UNITEDSTATES

SECURITIESAND EXCHANGE COMMISSION

Washington,D.C. 20549

FORM10-Q

(MarkOne)

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

FORTHE QUARTERLY PERIOD ENDED June 30, 2025

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

COMMISSIONFILE NUMBER: 814-00852

SuRoCapital Corp.

(Exactname 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’stelephone number, including area code)

Securitiesregistered 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

Indicateby check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange 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 ☐

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

Indicateby check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany, 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 ☐

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

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

Theissuer had 23,888,107 shares of commonstock, $0.01 par value per share,outstanding as of August 6, 2025.

SUROCAPITAL CORP.

TABLEOF CONTENTS

		PAGE
PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements	1
	Condensed Consolidated Statements of Assets and Liabilities as of June 30, 2025 (Unaudited) and December 31, 2024	1
	Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2025 and 2024 (Unaudited)	2
	Condensed Consolidated Statements of Changes in Net Assets for the Six Months Ended June 30, 2025 and 2024 (Unaudited)	3
	Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2025 and 2024 (Unaudited)	4
	Condensed Consolidated Schedule of Investments as of June 30, 2025 (Unaudited)	5
	Condensed Consolidated Schedule of Investments as of December 31, 2024	10
	Notes to Condensed Consolidated Financial Statements as of June 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	56
Item 4.	Controls and Procedures	57
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	58
Item 1A.	Risk Factors	58
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	58
Item 3.	Defaults Upon Senior Securities	59
Item 4.	Mine Safety Disclosures	59
Item 5.	Other Information	59
Item 6.	Exhibits	60
Signatures		61

TABLE OF CONTENTS

PARTI

Item1. Financial Statements

SUROCAPITAL CORP. AND SUBSIDIARIES

CONDENSEDCONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

	June30, 2025			December 31, 2024
	(UNAUDITED)			(AUDITED)
ASSETS
Investments at fair value:
Non-controlled/non-affiliate investments (cost of $221,292,617 and $234,601,314, respectively)	$	215,044,675		$	198,511,915
Non-controlled/affiliate investments (cost of $20,605,400 and $20,605,400, respectively)		8,456,422			9,268,827
Controlled investments (cost of $1,602,940 and $1,602,940, respectively)		20,297,450			1,600,000
Total Investments (cost of $243,500,957 and $256,809,654, respectively)		243,798,547			209,380,742
Cash		49,852,801			20,035,640
Restricted cash		38,741			—
Escrow proceeds receivable		—			45,298
Interest and dividends receivable		104,098			756,022
Deferred financing costs		555,688			526,261
Prepaid expenses and other assets⁽¹⁾		703,349			855,630
Total Assets		295,053,224			231,599,593
LIABILITIES
6.00% Notes due December 30, 2026⁽²⁾		39,354,847			44,198,838
6.50% Convertible Notes due August 14, 2029⁽³⁾		34,010,638			29,051,408
Accounts payable and accrued expenses⁽¹⁾		2,278,144			768,394
Dividends payable		—			8,867
Total Liabilities		75,643,629			74,027,507
Commitments and contingencies (Notes 7 and 10)
Net Assets	$	219,409,595		$	157,572,086
NET ASSETS
Common stock, par value $0.01 per share (100,000,000 authorized; 23,888,107 and 23,601,566 issued and outstanding, respectively)	$	238,881		$	236,016
Paid-in capital in excess of par		226,892,721			226,579,432
Accumulated net investment loss		(11,686,121	)		(4,302,192	)
Accumulated net realized gain/(loss) on investments, net of distributions		3,769,690			(17,409,097	)
Accumulated net unrealized appreciation/(depreciation) of investments		194,424			(47,532,073	)
Net Assets	$	219,409,595		$	157,572,086
Net Asset Value Per Share	$	9.18		$	6.68

Seeaccompanying 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 June 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 June 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.

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SUROCAPITAL CORP. AND SUBSIDIARIES

CONDENSEDCONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

	2025			2024			2025			2024
	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
INVESTMENT INCOME
Non-controlled/non-affiliate investments:
Interest income⁽¹⁾	$	167,304		$	290,750		$	317,951		$	532,757
Dividend income		—			—			348,447			21,875
Controlled investments:
Interest income		—			376,667			—			811,667
Interest income from U.S. Treasury bills		—			359,936			—			1,189,145
Total Investment Income		167,304			1,027,353			666,398			2,555,444
OPERATING EXPENSES
Compensation expense		1,571,856			2,198,509			3,239,691			4,383,827
Directors’ fees		175,495			167,825			346,060			338,938
Interest expense		1,275,485			1,214,267			2,535,334			2,428,534
Professional fees		680,857			586,825			1,431,081			1,315,384
Income tax expense		(218,745	)		52,794			(215,949	)		54,894
Other expenses		404,516			462,758			714,110			912,394
Total Operating Expenses		3,889,464			4,682,978			8,050,327			9,433,971
Net Investment Loss		(3,722,160	)		(3,655,625	)		(7,383,929	)		(6,878,527	)
Realized Gain/(Loss) on Investments:
Non-controlled/non-affiliated investments		21,212,611			(22,867	)		21,194,660			(507,008	)
Non-controlled/affiliate investments		—			—			—			60,067
Controlled investments		—			(6,745	)		—			(6,745	)
Net Realized Gain/(Loss) on Investments		21,212,611			(29,612	)		21,194,660			(453,686	)
Realized loss on partial repurchase of 6.00% Notes due December 30, 2026		—			—			(15,873	)		—
Change in Unrealized Appreciation/(Depreciation) of Investments:
Non-controlled/non-affiliated investments		35,090,339			(3,481,638	)		29,841,454			(19,876,809	)
Non-controlled/affiliate investments		(339,693	)		(3,485,172	)		(812,406	)		(5,501,871	)
Controlled investments		10,086,973			864			18,697,449			(5,636	)
Net Change in Unrealized Appreciation/(Depreciation) of Investments		44,837,619			(6,965,946	)		47,726,497			(25,384,316	)
Net Change in Net Assets Resulting from Operations	$	62,328,070		$	(10,651,183	)	$	61,521,355		$	(32,716,529	)
Net Change in Net Assets Resulting from Operations per Common Share:
Basic	$	2.63		$	(0.45	)	$	2.60		$	(1.34	)
Diluted⁽²⁾	$	2.23		$	(0.45	)	$	2.23		$	(1.34	)
Weighted-Average Common Shares Outstanding
Basic		23,728,095			23,410,235			23,650,399			24,401,863
Diluted⁽²⁾		28,244,225			23,410,235			28,113,063			24,401,863

Seeaccompanying notes to condensed consolidated financial statements.

(1)	Includes interest income earned on cash.
(2)	For the three and six months ended June 30, 2024, there were nopotentially dilutive securities outstanding. Refer to “Note6 — Net Change in Net Assets Resulting from Operations per Common Share — Basic and Diluted”.

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SUROCAPITAL CORP. AND SUBSIDIARIES

CONDENSEDCONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

	2025			2024
	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


	Six Months Ended June 30,
	2025	2024
Capital Share Activity
Shares outstanding at beginning of year	23,601,566	25,445,805
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	23,888,107	23,378,002

Seeaccompanying notes to condensed consolidated financial statements.

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

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SUROCAPITAL CORP. AND SUBSIDIARIES

CONDENSEDCONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

	2025			2024
	Six Months Ended June 30,
	2025			2024
Cash Flows from Operating Activities
Net change in net assets resulting from operations	$	61,521,355		$	(32,716,529	)
Adjustments to reconcile net change in net assets resulting from operations to net cash provided by operating activities:
Net realized (gain)/loss on investments		(21,194,660	)		453,686
Net change in unrealized (appreciation)/depreciation of investments		(47,726,497	)		25,384,316
Amortization of discount on 6.00% Notes due 2026		121,761			212,187
Amortization of discount on 6.50% Convertible Notes due 2029		117,387			—
Stock-based compensation		316,154			1,071,074
Adjustments to escrow proceeds receivable		(45,292	)		(139,925	)
Accrued interest on U.S. Treasury bills		—			18,150
Purchases of investments in:
Portfolio investments		(6,703,121	)		(35,073,044	)
Proceeds from sales or maturity of investments in:
Portfolio investments		41,251,774			10,551,335
U.S. Treasury bills		—			63,792,704
Change in operating assets and liabilities:
Escrow proceeds receivable		45,298			238,249
Prepaid expenses and other assets		152,281			212,047
Interest and dividends receivable		651,924			48,763
Accounts payable and accrued expenses		1,509,750			1,656,231
Net Cash Provided by Operating Activities		30,018,114			35,709,244
Cash Flows from Financing Activities
Gross proceeds from the issuance of 6.50% Convertible Notes due 2029		5,000,000			—
Deferred debt issuance costs		(158,157	)		—
Repurchases of 6.00% Notes due 2026		(4,954,950	)		—
Realized loss on partial repurchase of 6.00% Notes due 2026		15,875			—
Repurchases of common stock		—			(9,400,000	)
Deferred financing costs		(56,113	)		—
Cash dividends paid		(8,867	)		(107,823	)
Net Cash Used in Financing Activities		(162,212	)		(9,507,823	)
Total Increase in Cash Balance		29,855,902			26,201,421
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⁾	$	49,891,542		$	54,379,773

Supplemental Information:	2025			2024
Interest paid	$	2,313,988		$	2,250,000
Taxes paid		(215,949	)		54,894
Right of use asset obtained in exchange for operating lease liabilities		(2,006	)		—

Seeaccompanying notes to condensed consolidated financial statements.

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

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SUROCAPITAL CORP. AND SUBSIDIARIES

CONDENSEDCONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

June30, 2025

Portfolio Investments*		Headquarters/ Industry	Dateof Initial Investment	Shares/ Principal/ Quantity⁽³⁾		Cost		Fair Value		%of Net Assets
NON-CONTROLLED/NON-AFFILIATE
CW Opportunity 2 LP^(7)**		Evanston, IL
Class A Interest^***	(7)*	AI Infrastructure Fund	5/7/2024	$	15,000,000	$	15,176,443	$	40,877,045		18.63	%
ARK Type One Deep Ventures Fund LLC^(8)**		St. Petersburg, FL
Membership Interest, Class A	**(8)	AI Application Fund	9/25/2024	$	17,500,000		17,696,568		27,759,464		12.65	%
Whoop, Inc.		Boston, MA
Preferred Shares, Series C		Fitness Technology	6/30/2022		13,293,450		10,011,460		22,739,736		10.36	%
Simple Agreement for Future Equity		Fitness Technology	2/6/2025	$	1,000,000		1,001,628		1,000,000		0.46	%
Total					-		11,013,088		23,739,736		10.82	%
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		5,369,274		2.45	%
Preferred Shares, Series C 8%		Online Education	11/5/2021		275,659		9,999,971		9,999,971		4.56	%
Total					-		14,999,972		15,369,245		7.00	%
Canva, Inc.^**		Sydney, Australia
Common Shares	**	Productivity Software	4/17/2024		9,375		10,058,820		13,242,894		6.04	%
IH10, LLC^(9)**		New York, NY
Membership Interest	**(9)	AI Infrastructure Fund	10/9/2024	$	12,000,010		12,273,784		12,182,897		5.55	%
Locus Robotics Corp.		Wilmington, MA
Preferred Shares, Series F 6%		Warehouse Automation	11/30/2022		232,568		10,004,286		11,648,970		5.31	%
Blink Health, Inc.		New York, NY
Preferred Shares, Series A		Pharmaceutical Technology	10/27/2020		238,095		5,000,423		1,064,495		0.49	%
Preferred Shares, Series C		Pharmaceutical Technology	10/27/2020		261,944		10,003,917		9,999,974		4.56	%
Total					-		15,004,340		11,064,469		5.04	%
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		4.56	%
FourKites, Inc.		Chicago, IL
Common Shares		Supply Chain Technology	7/7/2023		1,398,024		8,530,389		8,594,104		3.92	%
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		2,984,151		1.36	%
Preferred Shares, Series B-2		Home Improvement Finance	2/26/2021		301,750		3,501,661		2,984,154		1.36	%
Preferred Shares, Series B-3		Home Improvement Finance	5/2/2022		56,936		530,822		452,586		0.21	%
Preferred Shares, Series B-4		Home Improvement Finance	7/12/2023		48,267		366,606		426,306		0.19	%
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		6,847,197		3.12	%
Plaid Inc.⁽¹¹⁾		San Francisco, CA
Common Shares	(11)	Financial Technology Infrastructure	4/4/2025		24,512		5,395,541		4,999,874		2.28	%
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		2.11	%
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		0.04	%
Total					-		12,815,343		4,715,290		2.15	%
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		1.59	%
Junior Preferred Convertible Note 4% Due 5/11/2027^***		Micromobility	5/11/2020	$	506,339		506,339		506,339		0.23	%
Common Warrants, Strike Price $0.01, Expiration Date 5/11/2027		Micromobility	5/11/2020		2,032,967		—		121,978		0.06	%
Total					-		10,513,661		4,113,331		1.87	%

Seeaccompanying notes to condensed consolidated financial statements.

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SUROCAPITAL CORP. AND SUBSIDIARIES

CONDENSEDCONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED) - continued

June30, 2025

Portfolio Investments*		Headquarters/ Industry	Date of Initial Investment	Shares/ Principal/ Quantity⁽³⁾		Cost		Fair Value		%of Net Assets
True Global Ventures 4 Plus Pte Ltd^(12)**		Singapore, Singapore
Limited Partner Fund Investment	**(12)	Venture Investment Fund	8/27/2021	$	2,000,000		585,016		3,347,405		1.53	%
PayJoy, Inc.		San Francisco, CA
Preferred Shares, Series C		Mobile Access Technology	7/23/2021		244,117		2,501,570		2,732,712		1.25	%
Simple Agreement for Future Equity		Mobile Access Technology	5/25/2023	$	500,000		501,470		500,000		0.23	%
Total					-		3,003,040		3,232,712		1.47	%
Trax Ltd.^**		Singapore, Singapore
Common Shares	**	Retail Technology	6/9/2021		55,591		2,781,148		95,733		0.04	%
Preferred Shares, Investec Series	**	Retail Technology	6/9/2021		144,409		7,224,600		2,647,017		1.21	%
Total	**				-		10,005,748		2,742,750		1.25	%
Varo Money, Inc.^**		San Francisco, CA
Common Shares	**	Financial Services	8/11/2021		1,079,266		10,005,548		2,064,158		0.94	%
Xgroup Holdings Limited (d/b/a Xpoint)⁽¹³⁾		Philadelphia, PA
Preferred Shares, Series A-1	(13)	Geolocation Technology	8/17/2022		454		136,114		175,272		0.08	%
Series A-1 Warrants, Strike Price $0.0001, Expiration Date 5/14/2044	(7)	Geolocation Technology	8/17/2022		3,286		985,180		1,268,601		0.58	%
Series A Warrants, Strike Price $0.0001, Expiration Date 5/14/2044	(7)	Geolocation Technology	8/17/2022		873		261,735		449,377		0.20	%
Total	(7)				-		1,383,029		1,893,250		0.86	%
Forge Global, Inc.		San Francisco, CA
Common Shares⁽⁵⁾		Online Marketplace Finance	7/20/2011		70,530		1,978,921		1,342,891		0.61	%
Commercial Streaming Solutions Inc. (d/b/a BettorView)^(13)(14)		Las Vegas, NV
Preferred Shares, Series A-1	(13)(14)	Interactive Media & Services	3/26/2021		10,548,522		1,004,240		1,000,000		0.46	%
Aventine Property Group, Inc.		Chicago, IL
Common Shares		Cannabis REIT	9/11/2019		312,500		2,580,750		869,927		0.40	%
Residential Homes for Rent, LLC (d/b/a Second Avenue)⁽¹⁵⁾		Chicago, IL
Preferred Shares, Series A	(15)	Real Estate Platform	12/23/2020		150,000		1,500,000		865,153		0.39	%
Stake Trade, Inc. (d/b/a Prophet Exchange)⁽¹³⁾		New York, NY
Simple Agreement for Future Equity	(13)	Sports Betting	7/26/2023	$	1,000,000		1,002,153		862,362		0.39	%
Skillsoft Corp.		Nashua, NH
Common Shares⁽⁵⁾		Online Education	6/8/2021		49,092		9,818,428		783,999		0.36	%
EDGE Markets, Inc.⁽¹³⁾		San Diego, CA
Preferred Shares, Series Seed	(13)	Gaming Technology	5/18/2022		456,704		501,330		500,000		0.23	%
PSQ Holdings, Inc. (d/b/a PublicSquare)		West Palm Beach, FL
Common Warrants, Strike Price $11.50, Expiration Date 7/19/2028⁽⁵⁾		E-Commerce Marketplace	4/1/2021		1,796,037		771,065		377,168		0.17	%
Kinetiq Holdings, LLC		Philadelphia, PA
Common Shares, Class A		Social Data Platform	3/30/2012		112,374		—		8,388		0.00	%
Rebric, Inc. (d/b/a Compliable)⁽¹³⁾		Denver, CO
Preferred Shares, Series Seed-4	(13)	Gaming Licensing	10/12/2021		2,406,492		1,002,755		—		—	%

Seeaccompanying notes to condensed consolidated financial statements.

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Portfolio Investments*		Headquarters/ Industry	Date of Initial Investment	Shares/ Principal/ Quantity⁽³⁾		Cost		Fair Value		%of Net Assets
CTN Holdings, Inc. (d/b/a Catona Climate, f/k/a Aspiration Partners, Inc.)⁽¹⁶⁾		Marina Del Rey, CA
Preferred Shares, Series A	(16)	Carbon Credit Services	8/11/2015		540,270		1,001,815		—		—	%
Preferred Shares, Series C-3	(16)	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^(4)(17)	(4)(17)	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						$	221,292,617	$	215,044,675		98.01	%

NON-CONTROLLED/AFFILIATE⁽¹⁾
StormWind, LLC⁽¹⁰⁾		Scottsdale, AZ
Preferred Shares, Series D 8%	(1)(10)	Interactive Learning	11/26/2019		329,337	$	257,267	$	463,741		0.21	%
Preferred Shares, Series C 8%	(1)(10)	Interactive Learning	1/7/2014		2,779,134		4,000,787		5,021,914		2.29	%
Preferred Shares, Series B 8%	(1)(10)	Interactive Learning	12/16/2011		3,279,629		2,019,687		2,856,660		1.30	%
Preferred Shares, Series A 8%	(1)(10)	Interactive Learning	2/25/2014		366,666		110,000		114,107		0.05	%
Total	(1)(10)						6,387,741		8,456,422		3.85	%
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						$	20,605,400	$	8,456,422		3.85	%

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	$	14,297,450		6.52	%
Class W Units	**(6)(2)	Special Purpose Acquisition Company			1,600,000		499,221		6,000,000		2.73	%
Total	**(6)(2)						1,602,940		20,297,450		9.25	%

Total Controlled						$	1,602,940	$	20,297,450		9.25	%

Total Portfolio Investments						$	243,500,957	$	243,798,547		111.12	%

Seeaccompanying notes to condensed consolidated financial statements.

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*	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”, 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 June 30, 2025, 50.25% 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)	Represents the respective number of shares, principal amount, fund commitment, or membership interest.

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

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

(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)	CWOpportunity 2 LP is a special purpose vehicle (“SPV”) for which the Class A Interest is solely invested in the Class A CommonShares of CoreWeave, Inc. SuRo Capital is invested in the Class A Common Shares of CoreWeave, Inc. through its investment in the ClassA Interest of CW Opportunity 2 LP. As of June 30, 2025, SuRo Capital has confirmed the underlying Class A Common Shares held by CW Opportunity2 LP were not registered and are therefore subject to certain restrictions on sale or transfer for which SuRo Capital has applied a discountto the closing share price as of the reporting date. On March 28, 2025, CoreWeave, Inc. completed an IPO and the Series C Preferred Sharesconverted to Class A common shares. Prior to the IPO, SuRo Capital was invested in the Series C Preferred Shares of CoreWeave, Inc. throughits 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 doescharge an incentive fee of 20%, subject to an annual 15% IRR hurdle rate.

(8)	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.

(9)	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.

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

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(11)	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.

(12)	SuRo Capital’s investments in TrueGlobal Ventures 4 Plus Pte Ltd are held through SuRo Capital’s wholly owned subsidiary, GSVC SVDS Holdings, Inc. True Global Ventures4 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 mayadjust the cost of SuRo Capital’s investment in the fund.

(13)	SuRo Capital’s investments in CommercialStreaming 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”).

(14)	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.

(15)	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.

(16)	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 approvedthe sale of the remaining assets of CTN Holdings, Inc.

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

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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	%

Seeaccompanying notes to condensed consolidated financial statements.

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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	(7)(12)				-		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		—		—	%

Seeaccompanying notes to condensed consolidated financial statements.

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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	(1)(14)				-		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)	Special Purpose Acquisition Company			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	%

Seeaccompanying notes to condensed consolidated financial statements.

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December31, 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.

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NOTE1—NATURE OF OPERATIONS

SuRoCapital Corp. (“we”, “us”, “our”, the “Company” or “SuRo Capital”), formerlyknown as Sutter Rock Capital Corp. and as GSV Capital Corp. and formed in September 2010 as a Maryland corporation, is an internallymanaged, non-diversified closed-end management investment company. The Company has elected to be regulated as a business developmentcompany (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), and has elected to betreated, and intends to qualify annually, as a regulated investment company (“RIC”) under Subchapter M of the Internal RevenueCode of 1986, as amended (the “Code”).

TheCompany’s date of inception was January 6, 2011, which is the date it commenced development stage activities. The Company’scommon stock is currently listed on the Nasdaq Global Select Market under the symbol “SSSS” (formerly “GSVC”).Prior to November 24, 2021, the Company’s common stock traded on the Nasdaq Capital Market under the same symbol (“SSSS”).The Company began its investment operations during the second quarter of 2011.

Thetable below displays the Company’s subsidiaries as of June 30, 2025, which, other than GSV Capital Lending, LLC (“GCL”),SuRo Capital Sports, LLC, and 1789 Capital Nirvana II LP, are collectively referred to as the “Taxable Subsidiaries.” TheTaxable Subsidiaries were formed to hold certain portfolio investments. The Taxable Subsidiaries, including their associated portfolioinvestments, are consolidated with the Company for accounting purposes, but have elected to be treated as separate corporations for U.S.federal income tax purposes. GCL was formed to originate portfolio loan investments within the state of California and is consolidatedwith the Company for accounting purposes. Refer to “Note 2—Significant Accounting Policies—Basis of Consolidation”below for further detail.

SCHEDULEOF COMPANY’S SUBSIDIARIES

Subsidiary	Jurisdictionof 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	%
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	%

TheCompany’s investment objective is to maximize its portfolio’s total return, principally by seeking capital gains on its equityand equity-related investments, and to a lesser extent, income from debt investments. The Company invests principally in the equity securitiesof what it believes to be rapidly growing venture capital-backed emerging companies. The Company may invest in these portfolio companiesthrough direct offerings of the prospective portfolio companies, transactions on secondary marketplaces for private companies, negotiationswith selling stockholders, investment funds, or through SPVs and other investment funds for the purpose of investing in securities ofa single private issuer. In addition, the Company may invest in private credit and in founders equity, founders warrants, and privateinvestment in public equity transactions of special purpose acquisition companies (“SPACs”). The Company may also investon an opportunistic basis in select publicly traded equity securities or certain non-U.S. companies that otherwise meet its investmentcriteria, subject to any applicable limitations under the 1940 Act.

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NOTE2—SIGNIFICANT ACCOUNTING POLICIES

Basisof Presentation

Thecondensed consolidated financial statements of the Company are prepared on the accrual basis of accounting in conformity with U.S. generallyaccepted accounting principles (“GAAP”) and pursuant to the requirements for reporting on Form 10-Q and Regulation S-Xunder the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company is an investment company followingthe 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 opinionof management, all adjustments, all of which were of a normal recurring nature, were considered necessary for the fair presentation ofcondensed consolidated financial statements for the period and have been included.

Basisof Consolidation

UnderArticle 6 of Regulation S-X and the American Institute of Certified Public Accountants’ (“AICPA”) Auditand Accounting Guide for Investment Companies, the Company is precluded from consolidating any entity other than another investmentcompany, a controlled operating company that provides substantially all of its services and benefits to the Company, and certainentities established for tax purposes where the Company holds a 100% interest. Accordingly, the Company’s CondensedConsolidated Financial Statements include its accounts and the accounts of the Taxable Subsidiaries, GCL, SuRo Capital Sports, and1789 Capital Nirvana II LP, its wholly owned subsidiaries. All intercompany balancesand transactions have been eliminated in consolidation. The Company operates as a single operating segment.

TheCompany also consolidates entities that meet the definition of a Variable Interest Entity (“VIE”) for which the Companyis the primary beneficiary. The primary beneficiary is the party who has the power to direct the activities of a VIE that mostsignificantly impact the entity’s economic performance and who has an obligation to absorb losses or a right to receivebenefits from the entity. The Company determined that 1789 Capital Nirvana II LP is a VIE and the Company is the primarybeneficiary. As such, 1789 Capital Nirvana II LP is consolidated by the Company. The Company’s Condensed ConsolidatedFinancial Statements include the accounts of 1789 Capital Nirvana II LP, which was formed in 2025 as part of the Company’sinvestment in Plaid, Inc via its Sole Limited Partnership Interest in 1789 Capital Nirvana II LP.

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Segments

SuRoCapital 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, principallyby seeking capital gains on our equity and equity-related investments, and to a lesser extent, income from debt investments. The Company’sChief Executive Officer, Chief Financial Officer, and Investment Committee collectively perform the function that allocates resourcesand assesses performance, and thus together, serve as the Company’s chief operating decision maker (the “CODM”). Amongother metrics, the CODM uses Net Change in Net Assets Resulting from Operations as a primary GAAP profit or loss metric used in makingoperating decisions, which can be found on the Consolidated Statement of Operations along with significant expenses. The measure of segmentassets is reported on the Consolidated Balance Sheets as total assets.

Useof Estimates

Thepreparation of Condensed Consolidated Financial Statements in accordance with GAAP requires the Company’s management to make anumber of significant estimates. These include estimates of the fair value of certain assets and liabilities and other estimates thataffect the reported amounts of certain assets and liabilities as of the date of the Condensed Consolidated Financial Statements and thereported amounts of certain revenues and expenses during the reporting period. It is likely that changes in these estimates may occurin the near term. The Company’s estimates are inherently subjective in nature and actual results could differ materially from suchestimates.

Uncertaintiesand Risk Factors

TheCompany is subject to a number of risks and uncertainties in the nature of its operations, as well as vulnerability due to certain concentrations.Refer to “Risk Factors” in Part II, Item 1A of this Form 10-Q for a detailed discussion of the risks and uncertainties inherentin the nature of the Company’s operations. Refer to “Note 4—Investments at Fair Value” for an overview of theCompany’s industry and geographic concentrations.

Investmentsat Fair Value

TheCompany 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.

Fairvalue is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction betweenmarket participants at the measurement date. GAAP establishes a framework for measuring fair value that includes a hierarchy used toclassify the inputs used in measuring fair value. The hierarchy prioritizes the inputs to valuation techniques used to measure fair valueinto three levels. The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowestlevel input that is significant to the fair value measurement. The levels of the fair value hierarchy are as follows:

Level1—Valuations based on unadjusted quoted prices for identical assets or liabilities in an active market that the Companyhas the ability to access at the measurement date.

Level2—Valuations based on observable inputs other than Level 1 prices, such as quoted prices for similar assets orliabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observablemarket data at the measurement date for substantially the full term of the assets or liabilities.

Level3—Valuations based on unobservable inputs that reflect management’s best estimate of what market participants woulduse in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuationtechnique and the risk inherent in the inputs to the model. The majority of the Company’s investments are Level 3investments and are subject to a high degree of judgment and uncertainty in determining fair value.

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Whenthe inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurementis categorized is based on the lowest level input that is significant to the fair value measurement in its entirety. For example, a Level 3fair value measurement may include inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Therefore, gains andlosses for such assets and liabilities categorized within the Level 3 table set forth in “Note 4—Investments at FairValue” may include changes in fair value that are attributable to both observable inputs (Levels 1 and 2) and unobservable inputs(Level 3).

Areview of fair value hierarchy classifications is conducted on a quarterly basis. Changes in the observability of valuation inputs mayresult in a reclassification for certain financial assets or liabilities. Reclassifications impacting Level 3 of the fair valuehierarchy are reported as transfers in/out of the Level 3 category as of the beginning of the measurement period in which the reclassificationsoccur. Refer to “Leveling Policy” below for a detailed discussion of the leveling of the Company’s financial assetsor liabilities and events that may cause a reclassification within the fair value hierarchy.

Securitiesfor which market quotations are readily available on an exchange are valued at the most recently available closing price of such securityas 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 characteristicof the security that would transfer to market participants who would buy the security, the Company will consider those restrictions inthe fair value determination of that security. Contractual sale restrictions on the sale or use of a security which are an entity-specificcharacteristic, rather than a security-specific characteristic (as discussed in ASU 2022-03), are not considered in the fair value determinationsfor such securities. The Company may also obtain quotes with respect to certain of its investments from pricing services, brokers ordealers in order to value assets. When doing so, the Company determines whether the quote obtained is sufficient according to GAAP todetermine the fair value of the security. If determined to be adequate, the Company uses the quote obtained.

Securitiesfor 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 committeeof the Company’s Board of Directors (the “Valuation Committee”), does not reliably represent fair value, shall eachbe 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.

Inmaking a good faith determination of the fair value of investments, the Board of Directors applies valuation methodologies consistentwith industry practice. Valuation methods utilized include, but are not limited to, the following: comparisons to prices from secondarymarket transactions; venture capital financings; public offerings; purchase or sales transactions; analysis of financial ratios and valuationmetrics of portfolio companies that issued such private equity securities to peer companies that are public; analysis of the portfoliocompany’s most recent financial statements, forecasts and the markets in which the portfolio company does business, and other relevantfactors. The Company assigns a weighting based upon the relevance of each method to assist the Board of Directors in determining thefair value of each investment.

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Forinvestments that are not publicly traded or that do not have readily available market quotations, the Valuation Committee generally engagesan independent valuation firm to provide an independent valuation, which the Company’s Board of Directors considers, among otherfactors, in making its fair value determinations for these investments. For the current and prior fiscal year, the Valuation Committeeengaged an independent valuation firm to perform valuations of 100% of the Company’s investments for which there were no readilyavailable market quotations.

Dueto the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fairvalue of the Company’s investments may fluctuate from period to period. Because of the inherent uncertainty of valuation, theseestimated 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 eventsthat may occur over the life of the investments may cause the realized gains or losses on investments to be different from the net changein unrealized appreciation or depreciation currently reflected in the condensed consolidated financial statements.

EquityInvestments

Equityinvestments for which market quotations are readily available in an active market are generally valued at the most recently availableclosing market prices and are classified as Level 1 assets. Equity investments with readily available market quotations that aresubject 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 marketparticipants who would buy the security may be valued at a discount for a lack of marketability (“DLOM”) to the most recentlyavailable closing market prices. These investments are generally classified as Level 2 assets. The DLOM used is generally basedupon the market value of publicly traded put options with similar terms. For equity securities with readily available market quotationsthat are subject to entity-specific contractual sale restrictions, rather than security-specific contractual sale restrictions, if suchentity-specific contractual sale restrictions first applied or were modified on or after December 15, 2023, the restrictions are notconsidered in the determination of fair value for that security.

Thefair values of the Company’s equity investments for which market quotations are not readily available are determined based on variousfactors and are classified as Level 3 assets. To determine the fair value of a portfolio company for which market quotations arenot readily available, the Board of Directors applies the appropriate respective valuation methodology for the asset class or portfolioholding, which may involve analyzing the relevant portfolio company’s most recently available historical and projected financialresults, public market comparables, and other factors. The Board of Directors may also consider other events, including the transactionin which the Company acquired its securities, subsequent equity sales by the portfolio company, and mergers or acquisitions affectingthe portfolio company. In addition, the Board of Directors may consider the trends of the portfolio company’s basic financial metricsfrom the time of its original investment until the measurement date, with material improvement of these metrics indicating a possibleincrease in fair value, while material deterioration of these metrics may indicate a possible reduction in fair value.

Indetermining the fair value of equity or equity-linked securities (including simple agreement for future equity (“SAFE”) notesand warrants to purchase common or preferred stock) in a portfolio company, the Board of Directors considers the rights, preferencesand limitations of such securities. When equity-linked securities expire worthless, any cost associated with these positions is recognizedas a realized loss on investments in the Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of CashFlows. In the event these securities are exercised into common or preferred stock, the cost associated with these securities is reassignedto the cost basis of the new common or preferred stock. These conversions are noted as non-cash operating items on the Condensed ConsolidatedStatements of Cash Flows.

DebtInvestments

Giventhe nature of the Company’s current debt investments (excluding U.S. Treasuries), which are principally convertible and promissorynotes issued by venture capital-backed portfolio companies, these investments are classified as Level 3 assets because there isno known or accessible market or market indices for these investment securities to be traded or exchanged. The Company’s debt investmentsare valued at estimated fair value as determined in good faith by the Company’s Board of Directors.

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Options

TheCompany’s Board of Directors determines the fair value of options based on methodologies that can include discounted cash flowanalyses, 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 measurementdate. All other options investments are generally classified as Level 3 assets because there is no known or accessible market ormarket indices for these investment securities to be traded or exchanged. The Company’s options are valued at estimated fair valueas determined in good faith by the Company’s Board of Directors.

SPVsand Investment Funds

Atvarious times, the Company may utilize SPVs and similar investment fund structures in the investment process. The Company advancesmoney to these SPVs or investment funds that are formed for the specific purpose of investing in securities of a single privateissuer. Generally speaking, these entities have the following characteristics: (1) the underlying investment in the securities ofthe single private issuer is the sole activity of the SPV or investment fund; (2) the Company’s underlying ownership of thesingle private issuer is proportionate to the Company’s contributions made to the SPV or investment fund; and (3) the Companywill receive its proportionate share of the cash proceeds as the single private issuer is monetized and distributed. The CondensedConsolidated Schedule of Investments presents the value of the Company’s investment in the SPV or investment fund. These SPVand fund investments are valued at estimated fair value as determined in good faith by the Company’s Board of Directors. TheSPVs may incur a tax liability associated with distributions made by underlying portfolio investments. If an SPV or investment fundcharges fees or expenses, those fees may impact the fair value of the Company’s investment. The Company’s investments in SPVs and Investment Funds may be subject to certain redemption, sale, or transfer restrictions.

Invaluing the Company’s investments in venture investment funds (“Venture Investment Funds”), the Company may apply thepractical expedient provided by the ASC Topic 820 relating to investments in certain entities that calculate net asset value (“NAV”)per share (or its equivalent). ASC Topic 820 permits an entity holding investments in certain entities that either are investment companies,or have attributes similar to an investment company, and calculate NAV per share or its equivalent for which the fair value is not readilydeterminable, to measure the fair value of such investments on the basis of that NAV per share, or its equivalent, without adjustment.

SpecialPurpose Acquisition Companies

TheCompany’s Board of Directors measures its SPAC sponsor investments at fair value, which is equivalent to cost until a SPAC transactionis announced. After a SPAC transaction is announced, the Company’s Board of Directors will determine the fair value of SPAC investmentsbased on fair value analyses that can include option pricing models, probability-weighted expected return method analyses and other techniquesas 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. The Company’s SPAC investments are valued at estimatedfair value as determined in good faith by the Company’s Board of Directors.

PortfolioCompany Investment Classification

TheCompany is a non-diversified company within the meaning of the 1940 Act. The Company classifies its investments by level of control.As defined in the 1940 Act, control investments are those where the investor retains the power to exercise a controlling influence overthe management or policies of a company. Control is generally deemed to exist when a company or individual directly or indirectly ownsbeneficially more than 25% of the voting securities of a company. Affiliated investments and affiliated companies are defined by a lesserdegree of influence and are deemed to exist when a company or individual directly or indirectly owns, controls or holds the power tovote 5% or more of the outstanding voting securities of a portfolio company. Refer to the Condensed Consolidated Schedules of Investmentsas of June 30, 2025 and December 31, 2024 for details regarding the nature and composition of the Company’s investment portfolio.

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LevelingPolicy

Theportfolio companies in which the Company invests may offer their shares in IPOs. The Company’s shares in such portfolio companiesare typically subject to lock-up agreements for 180 days following the IPO. Upon the IPO date, the Company transfers its investmentfrom Level 3 to Level 1 due to the presence of an active market, or Level 2 if limited by the lock-up agreement. The Companyprices the investment at the closing price on a public exchange as of the measurement date. In situations where there are legal or contractualrestrictions on the sale or use of such security that under ASC 820-10-35 (as modified by ASU 2022-03) should be incorporated into thesecurity’s fair value measurement as a characteristic of the security that would transfer to market participants who would buythe security, the Company will classify the investment as Level 2 subject to an appropriate DLOM to reflect the restrictions uponsale. The Company transfers investments between levels based on the fair value at the beginning of the measurement period in accordancewith FASB ASC 820. For investments transferred out of Level 3 due to an IPO, the Company transfers these investments based on theirfair value at the IPO date.

SecuritiesTransactions

Securitiestransactions 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 ofthe date the Company obtains the right to demand the securities purchased or to collect the proceeds from a sale and incurs an obligationto pay for securities purchased or to deliver securities sold, respectively.

Valuationof Other Financial Instruments

Thecarrying 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

TheCompany custodies its cash with Western Alliance Trust Company, N.A., and may place cash in demand deposit accounts with other high-qualityfinancial institutions. The cash held in these accounts may exceed the Federal Deposit Insurance Corporation insured limit. The Companybelieves the risk of loss associated with any uninsured balance is remote.

Restricted Cash

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

EscrowProceeds Receivable

Aportion of the proceeds from the sale of portfolio investments are held in escrow as a recourse for indemnity claims that may arise underthe sale agreement or other related transaction contingencies. Amounts held in escrow are held at estimated realizable value and includedin net realized gains/(losses) on investments in the Condensed Consolidated Statements of Operations for the period in which they occurredand are adjusted as needed. Any remaining escrow proceeds balances from these transactions reasonably expected to be received are reflectedon the Condensed Consolidated Statement of Assets and Liabilities as escrow proceeds receivable. Escrow proceeds receivable resultingfrom contingent consideration are to be recognized when the amount of the contingent consideration becomes realized or realizable. Asof June 30, 2025 and December 31, 2024, the Company had $0 and $45,298, respectively, in escrow proceeds receivable.

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SUROCAPITAL CORP. AND SUBSIDIARIES

NOTESTO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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DeferredFinancing Costs

TheCompany records fees and expenses incurred in connection with financing or capital raising activities relating to the Company’sshelf registration statement on Form N-2 as deferred financing costs. The Company also incurred additional offering costs in connectionwith its 6.00% Notes due 2026. The Company defers these offering costs until capital is raised pursuant to the shelf registration statementor as the shelf registration statement expires. For equity capital raised, the offering costs reduce paid-in capital resulting from theoffering. 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.

TheCompany records fees and expenses incurred in connection with debt capital raises as deferred debt issuance costs. Such costs are reflectedin 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 ofthe debt instrument. As of June 30, 2025 and December 31, 2024, the Company had deferred financing costs of $555,688 and $526,261, respectively,on the Condensed Consolidated Statement of Assets and Liabilities.

SCHEDULEOF DEFERRED FINANCING COSTS

	June 30, 2025		December 31, 2024
Deferred debt issuance costs	$	1,302,165	$	1,417,155
Deferred financing costs		555,688		526,261
Total	$	1,857,853	$	1,943,416

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

OperatingLeases & Related Deposits

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

Stock-basedCompensation

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

RevenueRecognition

TheCompany recognizes gains or losses on the sale of investments using the specific identification method. The Company recognizes interestincome, adjusted for amortization of premium and accretion of discount, on an accrual basis. The Company recognizes dividend income onthe ex-dividend date.

InvestmentTransaction Costs and Escrow Deposits

Commissionsand other costs associated with an investment transaction, including legal expenses not reimbursed by the portfolio company, are includedin 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’sright of first refusal. If the underlying private company does not exercise or assign its right of first refusal and all other conditionsare met, then the funds in the escrow account are delivered to the seller and the account is closed. Such transactions would be reflectedon the Condensed Consolidated Statement of Assets and Liabilities as escrow deposits. As of June 30, 2025 and December 31, 2024, theCompany had no escrow deposits.

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SUROCAPITAL CORP. AND SUBSIDIARIES

NOTESTO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

June30, 2025

UnrealizedAppreciation or Depreciation of Investments

Unrealizedappreciation 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

TheCompany elected to be treated and intends to qualify annually as a RIC under Subchapter M of the Code. To qualify for tax treatment asa RIC, among other things, the Company is required to meet certain source of income and asset diversification requirements and timelydistribute to its stockholders at least the sum of 90% of its investment company taxable income (“ICTI”), including payment-in-kindinterest income, as defined by the Code, and 90% of its net tax-exempt interest income (which is the excess of its gross tax-exempt interestincome over certain disallowed deductions) for each taxable year (the “Annual Distribution Requirement”). Depending on thelevel 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 dividenddistributions. Any such carryforward ICTI must be distributed on or before December 31 of the subsequent tax year to which it wascarried forward.

Ifthe Company meets the Annual Distribution Requirement, but does not distribute (or is not deemed to have distributed) each calendar yeara 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-yearperiod 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 bywhich the Excise Tax Avoidance Requirement exceeds the distributions for the year. To the extent that the Company determines that itsestimated current year annual taxable income will exceed estimated current year dividend distributions from such taxable income, theCompany will accrue excise taxes, if any, on estimated excess taxable income as taxable income is earned using an annual effective excisetax rate. The annual effective excise tax rate is determined by dividing the estimated annual excise tax by the estimated annual taxableincome.

Solong as the Company qualifies and maintains its tax treatment as a RIC, it generally will not be subject to U.S. federal and state incometaxes on any ordinary income or capital gains that it distributes at least annually to its stockholders as dividends. Rather, any taxliability related to income earned by the RIC will represent obligations of the Company’s investors and will not be reflected inthe 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 theCompany is a RIC. These Taxable Subsidiaries are not consolidated for U.S. federal income tax purposes and may generate income tax expensesas a result of their ownership of the portfolio companies. Such income tax expenses and deferred taxes, if any, will be reflected inthe Company’s Condensed Consolidated Financial Statements.

Ifit is not treated as a RIC, the Company will be taxed as a regular corporation (a “C Corporation”) under Subchapter C ofthe Code for such taxable year. If the Company has previously qualified as a RIC but is subsequently unable to qualify for treatmentas a RIC, and certain amelioration provisions are not applicable, the Company would be subject to tax on all of its taxable income (includingits net capital gains) at regular corporate rates. The Company would not be able to deduct distributions to stockholders, nor would itbe required to make distributions. Distributions, including distributions of net long-term capital gain, would generally be taxable toits stockholders as ordinary dividend income to the extent of the Company’s current and accumulated earnings and profits. Subjectto certain limitations under the Code, corporate stockholders would be eligible to claim a dividend received deduction with respect tosuch 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 accumulatedearnings and profits would be treated first as a return of capital to the extent of the stockholder’s adjusted tax basis, and anyremaining distributions would be treated as a capital gain. In order to requalify as a RIC, in addition to the other requirements discussedabove, the Company would be required to distribute all of its previously undistributed earnings attributable to the period it failedto 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 requalifyfor 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-ingains with respect to certain of its assets (i.e., the excess of the aggregate gains, including items of income, over aggregate lossesthat would have been realized with respect to such assets if the Company had been liquidated) that it elects to recognize on requalificationor when recognized over the next five years. Refer to “Note 9—Income Taxes” for further details.

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SUROCAPITAL CORP. AND SUBSIDIARIES

NOTESTO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

June30, 2025

PerShare Information

Netchange in net assets resulting from operations per basic common share is computed using the weighted-average number of shares outstandingfor 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 dilutivesecurities, 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 Resultingfrom Operations per Common Share—Basic and Diluted” for further detail.

RecentlyAdopted Accounting Standards

In March 2024, theFASB issued ASU 2024-01, “Compensation — Stock Compensation (Topic 718): Scope Application of Profits Interest andSimilar Awards.” ASU 2024-01 clarifies how an entity determines whether a profits interest or similar award is within thescope of Topic 718 or not a share-based payment arrangement and therefore within the scope of other guidance. ASU 2024-01 iscurrently 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 FinancialStatements.

Recently Issued Accounting Standards

In October 2023, the FASBissued ASU 2023-06, “Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and SimplificationInitiative.” ASU 2023-06 amends the disclosure or presentation requirements related to various subtopics in the FASB AccountingStandards Codification including requiring investment companies to disclose the components of capital on the balance sheet. The amendmentsin ASU 2023-06 will become effective on the date which the SEC’s removal of related disclosures from Regulation S-X or Regulation S-Kbecome effective, but no later than June 30, 2027. The Company is currently evaluating the impact of the new guidance. However, it doesnot expect ASU 2023-06 to have a material impact on the Company’s future Condensed Consolidated Financial Statements.

InDecember 2023, the FASB issued ASU 2023-09, “Improvements to Income Tax Disclosures.” ASU 2023-09 requires more disaggregatedinformation 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 Companyis still assessing the impact of the new guidance. However, it does not expect ASU 2023-09 to have a material impact on the Company’sfuture Condensed Consolidated Financial Statements.

InNovember 2024, the FASB issued ASU 2024-03, “Income Statement — Reporting Comprehensive Income — Expense DisaggregationDisclosures”, which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employeecompensation, depreciation, amortization and depletion, within relevant income statement captions. ASU 2024-03 is effective for fiscalyears beginning after December 15, 2026, and interim periods beginning with the first quarter ended March 31, 2028. Early adoption andretrospective application is permitted. The Company is still assessing the impact of the new guidance. However, it does not expect ASU2024-03 to have a material impact on the Company’s future Condensed Consolidated Financial Statements.

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

In May 2025, the FASB issuedASU 2025-03, “Business Combinations (Topic 805) and Consolidation (Topic 810) - Determining the Accounting Acquirer in the acquisitionof a Variable Interest Entity”, which requires an entity to determine the accounting acquirer by considering the factors in ASC 805-10-55-12through 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.

Fromtime to time, new accounting pronouncements are issued by the FASB or other standards setting bodies that are adopted by the Companyas of the specified effective date. The Company believes that the impact of recently issued standards and any that are not yet effectivewill not have a material impact on its Condensed Consolidated Financial Statements upon adoption.

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NOTE3—RELATED-PARTY ARRANGEMENTS

TheCompany’s executive officers and directors serve or may serve as officers, directors, or managers of entities that operate in aline of business similar to the Company’s, including new entities that may be formed in the future. Accordingly, they may haveobligations to investors in those entities, the fulfillment of which might not be in the best interests of the Company or the Company’sstockholders.

The1940 Act prohibits the Company from participating in certain negotiated co-investments with certain affiliates unless it receives anorder from the SEC permitting it to do so. As a BDC, the Company is prohibited under the 1940 Act from participating in certain transactionswith certain of its affiliates without the prior approval of the Board of Directors, including its independent directors, and, in somecases, the SEC. The affiliates with which the Company may be prohibited from transacting include its officers, directors, and employeesand any person controlling or under common control with the Company, subject to certain exceptions.

Inthe ordinary course of business, the Company may enter into transactions with portfolio companies that may be considered related-partytransactions. 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 theCompany’s transactions for any possible affiliations between the proposed portfolio investment, the Company, companies controlledby the Company, and the Company’s executive officers and directors.

TheCompany’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 Officerand President, has a non-controlling interest in the entity that controls Churchill Sponsor VII LLC, and is a non-controlling memberof the board of directors of Churchill Capital Corp. VII. In addition, Mr. Klein’s brother, Michael Klein, is a control personof such Churchill entities. On August 18, 2024, Churchill Capital Corp. VII announced that it would not consummate an initial businesscombination within the time period required by its Amended and Restated Certificate of Incorporation, as amended, and the Company realizeda loss on the entirety of its Churchill Sponsor VII LLC common share units and warrant units in the amount of $300,000.

TheCompany’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 controlledChurchill Sponsor II LLC, the sponsor of Churchill Capital Corp. II, a SPAC, and was a non-controlling member of the board of directorsof Churchill Capital Corp. II, through which the Company executed a private investment in public equity transaction in order to acquirecommon shares of Skillsoft alongside the merger of Skillsoft and Churchill Capital Corp II. In addition, Mr. Klein’s brother, MichaelKlein, was a control person of such Churchill entities. As of June 30, 2025, the fair value of the Company’s remote-affiliate investmentin Skillsoft was $783,999.

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

NOTE4—INVESTMENTS AT FAIR VALUE

InvestmentPortfolio Composition

TheCompany’s investments in portfolio companies consist primarily of equity securities (such as common stock, preferred stock andoptions or agreements to purchase or acquire common and preferred stock), and to a lesser extent, debt securities, issued by privateand publicly traded companies. The Company may also, from time to time, invest in U.S. Treasury bills. Non-portfolio investments representinvestments in U.S. Treasury bills. As of June 30, 2025, the Company had 60 positions in 36 portfolio companies. As of December 31, 2024,the Company had 60 positions in 37 portfolio companies.

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SUROCAPITAL CORP. AND SUBSIDIARIES

NOTESTO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

June30, 2025

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

	June 30, 2025							December 31, 2024
	Cost		Fair Value		Percentageof Net Assets			Cost		Fair Value		Percentageof Net Assets
Private Portfolio Companies
Preferred Stock⁽¹⁾	$	140,643,661	$	142,108,054		64.7	%	$	159,592,108	$	151,003,991		95.8	%
Common Stock⁽²⁾		83,038,654		88,396,978		40.3	%		67,469,643		35,922,154		22.8	%
Debt Investments		2,777,197		506,339		0.2	%		2,777,197		506,339		0.3	%
Options⁽³⁾		4,473,031		10,283,118		4.7	%		4,394,059		4,357,138		2.8	%
Total Private Portfolio Companies		230,932,543		241,294,489		109.9	%		234,233,007		191,789,622		121.7	%
Publicly Traded Portfolio Companies
Common Stock		11,797,349		2,126,890		1.0	%		21,805,582		16,154,290		10.3	%
Options		771,065		377,168		0.2	%		771,065		1,436,830		0.9	%
Total Publicly Traded Portfolio Companies		12,568,414		2,504,058		1.2	%		22,576,647		17,591,120		11.2	%
Total Investments	$	243,500,957	$	243,798,547		111.1	%	$	256,809,654	$	209,380,742		132.9	%

(1)	As of June 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 June 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 Class A Common Stock. 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 June 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).

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SUROCAPITAL CORP. AND SUBSIDIARIES

NOTESTO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

June30, 2025

Thegeographic and industrial compositions of the Company’s portfolio at fair value as of June 30, 2025 and December 31, 2024 wereas follows:

	As of June 30, 2025								As of December 31, 2024
	Fair Value		Percentage of Portfolio			Percentage of Net Assets			Fair Value		Percentage of Portfolio			Percentage of NetAssets
Geographic Region
Northeast	$	66,899,361		27.4	%		30.4	%	$	72,100,161		34.4	%		45.8	%
Midwest		58,053,426		23.8	%		26.5	%		37,261,207		17.8	%		23.6	%
West		51,078,629		21.0	%		23.3	%		61,124,969		29.2	%		38.8	%
Southeast		48,434,082		19.9	%		22.1	%		20,675,077		9.9	%		13.1	%
International		19,333,049		7.9	%		8.8	%		18,219,328		8.7	%		11.6	%
Total	$	243,798,547		100.0	%		111.1	%	$	209,380,742		100.0	%		132.9	%

	As of June 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	$	80,819,406		33.2	%		36.9	%	$	58,072,060		27.7	%		36.9	%
Financial Technology & Services		41,734,860		17.1	%		19.0	%		17,192,986		8.2	%		10.9	%
Consumer Goods & Services		38,230,231		15.7	%		17.4	%		30,351,636		14.5	%		19.3	%
Software-as-a-Service		33,905,698		13.9	%		15.5	%		49,225,370		23.5	%		31.2	%
Education Technology		24,609,666		10.1	%		11.2	%		27,327,100		13.1	%		17.3	%
Logistics & Supply Chain		20,243,074		8.3	%		9.2	%		23,033,237		11.0	%		14.6	%
SuRo Capital Sports		4,255,612		1.7	%		1.9	%		4,178,353		2.0	%		2.7	%
Total	$	243,798,547		100.0	%		111.1	%	$	209,380,742		100.0	%		132.9	%

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SUROCAPITAL CORP. AND SUBSIDIARIES

NOTESTO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

June30, 2025

Thetable 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
		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

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SUROCAPITAL CORP. AND SUBSIDIARIES

NOTESTO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

June30, 2025

InvestmentValuation Inputs

Thefair values of the Company’s investments disaggregated into the three levels of the fair value hierarchy based upon the lowestlevel of significant input used in the valuation as of June 30, 2025 and December 31, 2024 are as follows:

	As of June 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⁾	$	—	$	—	$	142,108,054	$	142,108,054
Common Stock⁽²⁾		—		—		88,396,978		88,396,978
Debt Investments		—		—		506,339		506,339
Options⁽³⁾		—		—		10,283,118		10,283,118
Private Portfolio Companies		—		—		241,294,489		241,294,489
Publicly Traded Portfolio Companies
Common Stock		2,126,890		—		—		2,126,890
Options		377,168		—		—		377,168
Publicly Traded Portfolio Companies		2,504,058		—		—		2,504,058
Total Investments at Fair Value	$	2,504,058	$	—	$	241,294,489	$	243,798,547

(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.

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NOTESTO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

June30, 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
Debt Investments		—		—		506,339		506,339
Options⁽³⁾		—		—		4,357,138		4,357,138
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).

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NOTESTO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

June30, 2025

SignificantUnobservable Inputs for Level 3 Assets and Liabilities

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

Asof June 30, 2025

Asset	Fair Value	Valuation Approach/ Technique⁽¹⁾	Unobservable Inputs⁽²⁾	Range (Weighted Average)⁽³⁾
Preferred stock in private companies⁽⁶⁾	$142,108,054	Market Approach	Revenue Multiples	0.61x - 6.12x (2.28x)
			Precedent Transactions	25% - 100% (77%)
		PWERM⁽⁵⁾	Revenue Multiples	1.33x - 5.24x (4.89x)
			Dissolution Risk	100%
			Precedent Transaction	90%
Common stock in private companies⁽⁷⁾	$88,396,978	Market Approach	Revenue Multiples	0.60x - 6.43x (5.60x)
			Discount Rate	25%
			Precedent Transactions	75% - 100% (92.7%)
		PWERM⁽⁵⁾	AFFO⁽⁴⁾ Multiples	7.40x
			Dissolution Risk	100%
			Discount Rate	15%
			Precedent Transaction	95%
			Revenue Multiples	5.81x - 6.53x (6.17x)
Debt investments	$506,339	Market Approach	Revenue Multiples	0.60x - 2.35x (2.22x)
Options⁽⁸⁾	$10,283,118	Option Pricing Model	Term to Expiration (Years)	1.00 - 1.86
			Precedent Transactions	25% - 100% (73%)
			Volatility	51% - 62% (51%)

(1)

As of June 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.

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(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, 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 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.
(8)	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.

Asof 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)
			Precedent Transactions	25% - 100% (55%)
		PWERM⁽⁵⁾	Revenue Multiples	1.76x - 2.95x
			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)
			Precedent Transactions	100%
		PWERM⁽⁵⁾	AFFO⁽⁴⁾ Multiples	7.88x
			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.

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(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).

Theaggregate values of Level 3 assets and liabilities changed during the six months ended June 30, 2025 as follows:

	Preferred Stock⁽¹⁾			Common Stock⁽²⁾			Debt Investments		Options⁽³⁾			Total
	Six Months Ended June 30, 2025
	Preferred Stock⁽¹⁾			Common Stock⁽²⁾			Debt Investments		Options⁽³⁾			Total
Assets:
Fair Value as of December 31, 2024	$	151,003,991		$	35,922,154		$	506,339	$	4,357,138		$	191,789,622
Transfers out of Level 3		(5,221,824	)		(5,221,824	)		—		—			(10,443,648	)
Purchases, capitalized fees and interest		224,366			5,395,541			—		1,083,211			6,703,118
Exercises and conversions⁽⁴⁾		(16,770,915	)		17,775,155			—		(1,004,240	)		—
Realized gains/(losses)
Net change in unrealized appreciation/(depreciation) included in earnings		12,872,436			34,525,952			—		5,847,009			53,245,397
Fair Value as of June 30, 2025	$	142,108,054		$	88,396,978		$	506,339	$	10,283,118		$	241,294,489
Net change in unrealized appreciation/ (depreciation) of Level 3 investments still held as of June 30, 2025	$	12,872,431		$	34,525,952		$	—	$	5,842,768		$	53,241,151

(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 six months ended June 30, 2025, the Company’s portfolio investments had the following corporate actions which are reflected above:

PortfolioCompany	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)

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Theaggregate 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:

PortfolioCompany	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)

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Scheduleof Investments In, and Advances to, Affiliates

Transactionsduring the six months ended June 30, 2025 involving the Company’s controlled investments and non-controlled/affiliate investmentswere as follows:

Type/Industry/Portfolio Company/Investment	Shares/ Principal/ Quantity			Fair Value at December 31, 2024						Unrealized Gains/ (Losses)			Fair Value at June 30, 2025		Percentage of Net Assets
*CONTROLLED INVESTMENTS⁽²⁾**
Common Stock
Special Purpose Acquisition Company
Colombier Sponsor II LLC**⁽³⁾–Class B Units		1,040,000		$	1,101,695					$	13,195,755		$	14,297,450		6.52	%
Total Common Stock					1,101,695						13,195,755			14,297,450		6.52	%
Options
Special Purpose Acquisition Company
Colombier Sponsor II LLC**⁽³⁾–Class W Units		1,600,000	-		498,305	-	-	-	-		5,501,695			6,000,000		2.73	%
Total Options					498,305						5,501,695			6,000,000		2.73	%
*TOTAL CONTROLLED INVESTMENTS⁽²⁾**				$	1,600,000					$	18,697,450		$	20,297,450		9.25	%
*NON-CONTROLLED/AFFILIATE INVESTMENTS⁽¹⁾**
Preferred Stock
Knowledge Networks
Maven Research, Inc.–Preferred Shares, Series C		318,979			—						—			—		—	%
Maven Research, Inc.–Preferred Shares, Series B		49,505			—						—			—		—	%
Total Knowledge Networks					—						—			—		—	%
Interactive Learning
StormWind, LLC⁽⁴⁾– Preferred Shares, Series D 8%		329,337			501,626						(37,885	)		463,741		0.21	%
StormWind, LLC⁽⁴⁾– Preferred Shares, Series C 8%		2,779,134			5,376,994						(355,080	)		5,021,914		2.29	%
StormWind, LLC⁽⁴⁾– Preferred Shares, Series B 8%		3,279,629			3,233,922						(377,262	)		2,856,660		1.30	%
StormWind, LLC⁽⁴⁾– Preferred Shares, Series A 8%		366,666			156,285						(42,178	)		114,107		0.05	%
Total Interactive Learning					9,268,827						(812,405	)		8,456,422		3.85	%
Total Preferred Stock					9,268,827						(812,405	)		8,456,422		3.85	%
Common Stock
Online Education
Curious.com, Inc.–Common Shares		1,135,944			—						—			—		—	%
Total Common Stock					—						—			—		—	%
*TOTAL NON-CONTROLLED/AFFILIATE INVESTMENTS⁽¹⁾**				$	9,268,827					$	(812,405	)	$	8,456,422		3.85	%

*	All portfolio investments are non-income-producing, unless otherwise identified. Equity investments may be subject to lock-up restrictions upon their IPO. Preferred dividends are generally only payable when declared and paid by the portfolio company’s board of directors. The Company’s directors, officers, employees and staff, as applicable, may serve on the board of directors of the Company’s portfolio investments. (Refer to “Note 3—Related-Party Arrangements”). All portfolio investments are considered Level 3 and valued using significant unobservable inputs, unless otherwise noted. (Refer to “Note 4—Investments at Fair Value”). All 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”).
**	Indicatesassets that SuRo Capital Corp. believes do not represent “qualifying assets” under Section 55(a) of the 1940 Act. Ofthe Company’s total investments as of June 30, 2025, 50.25% of its total investments are non-qualifying assets, excluding cashand short-term US treasuries.
(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.
(2)	“Control Investments” are investments in those companies that are “Controlled Companies” of SuRo Capital Corp., as defined in the 1940 Act. In general, under the 1940 Act, the Company would “Control” a portfolio company if the Company beneficially owns, directly or indirectly, more than 25% of its outstanding voting securities (i.e., securities with the right to elect directors) and/or had the power to exercise control over the management or policies of such portfolio company.
(3)	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.
(4)	SuRo Capital Corp.’s investments in StormWind, LLC are held through SuRo Capital Corp.’s wholly owned subsidiary, GSVC SW Holdings, Inc.

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Scheduleof Investments In, and Advances to, Affiliates

Transactionsduring the year ended December 31, 2024 involving the Company’s controlled investments and non-controlled/affiliate investmentswere as follows:

Type/Industry/Portfolio Company/Investment	Shares/ Principal/ Quantity		Interest, Fees, or Dividends Credited in Income		Fair Value at December 31, 2023		Transfer In/ (Out)		Purchases and Capitalized Fees		Sales/ Redemptions			Realized Gains/ (Losses)			Unrealized Gains/ (Losses)			Fair Value at December 31, 2024		Percentage of Net Assets
*CONTROLLED INVESTMENTS⁽²⁾**
Preferred Stock
Clean Technology
SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.)–Preferred shares, Class A		—	$	—	$	382,381	$	—	$	4,218	$	(374,950	)	$	(6,780,680	)	$	6,769,031		$	—		—	%
Total Preferred Stock				—		382,381		—		4,218		(374,950	)		(6,780,680	)		6,769,031			—		—	%
Common Stock
Clean Technology
SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.)–Common shares		—		—		—		—		—		—			(10,000	)		10,000			—		—	%
Mobile Finance Technology
Architect Capital PayJoy SPV, LLC–Membership Interest in Lending SPV*	$	—		955,628		10,000,000		—		—		(10,000,000	)		(6,745	)		6,745			—		—	%
Special Purpose Acquisition Company
Colombier Sponsor II LLC**⁽⁶⁾–Class B Units		1,040,000		—		1,101,695				—		—			—			—			1,101,695		0.70	%
Total Common Stock				955,628		11,101,695		—		—		(10,000,000	)		(16,745	)		16,745			1,101,695		0.70	%
Options
Special Purpose Acquisition Company
Colombier Sponsor II LLC**⁽⁶⁾–Class W Units		1,600,000		—		498,305		—		—		—			—			—			498,305		0.32	%
Total Options				—		498,305		—		—		—			—			—			498,305		0.32	%
*TOTAL CONTROLLED INVESTMENTS⁽²⁾**			$	955,628	$	11,982,381	$	—	$	4,218	$	(10,374,950	)	$	(6,797,425	)	$	6,785,776		$	1,600,000		1.02	%
*NON-CONTROLLED/AFFILIATE INVESTMENTS⁽¹⁾**
Debt Investments
Global Innovation Platform
OneValley, Inc. (f/k/a NestGSV, Inc.) –Convertible Promissory Note 8%, Due 8/23/2024	$	—	$	—	$	1,267,395	$	—	$	—	$	(1,414,278	)	$	384,102		$	(237,219	)	$	—		—	%
Total Debt Investments				—		1,267,395		—		—		(1,414,278	)		384,102			(237,219	)		—		—	%

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June30, 2025

Type/Industry/Portfolio Company/Investment	Shares/ Principal/ Quantity		Interest, Fees, or Dividends Credited in Income		Fair Value at December 31, 2023		Transfer In/ (Out)			Purchases and Capitalized Fees		Sales/ Redemptions			Realized Gains/ (Losses)			Unrealized Gains/ (Losses)			Fair Value at December 31, 2024		Percentage of Net Assets
Preferred Stock
Knowledge Networks
Maven Research, Inc.–Preferred shares, Series C		318,979		—		—		—			—		—			—			—			—		—	%
Maven Research, Inc.–Preferred shares, Series B		49,505		—		—		—			—		—			—			—			—		—	%
Total Knowledge Networks				—		—		—			—		—			—			—			—		—	%
Interactive Learning
StormWind, LLC⁽⁵⁾– Preferred shares, Series D 8%		329,337		—		653,975		—			—		—			—			(152,349	)		501,626		0.32	%
StormWind, LLC⁽⁵⁾– Preferred shares, Series C 8%		2,779,134		—		6,804,933		—			—		—			—			(1,427,939	)		5,376,994		3.41	%
StormWind, LLC⁽⁵⁾– Preferred shares, Series B 8%		3,279,629		—		4,751,064		—			—		—			—			(1,517,142	)		3,233,922		2.05	%
StormWind, LLC⁽⁵⁾– Preferred shares, Series A 8%		366,666		—		325,903		—			—		—			—			(169,618	)		156,285		0.10	%
Total Interactive Learning				—		12,535,875		—			—		—			—			(3,267,048	)		9,268,827		5.88	%
Total Preferred Stock				—		12,535,875		—			—		—			—			(3,267,048	)		9,268,827		5.88	%
Options
Global Innovation Platform
OneValley, Inc. (f/k/a NestGSV, Inc.)–Derivative Security, Expiration Date 8/23/2024		—		—		620,927		—			13,230		(1,585,722	)		(6,982,628	)		7,934,193			—		—	%
Total Global Innovation Platform				—		620,927		—			13,230		(1,585,722	)		(6,982,628	)		7,934,193			—		—	%
E-Commerce Marketplace
PSQ Holdings, Inc. (d/b/a PublicSquare)**⁽³⁾⁽⁴⁾– Warrants		1,796,037		—		1,964,750		(1,964,750	)		—		—			—			—			—		—	%
Total Options				—		2,585,677		(1,964,750	)		13,230		(1,585,722	)		(6,982,628	)		7,934,193			—		—	%
Common Stock
Online Education
Curious.com, Inc.–Common shares		1,135,944		—		—		—			—		—			—			—			—		—	%
E-Commerce Marketplace
PSQ Holdings, Inc. (d/b/a PublicSquare)**⁽³⁾⁽⁴⁾– Common shares, Class A		—		—		8,542,386		(8,542,386	)		—		—			—			—			—		—	%
Total Common Stock				—		8,542,386		(8,542,386	)		—		—			—			—			—		—	%
*TOTAL NON-CONTROLLED/AFFILIATE INVESTMENTS⁽¹⁾**			$	—	$	24,931,333	$	(10,507,136	)	$	13,230	$	(3,000,000	)	$	(6,598,526	)	$	4,429,926		$	9,268,827		5.88	%

All portfolio investments are non-income-producing, unless otherwise identified. Equity investments may be subject to lock-up restrictions upon their IPO. Preferred dividends are generally only payable when declared and paid by the portfolio company’s board of directors. The Company’s directors, officers, employees and staff, as applicable, may serve on the board of directors of the Company’s portfolio investments. (Refer to “Note 3—Related-Party Arrangements”). All portfolio investments are considered Level 3 and valued using significant unobservable inputs, unless otherwise noted. (Refer to “Note 4—Investments at Fair Value”). All 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”).

**	Indicatesassets that SuRo Capital Corp. believes do not represent “qualifying assets” under Section 55(a) of the 1940 Act. Ofthe Company’s total investments as of December 31, 2024, 39.56% of its total investments are non-qualifying assets, excluding cashand 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.

(2)	“Control Investments” are investments in those companies that are “Controlled Companies” of SuRo Capital Corp., as defined in the 1940 Act. In general, under the 1940 Act, the Company would “Control” a portfolio company if the Company beneficially owns, directly or indirectly, more than 25% of its outstanding voting securities (i.e., securities with the right to elect directors) and/or had the power to exercise control over the management or policies of such portfolio company.

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

(4)

SuRo Capital Corp.’s ownership percentage in PSQ Holdings, Inc. (d/b/a PublicSquare) decreased to below 5% and as such, PSQ Holdings, Inc. (d/b/a PublicSquare) was no longer classified as an “affiliate investment” as of September 30, 2024. As such, the Company has reflected a “transfer out” of the “Non-Controlled/Affiliate Investment” category above as of September 30, 2024 to indicate that the investment in PSQ Holdings, Inc. (d/b/a PublicSquare), while still held as of December 31, 2024, does not meet the criteria of an affiliate investment as defined in the 1940 Act.

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

(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.

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NOTE5—COMMON STOCK

ShareRepurchase Program

OnAugust 8, 2017, the Company announced a $5.0 million discretionary open-market share repurchase program of shares of the Company’scommon stock, $0.01 par value per share, of up to $5.0 million until the earlier of (i) August 6, 2018 or (ii) the repurchase of $5.0million in aggregate amount of the Company’s common stock (the “Share Repurchase Program”). Following several interveningapprovals from the Company’s Board of Directors to increase the amount of shares of the Company’s common stock that may be repurchasedunder the discretionary Share Repurchase Program and/or to extend the Share Repurchase Program to later expiration dates, on October29, 2024, the Company’s Board of Directors authorized an extension, and increase in the amount of common shares that may be purchasedunder, of the Company’s discretionary Share Repurchase Program until the earlier of (i) October 31, 2025 or (ii) the repurchaseof $64.3 million in aggregate amount of the Company’s common stock.

Thetiming and number of shares to be repurchased will depend on a number of factors, including market conditions and alternative investmentopportunities. The Share Repurchase Program may be suspended, terminated or modified at any time for any reason and does not obligatethe Company to acquire any specific number of shares of its common stock. Under the Share Repurchase Program, the Company may repurchaseits outstanding common stock in the open market, provided that it complies with the prohibitions under its insider trading policies andprocedures and the applicable provisions of the 1940 Act and the Exchange Act.

Duringthe three and six months ended June 30, 2025 and 2024, the Company did not repurchase any shares of the Company’s common stock underthe Share Repurchase Program. As of June 30, 2025, the dollar value of shares that remained available to be purchased by the Companyunder the Share Repurchase Program was approximately $25.0 million.

SecondAmended and Restated 2019 Equity Incentive Plan

Referto “Note 11—Stock-Based Compensation” for a description of the Company’s restricted shares of common stock grantedunder the Second Amended & Restated 2019 Equity Incentive Plan (as defined therein).

At-the-MarketOffering

OnJuly 29, 2020, the Company established an “at-the-market” offering (the “ATM Program”) pursuant to an At-the-MarketSales Agreement dated July 29, 2020 (as amended on September 23, 2020 and November 8, 2024, the “Sales Agreement”) with BTIGLLC, Citizens JMP Securities, LLC (f/k/a JMP Securities LLC), Ladenburg Thalmann & Co. Inc. and Barrington Research Associates, Inc.(collectively, the “Agents”). Under the Sales Agreement, the Company may, but has no obligation to, issue and sell up to$150.0 million in aggregate amount of shares of its common stock (the “Shares”) from time to time through the Agents or tothem as principal for their own account. The Company intends to use the net proceeds from the ATM Program to make investments in portfoliocompanies in accordance with its investment objective and strategy and for general corporate purposes.

Salesof the Shares, if any, will be made by any method that is deemed to be an “at-the-market” offering as defined in Rule 415under the Securities Act of 1933, as amended, including sales made directly on the Nasdaq Global Select Market or sales made to or througha market maker other than on an exchange, at market prices prevailing at the time of sale, at prices related to prevailing market pricesor at other negotiated prices. Actual sales in the ATM Program will depend on a variety of factors to be determined by the Company fromtime to time.

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TheAgents will receive a commission from the Company equal to up to 2.0% of the gross sales price of any Shares sold through the Agentsunder the Sales Agreement and reimbursement of certain expenses. The Sales Agreement contains customary representations, warranties andagreements of the Company, conditions to closing, indemnification rights and obligations of the parties and termination provisions.

Duringthe three and six months ended June 30, 2025 and 2024, the Company did not issue or sell Shares under the ATM Program. As of June 30,2025, up to approximately $98.8 million in aggregate amount of the Shares remain available for sale under the ATM Program.

NOTE6—NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS PER COMMON SHARE—BASIC AND DILUTED

Thefollowing information sets forth the computation of basic and diluted net change in net assets resulting from operations per common share,pursuant to ASC 260, for the three and six months ended June 30, 2025 and 2024.

						2025		2024
	Three Months Ended June 30,					Six Months Ended June 30,
	2025		2024			2025		2024
Earnings per common share–basic:
Net change in net assets resulting from operations	$	62,328,070	$	(10,651,183	)	$	61,521,355	$	(32,716,529	)
Weighted-average common shares–basic		23,728,095		23,410,235			23,650,399		24,401,863
Earnings per common share–basic	$	2.63	$	(0.45	)	$	2.60	$	(1.34	)
Earnings per common share–diluted:
Net change in net assets resulting from operations	$	62,328,070	$	(10,651,183	)	$	61,521,355	$	(32,716,529	)
Adjustment for interest and amortization on 6.50% Convertible Notes due 2029⁽¹⁾		628,529		—			1,241,345		—
Net change in net assets resulting from operations, as adjusted	$	62,956,599	$	(10,651,183	)	$	62,762,700	$	(32,716,529	)
Adjustment for dilutive effect of 6.50% Convertible Notes due 2029⁽¹⁾		4,516,130		—			4,462,664		—
Weighted-average common shares outstanding–diluted⁽¹⁾		28,244,225		23,410,235			28,113,063		24,401,863
Earnings per common share–diluted	$	2.23	$	(0.45	)	$	2.23	$	(1.34	)

(1)	For the three and six months ended June 30, 2024, there were nopotentially dilutive securities outstanding.

NOTE7—COMMITMENTS AND CONTINGENCIES

Inthe normal course of business, the Company may enter into investment agreements under which it commits to make an investment in a portfoliocompany at some future date or over a specified period of time.

Fromtime to time, the Company may be a party to certain legal proceedings in the ordinary course of business, including proceedings relatingto the enforcement of its rights under contracts with its portfolio companies. While the outcome of these legal proceedings cannot bepredicted with certainty, the Company does not expect that these proceedings will have a material effect upon its business, financialcondition or results of operations. The Company is not currently a party to any material legal proceedings.

OperatingLeases and Related Deposits

TheCompany currently has one operating lease for office space for which the Company has recorded a right-of-use asset and lease liabilityfor the operating lease obligation. The lease originally commenced on June 3, 2019 and expired on August 31, 2024. 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 estimatedcommencement date of January 1, 2025 and expiring March 31, 2028. On February 7, 2025, the Company executed a commencement letter, uponwhich the lease term was amended to begin on February 13, 2025 and expiring May 12, 2028. The lease expense is presented as a singlelease cost that is amortized on a straight-line basis over the life of the lease.

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Asof June 30, 2025 and December 31, 2024, the Company booked a right-of-use asset and operating lease liability of $392,609 and $446,349,respectively, on the Condensed Consolidated Statement of Assets and Liabilities. As of June 30, 2025 and December 31, 2024, the Companyrecorded a security deposit of $16,574 and $16,574, respectively, on the Condensed Consolidated Statement of Assets and Liabilities.For the three months ended June 30, 2025 and 2024, the Company incurred $34,021 and $53,684, respectively, of operating lease expense.For the six months ended June 30, 2025 and 2024, the Company incurred $57,209 and $106,346, respectively, of operating lease expense.The amounts reflected on the Condensed Consolidated Statement of Assets and Liabilities have been discounted using the rate implicitin the lease. As of June 30, 2025, the remaining lease term was 2.9 years and the discount rate was 3.00%.

Thefollowing table shows future minimum payments under the Company’s operating lease as of June 30, 2025:

For the Year Ended December 31,	Amount
2025	$	75,420
2026		154,826
2027		159,471
2028		59,689
Total	$	449,406

NOTE8—FINANCIAL HIGHLIGHTS

SCHEDULEOF FINANCIAL HIGHLIGHTS

	2025			2024			2025			2024
	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Per Basic Share Data
Net asset value at beginning of period	$	6.66		$	7.17		$	6.68		$	7.99
Net investment loss⁽¹⁾		(0.16	)		(0.16	)		(0.31	)		(0.28	)
Net realized gain/(loss) on investments⁽¹⁾		0.89			<(0.01	)		0.90			(0.02	)
Realized loss on partial repurchase of 6.00% Notes due December 30, 2026⁽¹⁾		—			—			<(0.01)			—
Net change in unrealized appreciation/(depreciation) of investments⁽¹⁾		1.89			(0.30	)		2.02			(1.04	)
Repurchase of common stock⁽¹⁾		—			0.20			—			0.23
Stock-based compensation⁽¹⁾		(0.10	)		0.03			(0.11	)		0.06
Net asset value at end of period	$	9.18		$	6.94		$	9.18		$	6.94
Per share market value at end of period	$	8.21		$	4.01		$	8.21		$	4.01
Total return based on market value⁽²⁾		65.19	%		(11.87	)%		39.63	%		1.78	%
Total return based on net asset value⁽²⁾		37.84	%		(3.21	)%		37.43	%		(13.14	)%
Shares outstanding at end of period		23,888,107			23,378,002			23,888,107			23,378,002
Ratios/Supplemental Data:
Net assets at end of period	$	219,409,595		$	162,312,191		$	219,409,595		$	162,312,191
Average net assets	$	160,412,515		$	175,240,305		$	158,444,298		$	188,879,950
Ratio of net operating expenses to average net assets⁽³⁾		9.73	%		10.75	%		10.25	%		10.04	%
Ratio of net investment loss to average net assets⁽³⁾		(9.31	)%		(8.39	)%		(9.40	)%		(7.32	)%
Portfolio Turnover Ratio		2.36	%		5.72	%		3.02	%		5.84	%

(1)	Based on weighted-average number of shares outstanding for the relevant period.
(2)	Total return based on market value is based upon the change in market price per share between the opening and ending market values per share in the period, adjusted for dividends and equity issuances. Total return based on net asset value is based upon the change in net asset value per share between the opening and ending net asset values per share in the period, adjusted for dividends and equity issuances.
(3)	Financial highlights for periods of less than one year are annualized and the ratios of operating expenses to average net assets and net investment loss to average net assets are adjusted accordingly. Because the ratios are calculated for the Company’s common stock taken as a whole, an individual investor’s ratios may vary from these ratios.

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NOTE9—INCOME TAXES

TheCompany elected to be treated and intends to qualify annually as a RIC under Subchapter M of the Code and, as such, will not be subjectto U.S. federal income tax on the portion of taxable income (including gains) timely distributed as dividends for U.S. federal incometax purposes to stockholders. Taxable income includes the Company’s taxable interest, dividend and fee income, reduced by certaindeductions, as well as taxable net realized investment gains. Taxable income generally differs from net income for financial reportingpurposes due to temporary and permanent differences in the recognition of income and expenses, and generally excludes net unrealizedappreciation or depreciation, as such gains or losses are not included in taxable income until they are realized.

Toqualify as a RIC, the Company is required to meet certain income and asset diversification tests in addition to distributing dividendsof an amount generally at least equal to 90% of its investment company taxable income, as defined by the Code and determined withoutregard to any deduction for distributions paid, to its stockholders. The amount to be paid out as a distribution is determined by theBoard of Directors each quarter and is based upon the annual earnings estimated by the management of the Company. To the extent thatthe Company’s earnings fall below the amount of dividend distributions declared, however, a portion of the total amount of theCompany’s distributions for the fiscal year may be deemed a return of capital for tax purposes to the Company’s stockholders.

Asa RIC, the Company will be subject to a 4% nondeductible U.S. federal excise tax on certain undistributed income unless the Company makesdistributions treated as dividends for U.S. federal income tax purposes in a timely manner to its stockholders in respect of each calendaryear of an amount at least equal to the sum of (1) 98% of its ordinary income (taking into account certain deferrals and elections) foreach calendar year, (2) 98.2% of its capital gain net income (adjusted for certain ordinary losses) for the 1-year period ending October31 of each such calendar year and (3) any ordinary income and net capital gains for preceding years, but not distributed during suchyears and on which the Company paid no U.S. federal income tax. The Company will not be subject to this excise tax on any amount on whichthe Company incurred U.S. federal corporate income tax (such as the tax imposed on a RIC’s retained net capital gains).

Dependingon the level of taxable income earned in a taxable year, the Company may choose to carry over taxable income in excess of currenttaxable year distributions from such taxable income into the next taxable year and incur a 4% excise tax on such taxable income, asrequired. The maximum amount of excess taxable income that may be carried over for distribution in the next taxable year under theCode is the total amount of distributions paid in the following taxable year, subject to certain declaration and payment guidelines.To the extent the Company chooses to carry over taxable income into the next taxable year, distributions declared and paid by theCompany in a taxable year may differ from the Company’s taxable income for that taxable year as such distributions may includethe distribution of current taxable year taxable income, the distribution of prior taxable year taxable income carried over into anddistributed in the current taxable year, or returns of capital.

TheCompany has subsidiaries that are classified as corporations for U.S. federal income tax purposes which hold certain portfolio investmentsin an effort to limit potential legal liability and/or comply with source-income type requirements contained in the RIC tax provisionsof the Code. These subsidiaries are consolidated for GAAP and the portfolio investments held by the subsidiaries are included in theCompany’s condensed consolidated financial statements and are recorded at fair value. These subsidiaries are not consolidated withthe Company for U.S. federal income tax purposes and may generate income tax expense, or benefit, and tax assets and liabilities as aresult of their ownership of certain portfolio investments. Any income generated by these subsidiaries generally would be subject toU.S. federal income tax imposed at corporate rates.

TheCompany intends to timely distribute to its stockholders substantially all of its annual taxable income for each year, except that itmay retain certain net capital gains for reinvestment and, depending upon the level of taxable income earned in a year, may choose tocarry forward taxable income for distribution in the following year and pay any applicable U.S. federal excise tax.

TheCompany is required to include net deferred tax provision/benefit in calculating its total expenses even though these net deferred taxesare not currently payable/receivable.

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ForU.S. federal and state income tax purposes, a portion of the Taxable Subsidiaries’ net operating loss carryforwards and basis differencesmay be subject to limitations on annual utilization in case of a change in ownership, as defined by federal and state law. The amountof such limitations, if any, has not been determined. Accordingly, the amount of such tax attributes available to offset future profitsmay be significantly less than the actual amounts of the tax attributes.

Foraccounting purposes, the Company and the Taxable Subsidiaries identified their major tax jurisdictions as U.S. federal, New York, andCalifornia and may be subject to the taxing authorities’ examination for the tax years 2021–2024 for federal and NewYork and 2020–2024 in California, respectively. Further, the Company and the Taxable Subsidiaries accrue all interest and penaltiesrelated to uncertain tax positions as incurred. As of June 30, 2025, there were no material interest or penalties incurred related touncertain tax positions.

NOTE10—DEBT CAPITAL ACTIVITIES

6.00%Notes due 2026

OnDecember 17, 2021, the Company issued $70.0 million aggregate principal amount of its 6.00% Notes due 2026 pursuant to an Indenture,dated as of March 28, 2018 (the “Base Indenture”), between the Company and U.S. Bank Trust Company, National Association (assuccessor in interest to U.S. Bank National Association), as trustee (the “Trustee”), as supplemented by a second supplementalindenture, dated as of December 17, 2021 (together with the Base Indenture, the “Indenture”), between the Company and the Trustee.On December 21, 2021, the Company issued an additional $5.0 million aggregate principal amount of 6.00% Notes due 2026 pursuant to anoverallotment option. The 6.00% Notes due 2026 bear interest at a fixed rate of 6.00% per year, payable quarterly in arrears on March30, June 30, September 30, and December 30 of each year, commencing on March 30, 2022. The 6.00% Notes due 2026 have a maturity dateof December 30, 2026, unless previously repurchased or redeemed in accordance with their terms. The Company has the right to redeem the6.00% Notes due 2026, in whole or in part, at any time or from time to time, on or after December 30, 2024 at a redemption price of 100%of the outstanding principal amount of the 6.00% Notes due 2026 plus accrued and unpaid interest.

The6.00% Notes due 2026 are direct unsecured obligations of the Company and rank pari passu, or equal in right of payment, with alloutstanding and future unsecured, unsubordinated indebtedness of the Company; senior to any of the Company’s future indebtednessthat expressly provides it is subordinated to the 6.00% Notes due 2026; effectively subordinated to any of the Company’s futuresecured indebtedness (including indebtedness that is initially unsecured in respect of which the Company subsequently grants a securityinterest), to the extent of the value of the assets securing such indebtedness (provided, however, that the Company has agreed underthe Indenture to not incur any secured or unsecured indebtedness that would be senior to the 6.00% Notes due 2026 while the 6.00% Notesdue 2026 are outstanding, subject to certain exceptions); and structurally subordinated to all existing and future indebtedness and otherobligations of any of the Company’s subsidiaries.

TheCompany records certain fees and expenses incurred in connection with its 6.00% Notes due 2026 as deferred debt issuance costs. Suchcosts are reflected in the carrying value of the 6.00% Notes due 2026. As of June 30, 2025 and December 31, 2024, the Company had deferreddebt issuance costs of $312,803 and $468,562, respectively, associated with the 6.00% Notes due 2026. The table below shows a reconciliationfrom the aggregate principal amount of 6.00% Notes due 2026 to the balance shown on the Consolidated Statements of Assets and Liabilities.

	June 30, 2025			December 31, 2024
Aggregate principal amount of 6.00% Notes due 2026	$	39,667,650		$	44,667,400
Direct deduction of deferred debt issuance costs		(312,803	)		(468,562	)
Total	$	39,354,847		$	44,198,838

The6.00% Notes due 2026 are listed for trading on the Nasdaq Global Select Market under the symbol “SSSSL”. The reported closingmarket price of SSSSL on June 30, 2025 and December 31, 2024 was $24.64 and $24.50 per note, respectively. As of June 30, 2025 and December31, 2024, the fair value of the 6.00% Notes due 2026 was $39.1 million and $43.8 million, respectively.

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OnAugust 6, 2024, the Company’s Board of Directors approved a discretionary note repurchase program (the “Note Repurchase Program”),which allows the Company to repurchase up to $35.0 million, of its 6.00% Notes due 2026 through open market purchases, including blockpurchases, in such manner as will comply with the provisions of the 1940 Act and the Exchange Act. During the year ended December 31,2024, the Company repurchased and retired $30.3 million of aggregate principal amount of the 6.00% Notes due 2026. During the six monthsended June 30, 2025, the Company repurchased and retired $5.0 million of aggregate principal amount of the 6.00% Notes due 2026, resultingin the total use of the authorized amount under the Note Repurchase Program.

6.50%Convertible Notes due 2029

OnAugust 14, 2024, the Company privately issued $25.0 million aggregate principal amount of its 6.50% Convertible Notes due 2029 (the “InitialNotes”) pursuant to a Notes Purchase Agreement (the “Notes Purchase Agreement”) between the Company and the purchaseridentified therein (the “Purchaser”). On October 9, 2024, the Company issued an additional $5.0 million in aggregate principalamount of 6.50% Convertible Notes due 2029 (the “Additional Notes”), which are treated as a single series with the InitialNotes. On January 16, 2025, the Company issued $5.0 million in Additional Notes, which are treated as a single series with the InitialNotes and prior issuances of Additional Notes. As of June 30, 2025, $35.0 million of 6.50% Convertible Notes due 2029 had been issued.

The6.50% Convertible Notes due 2029 bear interest at a rate of 6.50% per year, payable quarterly in arrears on March 30, June 30, September30, and December 30 of each year, commencing on September 30, 2024. The 6.50% Convertible Notes due 2029 have a maturity date of August14, 2029, unless previously repurchased, redeemed or converted in accordance with the terms of the Notes Purchase Agreement. The Companyhas the right to redeem the 6.50% Convertible Notes due 2029, in whole or in part, at any time or from time to time, on or after August6, 2027, upon the fulfillment of certain conditions.

The6.50% Convertible Notes due 2029 are convertible into shares of the Company’s common stock at the Purchaser’s sole discretionat an initial conversion rate of 129.0323 shares of common stock per $1,000 principal amount of the 6.50% Convertible Notes due 2029,which represent a conversion price of approximately $7.75 per share, subject to adjustment as provided in the Notes Purchase Agreement.Upon evaluation, the Company has identified an embedded derivative within the Notes Purchase Agreement. As a result, the Company mayincur a potential liability. As of June 30, 2025, the potential liability was $0. Management will continue to assess the fair value ofthe embedded derivative at each reporting period.

The6.50% Convertible Notes due 2029 are direct unsecured obligations of the Company and rank pari passu, or equal in right of payment,with any outstanding existing or future unsecured, unsubordinated indebtedness of the Company. The 6.50% Convertible Notes due 2029 arejunior in right of payment to any existing or future secured credit facility; provided, however, that if the Company enters into a futurecredit facility senior in right of payment to the 6.50% Convertible Notes due 2029 (including any secured indebtedness), the intereston the outstanding principal amount of the 6.50% Convertible Notes due 2029 shall increase as of the date of such entry to 7.00% perannum.

Thetable below shows a reconciliation from the aggregate principal amount of 6.50% Convertible Notes due 2029 to the balance shown on theConsolidated Statements of Assets and Liabilities.

	June 30, 2025			December 31, 2024
Aggregate principal amount of 6.50% Convertible Notes due 2029	$	35,000,000		$	30,000,000
Direct deduction of deferred debt issuance costs		(989,362	)		(948,592	)
Total	$	34,010,638		$	29,051,408

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NOTE11—STOCK-BASED COMPENSATION

SecondAmended and Restated 2019 Equity Incentive Plan

OnMay 28, 2025, the Company’s Board of Directors adopted, and the Company’s stockholders approved, an amendment and restatement of theCompany’s Amended and Restated 2019 Equity Incentive Plan (the “Second Amended & Restated 2019 Equity Incentive Plan”)under which the Company is authorized to grant equity awards for up to 2,390,186 shares of its common stock. In accordance with the exemptiverelief granted to the Company by the SEC on June 16, 2020 with respect to the Second Amended & Restated 2019 Equity Incentive Plan,the Company is generally authorized to (i) issue restricted shares as part of the compensation package for certain of its employees,officers and all directors, including non-employee directors (collectively, the “Participants”), (ii) issue options to acquireshares of its common stock (“Options”) to certain employees, officers and employee directors as a part of such compensationpackages, (iii) withhold shares of the Company’s common stock or purchase shares of common stock from the Participants to satisfytax withholding obligations relating to the vesting of restricted shares or the exercise of Options granted to the certain Participantspursuant to the Second Amended & Restated 2019 Equity Incentive Plan, and (iv) permit the Participants to pay the exercise priceof Options granted to them with shares of the Company’s common stock.

Underthe Second Amended & Restated 2019 Equity Incentive Plan, each non-employee director will receive an annual grant of $50,000 worthof restricted shares of common stock (based on the closing stock price of the common stock on the grant date). Each grant of $50,000in restricted shares will vest, in full, if the non-employee director is in continuous service as a director of the Company through theanniversary of such grant (or, if earlier, the annual meeting of the Company’s stockholders that is closest to the anniversaryof such grant). During the six months ended June 30, 2025, the Company granted 31,248 restricted shares to the Company’s non-employeedirectors pursuant to the Second Amended & Restated 2019 Equity Incentive Plan. Additionally, on May 28, 2025, 48,192 restrictedshares related to the 2024 non-employee director grants vested. Compensation expense associated with the restricted shares is recognizedon a quarterly basis over the respective vesting periods.

Otherthan such restricted shares granted to non-employee directors, the Compensation Committee of the Company’s Board of Directorsmay determine the time or times at which restricted shares and Options granted to other Participants will vest or becomepayable or exercisable, as applicable. The exercise price of each Option will not be less than 100% of the fair market value of theCompany’s common stock on the date the option is granted. However, any optionee who owns more than 10% of the combined votingpower of all classes of the Company’s outstanding common stock (a “10% Stockholder”), will not be eligible for thegrant of an incentive stock option unless the exercise price of the incentive stock option is at least 110% of the fair market valueof the Company’s common stock on the date of grant. Generally, no Option will be exercisable after the expiration of ten yearsfrom the date of grant. In the case of an Option granted to a 10% Stockholder, the term of an incentive stock option will be for nomore than five years from the date of grant.

Duringthe six months ended June 30, 2025, the Company granted 350,000 restricted shares to the Company’s officers pursuant to the Second Amended& Restated 2019 Equity Incentive Plan.

Forthe six months ended June 30, 2025 and 2024, the Company recognized stock-based compensation expense of $499,125 and $1,392,266, respectively,not including executive and employee forfeits. As of June 30, 2025 and December 31, 2024, there were approximately $6,011,726 and $3,657,621,respectively, of total unrecognized compensation costs related to the restricted share grants. Compensation expense associated with therestricted shares is recognized on a quarterly basis over the respective vesting periods.

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SUROCAPITAL CORP. AND SUBSIDIARIES

NOTESTO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

June30, 2025

Thefollowing table summarizes the activities for the Company’s restricted share grants for the six months ended June 30, 2025 underthe Second Amended & Restated 2019 Equity Incentive Plan:

SCHEDULEOF EQUITY INCENTIVE PLAN

	Number of Restricted Shares
Outstanding as of December 31, 2024⁽¹⁾		532,136
Granted		384,248
Vested⁽²⁾		(128,802	)
Forfeited		(55,000	)
Outstanding as of June 30, 2025		732,582
Total vested since inception as of June 30, 2025		1,079,919

(1)	Not including unvested dividends.
(2)	The balance of vested shares reflects the total shares vested during the period and has not been reduced for those vested shares forfeited at time of vest related to net share settlement.

TheSecond Amended & Restated 2019 Equity Incentive Plan provides for the concept of “net share settlement.” Specifically,it provides that the Company is authorized to withhold the Common Stock at the time the restricted shares are vested and taxed in satisfactionof the Participant’s tax obligations.

NOTE12—SUBSEQUENT EVENTS

PortfolioActivity

FromJuly 1, 2025 through August 6, 2025, the Company made the following investment (not including capitalized transactioncosts).

SCHEDULEOF INVESTMENTS

Portfolio Company	Investment	Transaction Date	Amount
Supplying Demand, Inc. (d/b/a Liquid Death)	Convertible Note 4.12% Due 6/30/2028	7/29/2025	$	250,000
Total			$	250,000

TheCompany is frequently in negotiations with various private companies with respect to investments in such companies. Investments in privatecompanies are generally subject to satisfaction of applicable closing conditions. In the case of secondary market transactions, suchclosing conditions may include approval of the issuer, waiver or failure to exercise rights of first refusal by the issuer and/or itsstockholders and termination rights by the seller or the Company. Equity investments made through the secondary market may involve makingdeposits in escrow accounts until the applicable closing conditions are satisfied, at which time the escrow accounts will close and suchequity investments will be effectuated.

Dividends

OnJuly 3, 2025, the Company’s Board of Directors declared a dividend of $0.25 per share payable on July 31, 2025 to the Company’scommon stockholders of record as of the close of business on July 21, 2025. The dividend will be paid in cash.

Adjustment to ConversionRate of 6.50% Convertible Notes due 2029

Effectiveas of July 21, 2025, the conversion rate applicable to the 6.50% Convertible Notes due 2029 was adjusted to $7.53 per share (132.7530shares of the Company’s common stock per $1,000 principal amount of the 6.50% Convertible Notes due 2029) from the initial conversionprice of $7.75 per share (129.0323 shares of the Company’s common stock per $1,000 principal amount of the 6.50% Convertible Notes due2029), which had been effective since issuance. The adjustment to the conversion rate of the 6.50% Convertible Notes due 2029 was madepursuant to the Note Purchase Agreement governing the 6.50% Convertible Notes due 2029 as a result of the Company’s cash dividend of$0.25 per share, paid on July 31, 2025 to stockholders of record as of the close of business on July 21, 2025.

NOTE13—SUPPLEMENTAL FINANCIAL DATA

SummarizedFinancial Information of Unconsolidated Subsidiaries

Inaccordance with the SEC’s Regulation S-X and GAAP, the Company is not permitted to consolidate any subsidiary or other entitythat is not an investment company, including those in which the Company has a controlling interest; however, the Company must disclosecertain financial information related to any subsidiaries or other entities that are considered to be “significant subsidiaries”under the applicable rules of Regulation S-X.

InMay 2020, the SEC adopted rule amendments that impacted the requirement of investment companies, including BDCs, to disclose thefinancial statements of certain of their portfolio companies or acquired funds (the “Final Rules”). The Final Rulesadopted a new definition of “significant subsidiary” set forth in Rule 1-02(w)(2) of Regulation S-X under the SecuritiesAct. In accordance with Rules 3-09, 4-08(g), and 10-01(b)(1) of Regulation S-X, the Company must determine if any of itsunconsolidated subsidiaries are considered a “significant subsidiary.” The Final Rules amended the definition of“significant subsidiary” in a manner that was intended to more accurately capture those portfolio companies that weremore likely to materially impact the financial condition of an investment company.

TheCompany’s one controlled portfolio company as of June 30, 2025, Colombier Sponsor II LLC, did not meet the definition of a “significant subsidiary” as set forth in Rule 1-02(w)(2) of Regulation S-X.The Company’s two controlled portfolio companies as of June 30, 2024, SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.) andColombier Sponsor II LLC, did not meet the definition of significant subsidiaries under the Final Rules.

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Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Forward-LookingStatements

Thisquarterly report on Form 10-Q contains forward-looking statements that involve substantial risks and uncertainties. These forward-lookingstatements are not historical facts, but rather are based on current expectations, estimates and projections about us, our current andprospective portfolio investments, our industry, our beliefs, and our assumptions. Words such as “anticipates,” “expects,”“intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,”“estimates,” “would,” “could,” “should,” “targets,” “projects,”and variations of these words and similar expressions are intended to identify forward-looking statements.

Theforward-looking statements contained in this quarterly report on Form 10-Q involve risks and uncertainties, including, without limitation,statements as to:

●

our future operating results;

●

our dependence upon our management team and key investment professionals;

●

our business prospects and the prospects of our portfolio companies;

●

our ability to manage our business and future growth;

●

the impact of investments that we expect to make;

●

risks related to investments in growth-stage companies, other venture capital-backed companies, and generally U.S. companies;

●

our contractual arrangements and relationships with third parties;

●

our ability to make distributions;

●

the dependence of our future success on the general economy and its impact on the industries in which we invest;

●

risks related to the uncertainty of the value of our portfolio investments;

●

the ability of our portfolio companies to achieve their objectives;

●

change in political, economic or industry conditions;

●

our expected financings and investments;

●

the impact of changes in laws or regulations (including the interpretation thereof), including tax laws, on our operations and/or the operation of our portfolio companies;

●

the adequacy of our cash resources and working capital;

●

risks related to market volatility, including general price and volume fluctuations in stock markets; and

●

the timing of cash flows, if any, from the operations of our portfolio companies.

Thesestatements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyondour control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-lookingstatements, including, without limitation:

●

an economic downturn could impair our portfolio companies’ ability to continue to operate, which could lead to the loss of some or all of our investments in such portfolio companies;

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an economic downturn could disproportionately impact the market sectors in which a significant portion of our portfolio is concentrated, causing us to suffer losses in our portfolio;

●

a contraction of available credit and/or an inability to access the equity markets could impair our investment activities;

●

increases in inflation or an inflationary economic environment could adversely affect our portfolio companies’ operating results, causing us to suffer losses in our portfolio;

●

interest rate volatility could adversely affect our results, particularly because we use leverage as part of our investment strategy; and

●

the risks, uncertainties and other factors we identify in the sections entitled “Risk Factors” in our quarterly reports on Form 10-Q, our annual report on Form 10-K, and in our other filings with the SEC.

Althoughwe believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could proveto be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. Important assumptionsinclude our ability to originate new investments, certain margins and levels of profitability and the availability of additional capital.In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this quarterly report on Form10-Q should not be regarded as a representation by us that our plans and objectives will be achieved. These risks and uncertainties includethose described or identified in our quarterly reports on Form 10-Q and our annual report on Form 10-K in the “Risk Factors”sections. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this quarterlyreport on Form 10-Q. The following analysis of our financial condition and results of operations should be read in conjunction with ourcondensed consolidated financial statements and the related notes thereto contained elsewhere in this quarterly report on Form 10-Q.

Overview

Weare an internally managed, non-diversified closed-end management investment company that has elected to be regulated as a business developmentcompany (“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 Codeof 1986, as amended (the “Code”).

Ourinvestment objective is to maximize our portfolio’s total return, principally by seeking capital gains on our equity andequity-related investments, and to a lesser extent, income from debt investments. We invest principally in the equity securities ofwhat we believe to be rapidly growing venture capital-backed emerging companies. We acquire our investments through directinvestments in prospective portfolio companies, secondary marketplaces for private companies, negotiations with sellingstockholders, and through investments in special purpose vehicles (“SPVs”) and investment funds that invest directly inthe equity or debt of a single private issuer. In addition, we may invest in private credit and in the founders equity, founderswarrants, venture capital investment funds, and private investment in public equity (“PIPE”) transactions of specialpurpose acquisition companies (“SPACs”). We may also invest on an opportunistic basis in select publicly traded equitysecurities, private equity funds and hedge funds that are excluded from the definition of “investment company” underthe 1940 Act by Section 3(c)(1) or 3(c)(7) of the 1940 Act, or certain non-U.S. companies that otherwisemeet our investment criteria, subject to applicable requirements of the 1940 Act.

Inregard to the regulatory requirements for BDCs under the 1940 Act, some of these investments may not qualify as investments in “eligibleportfolio companies,” and thus may not be considered “qualifying assets.” “Eligible portfolio companies”generally include U.S. companies that are not investment companies and that do not have securities listed on a national exchange. Ifat any time less than 70% of our gross assets are comprised of qualifying assets, including as a result of an increase in the value ofany non-qualifying assets or decrease in the value of any qualifying assets, we would generally not be permitted to acquire any additionalnon-qualifying assets until such time as 70% of our then-current gross assets were comprised of qualifying assets. We would not be required,however, to dispose of any non-qualifying assets in such circumstances.

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Ourinvestment philosophy is based on a disciplined approach of identifying promising investments in high-growth, venture-backedcompanies across several key industry themes which may include, among others, Software-as-a-Service, Artificial IntelligenceInfrastructure & Applications, Consumer Goods & Services, Education Technology, Logistics & Supply Chain, FinancialTechnology & Services, and SuRo Capital Sports. Our investment decisions are based on a disciplined analysis of availableinformation regarding each potential portfolio company’s business operations, focusing on the portfolio company’s growthpotential, the quality of recurring revenues, and path to profitability, as well as an understanding of key market fundamentals.Venture capital funds or other institutional investors have invested in the vast majority of companies we evaluate.

Weseek to deploy capital primarily in the form of non-controlling equity and equity-related investments, including common stock, warrants,preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company’s common equity,and convertible debt securities with a significant equity component. Typically, our preferred stock investments are non-income producing,have different voting rights than our common stock investments and are generally convertible into common stock at our discretion. Asour investment strategy is primarily focused on equity positions, our investments generally do not produce current income and thereforewe may be dependent on future capital raising to meet our operating needs if no other source of liquidity is available.

Weseek to create a low-turnover portfolio that includes investments in companies representing a broad range of investment themes.

OurHistory

Weformed in 2010 as a Maryland corporation and operate as an internally managed, non-diversified closed-end management investment company.Our investment activities are supervised by our Board of Directors and managed by our executive officers and investments professionals,all of which are our employees.

Ourdate of inception was January 6, 2011, which is the date we commenced development stage activities. We commenced operations as a BDCupon completion of our IPO in May 2011 and began our investment operations during the second quarter of 2011.

Onand effective March 12, 2019, our Board of Directors approved our Internalization, and we began operating as an internally managed non-diversifiedclosed-end management investment company that has elected to be regulated as a BDC under the 1940 Act. Our Board of Directors approvedthe Internalization in order to better align the interests of our stockholders with its management. As an internally managed BDC, weare managed by our employees, rather than the employees of an external investment adviser, thereby allowing for greater transparencyto stockholders through robust disclosure regarding our compensation structure. As a result of the Internalization, we no longer payany fees or expenses under an investment advisory agreement or administration agreement, and instead pay the operating costs associatedwith employing investment management professionals including, without limitation, compensation expenses related to salaries, discretionarybonuses and restricted stock grants.

Portfolioand Investment Activity

SixMonths Ended June 30, 2025

Thevalue of our investment portfolio will change over time due to changes in the fair value of our underlying investments, as well as changesin the composition of our portfolio resulting from purchases of new and follow-on investments and the sales of existing investments.The fair value as of June 30, 2025 of all of our portfolio investments was $243,798,547.

Duringthe six months ended June 30, 2025, we funded investments in an aggregate amount of $6,302,884 (not including capitalized transactioncosts) as shown in the following table:

Portfolio Company	Investment	Transaction Date	Gross Payments
Orchard Technologies, Inc.	Senior Preferred Shares, Series 1	1/31/2025	$	222,210
Orchard Technologies, Inc.	Simple Agreement for Future Equity	1/31/2025		80,800
Whoop, Inc.	Simple Agreement for Future Equity	2/6/2025		1,000,000
Plaid Inc.⁽¹⁾	Common Shares, Class A	4/4/2025		4,999,874
Total			$	6,302,884

(1)

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. SuRo Capital paid a 7% origination fee at the time of investment.

Duringthe six months ended June 30, 2025, we capitalized fees of $400,237.

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Duringthe six months ended June 30, 2025, we exited or received proceeds from investments in the amount of $41,251,774, net of transactioncosts, and realized a net gain on investments of $21,194,660 (including adjustments to amounts held in escrow receivable) as shown infollowing table:

Portfolio Company	Transaction Date	Quantity		Average Net Share Price⁽¹⁾		Net Proceeds		Realized Gain⁽²⁾
CoreWeave, Inc.⁽³⁾	Various		222,240	$	113.99	$	25,332,125	$	15,328,543
ServiceTitan, Inc.⁽⁴⁾	Various		151,515	$	105.07		15,919,649		5,911,416
Total						$	41,251,774	$	21,239,959

(1)	The average net share price is the net share price realized after deducting all commissions and fees on the sale(s), if applicable.
(2)	Realized gain does not include adjustments to amounts held in escrow receivable.
(3)	As of June 20, 2025, we had sold the entirety of our directly held CoreWeave, Inc. public common shares. As of June 30, 2025, we continue to hold the entirety of our interest in CW Opportunity 2 LP.
(4)	As of June 27, 2025, we had sold our entire position in ServiceTitan, Inc. public common shares.

Duringthe six months ended June 30, 2025, we did not write-off any investments.

SixMonths Ended June 30, 2024

Thevalue of our investment portfolio will change over time due to changes in the fair value of our underlying investments, as well as changesin the composition of our portfolio resulting from purchases of new and follow-on investments and the sales of existing investments.The fair value as of June 30, 2024 of all of our portfolio investments was $182,904,880.

Duringthe six months ended June 30, 2024, we funded investments in an aggregate amount of $34,999,944 (not including capitalized transactioncosts) as shown in the following table:

Portfolio Company	Investment	Transaction Date	Gross Payments
Supplying Demand, Inc. (d/b/a Liquid Death)	Preferred Shares, Series F-1	1/18/2024	$	9,999,996
Canva, Inc.	Common Shares	4/17/2024		9,999,948
CW Opportunity 2 LP⁽¹⁾	Membership Interest, Class A	5/7/2024		15,000,000
Total			$	34,999,944

(1)	CW Opportunity 2 LP is an SPV that 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 theClass A Interest of CW Opportunity 2 LP.

Duringthe six months ended June 30, 2024, we capitalized fees of $73,100.

Duringthe six months ended June 30, 2024, we exited or received proceeds from investments (not including short-term U.S. Treasury bills) inthe amount of $10,551,335, net of transaction costs, and realized a net loss on investments of $453,686 (including adjustments to amountsheld in escrow receivable) as shown in following table:

Portfolio Company	Transaction Date	Quantity		Average Net Share Price⁽¹⁾		Net Proceeds		Realized Gain/(Loss)⁽²⁾
Nextdoor Holdings, Inc.⁽³⁾	Various		112,420	$	1.92	$	215,318	$	(411,151	)
PSQ Holdings, Inc. (d/b/a PublicSquare) - Warrants⁽⁴⁾	Various		100,000		1.03		102,998		60,067
Architect Capital PayJoy SPV, LLC⁽⁵⁾	6/28/2024		N/A		N/A		10,000,000		(6,745	)
True Global Ventures 4 Plus Pte Ltd⁽⁶⁾	6/28/2024		N/A		N/A		233,019		—
Total						$	10,551,335	$	(357,829	)

(1)	The average net share price is the net share price realized after deducting all commissions and fees on the sale(s), if applicable.
(2)	Realized gain/(loss) does not include adjustments to amounts held in escrow receivable.
(3)	As of February 23, 2024, we had sold our remaining Nextdoor Holdings, Inc. public common shares.
(4)	As of June 30, 2024, we held 2,296,037 remaining PSQ Holdings, Inc. (d/b/a PublicSquare) public warrants.
(5)	On June 28, 2024, we redeemed the entirety of our Membership Interest in Architect Capital PayJoy SPV, LLC.
(6)	On June 28, 2024, we received a returnof capital distribution from our investment in True Global Ventures 4 Plus Pte Ltd.

Duringthe six months ended June 30, 2024, we did not write-off any investments.

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Resultsof Operations

Comparisonof the three and six months ended June 30, 2025 and 2024

Operatingresults for the three and six months ended June 30, 2025 and 2024 are as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Total Investment Income	$	167,304		$	1,027,353		$	666,398		$	2,555,444
Interest income		167,304			1,027,353			317,951			2,533,569
Dividend income		—			—			348,447			21,875
Total Operating Expenses	$	3,889,464		$	4,682,978		$	8,050,327		$	9,433,971
Compensation expense		1,571,856			2,198,509			3,239,691			4,383,827
Directors’ fees		175,495			167,825			346,060			338,938
Interest expense		1,275,485			1,214,267			2,535,334			2,428,534
Professional fees		680,857			586,825			1,431,081			1,315,384
Income tax expense		(218,745	)		52,794			(215,949	)		54,894
Other expenses		404,516			462,758			714,110			912,394
Net Investment Loss	$	(3,722,160	)	$	(3,655,625	)	$	(7,383,929	)	$	(6,878,527	)
Net realized gain/(loss) on investments		21,212,611			(29,612	)		21,194,660			(453,686	)
Realized loss on partial repurchase of 6.00% Notes due December 30, 2026		—			—			(15,873	)		—
Net change in unrealized appreciation/(depreciation) of investments		44,837,619			(6,965,946	)		47,726,497			(25,384,316	)
Net Change in Net Assets Resulting from Operations	$	62,328,070		$	(10,651,183	)	$	61,521,355		$	(32,716,529	)

InvestmentIncome

Investmentincome decreased to $167,304 for the three months ended June 30, 2025 from $1,027,353 for the three months ended June 30, 2024. The netdecrease between periods was primarily due to the cessation of interest income from short-term U.S. Treasury bills and a decrease ininterest income received on cash, in addition to no longer receiving interest income from Architect Capital PayJoy SPV, LLC followingthe redemption of our investment in June 2024. Additional decreases were related to a decrease in interest income from interest accrualson our debt investment in Xgroup Holdings Limited (d/b/a Xpoint) during the three months ended June 30, 2025, relative to the three monthsended June 30, 2024.

Investmentincome decreased to $666,398 for the six months ended June 30, 2025 from $2,555,444 for the six months ended June 30, 2024. The net decreasebetween periods was primarily due to the cessation of interest income from short-term U.S. Treasury bills and a decrease in interestincome received on cash, in addition to no longer receiving interest income from Architect Capital PayJoy SPV, LLC following the redemptionof our investment in June 2024. Additional decreases were related to a decrease in interest income from interest accruals on our debtinvestment in Xgroup Holdings Limited (d/b/a Xpoint), and a decrease in dividend income from Aventine Property Group, Inc. due to thepause placed on their declaration of dividends that began in August 2024. The decreases were offset by an increase in dividend incomefrom CW Opportunity 2 LP during the six months ended June 30, 2025, relative to the six months ended June 30, 2024.

OperatingExpenses

Totaloperating expenses decreased to $3,889,464 for the three months ended June 30, 2025 from $4,682,978 for the three months ended June30, 2024. The decrease in operating expense was primarily due to decreases in compensation expense and other expenses, in additionto a decrease in income tax expense due to the receipt of a prior year tax refund in the current period. These decreases were partially offset byincreases in professional fees, interest expense, and directors’ fees during the three months ended June 30, 2025, relative tothe three months ended June 30, 2024.

Totaloperating expenses decreased to $8,050,327 for the six months ended June 30, 2025 from $9,433,971 for the six months ended June 30,2024. The decrease in operating expense was primarily due to decreases in compensation expense and other expenses, in addition to adecrease in income tax expense due to the receipt of a prior year tax refund in the current period. These decreases were partially offset byincreases in professional fees, interest expense, and directors’ fees during the six months ended June 30, 2025, relative tothe six months ended June 30, 2024.

NetInvestment Loss

Forthe three months ended June 30, 2025, we recognized a net investment loss of $3,722,160, compared to a net investment loss of $3,655,625for the three months ended June 30, 2024. The change between periods resulted from a decrease in total investment income and operatingexpenses during the three months ended June 30, 2025, relative to the three months ended June 30, 2024.

Forthe six months ended June 30, 2025, we recognized a net investment loss of $7,383,929, compared to a net investment loss of $6,878,527for the six months ended June 30, 2024. The change between periods resulted from a decrease in total investment income and operatingexpenses during the six months ended June 30, 2025, relative to the six months ended June 30, 2024.

NetRealized Gain/(Loss) on Investments

Forthe three months ended June 30, 2025, we recognized a net realized gain on our investments of $21,212,611, compared to a netrealized loss of $29,612 for the three months ended June 30, 2024. The components of our net realized gains or losses on portfolioinvestments for the three months ended June 30, 2025 and 2024, excluding short-term U.S. Treasury bills and fluctuations in escrowreceivables estimates, are reflected in the tables above, under “—Portfolio and Investment Activity.”

Forthe six months ended June 30, 2025, we recognized a net realized gain on our investments of $21,194,660, compared to a net realizedloss of $453,686 for the six months ended June 30, 2024. The components of our net realized gains or losses on portfolio investmentsfor the six months ended June 30, 2025 and 2024, excluding short-term U.S. Treasury bills and fluctuations in escrow receivablesestimates, are reflected in the tables above, under “—Portfolio and Investment Activity.”

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NetChange in Unrealized Appreciation/(Depreciation) of Investments

Forthe three months ended June 30, 2025, we had a net change in unrealized appreciation/(depreciation) of $44,837,619. For the three monthsended June 30, 2024, we had a net change in unrealized appreciation/(depreciation) of $(6,965,946). The following tables summarize, byportfolio company, the significant changes in unrealized appreciation/(depreciation) of our investment portfolio for the three monthsended June 30, 2025 and 2024.

Portfolio Company	Net Change in Unrealized Appreciation/ (Depreciation) For the Three Months Ended June 30, 2025			Portfolio Company	Net Change in Unrealized Appreciation/ (Depreciation) For the Three Months Ended June 30, 2024
CW Opportunity 2 LP	$	28,595,524		Blink Health, Inc.	$	8,312,921
Colombier Sponsor II LLC		10,086,976		ServiceTitan, Inc.		1,039,251
CoreWeave, Inc.⁽¹⁾		2,999,023		StormWind, LLC		(1,865,441	)
Canva, Inc.		2,402,950		PSQ Holdings, Inc. (d/b/a PublicSquare)		(2,561,945	)
Whoop, Inc.		2,392,797		Learneo, Inc. (f/k/a Course Hero, Inc.)		(13,945,631	)
FourKites, Inc.		1,513,796
Locus Robotics Corp.		1,434,323
Blink Health, Inc.		(2,147,015	)
ServiceTitan, Inc.⁽¹⁾		(3,393,618	)
Other⁽²⁾		952,863		Other⁽²⁾		2,054,899
Total	$	44,837,619		Total	$	(6,965,946	)

(1)	The change in unrealized appreciation/(depreciation) reflected for these investments resulted from the full or partial exit of the investment, which resulted in the reversal of previously accrued unrealized appreciation/(depreciation), as applicable.
(2)	“Other” represents investments for which individual changes in unrealized appreciation/(depreciation) was less than $1.0 million for the three months ended June 30, 2025 and 2024.

Forthe six months ended June 30, 2025, we had a net change in unrealized appreciation/(depreciation) of $47,726,497. For the six monthsended June 30, 2024, we had a net change in unrealized appreciation/(depreciation) of $(25,384,316). The following tables summarize,by portfolio company, the significant changes in unrealized appreciation/(depreciation) of our investment portfolio for the sixmonths ended June 30, 2025 and 2024.

Portfolio Company	Net Change in Unrealized Appreciation/ (Depreciation) For the Six Months Ended June 30, 2025			Portfolio Company	Net Change in Unrealized Appreciation/ (Depreciation) For the Six Months Ended June 30, 2024
CW Opportunity 2 LP	$	23,101,890		Blink Health, Inc.	$	8,178,720
Colombier Sponsor II LLC		18,697,452		ServiceTitan, Inc.		2,484,626
ARK Type One Deep Ventures Fund LLC		10,121,217		FourKites, Inc.		1,904,023
Whoop, Inc.		7,814,651		Xgroup Holdings Limited (d/b/a Xpoint)		1,114,839
Shogun Enterprises, Inc. (d/b/a Hearth)		1,472,377		Orchard Technologies, Inc.		(1,158,150	)
Canva, Inc.		1,242,894		Residential Homes for Rent, LLC (d/b/a Second Avenue)		(1,379,719	)
PSQ Holdings, Inc. (d/b/a PublicSquare)		(1,059,662	)	Forge Global, Inc.		(2,257,374	)
Learneo, Inc. (f/k/a Course Hero, Inc.)		(1,512,785	)	PSQ Holdings, Inc. (d/b/a PublicSquare)		(2,497,333	)
FourKites, Inc.		(3,122,821	)	StormWind, LLC		(3,761,225	)
ServiceTitan, Inc.⁽¹⁾		(4,019,480	)	Learneo, Inc. (f/k/a Course Hero, Inc.)		(26,944,664	)
Blink Health, Inc.		(4,028,046	)
Other⁽²⁾		(981,190	)	Other⁽²⁾		(1,068,059	)
Total	$	47,726,497		Total	$	(25,384,316	)

(1)	The change in unrealized appreciation/(depreciation)reflected for these investments resulted from the full or partial exit of the investment, which resulted in the reversal of previouslyaccrued unrealized appreciation/(depreciation), as applicable.
(2)	“Other” represents investments for which individual changes in unrealized appreciation/(depreciation) was less than $1.0 million for the six months ended June 30, 2025 and 2024.

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Liquidityand Capital Resources

Ourliquidity and capital resources are generated primarily from the sales of our investments and the net proceeds from public offeringsof our equity and debt securities, including pursuant to our continuous at-the-market offering of shares of our common stock as discussedbelow under “Equity Issuances and Debt Capital Activities — At-the-Market Offering”. On December 17, 2021,we issued $75.0 million aggregate principal amount of our 6.00% Notes due 2026 (the “6.00% Notes due 2026”), of which $39.7million remain outstanding as of June 30, 2025. In addition, on August 14, 2024, we issued $25.0 million in aggregate principal amount of 6.50% ConvertibleNotes due 2029, and on October 9, 2024 and January 16, 2025, we issued $5.0 million and $5.0 million, respectively, in aggregate principalamount of the Additional Notes (as defined below), all of which remain outstanding. For additional information, see “Equity Issuancesand Debt Capital Activities - 6.50% Convertible Notes due 2029” below and “Note 10—Debt Capital Activities” toour Condensed Consolidated Financial Statements as of June 30, 2025.

Ourprimary uses of cash are to make investments, pay our operating expenses, and make distributions to our stockholders. For the sixmonths ended June 30, 2025 and 2024, our operating expenses, including interest payments on our debt obligations, were $8,050,327 and$9,433,971, respectively.

Cash Reserves and Liquid Securities	June 30, 2025		December 31, 2024
Cash	$	49,852,801	$	20,035,640
Restricted cash⁽¹⁾		38,741		—
Securities of publicly traded portfolio companies:
Unrestricted securities⁽²⁾		2,504,058		3,563,407
Subject to other sales restrictions⁽³⁾		—		14,027,713
Securities of publicly traded portfolio companies		2,504,058		17,591,120
Total Cash Reserves and Liquid Securities	$	52,395,600	$	37,626,760

(1)	Restricted Cash consists of amounts thatare held in a separate account and are subject to specific contractual restrictions that limit their availability for general corporateuse.
(2)	“Unrestricted securities” represents common stock and warrants of our publicly traded portfolio companies that are not currently subject to any restrictions upon sale. We may incur losses.
(3)	Securities of publicly traded portfolio companies “subject to other sales restrictions” represents common stock of our publicly traded portfolio companies that are currently subject to certain lock-up restrictions.

During the six monthsended June 30, 2025, cash increased to $49,891,542 from $20,035,640 at the beginning of the year. The increase in cash was primarilydue to the sale of public securities. The increase was offset by payment of our operating expenses and payment of interest on the 6.00%Notes due 2026 and 6.50% Convertible Notes due 2029.

Currently,we believe we have ample liquidity to support our near-term capital requirements. Consistent with past and current practices, we willcontinue to evaluate our overall liquidity position and take proactive steps to maintain the appropriate liquidity position based uponthe current circumstances.

ContractualObligations

Asummary of our significant contractual payment obligations as of June 30, 2025 is as follows:

	Payments Due By Period (in millions)
	Total		Less than 1 year		1–3 years		3–5 years		More than 5 years
6.00% Notes due 2026⁽¹⁾	$	39.7	$	—	$	39.7	$	—	$	—
6.50% Convertible Notes due 2029⁽²⁾		35.0		—		—		35.0		—
Operating lease liability		0.4		0.1		0.3	$	—		—
Total	$	75.1	$	0.1	$	40.0	$	35.0	$	—

(1)	Reflects the principal balance payable for the 6.00% Notes due 2026 as of June 30, 2025. Refer to “Note 10—Debt Capital Activities” in our Condensed Consolidated Financial Statements as of June 30, 2025 for more information.
(2)	Reflects the principal balance payable for the 6.50% Convertible Notes due 2029 as of June 30, 2025. Refer to “Note 10—Debt Capital Activities” in our Condensed Consolidated Financial Statements as of June 30, 2025 for more information.

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ShareRepurchase Program

Duringthe three and six months ended June 30, 2025 and 2024, we did not repurchase any shares of our common stock underthe discretionary open-market Share Repurchase Program. As of June 30, 2025, the dollar value of shares that remained available to bepurchased under the Share Repurchase Program is approximately $25.0 million. Currently, the Share Repurchase Program is authorized untilthe earlier of (i) October 31, 2025 or (ii) the repurchase of $64.3 million in aggregate amount of our common stock.

Underthe Share Repurchase Program, we may repurchase our outstanding common stock in the open market, provided that we comply with the prohibitionsunder our insider trading policies and procedures and the applicable provisions of the 1940 Act and the Securities Exchange Act of 1934,as amended (the “Exchange Act”), and the rules promulgated thereunder. For more information on the Share Repurchase Program,see “Note 5—Common Stock” to our Condensed Consolidated Financial Statements as of June 30, 2025.

Off-BalanceSheet Arrangements

Asof June 30, 2025 and December 31, 2024, we had no off-balance sheet arrangements, including any risk management of commodity pricingor other hedging practices. However, we may employ hedging and other risk management techniques in the future.

EquityIssuances and Debt Capital Activities

At-the-MarketOffering

OnJuly 29, 2020, we established an “at-the-market” offering (the “ATM Program”) pursuant to an At-the-Market SalesAgreement dated July 29, 2020 (as amended on September 23, 2020 and November 8, 2024, the “Sales Agreement”) with BTIG LLC,Citizens JMP Securities, LLC (f/k/a JMP Securities LLC), Ladenburg Thalmann & Co. Inc. and Barrington Research Associates, Inc. (collectively,the “Agents”). Under the Sales Agreement, we may, but have no obligation to, issue and sell up to $150.0 million in aggregateamount of shares of our common stock (the “Shares”) from time to time through the Agents or to them as principal for theirown account. We intend to use the net proceeds from the ATM Program to make investments in portfolio companies in accordance with ourinvestment objective and strategy and for general corporate purposes.

Duringthe six months ended June 30, 2025 and 2024, we did not issue or sell Shares under the ATM Program. As of June 30, 2025 and June 30,2024, up to approximately $98.8 million in aggregate amount of the Shares remain available for sale under the ATM Program.

Referto “Note 5—Common Stock” to our Condensed Consolidated Financial Statements as of June 30, 2025 for more informationregarding the ATM Program.

6.00%Notes due 2026 - Note Repurchase Program

OnDecember 17, 2021, we issued $70.0 million aggregate principal amount of 6.00% Notes due 2026, which bear interest at a fixed rate of6.00% per year, payable quarterly in arrears on March 30, June 30, September 30, and December 30 of each year, commencing onMarch 30, 2022. On December 21, 2021, we issued an additional $5.0 million aggregate principal amount of 6.00% Notes due 2026. We receivedapproximately $73.0 million in proceeds from the offering, net of underwriting discounts and commissions and other offering expenses.The 6.00% Notes due 2026 have a maturity date of December 30, 2026, unless previously repurchased or redeemed in accordance with theirterms. We have the right to redeem the 6.00% Notes due 2026, in whole or in part, at any time or from time to time, on or after December30, 2024 at a redemption price of 100% of the aggregate principal amount thereof plus accrued and unpaid interest.

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OnAugust 6, 2024, our Board of Directors approved a discretionary note repurchase program (the “Note Repurchase Program”) whichallows us to repurchase up to $35.0 million of our 6.00% Notes due 2026 through open market purchases, including block purchases, insuch manner as will comply with the provisions of the 1940 Act and the Exchange Act. During the year ended December 31, 2024, the Companyrepurchased and retired $30.3 million of aggregate principal amount of the 6.00% Notes due 2026. During the three and six months endedJune 30, 2025, the Company repurchased and retired $0 and $5.0 million, respectively, of aggregate principal amount of the 6.00% Notes due 2026, resultingin the total use of the authorized amount under the Note Repurchase Program.

Referto “Note 10—Debt Capital Activities” to our Condensed Consolidated Financial Statements as of June 30, 2025 for moreinformation regarding the 6.00% Notes due 2026.

6.50%Convertible Notes due 2029

OnAugust 14, 2024, we issued $25.0 million aggregate principal amount of the 6.50% Convertible Notes due 2029 to a private purchaser (the“Purchaser”), which bear interest at a rate of 6.50% per year, payable quarterly in arrears on March 30, June 30, September30, and December 30 of each year, commencing on September 30, 2024. We received $24.3 million in proceeds from the issuance, net of underwritingdiscounts and commissions. Under the purchase agreement governing the 6.50% Convertible Notes due 2029 (the “Notes Purchase Agreement”),upon mutual agreement between the Company and the Purchaser, we may issue additional 6.50% Convertible Notes due 2029 for sale in subsequentofferings to the Purchaser (the “Additional Notes”), or issue additional notes with modified pricing terms (the “NewNotes”), in the aggregate for both the Additional Notes and the New Notes, up to a maximum of $50.0 million in one or more privateofferings. Pursuant to the Notes Purchase Agreement, on October 9, 2024, we issued $5.0 million of Additional Notes to the Purchaser,and on January 16, 2025, we issued an additional $5.0 million of Additional Notes to the Purchaser, which Additional Notes are treatedas a single series with the initial issuance of the 6.50% Convertible Notes due 2029. The 6.50% Convertible Notes due 2029 mature onAugust 14, 2029, unless previously repurchased, redeemed or converted in accordance with their terms. We do not have the right to redeemthe 6.50% Convertible Notes due 2029 prior to August 6, 2027.

The6.50% Convertible Notes due 2029 are convertible into shares of our common stock at the Purchaser’s sole discretion at an initialconversion rate of 129.0323 shares of common stock per $1,000 principal amount of the 6.50% Convertible Notes due 2029, subject to adjustmentas provided in the Notes Purchase Agreement.

Referto “—Recent Developments” and “Note 10—Debt Capital Activities” to our Condensed ConsolidatedFinancial Statements as of June 30, 2025 for more information regarding the 6.50% Convertible Notes due 2029.

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Distributions

Thetiming and amount of our distributions, if any, will be determined by our Board of Directors and will be declared out of assets legallyavailable for distribution. The following table lists the distributions, including dividends and returns of capital, if any, per sharethat we have declared since our formation through June 30, 2025. The table is divided by fiscal year according to record date:

Date Declared	Record Date	Payment Date	Amount per Share
Fiscal 2015:
November 4, 2015⁽¹⁾	November 16, 2015	December 31, 2015	$	2.76
Fiscal 2016:
August 3, 2016⁽²⁾	August 16, 2016	August 24, 2016		0.04
Fiscal 2019:
November 5, 2019⁽³⁾	December 2, 2019	December 12, 2019		0.20
December 20, 2019⁽⁴⁾	December 31, 2019	January 15, 2020		0.12
Fiscal 2020:
July 29, 2020⁽⁵⁾	August 11, 2020	August 25, 2020		0.15
September 28, 2020⁽⁶⁾	October 5, 2020	October 20, 2020		0.25
October 28, 2020⁽⁷⁾	November 10, 2020	November 30, 2020		0.25
December 16, 2020⁽⁸⁾	December 30, 2020	January 15, 2021		0.22
Fiscal 2021:
January 26, 2021⁽⁹⁾	February 5, 2021	February 19, 2021		0.25
March 8, 2021⁽¹⁰⁾	March 30, 2021	April 15, 2021		0.25
May 4, 2021⁽¹¹⁾	May 18, 2021	June 30, 2021		2.50
August 3, 2021⁽¹²⁾	August 18, 2021	September 30, 2021		2.25
November 2, 2021⁽¹³⁾	November 17, 2021	December 30, 2021		2.00
December 20, 2021⁽¹⁴⁾	December 31, 2021	January 14, 2022		0.75
Fiscal 2022:
March 8, 2022⁽¹⁵⁾	March 25, 2022	April 15, 2022		0.11
Total			$	12.10

(1)	The distribution was paid in cash or shares of our common stock at the election of stockholders, although the total amount of cash distributed to all stockholders was limited to approximately 50% of the total distribution to be paid to all stockholders. As a result of stockholder elections, the distribution consisted of 2,860,903 shares of common stock issued in lieu of cash, or approximately 14.8% of our outstanding shares prior to the distribution, as well as cash of $26,358,885. The number of shares of common stock comprising the stock portion was calculated based on a price of $9.425 per share, which equaled the average of the volume weighted-average trading price per share of our common stock on December 28, 29 and 30, 2015. None of the $2.76 per share distribution represented a return of capital.
(2)	Of the total distribution of $887,240 on August 24, 2016, $820,753 represented a distribution from realized gains, and $66,487 represented a return of capital.
(3)	All of the $3,512,849 distribution paid on December 12, 2019 represented a distribution from realized gains. None of the distribution represented a return of capital.
(4)	All of the $2,107,709 distribution paid on January 15, 2020 represented a distribution from realized gains. None of the distribution represented a return of capital.
(5)	All of the $2,516,452 distribution paid on August 25, 2020 represented a distribution from realized gains. None of the distribution represented a return of capital.
(6)	All of the $5,071,326 distribution paid on October 20, 2020 represented a distribution from realized gains. None of the distribution represented a return of capital.
(7)	All of the $4,978,504 distribution paid on November 30, 2020 represented a distribution from realized gains. None of the distribution represented a return of capital.
(8)	All of the $4,381,084 distribution paid on January 15, 2021 represented a distribution from realized gains. None of the distribution represented a return of capital.
(9)	All of the $4,981,131 distribution paid on February 19, 2021 represented a distribution from realized gains. None of the distribution represented a return of capital.
(10)	All of the $6,051,304 distribution paid on April 15, 2021 represented a distribution from realized gains. None of the distribution represented a return of capital.

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(11)	The distribution was paid in cash or shares of our common stock at the election of stockholders, although the total amount of cash distributed to all stockholders was limited to approximately 50% of the total distribution to be paid to all stockholders. As a result of stockholder elections, the distribution consisted of 2,335,527 shares of common stock issued in lieu of cash, or approximately 9.6% of our outstanding shares prior to the distribution, as well as cash of $29,987,589. The number of shares of common stock comprising the stock portion was calculated based on a price of $13.07 per share, which equaled the average of the volume weighted-average trading price per share of our common stock on May 12, 13, and 14, 2021. None of the $2.50 per share distribution represented a return of capital.
(12)	The distribution was paid in cash or shares of our common stock at the election of stockholders, although the total amount of cash distributed to all stockholders was limited to approximately 50% of the total distribution to be paid to all stockholders. As a result of stockholder elections, the distribution consisted of 2,225,193 shares of common stock issued in lieu of cash, or approximately 8.4% of our outstanding shares prior to the distribution, as well as cash of $29,599,164. The number of shares of common stock comprising the stock portion was calculated based on a price of $13.55 per share, which equaled the average of the volume weighted-average trading price per share of our common stock on August 11, 12, and 13, 2021. None of the $2.25 per share distribution represented a return of capital.
(13)	The distribution was paid in cash or shares of our common stock at the election of stockholders, although the total amount of cash distributed to all stockholders was limited to approximately 50% of the total distribution to be paid to all stockholders. As a result of stockholder elections, the distribution consisted of 2,170,807 shares of common stock issued in lieu of cash, or approximately 7.5% of our outstanding shares prior to the distribution, as well as cash of $28,494,812. The number of shares of common stock comprising the stock portion was calculated based on a price of $13.39 per share, which equaled the average of the volume weighted-average trading price per share of our common stock on November 11, 12, and 13, 2021. None of the $2.00 per share distribution represented a return of capital.
(14)	All of the $23,338,915 distribution paid on January 14, 2022 represented a distribution from realized gains. None of the distribution represented a return of capital.
(15)	All of the $3,441,824 distribution paid on April 15, 2022 represented a distribution from realized gains. None of the distribution represented a return of capital.

Weintend to focus on making equity investments from which we will derive primarily capital gains. As a consequence, we do not anticipatethat we will pay distributions on a quarterly basis or become a predictable distributor of distributions, and we expect that our distributions,if any, will be much less consistent than the distributions of other BDCs that primarily make debt investments. If there are earningsor realized capital gains to be distributed, we intend to declare and pay a distribution at least annually. The amount of realized capitalgains available for distribution to stockholders will be impacted by our tax status.

Ourcurrent intention is to make any future distributions out of assets legally available therefrom in the form of additional shares of ourcommon stock under our dividend reinvestment plan (“DRIP”), except in the case of stockholders who elect to receive dividendsand/or long-term capital gains distributions in cash. Under the DRIP, if a stockholder owns shares of common stock registered in itsown name, the stockholder will have all cash distributions (net of any applicable withholding) automatically reinvested in additionalshares of common stock unless the stockholder opts out of our DRIP by delivering a written notice to our dividend paying agent priorto the record date of the next dividend or distribution. Any distributions reinvested under the plan will nevertheless be treated asreceived by the U.S. stockholder for U.S. federal income tax purposes, although no cash distribution has been made. As a result, if astockholder does not elect to opt out of the DRIP, it will be required to pay applicable federal, state and local taxes on any reinvesteddividends even though such stockholder will not receive a corresponding cash distribution. Stockholders that hold shares in the nameof a broker or financial intermediary should contact the broker or financial intermediary regarding any election to receive distributionsin cash.

Solong as we qualify as a RIC, we generally will not be subject to U.S. federal and state income taxes on any ordinary income or capitalgains that we distribute at least annually to our stockholders as dividends. To the extent all our ordinary income and capital gainsare timely distributed to our stockholders as dividends, any tax liability related to income earned by the RIC will represent obligationsof our investors and will not be reflected in our consolidated financial statements. See “Note 2—Significant Accounting Policies—U.S.Federal and State Income Taxes” and “Note 9—Income Taxes” to our Consolidated Financial Statements as ofJune 30, 2025 for more information. The Taxable Subsidiaries included in our Consolidated Financial Statements are subject to U.S. federalincome tax imposed at corporate rates on their income, regardless of whether we are taxed as a RIC. The Taxable Subsidiaries are notconsolidated for U.S. federal income tax purposes and may generate income tax expenses as a result of their ownership of the portfoliocompanies. Such income tax expenses and deferred taxes, if any, will be reflected in our Consolidated Financial Statements.

CriticalAccounting Estimates and Policies

Criticalaccounting policies and practices are the policies that are both most important to the portrayal of our financial condition and results,and require management’s most difficult, subjective, or complex judgments, often as a result of the need to make estimates aboutthe effects of matters that are inherently uncertain. These include estimates of the fair value of our Level 3 investments and otherestimates that affect the reported amounts of assets and liabilities as of the date of the Condensed Consolidated Financial Statementsand the reported amounts of certain revenues and expenses during the reporting period. It is likely that changes in these estimates willoccur in the near term. Our estimates are inherently subjective in nature and actual results could differ materially from such estimates.See “Note 2—Significant Accounting Policies” to our Condensed Consolidated Financial Statements as of June 30, 2025for further detail regarding our critical accounting policies and recently issued or adopted accounting pronouncements.

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Related-PartyTransactions

See“Note 3—Related-Party Arrangements” to our Condensed Consolidated Financial Statements as of June 30, 2025 for moreinformation.

RecentDevelopments

PortfolioActivity

Pleaserefer to “Note 12—Subsequent Events” to our Condensed Consolidated Financial Statements as of June 30, 2025 for detailsregarding activity in our investment portfolio from July 1, 2025 through August 6, 2025.

Weare frequently in negotiations with various private companies with respect to investments in such companies. Investments in private companiesare generally subject to satisfaction of applicable closing conditions. In the case of secondary market transactions, such closing conditionsmay include approval of the issuer, waiver or failure to exercise rights of first refusal by the issuer and/or its stockholders and terminationrights by the seller or us. Equity investments made through the secondary market may involve making deposits in escrow accounts untilthe applicable closing conditions are satisfied, at which time the escrow accounts will close and such equity investments will be effectuated.

Dividends

OnJuly 3, 2025, our Board of Directors declared a dividend of $0.25 per share payable on July 31, 2025 to our common stockholders of recordas of the close of business on July 21, 2025. The dividend will be paid in cash.

Adjustment to ConversionRate of 6.50% Convertible Notes due 2029

Effectiveas of July 21, 2025, the conversion rate applicable to the 6.50% Convertible Notes due 2029 was adjusted to $7.53 per share (132.7530shares of our common stock per $1,000 principal amount of the 6.50% Convertible Notes due 2029) from the initial conversion price of$7.75 per share (129.0323 shares of our common stock per $1,000 principal amount of the 6.50% Convertible Notes due 2029), which hadbeen effective since issuance. The adjustment to the conversion rate of the 6.50% Convertible Notes due 2029 was made pursuant to theNote Purchase Agreement governing the 6.50% Convertible Notes due 2029 as a result of our cash dividend of $0.25 per share, paid on July31, 2025 to stockholders of record as of the close of business on July 21, 2025.

Item3. Quantitative and Qualitative Disclosures about Market Risk

MarketRisk

Ourequity investments are primarily in growth companies that in many cases have short operating histories and are generally illiquid. Inaddition to the risk that these companies may fail to achieve their objectives, the price we may receive for these companies in privatetransactions may be significantly impacted by periods of disruption and instability in the capital markets. While these periods of disruptiongenerally have little actual impact on the operating results of our equity investments, these events may significantly impact the pricesthat market participants will pay for our equity investments in private transactions. This may have a significant impact on the valuationof our equity investments.

ValuationRisk

Ourinvestments may not have a readily available market quotation, as such term is defined in Rule 2a-5 under the 1940 Act, and we valuethese investments at fair value as determined in good faith by our Board of Directors in accordance with our valuation policy. Thereis no single standard for determining fair value in good faith. As a result, determining fair value requires that judgment be appliedto the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for thetypes of investments we make. Due to the inherent uncertainty of determining the fair value of investments that do not have a readilyavailable market value, the fair value of our investments may fluctuate from period to period. Because of the inherent uncertainty ofvaluation, these estimated values may differ significantly from the values that would have been used had a ready market for the investmentsexisted, and it is possible that the difference could be material. In addition, if we were required to liquidate a portfolio investmentin a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material.

InterestRate Risk

Weare subject to financial market risks, which could include, to the extent we utilize leverage with variable rate structures, changesin interest rates. As we invest primarily in equity rather than debt instruments, we would not expect fluctuations in interest ratesto directly impact the return on our portfolio investments, although any significant change in market interest rates could potentiallyhave an adverse effect on the business, financial condition and results of operations of the portfolio companies in which we invest.As of June 30, 2025, all of our debt investments and outstanding borrowings bore fixed rates of interest.

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Item4. Controls and Procedures

Evaluationof Disclosure Controls and Procedures

Asof June 30, 2025, our management, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of thedesign and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act).Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedureswere effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed,summarized and reported within the time periods specified by the SEC and that such information is accumulated and communicated to ourmanagement, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow for timely decisions regardingrequired disclosure. However, in evaluating the disclosure controls and procedures, management recognizes that any controls and procedures,no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and managementnecessarily is required to apply its judgment in evaluating the cost-benefit relationship of such possible controls and procedures.

Changesin Internal Control Over Financial Reporting

Therehave been no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the ExchangeAct) that occurred during the quarter ended June 30, 2025 that have materially affected, or are reasonably likely to materially affect,our internal control over financial reporting.

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PARTII

Item1. Legal Proceedings

Weare not currently subject to any material legal proceedings, nor, to our knowledge, are any material legal proceedings threatened againstus. From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relatingto the enforcement of our rights under contracts with our portfolio companies. Furthermore, third parties may seek to impose liabilityon us in connection with the activities of our portfolio companies. Our business is also subject to extensive regulation, which may resultin regulatory proceedings against us. While the outcome of any future legal or regulatory proceedings cannot be predicted with certainty,we do not expect that any such future proceedings will have a material effect upon our financial condition or results of operations.

Item1A. Risk Factors

Investingin our securities involves a number of significant risks. In addition to the other information contained in this report, you should carefullyconsider the factors discussed in our annual report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on March12, 2025, which could materially affect our business, financial condition and/or operating results. Although the risks described in ourannual report on Form 10-K for the fiscal year ended December 31, 2024 represent the principal risks associated with an investment inus, they are not the only risks we face. Additional risks and uncertainties not currently known to us, or that we currently deem to beimmaterial, might materially and adversely affect our business, financial condition and/or operating results. Other than as stated below,there have been no material changes to the risk factors discussed in “Item 1A. Risk Factors” of Part I of our annual reporton Form 10-K for the fiscal year ended December 31, 2024.

Item2. Unregistered Sales of Equity Securities and Use of Proceeds

Salesof Unregistered Equity Securities

Wedid not sell any equity securities during the period covered in this report that were not registered under the Securities Act of 1933,as amended.

IssuerPurchases of Equity Securities⁽¹⁾

Informationrelating to our purchases of our common stock during the six months ended June 30, 2025 is as follows:

Period	Total Number of Shares Purchased		Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs		Approximate Dollar Value of Shares that May Yet Be Purchased Under the Share Repurchase Program
January 1 through January 31, 2025		—	$	—		—	$	25,000,000
February 1 through February 28, 2025		—		—		—		25,000,000
March 1 through March 31, 2025		—		—		—		25,000,000
April 1 through April 30, 2025		—		—		—		25,000,000
May 1 through May 31, 2025		—		—		—		25,000,000
June 1 through June 30, 2025		—		—		—		25,000,000
Total		—				—

(1)

On October 9, 2024, our Board of Directors approved an extension of, and an increase in the amount of shares of our common stock that may be repurchased under, the Share Repurchase Program until the earlier of (i) October 31, 2025 or (ii) the repurchase of $64.3 million in aggregate amount of our common stock. The timing and number of shares to be repurchased will depend on a number of factors, including market conditions and alternative investment opportunities. The Share Repurchase Program may be suspended, terminated or modified at any time for any reason and does not obligate us to acquire any specific number of shares of our common stock. During the three and six months ended June 30, 2025, we did not repurchase shares of common stock under the Share Repurchase Program. As of June 30, 2025, the dollar value of shares that remained available to be purchased under the Share Repurchase Program was approximately $25.0 million. For more information on the Share Repurchase Program, see “Note 5 — Common Stock” to our Condensed Consolidated Financial Statements as of June 30, 2025.

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Item3. Defaults Upon Senior Securities

None.

Item4. Mine Safety Disclosures

Notapplicable.

Item5. Other Information

(a)None.

(b)None.

(c)For the period covered by this Quarterly Report on Form 10-Q, no director or officer of the Company has entered into any (i) contract,instruction or written plan for the purchase or sale of securities of the registrant intended to satisfy the affirmative defense conditionsof Rule 10b5-1(c) under the Exchange Act or (ii) any non-Rule 10b5-1 trading arrangement.

TheCompany has adopted insider trading policies and procedures governing the purchase, sale, and disposition of the Company’s securitiesby officers and directors of the Company that are reasonably designed to promote compliance with insider trading laws, rules and regulations.

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Item6. Exhibits

Thefollowing exhibits are filed as part of this report or hereby incorporated by reference to exhibits previously filed with the SEC:

3.1	Articles of Amendment and Restatement⁽¹⁾
3.2	Articles of Amendment⁽²⁾
3.3	Articles of Amendment⁽³⁾
3.4	Articles of Amendment⁽⁴⁾
3.5	Second Amended and Restated Bylaws⁽⁴⁾
4.1	Base Indenture, dated March 28, 2018, by and between the Registrant and U.S. Bank National Association, as trustee⁽⁵⁾
4.2	Second Supplemental Indenture, dated December 17, 2021, relating to the 6.00% Notes due 2026, by and between the Company and U.S. Bank National Association, as trustee⁽⁶⁾
4.3	Form of 6.00% Notes due 2026 (incorporated by reference to Exhibit 4.2)⁽⁶⁾
4.4	Description of Securities⁽⁷⁾
10.1	Amendment No. 2 to the Second Amended and Restated Employment Agreement between SuRo Capital Corp. and Mark Klein, dated May 29, 2025⁽⁸⁾
10.2	Amendment No. 3 to the Second Amended and Restated Employment Agreement between SuRo Capital Corp. and Allison Green, dated May 29, 2025⁽⁸⁾
31.1	Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended*
31.2	Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended*
32.1	Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*
32.2	Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*

(1)	Previously filed in connection with Pre-Effective Amendment No. 2 to the Registrant’s Registration Statement on Form N-2 (File No. 333-171578), filed on March 30, 2011, and incorporated by reference herein.

(2)	Previously filed in connection with the Registrant’s Current Report on Form 8-K (File No. 814-00852), filed on June 1, 2011, and incorporated by reference herein.

(3)	Previously filed in connection with the Registrant’s Current Report on Form 8-K (File No. 814-00852) filed on August 1, 2019, and incorporated by reference herein.

(4)	Previously filed in connection with the Registrant’s Current Report on Form 8-K (File No. 814-00852) filed on June 16, 2020, and incorporated by reference herein.

(5)	Previously filed in connection with the Registrant’s Registration Statement on Form N-2 (File No. 333-239681), filed on July 2, 2020, and incorporated by reference herein.

(6)	Previously filed in connection with the Registrant’s Current Report on Form 8-K (File No. 814-00852) filed on December 17, 2021, and incorporated by reference herein.

(7)	Previously filed in connection with the Registrant’s Annual Report on Form 10-K (File No. 814-00852) filed on March 11, 2022, and incorporated by reference herein.

(8)	Previously filed in connection with the Registrant’s Current Report on Form 8-K (File No. 814-00852), filed on May 30, 2025, and incorporated by reference herein.

*	Filed herewith.

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SIGNATURES

Pursuantto the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf bythe undersigned, thereunto duly authorized.

			SURO CAPITAL CORP.

Date:	August 7, 2025	By:	/s/ Mark D. Klein
			Mark D. Klein
			Chairman, President and Chief Executive Officer
			(Principal Executive Officer)

Date:	August 7, 2025	By:	/s/ Allison Green
			Allison Green
			Chief Financial Officer, Chief Compliance Officer, Treasurer, and Corporate Secretary
			(Principal Financial and Accounting Officer)

Pursuantto the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of theregistrant and in the capacities and on the dates indicated.

Date: August 7, 2025	By:	/s/ Mark D. Klein
		Mark D. Klein Chairman, President and Chief Executive Officer (Principal Executive Officer)

Date: August 7, 2025	By:	/s/ Allison Green
		Allison Green Chief Financial Officer, Chief Compliance Officer, Treasurer, and Corporate Secretary (PrincipalFinancial and Accounting Officer)

Exhibit31.1

Certificationof Chief Executive Officer of SuRo Capital Corp.

pursuantto Rule 13a-14(a) under the Exchange Act,

asadopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I,Mark D. Klein, certify that:

I have reviewed this quarterly report on Form 10-Q of SuRo Capital Corp.;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15(d)-15(f)) for the registrant and have:

(a)

designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)

disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of Directors (or persons performing the equivalent functions):

(a)

all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Datedthis 7th day of August, 2025.

By:	/s/ Mark Klein
	Mark D. Klein
	Chief Executive Officer

Exhibit31.2

Certificationof Chief Financial Officer of SuRo Capital Corp.

pursuantto Rule 13a-14(a) under the Exchange Act,

asadopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I,Allison Green, certify that:

I have reviewed this quarterly report on Form 10-Q of SuRo Capital Corp.;

(a)

(b)

(c)

(d)

(a)

(b)

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Datedthis 7th day of August, 2025.

By:	/s/ Allison Green
	Allison Green
	Chief Financial Officer

Exhibit32.1

Certificationof Chief Executive Officer

Pursuantto

Section906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)

Inconnection with the quarterly report on Form 10-Q for the three and six months ended June 30, 2025 (the “Report”) of SuRoCapital Corp. (the “Registrant”), as filed with the Securities and Exchange Commission on the date hereof, I, Mark D. Klein,the Chief Executive Officer of the Registrant, hereby certify, to the best of my knowledge, that:

(1)

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

	/s/ Mark D. Klein
	Name: Mark D. Klein
	Date: August 7, 2025

Exhibit32.2

Certificationof Chief Financial Officer

Pursuantto

Section906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)

Inconnection with the quarterly report on Form 10-Q for the three and six months ended June 30, 2025 (the “Report”) of SuRoCapital Corp. (the “Registrant”), as filed with the Securities and Exchange Commission on the date hereof, I, Allison Green,the Chief Financial Officer of the Registrant, hereby certify, to the best of my knowledge, that:

(1)

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

	/s/ Allison Green
	Name: Allison Green
	Date: August 7, 2025