Document
TABLE OF CONTENTS

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________
FORM 10-Q
____________________________
(Mark One)
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED June 30, 2020
¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
COMMISSION FILE NUMBER: 814-00852
__________________________
SuRo Capital Corp.
(Exact name of registrant as specified in its charter)
____________________________
Maryland27-4443543
(State of incorporation)(I.R.S. Employer Identification No.)
One Sansome Street, Suite 730, San Francisco, CA94104
(Address of principal executive offices)(Zip Code)
(650) 235-4769
(Registrant’s telephone number, including area code)

SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:
Title of Each ClassTrading SymbolName of Each Exchange on Which Registered
Common Stock, par value $0.01 per shareSSSSNasdaq Capital Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter periods as the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES x NO ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). YES ¨ NO ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer o
Accelerated filer x
Non-accelerated filer o (Do not check if a smaller reporting company)
Smaller reporting company o
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). YES ¨ NO x

The issuer had 16,754,590 shares of common stock, $0.01 par value per share, outstanding as of August 6, 2020.




TABLE OF CONTENTS

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SURO CAPITAL CORP.

TABLE OF CONTENTS
PAGE
PART I. FINANCIAL INFORMATION
PART II. OTHER INFORMATION

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PART I

FINANCIAL INFORMATION

Item 1.  Condensed Consolidated Financial Statements

SURO CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED)
June 30, 2020December 31, 2019
ASSETS
Investments at fair value:
Non-controlled/non-affiliate investments (cost of $99,121,577 and $90,567,041, respectively)$168,700,422  $152,866,112  
Non-controlled/affiliate investments (cost of $52,857,243 and $52,857,243, respectively)29,438,698  37,944,268  
Controlled investments (cost of $7,161,412 and $7,161,412, respectively)860,198  775,198  
Total Portfolio Investments
198,999,318  191,585,578  
Investments in U.S. Treasury bills (cost of $99,999,611 and $49,996,667, respectively)100,000,000  50,000,000  
Total Investments (cost of $259,139,843 and $200,582,363, respectively)298,999,318  241,585,578  
Cash23,285,073  44,861,263  
Escrow proceeds receivable67,135  265,303  
Interest and dividends receivable70,274  84,630  
Deferred financing costs11,382  11,382  
Prepaid expenses and other assets(1)
1,197,711  1,755,933  
Total Assets323,630,893  288,564,089  
LIABILITIES
Accounts payable and accrued expenses(1)
1,933,219  1,143,923  
Payable to executive officers—  1,369,873  
Accrued interest payable475,000  475,000  
Dividends payable—  2,107,709  
Payable for securities purchased89,499,611  44,746,660  
Income tax payable38,965  —  
4.75% Convertible Senior Notes due March 28, 2023(2)
38,991,657  38,803,635  
Total Liabilities130,938,452  88,646,800  
Commitments and contingencies (Notes 7 and 10)
Net Assets$192,692,441  $199,917,289  
NET ASSETS
Common stock, par value $0.01 per share (100,000,000 authorized; 16,279,679 and 17,564,244 issued and outstanding, respectively)$162,797  $175,642  
Paid-in capital in excess of par173,199,798  178,550,374  
Accumulated net investment loss(33,351,303) (25,679,362) 
Accumulated net realized gain on investments12,821,670  5,867,417  
Accumulated net unrealized appreciation/(depreciation) of investments39,859,479  41,003,218  
Net Assets$192,692,441  $199,917,289  
Net Asset Value Per Share$11.84  $11.38  
See accompanying notes to condensed consolidated financial statements.
__________________________________________________
(1) This balance includes a right of use asset and corresponding operating lease liability, respectively. Refer to "Note 7—Commitments and Contingencies—Operating Leases and Related Deposits" for more detail.
(2) As of June 30, 2020 and December 31, 2019, the 4.75% Convertible Senior Notes due March 28, 2023 had a face value of $40,000,000. Refer to “Note 10—Debt Capital Activities” for a reconciliation of the carrying value to the face value.
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SURO CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
Three Months Ended June 30,Six Months Ended June 30,
2020201920202019
INVESTMENT INCOME
Non-controlled/non-affiliate investments:
Interest income$61,126  $198,175  $216,211  $336,672  
Dividend income—  —  50,000  —  
Non-controlled/affiliate investments:
Interest income/(reversal of interest income accrual)(49,612) 60,127  (29,184) 119,593  
Dividend income30,000  —  56,250  —  
Controlled investments:
Interest income—  29,650  —  58,937  
Dividend income200,000  200,000  200,000  200,000  
Total Investment Income241,514  487,952  493,277  715,202  
OPERATING EXPENSES
Management fees(1)
—  —  —  848,723  
Reversal of incentive fee accrual(1)
—  —  —  (4,660,472) 
Costs incurred under Administration Agreement(1)
—  —  —  306,084  
Compensation expense(2)
3,005,524  469,944  3,930,440  632,108  
Directors’ fees 111,250  86,250  222,500  172,500  
Professional fees678,472  1,310,028  1,817,838  3,371,950  
Interest expense568,627  600,205  1,142,027  1,204,373  
Income tax expense39,590  29,949  48,255  33,712  
Other expenses505,439  796,807  1,004,158  991,753  
Total Operating Expenses4,908,902  3,293,183  8,165,218  2,900,731  
Net Investment Loss(4,667,388) (2,805,231) (7,671,941) (2,185,529) 
Realized Gains/(Losses) on Investments:
Non-controlled/non-affiliated investments(23,987) 13,590,233  6,954,253  21,859,371  
Non-controlled/affiliate investments—  —  —  (12,334,831) 
Net Realized Gain/(Loss) on Investments(23,987) 13,590,233  6,954,253  9,524,540  
Change in Unrealized Appreciation/(Depreciation) of Investments:
Non-controlled/non-affiliated investments24,821,654  (6,751,196) 7,276,832  10,277,147  
Non-controlled/affiliate investments1,569,843  (1,220,012) (8,505,571) 7,802,636  
Controlled investments130,698  (4,469,112) 85,000  (9,820,352) 
Net Change in Unrealized Appreciation/(Depreciation) of Investments
26,522,195  (12,440,320) (1,143,739) 8,259,431  
Provision for taxes on unrealized appreciation of investments—  979,713  —  885,566  
Net Change in Net Assets Resulting from Operations$21,830,820  $(675,605) $(1,861,427) $16,484,008  
Net Change in Net Assets Resulting from Operations per Common Share:
Basic$1.33  $(0.03) $(0.11) $0.84  
Diluted(3)
$1.10  $(0.03) $(0.11) $0.75  
Weighted-Average Common Shares Outstanding
Basic16,383,188  19,719,706  16,912,091  19,741,058  
Diluted(3)
20,300,980  19,719,706  16,912,091  23,472,402  
See accompanying notes to condensed consolidated financial statements.
____________________________________________________________________________________________________________________________
(1) This balance references a related-party transaction. Refer to “Note 3—Related-Party Arrangements” for more detail.
(2)  For the three and six months ended June 30, 2020, this balance includes $1,962,431 of accelerated recognition of compensation cost related to the cancellation of unvested options on April 28, 2020. Refer to "Note 11— Stock-Based Compensation" for more detail.
(3) For the six months ended June 30, 2020 and the three months ended June 30, 2019, 3,917,792 and 3,731,344 potentially dilutive common shares, respectively, were excluded from the weighted-average common shares outstanding for diluted net increase in net assets resulting from operations per common share because the effect of these shares would have been anti-dilutive. Refer to “Note 6—Net Change in Net Assets Resulting from Operations per Common Share—Basic and Diluted”.
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SURO CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)
Six Months Ended June 30,
20202019
Net Assets at Beginning of Year$199,917,289  $195,378,159  
Change in Net Assets Resulting from Operations
Net investment income/(loss)(3,004,553) 619,702  
Net realized gain/(loss) on investments6,978,240  (4,065,693) 
Net change in unrealized appreciation/(depreciation) of investments(27,665,934) 20,699,751  
Benefit from taxes on unrealized depreciation of investments—  (94,147) 
Net Change in Net Assets Resulting from Operations(23,692,247) 17,159,613  
Change in Net Assets Resulting from Capital Transactions
Repurchases of common stock(3,709,244) —  
Net Change in Net Assets Resulting from Capital Transactions(3,709,244) —  
Total Change in Net Assets(27,401,491) 17,159,613  
Net Assets at March 31$172,515,798  $212,537,772  
Change in Net Assets Resulting from Operations
Net investment income/(loss)$(4,667,388) $(2,805,231) 
Net realized gain/(loss) on investments(23,987) 13,590,233  
Net change in unrealized appreciation/(depreciation) of investments26,522,195  (12,440,320) 
Benefit from taxes on unrealized depreciation of investments—  979,713  
Net Change in Net Assets Resulting from Operations21,830,820  (675,605) 
Change in Net Assets Resulting from Capital Transactions
Stock-based compensation1,962,431  —  
Repurchases of common stock(3,616,608) (737,119) 
Net Decrease in Net Assets Resulting from Capital Transactions(1,654,177) (737,119) 
Total Change in Net Assets20,176,643  (1,412,724) 
Net Assets at June 30$192,692,441  $211,125,048  
Capital Share Activity
Shares outstanding at beginning of year17,564,244  19,762,647  
Shares issued—  —  
Shares repurchased(1,284,565) (115,801) 
Shares Outstanding at End of Period16,279,679  19,646,846  


See accompanying notes to condensed consolidated financial statements.
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SURO CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

Six Months Ended June 30,
20202019
Cash Flows from Operating Activities
Net change in net assets resulting from operations$(1,861,427) $16,484,008  
Adjustments to reconcile net change in net assets resulting from operations to net cash provided by/(used in) operating activities:
Net realized gain on investments(6,954,253) (9,524,540) 
Net change in unrealized (appreciation)/depreciation of investments1,143,739  (8,259,431) 
Change in deferred tax liability—  (885,566) 
Income tax payable38,965  —  
Amortization of discount on 4.75% Convertible Senior Notes due 2023188,022  183,045  
Amortization of fixed income security premiums and discounts—  (2,433) 
Stock-based compensation(1)
1,962,431  —  
Adjustments to escrow proceeds receivable75,840  14,891  
Purchases of investments in:
Portfolio investments(12,555,520) (10,008,040) 
U.S. Treasury bills(150,000,167) (199,940,333) 
Proceeds from sales or maturity of investments in:
Portfolio investments10,876,621  43,119,593  
U.S. Treasury bills100,000,000  200,000,000  
Change in operating assets and liabilities:
Prepaid expenses and other assets558,222  (1,295,152) 
Interest and dividends receivable14,356  (171,325) 
Deferred financing costs—  267,541  
Escrow proceeds receivable198,168  419,762  
Receivable from unsettled trades—  (51,511) 
Payable for securities purchased44,752,951  (2,451) 
Accounts payable and accrued expenses789,296  1,698,680  
Payable to executive officers(1,369,873) —  
Accrued incentive fees(2)
—  (4,660,472) 
Accrued management fees(2)
—  (415,056) 
Net Cash Provided by/(Used in) Operating Activities(12,142,629) 26,971,210  
Cash Flows from Financing Activities
Repurchases of common stock(7,325,852) (737,119) 
Dividends paid(2,107,709) —  
Net Cash Used in Financing Activities$(9,433,561) $(737,119) 
Total Increase/(Decrease) in Cash Balance$(21,576,190) $26,234,091  
Cash Balances at Beginning of Year44,861,263  28,184,163  
Cash Balances at End of Period$23,285,073  $54,418,254  
Supplemental Information:
Interest paid$957,607  $1,024,911  
Taxes paid$9,290  $14,726  
See accompanying notes to condensed consolidated financial statements.
_______________________
(1) For the three and six months ended June 30, 2020, this balance includes $1,962,431 of accelerated recognition of compensation cost related to the cancellation of unvested options on April 28, 2020. Refer to "Note 11— Stock-Based Compensation" for more detail.
(2) This balance references a related-party transaction. Refer to “Note 3—Related-Party Arrangements” for more detail.
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SURO CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 2020
Portfolio Investments*Headquarters/
Industry
Date of Initial InvestmentShares/
Principal
CostFair Value% of Net
Assets
NON-CONTROLLED/NON-AFFILIATE
Coursera, Inc.Mountain View, CA
Preferred shares, Series B 8%Online Education6/9/20132,961,399  $14,519,519  $49,868,841  25.88 %
Course Hero, Inc.Redwood City, CA
Preferred shares, Series A 8%Online Education9/18/20142,145,509  5,000,001  33,231,041  17.25 %
Palantir Technologies, Inc.Palo Alto, CA
Common shares, Class AData Analysis5/7/20125,773,690  16,189,935  30,542,820  15.85 %
Nextdoor.com, Inc.San Francisco, CA
Common sharesSocial Networking9/27/2018580,360  10,002,666  10,537,655  5.47 %
SharesPost, Inc.San Francisco, CA
Preferred shares, Series B 6%Online Marketplace Finance7/19/20111,771,653  2,259,716  8,258,137  4.29 %
Common shares7/20/2011770,934  123,987  1,188,410  0.62 %
Total2,383,703  9,446,547  4.91 %
Palantir Lending Trust SPV I **(10)
Palo Alto, CA
Collateralized Loan 15%, Due 6/19/2022***Data Analysis6/19/2020$6,900,000  6,900,429  6,900,000  3.58 %
Equity Participation in Underlying Collateral6/19/2020—  —  — %
Total6,900,429  6,900,000  3.58 %
Enjoy Technology, Inc.Menlo Park, CA
Preferred shares, Series B 6%On-Demand Commerce7/29/20151,681,520  4,000,280  4,000,000  2.08 %
Preferred shares, Series A 6%10/16/2014879,198  1,002,440  1,672,474  0.87 %
Total5,002,720  5,672,474  2.95 %
Rent the Runway, Inc.New York, NY
Preferred sharesSubscription Fashion Rental6/17/2020339,191  5,152,140  5,000,001  2.59 %
Aspiration Partners, Inc.Marina Del Rey, CA
Preferred shares, Series AFinancial Services8/11/2015540,2701,001,815  4,591,904  2.38 %
Preferred shares, Series C-3 (12)
8/12/201924,912  281,190  251,994  0.13 %
Total1,283,005  4,843,898  2.51 %
Treehouse Real Estate Investment Trust, Inc.Chicago, IL
Common shares***(8)
Cannabis REIT9/11/2019312,500  7,500,000  4,281,692  2.22 %
Neutron Holdings, Inc. (d/b/a/ Lime)San Francisco, CA
Junior Preferred shares, Series 1-D(11)
Micromobility1/25/201941,237,113  10,007,322  3,485,014  1.81 %
Junior Preferred Convertible Note 4% Due 5/11/2027***5/11/2020$506,339  506,339  506,339  0.26 %
Total10,513,661  3,991,353  2.07 %
Clever, Inc.San Francisco, CA
Preferred shares, Series B 8%Education Software12/5/20141,799,047  2,000,601  2,000,001  1.04 %
4C Insights (f/k/a The Echo Systems Corp.)Chicago, IL
Common sharesSocial Data Platform3/30/2012436,2191,436,404  813,093  0.42 %
Tynker (f/k/a Neuron Fuel, Inc.)Mountain View, CA
Preferred shares, Series A 8%Computer Software8/8/2012534,162  309,310  791,361  0.41 %
A Place for Rover Inc. (f/k/a DogVacay, Inc.)Seattle, WA
Common sharesPeer-to-Peer Pet Services11/3/2014707,991  2,506,119  779,645  0.40 %
Fullbridge, Inc.Cambridge, MA
Common sharesBusiness Education5/13/2012517,917  6,150,506  —  — %
Promissory Note 1.47%, Due 11/9/2021(4)
3/3/2016$2,270,458  2,270,858  —  — %
Total8,421,364  —  — %
Total Non-controlled/Non-affiliate$99,121,577  $168,700,422  87.55 %
See accompanying notes to condensed consolidated financial statements.
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SURO CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED) - continued
June 30, 2020
Portfolio Investments*Headquarters/
Industry
Date of Initial InvestmentShares/
Principal
CostFair Value% of Net
Assets
NON-CONTROLLED/AFFILIATE(1)
Ozy Media, Inc.Mountain View, CA
Preferred shares, Series C-2 6%Digital Media Platform9/11/2019683,482  $2,414,178  $2,114,591  1.10 %
Common Warrants, Strike Price $0.01, Expiration Date 4/9/20284/9/2018295,565  30,647  913,296  0.47 %
Preferred shares, Series B 6%10/3/2014922,509  4,999,999  3,350,952  1.74 %
Preferred shares, Series A 6%12/11/20131,090,909  3,000,200  3,375,109  1.75 %
Preferred shares, Series Seed 6%11/2/2012500,000  500,000  1,546,925  0.80 %
Total10,945,024  11,300,873  5.86 %
StormWind, LLC(5)
Scottsdale, AZ
Preferred shares, Series D 8%Interactive Learning11/26/2019329,337  257,267  456,355  0.24 %
Preferred shares, Series C 8%1/7/20142,779,134  4,000,787  4,952,680  2.57 %
Preferred shares, Series B 8%12/16/20113,279,629  2,019,687  2,783,101  1.44 %
Preferred shares, Series A 8%2/25/2014366,666  110,000  105,883  0.05 %
Total6,387,741  8,298,019  4.31 %
GreenAcreage Real Estate Corp.New York, NY
Common shares***(9)
Cannabis REIT8/12/2019375,000  7,501,530  6,750,000  3.50 %
NestGSV, Inc. (d/b/a GSV Labs, Inc.)San Mateo, CA
Derivative Security, Expiration Date 8/23/2024(7)
Global Innovation Platform8/23/2019 8,555,124  2,053,431  1.07 %
Convertible Promissory Note 8% Due 8/23/2024(4)(7)
2/17/2016$1,010,198  1,030,176  505,099  0.26 %
Preferred Warrants Series A-3, Strike Price $1.33, Expiration Date 4/4/20214/4/2014187,500  —  12,188  0.01 %
Preferred Warrants Series A-4, Strike Price $1.33, Expiration Date 10/6/202110/6/2014500,000  —  70,000  0.04 %
Preferred Warrants Series A-4, Strike Price $1.33, Expiration Date 7/18/20217/8/2016250,000  74,380  37,500  0.02 %
Preferred Warrants Series B, Strike Price $2.31, Expiration Date 11/29/202111/29/2016100,000  29,275  —  — %
Preferred Warrant Series B, Strike Price $2.31, Expiration Date 5/29/20225/29/2017125,000  70,379  —  — %
Preferred Warrant Series B, Strike Price $2.31, Expiration Date 12/31/202312/31/2018250,000  5,080  6,125  0.00 %
Total9,764,414  2,684,343  1.39 %
CUX, Inc. (d/b/a CorpU)Philadelphia, PA
Senior Subordinated Convertible Promissory Note 4% Due 2/14/2023(4)
Corporate Education11/26/2014$1,251,158  1,256,191  312,789  0.16 %
Convertible preferred shares, Series D 6%5/31/2013169,033  778,607  92,674  0.05 %
Convertible preferred shares, Series C 8%3/29/2012615,763  2,006,077  —  — %
Total4,040,875  405,463  0.21 %
Maven Research, Inc.San Francisco, CA
Preferred shares, Series C 8%Knowledge Networks7/2/2012318,979  2,000,447  —  — %
Preferred shares, Series B 5%2/28/201249,505  217,206  —  — %
Total2,217,653  —  — %
Curious.com, Inc.Menlo Park, CA
Common sharesOnline Education11/22/20131,135,944  12,000,006  —  — %
Total Non-controlled/Affiliate$52,857,243  $29,438,698  15.28 %

See accompanying notes to condensed consolidated financial statements.
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SURO CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED) - continued
June 30, 2020
Portfolio Investments*Headquarters/
Industry
Date of Initial InvestmentShares/
Principal
CostFair Value% of Net
Assets
CONTROLLED(2)
SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.)Cupertino, CA
Preferred shares, Class A***(6)
Clean Technology4/15/201414,300,000  $7,151,412  $860,198  0.45 %
Common shares4/15/2014100,000  10,000  —  — %
Total7,161,412  860,198  0.45 %
Total Controlled$7,161,412  $860,198  0.45 %
Total Portfolio Investments$159,140,232  $198,999,318  103.27 %
U.S. Treasury
U.S. Treasury bill, 0%, due 7/2/2020***(3)
6/29/2020$100,000,000  99,999,611  100,000,000  51.90 %
TOTAL INVESTMENTS$259,139,843  $298,999,318  155.17 %

See accompanying notes to condensed consolidated financial statements.
__________________________________________
All 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 noted. (Refer to “Note 4—Investments at Fair Value”). All of the Company's portfolio investments are restricted as to resale, unless otherwise noted, and were valued at fair value as determined in good faith by the Company’s Board of Directors. (Refer to "Note 2—Significant Accounting Policies—Investments at Fair Value").
** Indicates assets that SuRo Capital Corp. believes do not represent “qualifying assets” under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Of the Company’s total investments as of June 30, 2020, 2.31% 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. owns 5% or more of the voting securities (i.e., securities with the right to elect directors) of such company. For the Schedule of Investments In, and Advances To, Affiliates, as required by SEC Regulation S-X, Rule 12-14, refer to “Note 4—Investments at Fair Value”.

(2)“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 owned 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. As of June 30, 2020, no investments held by SuRo Capital Corp. were considered Level 1 or Level 2. Refer to “Note 4—Investments at Fair Value”.

(4)As of June 30, 2020, the investments noted had been placed on non-accrual status.

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

(6)The SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.) preferred shares held by SuRo Capital Corp. do not entitle SuRo Capital Corp. to a preferred dividend rate. During the three months ended June 30, 2020, SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.) declared, and SuRo Capital Corp. received, an aggregate of $200,000 in dividend distributions. SuRo Capital Corp. does not anticipate that SPBRX, INC. will pay distributions on a quarterly or regular basis or become a predictable distributor of distributions.
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SURO CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED) - continued
June 30, 2020

(7)On August 23, 2019, SuRo Capital Corp. amended the structure of its investment in NestGSV, Inc. (d/b/a GSV Labs, Inc.). As part of the agreement, SuRo Capital Corp.’s equity holdings (warrants notwithstanding) were restructured into a derivative security. NestGSV, Inc. (d/b/a GSV Labs,Inc.) has the right to call the position at any time over a five year period, while SuRo Capital Corp. can put the shares to NestGSV, Inc. (d/b/a GSV Labs, Inc.) at the end of the five year period.

(8)During the six months ended June 30, 2020, Treehouse Real Estate Investment Trust Inc. declared, and SuRo Capital Corp. received, an aggregate of $50,000 in dividend distributions. SuRo Capital Corp. does not anticipate that Treehouse Real Estate Investment Trust Inc. will pay distributions on a recurring or regular basis or become a predictable distributor of distributions.

(9)During the six months ended June 30, 2020, GreenAcreage Real Estate Corp. declared a $26,250 dividend distribution. SuRo Capital Corp. does not anticipate that GreenAcreage Real Estate Corp. will pay distributions on a recurring or regular basis or become a predictable distributor of distributions.

(10)On June 19, 2020, SuRo Capital Corp. extended a $6.9 million, non-recourse, collateralized loan to Palantir Lending Trust SPV I. The collateralized loan to Palantir Lending Trust SPV I matures on June 19, 2022 and includes a 15% interest rate. Through the collateralized loan, SuRo Capital Corp. participates in additional upside in a future Palantir Technologies, Inc. liquidity event by receiving a percentage of the share price appreciation as captured in the Equity Participation in Underlying Collateral security.

(11)On May 11, 2020, SuRo Capital Corp. made a follow-on investment in a junior preferred convertible note to Neutron Holdings, Inc. (d/b/a Lime) as part of a recapitalization of Neutron Holdings, Inc. (d/b/a Lime), led by Uber Technologies, Inc. On May 11, 2020, SuRo Capital Corp.'s existing Series D Preferred shares were converted to Series 1-D Junior Preferred shares.

(12)On June 6, 2020, the convertible note SuRo Capital Corp. had extended to Aspiration Partners, Inc. converted into Series C-3 Preferred shares at a 15% discount to Aspiration Partners, Inc.'s most recent financing round. SuRo Capital Corp. received 24,912 Series C-3 Preferred shares as a result of the conversion.

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SURO CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2019
Portfolio Investments*Headquarters/
Industry
Date of Initial InvestmentShares/
Principal
CostFair Value% of Net
Assets
NON-CONTROLLED/NON-AFFILIATE
Coursera, Inc.Mountain View, CA
Preferred shares, Series B 8%Online Education6/9/20132,961,399  $14,519,519  $33,569,902  16.79 %
Palantir Technologies, Inc.Palo Alto, CA
Common shares, Class AData Analysis5/7/20125,773,690  16,189,935  31,582,084  15.80 %
Course Hero, Inc.Redwood City, CA
Preferred shares, Series A 8%Online Education9/18/20142,145,509  5,000,001  25,674,019  12.84 %
Parchment, Inc.Scottsdale, AZ
Preferred shares, Series D 8%E-Transcript Exchange10/1/20123,200,512  4,000,982  10,896,585  5.45 %
Nextdoor.com, Inc.San Francisco, CA
Common sharesSocial Networking9/27/2018580,360  10,006,578  10,867,365  5.43 %
Neutron Holdings, Inc. (d/b/a/ Lime)San Francisco, CA
Preferred shares, Series D 6%Micromobility1/25/201941,237,113  10,006,800  10,000,000  5.00 %
Treehouse Real Estate Investment Trust, Inc.Chicago, IL
Common shares***(11)
Cannabis REIT9/11/2019312,500  7,500,000  7,384,738  3.69 %
Enjoy Technology, Inc.Menlo Park, CA
Preferred shares, Series B 6%On-Demand Commerce7/29/20151,681,520  4,000,280  4,758,702  2.38 %
Preferred shares, Series A 6%10/16/2014879,198  1,002,440  2,488,130  1.24 %
Total5,002,720  7,246,832  3.62 %
SharesPost, Inc.San Francisco, CA
Preferred shares, Series B 6%Online Marketplace Finance7/19/20111,771,653  2,259,716  6,186,877  3.09 %
Common shares7/20/2011770,934  123,987  890,340  0.45 %
Total2,383,703  7,077,217  3.54 %
Aspiration Partners, Inc.Marina Del Rey, CA
Preferred shares, Series AFinancial Services8/11/2015540,270  1,001,815  4,471,678  2.24 %
Convertible Promissory Note 5%, Due 1/31/2021***8/12/2019$280,000  281,190  321,168  0.16 %
Total1,283,005  4,792,846  2.40 %
Clever, Inc.San Francisco, CA
Preferred shares, Series B 8%Education Software12/5/20141,799,047  2,000,601  2,000,001  1.00 %
A Place for Rover Inc. (f/k/a DogVacay, Inc.)Seattle, WA
Common sharesPeer-to-Peer Pet Services11/3/2014707,991  2,506,119  963,533  0.48 %
Tynker (f/k/a Neuron Fuel, Inc.)Mountain View, CA
Preferred shares, Series A 8%Computer Software8/8/2012534,162  309,310  789,491  0.39 %
4C Insights (f/k/a The Echo Systems Corp.)Chicago, IL
Common sharesSocial Data Platform3/30/2012436,2191,436,404  21,499  0.01 %
Fullbridge, Inc.Cambridge, MA
Common sharesBusiness Education5/13/2012517,917  6,150,506  —  — %
Promissory Note 1.47%, Due 11/9/2021(4)
3/3/2016$2,270,458  2,270,858  —  — %
Total8,421,364  —  — %
Total Non-controlled/Non-affiliate$90,567,041  $152,866,112  76.46 %
See accompanying notes to consolidated financial statements.
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SURO CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS - continued
December 31, 2019
Portfolio Investments*Headquarters/
Industry
Date of Initial InvestmentShares/
Principal
CostFair Value% of Net
Assets
NON-CONTROLLED/AFFILIATE(1)
Ozy Media, Inc.Mountain View, CA
Preferred shares, Series C-2 6%(7)
Digital Media Platform9/11/2019683,482  $2,414,178  $