|
|
$ |
425,766,489 |
|
Average net assets |
$ |
278,994,914 |
|
|
$ |
427,927,307 |
|
|
$ |
340,160,110 |
|
|
$ |
389,106,239 |
|
Ratio of net operating
expenses to average net assets(3) |
|
5.14 |
% |
|
|
2.41 |
% |
|
|
4.89 |
% |
|
|
2.81 |
% |
Ratio of net investment loss
to average net assets(3) |
|
(4.66 |
)% |
|
|
(1.92 |
)% |
|
|
(4.52 |
)% |
|
|
(2.43 |
)% |
Portfolio Turnover Ratio |
|
0.85 |
% |
|
|
10.03 |
% |
|
|
3.47 |
% |
|
|
23.93 |
% |
________________(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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