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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED September 30, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

COMMISSION FILE NUMBER: 814-00852

SuRo Capital Corp.

(Exact name of registrant as specified in its charter)

Maryland		27-4443543
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

640 Fifth Avenue, 12th Floor, New York, NY		10019
(Address of principal executive offices)		(Zip Code)

(212) 931-6331

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	Trading Symbol	Name of Each Exchange on Which Registered
Common Stock, par value $0.01 per share	SSSS	Nasdaq Global Select Market
6.00% Notes due 2026	SSSSL	Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES ☒ NO ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). YES ☒ NO ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

	Large accelerated filer ☐	Accelerated filer ☐
	Non-accelerated filer ☒	Smaller reporting company ☐
	Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

The issuer had 25,119,091 shares of common stock, $0.01 par value per share, outstanding as of November 5, 2025.

SURO CAPITAL CORP.

TABLE OF CONTENTS

		PAGE
PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements	1
	Condensed Consolidated Statements of Assets and Liabilities as of September 30, 2025 (Unaudited) and December 31, 2024	1
	Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2025 and 2024 (Unaudited)	2
	Condensed Consolidated Statements of Changes in Net Assets for the Nine Months Ended September 30, 2025 and 2024 (Unaudited)	3
	Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 2024 (Unaudited)	4
	Condensed Consolidated Schedule of Investments as of September 30, 2025 (Unaudited)	5
	Condensed Consolidated Schedule of Investments as of December 31, 2024	10
	Notes to Condensed Consolidated Financial Statements as of September 30, 2025 (Unaudited)	14
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	45
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	57
Item 4.	Controls and Procedures	58
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	59
Item 1A.	Risk Factors	59
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	59
Item 3.	Defaults Upon Senior Securities	60
Item 4.	Mine Safety Disclosures	60
Item 5.	Other Information	60
Item 6.	Exhibits	61
Signatures		62

PART I

Item 1. Financial Statements

SURO CAPITAL CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

	September 30, 2025 (UNAUDITED)			December 31, 2024 (AUDITED)
ASSETS
Investments at fair value:
Non-controlled/non-affiliate investments (cost of $224,613,209 and $234,601,314, respectively)	$	242,003,642		$	198,511,915
Non-controlled/affiliate investments (cost of $21,609,640 and $20,605,400, respectively)		10,191,898			9,268,827
Controlled investments (cost of $0 and $1,602,940, respectively)		—			1,600,000
Total Investments (cost of $246,222,849 and $256,809,654, respectively)		252,195,540			209,380,742
Cash		54,549,056			20,035,640
Restricted cash		38,741			—
Escrow proceeds receivable		—			45,298
Interest and dividends receivable		111,009			756,022
Deferred financing costs		517,487			526,261
Prepaid expenses and other assets⁽¹⁾		890,117			855,630
Total Assets		308,301,950			231,599,593
LIABILITIES
6.00% Notes due December 30, 2026⁽²⁾		39,407,359			44,198,838
6.50% Convertible Notes due August 14, 2029⁽³⁾		34,071,073			29,051,408
Accounts payable and accrued expenses⁽¹⁾		2,853,344			768,394
Dividends payable		183,146			8,867
Total Liabilities		76,514,922			74,027,507
Commitments and contingencies (Notes 7 and 10)		-			-
Net Assets	$	231,787,028		$	157,572,086
NET ASSETS
Common stock, par value $0.01 per share (100,000,000 authorized; 25,119,091 and 23,601,566 issued and outstanding, respectively)	$	251,191		$	236,016
Paid-in capital in excess of par		237,812,778			226,579,432
Accumulated net investment loss		(15,140,936	)		(4,302,192	)
Accumulated net realized gain/(loss) on investments, net of distributions		2,994,462			(17,409,097	)
Accumulated net unrealized appreciation/(depreciation) of investments		5,869,533			(47,532,073	)
Net Assets	$	231,787,028		$	157,572,086
Net Asset Value Per Share	$	9.23		$	6.68

See accompanying notes to condensed consolidated financial statements.

(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” for more detail.
(2)	As of September 30, 2025, the 6.00% Notes due December 30, 2026 (the “6.00% Notes due 2026”) (effective interest rate of 6.52%) had a face value $39,667,650. As of December 31, 2024, the 6.00% Notes due 2026 (effective interest rate of 6.48%) had a face value $44,667,400. Refer to “Note 10—Debt Capital Activities” for a reconciliation of the carrying value to the face value.
(3)	As of September 30, 2025, the 6.50% Convertible Notes due August 14, 2029 (the “6.50% Convertible Notes due 2029”) (effective interest rate of 7.17%) had a face value $35,000,000. As of December 31, 2024, the 6.50% Convertible Notes due 2029 (effective interest rate of 7.06%) had a face value $30,000,000. Refer to “Note 10—Debt Capital Activities” for a reconciliation of the carrying value to the face value.

SURO CAPITAL CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

	2025			2024			2025			2024
	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
INVESTMENT INCOME
Non-controlled/non-affiliate investments:
Interest income⁽¹⁾	$	459,269		$	578,603		$	777,220		$	1,111,360
Dividend income		—			166,153			348,447			188,028
Controlled investments:
Interest income		—			143,961			—			955,628
Interest income from U.S. Treasury bills		—			—			—			1,189,145
Total Investment Income		459,269			888,717			1,125,667			3,444,161
OPERATING EXPENSES
Compensation expense		1,678,497			1,916,361			4,918,188			6,300,188
Directors’ fees		246,658			171,661			592,718			510,599
Interest expense		1,276,713			1,153,466			3,812,047			3,582,000
Professional fees		394,173			515,244			1,825,254			1,830,628
Income tax expense		—			—			(215,949	)		54,894
Other expenses		318,043			339,858			1,032,153			1,252,252
Total Operating Expenses		3,914,084			4,096,590			11,964,411			13,530,561
Net Investment Loss		(3,454,815	)		(3,207,873	)		(10,838,744	)		(10,086,400	)
Realized Gain/(Loss) on Investments:
Non-controlled/non-affiliated investments		5,196,799			(328,520	)		26,391,459			(775,461	)
Non-controlled/affiliate investments		—			(6,598,530	)		—			(6,598,530	)
Controlled investments		—			(6,786,462	)		—			(6,793,207	)
Net Realized Gain/(Loss) on Investments		5,196,799			(13,713,512	)		26,391,459			(14,167,198	)
Realized loss on partial repurchase of 6.00% Notes due December 30, 2026		—			(145,244	)		(15,873	)		(145,244	)
Change in Unrealized Appreciation/(Depreciation) of Investments:
Non-controlled/non-affiliated investments		23,634,141			(1,988,131	)		53,475,595			(24,362,275	)
Non-controlled/affiliate investments		735,476			6,811,103			(76,930	)		3,806,567
Controlled investments		(18,694,508	)		6,791,412			2,941			6,785,776
Net Change in Unrealized Appreciation/(Depreciation) of Investments		5,675,109			11,614,384			53,401,606			(13,769,932	)
Net Change in Net Assets Resulting from Operations	$	7,417,093		$	(5,452,245	)	$	68,938,448		$	(38,168,774	)
Net Change in Net Assets Resulting from Operations per Common Share:
Basic	$	0.30		$	(0.23	)	$	2.89		$	(1.59	)
Diluted⁽²⁾	$	0.28		$	(0.23	)	$	2.49		$	(1.59	)
Weighted-Average Common Shares Outstanding
Basic		24,371,533			23,378,002			23,893,418			24,058,085
Diluted⁽²⁾		28,989,579			23,378,002			28,408,445			24,058,085

See accompanying notes to condensed consolidated financial statements.

(1)

Includes interest income earned on cash.

(2)

For the three and nine months ended September 30, 2024, 3,225,808 potentially dilutive common shares were excluded from the weighted-average common shares outstanding for diluted net decrease in net assets resulting from operations per common share because the effect of these shares would have been anti-dilutive. Refer to “Note 6 — Net Change in Net Assets Resulting from Operations per Common Share — Basic and Diluted”.

SURO CAPITAL CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

	2025			2024
Net Assets at Beginning of Year	$	157,572,086		$	203,357,646

Change in Net Assets Resulting from Operations
Net investment loss		(3,661,769	)		(3,222,902	)
Net realized loss on investments		(17,951	)		(424,074	)
Realized loss on partial repurchase of 6.00% Notes due 2026		(15,873	)		—
Net change in unrealized appreciation/(depreciation) of investments		2,888,878			(18,418,370	)
Net Change in Net Assets Resulting from Operations		(806,715	)		(22,065,346	)
Change in Net Assets Resulting from Capital Transactions
Stock-based compensation		38,784			428,835
Net Change in Net Assets Resulting from Capital Transactions		38,784			428,835
Total Change in Net Assets		(767,931	)		(21,636,511	)
Net Assets at March 31	$	156,804,155		$	181,721,135

Change in Net Assets Resulting from Operations
Net investment loss	$	(3,722,160	)	$	(3,655,625	)
Net realized gain/(loss) on investments		21,212,611			(29,612	)
Net change in unrealized appreciation/(depreciation) of investments		44,837,619			(6,965,946	)
Net Change in Net Assets Resulting from Operations		62,328,070			(10,651,183	)
Change in Net Assets Resulting from Capital Transactions
Stock-based compensation		277,370			642,239
Repurchases of common stock		—			(9,400,000	)
Net Change in Net Assets Resulting from Capital Transactions		277,370			(8,757,761	)
Total Change in Net Assets		62,605,440			(19,408,944	)
Net Assets at June 30	$	219,409,595		$	162,312,191

Change in Net Assets Resulting from Operations
Net investment loss	$	(3,454,815	)	$	(3,207,873	)
Net realized gain/(loss) on investments		5,196,799			(13,713,512	)
Realized loss on partial repurchase of 6.00% Notes due 2026		—			(145,244	)
Net change in unrealized appreciation/(depreciation) of investments		5,675,109			11,614,384
Net Change in Net Assets Resulting from Operations		7,417,093			(5,452,245	)
Distributions
Dividends declared		(5,972,027	)		—
Total Distributions		(5,972,027	)		—
Change in Net Assets Resulting from Capital Transactions
Issuance of common stock from public offering		10,556,637			—
Stock-based compensation		375,730			577,261
Net Change in Net Assets Resulting from Capital Transactions		10,932,367			577,261
Total Change in Net Assets		12,377,433			(4,874,984	)
Net Assets at September 30	$	231,787,028		$	157,437,207

	2025		2024
	Nine Months Ended September 30,
	2025		2024
Capital Share Activity
Shares outstanding at beginning of year		23,601,566		25,445,805
Issuance of common stock from public offering		1,230,984		—
Issuance of common stock under restricted stock plan, net⁽¹⁾		286,541		(67,803	)
Shares repurchased		—		(2,000,000	)
Shares Outstanding at End of Period		25,119,091		23,378,002

See accompanying notes to condensed consolidated financial statements.

(1)	Refer to “Note 11 — Stock-Based Compensation” for more detail.

SURO CAPITAL CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

	2025			2024
	Nine Months Ended September 30,
	2025			2024
Cash Flows from Operating Activities
Net change in net assets resulting from operations	$	68,938,448		$	(38,168,774	)
Adjustments to reconcile net change in net assets resulting from operations to net cash provided by operating activities:
Net realized (gain)/loss on investments		(26,391,459	)		14,167,198
Net change in unrealized (appreciation)/depreciation of investments		(53,401,606	)		13,769,932
Stock-based compensation		691,884			1,648,335
Amortization of discount on 6.00% Notes due 2026		183,284			399,016
Amortization of discount on 6.50% Convertible Notes due 2029		177,823			22,309
Adjustments to escrow proceeds receivable		(45,299	)		(313,376	)
Accrued interest on U.S. Treasury bills		—			18,150
Purchases of investments in:
Portfolio investments		(12,042,954	)		(57,786,755	)
Proceeds from sales or maturity of investments in:
Portfolio investments		49,066,513			14,941,469
U.S. Treasury bills		—			63,792,704
Change in operating assets and liabilities:
Accounts payable and accrued expenses		2,084,950			2,639,146
Interest and dividends receivable		645,013			43,657
Escrow proceeds receivable		45,298			245,548
Prepaid expenses and other assets		(34,487	)		(476,758	)
Proceeds receivable		—			(124,950	)
Net Cash Provided by Operating Activities		29,917,408			14,816,851
Cash Flows from Financing Activities
Proceeds from the issuance of common stock, net		10,556,637			—
Gross proceeds from the issuance of 6.50% Convertible Notes due 2029		5,000,000			25,000,000
Deferred debt issuance costs		(158,157	)		(866,740	)
Repurchases of 6.00% Notes due 2026		(4,954,950	)		(25,028,770	)
Realized loss on partial repurchase of 6.00% Notes due 2026		15,875			145,244
Repurchases of common stock		—			(9,400,000	)
Deferred financing costs		(26,908	)		—
Cash dividends paid		(5,797,748	)		(107,823	)
Net Cash Provided by/(Used in) Financing Activities		4,634,749			(10,258,089	)
Total Increase in Cash Balance		34,552,157			4,558,762
Cash and Restricted Cash Balance at Beginning of Year⁽¹⁾		20,035,640			28,178,352
Cash and Restricted Cash Balance at End of Period⁽¹⁾	$	54,587,797		$	32,737,114

Supplemental Information:		2025			2024
Interest paid	$	3,477,753		$	3,208,352
Taxes paid		(215,949	)		54,894
Right of use asset obtained in exchange for operating lease liabilities		(2,006	)		466,029

See accompanying notes to condensed consolidated financial statements.

(1)	Refer to the Condensed Consolidated Statements of Assets and Liabilities for additional detail.

SURO CAPITAL CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

September 30, 2025

Portfolio Investments*	Headquarters/ Industry	Date of Initial Investment	Shares/ Principal/ Quantity⁽²⁾		Cost		Fair Value		% of Net Assets
NON-CONTROLLED/NON-AFFILIATE
CW Opportunity 2 LP^(5)**	Evanston, IL
Class A Interest^***	AI Infrastructure Fund	5/7/2024	$	12,505,466	$	12,681,909	$	37,027,212		15.97	%
Whoop, Inc.	Boston, MA
Preferred Shares, Series C	Fitness Technology	6/30/2022		13,293,450		10,011,460		27,783,311		11.99	%
Simple Agreement for Future Equity		2/6/2025	$	1,000,000		1,001,628		1,000,000		0.43	%
Total						11,013,088		28,783,311		12.42	%
ARK Type One Deep Ventures Fund LLC^(6)**	St. Petersburg, FL
Membership Interest, Class A	AI Application Fund	9/25/2024	$	17,500,000		17,696,568		27,736,614		11.97	%
Blink Health, Inc.	New York, NY
Preferred Shares, Series A	Pharmaceutical Technology	10/27/2020		238,095		5,000,423		9,999,990		4.31	%
Preferred Shares, Series C		10/27/2020		261,944		10,003,917		11,001,648		4.75	%
Total						15,004,340		21,001,638		9.06	%
Learneo, Inc. (f/k/a Course Hero, Inc.)	Redwood City, CA
Preferred Shares, Series A 8%	Online Education	9/18/2014		2,145,509		5,000,001		5,369,379		2.32	%
Preferred Shares, Series C 8%		11/5/2021		275,659		9,999,971		9,999,971		4.31	%
Total						14,999,972		15,369,350		6.63	%
Canva, Inc.	Austin, TX
Common Shares	Productivity Software	4/17/2024		9,375		10,058,820		14,898,907		6.43	%
IH10, LLC^(7)**	New York, NY
Membership Interest	AI Infrastructure Fund	10/9/2024	$	12,000,010		12,273,784		12,157,897		5.25	%
Locus Robotics Corp.	Wilmington, MA
Preferred Shares, Series F 6%	Warehouse Automation	11/30/2022		232,568		10,004,286		11,819,906		5.10	%
Supplying Demand, Inc. (d/b/a Liquid Death)	Los Angeles, CA
Preferred Shares, Series F-1	Lifestyle Beverage Brand	1/18/2024		776,747		10,003,934		10,032,184		4.33	%
Series F Convertible Note 4.12%, Due 6/30/2028^***		7/29/2025	$	250,000		252,362		250,000		0.11	%
Total						10,256,296		10,282,184		4.44	%
Shogun Enterprises, Inc. (d/b/a Hearth)	Austin, TX
Preferred Shares, Series B-1	Home Improvement Finance	2/26/2021		436,844		3,501,657		3,499,994		1.51	%
Preferred Shares, Series B-2		2/26/2021		301,750		3,501,661		3,499,998		1.51	%
Preferred Shares, Series B-3		5/2/2022		56,936		530,822		530,820		0.23	%
Preferred Shares, Series B-4		7/12/2023		48,267		366,606		499,998		0.22	%
Common Warrants, Strike Price $0.01, Expiration Date 7/12/2026		7/12/2023		86,076		140,060		274,582		0.12	%
Total						8,040,806		8,305,392		3.58	%
FourKites, Inc.	Chicago, IL
Common Shares	Supply Chain Technology	7/7/2023		1,398,024		8,530,389		7,557,007		3.26	%
GrabAGun Digital Holdings Inc.⁽⁸⁾	Coppell, Texas
Common Shares⁽⁴⁾	E-Commerce Marketplace	11/20/2023		1,040,000		1,103,719		4,846,400		2.09	%
Common Warrants, Strike Price $11.50, Expiration Date 7/15/2030⁽⁴⁾		11/20/2023		1,204,488		375,816		1,505,610		0.65	%
Total						1,479,535		6,352,010		2.74	%
Neutron Holdings, Inc. (d/b/a/ Lime)	San Francisco, CA
Junior Preferred Shares, Series 1-D	Micromobility	1/25/2019		41,237,113		10,007,322		5,127,363		2.21	%
Junior Preferred Convertible Note 4% Due 5/11/2027^***		5/11/2020	$	506,339		506,339		506,339		0.22	%
Common Warrants, Strike Price $0.01, Expiration Date 5/11/2027		5/11/2020		2,032,967		—		223,626		0.10	%
Total						10,513,661		5,857,328		2.53	%
Plaid Inc.⁽⁹⁾	San Francisco, CA
Common Shares	Financial Technology Infrastructure	4/4/2025		24,512		5,395,541		4,999,874		2.16	%

See accompanying notes to condensed consolidated financial statements.

SURO CAPITAL CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED) - continued

September 30, 2025

Portfolio Investments*		Headquarters/ Industry	Date of Initial Investment	Shares/ Principal/ Quantity⁽²⁾		Cost		Fair Value		% of Net Assets
HL Digital Assets Inc.		New York, NY
Preferred Shares		Digital Asset Infrastructure	9/18/2025		8,000,000		5,087,469		4,939,808		2.13	%
Orchard Technologies, Inc.		New York, NY
Preferred Shares, Series D 8%		Real Estate Platform	8/9/2021		558,052		3,751,518		—		—	%
Senior Preferred Shares, Series 2 8%		Real Estate Platform	8/9/2021		58,771		587,951		—		—	%
Senior Preferred Shares, Series 1 7%		Real Estate Platform	1/13/2023		463,449		4,642,772		4,634,490		2.00	%
Common Shares		Real Estate Platform	8/9/2021		558,053		3,751,518		—		—	%
Simple Agreement for Future Equity		Real Estate Platform	1/31/2025	$	80,800		81,584		80,800		0.03	%
Total							12,815,343		4,715,290		2.03	%
PayJoy, Inc.		San Francisco, CA
Preferred Shares, Series C		Mobile Access Technology	7/23/2021		244,117		2,501,570		3,566,841		1.54	%
Simple Agreement for Future Equity		Mobile Access Technology	5/25/2023	$	500,000		501,470		500,000		0.22	%
Total							3,003,040		4,066,841		1.75	%
True Global Ventures 4 Plus Pte Ltd^(10)**		Singapore, Singapore
Limited Partner Fund Investment	**(10)	Venture Investment Fund	8/27/2021	$	2,000,000		585,016		3,345,184		1.44	%
Trax Ltd.^**		Singapore, Singapore
Common Shares	**	Retail Technology	6/9/2021		55,591		2,781,148		33,692		0.01	%
Preferred Shares, Investec Series	**	Retail Technology	6/9/2021		144,409		7,224,600		2,647,017		1.14	%
Total	**						10,005,748		2,680,709		1.16	%
Xgroup Holdings Limited (d/b/a Xpoint)⁽¹¹⁾		Philadelphia, PA
Preferred Shares, Series A-1	(11)	Geolocation Technology	8/17/2022		454		136,114		242,000		0.10	%
Series A-1 Warrants, Strike Price $0.0001, Expiration Date 5/14/2044	(11)	Geolocation Technology	8/17/2022		3,286		985,180		1,751,565		0.76	%
Series A Warrants, Strike Price $0.0001, Expiration Date 5/14/2044	(11)	Geolocation Technology	8/17/2022		873		261,735		620,457		0.27	%
Total	(11)						1,383,029		2,614,022		1.13	%
Varo Money, Inc.^**		San Francisco, CA
Common Shares	**	Financial Services	8/11/2021		1,079,266		10,005,548		1,603,528		0.69	%
Stake Trade, Inc. (d/b/a Prophet Exchange)⁽¹¹⁾		New York, NY
Simple Agreement for Future Equity	(11)	Sports Betting	7/26/2023	$	1,000,000		1,002,153		1,249,993		0.54	%
Forge Global, Inc.		San Francisco, CA
Common Shares⁽⁴⁾		Online Marketplace Finance	7/20/2011		70,530		1,978,921		1,191,957		0.51	%
Aventine Property Group, Inc.		Chicago, IL
Common Shares		Cannabis REIT	9/11/2019		312,500		2,580,750		1,023,656		0.44	%
Residential Homes for Rent, LLC (d/b/a Second Avenue)⁽¹²⁾		Chicago, IL
Preferred Shares, Series A	(12)	Real Estate Platform	12/23/2020		150,000		1,500,000		930,551		0.40	%
Skillsoft Corp.		Nashua, NH
Common Shares⁽⁴⁾		Online Education	6/8/2021		49,092		9,818,428		639,178		0.28	%
EDGE Markets, Inc.⁽¹¹⁾		San Diego, CA
Preferred Shares, Series Seed 8%	(11)	Gaming Technology	5/18/2022		456,704		501,330		500,000		0.22	%
PSQ Holdings, Inc. (d/b/a PublicSquare)		West Palm Beach, FL
Common Warrants, Strike Price $11.50, Expiration Date 7/19/2028⁽⁴⁾		E-Commerce Marketplace	4/1/2021		1,796,037		771,065		341,247		0.15	%
Kinetiq Holdings, LLC		Philadelphia, PA
Common Shares, Class A		Social Data Platform	3/30/2012		112,374		—		13,048		0.01	%
Rebric, Inc. (d/b/a Compliable)⁽¹¹⁾		Denver, CO
Preferred Shares, Series Seed-4	(11)	Gaming Licensing	10/12/2021		2,406,492		1,002,755		—		—	%

See accompanying notes to condensed consolidated financial statements.

SURO CAPITAL CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED) - continued

September 30, 2025

Portfolio Investments*		Headquarters/ Industry	Date of Initial Investment	Shares/ Principal/ Quantity⁽²⁾		Cost		Fair Value		% of Net Assets
CTN Holdings, Inc. (d/b/a Catona Climate, f/k/a Aspiration Partners, Inc.)⁽¹³⁾		Marina Del Rey, CA
Preferred Shares, Series A	(13)	Carbon Credit Services	8/11/2015		540,270		1,001,815		—		—	%
Preferred Shares, Series C-3	(13)	Carbon Credit Services	8/12/2019		24,912		281,190		—		—	%
Total							1,283,005		—		—	%
Fullbridge, Inc.		Cambridge, MA
Common Shares		Business Education	5/13/2012		517,917		6,150,506		—		—	%
Promissory Note 1.47%, Due 11/9/2021^(3)(14)	(3)(14)	Business Education	3/3/2016	$	2,270,458		2,270,858		—		—	%
Total							8,421,364		—		—	%
Treehouse Real Estate Investment Trust, Inc.		Chicago, IL
Common Shares^***	***	Cannabis REIT	9/11/2019		312,500		4,919,250		—		—	%

Total Non-Controlled/Non-Affiliate						$	224,613,209	$	242,003,642		104.41	%

NON-CONTROLLED/AFFILIATE⁽¹⁾
StormWind, LLC⁽¹⁵⁾		Scottsdale, AZ
Preferred Shares, Series D 8%	(1)(15)	Interactive Learning	11/26/2019		329,337	$	257,267	$	498,038		0.21	%
Preferred Shares, Series C 8%	(1)(15)	Interactive Learning	1/7/2014		2,779,134		4,000,787		5,343,371		2.31	%
Preferred Shares, Series B 8%	(1)(15)	Interactive Learning	12/16/2011		3,279,629		2,019,687		3,198,198		1.38	%
Preferred Shares, Series A 8%	(1)(15)	Interactive Learning	2/25/2014		366,666		110,000		152,291		0.07	%
Total	(1)(15)						6,387,741		9,191,898		3.97	%
Commercial Streaming Solutions Inc. (d/b/a BettorView)^(11)(16)		Las Vegas, NV
Preferred Shares, Series A-1	(11)(16)	Interactive Media & Services	3/26/2021		10,548,522		1,004,240		1,000,000		0.43	%
Maven Research, Inc.		San Francisco, CA
Preferred Shares, Series C	(1)	Knowledge Networks	7/2/2012		318,979		2,000,447		—		—	%
Preferred Shares, Series B	(1)	Knowledge Networks	2/28/2012		49,505		217,206		—		—	%
Total	(1)						2,217,653		—		—	%
Curious.com, Inc.		Menlo Park, CA
Common Shares	(1)	Online Education	11/22/2013		1,135,944		12,000,006		—		—	%

Total Non-Controlled/Affiliate						$	21,609,640	$	10,191,898		4.40	%

Total Portfolio Investments						$	246,222,849	$	252,195,540		108.80	%

See accompanying notes to condensed consolidated financial statements.

SURO CAPITAL CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED) - continued

September 30, 2025

*	All portfolio investments are non-control/non-affiliated and non-income-producing, unless otherwise identified. As of September 30, 2025, all of the Company’s investments were non-controlled. Equity investments may be 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. SuRo Capital Corp.’s (the “Company’s”, or “SuRo Capital’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 September 30, 2025, 33.53% of its total investments are non-qualifying assets, excluding cash and short-term US treasuries.
***	Investment is income-producing.

(1)	“Affiliate Investments” are investments in those companies that are “Affiliated Companies” of SuRo Capital, as defined in the 1940 Act. In general, a company is deemed to be an “Affiliate” of SuRo Capital if SuRo Capital 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)	Represents the respective number of shares, principal amount, initial or remaining fund investment, or membership interest as of September 30, 2025. For fund investments, the initial committed amount may be reduced by distributions classified as Return of Capital.

(3)	As of September 30, 2025, the investments noted had been placed on non-accrual status.

(4)	Denotes an investment considered Level 1 or Level 2 and valued using observable inputs. Refer to “Note 4—Investments at Fair Value”.

(5)	CW Opportunity 2 LP is a special purpose vehicle (“SPV”) for which the Class A Interest is solely invested in the Class A Common Shares of CoreWeave, Inc. SuRo Capital is invested in the Class A Common Shares of CoreWeave, Inc. through its investment in the Class A Interest of CW Opportunity 2 LP. On March 28, 2025, CoreWeave, Inc. completed an IPO and the Series C Preferred Shares converted to Class A Common Shares. Prior to the IPO, SuRo Capital was invested in the Series C Preferred Shares of CoreWeave, Inc. through its investment in the Class A Interest of CW Opportunity 2 LP. Additionally, prior to the IPO, the Series C Preferred Shares of CoreWeave, Inc. accrued a 10% per annum dividend, paid quarterly in cash or in-kind. CW Opportunity 2 LP does not charge a management fee but does charge an incentive fee of 20%, subject to an annual 15% IRR hurdle rate. During the three months ended September 30, 2025, SuRo Capital received two distributions as part of its investment in CW Opportunity 2 LP. The distributions represented approximately 16.6% of the initial investment in CW Opportunity 2, LP. As of September 30, 2025, SuRo Capital retains approximately 83.4% of its investment in CW Opportunity 2, LP.

(6)	ARK Type One Deep Ventures Fund LLC is an investment fund for which the Class A Interest is solely invested in the Convertible Interest Rights of OpenAI Global, LLC. SuRo Capital is invested in the Convertible Interest Rights of OpenAI Global, LLC through its investment in the Class A Interest of ARK Type One Deep Ventures Fund LLC. ARK Type One Deep Ventures Fund LLC charges a 1% management fee per year, and an incentive fee of 10%, not subject to a hurdle rate. The management fees will adjust the cost of SuRo Capital’s investment in the fund.

(7)	IH10, LLC’s sole portfolio asset is interest in the Series B Preferred Shares of VAST Data, Ltd. through an SPV. SuRo Capital is invested in the Series B Preferred Shares of VAST Data, Ltd. through its investment in the Membership Interest of IH10, LLC. IH10, LLC does not charge a management fee or an incentive fee; however, SuRo Capital has prepaid operating expenses.

(8)	On July 15, 2025, Colombier Acquisition Corp. II (“Colombier”) stockholders approved a business combination with GrabAGun Digital Holdings Inc. and related proposals at a special meeting. On July 16, 2025, GrabAGun Digital Holdings, Inc. announced that it had consummated the business combination with Colombier pursuant to a merger agreement between the parties, creating the resultant combined company GrabAGun Digital Holdings, Inc. SuRo Capital’s shares of GrabAGun Digital Holdings, Inc. Common shares are subject to certain restrictions on transfer, while the GrabAGun Digital Holdings, Inc. warrants are freely tradable.

SURO CAPITAL CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED) - continued

September 30, 2025

(9)	SuRo Capital’s investment in the Class A Common Shares of Plaid Inc. was made through 1789 Capital Nirvana II LP, an SPV in which SuRo Capital is the Sole Limited Partner. 1789 Capital Nirvana II LP is a wholly owned subsidiary of SuRo Capital. SuRo Capital paid a 7% origination fee at the time of investment.

(10)	SuRo Capital’s investments in True Global Ventures 4 Plus Pte Ltd are held through SuRo Capital’s wholly owned subsidiary, GSVC SVDS Holdings, Inc. True Global Ventures 4 Plus Pte Ltd charges a 1.8% management fee and a 22.5% incentive fee, subject to an annual 5% IRR hurdle rate. The management fees may adjust the cost of SuRo Capital’s investment in the fund.

(11)	SuRo Capital’s investments in Commercial Streaming Solutions Inc. (d/b/a BettorView), Rebric, Inc. (d/b/a Compliable), EDGE Markets, Inc., Xgroup Holdings Limited (d/b/a Xpoint), and Stake Trade, Inc. (d/b/a Prophet Exchange) are held through SuRo Capital’s wholly owned subsidiary, SuRo Capital Sports, LLC (“SuRo Capital Sports”).

(12)	SuRo Capital’s investment in Residential Homes for Rent, LLC (d/b/a Second Avenue) is held through SuRo Capital’s wholly owned subsidiary, GSVC AV Holdings, Inc.

(13)	On March 30, 2025, CTN Holdings, Inc. (d/b/a Catona Climate) filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Delaware. On June 5, 2025, the US Bankruptcy Court for the District of Delaware approved the sale of the remaining assets of CTN Holdings, Inc. On August 7, 2025, CTN Holdings, Inc. (d/b/a Catona Climate) converted its bankruptcy filing from Chapter 11 reorganization to Chapter 7 liquidation.

(14)	On November 9, 2021, Fullbridge, Inc.’s obligations under its financing arrangements with the Company became past due.

(15)	SuRo Capital’s investments in StormWind, LLC are held through SuRo Capital’s wholly owned subsidiary, GSVC SW Holdings, Inc.

(16)	On March 21, 2025, Commercial Streaming Solutions, Inc. (d/b/a BettorView) merged with FSG Digital, Inc. (d/b/a JefeBet). As a result of the merger, the SAFE Note which SuRo Capital previously held in Commercial Streaming Solutions, Inc. (d/b/a BettorView) converted into Class A-1 Preferred shares.

SURO CAPITAL CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

Portfolio Investments*		Headquarters/ Industry	Date of Initial Investment	Shares/ Principal/ Quantity⁽⁵⁾		Cost		Fair Value		% of Net Assets
NON-CONTROLLED/NON-AFFILIATE
CW Opportunity 2 LP^(8)**		Evanston, IL
Membership Interest, Class A 10%^***	(8)*	AI Infrastructure Fund	5/7/2024	$	15,000,000	$	15,176,443	$	17,775,155		11.28	%
ARK Type One Deep Ventures Fund LLC^(9)**		St. Petersburg, FL
Membership Interest, Class A	**(9)	AI Application Fund	9/25/2024	$	17,500,000		17,696,568		17,638,247		11.19	%
Learneo, Inc. (f/k/a Course Hero, Inc.)		Redwood City, CA
Preferred shares, Series A 8%		Online Education	9/18/2014		2,145,509		5,000,001		6,882,058		4.37	%
Preferred shares, Series C 8%		Online Education	11/5/2021		275,659		9,999,971		9,999,971		6.35	%
Total							14,999,972		16,882,029		10.71	%
Blink Health, Inc.		New York, NY
Preferred shares, Series A		Pharmaceutical Technology	10/27/2020		238,095		5,000,423		4,998,467		3.17	%
Preferred shares, Series C		Pharmaceutical Technology	10/27/2020		261,944		10,003,917		10,094,048		6.41	%
Total							15,004,340		15,092,515		9.58	%
Whoop, Inc.		Boston, MA
Preferred shares, Series C		Fitness Technology	6/30/2022		13,293,450		10,011,460		14,923,457		9.47	%
ServiceTitan, Inc.^(16)**		Glendale, CA
Common shares⁽³⁾	**(16)(3)	Contractor Management Software	6/30/2023		151,515		10,008,233		14,027,713		8.90	%
IH10, LLC^(15)**		New York, NY
Membership Interest	**(15)	AI Infrastructure Fund	10/9/2024	$	12,000,010		12,273,784		12,215,010		7.75	%
Canva, Inc.^**		Sydney, Australia
Common shares	**	Productivity Software	4/17/2024		9,375		10,058,820		12,000,000		7.62	%
FourKites, Inc.		Chicago, IL
Common shares		Supply Chain Technology	7/7/2023		1,398,024		8,530,389		11,716,925		7.44	%
Locus Robotics Corp.		Wilmington, MA
Preferred shares, Series F 6%		Warehouse Automation	11/30/2022		232,568		10,004,286		11,316,312		7.18	%
CoreWeave, Inc.		Roseland, NJ
Common shares		AI Infrastructure	9/26/2024		5,556		5,002,973		5,221,824		3.31	%
Preferred shares, Series A		AI Infrastructure	10/8/2024		5,556		5,000,610		5,221,824		3.31	%
Total							10,003,583		10,443,648		6.63	%
Supplying Demand, Inc. (d/b/a Liquid Death)		Los Angeles, CA
Preferred shares, Series F-1		Lifestyle Beverage Brand	1/18/2024		776,747		10,003,934		9,999,996		6.35	%
Shogun Enterprises, Inc. (d/b/a Hearth)		Austin, TX
Preferred shares, Series B-1		Home Improvement Finance	2/26/2021		436,844		3,501,657		2,342,458		1.49	%
Preferred shares, Series B-2		Home Improvement Finance	2/26/2021		301,750		3,501,661		2,342,461		1.49	%
Preferred shares, Series B-3		Home Improvement Finance	5/2/2022		56,936		530,822		355,264		0.23	%
Preferred shares, Series B-4		Home Improvement Finance	7/12/2023		48,267		366,606		334,636		0.21	%
Common Warrants, Strike Price $0.01, Expiration Date 7/12/2026		Home Improvement Finance	7/12/2023		86,076		140,060		—		—	%
Total							8,040,806		5,374,819		3.41	%
Orchard Technologies, Inc.		New York, NY
Preferred shares, Series D 8%		Real Estate Platform	8/9/2021		558,052		3,751,518		—		—	%
Senior Preferred shares, Series 2 8%		Real Estate Platform	8/9/2021		58,771		587,951		—		—	%
Senior Preferred shares, Series 1 7%		Real Estate Platform	1/13/2023		441,228		4,418,406		4,412,280		2.80	%
Common shares		Real Estate Platform	8/9/2021		558,053		3,751,518		—		—	%
Total							12,509,393		4,412,280		2.80	%
Neutron Holdings, Inc. (d/b/a/ Lime)		San Francisco, CA
Junior Preferred shares, Series 1-D		Micromobility	1/25/2019		41,237,113		10,007,322		3,485,014		2.21	%
Junior Preferred Convertible Note 4% Due 5/11/2027^***		Micromobility	5/11/2020	$	506,339		506,339		506,339		0.32	%
Common Warrants, Strike Price $0.01, Expiration Date 5/11/2027		Micromobility	5/11/2020		2,032,967		—		—		—	%
Total							10,513,661		3,991,353		2.53	%

See accompanying notes to condensed consolidated financial statements.

SURO CAPITAL CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS - continued

December 31, 2024

Portfolio Investments*		Headquarters/ Industry	Date of Initial Investment	Shares/ Principal/ Quantity⁽⁵⁾		Cost		Fair Value		% of Net Assets
True Global Ventures 4 Plus Pte Ltd^(10)**		Singapore, Singapore
Limited Partner Fund Investment	**(10)	Venture Investment Fund	8/27/2021	$	2,000,000		585,016		3,489,005		2.21	%
PayJoy, Inc.		San Francisco, CA
Preferred shares, Series C		Mobile Access Technology	7/23/2021		244,117		2,501,570		2,500,002		1.59	%
Simple Agreement for Future Equity		Mobile Access Technology	5/25/2023	$	500,000		501,470		500,000		0.32	%
Total					-		3,003,040		3,000,002		1.90	%
Trax Ltd.^**		Singapore, Singapore
Common shares	**	Retail Technology	6/9/2021		55,591		2,781,148		83,306		0.05	%
Preferred shares, Investec Series	**	Retail Technology	6/9/2021		144,409		7,224,600		2,647,017		1.68	%
Total					-		10,005,748		2,730,323		1.73	%
Xgroup Holdings Limited (d/b/a Xpoint)^(7)(12)		Philadelphia, PA
Preferred shares, Series A-1	(7)(12)	Geolocation Technology	8/17/2022		454		136,114		161,862		0.10	%
Series A-1 Warrants, Strike Price $0.0001, Expiration Date 5/14/2044	(7)(12)	Geolocation Technology	8/17/2022		3,286		985,180		1,171,540		0.74	%
Series A Warrants, Strike Price $0.0001, Expiration Date 5/14/2044	(7)(12)	Geolocation Technology	8/17/2022		873		261,735		324,931		0.21	%
Total					-		1,383,029		1,658,333		1.05	%
PSQ Holdings, Inc. (d/b/a PublicSquare)		West Palm Beach, FL
Common Warrants, Strike Price $11.50, Expiration Date 7/19/2028⁽³⁾		E-Commerce Marketplace	4/1/2021		1,796,037		771,065		1,436,830		0.91	%
Residential Homes for Rent, LLC (d/b/a Second Avenue)⁽¹¹⁾		Chicago, IL
Preferred shares, Series A	(11)	Real Estate Platform	12/23/2020		150,000		1,500,000		1,431,967		0.91	%
Varo Money, Inc.^**		San Francisco, CA
Common shares	**	Financial Services	8/11/2021		1,079,266		10,005,548		1,347,058		0.85	%
Skillsoft Corp.		Nashua, NH
Common shares⁽³⁾	(3)	Online Education	6/8/2021		49,092		9,818,428		1,176,244		0.75	%
Commercial Streaming Solutions Inc. (d/b/a BettorView)⁽⁷⁾		Las Vegas, NV
Simple Agreement for Future Equity	(7)	Interactive Media & Services	3/26/2021	$	1,000,000		1,004,240		1,000,000		0.63	%
Aventine Property Group, Inc.		Chicago, IL
Common shares^***		Cannabis REIT	9/11/2019		312,500		2,580,750		962,341		0.61	%
Forge Global, Inc.		San Francisco, CA
Common shares⁽³⁾		Online Marketplace Finance	7/20/2011		1,020,875		1,978,921		950,333		0.60	%
Stake Trade, Inc. (d/b/a Prophet Exchange)⁽⁷⁾		New York, NY
Simple Agreement for Future Equity	(7)	Sports Betting	7/26/2023	$	1,000,000		1,002,153		862,362		0.55	%
EDGE Markets, Inc.⁽⁷⁾		San Diego, CA
Preferred shares, Series Seed	(7)	Gaming Technology	5/18/2022		456,704		501,330		500,000		0.32	%
Rebric, Inc. (d/b/a Compliable)⁽⁷⁾		Denver, CO
Preferred shares, Series Seed-4	(7)	Gaming Licensing	10/12/2021		2,406,492		1,002,755		157,658		0.10	%
Kinetiq Holdings, LLC		Philadelphia, PA
Common shares, Class A		Social Data Platform	3/30/2012		112,374		—		—		—	%
CTN Holdings, Inc. (d/b/a Catona Climate, f/k/a Aspiration Partners, Inc.)		Marina Del Rey, CA
Preferred shares, Series A		Carbon Credit Services	8/11/2015		540,270		1,001,815		—		—	%
Preferred shares, Series C-3		Carbon Credit Services	8/12/2019		24,912		281,190		—		—	%
Total					-		1,283,005		—		—	%

See accompanying notes to condensed consolidated financial statements.

SURO CAPITAL CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS - continued

December 31, 2024

Portfolio Investments*		Headquarters/ Industry	Date of Initial Investment	Shares/ Principal /Quantity⁽⁵⁾		Cost		Fair Value		% of Net Assets
Fullbridge, Inc.		Cambridge, MA
Common shares		Business Education	5/13/2012		517,917		6,150,506		—		—	%
Promissory Note 1.47%, Due 11/9/2021^(4)(13)		Business Education	3/3/2016	$	2,270,458		2,270,858		—		—	%
Total					-		8,421,364		—		—	%
Treehouse Real Estate Investment Trust, Inc.		Chicago, IL
Common shares^***		Cannabis REIT	9/11/2019		312,500		4,919,250		—		—	%

Total Non-controlled/Non-affiliate						$	234,601,314	$	198,511,915		125.98	%

NON-CONTROLLED/AFFILIATE⁽¹⁾
StormWind, LLC⁽¹⁴⁾		Scottsdale, AZ
Preferred shares, Series D 8%	(1)(14)	Interactive Learning	11/26/2019		329,337	$	257,267	$	501,626		0.32	%
Preferred shares, Series C 8%	(1)(14)	Interactive Learning	1/7/2014		2,779,134		4,000,787		5,376,994		3.41	%
Preferred shares, Series B 8%	(1)(14)	Interactive Learning	12/16/2011		3,279,629		2,019,687		3,233,922		2.05	%
Preferred shares, Series A 8%	(1)(14)	Interactive Learning	2/25/2014		366,666		110,000		156,285		0.10	%
Total					-		6,387,741		9,268,827		5.88	%
Maven Research, Inc.		San Francisco, CA
Preferred shares, Series C		Knowledge Networks	7/2/2012		318,979		2,000,447		—		—	%
Preferred shares, Series B		Knowledge Networks	2/28/2012		49,505		217,206		—		—	%
Total							2,217,653		—		—	%
Curious.com, Inc.		Menlo Park, CA
Common shares		Online Education	11/22/2013		1,135,944		12,000,006		—		—	%

Total Non-controlled/Affiliate						$	20,605,400	$	9,268,827		5.88	%

CONTROLLED⁽²⁾
Colombier Sponsor II LLC^(6)**		Palm Beach, FL
Class B Units	**(6)(2)	Special Purpose Acquisition Company	11/20/2023		1,040,000	$	1,103,719	$	1,101,695		0.70	%
Class W Units	**(6)(2)				1,600,000		499,221		498,305		0.32	%
Total	**(6)(2)						1,602,940		1,600,000		1.02	%

Total Controlled	(2)					$	1,602,940	$	1,600,000		1.02	%

Total Portfolio Investments						$	256,809,654	$	209,380,742		132.88	%

See accompanying notes to condensed consolidated financial statements.

SURO CAPITAL CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS - continued

December 31, 2024

*	All portfolio investments are non-control/non-affiliated and non-income-producing, unless otherwise identified. Equity investments may be 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. SuRo Capital Corp.’s (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, 2024, 39.56% of its total investments are non-qualifying assets, excluding cash and short-term US treasuries.
***	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, 2024, the investments noted had been placed on non-accrual status.

(5)	Represents the respective number of shares, principal amount, fund commitment, or membership interest.

(6)	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.

(7)	SuRo Capital Corp.’s investments in Commercial Streaming Solutions Inc. (d/b/a BettorView), Rebric, Inc. (d/b/a Compliable), EDGE Markets, Inc., Xgroup Holdings Limited (d/b/a Xpoint), and Stake Trade, Inc. (d/b/a Prophet Exchange) are held through SuRo Capital Corp.’s wholly owned subsidiary, SuRo Capital Sports, LLC (“SuRo Capital Sports”).

(8)	CW Opportunity 2 LP is a special purpose vehicle (“SPV”) for which the Class A Interest is solely invested in the Series C Preferred Shares of CoreWeave, Inc. SuRo Capital Corp. is invested in the Series C Preferred Shares of CoreWeave, Inc. through its investment in the Class A Interest of CW Opportunity 2 LP. The Series C Preferred Shares of CoreWeave, Inc. accrue a 10% per annum dividend, paid quarterly in cash or in-kind. CW Opportunity 2 LP does not charge a management fee but does charge an incentive fee of 20%, subject to an annual 15% IRR hurdle rate.

(9)	ARK Type One Deep Ventures Fund LLC is an investment fund for which the Class A Interest is solely invested in the Convertible Interest Rights of OpenAI Global, LLC. SuRo Capital Corp. is invested in the Convertible Interest Rights of OpenAI Global, LLC through its investment in the Class A Interest of ARK Type One Deep Ventures Fund LLC. ARK Type One Deep Ventures Fund LLC charges a 1% management fee per year, and an incentive fee of 10%, not subject to a hurdle rate. The management fees will adjust the cost of SuRo Capital Corp.’s investment in the fund.

(10)	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. True Global Ventures 4 Plus Pte Ltd charges a 1.8% management fee and a 22.5% incentive fee, subject to an annual 5% IRR hurdle rate.

(11)	SuRo Capital Corp.’s investment in Residential Homes for Rent, LLC (d/b/a Second Avenue) is held through SuRo Capital Corp.’s wholly owned subsidiary, GSVC AV Holdings, Inc.

(12)	On May 14, 2024, as part of Xgroup Holding Limited (d/b/a Xpoint)’s most recent financing round, SuRo Capital Corp.’s 6% Convertible Note due October 17, 2024 was converted into Series A-1 Shares, Series A Warrants, and Series A-1 Warrants.

(13)	On November 9, 2021, Fullbridge, Inc.’s obligations under its financing arrangements with the Company became past due.

(14)	SuRo Capital Corp.’s investments in StormWind, LLC are held through SuRo Capital Corp.’s wholly owned subsidiary, GSVC SW Holdings, Inc.

(15)	IH10, LLC’s sole portfolio asset is interest in the Series B Preferred Shares of VAST Data, Ltd. through an SPV. SuRo Capital Corp. is invested in the Series B Preferred Shares of VAST Data, Ltd. through its investment in the Membership Interest of IH10, LLC. IH10, LLC does not charge a management or an incentive fee; however, SuRo Capital Corp. has prepaid operating expenses. Accordingly, these will adjust the total cost basis of SuRo Capital Corp.’s investment.

(16)	As of December 31, 2024, SuRo Capital Corp.’s shares of ServiceTitan, Inc. were not registered and were therefore subject to certain restrictions on sale or transfer for which the Company has applied a discount to the closing public share price as of year-end. The Company anticipates the shares will be registered and freely tradable in June 2025.

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025

NOTE 1—NATURE OF OPERATIONS

SuRo Capital Corp. (“we”, “us”, “our”, the “Company” or “SuRo Capital”), formerly known as Sutter Rock Capital Corp. and 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 it commenced development stage activities. The Company’s common stock is currently listed on the Nasdaq Global Select Market under the symbol “SSSS” (formerly “GSVC”). The Company began its investment operations during the second quarter of 2011.

The table below displays the Company’s subsidiaries as of September 30, 2025, which, other than GSV Capital Lending, LLC (“GCL”), SuRo Capital Sports, LLC, 1789 Capital Nirvana II LP, and SRCI Advisors, 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 corporations for U.S. federal income tax purposes. Refer to “Note 2—Significant Accounting Policies—Basis of Consolidation” below for further detail.

SCHEDULE OF COMPANY’S SUBSIDIARIES

Subsidiary	Jurisdiction of Incorporation	Formation Date	Percentage Owned
GCL	Delaware	April 13, 2012		100	%
SuRo Capital Sports, LLC (“SuRo Capital Sports”)	Delaware	March 19, 2021		100	%
1789 Capital Nirvana II LP	Delaware	March 27, 2025		100	%
SRCI Advisors, LLC	Delaware	September 9, 2025		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 direct offerings of the prospective portfolio companies, transactions on secondary marketplaces for private companies, negotiations with selling stockholders, investment funds, or through SPVs and other investment funds for the purpose of investing in securities of a single private issuer. In addition, the Company may invest in private credit and in founders equity, founders warrants, and private investment in public equity transactions of special purpose acquisition companies (“SPACs”). 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

September 30, 2025

NOTE 2—SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The 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. In the opinion of management, all adjustments, all of which were of a normal recurring nature, were considered necessary for the fair presentation of condensed consolidated financial statements for the period and have been included.

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.

The Company’s Condensed Consolidated Financial Statements include its accounts and the accounts of the Taxable Subsidiaries, GCL, SuRo Capital Sports, 1789 Capital Nirvana II LP, and SRCI Advisors, LLC, its wholly owned subsidiaries. GCL was formed to originate portfolio loan investments within the state of California. SuRo Capital Sports was formed to focus on investing in the sports betting sector. 1789 Capital Nirvana II LP is a SPV in which SuRo Capital holds the sole limited partnership interest and was formed to invest in the Common Shares of Plaid, Inc. SRCI Advisors, LLC was formed to provide investment management services to third parties; as of September 30, 2025, SRCI Advisors has not commenced operations. All intercompany balances and transactions have been eliminated in consolidation. The Company operates as a single operating segment.

The Company also consolidates entities that meet the definition of a Variable Interest Entity (“VIE”) for which the Company is the primary beneficiary. The primary beneficiary is the party who has the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and who has an obligation to absorb losses or a right to receive benefits from the entity. The Company determined that 1789 Capital Nirvana II LP is a VIE and the Company is the primary beneficiary. As such, 1789 Capital Nirvana II LP is consolidated by the Company.

Segments

SuRo Capital has determined that it has a single operating segment in accordance with Topic 280, Segment Reporting (“ASC 280”). The Company operates as a single segment with a principal investment objective to maximize our portfolio’s total return, principally by seeking capital gains on our equity and equity-related investments, and to a lesser extent, income from debt investments. The Company’s Chief Executive Officer, Chief Financial Officer, and Investment Committee collectively perform the function that allocates resources and assesses performance, and thus together, serve as the Company’s chief operating decision maker (the “CODM”). Among other metrics, the CODM uses Net Change in Net Assets Resulting from Operations as a primary GAAP profit or loss metric used in making operating decisions, which can be found on the Condensed Consolidated Statement of Operations along with significant expenses. The measure of segment assets is reported on the Condensed Consolidated Balance Sheets as total assets.

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.

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025

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 “Part II, Item 1A. Risk Factors” 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. During the quarter ended September 30, 2025, the Company refined certain application details within its existing valuation framework, including updates to the weighting of transaction data and statistical methods for calculating peer group multiples. These refinements remain in agreement with US GAAP, ASC 820, and current AICPA guidance and did not change the Company’s fundamental valuation policy or materially affect fair values.

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—Valuations based on unadjusted quoted prices for identical assets or liabilities in an active market that the Company has the ability to access at the measurement date.

Level 2—Valuations based on observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data at the measurement date for substantially the full term of the assets or liabilities.

Level 3—Valuations based on unobservable inputs that reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. The majority of the Company’s investments are Level 3 investments and are subject to a high degree of judgment and uncertainty in determining fair value.

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 “Leveling Policy” below for a detailed discussion of the leveling 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. If there are legal or contractual restrictions on the sale or use of such security that under ASC 820-10-35, as modified by ASU 2022-03, 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 consider those restrictions in the fair value determination of that security. Contractual sale restrictions on the sale or use of a security which are an entity-specific characteristic, rather than a security-specific characteristic (as discussed in ASU 2022-03), are not considered in the fair value determinations for such securities. 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.

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025

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, the Company’s 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 estimates 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.

In making a good faith determination of the fair value of investments, the Board of Directors 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 of Directors 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 condensed 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. 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. For equity securities with readily available market quotations that are subject to entity-specific contractual sale restrictions, rather than security-specific contractual sale restrictions, if such entity-specific contractual sale restrictions first applied or were modified on or after December 15, 2023, the restrictions are not considered in the determination of fair value for that security.

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025

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 of Directors 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 of Directors 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 of Directors 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.

In determining the fair value of equity or equity-linked securities (including simple agreement for future equity (“SAFE”) notes and warrants to purchase common or preferred stock) in a portfolio company, the Board of Directors considers the rights, preferences and limitations of such securities. 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), which are 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 indices 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. If the options are publicly traded, in accordance with our leveling policy, the Company prices the options at the closing price on a public exchange as of the measurement date. All other options investments are generally classified as Level 3 assets because there is no known or accessible market or market indices for these investment securities to be traded or exchanged. The Company’s options are valued at estimated fair value as determined in good faith by the Company’s Board of Directors.

Investments in SPVs and Fund Structures

The Company invests through SPVs and Fund structures, which may hold either a single underlying investment or a portfolio of underlying investments. The Company’s interest in these structures is generally proportionate to its capital contributions, and distributions from the underlying investment(s) are made in accordance with that ownership. These investments are recorded at estimated fair value, as determined in good faith by the Company’s Board of Directors, and are presented in the Condensed Consolidated Schedule of Investments. SPVs and Fund structures may incur fees, expenses, or tax liabilities associated with their underlying investments, which can impact the fair value of the Company’s interest. Additionally, these investments may be subject to restrictions on redemption, transfer, or sale.

For certain Fund structures, including those in which fair value is not readily determinable, the Company may apply the practical expedient provided under ASC Topic 820 for entities that calculate net asset value (“NAV”) per share or its equivalent, using NAV as a practical measure of fair value without adjustment.

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025

Special Purpose Acquisition Companies

The Company’s Board of Directors measures its SPAC sponsor 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 of Directors utilizes the public share price of the entity, less a DLOM if there are security-specific contractual sale restrictions, or the shares or warrants are confirmed unregistered. 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. “Control investments” are investments in companies that the Company is presumed to control under Section 2(a)(9) of the 1940 Act. Under the 1940 Act, any person who owns beneficially, either directly or through one or more controlled companies, more than 25% of the outstanding voting securities of a company is presumed to control such company. “Affiliate investments” are investments in companies that are “affiliated persons” of the Company under Section 2(a)(3) of the 1940 Act. Under the 1940 Act, “affiliated person” includes any person directly or indirectly owning, controlling, or holding with power to vote, 5% or more, but not more than 25%, of the outstanding voting securities of such company. Refer to the Condensed Consolidated Schedules of Investments as of September 30, 2025 and December 31, 2024 for details regarding the nature and composition of the Company’s investment portfolio.

Leveling 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 legal or contractual restrictions on the sale or use of such security that under ASC 820-10-35 (as modified by ASU 2022-03) 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.

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., the trade date). Securities transactions outside conventional channels, such as private transactions, are recorded as of the date the Company obtains the right to demand the securities purchased or to collect the proceeds from a sale and incurs an obligation to pay for securities purchased or to deliver securities sold, respectively.

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025

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 custodies its cash with Western Alliance Trust Company, N.A., and may place cash in demand deposit accounts 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.

Restricted Cash

Restricted Cash consists of amounts that are held in a separate account and are subject to specific contractual restrictions that limit their availability for general corporate use. These funds are not readily available for use in the Company’s general operations and are segregated from unrestricted cash and cash equivalents.

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 September 30, 2025 and December 31, 2024, the Company had $0 and $45,298, respectively, in escrow proceeds receivable.

Deferred Financing Costs

The Company records fees and expenses incurred in connection with financing or capital raising activities relating to the Company’s shelf registration statement on Form N-2 as deferred financing costs. The Company also incurred additional offering costs in connection with its 6.00% Notes due 2026. The Company defers these offering costs until capital is raised pursuant to the shelf registration statement or as the shelf registration statement expires. For equity capital raised, the offering costs reduce paid-in capital resulting from the offering. These costs are deferred and amortized using the straight-line method over the respective life of the financing instrument. For modifications to a financing instrument, any unamortized origination costs are expensed.

The Company records fees and expenses incurred in connection with debt capital raises as deferred debt issuance costs. Such costs are reflected in the carrying value of the related debt instrument, and not the Company’s deferred financing costs. For debt capital raised, the associated offering costs are deferred and amortized as part of interest expense using the straight-line method over the life of the debt instrument. As of September 30, 2025 and December 31, 2024, the Company had deferred financing costs of $517,487 and $526,261, respectively, on the Condensed Consolidated Statement of Assets and Liabilities.

SCHEDULE OF DEFERRED FINANCING COSTS

	September 30, 2025		December 31, 2024
Deferred debt issuance costs	$	1,189,218	$	1,417,155
Deferred financing costs		517,487		526,261
Total	$	1,706,705	$	1,943,416

Refer to “Note 10—Debt Capital Activities” for further detail regarding the Company’s deferred debt issuance costs.

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025

Operating Leases & Related Deposits

The Company accounts for its operating leases as prescribed by ASC 842, Leases, which requires lessees to recognize a right-of-use asset on the balance sheet, representing its right to use the underlying asset for the lease term, and a corresponding lease liability for all leases with terms greater than 12 months. The lease expense is presented as a single lease cost that is amortized on a straight-line basis over the life of the lease. Non-lease components (maintenance, property tax, insurance and parking) are not included in the lease cost. On September 1, 2024, the Company extended the previous operating lease for office space for an additional term of three years and three months, with an estimated commencement date of January 1, 2025 and expiring March 31, 2028. On February 7, 2025, the Company executed a commencement letter, upon which the lease term was amended to begin on February 13, 2025 and expiring on May 12, 2028. The Company has recorded a right-of-use asset and a corresponding lease liability for the operating lease obligation. These amounts have been discounted using the rate implicit in the lease. Refer to “Note 7—Commitments and Contingencies—Operating Leases and Related Deposits” for further detail.

Stock-based Compensation

Using the fair value recognition provisions as prescribed by ASC 718, Stock Compensation, stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense over the appropriate service period. Determining the fair value of stock-based awards requires considerable judgment, including estimating the expected term of stock options and the expected volatility of the Company’s stock price. Differences between actual results and these estimates could have a material effect on the Company’s financial results. Forfeitures are accounted for as they occur. Refer to “Note 11—Stock-Based Compensation” for further detail.

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 September 30, 2025 and December 31, 2024, the Company had no escrow deposits.

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.

U.S. Federal and State Income Taxes

The Company elected to be treated and intends to qualify annually as a RIC under Subchapter M of the Code. 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 its investment company taxable income (“ICTI”), including payment-in-kind interest income, as defined by the Code, and 90% of its 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.

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025

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 condensed consolidated financial statements of the Company. Included in the Company’s condensed consolidated financial statements, the Taxable Subsidiaries are subject to U.S. federal income tax imposed at corporate rates on their income, regardless of whether the Company is a RIC. These Taxable Subsidiaries are not consolidated for U.S. federal 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. Refer to “Note 9—Income Taxes” for further details.

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. When applicable, the Company uses the if-converted method in accordance with FASB ASC 260, Earnings Per Share (“ASC 260”), to determine the number of potentially dilutive shares outstanding. Refer to “Note 6—Net Increase in Net Assets Resulting from Operations per Common Share—Basic and Diluted” for further detail.

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025

Recently Adopted Accounting Standards

In March 2024, the FASB issued ASU 2024-01, “Compensation—Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards.” ASU 2024-01 clarifies how an entity determines whether a profits interest or similar award is within the scope of Topic 718 or not a share-based payment arrangement and therefore within the scope of other guidance. ASU 2024-01 is currently effective for public entities. The Company adopted this provision as of the effective date. However, ASU 2024-01 does not have a material impact on the Company’s Condensed Consolidated Financial Statements.

Recently Issued Accounting Standards

In October 2023, the FASB issued ASU 2023-06, “Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative.” ASU 2023-06 amends the disclosure or presentation requirements related to various subtopics in the FASB Accounting Standards Codification including requiring investment companies to disclose the components of capital on the balance sheet. The amendments in ASU 2023-06 will become effective on the date which the SEC’s removal of related disclosures from Regulation S-X or Regulation S-K become effective, but no later than June 30, 2027. The Company is currently evaluating the impact of the new guidance. However, it does not expect ASU 2023-06 to have a material impact on the Company’s future Condensed Consolidated Financial Statements.

In December 2023, the FASB issued ASU 2023-09, “Improvements to Income Tax Disclosures.” ASU 2023-09 requires more disaggregated information on income taxes paid. The standard is effective for annual periods beginning after December 15, 2024. Early adoption is permitted; however, the Company has not elected to adopt this provision as of the date of the condensed consolidated financial statements. The Company is still assessing the impact of the new guidance. However, it does not expect ASU 2023-09 to have a material impact on the Company’s future Condensed Consolidated Financial Statements.

In November 2024, the FASB issued ASU 2024-03, “Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures”, which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, within relevant income statement captions. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning with the first quarter ended March 31, 2028. Early adoption and retrospective application is permitted. The Company is still assessing the impact of the new guidance. However, it does not expect ASU 2024-03 to have a material impact on the Company’s future Condensed Consolidated Financial Statements.

In November 2024, the FASB issued ASU 2024-04, “Debt — Debt with Conversion and Other Options”, which amends ASC 470-20 to clarify the requirements related to accounting for the settlement of a debt instrument as an induced conversion. The amendments are effective for fiscal years and interim periods within fiscal years beginning after December 15, 2025. The Company is still assessing the impact of the new guidance.

In May 2025, the FASB issued ASU 2025-03, “Business Combinations (Topic 805) and Consolidation (Topic 810) - Determining the Accounting Acquirer in the acquisition of a Variable Interest Entity”, which requires an entity to determine the accounting acquirer by considering the factors in ASC 805-10-55-12 through 55-15. The amendments are effective for fiscal years and interim periods within fiscal years beginning after December 15, 2026. The Company is still assessing the impact of the new guidance.

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 Condensed Consolidated Financial Statements upon adoption.

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025

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 VII LLC, the sponsor of Churchill Capital Corp. VII, a SPAC, 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 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. On August 18, 2024, Churchill Capital Corp. VII announced that it would not consummate an initial business combination within the time period required by its Amended and Restated Certificate of Incorporation, as amended, and the Company realized a loss on the entirety of its Churchill Sponsor VII LLC common share units and warrant units in the amount of $300,000.

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 controlled Churchill Sponsor II LLC, the sponsor of Churchill Capital Corp. II, a SPAC, and was 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, was a control person of such Churchill entities. As of September 30, 2025, the fair value of the Company’s remote-affiliate investment in Skillsoft was $639,178.

The Company’s investment in AltC Sponsor LLC, the sponsor of AltC Acquisition Corp., a SPAC, 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 controlled AltC Sponsor LLC, and Allison Green, the Company’s Chief Financial Officer, Chief Compliance Officer, Treasurer and Secretary, was a non-controlling member of the board of directors of AltC Acquisition Corp. until its dissolution upon completion of AltC Acquisition Corp.’s business combination into Oklo, Inc. As of November 15, 2024, the Company had sold its investment in Oklo, Inc.

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 or agreements to purchase or acquire 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 bills. Non-portfolio investments represent investments in U.S. Treasury bills. As of September 30, 2025, the Company had 62 positions in 37 portfolio companies. As of December 31, 2024, the Company had 60 positions in 37 portfolio companies.

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025

The following tables summarize the composition of the Company’s investment portfolio by security type at cost and fair value as of September 30, 2025 and December 31, 2024:

	September 30, 2025							December 31, 2024
	Cost		Fair Value		Percentage of Net Assets			Cost		Fair Value		Percentage of Net Assets
Private Portfolio Companies
Preferred Stock⁽¹⁾	$	145,731,130	$	166,711,678		71.9	%	$	159,592,108	$	151,003,991		95.8	%
Common Stock⁽²⁾		79,440,401		70,502,108		30.4	%		67,469,643		35,922,154		22.8	%
Options⁽³⁾		3,973,810		5,701,023		2.5	%		4,394,059		4,357,138		2.8	%
Debt Investments		3,029,559		756,339		0.3	%		2,777,197		506,339		0.3	%
Total Private Portfolio Companies		232,174,900		243,671,148		105.1	%		234,233,007		191,789,622		121.7	%
Publicly Traded Portfolio Companies
Common Stock		12,901,068		6,677,535		2.9	%		21,805,582		16,154,290		10.3	%
Options		1,146,881		1,846,857		0.8	%		771,065		1,436,830		0.9	%
Total Publicly Traded Portfolio Companies		14,047,949		8,524,392		3.7	%		22,576,647		17,591,120		11.2	%
Total Investments	$	246,222,849	$	252,195,540		108.8	%	$	256,809,654	$	209,380,742		132.9	%

(1)	As of September 30, 2025, Preferred Stock also includes the Company’s investment in the Class A Interest of ARK Type One Deep Ventures Fund LLC which is invested in the Convertible Interest Rights of OpenAI Global, LLC, and the Company’s investment in the Membership Interest of IH10, LLC which is invested in the Series B Preferred Shares of VAST Data, Ltd. through an SPV. As of December 31, 2024, Preferred Stock also includes the Company’s investment in the Class A Interest of ARK Type One Deep Ventures Fund LLC which is invested in the Convertible Interest Rights of OpenAI Global, LLC, the Company’s investment in the Class A Interest of CW Opportunity 2 LP which is invested in the Series C Preferred Shares of CoreWeave, Inc., and the Company’s investment in the Membership Interest of IH10, LLC which is invested in the Series B Preferred Shares of VAST Data, Ltd. through an SPV.
(2)	As of September 30, 2025, Common Stock in Private Portfolio Companies also includes the Company’s Limited Partner Fund Investment in True Global Ventures 4 Plus Pte Ltd. and the Company’s investment in the Class A Interest of CW Opportunity 2 LP which is invested in the Class A Common Stock of CoreWeave, Inc. As of December 31, 2024, Common Stock also includes the Company’s Limited Partner Fund Investment in True Global Ventures 4 Plus Pte Ltd.
(3)	As of September 30, 2025, Options in Private Portfolio Companies also includes the Company’s investments in the SAFEs of Orchard Technologies, Inc., PayJoy, Inc., Stake Trade, Inc. (d/b/a Prophet Exchange), and Whoop, Inc. As of December 31, 2024, Options also includes the Company’s investments in the SAFEs of Commercial Streaming Solutions Inc. (d/b/a BettorView), PayJoy, Inc., and Stake Trade, Inc. (d/b/a Prophet Exchange).

The geographic and industrial compositions of the Company’s portfolio at fair value as of September 30, 2025 and December 31, 2024 were as follows:

	As of September 30, 2025								As of December 31, 2024
	Fair Value		Percentage of Portfolio			Percentage of Net Assets			Fair Value		Percentage of Portfolio			Percentage of Net Assets
Geographic Region
Northeast	$	87,934,091		34.9	%		38.0	%	$	72,100,161		34.4	%		45.8	%
Midwest		76,094,735		30.2	%		32.8	%		37,261,207		17.8	%		23.6	%
West		54,062,960		21.4	%		23.3	%		61,124,969		29.2	%		38.8	%
Southeast		28,077,861		11.1	%		12.1	%		20,675,077		9.9	%		13.1	%
International		6,025,893		2.4	%		2.6	%		18,219,328		8.7	%		11.6	%
Total	$	252,195,540		100.0	%		108.8	%	$	209,380,742		100.0	%		132.9	%

	As of September 30, 2025								As of December 31, 2024
	Fair Value		Percentage of Portfolio			Percentage of Net Assets			Fair Value		Percentage of Portfolio			Percentage of Net Assets
Industry
Artificial Intelligence Infrastructure & Applications	$	76,921,723		30.5	%		33.1	%	$	58,072,060		27.7	%		36.9	%
Consumer Goods & Services		51,616,080		20.5	%		22.3	%		30,351,636		14.5	%		19.3	%
Software-as-a-Service		46,899,694		18.6	%		20.2	%		49,225,370		23.5	%		31.2	%
Financial Technology & Services		26,816,689		10.6	%		11.6	%		17,192,986		8.2	%		10.9	%
Education Technology		25,200,426		10.0	%		10.9	%		27,327,100		13.1	%		17.3	%
Logistics & Supply Chain		19,376,913		7.7	%		8.4	%		23,033,237		11.0	%		14.6	%
SuRo Capital Sports		5,364,015		2.1	%		2.3	%		4,178,353		2.0	%		2.7	%
Total	$	252,195,540		100.0	%		108.8	%	$	209,380,742		100.0	%		132.9	%

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025

The table below details the composition of the Company’s industrial themes presented in the preceding tables:

Industry Theme		Industry
Artificial Intelligence Infrastructure		AI Application Fund
& Applications		AI Infrastructure
		AI Infrastructure Fund
Consumer Goods & Services		E-Commerce Marketplace
		Fitness Technology
		Lifestyle Beverage Brand
		Micromobility
Education Technology		Business Education
		Interactive Learning
		Online Education
Financial Technology & Services		Cannabis REIT
		Carbon Credit Services
		Digital Asset Infrastructure
		Financial Services
		Financial Technology Infrastructure
		Mobile Access Technology
		Online Marketplace Finance
		Real Estate Platform
		Special Purpose Acquisition Company
		Venture Investment Fund
Logistics & Supply Chain		Supply Chain Technology
		Warehouse Automation
Software-as-a-Service		Contractor Management Software
		Home Improvement Finance
		Knowledge Networks
		Pharmaceutical Technology
		Productivity Software
		Retail Technology
		Social Data Platform
SuRo Capital Sports		Gaming Licensing
		Gaming Technology
		Geolocation Technology
		Interactive Media & Services
		Sports Betting

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025

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 September 30, 2025 and December 31, 2024 are as follows:

	As of September 30, 2025
	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⁽¹⁾	$	—	$	—	$	166,711,678	$	166,711,678
Common Stock⁽²⁾		—		—		70,502,108		70,502,108
Options⁽³⁾		—		—		5,701,023		5,701,023
Debt Investments		—		—		756,339		756,339
Private Portfolio Companies		—		—		243,671,148		243,671,148
Publicly Traded Portfolio Companies
Common Stock		6,677,535		—		—		6,677,535
Options		1,846,857		—		—		1,846,857
Publicly Traded Portfolio Companies		8,524,392		—		—		8,524,392
Total Investments at Fair Value	$	8,524,392	$	—	$	243,671,148	$	252,195,540

(1)	Preferred Stock also includes the Company’s investment in the Class A Interest of ARK Type One Deep Ventures Fund LLC which is invested in the Convertible Interest Rights of OpenAI Global, LLC, and the Company’s investment in the Membership Interest of IH10, LLC which is invested in the Series B Preferred Shares of VAST Data, Ltd. through an SPV.
(2)	Common Stock in Private Portfolio Companies also includes the Company’s Limited Partner Fund Investment in True Global Ventures 4 Plus Pte Ltd. and the Company’s investment in the Class A Interest of CW Opportunity 2 LP which is invested in Class A Common Stock.
(3)	Options in Private Portfolio Companies also includes the Company’s investments in the SAFEs of Orchard Technologies, Inc., PayJoy, Inc., Stake Trade, Inc. (d/b/a Prophet Exchange), and Whoop, Inc.

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025

	As of December 31, 2024
	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⁽¹⁾	$	—	$	—	$	151,003,991	$	151,003,991
Common Stock⁽²⁾		—		—		35,922,154		35,922,154
Options⁽³⁾		—		—		4,357,138		4,357,138
Debt Investments		—		—		506,339		506,339
Private Portfolio Companies		—		—		191,789,622		191,789,622
Publicly Traded Portfolio Companies
Common Stock		2,126,577		14,027,713		—		16,154,290
Options		1,436,830		—		—		1,436,830
Publicly Traded Portfolio Companies		3,563,407		14,027,713		—		17,591,120
Total Investments at Fair Value	$	3,563,407	$	14,027,713	$	191,789,622	$	209,380,742

(1)	Preferred Stock also includes the Company’s investment in the Class A Interest of ARK Type One Deep Ventures Fund LLC which is invested in the Convertible Interest Rights of OpenAI Global, LLC, the Company’s investment in the Class A Interest of CW Opportunity 2 LP which is invested in the Series C Preferred Shares of CoreWeave, Inc., and the Company’s investment in the Membership Interest of IH10, LLC which is invested in the Series B Preferred Shares of VAST Data, Ltd. through an SPV.
(2)	Common Stock in Private Portfolio Companies also includes the Company’s Limited Partner Fund Investment in True Global Ventures 4 Plus Pte Ltd.
(3)	Options in Private Portfolio Companies also includes the Company’s investments in the SAFEs of Commercial Streaming Solutions Inc. (d/b/a BettorView), PayJoy, Inc., and Stake Trade, Inc. (d/b/a Prophet Exchange).

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025

Significant Unobservable Inputs for Level 3 Assets and Liabilities

In accordance with FASB ASC 820, Fair Value Measurement, the tables below provide quantitative information about the fair value measurements of the Company’s Level 3 assets as of September 30, 2025 and December 31, 2024. In addition to the techniques and inputs noted in the tables below, according to the Company’s valuation policy, the Board of Directors may also use other valuation techniques and methodologies when determining the fair value measurements of the Company’s assets. The tables below are not intended to be all-inclusive, but rather provide information on the significant Level 3 inputs as they relate to the fair value measurements of the Company’s assets. To the extent an unobservable input is not reflected in the tables below, such input is deemed insignificant with respect to the Company’s Level 3 fair value measurements as of September 30, 2025 and December 31, 2024. Significant changes in the inputs in isolation would result in a significant change in the fair value measurement, depending on the input and the materiality of the investment. Refer to “Note 2—Significant Accounting Policies—Investments at Fair Value” for more detail.

As of September 30, 2025

Asset	Fair Value	Valuation Approach/ Technique⁽¹⁾	Unobservable Inputs⁽²⁾	Range (Weighted Average)⁽³⁾
Preferred stock in private companies⁽⁴⁾	$166,711,678	Market Approach	Revenue Multiples	0.74x - 7.02x (3.47x)
		Market Approach	Precedent Transactions	25% - 100% (69%)
		PWERM⁽⁷⁾	Revenue Multiples	1.44x - 6.42x (5.94x)
			Dissolution Risk	100%
			Precedent Transaction	90%
Common stock in private companies⁽⁵⁾	$70,502,108	Market Approach	Revenue Multiples	0.64x - 6.36x (5.14x)
			Precedent Transactions	75% - 100% (93.9%)
			AFFO⁽⁸⁾ Multiples	8.53x
		PWERM⁽⁷⁾	Dissolution Risk	100%
			Precedent Transaction	90%
			Revenue Multiples	7.31x - 8.41x (7.86x)
Options⁽⁶⁾	$5,701,023	Option Pricing Model	Term to Expiration (Years)	0.75 - 1.61 (1.14)
Options⁽⁶⁾	$5,701,023	Option Pricing Model	Volatility	45% - 51% (48%)
		Market Approach	Precedent Transaction	25% - 100% (84%)
Debt investments	$756,339	Market Approach	Revenue Multiples	0.64x - 5.04x (3.66x)

(1)

As of September 30, 2025, the Board of Directors used a hybrid market and income approach to value certain common and preferred stock investments, as the Board of Directors 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” for more detail.

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025

(2)	The Board of Directors 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 of Directors carefully considers numerous factors when selecting the appropriate companies whose multiples are used to value the Company’s 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” for more detail.
(3)	The weighted averages are calculated based on the fair market value of each investment.
(4)	Preferred Stock also includes the Company’s investment in the Class A Interest of ARK Type One Deep Ventures Fund LLC which is invested in the Convertible Interest Rights of OpenAI Global, LLC, and the Company’s investment in the Membership Interest of IH10, LLC which is invested in the Series B Preferred Shares of VAST Data, Ltd. through an SPV.
(5)	Common Stock in Private Portfolio Companies also includes the Company’s Limited Partner Fund Investment in True Global Ventures 4 Plus Pte Ltd. and the Company’s investment in the Class A Interest of CW Opportunity 2 LP which is invested in the Class A Common Stock.
(6)	Options in Private Portfolio Companies also includes the Company’s investments in the SAFEs of Orchard Technologies, Inc., PayJoy, Inc., Stake Trade, Inc. (d/b/a Prophet Exchange), and Whoop, Inc.
(7)	Probability-Weighted Expected Return Method, or “PWERM”.
(8)	Adjusted Funds From Operations, or “AFFO”.

As of December 31, 2024

Asset	Fair Value	Valuation Approach/ Technique⁽¹⁾	Unobservable Inputs⁽²⁾	Range (Weighted Average)⁽³⁾
Preferred stock in private companies⁽⁶⁾	$151,003,991	Market Approach	Revenue Multiples	0.67x - 5.96x (1.82x)
		Market Approach	Precedent Transactions	25% - 100% (55%)
		PWERM⁽⁵⁾	Revenue Multiples	1.76x - 2.95x
		PWERM⁽⁵⁾	Dissolution Risk	75% - 100% (87.5%)
Common stock in private companies⁽⁷⁾	$35,922,154	Market Approach	Revenue Multiples	0.77x - 8.81x (7.59x)
		Market Approach	Precedent Transactions	100%
		PWERM⁽⁵⁾	AFFO⁽⁴⁾ Multiples	7.88x
		PWERM⁽⁵⁾	Dissolution Risk	100%
Debt investments	$506,339	Market Approach	Revenue Multiples	0.90x - 1.31x (1.22x)
Options⁽⁸⁾	$4,357,138	Option Pricing Model	Term to Expiration (Years)	1.5 - 19.38
			Precedent Transaction	100%
			Volatility	51% - 67%

(1)

As of December 31, 2024, the Board of Directors used a hybrid market and income approach to value certain common and preferred stock investments, as the Board of Directors 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” for more detail.

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025

(2)	The Board of Directors 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 of Directors carefully considers numerous factors when selecting the appropriate companies whose multiples are used to value the Company’s 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” for more detail.
(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”.
(6)	Preferred Stock also includes the Company’s investment in the Class A Interest of ARK Type One Deep Ventures Fund LLC which is invested in the Convertible Interest Rights of OpenAI Global, LLC, the Company’s investment in the Class A Interest of CW Opportunity 2 LP which is invested in the Series C Preferred Shares of CoreWeave, Inc., and the Company’s investment in the Membership Interest of IH10, LLC which is invested in the Series B Preferred Shares of VAST Data, Ltd. through an SPV.
(7)	Common Stock also includes the Company’s Limited Partner Fund Investment in True Global Ventures 4 Plus Pte Ltd.
(8)	Options also includes the Company’s investments in the SAFEs of Commercial Streaming Solutions Inc. (d/b/a BettorView), PayJoy, Inc., and Stake Trade, Inc. (d/b/a Prophet Exchange).

The aggregate values of Level 3 assets and liabilities changed during the nine months ended September 30, 2025 as follows:

	Preferred Stock⁽¹⁾			Common Stock⁽²⁾			Options			Debt⁽³⁾			Total
	Nine Months Ended September 30, 2025
	Preferred Stock⁽¹⁾			Common Stock⁽²⁾			Options⁽³⁾			Debt Investments			Total
Assets:
Fair Value as of December 31, 2024	$	151,003,991		$	35,922,154		$	4,357,138		$	506,339		$	191,789,622
Transfers out of Level 3		(5,221,824	)		(6,323,519	)		(498,305	)		—			(12,043,648	)
Purchases, capitalized fees and interest		5,311,836			5,395,541			1,083,211			252,363			12,042,951
Sales/Redemptions of investments		—			(7,154,496	)		—			—			(7,154,496	)
Exercises and conversions⁽⁴⁾		(16,770,915	)		17,775,155			(1,004,240	)		—			—
Realized gains/(losses)		—			4,659,961			—			—			4,659,961
Net change in unrealized appreciation/(depreciation) included in earnings		32,388,590			20,227,312			1,763,219			(2,363	)		54,376,758
Fair Value as of September 30, 2025	$	166,711,678		$	70,502,108		$	5,701,023		$	756,339		$	243,671,148
Net change in unrealized appreciation/ (depreciation) of Level 3 investments still held as of September 30, 2025	$	32,388,590		$	20,227,312		$	1,758,982		$	(2,363	)	$	54,372,521

(1)	Preferred Stock also includes the Company’s investment in the Class A Interest of ARK Type One Deep Ventures Fund LLC which is invested in the Convertible Interest Rights of OpenAI Global, LLC, and the Company’s investment in the Membership Interest of IH10, LLC which is invested in the Series B Preferred Shares of VAST Data, Ltd. through an SPV.
(2)	Common Stock in Private Portfolio Companies also includes the Company’s Limited Partner Fund Investment in True Global Ventures 4 Plus Pte Ltd. and the Company’s investment in the Class A Interest of CW Opportunity 2 LP which is invested in Class A Common Stock.
(3)	Options in Private Portfolio Companies also includes the Company’s investments in the SAFEs of Orchard Technologies, Inc., PayJoy, Inc., Stake Trade, Inc. (d/b/a Prophet Exchange), and Whoop, Inc.
(4)	During the nine months ended September 30, 2025, the Company’s portfolio investments had the following corporate actions which are reflected above:

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025

Portfolio Company	Conversion from	Conversion to
CoreWeave, Inc.	Preferred Shares, Series A Common shares	Common Shares (Level 2)
CW Opportunity 2 LP	Preferred Shares, Series C	Common Shares (Level 3)
Commercial Streaming Solutions Inc. (d/b/a BettorView)	Simple Agreement for Future Equity	Preferred Shares, Class A-1 (Level 3)
Colombier Sponsor II LLC	Class B Units Class W Units	GrabAGun Digital Holdings Inc. Common Shares (Level 1) GrabAGun Digital Holdings Inc. Common Warrants (Level 1)

The aggregate values of Level 3 assets and liabilities changed during the year ended December 31, 2024 as follows:

	Preferred Stock⁽¹⁾			Common Stock⁽²⁾			Debt Investments			Options⁽³⁾			Total
	Year Ended December 31, 2024
	Preferred Stock⁽¹⁾			Common Stock⁽²⁾			Debt Investments			Options⁽³⁾			Total
Assets:
Fair Value as of December 31, 2023	$	122,744,564		$	39,086,792		$	3,098,734		$	3,638,161		$	168,568,251
Fair Value, Beginning balance	$	122,744,564		$	39,086,792		$	3,098,734		$	3,638,161		$	168,568,251
Transfers out of Level 3		—			(12,896,367	)		—			—			(12,896,367	)
Purchases, capitalized fees and interest		60,155,557			15,061,793			—			13,230			75,230,580
Sales/Redemptions of investments		(374,950	)		(10,375,762	)		(1,414,278	)		(1,585,722	)		(13,750,712	)
Exercises and conversions⁽⁴⁾		136,114			—			(1,338,976	)		1,246,916			44,054
Realized gains/(losses)		(7,533,623	)		(222,565	)		384,102			(7,076,812	)		(14,448,898	)
Net change in unrealized appreciation/(depreciation) included in earnings		(24,123,671	)		5,268,263			(223,243	)		8,121,365			(10,957,286	)
Fair Value as of December 31, 2024	$	151,003,991		$	35,922,154		$	506,339		$	4,357,138		$	191,789,622
Fair Value, Ending balance	$	151,003,991		$	35,922,154		$	506,339		$	4,357,138		$	191,789,622
Net change in unrealized appreciation/ (depreciation) of Level 3 investments still held as of December 31, 2024	$	(32,741,143	)	$	5,418,630		$	—		$	111,916		$	(27,210,597	)
Net change in unrealized appreciation/ (depreciation) of Level 3 investments still held	$	(32,741,143	)	$	5,418,630		$	—		$	111,916		$	(27,210,597	)

(1)	Preferred Stock also includes the Company’s investment in the Class A Interest of ARK Type One Deep Ventures Fund LLC which is invested in the Convertible Interest Rights of OpenAI Global, LLC, the Company’s investment in the Class A Interest of CW Opportunity 2 LP which is invested in the Series C Preferred Shares of CoreWeave, Inc., and the Company’s investment in the Membership Interest of IH10, LLC which is invested in the Series B Preferred Shares of VAST Data, Ltd. through an SPV.
(2)	Common Stock also includes the Company’s Limited Partner Fund Investment in True Global Ventures 4 Plus Pte Ltd.
(3)	Options also includes the Company’s investments in the SAFEs of PayJoy, Inc. and Commercial Streaming Solutions Inc. (d/b/a BettorView).
(4)	During the year ended December 31, 2024, the Company’s portfolio investments had the following corporate actions which are reflected above:

Portfolio Company	Conversion from	Conversion to
AltC Sponsor LLC	Common Shares, Class A Common Shares, Class B	Oklo, Inc. - Common Shares, Class A (Level 2)
Xgroup Holdings Limited (d/b/a Xpoint)	Convertible Note 6%, Due 10/17/2024	Preferred Shares, Series A-1 (Level 3) Warrants, Series A-1 (Level 3) Warrants, Series A (Level 3)
ServiceTitan, Inc.	Common Shares	Common Shares (Level 2)

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025

Schedule of Investments In, and Advances to, Affiliates

Transactions during the nine months ended September 30, 2025 involving the Company’s controlled investments and non-controlled/affiliate investments were as follows:

Type/Industry/Portfolio Company/Investment

Shares/

Principal/
Quantity

Fair Value at December 31, 2024

Transfer In/ (Out)

Unrealized

Gains/(Losses)

Fair Value at September 30, 2025

Percentage

of Net

Assets

CONTROLLED INVESTMENTS*⁽²⁾

SURO CAPITAL CORP. 10-Q