What changed in this filing

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Item 8. Financial Statements and Supplementary Data

2026-03-11 compared with 2025-03-12 · 1445 added, 1403 removed, 1587 unchanged (64% of the section changed)

Financial Statements and Supplementary Data

Financial Statements

to Financial Statements

Report of Independent Registered Public Accounting Firm PCAOB ID:

of Independent Registered Public Accounting Firm PCAOB ID:

Report of Independent Registered Public Accounting Firm PCAOB

Consolidated Statements of Assets and Liabilities as of December 31, 2025 and 2024

2 unchanged sentences

Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023

Schedule of Investments as of December 31, 2024

Schedule of Investments as of December 31, 2023

to Consolidated Financial Statements

Consolidated Schedule of Investments as of December 31, 2025

Consolidated Schedule of Investments as of December 31, 2024

Notes to Consolidated Financial Statements

OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

4 unchanged sentences

and Subsidiaries (the “Company”)

including the consolidated schedule of investments as of December 31, 2024 and 2023, the related consolidated statements of operations,

cash flows, and changes in net assets for each of the three years in the period ended December 31, 2024, the financial highlights (presented

in Note 8) for each of the five years in the period ended December 31, 2024, and the related notes (collectively referred to as the “financial

statements”).

In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial

position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three

years in the period ended December 31, 2024 and the financial highlights for each of the five years in the period ended December 31,

2024, in conformity with accounting principles generally accepted in the United States of America.

including the consolidated schedule of investments as of December 31, 2025, the related consolidated statements of operations, cash flows,

and changes in net assets for the year ended December 31, 2025, the financial highlights (presented in Note 8) for the year then ended,

and the related notes (collectively referred to as the “financial statements”).

In our opinion, the financial statements

and financial highlights present fairly, in all material respects, the financial position of the Company as of December 31, 2025, and

the results of its operations and its cash flows for the year ended December 31, 2025 and the financial highlights for the year

then ended in conformity with accounting principles generally accepted in the United States of America.

financial statements are the responsibility of the Company’s management.

Our responsibility is to express an opinion on the Company’s

financial statements based on our audits.

financial statements based on our audit.

We are a public accounting firm registered with the Public Company Accounting Oversight Board

1 unchanged sentence

securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

conducted our audit s in accordance with the standards of the PCAOB.

Those standards require that we plan and perform the audits

to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.

of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing

an opinion on the effectiveness of the Company’s internal control over financial reporting.

conducted our audit in accordance with the standards of the PCAOB.

Those standards require that we plan and perform the audit to obtain

reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.

As part of our audit

we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion

on the effectiveness of the Company’s internal control over financial reporting.

Accordingly, we express no such opinion.

audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error

or fraud, and performing procedures that respond to those risks.

audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or

fraud, and performing procedures that respond to those risks.

Such procedures included examining, on a test basis, evidence regarding

the amounts and disclosures in the financial statements.

Our audits also included evaluating the accounting principles used and significant

Our audit also included evaluating the accounting principles used and significant

estimates made by management, as well as evaluating the overall presentation of the financial statements.

Our procedures included confirmation

of investments owned as of December 31, 2024, and 2023, by correspondence with the custodian, loan agents, and borrowers;

were not received, we performed other auditing procedures.

We believe that our audits provide a reasonable basis for our opinion.

of investments owned as of December 31, 2025, by correspondence with the custodian, loan agents, and borrowers;

when replies were not

received, we performed other auditing procedures.

We believe that our audit provide a reasonable basis for our opinion.

Audit Matters

critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated

critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated

or required to be communicated to the audit committee and that:

(1) relates to accounts or disclosures that are material to the financial

(1) relate to accounts or disclosures that are material to the financial

statements and (2) involved our especially challenging, subjective, or complex judgments.

1 unchanged sentence

does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit

matter below, providing separate opinions on the critical audit matter or on the accounts or disclosures to which it relates.

matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

of Investments – Level 3 Investments in Preferred Stock, Common Stock, Debt Investments and Options

19 unchanged sentences

the reasonableness of management’s conclusions in deriving the valuations.

CBIZ CPAs P.C .

have served as the Company’s auditor since 2019.

(such date takes into account the acquisition of the attest business of Marcum

LLP by CBIZ CPAs P.C.

effective November 1, 2024).

OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

the Shareholders and Board of Directors of

Capital Corp.

on the Financial Statements

have audited the accompanying consolidated statements of assets and liabilities of SuRo Capital Corp.

and Subsidiaries (the “Company”)

including the consolidated schedule of investments as of December 31, 2024, the related consolidated statements of operations, cash flows,

and changes in net assets for each of the two years in the period ended December 31, 2024, the financial highlights (presented in Note

8) for each of the four years in the period ended December 31, 2024, and the related notes (collectively referred to as the “financial

statements”).

In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial

position of the Company as of December 31, 2024, and the results of its operations and its cash flows for each of the two years in the

period ended December 31, 2024 and the financial highlights for each of the four years in the period ended December 31, 2024, in conformity

with accounting principles generally accepted in the United States of America.

financial statements are the responsibility of the Company’s management.

Our responsibility is to express an opinion on the Company’s

financial statements based on our audits.

We are a public accounting firm registered with the Public Company Accounting Oversight Board

(United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S.

securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

conducted our audit in accordance with the standards of the PCAOB.

Those standards require that we plan and perform the audit to obtain

reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.

As part of our audit,

we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion

on the effectiveness of the Company’s internal control over financial reporting.

Accordingly, we express no such opinion.

audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or

fraud, and performing procedures that respond to those risks.

Such procedures included examining, on a test basis, evidence regarding

the amounts and disclosures in the financial statements.

Our audit also included evaluating the accounting principles used and significant

estimates made by management, as well as evaluating the overall presentation of the financial statements.

Our procedures included confirmation

of investments owned as of December 31, 2024, by correspondence with the custodian, loan agents, and borrowers;

when replies were not

received, we performed other auditing procedures.

We believe that our audit provides a reasonable basis for our opinion.

have served as the Company’s auditor since 2019 through 2025.

CAPITAL CORP.

AND SUBSIDIARIES

1 unchanged sentence

Investments at fair value:

Non-controlled/non-affiliate

investments (cost of $ 234,601,314 and $ 160,994,161 , respectively)

Non-controlled/non-affiliate investments

(cost of $ 219,216,145 and $ 234,601,314 , respectively)

$ 217,304,138

$ 198,511,915

Non-controlled/affiliate investments

Non-controlled/affiliate investments (cost

of $ 21,609,640 and $ 20,605,400 , respectively)

Controlled investments

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

investments (cost of $ 1,602,940 and $ 18,771,097 , respectively)

Portfolio Investments

Treasury bills (cost of $ 0 and $ 63,792,704 , respectively)

Total Investments (cost of

$ 256,809,654 and $ 276,333,902 , respectively)

Total Investments (cost of $ 240,825,785 and

$ 256,809,654 , respectively)

Restricted cash

Escrow proceeds receivable

6 unchanged sentences

Accounts payable and accrued

and contingencies (Notes 7 and 10)

Dividends payable

Commitments and contingencies

(Notes 7 and 10)

$ 205,316,251

$ 157,572,086

Common stock, par value $ 0.01

per share ( 100,000,000 authorized;

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

25,377,756 and 23,601,566 issued and outstanding, respectively)

Paid-in capital in excess

Accumulated net investment

( 4,302,192 )

Paid-in capital in excess of par

Accumulated net investment loss

( 3,967,932 )

Accumulated net realized loss

on investments, net of distributions

( 4,302,192 )

Accumulated net realized gain/(loss) on investments,

net of distributions

( 17,409,097 )

net unrealized appreciation/(depreciation) of investments

Accumulated net unrealized

appreciation/(depreciation) of investments

( 15,314,278 )

4 unchanged sentences

accompanying notes to 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 December 31, 2024, the 6.00 % Notes due December 30, 2026 (the “ 6.00 % Notes due 2026”)

(effective interest rate of 6.48 %) had a face value $ 44,667,400 .

This balance includes a right

of use asset and corresponding operating lease liability, respectively.

Refer to “Note 7—Commitments and Contingencies— Operating

Leases and Related Deposits ” for more detail.

As of December 31, 2025,

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

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

carrying value to the face value.

of December 31, 2024, the 6.50 % Convertible Notes due August 14, 2029 (the “ 6.50 % Convertible

Notes due 2029”) (effective interest rate of 7.06 %) had a face value $ 30,000,000 .

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

value to the face value.

the 6.00 % Notes due December 30, 2026 (the “ 6.00 % Notes due 2026”) (effective interest rate of 7.08 %) had a face value

$ 35,829,825 .

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

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

As of December 31, 2025,

the 6.50 % Convertible Notes due August 14, 2029 (the “ 6.50 % Convertible Notes due 2029”) (effective interest rate of 7.17 %)

had a face value $ 35,000,000 .

As of December 31, 2024, the 6.50 % Convertible Notes due 2029 (effective interest rate of 7.06 %) had

a face value $ 30,000,000 .

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

the face value.

CAPITAL CORP.

2 unchanged sentences

Ended December 31,

Non-controlled/non-affiliate

INVESTMENT INCOME

Non-controlled/non-affiliate investments:

Interest income (1)

Dividend income

Controlled investments:

income from U.S.

Interest income

Dividend income

Interest income from U.S.

Treasury bills

Investment Income

OPERATING EXPENSES

Compensation expense

Directors’ fees

Interest expense

Professional fees

Directors’ fees

Income tax expense

Other expenses

Operating Expenses

3 unchanged sentences

( 13,439,609 )

Gain/(Loss) on Investments:

Non-controlled/non-affiliated

( 1,185,273 )

Realized Gain/(Loss) on

Non-controlled/non-affiliated investments

( 1,185,273 )

2 unchanged sentences

( 10,762,231 )

( 6,797,425 )

Realized Loss on Investments

( 5,020,314 )

Controlled investments

( 6,797,425 )

Realized Gain/(Loss) on Investments

( 5,020,314 )

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

in Unrealized Appreciation/(Depreciation) of Investments:

Non-controlled/non-affiliated

( 11,947,504 )

Realized loss on partial

repurchase of 6.00 % Notes due December 30, 2026

Change in Unrealized Appreciation/(Depreciation)

of Investments:

Non-controlled/non-affiliated investments

( 30,184,682 )

1 unchanged sentence

( 2,061,458 )

Controlled investments

Change in Unrealized Appreciation/(Depreciation) of Investments

( 18,968,978 )

( 111,563,592 )

Change in Net Assets Resulting from Operations

$ ( 38,124,247 )

$ ( 132,177,053 )

Change in Net Assets Resulting from Operations per Common Share:

Weighted-Average

Common Shares Outstanding

Weighted-Average Common

Shares Outstanding

accompanying notes to consolidated financial statements.

interest income earned on cash.

the year ended December 31, 2024, 3,870,969 potentially dilutive common shares were excluded

from the weighted-average common shares outstanding for diluted net decrease in net assets

resulting from operations per common share because the effect of these shares would have

been anti-dilutive.

For the year ended December 31, 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”.

Includes interest income

earned on cash.

For the year ended December

31, 2024, 3,870,969 potentially dilutive common shares were excluded from the weighted-average common shares outstanding for diluted

net decrease in net assets resulting from operations per common share because the effect of these shares would have been anti-dilutive.

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

CAPITAL CORP.

1 unchanged sentence

STATEMENTS OF CHANGES IN NET ASSETS

Ended December 31,

in Net Assets Resulting from Operations

investment loss

$ ( 13,951,287 )

Year Ended December 31,

Change in Net Assets Resulting

from Operations

Net investment

$ ( 16,508,644 )

$ ( 13,951,287 )

realized loss on investments

$ ( 13,439,609 )

Net realized gain/(loss)

on investments

( 5,020,314 )

( 11,947,504 )

Realized loss on partial repurchase of 6.00% Notes due 2026

Realized loss on partial

repurchase of 6.00% Notes due 2026

change in unrealized appreciation/(depreciation) of investments

( 18,968,978 )

( 111,563,592 )

Change in Net Assets Resulting from Operations

( 38,124,247 )

( 132,177,053 )

Distributions

2 unchanged sentences

( 12,253,449 )

in Net Assets Resulting from Capital Transactions

of common stock from public offering

Change in Net Assets Resulting

from Capital Transactions

Issuance of common stock

from public offering

compensation (1)

2 unchanged sentences

( 14,178,685 )

( 21,452,541 )

Change in Net Assets Resulting from Capital Transactions

1 unchanged sentence

( 11,729,878 )

( 19,207,045 )

Change in Net Assets

1 unchanged sentence

( 6,663,056 )

( 154,825,922 )

at Beginning of Year

Net Assets at Beginning

Assets at End of Year

2 unchanged sentences

$ 203,357,646

Ended December 31,

Capital Share Activity

outstanding at beginning of year

of common stock from public offering

Shares outstanding

at beginning of year

Issuance of common stock

from public offering

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

( 2,000,000 )

Shares repurchased

( 2,000,000 )

( 3,186,493 )

Outstanding at End of Year

Shares Outstanding

at End of Year

accompanying notes to consolidated financial statements.

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

(1) Refer to “Note

11 — Stock-Based Compensation” for more detail.

CAPITAL CORP.

1 unchanged sentence

STATEMENTS OF CASH FLOWS

Year Ended December 31,

Flows from Operating Activities

Net change in

net assets resulting from operations

$ ( 38,124,247 )

Ended December 31,

Cash Flows from Operating

Net change in net assets resulting

from operations

$ ( 38,124,247 )

to reconcile net change in net assets resulting from operations to net cash provided by/(used in) operating activities:

loss on investments

in unrealized (appreciation)/depreciation of 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

( 33,223,557 )

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.

Treasury bills

of investments in:

Net change in unrealized

(appreciation)/depreciation of investments

( 32,114,638 )

( 30,453,935 )

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

Accrued interest on U.S.

Treasury bills

Purchases of investments

Portfolio investments

( 12,061,627 )

1 unchanged sentence

( 24,485,431 )

from sales or maturity of investments in:

in operating assets and liabilities:

proceeds receivable

expenses and other assets

and dividends receivable

payable and accrued expenses

interest payable

Cash Provided by /(Used in) Operating Activities

Treasury bills

( 253,585,717 )

from Financing Activities

Proceeds from the issuance

of common stock, net

Gross proceeds from the issuance

of 6.50 % Convertible Notes due 2029

Proceeds from sales or

maturity of investments in:

Portfolio investments

Treasury bills

Change in operating assets and liabilities:

Accounts payable and accrued

Interest and dividends

Escrow proceeds receivable

Prepaid expenses and other

Cash Provided by Operating Activities

Cash Flows from Financing

Proceeds from the issuance of common stock,

Gross proceeds from the

issuance of 6.50 % Convertible Notes due 2029

Deferred debt issuance costs

2 unchanged sentences

( 8,773,791 )

Realized loss on partial repurchase

of 6.00 % Notes due 2026

Repurchases of common stock

( 30,076,852 )

Realized loss on partial

repurchase of 6.00 % Notes due 2026

Repurchases of common

( 9,400,000 )

3 unchanged sentences

( 11,961,025 )

Used in Financing Activities

( 10,512,351 )

Cash Used in Financing Activities

( 5,282,325 )

( 10,512,351 )

Total Decrease

in Cash Balance

( 14,322,342 )

Increase/(Decrease) in Cash Balance

( 8,142,712 )

( 11,939,246 )

Cash Balance at Beginning

at End of Year

and Restricted Cash Balance at Beginning of Year (1)

and Restricted Cash Balance at End of Year (1)

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 consolidated financial statements.

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

CAPITAL CORP.

3 unchanged sentences

Headquarters/

Date of Initial

Investments *

Headquarters/

NON-CONTROLLED/NON-AFFILIATE

Opportunity 2 LP **(8)

Interest, Class A 10% *** **(8)

AI Infrastructure

Type One Deep Ventures Fund LLC **(5)

Petersburg, FL

Membership Interest, Class

Membership Interest, Class A **(5)

AI Application Fund

Preferred Shares, Series C

Fitness Technology

Simple Agreement for Future

Fitness Technology

Preferred Shares, Series

Pharmaceutical Technology

Preferred Shares, Series

Pharmaceutical Technology

Common Shares

Productivity Software

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

Redwood City, CA

Menlo Park, CA

Preferred Shares, Series A 8%

Online Education

shares, Series C 8%

Preferred Shares, Series

Online Education

shares, Series A

Pharmaceutical

shares, Series C

Pharmaceutical Technology

Preferred shares, Series C

Fitness Technology

ServiceTitan,

Common shares (3) **(16)(3)

Contractor Management Software

Opportunity 2 LP **(6)

Class A Interest *** **(6)

AI Infrastructure Fund

Membership Interest

AI Infrastructure Fund

Sydney, Australia

Common shares **

Productivity Software

Common shares

Supply Chain Technology

Robotics Corp.

Wilmington, MA

Preferred Shares, Series F 6%

Warehouse Automation

Common shares

AI Infrastructure

shares, Series A

AI Infrastructure

(d/b/a Liquid Death)

2 unchanged sentences

Lifestyle Beverage Brand

F Convertible Note 4.12%, Due 7/15/2030 ***

Lifestyle Beverage Brand

Enterprises, Inc.

2 unchanged sentences

Home Improvement Finance

Preferred shares, Series

Preferred Shares, Series B-2

Home Improvement Finance

Preferred shares, Series

Preferred Shares, Series B-3

Home Improvement Finance

1 unchanged sentence

Home Improvement Finance

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

Common Warrants, Strike

Price $0.01, Expiration Date 7/12/2026

Home Improvement Finance

Technologies, Inc.

Preferred shares, Series D

Real Estate Platform

Preferred shares, Series 2 8%

Real Estate Platform

Senior Preferred shares, Series

Real Estate Platform

Common Shares

Real Estate Platform

Supply Chain Technology

Holdings, Inc.

1 unchanged sentence

San Francisco, CA

Junior Preferred shares, Series

Junior Preferred Shares, Series 1-D

Micromobility

1 unchanged sentence

Micromobility

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

Common Warrants, Strike

Price $0.01, Expiration Date 5/11/2027

Micromobility

San Francisco, CA

Common Shares (8)

Financial Technology Infrastructure

Digital Holdings Inc.

Common Shares (4) (4)(9)

E-Commerce Marketplace

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

E-Commerce Marketplace

accompanying notes to consolidated financial statements.

4 unchanged sentences

Headquarters/

Industry (15)

Global Ventures 4 Plus Pte Ltd **(10)

Singapore, Singapore

Limited Partner

Fund Investment **(10)

Venture Investment

San Francisco, CA

1 unchanged sentence

Mobile Access Technology

Agreement for Future Equity

Simple Agreement for Future

Mobile Access Technology

Common shares **

shares, Investec Series **

Holdings Limited (d/b/a Xpoint) (7)(12)

Philadelphia, PA

True Global Ventures 4 Plus Pte

Singapore, Singapore

Limited Partner Fund Investment **(10)

Venture Investment Fund

Digital Assets Inc.

Preferred Shares

Digital Asset Infrastructure

Holdings Inc (d/b/a Xpoint) (11) (11)

Miami Beach, FL

Preferred Shares, Series A-1

Geolocation Technology

Series A-1 Warrants, Strike Price $0.0001,

Expiration Date 5/14/2044

Geolocation Technology

Series A Warrants, Strike

1 unchanged sentence

Geolocation Technology

A Warrants, Strike Price $0.0001, Expiration Date 5/14/2044 (7)(12)

Geolocation Technology

Total (7)(12)

Holdings, Inc.

(d/b/a PublicSquare)

West Palm Beach, FL

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

E-Commerce Marketplace

Homes for Rent, LLC (d/b/a Second Avenue) (11)

Preferred shares, Series A (11)

Real Estate Platform

San Francisco, CA

1 unchanged sentence

Financial Services

Common shares (3) (3)

Online Education

Streaming Solutions Inc.

(d/b/a BettorView) (7)

Las Vegas, NV

Simple Agreement for Future

Interactive Media &

(d/b/a Prophet Exchange) (11)(12)

Preferred Shares, Series B-IV (11)(12)

Sports Betting

Property Group, Inc.

1 unchanged sentence

Cannabis REIT

Francisco, CA

Homes for Rent, LLC (d/b/a Second Avenue) (13)

Preferred Shares, Series A (13)

Real Estate Platform

Technologies, Inc.

Preferred Shares, Series D 8%

Real Estate Platform

Senior Preferred Shares, Series 2 8%

Real Estate Platform

Senior Preferred Shares, Series 1 7%

Real Estate Platform

Common Shares

Online Marketplace Finance

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

Real Estate Platform

Simple Agreement for Future

Sports Betting

Real Estate Platform

Markets, Inc.

2 unchanged sentences

Gaming Technology

(d/b/a Compliable) (7)

Preferred shares, Series Seed-4 (7)

Gaming Licensing

Common Shares (4)

Online Education

Holdings, Inc.

(d/b/a PublicSquare)

West Palm Beach, FL

Common Warrants, Strike Price

$11.50, Expiration Date 7/19/2028 (4)

E-Commerce Marketplace

Holdings, LLC

Philadelphia, PA

Doylestown, PA

Common Shares, Class A

Social Data Platform

Singapore, Singapore

Common Shares **

Retail Technology

Preferred Shares, Investec

Retail Technology

Holdings, Inc.

(d/b/a Catona Climate, f/k/a Aspiration Partners, Inc.) (14)

shares, Series A

Credit Services

Marina Del Rey, CA

Preferred Shares, Series

Credit Services

Carbon Credit Services

Preferred Shares, Series C-3 (14)

Carbon Credit Services

accompanying notes to consolidated financial statements.

4 unchanged sentences

Headquarters/

Industry (15)

of Initial Investment

Principal/Quantity (2)

Cambridge, MA

17 unchanged sentences

Interactive Learning

shares, Series A 8% (1)(14)

Preferred Shares, Series

Interactive Learning

Total (1)(14)

Streaming Solutions Inc.

(d/b/a BettorView) (11)(17)

Las Vegas, NV

Preferred Shares, Series A-1 (11)(17)

Interactive Media & Services

Research, Inc.

2 unchanged sentences

Knowledge Networks

shares, Series B

Preferred Shares, Series

Knowledge Networks

3 unchanged sentences

Non-Controlled/Affiliate

CONTROLLED (2)

Sponsor II LLC **(6)

Palm Beach, FL

Class B Units **(2)(6)

Special Purpose Acquisition

W Units **(2)(6)

Special Purpose Acquisition

Total **(2)(6)

Controlled (2)

Portfolio Investments

2 unchanged sentences

accompanying notes to consolidated financial statements.

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

As of December 31, 2025, all of the Company’s investments were non-controlled.

Equity investments may be subject to lock-up restrictions upon their initial public offering

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.

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

All portfolio investments are

considered Level 3 and valued using significant unobservable inputs, unless otherwise noted.

(Refer to “Note 4—Investments at Fair Value”).

All of the Company’s

portfolio investments are restricted as to resale, unless otherwise noted, and were valued

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

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

CAPITAL CORP.

1 unchanged sentence

SCHEDULE OF INVESTMENTS - continued

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.

(Refer to “Note 3—Related-Party

Arrangements”).

All portfolio investments are considered Level 3 and valued using significant

unobservable inputs, unless otherwise noted.

(Refer to “Note 4—Investments at

Fair Value”).

All of the Company’s portfolio investments are restricted as to

resale, unless otherwise noted, and were valued at fair value as determined in good faith

by the Company’s Board of Directors.

(Refer to “Note 2—Significant Accounting

Policies— Investments at Fair Value ”).

assets that SuRo Capital Corp.

7 unchanged sentences

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

of SuRo Capital Corp., as defined in the 1940 Act.

In general, a company is deemed to be

an “Affiliate” of SuRo Capital Corp.

if SuRo Capital Corp.

beneficially owns,

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

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”.

of SuRo Capital, as defined in the 1940 Act.

In general, a company is deemed to be an “Affiliate”

of SuRo Capital if SuRo Capital beneficially owns, directly or indirectly, between 5% and

25% of the voting securities ( i.e.

, securities with the right to elect directors)

of such company.

For the Schedule of Investments In, and Advances To, Affiliates, as required

by SEC Regulation S-X, Rule 12-14, refer to “Note 4—Investments at Fair Value”.

(2) Represents

the respective number of shares, principal amount, initial or remaining fund investment,

or membership interest as of December 31, 2025.

For fund investments, the initial committed

amount may be reduced by distributions classified as Return of Capital.

of December 31, 2025, the investments noted had been placed on non-accrual status.

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

“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.

Capital Corp.’s investments in Commercial Streaming Solutions 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 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.

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.

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.

invested in the Series A-2 Preferred Shares of OpenAI Global, LLC.

SuRo Capital Corp.

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

invested in the Series A-2 Preferred Shares of OpenAI Global, LLC through its investment

in the Class A Interest of ARK Type One Deep Ventures Fund LLC.

ARK Type One Deep Ventures

Fund LLC charges a 1 % management fee per year, and an incentive fee of 10 %, not subject to

a hurdle rate.

The management fees will adjust the cost of SuRo Capital’s investment

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.

On March 28, 2025, CoreWeave, Inc.

completed an IPO and the Series

C Preferred Shares converted to Class A Common Shares.

Prior to the IPO, SuRo Capital was

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

through its investment in the

Class A Interest of CW Opportunity 2 LP.

Additionally, prior to the IPO, the Series C Preferred

Shares of CoreWeave, Inc.

accrued a 10 % per annum dividend, paid quarterly in cash or in-kind.

CW Opportunity 2 LP does not charge a management fee but does charge an incentive fee of

20 %, subject to an annual 15 % IRR hurdle rate.

During the year ended December 31, 2025, SuRo

Capital received distributions as part of its investment in CW Opportunity 2 LP.

The distributions

represented approximately 31.9 % of the initial investment in CW Opportunity 2, LP.

December 31, 2025, SuRo Capital retains approximately 68.1 % of its investment in CW Opportunity

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,

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

IH10, LLC does not charge

a management fee or an incentive fee;

however, SuRo Capital has prepaid operating expenses.

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.

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

SuRo Capital paid a 7 % origination

fee at the time of investment.

July 15, 2025, Colombier Acquisition Corp.

II (“Colombier”) stockholders approved

a business combination with GrabAGun Digital Holdings Inc.

and related proposals at a special

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

announced that it had consummated

the business combination with Colombier pursuant to a merger agreement between the parties,

creating the resultant combined company GrabAGun Digital Holdings, Inc.

As of December 31,

2025, SuRo Capital’s shares of GrabAGun Digital Holdings, Inc.

Common shares are subject

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

freely tradable.

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

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

True Global Ventures 4

Plus Pte Ltd charges a 1.8 % management fee and a 22.5 % incentive fee, subject to an annual

5 % IRR hurdle rate.

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.

The management fees may adjust the cost of SuRo Capital’s investment

Capital’s investments in Commercial Streaming Solutions Inc.

(d/b/a BettorView), EDGE

Markets, Inc., Xgroup Holdings Limited (d/b/a Xpoint), and Stake Trade, Inc.

(d/b/a Prophet

Exchange) are held through SuRo Capital’s wholly owned subsidiary, SuRo Capital Sports,

LLC (“SuRo Capital Sports”).

October 8, 2025, Stake Trade, Inc.

(d/b/a Prophet Exchange) completed its Series B financing.

As a result of the financing, the SAFE Note which SuRo Capital previously held in Stake Trade,

(d/b/a Prophet Exchange) converted into Series B-IV 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

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.

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.

through an SPV.

SuRo Capital Corp.

is invested in

the Series B Preferred Shares of VAST Data, Ltd.

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

IH10, LLC does not

charge a management 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.

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.

The Company anticipates

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

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,

(d/b/a JefeBet).

As a result of the merger, the SAFE Note which SuRo Capital previously

held in Commercial Streaming Solutions, Inc.

(d/b/a BettorView) converted into Class A-1

Preferred shares.

CAPITAL CORP.

AND SUBSIDIARIES

SCHEDULE OF INVESTMENTS

SCHEDULE OF INVESTMENTS - continued

Investments *

1 unchanged sentence

of Initial Investment

Principal/Quantity (5)

NON-CONTROLLED/NON-AFFILIATE

Opportunity 2 LP **(8)

Membership Interest,

Class A 10% *** **(8)***

AI Infrastructure Fund

Type One Deep Ventures Fund LLC **(9)

Petersburg, FL

Membership Interest, Class A **(9)

AI Application Fund

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

Redwood City, CA

Preferred shares,

Preferred shares, Series A 8%

Online Education

shares, Series C 8%

Preferred shares, Series

Online Education

Preferred shares, Series

Pharmaceutical Technology

Preferred shares, Series

Pharmaceutical

Preferred shares, Series C

Fitness Technology

ServiceTitan,

1 unchanged sentence

Contractor Management Software

shares, Series A

Pharmaceutical

shares, Series C

Pharmaceutical

Membership Interest **(15)

AI Infrastructure Fund

Sydney, Australia

Common shares **

Productivity Software

Common shares

Supply Chain Technology

Robotics Corp.

2 unchanged sentences

Warehouse Automation

Preferred shares, Series C

Fitness Technology

Common shares

AI Infrastructure

Preferred shares, Series

Infrastructure

(d/b/a Liquid Death)

Los Angeles, CA

Preferred shares, Series F-1

Lifestyle Beverage Brand

Enterprises, Inc.

2 unchanged sentences

Home Improvement Finance

Preferred shares, Series

Preferred shares, Series B-2

Improvement Finance

Preferred shares, Series

Preferred shares, Series B-3

Improvement Finance

1 unchanged sentence

Improvement Finance

Warrants, Strike Price $0.01, Expiration Date 7/12/2026 (13)

Common Warrants, Strike

Price $0.01, Expiration Date 7/12/2026

Improvement Finance

Common shares

Supply Chain Technology

Technologies, Inc.

2 unchanged sentences

Senior Preferred shares, Series 2 8%

Real Estate Platform

Estate Platform

Senior Preferred shares, Series 1 7%

Real Estate Platform

Estate Platform

Common shares

Real Estate Platform

Global Ventures 4 Plus Pte Ltd **

Singapore, Singapore

Limited Partner Fund Investment (8) **(8)

Venture Investment Fund

Estate Platform

Holdings, Inc.

1 unchanged sentence

San Francisco, CA

Junior Preferred shares, Series

Junior Preferred shares, Series 1-D

Micromobility

1 unchanged sentence

Micromobility

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

Common Warrants, Strike

Price $0.01, Expiration Date 5/11/2027

Micromobility

Francisco, CA

Common shares (3) **(3)

Online Marketplace Finance

San Francisco, CA

Preferred shares

Mobile Access Technology

Agreement for Future Equity

Mobile Access Technology

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

Preferred shares, Series A (6) (6)

Real Estate Platform

San Francisco, CA

Common shares **

Financial Services

accompanying notes to consolidated financial statements.

5 unchanged sentences

of Initial Investment

Property Group, Inc.

Principal/Quantity (5)

Global Ventures 4 Plus Pte Ltd **(10)

Singapore, Singapore

Limited Partner Fund Investment **(10)

Venture Investment Fund

San Francisco, CA

Preferred shares, Series C

Mobile Access Technology

Simple Agreement for Future

Mobile Access Technology

Singapore, Singapore

Common shares **

Cannabis REIT

Retail Technology

Preferred shares, Investec

Retail Technology

Holdings Limited (d/b/a Xpoint) (7)(12)

Philadelphia, PA

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

Preferred shares, Series A-1 (7)(12)

Geolocation Technology

Series A-1 Warrants, Strike Price $0.0001,

Expiration Date 5/14/2044 (7)(12)

Series A Warrants, Strike

Price $0.0001, Expiration Date 5/14/2044 (7)(12)

Holdings, Inc.

(d/b/a PublicSquare)

West Palm Beach, FL

Common Warrants, Strike Price

$11.50, Expiration Date 7/19/2028 (3)

E-Commerce Marketplace

Homes for Rent, LLC (d/b/a Second Avenue) (11)

Preferred shares, Series A (11)

Real Estate Platform

San Francisco, CA

Common shares **

Financial Services

Common shares (3)

Online Education

Streaming Solutions Inc.

1 unchanged sentence

Las Vegas, NV

Simple Agreement for Future

Interactive Media &

Simple Agreement for Future Equity (7)

Interactive Media & Services

Property Group, Inc.

Common shares ***

Cannabis REIT

San Francisco, CA

Common shares (3)

Online Marketplace Finance

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

Simple Agreement for Future

Simple Agreement for Future Equity (7)

Sports Betting

Sponsor LLC ** (10)(14)

Common shares, Class B **(10)(14)

Special Purpose Acquisition

shares, Class A **(10)(14)

Special Purpose Acquisition

Total **(10)(14)

Common shares (3) **(3)

Online Education

(d/b/a Compliable) (7)

Preferred shares, Series Seed-4 (7)

Gaming Licensing

Markets, Inc.

2 unchanged sentences

Gaming Technology

Sponsor VII LLC ** (10)

Common share units **(10)

Special Purpose Acquisition

Holdings, Inc.**

San Francisco, CA

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

Technology, Inc.

(d/b/a FanPower) (7)

(d/b/a Compliable) (7)

Preferred shares, Series Seed-4 (7)

Digital Media Technology

Gaming Licensing

Holdings, LLC

2 unchanged sentences

Social Data Platform

Common shares **

shares, Investec Series **

Partners, Inc.

shares, Series A

Holdings, Inc.

(d/b/a Catona Climate, f/k/a Aspiration Partners, Inc.)

Marina Del Rey, CA

Preferred shares, Series

Carbon Credit Services

Preferred shares, Series C-3

Carbon Credit Services

accompanying notes to consolidated financial statements.

CAPITAL CORP.

AND SUBSIDIARIES

SCHEDULE OF INVESTMENTS - continued

Investments *

Headquarters/

of Initial Investment

Principal/Quantity (5)

Cambridge, MA

2 unchanged sentences

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

Business Education

Real Estate Investment Trust, Inc.

4 unchanged sentences

$ 198,511,915

accompanying notes to consolidated financial statements.

CAPITAL CORP.

AND SUBSIDIARIES

SCHEDULE OF INVESTMENTS - continued

Investments *

Headquarters/

of Initial Investment

NON-CONTROLLED/AFFILIATE (1)

Scottsdale, AZ

Preferred shares,

Series D 8% (1)(5)

Preferred shares, Series D 8% (1)(14)

Interactive Learning

Preferred shares, Series C 8% (1)(14)

Interactive Learning

Preferred shares, Series B 8% (1)(14)

shares, Series A 8% (1)(5)

Holdings, Inc.

(d/b/a PublicSquare) ** (3)(15)

West Palm Beach, FL

Common shares, Class A **(1)(3)(15)

E-Commerce Marketplace

Strike Price $11.50, Expiration Date 7/19/2028 **(1)(3)(15)

E-Commerce Marketplace

Total **(1)(3)(15)

(f/k/a NestGSV, Inc.)

San Mateo, CA

Derivative Security, Expiration

Date 8/23/2024 (9) (1)(9)

Global Innovation Platform

Promissory Note 8% Due 8/23/2024 (4) (1)(4)

Global Innovation Platform

Interactive Learning

Preferred shares, Series

Interactive Learning

Research, Inc.

2 unchanged sentences

Knowledge Networks

shares, Series B (1)

Preferred shares, Series

Knowledge Networks

2 unchanged sentences

Online Education

Non-controlled/Affiliate (1)

Total Non-controlled/Affiliate

CONTROLLED (2)

Capital PayJoy SPV, LLC**

San Francisco, CA

Membership Interest in Lending

SPV*** **(2)***

Mobile Finance Technology

Sponsor II LLC **(6)

1 unchanged sentence

Class B Units **(6)(2)

Special Purpose Acquisition

W Units **(2)(10)

Special Purpose Acquisition Company

Total **(2)(10)

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

Cupertino, CA

Preferred shares, Class A (2)

Clean Technology

Common shares (2)

Clean Technology

Class W Units **(6)(2)

Special Purpose Acquisition

Controlled (2)

2 unchanged sentences

$ 209,380,742

Treasury bill, 0%, due

3/28/2024*** (3)***

Treasury bill, 0%, due 6/27/2024*** (3)***

$ 276,333,902

$ 247,892,104

accompanying notes to consolidated financial statements.

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”).

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 ”).

CAPITAL CORP.

1 unchanged sentence

SCHEDULE OF INVESTMENTS - continued

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

Equity investments are 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.

The Company’s directors,

officers, employees and staff, as applicable, may serve on the board of directors of the

Company’s portfolio investments.

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

All portfolio investments are considered Level 3 and valued using significant unobservable

inputs, unless otherwise noted.

(Refer to “Note 4—Investments at Fair Value”).

All of the Company’s portfolio investments are restricted as to resale, unless otherwise

noted, and were valued at fair value as determined in good faith by the Company’s Board

of Directors.

(Refer to “Note 2—Significant Accounting Policies— Investments

at Fair Value ”).

assets that SuRo Capital Corp.

2 unchanged sentences

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

are non-qualifying assets.

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

*** Investment

25 unchanged sentences

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

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

wholly owned subsidiary, GSVC SW Holdings, Inc.

Capital Corp.’s investment in preferred shares of Residential Homes for Rent, LLC (d/b/a

Second Avenue) are held through SuRo Capital Corp.’s wholly owned subsidiary, GSVC

AV Holdings, Inc.

(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.

Capital Corp.’s investments in Commercial Streaming Solutions Inc.

(d/b/a BettorView),

YouBet Technology, Inc.

(d/b/a FanPower), 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 Sports”).

(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,

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.

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.

2023, the previously unfunded capital commitment of $ 1.3 million was deemed fully contributed

in lieu of cash distributions.

On March 31, 2023, the full $ 2.0 million capital commitment

to True Global Ventures 4 Plus Fund LP had been called and funded.

August 23, 2019, SuRo Capital Corp.

amended the structure of its investment in OneValley,

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

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

(warrants notwithstanding) were restructured into a derivative security.

OneValley, Inc.

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

ending August 23, 2024, while SuRo Capital Corp.

can put the shares to OneValley, Inc.

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

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.

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.

January 13, 2023, SuRo Capital Corp.

invested $ 2.0 million in Orchard Technologies, Inc.’s

Series 1 Senior Preferred financing round.

As part of the transaction, SuRo Capital Corp.

exchanged a portion of its existing Series D Preferred shares investment for Series 1 Senior

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

Additionally, SuRo

Capital Corp.’s previous investment in the Simple Agreement for Future Equity was converted

into additional Series 1 Senior Preferred shares.

July 12, 2023, SuRo Capital Corp.

invested $ 0.5 million in Shogun Enterprises, Inc.

Hearth)’s Series B-4 Preferred financing round.

As part of the transaction, the previous

investment in the Convertible Note was converted into Series B-3 Preferred shares.

Additionally,

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.

received Common Warrants as part of the transaction.

July 11, 2023, AltC Acquisition Corp.

announced it signed a definitive agreement to merge

with Oklo, Inc.

As part of the transaction, SuRo Capital Corp.’s Share units converted

to 24,900 Class A Common shares and 214,400 Class B Common shares.

July 19, 2023, Colombier Acquisition Corp.

(“Colombier”) stockholders approved

a business combination with PSQ Holdings, Inc.

(d/b/a PublicSquare) and related proposals

at a special meeting.

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

announced that it had consummated

the business combination with Colombier pursuant to a merger agreement between the parties,

creating the resultant combined company PSQ Holdings, Inc.

(d/b/a PublicSquare).

Corp.’s shares of PSQ Holdings, Inc.

(d/b/a PublicSquare) Class A Common shares are

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

warrants are freely tradable.

is invested in the Series B Preferred Shares of VAST

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

IH10, LLC does

not charge a management or an incentive fee;

however, SuRo Capital Corp.

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.

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

managed, non-diversified closed-end management investment company.

The Company has elected to be regulated as a business development

company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), and has elected to be

treated, and intends to qualify annually, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue

Code of 1986, as amended (the “Code”).

and GSV Capital Corp.

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

non-diversified closed-end management investment company.

The Company has elected to be regulated as a business development company (“BDC”)

under the Investment Company Act of 1940, as amended (the “1940 Act”), and has elected to be treated, and intends to qualify

annually, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the

Company’s date of inception was January 6, 2011, which is the date it commenced development stage activities.

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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 December 31, 2025, which, other than GSV Capital Lending, LLC (“GCL”),

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

to hold certain portfolio investments.

The Taxable Subsidiaries, including their associated portfolio investments, are consolidated with

the Company for accounting purposes, but have elected to be treated as separate corporations for U.S.

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

investments, are consolidated with the Company for accounting purposes, but have elected to be treated as separate corporations for U.S.

federal income tax purposes.

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 detail.

SCHEDULE OF COMPANY’S SUBSIDIARIES

Incorporation

April 13, 2012

SuRo Capital Sports, LLC (“SuRo

March 19, 2021

Capital Sports, LLC (“SuRo Capital Sports”)

Capital Nirvana II LP

Advisors, LLC

below are referred to collectively as the “Taxable Subsidiaries”

GSVC AE Holdings, Inc.

November 28, 2012

GSVC AV Holdings, Inc.

November 28, 2012

GSVC SW Holdings, Inc.

November 28, 2012

GSVC SVDS Holdings, Inc.

August 13, 2013

AE Holdings, Inc.

AV Holdings, Inc.

SW Holdings, Inc.

SVDS Holdings, Inc.

Company’s investment objective is to maximize its portfolio’s total return, principally by seeking capital gains on its equity

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through direct offerings of the prospective portfolio companies, transactions on secondary marketplaces for private companies, negotiations

with selling stockholders, investment funds, or through special purpose vehicles (“SPVs”) and other investment funds for

the purpose of investing in securities of a single private issuer.

In addition, the Company may invest in private credit and in founders

equity, founders warrants, and private investment in public equity transactions of special purpose acquisition companies (“SPACs”).

The Company may also invest on an opportunistic basis in select publicly traded equity securities or certain non-U.S.

companies that

otherwise meet its investment criteria, subject to any applicable limitations under the 1940 Act.

with selling stockholders, investment funds, or through SPVs and other investment funds for the purpose of investing in securities of

a single private issuer.

In addition, the Company may invest in private credit and in founders equity, founders warrants, and private

investment in public equity transactions of special purpose acquisition companies (“SPACs”).

The Company may also invest

on an opportunistic basis in select publicly traded equity securities or certain non-U.S.

companies that otherwise meet its investment

criteria, subject to any applicable limitations under the 1940 Act.

CAPITAL CORP.

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of which were of a normal recurring nature, were considered necessary for the fair presentation of consolidated financial statements

for the period have been included.

for the period and have been included.

of Consolidation

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purposes where the Company holds a 100% interest.

Accordingly, the Company’s Consolidated Financial Statements include its accounts

and the accounts of the Taxable Subsidiaries, GCL, and SuRo Sports, its wholly owned subsidiaries.

All intercompany balances and transactions

have been eliminated in consolidation.

The Company operates as a single operating segment.

Company’s 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.

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 December 31, 2025, SRCI

Advisors has not commenced operations.

All intercompany balances and transactions have been eliminated in consolidation.

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 beneficiary.

As such, 1789 Capital Nirvana

II LP is consolidated by the Company.

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

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 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 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.

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

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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-K for a detailed discussion of the risks and uncertainties inherent

Refer to “Part I, Item 1A.

Risk Factors” of this Form 10-K for a detailed discussion of the risks and uncertainties inherent

in the nature of the Company’s operations.

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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 “Levelling Policy” below for a detailed discussion of the levelling of the Company’s financial assets

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

or liabilities and events that may cause a reclassification within the fair value hierarchy.

CAPITAL CORP.

AND SUBSIDIARIES

TO CONSOLIDATED FINANCIAL STATEMENTS

for which market quotations are readily available on an exchange are valued at the most recently available closing price of such security

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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 (as defined below), 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 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,

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in unrealized appreciation or depreciation currently reflected in the consolidated financial statements.

CAPITAL CORP.

AND SUBSIDIARIES

TO CONSOLIDATED FINANCIAL STATEMENTS

investments for which market quotations are readily available in an active market are generally valued at the most recently available

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determination of fair value for that security.

See “Recently Issued or Adopted Accounting Standards” for more information.

CAPITAL CORP.

AND SUBSIDIARIES

TO CONSOLIDATED FINANCIAL STATEMENTS

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

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analyses, option pricing models, comparable analyses and other techniques as deemed appropriate.

If the options are publicly traded, in accordance with our leveling policy, the Company prices the options at the

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

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 issuer.

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 Consolidated Schedule of Investments presents

the value of the Company’s investment in the SPV or investment fund.

These SPV and fund investments are valued at estimated fair

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

The 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.

If the options are publicly traded,

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.

CAPITAL CORP.

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TO CONSOLIDATED FINANCIAL STATEMENTS

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.

in SPVs and Fund Structures

Company invests through SPVs and Fund structures, which may hold either a single underlying investment or a portfolio of underlying

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 Consolidated

Schedule of Investments.

If available, the Company may utilize the NAV of an SPV or Fund to substantiate its fair value

determination.

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.

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.

Purpose Acquisition Companies

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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.

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.

Company Investment Classification

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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 an investee 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 Consolidated Schedules of Investments

as of December 31, 2024 and December 31, 2023 for details regarding the nature and composition of the Company’s investment portfolio.

“Control investments” are investments in companies that the Company is presumed to control under Section 2(a)(9) of the 1940

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 company.

“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 Consolidated Schedules of Investments as of December 31,

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

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

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

, trade date).

Securities transactions outside conventional channels, such as private transactions, are recorded as of the

date the Company obtains the right to demand the securities purchased or to collect the proceeds from a sale and incurs an obligation

, the trade date).

Securities transactions outside conventional channels, such as private transactions, are recorded as of

the date the Company obtains the right to demand the securities purchased or to collect the proceeds from a sale and incurs an obligation

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

of Other Financial Instruments

carrying amounts of the Company’s other, non-investment financial instruments, consisting of cash, receivables, accounts payable,

and accrued expenses, approximate fair value due to their short-term nature.

CAPITAL CORP.

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TO CONSOLIDATED FINANCIAL STATEMENTS

of Other Financial Instruments

carrying amounts of the Company’s other, non-investment financial instruments, consisting of cash, receivables, accounts payable,

and accrued expenses, approximate fair value due to their short-term nature.

Company custodies its cash with Western Alliance Trust Company, N.A., and may place cash in demand deposit accounts with other high-quality

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

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

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Any remaining escrow proceeds balances from these transactions reasonably expected to be received are reflected

on the Consolidated Statement of Assets and Liabilities as escrow proceeds receivable.

on the Consolidated Statements of Assets and Liabilities as escrow proceeds receivable.

Escrow proceeds receivable resulting from contingent

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As of December 31, 2025 and December 31, 2024, the Company had deferred financing costs of $ 508,310 and $ 526,261 ,

respectively, on the Consolidated Statement of Assets and Liabilities.

OF DEFERRED FINANCING COSTS

Deferred debt

issuance costs

financing costs

respectively, on the Consolidated Statements of Assets and Liabilities.

SCHEDULE OF DEFERRED FINANCING COSTS

Deferred debt issuance costs

Deferred financing costs

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

CAPITAL CORP.

AND SUBSIDIARIES

TO CONSOLIDATED FINANCIAL STATEMENTS

Leases & Related Deposits

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On September 1, 2024, the Company extended the previous operating lease for office space for an additional term of three years

and three months, expiring March 31, 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.

CAPITAL CORP.

AND SUBSIDIARIES

TO CONSOLIDATED FINANCIAL STATEMENTS

and three months, with an estimated commencement date of January 1, 2025 and expiring March 31, 2028.

On February 7, 2025, the Company

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

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

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Such transactions would be reflected

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

on the Consolidated Statements of Assets and Liabilities as escrow deposits.

As of December 31, 2025 and December 31, 2024, the Company

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Company elected to be treated and intends to qualify annually as a RIC under Subchapter M of the Code.

To qualify for tax treatment as a RIC, among other things,

the Company is required to meet certain source of income and asset diversification requirements and timely distribute to its

stockholders at least the sum of 90% of its investment company taxable income (“ICTI”), including payment-in-kind

interest income, as defined by the Code, and 90% of its net tax-exempt interest income (which is the excess of its gross tax-exempt

interest income over certain disallowed deductions) for each taxable year (the “Annual Distribution Requirement”).

Depending on the level of ICTI earned in a tax year, the Company may choose to carry forward into the next tax year ICTI in excess

of current year dividend distributions.

Any such carryforward ICTI must be distributed on or before December 31 of the subsequent

tax year to which it was carried forward.

To qualify for tax treatment as

a RIC, among other things, the Company is required to meet certain source of income and asset diversification requirements and timely

distribute to its stockholders at least the sum of 90% of its investment company taxable income (“ICTI”), including payment-in-kind

interest income, as defined by the Code, and 90% of its net tax-exempt interest income (which is the excess of its gross tax-exempt interest

income over certain disallowed deductions) for each taxable year (the “Annual Distribution Requirement”).

Depending on the

level of ICTI earned in a tax year, the Company may choose to carry forward into the next tax year ICTI in excess of current year dividend

distributions.

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 CONSOLIDATED FINANCIAL STATEMENTS

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

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

CAPITAL CORP.

AND SUBSIDIARIES

TO CONSOLIDATED FINANCIAL STATEMENTS

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

federal and state

income taxes on any ordinary income or capital gains that it distributes at least annually to its stockholders as dividends.

any tax liability related to income earned by the RIC will represent obligations of the Company’s investors and will not be

reflected in the consolidated financial statements of the Company.

Included in the Company’s consolidated financial

statements, the Taxable Subsidiaries are subject to U.S.

federal income tax imposed at corporate rates on their income, regardless

of whether the Company is a RIC.

federal and state income

taxes on any ordinary income or capital gains that it distributes at least annually to its stockholders as dividends.

Rather, any tax

liability related to income earned by the RIC will represent obligations of the Company’s investors and will not be reflected in

the Consolidated Financial Statements of the Company.

Included in the Company’s Consolidated Financial Statements, the Taxable

Subsidiaries are subject to U.S.

federal income tax imposed at corporate rates on their income, regardless of whether the Company is

These Taxable Subsidiaries are not consolidated for U.S.

federal income tax purposes and may

generate income tax expenses as a result of their ownership of the portfolio companies.

Such income tax expenses and deferred taxes,

if any, will be reflected in the Company’s Consolidated Financial Statements.

federal income tax purposes and may generate income tax expenses as a

result of their ownership of the portfolio companies.

Such income tax expenses and deferred taxes, if any, will be reflected in the Company’s

Consolidated Financial Statements.

it is not treated as a RIC, the Company will be taxed as a regular corporation (a “C Corporation”) under Subchapter C of

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to determine the number of potentially dilutive shares outstanding.

Refer to “Note 6—Net Increase in Net Assets Resulting

Refer to “Note 6—Net Change in Net Assets Resulting

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

Issued or Adopted Accounting Standards

June 2022, the FASB issued ASU No.

2022-03, “Fair Value Measurements (Topic 820):

Fair Value Measurement of Equity Securities Subject

to Contractual Sale Restrictions.” This change prospectively prohibits entities from taking into account certain contractual restrictions

on the sale of equity securities when estimating fair value and introduces required disclosures for such transactions.

The standard is

effective for annual periods beginning after December 15, 2023, and applied prospectively.

The Company adopted the requirements of ASU

2022-03 during the period ended March 31, 2024.

In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280):

Improvements to Reportable

Segment Disclosures (“ASU 2023- 07”),” which enhances disclosure requirements about significant segment expenses that

are regularly provided to the CODM.

ASU 2023-07, among other things, (i) requires a single segment public entity to provide all of the

disclosures as required by Topic 280, (ii) requires a public entity to disclose the title and position of the CODM and an explanation

of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources

and (iii) provides the ability for a public entity to elect more than one performance measure.

ASU 2023-07 is effective for the fiscal

years beginning after December 15, 2023, and interim periods beginning with the first quarter ended March 31, 2025.

Early adoption is

permitted and retrospective adoption is required for all prior periods presented.

The Company adopted the requirements of ASU 2023-07

during the year ended December 31, 2024, but does not expect a material impact on its consolidated financial statements.

December 2023, the FASB issued ASU 2023-09, “Improvements to Income Tax Disclosures.” The amendments in this update require

more disaggregated information on income taxes paid.

The standard is effective for annual periods beginning after December 15, 2024.

Early adoption is permitted;

however, the Company has not elected to adopt this provision as of the date of the consolidated financial

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

However, it does not expect ASU 2023-09 to have a material

impact on the Company’s future financial statements.

CAPITAL CORP.

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TO CONSOLIDATED FINANCIAL STATEMENTS

Adopted Accounting Standards

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

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

ASU 2024-01 is effective for

public entities for fiscal years beginning after December 15, 2024, and interim periods in fiscal years beginning after December 15,

Early adoption is permitted;

however, the Company has not elected to adopt this provision as of the date of the consolidated financial

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 Consolidated Financial Statements.

In December 2023, the FASB issued ASU 2023-09, “Improvements to Income

Tax Disclosures.” ASU 2023-09 requires more disaggregated information on income taxes paid.

The standard is effective for annual

periods beginning after December 15, 2024.

The Company adopted this provision as of the effective date and has included the expanded disclosures

in Note 9 — Income Taxes.

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 2024-01 to have a material

impact on the Company’s future financial statements.

In November 2024, the FASB issued ASU 2024-03, “Income Statement — Reporting Comprehensive Income —

Expense Disaggregation Disclosures”, which requires disaggregated disclosure of certain costs and expenses, including purchases of

inventory, employee compensation, depreciation, amortization and depletion, within relevant income statement captions.

ASU 2024-03 is

effective for fiscal years beginning after December 15, 2026, and interim periods beginning with the first quarter ended March 31, 2028.

Early adoption and retrospective application is permitted.

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

November 2024, the FASB issued ASU 2024-03, “Income Statement — Reporting Comprehensive Income — Expense Disaggregation

Disclosures”, which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee

compensation, depreciation, amortization and depletion, within relevant income statement captions.

ASU 2024-03 is effective for fiscal

years beginning after December 15, 2026, and interim periods beginning with the first quarter ended March 31, 2028.

Early adoption and

retrospective application is permitted.

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

does not expect ASU 2024-03 to have a material impact on the Company’s future financial statements.

In November 2024, the FASB issued ASU 2024-04, “Debt — Debt with Conversion and Other Options”, which

amends ASC 470-20 to clarify the requirements related to accounting for the settlement of a debt instrument as an induced conversion.

The amendments are effective for fiscal years and interim periods within fiscal years beginning after December 15, 2025.

The Company is

still assessing the impact of the new guidance.

However, it does not expect ASU

2024-03 to have a material impact on the Company’s future Consolidated Financial Statements.

November 2024, the FASB issued ASU 2024-04, “Debt — Debt with Conversion and Other Options”, which amends ASC 470-20

to clarify the requirements related to accounting for the settlement of a debt instrument as an induced conversion.

The amendments are

effective for fiscal years and interim periods within fiscal years beginning after December 15, 2025.

The Company is still assessing

the impact of the new guidance.

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.

time to time, new accounting pronouncements are issued by the FASB or other standards setting bodies that are adopted by the Company

8 unchanged sentences

stockholders.

CAPITAL CORP.

AND SUBSIDIARIES

TO CONSOLIDATED FINANCIAL STATEMENTS

1940 Act prohibits the Company from participating in certain negotiated co-investments with certain affiliates unless it receives an

24 unchanged sentences

a loss on the entirety of its Churchill Sponsor VII LLC common share units and warrant units in the amount of $ 300,000 .

CAPITAL CORP.

AND SUBSIDIARIES

TO CONSOLIDATED FINANCIAL STATEMENTS

Company’s investment in Skillsoft Corp.

12 unchanged sentences

investment in Skillsoft was $ 456,556 .

Company’s initial investment in Shogun Enterprises, Inc.

(d/b/a Hearth) on February 26, 2021 constituted a “remote-affiliate”

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

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

and held a minority equity interest in such portfolio company.

As of December 31, 2024, the fair value of the Company’s remote-affiliate

investment in Shogun Enterprises, Inc.

(d/b/a Hearth) was $ 5,374,819 .

Company’s investment in Architect Capital PayJoy SPV, LLC also constituted a “remote-affiliate” transaction for purposes

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

Findley, at the time of investment, was a non-controlling member of the board of directors

of the investment manager to Architect Capital PayJoy SPV, LLC, and held a minority equity interest in such investment manager.

28, 2024, the Company redeemed the entirety of its Membership Interest in Architect Capital PayJoy SPV, LLC.

addition, Ms.

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

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

one of the Company’s portfolio companies until its dissolution upon completion of Colombier Acquisition Corp.’s business

combination into PSQ Holdings, Inc.

(d/b/a PublicSquare).

As of December 31, 2024, the fair value of the Company’s investment in

PSQ Holdings, Inc.

(d/b/a PublicSquare) was $ 1,436,830 .

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

3 unchanged sentences

Secretary, was a non-controlling member of the board of directors of AltC Acquisition Corp.

until its dissolution upon completion of AltC

Acquisition Corp.’s business combination into Oklo, Inc.

until its dissolution upon completion of

AltC Acquisition Corp.’s business combination into Oklo, Inc.

As of November 15, 2024, the Company had sold its investment in Oklo,

18 unchanged sentences

SCHEDULE OF COMPOSITION OF INVESTMENT PORTFOLIO

Portfolio Companies

Private Portfolio Companies

Preferred Stock (1)

$ 145,749,202

4 unchanged sentences

Private Portfolio Companies

Traded Portfolio Companies

Publicly Traded Portfolio

Publicly Traded Portfolio Companies

Portfolio Investments

Non-Portfolio

Treasury Bills

$ 240,825,785

2 unchanged sentences

$ 209,380,742

(1) Preferred

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

Ventures Fund LLC which is invested in the Convertible Interest Rights of OpenAI Global, LLC, the

Company’s investment in the Class A Interest of CW Opportunity 2 LP which is invested in the Series C Preferred shares

of CoreWeave, Inc., and the Company’s investment in the Membership Interest of IH10, LLC which is invested in the

Series B Preferred Shares of VAST Data, Ltd.

of December 31, 2025, Preferred Stock also includes the Company’s investment in the

Class A Interest of ARK Type One Deep Ventures Fund LLC which is invested in the Series A-2

Preferred Shares of OpenAI Global, LLC, and the Company’s investment in the Membership

Interest of IH10, LLC which is invested in the Series B Preferred Shares of VAST Data, Ltd.

through an SPV.

(2) Common Stock also includes the Company’s Limited Partner Fund Investment in True Global

Ventures 4 Plus Pte Ltd.

(3) Options also includes the Company’s investments in the SAFEs of PayJoy, Inc.

and Commercial Streaming Solutions Inc.

(d/b/a BettorView).

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.

of December 31, 2025, Common Stock in Private Portfolio Companies also includes the Company’s

Limited Partner Fund Investment in True Global Ventures 4 Plus Pte Ltd.

and the Company’s

investment in the Class A Interest of CW Opportunity 2 LP which is invested in the Class

A Common Stock of CoreWeave, Inc.

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 December 31, 2025, Options in Private Portfolio Companies also includes the Company’s

investments in the SAFEs of Orchard Technologies, Inc., PayJoy, Inc., and Whoop, Inc.

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,

(d/b/a Prophet Exchange).

CAPITAL CORP.

AND SUBSIDIARIES

TO CONSOLIDATED FINANCIAL STATEMENTS

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

1 unchanged sentence

of December 31, 2024

Geographic Region

International

3 unchanged sentences

of December 31, 2024

Artificial Intelligence

Infrastructure & Applications

Software-as-a-Service

Artificial Intelligence Infrastructure

& Applications

Consumer Goods & Services

Software-as-a-Service

Education Technology

Financial Technology & Services

Logistics & Supply Chain

Financial Technology &

SuRo Capital Sports

$ 225,511,505

$ 209,380,742

SURO CAPITAL CORP.

CAPITAL CORP.

AND SUBSIDIARIES

10 unchanged sentences

Credit Services

Asset Infrastructure

Technology Infrastructure

Access Technology

Finance Technology

Marketplace Finance

6 unchanged sentences

Management Software

Innovation Platform

Improvement Finance

1 unchanged sentence

Data Platform

Media Technology

Capital Sports

Media & Services

6 unchanged sentences

SCHEDULE OF FAIR VALUE OF INVESTMENT VALUATION INPUTS

As of December 31, 2024

of December 31, 2025

Investments at Fair Value

4 unchanged sentences

Common Stock (2)

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

$ 221,302,242

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 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 Series A-2 Preferred Shares of OpenAI Global,

LLC, and the Company’s investment in the Membership Interest of IH10, LLC which is

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

through an SPV.

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

4 Plus Pte Ltd.

(3) Options also includes the Company’s investments in the SAFEs of PayJoy, Inc.

and Commercial Streaming Solutions Inc.

(d/b/a BettorView).

As of December 31, 2023

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., and Whoop, Inc.

CAPITAL CORP.

AND SUBSIDIARIES

TO CONSOLIDATED FINANCIAL STATEMENTS

of December 31, 2024

Investments at Fair Value

4 unchanged sentences

Common Stock (2)

Debt Investments

Private Portfolio Companies

Publicly Traded Portfolio Companies

Total Portfolio Investments

Non-Portfolio Investments

Treasury bills

Total Investments at Fair Value

Portfolio Companies

Publicly Traded Portfolio

Traded Portfolio Companies

Investments at Fair Value

$ 191,789,622

$ 209,380,742

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

4 Plus Pte Ltd.

(2) Options also includes the Company’s investments in the SAFEs of PayJoy, Inc.

and Commercial Streaming Solutions Inc.

(d/b/a BettorView).

(1) Preferred

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

Deep Ventures Fund LLC which is invested in the Convertible Interest Rights of OpenAI Global,

LLC, the Company’s investment in the Class A Interest of CW Opportunity 2 LP which

is invested in the Series C Preferred Shares of CoreWeave, Inc., and the Company’s

investment in the Membership Interest of IH10, LLC which is invested in the Series B Preferred

Shares of VAST Data, Ltd.

through an SPV.

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).

CAPITAL CORP.

16 unchanged sentences

of December 31, 2025

Valuation Approach/ Technique (1)

Unobservable Inputs (2)

Range (Weighted Average) (3)

Preferred stock in private companies (6)

Valuation Approach/

Technique (1)

(Weighted Average) (3)

Preferred stock

in private companies (4)

$ 169,631,231

1 unchanged sentence

Revenue Multiples

0.67 x - 5.96 x ( 1.82 x)

- 7.95 x ( 3.47 x)

Precedent Transactions

1 unchanged sentence

Revenue Multiples

- 5.60 x ( 1.72 x)

Dissolution Risk

75 % - 100 % ( 87.5 %)

Common stock in private companies (7)

Precedent Transaction

Common stock in private

companies (5)

Market Approach

Revenue Multiples

0.77 x - 8.81 x ( 7.59 x)

- 5.23 x ( 4.99 x)

Precedent Transactions

AFFO (4) Multiples

Dissolution Risk

Debt investments

Market Approach

Revenue Multiples

0.90 x - 1.31 x ( 1.22 x)

Precedent Transaction

Option Pricing Model

Term to Expiration (Years)

- 1.36 ( 0.88 )

- 50 % ( 48 %)

Precedent Transaction

Revenue Multiples

- 1.90 x ( 1.72 x)

Market Approach

Precedent Transaction

- 100 % ( 77 %)

Debt investments

Market Approach

Revenue Multiples

- 5.05 x ( 3.49 x)

Precedent Transactions

of December 31, 2025, the Board of Directors used a hybrid market and income approach to

38 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, 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.

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

Deep Ventures Fund LLC which is invested in the Series A-2 Preferred Shares of OpenAI Global,

LLC, and the Company’s investment in the Membership Interest of IH10, LLC which is

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

through an SPV.

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

4 Plus Pte Ltd.

(8) Options also includes the Company’s investments in the SAFEs of PayJoy, Inc.

and Commercial Streaming Solutions

(d/b/a BettorView).

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.

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

of Orchard Technologies, Inc., PayJoy, Inc., and Whoop, Inc.

(7) Probability-Weighted

Expected Return Method, or “PWERM”.

Funds From Operations, or “AFFO”.

CAPITAL CORP.

AND SUBSIDIARIES

TO CONSOLIDATED FINANCIAL STATEMENTS

of December 31, 2024

Valuation Approach/ Technique (1)

Unobservable Inputs (2)

Range (Weighted Average) (3)

Preferred stock in private companies

Approach/ Technique (1)

(Weighted Average) (3)

Preferred stock

in private companies (6)

$ 151,003,991

1 unchanged sentence

Revenue Multiples

0.15 x - 11.41 x ( 2.73 x)

Discount Rate

- 5.96 x ( 1.82 x)

Precedent Transactions

- 100 % ( 55 %)

Revenue Multiples

Dissolution Risk

- 100 % ( 87.5 %)

Common stock in private companies (7)

1 unchanged sentence

Revenue Multiples

0.15 x - 11.13 x ( 9.29 x)

15.0 % - 25.0 % ( 18.5 %)

Discount Rate

- 8.81 x ( 7.59 x)

Precedent Transactions

Dissolution Risk

Debt investments

1 unchanged sentence

Revenue Multiples

1.21 x - 1.66 x ( 1.56 x)

- 1.31 x ( 1.22 x)

Option Pricing Model

Term to Expiration (Years)

0.65 - 5.63 ( 0.79 )

Discount Rate

15 % - 18 % ( 16.0 %)

Precedent Transaction

of December 31, 2024, the Board of Directors used a hybrid market and income approach to

16 unchanged sentences

Increases/(decreases)

in revenue multiples, EBIT multiples,

in revenue multiples, earnings before interest and taxes (“EBIT”) multiples,

time to expiration, and stock price/strike price would result in higher (lower) fair values,

19 unchanged sentences

Expected Return Method, or “PWERM”.

Stock includes the Company’s Limited Partner Fund Investment in True Global Ventures

4 Plus Pte Ltd.

(7) Options also includes the Company’s investments in the SAFEs of PayJoy, Inc.

and Commercial Streaming Solutions Inc.

(d/b/a BettorView).

CAPITAL CORP.

AND SUBSIDIARIES

TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

(6) Preferred

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

Deep Ventures Fund LLC which is invested in the Convertible Interest Rights of OpenAI Global,

LLC, 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 also includes the Company’s Limited Partner Fund Investment in True Global Ventures

4 Plus Pte Ltd.

also includes the Company’s investments in the SAFEs of Commercial Streaming Solutions

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

(d/b/a Prophet Exchange).

aggregate values of Level 3 assets and liabilities changed during the year ended December 31, 2025 as follows:

SCHEDULE OF AGGREGATE VALUE OF ASSETS AND LIABILITIES

Year Ended December 31, 2024

Ended December 31, 2025

Fair Value as of December 31, 2024

4 unchanged sentences

( 6,323,519 )

( 12,043,648 )

Purchases, capitalized fees and interest

2 unchanged sentences

( 16,324,378 )

( 1,585,722 )

( 13,750,712 )

Exercises and conversions (4)

( 15,768,763 )

Realized gains/(losses)

( 2,006,392 )

( 7,076,812 )

( 14,448,898 )

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

Realized gains/(losses)

( 1,002,755 )

Net change in unrealized

appreciation/(depreciation) included in earnings

( 1,127,604 )

2 unchanged sentences

$ 221,302,242

Net change in unrealized appreciation/ (depreciation) of Level 3 investments

still held as of December 31, 2024

$ ( 32,741,143 )

Net change in unrealized

appreciation/ (depreciation) of Level 3 investments still held as of December 31, 2025

$ ( 1,127,603 )

(1) Preferred

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

Ventures Fund LLC which is invested in the Convertible Interest Rights of OpenAI Global, LLC, the

Company’s investment in the Class A Interest of CW Opportunity 2 LP which is invested in the Series C Preferred shares

of CoreWeave, Inc., and the Company’s investment in the Membership Interest of IH10, LLC which is invested in the

Series B Preferred Shares of VAST Data, Ltd.

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

Deep Ventures Fund LLC which is invested in the Series A-2 Preferred Shares of OpenAI Global,

LLC, and the Company’s investment in the Membership Interest of IH10, LLC which is

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

through an SPV.

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

4 Plus Pte Ltd.

(3) Options also includes the Company’s investments in the SAFEs of PayJoy, Inc.

and Commercial Streaming Solutions

(d/b/a BettorView).

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., and Whoop, Inc.

the year ended December 31, 2025, the Company’s portfolio investments had the following

corporate actions which are reflected above:

Portfolio Company

Conversion from

Conversion to

AltC Sponsor LLC

Common shares, Class A

Common shares, Class B

- Common shares, Class A (Level 2)

Xgroup Holdings Limited (d/b/a Xpoint)

Convertible Note 6 %, Due 10/17/2024

Preferred shares, Series A-1

Warrants, Series A-1

Warrants, Series A

ServiceTitan, Inc.

Common shares

Shares, Series A

Shares (Level 2)

Opportunity 2 LP

Shares, Series C

Shares (Level 3)

Streaming Solutions Inc.

Agreement for Future Equity

Shares, Class A-1 (Level 3)

Sponsor II LLC

Digital Holdings Inc.

Common Shares (Level 1)

Digital Holdings Inc.

Common Warrants (Level 1)

(d/b/a Prophet Exchange)

Agreement for Future Equity

Shares, Series B-IV (Level 3)

CAPITAL CORP.

2 unchanged sentences

aggregate values of Level 3 assets and liabilities changed during the year ended December 31, 2024 as follows:

Year Ended December 31, 2023

Ended December 31, 2024

Fair Value as of December 31, 2023

7 unchanged sentences

( 12,896,367 )

( 2,711,842 )

Purchases, capitalized fees and interest

Sales/Maturity of investments

Sales/Redemptions of investments

( 10,375,762 )

( 1,414,278 )

( 1,585,722 )

( 13,750,712 )

Exercises and conversions (4)

3 unchanged sentences

( 7,076,812 )

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

( 14,448,898 )

Fair Value as of December 31, 2023

$ 122,744,564

Net change in unrealized

appreciation/(depreciation) included in earnings

( 24,123,671 )

Fair value ending balance

( 10,957,286 )

Fair Value as of December 31, 2024

$ 151,003,991

Net change in unrealized appreciation/ (depreciation) of Level 3 investments

still held as of December 31, 2023

$ 191,789,622

Fair Value, Ending balance

$ 151,003,991

1 unchanged sentence

Net change in unrealized

appreciation/ (depreciation) of Level 3 investments still held

appreciation/ (depreciation) of Level 3 investments still held as of December 31, 2024

$ ( 32,741,143 )

$ ( 27,210,597 )

change in unrealized appreciation/ (depreciation) of Level 3 investments still held

$ ( 32,741,143 )

Stock includes the Company’s Limited Partner Fund Investment in True Global Ventures

$ ( 27,210,597 )

(1) Preferred

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

Deep Ventures Fund LLC which is invested in the Convertible Interest Rights of OpenAI Global,

LLC, the Company’s investment in the Class A Interest of CW Opportunity 2 LP which

is invested in the Series C Preferred Shares of CoreWeave, Inc., and the Company’s

investment in the Membership Interest of IH10, LLC which is invested in the Series B Preferred

Shares of VAST Data, Ltd.

through an SPV.

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

4 Plus Pte Ltd.

(2) Options also includes the Company’s investments in the SAFEs of PayJoy, Inc.

and Commercial Streaming Solutions

(d/b/a BettorView).

also includes the Company’s investments in the SAFEs of Commercial Streaming Solutions

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

(d/b/a Prophet Exchange).

the year ended December 31, 2024, the Company’s portfolio investments had the following

corporate actions which are reflected above:

Technologies, Inc.

shares, Series D

Agreement for Future Equity

Preferred shares, Series 1

Preferred shares, Series 2

Shares, Class A

Enterprises, Inc.

(d/b/a Hearth)

Shares, Series B-3

Holdings, Inc.

(d/b/a PublicSquare) - Common shares, Class A (Level 2)

Holdings, Inc.

(d/b/a PublicSquare) Warrants (Level 1)

shares, Class A

Shares, Class B

- Common Shares, Class A (Level 2)

Holdings Limited (d/b/a Xpoint)

Note 6 %, Due 10/17/2024

Shares, Series A-1 (Level 3)

Series A-1 (Level 3)

Series A (Level 3)

ServiceTitan,

Shares (Level 2)

CAPITAL CORP.

5 unchanged sentences

OF INVESTMENTS IN AND ADVANCES TO AFFILIATES

Type/Industry/Portfolio Company/Investment

Principal/Quantity

Fair Value at December 31, 2023

Transfer In/ (Out)

Sales/Redemptions

Gains/(Losses)

Fair Value at December 31, 2024

Type/Industry/Portfolio

Company/Investment

INVESTMENTS * (2)

Special Purpose Acquisition Company

Colombier Sponsor II LLC**–Class W Units

Total Options

Preferred Stock

Clean Technology

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

( 6,780,680 )

Total Preferred Stock

( 6,780,680 )

Clean Technology

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

Mobile Finance Technology

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

Purpose Acquisition Company

Sponsor II LLC** (3) –Class B Units

$ ( 1,103,719 )

Special Purpose Acquisition Company

Colombier Sponsor II LLC**–Class B Units

Total Common Stock

( 1,103,719 )

Purpose Acquisition Company

Sponsor II LLC** (3) –Class W Units

CONTROLLED INVESTMENTS* (2)

$ ( 1,602,940 )

$ ( 6,797,425 )

NON-CONTROLLED/AFFILIATE

INVESTMENTS * (1)

Debt Investments

Global Innovation Platform

OneValley, Inc.

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

$ ( 1,414,278 )

$ ( 237,219 )

Total Debt Investments

Media & Services

Streaming Solutions Inc.

(d/b/a BettorView)–Preferred Shares, Series A-1

$ ( 650,000 )

CAPITAL CORP.

AND SUBSIDIARIES

TO CONSOLIDATED FINANCIAL STATEMENTS

Type/Industry/Portfolio Company/Investment

Principal/Quantity

Fair Value at December 31, 2023

Transfer In/ (Out)

Sales/Redemptions

Gains/(Losses)

Fair Value at December 31, 2024

Preferred Stock

Research, Inc.–Preferred Shares, Series C

Research, Inc.–Preferred Shares, Series B

Knowledge Networks

Maven Research, Inc.–Preferred shares, Series C

Maven Research, Inc.–Preferred shares, Series B

Total Knowledge Networks

Interactive Learning

LLC (4) – Preferred Shares, Series D 8%

LLC (4) – Preferred Shares, Series C 8%

( 1,427,939 )

LLC (4) – Preferred Shares, Series B 8%

( 1,517,142 )

LLC (4) – Preferred Shares, Series A 8%

Total Interactive Learning

( 3,267,048 )

Total Preferred Stock

( 3,267,048 )

Global Innovation Platform

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

( 1,585,722 )

( 6,982,628 )

Total Global Innovation Platform

( 1,585,722 )

( 6,982,628 )

E-Commerce Marketplace

PSQ Holdings,

(d/b/a PublicSquare)** (3)(4) – Warrants

( 1,964,750 )

Total Options

( 1,964,750 )

( 1,585,722 )

( 6,982,628 )

Online Education

Curious.com, Inc.–Common shares

E-Commerce Marketplace

PSQ Holdings,

(d/b/a PublicSquare)** (3)(4) – Common shares, Class A

Interactive Learning

( 1,411,460 )

Total Common Stock

Preferred Stock

( 2,061,460 )

Inc.–Common Shares

NON-CONTROLLED/AFFILIATE INVESTMENTS* (1)

$ ( 2,061,460 )

$ ( 3,000,000 )

$ ( 6,598,526 )

CAPITAL CORP.

AND SUBSIDIARIES

TO CONSOLIDATED FINANCIAL STATEMENTS

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

16 unchanged sentences

Accounting Policies— Investments at Fair Value ”).

Indicates assets that SuRo

Capital Corp.

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

Of the Company’s

total investments as of December 31, 2024, 39.56 % of its total investments are non-qualifying assets, excluding cash and short-term US treasuries.

*** Investment

is income-producing.

** Indicates assets that SuRo Capital believes do not represent “qualifying assets” under Section 55(a) of the 1940 Act.

the Company’s total investments as of December 31, 2025, 32.70 % of its total investments are non-qualifying assets, excluding cash

and short-term US treasuries.

(1) “Affiliate

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

of SuRo Capital Corp., as defined in the 1940 Act.

In general, a company is deemed to be

an “Affiliate” of SuRo Capital Corp.

if SuRo Capital Corp.

beneficially owns,

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

the right to elect directors) of such company.

of SuRo Capital, as defined in the 1940 Act.

In general, a company is deemed to be an “Affiliate”

of SuRo Capital if SuRo Capital beneficially owns, directly or indirectly, between 5% and

25% of the voting securities (i.e., securities with the right to elect directors) of such

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

of SuRo Capital Corp., as defined in the 1940 Act.

of SuRo Capital, as defined in the 1940 Act.

In general, under the 1940 Act, the Company

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or policies of such portfolio company.

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

“Note 4—Investments at Fair Value”.

Capital Corp.’s ownership percentage in PSQ Holdings, Inc.

(d/b/a PublicSquare) decreased

to below 5% and as such, PSQ Holdings, Inc.

(d/b/a PublicSquare) was no longer classified

as an “affiliate investment” as of September 30, 2024.

As such, the Company has

reflected a “transfer out” of the “Non-Controlled/Affiliate Investment”

category above as of September 30, 2024 to indicate that the investment in PSQ Holdings,

(d/b/a PublicSquare), while still held as of December 31, 2024, does not meet the criteria

of an affiliate investment as defined in the 1940 Act.

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

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

wholly owned subsidiary, GSVC SW Holdings, Inc.

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Type/Industry/Portfolio Company/Investment

Fair Value at December 31, 2022

Transfer In/ (Out)

Gains/(Losses)

Fair Value at December 31, 2023

INVESTMENTS * (2)

Special Purpose Acquisition Company

Colombier Sponsor II LLC**–Class W Units

$ ( 262,347 )

Sponsor LLC** (6) –Class W Units

( 1,159,150 )

Total Options

( 1,159,150 )

Fair Value at

CONTROLLED INVESTMENTS * (2)

Preferred Stock

Clean Technology

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

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

$ ( 374,950 )

$ ( 6,780,680 )

Total Preferred Stock

( 6,780,680 )

Clean Technology

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

( 10,000,000 )

Special Purpose Acquisition Company

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

Sponsor LLC** (6) –Class B Units

( 1,556,587 )

Total Common Stock

( 10,000,000 )

CONTROLLED INVESTMENTS* (2)

Special Purpose Acquisition Company

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

Total Options

TOTAL CONTROLLED INVESTMENTS* (2)

$ ( 10,374,950 )

$ ( 6,797,425 )

CAPITAL CORP.

AND SUBSIDIARIES

TO CONSOLIDATED FINANCIAL STATEMENTS

Type/Industry/Portfolio Company/Investment

Fair Value at December 31, 2022

Transfer In/ (Out)

Gains/(Losses)

Fair Value at December 31, 2023

NON-CONTROLLED/AFFILIATE

INVESTMENTS * (1)

NON-CONTROLLED/AFFILIATE INVESTMENTS * (1)

Debt Investments

Global Innovation Platform

OneValley, Inc.

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

$ ( 1,414,278 )

$ ( 237,219 )

Total Debt Investments

( 1,414,278 )

SURO CAPITAL CORP.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2025

Type/Industry/Portfolio Company/Investment

Fair Value at

Preferred Stock

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Total Knowledge Networks

Digital Media Platform

(7) – Preferred shares, Series C-2 6%

( 2,414,178 )

(7) – Preferred shares, Series B 6%

( 4,999,999 )

(7) – Preferred shares, Series A 6%

Interactive Learning

StormWind, LLC (5) – Preferred shares, Series D 8%

StormWind, LLC (5) – Preferred shares, Series C 8%

( 1,427,939 )

(7) – Preferred shares, Series Seed 6%

Total Digital Media Platform

StormWind, LLC (5) – Preferred shares, Series B 8%

( 1,517,142 )

Interactive Learning

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

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

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

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

StormWind, LLC (5) – Preferred shares, Series A 8%

Total Interactive Learning

( 3,267,048 )

Total Preferred Stock

( 3,267,048 )

CAPITAL CORP.

AND SUBSIDIARIES

TO CONSOLIDATED FINANCIAL STATEMENTS

Type/Industry/Portfolio Company/Investment

Fair Value at December 31, 2022

Transfer In/ (Out)

Gains/(Losses)

Fair Value at December 31, 2023

Digital Media Platform

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

Global Innovation Platform

OneValley, Inc.

(f/k/a NestGSV, Inc.)–Preferred Warrant

Series B, Strike Price $ 2.31 , Expiration Date 12/31/2023

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

( 1,585,722 )

( 6,982,628 )

Total Global Innovation Platform

( 1,585,722 )

( 6,982,628 )

E-Commerce Marketplace

PSQ Holdings,

PSQ Holdings, Inc.

(d/b/a PublicSquare)** (3)(4) – Warrants

( 1,964,750 )

Total Options

( 1,964,750 )

( 1,585,722 )

( 6,982,628 )

Online Education

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E-Commerce Marketplace

PSQ Holdings,

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

PSQ Holdings, Inc.

(d/b/a PublicSquare)** (3)(4) – Common shares, Class A

( 8,542,386 )

Total Common Stock

NON-CONTROLLED/AFFILIATE INVESTMENTS* (1)

( 8,542,386 )

TOTAL NON-CONTROLLED/AFFILIATE INVESTMENTS* (1)

$ ( 10,507,136 )

$ ( 3,000,000 )

$ ( 6,598,526 )

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

Equity investments

are subject to lock-up restrictions upon their IPO.

Preferred dividends are generally only

payable when declared and paid by the portfolio company’s board of directors.

The Company’s

directors, officers, employees and staff, as applicable, may serve on the board of directors

of the Company’s portfolio investments.

(Refer to “Note 3—Related-Party

Arrangements”).

All portfolio investments are considered Level 3 and valued using significant

unobservable inputs, unless otherwise noted.

(Refer to “Note 4—Investments at

Fair Value”).

All portfolio investments are considered Level 3 and valued using unobservable

inputs, unless otherwise noted.

All of the Company’s portfolio investments are restricted

as to resale, unless otherwise noted, and were valued at fair value as determined in good

faith by the Company’s Board of Directors.

may be subject to lock-up restrictions upon their IPO.

Preferred dividends are generally

only payable when declared and paid by the portfolio company’s board of directors.

The Company’s directors, officers, employees and staff, as applicable, may serve on

the board of directors of the Company’s portfolio investments.

(Refer to “Note

3—Related-Party Arrangements”).

All portfolio investments are considered Level

3 and valued using significant unobservable inputs, unless otherwise noted.

(Refer to “Note

4—Investments at Fair Value”).

All of the Company’s portfolio investments

are restricted as to resale, unless otherwise noted, and were valued at fair value as determined

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

(Refer to “Note 2—Significant

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TO CONSOLIDATED FINANCIAL STATEMENTS

Indicates assets that SuRo

Capital Corp.

** Indicates assets that SuRo Capital Corp.

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

Of the Company’s

total investments as of December 31, 2023, 14.03% of its total investments are non-qualifying assets.

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

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or policies of such portfolio company.

of December 31, 2023, the investments noted had been placed on non-accrual status.

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

“Note 4—Investments at Fair Value”.

Capital Corp.’s ownership percentage in PSQ Holdings, Inc.

(d/b/a PublicSquare) decreased

to below 5% and as such, PSQ Holdings, Inc.

(d/b/a PublicSquare) was no longer classified

as an “affiliate investment” as of September 30, 2024.

As such, the Company has

reflected a “transfer out” of the “Non-Controlled/Affiliate Investment”

category above as of September 30, 2024 to indicate that the investment in PSQ Holdings,

(d/b/a PublicSquare), while still held as of December 31, 2024, does not meet the criteria

of an affiliate investment as defined in the 1940 Act.

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

wholly owned subsidiary, GSVC SW Holdings, Inc.

August 23, 2019, SuRo Capital Corp.

amended the structure of its investment in OneValley,

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

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

(warrants notwithstanding) were restructured into a derivative security.

OneValley, Inc.

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

ending August 23, 2024, while SuRo Capital Corp.

can put the shares to OneValley, Inc.

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

July 19, 2023, Colombier Acquisition Corp.

(“Colombier”) stockholders approved

a business combination with PSQ Holdings, Inc.

(d/b/a PublicSquare) and related proposals

at a special meeting.

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

announced that it had consummated

the business combination with Colombier pursuant to a merger agreement between the parties,

creating the resultant combined company PSQ Holdings, Inc.

(d/b/a PublicSquare).

Corp.’s shares of PSQ Holdings, Inc.

(d/b/a PublicSquare) Class A Common shares are

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

warrants are freely tradable.

March 1, 2023, Ozy Media, Inc.

suspended operations.

On May 4, 2023, SuRo Capital Corp.

its investment in Ozy Media, Inc.

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.

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Repurchase Program

August 8, 2017, the Company announced a $ 5.0

million discretionary open-market share repurchase program of shares of the Company’s common stock, $ 0.01

par value per share, of up to $ 5.0

million until the earlier of (i) August 6, 2018 or (ii) the repurchase of $ 5.0

August 8, 2017, the Company announced a $ 5.0 million discretionary open-market share repurchase program of shares of the Company’s

common stock, $ 0.01 par value per share, of up to $ 5.0 million until the earlier of (i) August 6, 2018 or (ii) the repurchase of $ 5.0

million in aggregate amount of the Company’s common stock (the “Share Repurchase Program”).

Following several

intervening approvals from the Company’s Board of Directors to increase the amount of shares of the Company’s common

stock that may be repurchased under the discretionary Share Repurchase Program and/or to extend the Share Repurchase Program to

later expiration dates, on October 29, 2024, the Company’s Board of Directors authorized an extension, and increase in the

amount of common shares that may be purchased under, of the Company’s discretionary Share Repurchase

Program until the earlier of (i) October 31, 2025 or (ii) the repurchase of $ 64.3

million in aggregate amount of the Company’s common stock.

Following several intervening

approvals from the Company’s Board of Directors to increase the amount of shares of the Company’s common stock that may be

repurchased under the discretionary Share Repurchase Program and/or to extend the Share Repurchase Program to later expiration dates,

on October 29, 2025, the Company’s Board of Directors authorized an extension, and increase in the amount of common shares that

may be purchased under, of the Company’s discretionary Share Repurchase Program until the earlier of (i) October 31, 2026 or (ii)

the repurchase of $ 64.3 million in aggregate amount of the Company’s common stock.

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

5 unchanged sentences

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

the year ended December 31, 2024, the Company did no t repurchase any shares of the Company’s common stock under the Share Repurchase

During the year ended December 31, 2023, the Company repurchased 186,493 shares of the Company’s common stock under the

Share Repurchase Program.

As of December 31, 2024, the dollar value of shares that remained available to be purchased by the Company

under the Share Repurchase Program was approximately $ 25.0 million.

Dutch Auction Tender Offer

February 20, 2024, the Company commenced a modified “Dutch Auction” tender offer (the “Modified Dutch Auction Tender

Offer”) to purchase up to 2,000,000 shares of its common stock from its stockholders, which expired on April 1, 2024.

In accordance

with the terms of the Modified Dutch Auction Tender Offer, the Company selected the lowest price per share of not less than $ 4.00 per

share and not greater than $ 5.00 per share.

to the Modified Dutch Auction Tender Offer, the Company repurchased 2,000,000 shares, representing 7.9 % of its then-outstanding shares,

on or about April 5, 2024 at a price of $ 4.70 per share.

The Company used available cash to fund the purchase of its shares of common

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

and Restated 2019 Equity Incentive Plan

the years ended December 31, 2025 and 2024, the Company did no t repurchase any shares of the Company’s common stock under the Share

Repurchase Program.

As of December 31, 2025, the dollar value of shares that remained available to be purchased by the Company under

the Share Repurchase Program was approximately $ 25.0 million.

Amended and Restated 2019 Equity Incentive Plan

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

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

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

At-the-Market

July 29, 2020, the Company established an “at-the-market” offering (the “ATM Program”) pursuant to an

At-the-Market Sales Agreement dated July 29, 2020 (as amended on September 23, 2020 and November 8, 2024, the “Sales

Agreement”) with BTIG LLC, Citizens JMP Securities, LLC (f/k/a JMP Securities LLC), Ladenburg Thalmann & Co.

Barrington Research Associates, Inc.

July 29, 2020, the Company established an “at-the-market” offering (the “ATM Program”) pursuant to an At-the-Market

Sales Agreement dated July 29, 2020 (as amended on September 23, 2020 and November 8, 2024, the “Sales Agreement”) with BTIG

LLC, Citizens JMP Securities, LLC (f/k/a JMP Securities LLC), Ladenburg Thalmann & Co.

and Barrington Research Associates, Inc.

(collectively, the “Agents”).

Under the Sales Agreement, the Company may, but has

no obligation to, issue and sell up to $ 150.0

million in aggregate amount of shares of its common stock (the “Shares”) from time to time through the Agents or to them

as principal for their own account (the “ATM Program”).

The Company intends to use the net proceeds from the ATM Program

to make investments in portfolio companies in accordance with its investment objective and strategy and for general corporate

CAPITAL CORP.

AND SUBSIDIARIES

TO CONSOLIDATED FINANCIAL STATEMENTS

Under the Sales Agreement, the Company may, but has no obligation to, issue and sell up to

$ 150.0 million in aggregate amount of shares of its common stock (the “Shares”) from time to time through the Agents or to

them as principal for their own account.

The Company intends to use the net proceeds from the ATM Program to make investments in portfolio

companies in accordance with its investment objective and strategy and for general corporate purposes.

of the Shares, if any, will be made by any method that is deemed to be an “at-the-market” offering as defined in Rule 415

6 unchanged sentences

under the Sales Agreement and reimbursement of certain expenses.

The Sales Agreement contains customary representations, warranties and

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

the years ended December 31, 2024 and 2023, the Company did not issue or sell Shares under the ATM Program.

As of December 31, 2024, up

to approximately $ 98.8 million in aggregate amount of the Shares remain available for sale under the ATM Program.

During the year ended December 31, 2025, the Company paid total commissions

and expenses of approximately $ 200,000 , representing approximately 1.8 % of gross proceeds.

The Sales Agreement contains customary representations,

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

CAPITAL CORP.

AND SUBSIDIARIES

TO CONSOLIDATED FINANCIAL STATEMENTS

the year ended December 31, 2025, the Company sold 1,237,579 Shares under the ATM Program.

During the year ended December 31, 2024, the

Company did not issue or sell Shares under the ATM Program.

As of December 31, 2025, up to approximately $ 87.9 million in aggregate amount

of the Shares remain available for sale under the ATM Program.

following table summarizes certain information relating to shares sold under the ATM Program:

OF SHARES SOLD UNDER ATM PROGRAM

Year Ended December 31,

Number of shares sold

Gross proceeds received

Net proceeds received

Weighted average price per share

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

1 unchanged sentence

pursuant to ASC 260, for the years ended December 31, 2025, 2024 and 2023.

SCHEDULE OF BASIC AND

DILUTED COMMON SHARE

Year Ended December 31,

OF BASIC AND DILUTED COMMON SHARE

Ended December 31,

Earnings per common share–basic:

1 unchanged sentence

$ ( 38,124,247 )

$ ( 132,177,053 )

Weighted-average common shares–basic

3 unchanged sentences

$ ( 38,124,247 )

$ ( 132,177,053 )

Adjustment for interest and amortization on 6.50 % Convertible Notes due 2029 (1)

1 unchanged sentence

$ ( 38,124,247 )

$ ( 132,177,053 )

Adjustment for dilutive effect of 6.50 % Convertible Notes due 2029 (1)

1 unchanged sentence

Earnings per common share–diluted

the year ended December 31, 2024, 3,870,969

potentially dilutive common shares were excluded from the weighted-average common shares outstanding for diluted net decrease in net

assets resulting from operations per common shares because the effect of these shares would have been anti-dilutive.

For the years

ended December 31, 2023 and 2022, there were no

potentially dilutive securities outstanding.

the year ended December 31, 2024, 3,870,969 potentially dilutive common

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

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

these shares would have been anti-dilutive.

For the year ended December 31, 2023, there were no potentially dilutive securities outstanding.

7— COMMITMENTS AND CONTINGENCIES

the normal course of business, the Company may enter into investment agreements under which it commits to make an investment in a portfolio

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

the normal course of business, the Company may enter into investment agreements under which it commits to make an investment in a

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

On December 31, 2025, the Company committed up to $ 20,000,000

to Magnetar Opportunity 2025-4 LP that required it to make future investments subject to the satisfaction of certain conditions.

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

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On September 1, 2024,

the Company extended the previous operating lease for office space for an additional term of three years and three months, expiring March

The lease expense is presented as a single lease cost that is amortized on a straight-line basis over the life of the lease.

of December 31, 2024 and December 31, 2023, the Company booked a right-of-use asset and operating lease liability of $ 446,349

and $ 112,485 ,

respectively, on the Consolidated Statement of Assets and Liabilities .

the Company extended the previous operating lease for office space for an additional term of three years and three months, with an estimated

commencement date of January 1, 2025 and expiring March 31, 2028.

On February 7, 2025, the Company executed a commencement letter, upon

which the lease term was amended to begin on February 13, 2025 and expiring May 12, 2028.

The lease expense is presented as a single

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

of December 31, 2025 and December 31, 2024, the Company booked a right-of-use asset and operating lease liability of $ 327,932 and $ 446,349 ,

respectively, on the Consolidated Statements of Assets and Liabilities .

As of December 31, 2025 and December 31, 2024, the Company recorded

a security deposit of $ 16,574

and $ 16,574 ,

respectively, on the Consolidated Statement of Assets and Liabilities.

For the years ended December 31, 2024 and 2023, the Company incurred

and $ 204,109 ,

respectively, of operating lease expense.

The amounts reflected on the Consolidated Statement of Assets and Liabilities have been discounted

using the rate implicit in the lease.

As of December 31, 2024, the remaining lease term was 3.3

years and the discount rate was 3.00 %.

a security deposit of $ 16,574 and $ 16,574 , respectively, on the Consolidated Statements of Assets and Liabilities.

For the years ended

December 31, 2025 and 2024, the Company incurred $ 130,462 and $ 171,063 , respectively, of operating lease expense.

The amounts reflected

on the Consolidated Statements of Assets and Liabilities have been discounted using the rate implicit in the lease.

As of December 31,

2025, the remaining lease term was 2.4 years and the discount rate was 3.00 %.

following table shows future minimum payments under the Company’s operating lease as of December 31, 2025:

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Per Basic Share Data

Net asset value at beginning of the year

Net asset value at beginning of year

Net asset value

Net investment loss (1)

realized gain/(loss) on investments (1)

Net realized gain/(loss) on investments (1)

Realized loss on partial repurchase of 6.00% Notes due December 30, 2026 (1)

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for dividends and equity issuances.

the year ended December 31, 2021, the Company excluded $ 100,274

of non-recurring expenses.

For the year ended December 31, 2020, the Company excluded $ 1,962,431

of non-recurring expenses.

Because the ratios are calculated for the Company’s common stock taken as a whole, an individual investor’s ratios may vary

from these ratios.

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

Because the ratios are calculated for the Company’s common stock taken as a whole,

an individual investor’s ratios may vary from these ratios.

9— INCOME TAXES

Company elected to be treated and intends to qualify annually as a RIC under Subchapter M of the Code and, as such, will not be

subject to U.S.

Company elected to be treated and intends to qualify annually as a RIC under Subchapter M of the Code and, as such, will not be subject

federal income tax on the portion of taxable income (including gains) timely distributed as dividends for U.S.

federal income tax purposes to stockholders.

Taxable income includes the Company’s taxable interest, dividend and fee income,

reduced by certain deductions, as well as taxable net realized investment gains.

Taxable income generally differs from net income

for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses, and generally

excludes net unrealized appreciation or depreciation, as such gains or losses are not included in taxable income until they are

federal income

tax purposes to stockholders.

Taxable income includes the Company’s taxable interest, dividend and fee income, reduced by certain

deductions, as well as taxable net realized investment gains.

Taxable income generally differs from net income for financial reporting

purposes due to temporary and permanent differences in the recognition of income and expenses, and generally excludes net unrealized

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

CAPITAL CORP.

1 unchanged sentence

TO CONSOLIDATED FINANCIAL STATEMENTS

qualify as a RIC, the Company is required to meet certain income and asset diversification tests in addition to

distributing dividends of an amount generally at least equal to 90 % of its investment company taxable income, as defined by the Code

and determined without regard to any deduction for distributions paid, to its stockholders.

The amount to be paid out as a distribution

is determined by the Board of Directors each quarter and is based upon the annual earnings estimated by the management of the Company.

To the extent that the Company’s earnings fall below the amount of dividend distributions declared, however, a portion of the total

amount of the Company’s distributions for the fiscal year may be deemed a return of capital for tax purposes to the Company’s

stockholders.

qualify as a RIC, the Company is required to meet certain income and asset diversification tests in addition to distributing dividends

of an amount generally at least equal to 90 % of its investment company taxable income, as defined by the Code and determined without

regard to any deduction for distributions paid, to its stockholders.

The amount to be paid out as a distribution is determined by the

Board of Directors each quarter and is based upon the annual earnings estimated by the management of the Company.

To the extent that

the Company’s earnings fall below the amount of dividend distributions declared, however, a portion of the total amount of the

Company’s distributions for the fiscal year may be deemed a return of capital for tax purposes to the Company’s stockholders.

a RIC, the Company will be subject to a 4 % nondeductible U.S.

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Company has subsidiaries that are classified as corporations for U.S.

federal income tax purposes which hold certain portfolio

investments in an effort to limit potential legal liability and/or comply with source-income type requirements contained in the RIC

tax provisions of the Code.

These subsidiaries are consolidated for GAAP and the portfolio investments held by the subsidiaries are

included in the Company’s consolidated financial statements and are recorded at fair value.

These subsidiaries are not

consolidated with the Company for U.S.

federal income tax purposes and may generate income tax expense, or benefit, and tax assets

and liabilities as a result of their ownership of certain portfolio investments.

Any income generated by these subsidiaries

generally would be subject to U.S.

federal income tax imposed at corporate rates.

federal income tax purposes which hold certain portfolio investments

in an effort to limit potential legal liability and/or comply with source-income type requirements contained in the RIC tax provisions

These subsidiaries are consolidated for GAAP and the portfolio investments held by the subsidiaries are included in the

Company’s consolidated financial statements and are recorded at fair value.

These subsidiaries are not consolidated with the Company

federal income tax purposes and may generate income tax expense, or benefit, and tax assets and liabilities as a result of their

ownership of certain portfolio investments.

Any income generated by these subsidiaries generally would be subject to U.S.

federal income

tax imposed at corporate rates.

Company intends to timely distribute to its stockholders substantially all of its annual taxable income for each year, except that it

8 unchanged sentences

in taxable income until they are realized.

Company has elected to be treated and qualifies annually as a regulated investment company (“RIC”) under Subchapter M of

the Internal Revenue Code and, accordingly, is not subject to U.S.

federal income tax on the portion of its taxable income that is distributed

to stockholders.

As a result, the Company does not record U.S.

federal income tax expense at the RIC level.

income tax expense presented below relates solely to the Company’s taxable subsidiaries, which are subject to U.S.

state corporate income taxes.

The following table reconciles the statutory U.S.

federal income tax rate to the Company’s effective

income tax rate for the years presented.

CAPITAL CORP.

AND SUBSIDIARIES

TO CONSOLIDATED FINANCIAL STATEMENTS

OF EFFECTIVE INCOME TAX RATE RECONCILIATION

Year Ended December 31, 2025

Reconciling Item

federal statutory income tax at 21%

Dividends-paid deduction / RIC qualification

( 10,249,751 )

State and local income taxes, net of federal benefit

Blocker corporation income taxes (refund)

Nondeductible expenses and other, net

Effective income tax expense

$ ( 196,454 )

paid for income taxes represents amounts paid by the Company’s taxable subsidiaries, as the Company’s RIC income is generally

not subject to U.S.

federal income tax.

In accordance with ASU 2023-09, cash income taxes paid are disaggregated by jurisdiction for

the years presented below.

OF FEDERAL INCOME TAX

Year Ended December 31, 2025

Federal - Blocker Corporation

Total Cash Taxes Paid

$ ( 196,454 )

following states individually make up greater than 5% and in the aggregate greater than 50% of the Company’s state taxes paid:

OF AGGREGATE INCOME TAX

Year Ended December 31, 2025

Total Cash Taxes Paid

accordance with ASU 2023-09, the following table presents income tax expense (benefit) by domestic federal, domestic state, and foreign

OF PROVISION FOR INCOME TAXES

Year Ended December 31, 2025

Federal - Blocker Corporation

Total Income Tax Expense from Continuing Operations

$ ( 196,454 )

the year ended December 31, 2025, all of the Company’s income (loss) before income taxes and income taxes (benefit) was attributable

to domestic operations.

The Company did not have any foreign income (loss) or foreign income tax expense (benefit) for the year.

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

7 unchanged sentences

accounting purposes, the Company and the Taxable Subsidiaries identified their major tax jurisdictions as U.S.

federal, New York,

and California and may be subject to the taxing authorities’ examination for the tax years 2021–2023 for federal and New

York and 2020–2023 in California, respectively.

Further, the Company and the Taxable

Subsidiaries accrue all interest and penalties related to uncertain tax positions as incurred.

As of December 31, 2024, there were

no material interest or penalties incurred related to uncertain tax positions.

federal, New York, and

California and may be subject to the taxing authorities’ examination for the tax years 2022–2024 for federal and New York

and 2021–2024 in California, respectively.

Further, the Company and the Taxable Subsidiaries accrue all interest and penalties

related to uncertain tax positions as incurred.

As of December 31, 2025, there were no material interest or penalties incurred related

to uncertain tax positions.

differences between ICTI and net investment income for financial reporting purposes are reclassified among capital accounts in the consolidated

11 unchanged sentences

Accumulated net realized gains from investments

( 2,953,733 )

general, the Company makes certain adjustments to the classification of net assets as a result of permanent book-to-tax differences, which may

include nondeductible federal excise taxes and net operating losses, among other items.

income tax purposes, distributions paid to stockholders are reported as ordinary income, return of capital, long term capital gains

or a combination thereof.

The tax character of distributions declared in the years ended December 31, 2024, 2023, and 2022 was as

general, the Company makes certain adjustments to the classification of net assets as a result of permanent book-to-tax differences,

which may include nondeductible federal excise taxes and net operating losses, among other items.

income tax purposes, distributions paid to stockholders are reported as ordinary income, return of capital, long term capital gains or

a combination thereof.

The tax character of distributions declared in the years ended December 31, 2025, 2024, and 2023 was as follows:

SCHEDULE OF TAX

5 unchanged sentences

Distributions on a tax basis

federal income tax purposes, the tax cost of investments owned at December 31, 2024 and 2023, was $ 252,563,617 and $ 268,353,952 ,

respectively.

The gross unrealized appreciation and gross unrealized depreciation on investments owned at December 31, 2024 was $ 31,354,369

and $ 74,537,243 ,

respectively, and on investments owned at December 31, 2023 was $ 73,341,574

and $ 93,803,419 ,

respectively.

The net unrealized appreciation/(depreciation) on investments owned at December 31, 2024 and 2023, was $( 43,182,874 ) and

$( 20,461,845 ), respectively.

federal income tax purposes, the tax cost of investments owned at December 31, 2025 and 2024, was $ 234,213,929 and $ 252,563,617 , respectively.

The gross unrealized appreciation and gross unrealized depreciation on investments owned at December 31, 2025 was $ 74,667,720 and $ 83,370,142 , respectively,

and on investments owned at December 31, 2024 was $ 31,354,369 and $ 74,537,243 , respectively.

The net unrealized appreciation/(depreciation)

on investments owned at December 31, 2025 and 2024, was $( 8,702,422 ) and $ ( 43,182,874 ) , respectively.

December 31, 2025 and 2024, the components of distributable earnings on a tax basis detailed below differ from the amounts reflected

in the Company’s Consolidated Statements of Assets and Liabilities by temporary and other book/tax differences, primarily

relating to the tax treatment of certain investments in partnerships and wholly owned subsidiary corporations, and organizational

expenses, as follows:

in the Company’s Consolidated Statements of Assets and Liabilities by temporary and other book/tax differences, primarily relating

to the tax treatment of certain investments in partnerships and wholly owned subsidiary corporations, and organizational expenses, as

SCHEDULE OF COMPONENTS

2 unchanged sentences

Undistributed ordinary loss

Accumulated net realized losses on investments

( 21,758,298 )

Accumulated net realized gains/(losses) on investments

( 21,758,298 )

39 unchanged sentences

As of December 31, 2025 and December 31, 2024, the Company had

deferred debt issuance costs of $ 468,562

and $ 1,254,793 ,

respectively, associated with the 6.00% Notes due 2026.

The table below shows a reconciliation from the aggregate principal amount of

6.00% Notes due 2026 to the balance shown on the Consolidated Statements of Assets and Liabilities.

SCHEDULE OF CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2024

December 31, 2023

Aggregate principal amount of 6.00% Notes due 2026

Direct deduction of deferred debt issuance costs

( 1,254,793 )

deferred debt issuance costs of $ 187,676 and $ 468,562 , respectively, associated with the 6.00% Notes due 2026.

The table below shows

a reconciliation from the aggregate principal amount of 6.00% Notes due 2026 to the balance shown on the Consolidated Statements of Assets

and Liabilities.

OF RECONCILIATION

FROM AGGREGATE PRINCIPAL AMOUNT OF 6.00% NOTES DUE 2026

principal amount of 6.00% Notes due 2026

deduction of deferred debt issuance costs

6.00% Notes due 2026 are listed for trading on the Nasdaq Global Select Market under the symbol “SSSSL”.

3 unchanged sentences

and December 31, 2024, the fair value of the 6.00% Notes due 2026 was $ 35.8 million and $ 43.8 million, respectively.

August 6, 2024, the Company’s Board of Directors approved a discretionary note repurchase program (the “Note Repurchase Program”),

which allows the Company to repurchase up to 46.67 %, or $ 35.0 million in aggregate principal amount, of its 6.00% Notes due 2026 through

open market purchases, including block purchases, in such manner as will comply with the provisions of the 1940 Act and the Exchange

During the year ended December 31, 2024, the Company repurchased and retired $ 30.3 million of aggregate principal amount

of the 6.00% Notes due 2026.

CAPITAL CORP.

1 unchanged sentence

TO CONSOLIDATED FINANCIAL STATEMENTS

August 6, 2024, the Company’s Board of Directors approved a discretionary note repurchase program (the “Note Repurchase Program”),

which allows the Company to repurchase up to $ 35.0 million of its 6.00 % Notes due 2026 through open market purchases, including block

purchases, in such manner as will comply with the provisions of the 1940 Act and the Exchange Act.

During the year ended December 31,

2024, the Company repurchased and retired $ 30.3 million of aggregate principal amount of the 6.00 % Notes due 2026.

October 29, 2025, the Company’s Board of Directors approved an extension of the discretionary note repurchase program (the “Note

Repurchase Program”) which allows the Company to repurchase up to an additional $ 40.0 million or the remaining aggregate principal

amount, of its 6.00% Notes due 2026 through open market purchases, including block purchases, in such manner as will comply with the

provisions of the 1940 Act and the Exchange Act.

During the year ended December 31, 2025, the Company repurchased and retired $ 8.8 million

aggregate principal amount of the 6.00% Notes due 2026.

As of December 31, 2025, the dollar value of the 6.00% Notes due 2026 aggregate

principal amount was approximately $ 35.8 million.

Convertible Notes due 2029

August 14, 2024, the Company privately issued $ 25.0 million aggregate principal amount of its 6.50% Convertible Notes due 2029 (the

“Initial Notes”) pursuant to a Note Purchase Agreement (the “Note Purchase Agreement”) between the Company

and the purchaser identified therein (the “Purchaser”).

On October 9, 2024, the Company issued an additional $ 5.0 million

in aggregate principal amount of 6.50% Convertible Notes due 2029 (the “Additional Notes”), which are treated as a single series with the Initial Notes.

As of December 31, 2024,

$ 30.0 million of 6.50% Convertible Notes due 2029 had been issued.

6.50% Convertible Notes due 2029 bear interest at a rate of 6.50 %

per year, payable

quarterly in arrears on March 30, June 30, September 30, and December 30 of each year, commencing on September 30, 2024.

Convertible Notes due 2029 have a maturity date of August

14, 2029 , unless previously repurchased, redeemed

or converted in accordance with the terms of the Notes Purchase Agreement.

The Company has the right to redeem the 6.50%

Convertible Notes due 2029, in whole or in part, at any time or from time to time, on or after August 6, 2027, upon the fulfillment of certain conditions.

6.50% Convertible Notes due 2029 will be convertible into shares of the Company’s common stock at the Purchaser’s sole

discretion at an initial conversion rate of 129.0323 shares of common stock per $1,000 principal amount of the 6.50% Convertible

Notes due 2029, which represent a conversion price of approximately $ 7.75

per share, subject to adjustment as provided in the Notes Purchase Agreement.

Upon evaluation, the Company has identified an embedded derivative within the Notes Purchase Agreement.

the Company may incur a potential liability.

As of December 31, 2024, the potential liability was $ 0 .

Management will continue to assess

the fair value of the embedded derivative at each reporting period.

August 14, 2024, the Company privately issued $ 25.0 million aggregate principal amount of its 6.50% Convertible Notes due 2029 (the “Initial

Notes”) pursuant to a Notes Purchase Agreement, as Amended and Restated on December 12, 2025 (the “Notes Purchase Agreement”), between the Company and the purchaser

identified therein (the “Purchaser”).

On October 9, 2024, the Company issued an additional $ 5.0 million in aggregate principal

amount of 6.50% Convertible Notes due 2029 (the “Additional Notes”), which are treated as a single series with the Initial

On January 16, 2025, the Company issued $ 5.0 million in Additional Notes, which are treated as a single series with the Initial

Notes and prior issuances of Additional Notes.

As of December 31, 2025, $ 35.0 million of 6.50% Convertible Notes due 2029 had been issued.

6.50% Convertible Notes due 2029 bear interest at a rate of 6.50 % per year, payable quarterly in arrears on March 30, June 30, September

30, and December 30 of each year, commencing on September 30, 2024.

The 6.50% Convertible Notes due 2029 have a maturity date of August

14, 2029 , unless previously repurchased, redeemed or converted in accordance with the terms of the Notes Purchase Agreement.

has the right to redeem the 6.50% Convertible Notes due 2029, in whole or in part, at any time or from time to time, on or after August

6, 2027, upon the fulfillment of certain conditions.

The Company has determined that the Conversion Cap Cash Payment feature included in the Convertible Note is an embedded

derivative that meets the equity classification criteria.

As such, the feature is not bifurcated and is accounted for as part of the debt

instrument, which is recorded at amortized cost.

The Company continues to assess this feature to determine if a future event would require

6.50% Convertible Notes due 2029 are convertible into shares of our common stock at the Purchaser’s sole discretion at an initial

conversion rate of 129.0323 shares of common stock per $1,000 principal amount of the 6.50% Convertible Notes due 2029, subject to adjustment

as provided in the Notes Purchase Agreement.

as of July 21, 2025, the

conversion rate applicable to the 6.50% Convertible Notes due 2029 was adjusted to $7.53 per share (132.7530 shares of the Company’s

common stock per $1,000 principal amount of the 6.50% Convertible Notes due 2029) from the initial conversion price of $7.75 per share

(129.0323 shares of the Company’s common stock per $1,000 principal amount of the 6.50% Convertible Notes due 2029), which had

been effective since issuance.

The adjustment

to the conversion rate of the 6.50% Convertible Notes due 2029 was made pursuant to the Notes Purchase Agreement governing the 6.50% Convertible

Notes due 2029 as a result of the Company’s cash dividend of $ 0.25

per share, paid on July 31, 2025 to stockholders of record

as of the close of business on July 21, 2025.

Effective as of November 21, 2025, the conversion rate applicable to the 6.50% Convertible Notes due 2029 was adjusted

to $7.32 per share (136.5633 shares of the Company’s common stock per $1,000 principal amount of the 6.50% Convertible Notes due

2029) from the most recent conversion price of $7.53 per share (132.7530 shares of the Company’s common stock per $1,000 principal

amount of the 6.50% Convertible Notes due 2029), which had been effective since July 21, 2025.

The adjustment to the conversion rate of

the 6.50% Convertible Notes due 2029 was made pursuant to the Notes Purchase Agreement governing the 6.50% Convertible Notes due 2029 as

a result of the Company’s cash dividend of $ 0.25 per share, paid on December 5, 2025 to stockholders of record as of the close of

business on November 21, 2025.

6.50% Convertible Notes due 2029 are direct unsecured obligations of the Company and rank pari passu, or equal in right of payment,

5 unchanged sentences

on the outstanding principal amount of the 6.50% Convertible Notes due 2029 shall increase as of the date of such entry to 7.00 % per

The table below shows a reconciliation from the aggregate principal amount of 6.50% Convertible Notes due 2029 to

the balance shown on the Consolidated Statements of Assets and Liabilities.

SCHEDULE OF CONDENSED CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2024

Aggregate principal amount of 6.50% Convertible Notes due 2029

Direct deduction of deferred debt issuance costs

11— STOCK-BASED COMPENSATION

and Restated 2019 Equity Incentive Plan

June 19, 2020, the Company’s Board of Directors adopted, and the Company’s stockholders approved, an amendment and restatement

of the Company’s 2019 Equity Incentive Plan (the “Amended & Restated 2019 Equity Incentive Plan”) under which the

Company is authorized to grant equity awards for up to 1,627,967 shares of its common stock.

In accordance with the exemptive relief

granted to the Company by the SEC on June 16, 2020 with respect to the Amended & Restated 2019 Equity Incentive Plan, the Company

is generally authorized to (i) issue restricted shares as part of the compensation package for certain of its employees, officers and

all directors, including non-employee directors (collectively, the “Participants”), (ii) issue options to acquire shares

of its common stock (“Options”) to certain employees, officers and employee directors as a part of such compensation packages,

(iii) withhold shares of the Company’s common stock or purchase shares of common stock from the Participants to satisfy tax withholding

obligations relating to the vesting of restricted shares or the exercise of Options granted to the certain Participants pursuant to the

Amended & Restated 2019 Equity Incentive Plan, and (iv) permit the Participants to pay the exercise price of Options granted to them

with shares of the Company’s common stock.

CAPITAL CORP.

1 unchanged sentence

TO CONSOLIDATED FINANCIAL STATEMENTS

the Amended & Restated 2019 Equity Incentive Plan, each non-employee director will receive an annual grant of $ 50,000 worth of restricted

shares of common stock (based on the closing stock price of the common stock on the grant date).

Each grant of $ 50,000 in restricted

shares will vest, in full, if the non-employee director is in continuous service as a director of the Company through the anniversary

of such grant (or, if earlier, the annual meeting of the Company’s stockholders that is closest to the anniversary of such grant).

During the year ended December 31, 2024, the Company granted 48,192 restricted shares to the Company’s non-employee directors

pursuant to the Amended & Restated 2019 Equity Incentive Plan.

Additionally, on May 31, 2024, 60,060 restricted shares related to

the 2023 non-employee director grants vested.

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

basis over the respective vesting periods.

table below shows a reconciliation from the aggregate principal amount of 6.50% Convertible Notes due 2029 to the balance shown on the

Consolidated Statements of Assets and Liabilities.

OF RECONCILIATION

FROM AGGREGATE PRINCIPAL AMOUNT OF 6.50% CONVERTIBLE NOTES DUE 2029

Aggregate principal amount of 6.50% Convertible Notes due 2029

Direct deduction of deferred debt issuance costs

11— STOCK-BASED COMPENSATION

Amended and Restated 2019 Equity Incentive Plan

May 28, 2025, the Company’s Board of Directors adopted, and the Company’s stockholders approved, an amendment and restatement

of the Company’s Amended and Restated 2019 Equity Incentive Plan (the “Second Amended & Restated 2019 Equity Incentive

Plan”) under which the Company is authorized to grant equity awards for up to 2,390,186 shares of its common stock.

In accordance

with the exemptive relief granted to the Company by the SEC on June 16, 2020 with respect to the Second Amended & Restated 2019 Equity

Incentive Plan, the Company is generally authorized to (i) issue restricted shares as part of the compensation package for certain of

its employees, officers and all directors, including non-employee directors (collectively, the “Participants”), (ii) issue

options to acquire shares of its common stock (“Options”) to certain employees, officers and employee directors as a part

of such compensation packages, (iii) withhold shares of the Company’s common stock or purchase shares of common stock from the

Participants to satisfy tax withholding obligations relating to the vesting of restricted shares or the exercise of Options granted to

the certain Participants pursuant to the Second Amended & Restated 2019 Equity Incentive Plan, and (iv) permit the Participants to

pay the exercise price of Options granted to them with shares of the Company’s common stock.

the Second Amended & Restated 2019 Equity Incentive Plan, each non-employee director will receive an annual grant of $ 50,000 worth

of restricted shares of common stock (based on the closing stock price of the common stock on the grant date).

Each grant of $ 50,000

in restricted shares will vest, in full, if the non-employee director is in continuous service as a director of the Company through the

anniversary of such grant (or, if earlier, the annual meeting of the Company’s stockholders that is closest to the anniversary

of such grant).

During the year ended December 31, 2025, the Company granted 31,248 restricted shares to the Company’s non-employee

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

Additionally, on May 28, 2025, 48,192 restricted

shares related to the 2024 non-employee director grants vested.

Compensation expense associated with the restricted shares is recognized

on a quarterly basis over the respective vesting periods.

than such restricted shares granted to non-employee directors, the Compensation Committee of the Company’s Board of Directors may

determine the time or times at which Options and restricted shares granted to other Participants will vest or become payable or exercisable,

determine the time or times at which restricted shares and Options granted to other Participants will vest or become payable or exercisable,

as applicable.

7 unchanged sentences

granted to a 10% Stockholder, the term of an incentive stock option will be for no more than five years from the date of grant.

the year ended December 31, 2024, the Company granted 125,000 restricted shares to the Company’s officers pursuant to the

the year ended December 31, 2025, the Company granted 525,421 restricted shares to the Company’s officers pursuant to the Second

Amended & Restated 2019 Equity Incentive Plan.

the year ended December 31, 2024 and 2023, the Company recognized stock-based compensation expense of $ 2,550,638 and $ 2,920,526 , respectively,

the years ended December 31, 2025 and 2024, the Company recognized stock-based compensation expense of $ 1,263,225 and $ 2,550,638 , respectively,

not including executive and employee forfeits.

3 unchanged sentences

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

CAPITAL CORP.

AND SUBSIDIARIES

TO CONSOLIDATED FINANCIAL STATEMENTS

following table summarizes the activities for the Company’s restricted share grants for the year ended December 31, 2025 under

the Amended & Restated 2019 Equity Incentive Plan:

the Second Amended & Restated 2019 Equity Incentive Plan:

OF EQUITY INCENTIVE PLAN

2 unchanged sentences

Outstanding as of December 31, 2025

Vested as of December 31, 2024

Total vested since inception as of December 31, 2025

including unvested dividends.

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

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

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

that the Company is authorized to withhold the Common Stock at the time the restricted shares are vested and taxed in satisfaction of

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

Second Amended & Restated 2019 Equity Incentive Plan provides for the concept of “net

share settlement.” Specifically, it provides that the Company is authorized to withhold

the Common Stock at the time the restricted shares are vested and taxed in satisfaction of

the Participant’s tax obligations.

CAPITAL CORP.

AND SUBSIDIARIES

TO CONSOLIDATED FINANCIAL STATEMENTS

12— SUBSEQUENT EVENTS

January 1, 2025 through March 11, 2025, the Company made the following follow-on investments (not including capitalized transaction

SCHEDULE OF INVESTMENTS

January 1, 2026 through March 10, 2026, the Company made the following investments (not including

capitalized transaction costs).

OF INVESTMENTS BY COMPANY

Opportunity 2025-4 LP (1)

(1) Magnetar Opportunity

2025-4 LP is a special purpose vehicle invested in TensorWave, Inc.

On December 31, 2025, SuRo Capital committed up to $ 20.0

million to Magnetar Opportunity 2025-4 LP.

As of March 10, 2026, $ 5.0

million of the $ 20.0

million capital commitment to Magnetar Opportunity 2025-4 LP had been funded.

The remaining commitment of up to $ 15.0

million is subject to the satisfaction of certain conditions.

From January 1,

2026 through March 10, 2026, the Company exited or received proceeds from the following investments.

OF INVESTMENTS

Portfolio Company

Transaction Date

Orchard Technologies, Inc.

Preferred shares, Series 1

Orchard Technologies, Inc.

Simple Agreement for Future Equity

Average Net Share Price (1)

Realized Gain

GrabAGun Digital Holdings Inc.

- Common Shares (2)

True Global Ventures 4 Plus Pte Ltd

(1) The average net

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

of March 10, 2026, we continue to hold 933,420

shares of GrabAGun Digital Holdings, Inc.

February 26, 2026, SuRo Capital’s Whoop, Inc.

SAFE Note converted

into shares of Series G-2 Preferred Stock.

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

7 unchanged sentences

equity investments will be effectuated.

Notes due 2026 - Note Repurchase Program

January 6, 2025 and January 8, 2025, the Company repurchased an additional 199,990 units of the 6.00% Notes due 2026 under the Note Repurchase

Program resulting in the total use of the authorized available funds.

Convertible Notes Due 2029

January 16, 2025, the Company issued and sold $ 5.0 million

in aggregate principal amount of Additional Notes to the Purchaser pursuant to the Notes Purchase Agreement.

The Additional Notes

are treated as a single series with the initial issuance of $ 25.0 million in aggregate principal amount of the outstanding 6.50 %

Convertible Notes due 2029 and the additional $ 5.0 million issuance of the 6.50% Convertible Notes due 2029 on October 9, 2024

(together, the “Existing Notes”) and have the same terms as the Existing Notes.

The Additional Notes are fungible and rank

equally with the Existing Notes.

Upon issuance of the Additional Notes on January 16, 2025, the outstanding aggregate principal amount of the 6.50 %

Convertible Notes due 2029 became $ 35.0 million.

CAPITAL CORP.

4 unchanged sentences

Quarter Ended

December 31, 2024

September 30,

7 unchanged sentences

Net Realized Gain/(Loss) on Investments

( 13,713,512 )

Loss on Extinguishment of Debt

1 unchanged sentence

( 21,286,968 )

( 6,965,946 )

( 18,418,370 )

Net Increase/(Decrease) in Net Assets Resulting from Operations

1 unchanged sentence

$ ( 806,715 )

$ ( 22,065,346 )

Net Increase/(Decrease) in Net Assets from Operations per Common Share:

13 unchanged sentences

( 13,713,512 )

( 13,270,199 )

Loss on Extinguishment of Debt

Net Change in Unrealized Appreciation/(Depreciation) of Investments

( 5,199,046 )

( 6,965,946 )

( 18,418,370 )

Net Increase/(Decrease) in Net Assets Resulting from Operations

1 unchanged sentence

$ ( 10,651,183 )

$ ( 22,065,346 )

Net Increase/(Decrease) in Net Assets from Operations per Common Share:

1 unchanged sentence

Weighted Average Common Shares Outstanding–Diluted

CAPITAL CORP.

AND SUBSIDIARIES

TO CONSOLIDATED FINANCIAL STATEMENTS

Quarter Ended

11 unchanged sentences

( 13,270,199 )

( 1,966,225 )

Net Change in Unrealized Appreciation/(Depreciation) of Investments

( 8,973,578 )

( 36,951,920 )

( 88,562,575 )

Net Increase/(Decrease) in Net Assets Resulting from Operations

1 unchanged sentence

$ ( 15,620,024 )

$ ( 94,339,688 )

Net Increase/(Decrease) in Net Assets from Operations per Common Share:

1 unchanged sentence

Weighted Average Common Shares Outstanding–Diluted

CAPITAL CORP.

AND SUBSIDIARIES

TO CONSOLIDATED FINANCIAL STATEMENTS

14— SUPPLEMENTAL FINANCIAL DATA

Financial Information of Unconsolidated Subsidiaries

accordance with the SEC’s Regulation S-X and GAAP, the Company is not permitted to consolidate any subsidiary or other entity that

is not an investment company, including those in which the Company has a controlling interest;

however, the Company must disclose certain

financial information related to any subsidiaries or other entities that are considered to be “significant subsidiaries”

under the applicable rules of Regulation S-X.

accordance with the SEC’s Regulation S-X and GAAP, 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;

however, the Company must disclose certain financial information

related to any subsidiaries or other entities that are considered to be “significant subsidiaries” under the applicable rules

of Regulation S-X.

May 2020, the SEC adopted rule amendments that impacted the requirement of investment companies, including BDCs, to disclose the financial

2 unchanged sentences

of “significant subsidiary” set forth in Rule 1-02(w)(2) of Regulation S-X under the Securities Act.

Rules 3-09 and 4-08(g)

of Regulation S-X require investment companies to include separate financial statements or summary financial information, respectively,

in such investment company’s periodic reports for any portfolio company that meets the definition of “significant subsidiary.”

The Final Rules amended the definition of “significant subsidiary” in a manner that was intended to more accurately capture

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

In accordance with Rules

3-09, 4-08(g), and 10-01(b)(1) of Regulation S-X, the Company must determine if any of its unconsolidated subsidiaries are considered

a “significant subsidiary.” The Final Rules amended the definition of “significant subsidiary” in a manner that

was intended to more accurately capture those portfolio companies that were more likely to materially impact the financial condition

of an investment company.

Company had no controlled portfolio companies as of December 31, 2025.

The Company’s controlled portfolio company as of December

Colombier Sponsor II LLC, did not meet the definition of a “significant subsidiary” as set forth in Rule 1-02(w)(2) of Regulation

The Company’s three controlled portfolio companies as of December 31, 2023, SPBRX, INC.

(f/k/a GSV Sustainability Partners,

Inc.), Architect Capital PayJoy SPV, LLC, and Colombier Sponsor II LLC, did not meet the definition of significant subsidiaries under

the Final Rules.

in and Disagreements with Accountants on Accounting and Financial Disclosure

31, 2024, Colombier Sponsor II LLC, did not meet the definition of a “significant subsidiary” as set forth in Rule 1-02(w)(2)

of Regulation S-X.

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

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

What changed 10-K

Item 8. Financial Statements and Supplementary Data