v3.26.1
INVESTMENTS AT FAIR VALUE
 3 Months Ended
Mar. 31, 2026
Investments in and Advances to Affiliates [Abstract]  
INVESTMENTS AT FAIR VALUE

NOTE 4—INVESTMENTS AT FAIR VALUE

 

Investment Portfolio Composition

 

The Company’s investments in portfolio companies consist primarily of equity securities (such as common stock, preferred stock and options or agreements to purchase or acquire common and preferred stock), and to a lesser extent, debt securities, issued by private and publicly traded companies. The Company may also, from time to time, invest in U.S. Treasury bills. Non-portfolio investments represent investments in U.S. Treasury bills. As of March 31, 2026, the Company had 61 positions in 36 portfolio companies. As of December 31, 2025, the Company had 60 positions in 35 portfolio companies.

 

The following tables summarize the composition of the Company’s investment portfolio by security type at cost and fair value as of March 31, 2026 and December 31, 2025:

  

   March 31, 2026   December 31, 2025 
   Cost   Fair Value  

Percentage of

Net Assets

   Cost   Fair Value  

Percentage of

Net Assets

 
Private Portfolio Companies                              
Preferred Stock(1)  $146,750,830   $331,712,990    91.7%  $145,749,202   $169,631,231    82.6%
Common Stock(2)   76,760,413    45,478,068    12.6%   77,006,339    46,713,129    22.8%
Options(3)   6,982,279    7,933,439    2.2%   2,971,657    4,201,543    2.0%
Debt Investments   3,029,559    756,339    0.2%   3,029,559    756,339    0.4%
Total Private Portfolio Companies   233,523,081    385,880,836    106.7%   228,756,757    221,302,242    107.8%
Publicly Traded Portfolio Companies                              
Common Stock   10,454,928    2,015,865    0.6%   10,922,147    3,586,956    1.7%
Options   1,146,881    637,950    0.2%   1,146,881    622,307    0.3%
Total Publicly Traded Portfolio Companies   11,601,809    2,653,815    0.8%   12,069,028    4,209,263    2.0%
Total Investments  $245,124,890   $388,534,651    107.5%  $240,825,785   $225,511,505    109.8%

 

 

(1) As of March 31, 2026 and December 31, 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 Series A-2 Preferred Shares 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) As of March 31, 2026 and December 31, 2025, Common Stock in Private Portfolio Companies also includes the Company’s Limited Partner Fund Investment in True Global Ventures 4 Plus Pte Ltd. and the Company’s investment in the Class A Interest of CW Opportunity 2 LP which is invested in the Class A Common Stock of CoreWeave, Inc.
(3) As of March 31, 2026, Options in Private Portfolio Companies also includes the Company’s investment in the Class A Interest of Magnetar Opportunity 2025-4 LP which is invested in a SAFE of TensorWave, Inc., as well as investments in the SAFEs of Orchard Technologies, Inc. and PayJoy, Inc. As of December 31, 2025, Options in Private Portfolio Companies also includes the Company’s investments in the SAFEs of Orchard Technologies, Inc., PayJoy, Inc., and Whoop, Inc.

 

 

SURO CAPITAL CORP. AND SUBSIDIARIES

 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026

 

The geographic and industrial compositions of the Company’s portfolio at fair value as of March 31, 2026 and December 31, 2025 were as follows:

 

   As of March 31, 2026   As of December 31, 2025 
   Fair Value  

Percentage of

Portfolio

  

Percentage of

Net Assets

   Fair Value  

Percentage of

Portfolio

  

Percentage of

Net Assets

 
Geographic Region                              
Northeast  $222,372,455    57.3%   61.5%  $78,565,018    34.9%   38.3%
Southeast   61,787,895    15.9%   17.1%   44,761,355    19.8%   21.8%
West   50,874,594    13.1%   14.1%   49,566,027    22.0%   24.1%
Midwest   50,615,270    13.0%   14.0%   49,488,742    21.9%   24.1%
International   2,884,437    0.7%   0.8%   3,130,363    1.4%   1.5%
Total  $388,534,651    100.0%   107.5%  $225,511,505    100.0%   109.8%

 

   As of March 31, 2026   As of December 31, 2025 
   Fair Value  

Percentage of

Portfolio

  

Percentage of

Net Assets

   Fair Value  

Percentage of

Portfolio

  

Percentage of

Net Assets

 
Industry                        
Consumer Goods & Services  $167,573,716    43.0%   46.4%  $47,772,963    21.2%   23.3%
Artificial Intelligence Infrastructure & Applications   113,046,152    29.1%   31.3%   69,004,148    30.6%   33.6%
Software-as-a-Service   44,542,801    11.5%   12.3%   44,725,975    19.8%   21.8%
Education Technology   22,518,208    5.8%   6.2%   23,683,271    10.5%   11.5%
Financial Technology & Services   18,595,600    4.8%   5.1%   18,168,362    8.1%   8.8%
Logistics & Supply Chain   15,427,663    4.0%   4.3%   17,678,235    7.8%   8.6%
SuRo Capital Sports   6,830,511    1.8%   1.9%   4,478,551    2.0%   2.2%
Total  $388,534,651    100.0%   107.5%  $225,511,505    100.0%   109.8%

 

 

SURO CAPITAL CORP. AND SUBSIDIARIES

 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026

 

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

 

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

 

 

SURO CAPITAL CORP. AND SUBSIDIARIES

 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026

 

Investment Valuation Inputs

 

The fair values of the Company’s investments disaggregated into the three levels of the fair value hierarchy based upon the lowest level of significant input used in the valuation as of March 31, 2026 and December 31, 2025 are as follows:

 

   As of March 31, 2026 
  

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)  $—   $—   $331,712,990   $331,712,990 
Common Stock(2)   —    —    45,478,068    45,478,068 
Options(3)   —    —    7,933,439    7,933,439 
Debt Investments   —    —    756,339    756,339 
Private Portfolio Companies   —    —    385,880,836    385,880,836 
Publicly Traded Portfolio Companies                    
Common Stock   2,015,865    —    —    2,015,865 
Options   637,950    —    —    637,950 
Publicly Traded Portfolio Companies   2,653,815          —    —    2,653,815 
Total Investments at Fair Value  $2,653,815   $—   $385,880,836   $388,534,651 

 

 

(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 Series A-2 Preferred Shares 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 of CoreWeave, Inc.
(3) Options in Private Portfolio Companies also includes the Company’s investment in the Class A Interest of Magnetar Opportunity 2025-4 LP which is invested in a SAFE of TensorWave, Inc., as well as investments in the SAFEs of Orchard Technologies, Inc. and PayJoy, Inc.

 

 

SURO CAPITAL CORP. AND SUBSIDIARIES

 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026

 

   As of December 31, 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)  $—   $—   $169,631,231   $169,631,231 
Common Stock(2)   —    —    46,713,129    46,713,129 
Options(3)   —    —    4,201,543    4,201,543 
Debt Investments   —    —    756,339    756,339 
Private Portfolio Companies   —    —    221,302,242    221,302,242 
Publicly Traded Portfolio Companies                    
Common Stock   3,586,956    —    —    3,586,956 
Options   622,307    —    —    622,307 
Publicly Traded Portfolio Companies   4,209,263    —    —    4,209,263 
Total Investments at Fair Value  $4,209,263   $—   $221,302,242   $225,511,505 

 

 

(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 Series A-2 Preferred Shares 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 of CoreWeave, Inc.
(3) Options in Private Portfolio Companies also includes the Company’s investments in the SAFEs of Orchard Technologies, Inc., PayJoy, Inc., and Whoop, Inc.

 

 

SURO CAPITAL CORP. AND SUBSIDIARIES

 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026

 

Significant Unobservable Inputs for Level 3 Assets and Liabilities

 

In accordance with FASB ASC 820, Fair Value Measurement, the tables below provide quantitative information about the fair value measurements of the Company’s Level 3 assets as of March 31, 2026 and December 31, 2025. In addition to the techniques and inputs noted in the tables below, according to the Company’s valuation policy, the Board of Directors may also use other valuation techniques and methodologies when determining the fair value measurements of the Company’s assets. The tables below are not intended to be all-inclusive, but rather provide information on the significant Level 3 inputs as they relate to the fair value measurements of the Company’s assets. To the extent an unobservable input is not reflected in the tables below, such input is deemed insignificant with respect to the Company’s Level 3 fair value measurements as of March 31, 2026 and December 31, 2025. Significant changes in the inputs in isolation would result in a significant change in the fair value measurement, depending on the input and the materiality of the investment. Refer to “Note 2—Significant Accounting Policies—Investments at Fair Value” for more detail.

 

  

As of March 31, 2026

 

Asset   Fair Value   Valuation Approach/ Technique(1)   Unobservable Inputs(2)   Range (Weighted Average)(3)
Preferred stock in private companies(4)   $331,712,990   Market Approach   Revenue Multiples   0.28x - 5.18x (2.77x)
      Precedent Transactions   50% - 100% (100%)
    PWERM(7)   Revenue Multiples   0.92x - 2.85x (2.67x)
      Dissolution Risk   100%
      Precedent Transaction   90%
Common stock in private companies(5)   $45,478,068   Market Approach   Revenue Multiples   0.34x - 3.51x (3.34x)
      Precedent Transactions   100%
    PWERM(7)   Dissolution Risk   100%
      Precedent Transaction   100%
Options(6)   $7,933,439   Option Pricing Model   Term to Expiration (Years)   0.25 - 1.11 (0.79)
      Volatility   44% - 54% (48%)
    Market Approach   Precedent Transaction   100%
Debt investments   $756,339   Market Approach   Revenue Multiples   0.34x - 3.66x (2.25x)

 

 

(1) As of March 31, 2026, 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.
(2) The Board of Directors considers all relevant information that can reasonably be obtained when determining the fair value of Level 3 investments. Due to any given portfolio company’s information rights, changes in capital structure, recent events, transactions, or liquidity events, the type and availability of unobservable inputs may change. Increases/(decreases) in revenue multiples, earnings before interest and taxes (“EBIT”) multiples, time to expiration, and stock price/strike price would result in higher (lower) fair values, all else equal. Decreases/(increases) in discount rates, volatility, and annual risk rates, would result in higher (lower) fair values, all else equal. The market approach utilizes market value (revenue and EBIT) multiples of publicly traded comparable companies and available precedent sales transactions of comparable companies. The Board of Directors carefully considers numerous factors when selecting the appropriate companies whose multiples are used to value the Company’s portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, relevant risk factors, as well as size, profitability and growth expectations. In general, precedent transactions include recent rounds of financing, recent purchases made by the Company, and tender offers. Refer to “Note 2—Significant Accounting Policies—Investments at Fair Value” for more detail.
(3) The weighted averages are calculated based on the fair market value of each investment.
(4) Preferred Stock also includes the Company’s investment in the Class A Interest of ARK Type One Deep Ventures Fund LLC which is invested in the Series A-2 Preferred Shares of OpenAI Global, LLC, and the Company’s investment in the Membership Interest of IH10, LLC which is invested in the Series B Preferred Shares of VAST Data, Ltd. through an SPV.
(5) Common Stock in Private Portfolio Companies also includes the Company’s Limited Partner Fund Investment in True Global Ventures 4 Plus Pte Ltd. and the Company’s investment in the Class A Interest of CW Opportunity 2 LP which is invested in the Class A Common Stock of CoreWeave, Inc.
(6) Options in Private Portfolio Companies also includes the Company’s investment in the Class A Interest of Magnetar Opportunity 2025-4 LP which is invested in a SAFE of TensorWave, Inc., as well as investments in the SAFEs of Orchard Technologies, Inc. and PayJoy, Inc.
(7) Probability-Weighted Expected Return Method, or “PWERM”.

 

 

SURO CAPITAL CORP. AND SUBSIDIARIES

 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026

 

As of December 31, 2025

 

Asset   Fair Value   Valuation Approach/ Technique(1)   Unobservable Inputs(2)   Range (Weighted Average)(3)
Preferred stock in private companies(4)   $169,631,231   Market Approach   Revenue Multiples   0.52x - 7.95x (3.47x)
      Precedent Transactions   25% - 100% (76%)
    PWERM(7)   Revenue Multiples   1.42x - 5.60x (1.72x)
      Dissolution Risk   100%
      Precedent Transaction   90%
Common stock in private companies(5)   $46,713,129   Market Approach   Revenue Multiples   0.57x - 5.23x (4.99x)
      Precedent Transactions   100%
    PWERM(7)   AFFO(8) Multiples   8.42x
      Dissolution Risk   100%
Options(6)   $4,201,543   Option Pricing Model   Revenue Multiples   4.74x - 5.60x
      Precedent Transaction   100%
      Term to Expiration (Years)   0.50 - 1.36 (0.88)
      Volatility   45% - 50% (48%)
    PWERM(7)   Precedent Transaction   90%
      Revenue Multiples   1.54x - 1.90x (1.72x)
    Market Approach   Precedent Transaction   25% - 100% (77%)
Debt investments   $756,339   Market Approach   Revenue Multiples   0.57x - 5.05x (3.49x)
      Precedent Transactions   25%

 

 

(1) As of December 31, 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.
(2) The Board of Directors considers all relevant information that can reasonably be obtained when determining the fair value of Level 3 investments. Due to any given portfolio company’s information rights, changes in capital structure, recent events, transactions, or liquidity events, the type and availability of unobservable inputs may change. Increases/(decreases) in revenue multiples, earnings before interest and taxes (“EBIT”) multiples, time to expiration, and stock price/strike price would result in higher (lower) fair values, all else equal. Decreases/(increases) in discount rates, volatility, and annual risk rates, would result in higher (lower) fair values, all else equal. The market approach utilizes market value (revenue and EBIT) multiples of publicly traded comparable companies and available precedent sales transactions of comparable companies. The Board of Directors carefully considers numerous factors when selecting the appropriate companies whose multiples are used to value the Company’s portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, relevant risk factors, as well as size, profitability and growth expectations. In general, precedent transactions include recent rounds of financing, recent purchases made by the Company, and tender offers. Refer to “Note 2—Significant Accounting Policies—Investments at Fair Value” for more detail.
(3) The weighted averages are calculated based on the fair market value of each investment.
(4) Preferred Stock also includes the Company’s investment in the Class A Interest of ARK Type One Deep Ventures Fund LLC which is invested in the Series A-2 Preferred Shares of OpenAI Global, LLC, and the Company’s investment in the Membership Interest of IH10, LLC which is invested in the Series B Preferred Shares of VAST Data, Ltd. through an SPV.
(5) Common Stock in Private Portfolio Companies also includes the Company’s Limited Partner Fund Investment in True Global Ventures 4 Plus Pte Ltd. and the Company’s investment in the Class A Interest of CW Opportunity 2 LP which is invested in the Class A Common Stock of CoreWeave, Inc.
(6) Options in Private Portfolio Companies also includes the Company’s investments in the SAFEs of Orchard Technologies, Inc., PayJoy, Inc., and Whoop, Inc.
(7) Probability-Weighted Expected Return Method, or “PWERM”.
(8) Adjusted Funds From Operations, or “AFFO”.

 

The aggregate values of Level 3 assets and liabilities changed during the three months ended March 31, 2026 as follows:

 

  

Preferred

Stock(1)

  

Common

Stock(2)

   Options (3)  

Debt

   Total 
   Three Months Ended March 31, 2026 
  

Preferred

Stock(1)

  

Common

Stock(2)

  

Options(3)

  

Debt

Investments

   Total 
Assets:                         
Fair Value as of December 31, 2025  $169,631,231   $46,713,129   $4,201,543   $756,339   $221,302,242 
Purchases, capitalized fees and interest   —    —    5,012,250    —    5,012,250 
Sales/Redemptions of investments   —    (245,926)   —    —    (245,926)
Exercises and conversions(4)   1,001,628    —    (1,001,628)   —    — 
Net change in unrealized appreciation/(depreciation) included in earnings   161,080,131    (989,135)   (278,726)   —    159,812,270 
Fair Value as of March 31, 2026  $331,712,990   $45,478,068   $7,933,439   $756,339   $385,880,836 
Net change in unrealized appreciation/ (depreciation) of Level 3 investments still held as of March 31, 2026  $161,080,131   $(989,136)  $(280,354)  $—   $159,810,641 

 

 

(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 Series A-2 Preferred Shares 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 of CoreWeave, Inc.
(3) Options in Private Portfolio Companies also includes the Company’s investment in the Class A Interest of Magnetar Opportunity 2025-4 LP which is invested in a SAFE of TensorWave, Inc., as well as investments in the SAFEs of Orchard Technologies, Inc. and PayJoy, Inc.
(4) During the three months ended March 31, 2026, the Company’s portfolio investments had the following corporate actions which are reflected above:

  

 

SURO CAPITAL CORP. AND SUBSIDIARIES

 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026

 

Portfolio Company   Conversion from   Conversion to
Whoop, Inc.   Simple Agreement for Future Equity   Preferred Shares, Series G-2 (Level 3)

 

The aggregate values of Level 3 assets and liabilities changed during the year ended December 31, 2025 as follows:

 

  

Preferred

Stock(1)

  

Common

Stock(2)

  

Options (3)

   Debt   Total 
   Year Ended December 31, 2025 
  

Preferred

Stock(1)

  

Common

Stock(2)

  

Options(3)

  

Debt

Investments

   Total 
Assets:                    
Fair Value as of December 31, 2024  $151,003,991   $35,922,154   $4,357,138   $506,339   $191,789,622 
Transfers out of Level 3   (5,221,824)   (6,323,519)   (498,305)   —    (12,043,648)
Purchases, capitalized fees and interest   5,330,509    5,395,541    1,083,211    252,363    12,061,624 
Sales/Redemptions of investments   —    (16,324,378)   —    —    (16,324,378)
Exercises and conversions(4)   (15,768,763)   17,775,155    (2,006,392)   —    — 
Realized gains/(losses)   (1,002,755)   11,395,780    —    —    10,393,025 
Net change in unrealized appreciation/(depreciation) included in earnings   35,290,073    (1,127,604)   1,265,891    (2,363)   35,425,997 
Fair Value as of December 31, 2025  $169,631,231   $46,713,129   $4,201,543   $756,339   $221,302,242 
Net change in unrealized appreciation/ (depreciation) of Level 3 investments still held as of December 31, 2025  $34,444,974   $(1,127,603)  $1,121,861   $(2,363)  $34,436,869 

 

 

(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 Series A-2 Preferred Shares 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 of CoreWeave, Inc.
(3) Options in Private Portfolio Companies also includes the Company’s investments in the SAFEs of Orchard Technologies, Inc., PayJoy, Inc., and Whoop, Inc.
(4) During the year ended December 31, 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)
Colombier Sponsor II LLC  

Class B Units

Class W Units

  

GrabAGun Digital Holdings Inc. Common Shares (Level 1)

GrabAGun Digital Holdings Inc. Common Warrants (Level 1)

Stake Trade, Inc. (d/b/a Prophet Exchange)   Simple Agreement for Future Equity   Preferred Shares, Series B-IV (Level 3)

 

 

SURO CAPITAL CORP. AND SUBSIDIARIES

 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026

 

Schedule of Investments In, and Advances to, Affiliates

 

Transactions during the three months ended March 31, 2026 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, 2025   Transfer In/ (Out)  

Unrealized

Gains/(Losses)

   Fair Value at March 31, 2026  

Percentage

of Net

Assets

 
NON-CONTROLLED/AFFILIATE INVESTMENTS*(1)                              
Preferred Stock                              
Interactive Media & Services                              
Commercial Streaming Solutions Inc. (d/b/a BettorView)–Preferred Shares, Series A-1   10,548,522   $350,000   $—   $(350,000)  $—    —%
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(2) – Preferred Shares, Series D 8%   329,337    435,806    —    (37,093)   398,713    0.11%
StormWind, LLC(2) – Preferred Shares, Series C 8%   2,779,134    4,760,083    —    (417,992)   4,342,090    1.20%
StormWind, LLC(2) – Preferred Shares, Series B 8%   3,279,629    2,578,473    —    (425,665)   2,152,809    0.60%
StormWind, LLC(2) – Preferred Shares, Series A 8%   366,666    83,005    —    (38,272)   44,734    0.01%
Total Interactive Learning        7,857,367    —    (919,022)   6,938,345    1.92%
Total Preferred Stock        8,207,367    —    (1,269,022)   6,938,345    1.92%
Common Stock                              
Online Education                              
Curious.com, Inc.–Common Shares   1,135,944    —    —    —    —    —%
Total Common Stock        —    —    —    —    —%
TOTAL NON-CONTROLLED/AFFILIATE INVESTMENTS*(1)       $8,207,367   $—   $(1,269,022)  $6,938,345    1.92%

 

 

* 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”).
   
(1) “Affiliate Investments” are investments in those companies that are “Affiliated Companies” of SuRo Capital, as defined in the 1940 Act. In general, a company is deemed to be an “Affiliate” of SuRo Capital if SuRo Capital beneficially owns, directly or indirectly, between 5% and 25% of the voting securities (i.e., securities with the right to elect directors) of such company.
   
(2) SuRo Capital’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

March 31, 2026

 

Schedule of Investments In, and Advances to, Affiliates

 

Transactions during the year ended December 31, 2025 involving the Company’s controlled investments and non-controlled/affiliate investments were as follows:

 

Type/Industry/Portfolio Company/Investment 

Shares/

Principal/

Quantity

   Fair Value at December 31, 2024   Transfer In/ (Out)    

Unrealized

Gains/(Losses)

   Fair Value at December 31, 2025  

Percentage

of Net

Assets

 
CONTROLLED INVESTMENTS*(2)                                
Common Stock                                
Special Purpose Acquisition Company                                
Colombier Sponsor II LLC**(3)–Class B Units   —   $1,101,695   $(1,103,719)    $2,024   $—    —%
Total Common Stock        1,101,695    (1,103,719)     2,024    —    —%
Options                                
Special Purpose Acquisition Company                                
Colombier Sponsor II LLC**(3)–Class W Units   —    498,305    (499,221) -   916    —    —%
Total Options        498,305    (499,221)     916    —    —%
TOTAL CONTROLLED INVESTMENTS*(2)       $1,600,000   $(1,602,940)    $2,940   $—    —%
NON-CONTROLLED/AFFILIATE INVESTMENTS*(1)                                
Preferred Stock                                
Interactive Media & Services                                
Commercial Streaming Solutions Inc. (d/b/a BettorView)–Preferred Shares, Series A-1   10,548,522   $—   $1,000,000     $(650,000)  $350,000    0.17%
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    —      (65,820)   435,806    0.21%
StormWind, LLC(4) – Preferred Shares, Series C 8%   2,779,134    5,376,994    —      (616,911)   4,760,083    2.32%
StormWind, LLC(4) – Preferred Shares, Series B 8%   3,279,629    3,233,922    —      (655,449)   2,578,473    1.26%
StormWind, LLC(4) – Preferred Shares, Series A 8%   366,666    156,285    —      (73,280)   83,005    0.04%
Total Interactive Learning        9,268,827    —      (1,411,460)   7,857,367    3.83%
Total Preferred Stock        9,268,827    1,000,000      (2,061,460)   8,207,367    4.00%
Common Stock                                
Online Education                                
Curious.com, Inc.–Common Shares   1,135,944    —    —      —    —    —%
Total Common Stock        —    —      —    —    —%
TOTAL NON-CONTROLLED/AFFILIATE INVESTMENTS*(1)       $9,268,827   $1,000,000     $(2,061,460)  $8,207,367    4.00%

 

 

*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 believes do not represent “qualifying assets” under Section 55(a) of the 1940 Act. Of the Company’s total investments as of December 31, 2025, 32.70% 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, as defined in the 1940 Act. In general, a company is deemed to be an “Affiliate” of SuRo Capital if SuRo Capital beneficially owns, directly or indirectly, between 5% and 25% of the voting securities (i.e., securities with the right to elect directors) of such company.
  
(2)“Control Investments” are investments in those companies that are “Controlled Companies” of SuRo Capital, 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’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

March 31, 2026