What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2025-05-07 compared with 2024-11-08 · 2124 added, 2141 removed, 568 unchanged (88% of the section changed)

Financial Statements

CAPITAL CORP.

SURO CAPITAL CORP.

AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED)

CONDENSED CONSOLIDATED STATEMENTS OF ASSETS AND

31, 2025 (UNAUDITED)

31, 2024 (AUDITED)

Investments at fair value:

Non-controlled/non-affiliate investments

(cost of $ 219,324,308 and $ 160,994,161 , respectively)

Non-controlled/non-affiliate investments (cost of $ 235,908,892 and $ 234,601,314 , respectively)

$ 194,570,607

$ 198,511,915

Non-controlled/affiliate investments (cost

of $ 20,605,400 and $ 32,775,940 , respectively)

Controlled investments

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

Total Portfolio Investments

Investments in U.S.

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

Total Investments (cost of $ 241,532,648 and

$ 276,333,902 , respectively)

Proceeds receivable

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

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

Total Investments (cost of $ 258,117,232 and $ 256,809,654 , respectively)

Escrow proceeds receivable

1 unchanged sentence

Deferred financing costs

expenses and other assets (1)

Accounts payable and accrued

Dividends payable

Prepaid expenses and other assets (1)

6.00% Notes due December 30, 2026 (2)

6.50% Convertible Notes

due August 14, 2029 (3)

Commitments and contingencies

(Notes 7 and 10)

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

Accounts payable and accrued expenses (1)

Dividends payable

Total Liabilities

Commitments and contingencies (Notes 7 and 10)

$ 156,804,155

$ 157,572,086

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

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

23,551,859 and 23,601,566 issued and outstanding, respectively)

3 unchanged sentences

( 4,302,192 )

Accumulated net realized loss on investments,

net of distributions

Accumulated net realized loss on investments, net of distributions

( 17,442,921 )

( 17,409,097 )

Accumulated net unrealized

appreciation/(depreciation) of investments

Accumulated net unrealized appreciation/(depreciation) of investments

( 44,643,195 )

2 unchanged sentences

$ 157,572,086

Asset Value Per Share

accompanying notes to condensed consolidated financial statements.

Net Asset Value Per Share

See accompanying notes to condensed consolidated

financial statements.

balance includes a right of use asset and corresponding operating lease liability, respectively.

Refer to “Note 7—Commitments

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

of September 30, 2024, the 6.00 % Notes due December 30, 2026 (the “ 6.00 % Notes due 2026”) (effective interest rate of

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

Related Deposits ” for more detail.

of March 31, 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 March 31, 2025, the 6.50 % Convertible Notes due August 14, 2029 (the “ 6.50 % Convertible

Notes due 2029”) (effective interest rate of 7.01 % )

had a face value $ 35,000,000 .

As of December 31, 2023, the 6.00 % Notes due 2026 (effective interest rate of 6.53 %) had a face

value $ 75,000,000 .

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

of September 30, 2024, the 6.50 % Convertible Notes due August 14, 2029 (the “ 6.50 % Convertible Notes due 2029”) (effective

interest rate of 7.16 %) had a face value $ 25,000,000 .

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

of the carrying value to the face value.

CAPITAL CORP.

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.

AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

Months Ended September 30,

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

Three Months Ended March 31,

INVESTMENT INCOME

6 unchanged sentences

Treasury bills

Investment Income

Total Investment Income

OPERATING EXPENSES

Compensation expense

Directors’ fees

Professional fees

Interest expense

Professional fees

Directors’ fees

Income tax expense

Other expenses

Operating Expenses

Investment Loss

( 3,207,873 )

( 2,668,426 )

Total Operating Expenses

Net Investment Loss

( 3,661,769 )

( 3,222,902 )

Realized Loss on

Realized Gain/(Loss) on Investments:

Non-controlled/non-affiliated investments

( 1,461,281 )

( 3,597,113 )

Non-controlled/affiliate investments

( 6,598,530 )

( 10,945,024 )

Controlled investments

( 6,786,462 )

( 6,793,207 )

Realized Loss on Investments

( 13,713,512 )

( 1,461,281 )

( 14,167,198 )

( 14,542,137 )

Realized loss on partial

repurchase of 6.00% Notes due December 30, 2026

Change in Unrealized Appreciation/(Depreciation)

of Investments:

Net Realized Loss on Investments

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

Change in Unrealized Appreciation/(Depreciation) of Investments:

Non-controlled/non-affiliated investments

2 unchanged sentences

Non-controlled/affiliate investments

( 2,016,699 )

Controlled investments

Change in Unrealized Appreciation/(Depreciation) of Investments

Net Change in Unrealized Appreciation/(Depreciation) of Investments

( 18,418,370 )

Change in Net Assets Resulting from Operations

Net Change in Net Assets Resulting from Operations

$ ( 806,715 )

$ ( 22,065,346 )

Change in Net Assets Resulting from Operations per Common Share:

Weighted-Average Common

Shares Outstanding

accompanying notes to condensed consolidated financial statements.

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 and nine months ended September 30, 2023, there were no potentially dilutive

securities outstanding.

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

Weighted-Average Common Shares Outstanding

See accompanying notes to condensed consolidated

financial statements.

(1) Includes interest income earned on cash.

(2) 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.

For the three months ended March 31, 2024, there were no potentially

dilutive securities outstanding.

Refer to “Note 6 — Net Change in Net Assets Resulting from Operations per Common Share —

Basic and Diluted”.

CAPITAL CORP.

SURO CAPITAL CORP.

AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

Months Ended September 30,

Net Assets at

Beginning of Year

$ 203,357,646

$ 210,020,702

Change in Net Assets Resulting

from Operations

Net investment loss

( 3,222,902 )

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN

NET ASSETS (UNAUDITED)

Three Months Ended March 31,

Net Assets at Beginning of Year

$ 157,572,086

Net realized gain/(loss)

on investments

change in unrealized appreciation/(depreciation) of investments

$ 203,357,646

Change in Net Assets Resulting from Operations

( 22,065,346 )

Change in Net Assets Resulting

from Capital Transactions

Change in Net Assets Resulting from Capital Transactions

Change in Net Assets

( 21,636,511 )

Assets at March 31

$ 181,721,135

$ 215,043,069

Change in Net Assets Resulting

from Operations

Net investment loss

2 unchanged sentences

Net realized loss on investments

( 13,270,199 )

change in unrealized appreciation/(depreciation) of investments

( 6,965,946 )

Change in Net Assets Resulting from Operations

( 10,651,183 )

( 15,620,024 )

Change in Net Assets Resulting

from Capital Transactions

Stock-based compensation

of common stock

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

( 8,757,761 )

( 12,730,321 )

Change in Net Assets

( 19,408,944 )

( 28,350,345 )

Assets at June 30

$ 162,312,191

$ 186,692,724

Change in Net Assets Resulting

from Operations

Net investment loss

$ ( 3,207,873 )

$ ( 2,668,426 )

Net realized loss on investments

( 13,713,512 )

( 1,461,281 )

Realized loss on partial

repurchase of 6.00% Notes due 2026

change in unrealized appreciation/(depreciation) of investments

Change in Net Assets Resulting from Operations

( 5,452,245 )

Change in Net Assets Resulting

from Capital Transactions

Stock-based compensation

of common stock

Change in Net Assets Resulting from Capital Transactions

Change in Net Assets

Net Change in Net Assets Resulting from Capital Transactions

Total Change in Net Assets

( 21,636,511 )

Assets at September 30

Net Assets at March 31

$ 156,804,155

1 unchanged sentence

Capital Share Activity

Shares outstanding at beginning

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

Shares repurchased

( 2,000,000 )

( 3,186,493 )

Shares Outstanding

at End of Period

accompanying notes to condensed consolidated financial statements.

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

CAPITAL CORP.

Shares outstanding at beginning of year

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

Shares Outstanding at End of Period

See accompanying notes to condensed consolidated

financial statements.

(1) Refer to “Note 11 — Stock-Based Compensation” for more detail.

SURO CAPITAL CORP.

AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

Months Ended September 30,

Cash Flows from Operating

Net change in net assets resulting

from operations

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

Three Months Ended March 31,

Cash Flows from Operating Activities

Net change in net assets resulting from operations

$ ( 806,715 )

Adjustments to reconcile

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

$ ( 22,065,346 )

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

Net realized loss on investments

Net change in unrealized

(appreciation)/depreciation of investments

Net change in unrealized (appreciation)/depreciation of investments

( 2,888,878 )

Amortization of discount

on 6.00 % Notes due 2026

Amortization of discount

on 6.50 % Convertible Notes due 2029

Amortization of discount on 6.00 % Notes due 2026

Amortization of discount on 6.50 % Convertible Notes due 2029

Stock-based compensation

Adjustments to escrow proceeds

Adjustments to escrow proceeds receivable

Accrued interest on U.S.

Treasury bills

Purchases of investments

Purchases of investments in:

Portfolio investments

1 unchanged sentence

( 10,003,934 )

Treasury bills

( 141,793,045 )

Proceeds from sales or

maturity of investments in:

Proceeds from sales or maturity of investments in:

Portfolio investments

1 unchanged sentence

Change in operating assets and liabilities:

Proceeds receivable

Escrow proceeds receivable

Prepaid expenses and other

Interest and dividends

payable and accrued expenses

Cash Provided by Operating Activities

Cash Flows from Financing

Gross proceeds from the

issuance of 6.50 % Convertible Notes due 2029

Deferred debt issuance costs

Repurchases of 6.00 % Notes

( 25,028,770 )

Realized loss on partial

repurchase of 6.00 % Notes due 2026

Repurchases of common stock

Prepaid expenses and other assets

Interest and dividends receivable

Accounts payable and accrued expenses

Net Cash Provided by/(Used in) Operating Activities

( 3,719,061 )

Cash Flows from Financing Activities

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

Deferred debt issuance costs

Repurchases of 6.00 % Notes due 2026

( 4,954,950 )

Realized loss on partial repurchase of 6.00 % Notes due 2026

Deferred financing costs

Cash dividends paid

Cash Used in Financing Activities

( 10,258,089 )

Net Cash Used in Financing Activities

Total Increase/(Decrease) in Cash Balance

( 3,855,098 )

Increase in Cash Balance

Cash Balance at Beginning

Balance at End of Period

Cash Balance at Beginning of Year

Cash Balance at End of Period

Supplemental Information:

Interest paid

Right of use asset obtained in exchange for operating lease liabilities

accompanying notes to condensed consolidated financial statements.

CAPITAL CORP.

See accompanying notes to condensed consolidated

financial statements.

SURO CAPITAL CORP.

AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Investments *

CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2025

Portfolio Investments *

Headquarters/

of Initial Investment

Principal/Quantity (5)

Date of Initial Investment

NON-CONTROLLED/NON-AFFILIATE

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

Petersburg, FL

Membership Interest, Class A **(8)

AI Application Fund

Preferred Shares, Series C

Fitness Technology

Simple Agreement for Future Equity

Learneo, Inc.

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

2 unchanged sentences

Online Education

Preferred shares, Series

Online Education

CW Opportunity 2 LP **(8)

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

AI Infrastructure Fund

Type One Deep Ventures Fund LLC **(9)

Petersburg, FL

Membership Interest, Class A **(9)

AI Application Fund

Preferred shares, Series

Pharmaceutical Technology

Preferred shares, Series

Pharmaceutical Technology

ServiceTitan,

Preferred Shares, Series C 8%

ServiceTitan, Inc.

Common Shares (3) **(9)(3)

Contractor Management Software

Blink Health, Inc.

Preferred Shares, Series A

Pharmaceutical Technology

Preferred Shares, Series C

Fitness Technology

Robotics Corp.

Pharmaceutical

CW Opportunity 2 LP **(10)

Class A Interest *** **(10)

AI Infrastructure Fund

IH10, LLC **(11)

Membership Interest **(11)

AI Infrastructure Fund

Sydney, Australia

Common Shares **

Productivity Software

Locus Robotics Corp.

Wilmington, MA

1 unchanged sentence

Warehouse Automation

Common shares

Supply Chain Technology

Supplying Demand, Inc.

(d/b/a Liquid Death)

2 unchanged sentences

Lifestyle Beverage Brand

Sydney, Australia

FourKites, Inc.

Common Shares

Productivity Software

Enterprises, Inc.

Supply Chain Technology

CoreWeave, Inc.

Common Shares (3) **(12)

AI Infrastructure

Shogun Enterprises, Inc.

(d/b/a Hearth)

2 unchanged sentences

Preferred Shares, Series B-2

Home Improvement Finance

Improvement Finance

Preferred Shares, Series B-3

Home Improvement Finance

Improvement Finance

Preferred Shares, Series B-4

Home Improvement Finance

Common Warrants, Strike

Price $0.01, Expiration Date 7/12/2026

Home Improvement Finance

CoreWeave, Inc.

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

Common Shares

AI Infrastructure

PSQ Holdings,

(d/b/a PublicSquare)

West Palm Beach, FL

Common shares, Class A (3)

E-Commerce Marketplace

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

Holdings, Inc.

Estate Platform

Simple Agreement for Future Equity

Estate Platform

See accompanying notes to condensed consolidated

financial statements.

SURO CAPITAL CORP.

AND SUBSIDIARIES

CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2025

Portfolio Investments*

Headquarters/

Date of Initial Investment

Neutron Holdings, Inc.

(d/b/a/ Lime)

2 unchanged sentences

Micromobility

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

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

Micromobility

Common Warrants, Strike

Price $0.01, Expiration Date 5/11/2027

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

Micromobility

Global Ventures 4 Plus Pte Ltd **(10)

True Global Ventures 4 Plus Pte Ltd **(13)

Singapore, Singapore

1 unchanged sentence

Venture Investment Fund

accompanying notes to condensed consolidated financial statements.

CAPITAL CORP.

AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED) - continued

Investments *

Headquarters/

Industry (15)

of Initial Investment

Principal/Quantity (5)

Technologies, Inc.

Preferred shares, Series D 8%

Real Estate Platform

Senior Preferred shares, Series 2

Real Estate Platform

Senior Preferred shares, Series 1 7%

Real Estate Platform

Common shares

Real Estate Platform

San Francisco, CA

Preferred shares

Mobile Access Technology

Simple Agreement for Future

Preferred Shares, Series C

Mobile Access Technology

Simple Agreement for Future Equity

Access Technology

Singapore, Singapore

1 unchanged sentence

Retail Technology

Preferred shares, Investec

Retail Technology

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

Preferred shares, Series A (11)

Real Estate Platform

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

Preferred Shares, Investec Series **

Varo Money, Inc.

San Francisco, CA

Common Shares **

Financial Services

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

Philadelphia, PA

1 unchanged sentence

Geolocation Technology

Series A-1 Warrants, Strike Price $0.0001,

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

Series A Warrants, Strike

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

Series A-1 warrants, Strike Price $0.0001, Expiration Date 5/14/2044 (7)(12)

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

Total (7)(12)

San Francisco, CA

Common shares (3) (3)

Online Marketplace Finance

Santa Clara, CA

Common shares, Class A (3) **(13)(3)

Advanced Nuclear Technology

San Francisco, CA

Common shares **

Financial Services

Property Group, Inc.

Common shares*** ***

Cannabis REIT

Streaming Solutions Inc.

Commercial Streaming Solutions Inc.

(d/b/a BettorView) (7)(14)

Las Vegas, NV

Simple Agreement for Future Equity (7)

Preferred Shares, Series A-1 (7)(14)

Interactive Media & Services

Aventine Property Group, Inc.

Common Shares ***

Cannabis REIT

Skillsoft Corp.

Common Shares (3)

Online Education

Stake Trade, Inc.

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

1 unchanged sentence

Sports Betting

Residential Homes for Rent, LLC (d/b/a Second Avenue) (15)

Preferred Shares, Series A (15)

Real Estate Platform

Forge Global, Inc.

San Francisco, CA

Common Shares (3)

Online Education

Markets, Inc.

Online Marketplace Finance

EDGE Markets, Inc.

San Diego, CA

1 unchanged sentence

Gaming 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

(d/b/a Compliable) (7)

1 unchanged sentence

Gaming Licensing

Holdings, LLC

Kinetiq Holdings, LLC

Philadelphia, PA

1 unchanged sentence

Social Data Platform

Holdings, Inc.

See accompanying notes to condensed consolidated

financial statements.

SURO CAPITAL CORP.

AND SUBSIDIARIES

CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2025

Portfolio Investments *

Headquarters/

Date of Initial Investment

CTN Holdings, Inc.

(d/b/a Catona Climate, f/k/a Aspiration Partners, Inc.) (16)

Marina Del Rey, CA

Preferred shares, Series

Preferred Shares, Series A (16)

Carbon Credit Services

1 unchanged sentence

Credit Services

accompanying notes to condensed consolidated financial statements.

CAPITAL CORP.

AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED) - continued

Investments *

Headquarters/

Industry (15)

of Initial Investment

Principal/Quantity (5)

Fullbridge, Inc.

Cambridge, MA

1 unchanged sentence

Business Education

Note 1.47%, Due 11/9/2021 (4)(14) (4)(14)

Business Education

Real Estate Investment Trust, Inc.

Promissory Note 1.47%, Due 11/9/2021 (4)(17) (4)(17)

Treehouse Real Estate Investment Trust, Inc.

Common Shares *** ***

Cannabis REIT

Non-controlled/Non-affiliate

Total Non-controlled/Non-affiliate

$ 235,908,892

1 unchanged sentence

NON-CONTROLLED/AFFILIATE (1)

StormWind, LLC (18)

Scottsdale, AZ

3 unchanged sentences

Preferred Shares, Series B 8% (1)(18)

Preferred shares, Series

Preferred Shares, Series A 8% (1)(18)

Total (1)(18)

Research, Inc.

Maven Research, Inc.

San Francisco, CA

1 unchanged sentence

Knowledge Networks

Preferred shares, Series

Knowledge Networks

Preferred Shares, Series B (1)

Curious.com, Inc.

Menlo Park, CA

1 unchanged sentence

Online Education

Non-controlled/Affiliate (1)

Total Non-controlled/Affiliate (1)

CONTROLLED (2)

Sponsor II LLC ** (6)

Colombier Sponsor II LLC **(6)

Palm Beach, FL

2 unchanged sentences

Class W Units **(6)(2)

Special Purpose Acquisition

Purpose Acquisition Company

Total **(6)(2)

Controlled (2)

Portfolio Investments

Total Controlled (2)

Total Portfolio Investments

$ 258,117,232

$ 213,577,198

accompanying notes to condensed consolidated financial statements.

CAPITAL CORP.

AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED) - continued

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

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.

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.

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

Equity investments may be subject to lock-up restrictions upon their initial public offering (“IPO”).

Preferred dividends

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

SuRo Capital Corp.’s (the

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

portfolio investments.

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

All portfolio investments are considered Level

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

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

All of the Company’s portfolio

investments are restricted as to resale, unless otherwise noted, and were valued at fair value as determined in good faith by the

Company’s Board of Directors.

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

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, 2024, 28.23 % of

its total investments are non-qualifying assets.

is income-producing.

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

in the 1940 Act.

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 ”).

See accompanying notes to condensed consolidated

financial statements.

SURO CAPITAL CORP.

AND SUBSIDIARIES

CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2025

** Indicates assets that SuRo Capital Corp.

believes do not represent “qualifying assets” under

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

Of the Company’s total investments

as of March 31, 2025, 47.59 % of its total investments are non-qualifying assets, excluding cash and short-term US treasuries.

*** Investment is income-producing.

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

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

In general, a company is deemed to be an “Affiliate” of SuRo Capital Corp.

if SuRo Capital Corp.

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

, securities with the right to elect directors)

of such company.

For the Schedule of Investments In, and Advances To, Affiliates, as required by SEC Regulation S-X, Rule 12-14,

refer to “Note 4—Investments at Fair Value”.

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

in the 1940 Act.

In general, under the 1940 Act, the Company would “Control” a portfolio company if the Company beneficially

owns, directly or indirectly, more than 25% of its outstanding voting securities (i.e., securities with the right to elect directors)

and/or had the power to exercise control over the management or policies of such portfolio company.

For the Schedule of Investments

In, and Advances To, Affiliates, as required by SEC Regulation S-X, Rule 12-14, refer to “Note 4—Investments at Fair

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

Refer to “Note 4—Investments at Fair

of September 30, 2024, the investments noted had been placed on non-accrual status.

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

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

In general, under the 1940 Act, the Company would “Control” a portfolio

company if the Company beneficially owns, directly or indirectly, more than 25% of its outstanding voting securities (i.e., securities

with the right to elect directors) and/or had the power to exercise control over the management or policies of such portfolio company.

For the Schedule of Investments In, and Advances To, Affiliates, as required by SEC Regulation S-X, Rule 12-14, refer to “Note 4—Investments

at Fair Value”.

(3) Denotes an investment considered Level 1 or Level 2 and valued using observable inputs.

Refer to “Note

4—Investments at Fair Value”.

(4) As of March 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.

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

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

(6) Denotes an investment that is the sponsor of a special purpose acquisition company formed for the purpose

of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with

one or more businesses.

(7) SuRo Capital Corp.’s investments in Commercial Streaming Solutions Inc.

(d/b/a BettorView),

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

(8) CW 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 is invested in the

Series C Preferred Shares of CoreWeave, Inc.

(d/b/a Prophet Exchange) are

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

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

in the Convertible Interest Rights of OpenAI Global, LLC.

SuRo Capital Corp.

is invested in the Convertible Interest Rights of OpenAI

Global, LLC through its investment in the Class A Interest of ARK Type One Deep Ventures Fund LLC.

ARK Type One Deep Ventures Fund LLC

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

The management fees will adjust the cost

of SuRo Capital Corp.’s investment in the fund.

(9) As of March 31, 2025, 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 quarter-end.

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

(10) CW Opportunity 2 LP is a special

purpose vehicle (“SPV”) for which the Class A Interest is solely invested in the Class A Common Shares of CoreWeave,

SuRo Capital Corp.

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

through its investment in the Class A Interest

of CW Opportunity 2 LP.

As of March 31, 2025, SuRo Capital has confirmed the underlying Class A Common Shares held by CW Opportunity

2 LP were not registered and are therefore subject to certain restrictions on sale or transfer for which the Company has applied a

discount to the closing share price as of the reporting date.

On March 28, 2025, CoreWeave, Inc.

completed an IPO and the Series C

Preferred Shares converted to Class A common shares.

Prior to the IPO, SuRo Capital Corp.

was invested in the Series C Preferred

Shares of CoreWeave, Inc.

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

Preferred Shares of CoreWeave, Inc.

accrue a 10 %

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.

The SPV does not charge a management fee but does charge an incentive fee of 20 %,

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.

(9) ARK Type One Deep Ventures Fund LLC is an investment fund for which the

Class A Interest is solely invested in the Convertible Equity of OpenAI Global, LLC.

SuRo Capital Corp.’s investment in CW Opportunity 2 LP is subject to certain redemption, sale, or transfer restrictions.

(11) IH10, 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

Convertible Equity of OpenAI Global, LLC through its investment in the Class A Interest of ARK Type One Deep Ventures Fund LLC.

Type One Deep Ventures Fund LLC charges a 1 %

management fee per year, and an incentive fee of 10 %.

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

(10) SuRo 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.

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

through its investment in the Membership

Interest of IH10, LLC.

IH10, LLC does not charge a management or an incentive fee;

however, SuRo Capital Corp.

has prepaid operating expenses.

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

(12) On March 28, 2025, CoreWeave, Inc.

completed an IPO and SuRo Capital Corp.’s Series A Preferred Shares and Common Shares converted

to Class A Common Shares.

As of March 31, 2025, SuRo Capital Corp.’s Class A Common Shares 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 share price as of the

reporting date.

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

(13) SuRo Capital Corp.’s

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

Holdings, Inc.

True Global Ventures 4 Plus Pte Ltd charges a 1.8 %

management fee and a 22.5 %

incentive fee, subject to an annual 5 %

IRR hurdle rate.

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

(14) On March 21, 2025, Commercial Streaming Solutions, Inc.

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

(d/b/a JefeBet).

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

previously held in Commercial Streaming Solutions, Inc.

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

(15) SuRo 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.

(12) On 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 Warrants, Series A-1 Warrants, and Series

(13) On May 7, 2024, AltC Acquisition Corp.

(“AltC”) stockholders approved a business combination

with Oklo, Inc.

(“Oklo”) and related proposals at a special meeting.

On May 9, 2024, Oklo announced that it had consummated

the business combination with AltC pursuant to a merger agreement between the parties, creating the resultant combined company Oklo, Inc.

Upon closing of the business combination with Oklo, SuRo Capital Corp.’s Class A common shares and Class B common shares of AltC

Sponsor LLC were converted into Class A shares of the post-closing company.

SuRo Capital Corp.’s shares of Oklo, Inc.

to certain vesting conditions.

March 30, 2025, CTN Holdings, Inc.

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

Bankruptcy Court for the District of Delaware.

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

2 unchanged sentences

owned subsidiary, GSVC SW Holdings, Inc.

CAPITAL CORP.

SURO CAPITAL CORP.

AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

Investments *

CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

Portfolio Investments *

Headquarters/

of Initial Investment

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 **(9)

Petersburg, FL

Membership Interest, Class A **(9)

AI Application Fund

Learneo, Inc.

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

2 unchanged sentences

Online Education

Preferred shares, Series

Online Education

ServiceTitan,

Preferred shares, Series C 8%

Blink Health, Inc.

Preferred shares, Series A

Pharmaceutical Technology

Preferred shares, Series C

Pharmaceutical

Preferred shares, Series C

Fitness Technology

ServiceTitan, Inc.

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

Contractor Management Software

Preferred shares, Series

Pharmaceutical Technology

Preferred shares, Series

Pharmaceutical Technology

Robotics Corp.

IH10, LLC **(15)

Membership Interest **(15)

AI Infrastructure Fund

Sydney, Australia

Common shares **

Productivity Software

FourKites, Inc.

Common shares

Supply Chain Technology

Locus Robotics Corp.

Wilmington, MA

1 unchanged sentence

Warehouse Automation

Preferred shares, Series C

Fitness Technology

Enterprises, Inc.

CoreWeave, Inc.

Common shares

AI Infrastructure

Preferred shares, Series A

Infrastructure

Supplying Demand, Inc.

(d/b/a Liquid Death)

Los Angeles, CA

Preferred shares, Series F-1

Lifestyle Beverage Brand

Shogun Enterprises, Inc.

(d/b/a Hearth)

4 unchanged sentences

Preferred shares, Series B-3

Home Improvement Finance

Improvement Finance

Preferred shares, Series B-4

Home Improvement Finance

Common Warrants, Strike

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

Home Improvement Finance

Common shares

Supply Chain Technology

Technologies, Inc.

Improvement Finance

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

Improvement Finance

Orchard Technologies, Inc.

Preferred shares, Series D 8%

1 unchanged sentence

Senior Preferred shares, Series 2 8%

Real Estate Platform

Estate Platform

Senior Preferred shares, Series 1 7%

Real Estate Platform

Estate Platform

Common shares

Real Estate Platform

Global Ventures 4 Plus Pte Ltd **

Singapore, Singapore

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

Venture Investment Fund

Holdings, Inc.

Estate Platform

Neutron Holdings, Inc.

(d/b/a/ Lime)

2 unchanged sentences

Micromobility

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

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

Micromobility

Common Warrants, Strike

Price $0.01, Expiration Date 5/11/2027

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

Micromobility

San Francisco, CA

Common shares (3) **(3)

Online Marketplace Finance

See accompanying notes to condensed consolidated

financial statements.

SURO CAPITAL CORP.

AND SUBSIDIARIES

CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS -

December 31, 2024

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

Preferred shares

Mobile Access Technology

Simple Agreement for Future

Preferred shares, Series C

Mobile Access Technology

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

Simple Agreement for Future Equity

Access Technology

Singapore, Singapore

Common shares **

Retail Technology

Preferred shares, Investec Series **

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

Philadelphia, PA

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

Geolocation Technology

Series A-1 Warrants, Strike Price $0.0001, Expiration Date 5/14/2044 (7)(12)

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

Total (7)(12)

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.

San Francisco, CA

1 unchanged sentence

Financial Services

accompanying notes to condensed consolidated financial statements.

CAPITAL CORP.

AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS - continued

Investments *

Headquarters/

of Initial Investment

Property Group, Inc.

Skillsoft Corp.

Common shares (3)

Cannabis REIT

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

Philadelphia, PA

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

Geolocation Technology

Streaming Solutions Inc.

Online Education

Commercial Streaming Solutions Inc.

(d/b/a BettorView) (7)

2 unchanged sentences

Interactive Media & Services

Aventine Property Group, Inc.

Common shares *** ***

Cannabis REIT

Forge Global, Inc.

San Francisco, CA

Common shares (3)

Online Marketplace Finance

Stake Trade, Inc.

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

1 unchanged sentence

Sports Betting

Sponsor LLC ** (10)(14)

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

Special Purpose Acquisition Company

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

Special Purpose Acquisition

Total **(10)(14)

Common shares (3) **(3)

Online Education

(d/b/a Compliable) (7)

Preferred shares, Series Seed-4 (7)

Gaming Licensing

Markets, Inc.

EDGE Markets, Inc.

San Diego, CA

1 unchanged sentence

Gaming Technology

Sponsor VII LLC ** (10)

Common share units **(10)

Special Purpose Acquisition Company

Warrant units **(10)

Special Purpose Acquisition

Holdings, Inc.**

San Francisco, CA

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

Social Networking

Technology, Inc.

(d/b/a FanPower) (7)

(d/b/a Compliable) (7)

Preferred shares, Series Seed-4 (7)

Digital Media Technology

Holdings, LLC

Gaming Licensing

Kinetiq Holdings, LLC

Philadelphia, PA

1 unchanged sentence

Social Data Platform

Singapore, Singapore

Common shares **

Retail Technology

Preferred shares, Investec

Retail Technology

Partners, Inc.

CTN Holdings, Inc.

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

Marina Del Rey, CA

Preferred shares, Series

Financial Services

Preferred shares, Series A

Carbon Credit Services

Preferred shares, Series C-3

Financial Services

Credit Services

See accompanying notes to condensed consolidated

financial statements.

SURO CAPITAL CORP.

AND SUBSIDIARIES

CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS -

December 31, 2024

Portfolio Investments *

Headquarters/

Date of Initial Investment

Fullbridge, Inc.

Cambridge, MA

1 unchanged sentence

Business Education

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

Business Education

Real Estate Investment Trust, Inc.

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

Treehouse Real Estate Investment Trust, Inc.

Common shares *** ***

Cannabis REIT

Non-controlled/Non-affiliate

Total Non-controlled/Non-affiliate

$ 234,601,314

$ 198,511,915

accompanying notes to condensed consolidated financial statements.

CAPITAL CORP.

AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS - continued

Investments *

Headquarters/

of Initial Investment

NON-CONTROLLED/AFFILIATE (1)

StormWind, LLC (14)

Scottsdale, AZ

2 unchanged sentences

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

Interactive Learning

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

Interactive Learning

Preferred shares, Series

Interactive Learning

Holdings, Inc.

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

West Palm Beach, FL

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

E-Commerce Marketplace

Warrants, Strike Price

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

E-Commerce Marketplace

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

Total (1)(14)

(f/k/a NestGSV, Inc.)

San Mateo, CA

Derivative Security, Expiration

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

Global Innovation Platform

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

Global Innovation Platform

Research, Inc.

Maven Research, Inc.

San Francisco, CA

1 unchanged sentence

Knowledge Networks

Preferred shares, Series

Knowledge Networks

Preferred shares, Series B (1)

Curious.com, Inc.

Menlo Park, CA

1 unchanged sentence

Online Education

Non-controlled/Affiliate (1)

Total Non-controlled/Affiliate (1)

CONTROLLED (2)

Capital PayJoy SPV, LLC**

San Francisco, CA

Membership Interest in Lending SPV*** **(2)***

Mobile Finance Technology

Sponsor II LLC ** (10)

Colombier Sponsor II LLC **(6)

Palm Beach, FL

2 unchanged sentences

Class W Units **(6)(2)

Special Purpose Acquisition

Purpose Acquisition Company

Total **(6)(2)

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

Cupertino, CA

Preferred shares, Class A (2)

Clean Technology

Common shares (2)

Controlled (2)

Portfolio Investments

$ 212,541,198

$ 184,081,249

Treasury bill, 0%, due 3/28/2024*** (3)***

Treasury bill, 0%,

due 6/27/2024*** (3)***

Total Controlled (2)

Total Portfolio Investments

$ 256,809,654

$ 209,380,742

accompanying notes to condensed consolidated financial statements.

CAPITAL CORP.

AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS - continued

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

Equity investments are

subject to lock-up restrictions upon their initial public offering (“IPO”).

Preferred dividends are generally only payable

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

The Company’s directors, officers, employees and

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

(Refer to “Note 3—Related-Party

Arrangements”).

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

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

Equity investments may be subject to lock-up restrictions upon their initial public offering (“IPO”).

Preferred dividends

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

SuRo Capital Corp.’s (the

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

portfolio investments.

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

All portfolio investments are considered Level

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

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

All of the Company’s portfolio investments are restricted

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

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

assets that SuRo Capital Corp.

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, 2023, 14.03 % of

its total investments are non-qualifying assets.

is income-producing.

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

in the 1940 Act.

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 ”).

See accompanying notes to condensed consolidated

financial statements.

SURO CAPITAL CORP.

AND SUBSIDIARIES

CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS -

December 31, 2024

** Indicates assets that SuRo Capital Corp.

believes do not represent “qualifying assets” under

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

Of the Company’s total investments

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

*** Investment is income-producing.

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

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

In general, a company is deemed to be an “Affiliate” of SuRo Capital Corp.

if SuRo Capital Corp.

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

, securities with the right to elect directors)

of such company.

For the Schedule of Investments In, and Advances To, Affiliates, as required by SEC Regulation S-X, Rule 12-14,

refer to “Note 4—Investments at Fair Value”.

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

in the 1940 Act.

In general, under the 1940 Act, the Company would “Control” a portfolio company if the Company beneficially

owns, directly or indirectly, more than 25% of its outstanding voting securities (i.e., securities with the right to elect directors)

and/or had the power to exercise control over the management or policies of such portfolio company.

For the Schedule of Investments

In, and Advances To, Affiliates, as required by SEC Regulation S-X, Rule 12-14, refer to “Note 4—Investments at Fair

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

Refer to “Note 4—Investments at Fair

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

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

Holdings, Inc.

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

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

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

(d/b/a BettorView), YouBet Technology, Inc.

(d/b/a FanPower),

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

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

In general, under the 1940 Act, the Company would “Control” a portfolio

company if the Company beneficially owns, directly or indirectly, more than 25% of its outstanding voting securities (i.e., securities

with the right to elect directors) and/or had the power to exercise control over the management or policies of such portfolio company.

For the Schedule of Investments In, and Advances To, Affiliates, as required by SEC Regulation S-X, Rule 12-14, refer to “Note 4—Investments

at Fair Value”.

(3) Denotes an investment considered Level 1 or Level 2 and valued using observable inputs.

Refer to “Note

4—Investments at Fair Value”.

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

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

(6) Denotes an investment that is the sponsor of a special purpose acquisition company formed for the purpose

of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with

one or more businesses.

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

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.

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

contributed in lieu of cash distributions.

On March 31, 2023, the full $ 2.0 million capital commitment to True Global Ventures 4

Plus Fund LP had been called and funded.

August 23, 2019, SuRo Capital Corp.

amended the structure of its investment in OneValley, Inc.

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

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

OneValley, Inc.

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

while SuRo Capital Corp.

can put the shares to OneValley, Inc.

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

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

stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.

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

January 13, 2023, SuRo Capital Corp.

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

As part of the transaction, SuRo Capital Corp.

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

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

Additionally, SuRo Capital Corp.’s previous

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

July 12, 2023, SuRo Capital Corp.

invested $ 0.5 million in Shogun Enterprises, Inc.

(d/b/a Hearth)’s Series B-4 Preferred financing

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

Additionally, SuRo Capital Corp.

received Common Warrants as part of the transaction.

July 11, 2023, AltC Acquisition Corp.

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

As part of the transaction,

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

July 19, 2023, Colombier Acquisition Corp.

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

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

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

announced that it

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

combined company PSQ Holdings, Inc.

(d/b/a PublicSquare).

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

(d/b/a PublicSquare)

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

freely tradable.

CAPITAL CORP.

(d/b/a Prophet Exchange) are

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

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

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

SuRo Capital Corp.

is invested in the Series C Preferred Shares of

CoreWeave, Inc.

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

The Series C Preferred Shares of CoreWeave, Inc.

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.

(9) ARK Type One Deep Ventures Fund LLC is an investment fund for which the Class A Interest is solely invested

in the Convertible Interest Rights of OpenAI Global, LLC.

SuRo Capital Corp.

is invested in the Convertible Interest Rights of OpenAI

Global, LLC through its investment in the Class A Interest of ARK Type One Deep Ventures Fund LLC.

ARK Type One Deep Ventures Fund LLC

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

The management fees will adjust the cost

of SuRo Capital Corp.’s investment in the fund.

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

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

True Global Ventures 4 Plus Pte Ltd charges a 1.8 % management fee and

a 22.5 % incentive fee, subject to an annual 5 % IRR hurdle rate.

(11) SuRo 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.

(12) On 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.

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

became past due.

(14) SuRo Capital Corp.’s investments in StormWind, LLC are held through SuRo Capital Corp.’s wholly

owned subsidiary, GSVC SW Holdings, Inc.

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

through an SPV.

SuRo Capital Corp.

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

through its investment in the Membership

Interest of IH10, LLC.

IH10, LLC does not charge a management or an incentive fee;

however, SuRo Capital Corp.

has prepaid operating expenses.

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

(16) As 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.

SURO CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1— NATURE OF OPERATIONS

Capital Corp.

(“we”, “us”, “our”, the “Company” or “SuRo Capital”), formerly

known as Sutter Rock Capital Corp.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2025

NOTE 1— NATURE OF OPERATIONS

SuRo Capital Corp.

“us”, “our”, the “Company” or “SuRo Capital”), formerly known as Sutter Rock Capital Corp.

and as GSV Capital Corp.

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

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

The Company has elected to be regulated as a business development

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

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

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

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

The Company’s

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

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

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

table below displays the Company’s subsidiaries as of September 30, 2024, which, other than GSV Capital Lending, LLC (“GCL”)

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

to hold certain portfolio investments.

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

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

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”).

The Company’s date of

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

The Company’s common stock is currently

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

Prior to November 24, 2021,

the Company’s common stock traded on the Nasdaq Capital Market under the same symbol (“SSSS”).

The Company began its

investment operations during the second quarter of 2011.

The table below displays the

Company’s subsidiaries as of March 31, 2025, which, other than GSV Capital Lending, LLC (“GCL”) and SuRo Capital Sports,

LLC, are collectively referred to as the “Taxable Subsidiaries.” The Taxable Subsidiaries were formed to hold certain portfolio

The Taxable Subsidiaries, including their associated portfolio investments, are consolidated with the Company for accounting

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

federal income tax purposes.

formed to originate portfolio loan investments within the state of California and is consolidated with the Company for accounting purposes.

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

GCL was formed to originate portfolio

loan investments within the state of California and is consolidated with the Company for accounting purposes.

Refer to “Note 2—Significant

Accounting Policies— Basis of Consolidation ” below for further detail.

OF COMPANY’S SUBSIDIARIES

Jurisdiction of

Incorporation

2 unchanged sentences

March 19, 2021

Subsidiaries below are referred

to collectively as the “Taxable Subsidiaries”

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

GSVC AE Holdings, Inc.

6 unchanged sentences

August 13, 2013

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

and equity-related investments, and to a lesser extent, income from debt investments.

The Company invests principally in the equity securities

of what it believes to be rapidly growing venture capital-backed emerging companies.

The Company may invest in these portfolio companies

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

with selling stockholders, investment funds, or through special purpose vehicles (“SPVs”) and other investment funds for the purpose of investing in securities of a single

private issuer.

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

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

The Company may also invest on an opportunistic

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

companies that otherwise meet its investment criteria, subject

to any applicable limitations under the 1940 Act.

CAPITAL CORP.

The Company’s investment

objective is to maximize its portfolio’s total return, principally by seeking capital gains on its equity and equity-related investments,

and to a lesser extent, income from debt investments.

The Company invests principally in the equity securities of what it believes to

be rapidly growing venture capital-backed emerging companies.

The Company may invest in these portfolio companies through direct offerings

of the prospective portfolio companies, transactions on secondary marketplaces for private companies, negotiations with selling stockholders,

investment funds, or through SPVs and other investment funds for the purpose of investing in

securities of a single private issuer.

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

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

The Company may also

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

companies that otherwise meet its investment

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

SURO CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2025

2— SIGNIFICANT ACCOUNTING POLICIES

of Presentation

interim unaudited condensed consolidated financial statements of the Company are prepared on the accrual basis of accounting in conformity

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 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

consolidated financial statements for the period have been included.

results of operations for the current interim period are not necessarily indicative of results that ultimately may be achieved for any

other interim period or for the year ending December 31, 2024.

The interim unaudited condensed consolidated financial statements and

notes hereto should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the Company’s

annual report on Form 10-K for the year ended December 31, 2023.

of Consolidation

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

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

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

purposes where the Company holds a 100% interest.

Accordingly, the Company’s Condensed Consolidated Financial Statements include

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

All intercompany balances

and transactions have been eliminated in consolidation.

The Company invests in and lends to portfolio companies in various industries, including artificial intelligence,

consumer goods and services, education technology, financial technology and services, logistics and supply chain, software-as-a-service,

The Company separately evaluates the performance of each of its portfolio company investments.

However, because each of these

venture capital investments has similar business and economic characteristics, they have been aggregated into a single reportable segment.

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

Uncertainties

and Risk Factors

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

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

in the nature of the Company’s operations.

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

Company’s industry and geographic concentrations.

at Fair Value

Company applies fair value accounting in accordance with GAAP and the AICPA’s Audit and Accounting Guide for Investment Companies.

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

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

market participants at the measurement date.

GAAP establishes a framework for measuring fair value that includes a hierarchy used to

classify the inputs used in measuring fair value.

The hierarchy prioritizes the inputs to valuation techniques used to measure fair value

into three levels.

The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest

level input that is significant to the fair value measurement.

The levels of the fair value hierarchy are as follows:

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

the ability to access at the measurement date.

CAPITAL CORP.

Basis of Presentation

The condensed consolidated financial

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

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 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

have been included.

Basis 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.

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

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

All intercompany balances and transactions

have been eliminated in consolidation.

The Company operates as a single operating segment.

SuRo Capital has determined

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

The Company operates as

a single segment with a principal investment objective to maximize our portfolio’s total return, principally by seeking capital

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

The Company’s Chief Executive

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

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

Among other metrics, the CODM

uses Net Change in Net Assets Resulting from Operations as a primary GAAP profit or loss metric used in making operating decisions, which

can be found on the Consolidated Statement of Operations along with significant expenses.

The measure of segment assets is reported on

the Consolidated Balance Sheets as total assets.

Use of Estimates

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.

Refer to “Risk

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

the Company’s operations.

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

and geographic concentrations.

SURO CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

quoted prices in markets that are not active;

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

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

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

in pricing the asset or liability at the measurement date.

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

the risk inherent in the inputs to the model.

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

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

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

is categorized is based on the lowest level input that is significant to the fair value measurement in its entirety.

For example, a Level

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

Therefore, gains and losses

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

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

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

Changes in the observability of valuation inputs may

result in a reclassification for certain financial assets or liabilities.

Reclassifications impacting Level 3 of the fair value hierarchy

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

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

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

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

as of the valuation date.

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

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

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

the fair value determination of that security.

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

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

for such securities.

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

dealers in order to value assets.

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

determine the fair value of the security.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2025

Investments at Fair Value

The Company applies fair value

accounting in accordance with GAAP and the AICPA’s Audit and Accounting Guide for Investment Companies.

The Company values its assets

on a quarterly basis, or more frequently if required under the 1940 Act.

Fair 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 market participants at

the measurement date.

GAAP establishes a framework for measuring fair value that includes a hierarchy used to classify the inputs used

in measuring fair value.

The hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three levels.

level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is

significant to the fair value measurement.

The levels of the fair value hierarchy are as follows:

Level 1 —Valuations

based on unadjusted quoted prices for identical assets or liabilities in an active market that the Company has the ability to access at

the measurement date.

Level 2 —Valuations

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

quoted prices in markets

that are not active;

or other inputs that are observable or can be corroborated by observable market data at the measurement date for

substantially the full term of the assets or liabilities.

Level 3 —Valuations

based on unobservable inputs that reflect management’s best estimate of what market participants would use in pricing the asset

or liability at the measurement date.

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

the inputs to the model.

The majority of the Company’s investments are Level 3 investments and are subject to a high degree of judgment

and uncertainty in determining fair value.

When the inputs used to measure

fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on

the lowest level input that is significant to the fair value measurement in its entirety.

For example, a Level 3 fair value measurement

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

Therefore, gains and losses for such assets and liabilities

categorized within the Level 3 table set forth in “Note 4—Investments at Fair Value” may include changes in fair value

that are attributable to both observable inputs (Levels 1 and 2) and unobservable inputs (Level 3).

A review of fair value hierarchy

classifications is conducted on a quarterly basis.

Changes in the observability of valuation inputs may result in a reclassification for

certain financial assets or liabilities.

Reclassifications impacting Level 3 of the fair value hierarchy are reported as transfers in/out

of the Level 3 category as of the beginning of the measurement period in which the reclassifications occur.

Refer to “Levelling

Policy” below for a detailed discussion of the levelling of the Company’s financial assets or liabilities and events that

may cause a reclassification within the fair value hierarchy.

Securities for which market

quotations are readily available on an exchange are valued at the most recently available closing price of such security as of the valuation

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

2022-03 (as defined below), should be incorporated into the security’s fair value measurement as a characteristic of the security

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

determination of that security.

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

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

such securities.

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

in order to value assets.

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

the fair value of the security.

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

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

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

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

be valued 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;

CAPITAL CORP.

SURO CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

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

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

Company’s Board of Directors then discusses the valuations recommended by the Valuation Committee and determines in good faith

the fair value of each investment in the portfolio.

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

with industry practice.

Valuation methods utilized include, but are not limited to, the following:

comparisons to prices from secondary

market transactions;

venture capital financings;

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2025

Securities for which reliable

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

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

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

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.

In making a good faith determination

of the fair value of investments, the Board of Directors applies valuation methodologies consistent with industry practice.

methods utilized include, but are not limited to, the following:

comparisons to prices from secondary market transactions;

venture capital

public offerings;

purchase or sales transactions;

analysis of financial ratios and valuation

metrics of portfolio companies that issued such private equity securities to peer companies that are public;

analysis of the portfolio

company’s most recent financial statements, forecasts and the markets in which the portfolio company does business, and other relevant

The Company assigns a weighting based upon the relevance of each method to assist the Board of Directors in determining the

fair value of each investment.

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

an independent valuation firm to provide an independent valuation, which the Company’s Board of Directors considers, among other

factors, in making its fair value determinations for these investments.

For the current and prior fiscal year, the Valuation Committee

engaged an independent valuation firm to perform valuations of 100% of the Company’s investments for which there were no readily

available market quotations.

to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair

value of the Company’s investments may fluctuate from period to period.

Because of the inherent uncertainty of valuation, these

estimated values may differ significantly from the values that would have been reported had a ready market for the investments existed,

and it is reasonably possible that the difference could be material.

In addition, changes in the market environment and other events

that may occur over the life of the investments may cause the realized gains or losses on investments to be different from the net change

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

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

closing market prices and are classified as Level 1 assets.

Equity investments with readily available market quotations that are subject

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

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

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

available closing market prices.

analysis of financial ratios and valuation metrics of portfolio companies

that issued such private equity securities to peer companies that are public;

analysis of the portfolio company’s most recent financial

statements, forecasts and the markets in which the portfolio company does business, and other relevant factors.

The Company assigns a

weighting based upon the relevance of each method to assist the Board of Directors in determining the fair value of each investment.

For investments that are not

publicly traded or that do not have readily available market quotations, the Valuation Committee generally engages an independent valuation

firm to provide an independent valuation, which the Company’s Board of Directors considers, among other factors, in making its fair

value determinations for these investments.

For the current and prior fiscal year, the Valuation Committee engaged an independent valuation

firm to perform valuations of 100% of the Company’s investments for which there were no readily available market quotations.

Due to the inherent uncertainty

of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s

investments may fluctuate from period to period.

Because of the inherent uncertainty of valuation, these estimated values may differ significantly

from the values that would have been reported had a ready market for the investments existed, and it is reasonably possible that the difference

could be material.

In addition, changes in the market environment and other events that may occur over the life of the investments may

cause the realized gains or losses on investments to be different from the net change in unrealized appreciation or depreciation currently

reflected in the condensed consolidated financial statements.

Equity Investments

Equity investments for which

market quotations are readily available in an active market are generally valued at the most recently available closing market prices

and are classified as Level 1 assets.

Equity investments with readily available market quotations that are subject to sales restrictions

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

Any other equity investments

with readily available market quotations that are subject to sales restrictions that would transfer to market participants who would buy

the security may be valued at a discount for a lack of marketability (“DLOM”) to the most recently available closing market

These investments are generally classified as Level 2 assets.

The DLOM used is generally based upon

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

For equity securities with readily available market quotations that

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

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

determination of fair value for that security.

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

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

factors and are classified as Level 3 assets.

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

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

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

public market comparables, and other factors.

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

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

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

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

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

CAPITAL CORP.

The DLOM used is generally based upon the market value of publicly

traded put options with similar terms.

For equity securities with readily available market quotations that are subject to entity-specific

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

first applied or were modified on or after December 15, 2023, the restrictions are not considered in the determination of fair value for

that security.

SURO CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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.

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

Treasuries), which are principally convertible and promissory

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

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

The Company’s debt investments

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

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

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

These investments are classified as

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

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

Special Purpose Vehicles and

Investment Funds

At various times, the Company may utilize SPVs and similar investment fund

structures in the investment process.

The Company advances money to these SPVs or investment funds that are formed for the specific purpose

of investing in securities of a single private issuer.

Generally speaking, these single asset SPVs have the following characteristics:

(1) the underlying investment in the securities of the single private issuer is the sole activity of the SPV or investment fund;

Company’s underlying ownership of the single private issuer is proportionate to the Company’s contributions made to the SPV

or investment fund;

and (3) the Company will receive its proportionate share of the cash proceeds as the single private issuer is monetized

and distributed.

The Condensed Consolidated Schedule of Investments presents the value of the Company’s investment in the SPV or

investment fund.

These SPV and fund investments are valued at estimated fair value as determined in good faith by the Company’s

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2025

The fair values of the Company’s

equity investments for which market quotations are not readily available are determined based on various factors and are classified as

Level 3 assets.

To determine the fair value of a portfolio company for which market quotations are not readily available, the Board of

Directors applies the appropriate respective valuation methodology for the asset class or portfolio holding, which may involve analyzing

the relevant portfolio company’s most recently available historical and projected financial results, public market comparables,

and other factors.

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

securities, subsequent equity sales by the portfolio company, and mergers or acquisitions affecting the portfolio company.

the Board of Directors may consider the trends of the portfolio company’s basic financial metrics from the time of its original

investment until the measurement date, with material improvement of these metrics indicating a possible increase in fair value, while

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

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.

Debt Investments

Given the nature of the Company’s

current debt investments (excluding U.S.

Treasuries), which are principally convertible and promissory notes issued by venture capital-backed

portfolio companies, these investments are classified as Level 3 assets because there is no known or accessible market or market indices

for these investment securities to be traded or exchanged.

The Company’s debt investments are valued at estimated fair value as

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

The Company’s Board of

Directors determines the fair value of options based on methodologies that can include discounted cash flow analyses, option pricing models,

comparable analyses and other techniques as deemed appropriate.

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

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

All other options investments are

generally classified as Level 3 assets because there is no known or accessible market or market indices for these investment securities

to be traded or exchanged.

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

Board of Directors.

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

or investment fund charges management fees or prepaid partnership expenses, those fees may adjust the cost of the SPV.

In valuing the

Company’s investments in venture investment funds (“Venture Investment

Funds”), the Company may apply the practical expedient provided by the ASC Topic 820 relating to investments in certain

entities that calculate net asset value (“NAV”) per share (or its equivalent).

ASC Topic 820 permits an entity holding

investments in certain entities that either are investment companies, or have attributes similar to an investment company, and

calculate NAV per share or its equivalent for which the fair value is not readily determinable, to measure the fair value of such

investments on the basis of that NAV per share, or its equivalent, without adjustment.

Purpose Acquisition Companies

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

is announced.

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

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

as deemed appropriate.

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

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

The Company’s SPAC investments are valued at estimated

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

CAPITAL CORP.

SPVs and Investment Funds

At various times, the Company

may utilize SPVs and similar investment fund structures in the investment process.

The Company advances money to these SPVs or investment

funds that are formed for the specific purpose of investing in securities of a single private issuer.

Generally speaking, these entities

have the following characteristics:

(1) the underlying investment in the securities of the single private issuer is the sole activity

of the SPV or investment fund;

(2) the Company’s underlying ownership of the single private issuer is proportionate to the Company’s

contributions made to the SPV or investment fund;

and (3) the Company will receive its proportionate share of the cash proceeds as the

single private issuer is monetized and distributed.

The Consolidated Schedule of Investments presents the value of the Company’s

investment in the SPV or investment fund.

These SPV and fund investments are valued at estimated fair value as determined in good faith

by the Company’s Board of Directors.

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

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

In valuing the Company’s

investments in venture investment funds (“Venture Investment Funds”), the Company may apply the practical expedient provided

by the ASC Topic 820 relating to investments in certain entities that calculate net asset value (“NAV”) per share (or its

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

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

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

SURO CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Company Investment Classification

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

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2025

Special 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.

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

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

if there are security-specific contractual sale restrictions.

The Company’s SPAC investments are valued at estimated fair value

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

Portfolio Company Investment Classification

The Company is a non-diversified

company within the meaning of the 1940 Act.

The Company classifies its investments by level of control.

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

the management or policies of a company.

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

beneficially more than 25% of the voting securities of an investee company.

Affiliated investments and affiliated companies are defined

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

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

Refer to the Condensed Consolidated Schedules of

Investments as of September 30, 2024 and December 31, 2023 for details regarding the nature and composition of the Company’s investment

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

, trade date).

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

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

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

of Other Financial Instruments

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

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

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

financial institutions.

The cash held in these accounts may exceed the Federal Deposit Insurance Corporation insured limit.

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

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, 2024 and December 31, 2023, the Company had $ 63,745

and $ 309,293 ,

respectively, in escrow proceeds receivable.

CAPITAL CORP.

As defined in the 1940 Act, control

investments are those where the investor retains the power to exercise a controlling influence over the management or policies of a company.

Control is generally deemed to exist when a company or individual directly or indirectly owns beneficially more than 25% of the voting

securities of a company.

Affiliated investments and affiliated companies are defined by a lesser degree of influence and are deemed to

exist when a company or individual directly or indirectly owns, controls or holds the power to vote 5% or more of the outstanding voting

securities of a portfolio company.

Refer to the Condensed Consolidated Schedules of Investments as of March 31, 2025 and December 31,

2024 for details regarding the nature and composition of the Company’s investment portfolio.

Levelling Policy

The 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.

Securities Transactions

Securities transactions are

accounted for on the date the transaction for the purchase or sale of the securities is entered into by the Company ( i.e.

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

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

purchased or to deliver securities sold, respectively.

Valuation of Other Financial Instruments

The carrying amounts of the

Company’s other, non-investment financial instruments, consisting of cash, receivables, accounts payable, and accrued expenses,

approximate fair value due to their short-term nature.

SURO CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Financing Costs

Company records fees and expenses incurred in connection with financing or capital raising activities relating to the

Company’s shelf registration statement on Form N-2 as deferred financing costs.

The Company also incurred additional offering

costs in connection with its 6.00 % Notes due 2026.

The Company defers these offering costs until capital is raised pursuant to the

shelf registration statement or as the shelf registration statement expires.

For equity capital raised, the offering costs reduce

paid-in capital resulting from the offering.

These costs are deferred and amortized using the straight-line method over the

respective life of the financing instrument.

For modifications to a financing instrument, any unamortized origination costs are

Company records fees and expenses incurred in connection with debt capital raises as deferred

debt issuance costs.

Such costs are reflected in the carrying value of the related debt instrument,

and not the Company’s deferred financing costs.

For debt capital raised, the associated offering costs are deferred and amortized

as part of interest expense using the straight-line method over the life of the debt instrument.

As of September 30, 2024 and December

31, 2023, the Company had deferred financing costs of $ 492,952 and $ 594,726 , respectively, on the Condensed Consolidated Statement of

Assets and Liabilities.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2025

The Company custodies its cash

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

The cash held in these accounts may exceed the Federal Deposit Insurance Corporation insured limit.

The Company 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

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.

As of March 31, 2025 and December

31, 2024, the Company had $ 27,347 and $ 45,298 , respectively, in escrow proceeds receivable.

Deferred Financing Costs

The Company records fees and

expenses incurred in connection with financing or capital raising activities relating to the Company’s shelf registration statement

on Form N-2 as deferred financing costs.

The Company also incurred additional offering costs in connection with its 6.00 % Notes due 2026.

The Company defers these offering costs until capital is raised pursuant to the shelf registration statement or as the shelf registration

statement expires.

For equity capital raised, the offering costs reduce paid-in capital resulting from the offering.

These costs are deferred

and amortized using the straight-line method over the respective life of the financing instrument.

For modifications to a financing instrument,

any unamortized origination costs are expensed.

The Company records fees and

expenses incurred in connection with debt capital raises as deferred debt issuance costs.

Such costs are reflected in the carrying value

of the related debt instrument, and not the Company’s deferred financing costs.

For debt capital raised, the associated offering

costs are deferred and amortized as part of interest expense using the straight-line method over the life of the debt instrument.

March 31, 2025 and December 31, 2024, the Company had deferred financing costs of $ 538,413 and $ 526,261 , respectively, on the Condensed

Consolidated Statement of Assets and Liabilities.

OF DEFERRED FINANCING COSTS

March 31, 2025

December 31, 2024

Deferred debt issuance costs

Deferred financing costs

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

Leases & Related Deposits

Company accounts for its operating leases as prescribed by ASC 842, Leases , which requires lessees to recognize a

right-of-use asset on the balance sheet, representing its right to use the underlying asset for the lease term, and a corresponding

lease liability for all leases with terms greater than 12 months.

The lease expense is presented as a single lease cost that is

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

Non-lease components (maintenance, property tax, insurance and

parking) are not included in the lease cost.

On September 1, 2024, the Company extended the previous operating lease for office

space, for an additional term of three years and three months, expiring March 31, 2028 .

The Company has

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

These amounts have been

discounted using the rate implicit in the lease.

Refer to “Note 10 — Debt Capital Activities”

for further detail regarding the Company’s deferred debt issuance costs.

Operating Leases & Related Deposits

The Company accounts for its

operating leases as prescribed by ASC 842, Leases , which requires lessees to recognize a right-of-use asset on the balance sheet,

representing its right to use the underlying asset for the lease term, and a corresponding lease liability for all leases with terms greater

than 12 months.

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

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

On September 1, 2024,

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

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

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

Refer to “Note 7—Commitments and Contingencies— Operating

Leases and Related Deposits ” for further detail.

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

at the grant date based on the fair value of the award and is recognized as expense over the appropriate service period.

the fair value of stock-based awards requires considerable judgment, including estimating the expected term of stock options and the

expected volatility of the Company’s stock price.

Differences between actual results and these estimates could have a material

effect on the Company’s financial results.

SURO CAPITAL CORP.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2025

Stock-based Compensation

Using the fair value recognition

provisions as prescribed by ASC 718, Stock Compensation , stock-based compensation cost is measured at the grant date based on the

fair value of the award and is recognized as expense over the appropriate service period.

Determining the fair value of stock-based awards

requires considerable judgment, including estimating the expected term of stock options and the expected volatility of the Company’s

Differences between actual results and these estimates could have a material effect on the Company’s financial results.

Forfeitures are accounted for as they occur.

Refer to “Note 11—Stock-Based

Compensation” for further detail.

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

The Company recognizes interest

income, adjusted for amortization of premium and accretion of discount, on an accrual basis.

The Company recognizes dividend income on

the ex-dividend date.

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, 2024 and December 31, 2023,

the Company had no escrow deposits.

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

Revenue Recognition

The Company recognizes gains

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

The Company recognizes interest income, adjusted for amortization

of premium and accretion of discount, on an accrual basis.

The Company recognizes dividend income on the ex-dividend date.

Investment Transaction Costs and Escrow Deposits

Commissions 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 March 31, 2025 and December 31, 2024, the Company had no escrow deposits.

Unrealized Appreciation or Depreciation of Investments

Unrealized appreciation or depreciation

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

Federal and State Income Taxes

The Company elected to be treated

and intends to qualify annually as a RIC under Subchapter M of the Code.

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

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

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

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

deductions) for each taxable year (the “Annual Distribution Requirement”).

Depending on the level of ICTI earned in a tax

year, the Company may choose to carry forward into the next tax year ICTI in excess of current year dividend distributions.

Any such carryforward

ICTI must be distributed on or before December 31 of the subsequent tax year to which it was carried forward.

If the Company meets the Annual

Distribution Requirement, but does not distribute (or is not deemed to have distributed) each calendar year a sum of (1) 98% of its net

ordinary income for each calendar year, (2) 98.2% of its capital gain net income for the one-year period ending October 31 in that calendar

year and (3) any income recognized, but not distributed, in preceding years (the “Excise Tax Avoidance Requirement”), it generally

will be required to pay an excise tax equal to 4% of the amount by which the Excise Tax Avoidance Requirement exceeds the distributions

for the year.

To the extent that the Company determines that its estimated current year annual taxable income will exceed estimated current

year dividend distributions from such taxable income, the Company will accrue excise taxes, if any, on estimated excess taxable income

as taxable income is earned using an annual effective excise tax rate.

The annual effective excise tax rate is determined by dividing

the estimated annual excise tax by the estimated annual taxable income.

CAPITAL CORP.

1 unchanged sentence

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Appreciation or Depreciation of Investments

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

Federal and State Income Taxes

Company elected to be treated as a RIC under Subchapter M of the Code beginning with its taxable year ended December 31, 2014, has qualified

to be treated as a RIC for subsequent taxable years and intends to continue to operate in a manner so as to qualify for the tax treatment

applicable to RICs.

To qualify for tax treatment as a RIC, among other things, the Company is required to meet certain source of income

and asset diversification requirements and timely distribute to its stockholders at least the sum of 90% of its investment company taxable

income (“ICTI”), including payment-in-kind interest income, as defined by the Code, and 90% of its net tax-exempt interest

income (which is the excess of its gross tax-exempt interest income over certain disallowed deductions) for each taxable year (the “Annual

Distribution Requirement”).

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

next tax year ICTI in excess of current year dividend distributions.

Any such carryforward ICTI must be distributed on or before December

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

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

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

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

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

Requirement exceeds the distributions for the year.

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

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

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

The annual effective

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

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

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 taxable subsidiaries, regardless of whether the Company is a RIC.

These Taxable Subsidiaries are not consolidated

for 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.

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

the Code for such taxable year.

If the Company has previously qualified as a RIC but is subsequently unable to qualify for treatment

as a RIC, and certain amelioration provisions are not applicable, the Company would be subject to tax on all of its taxable income (including

its net capital gains) at regular corporate rates.

The Company would not be able to deduct distributions to stockholders, nor would it

be required to make distributions.

Distributions, including distributions of net long-term capital gain, would generally be taxable to

its stockholders as ordinary dividend income to the extent of the Company’s current and accumulated earnings and profits.

to certain limitations under the Code, corporate stockholders would be eligible to claim a dividend received deduction with respect to

such dividend;

non-corporate stockholders would generally be able to treat such dividends as “qualified dividend income,”

which is subject to reduced rates of U.S.

So 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

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

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

If it is not treated as a RIC,

the Company will be taxed as a regular corporation (a “C Corporation”) under Subchapter C of the Code for such taxable year.

If the Company has previously qualified as a RIC but is subsequently unable to qualify for treatment as a RIC, and certain amelioration

provisions are not applicable, the Company would be subject to tax on all of its taxable income (including its net capital gains) at regular

corporate rates.

The Company would not be able to deduct distributions to stockholders, nor would it be required to make distributions.

Distributions, including distributions of net long-term capital gain, would generally be taxable to its stockholders as ordinary dividend

income to the extent of the Company’s current and accumulated earnings and profits.

Subject to certain limitations under the Code,

corporate stockholders would be eligible to claim a dividend received deduction with respect to such dividend;

non-corporate stockholders

would generally be able to treat such dividends as “qualified dividend income,” which is subject to reduced rates of U.S.

federal income tax.

Distributions in excess of the Company’s current and accumulated

earnings and profits would be treated first as a return of capital to the extent of the stockholder’s adjusted tax basis, and any

remaining distributions would be treated as a capital gain.

In order to requalify as a RIC, in addition to the other requirements discussed

above, the Company would be required to distribute all of its previously undistributed earnings attributable to the period it failed

to qualify as a RIC by the end of the first year that it intends to requalify for tax treatment as a RIC.

If the Company fails to requalify

for tax treatment as a RIC for a period greater than two taxable years, it may be subject to regular corporate tax on any net built-in

gains with respect to certain of its assets (i.e., the excess of the aggregate gains, including items of income, over aggregate losses

that would have been realized with respect to such assets if the Company had been liquidated) that it elects to recognize on requalification

or when recognized over the next five years.

Distributions in excess of the Company’s current and accumulated earnings and profits would be treated first

as a return of capital to the extent of the stockholder’s adjusted tax basis, and any remaining distributions would be treated as

a capital gain.

In order to requalify as a RIC, in addition to the other requirements discussed above, the Company would be required to

distribute all of its previously undistributed earnings attributable to the period it failed to qualify as a RIC by the end of the first

year that it intends to requalify for tax treatment as a RIC.

If the Company fails to requalify for tax treatment as a RIC for a period

greater than two taxable years, it may be subject to regular corporate tax on any net built-in gains with respect to certain of its assets

(i.e., the excess of the aggregate gains, including items of income, over aggregate losses that would have been realized with respect

to such assets if the Company had been liquidated) that it elects to recognize on requalification or when recognized over the next five

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

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Share Information

change in net assets resulting from operations per basic common share is computed using the weighted-average number of shares outstanding

for the period presented.

Diluted net change in net assets resulting from operations per common share is computed by dividing net increase/(decrease)

Per Share Information

Net change in net assets resulting

from operations per basic common share is computed using the weighted-average number of shares outstanding for the period presented.

net change in net assets resulting from operations per common share is computed by dividing net increase/(decrease)

in net assets resulting from operations for the period adjusted to include the pre-tax effects of interest incurred on potentially dilutive

5 unchanged sentences

Issued or Adopted Accounting Standards

June 2022, the FASB issued ASU No.

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

Fair Value Measurement of Equity Securities Subject

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

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

The standard is

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

The Company adopted the requirements of ASU

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

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

more disaggregated information on income taxes paid.

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.

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 financial statements.

In December 2023, the FASB issued

ASU 2023-09, “Improvements to Income Tax Disclosures.” ASU 2023-09 requires more disaggregated information

on income taxes paid.

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

Early adoption is permitted;

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

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

The Company is

still assessing the impact of the new guidance.

However, it does not expect ASU 2023-09 to have a material impact on the Company’s

future financial statements.

In March 2024, the FASB

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

Scope Application of Profits Interest and Similar

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

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

ASU 2024-01 is currently

effective for public entities.

The Company adopted this provision as of the date of

the condensed consolidated financial statements.

However, ASU 2024-01 does not have a material impact on the Company’s financial statements.

SURO CAPITAL CORP.

NOTES TO CONDENSED CONSOLIDATED

FINANCIAL STATEMENTS

March 31, 2025

In November 2024, the FASB issued

ASU 2024-03, “Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures”, which requires

disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization

and depletion, within relevant income statement captions.

ASU 2024-03 is effective for fiscal years beginning after December 15, 2026,

and interim periods beginning with the first quarter ended March 31, 2028.

Early adoption and retrospective application is permitted.

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

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

a material impact on the Company’s future financial statements.

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 effective for

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

Early adoption is permitted;

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

financial statements.

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

However, it does not expect ASU 2024-01 to

have a material impact on the Company’s future financial statements.

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

Improvements to Reportable Segment Disclosures

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

provided to the chief operating decision maker (the “CODM”).

ASU 2023-07, among other things, (i) requires a single

segment public entity to provide all of the disclosures as required by Topic 280, (ii) requires a public entity to disclose the

title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in

assessing segment performance and deciding how to allocate resources and (iii) provides the ability for a public entity to elect

more than one performance measure.

ASU 2023-07 is effective for the fiscal years beginning after December 15, 2023, and interim

periods beginning with the first quarter ended March 31, 2025.

Early adoption is permitted and retrospective adoption is required

for all prior periods presented.

The Company is currently assessing the impact of this guidance, however, the Company does not

expect a material impact on its 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

as of the specified effective date.

The Company believes that the impact of recently issued standards and any that are not yet effective

will not have a material impact on its condensed consolidated financial statements upon adoption.

3— RELATED-PARTY ARRANGEMENTS

Company’s executive officers and directors serve or may serve as officers, directors, or managers of entities that operate in a

line of business similar to the Company’s, including new entities that may be formed in the future.

Accordingly, they may have

obligations to investors in those entities, the fulfillment of which might not be in the best interests of the Company or the Company’s

stockholders.

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

order from the SEC permitting it to do so.

As a BDC, the Company is prohibited under the 1940 Act from participating in certain transactions

with certain of its affiliates without the prior approval of the Board of Directors, including its independent directors, and, in some

cases, the SEC.

The affiliates with which the Company may be prohibited from transacting include its officers, directors, and employees

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

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

transactions.

To ensure that the Company does not engage in any prohibited transactions with any persons affiliated with the Company,

the Company has implemented certain written policies and procedures whereby the Company’s executive officers screen each of the

Company’s transactions for any possible affiliations between the proposed portfolio investment, the Company, companies controlled

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.

However, it does not expect ASU 2024-03 to have a material impact on the

Company’s future financial statements.

In November 2024, the FASB issued

ASU 2024-04, “Debt — Debt with Conversion and Other Options”, which amends ASC 470-20 to clarify the requirements related

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

The amendments are effective for fiscal years and interim

periods within fiscal years beginning after December 15, 2025.

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

From time to time, new accounting

pronouncements are issued by the FASB or other standards setting bodies that are adopted by the Company as of the specified effective

The Company believes that the impact of recently issued standards and any that are not yet effective will not have a material impact

on its condensed consolidated financial statements upon adoption.

NOTE 3— RELATED-PARTY ARRANGEMENTS

The Company’s executive

officers and directors serve or may serve as officers, directors, or managers of entities that operate in a line of business similar to

the Company’s, including new entities that may be formed in the future.

Accordingly, they may have obligations to investors in those

entities, the fulfillment of which might not be in the best interests of the Company or the Company’s stockholders.

The 1940 Act prohibits the Company

from participating in certain negotiated co-investments with certain affiliates unless it receives an order from the SEC permitting it

As a BDC, the Company is prohibited under the 1940 Act from participating in certain transactions with certain of its affiliates

without the prior approval of the Board of Directors, including its independent directors, and, in some cases, the SEC.

The affiliates

with which the Company may be prohibited from transacting include its officers, directors, and employees and any person controlling or

under common control with the Company, subject to certain exceptions.

In the ordinary course of business,

the Company may enter into transactions with portfolio companies that may be considered related-party transactions.

To ensure that the

Company does not engage in any prohibited transactions with any persons affiliated with the Company, the Company has implemented certain

written policies and procedures whereby the Company’s executive officers screen each of the Company’s transactions for any

possible affiliations between the proposed portfolio investment, the Company, companies controlled by the Company, and the Company’s

executive officers and directors.

The 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.

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

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 .

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.

In addition, Mr.

Klein’s brother, Michael

Klein, was a control person of such Churchill entities.

As of September 30, 2024, the fair value of the Company’s remote-affiliate

investment in Skillsoft was $ 760,926 .

Company’s initial investment in Shogun Enterprises, Inc.

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

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

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

and held a minority equity interest in such portfolio company.

As of September 30, 2024, the fair value of the Company’s remote-affiliate

investment in Shogun Enterprises, Inc.

(d/b/a Hearth) was $ 6,217,510 .

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

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

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

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

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

addition, Ms.

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

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

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

combination into PSQ Holdings, Inc.

(d/b/a PublicSquare).

As of September 30, 2024, the fair value of the Company’s investment

in PSQ Holdings, Inc.

(d/b/a PublicSquare) was $ 4,457,988 .

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 September 30, 2024, the fair value of the Company’s investment

in Oklo, Inc.

was $ 1,405,641 .

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.

NOTES TO CONDENSED CONSOLIDATED

FINANCIAL STATEMENTS

March 31, 2025

The 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.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

4— INVESTMENTS AT FAIR VALUE

Portfolio Composition

Company’s investments in portfolio companies consist primarily of equity securities (such as common stock, preferred stock and

options or agreements to purchase or acquire common and preferred stock), and to a lesser extent, debt securities, issued by private

and publicly traded companies.

The Company may also, from time to time, invest in U.S.

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 March 31, 2025, the fair value of the Company’s remote-affiliate investment in

Skillsoft was $ 944,530 .

The Company’s investment

in AltC Sponsor LLC, the sponsor of AltC Acquisition Corp., a SPAC, constituted a “remote-affiliate” transaction for purposes

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

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

NOTE 4— INVESTMENTS AT FAIR VALUE

Investment Portfolio Composition

The Company’s investments

in portfolio companies consist primarily of equity securities (such as common stock, preferred stock and options or agreements to purchase

or acquire common and preferred stock), and to a lesser extent, debt securities, issued by private and publicly traded companies.

Company may also, from time to time, invest in U.S.

Treasury bills.

Non-portfolio investments represent

investments in U.S.

Non-portfolio investments represent investments in U.S.

Treasury bills.

As of September 30, 2024, the Company had 60

positions in 37

As of March 31, 2025, the Company had 61 positions in 37 portfolio companies.

As of December 31, 2024, the Company had 60 positions in

37 portfolio companies.

As of December 31, 2023, the Company had 63

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

September 30, 2024 and December 31, 2023:

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The following tables summarize

the composition of the Company’s investment portfolio by security type at cost and fair value as of March 31, 2025 and December

SCHEDULE OF COMPOSITION OF INVESTMENT PORTFOLIO

March 31, 2025

December 31, 2024

Percentage of

Private Portfolio Companies

6 unchanged sentences

Debt Investments

Private Portfolio Companies

Publicly Traded Portfolio

Total Private Portfolio Companies

Publicly Traded Portfolio Companies

Portfolio Investments

Non-Portfolio Investments

Treasury Bills

Total Publicly Traded Portfolio Companies

Total Investments

$ 258,117,232

2 unchanged sentences

$ 209,380,742

Preferred Stock includes the Company’s investment

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

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

4 Plus Pte Ltd.

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

geographic and industrial compositions of the Company’s portfolio at fair value as of September 30, 2024 and December 31, 2023

were as follows:

of September 30, 2024

of December 31, 2023

of March 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 Convertible Interest Rights of OpenAI Global, LLC, and the Company’s investment in

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

through an SPV.

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

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

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

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

through an SPV.

of March 31, 2025, Common Stock also includes the Company’s Limited Partner Fund Investment in True Global Ventures 4 Plus Pte

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

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

in True Global Ventures 4 Plus Pte Ltd.

of March 31, 2025, Options also includes the Company’s investments in the SAFEs of Orchard

Technologies, Inc., PayJoy, Inc., Stake Trade, Inc.

(d/b/a Prophet Exchange), and Whoop, Inc.

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

in the SAFEs of Commercial Streaming Solutions Inc.

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

(d/b/a Prophet Exchange).

The geographic and industrial

compositions of the Company’s portfolio at fair value as of March 31, 2025 and December 31, 2024 were as follows:

As of March 31, 2025

As of December 31, 2024

Percentage of

Geographic Region

$ 108,500,197

International

1 unchanged sentence

$ 209,380,742

of September 30, 2024

of December 31, 2023

As of March 31, 2025

As of December 31, 2024

Percentage of

Artificial Intelligence Infrastructure & Applications

Software-as-a-Service

Artificial Intelligence Infrastructure & Application

Consumer Goods & Services

Financial Technology & Services

Education Technology

Logistics & Supply Chain

Financial Technology & Services

$ 213,577,198

1 unchanged sentence

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

Intelligence Infrastructure

Advanced Nuclear Technology

& Application

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The table below details the composition of the Company’s

industrial themes presented in the preceding tables:

Industry Theme

Artificial Intelligence Infrastructure

AI Application Fund

& Applications

AI Infrastructure

AI Infrastructure Fund

Goods & Services

Beverage Brand

Consumer Goods & Services

E-Commerce Marketplace

Fitness Technology

Lifestyle Beverage Brand

Micromobility

Technology & Services

Credit Services

Access Technology

Finance Technology

Marketplace Finance

Estate Platform

Purpose Acquisition Company

Investment Fund

& Supply Chain

Chain Technology

Education Technology

Business Education

Interactive Learning

Online Education

Financial Technology & Services

Cannabis REIT

Carbon Credit Services

Financial Services

Mobile Access Technology

Online Marketplace Finance

Real Estate Platform

Special Purpose Acquisition Company

Venture Investment Fund

Logistics & Supply Chain

Supply Chain Technology

Warehouse Automation

Software-as-a-Service

Management Software

Innovation Platform

Improvement Finance

Pharmaceutical

Data Platform

Media Technology

Media & Services

Contractor Management Software

Home Improvement Finance

Knowledge Networks

Pharmaceutical Technology

Productivity Software

Retail Technology

Social Data Platform

Gaming Licensing

Gaming Technology

Geolocation Technology

Interactive Media & Services

Sports Betting

CAPITAL CORP.

1 unchanged sentence

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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, 2024 and December 31, 2023 are as follows:

Investment Valuation Inputs

The 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 March 31, 2025 and December 31, 2024 are as follows:

SCHEDULE OF FAIR VALUE OF INVESTMENT VALUATION INPUTS

of September 30, 2024

As of March 31, 2025

Quoted Prices in

Active Markets for

Identical Securities

Significant Other

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

$ 191,239,437

$ 213,577,198

Preferred Stock includes the Company’s investment

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

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

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

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

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

through an SPV.

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

4 Plus Pte Ltd.

of December 31, 2023

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

(3) Options also includes the Company’s investments in the SAFEs of Orchard

Technologies, Inc., PayJoy, Inc., Stake Trade, Inc.

(d/b/a Prophet Exchange), and Whoop, Inc.

As of December 31, 2024

Quoted Prices in

Active Markets for

Identical Securities

Significant Other

Investments at Fair Value

5 unchanged sentences

Debt Investments

Portfolio Companies

Publicly Traded Portfolio

Traded Portfolio Companies

Portfolio Investments

Non-Portfolio Investments

Treasury bills

Investments at Fair Value

Private Portfolio Companies

Publicly Traded Portfolio Companies

Total Investments at Fair Value

$ 191,789,622

$ 209,380,742

Common Stock includes the Company’s

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

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

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

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

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

through an SPV.

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

4 Plus Pte Ltd.

(3) Options also includes the Company’s investments in the SAFEs of Commercial Streaming

Solutions Inc.

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

(d/b/a Prophet Exchange).

CAPITAL CORP.

2 unchanged sentences

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, 2024 and December 31, 2023.

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, 2024 and December 31, 2023.

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

In 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 March 31, 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 March 31, 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 detail.

SCHEDULE OF FAIR VALUE OF ASSETS ON UNOBSERVABLE INPUT

of September 30, 2024

Approach/ Technique (1)

(Weighted Average) (3)

Preferred stock in private

companies (6)

$ 138,567,805

As of March 31, 2025

Valuation Approach/Technique (1)

Unobservable Inputs (2)

Range (Weighted Average) (3)

Market Approach

Revenue Multiples

- 5.93 x ( 1.61 x)

Private Company Discount

Precedent Transaction

0.56 x - 5.80 x ( 1.64 x)

Preferred stock in private companies (6)

$ 140,040,964

Conversion Adjustment Premium

Precedent Transactions

25 % - 100 % ( 83 )%

Revenue Multiples

- 1.88 x ( 1.81 x)

1.31 x - 5.00 x ( 4.65 x)

Dissolution Risk

Common stock in private companies (7)

Market approach

Revenue Multiples

0.46 x - 8.29 x ( 5.68 x)

Private Company Discount

Market Approach

Discount Rate

Common stock in private companies (7)

Precedent Transactions

75 % - 100 % ( 78.6 )%

Precedent Transaction

AFFO (4) multiple

AFFO (4) Multiples

Dissolution Risk

Discount Rate

Debt investments

1 unchanged sentence

Revenue Multiples

- 1.59 x ( 1.49 x)

Option Pricing Model

0.90 x - 1.95 x ( 1.85 x)

Term to Expiration (Years)

of September 30, 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;

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.

Option Pricing Model

Precedent Transaction

47 % - 67 % ( 47 )%

(1) As of March 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.

SURO CAPITAL CORP.

NOTES TO CONDENSED CONSOLIDATED

FINANCIAL STATEMENTS

March 31, 2025

(2) The Board of Directors considers all relevant information that can reasonably be obtained when determining

the fair value of Level 3 investments.

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

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

Increases/(decreases) in

revenue multiples, earnings before interest and taxes (“EBIT”) multiples, time to expiration, and stock price/strike price

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

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

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

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

publicly traded comparable companies and available precedent sales transactions of comparable companies.

The Board of Directors carefully

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

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

2 unchanged sentences

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”.

Probability-Weighted

Expected Return Method, or “PWERM”.

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

the Convertible Equity of OpenAI Global, LLC, and 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.

Stock includes the Company’s Limited Partner Fund Investment in True Global Ventures 4 Plus Pte Ltd.

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

of December 31, 2023

Approach/ Technique (1)

(Weighted Average) (3)

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

Fair Value ” for more detail.

(3) The weighted averages are calculated based on the fair market value of each investment.

(4) Adjusted Funds From Operations, or “AFFO”.

(5) Probability-Weighted Expected Return Method, or “PWERM”.

(6) Preferred Stock also includes the Company’s investment in the Class A Interest of ARK Type One Deep Ventures

Fund LLC which is invested in the Convertible Interest Rights of OpenAI Global, LLC, and the Company’s investment in the Membership

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

through an SPV.

(7) Common Stock 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.

(8) Options also includes the

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

(d/b/a Prophet Exchange),

and Whoop, Inc .

As of December 31, 2024

Valuation Approach/ Technique (1)

Unobservable Inputs (2)

Range (Weighted Average) (3)

Preferred stock in private companies (6)

3 unchanged sentences

0.67 x - 5.96 x ( 1.82 x )

Discount rate

Common stock in private companies (6)

Market approach

Precedent Transactions

25 % - 100 % ( 55 )%

Revenue Multiples

1.76 x - 2.95 x

Dissolution Risk

75 % - 100 % ( 87.5 )%

Discount Rate

Common stock in private companies (7)

Market Approach

Revenue Multiples

0.77 x - 8.81 x ( 7.59 x)

Precedent Transactions

AFFO (4) Multiples

Dissolution Risk

Debt investments

1 unchanged sentence

Revenue Multiples

- 1.66 x ( 1.56 x)

0.90 x - 1.31 x ( 1.22 x)

Option Pricing Model

Term to Expiration (Years)

- 5.63 ( 0.79 )

Discount Rate

Precedent Transaction

________________________

of December 31, 2023, 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.

(1) As 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;

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.

SURO CAPITAL CORP.

NOTES TO CONDENSED CONSOLIDATED

FINANCIAL STATEMENTS

March 31, 2025

(2) The Board of Directors considers all relevant information that can reasonably be obtained when determining

the fair value of Level 3 investments.

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

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

Increases/(decreases) in

revenue multiples, earnings before interest and taxes (“EBIT”) multiples, time to expiration, and stock price/strike price

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

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

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

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

publicly traded comparable companies and available precedent sales transactions of comparable companies.

The Board of Directors carefully

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

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

2 unchanged sentences

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”.

Probability-Weighted

Expected Return Method, or “PWERM”.

Common Stock includes the Company's Limited Partner Fund Investment in True Global Ventures 4 Plus Pte Ltd.

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

aggregate values of Level 3 assets and liabilities changed during the nine months ended September 30, 2024 as follows:

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

Fair Value ” for more detail.

(3) The weighted averages are calculated based on the fair market value of each investment.

(4) Adjusted Funds From Operations, or “AFFO”.

(5) Probability-Weighted Expected Return Method, or “PWERM”.

(6) Preferred Stock also includes the Company’s investment in the Class A Interest of ARK Type One Deep Ventures

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

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

(8) 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).

The aggregate values of Level 3

assets and liabilities changed during the three months ended March 31, 2025 as follows:

SCHEDULE OF AGGREGATE VALUE OF ASSETS AND LIABILITIES

Months Ended September 30, 2024

Three Months Ended March 31, 2025

Fair Value as of December 31, 2024

2 unchanged sentences

Transfers out of Level 3

Purchases, capitalized fees and interest

Sales/Redemptions of investments

( 5,221,824 )

1 unchanged sentence

( 10,443,648 )

( 13,607,969 )

Purchases, capitalized fees and interest

Sales/Redemptions of investments

Exercises and conversions (4)

( 16,770,915 )

Realized gains/(losses)

( 1,004,240 )

( 7,076,812 )

( 14,444,680 )

Net change in unrealized

appreciation/(depreciation) included in earnings

( 19,286,404 )

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

( 3,104,632 )

Fair Value as of September 30, 2024

Fair Value as of March 31, 2025

$ 140,040,964

$ 191,239,437

Net change in unrealized

appreciation/ (depreciation) of Level 3 investments still held as of September 30, 2024

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

$ ( 3,104,632 )

SURO CAPITAL CORP.

NOTES TO CONDENSED CONSOLIDATED

FINANCIAL STATEMENTS

March 31, 2025

___________________

Preferred Stock includes the Company’s investment

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

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

4 Plus Pte Ltd.

the nine months ended September 30, 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

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

aggregate values of Level 3 assets and liabilities changed during the year ended December 31, 2023 as follows:

Ended December 31, 2023

(1) Preferred Stock also includes the Company’s investment in the Class A Interest

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

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

through an SPV.

(2) Common Stock 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.

also includes the Company’s investments in the SAFEs of Orchard Technologies, Inc., PayJoy, Inc., Stake Trade, Inc.

Prophet Exchange), and Whoop, Inc.

(4) During the three months ended March 31, 2025, the Company’s portfolio investments had the following

corporate actions which are reflected above:

Portfolio Company

Conversion from

Conversion to

CoreWeave, Inc.

Preferred shares, Series A Common shares

Common shares (Level 2)

CW Opportunity 2 LP

Preferred shares, Series C

shares (Level 3)

Commercial Streaming Solutions Inc.

(d/b/a BettorView)

Simple Agreement for Future Equity

shares, Class A-1 (Level 3)

The aggregate values of Level 3 assets and liabilities

changed during the year ended December 31, 2024 as follows:

Year Ended December 31, 2024

Fair Value as of December 31, 2023

1 unchanged sentence

$ 168,568,251

Fair value beginning balance

$ 117,214,465

$ 143,865,093

Transfers out of Level 3

1 unchanged sentence

( 12,896,367 )

( 2,711,842 )

Purchases, capitalized fees and interest

Sales/Maturity of investments

( 1,000,000 )

Sales/Redemptions of investments

( 10,375,762 )

Exercises and conversions (1)

( 1,414,278 )

Realized gains/(losses)

( 1,585,722 )

( 13,750,712 )

Net change in unrealized

appreciation/(depreciation) included in earnings

Exercises and conversions (4)

( 1,338,976 )

Fair Value as of December 31, 2023

Realized gains/(losses)

( 7,533,623 )

( 7,076,812 )

Fair value ending balance

( 14,448,898 )

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

( 24,123,671 )

Net change in unrealized

appreciation/ (depreciation) of Level 3 investments still held as of December 31, 2023

( 10,957,286 )

Fair Value as of December 31, 2024

$ 151,003,991

$ 191,789,622

Net change in unrealized

appreciation/ (depreciation) of Level 3 investments still held

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

$ ( 32,741,143 )

1 unchanged sentence

________________________

Common Stock includes the Company's Limited Partner Fund Investment in True Global Ventures 4 Plus Pte Ltd.

the year ended December 31, 2023, the Company’s portfolio investments had the following corporate actions which are reflected

Technologies, Inc.

(1) Preferred Stock also includes the Company’s investment in the Class A Interest

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

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

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

through an SPV.

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

in True Global Ventures 4 Plus Pte Ltd.

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

and Commercial Streaming Solutions Inc.

(d/b/a BettorView).

(4) During the year ended December 31, 2024, the Company’s portfolio investments had the following corporate

actions which are reflected above:

Portfolio Company

Conversion from

Conversion to

AltC Sponsor LLC

Common shares, Class A

Common shares, Class B

- Common shares, Class A (Level 2)

Xgroup Holdings Limited (d/b/a Xpoint)

Convertible Note 6 %, Due 10/17/2024

Preferred shares, Series A-1 (Level 3)

Warrants, Series A-1 (Level 3)

Warrants, Series A (Level 3)

ServiceTitan, Inc.

Common shares

Common shares (Level 2)

SURO CAPITAL CORP.

NOTES TO CONDENSED CONSOLIDATED

FINANCIAL STATEMENTS

March 31, 2025

Schedule of Investments In, and Advances to, Affiliates

Transactions during the three months ended March

31, 2025 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

Fair Value at December 31, 2024

Gains/(Losses)

Fair Value at March 31, 2025

CONTROLLED INVESTMENTS * (2)

Special Purpose Acquisition Company

Colombier Sponsor II LLC** (3) –Class W Units

Total Options

Special Purpose Acquisition Company

Colombier Sponsor II LLC** (3) –Class B Units

Total Common Stock

TOTAL CONTROLLED INVESTMENTS* (2)

NON-CONTROLLED/AFFILIATE INVESTMENTS * (1)

Preferred Stock

Knowledge Networks

Maven Research, Inc.–Preferred shares, Series C

Maven Research, Inc.–Preferred shares, Series B

Total Knowledge Networks

Interactive Learning

StormWind, LLC (4) – Preferred

shares, Series D 8%

Agreement for Future Equity

Preferred shares, Series 1

Preferred shares, Series 2

Shares, Class A

Enterprises, Inc.

(d/b/a Hearth)

StormWind, LLC (4) – Preferred

shares, Series C 8%

StormWind, LLC (4) – Preferred

shares, Series B 8%

Holdings, Inc.

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

Holdings, Inc.

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

shares, Class A

shares, Class B

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

of Investments In, and Advances to, Affiliates

during the nine months ended September 30, 2024 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, 2023

and Amortization

StormWind, LLC (4)

– Preferred shares, Series A 8%

Total Interactive Learning

Total Preferred Stock

Online Education

Curious.com, Inc.–Common shares

Total Common Stock

TOTAL NON-CONTROLLED/AFFILIATE INVESTMENTS* (1)

$ ( 472,712 )

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

Equity investments may

be subject to lock-up restrictions upon their IPO.

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

company’s board of directors.

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

of the Company’s portfolio investments.

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

All portfolio investments

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

(Refer to “Note 4—Investments

at Fair Value”).

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

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

(Refer to “Note 2—Significant Accounting

Policies— Investments at Fair Value ”).

SURO CAPITAL CORP.

NOTES TO CONDENSED CONSOLIDATED

FINANCIAL STATEMENTS

March 31, 2025

** Indicates assets that SuRo Capital Corp.

believes do not represent

“qualifying assets” under Section 55(a) of the 1940 Act.

Of the Company’s total investments as of March 31, 2025,

47.59 % of its total investments are non-qualifying assets, excluding cash and short-term US treasuries.

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

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

In general, a company is deemed to be an “Affiliate” of SuRo Capital Corp.

if SuRo Capital Corp.

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

right to elect directors) of such company.

(2) “Control Investments” are investments in those companies that are “Controlled Companies”

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

In general, under the 1940 Act, the Company would “Control” a portfolio

company if the Company beneficially owns, directly or indirectly, more than 25% of its outstanding voting securities (i.e., securities

with the right to elect directors) and/or had the power to exercise control over the management or policies of such portfolio company.

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

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

reorganization or similar business combination with one or more businesses.

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

owned subsidiary, GSVC SW Holdings, Inc.

SURO CAPITAL CORP.

NOTES TO CONDENSED CONSOLIDATED

FINANCIAL STATEMENTS

March 31, 2025

Schedule of Investments

In, and Advances to, Affiliates

Transactions during the year ended December 31, 2024

involving the Company’s controlled investments and non-controlled/affiliate investments were as follows:

Type/Industry/Portfolio Company/Investment

Principal/Quantity

Interest, Fees, or

Dividends Credited

Fair Value at December 31, 2023

Transfer In/ (Out)

Purchases and

Capitalized Fees

Sales/Redemptions

1 unchanged sentence

Gains/(Losses)

Value at September 30, 2024

INVESTMENTS * (2)

Purpose Acquisition Company

Colombier Sponsor

II LLC**–Class W Units

$ 498,305 - -

Fair Value at December 31, 2024

CONTROLLED INVESTMENTS * (2)

Special Purpose Acquisition Company

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

Total Options

Preferred Stock

Sustainability Partners, Inc.)–Preferred shares, Class A

Clean Technology

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

( 6,780,680 )

1 unchanged sentence

( 6,780,680 )

Sustainability Partners, Inc.)–Common shares

Finance Technology

Architect Capital PayJoy

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

Clean Technology

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

Mobile Finance Technology

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

( 10,000,000 )

Purpose Acquisition Company

Colombier Sponsor II LLC**–Class

Special Purpose Acquisition Company

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

Total Common Stock

( 10,000,000 )

CONTROLLED INVESTMENTS* (2)

TOTAL CONTROLLED INVESTMENTS* (2)

$ ( 10,374,950 )

$ ( 6,797,425 )

NON-CONTROLLED/AFFILIATE

INVESTMENTS * (1)

NON-CONTROLLED/AFFILIATE INVESTMENTS * (1)

Debt Investments

Innovation Platform

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

Due 8/23/2024

Global Innovation Platform

OneValley, Inc.

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

$ ( 1,414,278 )

3 unchanged sentences

Preferred Stock

Maven Research, Inc.–Preferred

shares, Series C

Research, Inc.–Preferred shares, Series B

Knowledge Networks

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

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

Maven Research, Inc.–Preferred shares, Series C

Maven Research, Inc.–Preferred shares, Series B

Total Knowledge Networks

Interactive Learning

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

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

( 1,427,939 )

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

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

( 1,517,142 )

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

Interactive Learning

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

Total Interactive Learning

( 3,267,048 )

1 unchanged sentence

( 3,267,048 )

Innovation Platform

Global Innovation Platform

OneValley, Inc.

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

1 unchanged sentence

( 6,982,628 )

Global Innovation Platform

Total Global Innovation Platform

( 1,585,722 )

( 6,982,628 )

PSQ Holdings,

E-Commerce Marketplace

PSQ Holdings, Inc.

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

( 1,964,750 )

( 6,982,628 )

Curious.com, Inc.–Common shares

PSQ Holdings,

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

NON-CONTROLLED/AFFILIATE INVESTMENTS* (1)

$ ( 3,000,000 )

$ ( 6,598,526 )

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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 ”).

assets that SuRo Capital Corp.

believes do not represent “qualifying assets”

under Section 55(a) of the 1940 Act.

Of the Company’s total investments as of September

30, 2024, 28.23 % of its total investments are non-qualifying assets.

*** Investment

is income-producing.

(1) “Affiliate

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

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

In general, a company is deemed to be

an “Affiliate” of SuRo Capital Corp.

if SuRo Capital Corp.

beneficially owns,

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

the right to elect directors) of such company.

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.

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

“Note 4—Investments at Fair Value”.

(4) SuRo 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) is 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, Inc.

(d/b/a PublicSquare), while still held as of September 30,

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.

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

of Investments In, and Advances to, Affiliates

during the year ended December 31, 2023 involving the Company’s controlled investments and non-controlled/affiliate investments

were as follows:

Type/Industry/Portfolio

Company/Investment

Value at December 31, 2022

Gains/(Losses)

Value at December 31, 2023

INVESTMENTS * (2)

Purpose Acquisition Company

Sponsor II LLC**–Class W Units

$ ( 262,347 )

Sponsor LLC** (6) –Class W Units

( 1,159,150 )

Total Options

( 1,964,750 )

Preferred Stock

Sustainability Partners, Inc.)–Preferred shares, Class A

Total Preferred Stock

Sustainability Partners, Inc.)–Common shares

Finance Technology

Architect Capital PayJoy

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

Purpose Acquisition Company

Colombier Sponsor II

LLC**–Class B Units

Sponsor LLC** (6) –Class B Units

( 1,585,722 )

( 6,982,628 )

CONTROLLED INVESTMENTS* (2)

$ ( 2,715,737 )

$ ( 600,693 )

AND SUBSIDIARIES

NOTES TO CONDENSED

CONSOLIDATED FINANCIAL STATEMENTS

Type/Industry/Portfolio Company/Investment

Interest, Fees, or Dividends Credited in Income

Fair Value at December 31, 2022

Transfer In/ (Out)

Capitalized Fees,

Realized Gains/(Losses)

Unrealized Gains/(Losses)

Fair Value at December 31, 2023

Percentage of Net Assets

NON-CONTROLLED/AFFILIATE

INVESTMENTS * (1)

Debt Investments

Innovation Platform

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

$ ( 720,805 )

Total Debt Investments

Preferred Stock

Maven Research, Inc.–Preferred

shares, Series C

Research, Inc.–Preferred shares, Series B

Knowledge Networks

Media Platform

(7) – Preferred shares, Series C-2 6%

( 2,414,178 )

(7) – Preferred shares, Series B 6%

( 4,999,999 )

(7) – Preferred shares, Series A 6%

Online Education

Curious.com, Inc.–Common shares

E-Commerce Marketplace

PSQ Holdings, Inc.

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

( 8,542,386 )

(7) – Preferred shares, Series Seed 6%

Digital Media Platform

Total Common Stock

( 8,542,386 )

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%

Interactive Learning

AND SUBSIDIARIES

NOTES TO CONDENSED

CONSOLIDATED FINANCIAL STATEMENTS

Type/Industry/Portfolio Company/Investment

Interest, Fees, or Dividends Credited in Income

Fair Value at December 31, 2022

Transfer In/(Out)

Purchases, Capitalized Fees, Interest and Amortization

Realized Gains/ (Losses)

Unrealized Gains/ (Losses)

Fair Value at December 31, 2023

Percentage of Net Assets

Total Preferred

TOTAL NON-CONTROLLED/AFFILIATE INVESTMENTS* (1)

$ ( 10,507,136 )

Media Platform

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

Innovation Platform

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

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

Global Innovation Platform

Holdings, Inc.

(d/b/a PublicSquare)** (6) – Warrants

Curious.com, Inc.–Common shares

Holdings, Inc.

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

NON-CONTROLLED/AFFILIATE INVESTMENTS* (1)

$ ( 3,000,000 )

$ ( 6,598,526 )

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

Equity investments

are subject to lock-up restrictions upon their IPO.

Preferred dividends are generally only

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

The Company’s

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

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

Equity investments may

be subject to lock-up restrictions upon their IPO.

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

company’s board of directors.

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

of the Company’s portfolio investments.

(Refer to “Note 3—Related-Party

Arrangements”).

All portfolio investments are considered Level 3 and valued using significant

unobservable inputs, unless otherwise noted.

(Refer to “Note 4—Investments at

Fair Value”).

All portfolio investments are considered Level 3 and valued using unobservable

inputs, unless otherwise noted.

All of the Company’s portfolio investments are restricted

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

faith by the Company’s Board of Directors.

(Refer to “Note 2—Significant

Accounting Policies—Investments at Fair Value”).

CAPITAL CORP.

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.

(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 ”).

SURO CAPITAL CORP.

NOTES TO CONDENSED CONSOLIDATED

FINANCIAL STATEMENTS

March 31, 2025

** Indicates assets that SuRo Capital Corp.

believes do not represent

“qualifying assets” under Section 55(a) of the 1940 Act.

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

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

*** Investment

is income-producing.

(1) “Affiliate

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

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

*** Investment is income-producing.

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

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

In general, a company is deemed to be

an “Affiliate” of SuRo Capital Corp.

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.

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

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

right to elect directors) of such company.

(2) “Control Investments” are investments in those companies that are “Controlled Companies”

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

In general, under the 1940 Act, the Company

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

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

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

or policies of such portfolio company.

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

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

wholly owned subsidiary, GSVC SW Holdings, Inc.

August 23, 2019, SuRo Capital Corp.

amended the structure of its investment in OneValley,

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

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

(warrants notwithstanding) were restructured into a derivative security.

OneValley, Inc.

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

ending August 23, 2024, while SuRo Capital Corp.

can put the shares to OneValley, Inc.

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

July 19, 2023, Colombier Acquisition Corp.

(“Colombier”) stockholders approved

a business combination with PSQ Holdings, Inc.

(d/b/a PublicSquare) and related proposals

at a special meeting.

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

announced that it had consummated

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

creating the resultant combined company PSQ Holdings, Inc.

(d/b/a PublicSquare).

Corp.’s shares of PSQ Holdings, Inc.

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

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

warrants are freely tradable.

March 1, 2023, Ozy Media, Inc.

suspended operations.

On May 4, 2023, SuRo Capital Corp.

its investment in Ozy Media, Inc.

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

5— COMMON STOCK

Repurchase Program

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

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

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

Following several intervening

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

repurchased under the discretionary Share Repurchase Program and/or to extend the Share Repurchase Program to later expiration dates, on August 7, 2023, the Company’s Board of Directors authorized an extension of, and an increase in the amount of

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

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

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

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 stock.

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.

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

the Share Repurchase Program.

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

Company’s common stock under the Share Repurchase Program.

As of September 30, 2024, the dollar value of shares that remained available

to be purchased by the Company under the Share Repurchase Program was approximately $ 20.7 million.

Dutch Auction Tender Offer

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

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

In accordance

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

share and not greater than $ 5.00 per share.

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

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

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

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

and Restated 2019 Equity Incentive Plan

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

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

At-the-Market

July 29, 2020, the Company entered into an At-the-Market Sales Agreement, dated July 29, 2020 (as amended, the “Sales Agreement”),

with BTIG, LLC, JMP Securities LLC and Ladenburg Thalmann & Co., Inc.

In general, under the 1940 Act, the Company would “Control” a portfolio

company if the Company beneficially owns, directly or indirectly, more than 25% of its outstanding voting securities (i.e., securities

with the right to elect directors) and/or had the power to exercise control over the management or policies of such portfolio company.

(3) Denotes an investment considered Level 1 or Level 2 and valued using observable inputs.

Refer to “Note

4—Investments at Fair Value”.

(4) SuRo 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

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, Inc.

(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.

(5) SuRo 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

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

reorganization or similar business combination with one or more businesses.

SURO CAPITAL CORP.

NOTES TO CONDENSED CONSOLIDATED

FINANCIAL STATEMENTS

March 31, 2025

NOTE 5— COMMON STOCK

Share Repurchase Program

On August 8, 2017, the Company

announced a $ 5.0 million discretionary open-market share repurchase program of shares of the Company’s common stock, $ 0.01 par value

per share, of up to $ 5.0 million until the earlier of (i) August 6, 2018 or (ii) the repurchase of $ 5.0 million in aggregate amount of

the Company’s common stock (the “Share Repurchase Program”).

Following several intervening approvals from the Company’s

Board of Directors to increase the amount of shares of the Company’s common stock that may be repurchased under the discretionary Share

Repurchase Program and/or to extend the Share Repurchase Program to later expiration dates, on October 29, 2024, the Company’s Board

of Directors authorized an extension, and increase in the amount of common shares that may be purchased under, of the Company’s

discretionary Share Repurchase Program until the earlier of (i) October 31, 2025 or (ii) the repurchase of $ 64.3 million in aggregate

amount of the Company’s common stock.

The timing and number of shares

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

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 stock.

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.

During the three months ended

March 31, 2025 and 2024, the Company did no t repurchase any shares of the Company’s common stock under the Share Repurchase Program.

of March 31, 2025, the dollar value of shares that remained available to be purchased by the Company under the Share Repurchase Program

was approximately $ 25.0 million.

Amended and Restated 2019 Equity Incentive Plan

Refer to “Note 11—Stock-Based

Compensation” for a description of the Company’s restricted shares of common stock granted under the Amended & Restated

2019 Equity Incentive Plan (as defined therein).

At-the-Market Offering

On July 29, 2020, the Company

established an “at-the-market” offering (the “ATM Program”) pursuant to an At-the-Market Sales Agreement dated July

29, 2020 (as amended on September 23, 2020 and November 8, 2024, the “Sales Agreement”) with BTIG LLC, Citizens JMP Securities,

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

and Barrington Research Associates, Inc.

(collectively, the “Agents”).

Under the Sales Agreement,

the Company may, but has no obligation to, issue and sell up to $ 150.0 million in aggregate amount of shares of its common stock (the

“Shares”) from time to time through the Agents or to them as principal for their own account (the “ATM Program”).

The Company intends to use the net proceeds from the ATM Program to make investments in portfolio companies in accordance with its investment

objective and strategy and for general corporate purposes.

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

under the Securities Act of 1933, as amended, including sales made directly on the Nasdaq Global Select Market or sales made to or through

a market maker other than on an exchange, at market prices prevailing at the time of sale, at prices related to prevailing market prices

or at other negotiated prices.

Actual sales in the ATM Program will depend on a variety of factors to be determined by the Company from

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.

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 and nine months ended September 30, 2024 and 2023, the Company did not issue or sell Shares under the ATM Program.

As of September

30, 2024, up to approximately $ 98.8 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, 2024 and 2023.

Under the Sales Agreement, the Company may, but has no obligation to, issue and sell up to $ 150.0 million in aggregate amount of shares

of its common stock (the “Shares”) from time to time through the Agents or to them as principal for their own account (the

“ATM Program”).

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

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

Sales of the Shares, if any,

will be made by any method that is deemed to be an “at-the-market” offering as defined in Rule 415 under the Securities Act

of 1933, as amended, including sales made directly on the Nasdaq Global Select Market or sales made to or through a market maker other

than on an exchange, at market prices prevailing at the time of sale, at prices related to prevailing market prices or at other negotiated

Actual sales in the ATM Program will depend on a variety of factors to be determined by the Company from time to time.

The 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.

SURO CAPITAL CORP.

NOTES TO CONDENSED CONSOLIDATED

FINANCIAL STATEMENTS

March 31, 2025

During the three months ended

March 31, 2025 and 2024, the Company did not issue or sell Shares under the ATM Program.

As of March 31, 2025, up to approximately $ 98.8

million in aggregate amount of the Shares remain available for sale under the ATM Program.

NOTE 6— NET CHANGE IN NET ASSETS RESULTING

FROM OPERATIONS PER COMMON SHARE—BASIC AND DILUTED

The 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 months ended March 31, 2025 and 2024.

SCHEDULE OF BASIC AND

DILUTED COMMON SHARE

Months Ended September 30,

per common share–basic:

Net change in net assets resulting

from operations

Three Months Ended March 31,

Earnings per common share–basic:

Net change in net assets resulting from operations

$ ( 806,715 )

$ ( 22,065,346 )

Weighted-average common

per common share–basic

per common share–diluted:

Net change in net assets

resulting from operations

Weighted-average common shares–basic

Earnings per common share–basic

Earnings per common share–diluted:

Net change in net assets resulting from operations

$ ( 806,715 )

5 unchanged sentences

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

For the three and nine months ended September

30, 2023, there were no potentially dilutive securities outstanding.

7— COMMITMENTS AND CONTINGENCIES

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

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

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

to the enforcement of its rights under contracts with its portfolio companies.

While the outcome of these legal proceedings cannot be

predicted with certainty, the Company does not expect that these proceedings will have a material effect upon its business, financial

condition or results of operations.

Weighted-average common shares outstanding–diluted (1)

Earnings per common share–diluted

______________________

(1) 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 shares

because the effect of these shares would have been anti-dilutive.

For the three months ended March 31, 2024, there were no potentially

dilutive securities outstanding.

NOTE 7— COMMITMENTS AND CONTINGENCIES

In the normal course of business,

the Company may enter into investment agreements under which it commits to make an investment in a portfolio company at some future date

or over a specified period of time.

From time to time, the Company

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

rights under contracts with its portfolio companies.

While the outcome of these legal proceedings cannot be predicted with certainty,

the Company does not expect that these proceedings will have a material effect upon its business, financial condition or results of operations.

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

Company currently has one operating lease for office space for which the Company has recorded a right-of-use asset and lease

liability for the operating lease obligation.

Operating Leases and Related Deposits

The Company currently has one

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

The lease originally commenced on June 3, 2019 and expired on August 31, 2024.

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

months, expiring March 31, 2028.

The lease expense is presented as a single lease cost

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

of September 30, 2024 and December 31, 2023, the Company booked a right-of-use asset and operating lease liability of $ 455,109 and $ 112,485 ,

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

As of September 30, 2024 and December 31, 2023, 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, 2024 and 2023, the Company incurred $ 49,512 and $ 52,472 , respectively, of operating lease expense.

For the nine months ended September 30, 2024 and 2023, the Company incurred $ 155,859 and $ 151,637 , 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, 2024, the remaining lease term was 3.3 years and the discount rate was 3.00 %.

following table shows future minimum payments under the Company’s operating lease as of September 30, 2024:

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 May 12, 2028.

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

the life of the lease.

As of March 31, 2025 and December

31, 2024, the Company booked a right-of-use asset and operating lease liability of $ 424,656 and $ 446,349 , respectively, on the Condensed

Consolidated Statement of Assets and Liabilities .

As of March 31, 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 March

31, 2025 and 2024, the Company incurred $ 23,188 and $ 52,662 , 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 March 31, 2025, the remaining lease term was 3.2 years and the discount rate was 3.00 %.

SURO CAPITAL CORP.

NOTES TO CONDENSED CONSOLIDATED

FINANCIAL STATEMENTS

March 31, 2025

The following table shows future

minimum payments under the Company’s operating lease as of March 31, 2025:

OF FUTURE MINIMUM PAYMENTS OF OPERATION LEASE

Ended December 31,

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

8— FINANCIAL HIGHLIGHTS

For the Year Ended December 31,

NOTE 8— FINANCIAL HIGHLIGHTS

OF FINANCIAL HIGHLIGHTS

Months Ended September 30,

Three Months Ended March 31,

Per Basic Share Data

Net asset value at beginning of

investment loss (1)

realized loss on investments (1)

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

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

Repurchase of common stock (1)

compensation (1)

Net asset value at beginning of the year

Net investment loss (1)

Net realized loss on investments (1)

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

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

Stock-based compensation (1)

Net asset value at end of period

Per share market value at end of period

return based on market value (2)

Total return based on net

asset value (2)

Total return based on market value (2)

Total return based on net asset value (2)

Shares outstanding at end of period

3 unchanged sentences

$ 181,721,135

$ 157,437,207

$ 211,971,043

Average net assets

1 unchanged sentence

$ 202,519,594

$ 179,655,590

$ 206,224,853

of net operating expenses to average net assets (3)

of net investment loss to average net assets (3)

Ratio of net operating expenses to average net assets (3)

Ratio of net investment loss to average net assets (3)

Portfolio Turnover Ratio

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

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

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

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

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

for dividends and equity issuances.

(3) Financial

highlights for periods of less than one year are annualized and the ratios of operating expenses

to average net assets and net investment loss to average net assets are adjusted accordingly.

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

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

9— INCOME TAXES

Company elected to be treated as a RIC under Subchapter M of the Code beginning with its taxable year ended December 31, 2014 and has

qualified to be treated as a RIC for subsequent taxable years.

The Company intends to continue to operate so as to qualify to be subject

to tax treatment as a RIC under Subchapter M of the Code and, as such, will not be subject to U.S.

federal income tax on the portion

of taxable income (including gains) distributed as dividends for U.S.

__________________

(1) Based on weighted-average number of shares outstanding for the relevant

(2) Total return based on market value is based upon the change in market price

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

based on net asset value is based upon the change in net asset value per share between the opening and ending net asset values per share

in the period, adjusted for dividends and equity issuances.

(3) Financial highlights for periods of less than one year are annualized and

the ratios of operating expenses to average net assets and net investment loss to average net assets are adjusted accordingly.

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

NOTE 9— INCOME TAXES

The Company elected to be treated

and intends to qualify annually as a RIC under Subchapter M of the Code and, as such, will not be subject to U.S.

federal income tax on

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

federal income tax purposes to stockholders.

Taxable income includes

the Company’s taxable interest, dividend and fee income, reduced by certain deductions, as well as taxable net realized investment

Taxable income generally differs from net income for financial reporting purposes due to temporary and permanent differences in

the recognition of income and expenses, and generally excludes net unrealized appreciation or depreciation, as such gains or losses are

not included in taxable income until they are realized.

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

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

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

The amount to be paid out as a distribution

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

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

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

stockholders.

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

federal excise tax on certain undistributed income unless the Company makes

distributions treated as dividends for U.S.

federal income tax purposes in a timely manner to its stockholders in respect of each calendar

year of an amount at least equal to the sum of (1) 98% of its ordinary income (taking into account certain deferrals and elections) for

each calendar year, (2) 98.2% of its capital gain net income (adjusted for certain ordinary losses) for the 1-year period ending October

31 of each such calendar year and (3) any ordinary income and net capital gains for preceding years, but not distributed during such

years and on which the Company paid no U.S.

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

net realized investment gains.

Taxable income generally differs from net income for financial reporting purposes due to temporary and

permanent differences in the recognition of income and expenses, and generally excludes net unrealized appreciation or depreciation, as

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

SURO CAPITAL CORP.

NOTES TO CONDENSED CONSOLIDATED

FINANCIAL STATEMENTS

March 31, 2025

To qualify as a RIC, the Company

is required to meet certain income and asset diversification tests in addition to distributing dividends of an amount generally at least

equal to 90 % of its investment company taxable income, as defined by the Code and determined without regard to any deduction for distributions

paid, to its stockholders.

The amount to be paid out as a distribution is determined by the Board of Directors each quarter and is based

upon the annual earnings estimated by the management of the Company.

To the extent that the Company’s earnings fall below the amount

of dividend distributions declared, however, a portion of the total amount of the Company’s distributions for the fiscal year may

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

As a RIC, the Company will be

subject to a 4 % nondeductible U.S.

federal excise tax on certain undistributed income unless the Company makes distributions treated as

dividends for U.S.

federal income tax purposes in a timely manner to its stockholders in respect of each calendar year of an amount at

least equal to the sum of (1) 98% of its ordinary income (taking into account certain deferrals and elections) for each calendar year,

(2) 98.2% of its capital gain net income (adjusted for certain ordinary losses) for the 1-year period ending October 31 of each such calendar

year and (3) any ordinary income and net capital gains for preceding years, but not distributed during such years and on which the Company

federal income tax.

The Company will not be subject to this excise tax on any amount on which

the Company incurred U.S.

federal corporate income tax (such as the tax imposed on a RIC’s retained net capital gains).

on the level of taxable income earned in a taxable year, the Company may choose to carry over taxable income in excess of current taxable

year distributions from such taxable income into the next taxable year and incur a 4 % excise tax on such taxable income, as required.

The maximum amount of excess taxable income that may be carried over for distribution in the next taxable year under the Code is the

total amount of distributions paid in the following taxable year, subject to certain declaration and payment guidelines.

To the extent

the Company chooses to carry over taxable income into the next taxable year, distributions declared and paid by the Company in a taxable

year may differ from the Company’s taxable income for that taxable year as such distributions may include the distribution of current

taxable year taxable income, the distribution of prior taxable year taxable income carried over into and distributed in the current taxable

year, or returns of capital.

Company has taxable subsidiaries 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 taxable subsidiaries are consolidated for

GAAP and the portfolio investments held by the taxable subsidiaries are included in the Company’s condensed consolidated financial

statements and are recorded at fair value.

These taxable subsidiaries are not consolidated with the Company for 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 taxable subsidiaries generally would be subject to tax at normal corporate tax rates based on its taxable

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

may retain certain net capital gains for reinvestment and, depending upon the level of taxable income earned in a year, may choose to

carry forward taxable income for distribution in the following year and pay any applicable U.S.

The Company will not be subject to this excise tax on any amount on which the Company incurred U.S.

corporate income tax (such as the tax imposed on a RIC’s retained net capital gains).

Depending on the level of taxable

income earned in a taxable year, the Company may choose to carry over taxable income in excess of current taxable year distributions from

such taxable income into the next taxable year and incur a 4 % excise tax on such taxable income, as required.

The maximum amount of excess

taxable income that may be carried over for distribution in the next taxable year under the Code is the total amount of distributions

paid in the following taxable year, subject to certain declaration and payment guidelines.

To the extent the Company chooses to carry

over taxable income into the next taxable year, distributions declared and paid by the Company in a taxable year may differ from the Company’s

taxable income for that taxable year as such distributions may include the distribution of current taxable year taxable income, the distribution

of prior taxable year taxable income carried over into and distributed in the current taxable year, or returns of capital.

The Company has subsidiaries

that are classified as corporations for U.S.

federal income tax purposes which hold certain portfolio investments in an effort to limit

potential legal liability and/or comply with source-income type requirements contained in the RIC tax provisions of the Code.

These subsidiaries

are consolidated for GAAP and the portfolio investments held by the subsidiaries are included in the Company’s 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

The Company intends to timely

distribute to its stockholders substantially all of its annual taxable income for each year, except that it may retain certain net capital

gains for reinvestment and, depending upon the level of taxable income earned in a year, may choose to carry forward taxable income for

distribution in the following year and pay any applicable U.S.

federal excise tax.

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

are not currently payable/receivable.

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

may be subject to limitations on annual utilization in case of a change in ownership, as defined by federal and state law.

of such limitations, if any, has not been determined.

Accordingly, the amount of such tax attributes available to offset future profits

may be significantly less than the actual amounts of the tax attributes.

The Company is required to include

net deferred tax provision/benefit in calculating its total expenses even though these net deferred taxes are not currently payable/receivable.

federal and state income

tax purposes, a portion of the Taxable Subsidiaries’ net operating loss carryforwards and basis differences may be subject to limitations

on annual utilization in case of a change in ownership, as defined by federal and state law.

The amount of such limitations, if any, has

not been determined.

Accordingly, the amount of such tax attributes available to offset future profits may be significantly less than

the actual amounts of the tax attributes.

For accounting purposes, the

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

federal, New York, and California and may be subject

to the taxing authorities’ examination for the tax years 2020–2023 in New York and 2019–2023 in California, respectively.

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

of September 30, 2024, there were no material interest or penalties incurred related to uncertain tax positions.

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

10— DEBT CAPITAL ACTIVITIES

to the taxing authorities’ examination for the tax years 2021–2023 for federal and New York and 2020–2023 in California,

respectively.

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

As of March 31, 2025, there were no material interest or penalties incurred related to uncertain tax positions.

SURO CAPITAL CORP.

NOTES TO CONDENSED CONSOLIDATED

FINANCIAL STATEMENTS

March 31, 2025

NOTE 10— DEBT CAPITAL ACTIVITIES

6.00% Notes due 2026

December 17, 2021, the Company issued $ 70.0 million aggregate principal amount of its 6.00% Notes due 2026 pursuant to an Indenture,

dated as of March 28, 2018 (the “Base Indenture”), between the Company and U.S.

Bank Trust Company, National Association

(as successor in interest to U.S.

Bank National Association), as trustee (the “Trustee”), as supplemented by a second supplemental

indenture, dated as of December 17, 2021 (together with the Base Indenture, the “Indenture”), between the Company and the

On December 21, 2021, the Company issued an additional $ 5.0 million aggregate principal amount of 6.00% Notes due 2026 pursuant

to an overallotment option.

The 6.00% Notes due 2026 bear interest at a fixed rate of 6.00 % per year, payable quarterly in arrears on

March 30, June 30, September 30, and December 30 of each year, commencing on March 30, 2022.

The 6.00% Notes due 2026 have a maturity

date of December 30, 2026, unless previously repurchased or redeemed in accordance with their terms.

The Company has the right to redeem

the 6.00% Notes due 2026, in whole or in part, at any time or from time to time, on or after December 30, 2024 at a redemption price

of 100% of the outstanding principal amount of the 6.00% Notes due 2026 plus accrued and unpaid interest.

6.00% Notes due 2026 are direct unsecured obligations of the Company and rank pari passu , or equal in right of payment, with all

outstanding and future unsecured, unsubordinated indebtedness of the Company;

senior to any of the Company’s future indebtedness

that expressly provides it is subordinated to the 6.00% Notes due 2026;

effectively subordinated to any of the Company’s future

secured indebtedness (including indebtedness that is initially unsecured in respect of which the Company subsequently grants a security

interest), to the extent of the value of the assets securing such indebtedness (provided, however, that the Company has agreed under

the Indenture to not incur any secured or unsecured indebtedness that would be senior to the 6.00% Notes due 2026 while the 6.00% Notes

due 2026 are outstanding, subject to certain exceptions);

and structurally subordinated to all existing and future indebtedness and other

obligations of any of the Company’s subsidiaries.

Company records certain fees and expenses incurred in connection with its 6.00% Notes due 2026 as deferred debt issuance costs.

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

As of September 30, 2024 and December 31, 2023, the Company

had deferred debt issuance costs of $ 587,682 and

$ 1,254,793 ,

respectively, associated with the 6.00% Notes due 2026.

The table below shows a reconciliation from the aggregate principal amount

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

SCHEDULE OF CONDENSED CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

September 30, 2024

On December 17, 2021, the Company

issued $ 70.0 million aggregate principal amount of its 6.00% Notes due 2026 pursuant to an Indenture, dated as of March 28, 2018 (the

“Base Indenture”), between the Company and U.S.

Bank Trust Company, National Association (as successor in interest to U.S.

National Association), as trustee (the “Trustee”), as supplemented by a second supplemental indenture, dated as of December

17, 2021 (together with the Base Indenture, the “Indenture”), between the Company and the Trustee.

On December 21, 2021, the

Company issued an additional $ 5.0 million aggregate principal amount of 6.00% Notes due 2026 pursuant to an overallotment option.

6.00% Notes due 2026 bear interest at a fixed rate of 6.00 % per year, payable quarterly in arrears on March 30, June 30, September 30,

and December 30 of each year, commencing on March 30, 2022.

The 6.00% Notes due 2026 have a maturity date of December 30, 2026, unless

previously repurchased or redeemed in accordance with their terms.

The Company has the right to redeem the 6.00% Notes due 2026, in whole

or in part, at any time or from time to time, on or after December 30, 2024 at a redemption price of 100% of the outstanding principal

amount of the 6.00% Notes due 2026 plus accrued and unpaid interest.

The 6.00% Notes due 2026 are

direct unsecured obligations of the Company and rank pari passu , or equal in right of payment, with all outstanding and future

unsecured, unsubordinated indebtedness of the Company;

senior to any of the Company’s future indebtedness that expressly provides

it is subordinated to the 6.00% Notes due 2026;

effectively subordinated to any of the Company’s future secured indebtedness (including

indebtedness that is initially unsecured in respect of which the Company subsequently grants a security interest), to the extent of the

value of the assets securing such indebtedness (provided, however, that the Company has agreed under the Indenture to not incur any secured

or unsecured indebtedness that would be senior to the 6.00% Notes due 2026 while the 6.00% Notes due 2026 are outstanding, subject to

certain exceptions);

and structurally subordinated to all existing and future indebtedness and other obligations of any of the Company’s

subsidiaries.

The Company records certain fees

and expenses incurred in connection with its 6.00% Notes due 2026 as deferred debt issuance costs.

Such costs are reflected in the carrying

value of the 6.00% Notes due 2026.

As of March 31, 2025 and December 31, 2024, the Company had deferred debt issuance costs of $ 364,744

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.

SCHEDULE OF CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2025

December 31, 2024

1 unchanged sentence

Direct deduction of deferred debt issuance costs

( 1,254,793 )

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

The reported closing

market price of SSSSL on September 30, 2024 and December 31, 2023 was $ 24.68 and $ 23.80 per note, respectively.

As of September 30, 2024

and December 31, 2023, the fair value of the 6.00% Notes due 2026 was $ 49.1 million and $ 71.4 million, respectively.

The 6.00% Notes

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

As of September 30, 2024 and December 31, 2023, the Company was in compliance with the terms of the Indenture.

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

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

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

During the three months ended September 30, 2024, the Company repurchased and retired $ 25.3 million of aggregate principal amount

of the 6.00% Notes due 2026.

Convertible Notes due 2029

August 14, 2024, the Company issued $ 25.0 million

aggregate principal amount of convertible notes, which bear interest at a rate of 6.50 %

per year, payable

quarterly in arrears on March 30, June 30, September 30, and December 30 of each year, commencing on September 30, 2024 (the

The 6.00% Notes due 2026 are

listed for trading on the Nasdaq Global Select Market under the symbol “SSSSL”.

The reported closing market price of SSSSL

on March 31, 2025 and December 31, 2024 was $ 24.55 and $ 24.50 per note, respectively.

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

fair value of the 6.00% Notes due 2026 was $ 39.0 million and $ 43.8 million, respectively.

SURO CAPITAL CORP.

NOTES TO CONDENSED CONSOLIDATED

FINANCIAL STATEMENTS

March 31, 2025

On August 6, 2024, the Company’s

Board of Directors approved a discretionary note repurchase program (the “Note Repurchase Program”), which allows the Company

to repurchase up to $ 35.0

million, of its 6.00 % Notes due 2026 through open market purchases, including block purchases, in such manner as

will comply with the provisions of the 1940 Act and the Exchange Act.

During the year ended December 31, 2024, the Company repurchased

and retired $ 30.3

of aggregate principal amount of the 6.00 % Notes due 2026.

During the three months ended March 31, 2025, the Company repurchased and

retired $ 5.0

of aggregate principal amount of the 6.00 % Notes due 2026, resulting in the total use of the authorized amount under the Note Repurchase

6.50% Convertible Notes due 2029

The 6.50% Convertible Notes due 2029 were issued privately pursuant to a Notes

Purchase Agreement (the “Notes Purchase Agreement”) between the Company and the purchaser identified therein (the

On August 14, 2024, the Company

privately issued $ 25.0 million aggregate principal amount of its 6.50% Convertible Notes due 2029 (the “Initial Notes”) pursuant

to a Note Purchase Agreement (the “Note Purchase Agreement”) between the Company and the purchaser identified therein (the

“Purchaser”).

The 6.50% Convertible Notes due 2029 mature on August

14, 2029 (the “6.50% Convertible Notes due 2029”), unless previously repurchased, redeemed or converted in

accordance with the terms of the Notes Purchase Agreement .

The Company does not have the right to redeem the 6.50% Convertible

Notes due 2029 prior to August 6, 2027.

On or after August 6, 2027, the Company may redeem the 6.50% Convertible Notes due 2029 upon

the fulfillment of certain conditions .

6.50% Convertible Notes due 2029 will be convertible into shares of the Company’s common stock at the Purchaser’s sole

discretion at an initial conversion rate of 129.0323 shares of common stock per $1,000 principal amount of the 6.50% Convertible

Notes due 2029, which represent a conversion price of approximately $ 7.75 per share, subject to adjustment as provided in the Notes

Purchase Agreement.

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

6.50% Convertible Notes due 2029 are direct unsecured obligations of the Company and rank pari passu, or equal in right of payment, with

any outstanding existing or future unsecured, unsubordinated indebtedness of the Company.

The 6.50% Convertible Notes due 2029 are junior

in right of payment to any existing or future secured credit facility;

provided, however, that if the Company enters into a future credit

facility senior in right of payment to the 6.50% Convertible Notes due 2029 (including any secured indebtedness), the interest on the outstanding principal amount of the 6.50% Convertible Notes due 2029 shall increase as of the date of such entry to 7.00 %

Company records fees and expenses incurred in connection with its 6.50% Convertible Notes due 2029 as deferred debt issuance costs.

costs are reflected in the carrying value of the 6.50% Convertible Notes due 2029.

As of September 30, 2024, the Company had deferred

debt issuance costs of $ 844,430

associated with the 6.50% Convertible Notes due

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, 2025, $ 35.0 million of 6.50% Convertible Notes due 2029 had been issued.

The 6.50% Convertible Notes due

2029 bear interest at a rate of 6.50 % per year, payable quarterly in arrears on March 30, June 30, September 30, and December 30 of each

year, commencing on September 30, 2024.

The 6.50% Convertible Notes due 2029 have a maturity date of August 14, 2029 , unless previously

repurchased, redeemed or converted in accordance with the terms of the Notes Purchase Agreement.

The Company has the right to redeem the

6.50% Convertible Notes due 2029, in whole or in part, at any time or from time to time, on or after August 6, 2027, upon the fulfillment

of certain conditions.

The 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 per share, subject to adjustment as provided in the Notes Purchase Agreement.

Upon evaluation, the Company

has identified an embedded derivative within the Notes Purchase Agreement.

As a result, the Company may incur a potential liability.

of March 31, 2025, the potential liability was $ 0 .

Management will continue to assess the fair value of the embedded derivative at each

reporting period.

The 6.50% Convertible Notes due

2029 are direct unsecured obligations of the Company and rank pari passu, or equal in right of payment, with any outstanding existing

or future unsecured, unsubordinated indebtedness of the Company.

The 6.50% Convertible Notes due 2029 are junior in right of payment to

any existing or future secured credit facility;

provided, however, that if the Company enters into a future credit facility senior in

right of payment to the 6.50% Convertible Notes due 2029 (including any secured indebtedness), the interest on the outstanding principal

amount of the 6.50% Convertible Notes due 2029 shall increase as of the date of such entry to 7.00 % per annum.

The table below shows a reconciliation

from the aggregate principal amount of 6.50% Convertible Notes due 2029 to the balance shown on the Consolidated Statements of Assets

and Liabilities.

SCHEDULE OF CONDENSED CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

September 30, 2024

March 31, 2025

December 31, 2024

1 unchanged sentence

Direct deduction of deferred debt issuance costs

11— STOCK-BASED COMPENSATION

and Restated 2019 Equity Incentive Plan

June 19, 2020, the Company’s Board of Directors adopted, and the Company’s stockholders approved, an amendment and restatement

of the Company’s 2019 Equity Incentive Plan (the “Amended & Restated 2019 Equity Incentive Plan”) under which the

Company is authorized to grant equity awards for up to 1,627,967 shares of its common stock.

In accordance with the exemptive relief

granted to the Company by the SEC on June 16, 2020 with respect to the Amended & Restated 2019 Equity Incentive Plan, the Company

is generally authorized to (i) issue restricted shares as part of the compensation package for certain of its employees, officers and

all directors, including non-employee directors (collectively, the “Participants”), (ii) issue options to acquire shares

of its common stock (“Options”) to certain employees, officers and employee directors as a part of such compensation packages,

(iii) withhold shares of the Company’s common stock or purchase shares of common stock from the Participants to satisfy tax withholding

obligations relating to the vesting of restricted shares or the exercise of Options granted to the certain Participants pursuant to the

Amended & Restated 2019 Equity Incentive Plan, and (iv) permit the Participants to pay the exercise price of Options granted to them

with shares of the Company’s common stock.

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

shares of common stock (based on the closing stock price of the common stock on the grant date).

Each grant of $ 50,000 in restricted

shares will vest, in full, if the non-employee director is in continuous service as a director of the Company through the anniversary

of such grant (or, if earlier, the annual meeting of the Company’s stockholders that is closest to the anniversary of such grant).

During the nine months ended September 30, 2024, the Company granted 48,192 restricted shares to the Company’s non-employee directors

pursuant to the Amended & Restated 2019 Equity Incentive Plan.

Additionally, on May 31, 2024, 60,060 restricted shares related to

the 2023 non-employee director grants vested.

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

basis over the respective vesting periods.

than such restricted shares granted to non-employee directors, the Compensation Committee of the Company’s Board of Directors may

determine the time or times at which Options and restricted shares granted to other Participants will vest or become payable or exercisable,

as applicable.

The exercise price of each Option will not be less than 100% of the fair market value of the Company’s common stock

on the date the option is granted.

However, any optionee who owns more than 10% of the combined voting power of all classes of the Company’s

outstanding common stock (a “10% Stockholder”), will not be eligible for the grant of an incentive stock option unless the

exercise price of the incentive stock option is at least 110% of the fair market value of the Company’s common stock on the date

Generally, no Option will be exercisable after the expiration of ten years from the date of grant.

In the case of an Option

granted to a 10% Stockholder, the term of an incentive stock option will be for no more than five years from the date of grant.

the nine months ended September 30, 2024, the Company did not grant any restricted shares to the Company’s officers pursuant to

the Amended & Restated 2019 Equity Incentive Plan.

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

the nine months ended September 30, 2024 and 2023, the Company recognized stock-based compensation expense of $ 1,969,534 and $ 2,300,237 ,

respectively, not including executive and employee forfeits.

As of September 30, 2024 and December 31, 2023, there were approximately

$ 3,080,353 and $ 4,849,887 , respectively, of total unrecognized compensation costs related to the restricted share grants.

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, 2024

under the Amended & Restated 2019 Equity Incentive Plan:

( 1,049,141 )

SURO CAPITAL CORP.

NOTES TO CONDENSED CONSOLIDATED

FINANCIAL STATEMENTS

March 31, 2025

NOTE 11— STOCK-BASED COMPENSATION

Amended and Restated 2019 Equity Incentive Plan

On June 19, 2020, the Company’s

Board of Directors adopted, and the Company’s stockholders approved, an amendment and restatement of the Company’s 2019 Equity Incentive

Plan (the “Amended & Restated 2019 Equity Incentive Plan”) under which the Company is authorized to grant equity awards

for up to 1,627,967 shares of its common stock.

In accordance with the exemptive relief granted to the Company by the SEC on June 16,

2020 with respect to the Amended & Restated 2019 Equity Incentive Plan, the Company is generally authorized to (i) issue restricted

shares as part of the compensation package for certain of its employees, officers and all directors, including non-employee directors

(collectively, the “Participants”), (ii) issue options to acquire shares of its common stock (“Options”) to certain

employees, officers and employee directors as a part of such compensation packages, (iii) withhold shares of the Company’s common

stock or purchase shares of common stock from the Participants to satisfy tax withholding obligations relating to the vesting of restricted

shares or the exercise of Options granted to the certain Participants pursuant to the Amended & Restated 2019 Equity Incentive Plan,

and (iv) permit the Participants to pay the exercise price of Options granted to them with shares of the Company’s common stock.

Under the Amended & Restated

2019 Equity Incentive Plan, each non-employee director will receive an annual grant of $ 50,000 worth of restricted shares of common stock

(based on the closing stock price of the common stock on the grant date).

Each grant of $ 50,000 in restricted shares will vest, in full,

if the non-employee director is in continuous service as a director of the Company through the anniversary of such grant (or, if earlier,

the annual meeting of the Company’s stockholders that is closest to the anniversary of such grant).

During the three months ended

March 31, 2025, the Company did not grant any restricted shares to the Company’s non-employee directors pursuant to the Amended &

Restated 2019 Equity Incentive Plan.

Other than such restricted shares

granted to non-employee directors, the Compensation Committee of the Company’s Board of Directors may determine the time or times at which

Options and restricted shares granted to other Participants will vest or become payable or exercisable, as applicable.

The exercise price

of each Option will not be less than 100% of the fair market value of the Company’s common stock on the date the option is granted.

However, any optionee who owns more than 10% of the combined voting power of all classes of the Company’s outstanding common stock

(a “10% Stockholder”), will not be eligible for the grant of an incentive stock option unless the exercise price of the incentive

stock option is at least 110% of the fair market value of the Company’s common stock on the date of grant.

Generally, no Option

will be exercisable after the expiration of ten years from the date of grant.

In the case of an Option 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.

During the three months ended

March 31, 2025, the Company did not grant any restricted shares to the Company’s officers pursuant to the Amended & Restated 2019

Equity Incentive Plan.

For the three months ended March

31, 2025 and 2024, the Company recognized stock-based compensation expense of $ 276,007 and $ 750,037 , respectively, not including executive

and employee forfeits.

As of March 31, 2025 and December 31, 2024, there were approximately $ 4,048,602 and $ 4,333,337 , 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.

The following table summarizes

the activities for the Company’s restricted share grants for the three months ended March 31, 2025 under the Amended & Restated

2019 Equity Incentive Plan:

OF EQUITY INCENTIVE PLAN

of Restricted Shares

Number of Restricted Shares

Outstanding as of December 31, 2024 (1)

Outstanding as of September 30, 2024

Vested as of September 30, 2024

Outstanding as of March 31, 2025

Vested as of March 31, 2025

_________________________________

(1) Not including unvested dividends.

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

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

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

that the Company is authorized to withhold the Common Stock at the time the restricted shares are vested and taxed in satisfaction of

the Participant’s tax obligations.

12— SUBSEQUENT EVENTS

October 1, 2024 through November 7, 2024, the Company made the following investments (not including capitalized transaction costs).

(2) The 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.

SURO CAPITAL CORP.

NOTES TO CONDENSED CONSOLIDATED

FINANCIAL STATEMENTS

March 31, 2025

The Amended & Restated 2019

Equity Incentive Plan provides for the concept of “net share settlement.” Specifically, it provides that the Company is authorized

to withhold the Common Stock at the time the restricted shares are vested and taxed in satisfaction of the Participant’s tax obligations.

NOTE 12— SUBSEQUENT

Portfolio Activity

From April 1, 2025 through

May 6, 2025, the Company made the following investment (not including capitalized transaction costs).

SCHEDULE OF INVESTMENTS

CoreWeave, Inc.

Series A Preferred Shares

IH10, LLC (1)

Membership Interest

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

through an SPV.

We are invested in the

Series B Preferred Shares of VAST Data, Ltd.

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

October 1, 2024 through November 7, 2024, the Company exited or received proceeds from the following investments.

OF INVESTMENTS BY COMPANY

Net Share Price (1)

Holdings, Inc.

(d/b/a PublicSq.) - Public Common Shares (3)

average net share price is the net share price realized after deducting all commissions and

fees on the sale(s), if applicable.

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

of November 7, 2024, SuRo Capital held 793,882 PSQ Holdings, Inc.

(d/b/a PublicSq.) public

common shares.

CAPITAL CORP.

AND SUBSIDIARIES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

Investments in private

companies are generally subject to satisfaction of applicable closing conditions.

In the case of secondary market transactions, such

closing conditions may include approval of the issuer, waiver or failure to exercise rights of first refusal by the issuer and/or its

stockholders and termination rights by the seller or the Company.

Equity investments made through the secondary market may involve making

deposits in escrow accounts until the applicable closing conditions are satisfied, at which time the escrow accounts will close and such

equity investments will be effectuated.

Notes due 2026 - Note Repurchase Program

October 1, 2024 and October 4, 2024, the Company repurchased an additional 201,446 units of the 6.00% Notes due 2026 under the Note Repurchase

As of November 7, 2024, the aggregate principal dollar amount of 6.00% Notes due 2026 that may yet be repurchased by the Company

under the Note Repurchase Program is approximately $ 4.7 million.

6.50% Convertible Notes Due 2029

to the Note Purchase Agreement, on October 9, 2024 the Company issued and sold, and the Purchaser purchased, $ 5.0 million in aggregate

principal amount of additional 6.50 % Convertible Notes due 2029 (the “Additional Notes”).

The Additional Notes are treated

as a single series with the Company’s outstanding 6.50 % Convertible Notes due 2029 (the “Initial Notes”) and have the

same terms as the Initial Notes.

The Additional Notes are fungible and rank equally with the Initial Notes.

Upon issuance of the Additional

Notes, the outstanding aggregate principal amount of the Company’s 6.50 % Convertible Notes due 2029 became $ 30.0 million.

Repurchase Program

October 29, 2024, the Company’s Board of Directors authorized an extension of the Company’s discretionary Share Repurchase

Program until the earlier of (i) October 31, 2025 or (ii) the repurchase of $ 64.3 million in aggregate amount of the Company’s

common stock.

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 7, 2024, the dollar value of shares that remained available to be purchased by the Company under the Share Repurchase Program

was approximately $ 25.0 million.

13— SUPPLEMENTAL FINANCIAL DATA

Financial Information of Unconsolidated Subsidiaries

accordance with the SEC’s Regulation S-X and GAAP, the Company is not permitted to consolidate any subsidiary or other entity that

is not an investment company, including those in which the Company has a controlling interest;

however, the Company must disclose certain

financial information related to any subsidiaries or other entities that are considered to be “significant subsidiaries”

under the applicable rules of Regulation S-X.

Company’s controlled portfolio company as of September 30, 2024, Colombier Sponsor II LLC, did not meet the definition of a “significant

subsidiary” as set forth in Rule 1-02(w)(2) of Regulation S-X.

For comparability purposes, the Company has omitted the previously

disclosed summarized financial information of the Company’s significant subsidiaries for the quarter ended September 30, 2023 as

the Company’s significant subsidiaries would not have been considered significant subsidiaries under Rule 1-02(w)(2).

Portfolio Company

Transaction Date

Class A Common Shares

_________________________________

(1) SuRo Capital’s investment in the Class A Common Shares of Plaid Inc.

through 1789 Capital Nirvana II LP, an SPV in which SuRo Capital Corp.

is the Sole Limited Partner.

SuRo Capital paid a 7% origination

fee at the time of investment.

The Company is frequently in

negotiations with various private companies with respect to investments in such companies.

Investments in private companies are generally

subject to satisfaction of applicable closing conditions.

In the case of secondary market transactions, such closing conditions may include

approval of the issuer, waiver or failure to exercise rights of first refusal by the issuer and/or its stockholders and termination rights

by the seller or the Company.

Equity investments made through the secondary market may involve making deposits in escrow accounts until

the applicable closing conditions are satisfied, at which time the escrow accounts will close and such equity investments will be effectuated.

NOTE 13— SUPPLEMENTAL FINANCIAL DATA

Summarized Financial Information of Unconsolidated

In accordance with the SEC’s

Regulation S-X and GAAP, the Company is not permitted to consolidate any subsidiary or other entity that is not an investment company,

including those in which the Company has a controlling interest;

however, the Company must disclose certain financial information related

to any subsidiaries or other entities that are considered to be “significant subsidiaries” under the applicable rules of Regulation S-X.

In May 2020, the SEC adopted

rule amendments that impacted the requirement of investment companies, including BDCs, to disclose the financial statements of certain

of their portfolio companies or acquired funds (the “Final Rules”).

The Final Rules adopted a new definition of “significant

subsidiary” set forth in Rule 1-02(w)(2) of Regulation S-X under the Securities Act.

Rules 3-09 and 4-08(g) of Regulation S-X require

investment companies to include separate financial statements or summary financial information, respectively, in such investment company’s

periodic reports for any portfolio company that meets the definition of “significant subsidiary.” The Final Rules amended

the definition of “significant subsidiary” in a manner that was intended to more accurately capture those portfolio companies

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

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) of Regulation S-X.

The Company’s three controlled portfolio companies as of March 31, 2024, SPBRX,

(f/k/a GSV Sustainability Partners, Inc.), Architect Capital PayJoy SPV, LLC, and Colombier Sponsor II LLC, did not meet the definition

of significant subsidiaries under the Final Rules.

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