0001493152-26-009641 | 10-K | XBRL Viewer

PWERM [Member] | Measurement Input, Revenue Multiple [Member]

$ 221,302,242

$ 191,789,622

$ 168,568,251

Investments in and Advances to Affiliates [Line Items]

PWERM [Member] | Precedent Transaction [Member]

8.42

^[1],[2]

7.88

^[3],[4],[5]

Investments in and Advances to Affiliates [Line Items]

PWERM [Member] | Measurement Input Dissolution Risk [Member]

^[1],[2]

100

Investments in and Advances to Affiliates [Line Items]

PWERM [Member] | Measurement Input Dissolution Risk [Member] | Minimum [Member]

100

^[1],[2]

100

^[5],[6]

Investments in and Advances to Affiliates [Line Items]

PWERM [Member] | Measurement Input Dissolution Risk [Member] | Maximum [Member]

^[5],[6]

Investments in and Advances to Affiliates [Line Items]

PWERM [Member] | Measurement Input Dissolution Risk [Member] | Weighted Average [Member]

^[5],[6]

100

Investments in and Advances to Affiliates [Line Items]

Preferred Stock in Private Companies [Member]

^[5],[6]

87.5

Investments in and Advances to Affiliates [Line Items]

Preferred Stock in Private Companies [Member] | Measurement Input, Revenue Multiple [Member]

$ 169,631,231

^[7]

$ 151,003,991

^[6]

Investments in and Advances to Affiliates [Line Items]

Preferred Stock in Private Companies [Member] | Measurement Input Precedent Transaction [Member]

Revenue Multiples

^[1],[7],[8]

Revenue Multiples

^[6],[9]

Investments in and Advances to Affiliates [Line Items]

Preferred Stock in Private Companies [Member] | Precedent Transaction [Member]

Precedent Transactions

^[7],[8]

Precedent Transactions

^[6],[9]

Investments in and Advances to Affiliates [Line Items]

^[7],[8]

Precedent Transaction

Preferred Stock in Private Companies [Member] | Valuation, Market Approach [Member]

^[2],[7]

Investments in and Advances to Affiliates [Line Items]

Preferred Stock in Private Companies [Member] | Valuation, Market Approach [Member] | Measurement Input, Revenue Multiple [Member] | Minimum [Member]

Market Approach

^[7],[10]

Market Approach

^[6],[11]

Investments in and Advances to Affiliates [Line Items]

Preferred Stock in Private Companies [Member] | Valuation, Market Approach [Member] | Measurement Input, Revenue Multiple [Member] | Maximum [Member]

0.52

^[2],[7]

0.67

^[5],[6]

Investments in and Advances to Affiliates [Line Items]

Preferred Stock in Private Companies [Member] | Valuation, Market Approach [Member] | Measurement Input, Revenue Multiple [Member] | Weighted Average [Member]

7.95

^[2],[7]

5.96

^[5],[6]

Investments in and Advances to Affiliates [Line Items]

Preferred Stock in Private Companies [Member] | PWERM [Member]

3.47

^[2],[7]

1.82

^[5],[6]

Investments in and Advances to Affiliates [Line Items]

Preferred Stock in Private Companies [Member] | PWERM [Member] | Measurement Input, Revenue Multiple [Member] | Minimum [Member]

PWERM

^{[7],[10],[12]}

PWERM

^{[6],[11],[13]}

Investments in and Advances to Affiliates [Line Items]

Preferred Stock in Private Companies [Member] | PWERM [Member] | Measurement Input, Revenue Multiple [Member] | Maximum [Member]

1.42

^[2],[7]

1.76

^[5],[6]

Investments in and Advances to Affiliates [Line Items]

Preferred Stock in Private Companies [Member] | PWERM [Member] | Measurement Input, Revenue Multiple [Member] | Weighted Average [Member]

^[2],[7]

5.60

Investments in and Advances to Affiliates [Line Items]

Preferred Stock in Private Companies [Member] | PWERM [Member] | Measurement Input Precedent Transaction [Member] | Minimum [Member]

^[2],[7]

1.72

Investments in and Advances to Affiliates [Line Items]

Preferred Stock in Private Companies [Member] | PWERM [Member] | Measurement Input Precedent Transaction [Member] | Maximum [Member]

^[2],[7]

^[5],[6]

Investments in and Advances to Affiliates [Line Items]

Preferred Stock in Private Companies [Member] | PWERM [Member] | Measurement Input Precedent Transaction [Member] | Weighted Average [Member]

100

^[2],[7]

100

^[5],[6]

Investments in and Advances to Affiliates [Line Items]

Preferred Stock in Private Companies [Member] | Dissolution Risk [Member]

^[2],[7]

^[5],[6]

Investments in and Advances to Affiliates [Line Items]

Dissolution Risk

^[7],[8]

Dissolution Risk

^[6],[9]

Preferred Stock in Private Companies [Member] | PWERM One [Member] | Measurement Input, Revenue Multiple [Member] | Minimum [Member]

^[2],[7]

100

Investments in and Advances to Affiliates [Line Items]

Preferred Stock in Private Companies [Member] | PWERM One [Member] | Measurement Input, Revenue Multiple [Member] | Maximum [Member]

^[1],[2]

0.57

Investments in and Advances to Affiliates [Line Items]

Common Stock in Private Companies [Member]

^[1],[2]

5.23

Investments in and Advances to Affiliates [Line Items]

Common Stock in Private Companies [Member] | Measurement Input, Revenue Multiple [Member]

$ 46,713,129

^[1]

$ 35,922,154

^[4]

Investments in and Advances to Affiliates [Line Items]

Common Stock in Private Companies [Member] | Measurement Input Precedent Transaction [Member]

Revenue Multiples

^[1],[8]

Revenue Multiples

^[4],[9]

Investments in and Advances to Affiliates [Line Items]

Common Stock in Private Companies [Member] | Precedent Transaction [Member]

Precedent Transactions

^[1],[8]

Precedent Transactions

^[4],[9]

Investments in and Advances to Affiliates [Line Items]

Common Stock in Private Companies [Member] | Valuation, Market Approach [Member]

^[1],[8]

Precedent Transaction

Investments in and Advances to Affiliates [Line Items]

Common Stock in Private Companies [Member] | Valuation, Market Approach [Member] | Measurement Input, Revenue Multiple [Member] | Minimum [Member]

Market Approach

^[1],[10]

Market Approach

^[4],[11]

Investments in and Advances to Affiliates [Line Items]

Common Stock in Private Companies [Member] | Valuation, Market Approach [Member] | Measurement Input, Revenue Multiple [Member] | Maximum [Member]

^[4],[5]

0.77

Investments in and Advances to Affiliates [Line Items]

Common Stock in Private Companies [Member] | Valuation, Market Approach [Member] | Measurement Input, Revenue Multiple [Member] | Weighted Average [Member]

^[4],[5]

8.81

Investments in and Advances to Affiliates [Line Items]

Common Stock in Private Companies [Member] | PWERM [Member]

4.99

^[2],[12]

7.59

^[4],[5]

Investments in and Advances to Affiliates [Line Items]

Common Stock in Private Companies [Member] | PWERM [Member] | Measurement Input, Revenue Multiple [Member] | Minimum [Member]

PWERM

^{[1],[10],[12]}

PWERM

^{[4],[11],[13]}

Investments in and Advances to Affiliates [Line Items]

Common Stock in Private Companies [Member] | PWERM [Member] | Measurement Input, Revenue Multiple [Member] | Maximum [Member]

^[1],[2]

4.74

Investments in and Advances to Affiliates [Line Items]

Common Stock in Private Companies [Member] | PWERM [Member] | Measurement Input Precedent Transaction [Member]

^[1],[2]

5.60

Investments in and Advances to Affiliates [Line Items]

Common Stock in Private Companies [Member] | Dissolution Risk [Member]

100

^[2],[12]

100

^[4],[5]

Investments in and Advances to Affiliates [Line Items]

Common Stock in Private Companies [Member] | AFFO [Member]

Dissolution Risk

^[1],[8]

Dissolution Risk

^[4],[9]

Investments in and Advances to Affiliates [Line Items]

Investments in and Advances to Affiliates [Line Items]

AFFO(8) Multiples

^[1],[8],[14]

AFFO(4) Multiples

^[3],[4],[9]

Options [Member]

Options [Member] | Measurement Input, Revenue Multiple [Member]

$ 4,201,543

^[15]

$ 4,357,138

^[16]

Investments in and Advances to Affiliates [Line Items]

Options [Member] | Measurement Input Precedent Transaction [Member]

^[10],[15]

Revenue Multiples

Investments in and Advances to Affiliates [Line Items]

^[10],[15]

Precedent Transaction

Options [Member] | Measurement Input, Expected Term [Member]

^[5],[16]

100

Investments in and Advances to Affiliates [Line Items]

Options [Member] | Measurement Input, Option Volatility [Member]

^[9],[16]

Term to Expiration (Years)

Investments in and Advances to Affiliates [Line Items]

Options [Member] | Measurement Input, Option Volatility [Member] | Minimum [Member]

Volatility

^[8],[15]

Volatility

^[9],[16]

Investments in and Advances to Affiliates [Line Items]

Options [Member] | Measurement Input, Option Volatility [Member] | Maximum [Member]

^[2],[15]

^[5],[16]

Investments in and Advances to Affiliates [Line Items]

Options [Member] | Measurement Input, Option Volatility [Member] | Weighted Average [Member]

^[2],[15]

^[5],[16]

Investments in and Advances to Affiliates [Line Items]

Options [Member] | Measurement Input Option Precedent Transaction [Member]

^[2],[15]

Investments in and Advances to Affiliates [Line Items]

Options [Member] | PWERM [Member]

^[9],[16]

Precedent Transaction

Investments in and Advances to Affiliates [Line Items]

Options [Member] | PWERM [Member] | Measurement Input, Revenue Multiple [Member] | Minimum [Member]

^[10],[15]

PWERM

Investments in and Advances to Affiliates [Line Items]

Options [Member] | PWERM [Member] | Measurement Input, Revenue Multiple [Member] | Maximum [Member]

^[10],[15]

1.54

Investments in and Advances to Affiliates [Line Items]

Options [Member] | PWERM [Member] | Measurement Input Precedent Transaction [Member]

^[10],[15]

1.90

Investments in and Advances to Affiliates [Line Items]

Options [Member] | PWERM [Member] | Measurement Input Precedent Transaction [Member] | Weighted Average [Member]

^[10],[15]

Investments in and Advances to Affiliates [Line Items]

Options [Member] | Valuation Technique, Option Pricing Model [Member]

^[10],[15]

1.72

Investments in and Advances to Affiliates [Line Items]

Options [Member] | Valuation Technique, Option Pricing Model [Member] | Measurement Input, Expected Term [Member] | Minimum [Member]

Option Pricing Model

^[10],[15]

Option Pricing Model

^[11],[16]

Investments in and Advances to Affiliates [Line Items]

Options [Member] | Valuation Technique, Option Pricing Model [Member] | Measurement Input, Expected Term [Member] | Maximum [Member]

^[5],[16]

1.5

Investments in and Advances to Affiliates [Line Items]

Debt Investments [Member]

^[5],[16]

19.38

Investments in and Advances to Affiliates [Line Items]

Debt Investments [Member] | Measurement Input, Revenue Multiple [Member]

$ 756,339

$ 506,339

Investments in and Advances to Affiliates [Line Items]

Debt Investments [Member] | Measurement Input, Expected Term [Member]

Revenue Multiples

^[8]

Revenue Multiples

^[9]

Investments in and Advances to Affiliates [Line Items]

Debt Investments [Member] | Measurement Input, Option Volatility [Member]

^[8],[15]

Term to Expiration (Years)

Investments in and Advances to Affiliates [Line Items]

Debt Investments [Member] | Valuation, Market Approach [Member]

Precedent Transactions

Investments in and Advances to Affiliates [Line Items]

Debt Investments [Member] | Valuation, Market Approach [Member] | Measurement Input, Revenue Multiple [Member] | Minimum [Member]

Market Approach

^[10]

Market Approach

^[11]

Investments in and Advances to Affiliates [Line Items]

Debt Investments [Member] | Valuation, Market Approach [Member] | Measurement Input, Revenue Multiple [Member] | Maximum [Member]

0.57

^[2]

0.90

^[5]

Investments in and Advances to Affiliates [Line Items]

Debt Investments [Member] | Valuation, Market Approach [Member] | Measurement Input, Revenue Multiple [Member] | Weighted Average [Member]

5.05

^[2]

1.31

^[5]

Investments in and Advances to Affiliates [Line Items]

Debt Investments [Member] | Valuation, Market Approach [Member] | Measurement Input, Expected Term [Member]

3.49

^[2]

1.22

^[5]

Investments in and Advances to Affiliates [Line Items]

Debt Investments [Member] | Valuation, Market Approach [Member] | Measurement Input, Expected Term [Member] | Minimum [Member]

^[2],[15]

0.88

Investments in and Advances to Affiliates [Line Items]

Debt Investments [Member] | Valuation, Market Approach [Member] | Measurement Input, Expected Term [Member] | Maximum [Member]

^[2],[15]

0.50

Investments in and Advances to Affiliates [Line Items]

Debt Investments [Member] | PWERM [Member] | Measurement Input, Revenue Multiple [Member] | Maximum [Member]

^[2],[15]

1.36

Investments in and Advances to Affiliates [Line Items]

Options One [Member] | Measurement Input, Option Volatility [Member]

^[5],[6]

2.95

Investments in and Advances to Affiliates [Line Items]

Options One [Member] | Measurement Input, Option Volatility [Member] | Minimum [Member]

Precedent Transaction

Investments in and Advances to Affiliates [Line Items]

Options One [Member] | Measurement Input, Option Volatility [Member] | Maximum [Member]

Investments in and Advances to Affiliates [Line Items]

Options One [Member] | Measurement Input, Option Volatility [Member] | Weighted Average [Member]

100

Investments in and Advances to Affiliates [Line Items]

Options One [Member] | Debt Investments [Member]

Investments in and Advances to Affiliates [Line Items]

Options One [Member] | Valuation Technique, Option Pricing Model [Member]

Investments in and Advances to Affiliates [Line Items]

Market Approach

[1]	Common Stock in Private Portfolio Companies also includes the Company’s Limited Partner Fund Investment in True Global Ventures 4 Plus Pte Ltd. and the Company’s investment in the Class A Interest of CW Opportunity 2 LP which is invested in the Class A Common Stock of CoreWeave, Inc.
[2]	The weighted averages are calculated based on the fair market value of each investment.
[3]	Adjusted Funds From Operations, or “AFFO”.
[4]	Common Stock also includes the Company’s Limited Partner Fund Investment in True Global Ventures 4 Plus Pte Ltd.
[5]	The weighted averages are calculated based on the fair market value of each investment.
[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]	Preferred Stock also includes the Company’s investment in the Class A Interest of ARK Type One Deep Ventures Fund LLC which is invested in the Series A-2 Preferred Shares of OpenAI Global, LLC, and the Company’s investment in the Membership Interest of IH10, LLC which is invested in the Series B Preferred Shares of VAST Data, Ltd. through an SPV.
[8]	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, as well as size, profitability and growth expectations. In general, precedent transactions include recent rounds of financing, recent purchases made by the Company, and tender offers. Refer to “Note 2—Significant Accounting Policies—Investments at Fair Value” for more detail.
[9]	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, as well as size, profitability and growth expectations. In general, precedent transactions include recent rounds of financing, recent purchases made by the Company, and tender offers. Refer to “Note 2—Significant Accounting Policies—Investments at Fair Value” for more detail.
[10]	As of December 31, 2025, the Board of Directors used a hybrid market and income approach to value certain common and preferred stock investments, as the Board of Directors felt this approach better reflected the fair value of these investments. In considering multiple valuation approaches (and consequently, multiple valuation techniques), the valuation approaches and techniques are not likely to change from one period of measurement to the next; however, the weighting of each in determining the final fair value of a Level 3 investment may change based on recent events or transactions. The hybrid approach may also consider certain risk weightings to account for the uncertainty of future events. Refer to “Note 2—Significant Accounting Policies—Investments at Fair Value” for more detail.
[11]	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.
[12]	Probability-Weighted Expected Return Method, or “PWERM”.
[13]	Probability-Weighted Expected Return Method, or “PWERM”.
[14]	Adjusted Funds From Operations, or “AFFO”.
[15]	Options in Private Portfolio Companies also includes the Company’s investments in the SAFEs of Orchard Technologies, Inc., PayJoy, Inc., and Whoop, Inc.
[16]	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).

Consolidated Schedule of Investments - USD ($)

Dec. 31, 2025

Dec. 31, 2024

$ 225,511,505

$ 209,380,742

Non-Controlled/Non-Affiliate [Member]

109.80%

132.90%

$ 219,216,145

^[1]

$ 234,601,314

^[2]

$ 217,304,138

^[1]

$ 198,511,915

^[2]

Non-Controlled/Non-Affiliate [Member] | ARK Type One Deep Ventures Fund LLC [Member] | Class A Interest [Member]

105.84%

^[1]

125.98%

^[2]

AI Application Fund

^[1],[3],[4]

AI Application Fund

^[2],[5],[6]

^[2],[5],[6]

Sep. 25, 2024

$ 17,696,568

^[1],[3],[4]

$ 17,696,568

^[2],[5],[6]

$ 42,212,173

^[1],[3],[4]

$ 17,638,247

^[2],[5],[6]

20.56%

^[1],[3],[4]

11.19%

^[2],[5],[6]

Non-Controlled/Non-Affiliate [Member] | Whoop, Inc. [Member]

$ 17,500,000

^{[1],[3],[4],[7]}

$ 17,500,000

^{[2],[5],[6],[8]}

^[1]

11,013,088

^[1]

$ 28,357,435

Non-Controlled/Non-Affiliate [Member] | Whoop, Inc. [Member] | Series C Preferred Stock [Member]

^[1]

13.81%

Fitness Technology

^[1]

Fitness Technology

^[2]

^[2]

Jun. 30, 2022

$ 10,011,460

^[1]

$ 10,011,460

^[2]

$ 27,357,435

^[1]

$ 14,923,457

^[2]

13.32%

^[1]

9.47%

^[2]

Non-Controlled/Non-Affiliate [Member] | Whoop, Inc. [Member] | Simple Agreement for Future Equity [Member]

13,293,450

^[1],[7]

13,293,450

^[2],[8]

^[1]

Fitness Technology

^[1]

$ 1,001,628

^[1]

$ 1,000,000

^[1]

0.49%

Non-Controlled/Non-Affiliate [Member] | Blink Health, Inc. [Member]

^[1],[7]

$ 1,000,000

15,004,340

^[1]

$ 15,004,340

^[2]

$ 21,001,638

^[1]

$ 15,092,515

^[2]

Non-Controlled/Non-Affiliate [Member] | Blink Health, Inc. [Member] | Series C Preferred Stock [Member]

10.23%

^[1]

9.58%

^[2]

Pharmaceutical Technology

^[1]

Pharmaceutical Technology

^[2]

^[2]

Oct. 27, 2020

$ 10,003,917

^[1]

$ 10,003,917

^[2]

$ 11,001,648

^[1]

$ 10,094,048

^[2]

5.36%

^[1]

6.41%

^[2]

Non-Controlled/Non-Affiliate [Member] | Blink Health, Inc. [Member] | Series A Preferred Stock [Member]

261,944

^[1],[7]

261,944

^[2],[8]

Pharmaceutical Technology

^[1]

Pharmaceutical Technology

^[2]

^[2]

Oct. 27, 2020

$ 5,000,423

^[1]

$ 5,000,423

^[2]

$ 9,999,990

^[1]

$ 4,998,467

^[2]

4.87%

^[1]

3.17%

^[2]

Non-Controlled/Non-Affiliate [Member] | Canva, Inc. [Member] | Common Stock [Member]

238,095

^[1],[7]

238,095

^[2],[8]

Productivity Software

^[1]

Productivity Software

^[2],[6]

^[2],[6]

Apr. 17, 2024

$ 10,058,820

^[1]

$ 10,058,820

^[2],[6]

$ 15,432,563

^[1]

$ 12,000,000

^[2],[6]

7.52%

^[1]

7.62%

^[2],[6]

Non-Controlled/Non-Affiliate [Member] | Learneo, Inc. (f/k/a Course Hero, Inc.) [Member]

9,375

^[1],[7]

9,375

^[2],[6],[8]

$ 14,999,972

^[1]

$ 14,999,972

^[2]

$ 15,369,348

^[1]

$ 16,882,029

^[2]

Non-Controlled/Non-Affiliate [Member] | Learneo, Inc. (f/k/a Course Hero, Inc.) [Member] | Preferred shares, Series A 8% [Member]

7.49%

^[1]

10.71%

^[2]

Online Education

^[1]

Online Education

^[2]

^[2]

Sep. 18, 2014

$ 5,000,001

^[1]

$ 5,000,001

^[2]

$ 5,369,377

^[1]

$ 6,882,058

^[2]

2.62%

^[1]

4.37%

^[2]

Non-Controlled/Non-Affiliate [Member] | Learneo, Inc. (f/k/a Course Hero, Inc.) [Member] | Series C Preferred Stock 8% [Member]

2,145,509

^[1],[7]

2,145,509

^[2],[8]

Online Education

^[1]

Online Education

^[2]

^[2]

Nov. 05, 2021

$ 9,999,971

^[1]

$ 9,999,971

^[2]

$ 9,999,971

^[1]

$ 9,999,971

^[2]

4.87%

^[1]

6.35%

^[2]

Non-Controlled/Non-Affiliate [Member] | CW Opportunity 2 LP [Member] | Class A Interest [Member]

275,659

^[1],[7]

275,659

^[2],[8]

^[1],[9]

AI Infrastructure Fund

^[1],[9]

$ 10,384,558

^[1],[9]

$ 14,659,078

^[1],[9]

7.14%

Non-Controlled/Non-Affiliate [Member] | CW Opportunity 2 LP [Member] | Membership Interest Class A [Member]

^{[1],[4],[7],[9],[10]}

$ 10,208,114

^{[2],[6],[11],[12]}

AI Infrastructure Fund

^{[2],[6],[11],[12]}

May 07, 2024

^{[2],[6],[11],[12]}

$ 15,176,443

^{[2],[6],[11],[12]}

$ 17,775,155

^{[2],[6],[11],[12]}

11.28%

Non-Controlled/Non-Affiliate [Member] | IH10, LLC [Member] | Membership Interest [Member]

^{[2],[6],[8],[11],[12]}

$ 15,000,000

AI Infrastructure Fund

^[1]

AI Infrastructure Fund

^[2],[6],[13]

^[2],[6],[13]

Oct. 09, 2024

$ 12,273,784

^[1]

$ 12,273,784

^[2],[6],[13]

$ 12,132,897

^[1]

$ 12,215,010

^[2],[6],[13]

5.91%

^[1]

7.75%

^[2],[6],[13]

Non-Controlled/Non-Affiliate [Member] | Locus Robotics Corp. [Member] | Series F Preferred Stock 6% [Member]

$ 12,000,010

^{[1],[4],[7],[14]}

$ 12,000,010

^{[2],[6],[8],[13]}

Warehouse Automation

^[1]

Warehouse Automation

^[2]

^[2]

Nov. 30, 2022

$ 10,004,286

^[1]

$ 10,004,286

^[2]

$ 11,995,290

^[1]

$ 11,316,312

^[2]

5.84%

^[1]

7.18%

^[2]

Non-Controlled/Non-Affiliate [Member] | Supplying Demand Inc [Member]

232,568

^[1],[7]

232,568

^[2],[8]

^[1]

$ 10,256,296

^[1]

$ 10,249,996

Non-Controlled/Non-Affiliate [Member] | Supplying Demand Inc [Member] | Series F-1 Preferred Stock [Member]

^[1]

4.99%

Lifestyle Beverage Brand

^[1]

Lifestyle Beverage Brand

^[2]

^[2]

Jan. 18, 2024

$ 10,003,934

^[1]

$ 10,003,934

^[2]

$ 9,999,996

^[1]

$ 9,999,996

^[2]

4.87%

^[1]

6.35%

^[2]

Non-Controlled/Non-Affiliate [Member] | Supplying Demand Inc [Member] | Series F Convertible Note 4.12 Percent [Member]

776,747

^[1],[7]

776,747

^[2],[8]

^[1],[9]

Lifestyle Beverage Brand

^[1],[9]

$ 252,362

^[1],[9]

$ 250,000

^[1],[9]

0.12%

Non-Controlled/Non-Affiliate [Member] | Shogun Enterprises Inc [Member]

^[1],[7],[9]

250,000

^[1]

$ 8,040,806

^[1]

$ 8,289,899

Non-Controlled/Non-Affiliate [Member] | Shogun Enterprises Inc [Member] | Preferred Shares, Series B-1 [Member]

^[1]

4.04%

^[1]

Home Improvement Finance

^[1]

$ 3,501,657

^[1]

$ 3,499,994

^[1]

1.70%

Non-Controlled/Non-Affiliate [Member] | Shogun Enterprises Inc [Member] | Preferred Shares, Series B-2 [Member]

^[1],[7]

436,844

^[1]

Home Improvement Finance

^[1]

$ 3,501,661

^[1]

$ 3,499,998

^[1]

1.70%

Non-Controlled/Non-Affiliate [Member] | Shogun Enterprises Inc [Member] | Preferred Shares, Series B-3 [Member]

^[1],[7]

301,750

^[1]

Home Improvement Finance

^[1]

$ 530,822

^[1]

$ 530,820

^[1]

0.26%

Non-Controlled/Non-Affiliate [Member] | Shogun Enterprises Inc [Member] | Preferred Shares, Series B-4 [Member]

^[1],[7]

56,936

^[1]

Home Improvement Finance

^[1]

$ 366,606

^[1]

$ 499,998

^[1]

0.24%

Non-Controlled/Non-Affiliate [Member] | Shogun Enterprises Inc [Member] | Common Warrants, Strike Price $0.01, Expiration Date 7/12/2026 [Member]

^[1],[7]

48,267

^[1]

Home Improvement Finance

^[1]

$ 140,060

^[1]

$ 259,089

^[1]

0.13%

Non-Controlled/Non-Affiliate [Member] | FourKites, Inc. [Member] | Common Stock [Member]

^[1],[7]

86,076

Supply Chain Technology

^[1]

Supply Chain Technology

^[2]

^[2]

Jul. 07, 2023

$ 8,530,389

^[1]

$ 8,530,389

^[2]

$ 5,682,945

^[1]

$ 11,716,925

^[2]

2.77%

^[1]

7.44%

^[2]

Non-Controlled/Non-Affiliate [Member] | Neutron Holdings, Inc. (d/b/a/ Lime) [Member]

1,398,024

^[1],[7]

1,398,024

^[2],[8]

$ 10,513,661

^[1]

$ 10,513,661

^[2]

$ 5,412,825

^[1]

$ 3,991,353

^[2]

Non-Controlled/Non-Affiliate [Member] | Neutron Holdings, Inc. (d/b/a/ Lime) [Member] | Junior Preferred Stock Series 1-D [Member]

2.64%

^[1]

2.53%

^[2]

Micromobility

^[1]

Micromobility

^[2]

^[2]

Jan. 25, 2019

$ 10,007,322

^[1]

$ 10,007,322

^[2]

$ 4,703,189

^[1]

$ 3,485,014

^[2]

2.29%

^[1]

2.21%

^[2]

Non-Controlled/Non-Affiliate [Member] | Neutron Holdings, Inc. (d/b/a/ Lime) [Member] | Junior Preferred Convertible Note 4% Due 5/11/2027 [Member]

41,237,113

^[1],[7]

41,237,113

^[2],[8]

Micromobility

^[1],[9]

Micromobility

^[2],[12]

^[2],[12]

May 11, 2020

$ 506,339

^[1],[9]

$ 506,339

^[2],[12]

$ 506,339

^[1],[9]

$ 506,339

^[2],[12]

0.25%

^[1],[9]

0.32%

^[2],[12]

Non-Controlled/Non-Affiliate [Member] | Neutron Holdings, Inc. (d/b/a/ Lime) [Member] | Common Warrants Strike Price $0.01 Expiration Date 5/11/2027 [Member]

$ 506,339

^[1],[7],[9]

$ 506,339

^[2],[8],[12]

Micromobility

^[1]

Micromobility

^[2]

^[2]

May 11, 2020

^[1]

^[2]

$ 203,297

^[1]

^[2]

0.10%

^[1]

^[2]

Non-Controlled/Non-Affiliate [Member] | Plaid Inc [Member] | Common Stock [Member]

2,032,967

^[1],[7]

2,032,967

^[2],[8]

^[1],[15]

Financial Technology Infrastructure

^[1],[15]

$ 5,395,542

^[1],[15]

$ 4,999,874

^[1],[15]

2.44%

Non-Controlled/Non-Affiliate [Member] | GrabAGun Digital Holdings Inc. [Member]

^[1],[7],[15]

24,512

^[1]

$ 1,479,535

^[1]

$ 3,582,083

Non-Controlled/Non-Affiliate [Member] | GrabAGun Digital Holdings Inc. [Member] | Common Stock [Member]

^[1]

1.74%

^{[1],[16],[17]}

E-Commerce Marketplace

^{[1],[16],[17]}

$ 1,103,719

^{[1],[16],[17]}

$ 3,130,400

^{[1],[16],[17]}

1.52%

Non-Controlled/Non-Affiliate [Member] | GrabAGun Digital Holdings Inc. [Member] | Common Warrants, Strike Price $11.50, Expiration Date 7/15/2030 [Member]

^{[1],[7],[16],[17]}

1,040,000

^[1],[16]

E-Commerce Marketplace

^[1],[16]

$ 375,816

^[1],[16]

$ 451,683

^[1],[16]

0.22%

Non-Controlled/Non-Affiliate [Member] | PayJoy, Inc. [Member]

^{[1],[7],[15],[16]}

1,204,488

$ 3,003,040

^[1]

$ 3,003,040

^[2]

$ 3,207,718

^[1]

$ 3,000,002

^[2]

Non-Controlled/Non-Affiliate [Member] | PayJoy, Inc. [Member] | Series C Preferred Stock [Member]

1.56%

^[1]

1.90%

^[2]

Mobile Access Technology

^[1]

Mobile Access Technology

^[2]

Jul. 23, 2021

^[1]

Jul. 23, 2021

^[2]

$ 2,501,570

^[1]

$ 2,501,570

^[2]

$ 2,707,718

^[1]

$ 2,500,002

^[2]

1.32%

^[1]

1.59%

^[2]

Non-Controlled/Non-Affiliate [Member] | PayJoy, Inc. [Member] | Simple Agreement for Future Equity [Member]

244,117

^[1],[7]

244,117

^[2],[8]

Mobile Access Technology

^[1]

Mobile Access Technology

^[2]

May 25, 2023

^[1]

May 25, 2023

^[2]

$ 501,470

^[1]

$ 501,470

^[2]

$ 500,000

^[1]

$ 500,000

^[2]

0.24%

^[1]

0.32%

^[2]

Non-Controlled/Non-Affiliate [Member] | True Global Ventures 4 Plus Pte Ltd [Member] | Limited Partner Fund Investment [Member]

$ 500,000

^[1],[7]

$ 500,000

^[2],[8]

Venture Investment Fund

^[1],[4],[18]

Venture Investment Fund

^[2],[6],[19]

Aug. 27, 2021

^[1],[4],[18]

Aug. 27, 2021

^[2],[6],[19]

$ 448,304

^[1],[4],[18]

$ 585,016

^[2],[6],[19]

$ 3,130,363

^[1],[4],[18]

$ 3,489,005

^[2],[6],[19]

1.52%

^[1],[4],[18]

2.21%

^[2],[6],[19]

Non-Controlled/Non-Affiliate [Member] | HL Digital Assets Inc. [Member] | Preferred Shares [Member]

$ 2,000,000

^{[1],[4],[7],[18]}

$ 2,000,000

^{[2],[6],[8],[19]}

^[1]

Digital Asset Infrastructure

^[1]

Sep. 18, 2025

^[1]

$ 5,106,143

^[1]

$ 2,825,085

^[1]

1.38%

Non-Controlled/Non-Affiliate [Member] | Xgroup Holdings Inc DBAX Point [Member]

^[1],[7]

$ 8,000,000

^[1]

1,383,029

^[1]

$ 2,378,558

Non-Controlled/Non-Affiliate [Member] | Xgroup Holdings Inc DBAX Point [Member] | Preferred shares, Series A-1 [Member]

^[1]

1.16%

^[1]

Geolocation Technology

^[1]

Aug. 17, 2022

^[1]

$ 136,114

^[1]

$ 220,201

^[1]

0.11%

Non-Controlled/Non-Affiliate [Member] | Xgroup Holdings Inc DBAX Point [Member] | Series A-1 Warrants [Member]

^[1],[7],[20]

454

^[1]

Geolocation Technology

^[1]

Aug. 17, 2022

^[1]

$ 985,180

^[1]

$ 1,593,789

^[1]

0.78%

Non-Controlled/Non-Affiliate [Member] | Xgroup Holdings Inc DBAX Point [Member] | Series A Warrants [Member]

^[1],[7],[20]

3,286

^[1]

Geolocation Technology

^[1]

Aug. 17, 2022

^[1]

$ 261,735

^[1]

$ 564,568

^[1]

0.27%

Non-Controlled/Non-Affiliate [Member] | Varo Money, Inc. [Member] | Common Stock [Member]

^[1],[7],[20]

873

Financial Services

^[1],[4]

Financial Services

^[2],[6]

Aug. 11, 2021

^[1],[4]

Aug. 11, 2021

^[2],[6]

$ 10,005,548

^[1],[4]

$ 10,005,548

^[2],[6]

$ 1,618,899

^[1],[4]

$ 1,347,058

^[2],[6]

0.79%

^[1],[4]

0.85%

^[2],[6]

Non-Controlled/Non-Affiliate [Member] | Stake Trade, Inc. (d/b/a Prophet Exchange) [Member] | Simple Agreement for Future Equity [Member]

1,079,266

^[1],[4],[7]

1,079,266

^[2],[6],[8]

^[2],[21]

Sports Betting

^[2],[21]

Jul. 26, 2023

^[2],[21]

$ 1,002,153

^[2],[21]

$ 862,362

^[2],[21]

0.55%

Non-Controlled/Non-Affiliate [Member] | Stake Trade, Inc. (d/b/a Prophet Exchange) [Member] | Preferred Shares Series B IV [Member]

^[2],[8],[21]

$ 1,000,000

^{[1],[20],[22]}

Sports Betting

^{[1],[20],[22]}

Jul. 26, 2023

^{[1],[20],[22]}

$ 1,002,153

^{[1],[20],[22]}

$ 1,249,993

^{[1],[20],[22]}

0.61%

Non-Controlled/Non-Affiliate [Member] | Aventine Property Group, Inc. [Member] | Common Stock [Member]

^{[1],[7],[20],[22]}

$ 755,041

Cannabis REIT

^[1]

Cannabis REIT

^[2],[12]

Sep. 11, 2019

^[1]

Sep. 11, 2019

^[2],[12]

$ 2,580,750

^[1]

$ 2,580,750

^[2],[12]

$ 1,187,532

^[1]

$ 962,341

^[2],[12]

0.58%

^[1]

0.61%

^[2],[12]

Non-Controlled/Non-Affiliate [Member] | Residential Homes for Rent, LLC (d/b/a Second Avenue) [Member] | Series A Preferred Stock [Member]

312,500

^[7]

312,500

^[2],[8],[12]

Real Estate Platform

^[1],[23]

Real Estate Platform

^[2],[24]

Dec. 23, 2020

^[1],[23]

Dec. 23, 2020

^[2],[24]

$ 1,500,000

^[1],[23]

$ 1,500,000

^[2],[24]

$ 654,642

^[1],[23]

$ 1,431,967

^[2],[24]

0.32%

^[1],[23]

0.91%

^[2],[24]

Non-Controlled/Non-Affiliate [Member] | Orchard Technologies, Inc. [Member]

150,000

^[1],[7],[23]

150,000

^[2],[8],[24]

$ 12,815,343

^[1]

$ 12,509,393

^[2]

$ 544,249

^[1]

$ 4,412,280

^[2]

Non-Controlled/Non-Affiliate [Member] | Orchard Technologies, Inc. [Member] | Simple Agreement for Future Equity [Member]

0.27%

^[1]

2.80%

^[2]

^[1]

Real Estate Platform

^[1]

Jan. 31, 2025

^[1]

$ 81,584

^[1]

$ 80,800

^[1]

0.04%

Non-Controlled/Non-Affiliate [Member] | Orchard Technologies, Inc. [Member] | Common Stock [Member]

^[7]

$ 80,800

Real Estate Platform

^[1]

Real Estate Platform

^[2]

Aug. 09, 2021

^[1]

Aug. 09, 2021

^[2]

$ 3,751,518

^[1]

$ 3,751,518

^[2]

^[1]

^[2]

^[1]

^[2]

Non-Controlled/Non-Affiliate [Member] | Orchard Technologies, Inc. [Member] | Series D Preferred Stock 8% [Member]

558,053

^[7]

558,053

^[2],[8]

Real Estate Platform

^[1]

Real Estate Platform

^[2]

Aug. 09, 2021

^[1]

Aug. 09, 2021

^[2]

$ 3,751,518

^[1]

$ 3,751,518

^[2]

^[1]

^[2]

^[1]

^[2]

Non-Controlled/Non-Affiliate [Member] | Orchard Technologies, Inc. [Member] | Senior Preferred Shares, Series 2 8% [Member]

524,985

^[7]

558,052

^[2],[8]

Real Estate Platform

^[1]

Real Estate Platform

^[2]

Aug. 09, 2021

^[1]

Aug. 09, 2021

^[2]

$ 587,951

^[1]

$ 587,951

^[2]

^[1]

^[2]

^[1]

^[2]

Non-Controlled/Non-Affiliate [Member] | Orchard Technologies, Inc. [Member] | Senior Preferred Shares, Series 1 7% [Member]

80,991

^[7]

58,771

^[2],[8]

Real Estate Platform

^[1]

Real Estate Platform

^[2]

Jan. 13, 2023

^[1]

Jan. 13, 2023

^[2]

$ 4,642,772

^[1]

$ 4,418,406

^[2]

$ 463,449

^[1]

$ 4,412,280

^[2]

0.23%

^[1]

2.80%

^[2]

Non-Controlled/Non-Affiliate [Member] | EDGE Markets, Inc. [Member] | Preferred Stock, Series Seed [Member]

463,449

^[7]

441,228

^[2],[8]

Gaming Technology

^[1],[20]

Gaming Technology

^[2],[21]

May 18, 2022

^[1],[20]

May 18, 2022

^[2],[21]

$ 501,330

^[1],[20]

$ 501,330

^[2],[21]

$ 500,000

^[1],[20]

$ 500,000

^[2],[21]

0.24%

^[1],[20]

0.32%

^[2],[21]

Non-Controlled/Non-Affiliate [Member] | Skillsoft Corp. [Member] | Common Stock [Member]

456,704

^[1],[7],[20]

456,704

^[2],[8],[21]

Online Education

^[1],[16]

Online Education

^[2],[25]

Jun. 08, 2021

^[1],[16]

Jun. 08, 2021

^[2],[25]

$ 9,818,428

^[1],[16]

$ 9,818,428

^[2],[25]

$ 456,556

^[1],[16]

$ 1,176,244

^[2],[25]

0.22%

^[1],[16]

0.75%

^[2],[25]

Non-Controlled/Non-Affiliate [Member] | PSQ Holdings, Inc. (d/b/a PublicSquare) [Member] | Common warrants, Strike Price $11.50, Expiration Date 7/19/2028 [Member]

49,092

^[1],[7],[16]

49,092

^[2],[8],[25]

E-Commerce Marketplace

^[1],[16]

E-Commerce Marketplace

^[2],[25]

Apr. 01, 2021

^[1],[16]

Apr. 01, 2021

^[2],[25]

$ 771,065

^[1],[16]

$ 771,065

^[2],[25]

$ 170,624

^[1],[16]

$ 1,436,830

^[2],[25]

0.08%

^[1],[16]

0.91%

^[2],[25]

Non-Controlled/Non-Affiliate [Member] | Kinetiq Holdings, LLC [Member] | Common Class A [Member]

1,796,037

^[1],[7],[16]

1,796,037

^[2],[8],[25]

Social Data Platform

^[1]

Social Data Platform

^[2]

Mar. 30, 2012

^[1]

Mar. 30, 2012

^[2]

^[1]

^[2]

$ 1,875

^[1]

^[2]

0.01%

^[1]

^[2]

Non-Controlled/Non-Affiliate [Member] | Trax Ltd. [Member]

112,374

^[1],[4],[7]

112,374

^[2],[8]

$ 10,005,748

^[1]

$ 10,005,748

^[2]

^[1]

$ 2,730,323

^[2]

Non-Controlled/Non-Affiliate [Member] | Trax Ltd. [Member] | Common Stock [Member]

^[1]

1.73%

^[2]

Retail Technology

^[1],[4]

Retail Technology

^[2],[6]

Jun. 09, 2021

^[1],[4]

Jun. 09, 2021

^[2],[6]

$ 2,781,148

^[1],[4]

$ 2,781,148

^[2],[6]

^[1],[4]

$ 83,306

^[2],[6]

^[1],[4]

0.05%

^[2],[6]

Non-Controlled/Non-Affiliate [Member] | Trax Ltd. [Member] | Preferred Stock Investec Series [Member]

55,591

^[1],[4],[7]

55,591

^[2],[6],[8]

Retail Technology

^[1],[4]

Retail Technology

^[2],[6]

Jun. 09, 2021

^[1],[4]

Jun. 09, 2021

^[2],[6]

$ 7,224,600

^[1],[4]

$ 7,224,600

^[2],[6]

^[1],[4]

$ 2,647,017

^[2],[6]

^[1],[4]

1.68%

^[2],[6]

Non-Controlled/Non-Affiliate [Member] | CTN Holdings, Inc. (d/b/a Catona Climate, f/k/a Aspiration Partners, Inc.) [Member]

144,409

^[1],[4],[7]

144,409

^[2],[6],[8]

$ 1,283,005

^[1]

$ 1,283,005

^[2]

^[1]

^[2]

Non-Controlled/Non-Affiliate [Member] | CTN Holdings, Inc. (d/b/a Catona Climate, f/k/a Aspiration Partners, Inc.) [Member] | Series A Preferred Stock [Member]

^[1]

^[2]

Carbon Credit Services

^[1],[26]

Carbon Credit Services

^[2]

Aug. 11, 2015

^[1],[26]

Aug. 11, 2015

^[2]

$ 1,001,815

^[1],[26]

$ 1,001,815

^[2]

^[1],[26]

^[2]

^[1],[26]

^[2]

Non-Controlled/Non-Affiliate [Member] | CTN Holdings, Inc. (d/b/a Catona Climate, f/k/a Aspiration Partners, Inc.) [Member] | Preferred shares, Series C-3 [Member]

540,270

^[1],[7],[26]

540,270

^[2],[8]

Carbon Credit Services

^[1],[26]

Carbon Credit Services

^[2]

Aug. 12, 2019

^[1],[26]

Aug. 12, 2019

^[2]

$ 281,190

^[1],[26]

$ 281,190

^[2]

^[1],[26]

^[2]

^[1],[26]

^[2]

Non-Controlled/Non-Affiliate [Member] | Fullbridge, Inc. [Member]

24,912

^[1],[7],[26]

24,912

^[2],[8]

$ 8,421,364

^[1]

$ 8,421,364

^[2]

^[1]

^[2]

Non-Controlled/Non-Affiliate [Member] | Fullbridge, Inc. [Member] | Promissory Note 1.47%, Due 11/9/2021 [Member]

^[1]

^[2]

Business Education

^{[1],[27],[28]}

Business Education

^{[2],[29],[30]}

Mar. 03, 2016

^{[1],[27],[28]}

Mar. 03, 2016

^{[2],[29],[30]}

$ 2,270,858

^{[1],[27],[28]}

$ 2,270,858

^{[2],[29],[30]}

^{[1],[27],[28]}

^{[2],[29],[30]}

^{[1],[27],[28]}

^{[2],[29],[30]}

Non-Controlled/Non-Affiliate [Member] | Fullbridge, Inc. [Member] | Common Stock [Member]

$ 2,270,458

^{[1],[7],[27],[28]}

$ 2,270,458

^{[2],[8],[29],[30]}

Business Education

^[1]

Business Education

^[2]

May 13, 2012

^[1]

May 13, 2012

^[2]

$ 6,150,506

^[1]

$ 6,150,506

^[2]

^[1]

^[2]

^[1]

^[2]

Non-Controlled/Non-Affiliate [Member] | Treehouse Real Estate Investment Trust, Inc. [Member] | Common Stock [Member]

517,917

^[1],[7]

517,917

^[2],[8]

Cannabis REIT

^[1]

Cannabis REIT

^[2],[12]

Sep. 11, 2019

^[1]

Sep. 11, 2019

^[2],[12]

$ 4,919,250

^[1]

$ 4,919,250

^[2],[12]

^[1]

^[2],[12]

^[1]

^[2],[12]

Non-Controlled/Non-Affiliate [Member] | Commercial Streaming Solutions Inc. (d/b/a BettorView) [Member] | Simple Agreement for Future Equity [Member]

312,500

^[1],[7]

312,500

^[2],[8],[12]

^[2],[21]

Interactive Media & Services

^[2],[21]

Mar. 26, 2021

^[2],[21]

$ 1,004,240

^[2],[21]

$ 1,000,000

^[2],[21]

0.63%

Non-Controlled/Non-Affiliate [Member] | Commercial Streaming Solutions Inc. (d/b/a BettorView) [Member] | Preferred shares, Series A-1 [Member]

^[2],[8],[21]

$ 1,000,000

^{[1],[20],[31]}

Interactive Media & Services

^{[1],[20],[31]}

Mar. 26, 2021

^{[1],[20],[31]}

$ 1,004,240

^{[1],[20],[31]}

$ 350,000

^{[1],[20],[31]}

0.17%

Non-Controlled/Non-Affiliate [Member] | ServiceTitan, Inc [Member] | Common Stock [Member]

^{[1],[7],[20],[31]}

10,548,522

^{[2],[6],[25],[32]}

Contractor Management Software

^{[2],[6],[25],[32]}

Jun. 30, 2023

^{[2],[6],[25],[32]}

$ 10,008,233

^{[2],[6],[25],[32]}

$ 14,027,713

^{[2],[6],[25],[32]}

8.90%

Non-Controlled/Non-Affiliate [Member] | CoreWeave, Inc. [Member]

^{[2],[6],[8],[25],[32]}

151,515

^[2]

$ 10,003,583

^[2]

$ 10,443,648

Non-Controlled/Non-Affiliate [Member] | CoreWeave, Inc. [Member] | Series A Preferred Stock [Member]

^[2]

6.63%

^[2]

AI Infrastructure

^[2]

Oct. 08, 2024

^[2]

$ 5,000,610

^[2]

$ 5,221,824

^[2]

3.31%

Non-Controlled/Non-Affiliate [Member] | CoreWeave, Inc. [Member] | Common Stock [Member]

^[2],[8]

5,556

^[2]

AI Infrastructure

^[2]

Sep. 26, 2024

^[2]

$ 5,002,973

^[2]

$ 5,221,824

^[2]

3.31%

Non-Controlled/Non-Affiliate [Member] | Shogun Enterprises, Inc. (d/b/a Hearth) [Member]

^[2],[8]

5,556

^[2]

$ 8,040,806

^[2]

$ 5,374,819

Non-Controlled/Non-Affiliate [Member] | Shogun Enterprises, Inc. (d/b/a Hearth) [Member] | Preferred Shares, Series B-1 [Member]

^[2]

3.41%

^[2]

Home Improvement Finance

^[2]

Feb. 26, 2021

^[2]

$ 3,501,657

^[2]

$ 2,342,458

^[2]

1.49%

Non-Controlled/Non-Affiliate [Member] | Shogun Enterprises, Inc. (d/b/a Hearth) [Member] | Preferred Shares, Series B-2 [Member]

^[2],[8]

436,844

^[2]

Home Improvement Finance

^[2]

Feb. 26, 2021

^[2]

$ 3,501,661

^[2]

$ 2,342,461

^[2]

1.49%

Non-Controlled/Non-Affiliate [Member] | Shogun Enterprises, Inc. (d/b/a Hearth) [Member] | Preferred Shares, Series B-3 [Member]

^[2],[8]

301,750

^[2]

Home Improvement Finance

^[2]

May 02, 2022

^[2]

$ 530,822

^[2]

$ 355,264

^[2]

0.23%

Non-Controlled/Non-Affiliate [Member] | Shogun Enterprises, Inc. (d/b/a Hearth) [Member] | Preferred Shares, Series B-4 [Member]

^[2],[8]

56,936

^[2]

Home Improvement Finance

^[2]

Jul. 12, 2023

^[2]

$ 366,606

^[2]

$ 334,636

^[2]

0.21%

Non-Controlled/Non-Affiliate [Member] | Shogun Enterprises, Inc. (d/b/a Hearth) [Member] | Common Warrants, Strike Price $0.01, Expiration Date 7/12/2026 [Member]

^[2],[8]

48,267

^[2]

Home Improvement Finance

^[2]

Jul. 12, 2023

^[2]

$ 140,060

^[2]

^[2]

Non-Controlled/Non-Affiliate [Member] | Xgroup Holdings Limited (d/b/a Xpoint) [Member]

^[2],[8]

86,076

^[2]

$ 1,383,029

^[2]

$ 1,658,333

Non-Controlled/Non-Affiliate [Member] | Xgroup Holdings Limited (d/b/a Xpoint) [Member] | Preferred shares, Series A-1 [Member]

^[2]

1.05%

^{[2],[21],[33]}

Geolocation Technology

^{[2],[21],[33]}

Aug. 17, 2022

^{[2],[21],[33]}

$ 136,114

^{[2],[21],[33]}

$ 161,862

^{[2],[21],[33]}

0.10%

Non-Controlled/Non-Affiliate [Member] | Xgroup Holdings Limited (d/b/a Xpoint) [Member] | Series A-1 Warrants [Member]

^{[2],[8],[21],[33]}

454

^{[2],[21],[33]}

Aug. 17, 2022

^{[2],[21],[33]}

$ 985,180

^{[2],[21],[33]}

$ 1,171,540

^{[2],[21],[33]}

0.74%

Non-Controlled/Non-Affiliate [Member] | Xgroup Holdings Limited (d/b/a Xpoint) [Member] | Series A Warrants [Member]

^{[2],[8],[21],[33]}

3,286

^{[2],[21],[33]}

Aug. 17, 2022

^{[2],[21],[33]}

$ 261,735

^{[2],[21],[33]}

$ 324,931

^{[2],[21],[33]}

0.21%

Non-Controlled/Non-Affiliate [Member] | Forge Global, Inc.[Member] | Common Stock [Member]

^{[2],[8],[21],[33]}

873

^[2],[25]

Online Marketplace Finance

^[2],[25]

Jul. 20, 2011

^[2],[25]

$ 1,978,921

^[2],[25]

$ 950,333

^[2],[25]

0.60%

Non-Controlled/Non-Affiliate [Member] | Rebric, Inc. (d/b/a Compliable) [Member] | Preferred Stock Series Seed-4 [Member]

^[2],[8],[25]

1,020,875

^[2],[21]

Gaming Licensing

^[2],[21]

Oct. 12, 2021

^[2],[21]

$ 1,002,755

^[2],[21]

$ 157,658

^[2],[21]

0.10%

Non-Controlled Affiliate [Member]

^[2],[8],[21]

2,406,492

$ 21,609,640

^[1],[34]

$ 20,605,400

^[2],[35]

$ 8,207,367

^[1],[34]

$ 9,268,827

^[2],[35]

Non-Controlled Affiliate [Member] | StormWind, LLC [Member]

4.00%

^[1],[34]

5.88%

^[2],[35]

$ 6,387,741

^[1]

$ 6,387,741

^[2]

$ 7,857,367

^[1]

$ 9,268,827

^[2]

Non-Controlled Affiliate [Member] | StormWind, LLC [Member] | Preferred shares, Series A 8% [Member]

3.83%

^[1]

5.88%

^[2]

Interactive Learning

^{[1],[34],[36]}

Interactive Learning

^{[2],[35],[37]}

Feb. 25, 2014

^{[1],[34],[36]}

Feb. 25, 2014

^{[2],[35],[37]}

$ 110,000

^{[1],[34],[36]}

$ 110,000

^{[2],[35],[37]}

$ 83,005

^{[1],[34],[36]}

$ 156,285

^{[2],[35],[37]}

0.04%

^{[1],[34],[36]}

0.10%

^{[2],[35],[37]}

Non-Controlled Affiliate [Member] | StormWind, LLC [Member] | Series C Preferred Stock 8% [Member]

366,666

^{[1],[7],[34],[36]}

366,666

^{[2],[8],[35],[37]}

Interactive Learning

^{[1],[34],[36]}

Interactive Learning

^{[2],[35],[37]}

Jan. 07, 2014

^{[1],[34],[36]}

Jan. 07, 2014

^{[2],[35],[37]}

$ 4,000,787

^{[1],[34],[36]}

$ 4,000,787

^{[2],[35],[37]}

$ 4,760,083

^{[1],[34],[36]}

$ 5,376,994

^{[2],[35],[37]}

2.32%

^{[1],[34],[36]}

3.41%

^{[2],[35],[37]}

Non-Controlled Affiliate [Member] | StormWind, LLC [Member] | Series D Preferred Stock 8% [Member]

2,779,134

^{[1],[7],[34],[36]}

2,779,134

^{[2],[8],[35],[37]}

Interactive Learning

^{[1],[34],[36]}

Interactive Learning

^{[2],[35],[37]}

Nov. 26, 2019

^{[1],[34],[36]}

Nov. 26, 2019

^{[2],[35],[37]}

$ 257,267

^{[1],[34],[36]}

$ 257,267

^{[2],[35],[37]}

$ 435,806

^{[1],[34],[36]}

$ 501,626

^{[2],[35],[37]}

0.21%

^{[1],[34],[36]}

0.32%

^{[2],[35],[37]}

Non-Controlled Affiliate [Member] | StormWind, LLC [Member] | Preferred shares, Series B 8% [Member]

329,337

^{[1],[7],[34],[36]}

329,337

^{[2],[8],[35],[37]}

Interactive Learning

^{[1],[34],[36]}

Interactive Learning

^{[2],[35],[37]}

Dec. 16, 2011

^{[1],[34],[36]}

Dec. 16, 2011

^{[2],[35],[37]}

$ 2,019,687

^{[1],[34],[36]}

$ 2,019,687

^{[2],[35],[37]}

$ 2,578,473

^{[1],[34],[36]}

$ 3,233,922

^{[2],[35],[37]}

1.26%

^{[1],[34],[36]}

2.05%

^{[2],[35],[37]}

Non-Controlled Affiliate [Member] | Maven Research, Inc. [Member]

3,279,629

^{[1],[7],[34],[36]}

3,279,629

^{[2],[8],[35],[37]}

$ 2,217,653

^[1]

$ 2,217,653

^[2]

^[1]

^[2]

Non-Controlled Affiliate [Member] | Maven Research, Inc. [Member] | Series C Preferred Stock [Member]

^[1]

^[2]

Knowledge Networks

^[1]

Knowledge Networks

^[2]

Jul. 02, 2012

^[1]

Jul. 02, 2012

^[2]

$ 2,000,447

^[1]

$ 2,000,447

^[2]

^[1]

^[2]

^[1]

^[2]

Non-Controlled Affiliate [Member] | Maven Research, Inc. [Member] | Series B Preferred Stock [Member]

318,979

^[1],[7]

318,979

^[2],[8],[35]

Knowledge Networks

^[1]

Knowledge Networks

^[2]

Feb. 28, 2012

^[1]

Feb. 28, 2012

^[2]

$ 217,206

^[1]

$ 217,206

^[2]

^[1]

^[2]

^[1]

^[2]

Non-Controlled Affiliate [Member] | Curious.com, Inc. [Member] | Common Stock [Member]

49,505

^[1],[7]

49,505

^[2],[8],[35]

Online Education

^[1]

Online Education

^[2]

Nov. 22, 2013

^[1]

Nov. 22, 2013

^[2]

$ 12,000,006

^[1]

$ 12,000,006

^[2]

^[1]

^[2]

^[1]

^[2]

Portfolio Investments [Member]

1,135,944

^[1],[7]

1,135,944

^[2],[8],[35]

$ 240,825,785

^[1]

$ 256,809,654

^[2]

$ 225,511,505

^[1]

$ 209,380,742

^[2]

109.84%

^[1]

132.88%

^[2]

Controlled [Member]

^[2],[38]

$ 1,602,940

^[2],[38]

$ 1,600,000

Controlled [Member] | Colombier Sponsor II LLC [Member]

^[2],[38]

1.02%

^[2]

$ 1,602,940

^[2]

$ 1,600,000

Controlled [Member] | Colombier Sponsor II LLC [Member] | Class B Units [Member]

^[2]

1.02%

^{[2],[6],[38],[39]}

Special Purpose Acquisition Company

^{[2],[6],[38],[39]}

Nov. 20, 2023

^{[2],[6],[38],[39]}

$ 1,103,719

^{[2],[6],[38],[39]}

$ 1,101,695

^{[2],[6],[38],[39]}

0.70%

Controlled [Member] | Colombier Sponsor II LLC [Member] | Class W Units [Member]

^{[2],[6],[8],[38],[39]}

1,040,000

^{[2],[6],[38],[39]}

Special Purpose Acquisition Company

^{[2],[6],[38],[39]}

$ 499,221

^{[2],[6],[38],[39]}

$ 498,305

^{[2],[6],[38],[39]}

0.32%

Impairment Effects on Earnings Per Share [Line Items]

^{[2],[6],[8],[38],[39]}

1,600,000

[1]	All portfolio investments are non-control/non-affiliated and non-income-producing, unless otherwise identified. As of December 31, 2025, all of the Company’s investments were non-controlled. Equity investments may be subject to lock-up restrictions upon their initial public offering (“IPO”). Preferred dividends are generally only payable when declared and paid by the portfolio company’s board of directors. SuRo Capital Corp.’s (the “Company’s”, or “SuRo Capital’s”) directors, officers, employees and staff, as applicable, may serve on the board of directors of the Company’s portfolio investments. (Refer to “Note 3—Related-Party Arrangements”). All portfolio investments are considered Level 3 and valued using significant unobservable inputs, unless otherwise noted. (Refer to “Note 4—Investments at Fair Value”). All of the Company’s portfolio investments are restricted as to resale, unless otherwise noted, and were valued at fair value as determined in good faith by the Company’s Board of Directors. (Refer to “Note 2—Significant Accounting Policies—Investments at Fair Value”).
[2]	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”).
[3]	ARK Type One Deep Ventures Fund LLC is an investment fund for which the Class A Interest is solely invested in the Series A-2 Preferred Shares of OpenAI Global, LLC. SuRo Capital Corp. is invested in the Series A-2 Preferred Shares of OpenAI Global, LLC through its investment in the Class A Interest of ARK Type One Deep Ventures Fund LLC. ARK Type One Deep Ventures Fund LLC charges a 1% management fee per year, and an incentive fee of 10%, not subject to a hurdle rate. The management fees will adjust the cost of SuRo Capital’s investment in the fund.
[4]	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, 2025, 32.70% of its total investments are non-qualifying assets, excluding cash and short-term US treasuries.
[5]	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.
[6]	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.
[7]	Represents the respective number of shares, principal amount, initial or remaining fund investment, or membership interest as of December 31, 2025. For fund investments, the initial committed amount may be reduced by distributions classified as Return of Capital.
[8]	Represents the respective number of shares, principal amount, fund commitment, or membership interest.
[9]	Investment is income-producing.
[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, Inc. SuRo Capital is invested in the Class A Common Shares of CoreWeave, Inc. through its investment in the Class A Interest of CW Opportunity 2 LP. On March 28, 2025, CoreWeave, Inc. completed an IPO and the Series C Preferred Shares converted to Class A Common Shares. Prior to the IPO, SuRo Capital was invested in the Series C Preferred Shares of CoreWeave, Inc. through its investment in the Class A Interest of CW Opportunity 2 LP. Additionally, prior to the IPO, the Series C Preferred Shares of CoreWeave, Inc. accrued a 10% per annum dividend, paid quarterly in cash or in-kind. CW Opportunity 2 LP does not charge a management fee but does charge an incentive fee of 20%, subject to an annual 15% IRR hurdle rate. During the year ended December 31, 2025, SuRo Capital received distributions as part of its investment in CW Opportunity 2 LP. The distributions represented approximately 31.9% of the initial investment in CW Opportunity 2, LP. As of December 31, 2025, SuRo Capital retains approximately 68.1% of its investment in CW Opportunity 2, LP.
[11]	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.
[12]	Investment is income-producing.
[13]	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.
[14]	IH10, LLC’s sole portfolio asset is interest in the Series B Preferred Shares of VAST Data, Ltd. through an SPV. SuRo Capital is invested in the Series B Preferred Shares of VAST Data, Ltd. through its investment in the Membership Interest of IH10, LLC. IH10, LLC does not charge a management fee or an incentive fee; however, SuRo Capital has prepaid operating expenses.
[15]	SuRo Capital’s investment in the Class A Common Shares of Plaid Inc. was made through 1789 Capital Nirvana II LP, an SPV in which SuRo Capital is the Sole Limited Partner. 1789 Capital Nirvana II LP is a wholly owned subsidiary of SuRo Capital. SuRo Capital paid a 7% origination fee at the time of investment.
[16]	Denotes an investment considered Level 1 or Level 2 and valued using observable inputs. Refer to “Note 4—Investments at Fair Value”.
[17]	On July 15, 2025, Colombier Acquisition Corp. II (“Colombier”) stockholders approved a business combination with GrabAGun Digital Holdings Inc. and related proposals at a special meeting. On July 16, 2025, GrabAGun Digital Holdings, Inc. announced that it had consummated the business combination with Colombier pursuant to a merger agreement between the parties, creating the resultant combined company GrabAGun Digital Holdings, Inc. As of December 31, 2025, SuRo Capital’s shares of GrabAGun Digital Holdings, Inc. Common shares are subject to certain restrictions on transfer, while the GrabAGun Digital Holdings, Inc. warrants are freely tradable.
[18]	SuRo Capital’s investments in True Global Ventures 4 Plus Pte Ltd are held through SuRo Capital’s wholly owned subsidiary, GSVC SVDS Holdings, Inc. True Global Ventures 4 Plus Pte Ltd charges a 1.8% management fee and a 22.5% incentive fee, subject to an annual 5% IRR hurdle rate. The management fees may adjust the cost of SuRo Capital’s investment in the fund.
[19]	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.
[20]	SuRo Capital’s investments in Commercial Streaming Solutions Inc. (d/b/a BettorView), EDGE Markets, Inc., Xgroup Holdings Limited (d/b/a Xpoint), and Stake Trade, Inc. (d/b/a Prophet Exchange) are held through SuRo Capital’s wholly owned subsidiary, SuRo Capital Sports, LLC (“SuRo Capital Sports”).
[21]	SuRo Capital Corp.’s investments in Commercial Streaming Solutions Inc. (d/b/a BettorView), Rebric, Inc. (d/b/a Compliable), EDGE Markets, Inc., Xgroup Holdings Limited (d/b/a Xpoint), and Stake Trade, Inc. (d/b/a Prophet Exchange) are held through SuRo Capital Corp.’s wholly owned subsidiary, SuRo Capital Sports, LLC (“SuRo Capital Sports”).
[22]	On October 8, 2025, Stake Trade, Inc. (d/b/a Prophet Exchange) completed its Series B financing. As a result of the financing, the SAFE Note which SuRo Capital previously held in Stake Trade, Inc. (d/b/a Prophet Exchange) converted into Series B-IV Preferred shares.
[23]	SuRo Capital’s investment in Residential Homes for Rent, LLC (d/b/a Second Avenue) is held through SuRo Capital’s wholly owned subsidiary, GSVC AV Holdings, Inc.
[24]	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.
[25]	Denotes an investment considered Level 1 or Level 2 and valued using observable inputs. Refer to “Note 4—Investments at Fair Value”.
[26]	On March 30, 2025, CTN Holdings, Inc. (d/b/a Catona Climate) filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Delaware. On June 5, 2025, the US Bankruptcy Court for the District of Delaware approved the sale of the remaining assets of CTN Holdings, Inc. On August 7, 2025, CTN Holdings, Inc. (d/b/a Catona Climate) converted its bankruptcy filing from Chapter 11 reorganization to Chapter 7 liquidation.
[27]	As of December 31, 2025, the investments noted had been placed on non-accrual status.
[28]	On November 9, 2021, Fullbridge, Inc.’s obligations under its financing arrangements with the Company became past due.
[29]	As of December 31, 2024, the investments noted had been placed on non-accrual status.
[30]	On November 9, 2021, Fullbridge, Inc.’s obligations under its financing arrangements with the Company became past due.
[31]	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 previously held in Commercial Streaming Solutions, Inc. (d/b/a BettorView) converted into Class A-1 Preferred shares.
[32]	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.
[33]	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.
[34]	i.e.
[35]	“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. 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”.
[36]	SuRo Capital’s investments in StormWind, LLC are held through SuRo Capital’s wholly owned subsidiary, GSVC SW Holdings, Inc.
[37]	SuRo Capital Corp.’s investments in StormWind, LLC are held through SuRo Capital Corp.’s wholly owned subsidiary, GSVC SW Holdings, Inc.
[38]	“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”.
[39]	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.

Consolidated Statements of Cash Flows (Parenthetical)	12 Months Ended
Consolidated Statements of Cash Flows (Parenthetical)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Short-Term Debt [Line Items]
Interest rate	6.00%	6.00%
6.00% Convertible Senior Notes [Member]
Short-Term Debt [Line Items]
Interest rate	6.00%	6.00%	6.00%
Debt instrument maturity date, description	due 2026	due 2026	due 2026
6.50% Convertible Senior Notes [Member]
Short-Term Debt [Line Items]
Interest rate	6.50%	6.50%	6.50%
Debt instrument maturity date, description	due 2029	due 2029	due 2029

SCHEDULE OF PROVISION FOR INCOME TAXES (Details)	12 Months Ended
SCHEDULE OF PROVISION FOR INCOME TAXES (Details)	Dec. 31, 2025 USD ($)
Income Tax Disclosure [Abstract]
Federal
Federal - Blocker Corporation	(201,443)
State	4,989
Total Income Tax Expense from Continuing Operations	$ (196,454)

DEBT CAPITAL ACTIVITIES (Details Narrative) - USD ($)								12 Months Ended
DEBT CAPITAL ACTIVITIES (Details Narrative) - USD ($)	Nov. 21, 2025	Jul. 21, 2025	Jan. 16, 2025	Oct. 09, 2024	Aug. 14, 2024	Dec. 21, 2021	Dec. 17, 2021	Dec. 31, 2025	Oct. 29, 2025	Dec. 31, 2024	Aug. 06, 2024
Short-Term Debt [Line Items]
Debt instrument, interest rate								6.00%		6.00%
Deferred debt issuance costs								$ 1,056,167		$ 1,417,155
Debt instrument face amount								$ 35,829,825		44,667,400
Maturity date								Dec. 30, 2026
Cash dividend per share	$ 0.25	$ 0.25
Note Repurchase Program [Member]
Short-Term Debt [Line Items]
Note repurchase program									$ 40,000,000.0
Debt instrument face amount								$ 35,800,000
6.00% Notes due 2026 [Member]
Short-Term Debt [Line Items]
Proceeds from debt							$ 70,000,000.0
Debt instrument, issuance date							Mar. 28, 2018
Debt instrument, interest rate							6.00%
Debt instrument, frequency of periodic payment description							payable quarterly in arrears on March 30, June 30, September 30, and December 30 of each year, commencing on March 30, 2022.
Debt instrument, notes redeem, description							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.
Deferred debt issuance costs								$ 187,676		$ 468,562
Closing market price, per note								$ 25.00		$ 24.50
Debt instrument, fair value								$ 35,800,000		$ 43,800,000
Note repurchase program											$ 35,000,000.0
Percentage of repurchase amount											6.00%
Repurchase amount								8,800,000		30,300,000
Debt instrument face amount								35,829,825		44,667,400
6.00% Notes due 2026 [Member] \| Over-Allotment Option [Member]
Short-Term Debt [Line Items]
Proceeds from debt						$ 5,000,000.0
6.50% Notes due 2029 [Member]
Short-Term Debt [Line Items]
Proceeds from debt			$ 5,000,000.0	$ 5,000,000.0	$ 25,000,000.0			35,000,000.0
Debt instrument, interest rate					6.50%
Debt instrument, frequency of periodic payment description					payable quarterly in arrears on March 30, June 30, September 30, and December 30 of each year, commencing on September 30, 2024.
Debt instrument face amount								$ 35,000,000		$ 30,000,000
Maturity date					Aug. 14, 2029
Debt Conversion, Description	the conversion rate applicable to the 6.50% Convertible Notes due 2029 was adjusted to $7.32 per share (136.5633 shares of the Company’s common stock per $1,000 principal amount of the 6.50% Convertible Notes due 2029) from the most recent conversion price of $7.53 per share (132.7530 shares of the Company’s common stock per $1,000 principal amount of the 6.50% Convertible Notes due 2029), which had been effective since July 21, 2025. The adjustment to the conversion rate of the 6.50% Convertible Notes due 2029 was made pursuant to the Notes Purchase Agreement governing the 6.50% Convertible Notes due 2029 as a result of the Company’s cash dividend of $0.25 per share, paid on December 5, 2025 to stockholders of record as of the close of business on November 21, 2025.				The 6.50% Convertible Notes due 2029 are convertible into shares of our common stock at the Purchaser’s sole discretion at an initial conversion rate of 129.0323 shares of common stock per $1,000 principal amount of the 6.50% Convertible Notes due 2029, subject to adjustment as provided in the Notes Purchase Agreement.
Increase in interest rate					7.00%
6.50% Convertible Notes Due 2029 [Member]
Short-Term Debt [Line Items]
Debt Conversion, Description		the conversion rate applicable to the 6.50% Convertible Notes due 2029 was adjusted to $7.53 per share (132.7530 shares of the Company’s common stock per $1,000 principal amount of the 6.50% Convertible Notes due 2029) from the initial conversion price of $7.75 per share (129.0323 shares of the Company’s common stock per $1,000 principal amount of the 6.50% Convertible Notes due 2029), which had been effective since issuance.

SCHEDULE OF INVESTMENTS (Details) (Parenthetical)	Mar. 10, 2026 shares
GrabAGun Digital Holdings Inc. [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Common Stock, Capital Shares Reserved for Future Issuance	933,420

SCHEDULE OF AGGREGATE VALUE OF ASSETS AND LIABILITIES (Details) - USD ($)

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

$ 191,789,622

$ 168,568,251

(12,043,648)

(12,896,367)

12,061,624

75,230,580

(16,324,378)

^[1]

44,054

^[2]

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

10,393,025

(14,448,898)

35,425,997

(10,957,286)

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

221,302,242

191,789,622

34,436,869

(27,210,597)

Preferred Stock [Member] | Fair Value, Inputs, Level 3 [Member]

(13,750,712)

Impairment Effects on Earnings Per Share [Line Items]

^[3]

151,003,991

^[4]

122,744,564

(5,221,824)

^[4]

^[3]

5,330,509

^[4]

60,155,557

^[3]

^[4]

(15,768,763)

^[1],[4]

136,114

^[2],[3]

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

(1,002,755)

^[4]

(7,533,623)

^[3]

35,290,073

^[4]

(24,123,671)

^[3]

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

^[4]

169,631,231

151,003,991

^[3]

34,444,974

^[4]

(32,741,143)

^[3]

Common Stock [Member] | Fair Value, Inputs, Level 3 [Member]

^[3]

(374,950)

Impairment Effects on Earnings Per Share [Line Items]

^[5]

35,922,154

^[6]

39,086,792

(6,323,519)

^[6]

(12,896,367)

^[5]

5,395,541

^[6]

15,061,793

^[5]

^[6]

(16,324,378)

17,775,155

^[1],[6]

^[2],[5]

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

11,395,780

^[6]

(222,565)

^[5]

(1,127,604)

^[6]

5,268,263

^[5]

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

^[6]

46,713,129

35,922,154

^[5]

(1,127,603)

^[6]

5,418,630

^[5]

Impairment Effects on Earnings Per Share [Line Items]

^[5]

(10,375,762)

Options [Member]

^[7]

4,357,138

Options [Member] | Fair Value, Inputs, Level 3 [Member]

4,201,543

^[8]

4,357,138

^[7]

Impairment Effects on Earnings Per Share [Line Items]

^[9]

4,357,138

^[10]

3,638,161

(498,305)

^[10]

^[9]

1,083,211

^[10]

13,230

^[9]

^[10]

(2,006,392)

^[1],[10]

1,246,916

^[2],[9]

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

^[10]

(7,076,812)

^[9]

1,265,891

^[10]

8,121,365

^[9]

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

^[10]

4,201,543

4,357,138

^[9]

1,121,861

^[10]

111,916

^[9]

Debt Investments [Member]

^[9]

(1,585,722)

Impairment Effects on Earnings Per Share [Line Items]

506,339

Debt Investments [Member] | Fair Value, Inputs, Level 3 [Member]

756,339

506,339

Impairment Effects on Earnings Per Share [Line Items]

506,339

3,098,734

252,363

^[1]

(1,338,976)

^[2]

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

384,102

(2,363)

(223,243)

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

756,339

506,339

$ (2,363)

Organization, Consolidation and Presentation of Financial Statements [Abstract]

$ (1,414,278)

[1]	During the year ended December 31, 2025, the Company’s portfolio investments had the following corporate actions which are reflected above:
[2]	During the year ended December 31, 2024, the Company’s portfolio investments had the following corporate actions which are reflected above:
[3]	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.
[4]	Preferred Stock also includes the Company’s investment in the Class A Interest of ARK Type One Deep Ventures Fund LLC which is invested in the Series A-2 Preferred Shares of OpenAI Global, LLC, and the Company’s investment in the Membership Interest of IH10, LLC which is invested in the Series B Preferred Shares of VAST Data, Ltd. through an SPV.
[5]	Common Stock also includes the Company’s Limited Partner Fund Investment in True Global Ventures 4 Plus Pte Ltd.
[6]	Common Stock in Private Portfolio Companies also includes the Company’s Limited Partner Fund Investment in True Global Ventures 4 Plus Pte Ltd. and the Company’s investment in the Class A Interest of CW Opportunity 2 LP which is invested in Class A Common Stock.
[7]	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).
[8]	Options in Private Portfolio Companies also includes the Company’s investments in the SAFEs of Orchard Technologies, Inc., PayJoy, Inc., and Whoop, Inc.
[9]	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).
[10]	Options in Private Portfolio Companies also includes the Company’s investments in the SAFEs of Orchard Technologies, Inc., PayJoy, Inc., and Whoop, Inc.

NATURE OF OPERATIONS

12 Months Ended

Dec. 31, 2025

NATURE OF OPERATIONS

NOTE 1—NATURE OF OPERATIONS

SuRo Capital Corp. (“we”, “us”, “our”, the “Company” or “SuRo Capital”), formerly known as Sutter Rock Capital Corp. and GSV Capital Corp. and formed in September 2010 as a Maryland corporation, is an internally managed, non-diversified closed-end management investment company. The Company has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), and has elected to be treated, and intends to qualify annually, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

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

The table below displays the Company’s subsidiaries as of December 31, 2025, which, other than GSV Capital Lending, LLC (“GCL”), SuRo Capital Sports, LLC, 1789 Capital Nirvana II LP, and SRCI Advisors, LLC, are collectively referred to as the “Taxable Subsidiaries.” The Taxable Subsidiaries were formed to hold certain portfolio investments. The Taxable Subsidiaries, including their associated portfolio 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. Refer to “Note 2—Significant Accounting Policies—Basis of Consolidation” below for further detail.

SCHEDULE OF COMPANY’S SUBSIDIARIES

Subsidiary	Jurisdiction of Incorporation	Formation Date	Percentage Owned
GCL	Delaware	April 13, 2012		100	%
SuRo Capital Sports, LLC (“SuRo Capital Sports”)	Delaware	March 19, 2021		100	%
1789 Capital Nirvana II LP	Delaware	March 27, 2025		100	%
SRCI Advisors, LLC	Delaware	September 9, 2025		100	%
Subsidiaries below are referred to collectively as the “Taxable Subsidiaries”
GSVC AE Holdings, Inc. (“GAE”)	Delaware	November 28, 2012		100	%
GSVC AV Holdings, Inc. (“GAV”)	Delaware	November 28, 2012		100	%
GSVC SW Holdings, Inc. (“GSW”)	Delaware	November 28, 2012		100	%
GSVC SVDS Holdings, Inc. (“SVDS”)	Delaware	August 13, 2013		100	%

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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2025

SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2025

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 12—SUBSEQUENT EVENTS

Portfolio Activity

From January 1, 2026 through March 10, 2026, the Company made the following investments (not including capitalized transaction costs).

SCHEDULE OF INVESTMENTS BY COMPANY

Portfolio Company	Investment	Transaction Date	Amount
Magnetar Opportunity 2025-4 LP ⁽¹⁾	Class A Interest	1/2/2026	$	5,000,000
Total			$	5,000,000

(1)

Magnetar Opportunity 2025-4 LP is a special purpose vehicle invested in TensorWave, Inc. On December 31, 2025, SuRo Capital committed up to $20.0 million to Magnetar Opportunity 2025-4 LP. As of March 10, 2026, $5.0 million of the $20.0 million capital commitment to Magnetar Opportunity 2025-4 LP had been funded. The remaining commitment of up to $15.0 million is subject to the satisfaction of certain conditions.

From January 1, 2026 through March 10, 2026, the Company exited or received proceeds from the following investments.

SCHEDULE OF INVESTMENTS

Portfolio Company	Transaction Date	Quantity		Average Net Share Price ⁽¹⁾		Net Proceeds		Realized Gain
GrabAGun Digital Holdings Inc. - Common Shares⁽²⁾	Various		106,580	$	3.07	$	327,016	$	213,906
True Global Ventures 4 Plus Pte Ltd	3/5/2026		N/A		N/A		245,926		—
Total						$	572,942	$	213,906

(1)	The average net share price is the net share price realized after deducting all commissions and fees on the sale(s), if applicable.
(2)	As of March 10, 2026, we continue to hold 933,420 shares of GrabAGun Digital Holdings, Inc.

On February 26, 2026, SuRo Capital’s Whoop, Inc. SAFE Note converted into shares of Series G-2 Preferred Stock.

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.

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2025

SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

SCHEDULE OF DEFERRED FINANCING COSTS

	December 31, 2025		December 31, 2024
Deferred debt issuance costs	$	1,056,167	$	1,417,155
Deferred financing costs		508,310		526,261
Total	$	1,564,477	$	1,943,416

SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Accounting Policies [Abstract]
Escrow proceeds receivable		$ 45,298
Additional offering costs, rate	6.00%
Description for deferred financing costs	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.
Deferred financing costs	$ 508,310	526,261
Escrow deposits	$ 0	$ 0

FINANCIAL HIGHLIGHTS (Tables)

12 Months Ended

Dec. 31, 2025

Investment Company [Abstract]

SCHEDULE OF FINANCIAL HIGHLIGHTS

SCHEDULE OF FINANCIAL HIGHLIGHTS

	2025			2024			2023			2022			2021
	Year Ended December 31,
	2025			2024			2023			2022			2021
Per Basic Share Data
Net asset value at beginning of year	$	6.68		$	7.99		$	7.39		$	11.72		$	15.14
Net asset value	$	6.68		$	7.99		$	7.39		$	11.72		$	15.14
Net investment loss⁽¹⁾		(0.68	)		(0.58	)		(0.51	)		(0.49	)		(0.38	)
Net realized gain/(loss) on investments⁽¹⁾		1.37			(0.21	)		(0.46	)		(0.20	)		8.46
Realized loss on partial repurchase of 6.00% Notes due December 30, 2026⁽¹⁾		<(0.01)			(0.01	)		—			—			—
Net change in unrealized appreciation/(depreciation) of investments⁽¹⁾		1.33			(0.79	)		1.16			(3.72	)		(2.39	)
Dividends declared		(0.50	)		—			—			(0.11	)		(8.00	)
Issuance of common stock from stock dividend		—			—			—			—			0.74
Issuance of common stock from public offering⁽¹⁾		(0.03	)		—			—			0.01			0.01
Issuance of common stock from conversion of 4.75% Convertible Notes due 2023⁽¹⁾		—			—			—			—			(1.91	)
Repurchase of common stock⁽¹⁾		—			0.17			0.32			0.11			—
Stock-based compensation⁽¹⁾		(0.08	)		0.11			0.09			0.07			0.05
Net asset value at end of year	$	8.09		$	6.68		$	7.99		$	7.39		$	11.72
Per share market value at end of year	$	9.44		$	5.88		$	3.94		$	3.80		$	12.95
Total return based on market value⁽²⁾		69.05	%		49.24	%		3.68	%		(69.45	)%		60.05	%
Total return based on net asset value⁽²⁾		28.59	%		(16.40	)%		8.12	%		(36.01	)%		30.25	%
Shares outstanding at end of year		25,377,756			23,601,566			25,445,805			28,429,499			31,118,556
Ratios/Supplemental Data:
Net assets at end of year	$	205,316,251		$	157,572,086		$	203,357,646		$	210,020,702		$	364,846,624
Average net assets	$	192,289,541		$	174,438,302		$	207,608,591		$	310,086,061		$	396,209,139
Ratio of net operating expenses to average net assets⁽³⁾		9.46	%		10.68	%		9.70	%		5.87	%		2.88	%
Ratio of net investment loss to average net assets⁽³⁾		(8.59	)%		(8.00	)%		(6.51	)%		(4.76	)%		(2.51	)%
Portfolio Turnover Ratio		5.27	%		13.73	%		9.34	%		4.31	%		28.34	%

(1)	Based on weighted-average number of shares outstanding for the relevant period.
(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. 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)	For the year ended December 31, 2021, the Company excluded $100,274 of non-recurring expenses. Because the ratios are calculated for the Company’s common stock taken as a whole, an individual investor’s ratios may vary from these ratios.

SELECTED QUARTERLY FINANCIAL DATA (Tables)

12 Months Ended

Dec. 31, 2025

Quarterly Financial Information Disclosure [Abstract]

SCHEDULE OF QUARTERLY FINANCIAL DATA


	Quarter Ended
	December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
Total Investment Income	$	560,631		$	459,269		$	167,304		$	499,094
Total Operating Expenses		6,230,531			3,914,084			3,889,464			4,160,863
Net Investment Loss		(5,669,900	)		(3,454,815	)		(3,722,160	)		(3,661,769	)
Net Realized Gain/(Loss) on Investments		6,832,098			5,196,799			21,212,611			(17,951	)
Loss on Extinguishment of Debt		(5,342	)		—			—			(15,873	)
Net Change in Unrealized Appreciation/(Depreciation) of Investments		(21,286,968	)		5,675,109			44,837,619			2,888,878
Net Increase/(Decrease) in Net Assets Resulting from Operations	$	(20,130,112	)	$	7,417,093		$	62,328,070		$	(806,715	)
Net Increase/(Decrease) in Net Assets from Operations per Common Share:
Basic	$	(0.80	)	$	0.30		$	2.63		$	(0.03	)
Diluted	$	(0.80	)	$	0.28		$	2.23		$	(0.03	)
Weighted Average Common Shares Outstanding–Basic		25,212,863			24,371,533			23,728,095			23,571,840
Weighted Average Common Shares Outstanding–Diluted		25,212,863			28,989,579			28,244,225			23,571,840


	Quarter Ended
	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Total Investment Income	$	1,229,266		$	888,717		$	1,027,353		$	1,528,091
Total Operating Expenses		5,094,153			4,096,590			4,682,978			4,750,993
Net Investment Loss		(3,864,887	)		(3,207,873	)		(3,655,625	)		(3,222,902	)
Net Realized Gain/(Loss) on Investments		9,146,884			(13,713,512	)		(29,612	)		(424,074	)
Loss on Extinguishment of Debt		(38,424	)		(145,244	)		—			—
Net Change in Unrealized Appreciation/(Depreciation) of Investments		(5,199,046	)		11,614,384			(6,965,946	)		(18,418,370	)
Net Increase/(Decrease) in Net Assets Resulting from Operations	$	44,527		$	(5,452,245	)	$	(10,651,183	)	$	(22,065,346	)
Net Increase/(Decrease) in Net Assets from Operations per Common Share:
Basic	$	—		$	(0.23	)	$	(0.45	)	$	(0.87	)
Diluted	$	—		$	(0.23	)	$	(0.45	)	$	(0.87	)
Weighted Average Common Shares Outstanding–Basic		23,436,365			23,378,002			23,410,235			25,393,490
Weighted Average Common Shares Outstanding–Diluted		23,436,365			23,378,002			23,410,235			25,393,490


	Quarter Ended
	December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023
Total Investment Income	$	2,459,734		$	1,465,746		$	1,372,218		$	1,299,082
Total Operating Expenses		5,203,812			4,134,172			5,177,558			5,520,847
Net Investment Loss		(2,744,078	)		(2,668,426	)		(3,805,340	)		(4,221,765	)
Net Realized Gain/(Loss) on Investments		2,594,633			(1,461,281	)		(13,270,199	)		189,343
Net Change in Unrealized Appreciation/(Depreciation) of Investments		(8,973,578	)		29,323,067			1,455,515			8,648,931
Net Increase/(Decrease) in Net Assets Resulting from Operations	$	(9,123,023	)	$	25,193,360		$	(15,620,024	)	$	4,616,509
Net Increase/(Decrease) in Net Assets from Operations per Common Share:
Basic	$	(0.36	)	$	0.99		$	(0.60	)	$	0.16
Diluted	$	(0.36	)	$	0.99		$	(0.60	)	$	0.16
Weighted Average Common Shares Outstanding–Basic		25,251,921			25,351,306			25,952,447			28,378,529
Weighted Average Common Shares Outstanding–Diluted		25,251,921			25,351,306			25,952,447			28,378,529

DEBT CAPITAL ACTIVITIES (Tables)

12 Months Ended

Dec. 31, 2025

6.00% Notes due 2026 [Member]

SCHEDULE OF RECONCILIATION FROM AGGREGATE PRINCIPAL AMOUNT OF 6.00% NOTES DUE 2026

		2025			2024
		2025			2024
Aggregate principal amount of 6.00% Notes due 2026	$	35,829,825		$	44,667,400
Direct deduction of deferred debt issuance costs		(187,676	)		(468,562	)
Total	$	35,642,149		$	44,198,838

6.50% Notes due 2029 [Member]

SCHEDULE OF RECONCILIATION FROM AGGREGATE PRINCIPAL AMOUNT OF 6.50% CONVERTIBLE NOTES DUE 2029

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.

	2025			2024
	2025			2024
Aggregate principal amount of 6.50% Convertible Notes due 2029	$	35,000,000		$	30,000,000
Direct deduction of deferred debt issuance costs		(868,491	)		(948,592	)
Total	$	34,131,509		$	29,051,408

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION

	Year Ended December 31, 2025
Reconciling Item	Amount			Percentage
U.S. federal statutory income tax at 21%	$	10,249,751			21.00	%
Dividends-paid deduction / RIC qualification		(10,249,751	)		(21.00	)%
State and local income taxes, net of federal benefit		4,989			0.01	%
Blocker corporation income taxes (refund)		(201,443	)		(0.41	)%
Nondeductible expenses and other, net		—			—	%
Effective income tax expense	$	(196,454	)		(0.40	)%

SCHEDULE OF FEDERAL INCOME TAX

Cash paid for income taxes represents amounts paid by the Company’s taxable subsidiaries, as the Company’s RIC income is generally not subject to U.S. federal income tax. In accordance with ASU 2023-09, cash income taxes paid are disaggregated by jurisdiction for the years presented below.

SCHEDULE OF FEDERAL INCOME TAX

	Year Ended December 31, 2025
	Amount
Federal	$	—
Federal - Blocker Corporation		(201,443	)
State		4,989
Total Cash Taxes Paid	$	(196,454	)

SCHEDULE OF AGGREGATE INCOME TAX

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

SCHEDULE OF AGGREGATE INCOME TAX

	Year Ended December 31, 2025
	Amount
California	$	4,800
Total Cash Taxes Paid	$	4,800

SCHEDULE OF PROVISION FOR INCOME TAXES

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

SCHEDULE OF PROVISION FOR INCOME TAXES

	Year Ended December 31, 2025
	Amount
Federal	$	—
Federal - Blocker Corporation		(201,443	)
State		4,989
Total Income Tax Expense from Continuing Operations	$	(196,454	)

SCHEDULE OF RECLASSIFICATION OF BOOK/TAX DIFFERENCES

	2025			2024
	Year Ended December 31,
	2025			2024
Capital in excess of par value	$	(20,177,179	)	$	(14,096,863	)
Accumulated undistributed net investment loss		16,842,904			13,953,206
Accumulated net realized gains from investments		3,334,275			143,657

SCHEDULE OF TAX CHARACTER OF DISTRIBUTIONS

	2025		2024		2023
	Year Ended December 31,
	2025		2024		2023
Ordinary income	$	—	$	—	$	—
Long-term capital gain		12,253,448		—		—
Return of capital		—		—		—
Distributions on a tax basis		—		—		—

SCHEDULE OF COMPONENTS OF DISTRIBUTED EARNINGS ON A TAX BASIS

	2025			2024
	Year Ended December 31,
	2025			2024
Undistributed ordinary loss	$	—		$	—
Accumulated net realized gains/(losses) on investments		262,211			(21,758,298	)
Unrealized appreciation/(depreciation) on investments		(8,702,422	)		(43,182,874	)
Components of distributable earnings at year-end	$	(8,440,211	)	$	(64,941,172	)

Condensed Consolidated Schedule of Investments (Unaudited) (Parenthetical)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Investment owned, net assets, percentage	109.80%	132.90%
Management fee percentage	1.00%	1.00%
Incentive fee percentage	10.00%	10.00%
Origination fee percentage	7.00%
CW Opportunity 2 LP [Member]
Initial investment percentage	31.90%
Retains investment percentage	68.10%
Series C Preferred Stock [Member]
Incentive fee percentage	20.00%	20.00%
Preferred dividend, percentage	10.00%
Hurdle rate percentage	15.00%	15.00%
Limited Partner Fund Investment [Member]
Management fee percentage	1.80%	1.80%
Incentive fee percentage	22.50%	22.50%
Hurdle rate percentage	5.00%	5.00%
Non-Qualifying Assets [Member]
Investment owned, net assets, percentage	32.70%	39.56%

COMMON STOCK (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

SCHEDULE OF SHARES SOLD UNDER ATM PROGRAM

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

	2025		2024
	Year Ended December 31,
	2025		2024
Number of shares sold		1,237,579		—
Gross proceeds received	$	10,877,775	$	—
Net proceeds received	$	10,678,099	$	—
Weighted average price per share	$	8.79	$	—

SCHEDULE OF COMPANY’S SUBSIDIARIES (Details)	12 Months Ended
SCHEDULE OF COMPANY’S SUBSIDIARIES (Details)	Dec. 31, 2025
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Jurisdiction of Incorporation	MD
GCL [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Jurisdiction of Incorporation	DE
Formation Date	Apr. 13, 2012
Percentage Owned	100.00%
SuRo Capital Sports, LLC ("SuRo Sports") [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Jurisdiction of Incorporation	DE
Formation Date	Mar. 19, 2021
Percentage Owned	100.00%
1789 Capital Nirvana II LP [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Jurisdiction of Incorporation	DE
Formation Date	Mar. 27, 2025
Percentage Owned	100.00%
SRCI Advisors LLC [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Jurisdiction of Incorporation	DE
Formation Date	Sep. 09, 2025
Percentage Owned	100.00%
GSVC AE Holdings, Inc. ("GAE") [Member] \| Taxable Subsidiaries [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Jurisdiction of Incorporation	DE
Formation Date	Nov. 28, 2012
Percentage Owned	100.00%
GSVC AV Holdings, Inc. ("GAV") [Member] \| Taxable Subsidiaries [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Jurisdiction of Incorporation	DE
Formation Date	Nov. 28, 2012
Percentage Owned	100.00%
GSVC SW Holdings, Inc. ("GSW") [Member] \| Taxable Subsidiaries [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Jurisdiction of Incorporation	DE
Formation Date	Nov. 28, 2012
Percentage Owned	100.00%
GSVC SVDS Holdings, Inc. ("SVDS") [Member] \| Taxable Subsidiaries [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Jurisdiction of Incorporation	DE
Formation Date	Aug. 13, 2013
Percentage Owned	100.00%

SCHEDULE OF FAIR VALUE OF INVESTMENT VALUATION INPUTS (Details) - USD ($)

Dec. 31, 2025

Dec. 31, 2024

Private Portfolio Companies [Member]

$ 225,511,505

$ 209,380,742

Private Portfolio Companies [Member] | Preferred Stock [Member]

221,302,242

191,789,622

Private Portfolio Companies [Member] | Common Stock [Member]

169,631,231

^[1]

151,003,991

^[2]

Private Portfolio Companies [Member] | Options Held [Member]

46,713,129

^[3]

35,922,154

^[4]

Private Portfolio Companies [Member] | Debt Investments [Member]

4,201,543

^[5]

4,357,138

^[6]

Publicly Traded Portfolio Companies [Member]

756,339

506,339

Publicly Traded Portfolio Companies [Member] | Common Stock [Member]

4,209,263

17,591,120

Publicly Traded Portfolio Companies [Member] | Options Held [Member]

3,586,956

16,154,290

Fair Value, Inputs, Level 1 [Member]

622,307

1,436,830

Fair Value, Inputs, Level 1 [Member] | Private Portfolio Companies [Member]

4,209,263

3,563,407

Fair Value, Inputs, Level 1 [Member] | Private Portfolio Companies [Member] | Preferred Stock [Member]

Fair Value, Inputs, Level 1 [Member] | Private Portfolio Companies [Member] | Common Stock [Member]

^[1]

^[2]

Fair Value, Inputs, Level 1 [Member] | Private Portfolio Companies [Member] | Options Held [Member]

^[3]

^[4]

Fair Value, Inputs, Level 1 [Member] | Private Portfolio Companies [Member] | Debt Investments [Member]

^[5]

^[6]

Fair Value, Inputs, Level 1 [Member] | Publicly Traded Portfolio Companies [Member]

Fair Value, Inputs, Level 1 [Member] | Publicly Traded Portfolio Companies [Member] | Common Stock [Member]

4,209,263

3,563,407

Fair Value, Inputs, Level 1 [Member] | Publicly Traded Portfolio Companies [Member] | Options Held [Member]

3,586,956

2,126,577

Fair Value, Inputs, Level 2 [Member]

622,307

1,436,830

Fair Value, Inputs, Level 2 [Member] | Private Portfolio Companies [Member]

14,027,713

Fair Value, Inputs, Level 2 [Member] | Private Portfolio Companies [Member] | Preferred Stock [Member]

Fair Value, Inputs, Level 2 [Member] | Private Portfolio Companies [Member] | Common Stock [Member]

^[1]

^[2]

Fair Value, Inputs, Level 2 [Member] | Private Portfolio Companies [Member] | Options Held [Member]

^[3]

^[4]

Fair Value, Inputs, Level 2 [Member] | Private Portfolio Companies [Member] | Debt Investments [Member]

^[5]

^[6]

Fair Value, Inputs, Level 2 [Member] | Publicly Traded Portfolio Companies [Member]

Fair Value, Inputs, Level 2 [Member] | Publicly Traded Portfolio Companies [Member] | Common Stock [Member]

14,027,713

Fair Value, Inputs, Level 2 [Member] | Publicly Traded Portfolio Companies [Member] | Options Held [Member]

14,027,713

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 3 [Member] | Private Portfolio Companies [Member]

221,302,242

191,789,622

Fair Value, Inputs, Level 3 [Member] | Private Portfolio Companies [Member] | Preferred Stock [Member]

221,302,242

191,789,622

Fair Value, Inputs, Level 3 [Member] | Private Portfolio Companies [Member] | Common Stock [Member]

169,631,231

^[1]

151,003,991

^[2]

Fair Value, Inputs, Level 3 [Member] | Private Portfolio Companies [Member] | Options Held [Member]

46,713,129

^[3]

35,922,154

^[4]

Fair Value, Inputs, Level 3 [Member] | Private Portfolio Companies [Member] | Debt Investments [Member]

4,201,543

^[5]

4,357,138

^[6]

Fair Value, Inputs, Level 3 [Member] | Publicly Traded Portfolio Companies [Member]

756,339

506,339

Fair Value, Inputs, Level 3 [Member] | Publicly Traded Portfolio Companies [Member] | Common Stock [Member]

Fair Value, Inputs, Level 3 [Member] | Publicly Traded Portfolio Companies [Member] | Options Held [Member]

Organization, Consolidation and Presentation of Financial Statements [Abstract]

[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 Series A-2 Preferred Shares of OpenAI Global, LLC, and the Company’s investment in the Membership Interest of IH10, LLC which is invested in the Series B Preferred Shares of VAST Data, Ltd. through an SPV.
[2]	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.
[3]	Common Stock in Private Portfolio Companies also includes the Company’s Limited Partner Fund Investment in True Global Ventures 4 Plus Pte Ltd. and the Company’s investment in the Class A Interest of CW Opportunity 2 LP which is invested in Class A Common Stock.
[4]	Common Stock in Private Portfolio Companies also includes the Company’s Limited Partner Fund Investment in True Global Ventures 4 Plus Pte Ltd.
[5]	Options in Private Portfolio Companies also includes the Company’s investments in the SAFEs of Orchard Technologies, Inc., PayJoy, Inc., and Whoop, Inc.
[6]	Options in Private Portfolio Companies also includes the Company’s investments in the SAFEs of Commercial Streaming Solutions Inc. (d/b/a BettorView), PayJoy, Inc., and Stake Trade, Inc. (d/b/a Prophet Exchange).

NATURE OF OPERATIONS (Tables)

12 Months Ended

Dec. 31, 2025

SCHEDULE OF COMPANY’S SUBSIDIARIES

Subsidiary	Jurisdiction of Incorporation	Formation Date	Percentage Owned
GCL	Delaware	April 13, 2012		100	%
SuRo Capital Sports, LLC (“SuRo Capital Sports”)	Delaware	March 19, 2021		100	%
1789 Capital Nirvana II LP	Delaware	March 27, 2025		100	%
SRCI Advisors, LLC	Delaware	September 9, 2025		100	%
Subsidiaries below are referred to collectively as the “Taxable Subsidiaries”
GSVC AE Holdings, Inc. (“GAE”)	Delaware	November 28, 2012		100	%
GSVC AV Holdings, Inc. (“GAV”)	Delaware	November 28, 2012		100	%
GSVC SW Holdings, Inc. (“GSW”)	Delaware	November 28, 2012		100	%
GSVC SVDS Holdings, Inc. (“SVDS”)	Delaware	August 13, 2013		100	%

SCHEDULE OF AGGREGATE INCOME TAX (Details)	12 Months Ended
SCHEDULE OF AGGREGATE INCOME TAX (Details)	Dec. 31, 2025 USD ($)
Effective Income Tax Rate Reconciliation [Line Items]
Total Cash Taxes Paid	$ 4,800
UNITED STATES
Effective Income Tax Rate Reconciliation [Line Items]
Total Cash Taxes Paid	$ 4,800

SCHEDULE OF COMPONENTS OF DISTRIBUTED EARNINGS ON A TAX BASIS (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Undistributed ordinary loss
Accumulated net realized gains/(losses) on investments	262,211	(21,758,298)
Unrealized appreciation/(depreciation) on investments	(8,702,422)	(43,182,874)
Components of distributable earnings at year-end	$ (8,440,211)	$ (64,941,172)

STOCK-BASED COMPENSATION

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

NOTE 11—STOCK-BASED COMPENSATION

Second Amended and Restated 2019 Equity Incentive Plan

On May 28, 2025, the Company’s Board of Directors adopted, and the Company’s stockholders approved, an amendment and restatement of the Company’s Amended and Restated 2019 Equity Incentive Plan (the “Second Amended & Restated 2019 Equity Incentive Plan”) under which the Company is authorized to grant equity awards for up to 2,390,186 shares of its common stock. In accordance with the exemptive relief granted to the Company by the SEC on June 16, 2020 with respect to the Second Amended & Restated 2019 Equity Incentive Plan, the Company is generally authorized to (i) issue restricted shares as part of the compensation package for certain of its employees, officers and all directors, including non-employee directors (collectively, the “Participants”), (ii) issue options to acquire shares of its common stock (“Options”) to certain employees, officers and employee directors as a part of such compensation packages, (iii) withhold shares of the Company’s common stock or purchase shares of common stock from the Participants to satisfy tax withholding obligations relating to the vesting of restricted shares or the exercise of Options granted to the certain Participants pursuant to the Second Amended & Restated 2019 Equity Incentive Plan, and (iv) permit the Participants to pay the exercise price of Options granted to them with shares of the Company’s common stock.

Under the Second Amended & Restated 2019 Equity Incentive Plan, each non-employee director will receive an annual grant of $50,000 worth of restricted shares of common stock (based on the closing stock price of the common stock on the grant date). Each grant of $50,000 in restricted shares will vest, in full, if the non-employee director is in continuous service as a director of the Company through the anniversary of such grant (or, if earlier, the annual meeting of the Company’s stockholders that is closest to the anniversary of such grant). During the year ended December 31, 2025, the Company granted 31,248 restricted shares to the Company’s non-employee directors pursuant to the Second Amended & Restated 2019 Equity Incentive Plan. Additionally, on May 28, 2025, 48,192 restricted shares related to the 2024 non-employee director grants vested. Compensation expense associated with the restricted shares is recognized on a quarterly basis over the respective vesting periods.

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 restricted shares and Options 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 year ended December 31, 2025, the Company granted 525,421 restricted shares to the Company’s officers pursuant to the Second Amended & Restated 2019 Equity Incentive Plan.

For the years ended December 31, 2025 and 2024, the Company recognized stock-based compensation expense of $1,263,225 and $2,550,638, respectively, not including executive and employee forfeits. As of December 31, 2025 and December 31, 2024, there were approximately $8,012,148 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.

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2025

The following table summarizes the activities for the Company’s restricted share grants for the year ended December 31, 2025 under the Second Amended & Restated 2019 Equity Incentive Plan:

	Number of Restricted Shares
Outstanding as of December 31, 2024⁽¹⁾		532,136
Granted		697,169
Vested⁽²⁾		(217,132	)
Forfeited		(55,000	)
Outstanding as of December 31, 2025		957,173
Total vested since inception as of December 31, 2025		1,168,249

(1)

Not including unvested dividends.

(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.The Second Amended & Restated 2019 Equity Incentive Plan provides for the concept of “net share settlement.” Specifically, it provides that the Company is authorized to withhold the Common Stock at the time the restricted shares are vested and taxed in satisfaction of the Participant’s tax obligations.

SUBSEQUENT EVENTS (Tables)

12 Months Ended

Dec. 31, 2025

Subsequent Events [Abstract]

SCHEDULE OF INVESTMENTS BY COMPANY

From January 1, 2026 through March 10, 2026, the Company made the following investments (not including capitalized transaction costs).

SCHEDULE OF INVESTMENTS BY COMPANY

Portfolio Company	Investment	Transaction Date	Amount
Magnetar Opportunity 2025-4 LP ⁽¹⁾	Class A Interest	1/2/2026	$	5,000,000
Total			$	5,000,000

(1)

SCHEDULE OF INVESTMENTS

From January 1, 2026 through March 10, 2026, the Company exited or received proceeds from the following investments.

SCHEDULE OF INVESTMENTS

Portfolio Company	Transaction Date	Quantity		Average Net Share Price ⁽¹⁾		Net Proceeds		Realized Gain
GrabAGun Digital Holdings Inc. - Common Shares⁽²⁾	Various		106,580	$	3.07	$	327,016	$	213,906
True Global Ventures 4 Plus Pte Ltd	3/5/2026		N/A		N/A		245,926		—
Total						$	572,942	$	213,906

(1)	The average net share price is the net share price realized after deducting all commissions and fees on the sale(s), if applicable.
(2)	As of March 10, 2026, we continue to hold 933,420 shares of GrabAGun Digital Holdings, Inc.

SCHEDULE OF RECLASSIFICATION OF BOOK/TAX DIFFERENCES (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Capital in excess of par value	$ (20,177,179)	$ (14,096,863)
Accumulated undistributed net investment loss	16,842,904	13,953,206
Accumulated net realized gains from investments	$ 3,334,275	$ 143,657

SCHEDULE OF INVESTMENTS IN AND ADVANCES TO AFFILIATES (Details) - USD ($)

3 Months Ended

12 Months Ended

Dec. 31, 2025

Sep. 30, 2025

Jun. 30, 2025

Mar. 31, 2025

Dec. 31, 2024

Sep. 30, 2024

Jun. 30, 2024

Mar. 31, 2024

Dec. 31, 2023

Sep. 30, 2023

Jun. 30, 2023

Mar. 31, 2023

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Investments in and Advances to Affiliates [Line Items]

$ 209,380,742

$ (21,286,968)

$ 5,675,109

$ 44,837,619

2,888,878

$ (5,199,046)

$ 11,614,384

$ (6,965,946)

$ (18,418,370)

$ (8,973,578)

$ 29,323,067

$ 1,455,515

$ 8,648,931

32,114,638

$ (18,968,978)

$ 30,453,935

$ 225,511,505

$ 209,380,742

$ 225,511,505

$ 209,380,742

109.80%

132.90%

109.80%

132.90%

Controlled Investments [Member]

$ 6,832,098

$ 5,196,799

$ 21,212,611

(17,951)

$ 9,146,884

$ (13,713,512)

$ (29,612)

(424,074)

2,594,633

$ (1,461,281)

$ (13,270,199)

$ 189,343

$ 33,223,557

$ (5,020,314)

(11,947,504)

Investments in and Advances to Affiliates [Line Items]

^[2]

1,600,000

^[1],[3]

11,982,381

^[4]

1,600,000

^[1],[3]

11,982,381

^[4]

(1,602,940)

^[1],[3],[5]

^[2],[4]

2,940

^[1],[3]

6,785,776

^[2],[4]

^[1],[3]

$ 1,600,000

^[1],[2],[3]

11,982,381

^[2],[4]

^[1],[3]

$ 1,600,000

^[1],[2],[3]

11,982,381

^[2],[4]

^[1],[3]

1.02%

^[2],[4]

^[1],[3]

1.02%

^[2],[4]

^[2],[4]

$ (10,374,950)

^[2],[4]

(6,797,425)

^[2],[4]

955,628

Controlled Investments [Member] | Common Stock [Member]

^[2],[4]

4,218

Investments in and Advances to Affiliates [Line Items]

^[2]

1,101,695

^[1],[3]

11,101,695

^[4]

$ 1,101,695

^[1],[3]

11,101,695

^[4]

(1,103,719)

^[1],[3]

^[2],[4]

2,024

^[1],[3]

16,745

^[2],[4]

^[1],[3]

$ 1,101,695

^[1],[2],[3]

11,101,695

^[2],[4]

^[1],[3]

$ 1,101,695

^[1],[2],[3]

11,101,695

^[2],[4]

^[1],[3]

0.70%

^[2],[4]

^[1],[3]

0.70%

^[2],[4]

^[2],[4]

$ (10,000,000)

^[2],[4]

(16,745)

^[2],[4]

955,628

Controlled Investments [Member] | Options Held [Member]

^[2],[4]

Investments in and Advances to Affiliates [Line Items]

^[2]

498,305

^[1],[3]

498,305

^[4]

$ 498,305

^[1],[3]

498,305

^[4]

(499,221)

^[1],[3],[5]

^[2],[4],[6]

916

^[1],[3]

^[2],[4]

^[1],[3]

$ 498,305

^[1],[2],[3]

498,305

^[2],[4]

^[1],[3]

$ 498,305

^[1],[2],[3]

498,305

^[2],[4]

^[1],[3]

0.32%

^[2],[4]

^[1],[3]

0.32%

^[2],[4]

^[2],[4]

^[2],[4]

^[2],[4]

Controlled Investments [Member] | Preferred Stock [Member]

^[2],[4],[6]

Investments in and Advances to Affiliates [Line Items]

^[2],[4]

382,381

^[2],[4]

^[2],[4]

6,769,031

^[2],[4]

382,381

^[2],[4]

^[2],[4]

$ (374,950)

^[2],[4]

(6,780,680)

^[2],[4]

Non Controlled Affiliate Investments [Member]

^[2],[4]

4,218

Investments in and Advances to Affiliates [Line Items]

^[7]

9,268,827

^[1],[8]

24,931,333

^[4]

9,268,827

^[1],[8]

24,931,333

^[4]

1,000,000

^[1],[8]

(10,507,136)

^[4],[7]

(2,061,460)

^[1],[8]

4,429,926

^[4],[7]

$ 8,207,367

^[1],[8]

$ 9,268,827

^[1],[7],[8]

24,931,333

^[4],[7]

$ 8,207,367

^[1],[8]

$ 9,268,827

^[1],[7],[8]

24,931,333

^[4],[7]

4.00%

^[1],[8]

5.88%

^[4],[7]

4.00%

^[1],[8]

5.88%

^[4],[7]

^[4],[7]

$ (3,000,000)

^[4],[7]

(6,598,526)

^[4],[7]

Non Controlled Affiliate Investments [Member] | Common Stock [Member]

^[4],[7]

13,230

Investments in and Advances to Affiliates [Line Items]

^[7]

^[1],[8]

8,542,386

^[4]

^[1],[8]

8,542,386

^[4]

^[1],[8]

(8,542,386)

^[4],[7]

^[1],[8]

^[4],[7]

^[1],[8]

^[1],[7],[8]

8,542,386

^[4],[7]

^[1],[8]

^[1],[7],[8]

8,542,386

^[4],[7]

^[1],[8]

^[4],[7]

^[1],[8]

^[4],[7]

^[4],[7]

^[4],[7]

^[4],[7]

Non Controlled Affiliate Investments [Member] | Options Held [Member]

^[4],[7]

Investments in and Advances to Affiliates [Line Items]

^[4],[7]

2,585,677

^[4],[7]

(1,964,750)

^[4],[7]

7,934,193

^[4],[7]

2,585,677

^[4],[7]

^[4],[7]

$ (1,585,722)

^[4],[7]

(6,982,628)

^[4],[7]

Non Controlled Affiliate Investments [Member] | Options Held [Member] | Global Innovation Platform [Member]

^[4],[7]

13,230

Investments in and Advances to Affiliates [Line Items]

^[4],[7]

620,927

^[4],[7]

^[4],[7]

7,934,193

^[4],[7]

620,927

^[4],[7]

^[4],[7]

$ (1,585,722)

^[4],[7]

(6,982,628)

^[4],[7]

Non Controlled Affiliate Investments [Member] | Preferred Stock [Member]

^[4],[7]

13,230

Investments in and Advances to Affiliates [Line Items]

^[7]

9,268,827

^[1],[8]

12,535,875

^[4]

9,268,827

^[1],[8]

12,535,875

^[4]

1,000,000

^[1],[8]

^[4],[7]

(2,061,460)

^[1],[8]

(3,267,048)

^[4],[7]

$ 8,207,367

^[1],[8]

$ 9,268,827

^[1],[7],[8]

12,535,875

^[4],[7]

$ 8,207,367

^[1],[8]

$ 9,268,827

^[1],[7],[8]

12,535,875

^[4],[7]

4.00%

^[1],[8]

5.88%

^[4],[7]

4.00%

^[1],[8]

5.88%

^[4],[7]

^[4],[7]

^[4],[7]

^[4],[7]

Non Controlled Affiliate Investments [Member] | Preferred Stock [Member] | Knowledge Networks [Member]

^[4],[7]

Investments in and Advances to Affiliates [Line Items]

^[1],[7],[8]

^[1],[8]

^[4],[7]

^[1],[8]

^[4],[7]

^[1],[8]

^[7]

^[1],[8]

^[4],[7]

^[1],[8]

^[4],[7]

^[4],[7]

^[4],[7]

^[4],[7]

Non Controlled Affiliate Investments [Member] | Preferred Stock [Member] | Interactive Learning [Member]

^[4],[7]

Investments in and Advances to Affiliates [Line Items]

^[7]

9,268,827

^[1],[8]

12,535,875

^[4]

$ 9,268,827

^[1],[8]

12,535,875

^[4]

^[1],[8]

^[4],[7]

(1,411,460)

^[1],[8]

(3,267,048)

^[4],[7]

$ 7,857,367

^[1],[8]

$ 9,268,827

^[1],[7],[8]

12,535,875

^[4],[7]

$ 7,857,367

^[1],[8]

$ 9,268,827

^[1],[7],[8]

12,535,875

^[4],[7]

3.83%

^[1],[8]

5.88%

^[4],[7]

3.83%

^[1],[8]

5.88%

^[4],[7]

^[4],[7]

^[4],[7]

^[4],[7]

Non Controlled Affiliate Investments [Member] | Debt Investments [Member]

^[4],[7]

Investments in and Advances to Affiliates [Line Items]

^[4],[7]

1,267,395

^[4],[7]

^[4],[7]

(237,219)

^[4],[7]

1,267,395

^[4],[7]

^[4],[7]

$ (1,414,278)

^[4],[7]

384,102

^[4],[7]

Colombier Sponsor II LLC [Member] | Controlled Investments [Member] | Common Stock [Member]

^[4],[7]

Investments in and Advances to Affiliates [Line Items]

^{[1],[3],[5],[9]}

1,040,000

^{[2],[4],[6],[10]}

^{[1],[3],[5],[9]}

1,040,000

^{[2],[4],[6],[10]}

^[2],[6]

1,101,695

^{[1],[3],[5],[9]}

1,101,695

^[4],[10]

$ 1,101,695

^{[1],[3],[5],[9]}

$ 1,101,695

^[4],[10]

^[1],[3],[5]

(1,103,719)

2,024

^{[1],[3],[5],[9]}

^{[2],[4],[6],[10]}

^{[1],[3],[5],[9]}

$ 1,101,695

^{[1],[2],[3],[5],[6],[9]}

1,101,695

^{[2],[4],[6],[10]}

^{[1],[3],[5],[9]}

$ 1,101,695

^{[1],[2],[3],[5],[6],[9]}

1,101,695

^{[2],[4],[6],[10]}

^{[1],[3],[5],[9]}

0.70%

^{[2],[4],[6],[10]}

^{[1],[3],[5],[9]}

0.70%

^{[2],[4],[6],[10]}

^{[2],[4],[6],[10]}

^{[2],[4],[6],[10]}

^{[2],[4],[6],[10]}

Colombier Sponsor II LLC [Member] | Controlled Investments [Member] | Options Held [Member]

^{[2],[4],[6],[10]}

Investments in and Advances to Affiliates [Line Items]

^{[1],[3],[5],[9]}

1,600,000

^{[2],[4],[6],[10]}

^{[1],[3],[5],[9]}

1,600,000

^{[2],[4],[6],[10]}

^[2],[6]

498,305

^{[1],[3],[5],[9]}

498,305

^[4],[10]

$ 498,305

^{[1],[3],[5],[9]}

$ 498,305

^[4],[10]

(499,221)

^[1],[3],[5]

^[2],[4],[6]

916

^{[1],[3],[5],[9]}

^{[2],[4],[6],[10]}

^{[1],[3],[5],[9]}

$ 498,305

^{[1],[2],[3],[5],[6],[9]}

498,305

^{[2],[4],[6],[10]}

^{[1],[3],[5],[9]}

$ 498,305

^{[1],[2],[3],[5],[6],[9]}

498,305

^{[2],[4],[6],[10]}

^{[1],[3],[5],[9]}

0.32%

^{[2],[4],[6],[10]}

^{[1],[3],[5],[9]}

0.32%

^{[2],[4],[6],[10]}

^{[2],[4],[6],[10]}

^{[2],[4],[6],[10]}

^{[2],[4],[6],[10]}

Commercial Streaming Solutions Inc. (d/b/a BettorView) [Member] | Non Controlled Affiliate Investments [Member] | Preferred Stock [Member] | Series A1 Preferred Stock [Member] | Interactive Media and Services [Member]

^{[2],[4],[6],[10]}

Investments in and Advances to Affiliates [Line Items]

10,548,522

1,000,000

(650,000)

$ 350,000

Maven Research, Inc. [Member] | Non Controlled Affiliate Investments [Member] | Preferred Stock [Member] | Series C Preferred Stock [Member] | Knowledge Networks [Member]

0.17%

Investments in and Advances to Affiliates [Line Items]

318,979

^[1],[8]

318,979

^[4],[7]

318,979

^[1],[8]

318,979

^[4],[7]

^[7]

^[1],[8]

^[4]

^[1],[8]

^[4]

^[1],[8]

^[4],[7]

^[1],[8]

^[4],[7]

^[1],[8]

^[1],[7],[8]

^[4],[7]

^[1],[8]

^[1],[7],[8]

^[4],[7]

^[1],[8]

^[4],[7]

^[1],[8]

^[4],[7]

^[4],[7]

^[4],[7]

^[4],[7]

Maven Research, Inc. [Member] | Non Controlled Affiliate Investments [Member] | Preferred Stock [Member] | Series B Preferred Stock [Member] | Knowledge Networks [Member]

^[4],[7]

Investments in and Advances to Affiliates [Line Items]

49,505

^[1],[8]

49,505

^[4],[7]

49,505

^[1],[8]

49,505

^[4],[7]

^[7]

^[1],[8]

^[4]

^[1],[8]

^[4]

^[1],[8]

^[4],[7]

^[1],[8]

^[4],[7]

^[1],[8]

^[1],[7],[8]

^[4],[7]

^[1],[8]

^[1],[7],[8]

^[4],[7]

^[1],[8]

^[4],[7]

^[1],[8]

^[4],[7]

^[4],[7]

^[4],[7]

^[4],[7]

StormWind, LLC [Member] | Non Controlled Affiliate Investments [Member] | Preferred Stock [Member] | Preferred Shares, Series D 8% [Member] | Interactive Learning [Member]

^[4],[7]

Investments in and Advances to Affiliates [Line Items]

329,337

^[1],[8],[11]

329,337

^[4],[7],[12]

329,337

^[1],[8],[11]

329,337

^[4],[7],[12]

^[7],[12]

501,626

^[1],[8],[11]

653,975

^[4]

$ 501,626

^[1],[8],[11]

$ 653,975

^[4]

^[1],[8],[11]

^[4],[7],[12]

(65,820)

^[1],[8],[11]

(152,349)

^[4],[7],[12]

$ 435,806

^[1],[8],[11]

$ 501,626

^{[1],[7],[8],[11],[12]}

653,975

^[4],[7],[12]

$ 435,806

^[1],[8],[11]

$ 501,626

^{[1],[7],[8],[11],[12]}

653,975

^[4],[7],[12]

0.21%

^[1],[8],[11]

0.32%

^[4],[7],[12]

0.21%

^[1],[8],[11]

0.32%

^[4],[7],[12]

^[4],[7],[12]

^[4],[7],[12]

^[4],[7],[12]

StormWind, LLC [Member] | Non Controlled Affiliate Investments [Member] | Preferred Stock [Member] | Preferred Shares, Series C 8% [Member] | Interactive Learning [Member]

^[4],[7],[12]

Investments in and Advances to Affiliates [Line Items]

2,779,134

^[1],[8],[11]

2,779,134

^[4],[7],[12]

2,779,134

^[1],[8],[11]

2,779,134

^[4],[7],[12]

^[7],[12]

5,376,994

^[1],[8],[11]

6,804,933

^[4]

$ 5,376,994

^[1],[8],[11]

$ 6,804,933

^[4]

^[1],[8],[11]

^[4],[7],[12]

(616,911)

^[1],[8],[11]

(1,427,939)

^[4],[7],[12]

$ 4,760,083

^[1],[8],[11]

$ 5,376,994

^{[1],[7],[8],[11],[12]}

6,804,933

^[4],[7],[12]

$ 4,760,083

^[1],[8],[11]

$ 5,376,994

^{[1],[7],[8],[11],[12]}

6,804,933

^[4],[7],[12]

2.32%

^[1],[8],[11]

3.41%

^[4],[7],[12]

2.32%

^[1],[8],[11]

3.41%

^[4],[7],[12]

^[4],[7],[12]

^[4],[7],[12]

^[4],[7],[12]

StormWind, LLC [Member] | Non Controlled Affiliate Investments [Member] | Preferred Stock [Member] | Preferred Shares, Series B 8% [Member] | Interactive Learning [Member]

^[4],[7],[12]

Investments in and Advances to Affiliates [Line Items]

3,279,629

^[1],[8],[11]

3,279,629

^[4],[7],[12]

3,279,629

^[1],[8],[11]

3,279,629

^[4],[7],[12]

^[7],[12]

3,233,922

^[1],[8],[11]

4,751,064

^[4]

$ 3,233,922

^[1],[8],[11]

$ 4,751,064

^[4]

^[1],[8],[11]

^[4],[7],[12]

(655,449)

^[1],[8],[11]

(1,517,142)

^[4],[7],[12]

$ 2,578,473

^[1],[8],[11]

$ 3,233,922

^{[1],[7],[8],[11],[12]}

4,751,064

^[4],[7],[12]

$ 2,578,473

^[1],[8],[11]

$ 3,233,922

^{[1],[7],[8],[11],[12]}

4,751,064

^[4],[7],[12]

1.26%

^[1],[8],[11]

2.05%

^[4],[7],[12]

1.26%

^[1],[8],[11]

2.05%

^[4],[7],[12]

^[4],[7],[12]

^[4],[7],[12]

^[4],[7],[12]

StormWind, LLC [Member] | Non Controlled Affiliate Investments [Member] | Preferred Stock [Member] | Preferred Shares, Series A 8% [Member] | Interactive Learning [Member]

^[4],[7],[12]

Investments in and Advances to Affiliates [Line Items]

366,666

^[1],[8],[11]

366,666

^[4],[7],[12]

366,666

^[1],[8],[11]

366,666

^[4],[7],[12]

^[7],[12]

156,285

^[1],[8],[11]

325,903

^[4]

$ 156,285

^[1],[8],[11]

$ 325,903

^[4]

^[1],[8],[11]

^[4],[7],[12]

(73,280)

^[1],[8],[11]

(169,618)

^[4],[7],[12]

$ 83,005

^[1],[8],[11]

$ 156,285

^{[1],[7],[8],[11],[12]}

325,903

^[4],[7],[12]

$ 83,005

^[1],[8],[11]

$ 156,285

^{[1],[7],[8],[11],[12]}

325,903

^[4],[7],[12]

0.04%

^[1],[8],[11]

0.10%

^[4],[7],[12]

0.04%

^[1],[8],[11]

0.10%

^[4],[7],[12]

^[4],[7],[12]

^[4],[7],[12]

^[4],[7],[12]

Curious.com, Inc. [Member] | Non Controlled Affiliate Investments [Member] | Common Stock [Member] | Online Education [Member]

^[4],[7],[12]

Investments in and Advances to Affiliates [Line Items]

1,135,944

^[1],[8]

1,135,944

^[4],[7]

1,135,944

^[1],[8]

1,135,944

^[4],[7]

^[7]

^[1],[8]

^[4]

^[1],[8]

^[4]

^[1],[8]

^[4],[7]

^[1],[8]

^[4],[7]

^[1],[8]

^[1],[7],[8]

^[4],[7]

^[1],[8]

^[1],[7],[8]

^[4],[7]

^[1],[8]

^[4],[7]

^[1],[8]

^[4],[7]

^[4],[7]

^[4],[7]

^[4],[7]

SPBRX Inc [Member] | Controlled Investments [Member] | Common Stock [Member]

^[4],[7]

Investments in and Advances to Affiliates [Line Items]

^[2],[4]

^[2],[4]

^[2],[4]

^[2],[4]

10,000

^[2],[4]

^[2],[4]

^[2],[4]

^[2],[4]

(10,000)

^[2],[4]

SPBRX Inc [Member] | Controlled Investments [Member] | Preferred Stock [Member] | Series A Preferred Stock [Member]

^[2],[4]

Investments in and Advances to Affiliates [Line Items]

^[2],[4]

^[2],[4]

382,381

$ 382,381

^[2],[4]

^[2],[4]

6,769,031

^[2],[4]

382,381

^[2],[4]

^[2],[4]

$ (374,950)

^[2],[4]

(6,780,680)

^[2],[4]

Architect Capital PayJoy SPV, LLC [Member] | Controlled Investments [Member] | Common Stock [Member]

^[2],[4]

$ 4,218

Investments in and Advances to Affiliates [Line Items]

^{[2],[4],[6],[13]}

^{[2],[4],[6],[13]}

10,000,000

$ 10,000,000

^{[2],[4],[6],[13]}

^{[2],[4],[6],[13]}

6,745

^{[2],[4],[6],[13]}

10,000,000

^{[2],[4],[6],[13]}

^{[2],[4],[6],[13]}

$ (10,000,000)

^{[2],[4],[6],[13]}

(6,745)

^{[2],[4],[6],[13]}

955,628

OneValley, Inc. [Member] | Non Controlled Affiliate Investments [Member] | Debt Investments [Member]

^{[2],[4],[6],[13]}

Investments in and Advances to Affiliates [Line Items]

^[4],[7]

^[4],[7]

1,267,395

$ 1,267,395

^[4],[7]

^[4],[7]

(237,219)

^[4],[7]

1,267,395

^[4],[7]

^[4],[7]

$ (1,414,278)

^[4],[7]

384,102

^[4],[7]

OneValley, Inc. (f/k/a NestGSV, Inc) [Member] | Non Controlled Affiliate Investments [Member] | Options Held [Member] | Global Innovation Platform [Member] | Derivative Security [Member]

^[4],[7]

Investments in and Advances to Affiliates [Line Items]

^[4],[7]

^[4],[7]

620,927

$ 620,927

^[4],[7]

^[4],[7]

7,934,193

^[4],[7]

620,927

^[4],[7]

^[4],[7]

$ (1,585,722)

^[4],[7]

(6,982,628)

^[4],[7]

PSQ Holdings Inc [Member] | Non Controlled Affiliate Investments [Member] | Common Stock [Member] | E-Commerce Market Place [Member]

^[4],[7]

$ 13,230

Investments in and Advances to Affiliates [Line Items]

^{[4],[6],[7],[14],[15]}

^{[4],[6],[7],[14],[15]}

8,542,386

$ 8,542,386

^{[4],[6],[7],[14],[15]}

(8,542,386)

^{[4],[6],[7],[14],[15]}

^{[4],[6],[7],[14],[15]}

8,542,386

^{[4],[6],[7],[14],[15]}

^{[4],[6],[7],[14],[15]}

^{[4],[6],[7],[14],[15]}

^{[4],[6],[7],[14],[15]}

PSQ Holdings Inc [Member] | Non Controlled Affiliate Investments [Member] | Options Held [Member] | E-Commerce Market Place [Member]

^{[4],[6],[7],[14],[15]}

Investments in and Advances to Affiliates [Line Items]

^{[4],[6],[7],[14],[15]}

1,796,037

^{[4],[6],[7],[14],[15]}

$ 1,964,750

^{[4],[6],[7],[14],[15]}

(1,964,750)

^{[4],[6],[7],[14],[15]}

^{[4],[6],[7],[14],[15]}

$ 1,964,750

^{[4],[6],[7],[14],[15]}

^{[4],[6],[7],[14],[15]}

^{[4],[6],[7],[14],[15]}

^{[4],[6],[7],[14],[15]}

Investments in and Advances to Affiliates [Abstract]

^{[4],[6],[7],[14],[15]}

[1]	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”).
[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.
[3]	“Control Investments” are investments in those companies that are “Controlled Companies” of SuRo Capital, 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.
[4]	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”).
[5]	Indicates assets that SuRo Capital believes do not represent “qualifying assets” under Section 55(a) of the 1940 Act. Of the Company’s total investments as of December 31, 2025, 32.70% of its total investments are non-qualifying assets, excluding cash and short-term US treasuries.
[6]	Indicates assets that SuRo Capital Corp. believes do not represent “qualifying assets” under Section 55(a) of the 1940 Act. Of the Company’s total investments as of December 31, 2024, 39.56% of its total investments are non-qualifying assets, excluding cash and short-term US treasuries.
[7]	“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.
[8]	“Affiliate Investments” are investments in those companies that are “Affiliated Companies” of SuRo Capital, as defined in the 1940 Act. In general, a company is deemed to be an “Affiliate” of SuRo Capital if SuRo Capital beneficially owns, directly or indirectly, between 5% and 25% of the voting securities (i.e., securities with the right to elect directors) of such company.
[9]	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.
[10]	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.
[11]	SuRo Capital’s investments in StormWind, LLC are held through SuRo Capital Corp.’s wholly owned subsidiary, GSVC SW Holdings, Inc.
[12]	SuRo Capital Corp.’s investments in StormWind, LLC are held through SuRo Capital Corp.’s wholly owned subsidiary, GSVC SW Holdings, Inc.
[13]	Investment is income-producing.
[14]	Denotes an investment considered Level 1 or Level 2 and valued using observable inputs. Refer to “Note 4—Investments at Fair Value”.
[15]	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 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 December 31, 2024, does not meet the criteria of an affiliate investment as defined in the 1940 Act.

INVESTMENTS AT FAIR VALUE

12 Months Ended

Dec. 31, 2025

INVESTMENTS AT FAIR VALUE

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. The Company may also, from time to time, invest in U.S. Treasury bills. Non-portfolio investments represent investments in U.S. Treasury bills. As of December 31, 2025, the Company had 60 positions in 35 portfolio companies. As of December 31, 2024, the Company had 60 positions in 37 portfolio companies.

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2025

The following tables summarize the composition of the Company’s investment portfolio by security type at cost and fair value as of December 31, 2025 and December 31, 2024:

	December 31, 2025							December 31, 2024
	Cost		Fair Value		Percentage of Net Assets			Cost		Fair Value		Percentage of Net Assets
Private Portfolio Companies
Preferred Stock⁽¹⁾	$	145,749,202	$	169,631,231		82.6	%	$	159,592,108	$	151,003,991		95.8	%
Common Stock⁽²⁾		77,006,339		46,713,129		22.8	%		67,469,643		35,922,154		22.8	%
Options⁽³⁾		2,971,657		4,201,543		2.0	%		4,394,059		4,357,138		2.8	%
Debt Investments		3,029,559		756,339		0.4	%		2,777,197		506,339		0.3	%
Total Private Portfolio Companies		228,756,757		221,302,242		107.8	%		234,233,007		191,789,622		121.7	%
Publicly Traded Portfolio Companies
Common Stock		10,922,147		3,586,956		1.7	%		21,805,582		16,154,290		10.3	%
Options		1,146,881		622,307		0.3	%		771,065		1,436,830		0.9	%
Total Publicly Traded Portfolio Companies		12,069,028		4,209,263		2.0	%		22,576,647		17,591,120		11.2	%
Total Investments	$	240,825,785	$	225,511,505		109.8	%	$	256,809,654	$	209,380,742		132.9	%

(1)	As of December 31, 2025, Preferred Stock also includes the Company’s investment in the Class A Interest of ARK Type One Deep Ventures Fund LLC which is invested in the Series A-2 Preferred Shares of OpenAI Global, LLC, and the Company’s investment in the Membership Interest of IH10, LLC which is invested in the Series B Preferred Shares of VAST Data, Ltd. through an SPV. 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.
(2)	As of December 31, 2025, Common Stock in Private Portfolio Companies also includes the Company’s Limited Partner Fund Investment in True Global Ventures 4 Plus Pte Ltd. and the Company’s investment in the Class A Interest of CW Opportunity 2 LP which is invested in the Class A Common Stock of CoreWeave, Inc. As of December 31, 2024, Common Stock also includes the Company’s Limited Partner Fund Investment in True Global Ventures 4 Plus Pte Ltd.
(3)	As of December 31, 2025, Options in Private Portfolio Companies also includes the Company’s investments in the SAFEs of Orchard Technologies, Inc., PayJoy, Inc., and Whoop, Inc. 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).

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2025

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

	As of December 31, 2025								As of December 31, 2024
	Fair Value		Percentage of Portfolio			Percentage of Net Assets			Fair Value		Percentage of Portfolio			Percentage of Net Assets
Geographic Region
Northeast	$	78,565,018		34.9	%		38.3	%	$	72,100,161		34.4	%		45.8	%
West		49,566,027		22.0	%		24.1	%		61,124,969		29.2	%		38.8	%
Midwest		49,488,742		21.9	%		24.1	%		37,261,207		17.8	%		23.6	%
Southeast		44,761,355		19.8	%		21.8	%		20,675,077		9.9	%		13.1	%
International		3,130,363		1.4	%		1.5	%		18,219,328		8.7	%		11.6	%
Total	$	225,511,505		100.0	%		109.8	%	$	209,380,742		100.0	%		132.9	%

	As of December 31, 2025								As of December 31, 2024
	Fair Value		Percentage of Portfolio			Percentage of Net Assets			Fair Value		Percentage of Portfolio			Percentage of Net Assets
Industry
Artificial Intelligence Infrastructure & Applications	$	69,004,148		30.6	%		33.6	%	$	58,072,060		27.7	%		36.9	%
Consumer Goods & Services		47,772,963		21.2	%		23.3	%		30,351,636		14.5	%		19.3	%
Software-as-a-Service		44,725,975		19.8	%		21.8	%		49,225,370		23.5	%		31.2	%
Education Technology		23,683,271		10.5	%		11.5	%		27,327,100		13.1	%		17.3	%
Financial Technology & Services		18,168,362		8.1	%		8.8	%		17,192,986		8.2	%		10.9	%
Logistics & Supply Chain		17,678,235		7.8	%		8.6	%		23,033,237		11.0	%		14.6	%
SuRo Capital Sports		4,478,551		2.0	%		2.2	%		4,178,353		2.0	%		2.7	%
Total	$	225,511,505		100.0	%		109.8	%	$	209,380,742		100.0	%		132.9	%

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2025

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

Industry Theme		Industry
Artificial Intelligence Infrastructure		AI Application Fund
& Applications		AI Infrastructure
		AI Infrastructure Fund
Consumer Goods & Services		E-Commerce Marketplace
		Fitness Technology
		Lifestyle Beverage Brand
		Micromobility
Education Technology		Business Education
		Interactive Learning
		Online Education
Financial Technology & Services		Cannabis REIT
		Carbon Credit Services
		Digital Asset Infrastructure
		Financial Services
		Financial Technology Infrastructure
		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		Contractor Management Software
		Home Improvement Finance
		Knowledge Networks
		Pharmaceutical Technology
		Productivity Software
		Retail Technology
		Social Data Platform
SuRo Capital Sports		Gaming Licensing
		Gaming Technology
		Geolocation Technology
		Interactive Media & Services
		Sports Betting

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2025

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

	As of December 31, 2025
	Quoted Prices in Active Markets for Identical Securities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Investments at Fair Value
Private Portfolio Companies
Preferred Stock⁽¹⁾	$	—	$	—	$	169,631,231	$	169,631,231
Common Stock⁽²⁾		—		—		46,713,129		46,713,129
Options⁽³⁾		—		—		4,201,543		4,201,543
Debt Investments		—		—		756,339		756,339
Private Portfolio Companies		—		—		221,302,242		221,302,242
Publicly Traded Portfolio Companies
Common Stock		3,586,956		—		—		3,586,956
Options		622,307		—		—		622,307
Publicly Traded Portfolio Companies		4,209,263		—		—		4,209,263
Total Investments at Fair Value	$	4,209,263	$	—	$	221,302,242	$	225,511,505

(1)	Preferred Stock also includes the Company’s investment in the Class A Interest of ARK Type One Deep Ventures Fund LLC which is invested in the Series A-2 Preferred Shares of OpenAI Global, LLC, and the Company’s investment in the Membership Interest of IH10, LLC which is invested in the Series B Preferred Shares of VAST Data, Ltd. through an SPV.
(2)	Common Stock in Private Portfolio Companies also includes the Company’s Limited Partner Fund Investment in True Global Ventures 4 Plus Pte Ltd. and the Company’s investment in the Class A Interest of CW Opportunity 2 LP which is invested in Class A Common Stock.
(3)	Options in Private Portfolio Companies also includes the Company’s investments in the SAFEs of Orchard Technologies, Inc., PayJoy, Inc., and Whoop, Inc.

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2025

	As of December 31, 2024
	Quoted Prices in Active Markets for Identical Securities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Investments at Fair Value
Private Portfolio Companies
Preferred Stock⁽¹⁾	$	—	$	—	$	151,003,991	$	151,003,991
Common Stock⁽²⁾		—		—		35,922,154		35,922,154
Options⁽³⁾		—		—		4,357,138		4,357,138
Debt Investments		—		—		506,339		506,339
Private Portfolio Companies		—		—		191,789,622		191,789,622
Publicly Traded Portfolio Companies
Common Stock		2,126,577		14,027,713		—		16,154,290
Options		1,436,830		—		—		1,436,830
Publicly Traded Portfolio Companies		3,563,407		14,027,713		—		17,591,120
Total Investments at Fair Value	$	3,563,407	$	14,027,713	$	191,789,622	$	209,380,742

(1)	Preferred Stock also includes the Company’s investment in the Class A Interest of ARK Type One Deep Ventures Fund LLC which is invested in the Convertible Interest Rights of OpenAI Global, LLC, the Company’s investment in the Class A Interest of CW Opportunity 2 LP which is invested in the Series C Preferred Shares of CoreWeave, Inc., and the Company’s investment in the Membership Interest of IH10, LLC which is invested in the Series B Preferred Shares of VAST Data, Ltd. through an SPV.
(2)	Common Stock in Private Portfolio Companies also includes the Company’s Limited Partner Fund Investment in True Global Ventures 4 Plus Pte Ltd.
(3)	Options in Private Portfolio Companies also includes the Company’s investments in the SAFEs of Commercial Streaming Solutions Inc. (d/b/a BettorView), PayJoy, Inc., and Stake Trade, Inc. (d/b/a Prophet Exchange).

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2025

Significant Unobservable Inputs for Level 3 Assets and Liabilities

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 December 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 December 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.

As of December 31, 2025

Asset

Fair Value

Valuation Approach/

Technique⁽¹⁾

Unobservable Inputs⁽²⁾

Range (Weighted Average)⁽³⁾

Preferred stock in private companies⁽⁴⁾

169,631,231

Market Approach

Revenue Multiples

0.52x - 7.95x (3.47x)

Precedent Transactions

25% - 100% (76%)

PWERM⁽⁷⁾

Revenue Multiples

1.42x - 5.60x (1.72x)

Dissolution Risk

100%

Precedent Transaction

90%

Common stock in private companies⁽⁵⁾

46,713,129

Market Approach

Revenue Multiples

0.57x - 5.23x (4.99x)

Precedent Transactions

100%

AFFO⁽⁸⁾ Multiples

8.42x

PWERM⁽⁷⁾

Dissolution Risk

100%

Revenue Multiples

4.74x - 5.60x

Precedent Transaction

100%

Options⁽⁶⁾

4,201,543

Option Pricing Model

Term to Expiration (Years)

0.50 - 1.36 (0.88)

Volatility

45% - 50% (48%)

PWERM⁽⁷⁾

Precedent Transaction

90%

Revenue Multiples

1.54x - 1.90x (1.72x)

Market Approach

Precedent Transaction

25% - 100% (77%)

Debt investments

756,339

Market Approach

Revenue Multiples

0.57x - 5.05x (3.49x)

Precedent Transactions

25%

(1)

As of December 31, 2025, the Board of Directors used a hybrid market and income approach to value certain common and preferred stock investments, as the Board of Directors felt this approach better reflected the fair value of these investments. In considering multiple valuation approaches (and consequently, multiple valuation techniques), the valuation approaches and techniques are not likely to change from one period of measurement to the next; however, the weighting of each in determining the final fair value of a Level 3 investment may change based on recent events or transactions. The hybrid approach may also consider certain risk weightings to account for the uncertainty of future events. Refer to “Note 2—Significant Accounting Policies—Investments at Fair Value” for more detail.

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 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, as well as size, profitability and growth expectations. In general, precedent transactions include recent rounds of financing, recent purchases made by the Company, and tender offers. Refer to “Note 2—Significant Accounting Policies—Investments at Fair Value” for more detail.
(3)	The weighted averages are calculated based on the fair market value of each investment.
(4)	Preferred Stock also includes the Company’s investment in the Class A Interest of ARK Type One Deep Ventures Fund LLC which is invested in the Series A-2 Preferred Shares of OpenAI Global, LLC, and the Company’s investment in the Membership Interest of IH10, LLC which is invested in the Series B Preferred Shares of VAST Data, Ltd. through an SPV.
(5)	Common Stock in Private Portfolio Companies also includes the Company’s Limited Partner Fund Investment in True Global Ventures 4 Plus Pte Ltd. and the Company’s investment in the Class A Interest of CW Opportunity 2 LP which is invested in the Class A Common Stock of CoreWeave, Inc.
(6)	Options in Private Portfolio Companies also includes the Company’s investments in the SAFEs of Orchard Technologies, Inc., PayJoy, Inc., and Whoop, Inc.
(7)	Probability-Weighted Expected Return Method, or “PWERM”.
(8)	Adjusted Funds From Operations, or “AFFO”.

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2025

As of December 31, 2024

Asset

Fair Value

Valuation Approach/ Technique⁽¹⁾

Unobservable Inputs⁽²⁾

Range (Weighted Average)⁽³⁾

Preferred stock in private companies⁽⁶⁾

151,003,991

Market Approach

Revenue Multiples

0.67x - 5.96x (1.82x)

Precedent Transactions

25% - 100% (55%)

PWERM⁽⁵⁾

Revenue Multiples

1.76x - 2.95x

Dissolution Risk

75% - 100% (87.5%)

Common stock in private companies⁽⁷⁾

35,922,154

Market Approach

Revenue Multiples

0.77x - 8.81x (7.59x)

Precedent Transactions

100%

PWERM⁽⁵⁾

AFFO⁽⁴⁾ Multiples

7.88x

Dissolution Risk

100%

Debt investments

506,339

Market Approach

Revenue Multiples

0.90x - 1.31x (1.22x)

Options⁽⁸⁾

4,357,138

Option Pricing Model

Term to Expiration (Years)

1.5 - 19.38

Precedent Transaction

100%

Volatility

51% - 67%

(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.
(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, as well as size, profitability and growth expectations. In general, precedent transactions include recent rounds of financing, recent purchases made by the Company, and tender offers. Refer to “Note 2—Significant Accounting Policies—Investments at Fair Value” for more detail.
(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”.

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2025

(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 Pte Ltd.
(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 year ended December 31, 2025 as follows:

	Preferred Stock⁽¹⁾			Common Stock⁽²⁾			Options⁽³⁾			Debt Investments			Total
	Year Ended December 31, 2025
	Preferred Stock⁽¹⁾			Common Stock⁽²⁾			Options⁽³⁾			Debt Investments			Total
Assets:
Fair Value as of December 31, 2024	$	151,003,991		$	35,922,154		$	4,357,138		$	506,339		$	191,789,622
Transfers out of Level 3		(5,221,824	)		(6,323,519	)		(498,305	)		—			(12,043,648	)
Purchases, capitalized fees and interest		5,330,509			5,395,541			1,083,211			252,363			12,061,624
Sales/Redemptions of investments		—			(16,324,378	)		—			—			(16,324,378	)
Exercises and conversions⁽⁴⁾		(15,768,763	)		17,775,155			(2,006,392	)		—			—
Realized gains/(losses)		(1,002,755	)		11,395,780			—			—			10,393,025
Net change in unrealized appreciation/(depreciation) included in earnings		35,290,073			(1,127,604	)		1,265,891			(2,363	)		35,425,997
Fair Value as of December 31, 2025	$	169,631,231		$	46,713,129		$	4,201,543		$	756,339		$	221,302,242
Net change in unrealized appreciation/ (depreciation) of Level 3 investments still held as of December 31, 2025	$	34,444,974		$	(1,127,603	)	$	1,121,861		$	(2,363	)	$	34,436,869

(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 Series A-2 Preferred Shares of OpenAI Global, LLC, and the Company’s investment in the Membership Interest of IH10, LLC which is invested in the Series B Preferred Shares of VAST Data, Ltd. through an SPV.
(2)	Common Stock in Private Portfolio Companies also includes the Company’s Limited Partner Fund Investment in True Global Ventures 4 Plus Pte Ltd. and the Company’s investment in the Class A Interest of CW Opportunity 2 LP which is invested in Class A Common Stock.
(3)	Options in Private Portfolio Companies also includes the Company’s investments in the SAFEs of Orchard Technologies, Inc., PayJoy, Inc., and Whoop, Inc.
(4)	During the year ended December 31, 2025, the Company’s portfolio investments had the following corporate actions which are reflected above:

Portfolio Company	Conversion from	Conversion to
CoreWeave, Inc.	Preferred Shares, Series A Common shares	Common Shares (Level 2)
CW Opportunity 2 LP	Preferred Shares, Series C	Common Shares (Level 3)
Commercial Streaming Solutions Inc. (d/b/a BettorView)	Simple Agreement for Future Equity	Preferred Shares, Class A-1 (Level 3)
Colombier Sponsor II LLC	Class B Units Class W Units	GrabAGun Digital Holdings Inc. Common Shares (Level 1) GrabAGun Digital Holdings Inc. Common Warrants (Level 1)
Stake Trade, Inc. (d/b/a Prophet Exchange)	Simple Agreement for Future Equity	Preferred Shares, Series B-IV (Level 3)

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2025

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

	Preferred Stock⁽¹⁾			Common Stock⁽²⁾			Debt Investments			Options⁽³⁾			Total
	Year Ended December 31, 2024
	Preferred Stock⁽¹⁾			Common Stock⁽²⁾			Debt Investments			Options⁽³⁾			Total
Assets:
Fair Value as of December 31, 2023	$	122,744,564		$	39,086,792		$	3,098,734		$	3,638,161		$	168,568,251
Fair Value, Beginning balance	$	122,744,564		$	39,086,792		$	3,098,734		$	3,638,161		$	168,568,251
Transfers out of Level 3		—			(12,896,367	)		—			—			(12,896,367	)
Purchases, capitalized fees and interest		60,155,557			15,061,793			—			13,230			75,230,580
Sales/Redemptions of investments		(374,950	)		(10,375,762	)		(1,414,278	)		(1,585,722	)		(13,750,712	)
Exercises and conversions⁽⁴⁾		136,114			—			(1,338,976	)		1,246,916			44,054
Realized gains/(losses)		(7,533,623	)		(222,565	)		384,102			(7,076,812	)		(14,448,898	)
Net change in unrealized appreciation/(depreciation) included in earnings		(24,123,671	)		5,268,263			(223,243	)		8,121,365			(10,957,286	)
Fair Value as of December 31, 2024	$	151,003,991		$	35,922,154		$	506,339		$	4,357,138		$	191,789,622
Fair Value, Ending balance	$	151,003,991		$	35,922,154		$	506,339		$	4,357,138		$	191,789,622
Net change in unrealized appreciation/ (depreciation) of Level 3 investments still held as of December 31, 2024	$	(32,741,143	)	$	5,418,630		$	—		$	111,916		$	(27,210,597	)
Net change in unrealized appreciation/ (depreciation) of Level 3 investments still held	$	(32,741,143	)	$	5,418,630		$	—		$	111,916		$	(27,210,597	)

(1)	Preferred Stock also includes the Company’s investment in the Class A Interest of ARK Type One Deep Ventures Fund LLC which is invested in the Convertible Interest Rights of OpenAI Global, LLC, the Company’s investment in the Class A Interest of CW Opportunity 2 LP which is invested in the Series C Preferred Shares of CoreWeave, Inc., and the Company’s investment in the Membership Interest of IH10, LLC which is invested in the Series B Preferred Shares of VAST Data, Ltd. through an SPV.
(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).
(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	Oklo, Inc. - 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. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2025

Schedule of Investments In, and Advances to, Affiliates

Transactions during the year ended December 31, 2025 involving the Company’s controlled investments and non-controlled/affiliate investments were as follows:

Type/Industry/Portfolio Company/Investment	Shares/ Principal/ Quantity		Fair Value at December 31, 2024		Transfer In/ (Out)					Unrealized Gains/ (Losses)			Fair Value at December 31, 2025		Percentage of Net Assets
*CONTROLLED INVESTMENTS⁽²⁾**
Common Stock
Special Purpose Acquisition Company
Colombier Sponsor II LLC**⁽³⁾–Class B Units		—	$	1,101,695	$	(1,103,719	)			$	2,024		$	—		—	%
Total Common Stock				1,101,695		(1,103,719	)				2,024			—		—	%
Options
Special Purpose Acquisition Company
Colombier Sponsor II LLC**⁽³⁾–Class W Units		—		498,305		(499,221	)	-	-		916			—		—	%
Total Options				498,305		(499,221	)				916			—		—	%
*TOTAL CONTROLLED INVESTMENTS⁽²⁾**			$	1,600,000	$	(1,602,940	)			$	2,940		$	—		—	%
*NON-CONTROLLED/AFFILIATE INVESTMENTS⁽¹⁾**
Preferred Stock
Interactive Media & Services
Commercial Streaming Solutions Inc. (d/b/a BettorView)–Preferred Shares, Series A-1		10,548,522	$	—	$	1,000,000				$	(650,000	)	$	350,000		0.17	%
Knowledge Networks
Maven Research, Inc.–Preferred Shares, Series C		318,979		—		—					—			—		—	%
Maven Research, Inc.–Preferred Shares, Series B		49,505		—		—					—			—		—	%
Total Knowledge Networks				—		—					—			—		—	%
Interactive Learning
StormWind, LLC⁽⁴⁾– Preferred Shares, Series D 8%		329,337		501,626		—					(65,820	)		435,806		0.21	%
StormWind, LLC⁽⁴⁾– Preferred Shares, Series C 8%		2,779,134		5,376,994		—					(616,911	)		4,760,083		2.32	%
StormWind, LLC⁽⁴⁾– Preferred Shares, Series B 8%		3,279,629		3,233,922		—					(655,449	)		2,578,473		1.26	%
StormWind, LLC⁽⁴⁾– Preferred Shares, Series A 8%		366,666		156,285		—					(73,280	)		83,005		0.04	%
Total Interactive Learning				9,268,827		—					(1,411,460	)		7,857,367		3.83	%
Total Preferred Stock				9,268,827		1,000,000					(2,061,460	)		8,207,367		4.00	%
Common Stock
Online Education
Curious.com, Inc.–Common Shares		1,135,944		—		—					—			—		—	%
Total Common Stock				—		—					—			—		—	%
*TOTAL NON-CONTROLLED/AFFILIATE INVESTMENTS⁽¹⁾**			$	9,268,827	$	1,000,000				$	(2,061,460	)	$	8,207,367		4.00	%

*	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”).
**	Indicates assets that SuRo Capital believes do not represent “qualifying assets” under Section 55(a) of the 1940 Act. Of the Company’s total investments as of December 31, 2025, 32.70% of its total investments are non-qualifying assets, excluding cash and short-term US treasuries.
(1)	“Affiliate Investments” are investments in those companies that are “Affiliated Companies” of SuRo Capital, as defined in the 1940 Act. In general, a company is deemed to be an “Affiliate” of SuRo Capital if SuRo Capital beneficially owns, directly or indirectly, between 5% and 25% of the voting securities (i.e., securities with the right to elect directors) of such company.
(2)	“Control Investments” are investments in those companies that are “Controlled Companies” of SuRo Capital, 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.
(3)	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.
(4)	SuRo Capital’s investments in StormWind, LLC are held through SuRo Capital Corp.’s wholly owned subsidiary, GSVC SW Holdings, Inc.

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 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	Shares/ Principal/ Quantity		Interest, Fees, or Dividends Credited in Income		Fair Value at December 31, 2023		Transfer In/ (Out)		Purchases and Capitalized Fees		Sales/ Redemptions			Realized Gains/ (Losses)			Unrealized Gains/ (Losses)			Fair Value at December 31, 2024		Percentage of Net Assets
*CONTROLLED INVESTMENTS⁽²⁾**
Preferred Stock
Clean Technology
SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.)–Preferred shares, Class A		—	$	—	$	382,381	$	—	$	4,218	$	(374,950	)	$	(6,780,680	)	$	6,769,031		$	—		—	%
Total Preferred Stock				—		382,381		—		4,218		(374,950	)		(6,780,680	)		6,769,031			—		—	%
Common Stock
Clean Technology
SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.)–Common shares		—		—		—		—		—		—			(10,000	)		10,000			—		—	%
Mobile Finance Technology
Architect Capital PayJoy SPV, LLC–Membership Interest in Lending SPV*	$	—		955,628		10,000,000		—		—		(10,000,000	)		(6,745	)		6,745			—		—	%
Special Purpose Acquisition Company
Colombier Sponsor II LLC**⁽⁶⁾–Class B Units		1,040,000		—		1,101,695				—		—			—			—			1,101,695		0.70	%
Total Common Stock				955,628		11,101,695		—		—		(10,000,000	)		(16,745	)		16,745			1,101,695		0.70	%
Options
Special Purpose Acquisition Company
Colombier Sponsor II LLC**⁽⁶⁾–Class W Units		1,600,000		—		498,305		—		—		—			—			—			498,305		0.32	%
Total Options				—		498,305		—		—		—			—			—			498,305		0.32	%
*TOTAL CONTROLLED INVESTMENTS⁽²⁾**			$	955,628	$	11,982,381	$	—	$	4,218	$	(10,374,950	)	$	(6,797,425	)	$	6,785,776		$	1,600,000		1.02	%
*NON-CONTROLLED/AFFILIATE INVESTMENTS⁽¹⁾**
Debt Investments
Global Innovation Platform
OneValley, Inc. (f/k/a NestGSV, Inc.) –Convertible Promissory Note 8%, Due 8/23/2024	$	—	$	—	$	1,267,395	$	—	$	—	$	(1,414,278	)	$	384,102		$	(237,219	)	$	—		—	%
Total Debt Investments				—		1,267,395		—		—		(1,414,278	)		384,102			(237,219	)		—		—	%

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2025

Type/Industry/Portfolio Company/Investment	Shares/ Principal/ Quantity		Interest, Fees, or Dividends Credited in Income		Fair Value at December 31, 2023		Transfer In/ (Out)			Purchases and Capitalized Fees		Sales/ Redemptions			Realized Gains/ (Losses)			Unrealized Gains/ (Losses)			Fair Value at December 31, 2024		Percentage of Net Assets
Preferred Stock
Knowledge Networks
Maven Research, Inc.–Preferred shares, Series C		318,979		—		—		—			—		—			—			—			—		—	%
Maven Research, Inc.–Preferred shares, Series B		49,505		—		—		—			—		—			—			—			—		—	%
Total Knowledge Networks				—		—		—			—		—			—			—			—		—	%
Interactive Learning
StormWind, LLC⁽⁵⁾– Preferred shares, Series D 8%		329,337		—		653,975		—			—		—			—			(152,349	)		501,626		0.32	%
StormWind, LLC⁽⁵⁾– Preferred shares, Series C 8%		2,779,134		—		6,804,933		—			—		—			—			(1,427,939	)		5,376,994		3.41	%
StormWind, LLC⁽⁵⁾– Preferred shares, Series B 8%		3,279,629		—		4,751,064		—			—		—			—			(1,517,142	)		3,233,922		2.05	%
StormWind, LLC⁽⁵⁾– Preferred shares, Series A 8%		366,666		—		325,903		—			—		—			—			(169,618	)		156,285		0.10	%
Total Interactive Learning				—		12,535,875		—			—		—			—			(3,267,048	)		9,268,827		5.88	%
Total Preferred Stock				—		12,535,875		—			—		—			—			(3,267,048	)		9,268,827		5.88	%
Options
Global Innovation Platform
OneValley, Inc. (f/k/a NestGSV, Inc.)–Derivative Security, Expiration Date 8/23/2024		—		—		620,927		—			13,230		(1,585,722	)		(6,982,628	)		7,934,193			—		—	%
Total Global Innovation Platform				—		620,927		—			13,230		(1,585,722	)		(6,982,628	)		7,934,193			—		—	%
E-Commerce Marketplace
PSQ Holdings, Inc. (d/b/a PublicSquare)**⁽³⁾⁽⁴⁾– Warrants		1,796,037		—		1,964,750		(1,964,750	)		—		—			—			—			—		—	%
Total Options				—		2,585,677		(1,964,750	)		13,230		(1,585,722	)		(6,982,628	)		7,934,193			—		—	%
Common Stock
Online Education
Curious.com, Inc.–Common shares		1,135,944		—		—		—			—		—			—			—			—		—	%
E-Commerce Marketplace
PSQ Holdings, Inc. (d/b/a PublicSquare)**⁽³⁾⁽⁴⁾– Common shares, Class A		—		—		8,542,386		(8,542,386	)		—		—			—			—			—		—	%
Total Common Stock				—		8,542,386		(8,542,386	)		—		—			—			—			—		—	%
*TOTAL NON-CONTROLLED/AFFILIATE INVESTMENTS⁽¹⁾**			$	—	$	24,931,333	$	(10,507,136	)	$	13,230	$	(3,000,000	)	$	(6,598,526	)	$	4,429,926		$	9,268,827		5.88	%

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. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 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, 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. 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.
(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 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 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.
(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.

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2025

RELATED-PARTY ARRANGEMENTS (Details Narrative) - USD ($)		3 Months Ended												12 Months Ended
	Aug. 18, 2024	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
RelatedPartyTransactionsLineItems [Line Items]
Realized investment gains (losses)		$ 6,832,098	$ 5,196,799	$ 21,212,611	$ (17,951)	$ 9,146,884	$ (13,713,512)	$ (29,612)	$ (424,074)	$ 2,594,633	$ (1,461,281)	$ (13,270,199)	$ 189,343	$ 33,223,557	$ (5,020,314)	$ (11,947,504)
Investment owned at fair value		225,511,505				$ 209,380,742								225,511,505	$ 209,380,742
Churchill Sponsor VII LLC [Member]
RelatedPartyTransactionsLineItems [Line Items]
Realized investment gains (losses)	$ 300,000
Investment owned at fair value		$ 456,556												$ 456,556

Fair value of investment in security owned.

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RELATED-PARTY ARRANGEMENTS

SCHEDULE OF FINANCIAL HIGHLIGHTS (Details) (Parenthetical)	12 Months Ended
	Dec. 31, 2021 USD ($)
Investment Company [Abstract]
Non-recurring expenses	$ 100,274

COMMON STOCK (Details Narrative) - USD ($)		12 Months Ended
COMMON STOCK (Details Narrative) - USD ($)	Jul. 29, 2020	Dec. 31, 2025	Dec. 31, 2024	Oct. 29, 2024	Aug. 08, 2017
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share repurchase				$ 64,300,000
Common stock, par value		$ 0.01	$ 0.01
Repurchase of shares		0	0
Share Repurchase Program [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share repurchase					$ 5,000,000.0
Share Repurchase Program [Member] \| Maximum [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share repurchase					5,000,000.0
At-the-Market Sales Agreement [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Payment of commissions and expenses		$ 200,000
Percentage of gross proceeds of commissions and expenses		1.80%
Sale of shares		1,237,579
At-the-Market Sales Agreement [Member] \| Maximum [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Percentage of sales price		2.00%
Debt securities		$ 87,900,000
Common Stock [Member] \| Share Repurchase Program [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share repurchase					$ 5,000,000.0
Common stock, par value					$ 0.01
Stock repurchase program, remaining authorized repurchase amount		$ 25,000,000.0
Common Stock [Member] \| At-the-Market Sales Agreement [Member] \| Maximum [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Aggregate amount of shares	$ 150,000,000.0

COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)		12 Months Ended
	Dec. 31, 2025	Dec. 31, 2025	Dec. 31, 2024
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Operating lease liability	$ 327,932	$ 327,932	$ 446,349
Operating lease liability	$ 327,932	$ 327,932	$ 446,349
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Assets	Assets	Assets
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Liabilities	Liabilities	Liabilities
Security deposit	$ 16,574	$ 16,574	$ 16,574
Operating lease expense		$ 130,462	$ 171,063
Operating lease, remaining lease term	2 years 4 months 24 days	2 years 4 months 24 days
Operating lease, discount rate	3.00%	3.00%
Magnetar Opportunity 2025-4 LP [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Loss contingency non binding	$ 20,000,000

INVESTMENTS AT FAIR VALUE (Details Narrative) - Integer	Dec. 31, 2025	Dec. 31, 2024
Investments in and Advances to Affiliates [Abstract]
Number of positions	60	60
Number of portfolio	35	37

RELATED-PARTY ARRANGEMENTS

12 Months Ended

Dec. 31, 2025

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.

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2025

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 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.

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. VII. In addition, Mr. Klein’s brother, Michael Klein, is a control person of such Churchill entities. On August 18, 2024, Churchill Capital Corp. VII announced that it would not consummate an initial business combination within the time period required by its Amended and Restated Certificate of Incorporation, as amended, and the Company realized a loss on the entirety of its Churchill Sponsor VII LLC common share units and warrant units in the amount of $300,000.

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. 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 December 31, 2025, the fair value of the Company’s remote-affiliate investment in Skillsoft was $456,556.

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.

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Mar. 10, 2026	Jun. 30, 2025
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2025
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2025
Current Fiscal Year End Date	--12-31
Entity File Number	814-00852
Entity Registrant Name	SuRo Capital Corp.
Entity Central Index Key	0001509470
Entity Tax Identification Number	27-4443543
Entity Incorporation, State or Country Code	MD
Entity Address, Address Line One	640 Fifth Avenue
Entity Address, Address Line Two	12th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10019
City Area Code	(212)
Local Phone Number	931-6331
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float				$ 179,919,391
Entity Common Stock, Shares Outstanding			25,387,756
Documents Incorporated by Reference [Text Block]	Portions of the Registrant’s definitive proxy statement relating to the Registrant’s 2026 annual meeting of stockholders (the “2026 Proxy Statement”), to be filed with the Securities and Exchange Commission (the “SEC”) within 120 days following the end of the Registrant’s fiscal year, are incorporated by reference in Part III of this annual report on Form 10-K as indicated herein.
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Listing, Par Value Per Share	$ 0.01
Auditor Firm ID	199	688
Auditor Opinion [Text Block]	We have audited the accompanying consolidated statements of assets and liabilities of SuRo Capital Corp. and Subsidiaries (the “Company”) including the consolidated schedule of investments as of December 31, 2025, the related consolidated statements of operations, cash flows, and changes in net assets for the year ended December 31, 2025, the financial highlights (presented in Note 8) for the year then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Company as of December 31, 2025, and the results of its operations and its cash flows for the year ended December 31, 2025 and the financial highlights for the year then ended in conformity with accounting principles generally accepted in the United States of America.
Auditor Name	CBIZ CPAs P.C	Marcum LLP
Auditor Location	Boston, MA	Boston, MA
Common Stock, par value $0.01 per share
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	SSSS
Security Exchange Name	NASDAQ
6.00% Notes due 2026
Title of 12(b) Security	6.00% Notes due 2026
Trading Symbol	SSSSL
Security Exchange Name	NASDAQ

SCHEDULE OF AGGREGATE VALUE OF ASSETS AND LIABILITIES (Details) (Parenthetical)	Dec. 31, 2025
Convertible Note [Member]
Investments in and Advances to Affiliates [Line Items]
Convertible note percentage	6.00%

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

12 Months Ended

Dec. 31, 2025

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

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 years ended December 31, 2025, 2024 and 2023.

	2025		2024			2023
	Year Ended December 31,
	2025		2024			2023
Earnings per common share–basic:
Net change in net assets resulting from operations	$	48,808,336	$	(38,124,247	)	$	5,066,822
Weighted-average common shares–basic		24,225,991		23,901,805			26,222,667
Earnings per common share–basic	$	2.01	$	(1.60	)	$	0.19
Earnings per common share–diluted:
Net change in net assets resulting from operations	$	48,808,336	$	(38,124,247	)	$	5,066,822
Adjustment for interest and amortization on 6.50% Convertible Notes due 2029⁽¹⁾		2,499,717		—			—
Net change in net assets resulting from operations, as adjusted	$	51,308,053	$	(38,124,247	)	$	5,066,822
Adjustment for dilutive effect of 6.50% Convertible Notes due 2029⁽¹⁾		4,563,109		—			—
Weighted-average common shares outstanding–diluted⁽¹⁾		28,789,100		23,901,805			26,222,627
Earnings per common share–diluted	$	1.78	$	(1.60	)	$	0.19

(1)

For the year ended December 31, 2024, 3,870,969 potentially dilutive common shares were excluded from the weighted-average common shares outstanding for diluted net decrease in net assets resulting from operations per common shares because the effect of these shares would have been anti-dilutive. For the year ended December 31, 2023, there were no potentially dilutive securities outstanding.

SCHEDULE OF INVESTMENTS IN AND ADVANCES TO AFFILIATES (Details) (Parenthetical)	Dec. 31, 2025	Dec. 31, 2024
Investments in and Advances to Affiliates [Line Items]
Investment Owned, Net Assets, Percentage	109.80%	132.90%
Non-Qualifying Assets [Member]
Investments in and Advances to Affiliates [Line Items]
Investment Owned, Net Assets, Percentage	32.70%	39.56%

Percentage of investment owned to net assets.

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DEBT CAPITAL ACTIVITIES

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

DEBT CAPITAL ACTIVITIES

NOTE 10—DEBT CAPITAL ACTIVITIES

6.00% Notes due 2026

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. 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 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. 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.

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 December 31, 2025 and December 31, 2024, the Company had deferred debt issuance costs of $187,676 and $468,562, respectively, associated with the 6.00% Notes due 2026. The table below shows a reconciliation from the aggregate principal amount of 6.00% Notes due 2026 to the balance shown on the Consolidated Statements of Assets and Liabilities.

		2025			2024
		2025			2024
Aggregate principal amount of 6.00% Notes due 2026	$	35,829,825		$	44,667,400
Direct deduction of deferred debt issuance costs		(187,676	)		(468,562	)
Total	$	35,642,149		$	44,198,838

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 December 31, 2025 and December 31, 2024 was $25.00 and $24.50 per note, respectively. As of December 31, 2025 and December 31, 2024, the fair value of the 6.00% Notes due 2026 was $35.8 million and $43.8 million, respectively.

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 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 million of aggregate principal amount of the 6.00% Notes due 2026.

On October 29, 2025, the Company’s Board of Directors approved an extension of the discretionary note repurchase program (the “Note Repurchase Program”) which allows the Company to repurchase up to an additional $40.0 million or the remaining aggregate principal amount, of its 6.00% Notes due 2026 through open market purchases, including block purchases, in such manner as will comply with the provisions of the 1940 Act and the Exchange Act. During the year ended December 31, 2025, the Company repurchased and retired $8.8 million aggregate principal amount of the 6.00% Notes due 2026. As of December 31, 2025, the dollar value of the 6.00% Notes due 2026 aggregate principal amount was approximately $35.8 million.

6.50% Convertible Notes due 2029

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 Notes Purchase Agreement, as Amended and Restated on December 12, 2025 (the “Notes Purchase Agreement”), between the Company and the purchaser identified therein (the “Purchaser”). On October 9, 2024, the Company issued an additional $5.0 million in aggregate principal amount of 6.50% Convertible Notes due 2029 (the “Additional Notes”), which are treated as a single series with the Initial Notes. On January 16, 2025, the Company issued $5.0 million in Additional Notes, which are treated as a single series with the Initial Notes and prior issuances of Additional Notes. As of December 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 Company has determined that the Conversion Cap Cash Payment feature included in the Convertible Note is an embedded derivative that meets the equity classification criteria. As such, the feature is not bifurcated and is accounted for as part of the debt instrument, which is recorded at amortized cost. The Company continues to assess this feature to determine if a future event would require bifurcation.

The 6.50% Convertible Notes due 2029 are convertible into shares of our common stock at the Purchaser’s sole discretion at an initial conversion rate of 129.0323 shares of common stock per $1,000 principal amount of the 6.50% Convertible Notes due 2029, subject to adjustment as provided in the Notes Purchase Agreement. Effective as of July 21, 2025, the conversion rate applicable to the 6.50% Convertible Notes due 2029 was adjusted to $7.53 per share (132.7530 shares of the Company’s common stock per $1,000 principal amount of the 6.50% Convertible Notes due 2029) from the initial conversion price of $7.75 per share (129.0323 shares of the Company’s common stock per $1,000 principal amount of the 6.50% Convertible Notes due 2029), which had been effective since issuance. The adjustment to the conversion rate of the 6.50% Convertible Notes due 2029 was made pursuant to the Notes Purchase Agreement governing the 6.50% Convertible Notes due 2029 as a result of the Company’s cash dividend of $0.25 per share, paid on July 31, 2025 to stockholders of record as of the close of business on July 21, 2025. Effective as of November 21, 2025, the conversion rate applicable to the 6.50% Convertible Notes due 2029 was adjusted to $7.32 per share (136.5633 shares of the Company’s common stock per $1,000 principal amount of the 6.50% Convertible Notes due 2029) from the most recent conversion price of $7.53 per share (132.7530 shares of the Company’s common stock per $1,000 principal amount of the 6.50% Convertible Notes due 2029), which had been effective since July 21, 2025. The adjustment to the conversion rate of the 6.50% Convertible Notes due 2029 was made pursuant to the Notes Purchase Agreement governing the 6.50% Convertible Notes due 2029 as a result of the Company’s cash dividend of $0.25 per share, paid on December 5, 2025 to stockholders of record as of the close of business on November 21, 2025.

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.

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2025

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.

	2025			2024
	2025			2024
Aggregate principal amount of 6.50% Convertible Notes due 2029	$	35,000,000		$	30,000,000
Direct deduction of deferred debt issuance costs		(868,491	)		(948,592	)
Total	$	34,131,509		$	29,051,408

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Investments in and Advances to Affiliates [Line Items]

SCHEDULE OF DEFERRED FINANCING COSTS (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Accounting Policies [Abstract]
Deferred debt issuance costs	$ 1,056,167	$ 1,417,155
Deferred financing costs	508,310	526,261
Total	$ 1,564,477	$ 1,943,416

SCHEDULE OF COMPOSITION OF INVESTMENT PORTFOLIO (Details) - USD ($)

Dec. 31, 2025

Dec. 31, 2024

Total Investments (cost of $240,825,785 and $256,809,654, respectively)

$ 225,511,505

$ 209,380,742

109.80%

132.90%

Investments in and Advances to Affiliates [Line Items]

^[1]

100.00%

Northeast [Member]

Total Investments (cost of $240,825,785 and $256,809,654, respectively)

$ 78,565,018

$ 72,100,161

38.30%

45.80%

Investments in and Advances to Affiliates [Line Items]

34.90%

34.40%

West [Member]

Total Investments (cost of $240,825,785 and $256,809,654, respectively)

$ 49,566,027

$ 61,124,969

24.10%

38.80%

Investments in and Advances to Affiliates [Line Items]

22.00%

29.20%

Midwest [Member]

Total Investments (cost of $240,825,785 and $256,809,654, respectively)

$ 49,488,742

$ 37,261,207

24.10%

23.60%

Investments in and Advances to Affiliates [Line Items]

21.90%

17.80%

Southeast [Member]

Total Investments (cost of $240,825,785 and $256,809,654, respectively)

$ 44,761,355

$ 20,675,077

21.80%

13.10%

Investments in and Advances to Affiliates [Line Items]

^[1]

19.80%

9.90%

International [Member]

Total Investments (cost of $240,825,785 and $256,809,654, respectively)

$ 3,130,363

$ 18,219,328

1.50%

11.60%

Artificial Intelligence [Member]

^[1]

1.40%

8.70%

Investments in and Advances to Affiliates [Line Items]

Total Investments (cost of $240,825,785 and $256,809,654, respectively)

$ 69,004,148

$ 58,072,060

33.60%

36.90%

Consumer Goods & Services [Member]

30.60%

27.70%

Investments in and Advances to Affiliates [Line Items]

Total Investments (cost of $240,825,785 and $256,809,654, respectively)

$ 47,772,963

$ 30,351,636

23.30%

19.30%

Software As A Service [Member]

21.20%

14.50%

Investments in and Advances to Affiliates [Line Items]

Total Investments (cost of $240,825,785 and $256,809,654, respectively)

$ 44,725,975

$ 49,225,370

21.80%

31.20%

Education Technology [Member]

19.80%

23.50%

Investments in and Advances to Affiliates [Line Items]

Total Investments (cost of $240,825,785 and $256,809,654, respectively)

$ 23,683,271

$ 27,327,100

11.50%

17.30%

Financial Technology & Services [Member]

10.50%

13.10%

Investments in and Advances to Affiliates [Line Items]

Total Investments (cost of $240,825,785 and $256,809,654, respectively)

$ 18,168,362

$ 17,192,986

8.80%

10.90%

Logistics & Supply Chain [Member]

8.10%

8.20%

Investments in and Advances to Affiliates [Line Items]

Total Investments (cost of $240,825,785 and $256,809,654, respectively)

$ 17,678,235

$ 23,033,237

8.60%

14.60%

SuRo Capital Sports [Member]

7.80%

11.00%

Investments in and Advances to Affiliates [Line Items]

Total Investments (cost of $240,825,785 and $256,809,654, respectively)

$ 4,478,551

$ 4,178,353

2.20%

2.70%

Investments in and Advances to Affiliates [Line Items]

2.00%

Investments [Member]

Total Investments (cost of $240,825,785 and $256,809,654, respectively)

$ 240,825,785

$ 256,809,654

$ 225,511,505

$ 209,380,742

Private Portfolio Companies [Member]

109.80%

132.90%

Investments in and Advances to Affiliates [Line Items]

Total Investments (cost of $240,825,785 and $256,809,654, respectively)

$ 228,756,757

$ 234,233,007

$ 221,302,242

$ 191,789,622

Private Portfolio Companies [Member] | Preferred Stock [Member]

107.80%

121.70%

Investments in and Advances to Affiliates [Line Items]

Total Investments (cost of $240,825,785 and $256,809,654, respectively)

^[2]

$ 145,749,202

$ 159,592,108

^[2]

$ 169,631,231

$ 151,003,991

Private Portfolio Companies [Member] | Common Stock [Member]

^[2]

82.60%

95.80%

Investments in and Advances to Affiliates [Line Items]

Total Investments (cost of $240,825,785 and $256,809,654, respectively)

^[3]

$ 77,006,339

$ 67,469,643

^[3]

$ 46,713,129

$ 35,922,154

Private Portfolio Companies [Member] | Options Held [Member]

^[3]

22.80%

Investments in and Advances to Affiliates [Line Items]

Total Investments (cost of $240,825,785 and $256,809,654, respectively)

^[4]

$ 2,971,657

$ 4,394,059

^[4]

$ 4,201,543

$ 4,357,138

Private Portfolio Companies [Member] | Debt Investments [Member]

^[4]

2.00%

2.80%

Investments in and Advances to Affiliates [Line Items]

Total Investments (cost of $240,825,785 and $256,809,654, respectively)

$ 3,029,559

$ 2,777,197

$ 756,339

$ 506,339

Publicly Traded Portfolio Companies [Member]

0.40%

0.30%

Investments in and Advances to Affiliates [Line Items]

Total Investments (cost of $240,825,785 and $256,809,654, respectively)

$ 12,069,028

$ 22,576,647

$ 4,209,263

$ 17,591,120

Publicly Traded Portfolio Companies [Member] | Common Stock [Member]

2.00%

11.20%

Investments in and Advances to Affiliates [Line Items]

Total Investments (cost of $240,825,785 and $256,809,654, respectively)

$ 10,922,147

$ 21,805,582

$ 3,586,956

$ 16,154,290

Publicly Traded Portfolio Companies [Member] | Options Held [Member]

1.70%

10.30%

Investments in and Advances to Affiliates [Line Items]

Total Investments (cost of $240,825,785 and $256,809,654, respectively)

$ 1,146,881

$ 771,065

$ 622,307

$ 1,436,830

Commitments and Contingencies Disclosure [Abstract]

0.30%

0.90%

[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 Series A-2 Preferred Shares of OpenAI Global, LLC, and the Company’s investment in the Membership Interest of IH10, LLC which is invested in the Series B Preferred Shares of VAST Data, Ltd. through an SPV.
[2]	As of December 31, 2025, Preferred Stock also includes the Company’s investment in the Class A Interest of ARK Type One Deep Ventures Fund LLC which is invested in the Series A-2 Preferred Shares of OpenAI Global, LLC, and the Company’s investment in the Membership Interest of IH10, LLC which is invested in the Series B Preferred Shares of VAST Data, Ltd. through an SPV. 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.
[3]	As of December 31, 2025, Common Stock in Private Portfolio Companies also includes the Company’s Limited Partner Fund Investment in True Global Ventures 4 Plus Pte Ltd. and the Company’s investment in the Class A Interest of CW Opportunity 2 LP which is invested in the Class A Common Stock of CoreWeave, Inc. As of December 31, 2024, Common Stock also includes the Company’s Limited Partner Fund Investment in True Global Ventures 4 Plus Pte Ltd.
[4]	As of December 31, 2025, Options in Private Portfolio Companies also includes the Company’s investments in the SAFEs of Orchard Technologies, Inc., PayJoy, Inc., and Whoop, Inc. 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).

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2025

COMMITMENTS AND CONTINGENCIES

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. On December 31, 2025, the Company committed up to $20,000,000 to Magnetar Opportunity 2025-4 LP that required it to make future investments subject to the satisfaction of certain conditions.

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.

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2025

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. 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 December 31, 2025 and December 31, 2024, the Company booked a right-of-use asset and operating lease liability of $327,932 and $446,349, respectively, on the Consolidated Statements of Assets and Liabilities. As of December 31, 2025 and December 31, 2024, the Company recorded a security deposit of $16,574 and $16,574, respectively, on the Consolidated Statements of Assets and Liabilities. For the years ended December 31, 2025 and 2024, the Company incurred $130,462 and $171,063, respectively, of operating lease expense. The amounts reflected on the Consolidated Statements of Assets and Liabilities have been discounted using the rate implicit in the lease. As of December 31, 2025, the remaining lease term was 2.4 years and the discount rate was 3.00%.

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

For the Year Ended December 31,	Amount
2026	$	154,826
2027		159,471
2028		59,689
Total	$	373,986

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2025

INVESTMENTS AT FAIR VALUE (Tables)

12 Months Ended

Dec. 31, 2025

Investments in and Advances to Affiliates [Abstract]

SCHEDULE OF COMPOSITION OF INVESTMENT PORTFOLIO

The following tables summarize the composition of the Company’s investment portfolio by security type at cost and fair value as of December 31, 2025 and December 31, 2024:

	December 31, 2025							December 31, 2024
	Cost		Fair Value		Percentage of Net Assets			Cost		Fair Value		Percentage of Net Assets
Private Portfolio Companies
Preferred Stock⁽¹⁾	$	145,749,202	$	169,631,231		82.6	%	$	159,592,108	$	151,003,991		95.8	%
Common Stock⁽²⁾		77,006,339		46,713,129		22.8	%		67,469,643		35,922,154		22.8	%
Options⁽³⁾		2,971,657		4,201,543		2.0	%		4,394,059		4,357,138		2.8	%
Debt Investments		3,029,559		756,339		0.4	%		2,777,197		506,339		0.3	%
Total Private Portfolio Companies		228,756,757		221,302,242		107.8	%		234,233,007		191,789,622		121.7	%
Publicly Traded Portfolio Companies
Common Stock		10,922,147		3,586,956		1.7	%		21,805,582		16,154,290		10.3	%
Options		1,146,881		622,307		0.3	%		771,065		1,436,830		0.9	%
Total Publicly Traded Portfolio Companies		12,069,028		4,209,263		2.0	%		22,576,647		17,591,120		11.2	%
Total Investments	$	240,825,785	$	225,511,505		109.8	%	$	256,809,654	$	209,380,742		132.9	%

(1)	As of December 31, 2025, Preferred Stock also includes the Company’s investment in the Class A Interest of ARK Type One Deep Ventures Fund LLC which is invested in the Series A-2 Preferred Shares of OpenAI Global, LLC, and the Company’s investment in the Membership Interest of IH10, LLC which is invested in the Series B Preferred Shares of VAST Data, Ltd. through an SPV. 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.
(2)	As of December 31, 2025, Common Stock in Private Portfolio Companies also includes the Company’s Limited Partner Fund Investment in True Global Ventures 4 Plus Pte Ltd. and the Company’s investment in the Class A Interest of CW Opportunity 2 LP which is invested in the Class A Common Stock of CoreWeave, Inc. As of December 31, 2024, Common Stock also includes the Company’s Limited Partner Fund Investment in True Global Ventures 4 Plus Pte Ltd.
(3)	As of December 31, 2025, Options in Private Portfolio Companies also includes the Company’s investments in the SAFEs of Orchard Technologies, Inc., PayJoy, Inc., and Whoop, Inc. 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).

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2025

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

	As of December 31, 2025								As of December 31, 2024
	Fair Value		Percentage of Portfolio			Percentage of Net Assets			Fair Value		Percentage of Portfolio			Percentage of Net Assets
Geographic Region
Northeast	$	78,565,018		34.9	%		38.3	%	$	72,100,161		34.4	%		45.8	%
West		49,566,027		22.0	%		24.1	%		61,124,969		29.2	%		38.8	%
Midwest		49,488,742		21.9	%		24.1	%		37,261,207		17.8	%		23.6	%
Southeast		44,761,355		19.8	%		21.8	%		20,675,077		9.9	%		13.1	%
International		3,130,363		1.4	%		1.5	%		18,219,328		8.7	%		11.6	%
Total	$	225,511,505		100.0	%		109.8	%	$	209,380,742		100.0	%		132.9	%

	As of December 31, 2025								As of December 31, 2024
	Fair Value		Percentage of Portfolio			Percentage of Net Assets			Fair Value		Percentage of Portfolio			Percentage of Net Assets
Industry
Artificial Intelligence Infrastructure & Applications	$	69,004,148		30.6	%		33.6	%	$	58,072,060		27.7	%		36.9	%
Consumer Goods & Services		47,772,963		21.2	%		23.3	%		30,351,636		14.5	%		19.3	%
Software-as-a-Service		44,725,975		19.8	%		21.8	%		49,225,370		23.5	%		31.2	%
Education Technology		23,683,271		10.5	%		11.5	%		27,327,100		13.1	%		17.3	%
Financial Technology & Services		18,168,362		8.1	%		8.8	%		17,192,986		8.2	%		10.9	%
Logistics & Supply Chain		17,678,235		7.8	%		8.6	%		23,033,237		11.0	%		14.6	%
SuRo Capital Sports		4,478,551		2.0	%		2.2	%		4,178,353		2.0	%		2.7	%
Total	$	225,511,505		100.0	%		109.8	%	$	209,380,742		100.0	%		132.9	%

SCHEDULE OF FAIR VALUE OF INVESTMENT VALUATION INPUTS

	As of December 31, 2025
	Quoted Prices in Active Markets for Identical Securities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Investments at Fair Value
Private Portfolio Companies
Preferred Stock⁽¹⁾	$	—	$	—	$	169,631,231	$	169,631,231
Common Stock⁽²⁾		—		—		46,713,129		46,713,129
Options⁽³⁾		—		—		4,201,543		4,201,543
Debt Investments		—		—		756,339		756,339
Private Portfolio Companies		—		—		221,302,242		221,302,242
Publicly Traded Portfolio Companies
Common Stock		3,586,956		—		—		3,586,956
Options		622,307		—		—		622,307
Publicly Traded Portfolio Companies		4,209,263		—		—		4,209,263
Total Investments at Fair Value	$	4,209,263	$	—	$	221,302,242	$	225,511,505

(1)	Preferred Stock also includes the Company’s investment in the Class A Interest of ARK Type One Deep Ventures Fund LLC which is invested in the Series A-2 Preferred Shares of OpenAI Global, LLC, and the Company’s investment in the Membership Interest of IH10, LLC which is invested in the Series B Preferred Shares of VAST Data, Ltd. through an SPV.
(2)	Common Stock in Private Portfolio Companies also includes the Company’s Limited Partner Fund Investment in True Global Ventures 4 Plus Pte Ltd. and the Company’s investment in the Class A Interest of CW Opportunity 2 LP which is invested in Class A Common Stock.
(3)	Options in Private Portfolio Companies also includes the Company’s investments in the SAFEs of Orchard Technologies, Inc., PayJoy, Inc., and Whoop, Inc.

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2025

	As of December 31, 2024
	Quoted Prices in Active Markets for Identical Securities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Investments at Fair Value
Private Portfolio Companies
Preferred Stock⁽¹⁾	$	—	$	—	$	151,003,991	$	151,003,991
Common Stock⁽²⁾		—		—		35,922,154		35,922,154
Options⁽³⁾		—		—		4,357,138		4,357,138
Debt Investments		—		—		506,339		506,339
Private Portfolio Companies		—		—		191,789,622		191,789,622
Publicly Traded Portfolio Companies
Common Stock		2,126,577		14,027,713		—		16,154,290
Options		1,436,830		—		—		1,436,830
Publicly Traded Portfolio Companies		3,563,407		14,027,713		—		17,591,120
Total Investments at Fair Value	$	3,563,407	$	14,027,713	$	191,789,622	$	209,380,742

(1)	Preferred Stock also includes the Company’s investment in the Class A Interest of ARK Type One Deep Ventures Fund LLC which is invested in the Convertible Interest Rights of OpenAI Global, LLC, the Company’s investment in the Class A Interest of CW Opportunity 2 LP which is invested in the Series C Preferred Shares of CoreWeave, Inc., and the Company’s investment in the Membership Interest of IH10, LLC which is invested in the Series B Preferred Shares of VAST Data, Ltd. through an SPV.
(2)	Common Stock in Private Portfolio Companies also includes the Company’s Limited Partner Fund Investment in True Global Ventures 4 Plus Pte Ltd.
(3)	Options in Private Portfolio Companies also includes the Company’s investments in the SAFEs of Commercial Streaming Solutions Inc. (d/b/a BettorView), PayJoy, Inc., and Stake Trade, Inc. (d/b/a Prophet Exchange).

SCHEDULE OF FAIR VALUE OF ASSETS ON UNOBSERVABLE INPUT

As of December 31, 2025

Asset

Fair Value

Valuation Approach/

Technique⁽¹⁾

Unobservable Inputs⁽²⁾

Range (Weighted Average)⁽³⁾

Preferred stock in private companies⁽⁴⁾

169,631,231

Market Approach

Revenue Multiples

0.52x - 7.95x (3.47x)

Precedent Transactions

25% - 100% (76%)

PWERM⁽⁷⁾

Revenue Multiples

1.42x - 5.60x (1.72x)

Dissolution Risk

100%

Precedent Transaction

90%

Common stock in private companies⁽⁵⁾

46,713,129

Market Approach

Revenue Multiples

0.57x - 5.23x (4.99x)

Precedent Transactions

100%

AFFO⁽⁸⁾ Multiples

8.42x

PWERM⁽⁷⁾

Dissolution Risk

100%

Revenue Multiples

4.74x - 5.60x

Precedent Transaction

100%

Options⁽⁶⁾

4,201,543

Option Pricing Model

Term to Expiration (Years)

0.50 - 1.36 (0.88)

Volatility

45% - 50% (48%)

PWERM⁽⁷⁾

Precedent Transaction

90%

Revenue Multiples

1.54x - 1.90x (1.72x)

Market Approach

Precedent Transaction

25% - 100% (77%)

Debt investments

756,339

Market Approach

Revenue Multiples

0.57x - 5.05x (3.49x)

Precedent Transactions

25%

(1)

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 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, as well as size, profitability and growth expectations. In general, precedent transactions include recent rounds of financing, recent purchases made by the Company, and tender offers. Refer to “Note 2—Significant Accounting Policies—Investments at Fair Value” for more detail.
(3)	The weighted averages are calculated based on the fair market value of each investment.
(4)	Preferred Stock also includes the Company’s investment in the Class A Interest of ARK Type One Deep Ventures Fund LLC which is invested in the Series A-2 Preferred Shares of OpenAI Global, LLC, and the Company’s investment in the Membership Interest of IH10, LLC which is invested in the Series B Preferred Shares of VAST Data, Ltd. through an SPV.
(5)	Common Stock in Private Portfolio Companies also includes the Company’s Limited Partner Fund Investment in True Global Ventures 4 Plus Pte Ltd. and the Company’s investment in the Class A Interest of CW Opportunity 2 LP which is invested in the Class A Common Stock of CoreWeave, Inc.
(6)	Options in Private Portfolio Companies also includes the Company’s investments in the SAFEs of Orchard Technologies, Inc., PayJoy, Inc., and Whoop, Inc.
(7)	Probability-Weighted Expected Return Method, or “PWERM”.
(8)	Adjusted Funds From Operations, or “AFFO”.

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2025

As of December 31, 2024

Asset

Fair Value

Valuation Approach/ Technique⁽¹⁾

Unobservable Inputs⁽²⁾

Range (Weighted Average)⁽³⁾

Preferred stock in private companies⁽⁶⁾

151,003,991

Market Approach

Revenue Multiples

0.67x - 5.96x (1.82x)

Precedent Transactions

25% - 100% (55%)

PWERM⁽⁵⁾

Revenue Multiples

1.76x - 2.95x

Dissolution Risk

75% - 100% (87.5%)

Common stock in private companies⁽⁷⁾

35,922,154

Market Approach

Revenue Multiples

0.77x - 8.81x (7.59x)

Precedent Transactions

100%

PWERM⁽⁵⁾

AFFO⁽⁴⁾ Multiples

7.88x

Dissolution Risk

100%

Debt investments

506,339

Market Approach

Revenue Multiples

0.90x - 1.31x (1.22x)

Options⁽⁸⁾

4,357,138

Option Pricing Model

Term to Expiration (Years)

1.5 - 19.38

Precedent Transaction

100%

Volatility

51% - 67%

(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.
(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, as well as size, profitability and growth expectations. In general, precedent transactions include recent rounds of financing, recent purchases made by the Company, and tender offers. Refer to “Note 2—Significant Accounting Policies—Investments at Fair Value” for more detail.
(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”.

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2025

(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 Pte Ltd.
(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).

SCHEDULE OF AGGREGATE VALUE OF ASSETS AND LIABILITIES

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

	Preferred Stock⁽¹⁾			Common Stock⁽²⁾			Options⁽³⁾			Debt Investments			Total
	Year Ended December 31, 2025
	Preferred Stock⁽¹⁾			Common Stock⁽²⁾			Options⁽³⁾			Debt Investments			Total
Assets:
Fair Value as of December 31, 2024	$	151,003,991		$	35,922,154		$	4,357,138		$	506,339		$	191,789,622
Transfers out of Level 3		(5,221,824	)		(6,323,519	)		(498,305	)		—			(12,043,648	)
Purchases, capitalized fees and interest		5,330,509			5,395,541			1,083,211			252,363			12,061,624
Sales/Redemptions of investments		—			(16,324,378	)		—			—			(16,324,378	)
Exercises and conversions⁽⁴⁾		(15,768,763	)		17,775,155			(2,006,392	)		—			—
Realized gains/(losses)		(1,002,755	)		11,395,780			—			—			10,393,025
Net change in unrealized appreciation/(depreciation) included in earnings		35,290,073			(1,127,604	)		1,265,891			(2,363	)		35,425,997
Fair Value as of December 31, 2025	$	169,631,231		$	46,713,129		$	4,201,543		$	756,339		$	221,302,242
Net change in unrealized appreciation/ (depreciation) of Level 3 investments still held as of December 31, 2025	$	34,444,974		$	(1,127,603	)	$	1,121,861		$	(2,363	)	$	34,436,869

(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 Series A-2 Preferred Shares of OpenAI Global, LLC, and the Company’s investment in the Membership Interest of IH10, LLC which is invested in the Series B Preferred Shares of VAST Data, Ltd. through an SPV.
(2)	Common Stock in Private Portfolio Companies also includes the Company’s Limited Partner Fund Investment in True Global Ventures 4 Plus Pte Ltd. and the Company’s investment in the Class A Interest of CW Opportunity 2 LP which is invested in Class A Common Stock.
(3)	Options in Private Portfolio Companies also includes the Company’s investments in the SAFEs of Orchard Technologies, Inc., PayJoy, Inc., and Whoop, Inc.
(4)	During the year ended December 31, 2025, the Company’s portfolio investments had the following corporate actions which are reflected above:

Portfolio Company	Conversion from	Conversion to
CoreWeave, Inc.	Preferred Shares, Series A Common shares	Common Shares (Level 2)
CW Opportunity 2 LP	Preferred Shares, Series C	Common Shares (Level 3)
Commercial Streaming Solutions Inc. (d/b/a BettorView)	Simple Agreement for Future Equity	Preferred Shares, Class A-1 (Level 3)
Colombier Sponsor II LLC	Class B Units Class W Units	GrabAGun Digital Holdings Inc. Common Shares (Level 1) GrabAGun Digital Holdings Inc. Common Warrants (Level 1)
Stake Trade, Inc. (d/b/a Prophet Exchange)	Simple Agreement for Future Equity	Preferred Shares, Series B-IV (Level 3)

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2025

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

	Preferred Stock⁽¹⁾			Common Stock⁽²⁾			Debt Investments			Options⁽³⁾			Total
	Year Ended December 31, 2024
	Preferred Stock⁽¹⁾			Common Stock⁽²⁾			Debt Investments			Options⁽³⁾			Total
Assets:
Fair Value as of December 31, 2023	$	122,744,564		$	39,086,792		$	3,098,734		$	3,638,161		$	168,568,251
Fair Value, Beginning balance	$	122,744,564		$	39,086,792		$	3,098,734		$	3,638,161		$	168,568,251
Transfers out of Level 3		—			(12,896,367	)		—			—			(12,896,367	)
Purchases, capitalized fees and interest		60,155,557			15,061,793			—			13,230			75,230,580
Sales/Redemptions of investments		(374,950	)		(10,375,762	)		(1,414,278	)		(1,585,722	)		(13,750,712	)
Exercises and conversions⁽⁴⁾		136,114			—			(1,338,976	)		1,246,916			44,054
Realized gains/(losses)		(7,533,623	)		(222,565	)		384,102			(7,076,812	)		(14,448,898	)
Net change in unrealized appreciation/(depreciation) included in earnings		(24,123,671	)		5,268,263			(223,243	)		8,121,365			(10,957,286	)
Fair Value as of December 31, 2024	$	151,003,991		$	35,922,154		$	506,339		$	4,357,138		$	191,789,622
Fair Value, Ending balance	$	151,003,991		$	35,922,154		$	506,339		$	4,357,138		$	191,789,622
Net change in unrealized appreciation/ (depreciation) of Level 3 investments still held as of December 31, 2024	$	(32,741,143	)	$	5,418,630		$	—		$	111,916		$	(27,210,597	)
Net change in unrealized appreciation/ (depreciation) of Level 3 investments still held	$	(32,741,143	)	$	5,418,630		$	—		$	111,916		$	(27,210,597	)

(1)	Preferred Stock also includes the Company’s investment in the Class A Interest of ARK Type One Deep Ventures Fund LLC which is invested in the Convertible Interest Rights of OpenAI Global, LLC, the Company’s investment in the Class A Interest of CW Opportunity 2 LP which is invested in the Series C Preferred Shares of CoreWeave, Inc., and the Company’s investment in the Membership Interest of IH10, LLC which is invested in the Series B Preferred Shares of VAST Data, Ltd. through an SPV.
(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).
(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	Oklo, Inc. - 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)

SCHEDULE OF INVESTMENTS IN AND ADVANCES TO AFFILIATES

Transactions during the year ended December 31, 2025 involving the Company’s controlled investments and non-controlled/affiliate investments were as follows:

Type/Industry/Portfolio Company/Investment	Shares/ Principal/ Quantity		Fair Value at December 31, 2024		Transfer In/ (Out)					Unrealized Gains/ (Losses)			Fair Value at December 31, 2025		Percentage of Net Assets
*CONTROLLED INVESTMENTS⁽²⁾**
Common Stock
Special Purpose Acquisition Company
Colombier Sponsor II LLC**⁽³⁾–Class B Units		—	$	1,101,695	$	(1,103,719	)			$	2,024		$	—		—	%
Total Common Stock				1,101,695		(1,103,719	)				2,024			—		—	%
Options
Special Purpose Acquisition Company
Colombier Sponsor II LLC**⁽³⁾–Class W Units		—		498,305		(499,221	)	-	-		916			—		—	%
Total Options				498,305		(499,221	)				916			—		—	%
*TOTAL CONTROLLED INVESTMENTS⁽²⁾**			$	1,600,000	$	(1,602,940	)			$	2,940		$	—		—	%
*NON-CONTROLLED/AFFILIATE INVESTMENTS⁽¹⁾**
Preferred Stock
Interactive Media & Services
Commercial Streaming Solutions Inc. (d/b/a BettorView)–Preferred Shares, Series A-1		10,548,522	$	—	$	1,000,000				$	(650,000	)	$	350,000		0.17	%
Knowledge Networks
Maven Research, Inc.–Preferred Shares, Series C		318,979		—		—					—			—		—	%
Maven Research, Inc.–Preferred Shares, Series B		49,505		—		—					—			—		—	%
Total Knowledge Networks				—		—					—			—		—	%
Interactive Learning
StormWind, LLC⁽⁴⁾– Preferred Shares, Series D 8%		329,337		501,626		—					(65,820	)		435,806		0.21	%
StormWind, LLC⁽⁴⁾– Preferred Shares, Series C 8%		2,779,134		5,376,994		—					(616,911	)		4,760,083		2.32	%
StormWind, LLC⁽⁴⁾– Preferred Shares, Series B 8%		3,279,629		3,233,922		—					(655,449	)		2,578,473		1.26	%
StormWind, LLC⁽⁴⁾– Preferred Shares, Series A 8%		366,666		156,285		—					(73,280	)		83,005		0.04	%
Total Interactive Learning				9,268,827		—					(1,411,460	)		7,857,367		3.83	%
Total Preferred Stock				9,268,827		1,000,000					(2,061,460	)		8,207,367		4.00	%
Common Stock
Online Education
Curious.com, Inc.–Common Shares		1,135,944		—		—					—			—		—	%
Total Common Stock				—		—					—			—		—	%
*TOTAL NON-CONTROLLED/AFFILIATE INVESTMENTS⁽¹⁾**			$	9,268,827	$	1,000,000				$	(2,061,460	)	$	8,207,367		4.00	%

*	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”).
**	Indicates assets that SuRo Capital believes do not represent “qualifying assets” under Section 55(a) of the 1940 Act. Of the Company’s total investments as of December 31, 2025, 32.70% of its total investments are non-qualifying assets, excluding cash and short-term US treasuries.
(1)	“Affiliate Investments” are investments in those companies that are “Affiliated Companies” of SuRo Capital, as defined in the 1940 Act. In general, a company is deemed to be an “Affiliate” of SuRo Capital if SuRo Capital beneficially owns, directly or indirectly, between 5% and 25% of the voting securities (i.e., securities with the right to elect directors) of such company.
(2)	“Control Investments” are investments in those companies that are “Controlled Companies” of SuRo Capital, 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.
(3)	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.
(4)	SuRo Capital’s investments in StormWind, LLC are held through SuRo Capital Corp.’s wholly owned subsidiary, GSVC SW Holdings, Inc.

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 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	Shares/ Principal/ Quantity		Interest, Fees, or Dividends Credited in Income		Fair Value at December 31, 2023		Transfer In/ (Out)		Purchases and Capitalized Fees		Sales/ Redemptions			Realized Gains/ (Losses)			Unrealized Gains/ (Losses)			Fair Value at December 31, 2024		Percentage of Net Assets
*CONTROLLED INVESTMENTS⁽²⁾**
Preferred Stock
Clean Technology
SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.)–Preferred shares, Class A		—	$	—	$	382,381	$	—	$	4,218	$	(374,950	)	$	(6,780,680	)	$	6,769,031		$	—		—	%
Total Preferred Stock				—		382,381		—		4,218		(374,950	)		(6,780,680	)		6,769,031			—		—	%
Common Stock
Clean Technology
SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.)–Common shares		—		—		—		—		—		—			(10,000	)		10,000			—		—	%
Mobile Finance Technology
Architect Capital PayJoy SPV, LLC–Membership Interest in Lending SPV*	$	—		955,628		10,000,000		—		—		(10,000,000	)		(6,745	)		6,745			—		—	%
Special Purpose Acquisition Company
Colombier Sponsor II LLC**⁽⁶⁾–Class B Units		1,040,000		—		1,101,695				—		—			—			—			1,101,695		0.70	%
Total Common Stock				955,628		11,101,695		—		—		(10,000,000	)		(16,745	)		16,745			1,101,695		0.70	%
Options
Special Purpose Acquisition Company
Colombier Sponsor II LLC**⁽⁶⁾–Class W Units		1,600,000		—		498,305		—		—		—			—			—			498,305		0.32	%
Total Options				—		498,305		—		—		—			—			—			498,305		0.32	%
*TOTAL CONTROLLED INVESTMENTS⁽²⁾**			$	955,628	$	11,982,381	$	—	$	4,218	$	(10,374,950	)	$	(6,797,425	)	$	6,785,776		$	1,600,000		1.02	%
*NON-CONTROLLED/AFFILIATE INVESTMENTS⁽¹⁾**
Debt Investments
Global Innovation Platform
OneValley, Inc. (f/k/a NestGSV, Inc.) –Convertible Promissory Note 8%, Due 8/23/2024	$	—	$	—	$	1,267,395	$	—	$	—	$	(1,414,278	)	$	384,102		$	(237,219	)	$	—		—	%
Total Debt Investments				—		1,267,395		—		—		(1,414,278	)		384,102			(237,219	)		—		—	%

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2025

Type/Industry/Portfolio Company/Investment	Shares/ Principal/ Quantity		Interest, Fees, or Dividends Credited in Income		Fair Value at December 31, 2023		Transfer In/ (Out)			Purchases and Capitalized Fees		Sales/ Redemptions			Realized Gains/ (Losses)			Unrealized Gains/ (Losses)			Fair Value at December 31, 2024		Percentage of Net Assets
Preferred Stock
Knowledge Networks
Maven Research, Inc.–Preferred shares, Series C		318,979		—		—		—			—		—			—			—			—		—	%
Maven Research, Inc.–Preferred shares, Series B		49,505		—		—		—			—		—			—			—			—		—	%
Total Knowledge Networks				—		—		—			—		—			—			—			—		—	%
Interactive Learning
StormWind, LLC⁽⁵⁾– Preferred shares, Series D 8%		329,337		—		653,975		—			—		—			—			(152,349	)		501,626		0.32	%
StormWind, LLC⁽⁵⁾– Preferred shares, Series C 8%		2,779,134		—		6,804,933		—			—		—			—			(1,427,939	)		5,376,994		3.41	%
StormWind, LLC⁽⁵⁾– Preferred shares, Series B 8%		3,279,629		—		4,751,064		—			—		—			—			(1,517,142	)		3,233,922		2.05	%
StormWind, LLC⁽⁵⁾– Preferred shares, Series A 8%		366,666		—		325,903		—			—		—			—			(169,618	)		156,285		0.10	%
Total Interactive Learning				—		12,535,875		—			—		—			—			(3,267,048	)		9,268,827		5.88	%
Total Preferred Stock				—		12,535,875		—			—		—			—			(3,267,048	)		9,268,827		5.88	%
Options
Global Innovation Platform
OneValley, Inc. (f/k/a NestGSV, Inc.)–Derivative Security, Expiration Date 8/23/2024		—		—		620,927		—			13,230		(1,585,722	)		(6,982,628	)		7,934,193			—		—	%
Total Global Innovation Platform				—		620,927		—			13,230		(1,585,722	)		(6,982,628	)		7,934,193			—		—	%
E-Commerce Marketplace
PSQ Holdings, Inc. (d/b/a PublicSquare)**⁽³⁾⁽⁴⁾– Warrants		1,796,037		—		1,964,750		(1,964,750	)		—		—			—			—			—		—	%
Total Options				—		2,585,677		(1,964,750	)		13,230		(1,585,722	)		(6,982,628	)		7,934,193			—		—	%
Common Stock
Online Education
Curious.com, Inc.–Common shares		1,135,944		—		—		—			—		—			—			—			—		—	%
E-Commerce Marketplace
PSQ Holdings, Inc. (d/b/a PublicSquare)**⁽³⁾⁽⁴⁾– Common shares, Class A		—		—		8,542,386		(8,542,386	)		—		—			—			—			—		—	%
Total Common Stock				—		8,542,386		(8,542,386	)		—		—			—			—			—		—	%
*TOTAL NON-CONTROLLED/AFFILIATE INVESTMENTS⁽¹⁾**			$	—	$	24,931,333	$	(10,507,136	)	$	13,230	$	(3,000,000	)	$	(6,598,526	)	$	4,429,926		$	9,268,827		5.88	%

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 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, 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. 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.
(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 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 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.
(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.

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

Insider Trading Arrangements	12 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Insider Trading Arrangements [Line Items]
Material Terms of Trading Arrangement	During the fiscal year ended December 31, 2025, no director or officer of the Company entered into or terminated any (i) contract, instruction or written plan for the purchase or sale of securities of the registrant intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act or (ii) any non-Rule 10b5-1 trading arrangement.
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SCHEDULE OF TAX CHARACTER OF DISTRIBUTIONS (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Ordinary income
Long-term capital gain	12,253,448
Return of capital
Distributions on a tax basis

SCHEDULE OF SHARES SOLD UNDER ATM PROGRAM (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Number of shares sold	1,237,579
Net proceeds received	$ 10,619,626
ATM [Member]
Finite-Lived Intangible Assets [Line Items]
Number of shares sold	1,237,579
Gross proceeds received	$ 10,877,775
Net proceeds received	$ 10,678,099
Weighted average price per share	$ 8.79

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]

INCOME TAXES (Details Narrative) - USD ($)

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Investment gain percent

^[1]

(8.59%)

(8.00%)

(6.51%)

(4.76%)

(2.51%)

Income tax, description

(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. 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).

Deferred tax liability

$ 0

Tax cost of investments

234,213,929

252,563,617

Gross unrealized appreciation

74,667,720

31,354,369

Gross unrealized depreciation

83,370,142

74,537,243

Net unrealized appreciation (depreciation) on investments

$ 8,702,422

$ (43,182,874)

Domestic Tax Jurisdiction [Member]

Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]

Nondeductible excise tax, percent

4.00%

Minimum [Member]

Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]

Investment gain percent

90.00%

[1]	For the year ended December 31, 2021, the Company excluded $100,274 of non-recurring expenses. Because the ratios are calculated for the Company’s common stock taken as a whole, an individual investor’s ratios may vary from these ratios.

SCHEDULE OF BASIC AND DILUTED COMMON SHARE (Details) - USD ($)

3 Months Ended

12 Months Ended

Dec. 31, 2025

Sep. 30, 2025

Jun. 30, 2025

Mar. 31, 2025

Dec. 31, 2024

Sep. 30, 2024

Jun. 30, 2024

Mar. 31, 2024

Dec. 31, 2023

Sep. 30, 2023

Jun. 30, 2023

Mar. 31, 2023

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

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

Net change in net assets resulting from operations

$ 48,808,336

$ (38,124,247)

$ 5,066,822

Weighted-average common shares–basic

25,212,863

24,371,533

23,728,095

23,571,840

23,436,365

23,378,002

23,410,235

25,393,490

25,251,921

25,351,306

25,952,447

28,378,529

24,225,991

23,901,805

26,222,667

Earnings per common share–basic

$ (0.80)

$ 0.30

$ 2.63

$ (0.03)

$ (0.23)

$ (0.45)

$ (0.87)

$ (0.36)

$ 0.99

$ (0.60)

$ 0.16

$ 2.01

$ (1.60)

$ 0.19

Net change in net assets resulting from operations

$ 48,808,336

$ (38,124,247)

$ 5,066,822

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

^[1]

2,499,717

Net change in net assets resulting from operations, as adjusted

51,308,053

(38,124,247)

5,066,822

Adjustment for dilutive effect of 6.50% Convertible Notes due 2029

^[1]

$ 4,563,109

Weighted-average common shares outstanding–diluted

^[1]

28,789,100

23,901,805

26,222,627

Earnings per common share–diluted

$ 1.78

$ (1.60)

$ 0.19

[1]

SCHEDULE OF BASIC AND DILUTED COMMON SHARE (Details) (Parenthetical) - shares	3 Months Ended		12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2025	Dec. 31, 2024
Net Change in Net Assets Resulting from Operations per Common Share:
Convertible notes percentage	6.50%	6.50%	6.50%	6.50%
Weighted average number of shares outstanding, diluted, adjustment				3,870,969

Consolidated Statements of Assets and Liabilities - USD ($)

Dec. 31, 2025

Dec. 31, 2024

Total Investments (cost of $240,825,785 and $256,809,654, respectively)

$ 225,511,505

$ 209,380,742

Cash

49,034,154

20,035,640

Restricted cash

38,741

Escrow proceeds receivable

45,298

Interest and dividends receivable

118,710

756,022

Deferred financing costs

508,310

526,261

Prepaid expenses and other assets

^[1]

807,302

855,630

Total Assets

276,018,722

231,599,593

LIABILITIES

6.00% Notes due December 30, 2026

^[2]

35,642,149

44,198,838

6.50% Convertible Notes due August 14, 2029

^[3]

34,131,509

29,051,408

Accounts payable and accrued expenses

^[1]

627,522

768,394

Dividends payable

301,291

8,867

Total Liabilities

70,702,471

74,027,507

Commitments and contingencies (Notes 7 and 10)

Net Assets

205,316,251

157,572,086

NET ASSETS

Common stock, par value $0.01 per share (100,000,000 authorized; 25,377,756 and 23,601,566 issued and outstanding, respectively)

253,778

236,016

Paid-in capital in excess of par

217,470,613

226,579,432

Accumulated net investment loss

(3,967,932)

(4,302,192)

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

6,874,070

(17,409,097)

Accumulated net unrealized appreciation/(depreciation) of investments

(15,314,278)

(47,532,073)

Net Assets

$ 205,316,251

$ 157,572,086

Net Asset Value Per Share

$ 8.09

$ 6.68

Non Controlled Non Affiliate Investments [Member]

Total Investments (cost of $240,825,785 and $256,809,654, respectively)

$ 217,304,138

$ 198,511,915

Non Controlled Affiliate Investments [Member]

Total Investments (cost of $240,825,785 and $256,809,654, respectively)

8,207,367

9,268,827

Controlled Investments [Member]

Total Investments (cost of $240,825,785 and $256,809,654, respectively)

$ 1,600,000

[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 December 31, 2025, the 6.00% Notes due December 30, 2026 (the “6.00% Notes due 2026”) (effective interest rate of 7.08%) had a face value $35,829,825. As of December 31, 2024, the 6.00% Notes due 2026 (effective interest rate of 6.48%) had a face value $44,667,400. Refer to “Note 10—Debt Capital Activities” for a reconciliation of the carrying value to the face value.
[3]	As of December 31, 2025, the 6.50% Convertible Notes due August 14, 2029 (the “6.50% Convertible Notes due 2029”) (effective interest rate of 7.17%) had a face value $35,000,000. As of December 31, 2024, the 6.50% Convertible Notes due 2029 (effective interest rate of 7.06%) had a face value $30,000,000. Refer to “Note 10—Debt Capital Activities” for a reconciliation of the carrying value to the face value.

SCHEDULE OF FINANCIAL HIGHLIGHTS (Details) - USD ($)

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Investment Company [Abstract]

Net asset value

$ 6.68

$ 7.99

$ 7.39

$ 11.72

$ 15.14

Net investment loss

^[1]

(0.68)

(0.58)

(0.51)

(0.49)

(0.38)

Net realized gain/(loss) on investments

^[1]

1.37

(0.21)

(0.46)

(0.20)

8.46

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

^[1]

(0.01)

Net change in unrealized appreciation/(depreciation) of investments

^[1]

1.33

(0.79)

1.16

(3.72)

(2.39)

Dividends declared

(0.50)

(0.11)

(8.00)

Issuance of common stock from stock dividend

0.74

Issuance of common stock from public offering

^[1]

(0.03)

0.01

Issuance of common stock from conversion of 4.75% Convertible Notes due 2023

^[1]

(1.91)

Repurchase of common stock

^[1]

0.17

0.32

0.11

Stock-based compensation

^[1]

(0.08)

0.11

0.09

0.07

0.05

Net asset value at end of year

8.09

6.68

7.99

7.39

11.72

Per share market value at end of year

$ 9.44

$ 5.88

$ 3.94

$ 3.80

$ 12.95

Total return based on market value

^[2]

69.05%

49.24%

3.68%

(69.45%)

60.05%

Total return based on net asset value

^[2]

28.59%

(16.40%)

8.12%

(36.01%)

30.25%

Balance, shares

25,377,756

23,601,566

25,445,805

28,429,499

31,118,556

Net Assets at End of Year

$ 205,316,251

$ 157,572,086

$ 203,357,646

$ 210,020,702

$ 364,846,624

Average net assets

$ 192,289,541

$ 174,438,302

$ 207,608,591

$ 310,086,061

$ 396,209,139

Ratio of net operating expenses to average net assets

^[3]

9.46%

10.68%

9.70%

5.87%

2.88%

Ratio of net investment loss to average net assets

^[3]

(8.59%)

(8.00%)

(6.51%)

(4.76%)

(2.51%)

Portfolio Turnover Ratio

5.27%

13.73%

9.34%

4.31%

28.34%

[1]	Based on weighted-average number of shares outstanding for the relevant period.
[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. 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]	For the year ended December 31, 2021, the Company excluded $100,274 of non-recurring expenses. Because the ratios are calculated for the Company’s common stock taken as a whole, an individual investor’s ratios may vary from these ratios.

SCHEDULE OF RECONCILIATION FROM AGGREGATE PRINCIPAL AMOUNT OF 6.50% CONVERTIBLE NOTES DUE 2029 (Details) - USD ($)

Dec. 31, 2025

Dec. 31, 2024

Aggregate principal amount of 6.50% Convertible Notes due 2029

$ 35,829,825

$ 44,667,400

6.50% Notes due 2029 [Member]

^[1]

34,131,509

29,051,408

Aggregate principal amount of 6.50% Convertible Notes due 2029

35,000,000

30,000,000

Direct deduction of deferred debt issuance costs

(868,491)

(948,592)

$ 34,131,509

$ 29,051,408

[1]

As of December 31, 2025, the 6.50% Convertible Notes due August 14, 2029 (the “6.50% Convertible Notes due 2029”) (effective interest rate of 7.17%) had a face value $35,000,000. As of December 31, 2024, the 6.50% Convertible Notes due 2029 (effective interest rate of 7.06%) had a face value $30,000,000. Refer to “Note 10—Debt Capital Activities” for a reconciliation of the carrying value to the face value.

Consolidated Statements of Operations - USD ($)

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

INVESTMENT INCOME

Total Investment Income

$ 1,686,298

$ 4,673,427

$ 6,596,780

OPERATING EXPENSES

Compensation expense

8,831,788

9,159,673

9,482,867

Directors’ fees

789,376

682,260

645,548

Interest expense

5,088,054

4,843,570

4,858,049

Professional fees

2,244,818

2,277,765

2,602,894

Income tax expense

(190,787)

88,692

624,049

Other expenses

1,431,693

1,572,754

1,822,982

Total Operating Expenses

18,194,942

18,624,714

20,036,389

Net Investment Loss

(16,508,644)

(13,951,287)

(13,439,609)

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

33,223,557

(5,020,314)

(11,947,504)

(21,215)

(183,668)

Change in Unrealized Appreciation/(Depreciation) of Investments:

Net Change in Unrealized Appreciation/(Depreciation) of Investments

32,114,638

(18,968,978)

30,453,935

Net Change in Net Assets Resulting from Operations

$ 48,808,336

$ (38,124,247)

$ 5,066,822

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

Basic

$ 2.01

$ (1.60)

$ 0.19

Diluted

^[1]

$ 1.78

$ (1.60)

$ 0.19

Weighted-Average Common Shares Outstanding

Basic

24,225,991

23,901,805

26,222,667

Diluted

^[1]

28,789,100

23,901,805

26,222,667

Non Controlled Non Affiliate Investments [Member]

INVESTMENT INCOME

Interest income

^[2]

$ 1,337,851

$ 1,296,415

$ 795,847

Dividend income

348,447

1,232,239

211,310

Change in Unrealized Appreciation/(Depreciation) of Investments:

33,223,557

8,375,641

(1,185,273)

Net Change in Unrealized Appreciation/(Depreciation) of Investments

34,173,155

(30,184,682)

10,349,592

Controlled Investments [Member]

INVESTMENT INCOME

Interest income

955,628

1,331,258

Dividend income

500,000

Interest income from U.S. Treasury bills

1,189,145

3,758,365

Change in Unrealized Appreciation/(Depreciation) of Investments:

(6,797,425)

Net Change in Unrealized Appreciation/(Depreciation) of Investments

2,941

6,785,776

(600,692)

Non Controlled Affiliate Investments [Member]

Change in Unrealized Appreciation/(Depreciation) of Investments:

(6,598,530)

(10,762,231)

Net Change in Unrealized Appreciation/(Depreciation) of Investments

$ (2,061,458)

$ 4,429,928

$ 20,705,035

[1]

For the year ended December 31, 2024, 3,870,969 potentially dilutive common shares were excluded from the weighted-average common shares outstanding for diluted net decrease in net assets resulting from operations per common share because the effect of these shares would have been anti-dilutive. Refer to “Note 6 — Net Change in Net Assets Resulting from Operations per Common Share — Basic and Diluted”.

[2]

Includes interest income earned on cash.

SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

SIGNIFICANT ACCOUNTING POLICIES

NOTE 2—SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The 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-K 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 and 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.

The Company’s Consolidated Financial Statements include its accounts and the accounts of the Taxable Subsidiaries, GCL, SuRo Capital Sports, 1789 Capital Nirvana II LP, and SRCI Advisors, LLC, its wholly owned subsidiaries. GCL was formed to originate portfolio loan investments within the state of California. SuRo Capital Sports was formed to focus on investing in the sports betting sector. 1789 Capital Nirvana II LP is a SPV in which SuRo Capital holds the sole limited partnership interest and was formed to invest in the Common Shares of Plaid, Inc. SRCI Advisors, LLC was formed to provide investment management services to third parties; as of December 31, 2025, SRCI Advisors has not commenced operations. All intercompany balances and transactions have been eliminated in consolidation. The Company operates as a single operating segment.

The Company also consolidates entities that meet the definition of a Variable Interest Entity (“VIE”) for which the Company is the primary beneficiary. The primary beneficiary is the party who has the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and who has an obligation to absorb losses or a right to receive benefits from the entity. The Company determined that 1789 Capital Nirvana II LP is a VIE and the Company is the primary beneficiary. As such, 1789 Capital Nirvana II LP is consolidated by the Company.

Segments

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 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 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.

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2025

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 “Part I, Item 1A. Risk Factors” of this Form 10-K for a detailed discussion of the risks and uncertainties inherent in the nature of the Company’s operations. Refer to “Note 4—Investments at Fair Value” for an overview of the Company’s industry and geographic concentrations.

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. 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:

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 “Leveling Policy” below for a detailed discussion of the leveling of the Company’s financial assets or liabilities and events that may cause a reclassification within the fair value hierarchy.

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2025

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 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, 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.

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 as follows:

	1.	The quarterly valuation process begins with each portfolio company or investment being initially valued by the internal investment professionals responsible for the portfolio investment;

	2.	Preliminary valuation estimates are then documented and discussed with senior management;

	3.	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;

	4.	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; and

	5.	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. Valuation methods utilized include, but are not limited to, the following: comparisons to prices from secondary market transactions; venture capital financings; 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 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 consolidated financial statements.

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2025

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 prices. These investments are generally classified as Level 2 assets. The DLOM used is generally based upon the market value of publicly traded put options with similar terms. For equity securities with readily available market quotations that are subject to entity-specific contractual sale restrictions, rather than security-specific contractual sale restrictions, if such entity-specific contractual sale restrictions first applied or were modified on or after December 15, 2023, the restrictions are not considered in the determination of fair value for that security.

The fair values of the Company’s equity investments for which market quotations are not readily available are determined based on various factors and are classified as Level 3 assets. To determine the fair value of a portfolio company for which market quotations are not readily available, the Board of Directors applies the appropriate respective valuation methodology for the asset class or portfolio holding, which may involve analyzing the relevant portfolio company’s most recently available historical and projected financial results, public market comparables, and other factors. The Board of Directors may also consider other events, including the transaction in which the Company acquired its securities, subsequent equity sales by the portfolio company, and mergers or acquisitions affecting the portfolio company. In addition, the Board of Directors may consider the trends of the portfolio company’s basic financial metrics from the time of its original investment until the measurement date, with material improvement of these metrics indicating a possible increase in fair value, while material deterioration of these metrics may indicate a possible reduction in fair value.

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 Consolidated Statements of Operations and 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 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.

Options

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.

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2025

Investments in SPVs and Fund Structures

The Company invests through SPVs and Fund structures, which may hold either a single underlying investment or a portfolio of underlying investments. The Company’s interest in these structures is generally proportionate to its capital contributions, and distributions from the underlying investment(s) are made in accordance with that ownership. These investments are recorded at estimated fair value, as determined in good faith by the Company’s Board of Directors, and are presented in the Consolidated Schedule of Investments. If available, the Company may utilize the NAV of an SPV or Fund to substantiate its fair value determination. SPVs and Fund structures may incur fees, expenses, or tax liabilities associated with their underlying investments, which can impact the fair value of the Company’s interest. Additionally, these investments may be subject to restrictions on redemption, transfer, or sale.

For certain Fund structures, including those in which fair value is not readily determinable, the Company may apply the practical expedient provided under ASC Topic 820 for entities that calculate net asset value (“NAV”) per share or its equivalent, using NAV as a practical measure of fair value without adjustment.

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. After a SPAC transaction is announced, the Company’s Board of Directors will determine the fair value of SPAC investments based on fair value analyses that can include option pricing models, probability-weighted expected return method analyses, and other techniques as deemed appropriate. Upon completion of the SPAC transaction, the Board of Directors utilizes the public share price of the entity, less a DLOM if there are security-specific contractual sale restrictions, or the shares or warrants are confirmed unregistered. The Company’s SPAC investments are valued at estimated fair value as determined in good faith by the Company’s Board of Directors.

Portfolio Company Investment Classification

The Company is a non-diversified company within the meaning of the 1940 Act. The Company classifies its investments by level of control. “Control investments” are investments in companies that the Company is presumed to control under Section 2(a)(9) of the 1940 Act. Under the 1940 Act, any person who owns beneficially, either directly or through one or more controlled companies, more than 25% of the outstanding voting securities of a company is presumed to control such company. “Affiliate investments” are investments in companies that are “affiliated persons” of the Company under Section 2(a)(3) of the 1940 Act. Under the 1940 Act, “affiliated person” includes any person directly or indirectly owning, controlling, or holding with power to vote, 5% or more, but not more than 25%, of the outstanding voting securities of such company. Refer to the Consolidated Schedules of Investments as of December 31, 2025 and December 31, 2024 for details regarding the nature and composition of the Company’s investment portfolio.

Leveling 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., the trade date). Securities transactions outside conventional channels, such as private transactions, are recorded as of the date the Company obtains the right to demand the securities purchased or to collect the proceeds from a sale and incurs an obligation to pay for securities purchased or to deliver securities sold, respectively.

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2025

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.

Cash

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.

Restricted Cash

Restricted Cash consists of amounts that are held in a separate account and are subject to specific contractual restrictions that limit their availability for general corporate use. These funds are not readily available for use in the Company’s general operations and are segregated from unrestricted cash and cash equivalents.

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 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 Consolidated Statements of Assets and Liabilities as escrow proceeds receivable. Escrow proceeds receivable resulting from contingent consideration are to be recognized when the amount of the contingent consideration becomes realized or realizable. As of December 31, 2025 and December 31, 2024, the Company had $0 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. As of December 31, 2025 and December 31, 2024, the Company had deferred financing costs of $508,310 and $526,261, respectively, on the Consolidated Statements of Assets and Liabilities.

SCHEDULE OF DEFERRED FINANCING COSTS

	December 31, 2025		December 31, 2024
Deferred debt issuance costs	$	1,056,167	$	1,417,155
Deferred financing costs		508,310		526,261
Total	$	1,564,477	$	1,943,416

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

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2025

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 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, with an estimated commencement date of January 1, 2025 and expiring March 31, 2028. On February 7, 2025, the Company executed a commencement letter, upon which the lease term was amended to begin on February 13, 2025 and expiring on May 12, 2028. The Company has recorded a right-of-use asset and a corresponding lease liability for the operating lease obligation. These amounts have been discounted using the rate implicit in the lease. Refer to “Note 7—Commitments and Contingencies—Operating Leases and Related Deposits” for further detail.

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 stock price. 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.

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 Consolidated Statements of Assets and Liabilities as escrow deposits. As of December 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.

U.S. 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.

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2025

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.

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 Consolidated Financial Statements of the Company. Included in the Company’s Consolidated Financial Statements, the Taxable Subsidiaries are subject to U.S. federal income tax imposed at corporate rates on their income, regardless of whether the Company is a RIC. These Taxable Subsidiaries are not consolidated for U.S. federal income tax purposes and may generate income tax expenses as a result of their ownership of the portfolio companies. Such income tax expenses and deferred taxes, if any, will be reflected in the Company’s Consolidated Financial Statements.

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

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. Diluted 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 securities, by the weighted-average number of common shares outstanding plus any potentially dilutive shares outstanding during the period. When applicable, the Company uses the if-converted method in accordance with FASB ASC 260, Earnings Per Share (“ASC 260”), to determine the number of potentially dilutive shares outstanding. Refer to “Note 6—Net Change in Net Assets Resulting from Operations per Common Share—Basic and Diluted” for further detail.

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2025

Recently Adopted Accounting Standards

In March 2024, the FASB issued ASU 2024-01, “Compensation—Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards.” ASU 2024-01 clarifies how an entity determines whether a profits interest or similar award is within the scope of Topic 718 or not a share-based payment arrangement and therefore within the scope of other guidance. ASU 2024-01 is currently effective for public entities. The Company adopted this provision as of the effective date. However, ASU 2024-01 does not have a material impact on the Company’s Consolidated Financial Statements.

In December 2023, the FASB issued ASU 2023-09, “Improvements to Income Tax Disclosures.” ASU 2023-09 requires more disaggregated information on income taxes paid. The standard is effective for annual periods beginning after December 15, 2024. The Company adopted this provision as of the effective date and has included the expanded disclosures in Note 9 — Income Taxes.

Recently Issued Accounting Standards

In October 2023, the FASB issued ASU 2023-06, “Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative.” ASU 2023-06 amends the disclosure or presentation requirements related to various subtopics in the FASB Accounting Standards Codification including requiring investment companies to disclose the components of capital on the balance sheet. The amendments in ASU 2023-06 will become effective on the date which the SEC’s removal of related disclosures from Regulation S-X or Regulation S-K become effective, but no later than June 30, 2027. 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 Consolidated Financial Statements.

In November 2024, the FASB issued ASU 2024-03, “Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures”, which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, within relevant income statement captions. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning with the first quarter ended March 31, 2028. Early adoption and retrospective application is permitted. The Company is still assessing the impact of the new guidance. However, it does not expect ASU 2024-03 to have a material impact on the Company’s future Consolidated Financial Statements.

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.

In May 2025, the FASB issued ASU 2025-03, “Business Combinations (Topic 805) and Consolidation (Topic 810) - Determining the Accounting Acquirer in the acquisition of a Variable Interest Entity”, which requires an entity to determine the accounting acquirer by considering the factors in ASC 805-10-55-12 through 55-15. The amendments are effective for fiscal years and interim periods within fiscal years beginning after December 15, 2026. 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 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 Consolidated Financial Statements upon adoption.

SCHEDULE OF INVESTMENTS BY COMPANY (Details) (Parenthetical) - USD ($) $ in Millions	Mar. 10, 2026	Dec. 31, 2025
Subsequent Event [Line Items]
Investment company, remaining commitment	$ 15.0
Magnetar Opportunity 2025-4 LP [Member]
Subsequent Event [Line Items]
Investment company, committed capital	20.0
Magnetar Opportunity 2025-4 LP [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Investment company, funded capital	$ 5.0
Maximum [Member] \| Magnetar Opportunity 2025-4 LP [Member]
Subsequent Event [Line Items]
Investment company, committed capital		$ 20.0

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Abstract]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Cybersecurity Program Overview We maintain, routinely review and evaluate our information technology and cybersecurity policies, practices and procedures (our “Cybersecurity Program”). The Cybersecurity Program has various policies and procedures, including an Information and Cybersecurity Policy and Business Continuity/Disaster Recovery Plan. Our Cybersecurity Program is administered by our Information Security Committee, which consists of our Chief Financial Officer, Chief Compliance Officer and other Company management and counsel, as appropriate, all of which is subject to the oversight of our Board of Directors. We also utilize the services of information technology and cybersecurity advisers, consultants and experts in the evaluation and periodic testing of our information technology and cybersecurity systems to recommend improvements to our Cybersecurity Program and in connection with any cybersecurity incident. We believe that the individuals involved in our Cybersecurity Program possess the necessary skills, experience and backgrounds that, when combined with the resources of our external information technology and cybersecurity advisers, consultants and experts, are sufficient to manage our Cybersecurity Program.
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Board Oversight of Cybersecurity RisksOur Board of Directors as a whole has responsibility for the Company’s risk oversight, with reviews of certain areas being conducted by the relevant Board committees that report on their deliberations to the full Board of Directors. The oversight responsibility of the Board of Directors and its committees is enabled by management reporting processes that are designed to provide visibility to the Board of Directors about the identification, assessment and management of critical risks and management’s risk mitigation strategies. Accordingly, our Board of Directors provides strategic oversight on cybersecurity matters, including material risks associated with cybersecurity threats. Our Board of Directors receives periodic updates from our Chief Compliance Officer (or more frequently, as needed) regarding the overall state of our Cybersecurity Program, information on the current threat landscape, and material risks from cybersecurity threats and cybersecurity incidents.
Cybersecurity Risk Role of Management [Text Block]	Management’s Role in Cybersecurity Risk Management
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true

INCOME TAXES

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

INCOME TAXES

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 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. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 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 paid no U.S. 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).

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 consolidated financial statements and are recorded at fair value. These subsidiaries are not consolidated with the Company for U.S. federal income tax purposes and may generate income tax expense, or benefit, and tax assets and liabilities as a result of their ownership of certain portfolio investments. Any income generated by these subsidiaries generally would be subject to U.S. federal income tax imposed at corporate rates.

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.

As of December 31, 2025 and December 31, 2024, the Company recorded a deferred tax liability of $0. 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. 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.

The Company has elected to be treated and qualifies annually as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code and, accordingly, is not subject to U.S. federal income tax on the portion of its taxable income that is distributed to stockholders. As a result, the Company does not record U.S. federal income tax expense at the RIC level.

The income tax expense presented below relates solely to the Company’s taxable subsidiaries, which are subject to U.S. federal and state corporate income taxes. The following table reconciles the statutory U.S. federal income tax rate to the Company’s effective income tax rate for the years presented.

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2025

	Year Ended December 31, 2025
Reconciling Item	Amount			Percentage
U.S. federal statutory income tax at 21%	$	10,249,751			21.00	%
Dividends-paid deduction / RIC qualification		(10,249,751	)		(21.00	)%
State and local income taxes, net of federal benefit		4,989			0.01	%
Blocker corporation income taxes (refund)		(201,443	)		(0.41	)%
Nondeductible expenses and other, net		—			—	%
Effective income tax expense	$	(196,454	)		(0.40	)%

SCHEDULE OF FEDERAL INCOME TAX

	Year Ended December 31, 2025
	Amount
Federal	$	—
Federal - Blocker Corporation		(201,443	)
State		4,989
Total Cash Taxes Paid	$	(196,454	)

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

SCHEDULE OF AGGREGATE INCOME TAX

	Year Ended December 31, 2025
	Amount
California	$	4,800
Total Cash Taxes Paid	$	4,800

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

SCHEDULE OF PROVISION FOR INCOME TAXES

	Year Ended December 31, 2025
	Amount
Federal	$	—
Federal - Blocker Corporation		(201,443	)
State		4,989
Total Income Tax Expense from Continuing Operations	$	(196,454	)

For the year ended December 31, 2025, all of the Company’s income (loss) before income taxes and income taxes (benefit) was attributable to domestic operations. The Company did not have any foreign income (loss) or foreign income tax expense (benefit) for the year.

For U.S. 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.

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2025

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 2022–2024 for federal and New York and 2021–2024 in California, respectively. Further, the Company and the Taxable Subsidiaries accrue all interest and penalties related to uncertain tax positions as incurred. As of December 31, 2025, there were no material interest or penalties incurred related to uncertain tax positions.

Permanent differences between ICTI and net investment income for financial reporting purposes are reclassified among capital accounts in the consolidated financial statements to reflect their tax character. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes. During the years ended December 31, 2025 and 2024, the Company reclassified for book purposes amounts arising from permanent book/tax differences related as follows:

	2025			2024
	Year Ended December 31,
	2025			2024
Capital in excess of par value	$	(20,177,179	)	$	(14,096,863	)
Accumulated undistributed net investment loss		16,842,904			13,953,206
Accumulated net realized gains from investments		3,334,275			143,657

In general, the Company makes certain adjustments to the classification of net assets as a result of permanent book-to-tax differences, which may include nondeductible federal excise taxes and net operating losses, among other items.

For income tax purposes, distributions paid to stockholders are reported as ordinary income, return of capital, long term capital gains or a combination thereof. The tax character of distributions declared in the years ended December 31, 2025, 2024, and 2023 was as follows:

	2025		2024		2023
	Year Ended December 31,
	2025		2024		2023
Ordinary income	$	—	$	—	$	—
Long-term capital gain		12,253,448		—		—
Return of capital		—		—		—
Distributions on a tax basis		—		—		—

For federal income tax purposes, the tax cost of investments owned at December 31, 2025 and 2024, was $234,213,929 and $252,563,617, respectively. The gross unrealized appreciation and gross unrealized depreciation on investments owned at December 31, 2025 was $74,667,720 and $83,370,142, respectively, and on investments owned at December 31, 2024 was $31,354,369 and $74,537,243, respectively. The net unrealized appreciation/(depreciation) on investments owned at December 31, 2025 and 2024, was $(8,702,422) and $(43,182,874), respectively.

At December 31, 2025 and 2024, the components of distributable earnings on a tax basis detailed below differ from the amounts reflected in the Company’s Consolidated Statements of Assets and Liabilities by temporary and other book/tax differences, primarily relating to the tax treatment of certain investments in partnerships and wholly owned subsidiary corporations, and organizational expenses, as follows:

	2025			2024
	Year Ended December 31,
	2025			2024
Undistributed ordinary loss	$	—		$	—
Accumulated net realized gains/(losses) on investments		262,211			(21,758,298	)
Unrealized appreciation/(depreciation) on investments		(8,702,422	)		(43,182,874	)
Components of distributable earnings at year-end	$	(8,440,211	)	$	(64,941,172	)

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2025

The entire disclosure for income tax.

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SCHEDULE OF FEDERAL INCOME TAX (Details) - USD ($)	12 Months Ended
SCHEDULE OF FEDERAL INCOME TAX (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Effective Income Tax Rate Reconciliation [Line Items]
Total Cash Taxes Paid	$ (190,787)	$ 88,692	$ 624,049
Domestic Tax Jurisdiction [Member]
Effective Income Tax Rate Reconciliation [Line Items]
Total Cash Taxes Paid
Federal Blocker Corporation [Member]
Effective Income Tax Rate Reconciliation [Line Items]
Total Cash Taxes Paid	(201,443)
State and Local Jurisdiction [Member]
Effective Income Tax Rate Reconciliation [Line Items]
Total Cash Taxes Paid	4,989
Tax Jurisdiction [Member]
Effective Income Tax Rate Reconciliation [Line Items]
Total Cash Taxes Paid	$ (196,454)

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2025

SCHEDULE OF EQUITY INCENTIVE PLAN

The following table summarizes the activities for the Company’s restricted share grants for the year ended December 31, 2025 under the Second Amended & Restated 2019 Equity Incentive Plan:

	Number of Restricted Shares
Outstanding as of December 31, 2024⁽¹⁾		532,136
Granted		697,169
Vested⁽²⁾		(217,132	)
Forfeited		(55,000	)
Outstanding as of December 31, 2025		957,173
Total vested since inception as of December 31, 2025		1,168,249

(1)

Not including unvested dividends.

(2)

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

SCHEDULE OF FUTURE MINIMUM PAYMENTS OF OPERATION LEASE

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

For the Year Ended December 31,	Amount
2026	$	154,826
2027		159,471
2028		59,689
Total	$	373,986

SCHEDULE OF INVESTMENTS (Details) - USD ($)

2 Months Ended

3 Months Ended

12 Months Ended

Mar. 10, 2026

Mar. 09, 2026

Dec. 31, 2025

Sep. 30, 2025

Jun. 30, 2025

Mar. 31, 2025

Dec. 31, 2024

Sep. 30, 2024

Jun. 30, 2024

Mar. 31, 2024

Dec. 31, 2023

Sep. 30, 2023

Jun. 30, 2023

Mar. 31, 2023

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Subsequent Event [Member]

$ 6,832,098

$ 5,196,799

$ 21,212,611

$ (17,951)

$ 9,146,884

$ (13,713,512)

$ (29,612)

$ (424,074)

$ 2,594,633

$ (1,461,281)

$ (13,270,199)

$ 189,343

$ 33,223,557

$ (5,020,314)

$ (11,947,504)

Net Proceeds

$ 572,942

GrabAGun Digital Holdings Inc. [Member] | Subsequent Event [Member]

$ 213,906

Transaction Date

^[1]

Various

Quantity

^[1]

106,580

Average Net Share Price

^[1],[2]

$ 3.07

Net Proceeds

^[1]

$ 327,016

True Global Ventures 4 Plus Pte Ltd [Member] | Subsequent Event [Member]

^[1]

$ 213,906

Transaction Date

^[1]

3/5/2026

Net Proceeds

$ 245,926

[1]	As of March 10, 2026, we continue to hold 933,420 shares of GrabAGun Digital Holdings, Inc.
[2]	The average net share price is the net share price realized after deducting all commissions and fees on the sale(s), if applicable.

SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Effective Income Tax Rate Reconciliation [Line Items]
Effective Income tax expense, amount	$ (190,787)	$ 88,692	$ 624,049
Tax Jurisdiction [Member]
Effective Income Tax Rate Reconciliation [Line Items]
U.S. federal statutory income tax, amount	$ 10,249,751
U.S. federal statutory income tax, rate	21.00%
Dividends-paid deduction / RIC qualification, amount	$ (10,249,751)
Dividends-paid deduction / RIC qualification, rate	(21.00%)
State and local income taxes, net of federal benefit, amount	$ 4,989
State and local income taxes, net of federal benefitl, rate	0.01%
Blocker corporation income taxes (refund), amount	$ (201,443)
Blocker corporation income taxes (refund), rate	(0.0041)
Nondeductible expenses and other, net, amount
Nondeductible expenses and other, net, rate
Effective Income tax expense, amount	$ (196,454)
Effective Income tax expense, rate	(0.40%)

Pay vs Performance Disclosure - USD ($)	3 Months Ended												12 Months Ended
Pay vs Performance Disclosure - USD ($)	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure [Table]
Net Income (Loss)	$ (20,130,112)	$ 7,417,093	$ 62,328,070	$ (806,715)	$ 44,527	$ (5,452,245)	$ (10,651,183)	$ (22,065,346)	$ (9,123,023)	$ 25,193,360	$ (15,620,024)	$ 4,616,509	$ 48,808,336	$ (38,124,247)	$ 5,066,822

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Cash Flows from Operating Activities

Consolidated Statements of Cash Flows - USD ($)

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Net change in net assets resulting from operations

$ 48,808,336

$ (38,124,247)

$ 5,066,822

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

Net realized (gain)/loss on investments

(33,223,557)

5,020,314

11,947,504

Net change in unrealized (appreciation)/depreciation of investments

(32,114,638)

18,968,978

(30,453,935)

Stock-based compensation

569,661

1,738,687

2,448,807

Amortization of discount on 6.00% Notes due 2026

244,030

468,999

319,092

Amortization of discount on 6.50% Convertible Notes due 2029

238,257

73,196

Adjustments to escrow proceeds receivable

(45,293)

(331,816)

117,136

Accrued interest on U.S. Treasury bills

18,150

13,024

Purchases of investments in:

Portfolio investments

(12,061,627)

(75,064,900)

(24,485,431)

U.S. Treasury bills

(253,585,717)

Proceeds from sales or maturity of investments in:

Portfolio investments

61,314,345

26,107,936

16,008,100

U.S. Treasury bills

63,792,704

274,792,611

Change in operating assets and liabilities:

Accounts payable and accrued expenses

(140,872)

422,086

(362,519)

Interest and dividends receivable

637,312

(623,415)

6,159

Escrow proceeds receivable

45,298

263,995

319,039

Prepaid expenses and other assets

48,328

(361,028)

232,404

Net Cash Provided by Operating Activities

34,319,580

2,369,639

2,383,096

Cash Flows from Financing Activities

Proceeds from the issuance of common stock, net

10,619,626

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

5,000,000

30,000,000

Deferred debt issuance costs

(158,157)

(1,021,789)

Repurchases of 6.00% Notes due 2026

(8,773,791)

(30,076,852)

Realized loss on partial repurchase of 6.00% Notes due 2026

21,215

183,668

Repurchases of common stock

(9,400,000)

(14,178,685)

Deferred financing costs

(30,193)

(53,721)

Cash dividends paid

(11,961,025)

(143,657)

Net Cash Used in Financing Activities

(5,282,325)

(10,512,351)

(14,322,342)

Total Increase/(Decrease) in Cash Balance

29,037,255

(8,142,712)

(11,939,246)

Cash and Restricted Cash Balance at Beginning of Year

^[1]

20,035,640

28,178,352

40,117,598

Cash and Restricted Cash Balance at End of Year

^[1]

49,072,895

20,035,640

28,178,352

Supplemental Information:

Interest paid

4,641,476

4,359,287

4,500,000

Taxes paid

(190,787)

88,692

533,894

Right of use asset obtained in exchange for operating lease liabilities

$ (2,006)

$ 466,029

[1]	Refer to the Consolidated Statements of Assets and Liabilities for additional detail.

Consolidated Statements of Changes in Net Assets - USD ($)

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Change in Net Assets Resulting from Operations

Net investment loss

$ (16,508,644)

$ (13,951,287)

$ (13,439,609)

Net realized gain/(loss) on investments

33,223,557

(5,020,314)

(11,947,504)

Realized loss on partial repurchase

(21,215)

(183,668)

Net change in unrealized appreciation/(depreciation) of investments

32,114,638

(18,968,978)

30,453,935

Net Change in Net Assets Resulting from Operations

48,808,336

(38,124,247)

5,066,822

Distributions

Dividends declared

(12,253,449)

Total Distributions

(12,253,449)

Change in Net Assets Resulting from Capital Transactions

Issuance of common stock from public offering

10,619,626

Stock-based compensation

^[1]

569,652

1,738,687

2,448,807

Repurchases of common stock

(9,400,000)

(14,178,685)

Net Change in Net Assets Resulting from Capital Transactions

11,189,278

(7,661,313)

(11,729,878)

Total Change in Net Assets

47,744,165

(45,785,560)

(6,663,056)

Net Assets at Beginning of Year

157,572,086

203,357,646

210,020,702

Net Assets at End of Year

$ 205,316,251

$ 157,572,086

$ 203,357,646

Capital Share Activity

Shares outstanding at beginning of year

23,601,566

25,445,805

28,429,499

Issuance of common stock from public offering, shares

1,237,579

Issuance of common stock under restricted stock plan, shares

^[1]

538,611

155,761

202,799

Shares repurchased

(2,000,000)

(3,186,493)

Balance, shares

25,377,756

23,601,566

25,445,805

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

STOCK-BASED COMPENSATION (Details Narrative) - USD ($)

12 Months Ended

May 28, 2025

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Stock-based compensation expense

$ 569,661

$ 1,738,687

$ 2,448,807

Restricted Stock [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Number of restricted shares vested

697,169

^[1]

217,132

Stock-based compensation expense

$ 1,263,225

2,550,638

Unrecognized compensation costs

$ 8,012,148

$ 4,333,337

Non Employee Director [Member] | Restricted Stock [Member] | 2024 Equity Incentive Plan [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Number of restricted shares vested

48,192

Amended and Restated 2019 Equity Incentive Plan [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Number of shares authorized for issuance

2,390,186

Amended and Restated 2019 Equity Incentive Plan [Member] | Non Employee Director [Member] | Restricted Stock [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Restricted shares grant value

$ 50,000

Amended and Restated 2019 Equity Incentive Plan [Member] | Officers [Member] | Restricted Stock [Member]

31,248

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Uncertainties and Risk Factors

525,421

[1]

Consolidated Statements of Assets and Liabilities (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Schedule of Investments [Line Items]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	25,377,756	23,601,566
Common stock, shares outstanding	25,377,756	23,601,566
Debt instrument interest rate	6.00%	6.00%
Debt instrument, maturity date	Dec. 30, 2026
Debt instrument effective interest rate	7.08%	6.48%
Debt instrument face amount	$ 35,829,825	$ 44,667,400
Convertible Notes Payable [Member]
Schedule of Investments [Line Items]
Debt instrument interest rate	6.50%	6.50%
Debt instrument, maturity date	Aug. 14, 2029
Debt instrument effective interest rate	7.17%	7.06%
Debt instrument face amount	$ 35,000,000	$ 30,000,000
Non Controlled Non Affiliate Investments [Member]
Schedule of Investments [Line Items]
Investment cost	219,216,145	234,601,314
Non Controlled Affiliate Investments [Member]
Schedule of Investments [Line Items]
Investment cost	21,609,640	20,605,400
Controlled Investments [Member]
Schedule of Investments [Line Items]
Investment cost	0	1,602,940
Investments [Member]
Schedule of Investments [Line Items]
Investment cost	$ 240,825,785	$ 256,809,654

SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

Basis of Consolidation

Basis of Consolidation

Segments

Segments

Use of Estimates

Use of Estimates

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2025

Uncertainties and Risk Factors

Investments at Fair Value

Investments at Fair Value

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.

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2025

	1.	The quarterly valuation process begins with each portfolio company or investment being initially valued by the internal investment professionals responsible for the portfolio investment;

	2.	Preliminary valuation estimates are then documented and discussed with senior management;

	3.	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;

	4.	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; and

	5.	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.

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2025

Equity Investments

Debt Investments

Options

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2025

Investments in SPVs and Fund Structures

Special Purpose Acquisition Companies

Portfolio Company Investment Classification

Leveling Policy

Securities Transactions

Securities Transactions

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2025

Valuation of Other Financial Instruments

Valuation of Other Financial Instruments

Cash

Restricted Cash

Escrow Proceeds Receivable

Deferred Financing Costs

SCHEDULE OF DEFERRED FINANCING COSTS

	December 31, 2025		December 31, 2024
Deferred debt issuance costs	$	1,056,167	$	1,417,155
Deferred financing costs		508,310		526,261
Total	$	1,564,477	$	1,943,416

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

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2025

Operating Leases & Related Deposits

Stock-based Compensation

Revenue Recognition

Revenue Recognition

Investment Transaction Costs and Escrow Deposits

Investment Transaction Costs and Escrow Deposits

Unrealized Appreciation or Depreciation of Investments

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.

U.S. Federal and State Income Taxes

U.S. Federal and State Income Taxes

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2025

Per Share Information

Per Share Information

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2025

Recently Adopted Accounting Standards

Recently Adopted Accounting Standards

Recently Issued Accounting Standards

Recently Issued Accounting Standards

SELECTED QUARTERLY FINANCIAL DATA

12 Months Ended

Dec. 31, 2025

Quarterly Financial Information Disclosure [Abstract]

SELECTED QUARTERLY FINANCIAL DATA

NOTE 13—SELECTED QUARTERLY FINANCIAL DATA

SCHEDULE OF QUARTERLY FINANCIAL DATA


	Quarter Ended
	December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
Total Investment Income	$	560,631		$	459,269		$	167,304		$	499,094
Total Operating Expenses		6,230,531			3,914,084			3,889,464			4,160,863
Net Investment Loss		(5,669,900	)		(3,454,815	)		(3,722,160	)		(3,661,769	)
Net Realized Gain/(Loss) on Investments		6,832,098			5,196,799			21,212,611			(17,951	)
Loss on Extinguishment of Debt		(5,342	)		—			—			(15,873	)
Net Change in Unrealized Appreciation/(Depreciation) of Investments		(21,286,968	)		5,675,109			44,837,619			2,888,878
Net Increase/(Decrease) in Net Assets Resulting from Operations	$	(20,130,112	)	$	7,417,093		$	62,328,070		$	(806,715	)
Net Increase/(Decrease) in Net Assets from Operations per Common Share:
Basic	$	(0.80	)	$	0.30		$	2.63		$	(0.03	)
Diluted	$	(0.80	)	$	0.28		$	2.23		$	(0.03	)
Weighted Average Common Shares Outstanding–Basic		25,212,863			24,371,533			23,728,095			23,571,840
Weighted Average Common Shares Outstanding–Diluted		25,212,863			28,989,579			28,244,225			23,571,840


	Quarter Ended
	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Total Investment Income	$	1,229,266		$	888,717		$	1,027,353		$	1,528,091
Total Operating Expenses		5,094,153			4,096,590			4,682,978			4,750,993
Net Investment Loss		(3,864,887	)		(3,207,873	)		(3,655,625	)		(3,222,902	)
Net Realized Gain/(Loss) on Investments		9,146,884			(13,713,512	)		(29,612	)		(424,074	)
Loss on Extinguishment of Debt		(38,424	)		(145,244	)		—			—
Net Change in Unrealized Appreciation/(Depreciation) of Investments		(5,199,046	)		11,614,384			(6,965,946	)		(18,418,370	)
Net Increase/(Decrease) in Net Assets Resulting from Operations	$	44,527		$	(5,452,245	)	$	(10,651,183	)	$	(22,065,346	)
Net Increase/(Decrease) in Net Assets from Operations per Common Share:
Basic	$	—		$	(0.23	)	$	(0.45	)	$	(0.87	)
Diluted	$	—		$	(0.23	)	$	(0.45	)	$	(0.87	)
Weighted Average Common Shares Outstanding–Basic		23,436,365			23,378,002			23,410,235			25,393,490
Weighted Average Common Shares Outstanding–Diluted		23,436,365			23,378,002			23,410,235			25,393,490


	Quarter Ended
	December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023
Total Investment Income	$	2,459,734		$	1,465,746		$	1,372,218		$	1,299,082
Total Operating Expenses		5,203,812			4,134,172			5,177,558			5,520,847
Net Investment Loss		(2,744,078	)		(2,668,426	)		(3,805,340	)		(4,221,765	)
Net Realized Gain/(Loss) on Investments		2,594,633			(1,461,281	)		(13,270,199	)		189,343
Net Change in Unrealized Appreciation/(Depreciation) of Investments		(8,973,578	)		29,323,067			1,455,515			8,648,931
Net Increase/(Decrease) in Net Assets Resulting from Operations	$	(9,123,023	)	$	25,193,360		$	(15,620,024	)	$	4,616,509
Net Increase/(Decrease) in Net Assets from Operations per Common Share:
Basic	$	(0.36	)	$	0.99		$	(0.60	)	$	0.16
Diluted	$	(0.36	)	$	0.99		$	(0.60	)	$	0.16
Weighted Average Common Shares Outstanding–Basic		25,251,921			25,351,306			25,952,447			28,378,529
Weighted Average Common Shares Outstanding–Diluted		25,251,921			25,351,306			25,952,447			28,378,529

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2025

COMMON STOCK

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

COMMON STOCK

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, 2025, the Company’s Board of Directors authorized an extension, and increase in the amount of common shares that may be purchased under, of the Company’s discretionary Share Repurchase Program until the earlier of (i) October 31, 2026 or (ii) the repurchase of $64.3 million in aggregate amount of the Company’s common stock.

The 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.

During the years ended December 31, 2025 and 2024, the Company did not repurchase any shares of the Company’s common stock under the Share Repurchase Program. As of December 31, 2025, the dollar value of shares that remained available to be purchased by the Company under the Share Repurchase Program was approximately $25.0 million.

Second 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 Second 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. Inc. 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 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 prices. 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. During the year ended December 31, 2025, the Company paid total commissions and expenses of approximately $200,000, representing approximately 1.8% of gross proceeds. The Sales Agreement contains customary representations, warranties and agreements of the Company, conditions to closing, indemnification rights and obligations of the parties and termination provisions.

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2025

During the year ended December 31, 2025, the Company sold 1,237,579 Shares under the ATM Program. During the year ended December 31, 2024, the Company did not issue or sell Shares under the ATM Program. As of December 31, 2025, up to approximately $87.9 million in aggregate amount of the Shares remain available for sale under the ATM Program.

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

	2025		2024
	Year Ended December 31,
	2025		2024
Number of shares sold		1,237,579		—
Gross proceeds received	$	10,877,775	$	—
Net proceeds received	$	10,678,099	$	—
Weighted average price per share	$	8.79	$	—

The entire disclosure for equity.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Organization, Consolidation and Presentation of Financial Statements [Abstract]

SUPPLEMENTAL FINANCIAL DATA

12 Months Ended

Dec. 31, 2025

SUPPLEMENTAL FINANCIAL DATA

NOTE 14—SUPPLEMENTAL FINANCIAL DATA

Summarized Financial Information of Unconsolidated Subsidiaries

In accordance with the SEC’s Regulation S-X and GAAP, the Company is precluded from consolidating any entity other than another investment company, a controlled operating company that provides substantially all of its services and benefits to the Company, and certain entities established for tax purposes where the Company holds a 100% interest; however, the Company must disclose certain financial information related to any subsidiaries or other entities that are considered to be “significant subsidiaries” under the applicable rules of Regulation S-X.

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. In accordance with Rules 3-09, 4-08(g), and 10-01(b)(1) of Regulation S-X, the Company must determine if any of its unconsolidated subsidiaries are considered a “significant subsidiary.” The Final Rules amended the definition of “significant subsidiary” in a manner that was intended to more accurately capture those portfolio companies that were more likely to materially impact the financial condition of an investment company.

The Company had no controlled portfolio companies as of December 31, 2025. The Company’s controlled portfolio company as of December 31, 2024, Colombier Sponsor II LLC, did not meet the definition of a “significant subsidiary” as set forth in Rule 1-02(w)(2) of Regulation S-X.

Consolidated Statements of Operations (Parenthetical)	12 Months Ended
Consolidated Statements of Operations (Parenthetical)	Dec. 31, 2024 shares
Income Statement [Abstract]
Interest rate	6.00%
Weighted average common shares outstanding for diluted, excluded	3,870,969

SCHEDULE OF QUARTERLY FINANCIAL DATA (Details) - USD ($)

3 Months Ended

12 Months Ended

Dec. 31, 2025

Sep. 30, 2025

Jun. 30, 2025

Mar. 31, 2025

Dec. 31, 2024

Sep. 30, 2024

Jun. 30, 2024

Mar. 31, 2024

Dec. 31, 2023

Sep. 30, 2023

Jun. 30, 2023

Mar. 31, 2023

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Quarterly Financial Information Disclosure [Abstract]

Total Investment Income

$ 560,631

$ 459,269

$ 167,304

$ 499,094

$ 1,229,266

$ 888,717

$ 1,027,353

$ 1,528,091

$ 2,459,734

$ 1,465,746

$ 1,372,218

$ 1,299,082

Total Operating Expenses

6,230,531

3,914,084

3,889,464

4,160,863

5,094,153

4,096,590

4,682,978

4,750,993

5,203,812

4,134,172

5,177,558

5,520,847

$ 18,194,942

$ 18,624,714

$ 20,036,389

Net Investment Loss

(5,669,900)

(3,454,815)

(3,722,160)

(3,661,769)

(3,864,887)

(3,207,873)

(3,655,625)

(3,222,902)

(2,744,078)

(2,668,426)

(3,805,340)

(4,221,765)

(16,508,644)

(13,951,287)

(13,439,609)

Loss on Extinguishment of Debt

6,832,098

5,196,799

21,212,611

(17,951)

9,146,884

(13,713,512)

(29,612)

(424,074)

2,594,633

(1,461,281)

(13,270,199)

189,343

33,223,557

(5,020,314)

(11,947,504)

(5,342)

(15,873)

(38,424)

(145,244)

Net Change in Unrealized Appreciation/(Depreciation) of Investments

(21,286,968)

5,675,109

44,837,619

2,888,878

(5,199,046)

11,614,384

(6,965,946)

(18,418,370)

(8,973,578)

29,323,067

1,455,515

8,648,931

32,114,638

(18,968,978)

30,453,935

Net Change in Net Assets Resulting from Operations

$ (20,130,112)

$ 7,417,093

$ 62,328,070

$ (806,715)

$ 44,527

$ (5,452,245)

$ (10,651,183)

$ (22,065,346)

$ (9,123,023)

$ 25,193,360

$ (15,620,024)

$ 4,616,509

$ 48,808,336

$ (38,124,247)

$ 5,066,822

Net Increase/(Decrease) in Net Assets from Operations per Common Share:

Basic

$ (0.80)

$ 0.30

$ 2.63

$ (0.03)

$ (0.23)

$ (0.45)

$ (0.87)

$ (0.36)

$ 0.99

$ (0.60)

$ 0.16

$ 2.01

$ (1.60)

$ 0.19

Diluted

$ (0.80)

$ 0.28

$ 2.23

$ (0.03)

$ (0.23)

$ (0.45)

$ (0.87)

$ (0.36)

$ 0.99

$ (0.60)

$ 0.16

$ 1.78

^[1]

$ (1.60)

^[1]

$ 0.19

^[1]

Weighted Average Common Shares Outstanding–Basic

25,212,863

24,371,533

23,728,095

23,571,840

23,436,365

23,378,002

23,410,235

25,393,490

25,251,921

25,351,306

25,952,447

28,378,529

24,225,991

23,901,805

26,222,667

Weighted Average Common Shares Outstanding–Diluted

25,212,863

28,989,579

28,244,225

23,571,840

23,436,365

23,378,002

23,410,235

25,393,490

25,251,921

25,351,306

25,952,447

28,378,529

28,789,100

^[1]

23,901,805

^[1]

26,222,667

^[1]

[1]

For the year ended December 31, 2024, 3,870,969 potentially dilutive common shares were excluded from the weighted-average common shares outstanding for diluted net decrease in net assets resulting from operations per common share because the effect of these shares would have been anti-dilutive. Refer to “Note 6 — Net Change in Net Assets Resulting from Operations per Common Share — Basic and Diluted”.

NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS PER COMMON SHARE—BASIC AND DILUTED (Tables)

12 Months Ended

Dec. 31, 2025

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

SCHEDULE OF BASIC AND DILUTED COMMON SHARE

	2025		2024			2023
	Year Ended December 31,
	2025		2024			2023
Earnings per common share–basic:
Net change in net assets resulting from operations	$	48,808,336	$	(38,124,247	)	$	5,066,822
Weighted-average common shares–basic		24,225,991		23,901,805			26,222,667
Earnings per common share–basic	$	2.01	$	(1.60	)	$	0.19
Earnings per common share–diluted:
Net change in net assets resulting from operations	$	48,808,336	$	(38,124,247	)	$	5,066,822
Adjustment for interest and amortization on 6.50% Convertible Notes due 2029⁽¹⁾		2,499,717		—			—
Net change in net assets resulting from operations, as adjusted	$	51,308,053	$	(38,124,247	)	$	5,066,822
Adjustment for dilutive effect of 6.50% Convertible Notes due 2029⁽¹⁾		4,563,109		—			—
Weighted-average common shares outstanding–diluted⁽¹⁾		28,789,100		23,901,805			26,222,627
Earnings per common share–diluted	$	1.78	$	(1.60	)	$	0.19

(1)

SCHEDULE OF EQUITY INCENTIVE PLAN (Details) - Restricted Stock [Member]

12 Months Ended

Dec. 31, 2025

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Number of restricted shares outstanding beginning

532,136

^[1]

Number of shares forfeited

697,169

Number of shares vested

(217,132)

^[2]

(55,000)

Number of restricted shares outstanding ending

957,173

Total number of shares vested

1,168,249

[1]

Not including unvested dividends.

[2]

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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SCHEDULE OF FUTURE MINIMUM PAYMENTS OF OPERATION LEASE (Details)	Dec. 31, 2025 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2026	$ 154,826
2027	159,471
2028	59,689
Total	$ 373,986

SCHEDULE OF RECONCILIATION FROM AGGREGATE PRINCIPAL AMOUNT OF 6.00% NOTES DUE 2026 (Details) - USD ($)

Dec. 31, 2025

Dec. 31, 2024

Aggregate principal amount of 6.00% Notes due 2026

$ 35,829,825

$ 44,667,400

6.00% Notes due 2026 [Member]

^[1]

35,642,149

44,198,838

Aggregate principal amount of 6.00% Notes due 2026

35,829,825

44,667,400

Direct deduction of deferred debt issuance costs

(187,676)

(468,562)