Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2023 | May 09, 2023 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2023 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 814-00852 | |
Entity Registrant Name | SuRo Capital Corp. | |
Entity Central Index Key | 0001509470 | |
Entity Tax Identification Number | 27-4443543 | |
Entity Incorporation, State or Country Code | MD | |
Entity Address, Address Line One | 640 Fifth Avenue | |
Entity Address, Address Line Two | 12th Floor | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10019 | |
City Area Code | (212) | |
Local Phone Number | 931-6331 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 25,338,580 | |
Common Stock, par value $0.01 per share | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | SSSS | |
Security Exchange Name | NASDAQ | |
6.00 Notes Due 2026 [Member] | ||
Title of 12(b) Security | 6.00% Notes due 2026 | |
Trading Symbol | SSSSL | |
Security Exchange Name | NASDAQ |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Assets and Liabilities (Unaudited) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 | |
Investments at fair value: | |||
Total Portfolio Investments | $ 165,088,040 | $ 157,188,578 | |
Investments in U.S. Treasury bills (cost of $75,497,157 and $84,999,598, respectively) | 75,986,912 | 85,056,817 | |
Total Investments (cost of $290,850,151 and $301,128,106, respectively) | 241,074,952 | 242,245,395 | |
Cash | 48,113,676 | 40,117,598 | |
Escrow proceeds receivable | 609,685 | 628,332 | |
Interest and dividends receivable | 105,008 | 138,766 | |
Deferred financing costs | 539,120 | 555,761 | |
Prepaid expenses and other assets | [1] | 654,202 | 727,006 |
Total Assets | 291,096,643 | 284,412,858 | |
LIABILITIES | |||
Accounts payable and accrued expenses | [1] | 2,389,773 | 708,827 |
Dividends payable | 188,357 | 296,170 | |
Total Liabilities | 76,053,574 | 74,392,156 | |
Commitments and contingencies (Notes 7 and 10) | |||
Net Assets | 215,043,069 | 210,020,702 | |
NET ASSETS | |||
Common stock, par value $0.01 per share (100,000,000 authorized; 28,338,580 and 28,429,499 issued and outstanding, respectively) | 283,386 | 284,295 | |
Paid-in capital in excess of par | 331,306,021 | 330,899,254 | |
Accumulated net investment loss | (69,054,370) | (64,832,605) | |
Accumulated net realized gain on investments, net of distributions | 2,741,808 | 2,552,465 | |
Accumulated net unrealized appreciation/(depreciation) of investments | (50,233,776) | (58,882,707) | |
Net Assets | $ 215,043,069 | $ 210,020,702 | |
Net Asset Value Per Share | $ 7.59 | $ 7.39 | |
Related Party [Member] | |||
LIABILITIES | |||
6.00% Notes due December 30, 2026 | [2] | $ 73,475,444 | $ 73,387,159 |
Non Controlled Non Affiliate Investments [Member] | |||
Investments at fair value: | |||
Total Portfolio Investments | 128,088,500 | 130,901,546 | |
Non Controlled Affiliate Investments [Member] | |||
Investments at fair value: | |||
Total Portfolio Investments | 11,270,798 | 12,591,162 | |
Controlled Investments [Member] | |||
Investments at fair value: | |||
Total Portfolio Investments | $ 25,728,742 | $ 13,695,870 | |
[1]This balance includes a right of use asset and corresponding operating lease liability, respectively. Refer to “Note 7—Commitments and Contingencies— Operating Leases and Related Deposits 6.00 6.53 75,000,000 6.00 6.53 75,000,000 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Assets and Liabilities (Unaudited) (Parenthetical) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 | ||
Schedule of Investments [Line Items] | ||||
Common stock, par value | $ 0.01 | $ 0.01 | ||
Common stock, shares authorized | 100,000,000 | 100,000,000 | ||
Common stock, shares issued | 28,338,580 | 28,429,499 | ||
Common stock, shares outstanding | 28,338,580 | 28,429,499 | ||
Debt instrument interest rate | 6% | 6% | ||
Debt instrument effective interest rate | 6.53% | 6.53% | ||
Debt instrument face amount | $ 75,000,000 | $ 75,000,000 | ||
US Treasury Bill Securities [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investment cost | 75,497,157 | 84,999,598 | ||
Non Controlled Non Affiliate Investments [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investment cost | 154,328,296 | 155,103,810 | ||
Non Controlled Affiliate Investments [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investment cost | 41,140,804 | 41,140,804 | ||
Controlled Investments [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investment cost | 19,883,894 | 19,883,894 | ||
Investments [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investment cost | $ 290,850,151 | [1] | $ 301,128,106 | [2] |
[1]All portfolio investments are non-control/non-affiliated and non-income-producing, unless otherwise identified. Equity investments are subject to lock-up restrictions upon their initial public offering (“IPO”). Preferred dividends are generally only payable when declared and paid by the portfolio company’s board of directors. The Company’s directors, officers, employees and staff, as applicable, may serve on the board of directors of the Company’s portfolio investments. (Refer to “Note 3—Related-Party Arrangements”). All portfolio investments are considered Level 3 and valued using significant unobservable inputs, unless otherwise noted. (Refer to “Note 4—Investments at Fair Value”). All of the Company’s portfolio investments are restricted as to resale, unless otherwise noted, and were valued at fair value as determined in good faith by the Company’s Board of Directors. (Refer to “Note 2—Significant Accounting Policies— Investments at Fair Value Investments at Fair Value |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
INVESTMENT INCOME | |||
Total Investment Income | $ 1,299,082 | $ 583,100 | |
OPERATING EXPENSES | |||
Compensation expense | 2,136,754 | 1,860,702 | |
Directors’ fees | [1] | 160,565 | 160,565 |
Professional fees | 990,834 | 1,272,713 | |
Interest expense | 1,213,286 | 1,200,786 | |
Income tax expense | 529,780 | 2,050 | |
Other expenses | 489,628 | 310,989 | |
Total Operating Expenses | 5,520,847 | 4,807,805 | |
Net Investment Loss | (4,221,765) | (4,224,705) | |
Realized Gain on Investments: | |||
Net Realized Gain on Investments | 189,343 | 3,096,275 | |
Change in Unrealized Appreciation/(Depreciation) of Investments: | |||
Net Change in Unrealized Appreciation/(Depreciation) of Investments | 8,648,931 | 21,584,885 | |
Net Change in Net Assets Resulting from Operations | $ 4,616,509 | $ 20,456,455 | |
Net Change in Net Assets Resulting from Operations per Common Share: | |||
Basic | $ 0.16 | $ 0.66 | |
Diluted | [2] | $ 0.16 | $ 0.66 |
Weighted-Average Common Shares Outstanding | |||
Basic | 28,378,529 | 31,228,046 | |
Diluted | [2],[3] | 28,378,529 | 31,228,046 |
Non Controlled Non Affiliate Investments [Member] | |||
INVESTMENT INCOME | |||
Interest income | $ 49,475 | $ 162,455 | |
Dividend income | 63,145 | 130,645 | |
Realized Gain on Investments: | |||
Net Realized Gain on Investments | 189,343 | 3,096,275 | |
Change in Unrealized Appreciation/(Depreciation) of Investments: | |||
Net Change in Unrealized Appreciation/(Depreciation) of Investments | (2,063,577) | 21,743,987 | |
Controlled Investments [Member] | |||
INVESTMENT INCOME | |||
Interest income | 236,000 | 290,000 | |
Interest income from U.S. Treasury bills | 950,462 | ||
Change in Unrealized Appreciation/(Depreciation) of Investments: | |||
Net Change in Unrealized Appreciation/(Depreciation) of Investments | 12,032,872 | 130,000 | |
Non Controlled Affiliate Investments [Member] | |||
Change in Unrealized Appreciation/(Depreciation) of Investments: | |||
Net Change in Unrealized Appreciation/(Depreciation) of Investments | $ (1,320,364) | $ (289,102) | |
[1]Refer to “Note 11 — Stock-Based Compensation” for more detail.[2]For the three months ended March 31, 2023 and March 31, 2022, there were no potentially dilutive securities outstanding. Refer to “Note 6 — Net Change in Net Assets Resulting from Operations per Common Share — Basic and Diluted”.[3]For the three months ended March 31, 2023 and March 31, 2022, there were no potentially dilutive securities outstanding. |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Net Assets (Unaudited) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Balance, shares | $ 210,020,702 | $ 364,846,624 | |
Change in Net Assets Resulting from Operations | |||
Net investment loss | (4,221,765) | (4,224,705) | |
Net realized gain/(loss) on investments | 189,343 | 3,096,275 | |
Net change in unrealized appreciation/(depreciation) of investments | 8,648,931 | 21,584,885 | |
Net Change in Net Assets Resulting from Operations | 4,616,509 | 20,456,455 | |
Distributions | |||
Dividends declared | (3,441,825) | ||
Total Distributions | (3,441,825) | ||
Change in Net Assets Resulting from Capital Transactions | |||
Issuance of common stock from public offering | 229,896 | ||
Stock-based compensation | [1] | 405,858 | (30,016) |
Repurchases of common stock | (1,359,607) | ||
Net Change in Net Assets Resulting from Capital Transactions | 405,858 | (1,159,727) | |
Total Change in Net Assets | 5,022,367 | 15,854,903 | |
Balance, shares | $ 215,043,069 | $ 380,701,527 | |
Capital Share Activity | |||
Shares outstanding at beginning of period | 28,429,499 | 31,118,556 | |
Issuance of common stock from public offering, shares | 17,807 | ||
Issuance of common stock under restricted stock plan, net, shares | [1] | (90,919) | (181,597) |
Issuance of common stock under restricted stock plan, net, shares | [1] | 90,919 | 181,597 |
Shares repurchased, shares | (153,517) | ||
Balance, shares | 28,338,580 | 31,164,443 | |
[1]Refer to “Note 11 — Stock-Based Compensation” for more detail. |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Cash Flows from Operating Activities | |||
Net change in net assets resulting from operations | $ 4,616,509 | $ 20,456,455 | |
Adjustments to reconcile net change in net assets resulting from operations to net cash provided by/(used in) operating activities: | |||
Net realized gain on investments | (189,343) | (3,096,275) | |
Net change in unrealized (appreciation) of investments | (8,648,931) | (21,584,885) | |
Amortization of discount on 6.00% Notes due 2026 | 104,936 | 104,940 | |
Stock-based compensation | 405,858 | (30,016) | |
Adjustments to escrow proceeds receivable | 108,394 | 2,751,610 | |
Accrued interest on U.S. Treasury bills | (458,580) | ||
Purchases of investments in: | |||
Portfolio investments | (2,003,698) | ||
U.S. Treasury bills | (35,497,676) | ||
Proceeds from sales or maturity of investments in: | |||
Portfolio investments | 2,860,159 | 1,287,722 | |
U.S. Treasury bills | 45,000,118 | ||
Change in operating assets and liabilities: | |||
Prepaid expenses and other assets | 72,804 | 147,773 | |
Interest and dividends receivable | 33,758 | (4,160) | |
Proceeds receivable | 52,493 | ||
Escrow proceeds receivable | 18,647 | (2,530,873) | |
Payable for securities purchased | 460,048 | ||
Accounts payable and accrued expenses | 1,680,946 | 774,341 | |
Accrued interest payable | (175,000) | ||
Net Cash Provided by/(Used in) Operating Activities | 8,103,901 | (1,385,827) | |
Cash Flows from Financing Activities | |||
Proceeds from the issuance of common stock, net | 229,896 | ||
Repurchases of common stock | (1,359,607) | ||
Cash dividends paid | (107,823) | (23,080,859) | |
Deferred financing costs | (1,540) | ||
Net Cash Used in Financing Activities | (107,823) | (24,212,110) | |
Total Increase/(Decrease) in Cash Balance | 7,996,078 | (25,597,937) | |
Cash Balance at Beginning of Year | 40,117,598 | 198,437,078 | $ 198,437,078 |
Cash Balance at End of Period | 48,113,676 | 172,839,141 | $ 40,117,598 |
Supplemental Information: | |||
Interest paid | 1,125,000 | 1,287,500 | |
Taxes paid | $ 4,314 | $ 2,050 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - 6.00% Convertible Senior Notes [Member] | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Short-Term Debt [Line Items] | ||
Common stock from conversion of convertible notes | 6 | 6 |
Debt instrument maturity date, description | due 2026 | due 2026 |
Condensed Consolidated Schedule
Condensed Consolidated Schedule of Investments (Unaudited) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 | |||
Investment Owned, at Fair Value | $ 165,088,040 | $ 157,188,578 | |||
Investment Owned, Percent of Net Assets | 76.80% | 74.80% | |||
Investments [Member] | |||||
Investment Owned, at Cost | $ 290,850,151 | [1] | $ 301,128,106 | [2] | |
Investment Owned, at Fair Value | $ 241,074,952 | [1] | $ 242,245,395 | [2] | |
Investment Owned, Percent of Net Assets | 112.10% | [1] | 115.30% | [2] | |
Skillsoft Corp. [Member] | |||||
Investment Owned, at Fair Value | $ 1,963,686 | ||||
Churchill Sponsor VII LLC [Member] | |||||
Investment Owned, at Fair Value | 300,000 | ||||
AltC Sponsor LLC [Member] | |||||
Investment Owned, at Fair Value | 250,000 | ||||
Churchill Sponsor VI LLC [Member] | |||||
Investment Owned, at Fair Value | 200,000 | ||||
Colombier Sponsor LLC [Member] | |||||
Investment Owned, at Fair Value | 14,794,714 | ||||
Architect Capital PayJoy SPV, LLC [Member] | |||||
Investment Owned, at Fair Value | 10,000,000 | ||||
Non-Controlled/Non-Affiliate [Member] | |||||
Investment Owned, at Cost | 154,328,296 | [1] | $ 155,103,810 | [2] | |
Investment Owned, at Fair Value | $ 128,088,500 | [1] | $ 130,901,546 | [2] | |
Investment Owned, Percent of Net Assets | 59.56% | [1] | 62.33% | [2] | |
Non-Controlled/Non-Affiliate [Member] | Learneo, Inc. (f/k/a Course Hero, Inc.) [Member] | |||||
Investment Owned, at Cost | $ 14,999,972 | [1] | $ 14,999,972 | [2] | |
Investment Owned, at Fair Value | $ 50,797,393 | [1] | $ 50,541,374 | [2] | |
Investment Owned, Percent of Net Assets | 23.62% | [1] | 24.06% | [2] | |
Non-Controlled/Non-Affiliate [Member] | Learneo, Inc. (f/k/a Course Hero, Inc.) [Member] | Preferred shares, Series A 8% [Member] | |||||
Headquarters/Industry | Online Education | [1] | Online Education | [2] | |
Date of Initial Investment | Sep. 18, 2014 | [1] | Sep. 18, 2014 | [2] | |
Investment Owned, Balance, Shares | 2,145,509 | [1] | 2,145,509 | [2] | |
Investment Owned, at Cost | $ 5,000,001 | [1] | $ 5,000,001 | [2] | |
Investment Owned, at Fair Value | $ 40,797,422 | [1] | $ 40,541,403 | [2] | |
Investment Owned, Percent of Net Assets | 18.97% | [1] | 19.30% | [2] | |
Non-Controlled/Non-Affiliate [Member] | Learneo, Inc. (f/k/a Course Hero, Inc.) [Member] | Preferred shares, Series C 8% [Member] | |||||
Date of Initial Investment | Nov. 05, 2021 | [1] | Nov. 05, 2021 | [2] | |
Investment Owned, Balance, Shares | 275,659 | [1] | 275,659 | [2] | |
Investment Owned, at Cost | $ 9,999,971 | [1] | $ 9,999,971 | [2] | |
Investment Owned, at Fair Value | $ 9,999,971 | [1] | $ 9,999,971 | [2] | |
Investment Owned, Percent of Net Assets | 4.65% | [1] | 4.76% | [2] | |
Non-Controlled/Non-Affiliate [Member] | Blink Health, Inc. [Member] | |||||
Investment Owned, at Cost | $ 15,004,340 | [1] | $ 15,004,340 | [2] | |
Investment Owned, at Fair Value | $ 11,692,829 | [1] | $ 10,949,898 | [2] | |
Investment Owned, Percent of Net Assets | 5.44% | [1] | 5.21% | [2] | |
Non-Controlled/Non-Affiliate [Member] | Blink Health, Inc. [Member] | Series A Preferred Stock [Member] | |||||
Headquarters/Industry | Pharmaceutical Technology | [1] | Pharmaceutical Technology | [2] | |
Date of Initial Investment | Oct. 27, 2020 | [1] | Oct. 27, 2020 | [2] | |
Investment Owned, Balance, Shares | 238,095 | [1] | 238,095 | [2] | |
Investment Owned, at Cost | $ 5,000,423 | [1] | $ 5,000,423 | [2] | |
Investment Owned, at Fair Value | $ 1,692,855 | [1] | $ 949,924 | [2] | |
Investment Owned, Percent of Net Assets | 0.79% | [1] | 0.45% | [2] | |
Non-Controlled/Non-Affiliate [Member] | Blink Health, Inc. [Member] | Series C Preferred Stock [Member] | |||||
Date of Initial Investment | Oct. 27, 2020 | [1] | Oct. 27, 2020 | [2] | |
Investment Owned, Balance, Shares | 261,944 | [1] | 261,944 | [2] | |
Investment Owned, at Cost | $ 10,003,917 | [1] | $ 10,003,917 | [2] | |
Investment Owned, at Fair Value | $ 9,999,974 | [1] | $ 9,999,974 | [2] | |
Investment Owned, Percent of Net Assets | 4.65% | [1] | 4.76% | [2] | |
Non-Controlled/Non-Affiliate [Member] | Locus Robotics Corp [Member] | Series F Preferred Stock [Member] | |||||
Headquarters/Industry | Warehouse Automation | [1] | Warehouse Automation | [2] | |
Date of Initial Investment | Nov. 30, 2022 | [1] | Nov. 30, 2022 | [2] | |
Investment Owned, Balance, Shares | 232,568 | [1] | 232,568 | [2] | |
Investment Owned, at Cost | $ 10,004,286 | [1] | $ 10,004,286 | [2] | |
Investment Owned, at Fair Value | $ 10,000,005 | [1] | $ 10,000,005 | [2] | |
Investment Owned, Percent of Net Assets | 4.65% | [1] | 4.76% | [2] | |
Non-Controlled/Non-Affiliate [Member] | Orchard Technologies, Inc. [Member] | |||||
Investment Owned, at Cost | $ 12,509,393 | [1],[3] | $ 10,505,697 | [2] | |
Investment Owned, at Fair Value | $ 7,803,965 | [1],[3] | $ 10,499,996 | [2] | |
Investment Owned, Percent of Net Assets | 3.63% | [1],[3] | 5% | [2] | |
Non-Controlled/Non-Affiliate [Member] | Orchard Technologies, Inc. [Member] | Series D Preferred Stock [Member] | |||||
Headquarters/Industry | Real Estate Platform | [1],[3] | Real Estate Platform | [2] | |
Date of Initial Investment | Aug. 09, 2021 | [1],[3] | Aug. 09, 2021 | [2] | |
Investment Owned, Balance, Shares | 558,053 | [1],[3] | 1,488,139 | [2] | |
Investment Owned, at Cost | $ 3,751,518 | [1],[3] | $ 10,004,034 | [2] | |
Investment Owned, at Fair Value | [1],[3] | $ 9,999,996 | [2] | ||
Investment Owned, Percent of Net Assets | [1],[3] | 4.76% | [2] | ||
Non-Controlled/Non-Affiliate [Member] | Orchard Technologies, Inc. [Member] | Senior Preferred Shares, Series 2 [Member] | |||||
Date of Initial Investment | [1],[3] | Aug. 09, 2021 | |||
Investment Owned, Balance, Shares | [1],[3] | 58,771 | |||
Investment Owned, at Cost | [1],[3] | $ 587,951 | |||
Investment Owned, at Fair Value | [1],[3] | ||||
Investment Owned, Percent of Net Assets | [1],[3] | ||||
Non-Controlled/Non-Affiliate [Member] | Orchard Technologies, Inc. [Member] | Senior Preferred Shares, Series 1 [Member] | |||||
Date of Initial Investment | [1],[3] | Jan. 13, 2023 | |||
Investment Owned, Balance, Shares | [1],[3] | 441,228 | |||
Investment Owned, at Cost | [1],[3] | $ 4,418,406 | |||
Investment Owned, at Fair Value | [1],[3] | $ 7,803,965 | |||
Investment Owned, Percent of Net Assets | [1],[3] | 3.63% | |||
Non-Controlled/Non-Affiliate [Member] | Orchard Technologies, Inc. [Member] | Common Stock [Member] | |||||
Date of Initial Investment | [1],[3] | Aug. 09, 2021 | |||
Investment Owned, Balance, Shares | [1],[3] | 558,053 | |||
Investment Owned, at Cost | [1],[3] | $ 3,751,518 | |||
Investment Owned, at Fair Value | [1],[3] | ||||
Investment Owned, Percent of Net Assets | [1],[3] | ||||
Non-Controlled/Non-Affiliate [Member] | Orchard Technologies, Inc. [Member] | Simple Agreement for Future Equity [Member] | |||||
Date of Initial Investment | [2] | Sep. 02, 2022 | |||
Investment Owned, Balance, Shares | [2] | 1 | |||
Investment Owned, at Cost | [2] | $ 501,663 | |||
Investment Owned, at Fair Value | [2] | $ 500,000 | |||
Investment Owned, Percent of Net Assets | [2] | 0.24% | |||
Non-Controlled/Non-Affiliate [Member] | Whoop, Inc. [Member] | Series C Preferred Stock [Member] | |||||
Headquarters/Industry | Fitness Technology | [1] | Fitness Technology | [2] | |
Date of Initial Investment | Jun. 30, 2022 | [1] | Jun. 30, 2022 | [2] | |
Investment Owned, Balance, Shares | 13,293,450 | [1] | 13,293,450 | [2] | |
Investment Owned, at Cost | $ 10,011,460 | [1] | $ 10,011,460 | [2] | |
Investment Owned, at Fair Value | $ 5,084,147 | [1] | $ 6,084,041 | [2] | |
Investment Owned, Percent of Net Assets | 2.36% | [1] | 2.90% | [2] | |
Non-Controlled/Non-Affiliate [Member] | Varo Money Inc [Member] | Common Stock [Member] | |||||
Headquarters/Industry | Financial Services | [1],[4] | Financial Services | [2],[5] | |
Date of Initial Investment | Aug. 11, 2021 | [1],[4] | Aug. 11, 2021 | [2],[5] | |
Investment Owned, Balance, Shares | 1,079,266 | [1],[4] | 1,079,266 | [2],[5] | |
Investment Owned, at Cost | $ 10,005,548 | [1],[4] | $ 10,005,548 | [2],[5] | |
Investment Owned, at Fair Value | $ 4,403,405 | [1],[4] | $ 1,286,783 | [2],[5] | |
Investment Owned, Percent of Net Assets | 2.05% | [1],[4] | 0.61% | [2],[5] | |
Non-Controlled/Non-Affiliate [Member] | Forge Global, Inc.[Member] | Common Stock [Member] | |||||
Headquarters/Industry | Online Marketplace Finance | [1],[4],[6] | Online Marketplace Finance | [2],[5],[7],[8] | |
Date of Initial Investment | Jul. 20, 2011 | [1],[4],[6] | Jul. 20, 2011 | [2],[5],[7],[8] | |
Investment Owned, Balance, Shares | 2,508,074 | [1],[4],[6] | 2,508,074 | [2],[5],[7],[8] | |
Investment Owned, at Cost | $ 3,443,483 | [1],[4],[6] | $ 3,443,483 | [2],[5],[7],[8] | |
Investment Owned, at Fair Value | $ 4,389,130 | [1],[4],[6] | $ 4,338,968 | [2],[5],[7],[8] | |
Investment Owned, Percent of Net Assets | 2.04% | [1],[4],[6] | 2.07% | [2],[5],[7],[8] | |
Non-Controlled/Non-Affiliate [Member] | Aspiration Partners, Inc. [Member] | |||||
Investment Owned, at Cost | $ 1,283,005 | [1] | $ 1,283,005 | [2] | |
Investment Owned, at Fair Value | $ 3,997,475 | [1] | $ 6,541,511 | [2] | |
Investment Owned, Percent of Net Assets | 1.86% | [1] | 3.11% | [2] | |
Non-Controlled/Non-Affiliate [Member] | Aspiration Partners, Inc. [Member] | Series A Preferred Stock [Member] | |||||
Headquarters/Industry | Financial Services | [1] | Financial Services | [2] | |
Date of Initial Investment | Aug. 11, 2015 | [1] | Aug. 11, 2015 | [2] | |
Investment Owned, Balance, Shares | 540,270 | [1] | 540,270 | [2] | |
Investment Owned, at Cost | $ 1,001,815 | [1] | $ 1,001,815 | [2] | |
Investment Owned, at Fair Value | $ 3,803,413 | [1] | $ 6,229,360 | [2] | |
Investment Owned, Percent of Net Assets | 1.77% | [1] | 2.97% | [2] | |
Non-Controlled/Non-Affiliate [Member] | Aspiration Partners, Inc. [Member] | Series C-3 Preferred Stock [Member] | |||||
Date of Initial Investment | Aug. 12, 2019 | [1] | Aug. 12, 2019 | [2] | |
Investment Owned, Balance, Shares | 24,912 | [1] | 24,912 | [2] | |
Investment Owned, at Cost | $ 281,190 | [1] | $ 281,190 | [2] | |
Investment Owned, at Fair Value | $ 194,062 | [1] | $ 312,151 | [2] | |
Investment Owned, Percent of Net Assets | 0.09% | [1] | 0.15% | [2] | |
Non-Controlled/Non-Affiliate [Member] | True Global Ventures 4 Plus Pte Ltd [Member] | Limited Partner Fund Investment [Member] | |||||
Headquarters/Industry | Venture Investment Fund | [1],[4],[9] | Venture Investment Fund | [2],[5],[10] | |
Date of Initial Investment | Aug. 27, 2021 | [1],[4],[9] | Aug. 27, 2021 | [2],[5],[10] | |
Investment Owned, Balance, Shares | 1 | [1],[4],[9] | 1 | [2],[5],[10] | |
Investment Owned, at Cost | $ 1,330,000 | [1],[4],[9] | [2],[5],[10] | ||
Investment Owned, at Fair Value | $ 3,890,505 | [1],[4],[9] | $ 3,063,358 | [2],[5],[10] | |
Investment Owned, Percent of Net Assets | 1.81% | [1],[4],[9] | 1.46% | [2],[5],[10] | |
Non-Controlled/Non-Affiliate [Member] | Nextdoor Holdings, Inc. [Member] | Common Class B [Member] | |||||
Headquarters/Industry | Social Networking | [1],[4],[6] | Social Networking | [2],[5],[7] | |
Date of Initial Investment | Sep. 27, 2018 | [1],[4],[6] | Sep. 27, 2018 | [2],[5],[7] | |
Investment Owned, Balance, Shares | 1,802,416 | [1],[4],[6] | 1,802,416 | [2],[5],[7] | |
Investment Owned, at Cost | $ 10,002,666 | [1],[4],[6] | $ 10,002,666 | [2],[5],[7] | |
Investment Owned, at Fair Value | $ 3,875,194 | [1],[4],[6] | $ 3,712,977 | [2],[5],[7] | |
Investment Owned, Percent of Net Assets | 1.80% | [1],[4],[6] | 1.77% | [2],[5],[7] | |
Non-Controlled/Non-Affiliate [Member] | Shogun Enterprises, Inc. (d/b/a Hearth) [Member] | |||||
Investment Owned, at Cost | $ 7,503,318 | [1] | $ 7,503,318 | [2] | |
Investment Owned, at Fair Value | $ 3,604,260 | [1] | $ 3,306,047 | [2] | |
Investment Owned, Percent of Net Assets | 1.68% | [1] | 1.57% | [2] | |
Non-Controlled/Non-Affiliate [Member] | Shogun Enterprises, Inc. (d/b/a Hearth) [Member] | Preferred shares, Series B-1 [Member] | |||||
Headquarters/Industry | Home Improvement Finance | [1] | Home Improvement Finance | [2] | |
Date of Initial Investment | Feb. 26, 2021 | [1] | Feb. 26, 2021 | [2] | |
Investment Owned, Balance, Shares | 436,844 | [1] | 436,844 | [2] | |
Investment Owned, at Cost | $ 3,501,657 | [1] | $ 3,501,657 | [2] | |
Investment Owned, at Fair Value | $ 1,552,129 | [1] | $ 1,403,023 | [2] | |
Investment Owned, Percent of Net Assets | 0.72% | [1] | 0.67% | [2] | |
Non-Controlled/Non-Affiliate [Member] | Shogun Enterprises, Inc. (d/b/a Hearth) [Member] | Preferred shares, Series B-2 [Member] | |||||
Date of Initial Investment | Feb. 26, 2021 | [1] | Feb. 26, 2021 | [2] | |
Investment Owned, Balance, Shares | 301,750 | [1] | 301,750 | [2] | |
Investment Owned, at Cost | $ 3,501,661 | [1] | $ 3,501,661 | [2] | |
Investment Owned, at Fair Value | $ 1,552,131 | [1] | $ 1,403,024 | [2] | |
Investment Owned, Percent of Net Assets | 0.72% | [1] | 0.67% | [2] | |
Non-Controlled/Non-Affiliate [Member] | Shogun Enterprises, Inc. (d/b/a Hearth) [Member] | Convertible Note 0.5%, Due 4/18/2024 [Member] | |||||
Date of Initial Investment | May 02, 2022 | [1],[11] | May 02, 2022 | [2],[12] | |
Investment Owned, Balance, Shares | 500,000 | [1],[11] | 500,000 | [2],[12] | |
Investment Owned, at Cost | $ 500,000 | [1],[11] | $ 500,000 | [2],[12] | |
Investment Owned, at Fair Value | $ 500,000 | [1],[11] | $ 500,000 | [2],[12] | |
Investment Owned, Percent of Net Assets | 0.23% | [1],[11] | 0.24% | [2],[12] | |
Non-Controlled/Non-Affiliate [Member] | Residential Homes for Rent, LLC (d/b/a Second Avenue) [Member] | |||||
Investment Owned, at Cost | $ 2,250,000 | [1] | $ 2,500,000 | [2] | |
Investment Owned, at Fair Value | $ 3,429,959 | [1] | $ 2,959,713 | [2] | |
Investment Owned, Percent of Net Assets | 1.60% | [1] | 1.41% | [2] | |
Non-Controlled/Non-Affiliate [Member] | Residential Homes for Rent, LLC (d/b/a Second Avenue) [Member] | Series A Preferred Stock [Member] | |||||
Headquarters/Industry | Real Estate Platform | [1],[13] | Real Estate Platform | [2],[14] | |
Date of Initial Investment | Dec. 23, 2020 | [1],[13] | Dec. 23, 2020 | [2],[14] | |
Investment Owned, Balance, Shares | 150,000 | [1],[13] | 150,000 | [2],[14] | |
Investment Owned, at Cost | $ 1,500,000 | [1],[13] | $ 1,500,000 | [2],[14] | |
Investment Owned, at Fair Value | $ 2,679,959 | [1],[13] | $ 1,959,713 | [2],[14] | |
Investment Owned, Percent of Net Assets | 1.25% | [1],[13] | 0.93% | [2],[14] | |
Non-Controlled/Non-Affiliate [Member] | Residential Homes for Rent, LLC (d/b/a Second Avenue) [Member] | Term loan 15%, Due 12/23/2023 [Member] | |||||
Date of Initial Investment | Dec. 23, 2020 | [1],[15] | Dec. 23, 2020 | [2],[16] | |
Investment Owned, Balance, Shares | 750,000 | [1],[15] | 1,000,000 | [2],[16] | |
Investment Owned, at Cost | $ 750,000 | [1],[15] | $ 1,000,000 | [2],[16] | |
Investment Owned, at Fair Value | $ 750,000 | [1],[15] | $ 1,000,000 | [2],[16] | |
Investment Owned, Percent of Net Assets | 0.35% | [1],[15] | 0.48% | [2],[16] | |
Non-Controlled/Non-Affiliate [Member] | Trax Ltd. [Member] | |||||
Investment Owned, at Cost | $ 10,005,748 | [1],[4] | $ 10,005,748 | [2],[5] | |
Investment Owned, at Fair Value | $ 3,033,211 | [1],[4] | $ 2,927,814 | [2],[5] | |
Investment Owned, Percent of Net Assets | 1.41% | [1],[4] | 1.39% | [2],[5] | |
Non-Controlled/Non-Affiliate [Member] | Trax Ltd. [Member] | Common Stock [Member] | |||||
Headquarters/Industry | Retail Technology | [1],[4] | Retail Technology | [2],[5] | |
Date of Initial Investment | Jun. 09, 2021 | [1],[4] | Jun. 09, 2021 | [2],[5] | |
Investment Owned, Balance, Shares | 55,591 | [1],[4] | 55,591 | [2],[5] | |
Investment Owned, at Cost | $ 2,781,148 | [1],[4] | $ 2,781,148 | [2],[5] | |
Investment Owned, at Fair Value | $ 386,194 | [1],[4] | $ 280,797 | [2],[5] | |
Investment Owned, Percent of Net Assets | 0.18% | [1],[4] | 0.13% | [2],[5] | |
Non-Controlled/Non-Affiliate [Member] | Trax Ltd. [Member] | Preferred Stock Investec Series [Member] | |||||
Date of Initial Investment | Jun. 09, 2021 | [1],[4] | Jun. 09, 2021 | [2],[5] | |
Investment Owned, Balance, Shares | 144,409 | [1],[4] | 144,409 | [2],[5] | |
Investment Owned, at Cost | $ 7,224,600 | [1],[4] | $ 7,224,600 | [2],[5] | |
Investment Owned, at Fair Value | $ 2,647,017 | [1],[4] | $ 2,647,017 | [2],[5] | |
Investment Owned, Percent of Net Assets | 1.23% | [1],[4] | 1.26% | [2],[5] | |
Non-Controlled/Non-Affiliate [Member] | PayJoy, Inc. [Member] | Preferred Stock [Member] | |||||
Headquarters/Industry | Mobile Access Technology | [1] | Mobile Access Technology | [2] | |
Date of Initial Investment | Jul. 23, 2021 | [1] | Jul. 23, 2021 | [2] | |
Investment Owned, Balance, Shares | 244,117 | [1] | 244,117 | [2] | |
Investment Owned, at Cost | $ 2,501,570 | [1] | $ 2,501,570 | [2] | |
Investment Owned, at Fair Value | $ 2,500,002 | [1] | $ 2,500,002 | [2] | |
Investment Owned, Percent of Net Assets | 1.16% | [1] | 1.19% | [2] | |
Non-Controlled/Non-Affiliate [Member] | Skillsoft Corp. [Member] | Common Stock [Member] | |||||
Headquarters/Industry | Online Education | [1],[4],[6] | Online Education | [2],[5],[7] | |
Date of Initial Investment | Jun. 08, 2021 | [1],[4],[6] | Jun. 08, 2021 | [2],[5],[7] | |
Investment Owned, Balance, Shares | 981,843 | [1],[4],[6] | 981,843 | [2],[5],[7] | |
Investment Owned, at Cost | $ 9,818,430 | [1],[4],[6] | $ 9,818,430 | [2],[5],[7] | |
Investment Owned, at Fair Value | $ 1,963,686 | [1],[4],[6] | $ 1,276,396 | [2],[5],[7] | |
Investment Owned, Percent of Net Assets | 0.91% | [1],[4],[6] | 0.61% | [2],[5],[7] | |
Non-Controlled/Non-Affiliate [Member] | Aventine Property Group Inc [Member] | Common Stock [Member] | |||||
Headquarters/Industry | Cannabis REIT | [1],[11] | Cannabis REIT | [2],[12] | |
Date of Initial Investment | Sep. 11, 2019 | [1],[11] | Sep. 11, 2019 | [2],[12] | |
Investment Owned, Balance, Shares | 312,500 | [1],[11] | 312,500 | [2],[12] | |
Investment Owned, at Cost | $ 2,580,750 | [1],[11] | $ 2,580,750 | [2],[12] | |
Investment Owned, at Fair Value | $ 1,493,521 | [1],[11] | $ 1,917,521 | [2],[12] | |
Investment Owned, Percent of Net Assets | 0.69% | [1],[11] | 0.91% | [2],[12] | |
Non-Controlled/Non-Affiliate [Member] | NewLake Capital Partners Inc (fka Green Acreage Real Estate Corp) [Member] | Common Stock [Member] | |||||
Headquarters/Industry | Cannabis REIT | [1],[4],[6],[11] | Cannabis REIT | [2],[5],[7],[12] | |
Date of Initial Investment | Aug. 12, 2019 | [1],[4],[6],[11] | Aug. 12, 2019 | [2],[5],[7],[12] | |
Investment Owned, Balance, Shares | 105,820 | [1],[4],[6],[11] | 229,758 | [2],[5],[7],[12] | |
Investment Owned, at Cost | $ 2,198,836 | [1],[4],[6],[11] | $ 4,678,686 | [2],[5],[7],[12] | |
Investment Owned, at Fair Value | $ 1,306,878 | [1],[4],[6],[11] | $ 3,680,723 | [2],[5],[7],[12] | |
Investment Owned, Percent of Net Assets | 0.61% | [1],[4],[6],[11] | 1.75% | [2],[5],[7],[12] | |
Non-Controlled/Non-Affiliate [Member] | Commercial Streaming Solutions Inc. (d/b/a BettorView) [Member] | Simple Agreement for Future Equity [Member] | |||||
Headquarters/Industry | Interactive Media & Services | [1],[17] | Interactive Media & Services | [2],[18] | |
Date of Initial Investment | Mar. 26, 2021 | [1],[17] | Mar. 26, 2021 | [2],[18] | |
Investment Owned, Balance, Shares | 1 | [1],[17] | 1 | [2],[18] | |
Investment Owned, at Cost | $ 1,004,240 | [1],[17] | $ 1,004,240 | [2],[18] | |
Investment Owned, at Fair Value | $ 1,000,000 | [1],[17] | $ 1,000,000 | [2],[18] | |
Investment Owned, Percent of Net Assets | 0.47% | [1],[17] | 0.48% | [2],[18] | |
Non-Controlled/Non-Affiliate [Member] | Xgroup Holdings Limited (d/b/a Xpoint) [Member] | Convertible Note 6%, Due 8/17/2023 [Member] | |||||
Headquarters/Industry | Geolocation Technology | [1],[4],[11],[17] | Geolocation Technology | [2],[5],[12],[18] | |
Date of Initial Investment | Aug. 17, 2022 | [1],[4],[11],[17] | Aug. 17, 2022 | [2],[5],[12],[18] | |
Investment Owned, Balance, Shares | 1,000,000 | [1],[4],[11],[17] | 1,000,000 | [2],[5],[12],[18] | |
Investment Owned, at Cost | $ 1,009,093 | [1],[4],[11],[17] | $ 1,009,093 | [2],[5],[12],[18] | |
Investment Owned, at Fair Value | $ 1,000,000 | [1],[4],[11],[17] | $ 1,000,000 | [2],[5],[12],[18] | |
Investment Owned, Percent of Net Assets | 0.47% | [1],[4],[11],[17] | 0.48% | [2],[5],[12],[18] | |
Non-Controlled/Non-Affiliate [Member] | Rebric, Inc. [Member] | Preferred Stock Series Seed-4 [Member] | |||||
Headquarters/Industry | Gaming Licensing | [1],[17] | Gaming Licensing | [2],[18] | |
Date of Initial Investment | Oct. 12, 2021 | [1],[17] | Oct. 12, 2021 | [2],[18] | |
Investment Owned, Balance, Shares | 2,477,585 | [1],[17] | 2,064,409 | [2],[18] | |
Investment Owned, at Cost | $ 1,002,755 | [1],[17] | $ 1,002,755 | [2],[18] | |
Investment Owned, at Fair Value | $ 822,937 | [1],[17] | $ 1,000,000 | [2],[18] | |
Investment Owned, Percent of Net Assets | 0.38% | [1],[17] | 0.48% | [2],[18] | |
Non-Controlled/Non-Affiliate [Member] | YouBet Technology, Inc. [Member] | Preferred Stock Series Seed 2 [Member] | |||||
Headquarters/Industry | Digital Media Technology | [1],[17] | Digital Media Technology | [2],[18] | |
Date of Initial Investment | Aug. 26, 2021 | [1],[17] | Aug. 26, 2021 | [2],[18] | |
Investment Owned, Balance, Shares | 578,029 | [1],[17] | 578,029 | [2],[18] | |
Investment Owned, at Cost | $ 752,943 | [1],[17] | $ 752,943 | [2],[18] | |
Investment Owned, at Fair Value | $ 749,998 | [1],[17] | $ 749,998 | [2],[18] | |
Investment Owned, Percent of Net Assets | 0.35% | [1],[17] | 0.36% | [2],[18] | |
Non-Controlled/Non-Affiliate [Member] | EDGE Markets, Inc. [Member] | Preferred Stock, Series Seed [Member] | |||||
Headquarters/Industry | Gaming Technology | [1],[17] | Gaming Technology | [2],[18] | |
Date of Initial Investment | May 18, 2022 | [1],[17] | May 18, 2022 | [2],[18] | |
Investment Owned, Balance, Shares | 456,704 | [1],[17] | 456,704 | [2],[18] | |
Investment Owned, at Cost | $ 501,330 | [1],[17] | $ 501,330 | [2],[18] | |
Investment Owned, at Fair Value | $ 500,000 | [1],[17] | $ 500,000 | [2],[18] | |
Investment Owned, Percent of Net Assets | 0.23% | [1],[17] | 0.24% | [2],[18] | |
Non-Controlled/Non-Affiliate [Member] | Churchill Sponsor VII LLC [Member] | |||||
Investment Owned, at Cost | $ 300,000 | [1],[4],[19] | $ 300,000 | [2],[5],[20] | |
Investment Owned, at Fair Value | $ 300,000 | [1],[4],[19] | $ 300,000 | [2],[5],[20] | |
Investment Owned, Percent of Net Assets | 0.14% | [1],[4],[19] | 0.14% | [2],[5],[20] | |
Non-Controlled/Non-Affiliate [Member] | Churchill Sponsor VII LLC [Member] | Common Stock [Member] | |||||
Headquarters/Industry | Special Purpose Acquisition Company | [1],[4],[19] | Special Purpose Acquisition Company | [2],[5],[20] | |
Date of Initial Investment | Feb. 25, 2021 | [1],[4],[19] | Feb. 25, 2021 | [2],[5],[20] | |
Investment Owned, Balance, Shares | 292,100 | [1],[4],[19] | 292,100 | [2],[5],[20] | |
Investment Owned, at Cost | $ 205,820 | [1],[4],[19] | $ 205,820 | [2],[5],[20] | |
Investment Owned, at Fair Value | $ 205,820 | [1],[4],[19] | $ 205,820 | [2],[5],[20] | |
Investment Owned, Percent of Net Assets | 0.10% | [1],[4],[19] | 0.10% | [2],[5],[20] | |
Non-Controlled/Non-Affiliate [Member] | Churchill Sponsor VII LLC [Member] | Warrant [Member] | |||||
Date of Initial Investment | Feb. 25, 2021 | [1],[4],[19] | Feb. 25, 2021 | [2],[5],[20] | |
Investment Owned, Balance, Shares | 277,000 | [1],[4],[19] | 277,000 | [2],[5],[20] | |
Investment Owned, at Cost | $ 94,180 | [1],[4],[19] | $ 94,180 | [2],[5],[20] | |
Investment Owned, at Fair Value | $ 94,180 | [1],[4],[19] | $ 94,180 | [2],[5],[20] | |
Investment Owned, Percent of Net Assets | 0.04% | [1],[4],[19] | 0.04% | [2],[5],[20] | |
Non-Controlled/Non-Affiliate [Member] | AltC Sponsor LLC [Member] | Share Units [Member] | |||||
Headquarters/Industry | Special Purpose Acquisition Company | [1],[4],[19] | Special Purpose Acquisition Company | [2],[5],[20] | |
Date of Initial Investment | Jul. 21, 2021 | [1],[4],[19] | Jul. 21, 2021 | [2],[5],[20] | |
Investment Owned, Balance, Shares | 239,300 | [1],[4],[19] | 239,300 | [2],[5],[20] | |
Investment Owned, at Cost | $ 250,855 | [1],[4],[19] | $ 250,855 | [2],[5],[20] | |
Investment Owned, at Fair Value | $ 250,000 | [1],[4],[19] | $ 250,000 | [2],[5],[20] | |
Investment Owned, Percent of Net Assets | 0.12% | [1],[4],[19] | 0.12% | [2],[5],[20] | |
Non-Controlled/Non-Affiliate [Member] | Churchill Sponsor VI LLC [Member] | |||||
Investment Owned, at Cost | $ 200,000 | [1],[4],[19] | $ 200,000 | [2],[5],[20] | |
Investment Owned, at Fair Value | $ 200,000 | [1],[4],[19] | $ 200,000 | [2],[5],[20] | |
Investment Owned, Percent of Net Assets | 0.09% | [1],[4],[19] | 0.10% | [2],[5],[20] | |
Non-Controlled/Non-Affiliate [Member] | Churchill Sponsor VI LLC [Member] | Common Stock [Member] | |||||
Headquarters/Industry | Special Purpose Acquisition Company | [1],[4],[19] | Special Purpose Acquisition Company | [2],[5],[20] | |
Date of Initial Investment | Feb. 25, 2021 | [1],[4],[19] | Feb. 25, 2021 | [2],[5],[20] | |
Investment Owned, Balance, Shares | 195,000 | [1],[4],[19] | 195,000 | [2],[5],[20] | |
Investment Owned, at Cost | $ 134,297 | [1],[4],[19] | $ 134,297 | [2],[5],[20] | |
Investment Owned, at Fair Value | $ 134,297 | [1],[4],[19] | $ 134,297 | [2],[5],[20] | |
Investment Owned, Percent of Net Assets | 0.06% | [1],[4],[19] | 0.06% | [2],[5],[20] | |
Non-Controlled/Non-Affiliate [Member] | Churchill Sponsor VI LLC [Member] | Warrant [Member] | |||||
Date of Initial Investment | Feb. 25, 2021 | [1],[4],[19] | Feb. 25, 2021 | [2],[5],[20] | |
Investment Owned, Balance, Shares | 199,100 | [1],[4],[19] | 199,100 | [2],[5],[20] | |
Investment Owned, at Cost | $ 65,703 | [1],[4],[19] | $ 65,703 | [2],[5],[20] | |
Investment Owned, at Fair Value | $ 65,703 | [1],[4],[19] | $ 65,703 | [2],[5],[20] | |
Investment Owned, Percent of Net Assets | 0.03% | [1],[4],[19] | 0.03% | [2],[5],[20] | |
Non-Controlled/Non-Affiliate [Member] | Neutron Holdings, Inc. (d/b/a/ Lime) [Member] | |||||
Investment Owned, at Cost | $ 10,513,661 | [1] | $ 10,513,661 | [2] | |
Investment Owned, at Fair Value | [1] | [2] | |||
Investment Owned, Percent of Net Assets | [1] | [2] | |||
Non-Controlled/Non-Affiliate [Member] | Neutron Holdings, Inc. (d/b/a/ Lime) [Member] | Junior Preferred Stock Series 1-D [Member] | |||||
Headquarters/Industry | Micromobility | [1] | Micromobility | [2] | |
Date of Initial Investment | Jan. 25, 2019 | [1] | Jan. 25, 2019 | [2] | |
Investment Owned, Balance, Shares | 41,237,113 | [1] | 41,237,113 | [2] | |
Investment Owned, at Cost | $ 10,007,322 | [1] | $ 10,007,322 | [2] | |
Investment Owned, at Fair Value | [1] | [2] | |||
Investment Owned, Percent of Net Assets | [1] | [2] | |||
Non-Controlled/Non-Affiliate [Member] | Neutron Holdings, Inc. (d/b/a/ Lime) [Member] | Junior Preferred Convertible Note 4% Due 5/11/2027 [Member] | |||||
Date of Initial Investment | May 11, 2020 | [1],[21] | May 11, 2020 | [2],[22] | |
Investment Owned, Balance, Shares | 506,339 | [1],[21] | 506,339 | [2],[22] | |
Investment Owned, at Cost | $ 506,339 | [1],[21] | $ 506,339 | [2],[22] | |
Investment Owned, at Fair Value | [1],[21] | [2],[22] | |||
Investment Owned, Percent of Net Assets | [1],[21] | [2],[22] | |||
Non-Controlled/Non-Affiliate [Member] | Neutron Holdings, Inc. (d/b/a/ Lime) [Member] | Common Warrants Strike Price $0.01 Expiration Date 5/11/2027 [Member] | |||||
Date of Initial Investment | May 11, 2020 | [1] | May 11, 2020 | [2] | |
Investment Owned, Balance, Shares | 2,032,967 | [1] | 2,032,967 | [2] | |
Investment Owned, at Cost | [1] | [2] | |||
Investment Owned, at Fair Value | [1] | [2] | |||
Investment Owned, Percent of Net Assets | [1] | [2] | |||
Non-Controlled/Non-Affiliate [Member] | Fullbridge, Inc. [Member] | |||||
Investment Owned, at Cost | $ 8,421,364 | [1] | $ 8,421,364 | [2] | |
Investment Owned, at Fair Value | [1] | [2] | |||
Investment Owned, Percent of Net Assets | [1] | [2] | |||
Non-Controlled/Non-Affiliate [Member] | Fullbridge, Inc. [Member] | Promissory Note 1.47%, Due 11/9/2021 [Member] | |||||
Date of Initial Investment | Mar. 03, 2016 | [1],[21],[23] | Mar. 03, 2016 | [2],[22],[24] | |
Investment Owned, Balance, Shares | 2,270,458 | [1],[21],[23] | 2,270,458 | [2],[22],[24] | |
Investment Owned, at Cost | $ 2,270,858 | [1],[21],[23] | $ 2,270,858 | [2],[22],[24] | |
Investment Owned, at Fair Value | [1],[21],[23] | [2],[22],[24] | |||
Investment Owned, Percent of Net Assets | [1],[21],[23] | [2],[22],[24] | |||
Non-Controlled/Non-Affiliate [Member] | Fullbridge, Inc. [Member] | Common Stock [Member] | |||||
Headquarters/Industry | Business Education | [1] | Business Education | [2] | |
Date of Initial Investment | May 13, 2012 | [1] | May 13, 2012 | [2] | |
Investment Owned, Balance, Shares | 517,917 | [1] | 517,917 | [2] | |
Investment Owned, at Cost | $ 6,150,506 | [1] | $ 6,150,506 | [2] | |
Investment Owned, at Fair Value | [1] | [2] | |||
Investment Owned, Percent of Net Assets | [1] | [2] | |||
Non-Controlled/Non-Affiliate [Member] | Treehouse Real Estate Investment Trust, Inc. [Member] | Common Stock [Member] | |||||
Headquarters/Industry | Cannabis REIT | [1] | Cannabis REIT | [2] | |
Date of Initial Investment | Sep. 11, 2019 | [1] | Sep. 11, 2019 | [2] | |
Investment Owned, Balance, Shares | 312,500 | [1] | 312,500 | [2] | |
Investment Owned, at Cost | $ 4,919,250 | [1] | $ 4,919,250 | [2] | |
Investment Owned, at Fair Value | [1] | [2] | |||
Investment Owned, Percent of Net Assets | [1] | [2] | |||
Non-Controlled/Non-Affiliate [Member] | Kinetiq Holdings LLC [Member] | Common Class A [Member] | |||||
Headquarters/Industry | Social Data Platform | [1] | Social Data Platform | [2] | |
Date of Initial Investment | Mar. 30, 2012 | [1] | Mar. 30, 2012 | [2] | |
Investment Owned, Balance, Shares | 112,374 | [1] | 112,374 | [2] | |
Investment Owned, at Cost | [1] | [2] | |||
Investment Owned, at Fair Value | [1] | [2] | |||
Investment Owned, Percent of Net Assets | [1] | [2] | |||
Non-Controlled/Non-Affiliate [Member] | Rent the Runway, Inc. [Member] | Common Stock [Member] | |||||
Headquarters/Industry | [2],[5],[7] | Subscription Fashion Rental | |||
Date of Initial Investment | [2],[5],[7] | Jun. 17, 2020 | |||
Investment Owned, Balance, Shares | [2],[5],[7] | 79,191 | |||
Investment Owned, at Cost | [2],[5],[7] | $ 1,203,293 | |||
Investment Owned, at Fair Value | [2],[5],[7] | $ 241,533 | |||
Investment Owned, Percent of Net Assets | [2],[5],[7] | 0.12% | |||
Non-Controlled/Non-Affiliate [Member] | Kahoot ASA [Member] | Common Stock [Member] | |||||
Headquarters/Industry | [2],[5],[7] | Education Software | |||
Date of Initial Investment | [2],[5],[7] | Dec. 05, 2014 | |||
Investment Owned, Balance, Shares | [2],[5],[7] | 38,305 | |||
Investment Owned, at Cost | [2],[5],[7] | $ 176,067 | |||
Investment Owned, at Fair Value | [2],[5],[7] | $ 72,888 | |||
Investment Owned, Percent of Net Assets | [2],[5],[7] | 0.03% | |||
Non-Controlled Affiliate [Member] | |||||
Investment Owned, at Cost | $ 41,140,804 | [1],[25] | $ 41,140,804 | [2],[26] | |
Investment Owned, at Fair Value | $ 11,270,798 | [1],[25] | $ 12,591,162 | [2],[26] | |
Investment Owned, Percent of Net Assets | 5.24% | [1],[25] | 6% | [2],[26] | |
Non-Controlled Affiliate [Member] | StormWind, LLC [Member] | |||||
Investment Owned, at Cost | $ 6,387,741 | [1] | $ 6,387,741 | [2],[26],[27] | |
Investment Owned, at Fair Value | $ 9,379,607 | [1] | $ 9,950,835 | [2],[26],[27] | |
Investment Owned, Percent of Net Assets | 4.36% | [1] | 4.74% | [2],[26],[27] | |
Non-Controlled Affiliate [Member] | StormWind, LLC [Member] | Preferred Shares Series D 8% [Member] | |||||
Headquarters/Industry | Interactive Learning | [1],[25],[28] | Interactive Learning | [2],[26],[27] | |
Date of Initial Investment | Nov. 26, 2019 | [1],[25],[28] | Nov. 26, 2019 | [2],[26],[27] | |
Investment Owned, Balance, Shares | 329,337 | [1],[25],[28] | 329,337 | [2],[26],[27] | |
Investment Owned, at Cost | $ 257,267 | [1],[25],[28] | $ 257,267 | [2],[26],[27] | |
Investment Owned, at Fair Value | $ 506,791 | [1],[25],[28] | $ 533,429 | [2],[26],[27] | |
Investment Owned, Percent of Net Assets | 0.24% | [1],[25],[28] | 0.25% | [2],[26],[27] | |
Non-Controlled Affiliate [Member] | StormWind, LLC [Member] | Preferred Shares Series C 8% [Member] | |||||
Date of Initial Investment | Jan. 07, 2014 | [1],[25],[28] | Jan. 07, 2014 | [2],[26],[27] | |
Investment Owned, Balance, Shares | 2,779,134 | [1],[25],[28] | 2,779,134 | [2],[26],[27] | |
Investment Owned, at Cost | $ 4,000,787 | [1],[25],[28] | $ 4,000,787 | [2],[26],[27] | |
Investment Owned, at Fair Value | $ 5,425,413 | [1],[25],[28] | $ 5,675,081 | [2],[26],[27] | |
Investment Owned, Percent of Net Assets | 2.52% | [1],[25],[28] | 2.70% | [2],[26],[27] | |
Non-Controlled Affiliate [Member] | StormWind, LLC [Member] | Preferred Shares Series B 8% [Member] | |||||
Date of Initial Investment | Dec. 16, 2011 | [1],[25],[28] | Dec. 16, 2011 | [2],[26],[27] | |
Investment Owned, Balance, Shares | 3,279,629 | [1],[25],[28] | 3,279,629 | [2],[26],[27] | |
Investment Owned, at Cost | $ 2,019,687 | [1],[25],[28] | $ 2,019,687 | [2],[26],[27] | |
Investment Owned, at Fair Value | $ 3,285,366 | [1],[25],[28] | $ 3,550,631 | [2],[26],[27] | |
Investment Owned, Percent of Net Assets | 1.53% | [1],[25],[28] | 1.69% | [2],[26],[27] | |
Non-Controlled Affiliate [Member] | StormWind, LLC [Member] | Preferred Shares Series A 8% [Member] | |||||
Date of Initial Investment | Feb. 25, 2014 | [1],[25],[28] | Feb. 25, 2014 | [2],[26],[27] | |
Investment Owned, Balance, Shares | 366,666 | [1],[25],[28] | 366,666 | [2],[26],[27] | |
Investment Owned, at Cost | $ 110,000 | [1],[25],[28] | $ 110,000 | [2],[26],[27] | |
Investment Owned, at Fair Value | $ 162,037 | [1],[25],[28] | $ 191,694 | [2],[26],[27] | |
Investment Owned, Percent of Net Assets | 0.08% | [1],[25],[28] | 0.09% | [2],[26],[27] | |
Non-Controlled Affiliate [Member] | OneValley, Inc. (f/k/a NestGSV, Inc) [Member] | |||||
Investment Owned, at Cost | $ 9,590,380 | [1],[25] | $ 9,590,380 | [2],[26] | |
Investment Owned, at Fair Value | $ 1,891,191 | [1],[25] | $ 2,640,327 | [2],[26] | |
Investment Owned, Percent of Net Assets | 0.88% | [1],[25] | 1.26% | [2],[26] | |
Non-Controlled Affiliate [Member] | OneValley, Inc. (f/k/a NestGSV, Inc) [Member] | Derivative Security, Expiration Date 8/23/2024 [Member] | |||||
Headquarters/Industry | Global Innovation Platform | [1],[25],[29] | Global Innovation Platform | [2],[26],[30] | |
Date of Initial Investment | Aug. 23, 2019 | [1],[25],[29] | Aug. 23, 2019 | [2],[26],[30] | |
Investment Owned, Balance, Shares | 1 | [1],[25],[29] | 1 | [2],[26],[30] | |
Investment Owned, at Cost | $ 8,555,124 | [1],[25],[29] | $ 8,555,124 | [2],[26],[30] | |
Investment Owned, at Fair Value | [1],[25],[29] | $ 652,127 | [2],[26],[30] | ||
Investment Owned, Percent of Net Assets | [1],[25],[29] | 0.31% | [2],[26],[30] | ||
Non-Controlled Affiliate [Member] | OneValley, Inc. (f/k/a NestGSV, Inc) [Member] | Convertible Promissory Note 8% Due 8/23/2024 [Member] | |||||
Date of Initial Investment | Feb. 17, 2016 | [1],[21],[25] | Feb. 17, 2016 | [2],[22],[26],[30] | |
Investment Owned, Balance, Shares | 1,010,198 | [1],[21],[25] | 1,010,198 | [2],[22],[26],[30] | |
Investment Owned, at Cost | $ 1,030,176 | [1],[21],[25] | $ 1,030,176 | [2],[22],[26],[30] | |
Investment Owned, at Fair Value | $ 1,891,191 | [1],[21],[25] | $ 1,988,200 | [2],[22],[26],[30] | |
Investment Owned, Percent of Net Assets | 0.88% | [1],[21],[25] | 0.95% | [2],[22],[26],[30] | |
Non-Controlled Affiliate [Member] | OneValley, Inc. (f/k/a NestGSV, Inc) [Member] | Preferred Warrant Series B, Strike Price $2.31, Expiration Date 12/31/2023 [Member] | |||||
Date of Initial Investment | Dec. 31, 2018 | [1],[25] | Dec. 31, 2018 | [2],[26] | |
Investment Owned, Balance, Shares | 250,000 | [1],[25] | 250,000 | [2],[26] | |
Investment Owned, at Cost | $ 5,080 | [1],[25] | $ 5,080 | [2],[26] | |
Investment Owned, at Fair Value | [1],[25] | [2],[26] | |||
Investment Owned, Percent of Net Assets | [1],[25] | [2],[26] | |||
Non-Controlled Affiliate [Member] | Ozy Media, Inc. [Member] | |||||
Investment Owned, at Cost | $ 10,945,024 | [1],[25],[31] | $ 10,945,024 | [2],[26] | |
Investment Owned, at Fair Value | [1],[25],[31] | [2],[26] | |||
Investment Owned, Percent of Net Assets | [1],[25],[31] | [2],[26] | |||
Non-Controlled Affiliate [Member] | Ozy Media, Inc. [Member] | Preferred shares, Series C-2 6% [Member] | |||||
Headquarters/Industry | Digital Media Platform | [1],[25],[31] | Digital Media Platform | [2],[26] | |
Date of Initial Investment | Aug. 31, 2016 | [1],[25],[31] | Aug. 31, 2016 | [2],[26] | |
Investment Owned, Balance, Shares | 683,482 | [1],[25],[31] | 683,482 | [2],[26] | |
Investment Owned, at Cost | $ 2,414,178 | [1],[25],[31] | $ 2,414,178 | [2],[26] | |
Investment Owned, at Fair Value | [1],[25],[31] | [2],[26] | |||
Investment Owned, Percent of Net Assets | [1],[25],[31] | [2],[26] | |||
Non-Controlled Affiliate [Member] | Ozy Media, Inc. [Member] | Preferred shares, Series B 6% [Member] | |||||
Date of Initial Investment | Oct. 03, 2014 | [1],[25],[31] | Oct. 03, 2014 | [2],[26] | |
Investment Owned, Balance, Shares | 922,509 | [1],[25],[31] | 922,509 | [2],[26] | |
Investment Owned, at Cost | $ 4,999,999 | [1],[25],[31] | $ 4,999,999 | [2],[26] | |
Investment Owned, at Fair Value | [1],[25],[31] | [2],[26] | |||
Investment Owned, Percent of Net Assets | [1],[25],[31] | [2],[26] | |||
Non-Controlled Affiliate [Member] | Ozy Media, Inc. [Member] | Preferred Shares Series A 6 % [Member] | |||||
Date of Initial Investment | Dec. 11, 2013 | [1],[25],[31] | Dec. 11, 2013 | [2],[26] | |
Investment Owned, Balance, Shares | 1,090,909 | [1],[25],[31] | 1,090,909 | [2],[26] | |
Investment Owned, at Cost | $ 3,000,200 | [1],[25],[31] | $ 3,000,200 | [2],[26] | |
Investment Owned, at Fair Value | [1],[25],[31] | [2],[26] | |||
Investment Owned, Percent of Net Assets | [1],[25],[31] | [2],[26] | |||
Non-Controlled Affiliate [Member] | Ozy Media, Inc. [Member] | Preferred Shares Series Seed 6% [Member] | |||||
Date of Initial Investment | Nov. 02, 2012 | [1],[25],[31] | Nov. 02, 2012 | [2],[26] | |
Investment Owned, Balance, Shares | 500,000 | [1],[25],[31] | 500,000 | [2],[26] | |
Investment Owned, at Cost | $ 500,000 | [1],[25],[31] | $ 500,000 | [2],[26] | |
Investment Owned, at Fair Value | [1],[25],[31] | [2],[26] | |||
Investment Owned, Percent of Net Assets | [1],[25],[31] | [2],[26] | |||
Non-Controlled Affiliate [Member] | Ozy Media, Inc. [Member] | Common Warrants, Strike Price $0.01, Expiration Date 4/9/2028 [Member] | |||||
Date of Initial Investment | Apr. 09, 2018 | [1],[25],[31] | Apr. 09, 2018 | [2],[26] | |
Investment Owned, Balance, Shares | 295,565 | [1],[25],[31] | 295,565 | [2],[26] | |
Investment Owned, at Cost | $ 30,647 | [1],[25],[31] | $ 30,647 | [2],[26] | |
Investment Owned, at Fair Value | [1],[25],[31] | [2],[26] | |||
Investment Owned, Percent of Net Assets | [1],[25],[31] | [2],[26] | |||
Non-Controlled Affiliate [Member] | Maven Research Inc [Member] | |||||
Investment Owned, at Cost | $ 2,217,653 | [1] | $ 2,217,653 | [2],[26] | |
Investment Owned, at Fair Value | [1] | [2],[26] | |||
Investment Owned, Percent of Net Assets | [1] | [2],[26] | |||
Non-Controlled Affiliate [Member] | Maven Research Inc [Member] | Series C Preferred Stock [Member] | |||||
Headquarters/Industry | Knowledge Networks | [1],[25] | Knowledge Networks | [2],[26] | |
Date of Initial Investment | Jul. 02, 2012 | [1],[25] | Jul. 02, 2012 | [2],[26] | |
Investment Owned, Balance, Shares | 318,979 | [1],[25] | 318,979 | [2],[26] | |
Investment Owned, at Cost | $ 2,000,447 | [1],[25] | $ 2,000,447 | [2],[26] | |
Investment Owned, at Fair Value | [1],[25] | [2],[26] | |||
Investment Owned, Percent of Net Assets | [1],[25] | [2],[26] | |||
Non-Controlled Affiliate [Member] | Maven Research Inc [Member] | Series B Preferred Stock [Member] | |||||
Date of Initial Investment | Feb. 28, 2012 | [1],[25] | Feb. 28, 2012 | [2],[26] | |
Investment Owned, Balance, Shares | 49,505 | [1],[25] | 49,505 | [2],[26] | |
Investment Owned, at Cost | $ 217,206 | [1],[25] | $ 217,206 | [2],[26] | |
Investment Owned, at Fair Value | [1],[25] | [2],[26] | |||
Investment Owned, Percent of Net Assets | [1],[25] | [2],[26] | |||
Non-Controlled Affiliate [Member] | Curious.Com Inc [Member] | Common Stock [Member] | |||||
Headquarters/Industry | Online Education | [1],[25] | Online Education | [2],[26] | |
Date of Initial Investment | Nov. 22, 2013 | [1],[25] | Nov. 22, 2013 | [2],[26] | |
Investment Owned, Balance, Shares | 1,135,944 | [1],[25] | 1,135,944 | [2],[26] | |
Investment Owned, at Cost | $ 12,000,006 | [1],[25] | $ 12,000,006 | [2],[26] | |
Investment Owned, at Fair Value | [1],[25] | [2],[26] | |||
Investment Owned, Percent of Net Assets | [1],[25] | [2],[26] | |||
Controlled [Member] | |||||
Investment Owned, at Cost | $ 19,883,894 | [1],[32] | $ 19,883,894 | [2] | |
Investment Owned, at Fair Value | $ 25,728,742 | [1],[32] | $ 13,695,870 | [2] | |
Investment Owned, Percent of Net Assets | 11.96% | [1],[32] | 6.52% | [2] | |
Controlled [Member] | Colombier Sponsor LLC [Member] | |||||
Investment Owned, at Cost | $ 2,715,737 | [1],[4],[19],[32] | $ 2,715,737 | [2],[5],[20],[33] | |
Investment Owned, at Fair Value | $ 14,794,714 | [1],[4],[19],[32] | $ 2,711,842 | [2],[5],[20],[33] | |
Investment Owned, Percent of Net Assets | 6.88% | [1],[4],[19],[32] | 1.29% | [2],[5],[20],[33] | |
Controlled [Member] | Colombier Sponsor LLC [Member] | Class B Units [Member] | |||||
Headquarters/Industry | Special Purpose Acquisition Company | [1],[4],[19],[32] | Special Purpose Acquisition Company | [2],[5],[20],[33] | |
Date of Initial Investment | Apr. 01, 2021 | [1],[4],[19],[32] | Apr. 01, 2021 | [2],[5],[20],[33] | |
Investment Owned, Balance, Shares | 1,976,033 | [1],[4],[19],[32] | 1,976,033 | [2],[5],[20],[33] | |
Investment Owned, at Cost | $ 1,556,587 | [1],[4],[19],[32] | $ 1,556,587 | [2],[5],[20],[33] | |
Investment Owned, at Fair Value | $ 14,200,714 | [1],[4],[19],[32] | $ 1,554,355 | [2],[5],[20],[33] | |
Investment Owned, Percent of Net Assets | 6.60% | [1],[4],[19],[32] | 0.74% | [2],[5],[20],[33] | |
Controlled [Member] | Colombier Sponsor LLC [Member] | Class W Units [Member] | |||||
Date of Initial Investment | Apr. 01, 2021 | [1],[4],[19],[32] | Apr. 01, 2021 | [2],[5],[20],[33] | |
Investment Owned, Balance, Shares | 2,700,000 | [1],[4],[19],[32] | 2,700,000 | [2],[5],[20],[33] | |
Investment Owned, at Cost | $ 1,159,150 | [1],[4],[19],[32] | $ 1,159,150 | [2],[5],[20],[33] | |
Investment Owned, at Fair Value | $ 594,000 | [1],[4],[19],[32] | $ 1,157,487 | [2],[5],[20],[33] | |
Investment Owned, Percent of Net Assets | 0.28% | [1],[4],[19],[32] | 0.55% | [2],[5],[20],[33] | |
Controlled [Member] | Architect Capital PayJoy SPV, LLC [Member] | Membership Interest in Lending SPV [Member] | |||||
Headquarters/Industry | Mobile Finance Technology | [1],[4],[11],[32] | Mobile Finance Technology | [2],[5],[12],[33] | |
Date of Initial Investment | Mar. 24, 2021 | [1],[4],[11],[32] | Mar. 24, 2021 | [2],[5],[12],[33] | |
Investment Owned, Balance, Shares | 10,000,000 | [1],[4],[11],[32] | 10,000,000 | [2],[5],[12],[33] | |
Investment Owned, at Cost | $ 10,006,745 | [1],[4],[11],[32] | $ 10,006,745 | [2],[5],[12],[33] | |
Investment Owned, at Fair Value | $ 10,000,000 | [1],[4],[11],[32] | $ 10,000,000 | [2],[5],[12],[33] | |
Investment Owned, Percent of Net Assets | 4.65% | [1],[4],[11],[32] | 4.76% | [2],[5],[12],[33] | |
Controlled [Member] | SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.) [Member] | |||||
Investment Owned, at Cost | $ 7,161,412 | [1],[32] | $ 7,161,412 | [2],[33] | |
Investment Owned, at Fair Value | $ 934,028 | [1],[32] | $ 984,028 | [2],[33] | |
Investment Owned, Percent of Net Assets | 0.43% | [1],[32] | 0.47% | [2],[33] | |
Controlled [Member] | SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.) [Member] | Common Stock [Member] | |||||
Date of Initial Investment | Apr. 15, 2014 | [1],[32] | Apr. 15, 2014 | [2],[33] | |
Investment Owned, Balance, Shares | 100,000 | [1],[32] | 100,000 | [2],[33] | |
Investment Owned, at Cost | $ 10,000 | [1],[32] | $ 10,000 | [2],[33] | |
Investment Owned, at Fair Value | [1],[32] | [2],[33] | |||
Investment Owned, Percent of Net Assets | [1],[32] | [2],[33] | |||
Controlled [Member] | SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.) [Member] | Preferred Class A [Member] | |||||
Headquarters/Industry | Clean Technology | [1],[32],[34] | Clean Technology | [2],[33],[35] | |
Date of Initial Investment | Apr. 15, 2014 | [1],[32],[34] | Apr. 15, 2014 | [2],[33],[35] | |
Investment Owned, Balance, Shares | 14,300,000 | [1],[32],[34] | 14,300,000 | [2],[33],[35] | |
Investment Owned, at Cost | $ 7,151,412 | [1],[32],[34] | $ 7,151,412 | [2],[33],[35] | |
Investment Owned, at Fair Value | $ 934,028 | [1],[32],[34] | $ 984,028 | [2],[33],[35] | |
Investment Owned, Percent of Net Assets | 0.43% | [1],[32],[34] | 0.47% | [2],[33],[35] | |
Portfolio Investments [Member] | |||||
Investment Owned, at Cost | $ 215,352,994 | [1] | $ 216,128,508 | [2] | |
Investment Owned, at Fair Value | $ 165,088,040 | [1] | $ 157,188,578 | [2] | |
Investment Owned, Percent of Net Assets | 76.77% | [1] | 74.84% | [2] | |
US Treasury Bill One [Member] | |||||
Date of Initial Investment | Dec. 29, 2022 | [1],[6] | Dec. 29, 2022 | [2],[7] | |
Investment Owned, Balance, Shares | 40,937,000 | [1],[6] | 45,492,000 | [2],[7] | |
Investment Owned, at Cost | $ 39,999,480 | [1],[6] | $ 45,000,118 | [2],[7] | |
Investment Owned, at Fair Value | $ 40,478,506 | [1],[6] | $ 45,026,162 | [2],[7] | |
Investment Owned, Percent of Net Assets | 18.82% | [1],[6] | 21.44% | [2],[7] | |
US Treasury Bill Two [Member] | |||||
Date of Initial Investment | Mar. 30, 2023 | [1],[6] | Dec. 29, 2022 | [2],[7] | |
Investment Owned, Balance, Shares | 36,354,000 | [1],[6] | 40,937,000 | [2],[7] | |
Investment Owned, at Cost | $ 35,497,677 | [1],[6] | $ 39,999,480 | [2],[7] | |
Investment Owned, at Fair Value | $ 35,508,406 | [1],[6] | $ 40,030,655 | [2],[7] | |
Investment Owned, Percent of Net Assets | 16.51% | [1],[6] | 19.06% | [2],[7] | |
U S. Treasury Bill [Member] | |||||
Investment Owned, at Cost | $ 75,497,157 | [1] | $ 84,999,598 | [2] | |
Investment Owned, at Fair Value | $ 75,986,912 | [1] | $ 85,056,817 | [2] | |
Investment Owned, Percent of Net Assets | 35.34% | [1] | 40.50% | [2] | |
[1]All portfolio investments are non-control/non-affiliated and non-income-producing, unless otherwise identified. Equity investments are subject to lock-up restrictions upon their initial public offering (“IPO”). Preferred dividends are generally only payable when declared and paid by the portfolio company’s board of directors. The Company’s directors, officers, employees and staff, as applicable, may serve on the board of directors of the Company’s portfolio investments. (Refer to “Note 3—Related-Party Arrangements”). All portfolio investments are considered Level 3 and valued using significant unobservable inputs, unless otherwise noted. (Refer to “Note 4—Investments at Fair Value”). All of the Company’s portfolio investments are restricted as to resale, unless otherwise noted, and were valued at fair value as determined in good faith by the Company’s Board of Directors. (Refer to “Note 2—Significant Accounting Policies— Investments at Fair Value Investments at Fair Value 2.0 million in Orchard Technologies, Inc.’s Series 1 Senior Preferred financing round. As part of the transaction, SuRo Capital Corp. exchanged a portion of its existing Series D Preferred shares investment for Series 1 Senior Preferred shares, Series 2 Senior Preferred shares, and Common shares. Additionally, SuRo Capital Corp.’s previous investment in the Simple Agreement for Future Equity was converted into additional Series 1 Senior Preferred shares. 20.49% 14.47 3.123 3.123 230,144 53,283 1.3 0.7 2.0 0.3 15 0.3 1.2 15 1.0 i.e. i.e. |
Condensed Consolidated Schedu_2
Condensed Consolidated Schedule of Investments (Unaudited) (Parenthetical) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Jan. 13, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Aug. 05, 2022 | Mar. 22, 2022 | |
Schedule of Investments [Line Items] | |||||
Investment Owned, Percent of Net Assets | 76.80% | 74.80% | |||
Capital commitment | $ 1,300,000 | ||||
Investment net | 241,074,952 | $ 242,245,395 | |||
True Global Ventures 4 Plus Fund LP [Member] | |||||
Schedule of Investments [Line Items] | |||||
Capital commitment | 2,000,000 | 2,000,000 | |||
Investment net | 700,000 | ||||
Residential Homes For Rent, LLC [Member] | |||||
Schedule of Investments [Line Items] | |||||
Proceeds from investment | $ 300,000 | $ 1,200,000 | |||
Debt interest rate | 15% | 15% | |||
Repayment for investment | $ 300,000 | $ 1,000,000 | |||
Orchard Technologies, Inc. [Member] | |||||
Schedule of Investments [Line Items] | |||||
Proceeds from investment | $ 2,000,000 | ||||
Forge Global, Inc.[Member] | |||||
Schedule of Investments [Line Items] | |||||
Strike price | $ 3.123 | ||||
Warrant exercise price | $ 3.123 | ||||
Number of warrants | 230,144 | ||||
Number of warrants converted to common stock | 53,283 | ||||
Non-Qualifying Assets [Member] | |||||
Schedule of Investments [Line Items] | |||||
Investment Owned, Percent of Net Assets | 20.49% | 14.47% |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NATURE OF OPERATIONS | NOTE 1— NATURE OF OPERATIONS SuRo Capital Corp. (“we”, “us”, “our”, “Company” or “SuRo Capital”), formerly known as Sutter Rock Capital Corp. and as GSV Capital Corp. and formed in September 2010 as a Maryland corporation, is an internally-managed, non-diversified closed-end management investment company. The Company has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), and has elected to be treated, and intends to qualify annually, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company’s date of inception was January 6, 2011, which is the date we commenced development stage activities. The Company’s common stock is currently listed on the Nasdaq Global Select Market under the symbol “SSSS” (formerly “GSVC”). Prior to November 24, 2021, our common stock traded on the Nasdaq Capital Market under the same symbol (“SSSS”). The Company began its investment operations during the second quarter of 2011. The table below displays the Company’s subsidiaries as of March 31, 2023, which, other than GSV Capital Lending, LLC (“GCL”) and SuRo Capital Sports, LLC, are collectively referred to as the “Taxable Subsidiaries.” The Taxable Subsidiaries were formed to hold certain portfolio investments. The Taxable Subsidiaries, including their associated portfolio investments, are consolidated with the Company for accounting purposes, but have elected to be treated as separate entities for U.S. federal income tax purposes. GCL was formed to originate portfolio loan investments within the state of California and is consolidated with the Company for accounting purposes. Refer to “Note 2—Significant Accounting Policies— Basis of Consolidation SCHEDULE OF COMPANY’S SUBSIDIARIES Subsidiary Jurisdiction of Incorporation Formation Date Percentage Owned GCL Delaware April 13, 2012 100 % SuRo Capital Sports, LLC (“SuRo Sports”) Delaware March 19, 2021 100 % Subsidiaries below are referred to collectively, as the “Taxable Subsidiaries” GSVC AE Holdings, Inc. (“GAE”) Delaware November 28, 2012 100 % GSVC AV Holdings, Inc. (“GAV”) Delaware November 28, 2012 100 % GSVC SW Holdings, Inc. (“GSW”) Delaware November 28, 2012 100 % GSVC SVDS Holdings, Inc. (“SVDS”) Delaware August 13, 2013 100 % The Company’s investment objective is to maximize its portfolio’s total return, principally by seeking capital gains on its equity and equity-related investments, and to a lesser extent, income from debt investments. The Company invests principally in the equity securities of what it believes to be rapidly growing venture-capital-backed emerging companies. The Company may invest in these portfolio companies through offerings of the prospective portfolio companies, transactions on secondary marketplaces for private companies, or negotiations with selling stockholders. In addition, the Company may invest in private credit and in founders equity, founders warrants, forward purchase agreements, and private investment in public equity transactions of special purpose acquisition companies. The Company may also invest on an opportunistic basis in select publicly traded equity securities or certain non-U.S. companies that otherwise meet its investment criteria, subject to any applicable limitations under the 1940 Act. SURO CAPITAL CORP. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS March 31, 2023 |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | NOTE 2— SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The interim unaudited condensed consolidated financial statements of the Company are prepared on the accrual basis of accounting in conformity with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the requirements for reporting on Form 10-Q and Regulation S-X under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company is an investment company following the specialized accounting and reporting guidance specified in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies The results of operations for the current interim period are not necessarily indicative of results that ultimately may be achieved for any other interim period or for the year ending December 31, 2023. The interim unaudited condensed consolidated financial statements and notes hereto should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the Company’s annual report on Form 10-K for the year ended December 31, 2022. Basis of Consolidation Under Article 6 of Regulation S-X and the American Institute of Certified Public Accountants’ (“AICPA”) Audit and Accounting Guide for Investment Companies, the Company is precluded from consolidating any entity other than another investment company, a controlled operating company that provides substantially all of its services and benefits to the Company, and certain entities established for tax purposes where the Company holds a 100% interest. Accordingly, the Company’s condensed consolidated financial statements include its accounts and the accounts of the Taxable Subsidiaries, GCL, and SuRo Sports, its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of condensed consolidated financial statements in accordance with GAAP requires the Company’s management to make a number of significant estimates. These include estimates of the fair value of certain assets and liabilities and other estimates that affect the reported amounts of certain assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of certain revenues and expenses during the reporting period. It is likely that changes in these estimates may occur in the near term. The Company’s estimates are inherently subjective in nature and actual results could differ materially from such estimates. Uncertainties and Risk Factors The Company is subject to a number of risks and uncertainties in the nature of its operations, as well as vulnerability due to certain concentrations. Refer to “Risk Factors” in Part II, Item 1A of this Form 10-Q for a detailed discussion of the risks and uncertainties inherent in the nature of the Company’s operations. Refer to “Note 4—Investments at Fair Value” for an overview of the Company’s industry and geographic concentrations. Investments at Fair Value The Company applies fair value accounting in accordance with GAAP and the AICPA’s Audit and Accounting Guide for Investment Companies. The Company values its assets on a quarterly basis, or more frequently if required under the 1940 Act. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. GAAP establishes a framework for measuring fair value that includes a hierarchy used to classify the inputs used in measuring fair value. The hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three levels. The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement. The levels of the fair value hierarchy are as follows: Level 1 SURO CAPITAL CORP. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS March 31, 2023 Level 2 Level 3 When the inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement in its entirety. For example, a Level 3 fair value measurement may include inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Therefore, gains and losses for such assets and liabilities categorized within the Level 3 table set forth in “Note 4—Investments at Fair Value” may include changes in fair value that are attributable to both observable inputs (Levels 1 and 2) and unobservable inputs (Level 3). A review of fair value hierarchy classifications is conducted on a quarterly basis. Changes in the observability of valuation inputs may result in a reclassification for certain financial assets or liabilities. Reclassifications impacting Level 3 of the fair value hierarchy are reported as transfers in/out of the Level 3 category as of the beginning of the measurement period in which the reclassifications occur. Refer to “Levelling Policy” below for a detailed discussion of the levelling of the Company’s financial assets or liabilities and events that may cause a reclassification within the fair value hierarchy. Securities for which market quotations are readily available on an exchange are valued at the most recently available closing price of such security as of the valuation date, unless there are legal or contractual restrictions on the sale or use of such security that under ASC 820-10-35 should be incorporated into the security’s fair value measurement as a characteristic of the security that would transfer to market participants who would buy the security. The Company may also obtain quotes with respect to certain of its investments from pricing services, brokers or dealers in order to value assets. When doing so, the Company determines whether the quote obtained is sufficient according to GAAP to determine the fair value of the security. If determined to be adequate, the Company uses the quote obtained. Securities for which reliable market quotations are not readily available or for which the pricing source does not provide a valuation or methodology, or provides a valuation or methodology that, in the judgment of management, our Board of Directors or the valuation committee of the Company’s Board of Directors (the “Valuation Committee”), does not reliably represent fair value, shall each be valued as follows: 1. The quarterly valuation process begins with each portfolio company or investment being initially valued by the internal investment professionals responsible for the portfolio investment; 2. Preliminary valuation conclusions are then documented and discussed with senior management; 3. For all investments for which there are no readily available market quotations, the Valuation Committee engages an independent third-party valuation firm to conduct independent appraisals, review management’s preliminary valuations and make its own independent assessment; 4. The Valuation Committee applies the appropriate valuation methodology to each portfolio asset in a consistent manner, considers the inputs provided by management and the independent third-party valuation firm, discusses the valuations and recommends to the Company’s Board of Directors a fair value for each investment in the portfolio; and 5. The Company’s Board of Directors then discusses the valuations recommended by the Valuation Committee and determines in good faith the fair value of each investment in the portfolio. SURO CAPITAL CORP. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS March 31, 2023 In valuing the Company’s investments in venture investment funds (“Venture Investment Funds”), the Company applies the practical expedient provided by the ASC Topic 820 relating to investments in certain entities that calculate net asset value (“NAV”) per share (or its equivalent). ASC Topic 820 permits an entity holding investments in certain entities that either are investment companies, or have attributes similar to an investment company, and calculate NAV per share or its equivalent for which the fair value is not readily determinable, to measure the fair value of such investments on the basis of that NAV per share, or its equivalent, without adjustment. In making a good faith determination of the fair value of investments, the Board applies valuation methodologies consistent with industry practice. Valuation methods utilized include, but are not limited to, the following: comparisons to prices from secondary market transactions; venture capital financings; public offerings; purchase or sales transactions; analysis of financial ratios and valuation metrics of portfolio companies that issued such private equity securities to peer companies that are public; analysis of the portfolio company’s most recent financial statements, forecasts and the markets in which the portfolio company does business, and other relevant factors. The Company assigns a weighting based upon the relevance of each method to assist the Board in determining the fair value of each investment. For investments that are not publicly traded or that do not have readily available market quotations, the Valuation Committee generally engages an independent valuation firm to provide an independent valuation, which the Company’s Board of Directors considers, among other factors, in making its fair value determinations for these investments. For the current and prior fiscal year, the Valuation Committee engaged an independent valuation firm to perform valuations of 100% of the Company’s investments for which there were no readily available market quotations. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period. Because of the inherent uncertainty of valuation, these estimated values may differ significantly from the values that would have been reported had a ready market for the investments existed, and it is reasonably possible that the difference could be material. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the realized gains or losses on investments to be different from the net change in unrealized appreciation or depreciation currently reflected in the consolidated financial statements. Equity Investments Equity investments for which market quotations are readily available in an active market are generally valued at the most recently available closing market prices and are classified as Level 1 assets. Equity investments with readily available market quotations that are subject to sales restrictions due to an initial public offering (“IPO”) by the portfolio company will be classified as Level 1. Any other equity investments with readily available market quotations that are subject to sales restrictions that would transfer to market participants who would buy the security may be valued at a discount for a lack of marketability (“DLOM”), to the most recently available closing market prices depending upon the nature of the sales restriction. These investments are generally classified as Level 2 assets. The DLOM used is generally based upon the market value of publicly traded put options with similar terms. The fair values of the Company’s equity investments for which market quotations are not readily available are determined based on various factors and are classified as Level 3 assets. To determine the fair value of a portfolio company for which market quotations are not readily available, the Board applies the appropriate respective valuation methodology for the asset class or portfolio holding, which may involve analyzing the relevant portfolio company’s most recently available historical and projected financial results, public market comparables, and other factors. The Board may also consider other events, including the transaction in which the Company acquired its securities, subsequent equity sales by the portfolio company, and mergers or acquisitions affecting the portfolio company. In addition, the Board may consider the trends of the portfolio company’s basic financial metrics from the time of its original investment until the measurement date, with material improvement of these metrics indicating a possible increase in fair value, while material deterioration of these metrics may indicate a possible reduction in fair value. SURO CAPITAL CORP. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS March 31, 2023 In determining the fair value of equity or equity-linked securities (including warrants to purchase common or preferred stock) in a portfolio company, the Board considers the rights, preferences and limitations of such securities. In cases where a portfolio company’s capital structure includes multiple classes of preferred and common stock and equity-linked securities with different rights and preferences, the Company may use an option pricing model to allocate value to each equity-linked security, unless it believes a liquidity event such as an acquisition or a dissolution is imminent, or the portfolio company is unlikely to continue as a going concern. When equity-linked securities expire worthless, any cost associated with these positions is recognized as a realized loss on investments in the Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Cash Flows. In the event these securities are exercised into common or preferred stock, the cost associated with these securities is reassigned to the cost basis of the new common or preferred stock. These conversions are noted as non-cash operating items on the Condensed Consolidated Statements of Cash Flows. Debt Investments Given the nature of the Company’s current debt investments (excluding U.S. Treasuries), principally convertible and promissory notes issued by venture-capital-backed portfolio companies, these investments are classified as Level 3 assets because there is no known or accessible market or market indexes for these investment securities to be traded or exchanged. The Company’s debt investments are valued at estimated fair value as determined in good faith by the Company’s Board of Directors. Options The Company’s Board of Directors determines the fair value of options based on methodologies that can include discounted cash flow analyses, option pricing models, comparable analyses and other techniques as deemed appropriate. These investments are classified as Level 3 assets because there is no known or accessible market or market indexes for these investment securities to be traded or exchanged. The Company’s options are valued at estimated fair value as determined by the Company’s Board of Directors. Special Purpose Acquisition Companies The Company’s Board of Directors measures its Special Purpose Acquisition Company (“SPAC”) investments at fair value, which is equivalent to cost until a SPAC transaction is announced. After a SPAC transaction is announced, the Company’s Board of Directors will determine the fair value of SPAC investments based on fair value analyses that can include option pricing models, probability-weighted expected return method analyses and other techniques as deemed appropriate. Upon completion of the SPAC transaction, the Board utilizes the public share price of the entity, less a DLOM if there are restrictions on selling. The Company’s SPAC investments are valued at estimated fair value as determined in good faith by the Company’s Board of Directors. Portfolio Company Investment Classification The Company is a non-diversified company within the meaning of the 1940 Act. The Company classifies its investments by level of control. As defined in the 1940 Act, control investments are those where the investor retains the power to exercise a controlling influence over the management or policies of a company. Control is generally deemed to exist when a company or individual directly or indirectly owns beneficially more than 25% of the voting securities of an investee company. Affiliated investments and affiliated companies are defined by a lesser degree of influence and are deemed to exist when a company or individual directly or indirectly owns, controls or holds the power to vote 5% or more of the outstanding voting securities of a portfolio company. Refer to the Consolidated Schedules of Investments as of March 31, 2023 and December 31, 2022, for details regarding the nature and composition of the Company’s investment portfolio. Levelling Policy The portfolio companies in which the Company invests may offer their shares in IPOs. The Company’s shares in such portfolio companies are typically subject to lock-up agreements for 180 days following the IPO. Upon the IPO date, the Company transfers its investment from Level 3 to Level 1 due to the presence of an active market, or Level 2 if limited by the lock-up agreement. The Company prices the investment at the closing price on a public exchange as of the measurement date. In situations where there are lock-up restrictions, as well as legal or contractual restrictions on the sale or use of such security that under ASC 820-10-35 should be incorporated into the security’s fair value measurement as a characteristic of the security that would transfer to market participants who would buy the security, the Company will classify the investment as Level 2 subject to an appropriate DLOM to reflect the restrictions upon sale. The Company transfers investments between levels based on the fair value at the beginning of the measurement period in accordance with FASB ASC 820. For investments transferred out of Level 3 due to an IPO, the Company transfers these investments based on their fair value at the IPO date. SURO CAPITAL CORP. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS March 31, 2023 Securities Transactions Securities transactions are accounted for on the date the transaction for the purchase or sale of the securities is entered into by the Company ( i.e. Valuation of Other Financial Instruments The carrying amounts of the Company’s other, non-investment financial instruments, consisting of cash, receivables, accounts payable, and accrued expenses, approximate fair value due to their short-term nature. Cash The Company places its cash primarily with U.S. Bank Trust Company, National Association, and may place cash with other high-quality financial institutions. The cash held in these accounts may exceed the Federal Deposit Insurance Corporation insured limit. The Company believes the risk of loss associated with any uninsured balance is remote. Escrow Proceeds Receivable A portion of the proceeds from the sale of portfolio investments are held in escrow as a recourse for indemnity claims that may arise under the sale agreement or other related transaction contingencies. Amounts held in escrow are held at estimated realizable value and included in net realized gains (losses) on investments in the Condensed Consolidated Statements of Operations for the period in which they occurred and are adjusted as needed. Any remaining escrow proceeds balances from these transactions reasonably expected to be received are reflected on the Condensed Consolidated Statement of Assets and Liabilities as escrow proceeds receivable. Escrow proceeds receivable resulting from contingent consideration are to be recognized when the amount of the contingent consideration becomes realized or realizable. As of March 31, 2023 and December 31, 2022, the Company had $ 609,685 628,332 Deferred Financing Costs The Company records origination costs related to lines of credit as deferred financing costs. These costs are deferred and amortized as part of interest expense using the straight-line method over the respective life of the line of credit. For modifications to a line of credit, any unamortized origination costs are expensed. Included within deferred financing costs are offering costs incurred relating to the Company’s shelf registration statement on Form N-2. The Company defers these offering costs until capital is raised pursuant to the shelf registration statement or until the shelf registration statement expires. For equity capital raised, the offering costs reduce paid-in capital resulting from the offering. For debt capital raised, the associated offering costs are amortized over the life of the debt instrument. As of March 31, 2023 and December 31, 2022, the Company had deferred financing costs of $ 539,120 and $ 555,761 , respectively, on the Condensed Consolidated Statement of Assets and Liabilities. SURO CAPITAL CORP. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS March 31, 2023 Operating Leases & Related Deposits The Company accounts for its operating leases as prescribed by ASC 842, Leases 5 Operating Leases and Related Deposits Stock-based Compensation Using the fair value recognition provisions as prescribed by ASC 718, Stock Compensation Revenue Recognition The Company recognizes gains or losses on the sale of investments using the specific identification method. The Company recognizes interest income, adjusted for amortization of premium and accretion of discount, on an accrual basis. The Company recognizes dividend income on the ex-dividend date. Investment Transaction Costs and Escrow Deposits Commissions and other costs associated with an investment transaction, including legal expenses not reimbursed by the portfolio company, are included in the cost basis of purchases and deducted from the proceeds of sales. The Company makes certain acquisitions on secondary markets, which may involve making deposits to escrow accounts until certain conditions are met, including the underlying private company’s right of first refusal. If the underlying private company does not exercise or assign its right of first refusal and all other conditions are met, then the funds in the escrow account are delivered to the seller and the account is closed. Such transactions would be reflected on the Condensed Consolidated Statement of Assets and Liabilities as escrow deposits. As of March 31, 2023 and December 31, 2022, the Company had no Unrealized Appreciation or Depreciation of Investments Unrealized appreciation or depreciation is calculated as the difference between the fair value of the investment and the cost basis of such investment. SURO CAPITAL CORP. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS March 31, 2023 U.S. Federal and State Income Taxes The Company elected to be treated as a RIC under Subchapter M of the Code, beginning with its taxable year ended December 31, 2014, has qualified to be treated as a RIC for subsequent taxable years and intends to continue to operate in a manner so as to qualify for the tax treatment applicable to RICs. To qualify for tax treatment as a RIC, among other things, the Company is required to meet certain source of income and asset diversification requirements and timely distribute to its stockholders at least the sum of 90% of our investment company taxable income (“ICTI”), including payment-in-kind interest income, as defined by the Code, and 90% of our net tax-exempt interest income (which is the excess of its gross tax-exempt interest income over certain disallowed deductions) for each taxable year (the “Annual Distribution Requirement”). Depending on the level of ICTI earned in a tax year, the Company may choose to carry forward into the next tax year ICTI in excess of current year dividend distributions. Any such carryforward ICTI must be distributed on or before December 31 of the subsequent tax year to which it was carried forward. If the Company meets the Annual Distribution Requirement, but does not distribute (or is not deemed to have distributed) each calendar year a sum of (1) 98% of its net ordinary income for each calendar year, (2) 98.2% of its capital gain net income for the one-year period ending October 31 in that calendar year and (3) any income recognized, but not distributed, in preceding years (the “Excise Tax Avoidance Requirement”), it generally will be required to pay an excise tax equal to 4% of the amount by which the Excise Tax Avoidance Requirement exceeds the distributions for the year. To the extent that the Company determines that its estimated current year annual taxable income will exceed estimated current year dividend distributions from such taxable income, the Company will accrue excise taxes, if any, on estimated excess taxable income as taxable income is earned using an annual effective excise tax rate. The annual effective excise tax rate is determined by dividing the estimated annual excise tax by the estimated annual taxable income. So long as the Company qualifies and maintains its tax treatment as a RIC, it generally will not be subject to U.S. federal and state income taxes on any ordinary income or capital gains that it distributes at least annually to its stockholders as dividends. Rather, any tax liability related to income earned by the RIC will represent obligations of the Company’s investors and will not be reflected in the consolidated financial statements of the Company. Included in the Company’s consolidated financial statements, the Taxable Subsidiaries are taxable subsidiaries, regardless of whether the Company is a RIC. These Taxable Subsidiaries are not consolidated for income tax purposes and may generate income tax expenses as a result of their ownership of the portfolio companies. Such income tax expenses and deferred taxes, if any, will be reflected in the Company’s condensed consolidated financial statements. If it is not treated as a RIC, the Company will be taxed as a regular corporation (a “C corporation”) under Subchapter C of the Code for such taxable year. If the Company has previously qualified as a RIC but is subsequently unable to qualify for treatment as a RIC, and certain amelioration provisions are not applicable, the Company would be subject to tax on all of its taxable income (including its net capital gains) at regular corporate rates. The Company would not be able to deduct distributions to stockholders, nor would it be required to make distributions. Distributions, including distributions of net long-term capital gain, would generally be taxable to its stockholders as ordinary dividend income to the extent of the Company’s current and accumulated earnings and profits. Subject to certain limitations under the Code, corporate stockholders would be eligible to claim a dividend received deduction with respect to such dividend; non-corporate stockholders would generally be able to treat such dividends as “qualified dividend income,” which is subject to reduced rates of U.S. federal income tax. Distributions in excess of the Company’s current and accumulated earnings and profits would be treated first as a return of capital to the extent of the stockholder’s adjusted tax basis, and any remaining distributions would be treated as a capital gain. In order to requalify as a RIC, in addition to the other requirements discussed above, the Company would be required to distribute all of its previously undistributed earnings attributable to the period it failed to qualify as a RIC by the end of the first year that it intends to requalify for tax treatment as a RIC. If the Company fails to requalify for tax treatment as a RIC for a period greater than two taxable years, it may be subject to regular corporate tax on any net built-in gains with respect to certain of its assets (i.e., the excess of the aggregate gains, including items of income, over aggregate losses that would have been realized with respect to such assets if the Company had been liquidated) that it elects to recognize on requalification or when recognized over the next five years. The Company was taxed as a C Corporation for its 2012 and 2013 taxable years. Refer to “Note 9—Income Taxes” for further details. SURO CAPITAL CORP. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS March 31, 2023 The Company elected to be treated as a RIC for the taxable year ended December 31, 2014 in connection with the filing of its 2014 tax return. As a result, the Company was required to pay a corporate-level U.S. federal income tax on the amount of the net built-in gains in its assets (the amount by which the net fair market value of the Company’s assets exceeds the net adjusted basis in its assets) either (1) as of the date it converted to a RIC (i.e., the beginning of the first taxable year that the Company qualifies as a RIC, which would be January 1, 2014), or (2) to the extent that the Company recognized such net built-in gains during the five-year recognition period beginning on the date of conversion. As of January 1, 2014, the Company had net unrealized built-in gains, but did not incur a built-in-gains tax for the 2014 tax year due to the fact that there were sufficient net capital loss carryforwards to completely offset recognized built-in gains as well as available net operating losses. The five-year recognition period ended on December 31, 2018. Per Share Information Net change in net assets resulting from operations per basic common share is computed using the weighted-average number of shares outstanding for the period presented. Diluted net change in net assets resulting from operations per common share is computed by dividing net increase/(decrease) in net assets resulting from operations for the period adjusted to include the pre-tax effects of interest incurred on potentially dilutive securities, by the weighted-average number of common shares outstanding plus any potentially dilutive shares outstanding during the period. The Company used the if-converted method in accordance with FASB ASC 260 , Earnings Per Share Recently Issued or Adopted Accounting Standards In March 2022, the FASB issued ASU 2022-02, “Financial Instruments - Credit Losses (Topic 326)”, which is intended to address issues identified during the post-implementation review of ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”. The amendment, among other things, eliminates the accounting guidance for troubled debt restructurings by creditors in Subtopic 310-40, “Receivables - Troubled Debt Restructurings by Creditors”, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. The new guidance is effective for interim and annual periods beginning after December 15, 2022. The Company does not anticipate the new standard will have a material impact to the condensed consolidated financial statements and related disclosures. In June 2022, the FASB issued ASU No. 2022-03 “Fair Value Measurements (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions.” This change prohibits entities from taking into account contractual restrictions on the sale of equity securities when estimating fair value and introduces required disclosures for such transactions. The standard is effective for annual periods beginning after December 15, 2023, and should be applied prospectively. Early adoption is permitted. The adoption of ASU 2022-03 is not expected to have a material impact on the Company’s future financial statements. SURO CAPITAL CORP. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS March 31, 2023 In December 2021, the SEC published Staff Accounting Bulletin No. 120 (“SAB 120”) to provide accounting and disclosure guidance for stock compensation awards made to executives and conforming amendments to the Staff Accounting Bulletin Series to align with the current authoritative accounting guidance in ASC 718, Compensation – Stock Compensation From time to time, new accounting pronouncements are issued by the FASB or other standards setting bodies that are adopted by the Company as of the specified effective date. The Company believes that the impact of recently issued standards and any that are not yet effective will not have a material impact on its consolidated financial statements upon adoption. |
RELATED-PARTY ARRANGEMENTS
RELATED-PARTY ARRANGEMENTS | 3 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions [Abstract] | |
RELATED-PARTY ARRANGEMENTS | NOTE 3— RELATED-PARTY ARRANGEMENTS The Company’s executive officers and directors serve or may serve as officers, directors, or managers of entities that operate in a line of business similar to the Company’s, including new entities that may be formed in the future. Accordingly, they may have obligations to investors in those entities, the fulfillment of which might not be in the best interests of the Company or the Company’s stockholders. The 1940 Act prohibits the Company from participating in certain negotiated co-investments with certain affiliates unless it receives an order from the SEC permitting it to do so. As a BDC, the Company is prohibited under the 1940 Act from participating in certain transactions with certain of its affiliates without the prior approval of the Board of Directors, including its independent directors, and, in some cases, the SEC. The affiliates with which the Company may be prohibited from transacting include its officers, directors, and employees and any person controlling or under common control with the Company, subject to certain exceptions. In the ordinary course of business, the Company may enter into transactions with portfolio companies that may be considered related-party transactions. To ensure that the Company does not engage in any prohibited transactions with any persons affiliated with the Company, the Company has implemented certain written policies and procedures whereby the Company’s executive officers screen each of the Company’s transactions for any possible affiliations between the proposed portfolio investment, the Company, companies controlled by the Company, and the Company’s executive officers and directors. The Company’s investment in Churchill Sponsor VI LLC, the sponsor of Churchill Capital Corp. VI, a special purpose acquisition company, constituted a “remote-affiliate” transaction for purposes of the 1940 Act in light of the fact that Mark D. Klein, the Company’s Chairman, Chief Executive Officer and President, has a non-controlling interest in the entity that controls Churchill Sponsor VI LLC, and is a non-controlling member of the board of directors of Churchill Capital Corp VI. The Company’s investment in Churchill Sponsor VII LLC, the sponsor of Churchill Capital Corp. VII, a special purpose acquisition company, also constituted a “remote-affiliate” transaction for purposes of the 1940 Act in light of the fact that Mr. Klein has a non-controlling interest in the entity that controls Churchill Sponsor VII LLC, and is a non-controlling member of the board of directors of Churchill Capital Corp. VII. In addition, Mr. Klein’s brother, Michael Klein, is a control person of such Churchill entities. As of March 31, 2023, the fair values of the Company’s investments in Churchill Sponsor VI LLC and Churchill Sponsor VII LLC were $ 200,000 300,000 SURO CAPITAL CORP. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS March 31, 2023 The Company’s investment in Skillsoft Corp. (f/k/a Software Luxembourg Holding S.A.) (“Skillsoft”) constituted a “remote-affiliate” transaction for purposes of the 1940 Act in light of the fact that Mr. Klein has a non-controlling interest in the entity that controls Churchill Sponsor II LLC, the sponsor of Churchill Capital Corp. II, a special purpose acquisition company, and is a non-controlling member of the board of directors of Churchill Capital Corp. II, through which the Company executed a private investment in public equity transaction in order to acquire common shares of Skillsoft alongside the merger of Skillsoft and Churchill Capital Corp II. In addition, Mr. Klein’s brother, Michael Klein, is a control person of such Churchill entities. As of March 31, 2023, the fair value of the Company’s investment in Skillsoft Corp. was $ 1,963,686 The Company’s initial investment in Shogun Enterprises, Inc. on February 26, 2021 constituted a “remote-affiliate” transaction for purposes of the 1940 Act in light of the fact that Keri Findley, a former senior managing director of the Company until her departure on March 9, 2022, was at the time of investment, a non-controlling member of the board of directors of Shogun Enterprises, Inc., and held a minority equity interest in such portfolio company. The Company’s investment in Architect Capital PayJoy SPV, LLC also constituted a “remote-affiliate” transaction for purposes of the 1940 Act in light of the fact that Ms. Findley, at the time of investment, was a non-controlling member of the board of directors of the investment manager to Architect Capital PayJoy SPV, LLC, and held a minority equity interest in such investment manager. As of March 31, 2023, the fair values of the Company’s remote-affiliate investments in Shogun Enterprises, Inc. (d/b/a Hearth) and Architect Capital PayJoy SPV, LLC were $ 3,604,260 10,000,000 In addition, Ms. Findley and Claire Councill, a former investment professional of the Company until her departure on April 15, 2022, are non-controlling members of the board of directors of Colombier Acquisition Corp., a special purpose acquisition company, which is sponsored by Colombier Sponsor LLC, one of the Company’s portfolio companies. The Company’s investment in AltC Sponsor LLC, the sponsor of AltC Acquisition Corp, a special purpose acquisition company, constituted a “remote-affiliate” transaction for purposes of the 1940 Act in light of the fact that Mr. Klein has a non-controlling interest in one of the entities that controls AltC Sponsor LLC, and Allison Green, the Company’s Chief Financial Officer, Chief Compliance Officer, Treasurer and Secretary, is a non-controlling member of the board of directors of AltC Acquisition Corp. As of March 31, 2023, the fair values of the Company’s aggregate investments in each of Colombier Sponsor LLC and AltC Sponsor LLC were $ 14,794,714 250,000 |
INVESTMENTS AT FAIR VALUE
INVESTMENTS AT FAIR VALUE | 3 Months Ended |
Mar. 31, 2023 | |
Investments in and Advances to Affiliates [Abstract] | |
INVESTMENTS AT FAIR VALUE | NOTE 4— INVESTMENTS AT FAIR VALUE Investment Portfolio Composition The Company’s investments in portfolio companies consist primarily of equity securities (such as common stock, preferred stock and options to purchase common and preferred stock) and to a lesser extent, debt securities, issued by private and publicly traded companies. The Company may also, from time to time, invest in U.S. Treasury securities. Non-portfolio investments represent investments in U.S. Treasury securities. As of March 31, 2023, the Company had 64 37 64 39 SURO CAPITAL CORP. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS March 31, 2023 The following tables summarize the composition of the Company’s investment portfolio by security type at cost and fair value as of March 31, 2023 and December 31, 2022: SCHEDULE OF COMPOSITION OF INVESTMENT PORTFOLIO March 31, 2023 December 31, 2022 Cost Fair Value Percentage of Net Assets Cost Fair Value Percentage of Net Assets Private Portfolio Companies Preferred Stock $ 117,225,959 $ 112,693,622 52.4 % $ 118,472,118 $ 117,214,465 55.8 % Common Stock 55,683,030 34,964,456 16.3 % 50,601,512 18,692,931 8.9 % Debt Investments 6,066,466 4,141,191 1.9 % 6,316,466 4,488,200 2.1 % Options 10,914,124 1,753,883 0.8 % 11,415,787 3,469,497 1.7 % Total Private Portfolio Companies 189,889,579 153,553,152 71.4 % 186,805,883 143,865,093 68.5 % Publicly Traded Portfolio Companies Common Stock 25,463,415 11,534,888 5.4 % 29,322,625 13,323,485 6.3 % Total Portfolio Investments 215,352,994 165,088,040 76.8 % 216,128,508 157,188,578 74.8 % Non-Portfolio Investments U.S. Treasury Bills 75,497,157 75,986,912 35.3 % 84,999,598 85,056,817 40.5 % Total Investments $ 290,850,151 $ 241,074,952 112.1 % $ 301,128,106 $ 242,245,395 115.3 % The geographic and industrial compositions of the Company’s portfolio at fair value as of March 31, 2023 and December 31, 2022 were as follows: As of March 31, 2023 As of December 31, 2022 Fair Value Percentage of Portfolio Percentage of Net Assets Fair Value Percentage of Portfolio Percentage of Net Assets Geographic Region West $ 94,490,362 57.2 % 43.9 % $ 94,996,805 60.4 % 45.1 % Northeast 54,146,222 32.8 % 25.2 % 46,944,432 29.9 % 22.4 % Midwest 8,527,740 5.2 % 4.0 % 8,183,281 5.2 % 3.9 % International 7,923,716 4.8 % 3.7 % 7,064,060 4.5 % 3.4 % Total $ 165,088,040 100.0 % 76.8 % $ 157,188,578 100.0 % 74.8 % As of March 31, 2023 As of December 31, 2022 Fair Value Percentage of Portfolio Percentage of Net Assets Fair Value Percentage of Portfolio Percentage of Net Assets Industry Education Technology $ 62,140,686 37.6 % 29.1 % $ 61,841,493 39.4 % 29.4 % Financial Technology 49,129,888 29.8 % 22.8 % 38,096,753 24.2 % 18.1 % Marketplaces 24,817,944 15.0 % 11.5 % 27,291,467 17.4 % 13.0 % Big Data/Cloud 14,856,153 9.0 % 6.9 % 14,927,819 9.5 % 7.1 % Social/Mobile 13,209,341 8.0 % 6.1 % 14,047,018 8.9 % 6.7 % Sustainability 934,028 0.6 % 0.4 % 984,028 0.6 % 0.5 % Total $ 165,088,040 100.0 % 76.8 % $ 157,188,578 100.0 % 74.8 % SURO CAPITAL CORP. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS March 31, 2023 The table below details the composition of the Company’s industrial themes presented in the preceding tables: Industry Theme Industry Education Technology Business Education Education Software Interactive Learning Online Education Big Data/Cloud Gaming Licensing Retail Technology Geolocation Technology Warehouse Automation Marketplaces Global Innovation Platform Knowledge Networks Micromobility Pharmaceutical Technology Real Estate Platform Subscription Fashion Rental Financial Technology Cannabis REIT Financial Services Home Improvement Finance Mobile Finance Technology Online Marketplace Finance Gaming Technology Special Purpose Acquisition Company Venture Investment Fund Social/Mobile Digital Media Platform Digital Media Technology Interactive Media & Services Mobile Access Technology Social Data Platform Fitness Technology Social Networking Sustainability Clean Technology SURO CAPITAL CORP. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS March 31, 2023 Investment Valuation Inputs The fair values of the Company’s investments disaggregated into the three levels of the fair value hierarchy based upon the lowest level of significant input used in the valuation as of March 31, 2023 and December 31, 2022 are as follows: SCHEDULE OF FAIR VALUE OF INVESTMENT VALUATION INPUTS As of March 31, 2023 Quoted Prices in Active Markets for Identical Securities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Investments at Fair Value Private Portfolio Companies Preferred Stock $ — $ — $ 112,693,622 $ 112,693,622 Common Stock — — 34,964,456 34,964,456 Debt Investments — — 4,141,191 4,141,191 Options — — 1,753,883 1,753,883 Private Portfolio Companies — — 153,553,152 153,553,152 Publicly Traded Portfolio Companies Common Stock 11,534,888 — — 11,534,888 Non-Portfolio Investments U.S. Treasury bills 75,986,912 — — 75,986,912 Total Investments at Fair Value $ 87,521,800 $ — $ 153,553,152 $ 241,074,952 As of December 31, 2022 Quoted Prices in Active Markets for Identical Securities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Investments at Fair Value Private Portfolio Companies Preferred Stock $ — $ — $ 117,214,465 $ 117,214,465 Common Stock — — 18,692,931 18,692,931 Debt Investments — — 4,488,200 4,488,200 Options — — 3,469,497 3,469,497 Private Portfolio Companies — — 143,865,093 143,865,093 Publicly Traded Portfolio Companies Common Stock 13,298,992 24,493 — 13,323,485 Non-Portfolio Investments U.S. Treasury bills 85,056,817 — — 85,056,817 Total Investments at Fair Value $ 98,355,809 $ 24,493 $ 143,865,093 $ 242,245,395 SURO CAPITAL CORP. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS March 31, 2023 Significant Unobservable Inputs for Level 3 Assets and Liabilities In accordance with FASB ASC 820, Fair Value Measurement Investments at Fair Value SCHEDULE OF FAIR VALUE OF ASSETS ON UNOBSERVABLE INPUT As of March 31, 2023 Asset Fair Value Valuation Approach/ Technique (1) Unobservable Inputs (2) Range (3) Common stock in private companies $ 34,964,456 Market approach Revenue multiples 1.01 9.86 8.22 PWERM (5) AFFO (4) 9.86 x Preferred stock in private companies Market approach Revenue multiples 0.39 7.99 2.36 $ 112,693,622 Discount rate 15.0 15.0 Revenue multiples 1.8 2.01 PWERM (5) DLOM 10.0 10.0 Financing Risk 75.0 75.0 Debt investments $ 4,141,191 Market approach Revenue multiples 0.39 5.24 3.34 Options $ 1,753,883 Option pricing model Term to expiration (Years) 0.75 5.04 (1) As of March 31, 2023, the Board used a hybrid market and income approach to value certain common and preferred stock investments as the Board felt this approach better reflected the fair value of these investments. In considering multiple valuation approaches (and consequently, multiple valuation techniques), the valuation approaches and techniques are not likely to change from one period of measurement to the next; however, the weighting of each in determining the final fair value of a Level 3 investment may change based on recent events or transactions. The hybrid approach may also consider certain risk weightings to account for the uncertainty of future events. Refer to “Note 2—Significant Accounting Policies— Investments at Fair Value (2) The Board considers all relevant information that can reasonably be obtained when determining the fair value of Level 3 investments. Due to any given portfolio company’s information rights, changes in capital structure, recent events, transactions, or liquidity events, the type and availability of unobservable inputs may change. Increases/(decreases) in revenue multiples, earnings before interest and taxes (“EBIT”) multiples, time to expiration, and stock price/strike price would result in higher (lower) fair values, all else equal. Decreases/(increases) in discount rates, volatility, and annual risk rates, would result in higher (lower) fair values, all else equal. The market approach utilizes market value (revenue and EBIT) multiples of publicly traded comparable companies and available precedent sales transactions of comparable companies. The Board carefully considers numerous factors when selecting the appropriate companies whose multiples are used to value its portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, relevant risk factors, as well as size, profitability and growth expectations. In general, precedent transactions include recent rounds of financing, recent purchases made by the Company, and tender offers. Refer to “Note 2—Significant Accounting Policies— Investments at Fair Value (3) The weighted averages are calculated based on the fair market value of each investment. (4) Adjusted Funds From Operations, or “AFFO”. (5) Probability-Weighted Expected Return Method, or “PWERM”. SURO CAPITAL CORP. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS March 31, 2023 As of December 31, 2022 Asset Fair Value Valuation (1) Unobservable Inputs (2) Range (3) Common stock in private companies $ 18,692,931 Market approach Revenue multiples 1.06 4.42 1.74 Liquidation Value N/A PWERM (5) AFFO (4) 8.62 12.62 10.94 Preferred stock in private companies $ 117,214,465 Market approach Revenue multiples 0.47 5.45 2.38 Liquidation Value N/A Discounted cash flow Discount rate 15.0 15.0 PWERM (5) Revenue multiples 1.17 1.26 DLOM 10.0 10.0 Financing Risk 10.0 10.0 Debt investments $ 4,488,200 Market approach Revenue multiples 0.47 5.45 3.6 Options $ 3,469,497 Option pricing model Term to expiration (Years) 1.00 5.29 1.65 Discounted cash flow Discount Rate 15.0 15.0 (1) As of December 31, 2022, the Board used a hybrid market and income approach to value certain common and preferred stock investments as the Board felt this approach better reflected the fair value of these investments. In considering multiple valuation approaches (and consequently, multiple valuation techniques), the valuation approaches and techniques are not likely to change from one period of measurement to the next; however, the weighting of each in determining the final fair value of a Level 3 investment may change based on recent events or transactions. The hybrid approach may also consider certain risk weightings to account for the uncertainty of future events. Refer to “Note 2—Significant Accounting Policies— Investments at Fair Value (2) The Board considers all relevant information that can reasonably be obtained when determining the fair value of Level 3 investments. Due to any given portfolio company’s information rights, changes in capital structure, recent events, transactions, or liquidity events, the type and availability of unobservable inputs may change. Increases/(decreases) in revenue multiples, earnings before interest and taxes (“EBIT”) multiples, time to expiration, and stock price/strike price would result in higher (lower) fair values, all else equal. Decreases/(increases) in discount rates, volatility, and annual risk rates, would result in higher (lower) fair values, all else equal. The market approach utilizes market value (revenue and EBIT) multiples of publicly traded comparable companies and available precedent sales transactions of comparable companies. The Company carefully considers numerous factors when selecting the appropriate companies whose multiples are used to value its portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, relevant risk factors, as well as size, profitability and growth expectations. In general, precedent transactions include recent rounds of financing, recent purchases made by the Company, and tender offers. Refer to “Note 2—Significant Accounting Policies— Investments at Fair Value (3) The weighted averages are calculated based on the fair market value of each investment. (4) Adjusted Funds From Operations, or “AFFO”. (5) Probability-Weighted Expected Return Method, or “PWERM”. SURO CAPITAL CORP. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS March 31, 2023 The aggregate values of Level 3 assets and liabilities changed during the three months ended March 31, 2023 as follows: SCHEDULE OF AGGREGATE VALUE OF ASSETS AND LIABILITIES Common Stock Preferred Stock Debt Investments Options Total Three Months Ended March 31, 2023 Common Stock Preferred Stock Debt Investments Options Total Assets: Fair Value as of December 31, 2022 $ 18,692,931 $ 117,214,465 $ 4,488,200 $ 3,469,497 $ 143,865,093 Purchases, capitalized fees and interest — 2,003,698 — — 2,003,698 Sales/Maturity of investments — — (250,000 ) — (250,000 ) Exercises and conversions (1) 3,751,518 (3,249,855 ) — (501,663 ) — Realized gains/(losses) 1,330,000 — — — 1,330,000 Net change in unrealized appreciation/(depreciation) included in earnings 11,190,007 (3,274,686 ) (97,009 ) (1,213,951 ) 6,604,361 Fair Value as of March 31, 2023 $ 34,964,456 $ 112,693,622 $ 4,141,191 $ 1,753,883 $ 153,553,152 Net change in unrealized appreciation/ (depreciation) of Level 3 investments still held as of March 31, 2023 $ 11,190,007 $ (3,274,686 ) $ (97,009 ) $ (1,215,614 ) $ 6,602,698 (1) During the three months ended March 31, 2023 , the Company’s portfolio investments had the following corporate actions which are reflected above: Portfolio Company Conversion from Conversion to Orchard Technologies, Inc. Preferred shares, Series D Senior Preferred shares, Series 1 Senior Preferred shares, Series 2 Class A Common Shares The aggregate values of Level 3 assets and liabilities changed during the year ended December 31, 2022 as follows: Common Stock Preferred Stock Debt Investments Options Total Year Ended December 31, 2022 Common Stock Preferred Stock Debt Investments Options Total Assets: Fair Value as of December 31, 2021 $ 42,860,156 $ 163,801,798 $ 3,011,438 $ 4,959,112 $ 214,632,504 Fair value beginning balance $ 42,860,156 $ 163,801,798 $ 3,011,438 $ 4,959,112 $ 214,632,504 Transfers out of Level 3 (1) (6,918,251 ) (1,775,506 ) — (48,639 ) (8,742,396 ) Purchases, capitalized fees and interest — 20,767,788 1,509,093 503,183 22,780,064 Sales/Maturity of investments (874,470 ) — (1,000,000 ) — (1,874,470 ) Realized gains/(losses) 160,965 — — (70,379 ) 90,586 Net change in unrealized appreciation/(depreciation) included in earnings (16,535,469 ) (65,579,615 ) 967,669 (1,873,780 ) (83,021,195 ) Fair Value as of December 31, 2022 $ 18,692,931 $ 117,214,465 $ 4,488,200 $ 3,469,497 $ 143,865,093 Fair value ending balance $ 18,692,931 $ 117,214,465 $ 4,488,200 $ 3,469,497 $ 143,865,093 Net change in unrealized appreciation/ (depreciation) of Level 3 investments still held as of December 31, 2022 $ (7,023,165 ) $ (63,138,372 ) $ 967,669 $ (1,624,324 ) $ (70,818,192 ) (1) During the year ended December 31, 2022, the Company’s portfolio investments had the following corporate actions which are reflected above: Portfolio Company Conversion from Conversion to Forge Global, Inc. Common Shares, Class AA Junior Preferred Shares Junior Preferred Warrants, Strike Price $ 12.42 11/9/2025 Public Common shares (Level 2) Common warrants, Strike Price $ 3.98 11/9/2025 SURO CAPITAL CORP. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS March 31, 2023 Schedule of Investments In, and Advances to, Affiliates Transactions during the three months ended March 31, 2023 involving the Company’s controlled investments and non-controlled/affiliate investments were as follows: SCHEDULE OF INVESTMENTS IN AND ADVANCES TO AFFILIATES Type/Industry/Portfolio Company/Investment Principal/ Quantity Interest, Fees, or Dividends Credited in Income Fair Value at December 31, 2022 Unrealized Gains/(Losses) Fair Value at March 31, 2023 Percentage of Net Assets CONTROLLED INVESTMENTS (2) Options Special Purpose Acquisition Company Colombier Sponsor LLC**–Class W Units (7) 2,700,000 $ — $ 1,157,487 $ (563,487 ) $ 594,000 0.28 % Total Options — 1,157,487 (563,487 ) 594,000 0.28 % Preferred Stock Clean Technology SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.)–Preferred shares, Class A (4) 14,300,000 — 984,028 (50,000 ) 934,028 0.43 % Total Preferred Stock — 984,028 (50,000 ) 934,028 0.43 % Common Stock Clean Technology SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.)–Common shares 100,000 — — — — — % Mobile Finance Technology Architect Capital PayJoy SPV, LLC**–Membership Interest in Lending SPV*** $ 10,000,000 236,000 10,000,000 — 10,000,000 4.65 % Special Purpose Acquisition Company Colombier Sponsor LLC**–Class B Units (7) 1,976,033 — 1,554,355 12,646,359 14,200,714 6.60 % Total Common Stock 236,000 11,554,355 12,646,359 24,200,714 11.25 % TOTAL CONTROLLED INVESTMENTS* (2) $ 236,000 $ 13,695,870 $ 12,032,872 $ 25,728,742 11.96 % NON-CONTROLLED/AFFILIATE INVESTMENTS (1) Debt Investments Global Innovation Platform OneValley, Inc. (f/k/a NestGSV, Inc.) –Convertible Promissory Note 8%, Due 8/23/2024 (3) $ 1,010,198 $ — $ 1,988,200 $ (97,009 ) $ 1,891,191 0.88 % Total Debt Investments — 1,988,200 (97,009 ) 1,891,191 0.88 % Preferred Stock Knowledge Networks Maven Research, Inc.–Preferred shares, Series C 318,979 — — — — — % Maven Research, Inc.–Preferred shares, Series B 49,505 — — — — — % Total Knowledge Networks — — — — — % Digital Media Platform Ozy Media, Inc.–Preferred shares, Series C-2 6% (8) 683,482 — — — — — % Ozy Media, Inc.–Preferred shares, Series B 6% (8) 922,509 — — — — — % Ozy Media, Inc.–Preferred shares, Series A 6% (8) 1,090,909 — — — — — % Ozy Media, Inc.–Preferred shares, Series Seed 6% (8) 500,000 — — — — — % Total Digital Media Platform — — — — — % Interactive Learning StormWind, LLC–Preferred shares, Series D 8% (5) 329,337 — 533,429 (26,638 ) 506,791 0.24 % StormWind, LLC–Preferred shares, Series C 8% (5) 2,779,134 — 5,675,081 (249,668 ) 5,425,413 2.52 % StormWind, LLC–Preferred shares, Series B 8% (5) 3,279,629 — 3,550,631 (265,265 ) 3,285,366 1.53 % StormWind, LLC–Preferred shares, Series A 8% (5) 366,666 — 191,694 (29,657 ) 162,037 0.08 % Total Interactive Learning — 9,950,835 (571,228 ) 9,379,607 4.36 % Total Preferred Stock — 9,950,835 (571,228 ) 9,379,607 4.36 % Options Digital Media Platform Ozy Media, Inc.–Common Warrants, Strike Price $ 0.01 4/9/2028 (8) 295,565 $ — $ — $ — $ — — % Global Innovation Platform OneValley, Inc. (f/k/a NestGSV, Inc.)–Preferred Warrant Series B, Strike Price $ 2.31 12/31/2023 250,000 — — — — — % OneValley, Inc. (f/k/a NestGSV, Inc.)–Derivative Security, Expiration Date 8/23/2024 (6) 1 — 652,127 (652,127 ) — — % Total Global Innovation Platform — 652,127 (652,127 ) — — % Total Options — 652,127 (652,127 ) — — % Common Stock Online Education Curious.com, Inc.–Common shares 1,135,944 — — — — — % Total Common Stock — — — — — % TOTAL NON-CONTROLLED/AFFILIATE INVESTMENTS* (1) $ — $ 12,591,162 $ (1,320,364 ) $ 11,270,798 5.24 % SURO CAPITAL CORP. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS March 31, 2023 * All portfolio investments are non-income-producing, unless otherwise identified. Equity investments are subject to lock-up restrictions upon their IPO. Preferred dividends are generally only payable when declared and paid by the portfolio company’s board of directors. The Company’s directors, officers, employees and staff, as applicable, may serve on the board of directors of the Company’s portfolio investments. (Refer to “Note 3—Related-Party Arrangements”). All portfolio investments are considered Level 3 and valued using significant unobservable inputs, unless otherwise noted. (Refer to “Note 4—Investments at Fair Value”). All portfolio investments are considered Level 3 and valued using unobservable inputs, unless otherwise noted. All of the Company’s portfolio investments are restricted as to resale, unless otherwise noted, and were valued at fair value as determined in good faith by the Company’s Board of Directors. (Refer to “Note 2—Significant Accounting Policies—Investments at Fair Value”). ** Indicates assets that SuRo Capital Corp. believes do not represent “qualifying assets” under Section 55(a) of the 1940 Act. Of the Company’s total investments as of March 31, 2023, 20.49% *** Investment is income-producing. (1) “Affiliate Investments” are investments in those companies that are “Affiliated Companies” of SuRo Capital Corp., as defined in the 1940 Act. In general, a company is deemed to be an “Affiliate” of SuRo Capital Corp. if SuRo Capital Corp. beneficially owns, directly or indirectly, between 5% and 25% of the voting securities ( i.e. (2) “Control Investments” are investments in those companies that are “Controlled Companies” of SuRo Capital Corp., as defined in the 1940 Act. In general, under the 1940 Act, the Company would “Control” a portfolio company if the Company beneficially owns, directly or indirectly, more than 25% of its outstanding voting securities (i.e., securities with the right to elect directors) and/or had the power to exercise control over the management or policies of such portfolio company. (3) As of March 31, 2023, the investments noted had been placed on non-accrual status. (4) The SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.) preferred shares held by SuRo Capital Corp. do not entitle SuRo Capital Corp. to a preferred dividend rate. SuRo Capital Corp. does not anticipate that SPBRX, INC. will pay distributions on a quarterly or regular basis or become a predictable distributor of distributions. (5) SuRo Capital Corp.’s investments in StormWind, LLC are held through SuRo Capital Corp.’s wholly owned subsidiary, GSVC SW Holdings, Inc. (6) On August 23, 2019, SuRo Capital Corp. amended the structure of its investment in OneValley, Inc. (f/k/a NestGSV, Inc.). As part of the agreement, SuRo Capital Corp.’s equity holdings (warrants notwithstanding) were restructured into a derivative security. OneValley, Inc. (f/k/a NestGSV, Inc.) has the right to call the position at any time over a five year period, ending August 23, 2024, while SuRo Capital Corp. can put the shares to OneValley, Inc. (f/k/a NestGSV, Inc.) at the end of the five year period. (7) Colombier Sponsor LLC is the sponsor of Colombier Acquisition Corp., a special purpose acquisition company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. (8) On March 1, 2023, Ozy Media, Inc. suspended operations. SURO CAPITAL CORP. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS March 31, 2023 Schedule of Investments In, and Advances to, Affiliates Transactions during the year ended December 31, 2022 involving the Company’s controlled investments and non-controlled/affiliate investments were as follows: Type/Industry/Portfolio Company/Investment Principal/ Quantity Interest, Fees, or Dividends Credited in Income Fair Value at December 31, 2021 Transfer In/ (Out) Purchases, Capitalized Fees, Interest and Amortization Sales Realized Gains/(Losses) Unrealized Gains/(Losses) Fair Value at December 31, 2022 Percentage of Net Assets CONTROLLED INVESTMENTS (2) Options Special Purpose Acquisition Company Colombier Sponsor LLC**–Class W Units (7) 2,700,000 $ — $ 1,157,487 $ — $ — $ — $ — $ — $ 1,157,487 0.55 % Total Options — 1,157,487 — — — — — 1,157,487 0.55 % Preferred Stock Clean Technology SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.)–Preferred shares, Class A (4) 14,300,000 — 1,047,033 — — — — (63,005 ) 984,028 0.47 % Total Preferred Stock — 1,047,033 — — — — (63,005 ) 984,028 0.47 % Common Stock Clean Technology SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.)–Common shares 100,000 — — — — — — — — — % Mobile Finance Technology Architect Capital PayJoy SPV, LLC**–Membership Interest in Lending SPV*** $ 10,000,000 1,685,000 10,000,000 — — — — — 10,000,000 4.76 % Special Purpose Acquisition Company Colombier Sponsor LLC**–Class B Units (7) 1,976,033 — 1,554,354 — — — — 1 1,554,355 0.74 % Total Common Stock 1,685,000 11,554,354 — — — — 1 11,554,355 5.50 % TOTAL CONTROLLED INVESTMENTS* (2) $ 1,685,000 $ 13,758,874 $ — $ — $ — $ — $ (63,004 ) $ 13,695,870 6.52 % NON-CONTROLLED/AFFILIATE INVESTMENTS (1) Debt Investments Global Innovation Platform OneValley, Inc. (f/k/a NestGSV, Inc.) –Convertible Promissory Note 8%, Due 8/23/2024 (3) $ 1,010,198 $ — $ 505,099 $ — $ — $ — $ — $ 1,483,101 $ 1,988,200 0.95 % Total Debt Investments — 505,099 — — — — 1,483,101 1,988,200 0.95 % Preferred Stock Knowledge Networks Maven Research, Inc.–Preferred shares, Series C 318,979 — — — — — — — — — % Maven Research, Inc.–Preferred shares, Series B 49,505 — — — — — — — — — % Total Knowledge Networks — — — — — — — — — % Digital Media Platform Ozy Media, Inc.–Preferred shares, Series C-2 6% 683,482 — — — — — — — — % Ozy Media, Inc.–Preferred shares, Series B 6% 922,509 — — — — — — — — — % Ozy Media, Inc.–Preferred shares, Series A 6% 1,090,909 — — — — — — — — — % Ozy Media, Inc.–Preferred shares, Series Seed 6% 500,000 — — — — — — — — — % Total Digital Media Platform — — — — — — — — — % Interactive Learning StormWind, LLC–Preferred shares, Series D 8% (5) 329,337 — 621,093 — — — (87,664 ) 533,429 0.25 % StormWind, LLC–Preferred shares, Series C 8% (5) 2,779,134 — 6,496,729 — — — — (821,648 ) 5,675,081 2.70 % StormWind, LLC–Preferred shares, Series B 8% (5) 3,279,629 — 4,423,607 — — — — (872,976 ) 3,550,631 1.69 % StormWind, LLC–Preferred shares, Series A 8% (5) 366,666 — 289,293 — — — — (97,599 ) 191,694 0.09 % Total Interactive Learning — 11,830,722 — — — — (1,879,887 ) 9,950,835 4.74 % Total Preferred Stock — 11,830,722 — — — — (1,879,887 ) 9,950,835 4.74 % Options Digital Media Platform Ozy Media, Inc.–Common Warrants, Strike Price $ 0.01 4/9/2028 295,565 $ — $ — $ — $ — $ — $ — $ — $ — — % Global Innovation Platform OneValley, Inc. (f/k/a NestGSV, Inc.)–Preferred Warrant Series B, Strike Price $ 2.31 5/29/2022 — — — — — — (70,379 ) 70,379 — — % OneValley, Inc. (f/k/a NestGSV, Inc.)–Preferred Warrant Series B, Strike Price $ 2.31 12/31/2023 250,000 — 5,000 — — — — (5,000 ) — — % OneValley, Inc. (f/k/a NestGSV, Inc.)–Derivative Security, Expiration Date 8/23/2024 (6) 1 — 2,268,268 — — — — (1,616,141 ) 652,127 0.31 % Total Global Innovation Platform — 2,273,268 — — (70,379 ) (1,550,762 ) 652,127 0.31 % Total Options — 2,273,268 — — — (70,379 ) (1,550,762 ) 652,127 0.31 % Common Stock Online Education Curious.com, Inc.–Common shares 1,135,944 — — — — — — — — — % Total Common Stock — — — — — — — — — % TOTAL NON-CONTROLLED/AFFILIATE INVESTMENTS* (1) $ — $ 14,609,089 $ — $ — $ — $ (70,379 ) $ (1,947,548 ) $ 12,591,162 6.00 % SURO CAPITAL CORP. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS March 31, 2023 * All portfolio investments are non-income-producing, unless otherwise identified. Equity investments are subject to lock-up restrictions upon their IPO. Preferred dividends are generally only payable when declared and paid by the portfolio company’s board of directors. The Company’s directors, officers, employees and staff, as applicable, may serve on the board of directors of the Company’s portfolio investments. (Refer to “Note 3—Related-Party Arrangements”). All portfolio investments are considered Level 3 and valued using significant unobservable inputs, unless otherwise noted. (Refer to “Note 4—Investments at Fair Value”). All portfolio investments are considered Level 3 and valued using unobservable inputs, unless otherwise noted. All of the Company’s portfolio investments are restricted as to resale, unless otherwise noted, and were valued at fair value as determined in good faith by the Company’s Board of Directors. (Refer to “Note 2—Significant Accounting Policies—Investments at Fair Value”). ** Indicates assets that SuRo Capital Corp. believes do not represent “qualifying assets” under Section 55(a) of the 1940 Act. Of the Company’s total investments as of December 31, 2022, 14.47% *** Investment is income-producing. (1) “Affiliate Investments” are investments in those companies that are “Affiliated Companies” of SuRo Capital Corp., as defined in the 1940 Act. In general, a company is deemed to be an “Affiliate” of SuRo Capital Corp. if SuRo Capital Corp. beneficially owns, directly or indirectly, between 5% and 25% of the voting securities ( i.e. (2) “Control Investments” are investments in those companies that are “Controlled Companies” of SuRo Capital Corp., as defined in the 1940 Act. In general, under the 1940 Act, the Company would “Control” a portfolio company if the Company beneficially owns, directly or indirectly, more than 25% of its outstanding voting securities (i.e., securities with the right to elect directors) and/or had the power to exercise control over the management or policies of such portfolio company. (3) As of December 31, 2022, the investments noted had been placed on non-accrual status. (4) The SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.) preferred shares held by SuRo Capital Corp. do not entitle SuRo Capital Corp. to a preferred dividend rate. SuRo Capital Corp. does not anticipate that SPBRX, INC. will pay distributions on a quarterly or regular basis or become a predictable distributor of distributions. (5) SuRo Capital Corp.’s investments in StormWind, LLC are held through SuRo Capital Corp.’s wholly owned subsidiary, GSVC SW Holdings, Inc. (6) On August 23, 2019, SuRo Capital Corp. amended the structure of its investment in OneValley, Inc. (f/k/a NestGSV, Inc.). As part of the agreement, SuRo Capital Corp.’s equity holdings (warrants notwithstanding) were restructured into a derivative security. OneValley, Inc. (f/k/a NestGSV, Inc.) has the right to call the position at any time over a five year period, ending August 23, 2024, while SuRo Capital Corp. can put the shares to OneValley, Inc. (f/k/a NestGSV, Inc.) at the end of the five year period. (7) Colombier Sponsor LLC is the sponsor of Colombier Acquisition Corp., a special purpose acquisition company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. SURO CAPITAL CORP. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS March 31, 2023 |
COMMON STOCK
COMMON STOCK | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
COMMON STOCK | NOTE 5— COMMON STOCK Share Repurchase Program On August 8, 2017, the Company announced a $ 5.0 0.01 5.0 5.0 10.0 5.0 15.0 5.0 20.0 5.0 25.0 5.0 30.0 10.0 40.0 40.0 15.0 55.0 55.0 The timing and number of shares to be repurchased will depend on a number of factors, including market conditions and alternative investment opportunities. The Share Repurchase Program may be suspended, terminated or modified at any time for any reason and does not obligate the Company to acquire any specific number of shares of its common stock. Under the Share Repurchase Program, we may repurchase our outstanding common stock in the open market provided that we comply with the prohibitions under our insider trading policies and procedures and the applicable provisions of the 1940 Act and the Securities Exchange Act of 1934, as amended. During the three months ended March 31, 2023, the Company did no 153,517 16.4 55.0 SURO CAPITAL CORP. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS March 31, 2023 Amended and Restated 2019 Equity Incentive Plan Refer to “Note 11—Stock-Based Compensation” for a description of the Company’s restricted shares of common stock granted under the Amended & Restated 2019 Equity Incentive Plan (as defined therein). At-the-Market Offering On July 29, 2020, the Company entered into an At-the-Market Sales Agreement, dated July 29, 2020 (the “Initial Sales Agreement”), with BTIG, LLC, JMP Securities LLC and Ladenburg Thalmann & Co., Inc. (collectively, the “Agents”). Under the Initial Sales Agreement, the Company may, but has no obligation to, issue and sell up to $ 50.0 150.0 50.0 150.0 Sales of the Shares, if any, will be made by any method that is deemed to be an “at-the-market” offering as defined in Rule 415 under the Securities Act, including sales made directly on the Nasdaq Global Select Market or sales made to or through a market maker other than on an exchange, at market prices prevailing at the time of sale, at prices related to prevailing market prices or at other negotiated prices. Actual sales in the ATM Program will depend on a variety of factors to be determined by the Company from time to time. The Agents will receive a commission from the Company equal to up to 2.0% During the three months ended March 31, 2023, the Company no 17,807 13.01 231,677 229,896 98.8 |
NET CHANGE IN NET ASSETS RESULT
NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS PER COMMON SHARE—BASIC AND DILUTED | 3 Months Ended |
Mar. 31, 2023 | |
Net Change in Net Assets Resulting from Operations per Common Share: | |
NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS PER COMMON SHARE—BASIC AND DILUTED | NOTE 6— NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS PER COMMON SHARE—BASIC AND DILUTED The following information sets forth the computation of basic and diluted net increase in net assets resulting from operations per common share, pursuant to ASC 260, for the three months ended March 31, 2023 and 2022. SCHEDULE OF BASIC AND DILUTED COMMON SHARE 2023 2022 Three Months Ended March 31, 2023 2022 Earnings per common share–basic: Net change in net assets resulting from operations $ 4,616,509 $ 20,456,455 Weighted-average common shares–basic 28,378,529 31,228,046 Earnings per common share–basic $ 0.16 $ 0.66 Earnings per common share–diluted: Net change in net assets resulting from operations $ 4,616,509 $ 20,456,455 Weighted-average common shares outstanding–diluted (1) 28,378,529 31,228,046 Earnings per common share–diluted $ 0.16 $ 0.66 (1) For the three months ended March 31, 2023 and March 31, 2022, there were no potentially dilutive securities outstanding. SURO CAPITAL CORP. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS March 31, 2023 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 7— COMMITMENTS AND CONTINGENCIES In the normal course of business, the Company may enter into investment agreements under which it commits to make an investment in a portfolio company at some future date or over a specified period of time. From time to time, the Company may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of its rights under contracts with its portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, the Company does not expect that these proceedings will have a material effect upon its business, financial condition or results of operations. The Company is not currently a party to any material legal proceedings. Operating Leases & Related Deposits The Company currently has one operating lease for office space for which the Company has recorded a right-of-use asset and lease liability for the operating lease obligation. The lease commenced June 3, 2019 and expires July 31, 2024 As of March 31, 2023 and December 31, 2022, the Company booked a right-of-use asset and operating lease liability of $ 252,135 288,268 16,574 16,574 48,723 47,332 1.3 3.00 The following table shows future minimum payments under the Company’s operating lease as of March 31, 2023: SCHEDULE OF FUTURE MINIMUM PAYMENTS OF OPERATING LEASE For the Years Ended December 31, Amount 2023 143,883 2024 113,603 $ 257,486 SURO CAPITAL CORP. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS March 31, 2023 |
FINANCIAL HIGHLIGHTS
FINANCIAL HIGHLIGHTS | 3 Months Ended |
Mar. 31, 2023 | |
Investment Company [Abstract] | |
FINANCIAL HIGHLIGHTS | NOTE 8— FINANCIAL HIGHLIGHTS SCHEDULE OF FINANCIAL HIGHLIGHTS 2023 2022 Three Months Ended March 31, 2023 2022 Per Basic Share Data Net asset value at beginning of the year $ 7.39 $ 11.72 Net investment loss (1) (0.15 ) (0.14 ) Net realized gain on investments (1) 0.01 0.10 Net change in unrealized appreciation/(depreciation) of investments (1) 0.30 0.69 Dividends declared — (0.11 ) Issuance of common stock from public offering (1) — 0.01 Repurchase of common stock (1) — (0.06 ) Stock-based compensation (1) 0.04 0.01 Net asset value at end of period $ 7.59 $ 12.22 Per share market value at end of period $ 3.62 $ 8.63 Total return based on market value (2) (4.74 )% (31.72 )% Total return based on net asset value (2) 2.71 % 5.03 % Shares outstanding at end of period 28,338,580 31,164,443 Ratios/Supplemental Data: Net assets at end of period $ 215,043,069 $ 380,701,527 Average net assets $ 209,347,362 $ 364,015,960 Ratio of net operating expenses to average net assets (3) 10.70 % 5.39 % Ratio of net investment loss to average net assets (3) (8.18 )% (4.73 )% Portfolio Turnover Ratio 1.24 % — % (1) Based on weighted-average number of shares outstanding for the relevant period. (2) Total return based on market value is based upon the change in market price per share between the opening and ending market values per share in the period, adjusted for dividends and equity issuances. Total return based on net asset value is based upon the change in net asset value per share between the opening and ending net asset values per share in the period, adjusted for dividends and equity issuances. (3) Financial highlights for periods of less than one year are annualized and the ratios of operating expenses to average net assets and net investment loss to average net assets are adjusted accordingly. Because the ratios are calculated for the Company’s common stock taken as a whole, an individual investor’s ratios may vary from these ratios. SURO CAPITAL CORP. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS March 31, 2023 |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 9— INCOME TAXES The Company elected to be treated as a RIC under Subchapter M of the Code beginning with its taxable year ended December 31, 2014 and has qualified to be treated as a RIC for subsequent taxable years. The Company intends to continue to operate so as to qualify to be subject to tax treatment as a RIC under Subchapter M of the Code and, as such, will not be subject to U.S. federal income tax on the portion of taxable income (including gains) distributed as dividends for U.S. federal income tax purposes to stockholders. Taxable income includes the Company’s taxable interest, dividend and fee income, reduced by certain deductions, as well as taxable net realized investment gains. Taxable income generally differs from net income for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses, and generally excludes net unrealized appreciation or depreciation, as such gains or losses are not included in taxable income until they are realized. To qualify and be subject to tax as a RIC, the Company is required to meet certain income and asset diversification tests in addition to distributing dividends of an amount generally at least equal to 90 As a RIC, the Company will be subject to a 4 (1) 98% of our ordinary income (taking into account certain deferrals and elections) for each calendar year, (2) 98.2% of our capital gain net income (adjusted for certain ordinary losses) for the 1-year period ending October 31 of each such calendar year and (3) any ordinary income and net capital gains for preceding years, but not distributed during such years and on which the Company paid no U.S. federal income tax Depending on the level of taxable income earned in a taxable year, the Company may choose to carry over taxable income in excess of current taxable year distributions from such taxable income into the next taxable year and incur a 4 The Company has taxable subsidiaries which hold certain portfolio investments in an effort to limit potential legal liability and/or comply with source-income type requirements contained in the RIC tax provisions of the Code. These taxable subsidiaries are consolidated for GAAP and the portfolio investments held by the taxable subsidiaries are included in the Company’s consolidated financial statements and are recorded at fair value. These taxable subsidiaries are not consolidated with the Company for income tax purposes and may generate income tax expense, or benefit, and tax assets and liabilities as a result of their ownership of certain portfolio investments. Any income generated by these taxable subsidiaries generally would be subject to tax at normal corporate tax rates based on its taxable income. The Company intends to timely distribute to its stockholders substantially all of its annual taxable income for each year, except that it may retain certain net capital gains for reinvestment and, depending upon the level of taxable income earned in a year, may choose to carry forward taxable income for distribution in the following year and pay any applicable U.S. federal excise tax. SURO CAPITAL CORP. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS March 31, 2023 The Company is required to include net deferred tax provision/benefit in calculating its total expenses even though these net deferred taxes are not currently payable/receivable. Taxable income generally differs from net income for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses, and generally excludes net unrealized appreciation or depreciation, as such gains or losses are not included in taxable income until they are realized. For U.S. federal and state income tax purposes, a portion of the Taxable Subsidiaries’ net operating loss carryforwards and basis differences may be subject to limitations on annual utilization in case of a change in ownership, as defined by federal and state law. The amount of such limitations, if any, has not been determined. Accordingly, the amount of such tax attributes available to offset future profits may be significantly less than the actual amounts of the tax attributes. The Company and the Taxable Subsidiaries identified their major tax jurisdictions as U.S. federal, New York, and California and may be subject to the taxing authorities’ examination for the tax years 2020–2023 in New York and 2019–2023 in California, respectively. Further, the Company and the Taxable Subsidiaries accrue all interest and penalties related to uncertain tax positions as incurred. As of March 31, 2023, there were no material interest or penalties incurred related to uncertain tax positions. |
DEBT CAPITAL ACTIVITIES
DEBT CAPITAL ACTIVITIES | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
DEBT CAPITAL ACTIVITIES | NOTE 10— DEBT CAPITAL ACTIVITIES 6.00% Notes due 2026 On December 17, 2021, the Company issued $ 70.0 March 28, 2018 5.0 6.00 payable quarterly in arrears on March 30, June 30, September 30, and December 30 of each year, commencing on March 30, 2022 The Company has the right to redeem the 6.00% Notes due 2026, in whole or in part, at any time or from time to time, on or after December 30, 2024 at a redemption price of 100 The 6.00% Notes due 2026 are direct unsecured obligations of the Company and rank pari passu The 6.00% Notes due 2026 are listed for trading on the Nasdaq Global Select Market under the symbol “SSSSL”. The reported closing market price of SSSSL on March 31, 2023 and December 31, 2022 was $ 23.50 23.51 70.5 70.5 SURO CAPITAL CORP. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS March 31, 2023 |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
STOCK-BASED COMPENSATION | NOTE 11— STOCK-BASED COMPENSATION 2019 Equity Incentive Plan On June 5, 2019, our Board of Directors adopted, and our stockholders approved, an equity-based incentive plan (the “2019 Equity Incentive Plan”), which authorized equity awards to be granted for up to 1,976,264 10 On July 17, 2019, stock options providing the right to purchase up to 1,165,000 These stock options had a vesting period of 3 Cancellation of Stock Option Awards Under 2019 Equity Incentive Plan On April 28, 2020, all stock option awards granted under the 2019 Equity Incentive Plan were canceled for no payment pursuant to an option cancellation agreement (the “Option Cancellation Agreement”). As a result, there are no stock option awards outstanding under the 2019 Equity Incentive Plan. In accordance with FASB ASC 718, Compensation Stock Compensation The Company follows ASC 718 to account for stock options granted. Under ASC 718, compensation expense associated with stock-based compensation is measured at the grant date based on the fair value of the award and is recognized over the vesting period. Determining the appropriate fair value model and calculating the fair value of stock-based awards at the grant date requires judgment, including estimating stock price volatility, forfeiture rate, and expected option life. The time-based options granted on July 17, 2019 were ascribed a weighted-average fair value of $ 2.57 SCHEDULE OF STOCK OPTIONS, VALUATION ASSUMPTIONS Input Assumptions As of July 17, Term (years) 5.55 Volatility 39.47 % Risk-free rate 1.86 % Dividend yield — SCHEDULE OF OPTION, ACTIVITY Number of Shares Weighted-Average Weighted-Average Outstanding as of December 31, 2019 1,155,000 $ 6.57 $ 2.57 Cancelled - - - Outstanding - - - Vested and Exercisable as of December 31, 2019 385,000 $ 6.57 $ 2.57 Outstanding - - - Cancelled ( 1,155,000 ) $ 6.57 $ 2.57 Outstanding as of March 31, 2023 and December 31, 2022 — - - SURO CAPITAL CORP. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS March 31, 2023 As of March 31, 2023 and December 31, 2022, there was $ 0 Amended and Restated 2019 Equity Incentive Plan On June 19, 2020, our Board of Directors adopted, and our stockholders approved, an amendment and restatement of the Company’s 2019 Equity Incentive Plan (the “Amended & Restated 2019 Equity Incentive Plan”) under which the Company is authorized to grant equity awards for up to 1,627,967 Under the Amended & Restated 2019 Equity Incentive Plan, each non-employee director will receive an annual grant of $ 50,000 50,000 Other than such restricted shares granted to non-employee directors, the Company’s Compensation Committee may determine the time or times at which Options and restricted shares granted to other Participants will vest or become payable or exercisable, as applicable. The exercise price of each Option will not be less than 100% of the fair market value of the Company’s common stock on the date the option is granted. However, any optionee who owns more than 10% of the combined voting power of all classes of the Company’s outstanding common stock (a “10% Stockholder”), will not be eligible for the grant of an incentive stock option unless the exercise price of the incentive stock option is at least 110% of the fair market value of the Company’s common stock on the date of grant. Generally, no Option will be exercisable after the expiration of ten years from the date of grant. In the case of an Option granted to a 10% Stockholder, the term of an incentive stock option will be for no more than five years from the date of grant. During the three months ended March 31, 2023, the Company did no t grant any restricted shares to the Company’s officers pursuant to the Amended & Restated 2019 Equity Incentive Plan. The Company determined that the fair values, based on the grant date close price of such restricted shares granted under the Amended & Restated 2019 Equity Incentive Plan during the three months ended March 31, 2023 and 2022 were approximately $ 0 and $ 2,885,000 , respectively, in the aggregate. For the three months ended March 31, 2023 and 2022, we recognized stock-based compensation expense of $ 755,581 633,193 As of March 31, 2023 and December 31, 2022, there were approximately $ 5,696,028 and $ 6,451,610 of total unrecognized compensation costs related to the restricted share grants. Compensation expense associated with the restricted shares is recognized on a quarterly basis over the respective vesting periods. On June 1, 2022, 15,080 restricted shares related to the 2021 non-employee director grants vested. The Company expensed the full value of restricted stock compensation related to annual non-employee director grants on the vesting date. SURO CAPITAL CORP. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS March 31, 2023 The following table summarizes the activities for the Company’s restricted share grants for the three months ended March 31, 2023 under the Amended & Restated 2019 Equity Incentive Plan: SCHEDULE OF EQUITY INCENTIVE PLAN Number of Outstanding as of December 31, 2022 606,620 Granted — Vested (1) (177,937 ) Forfeited — Outstanding as of March 31, 2023 428,683 Vested as of March 31, 2023 348,737 (1) The balance of vested shares as of March 31, 2023 reflects the total shares vested during the period and has not been reduced for those vested shares forfeited at time of vest related to net share settlement. Of the 177,937 shares vested, 90,919 The Amended & Restated 2019 Equity Incentive Plan provides for the concept of “net share settlement.” Specifically, it provides that the Company is authorized to withhold the Common Stock at the time the restricted shares are vested and taxed in satisfaction of the Participant’s tax obligations. On June 16, 2020, the Company received exemptive relief from the SEC to permit such withholding of shares. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 12— SUBSEQUENT EVENTS Portfolio Activity From April 1, 2023 through May 9, 2023, the Company exited or received proceeds from the following investments (excluding short-term U.S. Treasury investments): SCHEDULE OF INVESTMENTS Portfolio Company Transaction Date Net Proceeds Realized Gain/(Loss) (1) Ozy Media, Inc. (2) 5/4/2023 $ — $ (10,945,024 ) Residential Homes For Rent, LLC (d/b/a Second Avenue) (3) 4/21/2023 83,333 — Total $ 83,333 $ (10,945,024 ) (1) Realized loss does not include adjustments to amounts held in escrow receivable. (2) On May 4, 2023, SuRo Capital Corp. abandoned its investment in Ozy Media, Inc. (3) Subsequent to March 31, 2023, $ 0.1 15% December 23, 2023 0.1 From April 1, 2023 through May 9, 2023, the Company did not purchase any investments (excluding short-term U.S. Treasury investments). The Company is frequently in negotiations with various private companies with respect to investments in such companies. Investments in private companies are generally subject to satisfaction of applicable closing conditions. In the case of secondary market transactions, such closing conditions may include approval of the issuer, waiver or failure to exercise rights of first refusal by the issuer and/or its stockholders and termination rights by the seller or the Company. Equity investments made through the secondary market may involve making deposits in escrow accounts until the applicable closing conditions are satisfied, at which time the escrow accounts will close and such equity investments will be effectuated. SURO CAPITAL CORP. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS March 31, 2023 Modified Dutch Auction Tender Offer On March 17, 2023, the Company’s Board approved a tender offer, which commenced on March 21, 2023, to purchase up to 3,000,000 3.00 4.50 0.10 April 17, 2023 3,000,000 10.6 4.50 Custody Agreements On April 19, 2023, the Company and Western Alliance Trust Company, National Association (the “Custodian”) entered into a custody agreement (the “Custody Agreement”), pursuant to which the Custodian was appointed to serve as the Company’s custodian to hold securities, loans, cash, and other assets on behalf of the Company. Either party may terminate the Custody Agreement at any time upon sixty (60) days’ prior written notice. |
SUPPLEMENTAL FINANCIAL DATA
SUPPLEMENTAL FINANCIAL DATA | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
SUPPLEMENTAL FINANCIAL DATA | NOTE 13— SUPPLEMENTAL FINANCIAL DATA Summarized Financial Information of Unconsolidated Subsidiaries In accordance with the SEC’s Regulation S-X and GAAP, the Company is not permitted to consolidate any subsidiary or other entity that is not an investment company, including those in which the Company has a controlling interest; however, the Company must disclose certain financial information related to any subsidiaries or other entities that are considered to be “significant subsidiaries” under the applicable rules of Regulation S-X. In May 2020, the SEC adopted rule amendments that impacted the requirement of investment companies, including BDCs, to disclose the financial statements of certain of their portfolio companies or acquired funds (the “Final Rules”). The Final Rules adopted a new definition of “significant subsidiary” set forth in Rule 1-02(w)(2) of Regulation S-X under the Securities Act. Rules 3-09 and 4-08(g) of Regulation S-X require investment companies to include separate financial statements or summary financial information, respectively, in such investment company’s periodic reports for any portfolio company that meets the definition of “significant subsidiary.” The Final Rules amended the definition of “significant subsidiary” in a manner that was intended to more accurately capture those portfolio companies that were more likely to materially impact the financial condition of an investment company. The Company’s three controlled portfolio companies as of March 31, 2023, SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.), Architect Capital PayJoy SPV, LLC and Colombier Sponsor LLC, did not meet the definition of a “significant subsidiary” as set forth in Rule 1-02(w)(2). For comparability purposes, the Company has omitted the previously disclosed summarized financial information of the Company’s significant subsidiaries for the quarter ended March 31, 2022 as the Company’s significant subsidiaries would not have been considered significant subsidiaries under the Final Rules. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The interim unaudited condensed consolidated financial statements of the Company are prepared on the accrual basis of accounting in conformity with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the requirements for reporting on Form 10-Q and Regulation S-X under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company is an investment company following the specialized accounting and reporting guidance specified in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies The results of operations for the current interim period are not necessarily indicative of results that ultimately may be achieved for any other interim period or for the year ending December 31, 2023. The interim unaudited condensed consolidated financial statements and notes hereto should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the Company’s annual report on Form 10-K for the year ended December 31, 2022. |
Basis of Consolidation | Basis of Consolidation Under Article 6 of Regulation S-X and the American Institute of Certified Public Accountants’ (“AICPA”) Audit and Accounting Guide for Investment Companies, the Company is precluded from consolidating any entity other than another investment company, a controlled operating company that provides substantially all of its services and benefits to the Company, and certain entities established for tax purposes where the Company holds a 100% interest. Accordingly, the Company’s condensed consolidated financial statements include its accounts and the accounts of the Taxable Subsidiaries, GCL, and SuRo Sports, its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of condensed consolidated financial statements in accordance with GAAP requires the Company’s management to make a number of significant estimates. These include estimates of the fair value of certain assets and liabilities and other estimates that affect the reported amounts of certain assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of certain revenues and expenses during the reporting period. It is likely that changes in these estimates may occur in the near term. The Company’s estimates are inherently subjective in nature and actual results could differ materially from such estimates. |
Uncertainties and Risk Factors | Uncertainties and Risk Factors The Company is subject to a number of risks and uncertainties in the nature of its operations, as well as vulnerability due to certain concentrations. Refer to “Risk Factors” in Part II, Item 1A of this Form 10-Q for a detailed discussion of the risks and uncertainties inherent in the nature of the Company’s operations. Refer to “Note 4—Investments at Fair Value” for an overview of the Company’s industry and geographic concentrations. |
Investments at Fair Value | Investments at Fair Value The Company applies fair value accounting in accordance with GAAP and the AICPA’s Audit and Accounting Guide for Investment Companies. The Company values its assets on a quarterly basis, or more frequently if required under the 1940 Act. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. GAAP establishes a framework for measuring fair value that includes a hierarchy used to classify the inputs used in measuring fair value. The hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three levels. The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement. The levels of the fair value hierarchy are as follows: Level 1 SURO CAPITAL CORP. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS March 31, 2023 Level 2 Level 3 When the inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement in its entirety. For example, a Level 3 fair value measurement may include inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Therefore, gains and losses for such assets and liabilities categorized within the Level 3 table set forth in “Note 4—Investments at Fair Value” may include changes in fair value that are attributable to both observable inputs (Levels 1 and 2) and unobservable inputs (Level 3). A review of fair value hierarchy classifications is conducted on a quarterly basis. Changes in the observability of valuation inputs may result in a reclassification for certain financial assets or liabilities. Reclassifications impacting Level 3 of the fair value hierarchy are reported as transfers in/out of the Level 3 category as of the beginning of the measurement period in which the reclassifications occur. Refer to “Levelling Policy” below for a detailed discussion of the levelling of the Company’s financial assets or liabilities and events that may cause a reclassification within the fair value hierarchy. Securities for which market quotations are readily available on an exchange are valued at the most recently available closing price of such security as of the valuation date, unless there are legal or contractual restrictions on the sale or use of such security that under ASC 820-10-35 should be incorporated into the security’s fair value measurement as a characteristic of the security that would transfer to market participants who would buy the security. The Company may also obtain quotes with respect to certain of its investments from pricing services, brokers or dealers in order to value assets. When doing so, the Company determines whether the quote obtained is sufficient according to GAAP to determine the fair value of the security. If determined to be adequate, the Company uses the quote obtained. Securities for which reliable market quotations are not readily available or for which the pricing source does not provide a valuation or methodology, or provides a valuation or methodology that, in the judgment of management, our Board of Directors or the valuation committee of the Company’s Board of Directors (the “Valuation Committee”), does not reliably represent fair value, shall each be valued as follows: 1. The quarterly valuation process begins with each portfolio company or investment being initially valued by the internal investment professionals responsible for the portfolio investment; 2. Preliminary valuation conclusions are then documented and discussed with senior management; 3. For all investments for which there are no readily available market quotations, the Valuation Committee engages an independent third-party valuation firm to conduct independent appraisals, review management’s preliminary valuations and make its own independent assessment; 4. The Valuation Committee applies the appropriate valuation methodology to each portfolio asset in a consistent manner, considers the inputs provided by management and the independent third-party valuation firm, discusses the valuations and recommends to the Company’s Board of Directors a fair value for each investment in the portfolio; and 5. The Company’s Board of Directors then discusses the valuations recommended by the Valuation Committee and determines in good faith the fair value of each investment in the portfolio. SURO CAPITAL CORP. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS March 31, 2023 In valuing the Company’s investments in venture investment funds (“Venture Investment Funds”), the Company applies the practical expedient provided by the ASC Topic 820 relating to investments in certain entities that calculate net asset value (“NAV”) per share (or its equivalent). ASC Topic 820 permits an entity holding investments in certain entities that either are investment companies, or have attributes similar to an investment company, and calculate NAV per share or its equivalent for which the fair value is not readily determinable, to measure the fair value of such investments on the basis of that NAV per share, or its equivalent, without adjustment. In making a good faith determination of the fair value of investments, the Board applies valuation methodologies consistent with industry practice. Valuation methods utilized include, but are not limited to, the following: comparisons to prices from secondary market transactions; venture capital financings; public offerings; purchase or sales transactions; analysis of financial ratios and valuation metrics of portfolio companies that issued such private equity securities to peer companies that are public; analysis of the portfolio company’s most recent financial statements, forecasts and the markets in which the portfolio company does business, and other relevant factors. The Company assigns a weighting based upon the relevance of each method to assist the Board in determining the fair value of each investment. For investments that are not publicly traded or that do not have readily available market quotations, the Valuation Committee generally engages an independent valuation firm to provide an independent valuation, which the Company’s Board of Directors considers, among other factors, in making its fair value determinations for these investments. For the current and prior fiscal year, the Valuation Committee engaged an independent valuation firm to perform valuations of 100% of the Company’s investments for which there were no readily available market quotations. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period. Because of the inherent uncertainty of valuation, these estimated values may differ significantly from the values that would have been reported had a ready market for the investments existed, and it is reasonably possible that the difference could be material. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the realized gains or losses on investments to be different from the net change in unrealized appreciation or depreciation currently reflected in the consolidated financial statements. Equity Investments Equity investments for which market quotations are readily available in an active market are generally valued at the most recently available closing market prices and are classified as Level 1 assets. Equity investments with readily available market quotations that are subject to sales restrictions due to an initial public offering (“IPO”) by the portfolio company will be classified as Level 1. Any other equity investments with readily available market quotations that are subject to sales restrictions that would transfer to market participants who would buy the security may be valued at a discount for a lack of marketability (“DLOM”), to the most recently available closing market prices depending upon the nature of the sales restriction. These investments are generally classified as Level 2 assets. The DLOM used is generally based upon the market value of publicly traded put options with similar terms. The fair values of the Company’s equity investments for which market quotations are not readily available are determined based on various factors and are classified as Level 3 assets. To determine the fair value of a portfolio company for which market quotations are not readily available, the Board applies the appropriate respective valuation methodology for the asset class or portfolio holding, which may involve analyzing the relevant portfolio company’s most recently available historical and projected financial results, public market comparables, and other factors. The Board may also consider other events, including the transaction in which the Company acquired its securities, subsequent equity sales by the portfolio company, and mergers or acquisitions affecting the portfolio company. In addition, the Board may consider the trends of the portfolio company’s basic financial metrics from the time of its original investment until the measurement date, with material improvement of these metrics indicating a possible increase in fair value, while material deterioration of these metrics may indicate a possible reduction in fair value. SURO CAPITAL CORP. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS March 31, 2023 In determining the fair value of equity or equity-linked securities (including warrants to purchase common or preferred stock) in a portfolio company, the Board considers the rights, preferences and limitations of such securities. In cases where a portfolio company’s capital structure includes multiple classes of preferred and common stock and equity-linked securities with different rights and preferences, the Company may use an option pricing model to allocate value to each equity-linked security, unless it believes a liquidity event such as an acquisition or a dissolution is imminent, or the portfolio company is unlikely to continue as a going concern. When equity-linked securities expire worthless, any cost associated with these positions is recognized as a realized loss on investments in the Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Cash Flows. In the event these securities are exercised into common or preferred stock, the cost associated with these securities is reassigned to the cost basis of the new common or preferred stock. These conversions are noted as non-cash operating items on the Condensed Consolidated Statements of Cash Flows. Debt Investments Given the nature of the Company’s current debt investments (excluding U.S. Treasuries), principally convertible and promissory notes issued by venture-capital-backed portfolio companies, these investments are classified as Level 3 assets because there is no known or accessible market or market indexes for these investment securities to be traded or exchanged. The Company’s debt investments are valued at estimated fair value as determined in good faith by the Company’s Board of Directors. Options The Company’s Board of Directors determines the fair value of options based on methodologies that can include discounted cash flow analyses, option pricing models, comparable analyses and other techniques as deemed appropriate. These investments are classified as Level 3 assets because there is no known or accessible market or market indexes for these investment securities to be traded or exchanged. The Company’s options are valued at estimated fair value as determined by the Company’s Board of Directors. Special Purpose Acquisition Companies The Company’s Board of Directors measures its Special Purpose Acquisition Company (“SPAC”) investments at fair value, which is equivalent to cost until a SPAC transaction is announced. After a SPAC transaction is announced, the Company’s Board of Directors will determine the fair value of SPAC investments based on fair value analyses that can include option pricing models, probability-weighted expected return method analyses and other techniques as deemed appropriate. Upon completion of the SPAC transaction, the Board utilizes the public share price of the entity, less a DLOM if there are restrictions on selling. The Company’s SPAC investments are valued at estimated fair value as determined in good faith by the Company’s Board of Directors. Portfolio Company Investment Classification The Company is a non-diversified company within the meaning of the 1940 Act. The Company classifies its investments by level of control. As defined in the 1940 Act, control investments are those where the investor retains the power to exercise a controlling influence over the management or policies of a company. Control is generally deemed to exist when a company or individual directly or indirectly owns beneficially more than 25% of the voting securities of an investee company. Affiliated investments and affiliated companies are defined by a lesser degree of influence and are deemed to exist when a company or individual directly or indirectly owns, controls or holds the power to vote 5% or more of the outstanding voting securities of a portfolio company. Refer to the Consolidated Schedules of Investments as of March 31, 2023 and December 31, 2022, for details regarding the nature and composition of the Company’s investment portfolio. Levelling Policy The portfolio companies in which the Company invests may offer their shares in IPOs. The Company’s shares in such portfolio companies are typically subject to lock-up agreements for 180 days following the IPO. Upon the IPO date, the Company transfers its investment from Level 3 to Level 1 due to the presence of an active market, or Level 2 if limited by the lock-up agreement. The Company prices the investment at the closing price on a public exchange as of the measurement date. In situations where there are lock-up restrictions, as well as legal or contractual restrictions on the sale or use of such security that under ASC 820-10-35 should be incorporated into the security’s fair value measurement as a characteristic of the security that would transfer to market participants who would buy the security, the Company will classify the investment as Level 2 subject to an appropriate DLOM to reflect the restrictions upon sale. The Company transfers investments between levels based on the fair value at the beginning of the measurement period in accordance with FASB ASC 820. For investments transferred out of Level 3 due to an IPO, the Company transfers these investments based on their fair value at the IPO date. SURO CAPITAL CORP. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS March 31, 2023 |
Securities Transactions | Securities Transactions Securities transactions are accounted for on the date the transaction for the purchase or sale of the securities is entered into by the Company ( i.e. |
Valuation of Other Financial Instruments | Valuation of Other Financial Instruments The carrying amounts of the Company’s other, non-investment financial instruments, consisting of cash, receivables, accounts payable, and accrued expenses, approximate fair value due to their short-term nature. Cash The Company places its cash primarily with U.S. Bank Trust Company, National Association, and may place cash with other high-quality financial institutions. The cash held in these accounts may exceed the Federal Deposit Insurance Corporation insured limit. The Company believes the risk of loss associated with any uninsured balance is remote. Escrow Proceeds Receivable A portion of the proceeds from the sale of portfolio investments are held in escrow as a recourse for indemnity claims that may arise under the sale agreement or other related transaction contingencies. Amounts held in escrow are held at estimated realizable value and included in net realized gains (losses) on investments in the Condensed Consolidated Statements of Operations for the period in which they occurred and are adjusted as needed. Any remaining escrow proceeds balances from these transactions reasonably expected to be received are reflected on the Condensed Consolidated Statement of Assets and Liabilities as escrow proceeds receivable. Escrow proceeds receivable resulting from contingent consideration are to be recognized when the amount of the contingent consideration becomes realized or realizable. As of March 31, 2023 and December 31, 2022, the Company had $ 609,685 628,332 Deferred Financing Costs The Company records origination costs related to lines of credit as deferred financing costs. These costs are deferred and amortized as part of interest expense using the straight-line method over the respective life of the line of credit. For modifications to a line of credit, any unamortized origination costs are expensed. Included within deferred financing costs are offering costs incurred relating to the Company’s shelf registration statement on Form N-2. The Company defers these offering costs until capital is raised pursuant to the shelf registration statement or until the shelf registration statement expires. For equity capital raised, the offering costs reduce paid-in capital resulting from the offering. For debt capital raised, the associated offering costs are amortized over the life of the debt instrument. As of March 31, 2023 and December 31, 2022, the Company had deferred financing costs of $ 539,120 and $ 555,761 , respectively, on the Condensed Consolidated Statement of Assets and Liabilities. SURO CAPITAL CORP. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS March 31, 2023 Operating Leases & Related Deposits The Company accounts for its operating leases as prescribed by ASC 842, Leases 5 Operating Leases and Related Deposits Stock-based Compensation Using the fair value recognition provisions as prescribed by ASC 718, Stock Compensation |
Revenue Recognition | Revenue Recognition The Company recognizes gains or losses on the sale of investments using the specific identification method. The Company recognizes interest income, adjusted for amortization of premium and accretion of discount, on an accrual basis. The Company recognizes dividend income on the ex-dividend date. |
Investment Transaction Costs and Escrow Deposits | Investment Transaction Costs and Escrow Deposits Commissions and other costs associated with an investment transaction, including legal expenses not reimbursed by the portfolio company, are included in the cost basis of purchases and deducted from the proceeds of sales. The Company makes certain acquisitions on secondary markets, which may involve making deposits to escrow accounts until certain conditions are met, including the underlying private company’s right of first refusal. If the underlying private company does not exercise or assign its right of first refusal and all other conditions are met, then the funds in the escrow account are delivered to the seller and the account is closed. Such transactions would be reflected on the Condensed Consolidated Statement of Assets and Liabilities as escrow deposits. As of March 31, 2023 and December 31, 2022, the Company had no |
Unrealized Appreciation or Depreciation of Investments | Unrealized Appreciation or Depreciation of Investments Unrealized appreciation or depreciation is calculated as the difference between the fair value of the investment and the cost basis of such investment. SURO CAPITAL CORP. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS March 31, 2023 |
U.S. Federal and State Income Taxes | U.S. Federal and State Income Taxes The Company elected to be treated as a RIC under Subchapter M of the Code, beginning with its taxable year ended December 31, 2014, has qualified to be treated as a RIC for subsequent taxable years and intends to continue to operate in a manner so as to qualify for the tax treatment applicable to RICs. To qualify for tax treatment as a RIC, among other things, the Company is required to meet certain source of income and asset diversification requirements and timely distribute to its stockholders at least the sum of 90% of our investment company taxable income (“ICTI”), including payment-in-kind interest income, as defined by the Code, and 90% of our net tax-exempt interest income (which is the excess of its gross tax-exempt interest income over certain disallowed deductions) for each taxable year (the “Annual Distribution Requirement”). Depending on the level of ICTI earned in a tax year, the Company may choose to carry forward into the next tax year ICTI in excess of current year dividend distributions. Any such carryforward ICTI must be distributed on or before December 31 of the subsequent tax year to which it was carried forward. If the Company meets the Annual Distribution Requirement, but does not distribute (or is not deemed to have distributed) each calendar year a sum of (1) 98% of its net ordinary income for each calendar year, (2) 98.2% of its capital gain net income for the one-year period ending October 31 in that calendar year and (3) any income recognized, but not distributed, in preceding years (the “Excise Tax Avoidance Requirement”), it generally will be required to pay an excise tax equal to 4% of the amount by which the Excise Tax Avoidance Requirement exceeds the distributions for the year. To the extent that the Company determines that its estimated current year annual taxable income will exceed estimated current year dividend distributions from such taxable income, the Company will accrue excise taxes, if any, on estimated excess taxable income as taxable income is earned using an annual effective excise tax rate. The annual effective excise tax rate is determined by dividing the estimated annual excise tax by the estimated annual taxable income. So long as the Company qualifies and maintains its tax treatment as a RIC, it generally will not be subject to U.S. federal and state income taxes on any ordinary income or capital gains that it distributes at least annually to its stockholders as dividends. Rather, any tax liability related to income earned by the RIC will represent obligations of the Company’s investors and will not be reflected in the consolidated financial statements of the Company. Included in the Company’s consolidated financial statements, the Taxable Subsidiaries are taxable subsidiaries, regardless of whether the Company is a RIC. These Taxable Subsidiaries are not consolidated for income tax purposes and may generate income tax expenses as a result of their ownership of the portfolio companies. Such income tax expenses and deferred taxes, if any, will be reflected in the Company’s condensed consolidated financial statements. If it is not treated as a RIC, the Company will be taxed as a regular corporation (a “C corporation”) under Subchapter C of the Code for such taxable year. If the Company has previously qualified as a RIC but is subsequently unable to qualify for treatment as a RIC, and certain amelioration provisions are not applicable, the Company would be subject to tax on all of its taxable income (including its net capital gains) at regular corporate rates. The Company would not be able to deduct distributions to stockholders, nor would it be required to make distributions. Distributions, including distributions of net long-term capital gain, would generally be taxable to its stockholders as ordinary dividend income to the extent of the Company’s current and accumulated earnings and profits. Subject to certain limitations under the Code, corporate stockholders would be eligible to claim a dividend received deduction with respect to such dividend; non-corporate stockholders would generally be able to treat such dividends as “qualified dividend income,” which is subject to reduced rates of U.S. federal income tax. Distributions in excess of the Company’s current and accumulated earnings and profits would be treated first as a return of capital to the extent of the stockholder’s adjusted tax basis, and any remaining distributions would be treated as a capital gain. In order to requalify as a RIC, in addition to the other requirements discussed above, the Company would be required to distribute all of its previously undistributed earnings attributable to the period it failed to qualify as a RIC by the end of the first year that it intends to requalify for tax treatment as a RIC. If the Company fails to requalify for tax treatment as a RIC for a period greater than two taxable years, it may be subject to regular corporate tax on any net built-in gains with respect to certain of its assets (i.e., the excess of the aggregate gains, including items of income, over aggregate losses that would have been realized with respect to such assets if the Company had been liquidated) that it elects to recognize on requalification or when recognized over the next five years. The Company was taxed as a C Corporation for its 2012 and 2013 taxable years. Refer to “Note 9—Income Taxes” for further details. SURO CAPITAL CORP. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS March 31, 2023 The Company elected to be treated as a RIC for the taxable year ended December 31, 2014 in connection with the filing of its 2014 tax return. As a result, the Company was required to pay a corporate-level U.S. federal income tax on the amount of the net built-in gains in its assets (the amount by which the net fair market value of the Company’s assets exceeds the net adjusted basis in its assets) either (1) as of the date it converted to a RIC (i.e., the beginning of the first taxable year that the Company qualifies as a RIC, which would be January 1, 2014), or (2) to the extent that the Company recognized such net built-in gains during the five-year recognition period beginning on the date of conversion. As of January 1, 2014, the Company had net unrealized built-in gains, but did not incur a built-in-gains tax for the 2014 tax year due to the fact that there were sufficient net capital loss carryforwards to completely offset recognized built-in gains as well as available net operating losses. The five-year recognition period ended on December 31, 2018. |
Per Share Information | Per Share Information Net change in net assets resulting from operations per basic common share is computed using the weighted-average number of shares outstanding for the period presented. Diluted net change in net assets resulting from operations per common share is computed by dividing net increase/(decrease) in net assets resulting from operations for the period adjusted to include the pre-tax effects of interest incurred on potentially dilutive securities, by the weighted-average number of common shares outstanding plus any potentially dilutive shares outstanding during the period. The Company used the if-converted method in accordance with FASB ASC 260 , Earnings Per Share |
Recently Issued or Adopted Accounting Standards | Recently Issued or Adopted Accounting Standards In March 2022, the FASB issued ASU 2022-02, “Financial Instruments - Credit Losses (Topic 326)”, which is intended to address issues identified during the post-implementation review of ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”. The amendment, among other things, eliminates the accounting guidance for troubled debt restructurings by creditors in Subtopic 310-40, “Receivables - Troubled Debt Restructurings by Creditors”, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. The new guidance is effective for interim and annual periods beginning after December 15, 2022. The Company does not anticipate the new standard will have a material impact to the condensed consolidated financial statements and related disclosures. In June 2022, the FASB issued ASU No. 2022-03 “Fair Value Measurements (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions.” This change prohibits entities from taking into account contractual restrictions on the sale of equity securities when estimating fair value and introduces required disclosures for such transactions. The standard is effective for annual periods beginning after December 15, 2023, and should be applied prospectively. Early adoption is permitted. The adoption of ASU 2022-03 is not expected to have a material impact on the Company’s future financial statements. SURO CAPITAL CORP. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS March 31, 2023 In December 2021, the SEC published Staff Accounting Bulletin No. 120 (“SAB 120”) to provide accounting and disclosure guidance for stock compensation awards made to executives and conforming amendments to the Staff Accounting Bulletin Series to align with the current authoritative accounting guidance in ASC 718, Compensation – Stock Compensation From time to time, new accounting pronouncements are issued by the FASB or other standards setting bodies that are adopted by the Company as of the specified effective date. The Company believes that the impact of recently issued standards and any that are not yet effective will not have a material impact on its consolidated financial statements upon adoption. |
NATURE OF OPERATIONS (Tables)
NATURE OF OPERATIONS (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
SCHEDULE OF COMPANY’S SUBSIDIARIES | SCHEDULE OF COMPANY’S SUBSIDIARIES Subsidiary Jurisdiction of Incorporation Formation Date Percentage Owned GCL Delaware April 13, 2012 100 % SuRo Capital Sports, LLC (“SuRo Sports”) Delaware March 19, 2021 100 % Subsidiaries below are referred to collectively, as the “Taxable Subsidiaries” GSVC AE Holdings, Inc. (“GAE”) Delaware November 28, 2012 100 % GSVC AV Holdings, Inc. (“GAV”) Delaware November 28, 2012 100 % GSVC SW Holdings, Inc. (“GSW”) Delaware November 28, 2012 100 % GSVC SVDS Holdings, Inc. (“SVDS”) Delaware August 13, 2013 100 % |
INVESTMENTS AT FAIR VALUE (Tabl
INVESTMENTS AT FAIR VALUE (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Investments in and Advances to Affiliates [Abstract] | |
SCHEDULE OF COMPOSITION OF INVESTMENT PORTFOLIO | The following tables summarize the composition of the Company’s investment portfolio by security type at cost and fair value as of March 31, 2023 and December 31, 2022: SCHEDULE OF COMPOSITION OF INVESTMENT PORTFOLIO March 31, 2023 December 31, 2022 Cost Fair Value Percentage of Net Assets Cost Fair Value Percentage of Net Assets Private Portfolio Companies Preferred Stock $ 117,225,959 $ 112,693,622 52.4 % $ 118,472,118 $ 117,214,465 55.8 % Common Stock 55,683,030 34,964,456 16.3 % 50,601,512 18,692,931 8.9 % Debt Investments 6,066,466 4,141,191 1.9 % 6,316,466 4,488,200 2.1 % Options 10,914,124 1,753,883 0.8 % 11,415,787 3,469,497 1.7 % Total Private Portfolio Companies 189,889,579 153,553,152 71.4 % 186,805,883 143,865,093 68.5 % Publicly Traded Portfolio Companies Common Stock 25,463,415 11,534,888 5.4 % 29,322,625 13,323,485 6.3 % Total Portfolio Investments 215,352,994 165,088,040 76.8 % 216,128,508 157,188,578 74.8 % Non-Portfolio Investments U.S. Treasury Bills 75,497,157 75,986,912 35.3 % 84,999,598 85,056,817 40.5 % Total Investments $ 290,850,151 $ 241,074,952 112.1 % $ 301,128,106 $ 242,245,395 115.3 % |
SCHEDULE OF FAIR VALUE OF INVESTMENT VALUATION INPUTS | The fair values of the Company’s investments disaggregated into the three levels of the fair value hierarchy based upon the lowest level of significant input used in the valuation as of March 31, 2023 and December 31, 2022 are as follows: SCHEDULE OF FAIR VALUE OF INVESTMENT VALUATION INPUTS As of March 31, 2023 Quoted Prices in Active Markets for Identical Securities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Investments at Fair Value Private Portfolio Companies Preferred Stock $ — $ — $ 112,693,622 $ 112,693,622 Common Stock — — 34,964,456 34,964,456 Debt Investments — — 4,141,191 4,141,191 Options — — 1,753,883 1,753,883 Private Portfolio Companies — — 153,553,152 153,553,152 Publicly Traded Portfolio Companies Common Stock 11,534,888 — — 11,534,888 Non-Portfolio Investments U.S. Treasury bills 75,986,912 — — 75,986,912 Total Investments at Fair Value $ 87,521,800 $ — $ 153,553,152 $ 241,074,952 As of December 31, 2022 Quoted Prices in Active Markets for Identical Securities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Investments at Fair Value Private Portfolio Companies Preferred Stock $ — $ — $ 117,214,465 $ 117,214,465 Common Stock — — 18,692,931 18,692,931 Debt Investments — — 4,488,200 4,488,200 Options — — 3,469,497 3,469,497 Private Portfolio Companies — — 143,865,093 143,865,093 Publicly Traded Portfolio Companies Common Stock 13,298,992 24,493 — 13,323,485 Non-Portfolio Investments U.S. Treasury bills 85,056,817 — — 85,056,817 Total Investments at Fair Value $ 98,355,809 $ 24,493 $ 143,865,093 $ 242,245,395 |
SCHEDULE OF FAIR VALUE OF ASSETS ON UNOBSERVABLE INPUT | SCHEDULE OF FAIR VALUE OF ASSETS ON UNOBSERVABLE INPUT As of March 31, 2023 Asset Fair Value Valuation Approach/ Technique (1) Unobservable Inputs (2) Range (3) Common stock in private companies $ 34,964,456 Market approach Revenue multiples 1.01 9.86 8.22 PWERM (5) AFFO (4) 9.86 x Preferred stock in private companies Market approach Revenue multiples 0.39 7.99 2.36 $ 112,693,622 Discount rate 15.0 15.0 Revenue multiples 1.8 2.01 PWERM (5) DLOM 10.0 10.0 Financing Risk 75.0 75.0 Debt investments $ 4,141,191 Market approach Revenue multiples 0.39 5.24 3.34 Options $ 1,753,883 Option pricing model Term to expiration (Years) 0.75 5.04 (1) As of March 31, 2023, the Board used a hybrid market and income approach to value certain common and preferred stock investments as the Board felt this approach better reflected the fair value of these investments. In considering multiple valuation approaches (and consequently, multiple valuation techniques), the valuation approaches and techniques are not likely to change from one period of measurement to the next; however, the weighting of each in determining the final fair value of a Level 3 investment may change based on recent events or transactions. The hybrid approach may also consider certain risk weightings to account for the uncertainty of future events. Refer to “Note 2—Significant Accounting Policies— Investments at Fair Value (2) The Board considers all relevant information that can reasonably be obtained when determining the fair value of Level 3 investments. Due to any given portfolio company’s information rights, changes in capital structure, recent events, transactions, or liquidity events, the type and availability of unobservable inputs may change. Increases/(decreases) in revenue multiples, earnings before interest and taxes (“EBIT”) multiples, time to expiration, and stock price/strike price would result in higher (lower) fair values, all else equal. Decreases/(increases) in discount rates, volatility, and annual risk rates, would result in higher (lower) fair values, all else equal. The market approach utilizes market value (revenue and EBIT) multiples of publicly traded comparable companies and available precedent sales transactions of comparable companies. The Board carefully considers numerous factors when selecting the appropriate companies whose multiples are used to value its portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, relevant risk factors, as well as size, profitability and growth expectations. In general, precedent transactions include recent rounds of financing, recent purchases made by the Company, and tender offers. Refer to “Note 2—Significant Accounting Policies— Investments at Fair Value (3) The weighted averages are calculated based on the fair market value of each investment. (4) Adjusted Funds From Operations, or “AFFO”. (5) Probability-Weighted Expected Return Method, or “PWERM”. SURO CAPITAL CORP. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS March 31, 2023 As of December 31, 2022 Asset Fair Value Valuation (1) Unobservable Inputs (2) Range (3) Common stock in private companies $ 18,692,931 Market approach Revenue multiples 1.06 4.42 1.74 Liquidation Value N/A PWERM (5) AFFO (4) 8.62 12.62 10.94 Preferred stock in private companies $ 117,214,465 Market approach Revenue multiples 0.47 5.45 2.38 Liquidation Value N/A Discounted cash flow Discount rate 15.0 15.0 PWERM (5) Revenue multiples 1.17 1.26 DLOM 10.0 10.0 Financing Risk 10.0 10.0 Debt investments $ 4,488,200 Market approach Revenue multiples 0.47 5.45 3.6 Options $ 3,469,497 Option pricing model Term to expiration (Years) 1.00 5.29 1.65 Discounted cash flow Discount Rate 15.0 15.0 (1) As of December 31, 2022, the Board used a hybrid market and income approach to value certain common and preferred stock investments as the Board felt this approach better reflected the fair value of these investments. In considering multiple valuation approaches (and consequently, multiple valuation techniques), the valuation approaches and techniques are not likely to change from one period of measurement to the next; however, the weighting of each in determining the final fair value of a Level 3 investment may change based on recent events or transactions. The hybrid approach may also consider certain risk weightings to account for the uncertainty of future events. Refer to “Note 2—Significant Accounting Policies— Investments at Fair Value (2) The Board considers all relevant information that can reasonably be obtained when determining the fair value of Level 3 investments. Due to any given portfolio company’s information rights, changes in capital structure, recent events, transactions, or liquidity events, the type and availability of unobservable inputs may change. Increases/(decreases) in revenue multiples, earnings before interest and taxes (“EBIT”) multiples, time to expiration, and stock price/strike price would result in higher (lower) fair values, all else equal. Decreases/(increases) in discount rates, volatility, and annual risk rates, would result in higher (lower) fair values, all else equal. The market approach utilizes market value (revenue and EBIT) multiples of publicly traded comparable companies and available precedent sales transactions of comparable companies. The Company carefully considers numerous factors when selecting the appropriate companies whose multiples are used to value its portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, relevant risk factors, as well as size, profitability and growth expectations. In general, precedent transactions include recent rounds of financing, recent purchases made by the Company, and tender offers. Refer to “Note 2—Significant Accounting Policies— Investments at Fair Value (3) The weighted averages are calculated based on the fair market value of each investment. (4) Adjusted Funds From Operations, or “AFFO”. (5) Probability-Weighted Expected Return Method, or “PWERM”. |
SCHEDULE OF AGGREGATE VALUE OF ASSETS AND LIABILITIES | The aggregate values of Level 3 assets and liabilities changed during the three months ended March 31, 2023 as follows: SCHEDULE OF AGGREGATE VALUE OF ASSETS AND LIABILITIES Common Stock Preferred Stock Debt Investments Options Total Three Months Ended March 31, 2023 Common Stock Preferred Stock Debt Investments Options Total Assets: Fair Value as of December 31, 2022 $ 18,692,931 $ 117,214,465 $ 4,488,200 $ 3,469,497 $ 143,865,093 Purchases, capitalized fees and interest — 2,003,698 — — 2,003,698 Sales/Maturity of investments — — (250,000 ) — (250,000 ) Exercises and conversions (1) 3,751,518 (3,249,855 ) — (501,663 ) — Realized gains/(losses) 1,330,000 — — — 1,330,000 Net change in unrealized appreciation/(depreciation) included in earnings 11,190,007 (3,274,686 ) (97,009 ) (1,213,951 ) 6,604,361 Fair Value as of March 31, 2023 $ 34,964,456 $ 112,693,622 $ 4,141,191 $ 1,753,883 $ 153,553,152 Net change in unrealized appreciation/ (depreciation) of Level 3 investments still held as of March 31, 2023 $ 11,190,007 $ (3,274,686 ) $ (97,009 ) $ (1,215,614 ) $ 6,602,698 (1) During the three months ended March 31, 2023 , the Company’s portfolio investments had the following corporate actions which are reflected above: Portfolio Company Conversion from Conversion to Orchard Technologies, Inc. Preferred shares, Series D Senior Preferred shares, Series 1 Senior Preferred shares, Series 2 Class A Common Shares The aggregate values of Level 3 assets and liabilities changed during the year ended December 31, 2022 as follows: Common Stock Preferred Stock Debt Investments Options Total Year Ended December 31, 2022 Common Stock Preferred Stock Debt Investments Options Total Assets: Fair Value as of December 31, 2021 $ 42,860,156 $ 163,801,798 $ 3,011,438 $ 4,959,112 $ 214,632,504 Fair value beginning balance $ 42,860,156 $ 163,801,798 $ 3,011,438 $ 4,959,112 $ 214,632,504 Transfers out of Level 3 (1) (6,918,251 ) (1,775,506 ) — (48,639 ) (8,742,396 ) Purchases, capitalized fees and interest — 20,767,788 1,509,093 503,183 22,780,064 Sales/Maturity of investments (874,470 ) — (1,000,000 ) — (1,874,470 ) Realized gains/(losses) 160,965 — — (70,379 ) 90,586 Net change in unrealized appreciation/(depreciation) included in earnings (16,535,469 ) (65,579,615 ) 967,669 (1,873,780 ) (83,021,195 ) Fair Value as of December 31, 2022 $ 18,692,931 $ 117,214,465 $ 4,488,200 $ 3,469,497 $ 143,865,093 Fair value ending balance $ 18,692,931 $ 117,214,465 $ 4,488,200 $ 3,469,497 $ 143,865,093 Net change in unrealized appreciation/ (depreciation) of Level 3 investments still held as of December 31, 2022 $ (7,023,165 ) $ (63,138,372 ) $ 967,669 $ (1,624,324 ) $ (70,818,192 ) (1) During the year ended December 31, 2022, the Company’s portfolio investments had the following corporate actions which are reflected above: Portfolio Company Conversion from Conversion to Forge Global, Inc. Common Shares, Class AA Junior Preferred Shares Junior Preferred Warrants, Strike Price $ 12.42 11/9/2025 Public Common shares (Level 2) Common warrants, Strike Price $ 3.98 11/9/2025 |
SCHEDULE OF INVESTMENTS IN AND ADVANCES TO AFFILIATES | Transactions during the three months ended March 31, 2023 involving the Company’s controlled investments and non-controlled/affiliate investments were as follows: SCHEDULE OF INVESTMENTS IN AND ADVANCES TO AFFILIATES Type/Industry/Portfolio Company/Investment Principal/ Quantity Interest, Fees, or Dividends Credited in Income Fair Value at December 31, 2022 Unrealized Gains/(Losses) Fair Value at March 31, 2023 Percentage of Net Assets CONTROLLED INVESTMENTS (2) Options Special Purpose Acquisition Company Colombier Sponsor LLC**–Class W Units (7) 2,700,000 $ — $ 1,157,487 $ (563,487 ) $ 594,000 0.28 % Total Options — 1,157,487 (563,487 ) 594,000 0.28 % Preferred Stock Clean Technology SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.)–Preferred shares, Class A (4) 14,300,000 — 984,028 (50,000 ) 934,028 0.43 % Total Preferred Stock — 984,028 (50,000 ) 934,028 0.43 % Common Stock Clean Technology SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.)–Common shares 100,000 — — — — — % Mobile Finance Technology Architect Capital PayJoy SPV, LLC**–Membership Interest in Lending SPV*** $ 10,000,000 236,000 10,000,000 — 10,000,000 4.65 % Special Purpose Acquisition Company Colombier Sponsor LLC**–Class B Units (7) 1,976,033 — 1,554,355 12,646,359 14,200,714 6.60 % Total Common Stock 236,000 11,554,355 12,646,359 24,200,714 11.25 % TOTAL CONTROLLED INVESTMENTS* (2) $ 236,000 $ 13,695,870 $ 12,032,872 $ 25,728,742 11.96 % NON-CONTROLLED/AFFILIATE INVESTMENTS (1) Debt Investments Global Innovation Platform OneValley, Inc. (f/k/a NestGSV, Inc.) –Convertible Promissory Note 8%, Due 8/23/2024 (3) $ 1,010,198 $ — $ 1,988,200 $ (97,009 ) $ 1,891,191 0.88 % Total Debt Investments — 1,988,200 (97,009 ) 1,891,191 0.88 % Preferred Stock Knowledge Networks Maven Research, Inc.–Preferred shares, Series C 318,979 — — — — — % Maven Research, Inc.–Preferred shares, Series B 49,505 — — — — — % Total Knowledge Networks — — — — — % Digital Media Platform Ozy Media, Inc.–Preferred shares, Series C-2 6% (8) 683,482 — — — — — % Ozy Media, Inc.–Preferred shares, Series B 6% (8) 922,509 — — — — — % Ozy Media, Inc.–Preferred shares, Series A 6% (8) 1,090,909 — — — — — % Ozy Media, Inc.–Preferred shares, Series Seed 6% (8) 500,000 — — — — — % Total Digital Media Platform — — — — — % Interactive Learning StormWind, LLC–Preferred shares, Series D 8% (5) 329,337 — 533,429 (26,638 ) 506,791 0.24 % StormWind, LLC–Preferred shares, Series C 8% (5) 2,779,134 — 5,675,081 (249,668 ) 5,425,413 2.52 % StormWind, LLC–Preferred shares, Series B 8% (5) 3,279,629 — 3,550,631 (265,265 ) 3,285,366 1.53 % StormWind, LLC–Preferred shares, Series A 8% (5) 366,666 — 191,694 (29,657 ) 162,037 0.08 % Total Interactive Learning — 9,950,835 (571,228 ) 9,379,607 4.36 % Total Preferred Stock — 9,950,835 (571,228 ) 9,379,607 4.36 % Options Digital Media Platform Ozy Media, Inc.–Common Warrants, Strike Price $ 0.01 4/9/2028 (8) 295,565 $ — $ — $ — $ — — % Global Innovation Platform OneValley, Inc. (f/k/a NestGSV, Inc.)–Preferred Warrant Series B, Strike Price $ 2.31 12/31/2023 250,000 — — — — — % OneValley, Inc. (f/k/a NestGSV, Inc.)–Derivative Security, Expiration Date 8/23/2024 (6) 1 — 652,127 (652,127 ) — — % Total Global Innovation Platform — 652,127 (652,127 ) — — % Total Options — 652,127 (652,127 ) — — % Common Stock Online Education Curious.com, Inc.–Common shares 1,135,944 — — — — — % Total Common Stock — — — — — % TOTAL NON-CONTROLLED/AFFILIATE INVESTMENTS* (1) $ — $ 12,591,162 $ (1,320,364 ) $ 11,270,798 5.24 % SURO CAPITAL CORP. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS March 31, 2023 * All portfolio investments are non-income-producing, unless otherwise identified. Equity investments are subject to lock-up restrictions upon their IPO. Preferred dividends are generally only payable when declared and paid by the portfolio company’s board of directors. The Company’s directors, officers, employees and staff, as applicable, may serve on the board of directors of the Company’s portfolio investments. (Refer to “Note 3—Related-Party Arrangements”). All portfolio investments are considered Level 3 and valued using significant unobservable inputs, unless otherwise noted. (Refer to “Note 4—Investments at Fair Value”). All portfolio investments are considered Level 3 and valued using unobservable inputs, unless otherwise noted. All of the Company’s portfolio investments are restricted as to resale, unless otherwise noted, and were valued at fair value as determined in good faith by the Company’s Board of Directors. (Refer to “Note 2—Significant Accounting Policies—Investments at Fair Value”). ** Indicates assets that SuRo Capital Corp. believes do not represent “qualifying assets” under Section 55(a) of the 1940 Act. Of the Company’s total investments as of March 31, 2023, 20.49% *** Investment is income-producing. (1) “Affiliate Investments” are investments in those companies that are “Affiliated Companies” of SuRo Capital Corp., as defined in the 1940 Act. In general, a company is deemed to be an “Affiliate” of SuRo Capital Corp. if SuRo Capital Corp. beneficially owns, directly or indirectly, between 5% and 25% of the voting securities ( i.e. (2) “Control Investments” are investments in those companies that are “Controlled Companies” of SuRo Capital Corp., as defined in the 1940 Act. In general, under the 1940 Act, the Company would “Control” a portfolio company if the Company beneficially owns, directly or indirectly, more than 25% of its outstanding voting securities (i.e., securities with the right to elect directors) and/or had the power to exercise control over the management or policies of such portfolio company. (3) As of March 31, 2023, the investments noted had been placed on non-accrual status. (4) The SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.) preferred shares held by SuRo Capital Corp. do not entitle SuRo Capital Corp. to a preferred dividend rate. SuRo Capital Corp. does not anticipate that SPBRX, INC. will pay distributions on a quarterly or regular basis or become a predictable distributor of distributions. (5) SuRo Capital Corp.’s investments in StormWind, LLC are held through SuRo Capital Corp.’s wholly owned subsidiary, GSVC SW Holdings, Inc. (6) On August 23, 2019, SuRo Capital Corp. amended the structure of its investment in OneValley, Inc. (f/k/a NestGSV, Inc.). As part of the agreement, SuRo Capital Corp.’s equity holdings (warrants notwithstanding) were restructured into a derivative security. OneValley, Inc. (f/k/a NestGSV, Inc.) has the right to call the position at any time over a five year period, ending August 23, 2024, while SuRo Capital Corp. can put the shares to OneValley, Inc. (f/k/a NestGSV, Inc.) at the end of the five year period. (7) Colombier Sponsor LLC is the sponsor of Colombier Acquisition Corp., a special purpose acquisition company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. (8) On March 1, 2023, Ozy Media, Inc. suspended operations. SURO CAPITAL CORP. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS March 31, 2023 Schedule of Investments In, and Advances to, Affiliates Transactions during the year ended December 31, 2022 involving the Company’s controlled investments and non-controlled/affiliate investments were as follows: Type/Industry/Portfolio Company/Investment Principal/ Quantity Interest, Fees, or Dividends Credited in Income Fair Value at December 31, 2021 Transfer In/ (Out) Purchases, Capitalized Fees, Interest and Amortization Sales Realized Gains/(Losses) Unrealized Gains/(Losses) Fair Value at December 31, 2022 Percentage of Net Assets CONTROLLED INVESTMENTS (2) Options Special Purpose Acquisition Company Colombier Sponsor LLC**–Class W Units (7) 2,700,000 $ — $ 1,157,487 $ — $ — $ — $ — $ — $ 1,157,487 0.55 % Total Options — 1,157,487 — — — — — 1,157,487 0.55 % Preferred Stock Clean Technology SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.)–Preferred shares, Class A (4) 14,300,000 — 1,047,033 — — — — (63,005 ) 984,028 0.47 % Total Preferred Stock — 1,047,033 — — — — (63,005 ) 984,028 0.47 % Common Stock Clean Technology SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.)–Common shares 100,000 — — — — — — — — — % Mobile Finance Technology Architect Capital PayJoy SPV, LLC**–Membership Interest in Lending SPV*** $ 10,000,000 1,685,000 10,000,000 — — — — — 10,000,000 4.76 % Special Purpose Acquisition Company Colombier Sponsor LLC**–Class B Units (7) 1,976,033 — 1,554,354 — — — — 1 1,554,355 0.74 % Total Common Stock 1,685,000 11,554,354 — — — — 1 11,554,355 5.50 % TOTAL CONTROLLED INVESTMENTS* (2) $ 1,685,000 $ 13,758,874 $ — $ — $ — $ — $ (63,004 ) $ 13,695,870 6.52 % NON-CONTROLLED/AFFILIATE INVESTMENTS (1) Debt Investments Global Innovation Platform OneValley, Inc. (f/k/a NestGSV, Inc.) –Convertible Promissory Note 8%, Due 8/23/2024 (3) $ 1,010,198 $ — $ 505,099 $ — $ — $ — $ — $ 1,483,101 $ 1,988,200 0.95 % Total Debt Investments — 505,099 — — — — 1,483,101 1,988,200 0.95 % Preferred Stock Knowledge Networks Maven Research, Inc.–Preferred shares, Series C 318,979 — — — — — — — — — % Maven Research, Inc.–Preferred shares, Series B 49,505 — — — — — — — — — % Total Knowledge Networks — — — — — — — — — % Digital Media Platform Ozy Media, Inc.–Preferred shares, Series C-2 6% 683,482 — — — — — — — — % Ozy Media, Inc.–Preferred shares, Series B 6% 922,509 — — — — — — — — — % Ozy Media, Inc.–Preferred shares, Series A 6% 1,090,909 — — — — — — — — — % Ozy Media, Inc.–Preferred shares, Series Seed 6% 500,000 — — — — — — — — — % Total Digital Media Platform — — — — — — — — — % Interactive Learning StormWind, LLC–Preferred shares, Series D 8% (5) 329,337 — 621,093 — — — (87,664 ) 533,429 0.25 % StormWind, LLC–Preferred shares, Series C 8% (5) 2,779,134 — 6,496,729 — — — — (821,648 ) 5,675,081 2.70 % StormWind, LLC–Preferred shares, Series B 8% (5) 3,279,629 — 4,423,607 — — — — (872,976 ) 3,550,631 1.69 % StormWind, LLC–Preferred shares, Series A 8% (5) 366,666 — 289,293 — — — — (97,599 ) 191,694 0.09 % Total Interactive Learning — 11,830,722 — — — — (1,879,887 ) 9,950,835 4.74 % Total Preferred Stock — 11,830,722 — — — — (1,879,887 ) 9,950,835 4.74 % Options Digital Media Platform Ozy Media, Inc.–Common Warrants, Strike Price $ 0.01 4/9/2028 295,565 $ — $ — $ — $ — $ — $ — $ — $ — — % Global Innovation Platform OneValley, Inc. (f/k/a NestGSV, Inc.)–Preferred Warrant Series B, Strike Price $ 2.31 5/29/2022 — — — — — — (70,379 ) 70,379 — — % OneValley, Inc. (f/k/a NestGSV, Inc.)–Preferred Warrant Series B, Strike Price $ 2.31 12/31/2023 250,000 — 5,000 — — — — (5,000 ) — — % OneValley, Inc. (f/k/a NestGSV, Inc.)–Derivative Security, Expiration Date 8/23/2024 (6) 1 — 2,268,268 — — — — (1,616,141 ) 652,127 0.31 % Total Global Innovation Platform — 2,273,268 — — (70,379 ) (1,550,762 ) 652,127 0.31 % Total Options — 2,273,268 — — — (70,379 ) (1,550,762 ) 652,127 0.31 % Common Stock Online Education Curious.com, Inc.–Common shares 1,135,944 — — — — — — — — — % Total Common Stock — — — — — — — — — % TOTAL NON-CONTROLLED/AFFILIATE INVESTMENTS* (1) $ — $ 14,609,089 $ — $ — $ — $ (70,379 ) $ (1,947,548 ) $ 12,591,162 6.00 % SURO CAPITAL CORP. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS March 31, 2023 * All portfolio investments are non-income-producing, unless otherwise identified. Equity investments are subject to lock-up restrictions upon their IPO. Preferred dividends are generally only payable when declared and paid by the portfolio company’s board of directors. The Company’s directors, officers, employees and staff, as applicable, may serve on the board of directors of the Company’s portfolio investments. (Refer to “Note 3—Related-Party Arrangements”). All portfolio investments are considered Level 3 and valued using significant unobservable inputs, unless otherwise noted. (Refer to “Note 4—Investments at Fair Value”). All portfolio investments are considered Level 3 and valued using unobservable inputs, unless otherwise noted. All of the Company’s portfolio investments are restricted as to resale, unless otherwise noted, and were valued at fair value as determined in good faith by the Company’s Board of Directors. (Refer to “Note 2—Significant Accounting Policies—Investments at Fair Value”). ** Indicates assets that SuRo Capital Corp. believes do not represent “qualifying assets” under Section 55(a) of the 1940 Act. Of the Company’s total investments as of December 31, 2022, 14.47% *** Investment is income-producing. (1) “Affiliate Investments” are investments in those companies that are “Affiliated Companies” of SuRo Capital Corp., as defined in the 1940 Act. In general, a company is deemed to be an “Affiliate” of SuRo Capital Corp. if SuRo Capital Corp. beneficially owns, directly or indirectly, between 5% and 25% of the voting securities ( i.e. (2) “Control Investments” are investments in those companies that are “Controlled Companies” of SuRo Capital Corp., as defined in the 1940 Act. In general, under the 1940 Act, the Company would “Control” a portfolio company if the Company beneficially owns, directly or indirectly, more than 25% of its outstanding voting securities (i.e., securities with the right to elect directors) and/or had the power to exercise control over the management or policies of such portfolio company. (3) As of December 31, 2022, the investments noted had been placed on non-accrual status. (4) The SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.) preferred shares held by SuRo Capital Corp. do not entitle SuRo Capital Corp. to a preferred dividend rate. SuRo Capital Corp. does not anticipate that SPBRX, INC. will pay distributions on a quarterly or regular basis or become a predictable distributor of distributions. (5) SuRo Capital Corp.’s investments in StormWind, LLC are held through SuRo Capital Corp.’s wholly owned subsidiary, GSVC SW Holdings, Inc. (6) On August 23, 2019, SuRo Capital Corp. amended the structure of its investment in OneValley, Inc. (f/k/a NestGSV, Inc.). As part of the agreement, SuRo Capital Corp.’s equity holdings (warrants notwithstanding) were restructured into a derivative security. OneValley, Inc. (f/k/a NestGSV, Inc.) has the right to call the position at any time over a five year period, ending August 23, 2024, while SuRo Capital Corp. can put the shares to OneValley, Inc. (f/k/a NestGSV, Inc.) at the end of the five year period. (7) Colombier Sponsor LLC is the sponsor of Colombier Acquisition Corp., a special purpose acquisition company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. |
NET CHANGE IN NET ASSETS RESU_2
NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS PER COMMON SHARE—BASIC AND DILUTED (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Net Change in Net Assets Resulting from Operations per Common Share: | |
SCHEDULE OF BASIC AND DILUTED COMMON SHARE | The following information sets forth the computation of basic and diluted net increase in net assets resulting from operations per common share, pursuant to ASC 260, for the three months ended March 31, 2023 and 2022. SCHEDULE OF BASIC AND DILUTED COMMON SHARE 2023 2022 Three Months Ended March 31, 2023 2022 Earnings per common share–basic: Net change in net assets resulting from operations $ 4,616,509 $ 20,456,455 Weighted-average common shares–basic 28,378,529 31,228,046 Earnings per common share–basic $ 0.16 $ 0.66 Earnings per common share–diluted: Net change in net assets resulting from operations $ 4,616,509 $ 20,456,455 Weighted-average common shares outstanding–diluted (1) 28,378,529 31,228,046 Earnings per common share–diluted $ 0.16 $ 0.66 (1) For the three months ended March 31, 2023 and March 31, 2022, there were no potentially dilutive securities outstanding. |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
SCHEDULE OF FUTURE MINIMUM PAYMENTS OF OPERATING LEASE | The following table shows future minimum payments under the Company’s operating lease as of March 31, 2023: SCHEDULE OF FUTURE MINIMUM PAYMENTS OF OPERATING LEASE For the Years Ended December 31, Amount 2023 143,883 2024 113,603 $ 257,486 |
FINANCIAL HIGHLIGHTS (Tables)
FINANCIAL HIGHLIGHTS (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Investment Company [Abstract] | |
SCHEDULE OF FINANCIAL HIGHLIGHTS | SCHEDULE OF FINANCIAL HIGHLIGHTS 2023 2022 Three Months Ended March 31, 2023 2022 Per Basic Share Data Net asset value at beginning of the year $ 7.39 $ 11.72 Net investment loss (1) (0.15 ) (0.14 ) Net realized gain on investments (1) 0.01 0.10 Net change in unrealized appreciation/(depreciation) of investments (1) 0.30 0.69 Dividends declared — (0.11 ) Issuance of common stock from public offering (1) — 0.01 Repurchase of common stock (1) — (0.06 ) Stock-based compensation (1) 0.04 0.01 Net asset value at end of period $ 7.59 $ 12.22 Per share market value at end of period $ 3.62 $ 8.63 Total return based on market value (2) (4.74 )% (31.72 )% Total return based on net asset value (2) 2.71 % 5.03 % Shares outstanding at end of period 28,338,580 31,164,443 Ratios/Supplemental Data: Net assets at end of period $ 215,043,069 $ 380,701,527 Average net assets $ 209,347,362 $ 364,015,960 Ratio of net operating expenses to average net assets (3) 10.70 % 5.39 % Ratio of net investment loss to average net assets (3) (8.18 )% (4.73 )% Portfolio Turnover Ratio 1.24 % — % (1) Based on weighted-average number of shares outstanding for the relevant period. (2) Total return based on market value is based upon the change in market price per share between the opening and ending market values per share in the period, adjusted for dividends and equity issuances. Total return based on net asset value is based upon the change in net asset value per share between the opening and ending net asset values per share in the period, adjusted for dividends and equity issuances. (3) Financial highlights for periods of less than one year are annualized and the ratios of operating expenses to average net assets and net investment loss to average net assets are adjusted accordingly. Because the ratios are calculated for the Company’s common stock taken as a whole, an individual investor’s ratios may vary from these ratios. |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
SCHEDULE OF STOCK OPTIONS, VALUATION ASSUMPTIONS | SCHEDULE OF STOCK OPTIONS, VALUATION ASSUMPTIONS Input Assumptions As of July 17, Term (years) 5.55 Volatility 39.47 % Risk-free rate 1.86 % Dividend yield — |
SCHEDULE OF OPTION, ACTIVITY | SCHEDULE OF OPTION, ACTIVITY Number of Shares Weighted-Average Weighted-Average Outstanding as of December 31, 2019 1,155,000 $ 6.57 $ 2.57 Cancelled - - - Outstanding - - - Vested and Exercisable as of December 31, 2019 385,000 $ 6.57 $ 2.57 Outstanding - - - Cancelled ( 1,155,000 ) $ 6.57 $ 2.57 Outstanding as of March 31, 2023 and December 31, 2022 — - - |
SCHEDULE OF EQUITY INCENTIVE PLAN | The following table summarizes the activities for the Company’s restricted share grants for the three months ended March 31, 2023 under the Amended & Restated 2019 Equity Incentive Plan: SCHEDULE OF EQUITY INCENTIVE PLAN Number of Outstanding as of December 31, 2022 606,620 Granted — Vested (1) (177,937 ) Forfeited — Outstanding as of March 31, 2023 428,683 Vested as of March 31, 2023 348,737 (1) The balance of vested shares as of March 31, 2023 reflects the total shares vested during the period and has not been reduced for those vested shares forfeited at time of vest related to net share settlement. Of the 177,937 shares vested, 90,919 |
SUBSEQUENT EVENTS (Tables)
SUBSEQUENT EVENTS (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
SCHEDULE OF INVESTMENTS | From April 1, 2023 through May 9, 2023, the Company exited or received proceeds from the following investments (excluding short-term U.S. Treasury investments): SCHEDULE OF INVESTMENTS Portfolio Company Transaction Date Net Proceeds Realized Gain/(Loss) (1) Ozy Media, Inc. (2) 5/4/2023 $ — $ (10,945,024 ) Residential Homes For Rent, LLC (d/b/a Second Avenue) (3) 4/21/2023 83,333 — Total $ 83,333 $ (10,945,024 ) (1) Realized loss does not include adjustments to amounts held in escrow receivable. (2) On May 4, 2023, SuRo Capital Corp. abandoned its investment in Ozy Media, Inc. (3) Subsequent to March 31, 2023, $ 0.1 15% December 23, 2023 0.1 |
SCHEDULE OF COMPANY_S SUBSIDIAR
SCHEDULE OF COMPANY’S SUBSIDIARIES (Details) | 3 Months Ended |
Mar. 31, 2023 | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Jurisdiction of Incorporation | MD |
GCL [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Jurisdiction of Incorporation | DE |
Formation Date | Apr. 13, 2012 |
Percentage Owned | 100% |
SuRo Capital Sports LLC (SuRo Sports) [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Jurisdiction of Incorporation | DE |
Formation Date | Mar. 19, 2021 |
Percentage Owned | 100% |
GSVC AE Holdings Inc (GAE) [Member] | Taxable Subsidiaries [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Jurisdiction of Incorporation | DE |
Formation Date | Nov. 28, 2012 |
Percentage Owned | 100% |
GSVC AV Holdings Inc (GAV) [Member] | Taxable Subsidiaries [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Jurisdiction of Incorporation | DE |
Formation Date | Nov. 28, 2012 |
Percentage Owned | 100% |
GSVC SW Holdings Inc (GSW) [Member] | Taxable Subsidiaries [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Jurisdiction of Incorporation | DE |
Formation Date | Nov. 28, 2012 |
Percentage Owned | 100% |
GSVC SVDS Holdings Inc (SVDS) [Member] | Taxable Subsidiaries [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Jurisdiction of Incorporation | DE |
Formation Date | Aug. 13, 2013 |
Percentage Owned | 100% |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 03, 2019 |
Accounting Policies [Abstract] | |||
Escrow proceeds receivable | $ 609,685 | $ 628,332 | |
Debt Issuance Costs, Current, Net | 539,120 | 555,761 | |
Operating leases, term of contract | 5 years | ||
Escrow deposits | $ 0 | $ 0 |
RELATED-PARTY ARRANGEMENTS (Det
RELATED-PARTY ARRANGEMENTS (Details Narrative) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Investment owned at fair value | $ 165,088,040 | $ 157,188,578 |
Churchill Sponsor VI LLC [Member] | ||
Investment owned at fair value | 200,000 | |
Churchill Sponsor VII LLC [Member] | ||
Investment owned at fair value | 300,000 | |
Skillsoft Corp. [Member] | ||
Investment owned at fair value | 1,963,686 | |
Shogun Enterprises, Inc. [Member] | ||
Investment owned at fair value | 3,604,260 | |
Architect Capital PayJoy SPV, LLC [Member] | ||
Investment owned at fair value | 10,000,000 | |
Colombier Sponsor LLC [Member] | ||
Investment owned at fair value | 14,794,714 | |
AltC Sponsor LLC [Member] | ||
Investment owned at fair value | $ 250,000 |
SCHEDULE OF COMPOSITION OF INVE
SCHEDULE OF COMPOSITION OF INVESTMENT PORTFOLIO (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 | ||
Investments in and Advances to Affiliates [Line Items] | ||||
Total Portfolio Investments | $ 165,088,040 | $ 157,188,578 | ||
Percentage of Net Assets | 76.80% | 74.80% | ||
Investments [Member] | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Investment at Cost | $ 290,850,151 | [1] | $ 301,128,106 | [2] |
Total Portfolio Investments | $ 241,074,952 | [1] | $ 242,245,395 | [2] |
Percentage of Net Assets | 112.10% | [1] | 115.30% | [2] |
Private Portfolio Companies [Member] | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Investment at Cost | $ 189,889,579 | $ 186,805,883 | ||
Total Portfolio Investments | $ 153,553,152 | $ 143,865,093 | ||
Percentage of Net Assets | 71.40% | 68.50% | ||
Private Portfolio Companies [Member] | Preferred Stock [Member] | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Investment at Cost | $ 117,225,959 | $ 118,472,118 | ||
Total Portfolio Investments | $ 112,693,622 | $ 117,214,465 | ||
Percentage of Net Assets | 52.40% | 55.80% | ||
Private Portfolio Companies [Member] | Common Stock [Member] | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Investment at Cost | $ 55,683,030 | $ 50,601,512 | ||
Total Portfolio Investments | $ 34,964,456 | $ 18,692,931 | ||
Percentage of Net Assets | 16.30% | 8.90% | ||
Private Portfolio Companies [Member] | Debt Investments [Member] | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Investment at Cost | $ 6,066,466 | $ 6,316,466 | ||
Total Portfolio Investments | $ 4,141,191 | $ 4,488,200 | ||
Percentage of Net Assets | 1.90% | 2.10% | ||
Private Portfolio Companies [Member] | Options Held [Member] | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Investment at Cost | $ 10,914,124 | $ 11,415,787 | ||
Total Portfolio Investments | $ 1,753,883 | $ 3,469,497 | ||
Percentage of Net Assets | 0.80% | 1.70% | ||
Publicly Traded Portfolio Companies [Member] | Common Stock [Member] | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Investment at Cost | $ 25,463,415 | $ 29,322,625 | ||
Total Portfolio Investments | $ 11,534,888 | $ 13,323,485 | ||
Percentage of Net Assets | 5.40% | 6.30% | ||
Portfolio Investment [Member] | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Investment at Cost | $ 215,352,994 | $ 216,128,508 | ||
Total Portfolio Investments | $ 165,088,040 | $ 157,188,578 | ||
Percentage of Net Assets | 76.80% | 74.80% | ||
Non Portfolio Investments [Member] | US Treasury Bills [Member] | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Investment at Cost | $ 75,497,157 | $ 84,999,598 | ||
Total Portfolio Investments | $ 75,986,912 | $ 85,056,817 | ||
Percentage of Net Assets | 35.30% | 40.50% | ||
[1]All portfolio investments are non-control/non-affiliated and non-income-producing, unless otherwise identified. Equity investments are subject to lock-up restrictions upon their initial public offering (“IPO”). Preferred dividends are generally only payable when declared and paid by the portfolio company’s board of directors. The Company’s directors, officers, employees and staff, as applicable, may serve on the board of directors of the Company’s portfolio investments. (Refer to “Note 3—Related-Party Arrangements”). All portfolio investments are considered Level 3 and valued using significant unobservable inputs, unless otherwise noted. (Refer to “Note 4—Investments at Fair Value”). All of the Company’s portfolio investments are restricted as to resale, unless otherwise noted, and were valued at fair value as determined in good faith by the Company’s Board of Directors. (Refer to “Note 2—Significant Accounting Policies— Investments at Fair Value Investments at Fair Value |
SCHEDULE OF FAIR VALUE OF INVES
SCHEDULE OF FAIR VALUE OF INVESTMENT VALUATION INPUTS (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Platform Operator, Crypto-Asset [Line Items] | ||
Investment at fair value | $ 241,074,952 | $ 242,245,395 |
Private Portfolio Companies [Member] | ||
Platform Operator, Crypto-Asset [Line Items] | ||
Investment at fair value | 153,553,152 | 143,865,093 |
Private Portfolio Companies [Member] | Preferred Stock [Member] | ||
Platform Operator, Crypto-Asset [Line Items] | ||
Investment at fair value | 112,693,622 | 117,214,465 |
Private Portfolio Companies [Member] | Common Stock [Member] | ||
Platform Operator, Crypto-Asset [Line Items] | ||
Investment at fair value | 34,964,456 | 18,692,931 |
Private Portfolio Companies [Member] | Debt Investments [Member] | ||
Platform Operator, Crypto-Asset [Line Items] | ||
Investment at fair value | 4,141,191 | 4,488,200 |
Private Portfolio Companies [Member] | Options Held [Member] | ||
Platform Operator, Crypto-Asset [Line Items] | ||
Investment at fair value | 1,753,883 | 3,469,497 |
Publicly Traded Portfolio Companies [Member] | Common Stock [Member] | ||
Platform Operator, Crypto-Asset [Line Items] | ||
Investment at fair value | 11,534,888 | 13,323,485 |
Non Portfolio Investments [Member] | US Treasury Bills [Member] | ||
Platform Operator, Crypto-Asset [Line Items] | ||
Investment at fair value | 75,986,912 | 85,056,817 |
Fair Value, Inputs, Level 1 [Member] | ||
Platform Operator, Crypto-Asset [Line Items] | ||
Investment at fair value | 87,521,800 | 98,355,809 |
Fair Value, Inputs, Level 1 [Member] | Private Portfolio Companies [Member] | ||
Platform Operator, Crypto-Asset [Line Items] | ||
Investment at fair value | ||
Fair Value, Inputs, Level 1 [Member] | Private Portfolio Companies [Member] | Preferred Stock [Member] | ||
Platform Operator, Crypto-Asset [Line Items] | ||
Investment at fair value | ||
Fair Value, Inputs, Level 1 [Member] | Private Portfolio Companies [Member] | Common Stock [Member] | ||
Platform Operator, Crypto-Asset [Line Items] | ||
Investment at fair value | ||
Fair Value, Inputs, Level 1 [Member] | Private Portfolio Companies [Member] | Debt Investments [Member] | ||
Platform Operator, Crypto-Asset [Line Items] | ||
Investment at fair value | ||
Fair Value, Inputs, Level 1 [Member] | Private Portfolio Companies [Member] | Options Held [Member] | ||
Platform Operator, Crypto-Asset [Line Items] | ||
Investment at fair value | ||
Fair Value, Inputs, Level 1 [Member] | Publicly Traded Portfolio Companies [Member] | Common Stock [Member] | ||
Platform Operator, Crypto-Asset [Line Items] | ||
Investment at fair value | 11,534,888 | 13,298,992 |
Fair Value, Inputs, Level 1 [Member] | Non Portfolio Investments [Member] | US Treasury Bills [Member] | ||
Platform Operator, Crypto-Asset [Line Items] | ||
Investment at fair value | 75,986,912 | 85,056,817 |
Fair Value, Inputs, Level 2 [Member] | ||
Platform Operator, Crypto-Asset [Line Items] | ||
Investment at fair value | 24,493 | |
Fair Value, Inputs, Level 2 [Member] | Private Portfolio Companies [Member] | ||
Platform Operator, Crypto-Asset [Line Items] | ||
Investment at fair value | ||
Fair Value, Inputs, Level 2 [Member] | Private Portfolio Companies [Member] | Preferred Stock [Member] | ||
Platform Operator, Crypto-Asset [Line Items] | ||
Investment at fair value | ||
Fair Value, Inputs, Level 2 [Member] | Private Portfolio Companies [Member] | Common Stock [Member] | ||
Platform Operator, Crypto-Asset [Line Items] | ||
Investment at fair value | ||
Fair Value, Inputs, Level 2 [Member] | Private Portfolio Companies [Member] | Debt Investments [Member] | ||
Platform Operator, Crypto-Asset [Line Items] | ||
Investment at fair value | ||
Fair Value, Inputs, Level 2 [Member] | Private Portfolio Companies [Member] | Options Held [Member] | ||
Platform Operator, Crypto-Asset [Line Items] | ||
Investment at fair value | ||
Fair Value, Inputs, Level 2 [Member] | Publicly Traded Portfolio Companies [Member] | Common Stock [Member] | ||
Platform Operator, Crypto-Asset [Line Items] | ||
Investment at fair value | 24,493 | |
Fair Value, Inputs, Level 2 [Member] | Non Portfolio Investments [Member] | US Treasury Bills [Member] | ||
Platform Operator, Crypto-Asset [Line Items] | ||
Investment at fair value | ||
Fair Value, Inputs, Level 3 [Member] | ||
Platform Operator, Crypto-Asset [Line Items] | ||
Investment at fair value | 153,553,152 | 143,865,093 |
Fair Value, Inputs, Level 3 [Member] | Private Portfolio Companies [Member] | ||
Platform Operator, Crypto-Asset [Line Items] | ||
Investment at fair value | 153,553,152 | 143,865,093 |
Fair Value, Inputs, Level 3 [Member] | Private Portfolio Companies [Member] | Preferred Stock [Member] | ||
Platform Operator, Crypto-Asset [Line Items] | ||
Investment at fair value | 112,693,622 | 117,214,465 |
Fair Value, Inputs, Level 3 [Member] | Private Portfolio Companies [Member] | Common Stock [Member] | ||
Platform Operator, Crypto-Asset [Line Items] | ||
Investment at fair value | 34,964,456 | 18,692,931 |
Fair Value, Inputs, Level 3 [Member] | Private Portfolio Companies [Member] | Debt Investments [Member] | ||
Platform Operator, Crypto-Asset [Line Items] | ||
Investment at fair value | 4,141,191 | 4,488,200 |
Fair Value, Inputs, Level 3 [Member] | Private Portfolio Companies [Member] | Options Held [Member] | ||
Platform Operator, Crypto-Asset [Line Items] | ||
Investment at fair value | 1,753,883 | 3,469,497 |
Fair Value, Inputs, Level 3 [Member] | Publicly Traded Portfolio Companies [Member] | Common Stock [Member] | ||
Platform Operator, Crypto-Asset [Line Items] | ||
Investment at fair value | ||
Fair Value, Inputs, Level 3 [Member] | Non Portfolio Investments [Member] | US Treasury Bills [Member] | ||
Platform Operator, Crypto-Asset [Line Items] | ||
Investment at fair value |
SCHEDULE OF FAIR VALUE OF ASSET
SCHEDULE OF FAIR VALUE OF ASSETS ON UNOBSERVABLE INPUT (Details) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |||
Investments in and Advances to Affiliates [Line Items] | ||||||
Fair value assets | $ 153,553,152 | $ 143,865,093 | $ 214,632,504 | |||
Common Stock in Private Companies [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Fair value assets | $ 34,964,456 | $ 18,692,931 | ||||
Common Stock in Private Companies [Member] | Measurement Input, Revenue Multiple [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Unobservable Inputs | Revenue multiples | [1] | Revenue multiples | [2] | ||
Common Stock in Private Companies [Member] | AFFO Multiple [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Unobservable Inputs | AFFO(4) multiple | [1],[3] | AFFO(4) multiple | [2],[4] | ||
Common Stock in Private Companies [Member] | Measurement Input Liquidation Value [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Unobservable Inputs | [2] | Liquidation Value | ||||
Range (Weighted Average) | [5] | |||||
Common Stock in Private Companies [Member] | Valuation, Market Approach [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Valuation Approach/ Technique | Market approach | [6] | Market approach | [7] | ||
Common Stock in Private Companies [Member] | Valuation, Market Approach [Member] | Measurement Input, Revenue Multiple [Member] | Minimum [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Range (Weighted Average) | 1.01 | [8] | 1.06 | [5] | ||
Common Stock in Private Companies [Member] | Valuation, Market Approach [Member] | Measurement Input, Revenue Multiple [Member] | Maximum [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Range (Weighted Average) | 9.86 | [8] | 4.42 | [5] | ||
Common Stock in Private Companies [Member] | Valuation, Market Approach [Member] | Measurement Input, Revenue Multiple [Member] | Weighted Average [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Range (Weighted Average) | 8.22 | [8] | 1.74 | [5] | ||
Common Stock in Private Companies [Member] | PWERM [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Valuation Approach/ Technique | PWERM | [6],[9] | PWERM | [7],[10] | ||
Common Stock in Private Companies [Member] | PWERM [Member] | AFFO Multiple [Member] | Minimum [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Range (Weighted Average) | 9.86 | [8] | 8.62 | [5] | ||
Common Stock in Private Companies [Member] | PWERM [Member] | AFFO Multiple [Member] | Maximum [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Range (Weighted Average) | [5] | 12.62 | ||||
Common Stock in Private Companies [Member] | PWERM [Member] | AFFO Multiple [Member] | Weighted Average [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Range (Weighted Average) | [5] | 10.94 | ||||
Preferred Stock in Private Companies [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Fair value assets | $ 112,693,622 | $ 117,214,465 | ||||
Preferred Stock in Private Companies [Member] | Measurement Input, Revenue Multiple [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Unobservable Inputs | Revenue multiples | [1] | Revenue multiples | [2] | ||
Preferred Stock in Private Companies [Member] | Measurement Input, Discount Rate [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Unobservable Inputs | Discount rate | [1] | Discount rate | [2] | ||
Preferred Stock in Private Companies [Member] | Measurement Input, Discount for Lack of Marketability [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Unobservable Inputs | DLOM | [1] | DLOM | [2] | ||
Range (Weighted Average) | 10 | [8] | 10 | [5] | ||
Preferred Stock in Private Companies [Member] | Measurement Input, Discount for Lack of Marketability [Member] | Weighted Average [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Range (Weighted Average) | 10 | [8] | 10 | [5] | ||
Preferred Stock in Private Companies [Member] | Measurement Input Financing Risk [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Unobservable Inputs | Financing Risk | [1] | Financing Risk | [2] | ||
Range (Weighted Average) | 75 | [8] | 10 | [5] | ||
Preferred Stock in Private Companies [Member] | Measurement Input Financing Risk [Member] | Weighted Average [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Range (Weighted Average) | 75 | [8] | 10 | [5] | ||
Preferred Stock in Private Companies [Member] | Measurement Input Liquidation Value [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Unobservable Inputs | [2] | Liquidation Value | ||||
Range (Weighted Average) | [5] | |||||
Preferred Stock in Private Companies [Member] | Valuation, Market Approach [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Valuation Approach/ Technique | Market approach | [6] | Market approach | [7] | ||
Preferred Stock in Private Companies [Member] | Valuation, Market Approach [Member] | Measurement Input, Revenue Multiple [Member] | Minimum [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Range (Weighted Average) | 0.39 | [8] | 0.47 | [5] | ||
Preferred Stock in Private Companies [Member] | Valuation, Market Approach [Member] | Measurement Input, Revenue Multiple [Member] | Maximum [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Range (Weighted Average) | 7.99 | [8] | 5.45 | [5] | ||
Preferred Stock in Private Companies [Member] | Valuation, Market Approach [Member] | Measurement Input, Revenue Multiple [Member] | Weighted Average [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Range (Weighted Average) | 2.36 | [8] | 2.38 | [5] | ||
Preferred Stock in Private Companies [Member] | PWERM [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Valuation Approach/ Technique | PWERM | [6],[9] | PWERM | [7],[10] | ||
Preferred Stock in Private Companies [Member] | PWERM [Member] | Measurement Input, Revenue Multiple [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Range (Weighted Average) | 1.8 | [8] | 1.17 | [5] | ||
Preferred Stock in Private Companies [Member] | PWERM [Member] | Measurement Input, Revenue Multiple [Member] | Weighted Average [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Range (Weighted Average) | 2.01 | [8] | 1.26 | [5] | ||
Preferred Stock in Private Companies [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Valuation Approach/ Technique | [7] | Discounted cash flow | ||||
Preferred Stock in Private Companies [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Range (Weighted Average) | 15 | [8] | 15 | [5] | ||
Preferred Stock in Private Companies [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Weighted Average [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Range (Weighted Average) | 15 | [8] | 15 | [5] | ||
Debt Investments [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Fair value assets | $ 4,141,191 | $ 4,488,200 | ||||
Debt Investments [Member] | Measurement Input, Revenue Multiple [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Unobservable Inputs | Revenue multiples | [1] | Revenue multiples | [2] | ||
Debt Investments [Member] | Valuation, Market Approach [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Valuation Approach/ Technique | Market approach | [6] | Market approach | [7] | ||
Debt Investments [Member] | Valuation, Market Approach [Member] | Measurement Input, Revenue Multiple [Member] | Minimum [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Range (Weighted Average) | 0.39 | [8] | 0.47 | [5] | ||
Debt Investments [Member] | Valuation, Market Approach [Member] | Measurement Input, Revenue Multiple [Member] | Maximum [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Range (Weighted Average) | 5.24 | [8] | 5.45 | [5] | ||
Debt Investments [Member] | Valuation, Market Approach [Member] | Measurement Input, Revenue Multiple [Member] | Weighted Average [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Range (Weighted Average) | 3.34 | [8] | 3.6 | [5] | ||
Options [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Fair value assets | $ 1,753,883 | |||||
Options [Member] | Measurement Input, Revenue Multiple [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Unobservable Inputs | [1] | Term to expiration (Years) | ||||
Options [Member] | Valuation, Market Approach [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Valuation Approach/ Technique | [6] | Option pricing model | ||||
Options [Member] | Valuation, Market Approach [Member] | Measurement Input, Revenue Multiple [Member] | Minimum [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Range (Weighted Average) | [8] | 0.75 | ||||
Options [Member] | Valuation, Market Approach [Member] | Measurement Input, Revenue Multiple [Member] | Maximum [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Range (Weighted Average) | [8] | 5.04 | ||||
Equity Option [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Fair value assets | $ 3,469,497 | |||||
Equity Option [Member] | Measurement Input, Discount Rate [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Unobservable Inputs | [2] | Discount Rate | ||||
Equity Option [Member] | Measurement Input Term of Expiration [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Unobservable Inputs | [2] | Term to expiration (Years) | ||||
Equity Option [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Valuation Approach/ Technique | [7] | Discounted cash flow | ||||
Equity Option [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Range (Weighted Average) | [5] | 15 | ||||
Equity Option [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Weighted Average [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Range (Weighted Average) | [5] | 15 | ||||
Equity Option [Member] | Valuation Technique, Option Pricing Model [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Valuation Approach/ Technique | [7] | Option pricing model | ||||
Equity Option [Member] | Valuation Technique, Option Pricing Model [Member] | Measurement Input Term of Expiration [Member] | Minimum [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Range (Weighted Average) | [5] | 1 | ||||
Equity Option [Member] | Valuation Technique, Option Pricing Model [Member] | Measurement Input Term of Expiration [Member] | Maximum [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Range (Weighted Average) | [5] | 5.29 | ||||
Equity Option [Member] | Valuation Technique, Option Pricing Model [Member] | Measurement Input Term of Expiration [Member] | Weighted Average [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Range (Weighted Average) | [5] | 1.65 | ||||
[1]The Board considers all relevant information that can reasonably be obtained when determining the fair value of Level 3 investments. Due to any given portfolio company’s information rights, changes in capital structure, recent events, transactions, or liquidity events, the type and availability of unobservable inputs may change. Increases/(decreases) in revenue multiples, earnings before interest and taxes (“EBIT”) multiples, time to expiration, and stock price/strike price would result in higher (lower) fair values, all else equal. Decreases/(increases) in discount rates, volatility, and annual risk rates, would result in higher (lower) fair values, all else equal. The market approach utilizes market value (revenue and EBIT) multiples of publicly traded comparable companies and available precedent sales transactions of comparable companies. The Board carefully considers numerous factors when selecting the appropriate companies whose multiples are used to value its portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, relevant risk factors, as well as size, profitability and growth expectations. In general, precedent transactions include recent rounds of financing, recent purchases made by the Company, and tender offers. Refer to “Note 2—Significant Accounting Policies— Investments at Fair Value Investments at Fair Value Investments at Fair Value Investments at Fair Value |
SCHEDULE OF AGGREGATE VALUE OF
SCHEDULE OF AGGREGATE VALUE OF ASSETS AND LIABILITIES (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | ||
Impairment Effects on Earnings Per Share [Line Items] | |||
Fair value beginning balance | $ 143,865,093 | $ 214,632,504 | |
Purchases, capitalized fees and interest | 2,003,698 | 22,780,064 | |
Sales/Maturity of investments | (250,000) | (1,874,470) | |
Exercises and conversions | [1] | ||
Realized gains/(losses) | 1,330,000 | 90,586 | |
Net change in unrealized appreciation/(depreciation) included in earnings | 6,604,361 | (83,021,195) | |
Fair value ending balance | 153,553,152 | 143,865,093 | |
Net change in unrealized appreciation/ (depreciation) of Level 3 investments still held as of December 31, 2022 | 6,602,698 | (70,818,192) | |
Transfers out of Level 3 | [2] | (8,742,396) | |
Common Stock [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Impairment Effects on Earnings Per Share [Line Items] | |||
Fair value beginning balance | 18,692,931 | 42,860,156 | |
Purchases, capitalized fees and interest | |||
Sales/Maturity of investments | (874,470) | ||
Exercises and conversions | [1] | 3,751,518 | |
Realized gains/(losses) | 1,330,000 | 160,965 | |
Net change in unrealized appreciation/(depreciation) included in earnings | 11,190,007 | (16,535,469) | |
Fair value ending balance | 34,964,456 | 18,692,931 | |
Net change in unrealized appreciation/ (depreciation) of Level 3 investments still held as of December 31, 2022 | 11,190,007 | (7,023,165) | |
Transfers out of Level 3 | [2] | (6,918,251) | |
Preferred Stock [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Impairment Effects on Earnings Per Share [Line Items] | |||
Fair value beginning balance | 117,214,465 | 163,801,798 | |
Purchases, capitalized fees and interest | 2,003,698 | 20,767,788 | |
Sales/Maturity of investments | |||
Exercises and conversions | [1] | (3,249,855) | |
Realized gains/(losses) | |||
Net change in unrealized appreciation/(depreciation) included in earnings | (3,274,686) | (65,579,615) | |
Fair value ending balance | 112,693,622 | 117,214,465 | |
Net change in unrealized appreciation/ (depreciation) of Level 3 investments still held as of December 31, 2022 | (3,274,686) | (63,138,372) | |
Transfers out of Level 3 | [2] | (1,775,506) | |
Debt Investments [Member] | |||
Impairment Effects on Earnings Per Share [Line Items] | |||
Fair value beginning balance | 4,488,200 | ||
Fair value ending balance | 4,141,191 | 4,488,200 | |
Debt Investments [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Impairment Effects on Earnings Per Share [Line Items] | |||
Fair value beginning balance | 4,488,200 | 3,011,438 | |
Purchases, capitalized fees and interest | 1,509,093 | ||
Sales/Maturity of investments | (250,000) | (1,000,000) | |
Exercises and conversions | [1] | ||
Realized gains/(losses) | |||
Net change in unrealized appreciation/(depreciation) included in earnings | (97,009) | 967,669 | |
Fair value ending balance | 4,141,191 | 4,488,200 | |
Net change in unrealized appreciation/ (depreciation) of Level 3 investments still held as of December 31, 2022 | (97,009) | 967,669 | |
Transfers out of Level 3 | [2] | ||
Options [Member] | |||
Impairment Effects on Earnings Per Share [Line Items] | |||
Fair value ending balance | 1,753,883 | ||
Options [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Impairment Effects on Earnings Per Share [Line Items] | |||
Fair value beginning balance | 3,469,497 | 4,959,112 | |
Purchases, capitalized fees and interest | 503,183 | ||
Sales/Maturity of investments | |||
Exercises and conversions | [1] | (501,663) | |
Realized gains/(losses) | (70,379) | ||
Net change in unrealized appreciation/(depreciation) included in earnings | (1,213,951) | (1,873,780) | |
Fair value ending balance | 1,753,883 | 3,469,497 | |
Net change in unrealized appreciation/ (depreciation) of Level 3 investments still held as of December 31, 2022 | $ (1,215,614) | (1,624,324) | |
Transfers out of Level 3 | [2] | $ (48,639) | |
[1]During the three months ended March 31, 2023 , the Company’s portfolio investments had the following corporate actions which are reflected above: |
SCHEDULE OF AGGREGATE VALUE O_2
SCHEDULE OF AGGREGATE VALUE OF ASSETS AND LIABILITIES (Details) (Parenthetical) - $ / shares | Mar. 17, 2023 | Dec. 31, 2022 |
Strike price | $ 0.10 | |
Junior Preferred Warrants [Member] | ||
Strike price | $ 12.42 | |
Expiration Date | Nov. 09, 2025 | |
Common Warrants [Member] | ||
Strike price | $ 3.98 | |
Expiration Date | Nov. 09, 2025 |
SCHEDULE OF INVESTMENTS IN AND
SCHEDULE OF INVESTMENTS IN AND ADVANCES TO AFFILIATES (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |||||
Investments in and Advances to Affiliates [Line Items] | |||||||
Fair value of investment, beginning balance | $ 157,188,578 | ||||||
Unrealized Gains/(Losses) | 8,648,931 | $ 21,584,885 | |||||
Fair value of investment, ending balance | $ 165,088,040 | $ 157,188,578 | |||||
Percentage of Net Assets | 76.80% | 74.80% | |||||
Realized Gains/(Losses) | $ 189,343 | 3,096,275 | |||||
Controlled Investments [Member] | |||||||
Investments in and Advances to Affiliates [Line Items] | |||||||
Interest, Fees, or Dividends Credited in Income | 236,000 | [1],[2] | $ 1,685,000 | [3],[4] | |||
Fair value of investment, beginning balance | 13,695,870 | [1],[2] | 13,758,874 | [3],[4] | 13,758,874 | [3],[4] | |
Unrealized Gains/(Losses) | 12,032,872 | [1],[2] | (63,004) | [3],[4] | |||
Fair value of investment, ending balance | [1],[2] | $ 25,728,742 | $ 13,695,870 | ||||
Percentage of Net Assets | 11.96% | [1],[2] | 6.52% | [3],[4] | |||
Transfer In/Out | [3],[4] | ||||||
Purchases, Capitalized Fees, Interest and Amortization | [3],[4] | ||||||
Sales | [3],[4] | ||||||
Realized Gains/(Losses) | [3],[4] | ||||||
Controlled Investments [Member] | Options Held [Member] | |||||||
Investments in and Advances to Affiliates [Line Items] | |||||||
Interest, Fees, or Dividends Credited in Income | [1],[2] | [3],[4] | |||||
Fair value of investment, beginning balance | 1,157,487 | [1],[2] | 1,157,487 | [3],[4] | 1,157,487 | [3],[4] | |
Unrealized Gains/(Losses) | (563,487) | [1],[2] | [3],[4] | ||||
Fair value of investment, ending balance | [1],[2] | $ 594,000 | $ 1,157,487 | ||||
Percentage of Net Assets | 0.28% | [1],[2] | 0.55% | [3],[4] | |||
Transfer In/Out | [3],[4] | ||||||
Purchases, Capitalized Fees, Interest and Amortization | [3],[4] | ||||||
Sales | [3],[4] | ||||||
Realized Gains/(Losses) | [3],[4] | ||||||
Controlled Investments [Member] | Preferred Stock [Member] | |||||||
Investments in and Advances to Affiliates [Line Items] | |||||||
Interest, Fees, or Dividends Credited in Income | [1],[2] | [3],[4] | |||||
Fair value of investment, beginning balance | 984,028 | [1],[2] | 1,047,033 | [3],[4] | 1,047,033 | [3],[4] | |
Unrealized Gains/(Losses) | (50,000) | [1],[2] | (63,005) | [3],[4] | |||
Fair value of investment, ending balance | [1],[2] | $ 934,028 | $ 984,028 | ||||
Percentage of Net Assets | 0.43% | [1],[2] | 0.47% | [3],[4] | |||
Transfer In/Out | [3],[4] | ||||||
Purchases, Capitalized Fees, Interest and Amortization | [3],[4] | ||||||
Sales | [3],[4] | ||||||
Realized Gains/(Losses) | [3],[4] | ||||||
Controlled Investments [Member] | Common Stock [Member] | |||||||
Investments in and Advances to Affiliates [Line Items] | |||||||
Interest, Fees, or Dividends Credited in Income | $ 236,000 | [1],[2] | 1,685,000 | [3],[4] | |||
Fair value of investment, beginning balance | 11,554,355 | [1],[2] | 11,554,354 | [3],[4] | 11,554,354 | [3],[4] | |
Unrealized Gains/(Losses) | 12,646,359 | [1],[2] | 1 | [3],[4] | |||
Fair value of investment, ending balance | [1],[2] | $ 24,200,714 | $ 11,554,355 | ||||
Percentage of Net Assets | 11.25% | [1],[2] | 5.50% | [3],[4] | |||
Transfer In/Out | [3],[4] | ||||||
Purchases, Capitalized Fees, Interest and Amortization | [3],[4] | ||||||
Sales | [3],[4] | ||||||
Realized Gains/(Losses) | [3],[4] | ||||||
Non Controlled Affiliate Investments [Member] | |||||||
Investments in and Advances to Affiliates [Line Items] | |||||||
Interest, Fees, or Dividends Credited in Income | [1],[5] | [3],[6] | |||||
Fair value of investment, beginning balance | 12,591,162 | [1],[5] | 14,609,089 | [3],[6] | 14,609,089 | [3],[6] | |
Unrealized Gains/(Losses) | (1,320,364) | [1],[5] | (1,947,548) | [3],[6] | |||
Fair value of investment, ending balance | [1],[5] | $ 11,270,798 | $ 12,591,162 | ||||
Percentage of Net Assets | 5.24% | [1],[5] | 6% | [3],[6] | |||
Transfer In/Out | [3],[6] | ||||||
Purchases, Capitalized Fees, Interest and Amortization | [3],[6] | ||||||
Sales | [3],[6] | ||||||
Realized Gains/(Losses) | [3],[6] | (70,379) | |||||
Non Controlled Affiliate Investments [Member] | Options Held [Member] | |||||||
Investments in and Advances to Affiliates [Line Items] | |||||||
Interest, Fees, or Dividends Credited in Income | [1],[5] | [3],[6] | |||||
Fair value of investment, beginning balance | 652,127 | [1],[5] | 2,273,268 | [3],[6] | 2,273,268 | [3],[6] | |
Unrealized Gains/(Losses) | (652,127) | [1],[5] | (1,550,762) | [3],[6] | |||
Fair value of investment, ending balance | [1],[5] | $ 652,127 | |||||
Percentage of Net Assets | [1],[5] | 0.31% | [3],[6] | ||||
Transfer In/Out | [3],[6] | ||||||
Purchases, Capitalized Fees, Interest and Amortization | [3],[6] | ||||||
Sales | [3],[6] | ||||||
Realized Gains/(Losses) | [3],[6] | (70,379) | |||||
Non Controlled Affiliate Investments [Member] | Options Held [Member] | Global Innovation Platform [Member] | |||||||
Investments in and Advances to Affiliates [Line Items] | |||||||
Interest, Fees, or Dividends Credited in Income | [1],[5] | [3],[6] | |||||
Fair value of investment, beginning balance | 652,127 | [1],[5] | 2,273,268 | [3],[6] | 2,273,268 | [3],[6] | |
Unrealized Gains/(Losses) | (652,127) | [1],[5] | (1,550,762) | [3],[6] | |||
Fair value of investment, ending balance | [1],[5] | $ 652,127 | |||||
Percentage of Net Assets | [1],[5] | 0.31% | [3],[6] | ||||
Transfer In/Out | [3],[6] | ||||||
Purchases, Capitalized Fees, Interest and Amortization | [3],[6] | ||||||
Realized Gains/(Losses) | [3],[6] | (70,379) | |||||
Non Controlled Affiliate Investments [Member] | Preferred Stock [Member] | |||||||
Investments in and Advances to Affiliates [Line Items] | |||||||
Interest, Fees, or Dividends Credited in Income | [1],[5] | [3],[6] | |||||
Fair value of investment, beginning balance | 9,950,835 | [1],[5] | 11,830,722 | [3],[6] | 11,830,722 | [3],[6] | |
Unrealized Gains/(Losses) | (571,228) | [1],[5] | (1,879,887) | [3],[6] | |||
Fair value of investment, ending balance | [1],[5] | $ 9,379,607 | $ 9,950,835 | ||||
Percentage of Net Assets | 4.36% | [1],[5] | 4.74% | [3],[6] | |||
Transfer In/Out | [3],[6] | ||||||
Purchases, Capitalized Fees, Interest and Amortization | [3],[6] | ||||||
Sales | [3],[6] | ||||||
Realized Gains/(Losses) | [3],[6] | ||||||
Non Controlled Affiliate Investments [Member] | Preferred Stock [Member] | Knowledge Networks [Member] | |||||||
Investments in and Advances to Affiliates [Line Items] | |||||||
Interest, Fees, or Dividends Credited in Income | [1],[5] | [3],[6] | |||||
Fair value of investment, beginning balance | [1],[5] | [3],[6] | [3],[6] | ||||
Unrealized Gains/(Losses) | [1],[5] | [3],[6] | |||||
Fair value of investment, ending balance | [1],[5] | ||||||
Percentage of Net Assets | [1],[5] | [3],[6] | |||||
Transfer In/Out | [3],[6] | ||||||
Purchases, Capitalized Fees, Interest and Amortization | [3],[6] | ||||||
Sales | [3],[6] | ||||||
Realized Gains/(Losses) | [3],[6] | ||||||
Non Controlled Affiliate Investments [Member] | Preferred Stock [Member] | Digital Media Platform [Member] | |||||||
Investments in and Advances to Affiliates [Line Items] | |||||||
Interest, Fees, or Dividends Credited in Income | [1],[5] | [3],[6] | |||||
Fair value of investment, beginning balance | [1],[5] | [3],[6] | [3],[6] | ||||
Unrealized Gains/(Losses) | [1],[5] | [3],[6] | |||||
Fair value of investment, ending balance | [1],[5] | ||||||
Percentage of Net Assets | [1],[5] | [3],[6] | |||||
Transfer In/Out | [3],[6] | ||||||
Purchases, Capitalized Fees, Interest and Amortization | [3],[6] | ||||||
Sales | [3],[6] | ||||||
Realized Gains/(Losses) | [3],[6] | ||||||
Non Controlled Affiliate Investments [Member] | Preferred Stock [Member] | Interactive Learning [Member] | |||||||
Investments in and Advances to Affiliates [Line Items] | |||||||
Interest, Fees, or Dividends Credited in Income | [1],[5] | [3],[6] | |||||
Fair value of investment, beginning balance | 9,950,835 | [1],[5] | 11,830,722 | [3],[6] | 11,830,722 | [3],[6] | |
Unrealized Gains/(Losses) | (571,228) | [1],[5] | (1,879,887) | [3],[6] | |||
Fair value of investment, ending balance | [1],[5] | $ 9,379,607 | $ 9,950,835 | ||||
Percentage of Net Assets | 4.36% | [1],[5] | 4.74% | [3],[6] | |||
Transfer In/Out | [3],[6] | ||||||
Purchases, Capitalized Fees, Interest and Amortization | [3],[6] | ||||||
Sales | [3],[6] | ||||||
Realized Gains/(Losses) | [3],[6] | ||||||
Non Controlled Affiliate Investments [Member] | Common Stock [Member] | |||||||
Investments in and Advances to Affiliates [Line Items] | |||||||
Interest, Fees, or Dividends Credited in Income | [1],[5] | [3],[6] | |||||
Fair value of investment, beginning balance | [1],[5] | [3],[6] | [3],[6] | ||||
Unrealized Gains/(Losses) | [1],[5] | [3],[6] | |||||
Fair value of investment, ending balance | [1],[5] | ||||||
Percentage of Net Assets | [1],[5] | [3],[6] | |||||
Transfer In/Out | [3],[6] | ||||||
Purchases, Capitalized Fees, Interest and Amortization | [3],[6] | ||||||
Sales | [3],[6] | ||||||
Realized Gains/(Losses) | [3],[6] | ||||||
Non Controlled Affiliate Investments [Member] | Debt Investments [Member] | |||||||
Investments in and Advances to Affiliates [Line Items] | |||||||
Interest, Fees, or Dividends Credited in Income | [1],[5] | [3],[6] | |||||
Fair value of investment, beginning balance | 1,988,200 | [1],[5] | 505,099 | [3],[6] | 505,099 | [3],[6] | |
Unrealized Gains/(Losses) | (97,009) | [1],[5] | 1,483,101 | [3],[6] | |||
Fair value of investment, ending balance | [1],[5] | $ 1,891,191 | $ 1,988,200 | ||||
Percentage of Net Assets | 0.88% | [1],[5] | 0.95% | [3],[6] | |||
Transfer In/Out | [3],[6] | ||||||
Purchases, Capitalized Fees, Interest and Amortization | [3],[6] | ||||||
Sales | [3],[6] | ||||||
Realized Gains/(Losses) | [3],[6] | ||||||
Colombier Sponsor LLC [Member] | |||||||
Investments in and Advances to Affiliates [Line Items] | |||||||
Fair value of investment, beginning balance | |||||||
Fair value of investment, ending balance | $ 14,794,714 | ||||||
Colombier Sponsor LLC [Member] | Controlled Investments [Member] | Options Held [Member] | |||||||
Investments in and Advances to Affiliates [Line Items] | |||||||
Principal/Quantity | 2,700,000 | [1],[2],[7],[8] | 2,700,000 | [3],[4],[9],[10] | |||
Interest, Fees, or Dividends Credited in Income | [1],[2],[7],[8] | [4],[9],[11] | |||||
Fair value of investment, beginning balance | [10] | 1,157,487 | [1],[2],[7],[8] | 1,157,487 | [3],[4],[9] | 1,157,487 | [3],[4],[9] |
Unrealized Gains/(Losses) | (563,487) | [1],[2],[7],[8] | [3],[4],[9],[10] | ||||
Fair value of investment, ending balance | [1],[2],[7],[8] | $ 594,000 | $ 1,157,487 | [10] | |||
Percentage of Net Assets | 0.28% | [1],[2],[7],[8] | 0.55% | [3],[4],[9],[10] | |||
Transfer In/Out | [3],[4],[9],[10] | ||||||
Purchases, Capitalized Fees, Interest and Amortization | [3],[4],[9],[10] | ||||||
Sales | [3],[4],[9],[10] | ||||||
Realized Gains/(Losses) | [3],[4],[9],[10] | ||||||
Colombier Sponsor LLC [Member] | Controlled Investments [Member] | Common Stock [Member] | |||||||
Investments in and Advances to Affiliates [Line Items] | |||||||
Principal/Quantity | 1,976,033 | [1],[2],[7],[8] | 1,976,033 | [3],[4],[9],[10] | |||
Interest, Fees, or Dividends Credited in Income | [1],[2],[7],[8] | [3],[4],[9],[10] | |||||
Fair value of investment, beginning balance | [10] | 1,554,355 | [1],[2],[7],[8] | 1,554,354 | [3],[4],[9] | 1,554,354 | [3],[4],[9] |
Unrealized Gains/(Losses) | 12,646,359 | [1],[2],[7],[8] | 1 | [3],[4],[9],[10] | |||
Fair value of investment, ending balance | [1],[2],[7],[8] | $ 14,200,714 | $ 1,554,355 | [10] | |||
Percentage of Net Assets | 6.60% | [1],[2],[7],[8] | 0.74% | [3],[4],[9],[10] | |||
Transfer In/Out | [3],[4],[9],[10] | ||||||
Purchases, Capitalized Fees, Interest and Amortization | [3],[4],[9],[10] | ||||||
Sales | [3],[4],[9],[10] | ||||||
Realized Gains/(Losses) | [3],[4],[9],[10] | ||||||
SPBRX Inc [Member] | Controlled Investments [Member] | Preferred Stock [Member] | |||||||
Investments in and Advances to Affiliates [Line Items] | |||||||
Principal/Quantity | 14,300,000 | [1],[2],[12] | 14,300,000 | [3],[4],[13] | |||
Interest, Fees, or Dividends Credited in Income | [1],[2],[12] | [3],[4],[13] | |||||
Fair value of investment, beginning balance | 984,028 | [1],[2],[12] | 1,047,033 | [3],[4],[13] | 1,047,033 | [3],[4],[13] | |
Unrealized Gains/(Losses) | (50,000) | [1],[2],[12] | (63,005) | [3],[4],[13] | |||
Fair value of investment, ending balance | [1],[2],[12] | $ 934,028 | $ 984,028 | ||||
Percentage of Net Assets | 0.43% | [1],[2],[12] | 0.47% | [3],[4],[13] | |||
Transfer In/Out | [3],[4],[13] | ||||||
Purchases, Capitalized Fees, Interest and Amortization | [3],[4],[13] | ||||||
Sales | [3],[4],[13] | ||||||
Realized Gains/(Losses) | [3],[4],[13] | ||||||
SPBRX Inc [Member] | Controlled Investments [Member] | Common Stock [Member] | |||||||
Investments in and Advances to Affiliates [Line Items] | |||||||
Principal/Quantity | 100,000 | [1],[2] | 100,000 | [3],[4] | |||
Interest, Fees, or Dividends Credited in Income | [1],[2] | [3],[4] | |||||
Fair value of investment, beginning balance | [1],[2] | [3],[4] | [3],[4] | ||||
Unrealized Gains/(Losses) | [1],[2] | [3],[4] | |||||
Fair value of investment, ending balance | [1],[2] | ||||||
Percentage of Net Assets | [1],[2] | [3],[4] | |||||
Transfer In/Out | [3],[4] | ||||||
Purchases, Capitalized Fees, Interest and Amortization | [3],[4] | ||||||
Sales | [3],[4] | ||||||
Realized Gains/(Losses) | [3],[4] | ||||||
Architect Capital PayJoy SPV, LLC [Member] | |||||||
Investments in and Advances to Affiliates [Line Items] | |||||||
Fair value of investment, beginning balance | |||||||
Fair value of investment, ending balance | $ 10,000,000 | ||||||
Architect Capital PayJoy SPV, LLC [Member] | Controlled Investments [Member] | Membership [Member] | |||||||
Investments in and Advances to Affiliates [Line Items] | |||||||
Principal/Quantity | 10,000,000 | [1],[2],[7],[8],[14] | 10,000,000 | [3],[4],[10],[11] | |||
Interest, Fees, or Dividends Credited in Income | $ 236,000 | [1],[2],[7],[8],[14] | $ 1,685,000 | [3],[4],[10],[11] | |||
Fair value of investment, beginning balance | [10] | 10,000,000 | [1],[2],[7],[8],[14] | 10,000,000 | [3],[4],[11] | 10,000,000 | [3],[4],[11] |
Unrealized Gains/(Losses) | [1],[2],[7],[8],[14] | [3],[4],[10],[11] | |||||
Fair value of investment, ending balance | [1],[2],[7],[8],[14] | $ 10,000,000 | $ 10,000,000 | [10] | |||
Percentage of Net Assets | 4.65% | [1],[2],[7],[8],[14] | 4.76% | [3],[4],[10],[11] | |||
Transfer In/Out | [3],[4],[10],[11] | ||||||
Purchases, Capitalized Fees, Interest and Amortization | [3],[4],[10],[11] | ||||||
Sales | [3],[4],[10],[11] | ||||||
Realized Gains/(Losses) | [3],[4],[10],[11] | ||||||
OneValley, Inc. [Member] | Non Controlled Affiliate Investments [Member] | Debt Investments [Member] | |||||||
Investments in and Advances to Affiliates [Line Items] | |||||||
Principal/Quantity | 1,010,198 | [1],[5],[15],[16] | 1,010,198 | [3],[6],[17] | |||
Interest, Fees, or Dividends Credited in Income | [1],[5],[15],[16] | [3],[6],[17],[18] | |||||
Fair value of investment, beginning balance | [17] | 1,988,200 | [1],[5],[15],[16] | 505,099 | [3],[6] | 505,099 | [3],[6] |
Unrealized Gains/(Losses) | (97,009) | [1],[5],[15],[16] | 1,483,101 | [3],[6],[17] | |||
Fair value of investment, ending balance | [1],[5],[15],[16] | $ 1,891,191 | $ 1,988,200 | [17] | |||
Percentage of Net Assets | 0.88% | [1],[5],[15],[16] | 0.95% | [3],[6],[17] | |||
Transfer In/Out | [3],[6],[17] | ||||||
Purchases, Capitalized Fees, Interest and Amortization | [3],[6],[17] | ||||||
Sales | [3],[6],[17] | ||||||
Realized Gains/(Losses) | [3],[6],[17] | ||||||
Maven Research Inc [Member] | Non Controlled Affiliate Investments [Member] | Preferred Stock [Member] | Series C Preferred Stock [Member] | Knowledge Networks [Member] | |||||||
Investments in and Advances to Affiliates [Line Items] | |||||||
Principal/Quantity | 318,979 | [1],[5] | 318,979 | [3],[6] | |||
Interest, Fees, or Dividends Credited in Income | [1],[5] | [3],[6] | |||||
Fair value of investment, beginning balance | [1],[5] | [3],[6] | [3],[6] | ||||
Unrealized Gains/(Losses) | [1],[5] | [3],[6] | |||||
Fair value of investment, ending balance | [1],[5] | ||||||
Percentage of Net Assets | [1],[5] | [3],[6] | |||||
Transfer In/Out | [3],[6] | ||||||
Purchases, Capitalized Fees, Interest and Amortization | [3],[6] | ||||||
Sales | [3],[6] | ||||||
Realized Gains/(Losses) | [3],[6] | ||||||
Maven Research Inc [Member] | Non Controlled Affiliate Investments [Member] | Preferred Stock [Member] | Series B Preferred Stock [Member] | Knowledge Networks [Member] | |||||||
Investments in and Advances to Affiliates [Line Items] | |||||||
Principal/Quantity | 49,505 | [1],[5] | 49,505 | [3],[6] | |||
Interest, Fees, or Dividends Credited in Income | [1],[5] | [3],[6] | |||||
Fair value of investment, beginning balance | [1],[5] | [3],[6] | [3],[6] | ||||
Unrealized Gains/(Losses) | [1],[5] | [3],[6] | |||||
Fair value of investment, ending balance | [1],[5] | ||||||
Percentage of Net Assets | [1],[5] | [3],[6] | |||||
Transfer In/Out | [3],[6] | ||||||
Purchases, Capitalized Fees, Interest and Amortization | [3],[6] | ||||||
Sales | [3],[6] | ||||||
Realized Gains/(Losses) | [3],[6] | ||||||
Ozy Media, Inc. [Member] | Non Controlled Affiliate Investments [Member] | Options Held [Member] | Common Warrants [Member] | Digital Media Platform [Member] | |||||||
Investments in and Advances to Affiliates [Line Items] | |||||||
Principal/Quantity | 295,565 | [1],[5],[19] | 295,565 | [3],[6] | |||
Interest, Fees, or Dividends Credited in Income | [1],[5],[19] | [3],[6] | |||||
Fair value of investment, beginning balance | [1],[5],[19] | [3],[6] | [3],[6] | ||||
Unrealized Gains/(Losses) | [1],[5],[19] | [3],[6] | |||||
Fair value of investment, ending balance | [1],[5],[19] | ||||||
Percentage of Net Assets | [1],[5],[19] | [3],[6] | |||||
Transfer In/Out | [3],[6] | ||||||
Purchases, Capitalized Fees, Interest and Amortization | [3],[6] | ||||||
Sales | [3],[6] | ||||||
Realized Gains/(Losses) | [3],[6] | ||||||
Ozy Media, Inc. [Member] | Non Controlled Affiliate Investments [Member] | Preferred Stock [Member] | Preferred Shares, Series C-2 6% [Member] | Digital Media Platform [Member] | |||||||
Investments in and Advances to Affiliates [Line Items] | |||||||
Principal/Quantity | 683,482 | [1],[5],[19] | 683,482 | [3],[6],[18] | |||
Interest, Fees, or Dividends Credited in Income | [1],[5],[19] | [3],[6] | |||||
Fair value of investment, beginning balance | [1],[5],[19] | [3],[6] | [3],[6] | ||||
Unrealized Gains/(Losses) | [1],[5],[19] | [3],[6] | |||||
Fair value of investment, ending balance | [1],[5],[19] | ||||||
Percentage of Net Assets | [1],[5],[19] | [3],[6] | |||||
Transfer In/Out | [3],[6] | ||||||
Purchases, Capitalized Fees, Interest and Amortization | [3],[6] | ||||||
Realized Gains/(Losses) | [3],[6] | ||||||
Ozy Media, Inc. [Member] | Non Controlled Affiliate Investments [Member] | Preferred Stock [Member] | Preferred Shares, Series B 6% [Member] | Digital Media Platform [Member] | |||||||
Investments in and Advances to Affiliates [Line Items] | |||||||
Principal/Quantity | 922,509 | [1],[5],[19] | 922,509 | [3],[6] | |||
Interest, Fees, or Dividends Credited in Income | [1],[5],[19] | [3],[6] | |||||
Fair value of investment, beginning balance | [1],[5],[19] | [3],[6] | [3],[6] | ||||
Unrealized Gains/(Losses) | [1],[5],[19] | [3],[6] | |||||
Fair value of investment, ending balance | [1],[5],[19] | ||||||
Percentage of Net Assets | [1],[5],[19] | [3],[6] | |||||
Transfer In/Out | [3],[6] | ||||||
Purchases, Capitalized Fees, Interest and Amortization | [3],[6] | ||||||
Sales | [3],[6] | ||||||
Realized Gains/(Losses) | [3],[6] | ||||||
Ozy Media, Inc. [Member] | Non Controlled Affiliate Investments [Member] | Preferred Stock [Member] | Preferred Shares, Series A 6% [Member] | Digital Media Platform [Member] | |||||||
Investments in and Advances to Affiliates [Line Items] | |||||||
Principal/Quantity | 1,090,909 | [1],[5],[19] | 1,090,909 | [3],[6] | |||
Interest, Fees, or Dividends Credited in Income | [1],[5],[19] | [3],[6] | |||||
Fair value of investment, beginning balance | [1],[5],[19] | [3],[6] | [3],[6] | ||||
Unrealized Gains/(Losses) | [1],[5],[19] | [3],[6] | |||||
Fair value of investment, ending balance | [1],[5],[19] | ||||||
Percentage of Net Assets | [1],[5],[19] | [3],[6] | |||||
Transfer In/Out | [3],[6] | ||||||
Purchases, Capitalized Fees, Interest and Amortization | [3],[6] | ||||||
Sales | [3],[6] | ||||||
Realized Gains/(Losses) | [3],[6] | ||||||
Ozy Media, Inc. [Member] | Non Controlled Affiliate Investments [Member] | Preferred Stock [Member] | Preferred Shares, Series Seed 6% [Member] | Digital Media Platform [Member] | |||||||
Investments in and Advances to Affiliates [Line Items] | |||||||
Principal/Quantity | 500,000 | [1],[5],[19] | 500,000 | [3],[6] | |||
Interest, Fees, or Dividends Credited in Income | [1],[5],[19] | [3],[6] | |||||
Fair value of investment, beginning balance | [1],[5],[19] | [3],[6] | [3],[6] | ||||
Unrealized Gains/(Losses) | [1],[5],[19] | [3],[6] | |||||
Fair value of investment, ending balance | [1],[5],[19] | ||||||
Percentage of Net Assets | [1],[5],[19] | [3],[6] | |||||
Transfer In/Out | [3],[6] | ||||||
Purchases, Capitalized Fees, Interest and Amortization | [3],[6] | ||||||
Sales | [3],[6] | ||||||
Realized Gains/(Losses) | [3],[6] | ||||||
StormWind, LLC [Member] | Non Controlled Affiliate Investments [Member] | Preferred Stock [Member] | Preferred Shares, Series D 8% [Member] | Interactive Learning [Member] | |||||||
Investments in and Advances to Affiliates [Line Items] | |||||||
Principal/Quantity | 329,337 | [1],[5],[20] | 329,337 | [3],[6],[21] | |||
Interest, Fees, or Dividends Credited in Income | [1],[5],[20] | [3],[6],[21] | |||||
Fair value of investment, beginning balance | 533,429 | [1],[5],[20] | 621,093 | [3],[6],[21] | 621,093 | [3],[6],[21] | |
Unrealized Gains/(Losses) | (26,638) | [1],[5],[20] | (87,664) | [3],[6],[21] | |||
Fair value of investment, ending balance | [1],[5],[20] | $ 506,791 | $ 533,429 | ||||
Percentage of Net Assets | 0.24% | [1],[5],[20] | 0.25% | [3],[6],[21] | |||
Transfer In/Out | [3],[6],[21] | ||||||
Purchases, Capitalized Fees, Interest and Amortization | [3],[6],[21] | ||||||
Realized Gains/(Losses) | [3],[6],[21] | ||||||
StormWind, LLC [Member] | Non Controlled Affiliate Investments [Member] | Preferred Stock [Member] | Preferred Shares, Series C 8% [Member] | Interactive Learning [Member] | |||||||
Investments in and Advances to Affiliates [Line Items] | |||||||
Principal/Quantity | 2,779,134 | [1],[5],[20] | 2,779,134 | [3],[6],[21] | |||
Interest, Fees, or Dividends Credited in Income | [1],[5],[20] | [3],[6],[21] | |||||
Fair value of investment, beginning balance | 5,675,081 | [1],[5],[20] | 6,496,729 | [3],[6],[21] | 6,496,729 | [3],[6],[21] | |
Unrealized Gains/(Losses) | (249,668) | [1],[5],[20] | (821,648) | [3],[6],[21] | |||
Fair value of investment, ending balance | [1],[5],[20] | $ 5,425,413 | $ 5,675,081 | ||||
Percentage of Net Assets | 2.52% | [1],[5],[20] | 2.70% | [3],[6],[21] | |||
Transfer In/Out | [3],[6],[21] | ||||||
Purchases, Capitalized Fees, Interest and Amortization | [3],[6],[21] | ||||||
Sales | [3],[6],[21] | ||||||
Realized Gains/(Losses) | [3],[6],[21] | ||||||
StormWind, LLC [Member] | Non Controlled Affiliate Investments [Member] | Preferred Stock [Member] | Preferred Shares, Series B 8% [Member] | Interactive Learning [Member] | |||||||
Investments in and Advances to Affiliates [Line Items] | |||||||
Principal/Quantity | 3,279,629 | [1],[5],[20] | 3,279,629 | [3],[6],[21] | |||
Interest, Fees, or Dividends Credited in Income | [1],[5],[20] | [3],[6],[21] | |||||
Fair value of investment, beginning balance | 3,550,631 | [1],[5],[20] | 4,423,607 | [3],[6],[21] | 4,423,607 | [3],[6],[21] | |
Unrealized Gains/(Losses) | (265,265) | [1],[5],[20] | (872,976) | [3],[6],[21] | |||
Fair value of investment, ending balance | [1],[5],[20] | $ 3,285,366 | $ 3,550,631 | ||||
Percentage of Net Assets | 1.53% | [1],[5],[20] | 1.69% | [3],[6],[21] | |||
Transfer In/Out | [3],[6],[21] | ||||||
Purchases, Capitalized Fees, Interest and Amortization | [3],[6],[21] | ||||||
Sales | [3],[6],[21] | ||||||
Realized Gains/(Losses) | [3],[6],[21] | ||||||
StormWind, LLC [Member] | Non Controlled Affiliate Investments [Member] | Preferred Stock [Member] | Preferred Shares, Series A 8% [Member] | Interactive Learning [Member] | |||||||
Investments in and Advances to Affiliates [Line Items] | |||||||
Principal/Quantity | 366,666 | [1],[5],[20] | 366,666 | [3],[6],[21] | |||
Interest, Fees, or Dividends Credited in Income | [1],[5],[20] | [3],[6],[21] | |||||
Fair value of investment, beginning balance | 191,694 | [1],[5],[20] | 289,293 | [3],[6],[21] | 289,293 | [3],[6],[21] | |
Unrealized Gains/(Losses) | (29,657) | [1],[5],[20] | (97,599) | [3],[6],[21] | |||
Fair value of investment, ending balance | [1],[5],[20] | $ 162,037 | $ 191,694 | ||||
Percentage of Net Assets | 0.08% | [1],[5],[20] | 0.09% | [3],[6],[21] | |||
Transfer In/Out | [3],[6],[21] | ||||||
Purchases, Capitalized Fees, Interest and Amortization | [3],[6],[21] | ||||||
Sales | [3],[6],[21] | ||||||
Realized Gains/(Losses) | [3],[6],[21] | ||||||
OneValley, Inc. (f/k/a NestGSV, Inc) [Member] | Non Controlled Affiliate Investments [Member] | Options Held [Member] | Global Innovation Platform [Member] | Derivative Security [Member] | |||||||
Investments in and Advances to Affiliates [Line Items] | |||||||
Principal/Quantity | 1 | [1],[5],[16] | 1 | [3],[6],[18] | |||
Interest, Fees, or Dividends Credited in Income | [1],[5],[16] | [3],[6],[18] | |||||
Fair value of investment, beginning balance | 652,127 | [1],[5],[16] | 2,268,268 | [3],[6],[18] | 2,268,268 | [3],[6],[18] | |
Unrealized Gains/(Losses) | (652,127) | [1],[5],[16] | (1,616,141) | [3],[6],[18] | |||
Fair value of investment, ending balance | [1],[5],[16] | $ 652,127 | |||||
Percentage of Net Assets | [1],[5],[16] | 0.31% | [3],[6],[18] | ||||
Transfer In/Out | [3],[6],[18] | ||||||
Purchases, Capitalized Fees, Interest and Amortization | [3],[6],[18] | ||||||
Sales | [3],[6],[18] | ||||||
Realized Gains/(Losses) | [3],[6],[18] | ||||||
OneValley, Inc. (f/k/a NestGSV, Inc) [Member] | Non Controlled Affiliate Investments [Member] | Options Held [Member] | Preferred Warrant Series B Two Stock [Member] | Global Innovation Platform [Member] | |||||||
Investments in and Advances to Affiliates [Line Items] | |||||||
Principal/Quantity | 250,000 | [1],[5] | 250,000 | [3],[6] | |||
Interest, Fees, or Dividends Credited in Income | [1],[5] | [3],[6] | |||||
Fair value of investment, beginning balance | [1],[5] | 5,000 | [3],[6] | 5,000 | [3],[6] | ||
Unrealized Gains/(Losses) | [1],[5] | (5,000) | [3],[6] | ||||
Fair value of investment, ending balance | [1],[5] | ||||||
Percentage of Net Assets | [1],[5] | [3],[6] | |||||
Transfer In/Out | [3],[6] | ||||||
Purchases, Capitalized Fees, Interest and Amortization | [3],[6] | ||||||
Sales | [3],[6] | ||||||
Realized Gains/(Losses) | [3],[6] | ||||||
OneValley, Inc. (f/k/a NestGSV, Inc) [Member] | Non Controlled Affiliate Investments [Member] | Options Held [Member] | Preferred Warrants [Member] | Global Innovation Platform [Member] | |||||||
Investments in and Advances to Affiliates [Line Items] | |||||||
Principal/Quantity | [3],[6] | ||||||
Interest, Fees, or Dividends Credited in Income | [3],[6] | ||||||
Fair value of investment, beginning balance | [3],[6] | ||||||
Unrealized Gains/(Losses) | [3],[6] | 70,379 | |||||
Fair value of investment, ending balance | [3],[6] | ||||||
Percentage of Net Assets | [3],[6] | ||||||
Transfer In/Out | [3],[6] | ||||||
Purchases, Capitalized Fees, Interest and Amortization | [3],[6] | ||||||
Sales | [3],[6] | ||||||
Realized Gains/(Losses) | [3],[6] | $ (70,379) | |||||
Curious.Com Inc [Member] | Non Controlled Affiliate Investments [Member] | Common Stock [Member] | Online Education [Member] | |||||||
Investments in and Advances to Affiliates [Line Items] | |||||||
Principal/Quantity | 1,135,944 | [1],[5] | 1,135,944 | [3],[6] | |||
Interest, Fees, or Dividends Credited in Income | [1],[5] | [3],[6] | |||||
Fair value of investment, beginning balance | [1],[5] | [3],[6] | [3],[6] | ||||
Unrealized Gains/(Losses) | [1],[5] | [3],[6] | |||||
Fair value of investment, ending balance | [1],[5] | ||||||
Percentage of Net Assets | [1],[5] | [3],[6] | |||||
Transfer In/Out | [3],[6] | ||||||
Purchases, Capitalized Fees, Interest and Amortization | [3],[6] | ||||||
Sales | [3],[6] | ||||||
Realized Gains/(Losses) | [3],[6] | ||||||
[1]All portfolio investments are non-income-producing, unless otherwise identified. Equity investments are subject to lock-up restrictions upon their IPO. Preferred dividends are generally only payable when declared and paid by the portfolio company’s board of directors. The Company’s directors, officers, employees and staff, as applicable, may serve on the board of directors of the Company’s portfolio investments. (Refer to “Note 3—Related-Party Arrangements”). All portfolio investments are considered Level 3 and valued using significant unobservable inputs, unless otherwise noted. (Refer to “Note 4—Investments at Fair Value”). All portfolio investments are considered Level 3 and valued using unobservable inputs, unless otherwise noted. All of the Company’s portfolio investments are restricted as to resale, unless otherwise noted, and were valued at fair value as determined in good faith by the Company’s Board of Directors. (Refer to “Note 2—Significant Accounting Policies—Investments at Fair Value”).[2]“Control Investments” are investments in those companies that are “Controlled Companies” of SuRo Capital Corp., as defined in the 1940 Act. In general, under the 1940 Act, the Company would “Control” a portfolio company if the Company beneficially owns, directly or indirectly, more than 25% of its outstanding voting securities (i.e., securities with the right to elect directors) and/or had the power to exercise control over the management or policies of such portfolio company.[3]All portfolio investments are non-income-producing, unless otherwise identified. Equity investments are subject to lock-up restrictions upon their IPO. Preferred dividends are generally only payable when declared and paid by the portfolio company’s board of directors. The Company’s directors, officers, employees and staff, as applicable, may serve on the board of directors of the Company’s portfolio investments. (Refer to “Note 3—Related-Party Arrangements”). All portfolio investments are considered Level 3 and valued using significant unobservable inputs, unless otherwise noted. (Refer to “Note 4—Investments at Fair Value”). All portfolio investments are considered Level 3 and valued using unobservable inputs, unless otherwise noted. All of the Company’s portfolio investments are restricted as to resale, unless otherwise noted, and were valued at fair value as determined in good faith by the Company’s Board of Directors. (Refer to “Note 2—Significant Accounting Policies—Investments at Fair Value”).[4]“Control Investments” are investments in those companies that are “Controlled Companies” of SuRo Capital Corp., as defined in the 1940 Act. In general, under the 1940 Act, the Company would “Control” a portfolio company if the Company beneficially owns, directly or indirectly, more than 25% of its outstanding voting securities (i.e., securities with the right to elect directors) and/or had the power to exercise control over the management or policies of such portfolio company.[5]“Affiliate Investments” are investments in those companies that are “Affiliated Companies” of SuRo Capital Corp., as defined in the 1940 Act. In general, a company is deemed to be an “Affiliate” of SuRo Capital Corp. if SuRo Capital Corp. beneficially owns, directly or indirectly, between 5% and 25% of the voting securities ( i.e. i.e. 20.49% 14.47% |
SCHEDULE OF INVESTMENTS IN AN_2
SCHEDULE OF INVESTMENTS IN AND ADVANCES TO AFFILIATES (Details) (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2023 | Dec. 31, 2022 | Mar. 17, 2023 | ||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Strike Price | $ 0.10 | |||||
Percentage for total investment | 76.80% | 74.80% | ||||
Non-Qualifying Assets [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Percentage for total investment | 20.49% | 14.47% | ||||
Non Controlled Affiliate Investments [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Percentage for total investment | 5.24% | [1],[2] | 6% | [3],[4] | ||
Non Controlled Affiliate Investments [Member] | Debt Investments [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Percentage for total investment | 0.88% | [1],[2] | 0.95% | [3],[4] | ||
Non Controlled Affiliate Investments [Member] | Options Held [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Percentage for total investment | [1],[2] | 0.31% | [3],[4] | |||
Non Controlled Affiliate Investments [Member] | Options Held [Member] | Global Innovation Platform [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Percentage for total investment | [1],[2] | 0.31% | [3],[4] | |||
Non Controlled Affiliate Investments [Member] | Options Held [Member] | Global Innovation Platform [Member] | Derivative Security [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Maturity date | Aug. 23, 2024 | Aug. 23, 2024 | ||||
OneValley, Inc. [Member] | Non Controlled Affiliate Investments [Member] | Debt Investments [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Maturity date | Aug. 23, 2024 | Aug. 23, 2024 | ||||
Percentage for total investment | 0.88% | [1],[2],[5],[6] | 0.95% | [3],[4],[7] | ||
Ozy Media, Inc. [Member] | Non Controlled Affiliate Investments [Member] | Options Held [Member] | Common Warrants [Member] | Digital Media Platform [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Strike Price | $ 0.01 | $ 0.01 | ||||
Warrant expiration date | Apr. 09, 2028 | Apr. 09, 2028 | ||||
Percentage for total investment | [1],[2],[8] | [3],[4] | ||||
Ozy Media, Inc. [Member] | Non Controlled Affiliate Investments [Member] | Options Held [Member] | Preferred Warrants [Member] | Digital Media Platform [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Strike Price | $ 2.31 | |||||
Warrant expiration date | May 29, 2022 | |||||
OneValley, Inc. (f/k/a NestGSV, Inc) [Member] | Non Controlled Affiliate Investments [Member] | Options Held [Member] | Global Innovation Platform [Member] | Derivative Security [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Percentage for total investment | [1],[2],[6] | 0.31% | [3],[4],[9] | |||
OneValley, Inc. (f/k/a NestGSV, Inc) [Member] | Non Controlled Affiliate Investments [Member] | Options Held [Member] | Preferred Warrant Series B Two Stock [Member] | Global Innovation Platform [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Strike Price | $ 2.31 | $ 2.31 | ||||
Warrant expiration date | Dec. 31, 2023 | Dec. 31, 2023 | ||||
Percentage for total investment | [1],[2] | [3],[4] | ||||
OneValley, Inc. (f/k/a NestGSV, Inc) [Member] | Non Controlled Affiliate Investments [Member] | Options Held [Member] | Preferred Warrants [Member] | Global Innovation Platform [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Percentage for total investment | [3],[4] | |||||
[1]All portfolio investments are non-income-producing, unless otherwise identified. Equity investments are subject to lock-up restrictions upon their IPO. Preferred dividends are generally only payable when declared and paid by the portfolio company’s board of directors. The Company’s directors, officers, employees and staff, as applicable, may serve on the board of directors of the Company’s portfolio investments. (Refer to “Note 3—Related-Party Arrangements”). All portfolio investments are considered Level 3 and valued using significant unobservable inputs, unless otherwise noted. (Refer to “Note 4—Investments at Fair Value”). All portfolio investments are considered Level 3 and valued using unobservable inputs, unless otherwise noted. All of the Company’s portfolio investments are restricted as to resale, unless otherwise noted, and were valued at fair value as determined in good faith by the Company’s Board of Directors. (Refer to “Note 2—Significant Accounting Policies—Investments at Fair Value”).[2]“Affiliate Investments” are investments in those companies that are “Affiliated Companies” of SuRo Capital Corp., as defined in the 1940 Act. In general, a company is deemed to be an “Affiliate” of SuRo Capital Corp. if SuRo Capital Corp. beneficially owns, directly or indirectly, between 5% and 25% of the voting securities ( i.e. i.e. |
INVESTMENTS AT FAIR VALUE (Deta
INVESTMENTS AT FAIR VALUE (Details Narrative) | Mar. 31, 2023 USD ($) Integer | Dec. 31, 2022 USD ($) Integer |
Investments in and Advances to Affiliates [Line Items] | ||
Number of positions | Integer | 64 | 64 |
Number of portfolio companies | Integer | 37 | 39 |
Total Portfolio Investments | $ 165,088,040 | $ 157,188,578 |
Percentage of Portfolio | 100% | 100% |
Percentage of Net Assets | 76.80% | 74.80% |
West [Member] | ||
Investments in and Advances to Affiliates [Line Items] | ||
Total Portfolio Investments | $ 94,490,362 | $ 94,996,805 |
Percentage of Portfolio | 57.20% | 60.40% |
Percentage of Net Assets | 43.90% | 45.10% |
Northeast [Member] | ||
Investments in and Advances to Affiliates [Line Items] | ||
Total Portfolio Investments | $ 54,146,222 | $ 46,944,432 |
Percentage of Portfolio | 32.80% | 29.90% |
Percentage of Net Assets | 25.20% | 22.40% |
Midwest [Member] | ||
Investments in and Advances to Affiliates [Line Items] | ||
Total Portfolio Investments | $ 8,527,740 | $ 8,183,281 |
Percentage of Portfolio | 5.20% | 5.20% |
Percentage of Net Assets | 4% | 3.90% |
International [Member] | ||
Investments in and Advances to Affiliates [Line Items] | ||
Total Portfolio Investments | $ 7,923,716 | $ 7,064,060 |
Percentage of Portfolio | 4.80% | 4.50% |
Percentage of Net Assets | 3.70% | 3.40% |
Education Technology [Member] | ||
Investments in and Advances to Affiliates [Line Items] | ||
Total Portfolio Investments | $ 62,140,686 | $ 61,841,493 |
Percentage of Portfolio | 37.60% | 39.40% |
Percentage of Net Assets | 29.10% | 29.40% |
Financial Technology [Member] | ||
Investments in and Advances to Affiliates [Line Items] | ||
Total Portfolio Investments | $ 49,129,888 | $ 38,096,753 |
Percentage of Portfolio | 29.80% | 24.20% |
Percentage of Net Assets | 22.80% | 18.10% |
Marketplaces [Member] | ||
Investments in and Advances to Affiliates [Line Items] | ||
Total Portfolio Investments | $ 24,817,944 | $ 27,291,467 |
Percentage of Portfolio | 15% | 17.40% |
Percentage of Net Assets | 11.50% | 13% |
Big Data/Cloud [Member] | ||
Investments in and Advances to Affiliates [Line Items] | ||
Total Portfolio Investments | $ 14,856,153 | $ 14,927,819 |
Percentage of Portfolio | 9% | 9.50% |
Percentage of Net Assets | 6.90% | 7.10% |
Social/Mobile [Member] | ||
Investments in and Advances to Affiliates [Line Items] | ||
Total Portfolio Investments | $ 13,209,341 | $ 14,047,018 |
Percentage of Portfolio | 8% | 8.90% |
Percentage of Net Assets | 6.10% | 6.70% |
Sustainability [Member] | ||
Investments in and Advances to Affiliates [Line Items] | ||
Total Portfolio Investments | $ 934,028 | $ 984,028 |
Percentage of Portfolio | 0.60% | 0.60% |
Percentage of Net Assets | 0.40% | 0.50% |
COMMON STOCK (Details Narrative
COMMON STOCK (Details Narrative) - USD ($) | 3 Months Ended | ||||||||||||||||
Mar. 17, 2023 | Oct. 19, 2022 | Mar. 13, 2022 | Oct. 27, 2021 | Oct. 28, 2020 | Sep. 23, 2020 | Sep. 22, 2020 | Jul. 29, 2020 | Mar. 09, 2020 | Aug. 05, 2019 | Nov. 01, 2018 | May 03, 2018 | Nov. 07, 2017 | Aug. 08, 2017 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||
Payment for repurchase of common stock | $ 1,359,607 | ||||||||||||||||
Common stock par value | $ 0.01 | $ 0.01 | |||||||||||||||
Common stock value | $ 283,386 | $ 284,295 | |||||||||||||||
Stock repurchased during period value | $ 1,359,607 | ||||||||||||||||
Number of shares repurchased | 3,000,000 | 0 | 153,517 | ||||||||||||||
Shares issued value | $ 229,896 | ||||||||||||||||
Issuance of common stock from public offering, shares | 17,807 | ||||||||||||||||
Proceeds from the issuance of common stock, net | $ 229,896 | ||||||||||||||||
Share Repurchase Program [Member] | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||
Stock repurchased during period value | $ 5,000,000 | ||||||||||||||||
Share Repurchase Program [Member] | Maximum [Member] | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||
Common stock value | 5,000,000 | ||||||||||||||||
At-the-Market Sales Agreement [Member] | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||
Shares issued value | $ 150,000,000 | $ 50,000,000 | |||||||||||||||
Issuance of common stock from public offering, shares | 0 | 17,807 | |||||||||||||||
Weighted average price per share | $ 13.01 | ||||||||||||||||
Proceeds from the issuance of common stock, net | $ 231,677 | ||||||||||||||||
Proceeds from issuance or sale of equity | $ 229,896 | ||||||||||||||||
At-the-Market Sales Agreement [Member] | Maximum [Member] | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||
Aggregate amount | $ 98,800,000 | ||||||||||||||||
Gross sales price, percentage | 2% | ||||||||||||||||
Common Stock [Member] | Share Repurchase Program [Member] | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||
Payment for repurchase of common stock | $ 5,000,000 | ||||||||||||||||
Common stock par value | $ 0.01 | ||||||||||||||||
Stock repurchased during period value | $ 40,000,000 | $ 30,000,000 | $ 25,000,000 | $ 10,000,000 | |||||||||||||
Aggregate amount | $ 16,400,000 | ||||||||||||||||
Common Stock [Member] | Share Repurchase Program [Member] | Board of Directors [Member] | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||
Stock repurchased during period value | $ 55,000,000 | $ 55,000,000 | $ 40,000,000 | $ 20,000,000 | $ 15,000,000 | ||||||||||||
Increase in amount of shares, repurchased value | $ 15,000,000 | $ 10,000,000 | $ 5,000,000 | $ 5,000,000 | $ 5,000,000 | $ 5,000,000 | |||||||||||
Common Stock [Member] | At-the-Market Sales Agreement [Member] | Maximum [Member] | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||
Sale of stock aggregate amount | $ 50,000,000 |
SCHEDULE OF BASIC AND DILUTED C
SCHEDULE OF BASIC AND DILUTED COMMON SHARE (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Net Change in Net Assets Resulting from Operations per Common Share: | |||
Net change in net assets resulting from operations | $ 4,616,509 | $ 20,456,455 | |
Weighted-average common shares–basic | 28,378,529 | 31,228,046 | |
Earnings per common share–basic | $ 0.16 | $ 0.66 | |
Net change in net assets resulting from operations | $ 4,616,509 | $ 20,456,455 | |
Weighted Average Number of Shares Outstanding, Diluted | [1],[2] | 28,378,529 | 31,228,046 |
Earnings per common share–diluted | [2] | $ 0.16 | $ 0.66 |
[1]For the three months ended March 31, 2023 and March 31, 2022, there were no potentially dilutive securities outstanding.[2]For the three months ended March 31, 2023 and March 31, 2022, there were no potentially dilutive securities outstanding. Refer to “Note 6 — Net Change in Net Assets Resulting from Operations per Common Share — Basic and Diluted”. |
SCHEDULE OF FUTURE MINIMUM PAYM
SCHEDULE OF FUTURE MINIMUM PAYMENTS OF OPERATING LEASE (Details) | Mar. 31, 2023 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2023 | $ 143,883 |
2024 | 113,603 |
Total | $ 257,486 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Lease expiration date | Jul. 31, 2024 | |
Right of use assets | $ 252,135 | $ 288,268 |
Security deposits | 16,574 | 16,574 |
Operating lease, expense | $ 48,723 | $ 47,332 |
Operating lease remaining term | 1 year 3 months 18 days | |
Lessee, operating lease, discount rate | 3% |
SCHEDULE OF FINANCIAL HIGHLIGHT
SCHEDULE OF FINANCIAL HIGHLIGHTS (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Investment Company [Abstract] | |||
Net asset value at beginning of the year | $ 7.39 | $ 11.72 | |
Net investment loss | [1] | (0.15) | (0.14) |
Net realized gain on investments | [1] | 0.01 | 0.10 |
Net change in unrealized appreciation/(depreciation) of investments | [1] | 0.30 | 0.69 |
Dividends declared | (0.11) | ||
Issuance of common stock from public offering | [1] | 0.01 | |
Repurchase of common stock | [1] | (0.06) | |
Stock-based compensation | [1] | 0.04 | 0.01 |
Net asset value at end of period | 7.59 | 12.22 | |
Per share market value at end of period | $ 3.62 | $ 8.63 | |
Total return based on market value | [2] | (4.74%) | (31.72%) |
Total return based on net asset value | [2] | 2.71% | 5.03% |
Balance, shares | 28,338,580 | 31,164,443 | |
Balance, shares | $ 215,043,069 | $ 380,701,527 | |
Average net assets | $ 209,347,362 | $ 364,015,960 | |
Ratio of net operating expenses to average net assets | [3] | 10.70% | 5.39% |
Ratio of net investment loss to average net assets | [3] | (8.18%) | (4.73%) |
Portfolio Turnover Ratio | 1.24% | ||
[1]Based on weighted-average number of shares outstanding for the relevant period.[2]Total return based on market value is based upon the change in market price per share between the opening and ending market values per share in the period, adjusted for dividends and equity issuances. Total return based on net asset value is based upon the change in net asset value per share between the opening and ending net asset values per share in the period, adjusted for dividends and equity issuances.[3]Financial highlights for periods of less than one year are annualized and the ratios of operating expenses to average net assets and net investment loss to average net assets are adjusted accordingly. Because the ratios are calculated for the Company’s common stock taken as a whole, an individual investor’s ratios may vary from these ratios. |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |||
Investment gain percent | [1] | (8.18%) | (4.73%) |
Nondeductible excise tax, percent | 4% | ||
Income tax, description | (1) 98% of our ordinary income (taking into account certain deferrals and elections) for each calendar year, (2) 98.2% of our capital gain net income (adjusted for certain ordinary losses) for the 1-year period ending October 31 of each such calendar year and (3) any ordinary income and net capital gains for preceding years, but not distributed during such years and on which the Company paid no U.S. federal income tax | ||
Minimum [Member] | |||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |||
Investment gain percent | 90% | ||
[1]Financial highlights for periods of less than one year are annualized and the ratios of operating expenses to average net assets and net investment loss to average net assets are adjusted accordingly. Because the ratios are calculated for the Company’s common stock taken as a whole, an individual investor’s ratios may vary from these ratios. |
DEBT CAPITAL ACTIVITIES (Detail
DEBT CAPITAL ACTIVITIES (Details Narrative) - USD ($) $ / shares in Units, $ in Millions | Dec. 21, 2021 | Dec. 17, 2021 | Mar. 31, 2023 | Dec. 31, 2022 |
Short-Term Debt [Line Items] | ||||
Debt instrument, interest rate | 6% | 6% | ||
6.00% Notes due 2026 [Member] | ||||
Short-Term Debt [Line Items] | ||||
Proceeds from debt | $ 70 | |||
Debt instrument, issuance date | Mar. 28, 2018 | |||
Debt instrument, interest rate | 6% | |||
Debt instrument, frequency of periodic payment description | payable quarterly in arrears on March 30, June 30, September 30, and December 30 of each year, commencing on March 30, 2022 | |||
Debt instrument, notes redeem, description | The Company has the right to redeem the 6.00% Notes due 2026, in whole or in part, at any time or from time to time, on or after December 30, 2024 at a redemption price of 100% of the outstanding principal amount of the 6.00% Notes due 2026 plus accrued and unpaid interest | |||
Redemption price percent | 100% | |||
Closing market price, per note | $ 23.50 | $ 23.51 | ||
Debt instrument, fair value | $ 70.5 | $ 70.5 | ||
6.00% Notes due 2026 [Member] | Over-Allotment Option [Member] | ||||
Short-Term Debt [Line Items] | ||||
Proceeds from debt | $ 5 |
SCHEDULE OF STOCK OPTIONS, VALU
SCHEDULE OF STOCK OPTIONS, VALUATION ASSUMPTIONS (Details) | Jul. 17, 2019 |
Share-Based Payment Arrangement [Abstract] | |
Term (years) | 5 years 6 months 18 days |
Volatility | 39.47% |
Risk-free rate | 1.86% |
Dividend yield | 0% |
SCHEDULE OF OPTION, ACTIVITY (D
SCHEDULE OF OPTION, ACTIVITY (Details) - $ / shares | 3 Months Ended | 12 Months Ended | 36 Months Ended |
Mar. 31, 2023 | Dec. 31, 2019 | Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |||
Number of shares outstanding, beginning | 1,155,000 | ||
Weighted-Average exercise price, outstanding | $ 6.57 | ||
Weighted average grant date fair value, outstanding | $ 2.57 | ||
Number of shares cancelled | (1,155,000) | (1,155,000) | |
Weighted-Average exercise price, cancelled | $ 6.57 | $ 6.57 | |
Weighted average grant date fair value cancelled | $ 2.57 | $ 2.57 | |
Number of shares outstanding, ending | |||
Weighted average exercise price outstanding, ending | |||
Weighted average grant date fair value cancelled, ending | |||
Number of vested and exercisable | 385,000 | ||
Weighted-Average exercise price, vested and exercisable | $ 6.57 | ||
Weighted average grant date fair value, vested and exercisable | $ 2.57 | ||
Number of shares, cancelled | 1,155,000 | 1,155,000 |
SCHEDULE OF EQUITY INCENTIVE PL
SCHEDULE OF EQUITY INCENTIVE PLAN (Details) - Restricted Stock [Member] | 3 Months Ended | |
Mar. 31, 2023 shares | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Number of restricted shares outstanding beginning | 606,620 | |
Number of shares granted | ||
Number of shares vested | (177,937) | [1] |
Number of shares forfeited | ||
Number of restricted shares outstanding ending | 428,683 | |
Number of shares vested | 348,737 | |
[1]The balance of vested shares as of March 31, 2023 reflects the total shares vested during the period and has not been reduced for those vested shares forfeited at time of vest related to net share settlement. Of the 177,937 shares vested, 90,919 |
SCHEDULE OF EQUITY INCENTIVE _2
SCHEDULE OF EQUITY INCENTIVE PLAN (Details) (Parenthetical) - Restricted Stock [Member] | 3 Months Ended | |
Mar. 31, 2023 shares | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Shares vested | 177,937 | [1] |
Shares forfeited | 90,919 | |
[1]The balance of vested shares as of March 31, 2023 reflects the total shares vested during the period and has not been reduced for those vested shares forfeited at time of vest related to net share settlement. Of the 177,937 shares vested, 90,919 |
STOCK-BASED COMPENSATION (Detai
STOCK-BASED COMPENSATION (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |||||
Jun. 01, 2022 | Jun. 19, 2020 | Jul. 17, 2019 | Jun. 05, 2019 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Shares issued, shares | 17,807 | ||||||
Shares issued, value | $ 229,896 | ||||||
Stock-based compensation expense | $ 405,858 | (30,016) | |||||
Board of Directors [Member] | Amended and Restated 2019 Equity Incentive Plan [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Shares issued, shares | 1,627,967 | ||||||
Restricted Stock [Member] | Amended and Restated 2019 Equity Incentive Plan [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Shares granted | 0 | ||||||
Share-based payment award options grants value | $ 0 | $ 2,885,000 | |||||
Restricted Stock [Member] | Non Employee Director [Member] | Amended and Restated 2019 Equity Incentive Plan [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Shares issued, value | $ 50,000 | ||||||
Restricted Stock [Member] | 2021 Non-employee Director [Member] | Amended and Restated 2019 Equity Incentive Plan [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Restricted shares | 15,080 | ||||||
Restricted Shares of Common Stock [Member] | Non Employee Director [Member] | Amended and Restated 2019 Equity Incentive Plan [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Restricted shares issued, value | $ 50,000 | ||||||
2019 Enquity Incentive Plan [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Unrecognized compensation cost related to non vested | 0 | 0 | |||||
2019 Enquity Incentive Plan [Member] | Share-Based Payment Arrangement, Option [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Shares granted | 1,165,000 | ||||||
Share based payment award description | These stock options had a vesting period of 3 years | ||||||
Options vesting, period | 3 years | ||||||
Weighted average price per share | $ 2.57 | ||||||
2019 Enquity Incentive Plan [Member] | Common Stock [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Shares granted | 1,976,264 | ||||||
Stock ownership percentage | 10% | ||||||
Restricted Share Grants [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Stock-based compensation expense | 755,581 | $ 633,193 | |||||
Unrecognized compensation costs | $ 5,696,028 | $ 6,451,610 |
SCHEDULE OF INVESTMENTS (Detail
SCHEDULE OF INVESTMENTS (Details) - USD ($) | 1 Months Ended | 3 Months Ended | ||
May 09, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | ||
Subsequent Event [Line Items] | ||||
Net Realized Gain on Investments | $ 189,343 | $ 3,096,275 | ||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Net proceeds | $ 83,333 | |||
Net Realized Gain on Investments | [1] | $ (10,945,024) | ||
Subsequent Event [Member] | Ozy Media, Inc. [Member] | ||||
Subsequent Event [Line Items] | ||||
Transaction date | [2] | 5/4/2023 | ||
Net proceeds | [2] | |||
Net Realized Gain on Investments | [1],[2] | $ (10,945,024) | ||
Subsequent Event [Member] | Residential Homes For Rent, LLC [Member] | ||||
Subsequent Event [Line Items] | ||||
Transaction date | [3] | 4/21/2023 | ||
Net proceeds | [3] | $ 83,333 | ||
Net Realized Gain on Investments | [1],[3] | |||
[1]Realized loss does not include adjustments to amounts held in escrow receivable.[2]On May 4, 2023, SuRo Capital Corp. abandoned its investment in Ozy Media, Inc.[3]Subsequent to March 31, 2023, $ 0.1 15% December 23, 2023 0.1 |
SCHEDULE OF INVESTMENTS (Deta_2
SCHEDULE OF INVESTMENTS (Details) (Parenthetical) - USD ($) $ in Millions | 1 Months Ended | ||
May 10, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |
Subsequent Event [Line Items] | |||
Debt instrument interest rate | 6% | 6% | |
Subsequent Event [Member] | Residential Homes For Rent, LLC [Member] | |||
Subsequent Event [Line Items] | |||
Repayments of debt | $ 0.1 | ||
Debt instrument interest rate | 15% | ||
Warrant expiration date | Dec. 23, 2023 | ||
Proceeds from debt | $ 0.1 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - $ / shares | 3 Months Ended | |||
Mar. 17, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | Apr. 21, 2023 | |
Subsequent Event [Line Items] | ||||
Purchase of shares | 3,000,000 | |||
Share price | $ 0.10 | |||
Expiration date | Apr. 17, 2023 | |||
Repurchase of shares | 3,000,000 | 0 | 153,517 | |
Share price | 10.60% | |||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Share price | $ 4.50 | |||
Minimum [Member] | ||||
Subsequent Event [Line Items] | ||||
Share price | $ 3 | |||
Maximum [Member] | ||||
Subsequent Event [Line Items] | ||||
Share price | $ 4.50 |