Neostellar Capital Corp 10-Q for FY2026 Q1

Neostellar Capital Corp. (NSLR)

10-Q 2026-05-06 For: 2026-03-31

Added on May 06, 2026

About this 10-Q

Neostellar Capital Corp filed this 10-Q on May 6, 2026, covering the quarter ended March 31, 2026 (FY2026 Q1).

Headline figures

Quarter ended March 31, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Net income: $155.64M; compared with a net loss of $806.72K a year earlier
Diluted EPS: $5.18; compared with -$0.03 a year earlier

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Maryland		27-4443543
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

640 Fifth Avenue, 12th Floor, New York, NY		10019
(Address of principal executive offices)		(Zip Code)

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

	Large accelerated filer ☐	Accelerated filer ☐
	Non-accelerated filer ☒	Smaller reporting company ☐
	Emerging growth company ☐

		PAGE
PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements	1
	Condensed Consolidated Statements of Assets and Liabilities as of March 31, 2026 (Unaudited) and December 31, 2025	1
	Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2026 and 2025 (Unaudited)	2
	Condensed Consolidated Statements of Changes in Net Assets for the Three Months Ended March 31, 2026 and 2025 (Unaudited)	3
	Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2025 (Unaudited)	4
	Condensed Consolidated Schedule of Investments as of March 31, 2026 (Unaudited)	5
	Condensed Consolidated Schedule of Investments as of December 31, 2025	10
	Notes to Condensed Consolidated Financial Statements as of March 31, 2026 (Unaudited)	15
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	45
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	56
Item 4.	Controls and Procedures	57
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	58
Item 1A.	Risk Factors	58
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	58
Item 3.	Defaults Upon Senior Securities	58
Item 4.	Mine Safety Disclosures	58
Item 5.	Other Information	58
Item 6.	Exhibits	59
Signatures		60

	March 31, 2026 (UNAUDITED)			December 31, 2025 (AUDITED)
ASSETS
Investments at fair value:
Non-controlled/non-affiliate investments (cost of $223,515,250 and $219,216,145, respectively)	$	381,596,305		$	217,304,138
Non-controlled/affiliate investments (cost of $21,609,640 and $21,609,640, respectively)		6,938,346			8,207,367
Total Investments (cost of $245,124,890 and $240,825,785, respectively)		388,534,651			225,511,505
Cash		43,315,750			49,034,154
Restricted cash		—			38,741
Interest and dividends receivable		126,244			118,710
Deferred financing costs		500,275			508,310
Prepaid expenses and other assets⁽¹⁾		789,236			807,302
Total Assets		433,266,156			276,018,722
LIABILITIES
6.00% Notes due December 30, 2026⁽²⁾		35,688,549			35,642,149
6.50% Convertible Notes due August 14, 2029⁽³⁾		34,190,631			34,131,509
Accounts payable and accrued expenses⁽¹⁾		1,534,603			627,522
Dividends payable		300,791			301,291
Total Liabilities		71,714,574			70,702,471
Commitments and contingencies (Notes 7 and 10)		-			-
Net Assets	$	361,551,582		$	205,316,251
NET ASSETS
Common stock, par value $0.01 per share (100,000,000 authorized; 25,387,393 and 25,377,756 issued and outstanding, respectively)	$	253,874		$	253,778
Paid-in capital in excess of par		218,069,791			217,470,613
Accumulated net investment loss		(7,946,424	)		(3,967,932	)
Accumulated net realized gain on investments, net of distributions		7,764,584			6,874,070
Accumulated net unrealized appreciation/(depreciation) of investments		143,409,757			(15,314,278	)
Net Assets	$	361,551,582		$	205,316,251
Net Asset Value Per Share	$	14.24		$	8.09

(1)	This balance includes a right of use asset and corresponding operating lease liability, respectively. Refer to “Note 7—Commitments and Contingencies—Operating Leases and Related Deposits” for more detail.
(2)	As of March 31, 2026, the 6.00% Notes due December 30, 2026 (the “6.00% Notes due 2026”) (effective interest rate of 6.43%) had a face value of $35,829,825. As of December 31, 2025, the 6.00% Notes due 2026 (effective interest rate of 7.08%) had a face value of $35,829,825. Refer to “Note 10—Debt Capital Activities” for a reconciliation of the carrying value to the face value.
(3)	As of March 31, 2026, 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 of $35,000,000. As of December 31, 2025, the 6.50% Convertible Notes due 2029 (effective interest rate of 7.17%) had a face value of $35,000,000. Refer to “Note 10—Debt Capital Activities” for a reconciliation of the carrying value to the face value.

	2026			2025
	Three Months Ended March 31,
	2026			2025
INVESTMENT INCOME
Non-controlled/non-affiliate investments:
Interest income⁽¹⁾	$	388,213		$	150,647
Dividend income		343,750			348,447
Total Investment Income		731,963			499,094
OPERATING EXPENSES
Compensation expense		1,976,252			1,667,835
Directors’ fees		195,562			170,565
Interest expense		1,217,194			1,259,849
Professional fees		872,729			750,224
Income tax expense		57,558			2,796
Other expenses		391,160			309,594
Total Operating Expenses		4,710,455			4,160,863
Net Investment Loss		(3,978,492	)		(3,661,769	)
Realized Gain/(Loss) on Investments:
Non-controlled/non-affiliated investments		890,513			(17,951	)
Net Realized Gain/(Loss) on Investments		890,513			(17,951	)
Realized loss on partial repurchase of 6.00% Notes due December 30, 2026		—			(15,873	)
Change in Unrealized Appreciation/(Depreciation) of Investments:
Non-controlled/non-affiliated investments		159,993,061			(5,248,885	)
Non-controlled/affiliate investments		(1,269,022	)		(472,713	)
Controlled investments		—			8,610,476
Net Change in Unrealized Appreciation/(Depreciation) of Investments		158,724,039			2,888,878
Net Change in Net Assets Resulting from Operations	$	155,636,060		$	(806,715	)
Net Change in Net Assets Resulting from Operations per Common Share:
Basic	$	6.13		$	(0.03	)
Diluted⁽²⁾	$	5.18		$	(0.03	)
Weighted-Average Common Shares Outstanding
Basic		25,380,755			23,571,840
Diluted⁽²⁾		30,160,470			23,571,840

Portfolio Investments*		Headquarters/ Industry	Date of Initial Investment	Shares/ Principal/ Quantity⁽²⁾		Cost		Fair Value		% of Net Assets
NON-CONTROLLED/NON-AFFILIATE
Whoop, Inc.⁽⁵⁾		Boston, MA
Preferred Shares, Series C	(5)	Fitness Technology	6/30/2022		13,293,450	$	10,011,460	$	149,338,619		41.30	%
Preferred Shares, Series G-2		Fitness Technology	2/6/2025		127,164		1,001,628		1,428,560		0.40	%
Total							11,013,088		150,767,179		41.70	%
ARK Type One Deep Ventures Fund LLC^(6)**		St. Petersburg, FL
Membership Interest, Class A	**(6)	AI Application Fund	9/25/2024	$	17,500,000		17,696,568		59,337,497		16.41	%
IH10, LLC^(7)**		New York, NY
Membership Interest	**(7)	AI Infrastructure Fund	10/9/2024	$	12,000,010		12,273,784		32,839,497		9.08	%
Blink Health, Inc.		New York, NY
Preferred Shares, Series A		Pharmaceutical Technology	10/27/2020		238,095		5,000,423		9,999,990		2.77	%
Preferred Shares, Series C		Pharmaceutical Technology	10/27/2020		261,944		10,003,917		11,001,648		3.04	%
Total							15,004,340		21,001,638		5.81	%
CW Opportunity 2 LP^(8)**		Evanston, IL
Class A Interest^***	(8) *	AI Infrastructure Fund	5/7/2024	$	10,208,114		10,384,558		15,869,158		4.39	%
Canva, Inc.		Austin, TX
Common Shares		Productivity Software	4/17/2024		9,375		10,058,820		15,432,563		4.27	%
Learneo, Inc. (f/k/a Course Hero, Inc.)		Menlo Park, CA
Preferred Shares, Series A 8%		Online Education	9/18/2014		2,145,509		5,000,001		5,369,286		1.49	%
Preferred Shares, Series C 8%		Online Education	11/5/2021		275,659		9,999,971		9,999,971		2.77	%
Total							14,999,972		15,369,257		4.25	%
Locus Robotics Corp.		Wilmington, MA
Preferred Shares, Series F 6%		Warehouse Automation	11/30/2022		232,568		10,004,286		12,171,308		3.37	%
Supplying Demand, Inc. (d/b/a Liquid Death)		Los Angeles, CA
Preferred Shares, Series F-1		Lifestyle Beverage Brand	1/18/2024		776,747		10,003,934		9,999,996		2.77	%
Series F Convertible Note 4.12%, Due 7/15/2030^***		Lifestyle Beverage Brand	7/29/2025	$	250,000		252,362		250,000		0.07	%
Total							10,256,296		10,249,996		2.84	%
Shogun Enterprises, Inc. (d/b/a Hearth)		Austin, TX
Preferred Shares, Series B-1		Home Improvement Finance	2/26/2021		436,844		3,501,657		3,499,994		0.97	%
Preferred Shares, Series B-2		Home Improvement Finance	2/26/2021		301,750		3,501,661		3,499,998		0.97	%
Preferred Shares, Series B-3		Home Improvement Finance	5/2/2022		56,936		530,822		530,820		0.15	%
Preferred Shares, Series B-4		Home Improvement Finance	7/12/2023		48,267		366,606		499,998		0.14	%
Common Warrants, Strike Price $0.01, Expiration Date 7/12/2026		Home Improvement Finance	7/12/2023		86,076		140,060		72,304		0.02	%
Total							8,040,806		8,103,114		2.24	%
Plaid Inc.⁽⁹⁾		San Francisco, CA
Common Shares	(9)	Financial Technology Infrastructure	4/4/2025		24,512		5,395,542		6,922,679		1.91	%
Magnetar Opportunity 2025-4 LP^(10)**		Evanston, IL
Class A Interest	**(10)	AI Infrastructure Fund	1/2/2026	$	5,000,000		5,012,250		5,000,000		1.38	%
Neutron Holdings, Inc. (d/b/a/ Lime)		San Francisco, CA
Junior Preferred Shares, Series 1-D		Micromobility	1/25/2019		41,237,113		10,007,322		3,485,014		0.96	%
Junior Preferred Convertible Note 4% Due 5/11/2027^***		Micromobility	5/11/2020	$	506,339		506,339		506,339		0.14	%
Common Warrants, Strike Price $0.01, Expiration Date 5/11/2027		Micromobility	5/11/2020		2,032,967		—		121,978		0.03	%
Total							10,513,661		4,113,331		1.14	%
HL Digital Assets Inc.		New York, NY
Preferred Shares		Digital Asset Infrastructure	9/18/2025		8,000,000		5,106,143		4,045,949		1.12	%
FourKites, Inc.		Chicago, IL
Common Shares		Supply Chain Technology	7/7/2023		1,398,024		8,530,389		3,256,355		0.90	%

*	All portfolio investments are non-control/non-affiliated and non-income-producing, unless otherwise identified. As of March 31, 2026, all of the Company’s investments were non-controlled. Equity investments may be subject to lock-up restrictions upon their initial public offering (“IPO”). Preferred dividends are generally only payable when declared and paid by the portfolio company’s board of directors. SuRo Capital Corp.’s (the “Company’s”, or “SuRo Capital’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 Corp. believes do not represent “qualifying assets” under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Of the Company’s total investments as of March 31, 2026, 30.12% of its total investments are non-qualifying assets, excluding cash and short-term US treasuries.

***	Investment is income-producing.

(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. For the Schedule of Investments In, and Advances To, Affiliates, as required by SEC Regulation S-X, Rule 12-14, refer to “Note 4—Investments at Fair Value”.

(2)	Represents the respective number of shares, principal amount, initial or remaining fund investment, or membership interest as of March 31, 2026. For fund investments, the initial committed amount may be reduced by distributions classified as Return of Capital.

(3)	As of March 31, 2026, the investments noted had been placed on non-accrual status.

(4)	Denotes an investment considered Level 1 or Level 2 and valued using observable inputs. Refer to “Note 4—Investments at Fair Value”.

(5)	On March 31, 2026, Whoop, Inc. announced completion of its Series G financing. As a result of the financing, on February 26, 2026, the Simple Agreement for Future Equity (“SAFE”) Note which SuRo Capital previously held in Whoop, Inc. converted into Series G-2 Preferred shares.

(6)	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 Corp. 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. ARK Type One Deep Ventures Fund LLC charges a 1% management fee per year, and an incentive fee of 10%, not subject to a hurdle rate. The management fees will adjust the cost of SuRo Capital’s investment in the fund.

(7)	IH10, LLC’s sole portfolio asset is interest in the Series B Preferred Shares of VAST Data, Ltd. through an special purpose vehicle (“SPV”). SuRo Capital is invested in the Series B Preferred Shares of VAST Data, Ltd. through its investment in the Membership Interest of IH10, LLC. IH10, LLC does not charge a management fee or an incentive fee; however, SuRo Capital has prepaid operating expenses.

(8)	CW Opportunity 2 LP is an SPV for which the Class A 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 Interest of CW Opportunity 2 LP. CW Opportunity 2 LP does not charge a management fee but does charge an incentive fee of 20%, subject to an annual 15% IRR hurdle rate. SuRo Capital did not receive any distributions during the quarter ended March 31, 2026 as part of its investment in CW Opportunity 2 LP. As of March 31, 2026, SuRo Capital retains approximately 68.1% of its investment in CW Opportunity 2, LP.

(9)	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. 1789 Capital Nirvana II LP is a wholly owned subsidiary of SuRo Capital. SuRo Capital paid a 7% origination fee at the time of investment.

(10)	Magnetar Opportunity 2025-4 LP is an SPV for which the Class A Interest is invested in TensorWave Inc. On December 31, 2025, SuRo Capital committed up to $20.0 million to Magnetar Opportunity 2025-4 LP. On January 2, 2026, SuRo Capital funded $5.0 million of the commitment. Magnetar Opportunity 2025-4 LP does not charge a management fee but does charge an incentive fee of 20%, subject to an annual 15% IRR hurdle rate. As of March 31, 2026, $15.0 million of the commitment remains to be funded, subject to the satisfaction of certain conditions.

(11)	SuRo Capital’s investments in Commercial Streaming Solutions Inc. (d/b/a BettorView), EDGE Markets, Inc., Xgroup Holdings Limited (d/b/a Xpoint), and Stake Trade, Inc. (d/b/a Prophet Exchange) are held through SuRo Capital’s wholly owned subsidiary, SuRo Capital Sports, LLC (“SuRo Capital Sports”).

(12)	SuRo Capital’s investments in True Global Ventures 4 Plus Pte Ltd are held through SuRo Capital’s wholly owned subsidiary, GSVC SVDS Holdings, Inc. True Global Ventures 4 Plus Pte Ltd charges a 1.8% management fee and a 22.5% incentive fee, subject to an annual 5% IRR hurdle rate. The management fees may adjust the cost of SuRo Capital’s investment in the fund.

(13)	SuRo Capital’s investment in Residential Homes for Rent, LLC (d/b/a Second Avenue) is held through SuRo Capital’s wholly owned subsidiary, GSVC AV Holdings, Inc.

(14)	On November 9, 2021, Fullbridge, Inc.’s obligations under its financing arrangements with the Company became past due.

(15)	On March 30, 2025, CTN Holdings, Inc. (d/b/a Catona Climate) filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Delaware. On June 5, 2025, the US Bankruptcy Court for the District of Delaware approved the sale of the remaining assets of CTN Holdings, Inc. On August 7, 2025, CTN Holdings, Inc. (d/b/a Catona Climate) converted its bankruptcy filing from Chapter 11 reorganization to Chapter 7 liquidation.

(16)	SuRo Capital’s investments in StormWind, LLC are held through SuRo Capital’s wholly owned subsidiary, GSVC SW Holdings, Inc.

(9)	On July 15, 2025, Colombier Acquisition Corp. II (“Colombier”) stockholders approved a business combination with GrabAGun Digital Holdings Inc. and related proposals at a special meeting. On July 16, 2025, GrabAGun Digital Holdings, Inc. announced that it had consummated the business combination with Colombier pursuant to a merger agreement between the parties, creating the resultant combined company GrabAGun Digital Holdings, Inc. As of December 31, 2025, SuRo Capital’s shares of GrabAGun Digital Holdings, Inc. Common shares are subject to certain restrictions on transfer, while the GrabAGun Digital Holdings, Inc. warrants are freely tradable.

(10)	SuRo Capital’s investments in True Global Ventures 4 Plus Pte Ltd are held through SuRo Capital’s wholly owned subsidiary, GSVC SVDS Holdings, Inc. True Global Ventures 4 Plus Pte Ltd charges a 1.8% management fee and a 22.5% incentive fee, subject to an annual 5% IRR hurdle rate. The management fees may adjust the cost of SuRo Capital’s investment in the fund.

(11)	SuRo Capital’s investments in Commercial Streaming Solutions Inc. (d/b/a BettorView), EDGE Markets, Inc., Xgroup Holdings Limited (d/b/a Xpoint), and Stake Trade, Inc. (d/b/a Prophet Exchange) are held through SuRo Capital’s wholly owned subsidiary, SuRo Capital Sports, LLC (“SuRo Capital Sports”).

(12)	On October 8, 2025, Stake Trade, Inc. (d/b/a Prophet Exchange) completed its Series B financing. As a result of the financing, the SAFE Note which SuRo Capital previously held in Stake Trade, Inc. (d/b/a Prophet Exchange) converted into Series B-IV Preferred shares.

(13)	SuRo Capital’s investment in Residential Homes for Rent, LLC (d/b/a Second Avenue) is held through SuRo Capital’s wholly owned subsidiary, GSVC AV Holdings, Inc.

(14)	On March 30, 2025, CTN Holdings, Inc. (d/b/a Catona Climate) filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Delaware. On June 5, 2025, the US Bankruptcy Court for the District of Delaware approved the sale of the remaining assets of CTN Holdings, Inc. On August 7, 2025, CTN Holdings, Inc. (d/b/a Catona Climate) converted its bankruptcy filing from Chapter 11 reorganization to Chapter 7 liquidation.

(15)	On November 9, 2021, Fullbridge, Inc.’s obligations under its financing arrangements with the Company became past due.

(16)	SuRo Capital’s investments in StormWind, LLC are held through SuRo Capital’s wholly owned subsidiary, GSVC SW Holdings, Inc.

(17)	On March 21, 2025, Commercial Streaming Solutions, Inc. (d/b/a BettorView) merged with FSG Digital, Inc. (d/b/a JefeBet). As a result of the merger, the SAFE Note which SuRo Capital previously held in Commercial Streaming Solutions, Inc. (d/b/a BettorView) converted into Class A-1 Preferred shares.

Subsidiary	Jurisdiction of Incorporation	Formation Date	Percentage Owned
GCL	Delaware	April 13, 2012		100	%
SuRo Capital Sports, LLC (“SuRo Capital Sports”)	Delaware	March 19, 2021		100	%
1789 Capital Nirvana II LP	Delaware	March 27, 2025		100	%
SRCI Advisors, LLC	Delaware	September 9, 2025		100	%
Subsidiaries below are referred to collectively as the “Taxable Subsidiaries”
GSVC AE Holdings, Inc. (“GAE”)	Delaware	November 28, 2012		100	%
GSVC AV Holdings, Inc. (“GAV”)	Delaware	November 28, 2012		100	%
GSVC SW Holdings, Inc. (“GSW”)	Delaware	November 28, 2012		100	%
GSVC SVDS Holdings, Inc. (“SVDS”)	Delaware	August 13, 2013		100	%

	1.	The quarterly valuation process begins with each portfolio company or investment being initially valued by the internal investment professionals responsible for the portfolio investment;

	2.	Preliminary valuation estimates are then documented and discussed with senior management;

	3.	For all investments for which there are no readily available market quotations, the Valuation Committee engages an independent third-party valuation firm to conduct independent appraisals, review management’s preliminary valuations and make its own independent assessment;

	4.	The Valuation Committee applies the appropriate valuation methodology to each portfolio asset in a consistent manner, considers the inputs provided by management and the independent third-party valuation firm, discusses the valuations and recommends to the Company’s Board of Directors a fair value for each investment in the portfolio; and

	5.	The Company’s Board of Directors then discusses the valuations recommended by the Valuation Committee and determines in good faith the fair value of each investment in the portfolio.

	March 31, 2026		December 31, 2025
Deferred debt issuance costs	$	950,644	$	1,056,167
Deferred financing costs		500,275		508,310
Total	$	1,450,919	$	1,564,477

(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.

Portfolio Investments*		Headquarters/ Industry	Date of Initial Investment	Shares/ Principal/ Quantity⁽²⁾		Cost		Fair Value		% of Net Assets
EDGE Markets, Inc.⁽¹¹⁾		San Diego, CA
Preferred Shares, Series Seed 8%	(11)	Gaming Technology	5/18/2022		456,704		501,330		3,201,961		0.89	%
PayJoy, Inc.		San Francisco, CA
Preferred Shares, Series C		Mobile Access Technology	7/23/2021		244,117		2,501,570		2,499,758		0.69	%
Simple Agreement for Future Equity		Mobile Access Technology	5/25/2023	$	500,000		501,470		500,000		0.14	%
Total							3,003,040		2,999,758		0.83	%
True Global Ventures 4 Plus Pte Ltd^(12)**		Singapore, Singapore
Limited Partner Fund Investment	**(12)	Venture Investment Fund	8/27/2021	$	2,000,000		202,378		2,884,437		0.80	%
Xgroup Holdings Inc (d/b/a Xpoint)⁽¹¹⁾	(11)	Miami Beach, FL
Preferred Shares, Series A-1		Geolocation Technology	8/17/2022		454		136,114		220,200		0.06	%
Series A-1 Warrants, Strike Price $0.0001, Expiration Date 5/14/2044			8/17/2022		3,286		985,180		1,593,789		0.44	%
Series A Warrants, Strike Price $0.0001, Expiration Date 5/14/2044			8/17/2022		873		261,735		564,568		0.16	%
Total							1,383,029		2,378,557		0.66	%
GrabAGun Digital Holdings Inc.		Coppell, TX
Common Shares⁽⁴⁾	(4)	E-Commerce Marketplace	11/20/2023		599,754		636,500		1,805,260		0.50	%
Common Warrants, Strike Price $11.50, Expiration Date 7/15/2030⁽⁴⁾	(4)	E-Commerce Marketplace	11/20/2023		1,204,488		375,816		566,109		0.16	%
Total							1,012,316		2,371,369		0.66	%
Stake Trade, Inc. (d/b/a Prophet Exchange)⁽¹¹⁾		New York, NY
Preferred Shares, Series B-IV	(11)	Sports Betting	7/26/2023		755,041		1,002,153		1,249,993		0.35	%
Varo Money, Inc.^**		San Francisco, CA
Common Shares	**	Financial Services	8/11/2021		1,079,266		10,005,548		1,079,266		0.30	%
Residential Homes for Rent, LLC (d/b/a Second Avenue)⁽¹³⁾		Chicago, IL
Preferred Shares, Series A	(13)	Real Estate Platform	12/23/2020		150,000		1,500,000		554,586		0.15	%
Skillsoft Corp.		Nashua, NH
Common Shares⁽⁴⁾		Online Education	6/8/2021		49,092		9,818,428		210,605		0.06	%
Orchard Technologies, Inc.		New York, NY
Preferred Shares, Series D 8%		Real Estate Platform	8/9/2021		524,985		3,751,518		—		—	%
Senior Preferred Shares, Series 2 8%		Real Estate Platform	8/9/2021		80,991		587,951		—		—	%
Senior Preferred Shares, Series 1 7%		Real Estate Platform	1/13/2023		463,449		4,642,772		—		—	%
Common Shares		Real Estate Platform	8/9/2021		558,053		3,751,518		—		—	%
Simple Agreement for Future Equity		Real Estate Platform	1/31/2025	$	80,800		81,584		80,800		0.02	%
Total							12,815,343		80,800		0.02	%
PSQ Holdings, Inc. (d/b/a PublicSquare)		West Palm Beach, FL
Common Warrants, Strike Price $11.50, Expiration Date 7/19/2028⁽⁴⁾		E-Commerce Marketplace	4/1/2021		1,796,037		771,065		71,841		0.02	%
Aventine Property Group, Inc.		Chicago, IL
Common Shares		Cannabis REIT	9/11/2019		312,500		2,580,750		28,125		0.01	%
Kinetiq Holdings, LLC		Doylestown, PA
Common Shares, Class A		Social Data Platform	3/30/2012		112,374		—		5,486		0.01	%
Trax Ltd.^**		Singapore, Singapore

Portfolio Investments*		Headquarters/ Industry	Date of Initial Investment	Shares/ Principal/ Quantity⁽²⁾		Cost		Fair Value		% of Net Assets
Fullbridge, Inc.		Cambridge, MA
Common Shares		Business Education	5/13/2012		517,917		6,150,506		—		—	%
Promissory Note 1.47%, Due 11/9/2021^(3)(14)	(3)(134)	Business Education	3/3/2016	$	2,270,458		2,270,858		—		—	%
Total							8,421,364		—		—	%
Treehouse Real Estate Investment Trust, Inc.		Chicago, IL
Common Shares		Cannabis REIT	9/11/2019		312,500		4,919,250		—		—	%
CTN Holdings, Inc. (d/b/a Catona Climate, f/k/a Aspiration Partners, Inc.)⁽¹⁵⁾		Marina Del Rey, CA
Preferred Shares, Series A	(15)	Carbon Credit Services	8/11/2015		540,270		1,001,815		—		—	%
Preferred Shares, Series C-3	(15)		8/12/2019		24,912		281,190		—		—	%
Total							1,283,005		—		—	%

Total Non-Controlled/Non-Affiliate						$	223,515,250	$	381,596,305		105.54	%

NON-CONTROLLED/AFFILIATE⁽¹⁾
StormWind, LLC⁽¹⁶⁾		Scottsdale, AZ
Preferred Shares, Series D 8%	(1)(16)	Interactive Learning	11/26/2019		329,337	$	257,267	$	398,713		0.11	%
Preferred Shares, Series C 8%	(1)(16)	Interactive Learning	1/7/2014		2,779,134		4,000,787		4,342,090		1.20	%
Preferred Shares, Series B 8%	(1)(16)	Interactive Learning	12/16/2011		3,279,629		2,019,687		2,152,809		0.60	%
Preferred Shares, Series A 8%	(1)(16)	Interactive Learning	2/25/2014		366,666		110,000		44,734		0.01	%
Total	(1)(16)						6,387,741		6,938,346		1.92	%
Commercial Streaming Solutions Inc. (d/b/a BettorView)⁽¹¹⁾	(11)	Las Vegas, NV
Preferred Shares, Series A-1	(1)(11)	Interactive Media & Services	3/26/2021		10,548,522		1,004,240		—		—	%
Maven Research, Inc.		San Francisco, CA
Preferred Shares, Series C	(1)	Knowledge Networks	7/2/2012		318,979		2,000,447		—		—	%
Preferred Shares, Series B	(1)	Knowledge Networks	2/28/2012		49,505		217,206		—		—	%
Total							2,217,653		—		—	%
Curious.com, Inc.		Menlo Park, CA
Common Shares	(1)	Online Education	11/22/2013		1,135,944		12,000,006		—		—	%

Total Non-Controlled/Affiliate						$	21,609,640	$	6,938,346		1.92	%

Total Portfolio Investments						$	245,124,890	$	388,534,651		107.46	%

	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	%

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

	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.

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”.

(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”.

	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

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

	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

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.

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.

For the Year Ended December 31,	Amount
2026	$	116,524
2027		159,471
2028		59,688
Total	$	335,683

	2026			2025
	Three Months Ended March 31,
	2026			2025
Per Basic Share Data
Net asset value at beginning of year	$	8.09		$	6.68
Net asset value	$	8.09		$	6.68
Net investment loss⁽¹⁾		(0.16	)		(0.16	)
Net realized gain/(loss) on investments⁽¹⁾		0.04			<(0.01	)
Realized loss on partial repurchase of 6.00% Notes due December 30, 2026⁽¹⁾		—			<(0.01	)
Net change in unrealized appreciation/(depreciation) of investments⁽¹⁾		6.25			0.12
Stock-based compensation⁽¹⁾		0.02			0.02
Net asset value at end of period	$	14.24		$	6.66
Per share market value at end of period	$	10.71		$	4.97
Total return based on market value⁽²⁾		13.45	%		(15.48	)%
Total return based on net asset value⁽²⁾		76.02	%		(0.30	)%
Shares outstanding at end of period		25,387,393			23,551,859
Ratios/Supplemental Data:
Net assets at end of period	$	361,551,582		$	156,804,155
Average net assets	$	206,417,463		$	156,454,212
Ratio of net operating expenses to average net assets⁽³⁾		9.25	%		10.79	%
Ratio of net investment loss to average net assets⁽³⁾		(7.82	)%		(9.49	)%
Portfolio Turnover Ratio		0.52	%		5.28	%

(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. 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.
(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.

	March 31, 2026			December 31, 2025
Aggregate principal amount of 6.00% Notes due 2026	$	35,829,825		$	35,829,825
Direct deduction of deferred debt issuance costs		(141,276	)		(187,676	)
Total	$	35,688,549		$	35,642,149

	March 31, 2026			December 31, 2025
Aggregate principal amount of 6.50% Convertible Notes due 2029	$	35,000,000		$	35,000,000
Direct deduction of deferred debt issuance costs		(809,369	)		(868,491	)
Total	$	34,190,631		$	34,131,509

	Number of Restricted Shares
Outstanding as of December 31, 2025⁽¹⁾		957,173
Granted		10,000
Vested⁽²⁾		(1,000	)
Outstanding as of March 31, 2026		966,173
Total vested since inception as of March 31, 2026		1,169,249