# EDGAR Filing Document

**Accession Number:** 0001509470
**File Stem:** 0001493152-25-020747
**Filing Date:** 2025-11
**Character Count:** 28734
**Document Hash:** 76d0f9986d7e9d0c30e5f48a036a23f4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-25-020747.hdr.sgml**: 20251104

**ACCESSION NUMBER**: 0001493152-25-020747

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20251104

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251104

**DATE AS OF CHANGE**: 20251104

**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:** 251450330

**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):

**November 4, 2025**

**SURO CAPITAL CORP.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Maryland** | **1-35156** | **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 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 November 4, 2025, SuRo Capital Corp. (the "Company") issued a press release announcing its financial results for the fiscal quarter ended September 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 November 4, 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: November 4, 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 Third Quarter 2025 Financial Results**

 

*Strong Portfolio Momentum Continues to be Driven by AI and AI Infrastructure Investments*

 

*Net Asset Value of $9.23 Per Share as of September 30, 2025*

 

*Board of Directors Declares $0.25 Per Share Cash Dividend*

 

**NEW YORK, NY, November 4, 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 third quarter ended September 30, 2025. Net assets totaled approximately $231.8 million, or $9.23 per share, at September 30, 2025, as compared to $9.18 per share ($8.93 per share dividend-adjusted), at June 30, 2025 and $6.73 per share ($6.48 per share dividend-adjusted) at September 30, 2024.

Mr. Klein further emphasized, "OpenAI's recent restructuring marks a major milestone for one of the most transformative technology companies of our time. By simplifying its capital structure and strengthening its ability to raise capital at scale, OpenAI is extremely well positioned to lead the next wave of AI infrastructure and innovation. Through SuRo Capital, investors gain access to category-defining companies driving this transformation led by OpenAI, one of our largest positions and the second-largest investment in SuRo Capital's history."

"We remain focused on identifying and investing in the next generation of category-defining companies," Klein added. "In September, we invested $5 million into HL Digital Assets, Inc., a company investing in HYPE, the digital token of Hyperliquid. Hyperliquid is a decentralized cryptocurrency exchange designed to enable fast, transparent, and secure digital asset trading—reflecting our continued conviction in the expanding digital infrastructure opportunity set."

"As we look ahead, we remain focused on generating value for our shareholders by maintaining our conviction-driven, research-led approach and backing the next era of transformative companies shaping the future of innovation," Mr. Klein concluded.

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

At September 30, 2025, SuRo Capital held positions in 37 portfolio companies – 33 privately held and 4 publicly held – with an aggregate fair value of approximately $252.2 million. The Company's top five portfolio company investments accounted for approximately 52% of the total portfolio at fair value as of September 30, 2025.

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

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio Company** (*$ in millions)*** | **Cost Basis** | **Fair Value** | **% of Total Portfolio** |
| CW Opportunity 2 LP<sup>(1)</sup> | $12.7 | $37.0 | 14.7% |
| Whoop, Inc. | 11.0 | 28.8 | 11.4 |
| ARK Type One Deep Ventures Fund LLC<sup>(2)</sup> | 17.7 | 27.7 | 11.0 |
| Blink Health, Inc. | 15.0 | 21.0 | 8.3 |
| Learneo, Inc. | 15.0 | 15.4 | 6.1 |
| **Total** | $**71.4** | $**129.9** | **51.5%** |

---

(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.

(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.

**Third Quarter 2025 Investment Portfolio Activity**

During the three months ended September 30, 2025, SuRo Capital made the following investments:

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio Company** | **Investment** | **Transaction Date** | **Amount**<sup>(1)</sup> |
| Supplying Demand, Inc. (d/b/a Liquid Death)<sup>(2)</sup> | Convertible Note | 7/29/2025 | $0.3 million |
| HL Digital Assets Inc.<sup>(3)</sup> | Preferred Shares | 9/18/2025 | $5.0 million |

---

(1) Amount
 invested does not include capitalized costs or prepaid expenses, if applicable.

(2) Represents
 a follow-on investment.

(3) HL
 Digital Assets Inc.'s primary purpose is to invest in HYPE, the digital token of Hyperliquid.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Transaction**<br> **Date** | **Quantity /**<br> **Initial Capital** | **Average Net Share Price**<sup>(1)</sup> | **Net**<br> **Proceeds** | **Realized**<br> **Gain** |
| CW Opportunity 2 LP<sup>(2)</sup> | Various | 16.6% | N/A | $7.2 million | $4.7 million |
| GrabAGun Digital Holdings Inc. - *Public Warrants* <sup>(3)</sup> | Various | 395512 | $1.67 | $0.7 million | $0.5 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) SuRo
 Capital retains approximately 83.4% of its investment in CW Opportunity 2 LP as of September 30, 2025.

(3) As
 of September 30, 2025, SuRo Capital held 1,204,488 remaining GrabAGun Digital Holdings Inc. public warrants.

Subsequent to quarter-end through November 4, 2025, SuRo Capital exited and/or received proceeds from the following investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Transaction**<br> **Date** | **Quantity /**<br> **Initial Capital** | **Net**<br> **Proceeds** | **Realized**<br> **Gain/(Loss)** |
| CW Opportunity 2 LP<sup>(1)</sup> | Various | 11.6% | $7.0 million | $5.3 million |
| Rebric, Inc. (d/b/a Compliable) | 10/16/2025 |  | $- | $(1.0 million) |
| True Global Ventures 4 Plus Pte Ltd | 10/31/2025 | 6.9% | $0.1 million | $- |

---

(1) SuRo
 Capital retains approximately 71.8% of its investment in CW Opportunity 2 LP as of November 4, 2025.

**Third Quarter 2025 Financial Results**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quarter Ended**<br> **September 30, 2025** | **Quarter Ended**<br> **September 30, 2025** | **Quarter Ended**<br> **September 30, 2024** | **Quarter Ended**<br> **September 30, 2024** |
|  | *$ in millions* | *per share<sup>(1)</sup>* | *$ in millions* | *per share<sup>(1)</sup>* |
| Net investment loss | $(3.5) | $(0.14) | $(3.2) | $(0.14) |
| Net realized gain/(loss) on investments | 5.2 | 0.21 | (13.7) | (0.59) |
| Realized loss on partial repurchase of 6.00% Notes due 2026 |  |  | (0.1) | (0.01) |
| Net change in unrealized appreciation of investments | 5.7 | 0.23 | 11.6 | 0.50 |
| Net increase/(decrease) in net assets resulting from operations<sup>(2)</sup> | 7.4 | 0.30 | (5.5) | (0.24) |
| Dividends declared | (6.0) | (0.25) |  |  |
| Issuance of common stock from public offering | 10.6 | (0.03) |  |  |
| Stock-based compensation | 0.4 | 0.03 | 0.6 | 0.03 |
| Increase/(decrease) in net asset value | $12.4 | $0.05 | $(4.9) | $(0.21) |

---

(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 $58.3 million as of September 30, 2025, consisting of cash and directly-held securities of publicly traded portfolio companies not subject to certain restrictions at quarter-end.

Weighted-average common basic shares outstanding were approximately 24.4 million and 23.4 million for the quarters ended September 30, 2025 and 2024, respectively. As of September 30, 2025, there were 25,119,091 shares of the Company's common stock outstanding.

**2025 Dividend Declarations**

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.

On November 3, 2025, SuRo Capital's Board of Directors declared a dividend of $0.25 per share payable on December 5, 2025 to the Company's common stockholders of record as of the close of business on November 21, 2025. The dividend will be paid in cash.

**Certain Information Regarding the Dividends**

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.

**Note Repurchase Program**

On October 29, 2025, SuRo Capital's Board of Directors approved an extension of the Company's discretionary note repurchase program (the "Note Repurchase Program") which allows the Company to repurchase up to an additional $40.0 million or the remaining aggregate principal amount, of our 6.00% Notes due 2026 through open market purchases, including block purchases, in such manner as will comply with the provisions of the Investment Company Act of 1940, as amended (the "1940 Act") and the Securities Exchange Act of 1934, as amended (the "Exchange Act").

**Share Repurchase Program**

On October 29, 2025, the Company's Board of Directors authorized an extension of the Company's discretionary Share Repurchase Program until the earlier of (i) October 31, 2026 or (ii) the repurchase of $64.3 million in aggregate amount of the Company's common stock. The dollar value of shares that may yet be purchased by the Company under the Share Repurchase Program is approximately $25.0 million.

Since inception of the Share Repurchase Program in August 2017, SuRo Capital has repurchased over 6.0 million shares of its common stock for an aggregate purchase price of approximately $39.3 million.

Under the Share Repurchase Program, the Company may repurchase its outstanding common stock in the open market, provided it complies with the prohibitions under its insider trading policies and procedures and the applicable provisions of the 1940 Act and the Exchange Act.

**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 November 4, 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 0818719 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 November 11, 2025 by dialing 1 866-583-1035 (U.S.) or +44 (0) 20 3451 9993 (International) and using conference ID number 0818719.

**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**

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025 (UNAUDITED)** | **December 31, 2024 (AUDITED)** |
| **ASSETS** |  |  |
| Investments at fair value: |  |  |
| Non-controlled/non-affiliate investments (cost of $224,613,209 and $234,601,314, respectively) | $242003642 | $198511915 |
| Non-controlled/affiliate investments (cost of $21,609,640 and $20,605,400, respectively) | 10191898 | 9268827 |
| Controlled investments (cost of $0 and $1,602,940, respectively) |  | 1600000 |
| Total Investments (cost of $246,222,849 and $256,809,654, respectively) | 252195540 | 209380742 |
| Cash | 54549056 | 20035640 |
| Restricted cash | 38741 |  |
| Escrow proceeds receivable |  | 45298 |
| Interest and dividends receivable | 111009 | 756022 |
| Deferred financing costs | 517487 | 526261 |
| Prepaid expenses and other assets<sup>(1)</sup> | 890117 | 855630 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 308301950 | 231599593 |
| **LIABILITIES** |  |  |
| 6.00% Notes due December 30, 2026<sup>(2)</sup> | 39407359 | 44198838 |
| 6.50% Convertible Notes due August 14, 2029<sup>(3)</sup> | 34071073 | 29051408 |
| Accounts payable and accrued expenses<sup>(1)</sup> | 2853344 | 768394 |
| Dividends payable | 183146 | 8867 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 76514922 | 74027507 |
| **Net Assets** | $231787028 | $157572086 |
| **NET ASSETS** |  |  |
| Common stock, par value $0.01 per share (100,000,000 authorized; 25,119,091 and 23,601,566 issued and outstanding, respectively) | $251191 | $236016 |
| Paid-in capital in excess of par | 237812778 | 226579432 |
| Accumulated net investment loss | (15140936) | (4302192) |
| Accumulated net realized gain/(loss) on investments, net of distributions | 2994462 | (17409097) |
| Accumulated net unrealized appreciation/(depreciation) of investments | 5869533 | (47532073) |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $231787028 | $157572086 |
| &nbsp;&nbsp;&nbsp;**Net Asset Value Per Share** | $9.23 | $6.68 |

---

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

(2) As
 of September 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 September 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 September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **INVESTMENT INCOME** |  |  |  |  |
| Non-controlled/non-affiliate investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income<sup>(1)</sup> | $459269 | $578603 | $777220 | $1111360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend income |  | 166153 | 348447 | 188028 |
| Controlled investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income |  | 143961 |  | 955628 |
| Interest income from U.S. Treasury bills |  |  |  | 1189145 |
| &nbsp;&nbsp;&nbsp;Total Investment Income | 459269 | 888717 | 1125667 | 3444161 |
| **OPERATING EXPENSES** |  |  |  |  |
| Compensation expense | 1678497 | 1916361 | 4918188 | 6300188 |
| Directors' fees | 246658 | 171661 | 592718 | 510599 |
| Interest expense | 1276713 | 1153466 | 3812047 | 3582000 |
| Professional fees | 394173 | 515244 | 1825254 | 1830628 |
| Income tax expense |  |  | (215949) | 54894 |
| Other expenses | 318043 | 339858 | 1032153 | 1252252 |
| &nbsp;&nbsp;&nbsp;Total Operating Expenses | 3914084 | 4096590 | 11964411 | 13530561 |
| &nbsp;&nbsp;&nbsp;**Net Investment Loss** | (3454815) | (3207873) | (10838744) | (10086400) |
| **Realized Gain/(Loss) on Investments:** |  |  |  |  |
| Non-controlled/non-affiliated investments | 5196799 | (328520) | 26391459 | (775461) |
| Non-controlled/affiliate investments |  | (6598530) |  | (6598530) |
| Controlled investments |  | (6786462) |  | (6793207) |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain/(Loss) on Investments** | 5196799 | (13713512) | 26391459 | (14167198) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized loss on partial repurchase of 6.00% Notes due December 30, 2026 |  | (145244) | (15873) | (145244) |
| **Change in Unrealized Appreciation/(Depreciation) of Investments:** |  |  |  |  |
| Non-controlled/non-affiliated investments | 23634141 | (1988131) | 53475595 | (24362275) |
| Non-controlled/affiliate investments | 735476 | 6811103 | (76930) | 3806567 |
| Controlled investments | (18694508) | 6791412 | 2941 | 6785776 |
| **Net Change in Unrealized Appreciation/(Depreciation) of Investments** | 5675109 | 11614384 | 53401606 | (13769932) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Change in Net Assets Resulting from Operations** | $**7417093** | $**(5452245)** | $**68938448** | $**(38168774)** |
| &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 | $0.30 | $(0.23) | $2.89 | $(1.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted<sup>(2)</sup> | $0.28 | $(0.23) | $2.49 | $(1.59) |
| **Weighted-Average Common Shares Outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 24371533 | 23378002 | 23893418 | 24058085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted<sup>(2)</sup> | 28989579 | 23378002 | 28408445 | 24058085 |

---

(1) Includes
 interest income earned on cash.

(2) For
 the three and nine months ended September 30, 2024, 3,225,808 potentially dilutive common shares were excluded from the weighted-average
 common shares outstanding for diluted net decrease in net assets resulting from operations per common share because the effect of
 these shares would have been anti-dilutive.

**SURO CAPITAL CORP. AND SUBSIDIARIES**

**FINANCIAL HIGHLIGHTS (UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Per Basic Share Data** |  |  |  |  |
| Net asset value at beginning of period | $9.18 | $6.94 | $6.68 | $7.99 |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(1)</sup> | (0.14) | (0.14) | (0.45) | (0.42) |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on investments<sup>(1)</sup> | 0.21 | (0.59) | 1.10 | (0.59) |
| &nbsp;&nbsp;&nbsp;Realized loss on partial repurchase of 6.00% Notes due December 30, 2026<sup>(1)</sup> |  | (0.01) | <(0.01) | (0.01) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) of investments<sup>(1)</sup> | 0.23 | 0.50 | 2.23 | (0.57) |
| &nbsp;&nbsp;&nbsp;Dividends declared | (0.25) |  | (0.25) |  |
| &nbsp;&nbsp;&nbsp;Issuance of common stock from public offering<sup>(1)</sup> | (0.03) |  | (0.03) |  |
| &nbsp;&nbsp;&nbsp;Repurchase of common stock<sup>(1)</sup> |  |  |  | 0.23 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation<sup>(1)</sup> | 0.03 | 0.03 | (0.05) | 0.10 |
| Net asset value at end of period | $9.23 | $6.73 | $9.23 | $6.73 |
| Per share market value at end of period | $9.00 | $4.04 | $9.00 | $4.04 |
| Total return based on market value<sup>(2)</sup> | 12.67% | 0.75% | 57.31% | 2.54% |
| Total return based on net asset value<sup>(2)</sup> | 3.27% | (3.03)% | 41.92% | (15.77)% |
| Shares outstanding at end of period | 25119091 | 23378002 | 25119091 | 23378002 |
| **Ratios/Supplemental Data:** |  |  |  |  |
| Net assets at end of period | $231787028 | $157437207 | $231787028 | $157437207 |
| Average net assets | $217139281 | $161407400 | $178224292 | $179655590 |
| Ratio of net operating expenses to average net assets<sup>(3)</sup> | 7.15% | 10.10% | 8.98% | 10.06% |
| Ratio of net investment loss to average net assets<sup>(3)</sup> | (6.31)% | (7.91)% | (8.13)% | (7.50)% |
| Portfolio Turnover Ratio | 2.15% | 2.30% | 5.24% | 8.06% |

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(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.