# EDGAR Filing Document

**Accession Number:** 0001509470
**File Stem:** 0001493152-26-009475
**Filing Date:** 2026-3
**Character Count:** 30925
**Document Hash:** 8b29ba0e8843d46b8081ff9b199a2207
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-26-009475.hdr.sgml**: 20260310

**ACCESSION NUMBER**: 0001493152-26-009475

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20260309

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260310

**DATE AS OF CHANGE**: 20260310

**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:** 26737462

**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):

**March 9, 2026**

**SURO CAPITAL CORP.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Maryland** | **1-35156** | **27-4443543** |
| (State or other jurisdiction of<br> 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 March 9, 2026, SuRo Capital Corp. (the "Company") issued a press release announcing its financial results for the fiscal quarter and year ended December 31, 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.** |

---

<u>Exhibit No.</u> <u>Description</u> <br> Exhibit 99.1 [Press Release dated March 9, 2026\*](ex99-1.htm) <br> 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: March 9, 2026 | **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 Fourth Quarter and Fiscal Year 2025 Financial Results**

*Net Asset Value of $8.09 Per Share as of December 31, 2025*

 

*Recent 2026 Portfolio Company Financings Expected to Add an Estimated* 

*$5.00 - $6.50 to Net Asset Value Per Share*

 

**NEW YORK, NY, March 9, 2026 (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 fourth quarter and fiscal year ended December 31, 2025. Net assets totaled approximately $205.3 million, or $8.09 per share, at December 31, 2025, as compared to $9.23 per share, at September 30, 2025 and $6.68 per share at December 31, 2024.

"2025 was a year of strong performance across our portfolio, underscoring the continued execution and value creation at several of our largest investments. That momentum has continued into 2026, with a number of our portfolio companies having completed, or in the process of completing, significant financings," said Mark Klein, Chairman and Chief Executive Officer of SuRo Capital.

"Based on indications available today, and assuming each of the financings closes and the remainder of our portfolio remains at its December 31, 2025 valuation, we believe these financings could contribute approximately $5.00 to $6.50 per share to our current net asset value. As these developments arose in 2026, they are not reflected in our December 31, 2025 net asset value."

Mr. Klein continued, "We also remain active in deploying capital into high-conviction opportunities aligned with our core investment themes, including our recent investment in TensorWave, which further expands our exposure to AI infrastructure."

"As we look ahead, we are encouraged by the continued progress across our portfolio. We believe our strategy of investing in category-defining companies, including those building technologies that are transforming how businesses operate, positions SuRo Capital to create substantial long-term value for shareholders. We remain focused on disciplined execution, including realizing gains and returning capital as liquidity opportunities arise," Mr. Klein concluded.

**Investment Portfolio as of December 31, 2025**

At December 31, 2025, SuRo Capital held positions in 35 portfolio companies – 32 privately held and 3 publicly held, some of which may be subject to certain restrictions and/or lock-up provisions – with an aggregate fair value of approximately $225.5 million. The Company's top five portfolio company investments accounted for approximately 54% of the total portfolio at fair value as of December 31, 2025.

**Top Five Investments as of December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio Company** (*$ in millions)*** | **Cost Basis** | **Fair Value** | **% of Total Portfolio** |
| ARK Type One Deep Ventures Fund LLC<sup>(1)</sup> | $17.7 | $42.2 | 18.7% |
| Whoop, Inc. | 11.0 | 28.4 | 12.6 |
| Blink Health, Inc. | 15.0 | 21.0 | 9.3 |
| Canva, Inc. | 10.1 | 15.4 | 6.8 |
| Learneo, Inc. | 15.0 | 15.4 | 6.8 |
| **Total<sup>(2)</sup>**<br>| $**68.8** | $**122.4** | **54.3%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) ARK
 Type One Deep Ventures Fund LLC is an investment fund for which the Class A Interest is solely
 invested in the Series A-2 Preferred Shares of OpenAI Global, LLC. SuRo Capital is invested
 in the Series A-2 Preferred Shares of OpenAI Global, LLC through its investment in the Class
 A Interest of ARK Type One Deep Ventures Fund LLC.

(2) Total
 may not sum due to rounding.

**Fourth Quarter 2025 Investment Portfolio Activity**

During the three months ended December 31, 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/(Loss)** |
| CW Opportunity 2 LP<sup>(2)</sup> | Various | 15.3% |  | $9.0 million | $6.7 million |
| Forge Global, Inc.<sup>(3)</sup> | 11/6/2025 | 70530 | $43.64 | $3.1 million | $1.1 million |
| Rebric, Inc. (d/b/a Compliable) | 10/16/2025 |  |  | $- | $(1.0 million) |
| True Global Ventures 4 Plus Pte Ltd | 10/31/2025 | 6.8% |  | $0.1 million | $- |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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 68.1% of its investment in CW Opportunity 2 LP as of December
 31, 2025.

(3) As
 of November 6, 2025, SuRo Capital had sold its remaining Forge Global, Inc. public common
 shares.

Subsequent to year-end through March 9, 2026, SuRo Capital made the following investment:

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio Company** | **Investment** | **Transaction Date** | **Amount**<sup>(1)</sup>** |
| Magnetar Opportunity 2025-4 LP<sup>(2)</sup> | Class A Interest | 1/2/2026 | $5.0 million |

---

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

(2) Magnetar
 Opportunity 2025-4 LP is a special purpose vehicle invested in TensorWave, Inc. On December
 31, 2025, SuRo Capital committed up to $20.0 million to Magnetar Opportunity 2025-4 LP. As
 of March 9, 2026, $5.0 million of the $20.0 million capital commitment to Magnetar Opportunity
 2025-4 LP had been funded. The remaining commitment of up to $15.0 million is subject to
 the satisfaction of certain conditions.

Subsequent to year-end through March 9, 2026, 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** |
| GrabAGun Digital Holdings Inc. - *Common Shares*<sup>(2)</sup> | Various | 106580 | $3.07 | $0.3 million | $0.2 million |
| True Global Ventures 4 Plus Pte Ltd | 3/5/2026 | 12.3% |  | $0.2 million | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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 March 9, 2026, SuRo Capital holds 933,420 shares of GrabAGun Digital Holdings, Inc.

On February 26, 2026, SuRo Capital's Whoop, Inc. SAFE Note converted into shares of Series G-2 Preferred Stock.

**Fourth Quarter 2025 Financial Results**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quarter Ended December 31, 2025** | **Quarter Ended December 31, 2025** | **Quarter Ended December 31, 2024** | **Quarter Ended December 31, 2024** |
|  | *$ in millions* | *per share<sup>(1)</sup>* | *$ in millions* | *per share<sup>(1)</sup>* |
| Net investment loss | $(5.7) | $(0.22) | $(3.9) | $(0.16) |
| Net realized gain on investments | 6.8 | 0.27 | 9.1 | 0.39 |
| Realized loss on partial repurchase of 6.00% Notes due 2026 | (<0.1) | (<0.01) | (<0.1) | (<0.01) |
| Net change in unrealized depreciation of investments | (21.3) | (0.84) | (5.2) | (0.22) |
| Net increase/(decrease) in net assets resulting from operations– basic <sup>(2)</sup> | (20.1) | (0.79) | <0.1 | <0.01 |
| Dividends declared | (6.3) | (0.25) |  |  |
| Issuance of common stock from public offering | 0.1 | <0.01 |  |  |
| Stock-based compensation | (0.1) | (0.10) | 0.1 | (0.06) |
| Increase/(decrease) in net asset value<sup>(2)</sup> | $(26.5) | $(1.14) | $0.1 | $(0.05) |

---

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

(2) Total
 may not sum due to rounding.

**Fiscal Year 2025 Financial Results**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fiscal Year Ended December 31, 2025** | **Fiscal Year Ended December 31, 2025** | **Fiscal Year Ended December 31, 2024** | **Fiscal Year Ended December 31, 2024** |
|  | *$ in millions* | *per share<sup>(1)</sup>* | *$ in millions* | *per share<sup>(1)</sup>* |
| Net investment loss | $(16.5) | $(0.68) | $(14.0) | $(0.58) |
| Net realized gain/(loss) on investments | 33.2 | 1.37 | (5.0) | (0.21) |
| Realized loss on partial repurchase of 6.00% Notes due 2026 | (<0.1) | (<0.01) | (0.2) | (0.01) |
| Net change in unrealized appreciation/(depreciation) of investments | 32.1 | 1.33 | (19.0) | (0.79) |
| Net increase/(decrease) in net assets resulting from operations– basic <sup>(2)</sup> | 48.8 | 2.01 | (38.1) | (1.59) |
| Dividends declared | (12.3) | (0.50) |  |  |
| Issuance of common stock from public offering | 10.6 | (0.03) |  |  |
| Stock-based compensation | 0.6 | (0.08) | 1.7 | 0.11 |
| Repurchase of common stock<sup>(3)</sup> | - | - | (9.4) | 0.17 |
| Increase/(decrease) in net asset value | $47.7 | $1.41 | $(45.8) | $(1.31) |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Total
 may not sum due to rounding.

Weighted-average common basic shares outstanding were approximately 24.2 million and 23.9 million for the years ended December 31, 2025 and 2024, respectively. As of December 31, 2025, there were 25,377,756 shares of the Company's common stock outstanding.

SuRo Capital's liquid assets were approximately $50.1 million as of December 31, 2025, consisting of cash and securities of publicly traded portfolio companies not subject to certain restrictions at year-end.

**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 paid on December 5, 2025 to the Company's common stockholders of record as of the close of business on November 21, 2025. The dividend was 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 Federal Income Tax classification of SuRo Capital's 2025 distributions has been determined to be capital gains. SuRo Capital reports 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").

During the quarter ended December 31, 2025, we repurchased an additional 153,513 of the 6.00% Notes due 2026 under the Note Repurchase Program. As of December 31, 2025, we had repurchased 1,566,807 of the 6.00% Notes due 2026 under the Note Repurchase Program. As of December 31, 2025, $39.2 million in aggregate principal dollar amount of the 6.00% Notes due 2026 have been repurchased. As of December 31, 2025, the dollar value of the 6.00% Notes due 2026 aggregate principal amount was approximately $35.8 million.

**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 March 10, 2026. 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 6712704. 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 March 17, 2026, by dialing 866-583-1035 (U.S.) or +44 (0) 20 3451 9993 (International) and using conference ID number 6712704.

**Preliminary Estimates and Guidance**

The preliminary financial estimates regarding the Company's estimated accretion to current net asset value provided herein have been prepared by, and are the responsibility of, the management of the Company. This information is preliminary and is thus inherently uncertain and subject to change. Actual results relating to the Company's net asset value for any period subsequent to December 31, 2025, including March 31, 2026, may differ materially.

**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.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities of SuRo Capital. The information contained herein is for informational purposes only and is not intended to be a substitute for financial, legal, or tax advice.

**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**

Donna Burke, SparkPR

(650) 888-1850

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

**SURO CAPITAL CORP. AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES**

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **ASSETS** |  |  |
| Investments at fair value: |  |  |
| Non-controlled/non-affiliate investments (cost of $219,216,145 and $234,601,314, respectively) | $217304138 | $198511915 |
| Non-controlled/affiliate investments (cost of $21,609,640 and $20,605,400, respectively) | 8207367 | 9268827 |
| Controlled investments (cost of $0 and $1,602,940, respectively) |  | 1600000 |
| Total Investments (cost of $240,825,785 and $256,809,654, respectively) | 225511505 | 209380742 |
| Cash | 49034154 | 20035640 |
| Restricted cash | 38741 |  |
| Escrow proceeds receivable |  | 45298 |
| Interest and dividends receivable | 118710 | 756022 |
| Deferred financing costs | 508310 | 526261 |
| Prepaid expenses and other assets<sup>(1)</sup> | 807302 | 855630 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 276018722 | 231599593 |
| **LIABILITIES** |  |  |
| 6.00% Notes due December 30, 2026<sup>(2)</sup> | 35642149 | 44198838 |
| 6.50% Convertible Notes due August 14, 2029<sup>(3)</sup> | 34131509 | 29051408 |
| Accounts payable and accrued expenses<sup>(1)</sup> | 627522 | 768394 |
| Dividends payable | 301291 | 8867 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 70702471 | 74027507 |
| **Net Assets** | $205316251 | $157572086 |
| **NET ASSETS** |  |  |
| Common stock, par value $0.01 per share (100,000,000 authorized; 25,377,756 and 23,601,566 issued and outstanding, respectively) | $253778 | $236016 |
| Paid-in capital in excess of par | 217470613 | 226579432 |
| Accumulated net investment loss | (3967932) | (4302192) |
| Accumulated net realized gain/(loss) on investments, net of distributions | 6874070 | (17409097) |
| Accumulated net unrealized appreciation/(depreciation) of investments | (15314278) | (47532073) |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $205316251 | $157572086 |
| &nbsp;&nbsp;&nbsp;**Net Asset Value Per Share** | $8.09 | $6.68 |

---

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

(2) As
 of December 31, 2025, the 6.00% Notes due December 30, 2026 (the "6.00% Notes due 2026")
 (effective interest rate of 7.08%) had a face value $35,829,825. 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 December 31, 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**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| **INVESTMENT INCOME** |  |  |  |
| Non-controlled/non-affiliate investments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income<sup>(1)</sup> | $1337851 | $1296415 | $795847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend income | 348447 | 1232239 | 211310 |
| Controlled investments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income |  | 955628 | 1331258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend income |  |  | 500000 |
| Interest income from U.S. Treasury bills |  | 1189145 | 3758365 |
| &nbsp;&nbsp;&nbsp;Total Investment Income | 1686298 | 4673427 | 6596780 |
| **OPERATING EXPENSES** |  |  |  |
| Compensation expense | 8831788 | 9159673 | 9482867 |
| Directors' fees | 789376 | 682260 | 645548 |
| Interest expense | 5088054 | 4843570 | 4858049 |
| Professional fees | 2244818 | 2277765 | 2602894 |
| Income tax expense | (190787) | 88692 | 624049 |
| Other expenses | 1431693 | 1572754 | 1822982 |
| &nbsp;&nbsp;&nbsp;Total Operating Expenses | 18194942 | 18624714 | 20036389 |
| &nbsp;&nbsp;&nbsp;**Net Investment Loss** | (16508644) | (13951287) | (13439609) |
| **Realized Gain/(Loss) on Investments:** |  |  |  |
| Non-controlled/non-affiliated investments | 33223557 | 8375641 | (1185273) |
| Non-controlled/affiliate investments |  | (6598530) | (10762231) |
| Controlled investments |  | (6797425) |  |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain/(Loss) on Investments** | 33223557 | (5020314) | (11947504) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized loss on partial repurchase of 6.00% Notes due December 30, 2026 | (21215) | (183668) |  |
| **Change in Unrealized Appreciation/(Depreciation) of Investments:** |  |  |  |
| Non-controlled/non-affiliated investments | 34173155 | (30184682) | 10349592 |
| Non-controlled/affiliate investments | (2061458) | 4429928 | 20705035 |
| Controlled investments | 2941 | 6785776 | (600692) |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation/(Depreciation) of Investments** | 32114638 | (18968978) | 30453935 |
| &nbsp;&nbsp;&nbsp;**Net Change in Net Assets Resulting from Operations** | $**48808336** | $**(38124247)** | $**5066822** |
| &nbsp;&nbsp;&nbsp;**Net Change in Net Assets Resulting from Operations per Common Share:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $2.01 | $(1.60) | $0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted<sup>(2)</sup> | $1.78 | $(1.60) | $0.19 |
| **Weighted-Average Common Shares Outstanding** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 24225991 | 23901805 | 26222667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted<sup>(2)</sup> | 28789100 | 23901805 | 26222667 |

---

(1) Includes
 interest income earned on cash.

(2) For
 the year ended December 31, 2024, 3,870,969 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**

 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Basic Share Data** |  |  |  |  |  |
| Net asset value at beginning of year | $6.68 | $7.99 | $7.39 | $11.72 | $15.14 |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(1)</sup> | (0.68) | (0.58) | (0.51) | (0.49) | (0.38) |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on investments<sup>(1)</sup> | 1.37 | (0.21) | (0.46) | (0.20) | 8.46 |
| &nbsp;&nbsp;&nbsp;Realized loss on partial repurchase of 6.00% Notes due December 30, 2026<sup>(1)</sup> | <(0.01) | (0.01) |  |  |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) of investments<sup>(1)</sup> | 1.33 | (0.79) | 1.16 | (3.72) | (2.39) |
| &nbsp;&nbsp;&nbsp;Dividends declared | (0.50) |  |  | (0.11) | (8.00) |
| &nbsp;&nbsp;&nbsp;Issuance of common stock from stock dividend |  |  |  |  | 0.74 |
| &nbsp;&nbsp;&nbsp;Issuance of common stock from public offering<sup>(1)</sup> | (0.03) |  |  | 0.01 | 0.01 |
| &nbsp;&nbsp;&nbsp;Issuance of common stock from conversion of 4.75% Convertible Notes due 2023<sup>(1)</sup> |  |  |  |  | (1.91) |
| &nbsp;&nbsp;&nbsp;Repurchase of common stock<sup>(1)</sup> |  | 0.17 | 0.32 | 0.11 |  |
| &nbsp;&nbsp;&nbsp;Stock-based compensation<sup>(1)</sup> | (0.08) | 0.11 | 0.09 | 0.07 | 0.05 |
| Net asset value at end of year | $8.09 | $6.68 | $7.99 | $7.39 | $11.72 |
| Per share market value at end of year | $9.44 | $5.88 | $3.94 | $3.80 | $12.95 |
| Total return based on market value<sup>(2)</sup> | 69.05% | 49.24% | 3.68% | (69.45)% | 60.05% |
| Total return based on net asset value<sup>(2)</sup> | 28.59% | (16.40)% | 8.12% | (36.01)% | 30.25% |
| Shares outstanding at end of year | 25377756 | 23601566 | 25445805 | 28429499 | 31118556 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year | $205316251 | $157572086 | $203357646 | $210020702 | $364846624 |
| Average net assets | $192289541 | $174438302 | $207608591 | $310086061 | $396209139 |
| Ratio of net operating expenses to average net assets<sup>(3)</sup> | 9.46% | 10.68% | 9.70% | 5.87% | 2.88% |
| Ratio of net investment loss to average net assets<sup>(3)</sup> | (8.59)% | (8.00)% | (6.51)% | (4.76)% | (2.51)% |
| Portfolio Turnover Ratio | 5.27% | 13.73% | 9.34% | 4.31% | 28.34% |

---

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

(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 during the year, 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 during the year, adjusted
 for dividends and equity issuances.

(3) For
 the year ended December 31, 2021, the Company excluded $100,274 of non-recurring expenses.
 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.