NSLR 10-Q

Neostellar Capital Corp. (NSLR)

10-Q 2025-08-07 For: 2025-06-30

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Added on April 08, 2026

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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 June 30, 2025 (Unaudited) and December 31, 2024	1
	Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2025 and 2024 (Unaudited)	2
	Condensed Consolidated Statements of Changes in Net Assets for the Six Months Ended June 30, 2025 and 2024 (Unaudited)	3
	Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2025 and 2024 (Unaudited)	4
	Condensed Consolidated Schedule of Investments as of June 30, 2025 (Unaudited)	5
	Condensed Consolidated Schedule of Investments as of December 31, 2024	10
	Notes to Condensed Consolidated Financial Statements as of June 30, 2025 (Unaudited)	14
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	59
Item 4.	Mine Safety Disclosures	59
Item 5.	Other Information	59
Item 6.	Exhibits	60
Signatures		61

	June 30, 2025			December 31, 2024
	(UNAUDITED)			(AUDITED)
ASSETS
Investments at fair value:
Non-controlled/non-affiliate investments (cost of $221,292,617 and $234,601,314, respectively)	$	215,044,675		$	198,511,915
Non-controlled/affiliate investments (cost of $20,605,400 and $20,605,400, respectively)		8,456,422			9,268,827
Controlled investments (cost of $1,602,940 and $1,602,940, respectively)		20,297,450			1,600,000
Total Investments (cost of $243,500,957 and $256,809,654, respectively)		243,798,547			209,380,742
Cash		49,852,801			20,035,640
Restricted cash		38,741			—
Escrow proceeds receivable		—			45,298
Interest and dividends receivable		104,098			756,022
Deferred financing costs		555,688			526,261
Prepaid expenses and other assets⁽¹⁾		703,349			855,630
Total Assets		295,053,224			231,599,593
LIABILITIES
6.00% Notes due December 30, 2026⁽²⁾		39,354,847			44,198,838
6.50% Convertible Notes due August 14, 2029⁽³⁾		34,010,638			29,051,408
Accounts payable and accrued expenses⁽¹⁾		2,278,144			768,394
Dividends payable		—			8,867
Total Liabilities		75,643,629			74,027,507
Commitments and contingencies (Notes 7 and 10)
Net Assets	$	219,409,595		$	157,572,086
NET ASSETS
Common stock, par value $0.01 per share (100,000,000 authorized; 23,888,107 and 23,601,566 issued and outstanding, respectively)	$	238,881		$	236,016
Paid-in capital in excess of par		226,892,721			226,579,432
Accumulated net investment loss		(11,686,121	)		(4,302,192	)
Accumulated net realized gain/(loss) on investments, net of distributions		3,769,690			(17,409,097	)
Accumulated net unrealized appreciation/(depreciation) of investments		194,424			(47,532,073	)
Net Assets	$	219,409,595		$	157,572,086
Net Asset Value Per Share	$	9.18		$	6.68

(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 June 30, 2025, the 6.00% Notes due December 30, 2026 (the “6.00% Notes due 2026”) (effective interest rate of 6.52%) had a face value $39,667,650. As of December 31, 2024, the 6.00% Notes due 2026 (effective interest rate of 6.48%) had a face value $44,667,400. Refer to “Note 10—Debt Capital Activities” for a reconciliation of the carrying value to the face value.
(3)	As of June 30, 2025, the 6.50% Convertible Notes due August 14, 2029 (the “6.50% Convertible Notes due 2029”) (effective interest rate of 7.17%) had a face value $35,000,000. As of December 31, 2024, the 6.50% Convertible Notes due 2029 (effective interest rate of 7.06%) had a face value $30,000,000. Refer to “Note 10—Debt Capital Activities” for a reconciliation of the carrying value to the face value.

	2025			2024			2025			2024
	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
INVESTMENT INCOME
Non-controlled/non-affiliate investments:
Interest income⁽¹⁾	$	167,304		$	290,750		$	317,951		$	532,757
Dividend income		—			—			348,447			21,875
Controlled investments:
Interest income		—			376,667			—			811,667
Interest income from U.S. Treasury bills		—			359,936			—			1,189,145
Total Investment Income		167,304			1,027,353			666,398			2,555,444
OPERATING EXPENSES
Compensation expense		1,571,856			2,198,509			3,239,691			4,383,827
Directors’ fees		175,495			167,825			346,060			338,938
Interest expense		1,275,485			1,214,267			2,535,334			2,428,534
Professional fees		680,857			586,825			1,431,081			1,315,384
Income tax expense		(218,745	)		52,794			(215,949	)		54,894
Other expenses		404,516			462,758			714,110			912,394
Total Operating Expenses		3,889,464			4,682,978			8,050,327			9,433,971
Net Investment Loss		(3,722,160	)		(3,655,625	)		(7,383,929	)		(6,878,527	)
Realized Gain/(Loss) on Investments:
Non-controlled/non-affiliated investments		21,212,611			(22,867	)		21,194,660			(507,008	)
Non-controlled/affiliate investments		—			—			—			60,067
Controlled investments		—			(6,745	)		—			(6,745	)
Net Realized Gain/(Loss) on Investments		21,212,611			(29,612	)		21,194,660			(453,686	)
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		35,090,339			(3,481,638	)		29,841,454			(19,876,809	)
Non-controlled/affiliate investments		(339,693	)		(3,485,172	)		(812,406	)		(5,501,871	)
Controlled investments		10,086,973			864			18,697,449			(5,636	)
Net Change in Unrealized Appreciation/(Depreciation) of Investments		44,837,619			(6,965,946	)		47,726,497			(25,384,316	)
Net Change in Net Assets Resulting from Operations	$	62,328,070		$	(10,651,183	)	$	61,521,355		$	(32,716,529	)
Net Change in Net Assets Resulting from Operations per Common Share:
Basic	$	2.63		$	(0.45	)	$	2.60		$	(1.34	)
Diluted⁽²⁾	$	2.23		$	(0.45	)	$	2.23		$	(1.34	)
Weighted-Average Common Shares Outstanding
Basic		23,728,095			23,410,235			23,650,399			24,401,863
Diluted⁽²⁾		28,244,225			23,410,235			28,113,063			24,401,863

(1)	Includes interest income earned on cash.
(2)	For the three and six months ended June 30, 2024, there were no potentially dilutive securities outstanding. Refer to “Note 6 — Net Change in Net Assets Resulting from Operations per Common Share — Basic and Diluted”.


	Six Months Ended June 30,
	2025	2024
Capital Share Activity
Shares outstanding at beginning of year	23,601,566	25,445,805
Issuance of common stock under restricted stock plan, net⁽¹⁾	286,541	(67,803	)
Shares repurchased	—	(2,000,000	)
Shares Outstanding at End of Period	23,888,107	23,378,002

Supplemental Information:	2025			2024
Interest paid	$	2,313,988		$	2,250,000
Taxes paid		(215,949	)		54,894
Right of use asset obtained in exchange for operating lease liabilities		(2,006	)		—

Portfolio Investments*		Headquarters/ Industry	Date of Initial Investment	Shares/ Principal/ Quantity⁽³⁾		Cost		Fair Value		% of Net Assets
NON-CONTROLLED/NON-AFFILIATE
CW Opportunity 2 LP^(7)**		Evanston, IL
Class A Interest^***	(7)*	AI Infrastructure Fund	5/7/2024	$	15,000,000	$	15,176,443	$	40,877,045		18.63	%
ARK Type One Deep Ventures Fund LLC^(8)**		St. Petersburg, FL
Membership Interest, Class A	**(8)	AI Application Fund	9/25/2024	$	17,500,000		17,696,568		27,759,464		12.65	%
Whoop, Inc.		Boston, MA
Preferred Shares, Series C		Fitness Technology	6/30/2022		13,293,450		10,011,460		22,739,736		10.36	%
Simple Agreement for Future Equity		Fitness Technology	2/6/2025	$	1,000,000		1,001,628		1,000,000		0.46	%
Total					-		11,013,088		23,739,736		10.82	%
Learneo, Inc. (f/k/a Course Hero, Inc.)		Redwood City, CA
Preferred Shares, Series A 8%		Online Education	9/18/2014		2,145,509		5,000,001		5,369,274		2.45	%
Preferred Shares, Series C 8%		Online Education	11/5/2021		275,659		9,999,971		9,999,971		4.56	%
Total					-		14,999,972		15,369,245		7.00	%
Canva, Inc.^**		Sydney, Australia
Common Shares	**	Productivity Software	4/17/2024		9,375		10,058,820		13,242,894		6.04	%
IH10, LLC^(9)**		New York, NY
Membership Interest	**(9)	AI Infrastructure Fund	10/9/2024	$	12,000,010		12,273,784		12,182,897		5.55	%
Locus Robotics Corp.		Wilmington, MA
Preferred Shares, Series F 6%		Warehouse Automation	11/30/2022		232,568		10,004,286		11,648,970		5.31	%
Blink Health, Inc.		New York, NY
Preferred Shares, Series A		Pharmaceutical Technology	10/27/2020		238,095		5,000,423		1,064,495		0.49	%
Preferred Shares, Series C		Pharmaceutical Technology	10/27/2020		261,944		10,003,917		9,999,974		4.56	%
Total					-		15,004,340		11,064,469		5.04	%
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		4.56	%
FourKites, Inc.		Chicago, IL
Common Shares		Supply Chain Technology	7/7/2023		1,398,024		8,530,389		8,594,104		3.92	%
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		2,984,151		1.36	%
Preferred Shares, Series B-2		Home Improvement Finance	2/26/2021		301,750		3,501,661		2,984,154		1.36	%
Preferred Shares, Series B-3		Home Improvement Finance	5/2/2022		56,936		530,822		452,586		0.21	%
Preferred Shares, Series B-4		Home Improvement Finance	7/12/2023		48,267		366,606		426,306		0.19	%
Common Warrants, Strike Price $0.01, Expiration Date 7/12/2026		Home Improvement Finance	7/12/2023		86,076		140,060		—		—	%
Total							8,040,806		6,847,197		3.12	%
Plaid Inc.⁽¹¹⁾		San Francisco, CA
Common Shares	(11)	Financial Technology Infrastructure	4/4/2025		24,512		5,395,541		4,999,874		2.28	%
Orchard Technologies, Inc.		New York, NY
Preferred Shares, Series D 8%		Real Estate Platform	8/9/2021		558,052		3,751,518		—		—	%
Senior Preferred Shares, Series 2 8%		Real Estate Platform	8/9/2021		58,771		587,951		—		—	%
Senior Preferred Shares, Series 1 7%		Real Estate Platform	1/13/2023		463,449		4,642,772		4,634,490		2.11	%
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		0.04	%
Total					-		12,815,343		4,715,290		2.15	%
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		1.59	%
Junior Preferred Convertible Note 4% Due 5/11/2027^***		Micromobility	5/11/2020	$	506,339		506,339		506,339		0.23	%
Common Warrants, Strike Price $0.01, Expiration Date 5/11/2027		Micromobility	5/11/2020		2,032,967		—		121,978		0.06	%
Total					-		10,513,661		4,113,331		1.87	%

*	All portfolio investments are non-control/non-affiliated and non-income-producing, unless otherwise identified. 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 June 30, 2025, 50.25% 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 Corp., as defined in the 1940 Act. In general, a company is deemed to be an “Affiliate” of SuRo Capital Corp. if SuRo Capital Corp. 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)	“Control Investments” are investments in those companies that are “Controlled Companies” of SuRo Capital Corp., 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. 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”.

(3)	Represents the respective number of shares, principal amount, fund commitment, or membership interest.

(4)	As of June 30, 2025, the investments noted had been placed on non-accrual status.

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

(6)	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.

(7)	CW Opportunity 2 LP is a special purpose vehicle (“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. As of June 30, 2025, SuRo Capital has confirmed the underlying Class A Common Shares held by CW Opportunity 2 LP were not registered and are therefore subject to certain restrictions on sale or transfer for which SuRo Capital has applied a discount to the closing share price as of the reporting date. On March 28, 2025, CoreWeave, Inc. completed an IPO and the Series C Preferred Shares converted to Class A common shares. Prior to the IPO, SuRo Capital was invested in the Series C Preferred Shares of CoreWeave, Inc. through its investment in the Class A Interest of CW Opportunity 2 LP. Additionally, prior to the IPO, the Series C Preferred Shares of CoreWeave, Inc. accrued a 10% per annum dividend, paid quarterly in cash or in-kind. 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.

(8)	ARK Type One Deep Ventures Fund LLC is an investment fund for which the Class A 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 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.

(9)	IH10, LLC’s sole portfolio asset is interest in the Series B Preferred Shares of VAST Data, Ltd. through an 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.

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

(11)	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.

(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 investments in Commercial Streaming Solutions Inc. (d/b/a BettorView), Rebric, Inc. (d/b/a Compliable), 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”).

(14)	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.

(15)	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.

(16)	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.

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

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	%
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.

Portfolio Investments*		Headquarters/ Industry	Date of Initial Investment	Shares/ Principal/ Quantity⁽³⁾		Cost		Fair Value		% of Net Assets
True Global Ventures 4 Plus Pte Ltd^(12)**		Singapore, Singapore
Limited Partner Fund Investment	**(12)	Venture Investment Fund	8/27/2021	$	2,000,000		585,016		3,347,405		1.53	%
PayJoy, Inc.		San Francisco, CA
Preferred Shares, Series C		Mobile Access Technology	7/23/2021		244,117		2,501,570		2,732,712		1.25	%
Simple Agreement for Future Equity		Mobile Access Technology	5/25/2023	$	500,000		501,470		500,000		0.23	%
Total					-		3,003,040		3,232,712		1.47	%
Trax Ltd.^**		Singapore, Singapore
Common Shares	**	Retail Technology	6/9/2021		55,591		2,781,148		95,733		0.04	%
Preferred Shares, Investec Series	**	Retail Technology	6/9/2021		144,409		7,224,600		2,647,017		1.21	%
Total	**				-		10,005,748		2,742,750		1.25	%
Varo Money, Inc.^**		San Francisco, CA
Common Shares	**	Financial Services	8/11/2021		1,079,266		10,005,548		2,064,158		0.94	%
Xgroup Holdings Limited (d/b/a Xpoint)⁽¹³⁾		Philadelphia, PA
Preferred Shares, Series A-1	(13)	Geolocation Technology	8/17/2022		454		136,114		175,272		0.08	%
Series A-1 Warrants, Strike Price $0.0001, Expiration Date 5/14/2044	(7)	Geolocation Technology	8/17/2022		3,286		985,180		1,268,601		0.58	%
Series A Warrants, Strike Price $0.0001, Expiration Date 5/14/2044	(7)	Geolocation Technology	8/17/2022		873		261,735		449,377		0.20	%
Total	(7)				-		1,383,029		1,893,250		0.86	%
Forge Global, Inc.		San Francisco, CA
Common Shares⁽⁵⁾		Online Marketplace Finance	7/20/2011		70,530		1,978,921		1,342,891		0.61	%
Commercial Streaming Solutions Inc. (d/b/a BettorView)^(13)(14)		Las Vegas, NV
Preferred Shares, Series A-1	(13)(14)	Interactive Media & Services	3/26/2021		10,548,522		1,004,240		1,000,000		0.46	%
Aventine Property Group, Inc.		Chicago, IL
Common Shares		Cannabis REIT	9/11/2019		312,500		2,580,750		869,927		0.40	%
Residential Homes for Rent, LLC (d/b/a Second Avenue)⁽¹⁵⁾		Chicago, IL
Preferred Shares, Series A	(15)	Real Estate Platform	12/23/2020		150,000		1,500,000		865,153		0.39	%
Stake Trade, Inc. (d/b/a Prophet Exchange)⁽¹³⁾		New York, NY
Simple Agreement for Future Equity	(13)	Sports Betting	7/26/2023	$	1,000,000		1,002,153		862,362		0.39	%
Skillsoft Corp.		Nashua, NH
Common Shares⁽⁵⁾		Online Education	6/8/2021		49,092		9,818,428		783,999		0.36	%
EDGE Markets, Inc.⁽¹³⁾		San Diego, CA
Preferred Shares, Series Seed	(13)	Gaming Technology	5/18/2022		456,704		501,330		500,000		0.23	%
PSQ Holdings, Inc. (d/b/a PublicSquare)		West Palm Beach, FL
Common Warrants, Strike Price $11.50, Expiration Date 7/19/2028⁽⁵⁾		E-Commerce Marketplace	4/1/2021		1,796,037		771,065		377,168		0.17	%
Kinetiq Holdings, LLC		Philadelphia, PA
Common Shares, Class A		Social Data Platform	3/30/2012		112,374		—		8,388		0.00	%
Rebric, Inc. (d/b/a Compliable)⁽¹³⁾		Denver, CO
Preferred Shares, Series Seed-4	(13)	Gaming Licensing	10/12/2021		2,406,492		1,002,755		—		—	%

Portfolio Investments*		Headquarters/ Industry	Date of Initial Investment	Shares/ Principal/ Quantity⁽³⁾		Cost		Fair Value		% of Net Assets
CTN Holdings, Inc. (d/b/a Catona Climate, f/k/a Aspiration Partners, Inc.)⁽¹⁶⁾		Marina Del Rey, CA
Preferred Shares, Series A	(16)	Carbon Credit Services	8/11/2015		540,270		1,001,815		—		—	%
Preferred Shares, Series C-3	(16)	Carbon Credit Services	8/12/2019		24,912		281,190		—		—	%
Total					-		1,283,005		—		—	%
Fullbridge, Inc.		Cambridge, MA
Common Shares		Business Education	5/13/2012		517,917		6,150,506		—		—	%
Promissory Note 1.47%, Due 11/9/2021^(4)(17)	(4)(17)	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		—		—	%

Total Non-Controlled/Non-Affiliate						$	221,292,617	$	215,044,675		98.01	%

NON-CONTROLLED/AFFILIATE⁽¹⁾
StormWind, LLC⁽¹⁰⁾		Scottsdale, AZ
Preferred Shares, Series D 8%	(1)(10)	Interactive Learning	11/26/2019		329,337	$	257,267	$	463,741		0.21	%
Preferred Shares, Series C 8%	(1)(10)	Interactive Learning	1/7/2014		2,779,134		4,000,787		5,021,914		2.29	%
Preferred Shares, Series B 8%	(1)(10)	Interactive Learning	12/16/2011		3,279,629		2,019,687		2,856,660		1.30	%
Preferred Shares, Series A 8%	(1)(10)	Interactive Learning	2/25/2014		366,666		110,000		114,107		0.05	%
Total	(1)(10)						6,387,741		8,456,422		3.85	%
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	(1)						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						$	20,605,400	$	8,456,422		3.85	%

CONTROLLED⁽²⁾
Colombier Sponsor II LLC^(6)**		Palm Beach, FL
Class B Units	**(6)(2)	Special Purpose Acquisition Company	11/20/2023		1,040,000	$	1,103,719	$	14,297,450		6.52	%
Class W Units	**(6)(2)	Special Purpose Acquisition Company			1,600,000		499,221		6,000,000		2.73	%
Total	**(6)(2)						1,602,940		20,297,450		9.25	%

Total Controlled						$	1,602,940	$	20,297,450		9.25	%

Total Portfolio Investments						$	243,500,957	$	243,798,547		111.12	%

	June 30, 2025		December 31, 2024
Deferred debt issuance costs	$	1,302,165	$	1,417,155
Deferred financing costs		555,688		526,261
Total	$	1,857,853	$	1,943,416

(1)	As of June 30, 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 Convertible Interest Rights 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. As of December 31, 2024, 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 Convertible Interest Rights of OpenAI Global, LLC, the Company’s investment in the Class A Interest of CW Opportunity 2 LP which is invested in the Series C Preferred Shares of CoreWeave, Inc., 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 June 30, 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 Class A Common Stock. As of December 31, 2024, Common Stock also includes the Company’s Limited Partner Fund Investment in True Global Ventures 4 Plus Pte Ltd.
(3)	As of June 30, 2025, Options in Private Portfolio Companies also includes the Company’s investments in the SAFEs of Orchard Technologies, Inc., PayJoy, Inc., Stake Trade, Inc. (d/b/a Prophet Exchange), and Whoop, Inc. As of December 31, 2024, Options also includes the Company’s investments in the SAFEs of Commercial Streaming Solutions Inc. (d/b/a BettorView), PayJoy, Inc., and Stake Trade, Inc. (d/b/a Prophet Exchange).

	As of June 30, 2025								As of December 31, 2024
	Fair Value		Percentage of Portfolio			Percentage of Net Assets			Fair Value		Percentage of Portfolio			Percentage of Net Assets
Geographic Region
Northeast	$	66,899,361		27.4	%		30.4	%	$	72,100,161		34.4	%		45.8	%
Midwest		58,053,426		23.8	%		26.5	%		37,261,207		17.8	%		23.6	%
West		51,078,629		21.0	%		23.3	%		61,124,969		29.2	%		38.8	%
Southeast		48,434,082		19.9	%		22.1	%		20,675,077		9.9	%		13.1	%
International		19,333,049		7.9	%		8.8	%		18,219,328		8.7	%		11.6	%
Total	$	243,798,547		100.0	%		111.1	%	$	209,380,742		100.0	%		132.9	%

	As of June 30, 2025								As of December 31, 2024
	Fair Value		Percentage of Portfolio			Percentage of Net Assets			Fair Value		Percentage of Portfolio			Percentage of Net Assets
Industry
Artificial Intelligence Infrastructure & Applications	$	80,819,406		33.2	%		36.9	%	$	58,072,060		27.7	%		36.9	%
Financial Technology & Services		41,734,860		17.1	%		19.0	%		17,192,986		8.2	%		10.9	%
Consumer Goods & Services		38,230,231		15.7	%		17.4	%		30,351,636		14.5	%		19.3	%
Software-as-a-Service		33,905,698		13.9	%		15.5	%		49,225,370		23.5	%		31.2	%
Education Technology		24,609,666		10.1	%		11.2	%		27,327,100		13.1	%		17.3	%
Logistics & Supply Chain		20,243,074		8.3	%		9.2	%		23,033,237		11.0	%		14.6	%
SuRo Capital Sports		4,255,612		1.7	%		1.9	%		4,178,353		2.0	%		2.7	%
Total	$	243,798,547		100.0	%		111.1	%	$	209,380,742		100.0	%		132.9	%

Industry Theme		Industry
Artificial Intelligence Infrastructure		AI Application Fund
& Applications		AI Infrastructure
		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
		Financial Services
		Financial Technology Infrastructure
		Mobile Access Technology
		Online Marketplace Finance
		Real Estate Platform
		Special Purpose Acquisition Company
		Venture Investment Fund
Logistics & Supply Chain		Supply Chain Technology
		Warehouse Automation
Software-as-a-Service		Contractor Management Software
		Home Improvement Finance
		Knowledge Networks
		Pharmaceutical Technology
		Productivity Software
		Retail Technology
		Social Data Platform
SuRo Capital Sports		Gaming Licensing
		Gaming Technology
		Geolocation Technology
		Interactive Media & Services
		Sports Betting

	As of June 30, 2025
	Quoted Prices in Active Markets for Identical Securities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Investments at Fair Value
Private Portfolio Companies
Preferred Stock⁽¹⁾	$	—	$	—	$	142,108,054	$	142,108,054
Common Stock⁽²⁾		—		—		88,396,978		88,396,978
Debt Investments		—		—		506,339		506,339
Options⁽³⁾		—		—		10,283,118		10,283,118
Private Portfolio Companies		—		—		241,294,489		241,294,489
Publicly Traded Portfolio Companies
Common Stock		2,126,890		—		—		2,126,890
Options		377,168		—		—		377,168
Publicly Traded Portfolio Companies		2,504,058		—		—		2,504,058
Total Investments at Fair Value	$	2,504,058	$	—	$	241,294,489	$	243,798,547

(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 Convertible Interest Rights 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.
(3)	Options in Private Portfolio Companies also includes the Company’s investments in the SAFEs of Orchard Technologies, Inc., PayJoy, Inc., Stake Trade, Inc. (d/b/a Prophet Exchange), and Whoop, Inc.

Asset	Fair Value	Valuation Approach/ Technique⁽¹⁾	Unobservable Inputs⁽²⁾	Range (Weighted Average)⁽³⁾
Preferred stock in private companies⁽⁶⁾	$142,108,054	Market Approach	Revenue Multiples	0.61x - 6.12x (2.28x)
			Precedent Transactions	25% - 100% (77%)
		PWERM⁽⁵⁾	Revenue Multiples	1.33x - 5.24x (4.89x)
			Dissolution Risk	100%
			Precedent Transaction	90%
Common stock in private companies⁽⁷⁾	$88,396,978	Market Approach	Revenue Multiples	0.60x - 6.43x (5.60x)
			Discount Rate	25%
			Precedent Transactions	75% - 100% (92.7%)
		PWERM⁽⁵⁾	AFFO⁽⁴⁾ Multiples	7.40x
			Dissolution Risk	100%
			Discount Rate	15%
			Precedent Transaction	95%
			Revenue Multiples	5.81x - 6.53x (6.17x)
Debt investments	$506,339	Market Approach	Revenue Multiples	0.60x - 2.35x (2.22x)
Options⁽⁸⁾	$10,283,118	Option Pricing Model	Term to Expiration (Years)	1.00 - 1.86
			Precedent Transactions	25% - 100% (73%)
			Volatility	51% - 62% (51%)

(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)	Adjusted Funds From Operations, or “AFFO”.
(5)	Probability-Weighted Expected Return Method, or “PWERM”.
(6)	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 Convertible Interest Rights 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.
(7)	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.
(8)	Options in Private Portfolio Companies also includes the Company’s investments in the SAFEs of Orchard Technologies, Inc., PayJoy, Inc., Stake Trade, Inc. (d/b/a Prophet Exchange), and Whoop, Inc.

	Preferred Stock⁽¹⁾			Common Stock⁽²⁾			Debt Investments		Options⁽³⁾			Total
	Six Months Ended June 30, 2025
	Preferred Stock⁽¹⁾			Common Stock⁽²⁾			Debt Investments		Options⁽³⁾			Total
Assets:
Fair Value as of December 31, 2024	$	151,003,991		$	35,922,154		$	506,339	$	4,357,138		$	191,789,622
Transfers out of Level 3		(5,221,824	)		(5,221,824	)		—		—			(10,443,648	)
Purchases, capitalized fees and interest		224,366			5,395,541			—		1,083,211			6,703,118
Exercises and conversions⁽⁴⁾		(16,770,915	)		17,775,155			—		(1,004,240	)		—
Realized gains/(losses)
Net change in unrealized appreciation/(depreciation) included in earnings		12,872,436			34,525,952			—		5,847,009			53,245,397
Fair Value as of June 30, 2025	$	142,108,054		$	88,396,978		$	506,339	$	10,283,118		$	241,294,489
Net change in unrealized appreciation/ (depreciation) of Level 3 investments still held as of June 30, 2025	$	12,872,431		$	34,525,952		$	—	$	5,842,768		$	53,241,151

Portfolio Company	Conversion from	Conversion to
CoreWeave, Inc.	Preferred Shares, Series A Common shares	Common Shares (Level 2)
CW Opportunity 2 LP	Preferred Shares, Series C	Common Shares (Level 3)
Commercial Streaming Solutions Inc. (d/b/a BettorView)	Simple Agreement for Future Equity	Preferred Shares, Class A-1 (Level 3)

	Preferred Stock⁽¹⁾			Common Stock⁽²⁾			Debt Investments			Options⁽³⁾			Total
	Year Ended December 31, 2024
	Preferred Stock⁽¹⁾			Common Stock⁽²⁾			Debt Investments			Options⁽³⁾			Total
Assets:
Fair Value as of December 31, 2023	$	122,744,564		$	39,086,792		$	3,098,734		$	3,638,161		$	168,568,251
Fair Value, Beginning balance	$	122,744,564		$	39,086,792		$	3,098,734		$	3,638,161		$	168,568,251
Transfers out of Level 3		—			(12,896,367	)		—			—			(12,896,367	)
Purchases, capitalized fees and interest		60,155,557			15,061,793			—			13,230			75,230,580
Sales/Redemptions of investments		(374,950	)		(10,375,762	)		(1,414,278	)		(1,585,722	)		(13,750,712	)
Exercises and conversions⁽⁴⁾		136,114			—			(1,338,976	)		1,246,916			44,054
Realized gains/(losses)		(7,533,623	)		(222,565	)		384,102			(7,076,812	)		(14,448,898	)
Net change in unrealized appreciation/(depreciation) included in earnings		(24,123,671	)		5,268,263			(223,243	)		8,121,365			(10,957,286	)
Fair Value as of December 31, 2024	$	151,003,991		$	35,922,154		$	506,339		$	4,357,138		$	191,789,622
Fair Value, Ending balance	$	151,003,991		$	35,922,154		$	506,339		$	4,357,138		$	191,789,622
Net change in unrealized appreciation/ (depreciation) of Level 3 investments still held as of December 31, 2024	$	(32,741,143	)	$	5,418,630		$	—		$	111,916		$	(27,210,597	)
Net change in unrealized appreciation/ (depreciation) of Level 3 investments still held	$	(32,741,143	)	$	5,418,630		$	—		$	111,916		$	(27,210,597	)

(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 Convertible Interest Rights of OpenAI Global, LLC, the Company’s investment in the Class A Interest of CW Opportunity 2 LP which is invested in the Series C Preferred Shares of CoreWeave, Inc., 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 also includes the Company’s Limited Partner Fund Investment in True Global Ventures 4 Plus Pte Ltd.
(3)	Options also includes the Company’s investments in the SAFEs of PayJoy, Inc. and Commercial Streaming Solutions Inc. (d/b/a BettorView).
(4)	During the year ended December 31, 2024, the Company’s portfolio investments had the following corporate actions which are reflected above:

Type/Industry/Portfolio Company/Investment	Shares/ Principal/ Quantity			Fair Value at December 31, 2024						Unrealized Gains/ (Losses)			Fair Value at June 30, 2025		Percentage of Net Assets
*CONTROLLED INVESTMENTS⁽²⁾**
Common Stock
Special Purpose Acquisition Company
Colombier Sponsor II LLC**⁽³⁾–Class B Units		1,040,000		$	1,101,695					$	13,195,755		$	14,297,450		6.52	%
Total Common Stock					1,101,695						13,195,755			14,297,450		6.52	%
Options
Special Purpose Acquisition Company
Colombier Sponsor II LLC**⁽³⁾–Class W Units		1,600,000	-		498,305	-	-	-	-		5,501,695			6,000,000		2.73	%
Total Options					498,305						5,501,695			6,000,000		2.73	%
*TOTAL CONTROLLED INVESTMENTS⁽²⁾**				$	1,600,000					$	18,697,450		$	20,297,450		9.25	%
*NON-CONTROLLED/AFFILIATE INVESTMENTS⁽¹⁾**
Preferred Stock
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						(37,885	)		463,741		0.21	%
StormWind, LLC⁽⁴⁾– Preferred Shares, Series C 8%		2,779,134			5,376,994						(355,080	)		5,021,914		2.29	%
StormWind, LLC⁽⁴⁾– Preferred Shares, Series B 8%		3,279,629			3,233,922						(377,262	)		2,856,660		1.30	%
StormWind, LLC⁽⁴⁾– Preferred Shares, Series A 8%		366,666			156,285						(42,178	)		114,107		0.05	%
Total Interactive Learning					9,268,827						(812,405	)		8,456,422		3.85	%
Total Preferred Stock					9,268,827						(812,405	)		8,456,422		3.85	%
Common Stock
Online Education
Curious.com, Inc.–Common Shares		1,135,944			—						—			—		—	%
Total Common Stock					—						—			—		—	%
*TOTAL NON-CONTROLLED/AFFILIATE INVESTMENTS⁽¹⁾**				$	9,268,827					$	(812,405	)	$	8,456,422		3.85	%

*	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 Corp. believes do not represent “qualifying assets” under Section 55(a) of the 1940 Act. Of the Company’s total investments as of June 30, 2025, 50.25% 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 Corp., as defined in the 1940 Act. In general, a company is deemed to be an “Affiliate” of SuRo Capital Corp. if SuRo Capital Corp. 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 Corp., 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 Corp.’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		Interest, Fees, or Dividends Credited in Income		Fair Value at December 31, 2023		Transfer In/ (Out)		Purchases and Capitalized Fees		Sales/ Redemptions			Realized Gains/ (Losses)			Unrealized Gains/ (Losses)			Fair Value at December 31, 2024		Percentage of Net Assets
*CONTROLLED INVESTMENTS⁽²⁾**
Preferred Stock
Clean Technology
SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.)–Preferred shares, Class A		—	$	—	$	382,381	$	—	$	4,218	$	(374,950	)	$	(6,780,680	)	$	6,769,031		$	—		—	%
Total Preferred Stock				—		382,381		—		4,218		(374,950	)		(6,780,680	)		6,769,031			—		—	%
Common Stock
Clean Technology
SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.)–Common shares		—		—		—		—		—		—			(10,000	)		10,000			—		—	%
Mobile Finance Technology
Architect Capital PayJoy SPV, LLC–Membership Interest in Lending SPV*	$	—		955,628		10,000,000		—		—		(10,000,000	)		(6,745	)		6,745			—		—	%
Special Purpose Acquisition Company
Colombier Sponsor II LLC**⁽⁶⁾–Class B Units		1,040,000		—		1,101,695				—		—			—			—			1,101,695		0.70	%
Total Common Stock				955,628		11,101,695		—		—		(10,000,000	)		(16,745	)		16,745			1,101,695		0.70	%
Options
Special Purpose Acquisition Company
Colombier Sponsor II LLC**⁽⁶⁾–Class W Units		1,600,000		—		498,305		—		—		—			—			—			498,305		0.32	%
Total Options				—		498,305		—		—		—			—			—			498,305		0.32	%
*TOTAL CONTROLLED INVESTMENTS⁽²⁾**			$	955,628	$	11,982,381	$	—	$	4,218	$	(10,374,950	)	$	(6,797,425	)	$	6,785,776		$	1,600,000		1.02	%
*NON-CONTROLLED/AFFILIATE INVESTMENTS⁽¹⁾**
Debt Investments
Global Innovation Platform
OneValley, Inc. (f/k/a NestGSV, Inc.) –Convertible Promissory Note 8%, Due 8/23/2024	$	—	$	—	$	1,267,395	$	—	$	—	$	(1,414,278	)	$	384,102		$	(237,219	)	$	—		—	%
Total Debt Investments				—		1,267,395		—		—		(1,414,278	)		384,102			(237,219	)		—		—	%

Type/Industry/Portfolio Company/Investment	Shares/ Principal/ Quantity		Interest, Fees, or Dividends Credited in Income		Fair Value at December 31, 2023		Transfer In/ (Out)			Purchases and Capitalized Fees		Sales/ Redemptions			Realized Gains/ (Losses)			Unrealized Gains/ (Losses)			Fair Value at December 31, 2024		Percentage of Net Assets
Preferred Stock
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⁽⁵⁾– Preferred shares, Series D 8%		329,337		—		653,975		—			—		—			—			(152,349	)		501,626		0.32	%
StormWind, LLC⁽⁵⁾– Preferred shares, Series C 8%		2,779,134		—		6,804,933		—			—		—			—			(1,427,939	)		5,376,994		3.41	%
StormWind, LLC⁽⁵⁾– Preferred shares, Series B 8%		3,279,629		—		4,751,064		—			—		—			—			(1,517,142	)		3,233,922		2.05	%
StormWind, LLC⁽⁵⁾– Preferred shares, Series A 8%		366,666		—		325,903		—			—		—			—			(169,618	)		156,285		0.10	%
Total Interactive Learning				—		12,535,875		—			—		—			—			(3,267,048	)		9,268,827		5.88	%
Total Preferred Stock				—		12,535,875		—			—		—			—			(3,267,048	)		9,268,827		5.88	%
Options
Global Innovation Platform
OneValley, Inc. (f/k/a NestGSV, Inc.)–Derivative Security, Expiration Date 8/23/2024		—		—		620,927		—			13,230		(1,585,722	)		(6,982,628	)		7,934,193			—		—	%
Total Global Innovation Platform				—		620,927		—			13,230		(1,585,722	)		(6,982,628	)		7,934,193			—		—	%
E-Commerce Marketplace
PSQ Holdings, Inc. (d/b/a PublicSquare)**⁽³⁾⁽⁴⁾– Warrants		1,796,037		—		1,964,750		(1,964,750	)		—		—			—			—			—		—	%
Total Options				—		2,585,677		(1,964,750	)		13,230		(1,585,722	)		(6,982,628	)		7,934,193			—		—	%
Common Stock
Online Education
Curious.com, Inc.–Common shares		1,135,944		—		—		—			—		—			—			—			—		—	%
E-Commerce Marketplace
PSQ Holdings, Inc. (d/b/a PublicSquare)**⁽³⁾⁽⁴⁾– Common shares, Class A		—		—		8,542,386		(8,542,386	)		—		—			—			—			—		—	%
Total Common Stock				—		8,542,386		(8,542,386	)		—		—			—			—			—		—	%
*TOTAL NON-CONTROLLED/AFFILIATE INVESTMENTS⁽¹⁾**			$	—	$	24,931,333	$	(10,507,136	)	$	13,230	$	(3,000,000	)	$	(6,598,526	)	$	4,429,926		$	9,268,827		5.88	%

						2025		2024
	Three Months Ended June 30,					Six Months Ended June 30,
	2025		2024			2025		2024
Earnings per common share–basic:
Net change in net assets resulting from operations	$	62,328,070	$	(10,651,183	)	$	61,521,355	$	(32,716,529	)
Weighted-average common shares–basic		23,728,095		23,410,235			23,650,399		24,401,863
Earnings per common share–basic	$	2.63	$	(0.45	)	$	2.60	$	(1.34	)
Earnings per common share–diluted:
Net change in net assets resulting from operations	$	62,328,070	$	(10,651,183	)	$	61,521,355	$	(32,716,529	)
Adjustment for interest and amortization on 6.50% Convertible Notes due 2029⁽¹⁾		628,529		—			1,241,345		—
Net change in net assets resulting from operations, as adjusted	$	62,956,599	$	(10,651,183	)	$	62,762,700	$	(32,716,529	)
Adjustment for dilutive effect of 6.50% Convertible Notes due 2029⁽¹⁾		4,516,130		—			4,462,664		—
Weighted-average common shares outstanding–diluted⁽¹⁾		28,244,225		23,410,235			28,113,063		24,401,863
Earnings per common share–diluted	$	2.23	$	(0.45	)	$	2.23	$	(1.34	)

For the Year Ended December 31,	Amount
2025	$	75,420
2026		154,826
2027		159,471
2028		59,689
Total	$	449,406

(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.