# EDGAR Filing Document

**Accession Number:** 0001509470
**File Stem:** 0001493152-25-011649
**Filing Date:** 2025-8
**Character Count:** 26014
**Document Hash:** 697792800734282af87f042240b8af58
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-25-011649.hdr.sgml**: 20250806

**ACCESSION NUMBER**: 0001493152-25-011649

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20250806

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250806

**DATE AS OF CHANGE**: 20250806

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SURO CAPITAL CORP.
- **CENTRAL INDEX KEY:** 0001509470

**ORGANIZATION NAME:**
- **EIN:** 274443543
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-00852
- **FILM NUMBER:** 251189843

**BUSINESS ADDRESS:**
- **STREET 1:** 640 FIFTH AVENUE
- **STREET 2:** 12TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** (650) 235-4769

**MAIL ADDRESS:**
- **STREET 1:** 640 FIFTH AVENUE
- **STREET 2:** 12TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SUTTER ROCK CAPITAL CORP.
- **DATE OF NAME CHANGE:** 20190731

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GSV Capital Corp.
- **DATE OF NAME CHANGE:** 20110531

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NeXt Innovation Corp.
- **DATE OF NAME CHANGE:** 20110331

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

Current Report Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):

**August 6, 2025**

**SURO CAPITAL CORP.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Maryland** | **814-00852** | **27-4443543** |
| (State or other jurisdiction<br> of incorporation) | (Commission<br> File Number) | (I.R.S. Employer<br> Identification No.) |

---

**640 Fifth Avenue**

**12th Floor**

**New York, NY 10019**

(Address of principal executive offices and zip code)

Registrant's telephone number, including area code: **(212) 931-6331**

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

---

| | | |
|:---|:---|:---|
| **Title of each class:** | **Trading symbol:** | **Name of each exchange on which<br> registered:** |
| Common Stock, par value $0.01 per share | SSSS | Nasdaq Global Select Market |
| 6.00% Notes due 2026 | SSSSL | Nasdaq Global Select Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

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

---

| | |
|:---|:---|
| **Item 2.02.** | **Results of Operations and Financial Condition.** |

---

On August 6, 2025, SuRo Capital Corp. (the "Company") issued a press release announcing its financial results for the fiscal quarter ended June 30, 2025 (the "Press Release"). A copy of the Press Release is included as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated into this Item 2.02 by reference.

The information disclosed under this Item 2.02, including the information set forth in Exhibit 99.1 hereto, is being "furnished" and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise. The information in this Item 2.02 shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, or into any filing or other document pursuant to the Exchange Act, except as otherwise expressly stated in any such filing.

---

| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits.** |

---

---

| | |
|:---|:---|
| Exhibit No. | Description |
| Exhibit 99.1 | [Press Release dated August 6, 2025\*](ex99-1.htm) |
| Exhibit 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

\* The press release attached hereto as Exhibit 99.1 is "furnished" and not "filed," as described in Item 2.02 of this Current Report on Form 8-K.

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Date: August 6, 2025 | **SURO CAPITAL CORP.** | **SURO CAPITAL CORP.** |
|  | By: | */s/ Allison Green* |
|  |  | Allison Green |
|  |  | Chief Financial Officer, Chief Compliance Officer, Treasurer and Corporate Secretary |

---

## Exhibit 99.1

**Exhibit 99.1**

**SuRo Capital Corp. Reports Second Quarter 2025 Financial Results**

 

*Ongoing Net Asset Value Growth Driven by AI-Focused Investments*

 

*Net Asset Value of $9.18 Per Share as of June 30, 2025*

 

**NEW YORK, NY, August 6, 2025 (GLOBE NEWSWIRE) –** <u>SuRo Capital Corp.</u> **("SuRo Capital", the "Company", "we", "us", and "our")** (Nasdaq: <u>SSSS</u>) today announced its financial results for the second quarter ended June 30, 2025. Net assets totaled approximately $219.4 million, or $9.18 per share, at June 30, 2025, as compared to $6.66 per share, at March 31, 2025 and $6.94 per share at June 30, 2024.

Mr. Klein continued, "Beyond these marquee events, we remain focused on investing in the next generation of category-defining companies. In April, we deployed $5 million into Plaid through a wholly owned SPV. Plaid is a foundational fintech platform that connects financial applications to consumers, reaching an estimated one in every two adults in the U.S."

"As a result of this strong performance and momentum across our portfolio, our Board of Directors declared an initial cash dividend of $0.25 per share. This dividend is driven by successful monetizations of SuRo Capital's public securities. Based on current portfolio activity and subject to Board approval, we intend to announce additional distributions throughout the remainder of the year," Mr. Klein concluded.

**Investment Portfolio as of June 30, 2025**

At June 30, 2025, SuRo Capital held positions in 36 portfolio companies – 33 privately held and 3 publicly held – with an aggregate fair value of approximately $243.8 million. The Company's top five portfolio company investments accounted for approximately 53% of the total portfolio at fair value as of June 30, 2025.

**Top Five Investments as of June 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio Company** (*$ in millions)*** | **Cost Basis** | **Fair Value** | **% of Total Portfolio** |
| CW Opportunity 2 LP<sup>(1)</sup> | $15.2 | $40.9 | 16.8% |
| ARK Type One Deep Ventures Fund LLC<sup>(2)</sup> | 17.7 | 27.8 | 11.4 |
| Whoop, Inc. | 11.0 | 23.7 | 9.7 |
| Colombier Sponsor II LLC | 1.6 | 20.3 | 8.3 |
| Learneo, Inc. | 15.0 | 15.4 | 6.3 |
| **Total**<sup>(3)</sup><br>| $**60.5** | $**128.0** | **52.5%** |

---

(1) CW
 Opportunity 2 LP is an SPV for which the Class A Membership Interest is solely invested in
 the Class A Common Shares of CoreWeave, Inc. SuRo Capital is invested in the Class A Common
 Shares of CoreWeave, Inc. through its investment in the Class A Membership Interest of CW
 Opportunity 2 LP. SuRo Capital confirmed, as of June 30, 2025, the underlying Class A Common
 Shares held by CW Opportunity 2 LP were not registered and are therefore subject to certain
 restrictions on sale or transfer for which SuRo Capital has applied a discount to the closing
 share price as of the reporting date.

(2) ARK
 Type One Deep Ventures Fund LLC is an investment fund for which the Class A Membership Interest
 is solely invested in the Convertible Interest Rights of OpenAI Global, LLC. SuRo Capital
 is invested in the Convertible Interest Rights of OpenAI Global, LLC through its investment
 in the Class A Membership Interest of ARK Type One Deep Ventures Fund LLC.

(3) Total
 may not sum due to rounding.

**Second Quarter 2025 Investment Portfolio Activity**

During the three months ended June 30, 2025, SuRo Capital made the following investment:

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio Company** | **Investment** | **Transaction Date** | **Amount**<sup>(1)</sup>** |
| Plaid Inc.<sup>(2)</sup> | Class A Common Shares | 4/4/2025 | $5.0 million |

---

(1) Amount
 invested does not include capitalized costs, origination fees, or prepaid expenses.

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

During the three months ended June 30, 2025, SuRo Capital exited and received proceeds from the following investments:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Transaction**<br> **Date** | **Quantity** | **Average Net Share Price**<sup>(1)</sup>** | **Net**<br> **Proceeds** | **Realized**<br> **Gain** |
| CoreWeave, Inc.*<sup>(2)</sup>* | Various | 222240 | $113.99 | $25.3 million | $15.3 million |
| ServiceTitan, Inc.*<sup>(3)</sup>* | Various | 151515 | $105.07 | $15.9 million | $5.9 million |

---

(1) The
 average net share price is the net share price realized after deducting all commissions and
 fees on the sale(s), if applicable.

(2) As
 of June 20, 2025, SuRo Capital had sold the entirety of its directly held CoreWeave, Inc.
 public common shares. As of June 30, 2025 SuRo Capital continues to hold the entirety of
 its interest in CW Opportunity 2 LP.

(3) As
 of June 27, 2025, SuRo Capital had sold its entire position in ServiceTitan, Inc. public
 common shares.

Subsequent to quarter-end through August 6, 2025, SuRo Capital made the following follow-on investment:

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio Company** | **Investment** | **Transaction Date** | **Amount**<sup>(1)</sup>** |
| Supplying Demand, Inc. (d/b/a Liquid Death) | Convertible Note | 7/29/2025 | $0.3 million |

---

(1) Amount
 invested does not include any capitalized costs.

**Second Quarter 2025 Financial Results**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Quarter Ended <br>June 30, 2025** | **Quarter Ended <br>June 30, 2025** | **Quarter Ended <br>June 30, 2025** | **Quarter Ended <br>June 30, 2024** | **Quarter Ended <br>June 30, 2024** | **Quarter Ended <br>June 30, 2024** |
| | *$ in millions* | | *per share<sup>(1)</sup>* | *$ in millions* | | *per share<sup>(1)</sup>* |
| Net investment loss | $(3.7) |  | $(0.16) | $(3.7) |  | $(0.16) |
| Net realized gain/(loss) on investments | 21.2 |  | 0.89 | (<0.1) |  | (<0.01) |
| Net change in unrealized appreciation/(depreciation) of investments | 44.8 |  | 1.89 | (7.0) |  | (0.30) |
| Net increase/(decrease) in net assets resulting from operations<sup>(2)</sup> | 62.3 |  | 2.63 | (10.7) |  | (0.45) |
| Repurchase of common stock |  |  |  | (9.4) |  | 0.20 |
| Stock-based compensation | 0.3 |  | (0.10) | 0.6 |  | 0.03 |
| Increase/(decrease) in net asset value<sup>(2)</sup> | $62.6 |  | $2.52 | $(19.4) |  | $(0.23) |

---

(1) Based
 on basic weighted-average number of shares outstanding for the relevant period.

(2) Total
 may not sum due to rounding.

SuRo Capital's liquid assets were approximately $52.4 million as of June 30, 2025, consisting of cash and directly-held securities of publicly traded portfolio companies.

Weighted-average common basic shares outstanding were approximately 23.7 million and 23.4 million for the quarters ended June 30, 2025 and 2024, respectively. As of June 30, 2025, there were 23,888,107 shares of the Company's common stock outstanding.

**Recent Dividend Declarations and Certain Information Regarding the Dividends**

On July 3, 2025, SuRo Capital's Board of Directors declared a dividend of $0.25 per share paid on July 31, 2025 to the Company's common stockholders of record as of the close of business on July 21, 2025. The dividend was paid in cash.

The date of declaration and amount of any distributions, including any future distributions, are subject to the sole discretion of SuRo Capital's Board of Directors.

The aggregate amount of distributions declared and paid by SuRo Capital will be fully taxable to stockholders. The tax character of SuRo Capital's distributions cannot be finally determined until the close of SuRo Capital's taxable year (December 31). SuRo Capital will report the actual tax characteristics of each year's distributions annually to stockholders and the IRS on Form 1099-DIV subsequent to year-end.

Registered stockholders with questions regarding declared dividends may call Equiniti Trust Company, LLC at 800-937-5449.

**Conference Call and Webcast**

Management will hold a conference call and webcast for investors at 2:00 p.m. PT (5:00 p.m. ET) on August 6, 2025. The conference call access number for U.S. participants is 866 580 3963 and the conference call access number for participants outside the U.S. is +1 786 697 3501. The conference ID number for both access numbers is 0912554 or SuRo Capital. Additionally, interested parties can listen to a live webcast of the call from the "Investor Relations" section of SuRo Capital's website at <u>www.surocap.com</u>. An archived replay of the webcast will also be available for 12 months following the live presentation.

A replay of the conference call may be accessed until 5:00 p.m. PT (8:00 p.m. ET) on August 13, 2025 by dialing 1 866-583-1035 (U.S.) or +44 (0) 20 3451 9993 (International) and using conference ID number 0912554.

**Forward-Looking Statements**

Statements included herein, including statements regarding SuRo Capital's beliefs, expectations, intentions, or strategies for the future, may constitute "forward-looking statements". SuRo Capital cautions you that forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from those projected or implied in these statements. All forward-looking statements involve a number of risks and uncertainties, including the impact of any market volatility that may be detrimental to our business, our portfolio companies, our industry, and the global economy, that could cause actual results to differ materially from the plans, intentions, and expectations reflected in or suggested by the forward-looking statements. Risk factors, cautionary statements, and other conditions which could cause SuRo Capital's actual results to differ from management's current expectations are contained in SuRo Capital's filings with the Securities and Exchange Commission. SuRo Capital undertakes no obligation to update any forward-looking statement to reflect events or circumstances that may arise after the date of this press release.

**About SuRo Capital Corp.**

SuRo Capital Corp. (Nasdaq: <u>SSSS</u>) is a publicly traded investment fund that seeks to invest in high-growth, venture-backed private companies. The fund seeks to create a portfolio of high-growth emerging private companies via a repeatable and disciplined investment approach, as well as to provide investors with access to such companies through its publicly traded common stock. Since inception, SuRo Capital has served as the public's gateway to venture capital, offering unique access to some of the world's most innovative and sought-after private companies before they become publicly traded. SuRo Capital's diverse portfolio encompasses high-growth sectors including AI infrastructure, emerging consumer brands, and cutting-edge software solutions for both consumer and enterprise markets, among others. SuRo Capital is headquartered in New York, NY and has an office in San Francisco, CA. Connect with the company on X, LinkedIn, and at <u>www.surocap.com.</u>

**Contact**

SuRo Capital Corp.

(212) 931-6331

<u>IR@surocap.com</u>

**Media Contact**

Deborah Kostroun

Zito Partners

<u>SuRoCapitalPR@zitopartners.com</u>

**SURO CAPITAL CORP. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES**

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025<br> (UNAUDITED)** | **December 31, 2024<br> (AUDITED)** |
| **ASSETS** |  |  |
| Investments at fair value: |  |  |
| Non-controlled/non-affiliate investments (cost of $221,292,617 and $234,601,314, respectively) | $215044675 | $198511915 |
| Non-controlled/affiliate investments (cost of $20,605,400 and $20,605,400, respectively) | 8456422 | 9268827 |
| Controlled investments (cost of $1,602,940 and $1,602,940, respectively) | 20297450 | 1600000 |
| Total Investments (cost of $243,500,957 and $256,809,654, respectively) | 243798547 | 209380742 |
| Cash | 49852801 | 20035640 |
| Restricted cash | 38741 |  |
| Escrow proceeds receivable |  | 45298 |
| Interest and dividends receivable | 104098 | 756022 |
| Deferred financing costs | 555688 | 526261 |
| Prepaid expenses and other assets<sup>(1)</sup> | 703349 | 855630 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 295053224 | 231599593 |
| **LIABILITIES** |  |  |
| 6.00% Notes due December 30, 2026<sup>(2)</sup> | 39354847 | 44198838 |
| 6.50% Convertible Notes due August 14, 2029<sup>(3)</sup> | 34010638 | 29051408 |
| Accounts payable and accrued expenses<sup>(1)</sup> | 2278144 | 768394 |
| Dividends payable |  | 8867 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 75643629 | 74027507 |
| **Net Assets** | $219409595 | $157572086 |
| **NET ASSETS** |  |  |
| Common stock, par value $0.01 per share (100,000,000 authorized; 23,888,107 and 23,601,566 issued and outstanding, respectively) | $238881 | $236016 |
| Paid-in capital in excess of par | 226892721 | 226579432 |
| Accumulated net investment loss | (11686121) | (4302192) |
| Accumulated net realized gain/(loss) on investments, net of distributions | 3769690 | (17409097) |
| Accumulated net unrealized appreciation/(depreciation) of investments | 194424 | (47532073) |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $219409595 | $157572086 |
| &nbsp;&nbsp;&nbsp;**Net Asset Value Per Share** | $9.18 | $6.68 |

---

(1) This
 balance includes a right of use asset and corresponding operating lease liability, respectively.

(2) As
 of June 30, 2025, the 6.00% Notes due December 30, 2026 (the "6.00% Notes due 2026")
 (effective interest rate of 6.52%) had a face value $39,667,650. As of December 31, 2024,
 the 6.00% Notes due 2026 (effective interest rate of 6.48%) had a face value $44,667,400.

(3) As
 of June 30, 2025, the 6.50% Convertible Notes due August 14, 2029 (the "6.50% Convertible
 Notes due 2029") (effective interest rate of 7.17%) had a face value $35,000,000. As
 of December 31, 2024, the 6.50% Convertible Notes due 2029 (effective interest rate of 7.06%)
 had a face value $30,000,000.

**SURO CAPITAL CORP. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **INVESTMENT INCOME** |  |  |  |  |
| Non-controlled/non-affiliate investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income<sup>(1)</sup> | $167304 | $290750 | $317951 | $532757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend income |  |  | 348447 | 21875 |
| Controlled investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income |  | 376667 |  | 811667 |
| Interest income from U.S. Treasury bills |  | 359936 |  | 1189145 |
| &nbsp;&nbsp;&nbsp;Total Investment Income | 167304 | 1027353 | 666398 | 2555444 |
| **OPERATING EXPENSES** |  |  |  |  |
| Compensation expense | 1571856 | 2198509 | 3239691 | 4383827 |
| Directors' fees | 175495 | 167825 | 346060 | 338938 |
| Interest expense | 1275485 | 1214267 | 2535334 | 2428534 |
| Professional fees | 680857 | 586825 | 1431081 | 1315384 |
| Income tax expense | (218745) | 52794 | (215949) | 54894 |
| Other expenses | 404516 | 462758 | 714110 | 912394 |
| &nbsp;&nbsp;&nbsp;Total Operating Expenses | 3889464 | 4682978 | 8050327 | 9433971 |
| &nbsp;&nbsp;&nbsp;**Net Investment Loss** | (3722160) | (3655625) | (7383929) | (6878527) |
| **Realized Gain/(Loss) on Investments:** |  |  |  |  |
| Non-controlled/non-affiliated investments | 21212611 | (22867) | 21194660 | (507008) |
| Non-controlled/affiliate investments |  |  |  | 60067 |
| Controlled investments |  | (6745) |  | (6745) |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain/(Loss) on Investments** | 21212611 | (29612) | 21194660 | (453686) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized loss on partial repurchase of 6.00% Notes due December 30, 2026 |  |  | (15873) |  |
| **Change in Unrealized Appreciation/(Depreciation) of Investments:** |  |  |  |  |
| Non-controlled/non-affiliated investments | 35090339 | (3481638) | 29841454 | (19876809) |
| Non-controlled/affiliate investments | (339693) | (3485172) | (812406) | (5501871) |
| Controlled investments | 10086973 | 864 | 18697449 | (5636) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation/(Depreciation) of Investments** | 44837619 | (6965946) | 47726497 | (25384316) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Change in Net Assets Resulting from Operations** | $**62328070** | $**(10651183)** | $**61521355** | $**(32716529)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Change in Net Assets Resulting from Operations per Common Share:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $2.63 | $(0.45) | $2.60 | $(1.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted<sup>(2)</sup> | $2.23 | $(0.45) | $2.23 | $(1.34) |
| **Weighted-Average Common Shares Outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 23728095 | 23410235 | 23650399 | 24401863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted<sup>(2)</sup> | 28244225 | 23410235 | 28113063 | 24401863 |

---

(1) Includes
 interest income earned on cash.

(2) For
 the three and six months ended June 30, 2024, there were no potentially dilutive securities
 outstanding

**SURO CAPITAL CORP. AND SUBSIDIARIES**

**FINANCIAL HIGHLIGHTS (UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Per Basic Share Data** |  |  |  |  |
| Net asset value at beginning of period | $6.66 | $7.17 | $6.68 | $7.99 |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(1)</sup> | (0.16) | (0.16) | (0.31) | (0.28) |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on investments<sup>(1)</sup> | 0.89 | <(0.01) | 0.90 | (0.02) |
| &nbsp;&nbsp;&nbsp;Realized loss on partial repurchase of 6.00% Notes due December 30, 2026<sup>(1)</sup> |  |  | <(0.01) |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) of investments<sup>(1)</sup> | 1.89 | (0.30) | 2.02 | (1.04) |
| &nbsp;&nbsp;&nbsp;Repurchase of common stock<sup>(1)</sup> |  | 0.20 |  | 0.23 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation<sup>(1)</sup> | (0.10) | 0.03 | (0.11) | 0.06 |
| Net asset value at end of period | $9.18 | $6.94 | $9.18 | $6.94 |
| Per share market value at end of period | $8.21 | $4.01 | $8.21 | $4.01 |
| Total return based on market value<sup>(2)</sup> | 65.19% | (11.87)% | 39.63% | 1.78% |
| Total return based on net asset value<sup>(2)</sup> | 37.84% | (3.21)% | 37.43% | (13.14)% |
| Shares outstanding at end of period | 23888107 | 23378002 | 23888107 | 23378002 |
| **Ratios/Supplemental Data:** |  |  |  |  |
| Net assets at end of period | $219409595 | $162312191 | $219409595 | $162312191 |
| Average net assets | $160412515 | $175240305 | $158444298 | $188879950 |
| Ratio of net operating expenses to average net assets<sup>(3)</sup> | 9.73% | 10.75% | 10.25% | 10.04% |
| Ratio of net investment loss to average net assets<sup>(3)</sup> | (9.31)% | (8.39)% | (9.40)% | (7.32)% |
| Portfolio Turnover Ratio | 2.36% | 5.72% | 3.02% | 5.84% |

---

(1) Based
 on weighted-average number of shares outstanding for the relevant period.

(2) Total
 return based on market value is based upon the change in market price per share between the
 opening and ending market values per share in the period, adjusted for dividends and equity
 issuances. Total return based on net asset value is based upon the change in net asset value
 per share between the opening and ending net asset values per share in the period, adjusted
 for dividends and equity issuances.

(3) Financial
 highlights for periods of less than one year are annualized and the ratios of operating expenses
 to average net assets and net investment loss to average net assets are adjusted accordingly.
 Because the ratios are calculated for the Company's common stock taken as a whole,
 an individual investor's ratios may vary from these ratios.