8-K
SURO CAPITAL CORP. (SSSS)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
Current
Report Pursuant to Section 13 or 15(d) of
the
Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported):
August6, 2025
SURO
CAPITAL CORP.
(Exact name of registrant as specified in its charter)
| Maryland | 814-00852 | 27-4443543 |
|---|---|---|
| (State<br> or other jurisdiction<br><br> <br>of<br> incorporation) | (Commission<br><br> <br>File<br> Number) | (I.R.S.<br> Employer<br><br> <br>Identification<br> No.) |
640Fifth Avenue
12thFloor
NewYork, NY 10019
(Address of principal executive offices and zip code)
Registrant’s telephone number, including area code: (212) 931-6331
Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written<br> communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting<br> material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| --- | --- |
| ☐ | Pre-commencement<br> communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| --- | --- |
| ☐ | Pre-commencement<br> communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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Securities
registered pursuant to Section 12(b) of the Act:
| Title of each class: | Trading symbol: | Name of each exchange on which registered: |
|---|---|---|
| Common<br> Stock, par value $0.01 per share | SSSS | Nasdaq<br> Global Select Market |
| 6.00%<br> Notes due 2026 | SSSSL | Nasdaq<br> Global Select Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02. | Results of Operations and Financial Condition. |
|---|
On August 6, 2025, SuRo Capital Corp. (the “Company”) issued a press release announcing its financial results for the fiscal quarter ended June 30, 2025 (the “Press Release”). A copy of the Press Release is included as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated into this Item 2.02 by reference.
The information disclosed under this Item 2.02, including the information set forth in Exhibit 99.1 hereto, is being “furnished” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise. The information in this Item 2.02 shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, or into any filing or other document pursuant to the Exchange Act, except as otherwise expressly stated in any such filing.
| Item 9.01. | Financial Statements and Exhibits. |
|---|---|
| Exhibit<br> No. | Description |
| --- | --- |
| Exhibit<br> 99.1 | Press Release dated August 6, 2025* |
| Exhibit<br> 104 | Cover<br> Page Interactive Data File (embedded within the Inline XBRL document) |
* The press release attached hereto as Exhibit 99.1 is “furnished” and not “filed,” as described in Item 2.02 of this Current Report on Form 8-K.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date:<br> August 6, 2025 | SURO CAPITAL CORP. | |
|---|---|---|
| By: | /s/ Allison Green | |
| Allison<br> Green | ||
| Chief<br> Financial Officer, Chief Compliance Officer, Treasurer and Corporate Secretary |
Exhibit99.1
SuRoCapital Corp. Reports Second Quarter 2025 Financial Results
OngoingNet Asset Value Growth Driven by AI-Focused Investments
NetAsset Value of $9.18 Per Share as of June 30, 2025
NEWYORK, NY, August 6, 2025 (GLOBE NEWSWIRE) – SuRo Capital Corp. (“SuRo Capital”, the “Company”,“we”, “us”, and “our”) (Nasdaq: SSSS) today announced its financial results for the second quarter ended June 30, 2025. Net assets totaled approximately $219.4 million, or $9.18 per share, at June 30, 2025, as compared to $6.66 per share, at March 31, 2025 and $6.94 per share at June 30, 2024.
“The second quarter of 2025 marked SuRo Capital’s strongest performance since our inception, highlighted by a greater than 35% increase in NAV per share,” said Mark Klein, Chairman and Chief Executive Officer of SuRo Capital. “This exceptional growth was fueled by broad market recognition of the value being created by AI infrastructure companies. CoreWeave’s successful IPO and strong post-IPO trading were key drivers of this appreciation. In addition, OpenAI’s historic $40 billion capital raise at a $300 billion post-money valuation—the largest private financing ever for a technology company—further validated the demand for transformative AI platforms. We also saw encouraging activity elsewhere across the portfolio. Canva is reportedly preparing for a secondary tender at a $37 billion valuation, and Colombier Acquisition Corp. II completed its merger with GrabAGun, further building on SuRo Capital’s SPAC sponsor strategy success,” Klein added.
Mr. Klein continued, “Beyond these marquee events, we remain focused on investing in the next generation of category-defining companies. In April, we deployed $5 million into Plaid through a wholly owned SPV. Plaid is a foundational fintech platform that connects financial applications to consumers, reaching an estimated one in every two adults in the U.S.”
“As a result of this strong performance and momentum across our portfolio, our Board of Directors declared an initial cash dividend of $0.25 per share. This dividend is driven by successful monetizations of SuRo Capital’s public securities. Based on current portfolio activity and subject to Board approval, we intend to announce additional distributions throughout the remainder of the year,” Mr. Klein concluded.
InvestmentPortfolio as of June 30, 2025
At June 30, 2025, SuRo Capital held positions in 36 portfolio companies – 33 privately held and 3 publicly held – with an aggregate fair value of approximately $243.8 million. The Company’s top five portfolio company investments accounted for approximately 53% of the total portfolio at fair value as of June 30, 2025.
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TopFive Investments as of June 30, 2025
| Portfolio Company ($ in millions) | Cost<br> Basis | Fair<br> Value | %<br> of Total Portfolio | ||||
|---|---|---|---|---|---|---|---|
| CW<br> Opportunity 2 LP^(1)^ | $ | 15.2 | $ | 40.9 | 16.8 | % | |
| ARK<br> Type One Deep Ventures Fund LLC^(2)^ | 17.7 | 27.8 | 11.4 | ||||
| Whoop,<br> Inc. | 11.0 | 23.7 | 9.7 | ||||
| Colombier<br> Sponsor II LLC | 1.6 | 20.3 | 8.3 | ||||
| Learneo,<br> Inc. | 15.0 | 15.4 | 6.3 | ||||
| Total^(3)^ | $ | 60.5 | $ | 128.0 | 52.5 | % | |
| (1) | CW<br> Opportunity 2 LP is an SPV for which the Class A Membership Interest is solely invested in<br> the Class A Common Shares of CoreWeave, Inc. SuRo Capital is invested in the Class A Common<br> Shares of CoreWeave, Inc. through its investment in the Class A Membership Interest of CW<br> Opportunity 2 LP. SuRo Capital confirmed, as of June 30, 2025, the underlying Class A Common<br> Shares held by CW Opportunity 2 LP were not registered and are therefore subject to certain<br> restrictions on sale or transfer for which SuRo Capital has applied a discount to the closing<br> share price as of the reporting date. | ||||||
| --- | --- | ||||||
| (2) | ARK<br> Type One Deep Ventures Fund LLC is an investment fund for which the Class A Membership Interest<br> is solely invested in the Convertible Interest Rights of OpenAI Global, LLC. SuRo Capital<br> is invested in the Convertible Interest Rights of OpenAI Global, LLC through its investment<br> in the Class A Membership Interest of ARK Type One Deep Ventures Fund LLC. | ||||||
| (3) | Total<br> may not sum due to rounding. |
SecondQuarter 2025 Investment Portfolio Activity
During the three months ended June 30, 2025, SuRo Capital made the following investment:
| Portfolio<br> Company | Investment | Transaction<br> Date | Amount^(1)^ |
|---|---|---|---|
| Plaid<br> Inc.^(2)^ | Class<br> A Common Shares | 4/4/2025 | $5.0<br> million |
| (1) | Amount<br> invested does not include capitalized costs, origination fees, or prepaid expenses. | ||
| --- | --- | ||
| (2) | SuRo<br> Capital’s investment in the Class A Common Shares of Plaid Inc. was made through 1789<br> Capital Nirvana II LP, an SPV in which SuRo Capital is the Sole Limited Partner. SuRo Capital<br> paid a 7% origination fee at the time of investment. |
During the three months ended June 30, 2025, SuRo Capital exited and received proceeds from the following investments:
| Portfolio<br> Company | Transaction<br> <br>Date | Quantity | Average Net Share Price^(1)^ | Net<br> <br>Proceeds | Realized<br> <br>Gain | ||
|---|---|---|---|---|---|---|---|
| CoreWeave,<br> Inc.^(2)^ | Various | 222,240 | $ | 113.99 | $25.3<br> million | $15.3<br> million | |
| ServiceTitan,<br> Inc.^(3)^ | Various | 151,515 | $ | 105.07 | $15.9<br> million | $5.9<br> million | |
| (1) | The<br> average net share price is the net share price realized after deducting all commissions and<br> fees on the sale(s), if applicable. | ||||||
| --- | --- | ||||||
| (2) | As<br> of June 20, 2025, SuRo Capital had sold the entirety of its directly held CoreWeave, Inc.<br> public common shares. As of June 30, 2025 SuRo Capital continues to hold the entirety of<br> its interest in CW Opportunity 2 LP. | ||||||
| (3) | As<br> of June 27, 2025, SuRo Capital had sold its entire position in ServiceTitan, Inc. public<br> common shares. |
Subsequent to quarter-end through August 6, 2025, SuRo Capital made the following follow-on investment:
| Portfolio<br> Company | Investment | Transaction<br> Date | Amount^(1)^ |
|---|---|---|---|
| Supplying<br> Demand, Inc. (d/b/a Liquid Death) | Convertible<br> Note | 7/29/2025 | $0.3<br> million |
| (1) | Amount<br> invested does not include any capitalized costs. | ||
| --- | --- |
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SecondQuarter 2025 Financial Results
| Quarter<br> Ended June 30, 2025 | Quarter<br> Ended June 30, 2024 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| in millions | per share^(1)^ | in millions | per share^(1)^ | |||||||
| Net<br> investment loss | ) | $ | (0.16 | ) | ) | $ | (0.16 | ) | ||
| Net<br> realized gain/(loss) on investments | 0.89 | (<0.01) | ||||||||
| Net<br> change in unrealized appreciation/(depreciation) of investments | 1.89 | ) | (0.30 | ) | ||||||
| Net<br> increase/(decrease) in net assets resulting from operations^(2)^ | 2.63 | ) | (0.45 | ) | ||||||
| Repurchase<br> of common stock | - | ) | 0.20 | |||||||
| Stock-based<br> compensation | (0.10 | ) | 0.03 | |||||||
| Increase/(decrease)<br> in net asset value^(2)^ | $ | 2.52 | ) | $ | (0.23 | ) |
All values are in US Dollars.
| (1) | Based<br> on basic weighted-average number of shares outstanding for the relevant period. |
|---|---|
| (2) | Total<br> may not sum due to rounding. |
SuRo Capital’s liquid assets were approximately $52.4 million as of June 30, 2025, consisting of cash and directly-held securities of publicly traded portfolio companies.
Weighted-average common basic shares outstanding were approximately 23.7 million and 23.4 million for the quarters ended June 30, 2025 and 2024, respectively. As of June 30, 2025, there were 23,888,107 shares of the Company’s common stock outstanding.
RecentDividend Declarations and Certain Information Regarding the Dividends
On July 3, 2025, SuRo Capital’s Board of Directors declared a dividend of $0.25 per share paid on July 31, 2025 to the Company’s common stockholders of record as of the close of business on July 21, 2025. The dividend was paid in cash.
The date of declaration and amount of any distributions, including any future distributions, are subject to the sole discretion of SuRo Capital’s Board of Directors.
The aggregate amount of distributions declared and paid by SuRo Capital will be fully taxable to stockholders. The tax character of SuRo Capital’s distributions cannot be finally determined until the close of SuRo Capital’s taxable year (December 31). SuRo Capital will report the actual tax characteristics of each year’s distributions annually to stockholders and the IRS on Form 1099-DIV subsequent to year-end.
Registered stockholders with questions regarding declared dividends may call Equiniti Trust Company, LLC at 800-937-5449.
ConferenceCall 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 6, 2025. 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 0912554 or SuRo Capital. 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 13, 2025 by dialing 1 866-583-1035 (U.S.) or +44 (0) 20 3451 9993 (International) and using conference ID number 0912554.
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Forward-LookingStatements
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.
AboutSuRo 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. Since inception, SuRo Capital has served as the public’s gateway to venture capital, offering unique access to some of the world’s most innovative and sought-after private companies before they become publicly traded. SuRo Capital’s diverse portfolio encompasses high-growth sectors including AI infrastructure, emerging consumer brands, and cutting-edge software solutions for both consumer and enterprise markets, among others. SuRo Capital is headquartered in New York, NY and has an office in San Francisco, CA. Connect with the company on X, LinkedIn, and at www.surocap.com.
Contact
SuRo Capital Corp.
(212) 931-6331
IR@surocap.com
MediaContact
Deborah Kostroun
Zito Partners
SuRoCapitalPR@zitopartners.com
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SUROCAPITAL CORP. AND SUBSIDIARIES
CONDENSEDCONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
| December 31, 2024<br><br> <br>(AUDITED) | |||||
|---|---|---|---|---|---|
| ASSETS | |||||
| Investments<br> at fair value: | |||||
| Non-controlled/non-affiliate<br> investments (cost of 221,292,617 and 234,601,314, respectively) | 215,044,675 | $ | 198,511,915 | ||
| Non-controlled/affiliate<br> investments (cost of 20,605,400 and 20,605,400, respectively) | 8,456,422 | 9,268,827 | |||
| Controlled<br> investments (cost of 1,602,940 and 1,602,940, respectively) | 20,297,450 | 1,600,000 | |||
| Total<br> Investments (cost of 243,500,957 and 256,809,654, respectively) | 243,798,547 | 209,380,742 | |||
| Cash | 49,852,801 | 20,035,640 | |||
| Restricted<br> cash | 38,741 | — | |||
| Escrow<br> proceeds receivable | — | 45,298 | |||
| Interest<br> and dividends receivable | 104,098 | 756,022 | |||
| Deferred<br> financing costs | 555,688 | 526,261 | |||
| Prepaid<br> expenses and other assets(1) | 703,349 | 855,630 | |||
| Total<br> Assets | 295,053,224 | 231,599,593 | |||
| LIABILITIES | |||||
| 6.00%<br> Notes due December 30, 2026(2) | 39,354,847 | 44,198,838 | |||
| 6.50%<br> Convertible Notes due August 14, 2029(3) | 34,010,638 | 29,051,408 | |||
| Accounts<br> payable and accrued expenses(1) | 2,278,144 | 768,394 | |||
| Dividends<br> payable | — | 8,867 | |||
| Total<br> Liabilities | 75,643,629 | 74,027,507 | |||
| Net<br> Assets | 219,409,595 | $ | 157,572,086 | ||
| NET<br> ASSETS | |||||
| Common<br> stock, par value 0.01 per share (100,000,000 authorized; 23,888,107 and 23,601,566 issued and outstanding, respectively) | 238,881 | $ | 236,016 | ||
| Paid-in<br> capital in excess of par | 226,892,721 | 226,579,432 | |||
| Accumulated<br> net investment loss | (11,686,121 | ) | (4,302,192 | ) | |
| Accumulated<br> net realized gain/(loss) on investments, net of distributions | 3,769,690 | (17,409,097 | ) | ||
| Accumulated<br> net unrealized appreciation/(depreciation) of investments | 194,424 | (47,532,073 | ) | ||
| Net<br> Assets | 219,409,595 | $ | 157,572,086 | ||
| Net<br> Asset Value Per Share | 9.18 | $ | 6.68 |
All values are in US Dollars.
| (1) | This<br> balance includes a right of use asset and corresponding operating lease liability, respectively. |
|---|---|
| (2) | As<br> of June 30, 2025, the 6.00% Notes due December 30, 2026 (the “6.00% Notes due 2026”)<br> (effective interest rate of 6.52%) had a face value $39,667,650. As of December 31, 2024,<br> the 6.00% Notes due 2026 (effective interest rate of 6.48%) had a face value $44,667,400. |
| (3) | As<br> of June 30, 2025, the 6.50% Convertible Notes due August 14, 2029 (the “6.50% Convertible<br> Notes due 2029”) (effective interest rate of 7.17%) had a face value $35,000,000. As<br> of December 31, 2024, the 6.50% Convertible Notes due 2029 (effective interest rate of 7.06%)<br> had a face value $30,000,000. |
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SUROCAPITAL CORP. AND SUBSIDIARIES
CONDENSEDCONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
| Three<br> Months Ended June 30, | Six<br> Months Ended June 30, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |||||||||
| INVESTMENT<br> INCOME | ||||||||||||
| Non-controlled/non-affiliate<br> investments: | ||||||||||||
| Interest<br> income^(1)^ | $ | 167,304 | $ | 290,750 | $ | 317,951 | $ | 532,757 | ||||
| Dividend<br> income | — | — | 348,447 | 21,875 | ||||||||
| Controlled<br> investments: | ||||||||||||
| Interest<br> income | — | 376,667 | — | 811,667 | ||||||||
| Interest<br> income from U.S. Treasury bills | — | 359,936 | — | 1,189,145 | ||||||||
| Total<br> Investment Income | 167,304 | 1,027,353 | 666,398 | 2,555,444 | ||||||||
| OPERATING<br> EXPENSES | ||||||||||||
| Compensation<br> expense | 1,571,856 | 2,198,509 | 3,239,691 | 4,383,827 | ||||||||
| Directors’<br> fees | 175,495 | 167,825 | 346,060 | 338,938 | ||||||||
| Interest<br> expense | 1,275,485 | 1,214,267 | 2,535,334 | 2,428,534 | ||||||||
| Professional<br> fees | 680,857 | 586,825 | 1,431,081 | 1,315,384 | ||||||||
| Income<br> tax expense | (218,745 | ) | 52,794 | (215,949 | ) | 54,894 | ||||||
| Other<br> expenses | 404,516 | 462,758 | 714,110 | 912,394 | ||||||||
| Total<br> Operating Expenses | 3,889,464 | 4,682,978 | 8,050,327 | 9,433,971 | ||||||||
| Net<br> Investment Loss | (3,722,160 | ) | (3,655,625 | ) | (7,383,929 | ) | (6,878,527 | ) | ||||
| Realized<br> Gain/(Loss) on Investments: | ||||||||||||
| Non-controlled/non-affiliated<br> investments | 21,212,611 | (22,867 | ) | 21,194,660 | (507,008 | ) | ||||||
| Non-controlled/affiliate<br> investments | — | — | — | 60,067 | ||||||||
| Controlled<br> investments | — | (6,745 | ) | — | (6,745 | ) | ||||||
| Net<br> Realized Gain/(Loss) on Investments | 21,212,611 | (29,612 | ) | 21,194,660 | (453,686 | ) | ||||||
| Realized<br> loss on partial repurchase of 6.00% Notes due December 30, 2026 | — | — | (15,873 | ) | — | |||||||
| Change<br> in Unrealized Appreciation/(Depreciation) of Investments: | ||||||||||||
| Non-controlled/non-affiliated<br> investments | 35,090,339 | (3,481,638 | ) | 29,841,454 | (19,876,809 | ) | ||||||
| Non-controlled/affiliate<br> investments | (339,693 | ) | (3,485,172 | ) | (812,406 | ) | (5,501,871 | ) | ||||
| Controlled<br> investments | 10,086,973 | 864 | 18,697,449 | (5,636 | ) | |||||||
| Net<br> Change in Unrealized Appreciation/(Depreciation) of Investments | 44,837,619 | (6,965,946 | ) | 47,726,497 | (25,384,316 | ) | ||||||
| Net<br> Change in Net Assets Resulting from Operations | $ | 62,328,070 | $ | (10,651,183 | ) | $ | 61,521,355 | $ | (32,716,529 | ) | ||
| Net<br> Change in Net Assets Resulting from Operations per Common Share: | ||||||||||||
| Basic | $ | 2.63 | $ | (0.45 | ) | $ | 2.60 | $ | (1.34 | ) | ||
| Diluted^(2)^ | $ | 2.23 | $ | (0.45 | ) | $ | 2.23 | $ | (1.34 | ) | ||
| Weighted-Average<br> Common Shares Outstanding | ||||||||||||
| Basic | 23,728,095 | 23,410,235 | 23,650,399 | 24,401,863 | ||||||||
| Diluted^(2)^ | 28,244,225 | 23,410,235 | 28,113,063 | 24,401,863 | ||||||||
| (1) | Includes<br> interest income earned on cash. | |||||||||||
| --- | --- | |||||||||||
| (2) | For<br> the three and six months ended June 30, 2024, there were no potentially dilutive securities<br> outstanding |
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SUROCAPITAL CORP. AND SUBSIDIARIES
FINANCIALHIGHLIGHTS (UNAUDITED)
| Three<br> Months Ended June 30, | Six<br> Months Ended June 30, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |||||||||
| Per<br> Basic Share Data | ||||||||||||
| Net asset<br> value at beginning of period | $ | 6.66 | $ | 7.17 | $ | 6.68 | $ | 7.99 | ||||
| Net<br> investment loss^(1)^ | (0.16 | ) | (0.16 | ) | (0.31 | ) | (0.28 | ) | ||||
| Net<br> realized gain/(loss) on investments^(1)^ | 0.89 | <(0.01) | 0.90 | (0.02 | ) | |||||||
| Realized<br> loss on partial repurchase of 6.00% Notes due December 30, 2026^(1)^ | — | — | <(0.01) | — | ||||||||
| Net<br> change in unrealized appreciation/(depreciation) of investments^(1)^ | 1.89 | (0.30 | ) | 2.02 | (1.04 | ) | ||||||
| Repurchase<br> of common stock^(1)^ | — | 0.20 | — | 0.23 | ||||||||
| Stock-based<br> compensation^(1)^ | (0.10 | ) | 0.03 | (0.11 | ) | 0.06 | ||||||
| Net<br> asset value at end of period | $ | 9.18 | $ | 6.94 | $ | 9.18 | $ | 6.94 | ||||
| Per share market<br> value at end of period | $ | 8.21 | $ | 4.01 | $ | 8.21 | $ | 4.01 | ||||
| Total<br> return based on market value^(2)^ | 65.19 | % | (11.87 | )% | 39.63 | % | 1.78 | % | ||||
| Total<br> return based on net asset value^(2)^ | 37.84 | % | (3.21 | )% | 37.43 | % | (13.14 | )% | ||||
| Shares outstanding<br> at end of period | 23,888,107 | 23,378,002 | 23,888,107 | 23,378,002 | ||||||||
| Ratios/Supplemental<br> Data: | **** | **** | **** | **** | ||||||||
| Net<br> assets at end of period | $ | 219,409,595 | $ | 162,312,191 | $ | 219,409,595 | $ | 162,312,191 | ||||
| Average<br> net assets | $ | 160,412,515 | $ | 175,240,305 | $ | 158,444,298 | $ | 188,879,950 | ||||
| Ratio<br> of net operating expenses to average net assets^(3)^ | 9.73 | % | 10.75 | % | 10.25 | % | 10.04 | % | ||||
| Ratio<br> of net investment loss to average net assets^(3)^ | (9.31 | )% | (8.39 | )% | (9.40 | )% | (7.32 | )% | ||||
| Portfolio<br> Turnover Ratio | 2.36 | % | 5.72 | % | 3.02 | % | 5.84 | % | ||||
| (1) | Based<br> on weighted-average number of shares outstanding for the relevant period. | |||||||||||
| --- | --- | |||||||||||
| (2) | Total<br> return based on market value is based upon the change in market price per share between the<br> opening and ending market values per share in the period, adjusted for dividends and equity<br> issuances. Total return based on net asset value is based upon the change in net asset value<br> per share between the opening and ending net asset values per share in the period, adjusted<br> for dividends and equity issuances. | |||||||||||
| (3) | Financial<br> highlights for periods of less than one year are annualized and the ratios of operating expenses<br> to average net assets and net investment loss to average net assets are adjusted accordingly.<br> Because the ratios are calculated for the Company’s common stock taken as a whole,<br> an individual investor’s ratios may vary from these ratios. |
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