What changed in this filing

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Item 1. Financial Statements

2023-11-09 compared with 2023-08-09 · 722 added, 563 removed, 1882 unchanged (41% of the section changed)

3 unchanged sentences

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED)

June 30, 2023

September 30, 2023

December 31, 2022

9 unchanged sentences

Total Investments (cost of $ 232,969,306 and $ 301,128,106 , respectively)

Proceeds receivable

Escrow proceeds receivable

27 unchanged sentences

and Contingencies— Operating Leases and Related Deposits ” for more detail.

of June 30, 2023, the 6.00 % Notes due December 30, 2026 (effective interest rate of 6.53 %) had a face value $ 75,000,000 .

As of December

31, 2022, the 6.00 % Notes due December 30, 2026 (effective interest rate of 6.53 %) had a face value $ 75,000,000 .

Refer to “Note

10—Debt Capital Activities” for a reconciliation of the carrying value to the face value.

of September 30, 2023, the 6.00 % Notes due December 30, 2026 (effective interest rate of 6.53 %) had a face value $ 75,000,000 .

of December 31, 2022, the 6.00 % Notes due December 30, 2026 (effective interest rate of 6.53 %) had a face value $ 75,000,000 .

to “Note 10—Debt Capital Activities” for a reconciliation of the carrying value to the face value.

CAPITAL CORP.

AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

Three Months Ended June 30,

Six Months Ended June 30,

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Three Months Ended September 30,

Nine Months Ended September 30,

INVESTMENT INCOME

20 unchanged sentences

( 11,844,826 )

Realized Gain/(Loss) on Investments:

Realized Loss on Investments:

Non-controlled/non-affiliated investments

2 unchanged sentences

( 3,597,113 )

( 3,940,668 )

Non-controlled/affiliate investments

( 10,945,024 )

Net Realized Loss on Investments

( 1,461,281 )

Net Realized Gain/(Loss) on Investments

( 5,141,097 )

5 unchanged sentences

( 101,639,973 )

Non-controlled/affiliate investments

( 1,866,488 )

( 2,228,109 )

Non-controlled/affiliate investments

Controlled investments

5 unchanged sentences

$ ( 119,785,483 )

$ ( 11,003,515 )

$ ( 73,883,233 )

Net Change in Net Assets Resulting from Operations per Common Share:

1 unchanged sentence

accompanying notes to condensed consolidated financial statements.

to “Note 11 — Stock-Based Compensation” for more detail.

the three and six months ended June 30, 2023 and June 30, 2022, there were no potentially dilutive securities outstanding.

to “Note 6 — Net Change in Net Assets Resulting from Operations per Common Share — Basic and Diluted”.

Refer to “Note 11 — Stock-Based Compensation”

for more detail.

For the three and nine months ended September 30, 2023 and

September 30, 2022, 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”.

CAPITAL CORP.

1 unchanged sentence

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

Six Months Ended June 30,

Nine Months Ended September 30,

Net Assets at Beginning of Year

50 unchanged sentences

$ 280,172,472

accompanying notes to condensed consolidated financial statements.

CAPITAL CORP.

AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED) - continued

Nine Months Ended September 30,

Change in Net Assets Resulting from Operations

Net investment loss

$ ( 2,668,426 )

$ ( 3,809,233 )

Net realized loss on investments

( 1,461,281 )

( 5,141,097 )

Net change in unrealized appreciation/(depreciation) of investments

( 36,951,920 )

Net Change in Net Assets Resulting from Operations

( 45,902,250 )

Change in Net Assets Resulting from Capital Transactions

Stock-based compensation

Repurchases of common stock

( 13,200,000 )

Net Change in Net Assets Resulting from Capital Transactions

( 12,486,611 )

Total Change in Net Assets

( 58,388,861 )

Net Assets at September 30

$ 211,971,043

$ 221,783,611

Capital Share Activity

7 unchanged sentences

accompanying notes to condensed consolidated financial statements.

to “Note 11 — Stock-Based Compensation” for more detail.

CAPITAL CORP.

Refer to “Note 11 — Stock-Based Compensation”

for more detail.

SURO CAPITAL CORP.

AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

Six Months Ended June 30,

CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)

Nine Months Ended September 30,

Cash Flows from Operating Activities

1 unchanged sentence

$ ( 119,785,483 )

$ ( 73,883,233 )

Adjustments to reconcile net change in net assets resulting from operations to net cash used in operating activities:

Net realized (gain)/loss on investments

( 1,130,050 )

Net realized loss on investments

Net change in unrealized (appreciation)/depreciation of investments

11 unchanged sentences

( 141,793,045 )

( 99,173,075 )

Proceeds from sales or maturity of investments in:

10 unchanged sentences

( 111,078,342 )

( 10,946,151 )

Cash Flows from Financing Activities

11 unchanged sentences

( 158,784,470 )

( 45,452,279 )

Cash Balance at Beginning of Year

Cash Balance at End of Period

$ 152,984,799

Supplemental Information:

5 unchanged sentences

Portfolio Investments *

Headquarters/

Headquarters/ Industry

Date of Initial Investment

Shares/ Principal

% of Net Assets

NON-CONTROLLED/NON-AFFILIATE

5 unchanged sentences

Preferred shares, Series C 8%

ServiceTitan, Inc.

Common shares

Contractor Management Software

Blink Health, Inc.

6 unchanged sentences

Warehouse Automation

ServiceTitan, Inc.

Common shares

Contractor Management Software

Orchard Technologies, Inc.

Enterprises, Inc.

(d/b/a Hearth) (14)

Preferred shares, Series B-1 (14)

Home Improvement Finance

Preferred shares, Series B-2 (14)

Preferred shares, Series B-3 (14)

Preferred shares, Series B-4 (14)

Common Warrants, Strike Price $0.01, Expiration Date 7/12/2026 (14)

Technologies, Inc.

Preferred shares, Series D 8% (13)

3 unchanged sentences

Common shares (13)

Shogun Enterprises, Inc.

(d/b/a Hearth)

Preferred shares, Series B-1

Home Improvement Finance

Preferred shares, Series B-2

Convertible Note 0.5%, Due 4/18/2024*** ***

FourKites, Inc.

Common shares

Supply Chain Technology

Forge Global, Inc.

6 unchanged sentences

Venture Investment Fund

Varo Money, Inc.**

San Francisco, CA

Common shares **

Financial Services

Aspiration Partners, Inc.

Marina Del Rey, CA

Preferred shares, Series A

Financial Services

Preferred shares, Series C

Residential Homes for Rent, LLC (d/b/a Second Avenue)

Preferred shares, Series A (6) (6)

Real Estate Platform

loan 15%, Due 12/23/2023 *** (11) ***(11)

Preferred shares, Series C

Fitness Technology

3 unchanged sentences

Simple Agreement for Future Equity

Nextdoor Holdings, Inc.**

Varo Money, Inc.

San Francisco, CA

Common shares, Class B (3) **(3)

Social Networking

Common shares **

Financial Services

Residential Homes for Rent, LLC (d/b/a Second Avenue)

Preferred shares, Series A (6) (6)

Real Estate Platform

Term loan 15%, Due 12/23/2023*** (10) ***(10)

NewLake Capital Partners, Inc.

3 unchanged sentences

Cannabis REIT

Aventine Property Group, Inc.

Common shares *** ***

Cannabis REIT

accompanying notes to condensed consolidated financial statements.

3 unchanged sentences

Portfolio Investments *

Headquarters/

Headquarters/ Industry

Date of Initial Investment

Aventine Property Group, Inc.

Common shares ***

Cannabis REIT

Skillsoft Corp.**

Common shares (3) **(3)

Online Education

Commercial Streaming Solutions Inc.

Shares/ Principal

% of Net Assets

Streaming Solutions Inc.

(d/b/a BettorView) (7)

2 unchanged sentences

Interactive Media & Services

Xgroup Holdings Limited (d/b/a Xpoint) ** (7)

Stake Trade, Inc.

(d/b/a Prophet Exchange) (7)

Simple Agreement for Future Equity (7)

Sports Betting

Holdings Limited (d/b/a Xpoint)** (7)

Convertible Note 6%, Due 10/17/2024 (4) (4)**(7)

Geolocation Technology

Sponsor LLC ** (11)(15)

Common shares, Class B **(11)(15)

Special Purpose Acquisition Company

Common shares, Class A **(11)(15)

Purpose Acquisition Company

Total **(11)(15)

Skillsoft Corp.

Common shares (3) **(3)

Online Education

(d/b/a Compliable) (7)

1 unchanged sentence

Gaming Licensing

YouBet Technology, Inc.

(d/b/a FanPower) (7)

Preferred shares, Series Seed-2 (7)

Digital Media Technology

Singapore, Singapore

Common shares **

Retail Technology

Preferred shares, Investec Series **

EDGE Markets, Inc.

Markets, Inc.

San Diego, CA

1 unchanged sentence

Gaming Technology

Churchill Sponsor VII LLC ** (12)

Nextdoor Holdings, Inc.

San Francisco, CA

Common shares, Class B (3) **(3)

Social Networking

Sponsor VII LLC ** (11)

Common share units **(11)

1 unchanged sentence

Warrant units **(11)

AltC Sponsor LLC ** (12)

Share units **(12)

Special Purpose Acquisition Company

Churchill Sponsor VI LLC ** (12)

Sponsor VI LLC ** (11)

Common share units **(11)

1 unchanged sentence

Warrant units **(11)

Technology, Inc.

(d/b/a FanPower) (7)

Preferred shares, Series Seed-2 (7)

Digital Media Technology

Kinetiq Holdings, LLC

2 unchanged sentences

Social Data Platform

Singapore, Singapore

Common shares **

Retail Technology

Preferred shares, Investec Series **

Aspiration Partners, Inc.

Marina Del Rey, CA

Preferred shares, Series A

Financial Services

Preferred shares, Series C-3

Neutron Holdings, Inc.

10 unchanged sentences

Promissory Note 1.47%, Due 11/9/2021 (4)(12) (4)(12)

Treehouse Real Estate Investment Trust, Inc.

Common shares

Cannabis REIT

Total Non-controlled/Non-affiliate

$ 159,012,912

$ 120,620,316

accompanying notes to condensed consolidated financial statements.

3 unchanged sentences

Portfolio Investments *

Headquarters/

Headquarters/ Industry

Date of Initial Investment

Shares/ Principal

% of Net Assets

Treehouse Real Estate Investment Trust, Inc.

Common shares

Cannabis REIT

Total Non-controlled/Non-affiliate

$ 162,899,416

$ 152,267,563

NON-CONTROLLED/AFFILIATE (1)

PSQ Holdings, Inc.

(d/b/a PublicSq.)** (3)(16)

West Palm Beach, FL

Common shares,

Class A (1)**(3)(16)

E-Commerce Marketplace

Warrants, Strike Price $11.50, Expiration Date 7/19/2028 (1)**(3)(16)

Total (1)**(3)(16)

StormWind, LLC (5)

23 unchanged sentences

CONTROLLED (2)

Colombier Sponsor LLC ** (12)

Class B Units (2)**(12)

Special Purpose Acquisition Company

Class W Units (2)**(12)

Total (2)**(12)

Architect Capital PayJoy SPV, LLC ** **

12 unchanged sentences

Treasury bill, 0%, due 12/28/2023*** (3)***

9/28/2023*** ***(3)

Treasury bill, 0%, due 12/28/2023*** ***(3)

TOTAL INVESTMENTS

2 unchanged sentences

accompanying notes to condensed consolidated financial statements.

CAPITAL CORP.

AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED) - continued

portfolio investments are non-control/non-affiliated and non-income-producing, unless otherwise identified.

12 unchanged sentences

(Refer to “Note 2—Significant Accounting Policies— Investments at Fair Value ”).

CAPITAL CORP.

AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED) - continued

assets that SuRo Capital Corp.

1 unchanged sentence

Act of 1940, as amended (the “1940 Act”).

Of the Company’s total investments as of June 30, 2023, 20.76 %

of its total investments are non-qualifying assets.

Of the Company’s total investments as of September 30, 2023, 21.30 % of

its total investments are non-qualifying assets.

is income-producing.

17 unchanged sentences

Refer to “Note 4—Investments at Fair

of June 30, 2023, the investments noted had been placed on non-accrual status.

of September 30, 2023, the investments noted had been placed on non-accrual status.

Capital Corp.’s investments in StormWind, LLC are held through SuRo Capital Corp.’s wholly owned subsidiary, GSVC SW

5 unchanged sentences

(d/b/a FanPower),

(d/b/a Compliable), EDGE Markets, Inc., and Xgroup Holdings Limited (d/b/a Xpoint) are held through SuRo Capital Corp.’s

(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 Corp.’s

wholly owned subsidiary, SuRo Capital Sports, LLC (“SuRo Sports”).

1 unchanged sentence

subsidiary, GSVC SVDS Holdings, Inc.

As of March 31, 2023, the previously unfunded capital commitment of $ 1.3 million was deemed

On March 31, 2023, the previously unfunded capital commitment of $ 1.3 million was deemed

fully contributed in lieu of cash distributions.

As of March 31, 2023, the full $ 2.0 million capital commitment to True Global Ventures

On March 31, 2023, the full $ 2.0 million capital commitment to True Global Ventures

4 Plus Fund LP had been called and funded.

(f/k/a GSV Sustainability Partners, Inc.) preferred shares held by SuRo Capital Corp.

do not entitle SuRo Capital Corp.

to a preferred dividend.

SuRo Capital Corp.

does not anticipate that SPBRX, INC.

will pay distributions on a quarterly or regular

basis or become a predictable distributor of distributions.

August 23, 2019, SuRo Capital Corp.

7 unchanged sentences

(f/k/a NestGSV, Inc.) at the end of the five year period.

the six months ended June 30, 2023, approximately $ 0.6 million has been received from Residential Homes for Rent, LLC (d/b/a Second

Avenue) related to the 15 % term loan due December 23, 2023.

Of the proceeds received, approximately $ 0.5 million repaid a portion

of the outstanding principal and the remaining was attributed to interest.

the nine months ended September 30, 2023, approximately $ 0.9 million has been received from Residential Homes for Rent, LLC (d/b/a

Second Avenue) related to the 15 % term loan due December 23, 2023.

Of the proceeds received, approximately $ 0.8 million repaid a

portion of the outstanding principal and the remaining was attributed to interest.

an investment that is the sponsor of a special purpose acquisition company formed for the purpose of effecting a merger, capital

1 unchanged sentence

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

On January 13, 2023, SuRo Capital Corp.

invested $ 2.0 million in Orchard Technologies, Inc.’s Series 1 Senior Preferred

financing round.

January 13, 2023, SuRo Capital Corp.

invested $ 2.0 million in Orchard Technologies, Inc.’s Series 1 Senior Preferred financing

As part of the transaction, SuRo Capital Corp.

exchanged a portion of its existing Series D Preferred shares investment

for Series 1 Senior Preferred shares, Series 2 Senior Preferred shares, and Common shares.

exchanged a portion of its existing Series D Preferred shares investment for

Series 1 Senior Preferred shares, Series 2 Senior Preferred shares, and Common shares.

Additionally, SuRo Capital Corp.’s previous

investment in the Simple Agreement for Future Equity was converted into additional Series 1 Senior Preferred shares.

July 12, 2023, SuRo Capital Corp.

invested $ 0.5 million in Shogun Enterprises, Inc (d/b/a Hearth)’s Series B-4 Preferred financing

As part of the transaction, the previous investment in the Convertible Note was converted into Series B-3 Preferred shares.

Additionally, SuRo Capital Corp.

received Common Warrants as part of the transaction.

On July 11, 2023, AltC Acquisition Corp.

announced it signed a definitive agreement to merge with Oklo, Inc.

As part of the transaction,

SuRo Capital Corp.’s Share units converted to 24,900 Class A Common shares and 214,400 Class B Common shares.

On July 19, 2023, Colombier

Acquisition Corp.

(“Colombier”) stockholders approved a business combination with PSQ Holdings, Inc.

(d/b/a PublicSq.)

and related proposals at a special meeting.

Also on July 19, 2023, PSQ 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 PSQ Holdings,

(d/b/a PublicSq).

SuRo Capital Corp.’s shares of PSQ Holdings, Inc.

(d/b/a PublicSq.) Class A Common shares are subject to

certain restrictions on transfer, while the Company’s PSQ Holdings, Inc.

warrants are freely tradable.

CAPITAL CORP.

30 unchanged sentences

Fitness Technology

Forge Global, Inc.

San Francisco, CA

16 unchanged sentences

Convertible Note 0.5%, Due 4/18/2024*** ***

True Global Ventures 4 Plus Pte Ltd ** (8)

Global Ventures 4 Plus Pte Ltd ** (8)

Singapore, Singapore

29 unchanged sentences

Online Education

Commercial Streaming Solutions Inc.

Streaming Solutions Inc.

(d/b/a BettorView) (7)

5 unchanged sentences

Gaming Licensing

Xgroup Holdings Limited (d/b/a Xpoint) ** (7)

Holdings Limited (d/b/a Xpoint) ** (7)

Convertible Note 6%, Due 8/17/2023*** **(7)***

Geolocation Technology

YouBet Technology, Inc.

Technology, Inc.

(d/b/a FanPower) (7)

1 unchanged sentence

Digital Media Technology

EDGE Markets, Inc.

Markets, Inc.

San Diego, CA

1 unchanged sentence

Gaming Technology

Churchill Sponsor VII LLC ** (12)

Sponsor VII LLC ** (12)

Common share units **(12)

1 unchanged sentence

Warrant units **(12)

AltC Sponsor LLC ** (12)

Sponsor LLC ** (12)

Share units **(12)

3 unchanged sentences

Subscription Fashion Rental

Churchill Sponsor VI LLC ** (12)

Sponsor VI LLC ** (12)

Common share units **(12)

8 unchanged sentences

Micromobility

Junior Preferred Convertible Note 4% Due 5/11/2027 (4) (4)

Preferred Convertible Note 4% Due 5/11/2027 (4) (4)

Common Warrants, Strike Price $0.01, Expiration Date 5/11/2027

3 unchanged sentences

Business Education

Promissory Note 1.47%, Due 11/9/2021 (4)(13) (4)(13)

Note 1.47%, Due 11/9/2021 (4)(13) (4)(13)

Treehouse Real Estate Investment Trust, Inc.

73 unchanged sentences

accompanying notes to condensed consolidated financial statements.

CAPITAL CORP.

AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS - continued

portfolio investments are non-control/non-affiliated and non-income-producing, unless otherwise identified.

12 unchanged sentences

(Refer to “Note 2—Significant Accounting Policies— Investments at Fair Value ”).

CAPITAL CORP.

AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS - continued

assets that SuRo Capital Corp.

95 unchanged sentences

began its investment operations during the second quarter of 2011.

table below displays the Company’s subsidiaries as of June 30, 2023, which, other than GSV Capital Lending, LLC (“GCL”)

table below displays the Company’s subsidiaries as of September 30, 2023, which, other than GSV Capital Lending, LLC (“GCL”)

and SuRo Capital Sports, LLC, are collectively referred to as the “Taxable Subsidiaries.” The Taxable Subsidiaries were formed

79 unchanged sentences

The Company values its assets on a quarterly basis, or more frequently if required under the 1940 Act.

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between

9 unchanged sentences

the ability to access at the measurement date.

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

2 —Valuations based on observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities;

32 unchanged sentences

for which reliable market quotations are not readily available or for which the pricing source does not provide a valuation or methodology,

or provides a valuation or methodology that, in the judgment of management, the Company’s Board of Directors or the valuation committee of the

Company’s Board of Directors (the “Valuation Committee”), does not reliably represent fair value, shall each be valued

or provides a valuation or methodology that, in the judgment of management, the Company’s Board of Directors or the valuation committee

of the Company’s Board of Directors (the “Valuation Committee”), does not reliably represent fair value, shall each

be valued as follows:

quarterly valuation process begins with each portfolio company or investment being initially valued by the internal investment professionals

56 unchanged sentences

of these metrics may indicate a possible reduction in fair value.

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

determining the fair value of equity or equity-linked securities (including warrants to purchase common or preferred stock) in a portfolio

10 unchanged sentences

These conversions are noted as non-cash operating items on the Condensed Consolidated Statements of Cash Flows.

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

the nature of the Company’s current debt investments (excluding U.S.

7 unchanged sentences

These investments are classified as

Level 3 assets because there is no known or accessible market or market indexes for these investment securities to be traded or exchanged.

The Company’s options are valued at estimated fair value as determined by the Company’s Board of Directors.

Level 3 assets because there is no known or accessible market or market indexes for these investment securities to be traded or

The Company’s options are valued at estimated fair value as determined in good faith by the Company’s Board

of Directors.

Purpose Acquisition Companies

26 unchanged sentences

Refer to the Consolidated Schedules of Investments

as of June 30, 2023 and December 31, 2022, for details regarding the nature and composition of the Company’s investment portfolio.

as of September 30, 2023 and December 31, 2022 for details regarding the nature and composition of the Company’s investment portfolio.

CAPITAL CORP.

38 unchanged sentences

from contingent consideration are to be recognized when the amount of the contingent consideration becomes realized or realizable.

of June 30, 2023 and December 31, 2022, the Company had $ 375,965 and $ 628,332 , respectively, in escrow proceeds receivable.

of September 30, 2023 and December 31, 2022, the Company had $ 309,484 and $ 628,332 , respectively, in escrow proceeds receivable.

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Financing Costs

12 unchanged sentences

debt instrument.

As of June 30, 2023 and December 31, 2022, the Company had deferred financing costs of $ 590,430 and $ 555,761 , respectively,

As of September 30, 2023 and December 31, 2022, the Company had deferred financing costs of $ 611,736 and $ 555,761 , respectively,

on the Condensed Consolidated Statement of Assets and Liabilities.

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Leases & Related Deposits

33 unchanged sentences

on the Condensed Consolidated Statement of Assets and Liabilities as escrow deposits.

As of June 30, 2023 and December 31, 2022, the

Company had no escrow deposits.

As of September 30, 2023 and December 31, 2022,

the Company had no escrow deposits.

Appreciation or Depreciation of Investments

appreciation or depreciation is calculated as the difference between the fair value of the investment and the cost basis of such investment.

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Federal and State Income Taxes

11 unchanged sentences

31 of the subsequent tax year to which it was carried forward.

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

the Company meets the Annual Distribution Requirement, but does not distribute (or is not deemed to have distributed) each calendar year

45 unchanged sentences

or when recognized over the next five years.

Refer to “Note

9—Income Taxes” for further details.

Refer to “Note 9—Income Taxes” for further details.

CAPITAL CORP.

38 unchanged sentences

and any person controlling or under common control with the Company, subject to certain exceptions.

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

the ordinary course of business, the Company may enter into transactions with portfolio companies that may be considered related-party

5 unchanged sentences

Company’s investment in Churchill Sponsor VI LLC, the sponsor of Churchill Capital Corp.

constituted a “remote-affiliate” transaction for purposes of the 1940 Act in light of the fact that Mark D.

Klein, the Company’s

Chairman, Chief Executive Officer and President, has a non-controlling interest in the entity that controls Churchill Sponsor VI LLC,

and is a non-controlling member of the board of directors of Churchill Capital Corp VI.

The Company’s investment in Churchill Sponsor

VII LLC, the sponsor of Churchill Capital Corp.

VII, a SPAC, also constituted a “remote-affiliate”

transaction for purposes of the 1940 Act in light of the fact that Mr.

Klein has a non-controlling interest in the entity that controls

Churchill Sponsor VII LLC, and is a non-controlling member of the board of directors of Churchill Capital Corp.

VI, a SPAC, constituted a “remote-affiliate”

transaction for purposes of the 1940 Act in light of the fact that Mark D.

Klein, the Company’s Chairman, Chief Executive Officer

and President, has a non-controlling interest in the entity that controls Churchill Sponsor VI LLC, and is a non-controlling member of

the board of directors of Churchill Capital Corp VI.

The Company’s investment in Churchill Sponsor VII LLC, the sponsor of Churchill

Capital Corp.

VII, a SPAC, also constituted a “remote-affiliate” transaction for purposes of the 1940 Act in light of the

fact that Mr.

Klein has a non-controlling interest in the entity that controls Churchill Sponsor VII LLC, and is a non-controlling member

of the board of directors of Churchill Capital Corp.

In addition, Mr.

Klein’s brother, Michael Klein, is a control person of such Churchill entities.

As of June 30, 2023, the fair values of the Company’s

investments in Churchill Sponsor VI LLC and Churchill Sponsor VII LLC were $ 200,000 and $ 300,000 , respectively.

Klein’s brother, Michael Klein, is a control person

of such Churchill entities.

As of September 30, 2023, the fair values of the Company’s investments in Churchill Sponsor VI LLC

and Churchill Sponsor VII LLC were $ 200,000 and $ 387,216 , respectively.

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Company’s investment in Skillsoft Corp.

3 unchanged sentences

Churchill Sponsor II LLC, the sponsor of Churchill Capital Corp.

II, a SPAC, and was a non-controlling

member of the board of directors of Churchill Capital Corp.

II, through which the Company executed a private investment in public equity

transaction in order to acquire common shares of Skillsoft alongside the merger of Skillsoft and Churchill Capital Corp II.

Klein’s brother, Michael Klein, is a control person of such Churchill entities.

As of June 30, 2023, the fair value of the

Company’s investment in Skillsoft Corp.

II, a SPAC, and was a non-controlling member of the board of directors

of Churchill Capital Corp.

II, through which the Company executed a private investment in public equity transaction in order to acquire

common shares of Skillsoft alongside the merger of Skillsoft and Churchill Capital Corp II.

In addition, Mr.

Klein’s brother, Michael

Klein, is a control person of such Churchill entities.

As of September 30, 2023, the fair value of the Company’s investment in

Skillsoft Corp.

was $ 873,840 .

2 unchanged sentences

for purposes of the 1940 Act in light of the fact that Keri Findley, a former senior managing director of the Company until her departure

on March 9, 2022, was at the time of investment a non-controlling member of the board of directors of Shogun Enterprises, Inc., and

held a minority equity interest in such portfolio company.

on March 9, 2022, was at the time of investment a non-controlling member of the board of directors of Shogun Enterprises, Inc., and held

a minority equity interest in such portfolio company.

The Company’s investment in Architect Capital PayJoy SPV, LLC also constituted

3 unchanged sentences

equity interest in such investment manager.

As of June 30, 2023, the fair values of the Company’s remote-affiliate investments

As of September 30, 2023, the fair values of the Company’s remote-affiliate investments

in Shogun Enterprises, Inc.

1 unchanged sentence

addition, Ms.

Findley and Claire Councill, a former investment professional of the Company until her departure on April 15, 2022, are

non-controlling members of the board of directors of Colombier Acquisition Corp., a SPAC, which is sponsored

by Colombier Sponsor LLC, one of the Company’s portfolio companies.

The Company’s investment in AltC Sponsor LLC, the sponsor

of AltC Acquisition Corp, a SPAC, constituted a “remote-affiliate” transaction for purposes

of the 1940 Act in light of the fact that Mr.

Klein has a non-controlling interest in one of the entities that controls AltC Sponsor

LLC, and Allison Green, the Company’s Chief Financial Officer, Chief Compliance Officer, Treasurer and Secretary, is a non-controlling

member of the board of directors of AltC Acquisition Corp.

As of June 30, 2023, the fair values of the Company’s aggregate investments

in each of Colombier Sponsor LLC and AltC Sponsor LLC were $ 17,182,605 and $ 250,000 , respectively.

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Findley and Claire Councill, a former investment professional of the Company until her departure on April 15, 2022,

were non-controlling members of the board of directors of Colombier Acquisition Corp., a SPAC, which was sponsored by Colombier

Sponsor LLC, one of the Company’s portfolio companies until its dissolution upon completion of Colombier Acquisition

Corp.’s business combination into PSQ Holdings, Inc.

The Company’s investment in AltC Sponsor LLC, the sponsor of AltC

Acquisition Corp, a SPAC, constituted a “remote-affiliate” transaction for purposes of the 1940 Act in light of the fact

Klein has a non-controlling interest in one of the entities that controls AltC Sponsor LLC, and Allison Green, the

Company’s Chief Financial Officer, Chief Compliance Officer, Treasurer and Secretary, is a non-controlling member of the board

of directors of AltC Acquisition Corp.

As of September 30, 2023, the fair values of the Company’s aggregate investments in

each of PSQ Holdings, Inc.

and AltC Sponsor LLC were $ 18,106,896

and $ 892,467 ,

respectively.

4— INVESTMENTS AT FAIR VALUE

6 unchanged sentences

Treasury securities.

As of June 30, 2023, the Company had 61 positions in 37 portfolio companies.

As of September 30, 2023, the Company had 66 positions in 39 portfolio companies.

As of December 31, 2022, the Company

1 unchanged sentence

following tables summarize the composition of the Company’s investment portfolio by security type at cost and fair value as of

June 30, 2023 and December 31, 2022:

OF COMPOSITION OF INVESTMENT PORTFOLIO

June 30, 2023

September 30, 2023 and December 31, 2022:

SCHEDULE OF COMPOSITION OF INVESTMENT PORTFOLIO

September 30, 2023

December 31, 2022

6 unchanged sentences

$ 118,472,118

$ 117,214,465

Debt Investments

1 unchanged sentence

Publicly Traded Portfolio Companies

Total Publicly Traded Portfolio Companies

Total Portfolio Investments

9 unchanged sentences

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

geographic and industrial compositions of the Company’s portfolio at fair value as of June 30, 2023 and December 31, 2022 were

As of June 30, 2023

geographic and industrial compositions of the Company’s portfolio at fair value as of September 30, 2023 and December 31, 2022

were as follows:

As of September 30, 2023

As of December 31, 2022

4 unchanged sentences

Geographic Region

$ 114,313,456

International

1 unchanged sentence

$ 157,188,578

As of June 30, 2023

As of September 30, 2023

As of December 31, 2022

3 unchanged sentences

Percentage of

Financial Technology

Education Technology

Financial Technology

Big Data/Cloud

7 unchanged sentences

table below details the composition of the Company’s industrial themes presented in the preceding tables:

Contract Management Software

Management Software

Supply Chain Technology

E-Commerce Marketplace

Innovation Platform

2 unchanged sentences

Estate Platform

Sports Betting

Fashion Rental

16 unchanged sentences

fair values of the Company’s investments disaggregated into the three levels of the fair value hierarchy based upon the lowest

level of significant input used in the valuation as of June 30, 2023 and December 31, 2022 are as follows:

OF FAIR VALUE OF INVESTMENT VALUATION INPUTS

As of June 30, 2023

level of significant input used in the valuation as of September 30, 2023 and December 31, 2022 are as follows:

SCHEDULE OF FAIR VALUE OF INVESTMENT VALUATION INPUTS

As of September 30, 2023

Quoted Prices in

Active Markets for

4 unchanged sentences

Preferred Stock

$ 124,249,715

Debt Investments

1 unchanged sentence

Publicly Traded Portfolio Companies

Total Portfolio Investments

Non-Portfolio Investments

26 unchanged sentences

accordance with FASB ASC 820, Fair Value Measurement , the tables below provide quantitative information about the fair value measurements

of the Company’s Level 3 assets as of June 30, 2023 and December 31, 2022.

In addition to the techniques and inputs noted in the

tables below, according to the Company’s valuation policy, the Board may also use other valuation techniques and methodologies

of the Company’s Level 3 assets as of September 30, 2023 and December 31, 2022.

In addition to the techniques and inputs noted

in the tables below, according to the Company’s valuation policy, the Board may also use other valuation techniques and methodologies

when determining the fair value measurements of the Company’s assets.

2 unchanged sentences

To the extent an unobservable input is not reflected in the tables below, such input is deemed insignificant with respect to the Company’s

Level 3 fair value measurements as of June 30, 2023 and December 31, 2022.

Significant changes in the inputs in isolation would result

in a significant change in the fair value measurement, depending on the input and the materiality of the investment.

Refer to “Note

2—Significant Accounting Policies— Investments at Fair Value ” for more detail.

OF FAIR VALUE OF ASSETS ON UNOBSERVABLE INPUT

of June 30, 2023

Valuation Approach/ Technique (1)

Level 3 fair value measurements as of September 30, 2023 and December 31, 2022.

Significant changes in the inputs in isolation would

result in a significant change in the fair value measurement, depending on the input and the materiality of the investment.

“Note 2—Significant Accounting Policies— Investments at Fair Value ” for more detail.

SCHEDULE OF FAIR VALUE OF ASSETS ON UNOBSERVABLE INPUT

of September 30, 2023

Technique (1)

Unobservable Inputs (2)

Range (Weighted Average) (3)

(Weighted Average) (3)

Common stock in private companies

1 unchanged sentence

Revenue multiples

0.11 x - 8.97 x ( 3.41 x)

Preferred stock in private companies

$ 124,249,715

Market approach

5 unchanged sentences

Revenue multiples

0.50 x - 5.43 x ( 4.97 x)

Option pricing model

Term to expiration (Years)

of June 30, 2023, the Board used a hybrid market and income approach to value certain common and preferred stock investments as the

Board 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

- 3.61 ( 2.78 )

of September 30, 2023, the Board used a hybrid market and income approach to value certain common and preferred stock investments

as the Board 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

Board considers all relevant information that can reasonably be obtained when determining the fair value of Level 3 investments.

18 unchanged sentences

Funds From Operations, or “AFFO”.

Probability-Weighted

Expected Return Method, or “PWERM”.

CAPITAL CORP.

1 unchanged sentence

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Probability-Weighted

Expected Return Method, or “PWERM”.

of December 31, 2022

Valuation Approach/ Technique (1)

Technique (1)

Unobservable Inputs (2)

Range (Weighted Average) (3)

Common stock in private companies

(Weighted Average) (3)

Market approach

2 unchanged sentences

Liquidation Value

Common stock in private companies

8.62 x - 12.62 x ( 10.94 x)

Preferred stock in private companies

$ 117,214,465

Market approach

5 unchanged sentences

15.0 % ( 15.0 %)

Preferred stock in private companies

$ 117,214,465

Revenue multiples

48 unchanged sentences

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

aggregate values of Level 3 assets and liabilities changed during the six months ended June 30, 2023 as follows:

OF AGGREGATE VALUE OF ASSETS AND LIABILITIES

Six Months Ended June 30, 2023

aggregate values of Level 3 assets and liabilities changed during the nine months ended September 30, 2023 as follows:

SCHEDULE OF AGGREGATE VALUE OF ASSETS AND LIABILITIES

Nine Months Ended September 30, 2023

Fair Value as of December 31, 2022

1 unchanged sentence

$ 143,865,093

Transfers out of Level 3

Purchases, capitalized fees and interest

Sales/Maturity of investments

( 1,002,629 )

Exercises and conversions (1)

4 unchanged sentences

Net change in unrealized appreciation/(depreciation) included in earnings

( 8,145,056 )

Fair Value as of June 30, 2023

Transfers out of Level 3 (1)

Fair Value as of September 30, 2023

$ 124,249,715

Net change in unrealized appreciation/ (depreciation) of Level 3 investments still held as of June 30, 2023

$ 167,501,720

Net change in unrealized appreciation/ (depreciation) of Level 3 investments still held as of September 30, 2023

$ ( 412,380 )

$ ( 777,162 )

the six months ended June 30, 2023, the Company’s portfolio investments had the following corporate actions which are reflected

During the nine months

ended September 30, 2023, the Company’s portfolio investments had the following corporate actions which are reflected

Portfolio Company

7 unchanged sentences

Class A Common Shares

Shogun Enterprises, Inc.

(d/b/a Hearth)

Convertible Note 0.5 %

B-3 Preferred Shares

Colombier Sponsor LLC

Class B Units

Class W Units

PSQ Holdings, Inc.

Class A Common Shares (Level 2)

PSQ Holdings, Inc.

Warrants (Level 1)

AltC Sponsor LLC

Common shares, Class A

Common shares, Class B

aggregate values of Level 3 assets and liabilities changed during the year ended December 31, 2022 as follows:

31 unchanged sentences

$ ( 70,818,192 )

the year ended December 31, 2022, the Company’s portfolio investments had the following corporate actions which are reflected

Portfolio Company

Conversion from

Conversion to

Forge Global, Inc.

Common Shares, Class AA

Junior Preferred Shares

Junior Preferred Warrants, Strike Price $ 12.42 , Expiration Date 11/9/2025

Public Common shares (Level 2)

Common warrants, Strike Price $ 3.98 , Expiration Date 11/9/2025 (Level 2)

CAPITAL CORP.

During the year ended December

31, 2022, the Company’s portfolio investments had the following corporate actions which are reflected above:

Shares, Class AA

Preferred Shares

Preferred Warrants, Strike Price $ 12.42 , Expiration Date 11/9/2025

Common shares (Level 2)

warrants, Strike Price $ 3.98 , Expiration Date 11/9/2025 (Level 2)

SURO CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2023

of Investments In, and Advances to, Affiliates

during the six months ended June 30, 2023 involving the Company’s controlled investments and non-controlled/affiliate investments

during the nine months ended September 30, 2023 involving the Company’s controlled investments and non-controlled/affiliate investments

were as follows:

OF INVESTMENTS IN AND ADVANCES TO AFFILIATES

Type/Industry/Portfolio

Company/Investment

Value at December 31, 2022

Type/Industry/Portfolio Company/Investment

Interest, Fees, or

Dividends Credited

Fair Value at December 31, 2022

Transfer In/ (Out)

Gains/(Losses)

Value at June 30, 2023

INVESTMENTS * (2)

Purpose Acquisition Company

Sponsor LLC**–Class W Units (7)

Fair Value at September 30, 2023

CONTROLLED INVESTMENTS * (2)

Special Purpose Acquisition Company

Colombier Sponsor LLC**–Class W Units (6)

Total Options

Preferred Stock

Clean Technology

(f/k/a GSV Sustainability Partners, Inc.)–Preferred shares, Class A

Total Preferred

Total Preferred Stock

Clean Technology

(f/k/a GSV Sustainability Partners, Inc.)–Common shares

Finance Technology

Capital PayJoy SPV, LLC**–Membership Interest in Lending SPV***

Purpose Acquisition Company

Sponsor LLC**–Class B Units (7)

CONTROLLED INVESTMENTS* (2)

NON-CONTROLLED/AFFILIATE

INVESTMENTS * (1)

Mobile Finance Technology

Architect Capital PayJoy SPV, LLC**–Membership Interest in Lending SPV***

Special Purpose Acquisition Company

Colombier Sponsor LLC**–Class B Units (6)

Total Common Stock

TOTAL CONTROLLED INVESTMENTS* (2) *(2)

NON-CONTROLLED/AFFILIATE INVESTMENTS * (1)

Debt Investments

Innovation Platform

Global Innovation Platform

OneValley, Inc.

(f/k/a NestGSV, Inc.) –Convertible Promissory Note 8 %, Due 8/23/2024 (3)

$ ( 776,164 )

( 1,027,809 )

Maven Research,

Inc.–Preferred shares, Series C

Research, Inc.–Preferred shares, Series B

Total Debt Investments

Preferred Stock

Knowledge Networks

Media Platform

Inc.–Preferred shares, Series C-2 6% (8)

Inc.–Preferred shares, Series B 6% (8)

Inc.–Preferred shares, Series A 6% (8)

Inc.–Preferred shares, Series Seed 6% (8)

Maven Research, Inc.–Preferred shares, Series C

Maven Research, Inc.–Preferred shares, Series B

Total Knowledge Networks

Digital Media Platform

LLC–Preferred shares, Series D 8% (5)

LLC–Preferred shares, Series C 8% (5)

LLC–Preferred shares, Series B 8% (5)

LLC–Preferred shares, Series A 8% (5)

Ozy Media, Inc.–Preferred shares, Series C-2 6% (7)

( 2,414,178 )

Ozy Media, Inc.–Preferred shares, Series B 6% (7)

( 4,999,999 )

Ozy Media, Inc.–Preferred shares, Series A 6% (7)

( 3,000,200 )

Ozy Media, Inc.–Preferred shares, Series Seed 6% (7) (7)

Total Digital Media Platform

( 10,914,377 )

Interactive Learning

Total Preferred

Media Platform

Ozy Media, Inc.–Common

Warrants, Strike Price $ 0.01 , Expiration Date 4/9/2028 (8)

Innovation Platform

StormWind, LLC–Preferred shares, Series D 8% (4)

StormWind, LLC–Preferred shares, Series C 8% (4)

StormWind, LLC–Preferred shares, Series B 8% (4)

StormWind, LLC–Preferred shares, Series A 8% (4)

Total Interactive Learning

Total Preferred Stock

( 10,914,377 )

Digital Media Platform

Ozy Media, Inc.–Common Warrants, Strike Price $ 0.01 , Expiration Date 4/9/2028 (7)

Global Innovation Platform

OneValley, Inc.

(f/k/a NestGSV, Inc.)–Preferred Warrant Series B, Strike Price $ 2.31 , Expiration Date 12/31/2023

OneValley, Inc.

(f/k/a NestGSV, Inc.)–Derivative Security, Expiration Date 8/23/2024 (5)

Global Innovation Platform

Curious.com, Inc.–Common

NON-CONTROLLED/AFFILIATE INVESTMENTS* (1)

Total Global Innovation Platform

E-Commerce Marketplace

PSQ Holdings, Inc.

(d/b/a PublicSq.)**–Warrants (6)

Total Options

Online Education

Curious.com, Inc.–Common shares

E-Commerce Marketplace

PSQ Holdings, Inc.

(d/b/a PublicSq.)**–Class A Common shares (6)

Total Common Stock

TOTAL NON-CONTROLLED/AFFILIATE INVESTMENTS* (1)

$ ( 10,945,025 )

portfolio investments are non-income-producing, unless otherwise identified.

Equity investments

are 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 portfolio investments are considered Level 3 and valued using unobservable

inputs, unless otherwise noted.

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”).

CAPITAL CORP.

1 unchanged sentence

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

portfolio investments are non-income-producing, unless otherwise identified.

Equity investments are 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

All portfolio investments are considered Level 3 and valued using unobservable inputs, unless otherwise noted.

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”).

assets that SuRo Capital Corp.

believes do not represent “qualifying assets” under Section 55(a) of the 1940 Act.

the Company’s total investments as of June 30, 2023, 20.76 % of its total investments are non-qualifying assets.

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 September 30, 2023,

21.30 % of its total investments are non-qualifying assets.

*** Investment

is income-producing.

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.

(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.

owns, directly or indirectly, between 5% and 25% of the voting securities ( i.e.

, securities with the right to elect directors)

of such company.

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.

of June 30, 2023, the investments noted had been placed on non-accrual status.

(f/k/a GSV Sustainability Partners, Inc.) preferred shares held by SuRo Capital Corp.

do not entitle SuRo Capital Corp.

to a preferred dividend rate.

SuRo Capital Corp.

does not anticipate that SPBRX, INC.

will pay distributions on a quarterly or regular

basis or become a predictable distributor of distributions.

Capital Corp.’s investments in StormWind, LLC are held through SuRo Capital Corp.’s wholly owned subsidiary, GSVC SW

Holdings, Inc.

beneficially owns,

directly or indirectly, between 5% and 25% of the voting securities ( i.e.

with the right to elect directors) of such company.

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.

of September 30, 2023, the investments noted had been placed on non-accrual status.

Capital Corp.’s investments in StormWind, LLC are held through SuRo Capital Corp.’s

wholly owned subsidiary, GSVC SW Holdings, Inc.

August 23, 2019, SuRo Capital Corp.

amended the structure of its investment in OneValley, Inc.

amended the structure of its investment in OneValley,

(f/k/a NestGSV, Inc.).

the agreement, SuRo Capital Corp.’s equity holdings (warrants notwithstanding) were restructured into a derivative security.

As part of the agreement, SuRo Capital Corp.’s equity holdings

(warrants notwithstanding) were restructured into a derivative security.

OneValley, Inc.

(f/k/a NestGSV, Inc.) has the right to call the position at any time over a five year period, ending August 23, 2024,

while SuRo Capital Corp.

(f/k/a NestGSV, Inc.) has the right to call the position at any time over a five year period,

ending August 23, 2024, while SuRo Capital Corp.

can put the shares to OneValley, Inc.

(f/k/a NestGSV, Inc.) at the end of the five year period.

Sponsor LLC is the sponsor of Colombier Acquisition Corp., a SPAC formed for the purpose of effecting

a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more

NestGSV, Inc.) at the end of the five year period.

July 19, 2023, Colombier Acquisition Corp.

(“Colombier”) stockholders approved a business combination with PSQ Holdings,

(d/b/a PublicSq.) and related proposals at a special meeting.

Also on July 19, 2023, PSQ 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 PSQ Holdings, Inc.

(d/b/a PublicSq).

SuRo Capital Corp.'s shares of PSQ Holdings, Inc.

(d/b/a PublicSq.) Class A

Common shares are subject to certain restrictions on transfer, while the Company’s PSQ Holdings, Inc.

warrants are freely

March 1, 2023, Ozy Media, Inc.

1 unchanged sentence

On May 4, 2023, SuRo Capital Corp.

abandoned its investment in Ozy Media, Inc.

CAPITAL CORP.

its investment in Ozy Media, Inc.

SURO CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2023

of Investments In, and Advances to, Affiliates

1 unchanged sentence

were as follows:

Type/Industry/Portfolio

Company/Investment

Type/Industry/Portfolio Company/Investment

Value at December 31, 2021

3 unchanged sentences

INVESTMENTS * (2)

Purpose Acquisition Company

Special Purpose Acquisition Company

Sponsor LLC**–Class W Units (7)

Total Options

Preferred Stock

Clean Technology

(f/k/a GSV Sustainability Partners, Inc.)–Preferred shares, Class A (4)

Total Preferred

(f/k/a GSV Sustainability Partners, Inc.)–Common shares

Finance Technology

Capital PayJoy SPV, LLC**–Membership Interest in Lending SPV***

Purpose Acquisition Company

Total Preferred Stock

Clean Technology

(f/k/a GSV Sustainability Partners, Inc.)–Common

Mobile Finance Technology

Architect Capital PayJoy SPV, LLC**–Membership

Interest in Lending SPV***

Special Purpose Acquisition Company

Sponsor LLC**–Class B Units (7)

Total Common Stock

CONTROLLED INVESTMENTS* (2) *(2)

2 unchanged sentences

Debt Investments

Innovation Platform

Global Innovation Platform

(f/k/a NestGSV, Inc.) –Convertible Promissory Note 8 %, Due 8/23/2024 (3)

Maven Research,

Inc.–Preferred shares, Series C

Research, Inc.–Preferred shares, Series B

Total Debt Investments

Preferred Stock

Knowledge Networks

Media Platform

Inc.–Preferred shares, Series C-2 6%

Inc.–Preferred shares, Series B 6%

Inc.–Preferred shares, Series A 6%

Inc.–Preferred shares, Series Seed 6%

Maven Research, Inc.–Preferred shares, Series

Maven Research, Inc.–Preferred

shares, Series B

Total Knowledge Networks

Digital Media Platform

Ozy Media, Inc.–Preferred shares, Series C-2

Ozy Media, Inc.–Preferred shares, Series B 6%

Ozy Media, Inc.–Preferred shares, Series A 6%

Ozy Media, Inc.–Preferred

shares, Series Seed 6%

Total Digital Media Platform

Interactive Learning

LLC–Preferred shares, Series D 8% (5)

2 unchanged sentences

LLC–Preferred shares, Series A 8% (5)

Interactive Learning

Total Interactive Learning

( 1,879,887 )

Total Preferred

Total Preferred Stock

( 1,879,887 )

Media Platform

Media, Inc.–Common Warrants, Strike Price $ 0.01 , Expiration Date 4/9/2028

Innovation Platform

(f/k/a NestGSV, Inc.)–Preferred Warrant Series B, Strike Price $ 2.31 , Expiration Date 5/29/2022

(f/k/a NestGSV, Inc.)–Preferred Warrant Series B, Strike Price $ 2.31 , Expiration Date 12/31/2023

Ozy Media, Inc.–Common Warrants, Strike Price

$ 0.01 , Expiration Date 4/9/2028

Global Innovation Platform

OneValley, Inc.

(f/k/a NestGSV, Inc.)–Preferred

Warrant Series B, Strike Price $ 2.31 , Expiration Date 5/29/2022

OneValley, Inc.

(f/k/a NestGSV,

Inc.)–Preferred Warrant Series B, Strike Price $ 2.31 , Expiration Date 12/31/2023

(f/k/a NestGSV, Inc.)–Derivative Security, Expiration Date 8/23/2024 (6)

( 1,616,141 )

Innovation Platform

Total Global Innovation Platform

( 1,550,762 )

Total Options

( 1,550,762 )

Inc.–Common shares

Online Education

Curious.com, Inc.–Common shares

Total Common Stock

NON-CONTROLLED/AFFILIATE INVESTMENTS* (1)

$ ( 1,947,548 )

portfolio investments are non-income-producing, unless otherwise identified.

Equity investments

are 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 portfolio investments are considered Level 3 and valued using unobservable

inputs, unless otherwise noted.

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”).

CAPITAL CORP.

1 unchanged sentence

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

portfolio investments are non-income-producing, unless otherwise identified.

Equity investments are 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

All portfolio investments are considered Level 3 and valued using unobservable inputs, unless otherwise noted.

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”).

assets that SuRo Capital Corp.

believes do not represent “qualifying assets” under Section 55(a) of the 1940 Act.

the Company’s total investments as of December 31, 2022, 14.47 % of its total investments are non-qualifying assets.

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 December 31, 2022,

14.47 % of its total investments are non-qualifying assets.

*** Investment

is income-producing.

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.

(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.

owns, directly or indirectly, between 5% and 25% of the voting securities ( i.e.

, securities with the right to elect directors)

of such company.

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.

beneficially owns,

directly or indirectly, between 5% and 25% of the voting securities ( i.e.

with the right to elect directors) of such company.

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.

of December 31, 2022, the investments noted had been placed on non-accrual status.

(f/k/a GSV Sustainability Partners, Inc.) preferred shares held by SuRo Capital Corp.

(f/k/a GSV Sustainability Partners, Inc.) preferred shares held by SuRo Capital

do not entitle SuRo Capital Corp.

2 unchanged sentences

does not anticipate that SPBRX, INC.

will pay distributions on a quarterly or regular

basis or become a predictable distributor of distributions.

Capital Corp.’s investments in StormWind, LLC are held through SuRo Capital Corp.’s wholly owned subsidiary, GSVC SW

Holdings, Inc.

will pay distributions on a quarterly or regular basis

or become a predictable distributor of distributions.

Capital Corp.’s investments in StormWind, LLC are held through SuRo Capital Corp.’s

wholly owned subsidiary, GSVC SW Holdings, Inc.

August 23, 2019, SuRo Capital Corp.

amended the structure of its investment in OneValley, Inc.

amended the structure of its investment in OneValley,

(f/k/a NestGSV, Inc.).

the agreement, SuRo Capital Corp.’s equity holdings (warrants notwithstanding) were restructured into a derivative security.

As part of the agreement, SuRo Capital Corp.’s equity holdings

(warrants notwithstanding) were restructured into a derivative security.

OneValley, Inc.

(f/k/a NestGSV, Inc.) has the right to call the position at any time over a five year period, ending August 23, 2024,

while SuRo Capital Corp.

(f/k/a NestGSV, Inc.) has the right to call the position at any time over a five year period,

ending August 23, 2024, while SuRo Capital Corp.

can put the shares to OneValley, Inc.

(f/k/a NestGSV, Inc.) at the end of the five year period.

Sponsor LLC is the sponsor of Colombier Acquisition Corp., 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

CAPITAL CORP.

NestGSV, Inc.) at the end of the five year period.

(7) Colombier

Sponsor LLC is the sponsor of Colombier Acquisition Corp., 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.

SURO CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2023

5— COMMON STOCK

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in aggregate amount of the Company’s common stock.

On August 7, 2023, the Company’s Board of Directors authorized an extension of, and an increase in the amount of

shares of the Company’s common stock that may be repurchased under, the discretionary Share Repurchase Program until the earlier of (i)

October 31, 2024 or (ii) the repurchase of $ 60.0 million in aggregate amount of the Company’s common stock.

timing and number of shares to be repurchased will depend on a number of factors, including market conditions and alternative investment

5 unchanged sentences

procedures and the applicable provisions of the 1940 Act and the Exchange Act.

the three and six months ended June 30, 2023, the Company did no t

repurchase any shares of the Company’s common stock under the Share Repurchase Program.

During the three and six months ended June

30, 2022, the Company repurchased 855,159

the three and nine months ended September 30, 2023, the Company repurchased 186,493

of the Company’s common stock under the

Share Repurchase Program.

During the three and nine months ended September 30, 2022, the Company repurchased 0

and 1,008,676

shares of the Company’s common stock under

shares, respectively, of the Company’s common stock under

the Share Repurchase Program.

As of June 30, 2023, the dollar value of shares that remained available to be purchased by the Company

As of September 30, 2023, the dollar value of shares that remained available to be purchased by the Company

under the Share Repurchase Program was approximately $ 20.7

9 unchanged sentences

in the Modified Dutch Auction Tender Offer and to pay for all related fees and expenses.

and Restated 2019 Equity Incentive Plan

to “Note 11—Stock-Based Compensation” for a description of the Company’s restricted shares of common stock granted

under the Amended & Restated 2019 Equity Incentive Plan (as defined therein).

CAPITAL CORP.

1 unchanged sentence

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

and Restated 2019 Equity Incentive Plan

to “Note 11—Stock-Based Compensation” for a description of the Company’s restricted shares of common stock granted

under the Amended & Restated 2019 Equity Incentive Plan (as defined therein).

At-the-Market

22 unchanged sentences

agreements of the Company, conditions to closing, indemnification rights and obligations of the parties and termination provisions.

the three and six months ended June 30, 2023, the Company did no t issue or sell shares under the ATM program.

During the three and six

months ended June 30, 2022, the Company issued and sold 0 and 17,807 shares, respectively, under the ATM Program at weighted-average

the three and nine months ended September 30, 2023, the Company did not issue or sell shares under the ATM program.

During the three and nine

months ended September 30, 2022, the Company issued and sold 0 and 17,807 shares, respectively, under the ATM Program at weighted-average

price of $ 13.01 per share, for gross proceeds of $ 231,677 and net proceeds of $ 229,896 , after deducting commissions to the Agents on

As of June 30, 2023, up to approximately $ 98.8 million in aggregate amount of the Shares remain available for sale under

the ATM Program.

As of September 30, 2023, up to approximately $ 98.8 million in aggregate amount of the Shares remain available for sale

under the ATM Program.

SURO CAPITAL CORP.

AND SUBSIDIARIES

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2023

6— NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS PER COMMON SHARE—BASIC AND DILUTED

following information sets forth the computation of basic and diluted net increase in net assets resulting from operations per common

share, pursuant to ASC 260, for the three and six months ended June 30, 2023 and 2022.

OF BASIC AND DILUTED COMMON SHARE

Three Months Ended June 30,

Months Ended June 30,

following information sets forth the computation of basic and diluted net change in net assets resulting from operations per common

share, pursuant to ASC 260, for the three and nine months ended September 30, 2023 and 2022.

SCHEDULE OF BASIC AND

DILUTED COMMON SHARE

Three Months Ended

September 30,

Nine Months Ended

September 30,

Earnings per common share–basic:

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Earnings per common share–diluted

the three and six months ended June 30, 2023 and June 30, 2022, there were no potentially dilutive securities

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

the three and nine months ended September 30, 2023 and September 30, 2022, there were no potentially

dilutive securities outstanding.

7— COMMITMENTS AND CONTINGENCIES

1 unchanged sentence

company at some future date or over a specified period of time.

As of June 30, 2023, the Company had approximately $ 5.8 million in non-binding investment agreements that required

it to make a future investment in a portfolio company.

time to time, the Company may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating

10 unchanged sentences

lease cost that is amortized on a straight-line basis over the life of the lease.

of June 30, 2023 and December 31, 2022, the Company booked a right-of-use asset and operating lease liability of $ 206,554

and $ 288,268 ,

respectively, on the Condensed Consolidated Statement of Assets and Liabilities.

As of June 30, 2023 and December 31, 2022, the

Company recorded a security deposit of $ 16,574

and $ 16,574 ,

of September 30, 2023 and December 31, 2022, the Company booked a right-of-use asset and operating lease liability of $ 159,693 and $ 288,268 ,

respectively, on the Condensed Consolidated Statement of Assets and Liabilities.

For the three months ended June 30, 2023 and 2022,

the Company incurred $ 50,441

and $ 47,349 ,

respectively, of operating lease expense.

For the six months ended June 30, 2023 and 2022, the Company incurred $ 99,164 and $ 94,721 ,

respectively, of operating lease expense.

The amounts reflected on the Condensed Consolidated Statement of Assets and Liabilities

have been discounted using the rate implicit in the lease.

As of June 30, 2023, the remaining lease term was 1.1

years and the discount rate was 3.00 %.

following table shows future minimum payments under the Company’s operating lease as of June 30, 2023:

OF FUTURE MINIMUM PAYMENTS OF OPERATING LEASE

As of September 30, 2023 and December 31, 2022, the

Company recorded a security deposit of $ 16,574 and $ 16,574 , respectively, on the Condensed Consolidated Statement of Assets and Liabilities.

For the three months ended September 30, 2023 and 2022, the Company incurred $ 52,472 and $ 48,738 , respectively, of operating lease expense.

For the nine months ended September 30, 2023 and 2022, the Company incurred $ 151,637 and $ 143,459 , respectively, of operating lease expense.

The amounts reflected on the Condensed Consolidated Statement of Assets and Liabilities have been discounted using the rate implicit

in the lease.

As of September 30, 2023, the remaining lease term was 0.8 years and the discount rate was 3.00 %.

following table shows future minimum payments under the Company’s operating lease as of September 30, 2023:

OF FUTURE MINIMUM PAYMENTS OF OPERATION LEASE

For the Years Ended December 31,

CAPITAL CORP.

SURO CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2023

8— FINANCIAL HIGHLIGHTS

OF FINANCIAL HIGHLIGHTS

Three Months Ended June 30,

Six Months Ended June 30,

Three Months Ended

September 30,

Nine Months Ended

September 30,

Per Basic Share Data

Net asset value at beginning of the year

Net asset value at beginning of period

Net investment loss (1)

25 unchanged sentences

on weighted-average number of shares outstanding for the relevant period.

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.

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.

CAPITAL CORP.

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

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.

SURO CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2023

9— INCOME TAXES

52 unchanged sentences

federal excise tax.

SURO CAPITAL CORP.

AND SUBSIDIARIES

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2023

Company is required to include net deferred tax provision/benefit in calculating its total expenses even though these net deferred taxes

3 unchanged sentences

as such gains or losses are not included in taxable income until they are realized.

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

federal and state income tax purposes, a portion of the Taxable Subsidiaries’ net operating loss carryforwards and basis differences

7 unchanged sentences

Further, the Company and the Taxable Subsidiaries accrue all interest and penalties related to uncertain tax positions as incurred.

of June 30, 2023, there were no material interest or penalties incurred related to uncertain tax positions.

of September 30, 2023, there were no material interest or penalties incurred related to uncertain tax positions.

10— DEBT CAPITAL ACTIVITIES

28 unchanged sentences

The reported closing

market price of SSSSL on June 30, 2023 and December 31, 2022 was $ 23.20 and $ 23.51 per note, respectively.

As of June 30, 2023 and December

31, 2022, the fair value of the 6.00% Notes due 2026 was $ 69.6 million and $ 70.5 million, respectively.

The 6.00% Notes due 2026 are

classified as Level 1 of the fair value hierarchy (Refer to “Note 2 — Significant Accounting Policies”).

30, 2023 and December 31, 2022, the Company was in compliance with the terms of the Indenture.

CAPITAL CORP.

market price of SSSSL on September 30, 2023 and December 31, 2022 was $ 23.35 and $ 23.51 per note, respectively.

As of September 30, 2023

and December 31, 2022, the fair value of the 6.00% Notes due 2026 was $ 70.1 million and $ 70.5 million, respectively.

The 6.00% Notes

due 2026 are classified as Level 1 of the fair value hierarchy (Refer to “Note 2 — Significant Accounting Policies”).

As of September 30, 2023 and December 31, 2022, the Company was in compliance with the terms of the Indenture.

SURO CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2023

11— STOCK-BASED COMPENSATION

11 unchanged sentences

the closing price of the shares on Nasdaq on the date of grant.

July 17, 2019, stock options providing the right to purchase up to 1,165,000

shares were granted under the 2019 Equity Incentive Plan with an exercise price equal to the market price of our common stock at the

stock options had a vesting period of 3

July 17, 2019, stock options providing the right to purchase up to 1,165,000 shares were granted under the 2019 Equity Incentive Plan

with an exercise price equal to the market price of our common stock at the grant date.

These stock options had a vesting period of 3

years with 1/3 vesting immediately on the grant date, 1/3 vesting on July 17, 2020, and the remaining 1/3 vesting on July 17, 2021.

26 unchanged sentences

Dividend yield

SCHEDULE OF OPTION,

OF OPTION ACTIVITY

Number of Shares

Weighted-Average Exercise Price

Weighted-Average Grant Date Fair Value

Weighted-Average

Exercise Price

Weighted-Average

Grant Date Fair Value

Outstanding as of December 31, 2019

1 unchanged sentence

( 1,155,000 )

Outstanding as of June 30, 2023 and December 31, 2022

Outstanding as of September 30, 2023 and December 31, 2022

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

of June 30, 2023 and December 31, 2022, there was $ 0 of total unrecognized compensation cost related to non-vested stock options granted

under the 2019 Equity Incentive Plan, as the options were cancelled effective April 28, 2020.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2023

of September 30, 2023 and December 31, 2022, there was $ 0 of total unrecognized compensation cost related to non-vested stock options

granted under the 2019 Equity Incentive Plan, as the options were cancelled effective April 28, 2020.

and Restated 2019 Equity Incentive Plan

17 unchanged sentences

anniversary of such grant).

During the six months ended June 30, 2023, the Company granted 60,060 restricted shares to the Company’s non-employee

directors pursuant to the Amended & Restated 2019 Equity Incentive Plan.

Additionally, on May 31, 2023, 26,736 restricted shares related

to the 2022 non-employee director grants vested.

Compensation expense associated with the restricted shares is recognized on a quarterly

basis over the respective vesting periods.

During the nine months ended September 30, 2023, the Company granted 60,060

restricted shares to the Company’s non-employee directors pursuant to the Amended & Restated 2019 Equity Incentive Plan.

Additionally, on May 31, 2023, 26,736

restricted shares related to the 2022 non-employee director grants vested.

Compensation expense associated with the restricted

shares is recognized on a quarterly basis over the respective vesting periods.

than such restricted shares granted to non-employee directors, the Company’s Compensation Committee may determine the time or times

7 unchanged sentences

the term of an incentive stock option will be for no more than five years from the date of grant.

the six months ended June 30, 2023, the Company did not grant any restricted shares to the Company’s officers pursuant to the

Amended & Restated 2019 Equity Incentive Plan.

the nine months ended September 30, 2023, the Company did not grant any restricted shares to the Company’s officers pursuant to

the Amended & Restated 2019 Equity Incentive Plan.

The Company determined that the fair values, based on the grant date close price

of such restricted shares granted to the Company’s officers under the Amended & Restated 2019 Equity Incentive Plan during

the six months ended June 30, 2023 and 2022 were approximately $ 0

the nine months ended September 30, 2023 and 2022 were approximately $ 0 and $ 2,885,000 , respectively, in the aggregate.

the three and nine months ended September 30, 2023, the Company recognized stock-based compensation expense of $ 774,978

and $ 2,300,237 ,

respectively, in the aggregate.

the six months ended June 30, 2023 and 2022, the Company recognized stock-based compensation expense of $ 1,525,258

respectively.

For the three and nine months ended September 30, 2022, the Company recognized stock-based compensation expense of

and $ 1,976,695 ,

respectively.

As of June 30, 2023 and December 31, 2022, there were approximately $ 4,926,351

As of September 30, 2023 and December 31, 2022, there were approximately $ 4,351,373

and $ 6,451,610

of total unrecognized compensation costs related

to the restricted share grants.

Compensation expense associated with the restricted shares is recognized on a quarterly basis over the

respective vesting periods.

of total unrecognized compensation costs related to the restricted share grants.

Compensation expense associated with the restricted

shares is recognized on a quarterly basis over the respective vesting periods.

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

following table summarizes the activities for the Company’s restricted share grants for the six months ended June 30, 2023 under

the Amended & Restated 2019 Equity Incentive Plan:

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2023

following table summarizes the activities for the Company’s restricted share grants for the nine months ended September 30, 2023

under the Amended & Restated 2019 Equity Incentive Plan:

OF EQUITY INCENTIVE PLAN

1 unchanged sentence

Outstanding as of December 31, 2022

Outstanding as of June 30, 2023

Vested as of June 30, 2023

balance of vested shares reflects the total shares vested during the period and has not been reduced for those vested shares forfeited

at time of vest related to net share settlement.

Outstanding as of September 30, 2023

Vested as of September 30, 2023

balance of vested shares reflects the total shares vested during the period and has not been

reduced for those vested shares forfeited at time of vest related to net share settlement.

Amended & Restated 2019 Equity Incentive Plan provides for the concept of “net share settlement.” Specifically, it provides

3 unchanged sentences

12— SUBSEQUENT EVENTS

July 1, 2023 through August 8, 2023, the Company exited or received proceeds from the following investments (excluding short-term U.S.

Treasury investments):

October 1, 2023 through November 8, 2023, the Company exited or received proceeds from the following investments (excluding short-term

Treasury bills):

OF INVESTMENTS

1 unchanged sentence

Transaction Date

Average Net Share Price (1)

Realized Loss (2)

Nextdoor Holdings, Inc.

$ ( 1,394,547 )

Net Share Price (1)

Realized Gain (2)

PSQ Holdings, Inc.

(d/b/a PublicSq.) - Warrants (3)

Homes For Rent, LLC (d/b/a Second Avenue) (4)

$ ( 1,394,547 )

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

if applicable.

loss does not include adjustments to amounts held in escrow receivable.

As of August 8, 2023, SuRo Capital held 262,420 shares of Nextdoor Holdings, Inc.

public common shares.

to June 30, 2023, $ 0.1 million has been received from Residential Homes for Rent, LLC (d/b/a Second Avenue) related to the 15 % term

loan due December 23, 2023 .

Of the proceeds received, $ 0.1 million repaid a portion of the outstanding principal and the remaining

proceeds were attributed to interest.

July 1, 2023 through August 8, 2023, the Company made the following investments (not including capitalized transaction costs).

INVESTMENT NOT INCLUDING

CAPITALIZED TRANSACTION COSTS

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

gain does not include adjustments to amounts held in escrow receivable.

(3) As of November 8, 2023, SuRo

Capital held 2,632,069

PSQ Holdings, Inc.

(d/b/a PublicSq.) warrants.

(4) Subsequent

to September 30, 2023, $ 0.1 million has been received from Residential Homes for Rent, LLC

(d/b/a Second Avenue) related to the 15 % term loan due December 23, 2023 .

Of the proceeds

received, $ 0.1 million repaid a portion of the outstanding principal and the remaining proceeds

were attributed to interest.

October 1, 2023 through November 8, 2023, the Company made the following investments (not including capitalized transaction costs

or investments in short-term U.S.

Treasury bills).

OF INVESTMENTS BY COMPANY

Portfolio Company

Transaction Date

FourKites, Inc.

Common shares

Shogun Enterprises, Inc.

(d/b/a Hearth)

Preferred shares

Stake Trade, Inc.

(d/b/a Prophet Exchange)

Simple Agreement for Future Equity

Xgroup Holdings Limited (d/b/a Xpoint)

Convertible Note

Company is frequently in negotiations with various private companies with respect to investments in such companies.

7 unchanged sentences

equity investments will be effectuated.

Repurchase Program

August 7, 2023, the Company’s Board of Directors authorized an extension of, and a $ 5.0 million increase in the amount of shares

that may be repurchased under, the Company’s discretionary Share Repurchase Program until the earlier of (i) October 31, 2024 or

(ii) the repurchase of $ 60.0 million in aggregate amount of the Company’s common stock.

timing and number of shares to be repurchased pursuant to the Company’s discretionary Share Repurchase Program will depend on a

number of factors, including market conditions and alternative investment opportunities.

The Share Repurchase Program may be suspended,

terminated or modified at any time for any reason and does not obligate the Company to acquire any specific number of shares of its common

Under the Share Repurchase Program, the Company may repurchase its outstanding common stock in the open market, provided that

it complies with the prohibitions under its insider trading policies and procedures and the applicable provisions of the 1940 Act and

the Exchange Act.

of August 8, 2023, the dollar value of shares that remained available to be purchased by the Company under the Share Repurchase Program

was approximately $ 21.4 million.

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

13— SUPPLEMENTAL FINANCIAL DATA

14 unchanged sentences

those portfolio companies that were more likely to materially impact the financial condition of an investment company.

Company’s three controlled portfolio companies as of June 30, 2023, SPBRX, INC.

(f/k/a GSV Sustainability Partners, Inc.), Architect

Capital PayJoy SPV, LLC and Colombier Sponsor LLC, did not meet the definition of a “significant subsidiary” as set forth

in Rule 1-02(w)(2).

For comparability purposes, the Company has omitted the previously disclosed summarized financial information of

the Company’s significant subsidiaries for the quarter ended June 30, 2022 as the Company’s significant subsidiaries would

not have been considered significant subsidiaries under the Final Rules.

Company’s two controlled portfolio companies as of September 30, 2023, SPBRX, INC.

(f/k/a GSV Sustainability Partners, Inc.) and

Architect Capital PayJoy SPV, LLC, did not meet the definition of a “significant subsidiary” as

set forth in Rule 1-02(w)(2).

For comparability purposes, the Company has omitted the previously disclosed summarized financial information

of the Company’s significant subsidiaries for the quarter ended September 30, 2022 as the Company’s significant subsidiaries

would not have been considered significant subsidiaries under the Final Rules.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements