UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED March 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 COMMISSION FILE NUMBER: 814-00852 SuRo Capital Corp. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) 640 Fifth Avenue, 12t ...

Q1 2025 Earnings Call May 6, 2025 2 First Quarter 2025 Q1 2025 Earnings Overview • New Portfolio Company Investment o Plaid Inc.(3) – $5.0 million investment Forward Looking Statements Statements included herein, including statements regarding SuRo Capital Corp.'s ("SuRo Capital", "SSSS", the "Company", "we", "us" or "our") beliefs, expectations, intentions or strategies for the future, may constitute "forward-looking statements". SuRo Capital cautions you that forward-looking statements are not guarantees ...

Financial Performance - As of March 31, 2025, SuRo Capital's net asset value is estimated to be between $6.50 and $7.00 per share, compared to $6.68 per share at December 31, 2024[9]. - The total net assets increased from approximately $157.6 million at December 31, 2024, to approximately $181.7 million at March 31, 2025[9]. - The preliminary financial estimates provided are unaudited and subject to change, with actual results potentially differing materially[13]. Investment Activities - The company held positions in 37 portfolio companies as of March 31, 2025, including 32 privately held and 5 publicly held[11]. - During Q1 2025, SuRo Capital invested a total of $1.3 million in Orchard Technologies, Inc. and $1.0 million in Whoop, Inc.[11]. - Subsequent to the quarter-end, the company invested $5.0 million in Plaid Inc. on April 4, 2025[12]. Shareholder Information - There are 23,551,859 shares of common stock outstanding as of March 31, 2025[10]. Future Outlook - The company expects to announce its first quarter results for the period ended March 31, 2025, in May 2025[14]. - The company cautions that forward-looking statements regarding future performance involve risks and uncertainties that could cause actual results to differ materially[15]. - The company is not classified as an emerging growth company under the Securities Act[5].

SuRo Capital (SSSS) Q1 2025 Earnings Call May 06, 2025 05:00 PM ET Speaker0 Hello, and welcome to Soro Capital's First Quarter twenty twenty five Earnings Call. My name is Melissa, and I will be your coordinator for today's event. Please note this conference is being recorded, and for the duration of the call, your lines will be on listen only. However, you will have the opportunity to ask questions at the end of the presentation. This can be done by pressing followed by one on your keypad to register your ...

SuRo Capital Portfolio Investment, CoreWeave, Completes Largest Tech IPO Since 2021 SuRo Capital Portfolio Investment, OpenAI, Closes Largest Venture Raise with $300 Billion Valuation Net Asset Value of $6.66 Per Share as of March 31, 2025 NEW YORK, May 06, 2025 (GLOBE NEWSWIRE) -- SuRo Capital Corp. (“SuRo Capital”, the “Company”, “we”, “us”, and “our”) (Nasdaq: SSSS) today announced its financial results for the first quarter ended March 31, 2025. Net assets totaled approximately $156.8 million, or $6.66 ...

NEW YORK, April 29, 2025 (GLOBE NEWSWIRE) -- SuRo Capital Corp. (“SuRo Capital”) (Nasdaq: SSSS) today announced that it will report its financial results for the quarter ended March 31, 2025 after the close of the U.S. market on Tuesday, May 6, 2025. Management will hold a conference call and webcast for investors at 2:00 p.m. PT (5:00 p.m. ET). The conference call access number for U.S. participants is 866-580-3963, and the conference call access number for participants outside the U.S. is +1 786-697-3501. ...

SuRo Capital Portfolio Investment CoreWeave Completes Largest Tech IPO Since 2021 SuRo Capital Portfolio Investment OpenAI Closes Largest Venture Raise with $300 Billion Valuation Net Asset Value Anticipated to be $6.50 to $7.00 Per Share NEW YORK, April 07, 2025 (GLOBE NEWSWIRE) -- SuRo Capital Corp. (“SuRo Capital”, the “Company”, “we”, “us”, and “our”) (Nasdaq: SSSS) today provided the following preliminary update on its investment portfolio for the first quarter ended March 31, 2025. “The past few mont ...

Investment Strategy and Focus - The company aims to maximize total return primarily through capital gains on equity investments, with a secondary focus on income from debt investments[15]. - The company has adopted a disciplined investment strategy focusing on high-growth sectors such as software-as-a-service, artificial intelligence, and financial technology[16]. - The company believes that access to high-growth private technology companies is a key value proposition for shareholders[30]. - The company focuses on late-stage companies with shorter time horizons to expected liquidity compared to traditional venture capital funds[31]. - The company seeks to create a varied portfolio of non-controlling equity investments to minimize the impact of downturns in specific companies[36]. - The company has identified six key investment themes, including software-as-a-service and artificial intelligence, which have produced significant numbers of high-growth companies[39]. - The company operates as an internally managed, non-diversified closed-end management investment company, enhancing transparency for stockholders[20]. - The company maintains a diverse portfolio, with private portfolio companies representing 91.6% of total investments as of December 31, 2024[48]. Financial Performance - As of December 31, 2024, the fair value of the total portfolio investments is $209,380,742, an increase from $184,081,249 as of December 31, 2023, representing a growth of 13.5%[48]. - Total Investment Income for 2024 was $4,673,427, a decrease of 29.2% from $6,596,780 in 2023[462]. - Net Investment Loss for 2024 was $(13,951,287), compared to $(13,439,609) in 2023, indicating a slight increase in losses[467]. - Net Change in Unrealized Appreciation/(Depreciation) of Investments was $(18,968,978) in 2024, contrasting with a gain of $30,453,935 in 2023[467]. - Total Operating Expenses decreased to $18,624,714 in 2024 from $20,036,389 in 2023, a reduction of 7.0%[462]. - Net Change in Net Assets Resulting from Operations was $(38,124,247) in 2024, compared to a positive change of $5,066,822 in 2023[467]. - The net asset value (NAV) of the investment portfolio is determined quarterly, reflecting the fair value of investments[50]. - The net asset value per share fell to $6.68 in 2024, down from $7.99 in 2023, indicating a decrease of approximately 16.4%[456]. - The net assets decreased to $157.57 million in 2024 from $203.36 million in 2023, representing a decline of about 22.5%[456]. Compliance and Regulatory Requirements - The company is subject to diversification requirements as a RIC for U.S. federal income tax purposes, limiting investments in any single investment company to no more than 5% of total assets[61]. - The company must maintain at least 70% of its gross assets in qualifying assets to comply with the 1940 Act, impacting its investment strategy[68]. - The company has adopted a code of ethics to ensure compliance with federal securities laws and to manage personal investment transactions by its personnel[77]. - The company is required to conduct periodic examinations by the SEC to ensure compliance with the 1940 Act, which may affect operational transparency[66]. - The company has elected to qualify as a Regulated Investment Company (RIC) for U.S. federal income tax purposes, which requires distributing at least 90% of its investment company taxable income annually[93]. - The company must meet the 90% Income Test, deriving at least 90% of its gross income from qualifying sources, to maintain RIC status[97]. - The company is subject to a 4% nondeductible U.S. federal excise tax on certain undistributed income unless it meets specific distribution requirements[95]. - The company may face limitations on distributions due to asset coverage ratio requirements and financial covenants under loan agreements[99]. Investment Valuation and Classification - The company applies fair value accounting, with the majority of its investments classified as Level 3, indicating a high degree of judgment in valuation[511]. - The fair value of the company's investments may fluctuate significantly due to the inherent uncertainty of valuation, especially for those without readily available market values[521]. - The Board of Directors applies various valuation methodologies for investments without market quotations, including comparisons to secondary market transactions and analysis of financial ratios[519]. - The company engages independent valuation firms to appraise 100% of its investments without readily available market quotations[520]. - The company conducts a quarterly review of fair value hierarchy classifications, with reclassifications impacting Level 3 reported as transfers at the beginning of the measurement period[515]. Portfolio Composition - The company holds a 10% membership interest in the CW Opportunity 2 LP, with a fair value of $17,775,155, representing 11.28% of net assets[474]. - The investment in the ARK Type One Deep Ventures Fund has a fair value of $17,638,247, accounting for 11.19% of net assets[474]. - Preferred shares in Learneo, Inc. have a total fair value of $16,882,029, which is 10.71% of net assets[474]. - Blink Health, Inc. has preferred shares with a total fair value of $15,092,515, representing 9.58% of net assets[474]. - Whoop, Inc. holds preferred shares valued at $14,923,457, making up 9.47% of net assets[474]. - The company has invested in ServiceTitan, Inc. with common shares valued at $14,027,713, which is 8.90% of net assets[474]. - Total portfolio investments amounted to $256,809,654 with a fair value of $209,380,742, representing 132.88% of net assets[480]. - The largest investment is in StormWind, LLC, with preferred shares valued at $12,535,875, accounting for 6.16% of net assets[491]. Employee and Operational Structure - As of December 31, 2024, the company had ten employees, all located in the United States[24]. - The company has a source of permanent equity capital, allowing for long-term investments in portfolio companies without the pressure of returning capital on a defined schedule[4]. - The company must offer significant managerial assistance to portfolio companies, enhancing its role in the management and operations of its investments[72].

Financial Data and Key Metrics Changes - The company ended the fourth quarter with a net asset value (NAV) of $157.6 million or $6.68 per share, a decrease from $6.73 at the end of Q3 2024 [27][58] - The decrease in NAV per share was primarily driven by a $0.22 per share decrease from net change in unrealized appreciation, a $0.16 per share decrease due to net investment loss, and a $0.06 per share decrease from stock-based compensation [58] - The company reported liquid assets totaling approximately $23.6 million, representing 10% of gross assets [29][58] Business Line Data and Key Metrics Changes - The top five positions as of December 31 included CoreWeave, OpenAI, Learneo, Blink Health, and Whoop, accounting for approximately 44% of the investment portfolio at fair value [28] - The company made significant investments in AI infrastructure, including a $12 million investment in Vast Data and a $5 million follow-on investment in CoreWeave [46][14] - Vast Data reached over $200 million in annual recurring revenue (ARR) and has been cash flow positive for the last three years [26] Market Data and Key Metrics Changes - CoreWeave filed its S-1 ahead of an anticipated IPO, targeting a valuation greater than $35 billion and seeking to raise approximately $4 billion [11] - OpenAI is in talks to raise $40 billion at a $300 billion valuation, with expectations of revenue tripling from $3.7 million to over $12.5 million in 2024 [16][20] - Canva reported having over 220 million monthly users and generating approximately $2.5 billion in annualized revenue [33] Company Strategy and Development Direction - The company aims to provide access to market-leading private companies before they go public, with a focus on AI infrastructure and applications [6][10] - The company is optimistic about the reopening of the IPO window, with several anticipated IPOs in its portfolio [10] - Investments in AI infrastructure and consumer goods are seen as key growth areas, with significant capital allocated to these sectors [43] Management's Comments on Operating Environment and Future Outlook - Management expressed excitement about the current portfolio, highlighting the potential for upcoming IPOs and the strong performance of portfolio companies [42][79] - The company acknowledged recent market volatility but remains hopeful about the growth prospects of its investments, particularly in AI [66][77] - Management noted that the largest weight on the portfolio has been Learneo, which has been marked down significantly [67] Other Important Information - The company has a share repurchase program with approximately $25 million remaining authorized, set to expire on October 31, 2025 [59] - The company has repurchased a total of over 6 million shares since the inception of the program [59] Q&A Session Summary Question: What is the internal base case expectation for NAV growth in 2025? - Management does not typically provide guidance on future NAV but suggests that assumptions can be made based on current portfolio valuations and anticipated IPOs [64][66] Question: Should the company consider issuing additional notes to increase cash on hand? - Management is comfortable with the current capital structure and does not anticipate issuing more convertible securities at this time [72][73] Question: What is the total dollar amount of pre-IPO investments and the likelihood of them going public? - Management is hopeful that CoreWeave will go public soon, with other companies like Lime and Canva also expected to pursue IPOs within the next year [76][77]

Financial Performance - As of December 31, 2024, SuRo Capital's net asset value is estimated to be between $6.50 and $7.00 per share, compared to approximately $7.99 per share at December 31, 2023[13]. - The Company realized a net gain of $4.8 million from the sale of 239,300 shares of Oklo, Inc. at an average share price of $21.14[17]. - SuRo Capital received $5.3 million from the sale of 1,616,187 public common shares of PSQ Holdings, Inc. at an average share price of $3.28[17]. - The Company expects to announce its fourth quarter and fiscal year results in March 2025[20]. - The preliminary financial estimates provided are unaudited and actual results may differ materially[19]. Investment Activities - The Company held positions in 37 portfolio companies as of December 31, 2024, including 33 privately held and 4 publicly held[15]. - During Q4 2024, SuRo Capital invested $5.0 million in CoreWeave, Inc. and $12.0 million in IH10, LLC[16]. Debt and Financing - The outstanding aggregate principal amount of the Company's Convertible Notes is now $35.0 million following the issuance of an additional $5.0 million in Convertible Notes[8]. - Interest on the Convertible Notes is paid quarterly at a rate of 6.50% per year, with maturity on August 14, 2029[9]. - The net proceeds from the offering of the New Convertible Notes will be used for repaying outstanding indebtedness and making investments[10].