INVESTMENTS AT FAIR VALUE (Tables)

3 Months Ended

Mar. 31, 2026

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 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	%

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 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.

SCHEDULE OF FAIR VALUE OF ASSETS ON UNOBSERVABLE INPUT

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)
				Market Approach		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)
				Market Approach		Precedent Transactions		100%
				PWERM⁽⁷⁾		Dissolution Risk		100%
				PWERM⁽⁷⁾		Precedent Transaction		100%
Options⁽⁶⁾		$7,933,439		Option Pricing Model		Term to Expiration (Years)		0.25 - 1.11 (0.79)
				Option Pricing Model		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)
				Market Approach		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)
				Market Approach		Precedent Transactions		100%
				PWERM⁽⁷⁾		AFFO⁽⁸⁾ Multiples		8.42x
				PWERM⁽⁷⁾		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%
				PWERM⁽⁷⁾		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)
Debt investments		$756,339		Market Approach		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”.

SCHEDULE OF AGGREGATE VALUE OF ASSETS AND LIABILITIES

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
Transfers out of Level 3
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	)			—				—
Realized gains/(losses)
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
Fair Value, Beginning balance		$	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
Fair Value, Ending balance		$	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
Net change in unrealized appreciation/ (depreciation) of Level 3 investments still held		$	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)

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.

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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