What changed in this filing

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Item 1. Financial Statements

2026-05-06 compared with 2025-11-06 · 1241 added, 1393 removed, 1304 unchanged (67% of the section changed)

3 unchanged sentences

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

September 30, 2025 (UNAUDITED)

March 31, 2026 (UNAUDITED)

December 31, 2025 (AUDITED)

Investments at fair value:

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

respectively)

Non-controlled/non-affiliate investments (cost of $ 223,515,250 and $ 219,216,145 , respectively)

$ 381,596,305

1 unchanged sentence

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

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

Total Investments (cost of $ 245,124,890 and $ 240,825,785 , respectively)

Restricted cash

Escrow proceeds receivable

Interest and dividends receivable

10 unchanged sentences

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

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

outstanding, respectively)

25,387,393 and 25,377,756 issued and outstanding, respectively)

Paid-in capital in excess of par

2 unchanged sentences

( 3,967,932 )

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

( 17,409,097 )

Accumulated net realized gain on investments, net of distributions

Accumulated net unrealized appreciation/(depreciation) of investments

5 unchanged sentences

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

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

As of December

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

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

carrying value to the face value.

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

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

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

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

Refer to “Note 10—Debt Capital Activities”

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

SURO CAPITAL CORP.

Refer to “Note 7—Commitments

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

of March 31, 2026, the 6.00 %

Notes due December

30, 2026 (the “ 6.00 %

Notes due 2026”) (effective interest rate of 6.43 %)

had a face value of $ 35,829,825 .

As of December 31, 2025, the 6.00 %

Notes due 2026 (effective interest rate of 7.08 %)

had a face value of $ 35,829,825 .

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

of March 31, 2026, the 6.50 %

Convertible Notes due August

14, 2029 (the “ 6.50 %

Convertible Notes due 2029”) (effective interest rate of 7.17 %)

had a face value of $ 35,000,000 .

As of December 31, 2025, the 6.50 %

Convertible Notes due 2029 (effective interest rate of 7.17 %)

had a face value of $ 35,000,000 .

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

CAPITAL CORP.

AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS

OF OPERATIONS (UNAUDITED)

Three Months Ended September 30,

Nine Months Ended September 30,

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED )

Three Months Ended March 31,

INVESTMENT INCOME

2 unchanged sentences

Dividend income

Controlled investments:

Interest income

Interest income from U.S.

Treasury bills

Total Investment Income

10 unchanged sentences

( 3,661,769 )

( 10,838,744 )

( 10,086,400 )

Realized Gain/(Loss) on Investments:

Non-controlled/non-affiliated investments

Non-controlled/affiliate investments

( 6,598,530 )

Controlled investments

( 6,786,462 )

( 6,793,207 )

Net Realized Gain/(Loss) on Investments

( 13,713,512 )

( 14,167,198 )

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

2 unchanged sentences

( 5,248,885 )

( 24,362,275 )

Non-controlled/affiliate investments

Controlled investments

( 1,269,022 )

Net Change in Unrealized

Appreciation/(Depreciation) of Investments

( 13,769,932 )

Controlled investments

Net Change in Unrealized Appreciation/(Depreciation) of Investments

Net Change in Net Assets Resulting from Operations

5 unchanged sentences

interest income earned on cash.

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

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

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

shares would have been anti-dilutive.

For the three months ended March 31, 2025, 4,516,131 potentially dilutive

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

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AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED )

Three Months Ended March 31,

Net Assets at Beginning of Year

5 unchanged sentences

( 3,661,769 )

Net realized loss on investments

Realized loss on partial repurchase of 6.00% Notes due 2026

Net change in unrealized appreciation/(depreciation) of investments

( 18,418,370 )

Net Change in Net Assets Resulting from Operations

( 22,065,346 )

Change in Net Assets Resulting from Capital Transactions

Stock-based compensation

Net Change in Net Assets Resulting from Capital Transactions

Total Change in Net Assets

( 21,636,511 )

Net Assets at March 31

$ 156,804,155

$ 181,721,135

Change in Net Assets Resulting from Operations

Net investment loss

$ ( 3,722,160 )

$ ( 3,655,625 )

Net realized gain/(loss) on investments

Net change in unrealized appreciation/(depreciation) of investments

( 6,965,946 )

Net Change in Net Assets Resulting from Operations

( 10,651,183 )

Change in Net Assets Resulting from Capital Transactions

Stock-based compensation

Repurchases of common stock

( 9,400,000 )

Net Change in Net Assets Resulting from Capital Transactions

( 8,757,761 )

Total Change in Net Assets

( 19,408,944 )

Net Assets at June 30

$ 219,409,595

$ 162,312,191

Change in Net Assets Resulting from Operations

Net investment loss

$ ( 3,454,815 )

$ ( 3,207,873 )

Net realized gain/(loss) on investments

( 13,713,512 )

Realized loss on partial repurchase of 6.00% Notes due 2026

1 unchanged sentence

Net Change in Net Assets Resulting from Operations

( 5,452,245 )

Distributions

Dividends declared

( 5,972,027 )

Total Distributions

( 5,972,027 )

Change in Net Assets Resulting from Capital Transactions

Issuance of common stock from public offering

Stock-based compensation

1 unchanged sentence

Total Change in Net Assets

( 4,874,984 )

Net Assets at September 30

Net Assets at March 31

$ 361,551,582

$ 156,804,155

Nine Months Ended September 30,

Capital Share Activity

Shares outstanding at beginning of year

Issuance of common stock from public offering

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

Shares repurchased

( 2,000,000 )

Shares Outstanding at End of Period

3 unchanged sentences

AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

Nine Months Ended September 30,

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED )

Three Months Ended March 31,

Cash Flows from Operating Activities

1 unchanged sentence

$ 155,636,060

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

Net realized (gain)/loss on investments

$ ( 806,715 )

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

Net realized (gain)/loss on investments

Net change in unrealized (appreciation)/depreciation of investments

( 158,724,039 )

( 2,888,878 )

Stock-based compensation

2 unchanged sentences

Adjustments to escrow proceeds receivable

Accrued interest on U.S.

Treasury bills

Purchases of investments in:

2 unchanged sentences

( 1,307,578 )

Treasury bills

( 24,995,139 )

Proceeds from sales or maturity of investments in:

6 unchanged sentences

Prepaid expenses and other assets

Proceeds receivable

Net Cash Provided by Operating Activities

Net Cash Used in Operating Activities

( 5,756,728 )

( 3,719,061 )

Cash Flows from Financing Activities

Proceeds from the issuance of common stock, net

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

2 unchanged sentences

( 4,954,950 )

( 25,028,770 )

Realized loss on partial repurchase of 6.00 % Notes due 2026

Repurchases of common stock

( 9,400,000 )

Deferred financing costs

Cash dividends paid

Net Cash Used in Financing Activities

Total Decrease in Cash Balance

( 5,757,145 )

Net Cash Provided by/(Used in) Financing Activities

( 3,855,098 )

Total Increase in Cash Balance

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

7 unchanged sentences

AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Investments *

CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED )

Portfolio Investments *

Headquarters/

of Initial Investment

NON-CONTROLLED/NON-AFFILIATE

Opportunity 2 LP **(5)

A Interest ***

Infrastructure Fund

Shares, Series C

Agreement for Future Equity

Preferred Shares, Series C (5)

Fitness Technology

$ 149,338,619

Preferred Shares, Series G-2

Fitness Technology

Type One Deep Ventures Fund LLC **(6)

Petersburg, FL

Interest, Class A

Application Fund

Shares, Series A

Pharmaceutical

Shares, Series C

Membership Interest, Class A **(6)

AI Application Fund

IH10, LLC **(7)

Membership Interest **(7)

AI Infrastructure Fund

Blink Health, Inc.

Preferred Shares, Series A

Pharmaceutical Technology

Preferred Shares, Series C

Pharmaceutical Technology

CW Opportunity 2 LP **(8)

Class A Interest *** **(8)

AI Infrastructure Fund

Common Shares

Productivity Software

Learneo, Inc.

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

Shares, Series A 8%

Shares, Series C 8%

Infrastructure Fund

Robotics Corp.

Shares, Series F 6%

Menlo Park, CA

Preferred Shares, Series A 8%

Online Education

Preferred Shares, Series C 8%

Online Education

Locus Robotics Corp.

Wilmington, MA

Preferred Shares, Series F 6%

Warehouse Automation

Supplying Demand, Inc.

(d/b/a Liquid Death)

Shares, Series F-1

Beverage Brand

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

Enterprises, Inc.

Los Angeles, CA

Preferred Shares, Series F-1

Lifestyle Beverage Brand

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

Lifestyle Beverage Brand

Shogun Enterprises, Inc.

(d/b/a Hearth)

Shares, Series B-1

Improvement Finance

Shares, Series B-2

Shares, Series B-3

Shares, Series B-4

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

Chain Technology

Digital Holdings Inc.

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

Holdings, Inc.

Preferred Shares, Series B-1

Home Improvement Finance

Preferred Shares, Series B-2

Home Improvement Finance

Preferred Shares, Series B-3

Home Improvement Finance

Preferred Shares, Series B-4

Home Improvement Finance

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

Home Improvement Finance

San Francisco, CA

Common Shares (9)

Financial Technology Infrastructure

Magnetar Opportunity 2025-4 LP **(10)

Class A Interest **(10)

AI Infrastructure Fund

Neutron Holdings, Inc.

(d/b/a/ Lime)

Francisco, CA

Preferred Shares, Series 1-D

San Francisco, CA

Junior Preferred Shares, Series 1-D

Micromobility

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

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

Francisco, CA

Technology Infrastructure

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

Micromobility

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

Micromobility

HL Digital Assets Inc.

Preferred Shares

Digital Asset Infrastructure

FourKites, Inc.

Common Shares

Supply Chain Technology

accompanying notes to condensed consolidated financial statements.

1 unchanged sentence

AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED) - continued

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED) - continue d

Portfolio Investments*

Headquarters/

Date of Initial Investment

HL Digital Assets Inc.

Preferred Shares

Digital Asset Infrastructure

Orchard 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

Real Estate Platform

Simple Agreement for Future Equity

Real Estate Platform

EDGE Markets, Inc.

San Diego, CA

Preferred Shares, Series Seed 8% (11)

Gaming Technology

San Francisco, CA

7 unchanged sentences

Venture Investment Fund

Singapore, Singapore

Common Shares **

Retail Technology

Preferred Shares, Investec Series **

Retail Technology

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

Philadelphia, PA

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

Miami Beach, FL

Preferred Shares, Series A-1

1 unchanged sentence

Series A-1 Warrants, Strike Price $0.0001, Expiration Date 5/14/2044

Geolocation Technology

Series A Warrants, Strike Price $0.0001, Expiration Date 5/14/2044

Geolocation Technology

Varo Money, Inc.

San Francisco, CA

GrabAGun Digital Holdings Inc.

Common Shares (4) (4)

Financial Services

E-Commerce Marketplace

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

E-Commerce Marketplace

Stake Trade, Inc.

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

Simple Agreement for Future Equity (11)

Preferred Shares, Series B-IV (11)

Sports Betting

Forge Global, Inc.

San Francisco, CA

Common Shares **

Online Marketplace Finance

Aventine Property Group, Inc.

Common Shares

Cannabis REIT

Financial Services

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

4 unchanged sentences

Online Education

EDGE Markets, Inc.

San Diego, CA

Preferred Shares, Series Seed 8% (11)

Gaming Technology

Orchard Technologies, Inc.

Preferred Shares, Series D 8%

Real Estate Platform

Senior Preferred Shares, Series 2 8%

Estate Platform

Senior Preferred Shares, Series 1 7%

Estate Platform

Common Shares

Estate Platform

Simple Agreement for Future Equity

Estate Platform

PSQ Holdings, Inc.

3 unchanged sentences

E-Commerce Marketplace

Aventine Property Group, Inc.

Common Shares

Cannabis REIT

Kinetiq Holdings, LLC

Philadelphia, PA

Doylestown, PA

Common Shares, Class A

Social Data Platform

(d/b/a Compliable) (11)

Preferred Shares, Series Seed-4 (11)

Gaming Licensing

Singapore, Singapore

Common Shares **

Retail Technology

Preferred Shares, Investec Series **

accompanying notes to condensed consolidated financial statements.

1 unchanged sentence

AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED) - continued

CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED) - continued

Portfolio Investments*

Headquarters/

Date of Initial Investment

CTN Holdings, Inc.

(d/b/a Catona Climate, f/k/a Aspiration Partners, Inc.) (13)

Marina Del Rey, CA

Preferred Shares, Series A (13)

Carbon Credit Services

Preferred Shares, Series C-3 (13)

Carbon Credit Services

Fullbridge, Inc.

3 unchanged sentences

Promissory Note 1.47%, Due 11/9/2021 (3)(14) (3)(134)

Business Education

Treehouse Real Estate Investment Trust, Inc.

1 unchanged sentence

Cannabis REIT

CTN Holdings, Inc.

(d/b/a Catona Climate, f/k/a Aspiration Partners, Inc.) (15)

Marina Del Rey, CA

Preferred Shares, Series A (15)

Carbon Credit Services

Preferred Shares, Series C-3 (15)

Total Non-Controlled/Non-Affiliate

35 unchanged sentences

AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED) - continued

CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED) - continue d

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

As of September 30,

As of March 31, 2026,

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

Equity investments may be subject to lock-up restrictions upon

their initial public offering (“IPO”).

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

portfolio company’s board of directors.

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

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

Company’s portfolio investments.

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

initial public offering (“IPO”).

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

company’s board of directors.

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

directors, officers, employees and staff, as applicable, may serve on the board of directors of the Company’s portfolio investments.

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

All portfolio investments

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

(Refer to “Note

4—Investments at Fair Value”).

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

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

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

All portfolio investments are considered Level 3 and valued using

significant unobservable inputs, unless otherwise noted.

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

the Company’s portfolio investments are restricted as to resale, unless otherwise noted, and were valued at fair value as determined

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

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

at Fair Value ”).

assets that SuRo Capital Corp.

believes do not represent “qualifying assets”

under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”).

Of the Company’s total investments as of September 30, 2025, 33.53 % of its total

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

*** Investment

believes do not represent “qualifying assets” under Section 55(a) of the Investment Company

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

Of the Company’s total investments as of March 31, 2026, 30.12 % of its

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

is income-producing.

(1) “Affiliate

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

of SuRo Capital, as defined in the 1940 Act.

In general, a company is deemed to be

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

Investments” are investments in those companies that are “Affiliated Companies” of SuRo Capital, as defined in

the 1940 Act.

In general, a company is deemed to be an “Affiliate” of SuRo Capital if SuRo Capital beneficially owns,

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

with the right to elect directors) of such company.

For the Schedule of Investments In, and

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

4—Investments at Fair Value”.

(2) Represents

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

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

as Return of Capital.

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

, 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”.

the respective number of shares, principal amount, initial or remaining fund investment, or membership interest as of March 31, 2026.

For fund investments, the initial committed amount may be reduced by distributions classified as Return of Capital.

of March 31, 2026, 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”.

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.

Refer to “Note 4—Investments at Fair

March 31, 2026, Whoop, Inc.

announced completion of its Series G financing.

As a result of the financing, on February 26, 2026, the

Simple Agreement for Future Equity (“SAFE”) Note which SuRo Capital previously held in Whoop, Inc.

converted into Series

G-2 Preferred shares.

Type One Deep Ventures Fund LLC is an investment fund for which the Class A Interest is solely invested in the Series A-2 Preferred

Shares of OpenAI Global, LLC.

SuRo Capital Corp.

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

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

ARK Type One Deep Ventures Fund LLC charges a 1 % management

fee per year, and an incentive fee of 10 %, not subject to a hurdle rate.

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

investment in the fund.

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

through an special purpose vehicle (“SPV”).

SuRo Capital is

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

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

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

however, SuRo Capital has prepaid operating expenses.

Opportunity 2 LP is an SPV for which the Class A Interest is solely invested in the Class A Common

Shares of CoreWeave, Inc.

SuRo Capital is invested in the Class A Common Shares of CoreWeave, Inc.

through its investment in

the Class A Interest of CW Opportunity 2 LP.

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 %,

through its investment in the Class

A Interest of CW Opportunity 2 LP.

CW Opportunity 2 LP does not charge a management fee but does charge an incentive fee of 20 %,

subject to an annual 15 %

IRR hurdle rate.

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

in CW Opportunity 2 LP.

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

As of September

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

Type One Deep Ventures Fund LLC is an investment fund for which the Class A Interest is solely

invested in the Convertible Interest Rights of OpenAI Global, LLC.

SuRo Capital is invested

in the Convertible Interest Rights of OpenAI Global, LLC through its investment in the Class

A Interest of ARK Type One Deep Ventures Fund LLC.

ARK Type One Deep Ventures Fund LLC charges

a 1 % management fee per year, and an incentive fee of 10%, not subject to a hurdle rate.

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

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

through an SPV.

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

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

IH10, LLC does not charge

a management fee or an incentive fee;

however, SuRo Capital has prepaid operating expenses.

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

II (“Colombier”) stockholders approved a business combination

with GrabAGun Digital Holdings Inc.

and related proposals at a special meeting.

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

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

combined company GrabAGun Digital Holdings, Inc.

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

Common shares are subject to

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

warrants are freely tradable.

C APITAL CORP.

AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED) - continued

SuRo Capital did not receive any distributions during the quarter ended March 31, 2026 as part of its investment in

CW Opportunity 2 LP.

As of March 31, 2026, SuRo Capital retains approximately 68.1 %

of its investment in CW Opportunity 2, LP.

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.

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

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

True Global Ventures 4

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

5% IRR hurdle rate.

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

was made through 1789 Capital Nirvana II LP, an SPV in which

SuRo Capital is the Sole Limited Partner.

1789 Capital Nirvana II LP is a wholly owned subsidiary of SuRo Capital.

SuRo Capital paid

a 7 % origination fee at the time of investment.

CAPITAL CORP.

AND SUBSIDIARIES

CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED) - continue d

Opportunity 2025-4 LP is an SPV for which the Class A Interest is invested in TensorWave Inc.

On December 31, 2025, SuRo Capital

committed up to $ 20.0

million to Magnetar Opportunity 2025-4 LP.

On January 2, 2026, SuRo Capital funded $ 5.0

million of the commitment.

Magnetar Opportunity 2025-4 LP does not charge a management fee but does charge an incentive fee of 20 % ,

subject to an annual 15 % IRR hurdle rate.

As of March 31, 2026, $ 15.0

million of the commitment remains to be funded, subject to the satisfaction of certain conditions.

Capital’s investments in Commercial Streaming Solutions Inc.

(d/b/a BettorView), Rebric,

(d/b/a Compliable), EDGE Markets, Inc., Xgroup Holdings Limited (d/b/a Xpoint), and

Stake Trade, Inc.

(d/b/a Prophet Exchange) are held through SuRo Capital’s wholly owned

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

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

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

(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”).

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

GSVC SVDS Holdings, Inc.

True Global Ventures 4 Plus Pte Ltd charges a 1.8 % management fee and a 22.5 % incentive fee, subject to

an annual 5 % IRR hurdle rate.

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

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.

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

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,

(d/b/a Catona Climate) filed for Chapter 11 protection in the U.S.

Bankruptcy Court for the District

On June 5, 2025, the US Bankruptcy Court for the District of Delaware approved the sale of the remaining assets of CTN

Holdings, Inc.

On August 7, 2025, CTN Holdings, Inc.

1 unchanged sentence

to Chapter 7 liquidation.

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

the Company became past due.

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

SW Holdings, Inc.

March 21, 2025, Commercial Streaming Solutions, Inc.

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

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

CAPITAL CORP.

AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

CONDENSED CONSOLIDATED

SCHEDULE OF INVESTMENTS

Portfolio Investments *

Headquarters/

Date of Initial Investment

NON-CONTROLLED/NON-AFFILIATE

CW Opportunity 2 LP **(8)

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

AI Infrastructure Fund

ARK Type One Deep Ventures Fund LLC **(5)

2 unchanged sentences

AI Application Fund

Learneo, Inc.

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

Redwood City, CA

Preferred shares, Series A 8%

Online Education

Preferred Shares, Series C

Online Education

Fitness Technology

Simple Agreement for Future Equity

Fitness Technology

Blink Health, Inc.

2 unchanged sentences

Preferred Shares, Series C

Pharmaceutical

Preferred shares, Series C

Fitness Technology

ServiceTitan, Inc.

Pharmaceutical Technology

Common Shares

Contractor Management Software

Productivity Software

Learneo, Inc.

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

Menlo Park, CA

Preferred Shares, Series A 8%

Online Education

Preferred Shares, Series C 8%

Online Education

CW Opportunity 2 LP **(6)

Class A Interest *** **(6)

AI Infrastructure Fund

IH10, LLC **(7)

1 unchanged sentence

AI Infrastructure Fund

Sydney, Australia

Common shares **

Productivity Software

FourKites, Inc.

Common shares

Supply Chain Technology

Locus Robotics Corp.

2 unchanged sentences

Warehouse Automation

CoreWeave, Inc.

Common shares

AI Infrastructure

Preferred shares, Series A

Infrastructure

Supplying Demand, Inc.

3 unchanged sentences

Lifestyle Beverage Brand

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

Lifestyle Beverage Brand

Shogun Enterprises, Inc.

3 unchanged sentences

Preferred Shares, Series B-2

Improvement Finance

Home Improvement Finance

Preferred Shares, Series B-3

Improvement Finance

Home Improvement Finance

Preferred Shares, Series B-4

Improvement Finance

Home Improvement Finance

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

Improvement Finance

Orchard Technologies, Inc.

Preferred shares, Series D 8%

Real Estate Platform

Senior Preferred shares, Series 2 8%

Estate Platform

Senior Preferred shares, Series 1 7%

Estate Platform

Home Improvement Finance

FourKites, Inc.

Common Shares

Estate Platform

Supply Chain Technology

Neutron Holdings, Inc.

7 unchanged sentences

Micromobility

San Francisco, CA

Common Shares (8)

Financial Technology Infrastructure

GrabAGun Digital Holdings Inc.

Common Shares (4) (4)(9)

E-Commerce Marketplace

Common Warrants, Strike Price $11.50, Expiration Date 7/15/2030 (4) (4)(9)

E-Commerce Marketplace

accompanying notes to condensed consolidated financial statements.

1 unchanged sentence

AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS - continued

CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS - continue d

Portfolio Investments*

Headquarters/

Date of Initial Investment

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

Singapore, Singapore

Limited Partner Fund Investment **(10)

Venture Investment Fund

San Francisco, CA

3 unchanged sentences

Mobile Access Technology

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

Singapore, Singapore

Common shares **

Retail Technology

Preferred shares, Investec Series **

Retail Technology

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

Philadelphia, PA

Limited Partner Fund Investment **(10)

Venture Investment Fund

HL Digital Assets Inc.

Preferred Shares

Digital Asset Infrastructure

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

Miami Beach, FL

Preferred Shares, Series A-1 (11)

4 unchanged sentences

Geolocation Technology

PSQ 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

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

Preferred shares, Series A (11)

Real Estate Platform

Varo Money, Inc.

2 unchanged sentences

Financial Services

Skillsoft Corp.

Common shares (3) (3)

Online Education

Commercial Streaming Solutions Inc.

(d/b/a BettorView) (7)

Las Vegas, NV

Simple Agreement for Future Equity (7)

Interactive Media & Services

Stake Trade, Inc.

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

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

Sports Betting

Aventine Property Group, Inc.

1 unchanged sentence

Cannabis REIT

Forge Global, Inc.

San Francisco, CA

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

Preferred Shares, Series A (13)

Real Estate Platform

Orchard 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

Stake Trade, Inc.

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

Real Estate Platform

Simple Agreement for Future Equity

Sports Betting

Real Estate Platform

EDGE Markets, Inc.

2 unchanged sentences

Gaming Technology

(d/b/a Compliable) (7)

Preferred shares, Series Seed-4 (7)

Gaming Licensing

Skillsoft Corp.

Common Shares (4)

Online Education

PSQ Holdings, Inc.

(d/b/a PublicSquare)

West Palm Beach, FL

Common Warrants, Strike Price $11.50, Expiration Date 7/19/2028 (4)

E-Commerce Marketplace

Kinetiq Holdings, LLC

Philadelphia, PA

Doylestown, PA

Common Shares, Class A

Social Data Platform

Singapore, Singapore

Common Shares **

Retail Technology

Preferred Shares, Investec Series **

Retail Technology

CTN Holdings, Inc.

11 unchanged sentences

Headquarters/

Date of Initial Investment

/Quantity (5)

Fullbridge, Inc.

3 unchanged sentences

Promissory Note 1.47%, Due 11/9/2021 (3)(15)

Business Education

Treehouse Real Estate Investment Trust, Inc.

14 unchanged sentences

Preferred Shares, Series A 8% (1)(16)

Interactive Learning

Total (1)(16)

Commercial Streaming Solutions Inc.

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

Las Vegas, NV

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

Interactive Media & Services

Maven Research, Inc.

3 unchanged sentences

Preferred Shares, Series B

Knowledge Networks

Curious.com, Inc.

3 unchanged sentences

Total Non-Controlled/Affiliate

CONTROLLED (2)

Colombier Sponsor II LLC **(6)

Palm Beach, FL

Class B Units **(6)(2)

Special Purpose Acquisition Company

Class W Units **(6)(2)

Total **(6)(2)

Total Controlled (2)

Total Portfolio Investments

4 unchanged sentences

AND SUBSIDIARIES

CONSOLIDATED 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.

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

All portfolio investments are

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

CONDENSED CONSOLIDATED

SCHEDULE OF INVESTMENTS - continued

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

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 (“IPO”).

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

company’s board of directors.

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

directors, officers, employees and staff, as applicable, may serve on the board of directors of the Company’s portfolio investments.

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

All portfolio investments are considered Level 3 and valued using

significant unobservable inputs, unless otherwise noted.

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

All of the Company’s

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

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

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

the Company’s portfolio investments are restricted as to resale, unless otherwise noted, and were valued at fair value as determined

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

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

at Fair Value ”).

assets that SuRo Capital Corp.

believes do not represent “qualifying assets”

under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”).

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

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

*** Investment

believes do not represent “qualifying assets” under Section 55(a) of the Investment Company

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

Of the Company’s total investments as of December 31, 2025, 32.70 % of

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

is income-producing.

(1) “Affiliate

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

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

In general, a company is deemed to be

an “Affiliate” of SuRo Capital Corp.

if SuRo Capital Corp.

beneficially owns,

Investments” are investments in those companies that are “Affiliated Companies” of SuRo Capital, as defined in

the 1940 Act.

In general, a company is deemed to be an “Affiliate” of SuRo Capital if SuRo Capital beneficially owns,

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

with the right to elect directors) of such company.

For the Schedule of Investments In, and

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

4—Investments at Fair Value”.

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

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

In general, under the 1940 Act, the Company

would “Control” a portfolio company if the Company beneficially owns, directly

or indirectly, more than 25% of its outstanding voting securities (i.e., securities with

the right to elect directors) and/or had the power to exercise control over the management

or policies of such portfolio company.

For the Schedule of Investments In, and Advances To,

Affiliates, as required by SEC Regulation S-X, Rule 12-14, refer to “Note 4—Investments

at Fair Value”.

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

“Note 4—Investments at Fair Value”.

, 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”.

the respective number of shares, principal amount, initial or remaining fund investment, or membership interest as of December 31,

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.

(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 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.

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

Refer to “Note 4—Investments at Fair

Type One Deep Ventures Fund LLC is an investment fund for which the Class A Interest is solely invested in the Series A-2 Preferred

Shares of OpenAI Global, LLC.

SuRo Capital Corp.

invested in the Convertible Interest Rights of OpenAI Global, LLC through its investment

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

ARK Type One Deep Ventures

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

a hurdle rate.

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

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

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

Ventures 4 Plus Pte Ltd charges a 1.8 % management fee and a 22.5 % incentive fee, subject

to an annual 5 % IRR hurdle rate.

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

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

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

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

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

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

the Company became past due.

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

wholly owned subsidiary, GSVC SW Holdings, Inc.

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

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

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

ARK Type One Deep Ventures Fund LLC charges a 1 % management

fee per year, and an incentive fee of 10 %, not subject to a hurdle rate.

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

investment in the fund.

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.

As of December 31, 2025, SuRo Capital retains approximately 68.1 % of its investment

in CW Opportunity 2, LP.

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

SuRo Capital is

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

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

IH10, LLC does

not charge a management 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.

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.

1789 Capital Nirvana II LP is a wholly owned subsidiary of SuRo Capital.

SuRo Capital paid

a 7 % origination fee at the time of investment.

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

CONDENSED CONSOLIDATED

SCHEDULE OF INVESTMENTS - continued

July 15, 2025, Colombier Acquisition Corp.

II (“Colombier”) stockholders approved a business combination with GrabAGun

Digital Holdings Inc.

and related proposals at a special meeting.

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

announced that

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

combined company GrabAGun Digital Holdings, Inc.

As of December 31, 2025, SuRo Capital’s shares of GrabAGun Digital Holdings,

Common shares are subject to certain restrictions on transfer, while the GrabAGun Digital Holdings, Inc.

warrants are freely

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

GSVC SVDS Holdings, Inc.

True Global Ventures 4 Plus Pte Ltd charges a 1.8 % management fee and a 22.5 % incentive fee, subject to

an annual 5 % IRR hurdle rate.

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

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, Inc.

(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 in the U.S.

Bankruptcy Court for the District

On June 5, 2025, the US Bankruptcy Court for the District of Delaware approved the sale of the remaining assets of CTN

Holdings, Inc.

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

March 21, 2025, Commercial Streaming Solutions, Inc.

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

(d/b/a JefeBet).

of the merger, the SAFE Note which SuRo Capital previously held in Commercial Streaming Solutions, Inc.

(d/b/a BettorView) converted

into Class A-1 Preferred shares.

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED

FINANCIAL STATEMENTS

1— NATURE OF OPERATIONS

3 unchanged sentences

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 “Code”).

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.

2 unchanged sentences

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

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

table below displays the Company’s subsidiaries as of March 31, 2026, which, other than GSV Capital Lending, LLC (“GCL”),

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

3 unchanged sentences

federal income tax purposes.

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

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

below for further detail.

SCHEDULE OF COMPANY’S SUBSIDIARIES

37 unchanged sentences

Condensed Consolidated Financial Statements of the Company are prepared on the accrual basis of accounting in conformity with U.S.

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

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

The Company is an investment company following the

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

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

In the opinion of management,

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

financial statements for the period and have been included.

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

Regulation S-X under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

The Company is an investment

company following the specialized accounting and reporting guidance specified in the Financial Accounting Standards Board’s

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

In the opinion of management, all adjustments, all of which were of a normal recurring nature, were considered

necessary for the fair presentation of Condensed Consolidated Financial Statements for the period and have been included.

of Consolidation

Under Article 6 of Regulation S-X and

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

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

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

a 100% interest.

The Company’s Condensed Consolidated

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

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

GCL was formed to originate portfolio loan investments within the state

of California.

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

1789 Capital Nirvana II LP is a SPV

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

SRCI Advisors,

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

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

All intercompany balances and transactions have been eliminated in consolidation.

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

Guide for Investment Companies, the Company is precluded from consolidating any entity other than another investment company, a controlled

operating company that provides substantially all of its services and benefits to the Company, and certain entities established for tax

purposes where the Company holds a 100% interest.

Company’s Condensed Consolidated Financial Statements include its accounts and the accounts of the Taxable Subsidiaries, GCL,

SuRo Capital Sports, 1789 Capital Nirvana II LP, and SRCI Advisors, LLC, its wholly owned subsidiaries.

GCL was formed to originate

portfolio loan investments within the state of California.

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

betting sector.

1789 Capital Nirvana II LP is a SPV in which SuRo Capital holds the sole limited partnership interest and was formed

to invest in the Common Shares of Plaid, Inc.

SRCI Advisors, LLC was formed to provide investment management services to third

as of March 31, 2026, SRCI Advisors has not commenced operations.

All intercompany balances and transactions have been

eliminated in consolidation.

The Company operates as a single operating segment.

The Company also consolidates entities

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

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

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

The Company determined that 1789 Capital Nirvana

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

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

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

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

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

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

Operations along with significant expenses.

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

The measure of segment assets is reported on the Condensed Consolidated Statements of Assets and Liabilities

as total assets.

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

number of significant estimates.

These include estimates of the fair value of certain assets and liabilities and other estimates that

affect the reported amounts of certain assets and liabilities as of the date of the Condensed Consolidated Financial Statements and the

reported amounts of certain revenues and expenses during the reporting period.

It is likely that changes in these estimates may occur

in the near term.

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

CAPITAL CORP.

1 unchanged sentence

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

a number of significant estimates.

These include estimates of the fair value of certain assets and liabilities and other estimates that

affect the reported amounts of certain assets and liabilities as of the date of the Condensed Consolidated Financial Statements and the

reported amounts of certain revenues and expenses during the reporting period.

It is likely that changes in these estimates may occur in the near term.

The Company’s estimates are inherently subjective in nature and actual results

could differ materially from such estimates.

Uncertainties

and Risk Factors

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

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

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

Refer to “Part II, Item 1A.

Risk Factors” of this Form

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

Refer to “Note

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

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

in the nature of the Company’s operations.

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

Company’s industry and geographic concentrations.

at Fair Value

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

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

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

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

policy or materially affect fair values.

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

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

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

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

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

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be valued as follows:

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

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

valuation estimates are then documented and discussed with senior management;

all investments for which there are no readily available market quotations, the Valuation

Committee engages an independent third-party valuation firm to conduct independent appraisals,

review management’s preliminary valuations and make its own independent assessment;

Valuation Committee applies the appropriate valuation methodology to each portfolio asset in a consistent manner, considers the

inputs provided by management and the independent third-party valuation firm, discusses the valuations and recommends to the

Company’s Board of Directors a fair value for each investment in the portfolio;

Company’s Board of Directors then discusses the valuations recommended by the Valuation

Committee and determines in good faith the fair value of each investment in the portfolio.

The quarterly valuation process begins with each portfolio

company or investment being initially valued by the internal investment professionals responsible for the portfolio investment;

Preliminary valuation estimates are then documented and discussed

with senior management;

For all investments for which there are no readily available

market quotations, the Valuation Committee engages an independent third-party valuation firm to conduct independent appraisals, review

management’s preliminary valuations and make its own independent assessment;

The Valuation Committee applies the appropriate valuation methodology

to each portfolio asset in a consistent manner, considers the inputs provided by management and the independent third-party valuation

firm, discusses the valuations and recommends to the Company’s Board of Directors a fair value for each investment in the portfolio;

The Company’s Board of Directors then discusses the valuations

recommended by the Valuation Committee and determines in good faith the fair value of each investment in the portfolio.

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

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fair value of each investment.

SURO CAPITAL CORP.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL

March 31, 2026

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

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determination of fair value for that security.

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

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

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

and warrants to purchase common or preferred stock) in a portfolio company, the Board of Directors considers the rights, preferences

and limitations of such securities.

When equity-linked securities expire worthless, any cost associated with these positions is recognized

as a realized loss on investments in the Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Cash

In the event these securities are exercised into common or preferred stock, the cost associated with these securities is reassigned

to the cost basis of the new common or preferred stock.

These conversions are noted as non-cash operating items on the Condensed Consolidated

Statements of Cash Flows.

In determining the fair value of equity or equity-linked securities (including

simple agreement for future equity (“SAFE”) notes and warrants to purchase common or preferred stock) in a portfolio company,

the Board of Directors considers the rights, preferences and limitations of such securities.

When equity-linked securities expire worthless,

any cost associated with these positions is recognized as a realized loss on investments in the Condensed Consolidated Statements of Operations

and Condensed Consolidated Statements of Cash Flows.

In the event these securities are exercised into common or preferred stock, the cost

associated with these securities is reassigned to the cost basis of the new common or preferred stock.

These conversions are noted as

non-cash operating items on the Condensed Consolidated Statements of Cash Flows.

SURO CAPITAL CORP.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL

March 31, 2026

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

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

Investments in SPVs and Fund Structures

The Company invests through SPVs and

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

The Company’s interest

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

in accordance with that ownership.

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

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

SPVs and Fund structures may incur fees,

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

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

For certain Fund structures, including

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

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

without adjustment.

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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 Condensed

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

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

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

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

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

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

Upon completion of the SPAC transaction, the Board of Directors

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

or warrants are confirmed unregistered.

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

by the Company’s Board of Directors.

Portfolio Company Investment Classification

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

Company classifies its investments by level of control.

“Control investments” are investments in companies that the Company

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

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

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

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

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

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

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

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

is announced.

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

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

techniques as deemed appropriate.

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

the entity, less a DLOM if there are security-specific contractual sale restrictions, or the shares or warrants are confirmed unregistered.

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

SURO CAPITAL CORP.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL

March 31, 2026

Company Investment Classification

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

The Company classifies its investments by level of control.

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

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.

the 1940 Act, “affiliated person” includes any person directly or indirectly owning, controlling, or holding with power

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

Refer to the Condensed

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

of the Company’s investment portfolio.

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

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

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

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

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

measurement date.

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

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

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

to an appropriate DLOM to reflect the restrictions upon sale.

The Company transfers investments between levels based on the fair value

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

For investments transferred out of Level 3 due to an

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

Consolidated Schedules of Investments as of March 31, 2026 and December 31, 2025 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.

The Company’s shares in such portfolio companies

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

Upon the IPO date, the Company transfers its investment from

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

The Company prices the investment

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

In situations where there are legal or contractual restrictions

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

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

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

The Company transfers

investments between levels based on the fair value at the beginning of the measurement period in accordance with FASB ASC 820.

For investments

transferred out of Level 3 due to an IPO, the Company transfers these investments based on their fair value at the IPO date.

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

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

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

of Other Financial Instruments

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

Escrow Proceeds Receivable

A portion of the proceeds

from the sale of portfolio investments are held in escrow as a recourse for indemnity claims that may arise under the sale agreement or

other related transaction contingencies.

Amounts held in escrow are held at estimated realizable value and included in net realized gains/(losses)

on investments in the Condensed Consolidated Statements of Operations for the period in which they occurred and are adjusted as needed.

Any remaining escrow proceeds balances from these transactions reasonably expected to be received are reflected on the Condensed Consolidated

Statements of Assets and Liabilities as escrow proceeds receivable.

Escrow proceeds receivable resulting from contingent consideration

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

As of March 31, 2026 and December

31, 2025, the Company had no escrow proceeds receivable.

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

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from unrestricted cash and cash equivalents.

Proceeds Receivable

portion of the proceeds from the sale of portfolio investments are held in escrow as a recourse for indemnity claims that may arise under

the sale agreement or other related transaction contingencies.

Amounts held in escrow are held at estimated realizable value and included

in net realized gains/(losses) on investments in the Condensed Consolidated Statements of Operations for the period in which they occurred

and are adjusted as needed.

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

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

Escrow proceeds receivable resulting

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

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

SURO CAPITAL CORP.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL

March 31, 2026

Financing Costs

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the debt instrument.

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

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

As of March 31, 2026 and December 31, 2025, the Company had deferred financing costs of $ 500,275 and $ 508,310 , respectively,

on the Condensed Consolidated Statements of Assets and Liabilities.

SCHEDULE OF DEFERRED FINANCING COSTS

September 30, 2025

March 31, 2026

December 31, 2025

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

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Leases & Related Deposits

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Non-lease components (maintenance, property tax, insurance and parking) are not included in the lease

On September 1, 2024, 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 on May 12, 2028.

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

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Compensation” for further detail.

SURO CAPITAL CORP.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL

March 31, 2026

Company recognizes gains or losses on the sale of investments using the specific identification method.

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Transaction Costs and Escrow Deposits

and other costs associated with an investment transaction, including legal expenses not reimbursed by the portfolio company, are included

in the cost basis of purchases and deducted from the proceeds of sales.

The Company makes certain acquisitions on secondary markets,

which may involve making deposits to escrow accounts until certain conditions are met, including the underlying private company’s

right of first refusal.

If the underlying private company does not exercise or assign its right of first refusal and all other conditions

are met, then the funds in the escrow account are delivered to the seller and the account is closed.

Such transactions would be reflected

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

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

the Company had no escrow deposits.

and other costs associated with an investment transaction, including legal expenses not reimbursed by the portfolio company, are

included in the cost basis of purchases and deducted from the proceeds of sales.

The Company makes certain acquisitions on secondary

markets, which may involve making deposits to escrow accounts until certain conditions are met, including the underlying private

company’s right of first refusal.

If the underlying private company does not exercise or assign its right of first refusal and

all other conditions are met, then the funds in the escrow account are delivered to the seller and the account is closed.

transactions would be reflected on the Condensed Consolidated Statements of Assets and Liabilities as escrow deposits.

31, 2026 and December 31, 2025, the Company had no

escrow deposits.

Appreciation or Depreciation of Investments

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

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

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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.

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 condensed consolidated financial statements of the Company.

Included in the Company’s condensed 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.

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 Condensed Consolidated Financial Statements of the Company.

Included in the Company’s Condensed 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.

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 Condensed 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 Condensed Consolidated Financial Statements .

SURO CAPITAL CORP.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL

March 31, 2026

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

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

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

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

Adopted Accounting Standards

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

Scope Application of Profits Interest

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

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

ASU 2024-01 is currently effective

for public entities.

The Company adopted this provision as of the effective date.

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

on the Company’s Condensed Consolidated Financial 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 adopted ASU 2024-04

during the quarter ended March 31, 2026.

However, adoption did not have any material impact on the Condensed Consolidated

Financial Statements.

SURO CAPITAL CORP.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026

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.

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

Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative.” ASU 2023-06 amends the disclosure

or presentation requirements related to various subtopics in the FASB Accounting Standards Codification including requiring investment

companies to disclose the components of capital on the balance sheet.

The amendments in ASU 2023-06 will become effective on the date

which the SEC’s removal of related disclosures from Regulation S-X or Regulation S-K become effective, but no later than June 30, 2027.

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

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

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.

Early adoption is permitted;

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

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 Condensed 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.

However, it does not expect ASU 2023-06 to have a material impact

on the Company’s future Condensed 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.

Additionally,

in January 2025, the FASB issued ASU 2025-01 to clarify the effective date of ASU 2024-03.

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

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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 Condensed 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.

However, it does not expect

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

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

4 unchanged sentences

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

However, it does not expect ASU 2025-03 to have a material impact on the Company’s future Condensed Consolidated

Financial Statements.

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

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will not have a material impact on its Condensed Consolidated Financial Statements upon adoption.

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

3— RELATED-PARTY ARRANGEMENTS

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by the Company, and the Company’s executive officers and directors.

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

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

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

Klein, the Company’s Chairman, Chief Executive Officer

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

of the board of directors of Churchill Capital Corp.

In addition, Mr.

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

of such Churchill entities.

On August 18, 2024, Churchill Capital Corp.

VII announced that it would not consummate an initial business

combination within the time period required by its Amended and Restated Certificate of Incorporation, as amended, and the Company realized

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

SURO CAPITAL CORP.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026

Company’s investment in Skillsoft Corp.

(f/k/a Software Luxembourg Holding S.A.) (“Skillsoft”) constituted a “remote-affiliate”

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

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

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

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

of Churchill Capital Corp.

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

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

(f/k/a Software Luxembourg Holding S.A.) (“Skillsoft”) constituted a

“remote-affiliate” transaction for purposes of the 1940 Act in light of the fact that Mr.

Klein has a non-controlling

interest in the entity that controlled Churchill Sponsor II LLC, the sponsor of Churchill

Capital Corp.

II, a SPAC, and was a non-controlling member of the board of directors of Churchill Capital Corp.

II, through which the

Company executed a private investment in public equity transaction in order to acquire common shares of Skillsoft alongside the merger

of Skillsoft and Churchill Capital Corp II.

In addition, Mr.

Klein’s brother, Michael

Klein, was a control person of such Churchill entities.

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

investment in Skillsoft was $ 639,178 .

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

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

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

controlled AltC Sponsor LLC, and Allison Green, the Company’s Chief Financial Officer, Chief Compliance Officer, Treasurer and

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.

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

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

As of March 31, 2026, the fair value of the Company’s remote-affiliate investment in Skillsoft was $210,605 .

4— INVESTMENTS AT FAIR VALUE

8 unchanged sentences

Treasury bills.

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

As of March 31, 2026, the Company had 61 positions in 36 portfolio companies.

As of December 31,

2025, the Company had 60 positions in 35 portfolio companies.

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

September 30, 2025 and December 31, 2024:

March 31, 2026 and December 31, 2025:

SCHEDULE OF COMPOSITION OF INVESTMENT PORTFOLIO

September 30, 2025

March 31, 2026

December 31, 2025

Percentage of

Private Portfolio Companies

14 unchanged sentences

$ 225,511,505

(1) As of September 30, 2025, Preferred Stock also includes the Company’s investment

in the Class A Interest of ARK Type One Deep Ventures Fund LLC which is invested in the Convertible Interest Rights of OpenAI Global,

LLC, and the Company’s investment in the Membership Interest of IH10, LLC which is invested in the Series B Preferred Shares of VAST Data,

through an SPV.

As of December 31, 2024, Preferred Stock also includes the Company’s investment in the Class A Interest of ARK Type

One Deep Ventures Fund LLC which is invested in the Convertible Interest Rights of OpenAI Global, LLC, the Company’s investment in the

Class A Interest of CW Opportunity 2 LP which is invested in the Series C Preferred Shares of CoreWeave, Inc., and the Company’s investment

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

through an SPV.

of September 30, 2025, Common Stock in Private Portfolio Companies also includes the Company’s

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

and the Company’s

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

Stock of CoreWeave, Inc.

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

of March 31, 2026 and December 31, 2025, Preferred Stock also includes the Company’s investment in the Class A Interest of

ARK Type One Deep Ventures Fund LLC which is invested in the Series A-2 Preferred Shares of OpenAI Global, LLC, and the Company’s

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

of March 31, 2026 and December 31, 2025, Common Stock in Private Portfolio Companies also includes the Company’s Limited Partner

Fund Investment in True Global Ventures 4 Plus Pte Ltd.

of September 30, 2025, Options in Private Portfolio Companies also includes the Company’s

investments in the SAFEs of Orchard Technologies, Inc., PayJoy, Inc., Stake Trade, Inc.

Prophet Exchange), and Whoop, Inc.

As of December 31, 2024, Options also includes the Company’s

investments in the SAFEs of Commercial Streaming Solutions Inc.

(d/b/a BettorView), PayJoy,

Inc., and Stake Trade, Inc.

(d/b/a Prophet Exchange).

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

were as follows:

As of September 30, 2025

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.

of March 31, 2026, Options in Private Portfolio Companies also includes the Company’s investment in the Class A Interest of

Magnetar Opportunity 2025-4 LP which is invested in a SAFE of TensorWave, Inc., as well as investments in the SAFEs of Orchard Technologies,

and PayJoy, Inc.

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

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

SURO CAPITAL CORP.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026

geographic and industrial compositions of the Company’s portfolio at fair value as of March 31, 2026 and December 31, 2025 were

As of March 31, 2026

As of December 31, 2025

Percentage of

Geographic Region

$ 222,372,455

International

1 unchanged sentence

$ 225,511,505

As of September 30, 2025

As of March 31, 2026

As of December 31, 2025

Percentage of

Artificial Intelligence Infrastructure & Applications

Consumer Goods & Services

$ 167,573,716

Artificial Intelligence Infrastructure & Applications

Software-as-a-Service

Financial Technology & Services

Education Technology

Financial Technology & Services

Logistics & Supply Chain

2 unchanged sentences

$ 225,511,505

CAPITAL CORP.

SURO CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026

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

1 unchanged sentence

Application Fund

Infrastructure

Infrastructure Fund

7 unchanged sentences

Access Technology

Marketplace Finance

Estate Platform

Purpose Acquisition Company

Investment Fund

2 unchanged sentences

Software-as-a-Service

Management Software

Improvement Finance

3 unchanged sentences

Media & Services

CAPITAL CORP.

SURO CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026

Valuation Inputs

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

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

level of significant input used in the valuation as of March 31, 2026 and December 31, 2025 are as follows:

SCHEDULE OF FAIR VALUE OF INVESTMENT VALUATION INPUTS

of September 30, 2025

As of March 31, 2026

Active Markets for

Identical Securities

Investments at Fair Value

5 unchanged sentences

Debt Investments

Portfolio Companies

Publicly Traded Portfolio

Traded Portfolio Companies

Investments at Fair Value

Private Portfolio Companies

Publicly Traded Portfolio Companies

Total Investments at Fair Value

$ 385,880,836

$ 388,534,651

(1) Preferred

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

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

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

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

Stock also includes the Company’s investment in the Class A Interest of ARK Type One Deep Ventures Fund LLC which is invested

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

Investment in True Global Ventures 4 Plus Pte Ltd.

and the Company’s investment in

the Class A Interest of CW Opportunity 2 LP which is invested in Class A Common Stock.

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

of Orchard Technologies, Inc., PayJoy, Inc., Stake Trade, Inc.

(d/b/a Prophet Exchange),

and Whoop, Inc.

CAPITAL CORP.

Stock in Private Portfolio Companies also includes the Company’s Limited Partner Fund Investment in True Global Ventures 4

Plus Pte Ltd.

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

Stock of CoreWeave, Inc.

in Private Portfolio Companies also includes the Company’s investment in the Class A Interest of Magnetar Opportunity 2025-4

LP which is invested in a SAFE of TensorWave, Inc., as well as investments in the SAFEs of Orchard Technologies, Inc.

SURO CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

of December 31, 2024

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026

As of December 31, 2025

Active Markets

Identical Securities

Investments at Fair Value

5 unchanged sentences

Debt Investments

Portfolio Companies

Publicly Traded Portfolio

Traded Portfolio Companies

Investments at Fair Value

Private Portfolio Companies

Publicly Traded Portfolio Companies

Total Investments at Fair Value

$ 221,302,242

$ 225,511,505

(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 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.

Stock in Private Portfolio Companies also includes the Company’s Limited Partner Fund Investment in True Global Ventures 4

Plus Pte Ltd.

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

Stock of CoreWeave, Inc.

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

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

SURO CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026

Unobservable Inputs for Level 3 Assets and Liabilities

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

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

In addition to the techniques and inputs noted

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

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

The tables below are not intended to be

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

Company’s assets.

To the extent an unobservable input is not reflected in the tables below, such input is deemed insignificant

with respect to the Company’s Level 3 fair value measurements as of September 30, 2025 and December 31, 2024.

Significant changes

in the inputs in isolation would result in a significant change in the fair value measurement, depending on the input and the materiality

of the investment.

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

of the Company’s Level 3 assets as of March 31, 2026 and December 31, 2025.

In addition to the techniques and inputs noted in the

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

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

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

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

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

Level 3 fair value measurements as of March 31, 2026 and December 31, 2025.

Significant changes in the inputs in isolation would result

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

Refer to “Note

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

SCHEDULE OF FAIR VALUE OF ASSETS ON UNOBSERVABLE INPUT

of September 30, 2025

Technique (1)

of March 31, 2026

Approach/ Technique (1)

(Weighted Average) (3)

1 unchanged sentence

$ 331,712,990

- 7.02 x ( 3.47 x)

Revenue Multiples

0.28 x - 5.18 x ( 2.77 x)

Precedent Transactions

50 % - 100 % ( 100 %)

- 6.42 x ( 5.94 x)

Revenue Multiples

0.92 x - 2.85 x ( 2.67 x)

Dissolution Risk

Precedent Transaction

stock in private companies (5)

- 100 % ( 93.9 %)

- 8.41 x ( 7.86 x)

Revenue Multiples

0.34 x - 3.51 x ( 3.34 x)

Precedent Transactions

Dissolution Risk

Precedent Transaction

Pricing Model

to Expiration (Years)

Term to Expiration (Years)

0.25 - 1.11 ( 0.79 )

44 % - 54 % ( 48 %)

Market Approach

Precedent Transaction

25 % - 100 % ( 84 %)

- 5.04 x ( 3.66 x)

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

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

approach better reflected the fair value of these investments.

Revenue Multiples

0.34 x - 3.66 x ( 2.25 x)

of March 31, 2026, the Board of Directors used a hybrid market and income approach to value certain common and preferred stock investments,

as the Board of Directors felt this approach better reflected the fair value of these investments.

In considering multiple valuation

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

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

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

based on recent events or transactions.

The hybrid approach may also consider certain risk

weightings to account for the uncertainty of future events.

Refer to “Note 2—Significant

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

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Board of Directors considers all relevant information that can reasonably be obtained when

determining the fair value of Level 3 investments.

Due to any given portfolio company’s

information rights, changes in capital structure, recent events, transactions, or liquidity

events, the type and availability of unobservable inputs may change.

Increases/(decreases)

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

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

all else equal.

Decreases/(increases) in discount rates, volatility, and annual risk rates,

would result in higher (lower) fair values, all else equal.

The market approach utilizes

market value (revenue and EBIT) multiples of publicly traded comparable companies and available

precedent sales transactions of comparable companies.

The Board of Directors carefully considers

numerous factors when selecting the appropriate companies whose multiples are used to value

the Company’s portfolio companies.

These factors include, but are not limited to, the

type of organization, similarity to the business being valued, relevant risk factors, as

well as size, profitability and growth expectations.

In general, precedent transactions include

recent rounds of financing, recent purchases made by the Company, and tender offers.

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

approaches (and consequently, multiple valuation techniques), the valuation approaches and techniques are not likely to change from

one period of measurement to the next;

however, the weighting of each in determining the final fair value of a Level 3 investment

may change based on recent events or transactions.

The hybrid approach may also consider certain risk weightings to account for the

uncertainty of future events.

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

for more detail.

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

Due to any given portfolio company’s information rights, changes in capital structure, recent events, transactions,

or liquidity events, the type and availability of unobservable inputs may change.

Increases/(decreases) in revenue multiples, earnings

before interest and taxes (“EBIT”) multiples, time to expiration, and stock price/strike price would result in higher

(lower) fair values, all else equal.

Decreases/(increases) in discount rates, volatility, and annual risk rates, would result in

higher (lower) fair values, all else equal.

The market approach utilizes market value (revenue and EBIT) multiples of publicly traded

comparable companies and available precedent sales transactions of comparable companies.

The Board of Directors carefully considers

numerous factors when selecting the appropriate companies whose multiples are used to value the Company’s portfolio companies.

These factors include, but are not limited to, the type of organization, similarity to the business being valued, relevant risk factors,

as well as size, profitability and growth expectations.

In general, precedent transactions include recent rounds of financing, recent

purchases made by the Company, and tender offers.

Refer to “Note 2—Significant Accounting Policies— Investments

at Fair Value ” for more detail.

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

(4) Preferred

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

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

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

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

Stock also includes the Company’s investment in the Class A Interest of ARK Type One Deep Ventures Fund LLC which is invested

in the Series A-2 Preferred Shares of OpenAI Global, LLC, and the Company’s investment in the Membership Interest of IH10,

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

through an SPV.

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

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

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

of Orchard Technologies, Inc., PayJoy, Inc., Stake Trade, Inc.

(d/b/a Prophet Exchange),

and Whoop, Inc.

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 investment in the Class A Interest of Magnetar Opportunity 2025-4

LP which is invested in a SAFE of TensorWave, Inc., as well as investments in the SAFEs of Orchard Technologies, Inc.

Probability-Weighted

Expected Return Method, or “PWERM”.

Funds From Operations, or “AFFO”.

SURO CAPITAL CORP.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026

of December 31, 2025

Technique (1)

Approach/ Technique (1)

(Weighted Average) (3)

stock in private companies (6)

Preferred stock

in private companies (4)

$ 169,631,231

Market Approach

Revenue Multiples

0.52 x - 7.95 x ( 3.47 x)

Precedent Transactions

25 % - 100 % ( 76 %)

Revenue Multiples

1.42 x - 5.60 x ( 1.72 x)

Dissolution Risk

Precedent Transaction

in private companies (5)

Market Approach

Revenue Multiples

0.57 x - 5.23 x ( 4.99 x)

Precedent Transactions

Dissolution Risk

Option Pricing

Revenue Multiples

4.74 x - 5.60 x

Precedent Transaction

Term to Expiration (Years)

0.50 - 1.36 ( 0.88 )

45 % - 50 % ( 48 %)

stock in private companies (7)

- 8.81 x ( 7.59 x)

- 1.31 x ( 1.22 x)

Pricing Model

to Expiration (Years)

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

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

approach better reflected the fair value of these investments.

In considering multiple valuation

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

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

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

based on recent events or transactions.

The hybrid approach may also consider certain risk

weightings to account for the uncertainty of future events.

Refer to “Note 2—Significant

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

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Board of Directors considers all relevant information that can reasonably be obtained when

determining the fair value of Level 3 investments.

Due to any given portfolio company’s

information rights, changes in capital structure, recent events, transactions, or liquidity

events, the type and availability of unobservable inputs may change.

Increases/(decreases)

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

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

all else equal.

Decreases/(increases) in discount rates, volatility, and annual risk rates,

would result in higher (lower) fair values, all else equal.

The market approach utilizes

market value (revenue and EBIT) multiples of publicly traded comparable companies and available

precedent sales transactions of comparable companies.

Precedent Transaction

Revenue Multiples

1.54 x - 1.90 x ( 1.72 x)

Market Approach

Precedent Transaction

25 % - 100 % ( 77 %)

Debt investments

Market Approach

Revenue Multiples

0.57 x - 5.05 x ( 3.49 x)

Precedent Transactions

of December 31, 2025, the Board of Directors used a hybrid market and income approach to value certain common and preferred stock

investments, as the Board of Directors felt this approach better reflected the fair value of these investments.

In considering multiple

valuation approaches (and consequently, multiple valuation techniques), the valuation approaches and techniques are not likely to

change from one period of measurement to the next;

however, the weighting of each in determining the final fair value of a Level

3 investment may change based on recent events or transactions.

The hybrid approach may also consider certain risk weightings to

account for the uncertainty of future events.

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

Fair Value ” for more detail.

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

Due to any given portfolio company’s information rights, changes in capital structure, recent events, transactions,

or liquidity events, the type and availability of unobservable inputs may change.

Increases/(decreases) in revenue multiples, earnings

before interest and taxes (“EBIT”) multiples, time to expiration, and stock price/strike price would result in higher

(lower) fair values, all else equal.

Decreases/(increases) in discount rates, volatility, and annual risk rates, would result in

higher (lower) fair values, all else equal.

The market approach utilizes market value (revenue and EBIT) multiples of publicly traded

comparable companies and available precedent sales transactions of comparable companies.

The Board of Directors carefully considers

numerous factors when selecting the appropriate companies whose multiples are used to value

the Company’s portfolio companies.

These factors include, but are not limited to, the

type of organization, similarity to the business being valued, relevant risk factors, as

well as size, profitability and growth expectations.

In general, precedent transactions include

recent rounds of financing, recent purchases made by the Company, and tender offers.

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

for more detail.

numerous factors when selecting the appropriate companies whose multiples are used to value the Company’s portfolio companies.

These factors include, but are not limited to, the type of organization, similarity to the business being valued, relevant risk factors,

as well as size, profitability and growth expectations.

In general, precedent transactions include recent rounds of financing, recent

purchases made by the Company, and tender offers.

Refer to “Note 2—Significant Accounting Policies— Investments

at Fair Value ” for more detail.

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”.

(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.

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

Stock in Private Portfolio Companies 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 nine months ended September 30, 2025 as follows:

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.

Probability-Weighted

Expected Return Method, or “PWERM”.

Funds From Operations, or “AFFO”.

aggregate values of Level 3 assets and liabilities changed during the three months ended March 31, 2026 as follows:

SCHEDULE OF AGGREGATE VALUE OF ASSETS AND LIABILITIES

Months Ended September 30, 2025

Three Months Ended March 31, 2026

Fair Value as of December 31, 2025

2 unchanged sentences

Transfers out of Level 3

( 5,221,824 )

( 6,323,519 )

( 12,043,648 )

Purchases, capitalized fees and interest

Sales/Redemptions of investments

Exercises and conversions (4)

( 1,001,628 )

Realized gains/(losses)

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

Fair Value as of March 31, 2026

$ 331,712,990

Exercises and conversions (4)

$ 385,880,836

Net change in unrealized appreciation/ (depreciation) of Level 3 investments still held as of March 31, 2026

$ 161,080,131

Realized gains/(losses)

Net change in unrealized

appreciation/(depreciation) included in earnings

Fair Value as of September 30, 2025

$ ( 989,136 )

$ ( 280,354 )

Net change in unrealized

appreciation/ (depreciation) of Level 3 investments still held as of September 30, 2025

(1) Preferred

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

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

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

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

$ 159,810,641

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

Investment in True Global Ventures 4 Plus Pte Ltd.

and the Company’s investment in

the Class A Interest of CW Opportunity 2 LP which is invested in Class A Common Stock.

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

of Orchard Technologies, Inc., PayJoy, Inc., Stake Trade, Inc.

(d/b/a Prophet Exchange),

and Whoop, Inc.

the nine months ended September 30, 2025, the Company’s portfolio investments had the

following corporate actions which are reflected above:

CAPITAL CORP.

Stock in Private Portfolio Companies also includes the Company’s Limited Partner Fund Investment in True Global Ventures 4

Plus Pte Ltd.

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

Stock of CoreWeave, Inc.

in Private Portfolio Companies also includes the Company’s investment in the Class A Interest of Magnetar Opportunity 2025-4

LP which is invested in a SAFE of TensorWave, Inc., as well as investments in the SAFEs of Orchard Technologies, Inc.

the three months ended March 31, 2026, the Company’s portfolio investments had the following corporate actions which are reflected

SURO CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Shares, Series A

Shares (Level 2)

Opportunity 2 LP

Shares, Series C

Shares (Level 3)

Streaming Solutions Inc.

NOTES TO CONDENSED CONSOLIDATED

FINANCIAL STATEMENTS

March 31, 2026

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)

Shares, Series G-2 (Level 3)

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

Ended December 31, 2024

Year Ended December 31, 2025

Fair Value as of December 31, 2024

1 unchanged sentence

$ 191,789,622

Value, Beginning balance

Fair Value, Beginning balance

$ 151,003,991

3 unchanged sentences

( 6,323,519 )

Purchases, capitalized fees

Sales/Redemptions of investments

( 12,043,648 )

( 1,414,278 )

Purchases, capitalized fees and interest

Sales/Redemptions of investments

( 16,324,378 )

2 unchanged sentences

( 15,768,763 )

Realized gains/(losses)

( 2,006,392 )

( 7,076,812 )

( 14,448,898 )

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

Value, Ending balance

$ 151,003,991

Fair Value, Ending balance

$ 169,631,231

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

$ 221,302,242

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

$ ( 1,127,603 )

1 unchanged sentence

$ ( 1,127,603 )

$ ( 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.

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

Stock in Private Portfolio Companies 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 PayJoy, Inc.

and Commercial

Streaming Solutions Inc.

(d/b/a BettorView).

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

corporate actions which are reflected above:

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,

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

Stock of CoreWeave, Inc.

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

Shares, Series A

Shares (Level 2)

CAPITAL CORP.

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)

SURO CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONDENSED CONSOLIDATED

FINANCIAL STATEMENTS

March 31, 2026

of Investments In, and Advances to, Affiliates

during the nine months ended September 30, 2025 involving the Company’s controlled investments and non-controlled/affiliate investments

during the three months ended March 31, 2026 involving the Company’s controlled investments and non-controlled/affiliate investments

were as follows:

OF INVESTMENTS IN AND ADVANCES TO AFFILIATES

Type/Industry/Portfolio

Company/Investment

Value at December 31, 2024

Type/Industry/Portfolio Company/Investment

Principal/Quantity

Fair Value at December 31, 2025

Transfer In/ (Out)

Gains/(Losses)

Value at September 30, 2025

INVESTMENTS * (2)

Purpose Acquisition Company

Sponsor II LLC** (3) –Class B Units

$ ( 1,103,719 )

( 1,103,719 )

Purpose Acquisition Company

Sponsor II LLC** (3) –Class W Units

CONTROLLED INVESTMENTS* (2)

$ ( 1,602,940 )

NON-CONTROLLED/AFFILIATE

INVESTMENTS * (1)

Fair Value at March 31, 2026

NON-CONTROLLED/AFFILIATE INVESTMENTS * (1)

Preferred Stock

Interactive Media & Services

Commercial Streaming Solutions Inc.

BettorView)–Preferred Shares, Series A-1

Research, Inc.–Preferred Shares, Series C

Research, Inc.–Preferred Shares, Series B

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

$ ( 350,000 )

Knowledge Networks

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%

Maven Research, Inc.–Preferred Shares, Series C

Maven Research, Inc.–Preferred Shares, Series B

Total Knowledge Networks

Interactive Learning

Preferred Stock

Inc.–Common Shares

NON-CONTROLLED/AFFILIATE INVESTMENTS* (1)

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

Equity investments

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

Preferred dividends are generally

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

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

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

(Refer to “Note

3—Related-Party Arrangements”).

All portfolio investments are considered Level

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

(Refer to “Note

4—Investments at Fair Value”).

All of the Company’s portfolio investments

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

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

(Refer to “Note 2—Significant

Accounting Policies— Investments at Fair Value ”).

** Indicates assets

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

the Company’s total investments as of September 30, 2025, 33.53 % of its total investments are non-qualifying assets,

excluding cash and short-term US treasuries.

(1) “Affiliate Investments” are investments in those companies that are

“Affiliated Companies” of SuRo Capital, as defined in the 1940 Act.

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

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

with the right to elect directors) of such company.

Investments” are investments in those companies that are “Controlled Companies” of SuRo Capital, as defined in the

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.

an investment that is the sponsor of a special purpose acquisition company formed for the

purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase,

reorganization or similar business combination with one or more businesses.

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

Corp.’s wholly owned subsidiary, GSVC SW Holdings, Inc.

StormWind, LLC (2) – Preferred Shares, Series D 8%

StormWind, LLC (2) – Preferred Shares, Series C 8%

StormWind, LLC (2) – Preferred Shares, Series B 8%

StormWind, LLC (2) – Preferred Shares, Series A 8%

Total Interactive Learning

Total Preferred Stock

( 1,269,022 )

Online Education

Curious.com, Inc.–Common Shares

Total Common Stock

TOTAL NON-CONTROLLED/AFFILIATE INVESTMENTS* (1)

$ ( 1,269,022 )

All portfolio investments are non-income-producing, unless

otherwise identified.

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

Preferred dividends are generally only

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

The Company’s directors, officers, employees

and staff, as applicable, may serve on the board of directors of the Company’s portfolio investments.

(Refer to “Note 3—Related-Party

Arrangements”).

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

(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 ”).

“Affiliate Investments” are investments in those

companies that are “Affiliated Companies” of SuRo Capital, as defined in the 1940 Act.

In general, a company is deemed to

be an “Affiliate” of SuRo Capital if SuRo Capital beneficially owns, directly or indirectly, between 5% and 25% of the voting

securities (i.e., securities with the right to elect directors) of such company.

SuRo Capital’s investments in StormWind, LLC are held

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

CAPITAL CORP.

6 unchanged sentences

Company/Investment

Principal/Quantity

Value at December 31, 2024

Gains/(Losses)

Value at December 31, 2025

INVESTMENTS * (2)

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

$ ( 374,950 )

$ ( 6,780,680 )

Preferred Stock

( 6,780,680 )

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

Finance Technology

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

( 10,000,000 )

Purpose Acquisition Company

1 unchanged sentence

$ ( 1,103,719 )

( 1,103,719 )

Purpose Acquisition Company

2 unchanged sentences

$ ( 1,602,940 )

$ ( 6,797,425 )

NON-CONTROLLED/AFFILIATE

INVESTMENTS * (1)

Innovation Platform

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

$ ( 1,414,278 )

$ ( 237,219 )

Debt Investments

Preferred Stock

Media & Services

Commercial Streaming Solutions

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

$ ( 650,000 )

Research, Inc.–Preferred shares, Series C

Maven Research, Inc.–Preferred

Shares, Series C

Research, Inc.–Preferred Shares, Series B

2 unchanged sentences

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%

1 unchanged sentence

( 1,411,460 )

Preferred Stock

( 3,267,048 )

Innovation Platform

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

( 1,585,722 )

( 6,982,628 )

Global Innovation Platform

( 1,585,722 )

( 6,982,628 )

Holdings, Inc.

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

( 1,964,750 )

( 1,585,722 )

( 6,982,628 )

Inc.–Common shares

Holdings, Inc.

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

( 8,542,386 )

Total Preferred Stock

( 2,061,460 )

Curious.com, Inc.–Common Shares

NON-CONTROLLED/AFFILIATE INVESTMENTS* (1)

$ ( 2,061,460 )

$ ( 3,000,000 )

$ ( 6,598,526 )

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

16 unchanged sentences

Accounting Policies— Investments at Fair Value ”).

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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.

Of the Company’s total

investments as of December 31, 2025, 32.70 % of its total investments are non-qualifying assets, excluding cash and short-term US treasuries.

(1) “Affiliate

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

of SuRo Capital 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

3 unchanged sentences

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

wholly owned subsidiary, GSVC SW Holdings, Inc.

an investment that is the sponsor of a special purpose acquisition company formed for the

1 unchanged sentence

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.

CAPITAL CORP.

19 unchanged sentences

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

the three and nine months ended September 30, 2025 and 2024, the Company did no t repurchase any shares of the Company’s common

stock under the Share Repurchase Program.

As of September 30, 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.

the three months ended March 31, 2026 and 2025, the Company did no t repurchase any shares of the Company’s common stock under the

Share Repurchase Program.

As of March 31, 2026, 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

18 unchanged sentences

time to time.

Agents will receive a commission from the Company equal to up to 2.0 %

of the gross sales price of any Shares sold through the Agents under the Sales Agreement and reimbursement of certain expenses.

During the three months ended September 30, 2025, the Company paid total commissions and expenses of approximately

$ 198,000 , representing approximately 1.8 % of gross proceeds.

Sales Agreement contains customary representations, warranties and agreements of the Company, conditions to closing, indemnification

rights and obligations of the parties and termination provisions.

CAPITAL CORP.

1 unchanged sentence

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

the three and nine months ended September 30, 2025, the Company sold 1,230,984 Shares under the ATM Program.

During the three and nine

months ended September 30, 2024, the Company did not issue or sell Shares under the ATM Program.

As of September 30, 2025, up to approximately

$ 88.0 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

Three Months Ended September 30,

Nine Months Ended September 30,

Number of shares sold

Gross proceeds received

Net proceeds received

Weighted average price per share

Agents will receive a commission from the Company equal to up to 2.0 % of the gross sales price of any Shares sold through the Agents

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 three months ended March 31, 2026 and 2025, the Company did no t issue or sell Shares under the ATM Program.

As of March 31, 2026,

up to approximately $ 87.9 million in aggregate amount of the Shares remain available for sale under the ATM Program.

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

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

pursuant to ASC 260, for the three and nine months ended September 30, 2025 and 2024.

pursuant to ASC 260, for the three months ended March 31, 2026 and 2025.

OF BASIC AND DILUTED COMMON SHARE

Months Ended September 30,

Earnings per common share–basic:

Months Ended March 31,

per common share–basic:

Net change in net assets resulting

13 unchanged sentences

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

Weighted-average common

shares outstanding–diluted (1)

Weighted-average

common shares outstanding–diluted (1)

per common share–diluted

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

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

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

these shares would have been anti-dilutive.

the three months ended March 31, 2025, 4,516,131 potentially dilutive common shares were excluded from the weighted-average common shares

outstanding for diluted net change in net assets resulting from operations per common share because the effect of these shares would

have been anti-dilutive.

7— COMMITMENTS AND CONTINGENCIES

1 unchanged sentence

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.

During the three

months ended March 31, 2026, the Company funded $ 5,000,000 of the commitment.

As of March 31, 2026, the remaining unfunded commitment

to Magnetar Opportunity 2025-4 LP was $ 15,000,000 , 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

4 unchanged sentences

The Company is not currently a party to any material legal proceedings.

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Leases and Related Deposits

9 unchanged sentences

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

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

of September 30, 2025 and December 31, 2024, the Company booked a right-of-use asset and operating lease liability of $ 360,399 and $ 446,349 ,

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

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

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

For the three months ended September 30, 2025 and 2024, the Company incurred $ 36,627 and $ 49,512 , respectively, of operating lease expense.

For the nine months ended September 30, 2025 and 2024, the Company incurred $ 93,836 and $ 155,859 , respectively, of operating lease expense.

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

in the lease.

As of September 30, 2025, the remaining lease term was 2.7 years and the discount rate was 3.00 %.

following table shows future minimum payments under the Company’s operating lease as of September 30, 2025:

of March 31, 2026 and December 31, 2025, the Company booked a right-of-use asset and operating lease liability of $ 324,895

and $ 327,932 ,

respectively, on the Condensed Consolidated Statements of Assets

and Liabilities .

As of March 31, 2026 and December 31, 2025, the Company recorded a security deposit of $ 16,574

and $ 16,574 ,

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

For the three months ended March 31, 2026 and

2025, the Company incurred $ 37,066

and $ 23,188 ,

respectively, of operating lease expense.

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

have been discounted using the rate implicit in the lease.

As of March 31, 2026, the remaining lease term was 2.2

years and the discount rate was 3.00 %.

following table shows future minimum payments under the Company’s operating lease as of March 31, 2026:

OF FUTURE MINIMUM PAYMENTS OF OPERATION LEASE

2 unchanged sentences

OF FINANCIAL HIGHLIGHTS

Months Ended September 30,

Three Months Ended March 31,

Per Basic Share Data

Net asset value at beginning of period

Net asset value at beginning of

Net asset value

3 unchanged sentences

in unrealized appreciation/(depreciation) of investments (1)

Dividends declared

Issuance of common stock from public offering(1)

Repurchase of common stock (1)

compensation (1)

Net asset value at end of period

Net asset value

Per share market value at end of period

7 unchanged sentences

$ 156,804,155

$ 231,787,028

$ 157,437,207

Average net assets

1 unchanged sentence

$ 156,454,212

$ 178,224,292

$ 179,655,590

of net operating expenses to average net assets (3)

4 unchanged sentences

return based on market value is based upon the change in market price per share between the

opening and ending market values per share in the period, adjusted for dividends and equity

opening and ending market values per share in the period, adjusted for dividends .

Total return based on net asset value is based upon the change in net asset value

per share between the opening and ending net asset values per share in the period, adjusted

for dividends and equity issuances.

for dividends.

(3) Financial

46 unchanged sentences

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

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

Company’s condensed 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

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 Condensed 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.

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

2 unchanged sentences

federal excise tax.

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

11 unchanged sentences

related to uncertain tax positions as incurred.

As of September 30, 2025, there were no material interest or penalties incurred related

to uncertain tax positions.

As of March 31, 2026, there were no material interest or penalties incurred related to

uncertain tax positions.

10— DEBT CAPITAL ACTIVITIES

31 unchanged sentences

costs are reflected in the carrying value of the 6.00% Notes due 2026.

As of September 30, 2025 and December 31, 2024, the Company had

deferred debt issuance costs of $ 260,291 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.

As of March 31, 2026 and December 31, 2025, the Company had

deferred debt issuance costs of $ 141,276

and $ 187,676 ,

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 Condensed Consolidated Statements of Assets and Liabilities.

OF RECONCILIATION

6 unchanged sentences

The reported closing

market price of SSSSL on September 30, 2025 and December 31, 2024 was $ 25.06 and $ 24.50 per note, respectively.

As of September 30, 2025

and December 31, 2024, the fair value of the 6.00% Notes due 2026 was $ 39.8 million and $ 43.8 million, respectively.

market price of SSSSL on March 31, 2026 and December 31, 2025 was $ 25.07 and $ 25.00 per note, respectively.

As of March 31, 2026 and

December 31, 2025, the fair value of the 6.00% Notes due 2026 was $ 35.8 million and $ 35.8 million, respectively.

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

3 unchanged sentences

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

During the nine months

ended September 30, 2025, the Company repurchased and retired $ 5.0 million of aggregate principal amount of the 6.00 % Notes due 2026,

resulting in the total use of the authorized amount under the Note Repurchase Program.

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.

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 Notes Purchase Agreement (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 September 30, 2025, $ 35.0 million of 6.50% Convertible Notes due 2029 had been issued.

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 Notes.

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 March 31, 2026, $ 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

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6, 2027, upon the fulfillment of certain conditions.

6.50% Convertible Notes due 2029 are 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

share, 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 Note 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.

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 bifurcation.

CAPITAL CORP.

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TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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.

Effective 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,

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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.

Condensed Consolidated Statements of Assets and Liabilities.

OF RECONCILIATION

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pay the exercise price of Options granted to them with shares of the Company’s common stock.

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

the Second Amended & Restated 2019 Equity Incentive Plan, each non-employee director will receive an annual grant of $ 50,000 worth

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of such grant).

During the nine months ended September 30, 2025, the Company granted 31,248 restricted shares to the Company’s

During the three months ended March 31, 2026, the Company did no t grant any 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

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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.

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

the nine months ended September 30, 2025, the Company granted 350,000 restricted shares to the Company’s officers pursuant to the

the three months ended March 31, 2026, the Company did not grant any restricted shares to the Company’s officers pursuant to the

Second Amended & Restated 2019 Equity Incentive Plan.

the nine months ended September 30, 2025 and 2024, the Company recognized stock-based compensation expense of $ 824,448

the three months ended March 31, 2026 and 2025, the Company recognized stock-based compensation expense of $ 555,226

and $ 276,007 ,

respectively, not including executive and employee forfeits.

As of September 30, 2025 and December 31, 2024, there were approximately

As of March 31, 2026 and December 31, 2025, there were approximately $ 5,214,978

and $ 5,722,648

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

Compensation expense associated with the

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

following table summarizes the activities for the Company’s restricted share grants for the nine months ended September 30, 2025

under the Second Amended & Restated 2019 Equity Incentive Plan:

(immaterially adjusted from amount previously disclosed), respectively,

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

Compensation expense associated with the restricted

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

following table summarizes the activities for the Company’s restricted share grants for the three months ended March 31, 2026 under

the Second Amended & Restated 2019 Equity Incentive Plan:

OF EQUITY INCENTIVE PLAN

of Restricted Shares

Restricted Shares

Outstanding as of December 31, 2025 (1)

Outstanding as of September 30, 2025

Total vested since inception as of September 30, 2025

Outstanding as of March 31, 2026

Total vested since inception as of March 31, 2026

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.The

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

Second Amended & Restated 2019 Equity Incentive Plan provides for the concept of “net

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the Participant’s tax obligations.

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

12— SUBSEQUENT EVENTS

October 1, 2025 through November 5, 2025, the Company exited or received proceeds from the following investments.

April 1, 2026 through May 5, 2026, the Company made the following investments (not including capitalized transaction costs).

OF INVESTMENTS BY COMPANY

Huntress Labs Inc.

ClickHouse, Inc.

Series A Preferred

April 1, 2026 through May 5, 2026, the Company received proceeds from the following investment.

OF INVESTMENTS

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Transaction Date

Realized Gain/(Loss) (1)

Realized Gain (1)

CW Opportunity 2 LP

(d/b/a Compliable)

_________________________________

True Global Ventures 4 Plus Pte Ltd

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

of November 5, 2025, we continue to hold approximately 71.8% of our investment in CW Opportunity 2, LP.

(1) CW Opportunity 2 LP is an SPV for which the Class A Interest is solely invested in the Class A Common Shares of CoreWeave,

gain is calculated based on the current reporting by the SPV,

but may be subject to change or adjustment due to the impact of performance fees that may

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

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equity investments will be effectuated.

Repurchase Program

October 29, 2025, the Company’s Board of Directors authorized an extension 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 pursuant to the Company’s discretionary Share Repurchase Program will depend on a

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

The Share Repurchase Program may be suspended,

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

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

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

the Exchange Act.

of November 5, 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.

Notes Due 2026 - Note Repurchase Program

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.

As of November 5, 2025, the

dollar value of the 6.00% Notes due 2026 aggregate principal amount was approximately $ 39.7

On November 3, 2025, the Company’s Board

of Directors declared a dividend of $ 0.25 per share payable on December 5, 2025 to the Company’s common stockholders of record

as of the close of business on November 21, 2025.

The dividend will be paid in cash.

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Conversion of the 6.50% Convertible Notes due 2029

April 1, 2026 through May 5, 2026, the Purchaser of the 6.50% Convertible Notes due 2029 elected to exercise their conversion

option on multiple occasions and convert a total of $ 5.0

million of their principal amount ($ 1,000

per Note) into 682,815 shares

of the Company’s common stock and $ 19.56 in

lieu of fractional shares.

As of May 5, 2026 ,

the remaining principal balance of the 6.50% Convertible Notes due 2029 was $ 30.0

Externalization

April 2, 2026, the Board of Directors, including all of its independent directors, unanimously approved a proposal to transition from

an internally managed BDC to an externally managed structure (the “Externalization”).

The Board of Directors also approved

the related investment advisory agreement (the “Advisory Agreement”) with Neostellar Advisors LLC (the “Adviser”),

an entity jointly owned by certain current employees of the Company and Magnetar Holdings LLC, pursuant to which the Adviser would be

appointed as the investment adviser of the Company.

Entry into the Advisory Agreement effectuating the Externalization is subject to

approval by the Company’s stockholders.

If the Company’s stockholders do not approve the Advisory Agreement, the Company

will continue its operations as an internally managed BDC.

For the avoidance of doubt, the Company is not being sold.

If the Externalization

occurs, the Company’s stockholders immediately prior to the Externalization will be the Company’s stockholders immediately

following the Externalization and will hold the same number of shares of the Company’s common stock as they did prior to the Externalization.

key terms of the Externalization and the Advisory Agreement include:

Incentive Fee on Pre-Existing Portfolio — Under the Advisory Agreement, the Adviser

would not be paid an incentive fee on any realized gains attributable to the Company’s

existing portfolio.

Any such realized gains will inure to the benefit of the Company’s

stockholders.

Annual Cost Savings — Based on the Board’s analysis, the Externalization

is expected to result in annual expense savings of approximately 0.77 % of average total assets

compared to the current internal management structure.

$20 Million Capital Commitment — In connection with the Externalization, Magnetar

will agree to invest $ 20 million in the Company, the form of which will depend on certain

● Competitive

Fee Structure — The Board of Directors noted that the proposed base management

fee of 1.75 % of the Company’s gross assets is competitive with fees charged by comparable

BDCs and is below the median fee charged by private market venture and technology funds.

In addition, the fact that the Company will not pay any incentive fees on existing investments

has the potential to be highly accretive to stockholders.

Continuity — The Company’s current investment team, including Mark D.

(Chairman, CEO and President) and Allison Green (CFO, Treasurer and Corporate Secretary),

will remain in their current capacities but will be employed by the Adviser rather than the

Company following the Externalization.

effectiveness of the Advisory Agreement, the Company also will enter into an administration agreement (the “Administration Agreement”)

with Neostellar Administrative Services LLC, an affiliate of the Adviser (the “Administrator”).

Under the terms of the Administration

Agreement, the Administrator has agreed to perform (or oversee or arrange for the performance of) the administrative services necessary

for the operation of the Company.

The Company will reimburse the Administrator for the costs and expenses incurred by the Administrator

in performing its obligations and providing personnel and facilities under the Administration Agreement, including the Company’s

allocable portion of overhead.

April 2, 2026, in connection with the Externalization, the Company’s Compensation Committee approved the following:

of 350,000 restricted shares (with any aggregate income tax liability to be paid by the Company) to Mark D.

Klein, the Company’s

Chairman, President and Chief Executive Officer;

(b) a grant of 60,000 restricted shares (with any aggregate income tax liability to

be paid by the Company) to Allison Green, the Company’s Chief Financial Officer, Treasurer and Corporate Secretary;

bonus of $ 850,000 to Mark D.

and (d) a cash bonus of $ 500,000 to Allison Green.

The foregoing compensation will be paid only if

the Advisory Agreement is approved by the Company’s stockholders.

13— SUPPLEMENTAL FINANCIAL DATA

Financial Information of Unconsolidated Subsidiaries

In 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.

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

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of an investment company.

Company had no controlled portfolio companies as of September 30, 2025.

The Company’s controlled portfolio company as of September

Company had no controlled portfolio companies as of March 31, 2026.

The Company’s controlled portfolio company as of March 31,

2025, Colombier Sponsor II LLC, did not meet the definition of a “significant subsidiary” as set forth in Rule 1-02(w)(2)

1 unchanged sentence

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

What changed 10-Q

Item 1. Financial Statements