v3.25.2
INVESTMENTS AT FAIR VALUE (Tables)
 6 Months Ended
Jun. 30, 2025
Investments in and Advances to Affiliates [Abstract]  
SCHEDULE OF COMPOSITION OF INVESTMENT PORTFOLIO

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

 

   June 30, 2025   December 31, 2024 
   Cost   Fair Value  

Percentage of

Net Assets

   Cost   Fair Value  

Percentage of

Net Assets

 
Private Portfolio Companies                              
Preferred Stock(1)  $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).

 

 

SURO CAPITAL CORP. AND SUBSIDIARIES

 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2025

 

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

Net Assets

 
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%
SCHEDULE OF FAIR VALUE OF INVESTMENT VALUATION INPUTS

The fair values of the Company’s investments disaggregated into the three levels of the fair value hierarchy based upon the lowest level of significant input used in the valuation as of 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.

 

 

SURO CAPITAL CORP. AND SUBSIDIARIES

 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2025

 

   As of December 31, 2024 
   Quoted Prices in
Active Markets for
Identical Securities
(Level 1)		   Significant Other
Observable
Inputs
(Level 2)		   Significant
Unobservable
Inputs
(Level 3)		   Total 
Investments at Fair Value                    
Private Portfolio Companies                    
Preferred Stock(1)   $                            —   $           —   $151,003,991   $151,003,991 
Common Stock(2)    —    —    35,922,154    35,922,154 
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).
SCHEDULE OF FAIR VALUE OF ASSETS ON UNOBSERVABLE INPUT

  

As of 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.

 

 

SURO CAPITAL CORP. AND SUBSIDIARIES

 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2025

 

(2)The Board of Directors considers all relevant information that can reasonably be obtained when determining the fair value of Level 3 investments. Due to any given portfolio company’s information rights, changes in capital structure, recent events, transactions, or liquidity events, the type and availability of unobservable inputs may change. Increases/(decreases) in revenue multiples, earnings before interest and taxes (“EBIT”) multiples, time to expiration, and stock price/strike price would result in higher (lower) fair values, all else equal. Decreases/(increases) in discount rates, volatility, and annual risk rates, would result in higher (lower) fair values, all else equal. The market approach utilizes market value (revenue and EBIT) multiples of publicly traded comparable companies and available precedent sales transactions of comparable companies. The Board of Directors carefully considers numerous factors when selecting the appropriate companies whose multiples are used to value the Company’s portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, relevant risk factors, as well as size, profitability and growth expectations. In general, precedent transactions include recent rounds of financing, recent purchases made by the Company, and tender offers. Refer to “Note 2—Significant Accounting Policies—Investments at Fair Value” for more detail.
(3)The weighted averages are calculated based on the fair market value of each investment.
(4)Adjusted Funds From Operations, or “AFFO”.
(5)Probability-Weighted Expected Return Method, or “PWERM”.
(6)Preferred Stock also includes the Company’s investment in the Class A Interest of ARK Type One Deep Ventures Fund LLC which is invested in the Convertible Interest Rights of OpenAI Global, LLC, 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.

 

As of December 31, 2024

 

Asset   Fair Value  

Valuation Approach/

Technique(1)

   Unobservable Inputs(2)  

Range

(Weighted Average)(3)

Preferred stock in private companies(6)   $151,003,991   Market Approach   Revenue Multiples   0.67x - 5.96x (1.82x)
            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.

 

 

SURO CAPITAL CORP. AND SUBSIDIARIES

 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2025

 

(2)The Board of Directors considers all relevant information that can reasonably be obtained when determining the fair value of Level 3 investments. Due to any given portfolio company’s information rights, changes in capital structure, recent events, transactions, or liquidity events, the type and availability of unobservable inputs may change. Increases/(decreases) in revenue multiples, earnings before interest and taxes (“EBIT”) multiples, time to expiration, and stock price/strike price would result in higher (lower) fair values, all else equal. Decreases/(increases) in discount rates, volatility, and annual risk rates, would result in higher (lower) fair values, all else equal. The market approach utilizes market value (revenue and EBIT) multiples of publicly traded comparable companies and available precedent sales transactions of comparable companies. The Board of Directors carefully considers numerous factors when selecting the appropriate companies whose multiples are used to value the Company’s portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, relevant risk factors, as well as size, profitability and growth expectations. In general, precedent transactions include recent rounds of financing, recent purchases made by the Company, and tender offers. Refer to “Note 2—Significant Accounting Policies—Investments at Fair Value” for more detail.
(3)The weighted averages are calculated based on the fair market value of each investment.
(4)Adjusted Funds From Operations, or “AFFO”.
(5)Probability-Weighted Expected Return Method, or “PWERM”.
(6)Preferred Stock also includes the Company’s investment in the Class A Interest of ARK Type One Deep Ventures Fund LLC which is invested in the Convertible Interest Rights of OpenAI Global, LLC, the Company’s investment in the Class A Interest of CW Opportunity 2 LP which is invested in the Series C Preferred Shares of CoreWeave, Inc., and the Company’s investment in the Membership Interest of IH10, LLC which is invested in the Series B Preferred Shares of VAST Data, Ltd. through an SPV.
(7)Common Stock also includes the Company’s Limited Partner Fund Investment in True Global Ventures 4 Plus Pte Ltd.
(8)Options also includes the Company’s investments in the SAFEs of Commercial Streaming Solutions Inc. (d/b/a BettorView), PayJoy, Inc., and Stake Trade, Inc. (d/b/a Prophet Exchange).
SCHEDULE OF AGGREGATE VALUE OF ASSETS AND LIABILITIES

The aggregate 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)   — 
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:

 

Portfolio Company

   Conversion from   Conversion to
CoreWeave, Inc.  

Preferred Shares, Series A

Common shares

   Common Shares (Level 2)
CW Opportunity 2 LP   Preferred Shares, Series C   Common Shares (Level 3)

Commercial Streaming Solutions Inc.

(d/b/a BettorView)

   Simple Agreement for Future Equity   Preferred Shares, Class A-1 (Level 3)

 

 

SURO CAPITAL CORP. AND SUBSIDIARIES

 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2025

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

 

  

Preferred

Stock(1)

  

Common

Stock(2)

  

Debt

Investments

   Options(3)   Total 
   Year Ended December 31, 2024 
  

Preferred

Stock(1)

  

Common

Stock(2)

  

Debt

Investments

   Options(3)   Total 
Assets:                    
Fair Value as of December 31, 2023  $122,744,564   $39,086,792   $3,098,734   $3,638,161   $168,568,251 
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 
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)

 

 

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

 

Portfolio Company

   Conversion from   Conversion to
AltC Sponsor LLC  

Common Shares, Class A

Common Shares, Class B

   Oklo, Inc. - Common Shares, Class A (Level 2)

Xgroup Holdings Limited (d/b/a Xpoint)

 

  

Convertible Note 6%, Due 10/17/2024

 

  

Preferred Shares, Series A-1 (Level 3)

Warrants, Series A-1 (Level 3)

Warrants, Series A (Level 3)

ServiceTitan, Inc.   Common Shares   Common Shares (Level 2)
SCHEDULE OF INVESTMENTS IN AND ADVANCES TO AFFILIATES

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

  

Type/Industry/Portfolio Company/Investment 

Shares/

Principal/
Quantity

   Fair Value at
December 31,
2024		         

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”).
**Indicates assets that SuRo Capital Corp. believes do not represent “qualifying assets” under Section 55(a) of the 1940 Act. Of the Company’s total investments as of June 30, 2025, 50.25% of its total investments are non-qualifying assets, excluding cash and 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.

 

 

SURO CAPITAL CORP. AND SUBSIDIARIES

 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2025

 

Schedule of Investments In, and Advances to, Affiliates

 

Transactions during the year ended December 31, 2024 involving the Company’s controlled investments and non-controlled/affiliate investments were 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)   —    —%

 

 

SURO CAPITAL CORP. AND SUBSIDIARIES

 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

June 30, 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”).

 

**Indicates assets that SuRo Capital Corp. believes do not represent “qualifying assets” under Section 55(a) of the 1940 Act. Of the Company’s total investments as of December 31, 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.
   
(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.