What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2025-11-06 compared with 2025-08-07 · 1171 added, 1079 removed, 1526 unchanged (60% of the section changed)

3 unchanged sentences

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

September 30, 2025 (UNAUDITED)

December 31, 2024 (AUDITED)

Investments at fair value:

Non-controlled/non-affiliate

investments (cost of $ 221,292,617 and $ 234,601,314 , respectively)

Non-controlled/non-affiliate investments (cost of $ 224,613,209 and $ 234,601,314 ,

respectively)

$ 242,003,642

$ 198,511,915

Non-controlled/affiliate investments

(cost of $ 20,605,400 and $ 20,605,400 , respectively)

Controlled investments (cost

of $ 1,602,940 and $ 1,602,940 , respectively)

Total Investments (cost of

$ 243,500,957 and $ 256,809,654 , respectively)

Non-controlled/affiliate investments (cost of $ 21,609,640 and $ 20,605,400 , respectively)

Controlled investments (cost of $ 0 and $ 1,602,940 , respectively)

Total Investments (cost of $ 246,222,849 and $ 256,809,654 , respectively)

Restricted cash

2 unchanged sentences

Deferred financing costs

Prepaid expenses and other

Prepaid expenses and other assets (1)

6.00% Notes due December 30, 2026 (2)

6.50% Convertible Notes due August 14, 2029 (3)

Accounts payable and accrued

Accounts payable and accrued expenses (1)

Dividends payable

and contingencies (Notes 7 and 10)

Total Liabilities

Commitments and contingencies (Notes 7 and 10)

$ 231,787,028

$ 157,572,086

Common stock, par value $ 0.01

per share ( 100,000,000 authorized;

23,888,107 and 23,601,566 issued and outstanding, respectively)

Paid-in capital in excess

Accumulated net investment

Common stock, par value $ 0.01 per share ( 100,000,000 authorized;

25,119,091 and 23,601,566 issued and

outstanding, respectively)

Paid-in capital in excess of par

Accumulated net investment loss

( 15,140,936 )

( 4,302,192 )

Accumulated net realized gain/(loss)

on investments, net of distributions

Accumulated net realized gain/(loss) on investments, net of distributions

( 17,409,097 )

Accumulated net unrealized

appreciation/(depreciation) of investments

Accumulated net unrealized appreciation/(depreciation) of investments

( 47,532,073 )

1 unchanged sentence

$ 157,572,086

Value Per Share

Net Asset Value Per Share

accompanying notes to condensed consolidated financial statements.

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.

of June 30, 2025, the 6.00 % Notes due December 30, 2026 (the “ 6.00 % Notes due 2026”) (effective interest rate of 6.52 %)

Refer to “Note 7—Commitments and Contingencies— Operating Leases and

Related Deposits ” for more detail.

of September 30, 2025, the 6.00 % Notes due December 30, 2026 (the “ 6.00 % Notes due

2026”) (effective interest rate of 6.52 %) had a face value $ 39,667,650 .

As of December

31, 2024, the 6.00 % Notes due 2026 (effective interest rate of 6.48 %) had a face value $ 44,667,400 .

Refer to “Note 10—Debt Capital Activities” for a reconciliation of the

carrying value to the face value.

of September 30, 2025, the 6.50 % Convertible Notes due August 14, 2029 (the “ 6.50 %

Convertible Notes due 2029”) (effective interest rate of 7.17 %) had a face value $ 35,000,000 .

As of December 31, 2024, the 6.50 % Convertible Notes due 2029 (effective interest rate of

7.06 %) had a face value $ 30,000,000 .

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

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.

CAPITAL CORP.

Refer to “Note 10—Debt Capital Activities”

for a reconciliation of the carrying value to the face value.

SURO CAPITAL CORP.

AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

Three Months Ended June 30,

Six Months Ended June 30,

CONDENSED CONSOLIDATED STATEMENTS

OF OPERATIONS (UNAUDITED)

Three Months Ended September 30,

Nine Months Ended September 30,

INVESTMENT INCOME

23 unchanged sentences

Non-controlled/affiliate investments

( 6,598,530 )

Controlled investments

( 6,786,462 )

( 6,793,207 )

Net Realized Gain/(Loss) on Investments

( 13,713,512 )

( 14,167,198 )

Realized loss on partial repurchase of 6.00 % Notes due December 30, 2026

4 unchanged sentences

Non-controlled/affiliate investments

( 3,485,172 )

( 5,501,871 )

Controlled investments

Net Change in Unrealized Appreciation/(Depreciation) of Investments

( 18,694,508 )

Net Change in Unrealized

Appreciation/(Depreciation) of Investments

( 13,769,932 )

6 unchanged sentences

interest income earned on cash.

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”.

the three and nine months ended September 30, 2024, 3,225,808 potentially dilutive common

shares were excluded from the weighted-average common shares outstanding for diluted net

decrease in net assets resulting from operations per common share because the effect of these

shares would have been anti-dilutive.

Refer to “Note 6 — Net Change in Net Assets

Resulting from Operations per Common Share — Basic and Diluted”.

CAPITAL CORP.

42 unchanged sentences

$ 162,312,191

Months Ended June 30,

Change in Net Assets Resulting from Operations

Net investment loss

$ ( 3,454,815 )

$ ( 3,207,873 )

Net realized gain/(loss) on investments

( 13,713,512 )

Realized loss on partial repurchase of 6.00% Notes due 2026

Net change in unrealized appreciation/(depreciation) of investments

Net Change in Net Assets Resulting from Operations

( 5,452,245 )

Distributions

Dividends declared

( 5,972,027 )

Total Distributions

( 5,972,027 )

Change in Net Assets Resulting from Capital Transactions

Issuance of common stock from public offering

Stock-based compensation

Net Change in Net Assets Resulting from Capital Transactions

Total Change in Net Assets

( 4,874,984 )

Net Assets at September 30

$ 231,787,028

$ 157,437,207

Nine Months Ended September 30,

Capital Share Activity

Shares outstanding at beginning of year

Issuance of common stock from public offering

Issuance of common stock under restricted stock plan, net (1)

7 unchanged sentences

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

Months Ended June 30,

from Operating Activities

Net change in

net assets resulting from operations

Nine Months Ended September 30,

Cash Flows from Operating Activities

Net change in net assets resulting from operations

$ ( 38,168,774 )

to reconcile net change in net assets resulting from operations to net cash provided by operating activities:

(gain)/loss on investments

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

Net realized (gain)/loss on investments

( 26,391,459 )

in unrealized (appreciation)/depreciation of investments

Net change in unrealized (appreciation)/depreciation of investments

( 53,401,606 )

of discount on 6.00 % Notes due 2026

of discount on 6.50 % Convertible Notes due 2029

to escrow proceeds receivable

interest on U.S.

Stock-based compensation

Amortization of discount on 6.00 % Notes due 2026

Amortization of discount on 6.50 % Convertible Notes due 2029

Adjustments to escrow proceeds receivable

Accrued interest on U.S.

Treasury bills

of investments in:

Purchases of investments in:

Portfolio investments

( 12,042,954 )

( 57,786,755 )

from sales or maturity of investments in:

Change in operating assets

and liabilities:

Proceeds from sales or maturity of investments in:

Portfolio investments

Treasury bills

Change in operating assets and liabilities:

Accounts payable and accrued expenses

Interest and dividends receivable

Escrow proceeds receivable

Prepaid expenses and other assets

Proceeds receivable

expenses and other assets

and dividends receivable

payable and accrued expenses

Provided by Operating Activities

from Financing Activities

Gross proceeds from the issuance

of 6.50 % Convertible Notes due 2029

Net Cash Provided by Operating Activities

Cash Flows from Financing Activities

Proceeds from the issuance of common stock, net

Gross proceeds from the issuance of 6.50 % Convertible Notes due 2029

Deferred debt issuance costs

Repurchases of 6.00 % Notes

Repurchases of 6.00 % Notes due 2026

( 4,954,950 )

Realized loss on partial repurchase

of 6.00 % Notes due 2026

( 25,028,770 )

Realized loss on partial repurchase of 6.00 % Notes due 2026

Repurchases of common stock

2 unchanged sentences

Cash dividends paid

Used in Financing Activities

( 5,797,748 )

Net Cash Provided by/(Used in) Financing Activities

( 10,258,089 )

Total Increase in Cash Balance

and Restricted Cash Balance at Beginning of Year (1)

and Restricted Cash Balance at End of Period (1)

Cash and Restricted Cash Balance at Beginning of Year (1)

Cash and Restricted Cash Balance at End of Period (1)

Supplemental Information:

Interest paid

Right of use asset obtained

in exchange for operating lease liabilities

Right of use asset obtained in exchange for operating lease liabilities

accompanying notes to condensed consolidated financial statements.

(1) Refer to the Condensed Consolidated Statements of Assets and Liabilities for additional detail.

to the Condensed Consolidated Statements of Assets and Liabilities for additional detail.

CAPITAL CORP.

1 unchanged sentence

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Portfolio Investments *

Investments *

Headquarters/

of Initial Investment

NON-CONTROLLED/NON-AFFILIATE

CW Opportunity 2 LP **(7)

Class A Interest *** **(7)***

AI Infrastructure Fund

ARK Type One Deep Ventures Fund LLC **(8)

Opportunity 2 LP **(5)

A Interest ***

Infrastructure Fund

Shares, Series C

Agreement for Future Equity

Type One Deep Ventures Fund LLC **(6)

Petersburg, FL

Membership Interest, Class A **(8)

AI Application Fund

Preferred Shares, Series C

Fitness Technology

Simple Agreement for Future Equity

Fitness Technology

Learneo, Inc.

Interest, Class A

Application Fund

Shares, Series A

Pharmaceutical

Shares, Series C

(f/k/a Course Hero, Inc.)

Redwood City, CA

Preferred Shares, Series A 8%

Online Education

Preferred Shares, Series C 8%

Online Education

Sydney, Australia

Common Shares **

Productivity Software

IH10, LLC **(9)

Membership Interest **(9)

AI Infrastructure Fund

Locus Robotics Corp.

Wilmington, MA

Preferred Shares, Series F 6%

Warehouse Automation

Blink Health, Inc.

Preferred Shares, Series A

Pharmaceutical Technology

Preferred Shares, Series C

Pharmaceutical Technology

Supplying Demand, Inc.

Shares, Series A 8%

Shares, Series C 8%

Infrastructure Fund

Robotics Corp.

Shares, Series F 6%

(d/b/a Liquid Death)

Los Angeles, CA

Preferred Shares, Series F-1

Lifestyle Beverage Brand

FourKites, Inc.

Common Shares

Supply Chain Technology

Shogun Enterprises, Inc.

Shares, Series F-1

Beverage Brand

F Convertible Note 4.12%, Due 6/30/2028 ***

Enterprises, Inc.

(d/b/a Hearth)

Preferred Shares, Series B-1

Home Improvement Finance

Preferred Shares, Series B-2

Home Improvement Finance

Preferred Shares, Series B-3

Home Improvement Finance

Preferred Shares, Series B-4

Home Improvement Finance

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

Home Improvement Finance

San Francisco, CA

Common Shares (11)

Financial Technology Infrastructure

Shares, Series B-1

Improvement Finance

Shares, Series B-2

Shares, Series B-3

Shares, Series B-4

Warrants, Strike Price $0.01, Expiration Date 7/12/2026

Chain Technology

Digital Holdings Inc.

Warrants, Strike Price $11.50, Expiration Date 7/15/2030 (4)

Holdings, Inc.

(d/b/a/ Lime)

Francisco, CA

Preferred Shares, Series 1-D

Micromobility

Preferred Convertible Note 4% Due 5/11/2027 ***

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

Francisco, CA

Technology Infrastructure

accompanying notes to condensed consolidated financial statements.

CAPITAL CORP.

AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED) - continued

Portfolio Investments*

Headquarters/

Date of Initial Investment

HL Digital Assets Inc.

Preferred Shares

Digital Asset Infrastructure

Orchard Technologies, Inc.

9 unchanged sentences

Real Estate Platform

Neutron Holdings, Inc.

(d/b/a/ Lime)

San Francisco, CA

Junior Preferred Shares, Series 1-D

Micromobility

Junior Preferred Convertible Note 4% Due 5/11/2027 ***

Micromobility

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

Micromobility

accompanying notes to condensed consolidated financial statements.

CAPITAL CORP.

AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED) - continued

Portfolio Investments*

Headquarters/

True Global Ventures 4 Plus Pte Ltd **(12)

Singapore, Singapore

Limited Partner Fund Investment **(12)

Venture Investment Fund

San Francisco, CA

Preferred Shares, Series C

2 unchanged sentences

Mobile Access Technology

True Global Ventures 4 Plus Pte Ltd **(10)

Singapore, Singapore

Limited Partner Fund Investment **(10)

Venture Investment Fund

Singapore, Singapore

Common Shares **

2 unchanged sentences

Retail Technology

Varo Money, Inc.

San Francisco, CA

Common Shares **

Financial Services

Xgroup Holdings Limited (d/b/a Xpoint) (11)

6 unchanged sentences

Geolocation Technology

Varo Money, Inc.

San Francisco, CA

Common Shares **

Financial Services

Stake Trade, Inc.

(d/b/a Prophet Exchange) (11)

Simple Agreement for Future Equity (11)

Sports Betting

Forge Global, Inc.

2 unchanged sentences

Online Marketplace Finance

Commercial Streaming Solutions Inc.

(d/b/a BettorView) (13)(14)

Las Vegas, NV

Preferred Shares, Series A-1 (13)(14)

Interactive Media & Services

Aventine Property Group, Inc.

4 unchanged sentences

Real Estate Platform

Stake Trade, Inc.

(d/b/a Prophet Exchange) (13)

Simple Agreement for Future Equity (13)

Sports Betting

Skillsoft Corp.

23 unchanged sentences

Headquarters/

Date of Initial Investment

CTN Holdings, Inc.

29 unchanged sentences

Total (1)(15)

Commercial Streaming Solutions Inc.

(d/b/a BettorView) (11)(16)

Las Vegas, NV

Preferred Shares, Series A-1 (11)(16)

Interactive Media & Services

Maven Research, Inc.

9 unchanged sentences

Total Non-Controlled/Affiliate

CONTROLLED (2)

Colombier Sponsor II LLC **(6)

Palm Beach, FL

Class B Units **(6)(2)

Special Purpose Acquisition Company

Class W Units **(6)(2)

Special Purpose Acquisition

Total **(6)(2)

Total Controlled

Total Portfolio Investments

6 unchanged sentences

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.

As of September 30,

2025, all of the Company’s investments were non-controlled.

Equity investments may be subject to lock-up restrictions upon

their initial public offering (“IPO”).

Preferred dividends are generally only payable when declared and paid by the

portfolio company’s board of directors.

SuRo Capital Corp.’s (the “Company’s”, or “SuRo

Capital’s”) directors, officers, employees and staff, as applicable, may serve on the board of directors of the

Company’s portfolio investments.

(Refer to “Note 3—Related-Party Arrangements”).

1 unchanged sentence

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 ”).

(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.

“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 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.

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 September 30, 2025, 33.53 % of its total

investments are non-qualifying assets, excluding cash and short-term US treasuries.

*** 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.

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.

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”.

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”.

the respective number of shares, principal amount, fund commitment, or membership interest.

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

(1) “Affiliate

Investments” are investments in those companies that are “Affiliated Companies”

of SuRo Capital, as defined in the 1940 Act.

In general, a company is deemed to be

an “Affiliate” of SuRo Capital if SuRo Capital beneficially owns,

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

with the right to elect directors) of such company.

For the Schedule of Investments In, and

Advances To, Affiliates, as required by SEC Regulation S-X, Rule 12-14, refer to “Note

4—Investments at Fair Value”.

(2) Represents

the respective number of shares, principal amount, initial or remaining fund investment, or membership interest as of September 30, 2025.

For fund investments, the initial committed amount may be reduced by distributions classified

as Return of Capital.

of September 30, 2025, the investments noted had been placed on non-accrual status.

an investment considered Level 1 or Level 2 and valued using observable inputs.

Refer to “Note 4—Investments at

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.

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.

“Note 4—Investments at Fair Value”.

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.

through its investment in

the Class A Interest of CW Opportunity 2 LP.

On March 28, 2025, CoreWeave, Inc.

2 unchanged sentences

Prior to the IPO, SuRo Capital was invested in the Series C Preferred Shares of CoreWeave, Inc.

its investment in the Class A Interest of CW Opportunity 2 LP.

Additionally, prior to the IPO, the Series C Preferred Shares of CoreWeave,

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.

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.

LLC’s sole portfolio asset is interest in the Series B Preferred Shares of VAST Data, Ltd.

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.

During the three months ended September 30, 2025, SuRo Capital received two distributions as part of its investment

in CW Opportunity 2 LP.

The distributions represented approximately 16.6 % of the initial investment in CW Opportunity 2, LP.

As of September

30, 2025, SuRo Capital retains approximately 83.4 % of its investment in CW Opportunity 2, LP.

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.

LLC’s sole portfolio asset is interest in the Series B Preferred Shares of VAST Data,

through an SPV.

SuRo Capital is

invested in the Series B Preferred Shares of VAST Data, Ltd.

SuRo Capital is invested in the Series B Preferred Shares of VAST Data,

through its investment in the Membership Interest of IH10, LLC.

LLC does not charge a management fee or an incentive fee;

IH10, LLC does not charge

a management fee or an incentive fee;

however, SuRo Capital has prepaid operating expenses.

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

wholly owned subsidiary, GSVC SW Holdings, Inc.

CAPITAL CORP.

(8) On July 15, 2025, Colombier Acquisition Corp.

II (“Colombier”) stockholders approved a business combination

with GrabAGun Digital Holdings Inc.

and related proposals at a special meeting.

On July 16, 2025, GrabAGun Digital Holdings, Inc.

that it had consummated the business combination with Colombier pursuant to a merger agreement between the parties, creating the resultant

combined company GrabAGun Digital Holdings, Inc.

SuRo Capital’s shares of GrabAGun Digital Holdings, Inc.

Common shares are subject to

certain restrictions on transfer, while the GrabAGun Digital Holdings, Inc.

warrants are freely tradable.

C APITAL CORP.

AND SUBSIDIARIES

1 unchanged sentence

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.

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.

was made through 1789

Capital Nirvana II LP, an SPV in which SuRo Capital is the Sole Limited Partner.

Nirvana II LP is a wholly owned subsidiary of SuRo Capital.

SuRo Capital paid a 7% origination

fee at the time of investment.

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

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.

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”).

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

Capital’s investments in Commercial Streaming Solutions Inc.

(d/b/a BettorView), Rebric,

(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”).

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.

March 30, 2025, CTN Holdings, Inc.

(d/b/a Catona Climate) filed for Chapter 11 protection

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,

On August 7, 2025, CTN Holdings, Inc.

(d/b/a Catona Climate) converted its bankruptcy filing from Chapter 11 reorganization

to Chapter 7 liquidation.

November 9, 2021, Fullbridge, Inc.’s obligations under its financing arrangements with

the Company became past due.

(15) SuRo Capital’s investments in StormWind, LLC are held through SuRo Capital’s wholly owned subsidiary, GSVC

SW Holdings, Inc.

March 21, 2025, Commercial Streaming Solutions, Inc.

(d/b/a BettorView) merged with FSG Digital, Inc.

(d/b/a BettorView) merged with FSG Digital,

(d/b/a JefeBet).

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.

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.

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

On June 5, 2025, the US Bankruptcy Court for the District of Delaware approved

the sale of the remaining assets of CTN Holdings, Inc.

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

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.

CAPITAL CORP.

3 unchanged sentences

Headquarters/

Date of Initial Investment

NON-CONTROLLED/NON-AFFILIATE

12 unchanged sentences

Preferred shares, Series C 8%

Online Education

Blink Health, Inc.

67 unchanged sentences

Headquarters/

Date of Initial Investment

True Global Ventures 4 Plus Pte Ltd **(10)

20 unchanged sentences

Geolocation Technology

Total (7)(12)

PSQ Holdings, Inc.

53 unchanged sentences

Headquarters/

Date of Initial Investment

/Quantity (5)

Fullbridge, Inc.

21 unchanged sentences

Interactive Learning

Total (1)(14)

Maven Research, Inc.

15 unchanged sentences

Class W Units **(6)(2)

Special Purpose Acquisition

Total **(6)(2)

7 unchanged sentences

CONSOLIDATED SCHEDULE OF INVESTMENTS - continued

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”)

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.

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

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”) directors, officers, employees and staff, as applicable,

may serve on the board of directors of the Company’s portfolio investments.

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”).

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 ”).

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.

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 Investment

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

Of the Company’s total investments as of December 31, 2024, 39.56 %

of its total investments are non-qualifying assets, excluding cash and short-term US treasuries.

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 December 31, 2024, 39.56 % of its total investments

are non-qualifying assets, excluding cash and short-term US treasuries.

*** 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.

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”.

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

beneficially owns,

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

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”.

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”.

an investment considered Level 1 or Level 2 and valued using observable inputs.

Refer to “Note 4—Investments at

“Note 4—Investments at Fair Value”.

of December 31, 2024, the investments noted had been placed on non-accrual status.

(5) Represents

the respective number of shares, principal amount, fund commitment, or membership interest.

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.

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.

Capital Corp.’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

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

Opportunity 2 LP is a special purpose vehicle (“SPV”) for which the Class A Interest is solely invested in the Series

C Preferred Shares of CoreWeave, Inc.

(d/b/a BettorView),

(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 Capital Sports”).

Opportunity 2 LP is a special purpose vehicle (“SPV”) for which the Class A Interest

is solely invested in the Series C Preferred Shares of CoreWeave, Inc.

SuRo Capital Corp.

is invested in the Series C Preferred Shares of CoreWeave, Inc.

through its investment in the Class A Interest of CW Opportunity 2 LP.

The Series C Preferred Shares of CoreWeave, Inc.

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.

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.

through its investment in

the Class A Interest of CW Opportunity 2 LP.

The Series C Preferred Shares of CoreWeave,

accrue 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.

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 Corp.

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

Corp.’s investment in the fund.

Capital Corp.’s investments in True Global Ventures 4 Plus Pte Ltd are held through SuRo Capital Corp.’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.

Capital Corp.’s investment in Residential Homes for Rent, LLC (d/b/a Second Avenue) is held through SuRo Capital Corp.’s

wholly owned subsidiary, GSVC AV Holdings, Inc.

May 14, 2024, as part of Xgroup Holding Limited (d/b/a Xpoint)’s most recent financing round, SuRo Capital Corp.’s 6%

Convertible Note due October 17, 2024 was converted into Series A-1 Shares, Series A Warrants, and Series A-1 Warrants.

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

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

Holdings, Inc.

LLC’s sole portfolio asset is interest in the Series B Preferred Shares of VAST Data, Ltd.

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 Corp.’s investment

Capital Corp.’s investments in True Global Ventures 4 Plus Pte Ltd are held through

SuRo Capital Corp.’s wholly owned subsidiary, GSVC SVDS Holdings, Inc.

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.

Capital Corp.’s investment in Residential Homes for Rent, LLC (d/b/a Second Avenue)

is held through SuRo Capital Corp.’s wholly owned subsidiary, GSVC AV Holdings, Inc.

May 14, 2024, as part of Xgroup Holding Limited (d/b/a Xpoint)’s most recent financing

round, SuRo Capital Corp.’s 6% Convertible Note due October 17, 2024 was converted

into Series A-1 Shares, Series A Warrants, and Series A-1 Warrants.

November 9, 2021, Fullbridge, Inc.’s obligations under its financing arrangements with

the Company became past due.

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

wholly owned subsidiary, GSVC SW Holdings, Inc.

LLC’s sole portfolio asset is interest in the Series B Preferred Shares of VAST Data,

through an SPV.

SuRo Capital Corp.

is invested in the Series B Preferred Shares of VAST Data, Ltd.

is invested in the Series B Preferred Shares of VAST

through its investment in the Membership Interest of IH10, LLC.

LLC does not charge a management or an incentive fee;

IH10, LLC does

not charge a management or an incentive fee;

however, SuRo Capital Corp.

has prepaid operating expenses.

Accordingly, these

will adjust the total cost basis of SuRo Capital Corp.’s investment.

has prepaid operating

Accordingly, these will adjust the total cost basis of SuRo Capital Corp.’s

of December 31, 2024, SuRo Capital Corp.’s shares of ServiceTitan, Inc.

were not registered and were therefore subject to certain

restrictions on sale or transfer for which the Company has applied a discount to the closing public share price as of year-end.

Company anticipates the shares will be registered and freely tradable in June 2025.

were not registered

and were therefore subject to certain restrictions on sale or transfer for which the Company

has applied a discount to the closing public share price as of year-end.

The Company anticipates

the shares will be registered and freely tradable in June 2025.

CAPITAL CORP.

5 unchanged sentences

known as Sutter Rock Capital Corp.

and as GSV Capital Corp.

and GSV Capital Corp.

and formed in September 2010 as a Maryland corporation, is an internally

7 unchanged sentences

common stock is currently listed on the Nasdaq Global Select Market under the symbol “SSSS” (formerly “GSVC”).

Prior to November 24, 2021, the Company’s common stock traded on the Nasdaq Capital Market under the same symbol (“SSSS”).

The Company began its investment operations during the second quarter of 2011.

table below displays the Company’s subsidiaries as of June 30, 2025, which, other than GSV Capital Lending, LLC (“GCL”),

SuRo Capital Sports, LLC, and 1789 Capital Nirvana II LP, are collectively referred to as the “Taxable Subsidiaries.” The

Taxable Subsidiaries were formed to hold certain portfolio investments.

table below displays the Company’s subsidiaries as of September 30, 2025, which, other than GSV Capital Lending, LLC (“GCL”),

SuRo Capital Sports, LLC, 1789 Capital Nirvana II LP, and SRCI Advisors, LLC, are collectively referred to as the “Taxable Subsidiaries.”

The Taxable Subsidiaries were formed to hold certain portfolio investments.

The Taxable Subsidiaries, including their associated portfolio

1 unchanged sentence

federal income tax purposes.

GCL was formed to originate portfolio loan investments within the state of California and is consolidated

with the Company for accounting purposes.

Refer to “Note 2—Significant Accounting Policies— Basis of Consolidation ”

below for further detail.

OF COMPANY’S SUBSIDIARIES

Refer to “Note 2—Significant Accounting Policies—Basis of Consolidation” below for further

SCHEDULE OF COMPANY’S SUBSIDIARIES

Jurisdiction of

Incorporation

4 unchanged sentences

March 27, 2025

SRCI Advisors, LLC

September 9, 2025

Subsidiaries below are referred to collectively as the “Taxable Subsidiaries”

GSVC AE Holdings, Inc.

November 28, 2012

GSVC AV Holdings, Inc.

24 unchanged sentences

condensed consolidated financial statements of the Company are prepared on the accrual basis of accounting in conformity with U.S.

accepted accounting principles (“GAAP”) and pursuant to the requirements for reporting on Form 10-Q and Regulation S-X

under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

The Company is an investment company following

the specialized accounting and reporting guidance specified in the Financial Accounting Standards Board’s (“FASB”)

Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies .

In the opinion

of management, all adjustments, all of which were of a normal recurring nature, were considered necessary for the fair presentation of

condensed consolidated financial statements for the period and have been included.

accepted accounting principles (“GAAP”) and pursuant to the requirements for reporting on Form 10-Q and Regulation S-X under

the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

The Company is an investment company following the

specialized accounting and reporting guidance specified in the Financial Accounting Standards Board’s (“FASB”) Accounting

Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies .

In the opinion of management,

all adjustments, all of which were of a normal recurring nature, were considered necessary for the fair presentation of condensed consolidated

financial statements for the period and have been included.

of Consolidation

Article 6 of Regulation S-X and the American Institute of Certified Public Accountants’ (“AICPA”) Audit

and Accounting Guide for Investment Companies, the Company is precluded from consolidating any entity other than another investment

company, a controlled operating company that provides substantially all of its services and benefits to the Company, and certain

entities established for tax purposes where the Company holds a 100% interest.

Accordingly, the Company’s Condensed

Consolidated Financial Statements include its accounts and the accounts of the Taxable Subsidiaries, GCL, SuRo Capital Sports, and

1789 Capital Nirvana II LP, its wholly owned subsidiaries.

All intercompany balances

and transactions have been eliminated in consolidation.

Under Article 6 of Regulation S-X and

the American Institute of Certified Public Accountants’ (“AICPA”) Audit and Accounting Guide for Investment Companies, the

Company is precluded from consolidating any entity other than another investment company, a controlled operating company that provides

substantially all of its services and benefits to the Company, and certain entities established for tax purposes where the Company holds

a 100% interest.

The Company’s Condensed Consolidated

Financial Statements include its accounts and the accounts of the Taxable Subsidiaries, GCL, SuRo Capital Sports, 1789 Capital Nirvana

II LP, and SRCI Advisors, LLC, its wholly owned subsidiaries.

GCL was formed to originate portfolio loan investments within the state

of California.

SuRo Capital Sports was formed to focus on investing in the sports betting sector.

1789 Capital Nirvana II LP is a SPV

in which SuRo Capital holds the sole limited partnership interest and was formed to invest in the Common Shares of Plaid, Inc.

SRCI Advisors,

LLC was formed to provide investment management services to third parties;

as of September 30, 2025, SRCI Advisors has not commenced operations.

All intercompany balances and transactions have been eliminated in consolidation.

The Company operates as a single operating segment.

Company also consolidates entities that meet the definition of a Variable Interest Entity (“VIE”) for which the Company

is the primary beneficiary.

The primary beneficiary is the party who has the power to direct the activities of a VIE that most

significantly impact the entity’s economic performance and who has an obligation to absorb losses or a right to receive

benefits from the entity.

The Company determined that 1789 Capital Nirvana II LP is a VIE and the Company is the primary

The Company also consolidates entities

that meet the definition of a Variable Interest Entity (“VIE”) for which the Company is the primary beneficiary.

beneficiary is the party who has the power to direct the activities of a VIE that most significantly impact the entity’s economic performance

and who has an obligation to absorb losses or a right to receive benefits from the entity.

The Company determined that 1789 Capital Nirvana

II LP is a VIE and the Company is the primary beneficiary.

As such, 1789 Capital Nirvana II LP is consolidated by the Company.

The Company’s Condensed Consolidated

Financial Statements include the accounts of 1789 Capital Nirvana II LP, which was formed in 2025 as part of the Company’s

investment in Plaid, Inc via its Sole Limited Partnership Interest in 1789 Capital Nirvana II LP.

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Capital has determined that it has a single operating segment in accordance with Topic 280, Segment Reporting (“ASC

The Company operates as a single segment with a principal investment objective to maximize our portfolio’s total return, principally

by seeking capital gains on our equity and equity-related investments, and to a lesser extent, income from debt investments.

The Company’s

Chief Executive Officer, Chief Financial Officer, and Investment Committee collectively perform the function that allocates resources

and assesses performance, and thus together, serve as the Company’s chief operating decision maker (the “CODM”).

other metrics, the CODM uses Net Change in Net Assets Resulting from Operations as a primary GAAP profit or loss metric used in making

operating decisions, which can be found on the Consolidated Statement of Operations along with significant expenses.

The measure of segment

assets is reported on the Consolidated Balance Sheets as total assets.

The Company operates as a single segment with a principal investment objective to maximize our portfolio’s total

return, principally by seeking capital gains on our equity and equity-related investments, and to a lesser extent, income from debt

The Company’s Chief Executive Officer, Chief Financial Officer, and Investment Committee collectively perform the

function that allocates resources and assesses performance, and thus together, serve as the Company’s chief operating decision

maker (the “CODM”).

Among other metrics, the CODM uses Net Change in Net Assets Resulting from Operations as a primary

GAAP profit or loss metric used in making operating decisions, which can be found on the Condensed Consolidated Statement of

Operations along with significant expenses.

The measure of segment assets is reported on the Condensed Consolidated Balance Sheets

as total assets.

preparation of Condensed Consolidated Financial Statements in accordance with GAAP requires the Company’s management to make a

6 unchanged sentences

The Company’s estimates are inherently subjective in nature and actual results could differ materially from such

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Uncertainties

and Risk Factors

Company is subject to a number of risks and uncertainties in the nature of its operations, as well as vulnerability due to certain concentrations.

Refer to “Risk Factors” in Part II, Item 1A of this Form 10-Q for a detailed discussion of the risks and uncertainties inherent

in the nature of the Company’s operations.

Refer to “Note 4—Investments at Fair Value” for an overview of the

Company’s industry and geographic concentrations.

The Company is subject to a number of risks and uncertainties in the nature of

its operations, as well as vulnerability due to certain concentrations.

Refer to “Part II, Item 1A.

Risk Factors” of this Form

10-Q for a detailed discussion of the risks and uncertainties inherent in the nature of the Company’s operations.

Refer to “Note

4—Investments at Fair Value” for an overview of the Company’s industry and geographic concentrations.

at Fair Value

1 unchanged sentence

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

During the quarter ended September 30, 2025, the Company refined certain application details within its existing

valuation framework, including updates to the weighting of transaction data and statistical methods for calculating peer group multiples.

These refinements remain in agreement with US GAAP, ASC 820, and current AICPA guidance and did not change the Company’s fundamental valuation

policy or materially affect fair values.

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

7 unchanged sentences

The levels of the fair value hierarchy are as follows:

1 —Valuations based on unadjusted quoted prices for identical assets or liabilities in an active market that the Company

has the ability to access at the measurement date.

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

1 —Valuations based on unadjusted quoted prices for identical assets or liabilities in an active market that the Company has

the ability to access at the measurement date.

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

quoted prices in markets that are not active;

or other inputs that are observable or can be corroborated by observable

market data at the measurement date for substantially the full term of the assets or liabilities.

3 —Valuations based on unobservable inputs that reflect management’s best estimate of what market participants would

use in pricing the asset or liability at the measurement date.

Consideration is given to the risk inherent in the valuation

technique and the risk inherent in the inputs to the model.

The majority of the Company’s investments are Level 3

investments and are subject to a high degree of judgment and uncertainty in determining fair value.

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

or other inputs that are observable or can be corroborated by observable market data at

the measurement date for substantially the full term of the assets or liabilities.

3 —Valuations based on unobservable inputs that reflect management’s best estimate of what market participants would use

in pricing the asset or liability at the measurement date.

Consideration is given to the risk inherent in the valuation technique and

the risk inherent in the inputs to the model.

The majority of the Company’s investments are Level 3 investments and are subject

to a high degree of judgment and uncertainty in determining fair value.

the inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement

2 unchanged sentences

3 fair value measurement may include inputs that are observable (Levels 1 and 2) and unobservable (Level 3).

Therefore, gains and

losses for such assets and liabilities categorized within the Level 3 table set forth in “Note 4—Investments at Fair

Value” may include changes in fair value that are attributable to both observable inputs (Levels 1 and 2) and unobservable inputs

Therefore, gains and losses

for such assets and liabilities categorized within the Level 3 table set forth in “Note 4—Investments at Fair Value”

may include changes in fair value that are attributable to both observable inputs (Levels 1 and 2) and unobservable inputs (Level 3).

review of fair value hierarchy classifications is conducted on a quarterly basis.

1 unchanged sentence

result in a reclassification for certain financial assets or liabilities.

Reclassifications impacting Level 3 of the fair value

hierarchy are reported as transfers in/out of the Level 3 category as of the beginning of the measurement period in which the reclassifications

Reclassifications impacting Level 3 of the fair value hierarchy

are reported as transfers in/out of the Level 3 category as of the beginning of the measurement period in which the reclassifications

Refer to “Leveling Policy” below for a detailed discussion of the leveling of the Company’s financial assets

3 unchanged sentences

If there are legal or contractual restrictions on the sale or use of such security that under ASC 820-10-35,

as modified by ASU 2022-03, should be incorporated into the security’s fair value measurement as a characteristic

of the security that would transfer to market participants who would buy the security, the Company will consider those restrictions in

the fair value determination of that security.

Contractual sale restrictions on the sale or use of a security which are an entity-specific

characteristic, rather than a security-specific characteristic (as discussed in ASU 2022-03), are not considered in the fair value determinations

for such securities.

The Company may also obtain quotes with respect to certain of its investments from pricing services, brokers or

dealers in order to value assets.

When doing so, the Company determines whether the quote obtained is sufficient according to GAAP to

determine the fair value of the security.

as modified by ASU 2022-03, should be incorporated into the security’s fair value measurement as a characteristic of the security

that would transfer to market participants who would buy the security, the Company will consider those restrictions in the fair value

determination of that security.

Contractual sale restrictions on the sale or use of a security which are an entity-specific characteristic,

rather than a security-specific characteristic (as discussed in ASU 2022-03), are not considered in the fair value determinations for

such securities.

The Company may also obtain quotes with respect to certain of its investments from pricing services, brokers or dealers

in order to value assets.

When doing so, the Company determines whether the quote obtained is sufficient according to GAAP to determine

the fair value of the security.

If determined to be adequate, the Company uses the quote obtained.

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

2 unchanged sentences

be valued as follows:

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

responsible for the portfolio investment;

quarterly valuation process begins with each portfolio company or investment being initially

valued by the internal investment professionals responsible for the portfolio investment;

valuation estimates are then documented and discussed with senior management;

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;

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;

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.

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;

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;

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.

making a good faith determination of the fair value of investments, the Board of Directors applies valuation methodologies consistent

12 unchanged sentences

fair value of each investment.

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

investments that are not publicly traded or that do not have readily available market quotations, the Valuation Committee generally engages

14 unchanged sentences

closing market prices and are classified as Level 1 assets.

Equity investments with readily available market quotations that are

subject to sales restrictions due to an initial public offering (“IPO”) by the portfolio company will be classified as Level 1.

Any other equity investments with readily available market quotations that are subject to sales restrictions that would transfer to market

Equity investments with readily available market quotations that are subject

to sales restrictions due to an initial public offering (“IPO”) by the portfolio company will be classified as Level 1.

other equity investments with readily available market quotations that are subject to sales restrictions that would transfer to market

participants who would buy the security may be valued at a discount for a lack of marketability (“DLOM”) to the most recently

1 unchanged sentence

These investments are generally classified as Level 2 assets.

The DLOM used is generally based

upon the market value of publicly traded put options with similar terms.

For equity securities with readily available market quotations

that are subject to entity-specific contractual sale restrictions, rather than security-specific contractual sale restrictions, if such

entity-specific contractual sale restrictions first applied or were modified on or after December 15, 2023, the restrictions are not

considered in the determination of fair value for that security.

The DLOM used is generally based upon

the market value of publicly traded put options with similar terms.

For equity securities with readily available market quotations that

are subject to entity-specific contractual sale restrictions, rather than security-specific contractual sale restrictions, if such entity-specific

contractual sale restrictions first applied or were modified on or after December 15, 2023, the restrictions are not considered in the

determination of fair value for that security.

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

fair values of the Company’s equity investments for which market quotations are not readily available are determined based on various

factors and are classified as Level 3 assets.

To determine the fair value of a portfolio company for which market quotations are

not readily available, the Board of Directors applies the appropriate respective valuation methodology for the asset class or portfolio

holding, which may involve analyzing the relevant portfolio company’s most recently available historical and projected financial

results, public market comparables, and other factors.

The Board of Directors may also consider other events, including the transaction

in which the Company acquired its securities, subsequent equity sales by the portfolio company, and mergers or acquisitions affecting

the portfolio company.

In addition, the Board of Directors may consider the trends of the portfolio company’s basic financial metrics

from the time of its original investment until the measurement date, with material improvement of these metrics indicating a possible

increase in fair value, while material deterioration of these metrics may indicate a possible reduction in fair value.

To determine the fair value of a portfolio company for which market quotations are not

readily available, the Board of Directors applies the appropriate respective valuation methodology for the asset class or portfolio holding,

which may involve analyzing the relevant portfolio company’s most recently available historical and projected financial results,

public market comparables, and other factors.

The Board of Directors may also consider other events, including the transaction in which

the Company acquired its securities, subsequent equity sales by the portfolio company, and mergers or acquisitions affecting the portfolio

In addition, the Board of Directors may consider the trends of the portfolio company’s basic financial metrics from the

time of its original investment until the measurement date, with material improvement of these metrics indicating a possible increase

in fair value, while material deterioration of these metrics may indicate a possible reduction in fair value.

determining the fair value of equity or equity-linked securities (including simple agreement for future equity (“SAFE”) notes

9 unchanged sentences

Treasuries), which are principally convertible and promissory

notes issued by venture capital-backed portfolio companies, these investments are classified as Level 3 assets because there is

no known or accessible market or market indices for these investment securities to be traded or exchanged.

notes issued by venture capital-backed portfolio companies, these investments are classified as Level 3 assets because there is no known

or accessible market or market indices for these investment securities to be traded or exchanged.

The Company’s debt investments

are valued at estimated fair value as determined in good faith by the Company’s Board of Directors.

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Company’s Board of Directors determines the fair value of options based on methodologies that can include discounted cash flow

2 unchanged sentences

in accordance with our leveling policy, the Company prices the options at the closing price on a public exchange as of the measurement

All other options investments are generally classified as Level 3 assets because there is no known or accessible market or

market indices for these investment securities to be traded or exchanged.

The Company’s options are valued at estimated fair value

as determined in good faith by the Company’s Board of Directors.

and Investment Funds

various times, the Company may utilize SPVs and similar investment fund structures in the investment process.

The Company advances

money to these SPVs or investment funds that are formed for the specific purpose of investing in securities of a single private

Generally speaking, these entities have the following characteristics:

(1) the underlying investment in the securities of

the single private issuer is the sole activity of the SPV or investment fund;

(2) the Company’s underlying ownership of the

single private issuer is proportionate to the Company’s contributions made to the SPV or investment fund;

and (3) the Company

will receive its proportionate share of the cash proceeds as the single private issuer is monetized and distributed.

The Condensed

Consolidated Schedule of Investments presents the value of the Company’s investment in the SPV or investment fund.

and fund investments are valued at estimated fair value as determined in good faith by the Company’s Board of Directors.

SPVs may incur a tax liability associated with distributions made by underlying portfolio investments.

If an SPV or investment fund

charges fees or expenses, those fees may impact the fair value of the Company’s investment.

The Company’s investments in SPVs and Investment Funds may be subject to certain redemption, sale, or transfer restrictions.

valuing the Company’s investments in venture investment funds (“Venture Investment Funds”), the Company may apply the

practical expedient provided by the ASC Topic 820 relating to investments in certain entities that calculate net asset value (“NAV”)

per share (or its equivalent).

ASC Topic 820 permits an entity holding investments in certain entities that either are investment companies,

or have attributes similar to an investment company, and calculate NAV per share or its equivalent for which the fair value is not readily

determinable, to measure the fair value of such investments on the basis of that NAV per share, or its equivalent, without adjustment.

Purpose Acquisition Companies

Company’s Board of Directors measures its SPAC sponsor investments at fair value, which is equivalent to cost until a SPAC transaction

is announced.

After a SPAC transaction is announced, the Company’s Board of Directors will determine the fair value of SPAC investments

based on fair value analyses that can include option pricing models, probability-weighted expected return method analyses and other techniques

as deemed appropriate.

Upon completion of the SPAC transaction, the Board of Directors utilizes the public share price of the entity,

less a DLOM if there are security-specific contractual sale restrictions.

The Company’s SPAC investments are valued at estimated

fair value as determined in good faith by the Company’s Board of Directors.

Company Investment Classification

Company is a non-diversified company within the meaning of the 1940 Act.

The Company classifies its investments by level of control.

As defined in the 1940 Act, control investments are those where the investor retains the power to exercise a controlling influence over

the management or policies of a company.

Control is generally deemed to exist when a company or individual directly or indirectly owns

beneficially more than 25% of the voting securities of a company.

Affiliated investments and affiliated companies are defined by a lesser

degree of influence and are deemed to exist when a company or individual directly or indirectly owns, controls or holds the power to

vote 5% or more of the outstanding voting securities of a portfolio company.

Refer to the Condensed Consolidated Schedules of Investments

as of June 30, 2025 and December 31, 2024 for details regarding the nature and composition of the Company’s investment portfolio.

All other options investments are generally classified as Level 3 assets because there is no known or accessible market or market

indices for these investment securities to be traded or exchanged.

The Company’s options are valued at estimated fair value as

determined in good faith by the Company’s Board of Directors.

Investments in SPVs and Fund Structures

The Company invests through SPVs and

Fund structures, which may hold either a single underlying investment or a portfolio of underlying investments.

The Company’s interest

in these structures is generally proportionate to its capital contributions, and distributions from the underlying investment(s) are made

in accordance with that ownership.

These investments are recorded at estimated fair value, as determined in good faith by the Company’s

Board of Directors, and are presented in the Condensed Consolidated Schedule of Investments.

SPVs and Fund structures may incur fees,

expenses, or tax liabilities associated with their underlying investments, which can impact the fair value of the Company’s interest.

Additionally, these investments may be subject to restrictions on redemption, transfer, or sale.

For certain Fund structures, including

those in which fair value is not readily determinable, the Company may apply the practical expedient provided under ASC Topic 820 for

entities that calculate net asset value (“NAV”) per share or its equivalent, using NAV as a practical measure of fair value

without adjustment.

CAPITAL CORP.

1 unchanged sentence

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

portfolio companies in which the Company invests may offer their shares in IPOs.

The Company’s shares in such portfolio companies

are typically subject to lock-up agreements for 180 days following the IPO.

Upon the IPO date, the Company transfers its investment

from Level 3 to Level 1 due to the presence of an active market, or Level 2 if limited by the lock-up agreement.

prices the investment at the closing price on a public exchange as of the measurement date.

In situations where there are legal or contractual

restrictions on the sale or use of such security that under ASC 820-10-35 (as modified by ASU 2022-03) should be incorporated into the

security’s fair value measurement as a characteristic of the security that would transfer to market participants who would buy

the security, the Company will classify the investment as Level 2 subject to an appropriate DLOM to reflect the restrictions upon

The Company transfers investments between levels based on the fair value at the beginning of the measurement period in accordance

with FASB ASC 820.

For investments transferred out of Level 3 due to an IPO, the Company transfers these investments based on their

fair value at the IPO date.

Purpose Acquisition Companies

The Company’s Board of Directors measures its SPAC sponsor investments at fair

value, which is equivalent to cost until a SPAC transaction is announced.

After a SPAC transaction is announced, the Company’s Board of

Directors will determine the fair value of SPAC investments based on fair value analyses that can include option pricing models, probability-weighted

expected return method analyses, and other techniques as deemed appropriate.

Upon completion of the SPAC transaction, the Board of Directors

utilizes the public share price of the entity, less a DLOM if there are security-specific contractual sale restrictions, or the shares

or warrants are confirmed unregistered.

The Company’s SPAC investments are valued at estimated fair value as determined in good faith

by the Company’s Board of Directors.

Portfolio Company Investment Classification

The Company is a non-diversified company within the meaning of the 1940 Act.

Company classifies its investments by level of control.

“Control investments” are investments in companies that the Company

is presumed to control under Section 2(a)(9) of the 1940 Act.

Under the 1940 Act, any person who owns beneficially, either directly or

through one or more controlled companies, more than 25% of the outstanding voting securities of a company is presumed to control such

“Affiliate investments” are investments in companies that are “affiliated persons” of the Company under Section

2(a)(3) of the 1940 Act.

Under the 1940 Act, “affiliated person” includes any person directly or indirectly owning, controlling,

or holding with power to vote, 5% or more, but not more than 25%, of the outstanding voting securities of such company.

Refer to the Condensed

Consolidated Schedules of Investments as of September 30, 2025 and December 31, 2024 for details regarding the nature and composition

of the Company’s investment portfolio.

The portfolio companies in which the Company invests may offer their shares in

The Company’s shares in such portfolio companies are typically subject to lock-up agreements for 180 days following the

Upon the IPO date, the Company transfers its investment from Level 3 to Level 1 due to the presence of an active market,

or Level 2 if limited by the lock-up agreement.

The Company prices the investment at the closing price on a public exchange as of the

measurement date.

In situations where there are legal or contractual restrictions on the sale or use of such security that under ASC 820-10-35

(as modified by ASU 2022-03) should be incorporated into the security’s fair value measurement as a characteristic of the security

that would transfer to market participants who would buy the security, the Company will classify the investment as Level 2 subject

to an appropriate DLOM to reflect the restrictions upon sale.

The Company transfers investments between levels based on the fair value

at the beginning of the measurement period in accordance with FASB ASC 820.

For investments transferred out of Level 3 due to an

IPO, the Company transfers these investments based on their fair value at the IPO date.

transactions are accounted for on the date the transaction for the purchase or sale of the securities is entered into by the Company

3 unchanged sentences

to pay for securities purchased or to deliver securities sold, respectively.

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

of Other Financial Instruments

5 unchanged sentences

believes the risk of loss associated with any uninsured balance is remote.

Restricted Cash

Restricted Cash consists

of amounts that are held in a separate account and are subject to specific contractual restrictions that limit their availability for

general corporate use.

These funds are not readily available for use in the Company’s general operations and are segregated from

unrestricted cash and cash equivalents.

Cash consists of amounts that are held in a separate account and are subject to specific contractual restrictions that limit their availability

for general corporate use.

These funds are not readily available for use in the Company’s general operations and are segregated

from unrestricted cash and cash equivalents.

Proceeds Receivable

8 unchanged sentences

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

of June 30, 2025 and December 31, 2024, the Company had $ 0 and $ 45,298 , respectively, in escrow proceeds receivable.

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

of September 30, 2025 and December 31, 2024, the Company had $ 0 and $ 45,298 , respectively, in escrow proceeds receivable.

Financing Costs

14 unchanged sentences

the debt instrument.

As of June 30, 2025 and December 31, 2024, the Company had deferred financing costs of $ 555,688 and $ 526,261 , respectively,

on the Condensed Consolidated Statement of Assets and Liabilities.

OF DEFERRED FINANCING COSTS

June 30, 2025

As of September 30, 2025 and December 31, 2024, the Company had deferred financing costs of $ 517,487 and $ 526,261 ,

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

SCHEDULE OF DEFERRED FINANCING COSTS

September 30, 2025

December 31, 2024

2 unchanged sentences

to “Note 10—Debt Capital Activities” for further detail regarding the Company’s deferred debt issuance costs.

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Leases & Related Deposits

9 unchanged sentences

executed a commencement letter, upon which the lease term was amended to begin on February 13, 2025 and expiring on May 12, 2028.

The Company has recorded a right-of-use asset and a corresponding lease liability for the

operating lease obligation.

These amounts have been discounted using the rate implicit in the lease.

Refer to “Note 7—Commitments

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

Company has recorded a right-of-use asset and a corresponding lease liability for the operating lease obligation.

These amounts have

been discounted using the rate implicit in the lease.

Refer to “Note 7—Commitments and Contingencies— Operating Leases

and Related Deposits ” for further detail.

the fair value recognition provisions as prescribed by ASC 718, Stock Compensation , stock-based compensation cost is measured

22 unchanged sentences

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

As of June 30, 2025 and December 31, 2024, the

Company had no escrow deposits.

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

As of September 30, 2025 and December 31, 2024,

the Company had no escrow deposits.

Appreciation or Depreciation of Investments

10 unchanged sentences

distributions.

Any such carryforward ICTI must be distributed on or before December 31 of the subsequent tax year to which it was

carried forward.

Any such carryforward ICTI must be distributed on or before December 31 of the subsequent tax year to which it was carried

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

a sum of (1) 98% of its net ordinary income for each calendar year, (2) 98.2% of its capital gain net income for the one-year

period ending October 31 in that calendar year and (3) any income recognized, but not distributed, in preceding years

(the “Excise Tax Avoidance Requirement”), it generally will be required to pay an excise tax equal to 4% of the amount by

which the Excise Tax Avoidance Requirement exceeds the distributions for the year.

To the extent that the Company determines that its

estimated current year annual taxable income will exceed estimated current year dividend distributions from such taxable income, the

Company will accrue excise taxes, if any, on estimated excess taxable income as taxable income is earned using an annual effective excise

The annual effective excise tax rate is determined by dividing the estimated annual excise tax by the estimated annual taxable

a sum of (1) 98% of its net ordinary income for each calendar year, (2) 98.2% of its capital gain net income for the one-year period

ending October 31 in that calendar year and (3) any income recognized, but not distributed, in preceding years (the “Excise Tax

Avoidance Requirement”), it generally will be required to pay an excise tax equal to 4% of the amount by which the Excise Tax Avoidance

Requirement exceeds the distributions for the year.

To the extent that the Company determines that its estimated current year annual

taxable income will exceed estimated current year dividend distributions from such taxable income, the Company will accrue excise taxes,

if any, on estimated excess taxable income as taxable income is earned using an annual effective excise tax rate.

The annual effective

excise tax rate is determined by dividing the estimated annual excise tax by the estimated annual taxable income.

long as the Company qualifies and maintains its tax treatment as a RIC, it generally will not be subject to U.S.

39 unchanged sentences

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

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Share Information

8 unchanged sentences

from Operations per Common Share—Basic and Diluted” for further detail.

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Adopted Accounting Standards

In March 2024, the

FASB issued ASU 2024-01, “Compensation — Stock Compensation (Topic 718):

Scope Application of Profits Interest and

Similar Awards.” ASU 2024-01 clarifies how an entity determines whether a profits interest or similar award is within the

scope of Topic 718 or not a share-based payment arrangement and therefore within the scope of other guidance.

ASU 2024-01 is

currently effective for public entities.

March 2024, the FASB issued ASU 2024-01, “Compensation—Stock Compensation (Topic 718):

Scope Application of Profits Interest

and Similar Awards.” ASU 2024-01 clarifies how an entity determines whether a profits interest or similar award is within the scope

of Topic 718 or not a share-based payment arrangement and therefore within the scope of other guidance.

ASU 2024-01 is currently effective

for public entities.

The Company adopted this provision as of the effective date.

However, ASU 2024-01 does not have a material impact on the Company’s Condensed Consolidated Financial

Recently Issued Accounting Standards

In October 2023, the FASB

issued ASU 2023-06, “Disclosure Improvements:

Codification Amendments in Response to the SEC’s Disclosure Update and Simplification

Initiative.” ASU 2023-06 amends the disclosure or presentation requirements related to various subtopics in the FASB Accounting

Standards Codification including requiring investment companies to disclose the components of capital on the balance sheet.

The amendments

in ASU 2023-06 will become effective on the date which the SEC’s removal of related disclosures from Regulation S-X or Regulation S-K

become effective, but no later than June 30, 2027.

However, ASU 2024-01 does not have a material impact

on the Company’s Condensed Consolidated Financial Statements.

Issued Accounting Standards

October 2023, the FASB issued ASU 2023-06, “Disclosure Improvements:

Codification Amendments in Response to the SEC’s Disclosure

Update and Simplification Initiative.” ASU 2023-06 amends the disclosure or presentation requirements related to various subtopics

in the FASB Accounting Standards Codification including requiring investment companies to disclose the components of capital on the balance

The amendments in ASU 2023-06 will become effective on the date which the SEC’s removal of related disclosures from Regulation

S-X or Regulation S-K become effective, but no later than June 30, 2027.

The Company is currently evaluating the impact of the new guidance.

However, it does

not expect ASU 2023-06 to have a material impact on the Company’s future Condensed Consolidated Financial Statements.

However, it does not expect ASU 2023-06 to have a material impact on the Company’s future Condensed Consolidated Financial Statements.

December 2023, the FASB issued ASU 2023-09, “Improvements to Income Tax Disclosures.” ASU 2023-09 requires more disaggregated

22 unchanged sentences

the impact of the new guidance.

In May 2025, the FASB issued

ASU 2025-03, “Business Combinations (Topic 805) and Consolidation (Topic 810) - Determining the Accounting Acquirer in the acquisition

of a Variable Interest Entity”, which requires an entity to determine the accounting acquirer by considering the factors in ASC 805-10-55-12

through 55-15.

The amendments are effective for fiscal years and interim periods within fiscal years beginning after December 15, 2026.

May 2025, the FASB issued ASU 2025-03, “Business Combinations (Topic 805) and Consolidation (Topic 810) - Determining the Accounting

Acquirer in the acquisition of a Variable Interest Entity”, which requires an entity to determine the accounting acquirer by considering

the factors in ASC 805-10-55-12 through 55-15.

The amendments are effective for fiscal years and interim periods within fiscal years

beginning after December 15, 2026.

The Company is still assessing the impact of the new guidance.

50 unchanged sentences

Klein, was a control person of such Churchill entities.

As of June 30, 2025, the fair value of the Company’s remote-affiliate investment

in Skillsoft was $ 783,999 .

As of September 30, 2025, the fair value of the Company’s remote-affiliate

investment in Skillsoft was $ 639,178 .

Company’s investment in AltC Sponsor LLC, the sponsor of AltC Acquisition Corp., a SPAC, constituted a “remote-affiliate”

16 unchanged sentences

Treasury bills.

As of June 30, 2025, the Company had 60 positions in 36 portfolio companies.

As of September 30, 2025, the Company had 62 positions in 37 portfolio companies.

As of December

4 unchanged sentences

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

June 30, 2025 and December 31, 2024:

September 30, 2025 and December 31, 2024:

SCHEDULE OF COMPOSITION OF INVESTMENT PORTFOLIO

June 30, 2025

September 30, 2025

December 31, 2024

Percentage of

Private Portfolio Companies

14 unchanged sentences

$ 209,380,742

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.

(1) As of September 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,

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.

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.

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.

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.

of September 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 the Class A Common

Stock of CoreWeave, Inc.

As of December 31, 2024, Common Stock also includes the Company’s Limited Partner

Fund Investment in True Global Ventures 4 Plus Pte Ltd.

of September 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.

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).

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

geographic and industrial compositions of the Company’s portfolio at fair value as of June 30, 2025 and December 31, 2024 were

As of June 30, 2025

geographic and industrial compositions of the Company’s portfolio at fair value as of September 30, 2025 and December 31, 2024

were as follows:

As of September 30, 2025

As of December 31, 2024

2 unchanged sentences

Percentage of

Geographic Region

2 unchanged sentences

$ 209,380,742

As of June 30, 2025

As of September 30, 2025

As of December 31, 2024

Percentage of

Artificial Intelligence Infrastructure & Applications

Financial Technology & Services

Consumer Goods & Services

Software-as-a-Service

Financial Technology & Services

Education Technology

16 unchanged sentences

Credit Services

Asset Infrastructure

Technology Infrastructure

18 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, 2025 and December 31, 2024 are as follows:

level of significant input used in the valuation as of September 30, 2025 and December 31, 2024 are as follows:

SCHEDULE OF FAIR VALUE OF INVESTMENT VALUATION INPUTS

As of June 30, 2025

Quoted Prices in

Active Markets

Identical Securities

Significant Other

of September 30, 2025

Investments at Fair Value

5 unchanged sentences

Debt Investments

Private Portfolio Companies

Publicly Traded Portfolio Companies

Total Investments at Fair Value

Portfolio Companies

Publicly Traded Portfolio

Traded Portfolio Companies

Investments at Fair Value

$ 243,671,148

1 unchanged sentence

(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.

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.

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.

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.

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.

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.

CAPITAL CORP.

1 unchanged sentence

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

As of December 31, 2024

Quoted Prices in

Active Markets

Identical Securities

Significant Other

of December 31, 2024

Investments at Fair Value

5 unchanged sentences

Debt Investments

Private Portfolio Companies

Publicly Traded Portfolio Companies

Total Investments at Fair Value

Portfolio Companies

Publicly Traded Portfolio

Traded Portfolio Companies

Investments at Fair Value

$ 191,789,622

1 unchanged sentence

(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

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.

Stock in Private Portfolio Companies also includes the Company’s Limited Partner Fund Investment in True Global Ventures

4 Plus Pte Ltd.

in Private Portfolio Companies also includes the Company’s investments in the SAFEs of Commercial Streaming Solutions Inc.

(d/b/a BettorView), PayJoy, Inc., and Stake Trade, Inc.

Stock in Private Portfolio Companies also includes the Company’s Limited Partner Fund

Investment in True Global Ventures 4 Plus Pte Ltd.

in Private Portfolio Companies also includes the Company’s investments in the SAFEs

of Commercial Streaming Solutions Inc.

(d/b/a BettorView), PayJoy, Inc., and Stake Trade,

(d/b/a Prophet Exchange).

4 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, 2025 and December 31, 2024.

In addition to the techniques and inputs noted in the

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

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

The tables below are not intended to be all-inclusive, but rather

provide information on the significant Level 3 inputs as they relate to the fair value measurements of the Company’s assets.

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, 2025 and December 31, 2024.

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.

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

of the Company’s Level 3 assets as of September 30, 2025 and December 31, 2024.

In addition to the techniques and inputs noted

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

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

The tables below are not intended to be

all-inclusive, but rather provide information on the significant Level 3 inputs as they relate to the fair value measurements of the

Company’s assets.

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 September 30, 2025 and December 31, 2024.

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

SCHEDULE OF FAIR VALUE OF ASSETS ON UNOBSERVABLE INPUT

of June 30, 2025

Valuation Approach/

of September 30, 2025

Technique (1)

(Weighted Average) (3)

stock in private companies (4)

3 unchanged sentences

- 6.42 x ( 5.94 x)

Precedent Transaction

stock in private companies (5)

- 6.43 x ( 5.60 x)

- 100 % ( 93.9 %)

Precedent Transaction

Revenue Multiples

5.81 x - 6.53 x ( 6.17 x)

- 8.41 x ( 7.86 x)

3 unchanged sentences

- 51 % ( 48 %)

of June 30, 2025, the Board of Directors used a hybrid market and income approach to value

certain common and preferred stock investments, as the Board of Directors felt this approach

better reflected the fair value of these investments.

In considering multiple valuation approaches

(and consequently, multiple valuation techniques), the valuation approaches and techniques

are not likely to change from one period of measurement to the next;

however, the weighting

of each in determining the final fair value of a Level 3 investment may change based

on recent events or transactions.

The hybrid approach may also consider certain risk weightings

to account for the uncertainty of future events.

Market Approach

Precedent Transaction

25 % - 100 % ( 84 %)

- 5.04 x ( 3.66 x)

of September 30, 2025, the Board of Directors used a hybrid market and income approach to

value certain common and preferred stock investments, as the Board of Directors felt this

approach better reflected the fair value of these investments.

In considering multiple valuation

approaches (and consequently, multiple valuation techniques), the valuation approaches and

techniques are not likely to change from one period of measurement to the next;

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

20 unchanged sentences

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.

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

3 unchanged sentences

weighted averages are calculated based on the fair market value of each investment.

Funds From Operations, or “AFFO”.

(5) Probability-Weighted

Expected Return Method, or “PWERM”.

(4) Preferred

Stock also includes the Company’s investment in the Class A Interest of ARK Type One Deep

Ventures Fund LLC which is invested in the 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.

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.

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.

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.

(5) Common Stock in Private Portfolio Companies also includes the Company’s Limited Partner Fund Investment in True Global Ventures 4 Plus

and the Company’s investment in the Class A Interest of CW Opportunity 2 LP which is invested in the Class A Common Stock.

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.

(7) Probability-Weighted

Expected Return Method, or “PWERM”.

Funds From Operations, or “AFFO”.

of December 31, 2024

Valuation Approach/

Technique (1)

16 unchanged sentences

techniques are not likely to change from one period of measurement to the next;

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.

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

20 unchanged sentences

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.

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

7 unchanged sentences

(6) Preferred