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Midas Edge

SURO CAPITAL CORP

For the period ended Dec 31, 2023. Filed Mar 14, 2024.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Mar 14, 2024

NSLR$5.98-2.8%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Consolidated Schedule of Investments as of December 31, 2022

CONSOLIDATED SCHEDULE OF INVESTMENTS

Portfolio Investments* · Headquarters/ Industry · Date of Initial Investment · Shares/ Principal · Cost · Fair Value · % of Net Assets
NON-CONTROLLED/NON-AFFILIATE
Learneo, Inc. (f/k/a Course Hero, Inc.) · Redwood City, CA
Preferred shares, Series A 8%Online Education9/18/20142,145,509$5,000,001$40,541,40319.30%
Preferred shares, Series C 8%Online Education11/5/2021275,6599,999,9719,999,9714.76%
Total14,999,97250,541,37424.06%
Blink Health, Inc.New York, NY
Preferred shares, Series APharmaceutical Technology10/27/2020238,0955,000,423949,9240.45%
Preferred shares, Series C10/27/2020261,94410,003,9179,999,9744.76%
Total15,004,34010,949,8985.21%
Orchard Technologies, Inc.New York, NY
Preferred shares, Series DReal Estate Platform8/9/20211,488,13910,004,0349,999,9964.76%
Simple Agreement for Future Equity9/2/20221501,663500,0000.24%
Total10,505,69710,499,9965.00%
Locus Robotics Corp.Wilmington, MA
Preferred shares, Series FWarehouse Automation11/30/2022232,56810,004,28610,000,0054.76%
Aspiration Partners, Inc.Marina Del Rey, CA
Preferred shares, Series AFinancial Services8/11/2015540,2701,001,8156,229,3602.97%
Preferred shares, Series C-38/12/201924,912281,190312,1510.15%
Total1,283,0056,541,5113.11%
Whoop, Inc.Boston, MA
Preferred shares, Series CFitness Technology6/30/202213,293,45010,011,4606,084,0412.90%
Forge Global, Inc.**San Francisco, CA
Common shares(3)(14)**(3)(14)Online Marketplace Finance7/20/20112,508,0743,443,4834,338,9682.07%
Nextdoor Holdings, Inc.**San Francisco, CA
Common shares, Class B(3)**(3)Social Networking9/27/20181,802,41610,002,6663,712,9771.77%
NewLake Capital Partners, Inc. (f/k/a GreenAcreage Real Estate Corp.)**New Canaan, CT
Common shares***(3)(3)*Cannabis REIT8/12/2019229,7584,678,6863,680,7231.75%
Shogun Enterprises, Inc. (d/b/a Hearth)Austin, TX
Preferred shares, Series B-1Home Improvement Finance2/26/2021436,8443,501,6571,403,0230.67%
Preferred shares, Series B-22/26/2021301,7503,501,6611,403,0240.67%
Convertible Note 0.5%, Due 4/18/2024******5/2/2022$500,000500,000500,0000.24%
Total7,503,3183,306,0471.57%
True Global Ventures 4 Plus Pte Ltd**(8)Singapore, Singapore
Limited Partner Fund Investment**(8)Venture Investment Fund8/27/20211—3,063,3581.46%
Residential Homes for Rent, LLC (d/b/a Second Avenue)Chicago, IL
Preferred shares, Series A(6)(6)Real Estate Platform12/23/2020150,0001,500,0001,959,7130.93%
Term loan 15%, Due 12/23/2023***(11)***(11)12/23/2020$1,000,0001,000,0001,000,0000.48%
Total2,500,0002,959,7131.41%
Trax Ltd.**Singapore, Singapore
Common shares**Retail Technology6/9/202155,5912,781,148280,7970.13%
Preferred shares, Investec Series**6/9/2021144,4097,224,6002,647,0171.26%
Total**10,005,7482,927,8141.39%
PayJoy, Inc.San Francisco, CA
Preferred sharesMobile Access Technology7/23/2021244,1172,501,5702,500,0021.19%
Aventine Property Group, Inc.Chicago, IL
Common shares******Cannabis REIT9/11/2019312,5002,580,7501,917,5210.91%
Varo Money, Inc.**San Francisco, CA
Common shares**Financial Services8/11/20211,079,26610,005,5481,286,7830.61%
Portfolio Investments* · Headquarters/ Industry · Date of Initial Investment · Shares/ Principal · Cost · Fair Value · % of Net Assets
Skillsoft Corp.** · Nashua, NH
Common shares(3)**(3)Online Education6/8/2021981,8439,818,4301,276,3960.61%
Commercial Streaming Solutions Inc. (d/b/a BettorView)(7)Las Vegas, NV
Simple Agreement for Future Equity(7)Interactive Media & Services3/26/202111,004,2401,000,0000.48%
Rebric, Inc. (d/b/a Compliable)(7)Denver, CO
Preferred shares, Series Seed-4(7)Gaming Licensing10/12/20212,064,4091,002,7551,000,0000.48%
Xgroup Holdings Limited (d/b/a Xpoint)**(7)Dubai, UAE
Convertible Note 6%, Due 8/17/2023***(7)*Geolocation Technology8/17/2022$1,000,0001,009,0931,000,0000.48%
YouBet Technology, Inc. (d/b/a FanPower)(7)New York, NY
Preferred shares, Series Seed-2(7)Digital Media Technology8/26/2021578,029752,943749,9980.36%
EDGE Markets, Inc.(7)San Diego, CA
Preferred shares, Series Seed(7)Gaming Technology5/18/2022456,704501,330500,0000.24%
Churchill Sponsor VII LLC**(12)New York, NY
Common share units**(12)Special Purpose Acquisition Company2/25/2021292,100205,820205,8200.10%
Warrant units**(12)2/25/2021277,00094,18094,1800.04%
Total**(12)300,000300,0000.14%
AltC Sponsor LLC**(12)New York, NY
Share units**(12)Special Purpose Acquisition Company7/21/2021239,300250,855250,0000.12%
Rent the Runway, Inc.**New York, NY
Common shares(3)**(3)Subscription Fashion Rental6/17/202079,1911,203,293241,5330.12%
Churchill Sponsor VI LLC**(12)New York, NY
Common share units**(12)Special Purpose Acquisition Company2/25/2021195,000134,297134,2970.06%
Warrant units**(12)2/25/2021199,10065,70365,7030.03%
Total**(12)200,000200,0000.10%
Kahoot! ASA**Oslo, Norway
Common shares(3)**(3)Education Software12/5/201438,305176,06772,8880.03%
Neutron Holdings, Inc. (d/b/a/ Lime)San Francisco, CA
Junior Preferred shares, Series 1-DMicromobility1/25/201941,237,11310,007,322——%
Junior Preferred Convertible Note 4% Due 5/11/2027(4)(4)5/11/2020$506,339506,339——%
Common Warrants, Strike Price $0.01, Expiration Date 5/11/20275/11/20202,032,967———%
Total10,513,661——%
Fullbridge, Inc.Cambridge, MA
Common sharesBusiness Education5/13/2012517,9176,150,506——%
Promissory Note 1.47%, Due 11/9/2021(4)(13)(4)(13)3/3/2016$2,270,4582,270,858——%
Total8,421,364——%
Treehouse Real Estate Investment Trust, Inc.Chicago, IL
Common sharesCannabis REIT9/11/2019312,5004,919,250——%
Kinetiq Holdings, LLCPhiladelphia, PA
Common shares, Class ASocial Data Platform3/30/2012112,374———%
Total Non-controlled/Non-affiliate$155,103,810$130,901,54662.33%
Portfolio Investments* · Headquarters/ Industry · Date of Initial Investment · Shares/ Principal · Cost · Fair Value · % of Net Assets
NON-CONTROLLED/AFFILIATE(1)
StormWind, LLC(5) · Scottsdale, AZ
Preferred shares, Series D 8%(1)(5)Interactive Learning11/26/2019329,337$257,267$533,4290.25%
Preferred shares, Series C 8%(1)(5)1/7/20142,779,1344,000,7875,675,0812.70%
Preferred shares, Series B 8%(1)(5)12/16/20113,279,6292,019,6873,550,6311.69%
Preferred shares, Series A 8%(1)(5)2/25/2014366,666110,000191,6940.09%
Total(1)(5)6,387,7419,950,8354.74%
OneValley, Inc. (f/k/a NestGSV, Inc.)San Mateo, CA
Derivative Security, Expiration Date 8/23/2024(10)(1)(10)Global Innovation Platform8/23/201918,555,124652,1270.31%
Convertible Promissory Note 8% Due 8/23/2024(4)(10)(1)(4)(10)2/17/2016$1,010,1981,030,1761,988,2000.95%
Preferred Warrant Series B, Strike Price $2.31, Expiration Date 12/31/2023(1)12/31/2018250,0005,080——%
Total(1)9,590,3802,640,3271.26%
Ozy Media, Inc.Mountain View, CA
Preferred shares, Series C-2 6%(1)Digital Media Platform8/31/2016683,4822,414,178——%
Preferred shares, Series B 6%(1)10/3/2014922,5094,999,999——%
Preferred shares, Series A 6%(1)12/11/20131,090,9093,000,200——%
Preferred shares, Series Seed 6%(1)11/2/2012500,000500,000——%
Common Warrants, Strike Price $0.01, Expiration Date 4/9/2028(1)4/9/2018295,56530,647——%
Total(1)10,945,024——%
Maven Research, Inc.San Francisco, CA
Preferred shares, Series C(1)Knowledge Networks7/2/2012318,9792,000,447——%
Preferred shares, Series B(1)2/28/201249,505217,206——%
Total(1)2,217,653——%
Curious.com, Inc.Menlo Park, CA
Common shares(1)Online Education11/22/20131,135,94412,000,006——%
Total Non-controlled/Affiliate(1)$41,140,804$12,591,1626.00%
CONTROLLED(2)
Architect Capital PayJoy SPV, LLC**San Francisco, CA
Membership Interest in Lending SPV***(2)*Mobile Finance Technology3/24/2021$10,000,000$10,006,745$10,000,0004.76%
Colombier Sponsor LLC**(12)New York, NY
Class B Units(2)**(12)Special Purpose Acquisition Company4/1/20211,976,0331,556,5871,554,3550.74%
Class W Units(2)**(12)4/1/20212,700,0001,159,1501,157,4870.55%
Total(2)**(12)2,715,7372,711,8421.29%
SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.)Cupertino, CA
Preferred shares, Class A(9)(2)(9)Clean Technology4/15/201414,300,0007,151,412984,0280.47%
Common shares(2)4/15/2014100,00010,000——%
Total(2)7,161,412984,0280.47%
Total Controlled(2)$19,883,894$13,695,8706.52%
Total Portfolio Investments$216,128,508$157,188,57874.84%
U.S. Treasury
U.S. Treasury bill, 0%, due 3/30/2023***(3)***(3)12/29/2022$45,492,00045,000,11845,026,16221.44%
U.S. Treasury bill, 0%, due 6/29/2023***(3)***(3)12/29/2022$40,937,00039,999,48040,030,65519.06%
Total84,999,59885,056,81740.50%
TOTAL INVESTMENTS$301,128,106$242,245,395115.34%
*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”).
**Indicates assets that SuRo Capital Corp. believes do not represent “qualifying assets” under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Of the Company’s total investments as of December 31, 2022, 14.47% of its total investments are non-qualifying assets.
***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., securities with the right to elect directors) of such company. For the Schedule of Investments In, and Advances To, Affiliates, as required by SEC Regulation S-X, Rule 12-14, refer to “Note 4—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. For the Schedule of Investments In, and Advances To, Affiliates, as required by SEC Regulation S-X, Rule 12-14, refer to “Note 4—Investments at Fair Value”.
(3)Denotes an investment considered Level 1 or Level 2 and valued using observable inputs. Refer to “Note 4—Investments at Fair Value”.
(4)As of December 31, 2022, the investments noted had been placed on non-accrual status.
(5)SuRo Capital Corp.’s investments in StormWind, LLC are held through SuRo Capital Corp.’s wholly owned subsidiary, GSVC SW Holdings, Inc.
(6)SuRo Capital Corp.’s investments in preferred shares of Residential Homes for Rent, LLC (d/b/a Second Avenue) are held through SuRo Capital Corp.’s wholly owned subsidiary, GSVC AV Holdings, Inc.
(7)SuRo Capital Corp.’s investments in Commercial Streaming Solutions Inc. (d/b/a BettorView), YouBet Technology, Inc. (d/b/a FanPower), Rebric, Inc. (d/b/a Compliable), EDGE Markets, Inc., and Xgroup Holdings Limited (d/b/a Xpoint) are held through SuRo Capital Corp.’s wholly owned subsidiary, SuRo Capital Sports, LLC (“SuRo Sports”).
(8)SuRo Capital Corp.’s investments in True Global Ventures 4 Plus Pte Ltd are held through SuRo Capital Corp.’s wholly owned subsidiary, GSVC SVDS Holdings, Inc. As of December 31, 2022, $0.7 million of a $2.0 million capital commitment to True Global Ventures 4 Plus Fund LP had been called and funded.
(9)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. 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.
(10)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.
(11)During the year ended December 31, 2022, approximately $1.2 million has been received from Residential Homes for Rent, LLC (d/b/a Second Avenue) related to the 15% term loan due December 23, 2023. Of the proceeds received, approximately $1.0 million repaid a portion of the outstanding principal and the remaining was attributed to interest.
(12)Denotes an investment that is the sponsor of 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.
(13)On November 9, 2021, Fullbridge, Inc.’s obligations under its financing arrangements with the Company became past due.
(14)On March 22, 2022, Forge Global Holdings, Inc., completed its business combination with Motive Capital Corp. As a result of the transaction, each share of Forge Global, Inc.’s capital stock outstanding prior to the business combination was exchanged at the designated exchange ratio of approximately 3.123. In addition, each warrant of Forge Global, Inc. was exchanged into warrants exercisable into common stock based on the exchange ratio of 3.123. The exercise price of each converted warrant was determined by dividing the exercise price of the respective Forge Global, Inc. warrants by the exchange ratio, rounded to the nearest whole cent. On and effective August 5, 2022, SuRo Capital Corp. notified Forge Global, Inc. of its intent to net exercise via cashless settlement its 230,144 common warrants in Forge Global, Inc. into 53,283 shares of Forge Global, Inc.’s public common stock, pursuant to the net exercise formula in the warrant agreement. The exercise was effectuated on September 30, 2022.
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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.