SuRo Capital Corp. Reports Second Quarter 2025 Financial Results

Portfolio Company ($ in millions)

Cost Basis

Fair Value

% of Total Portfolio

CW Opportunity 2 LP⁽¹⁾

$

15.2

$

40.9

16.8

%

ARK Type One Deep Ventures Fund LLC⁽²⁾

17.7

27.8

11.4

Whoop, Inc.

11.0

23.7

9.7

Colombier Sponsor II LLC

1.6

20.3

8.3

Learneo, Inc.

15.0

15.4

6.3

Total⁽³⁾

$

60.5

$

128.0

52.5

%

___________________
^{(1) CW Opportunity 2 LP is an SPV for which the Class A Membership 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 Membership Interest of CW Opportunity 2 LP. SuRo Capital confirmed, as of June 30, 2025, the underlying Class A Common Shares held by CW Opportunity 2 LP were not registered and are therefore subject to certain restrictions on sale or transfer for which SuRo Capital has applied a discount to the closing share price as of the reporting date.
(2) ARK Type One Deep Ventures Fund LLC is an investment fund for which the Class A Membership Interest is solely invested in the Convertible Interest Rights of OpenAI Global, LLC. SuRo Capital is invested in the Convertible Interest Rights of OpenAI Global, LLC through its investment in the Class A Membership Interest of ARK Type One Deep Ventures Fund LLC.
(3) Total may not sum due to rounding.}

Portfolio Company

Investment

Transaction Date

Amount⁽¹⁾

Plaid Inc.⁽²⁾

Class A Common Shares

4/4/2025

$5.0 million

___________________
^{(1) Amount invested does not include capitalized costs, origination fees, or prepaid expenses.
(2) 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. SuRo Capital paid a 7% origination fee at the time of investment.}

Portfolio Company

Transaction
Date

Quantity

Average Net
Share Price⁽¹⁾

Net
Proceeds

Realized
Gain

CoreWeave, Inc.⁽²⁾

Various

222,240

$113.99

$25.3 million

$15.3 million

ServiceTitan, Inc.⁽³⁾

Various

151,515

$105.07

$15.9 million

$5.9 million

__________________
^{(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 June 20, 2025, SuRo Capital had sold the entirety of its directly held CoreWeave, Inc. public common shares. As of June 30, 2025 SuRo Capital continues to hold the entirety of its interest in CW Opportunity 2 LP.
(3) As of June 27, 2025, SuRo Capital had sold its entire position in ServiceTitan, Inc. public common shares.}

Portfolio Company

Investment

Transaction Date

Amount⁽¹⁾

Supplying Demand, Inc. (d/b/a Liquid Death)

Convertible Note

7/29/2025

$0.3 million

___________________
^{(1) Amount invested does not include any capitalized costs.}

Quarter Ended
June 30, 2025

Quarter Ended
June 30, 2024

$ in millions

per share⁽¹⁾

$ in millions

per share⁽¹⁾

Net investment loss

$(3.7)

$(0.16)

$(3.7)

$(0.16)

Net realized gain/(loss) on investments

21.2

0.89

(<0.1)

(<0.01)

Net change in unrealized appreciation/(depreciation) of investments

44.8

1.89

(7.0)

(0.30)

Net increase/(decrease) in net assets resulting from operations⁽²⁾

62.3

2.63

(10.7)

(0.45)

Repurchase of common stock

-

-

(9.4)

0.20

Stock-based compensation

0.3

(0.10)

0.6

0.03

Increase/(decrease) in net asset value⁽²⁾

$62.6

$2.52

$(19.4)

$(0.23)

__________________
^{(1) Based on basic weighted-average number of shares outstanding for the relevant period.
(2) Total may not sum due to rounding.}

SURO CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2025
(UNAUDITED)

December 31, 2024
(AUDITED)

ASSETS

Investments at fair value:

Non-controlled/non-affiliate investments (cost of $221,292,617 and $234,601,314, respectively)

$

215,044,675

$

198,511,915

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

8,456,422

9,268,827

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

20,297,450

1,600,000

Total Investments (cost of $243,500,957 and $256,809,654, respectively)

243,798,547

209,380,742

Cash

49,852,801

20,035,640

Restricted cash

38,741

—

Escrow proceeds receivable

—

45,298

Interest and dividends receivable

104,098

756,022

Deferred financing costs

555,688

526,261

Prepaid expenses and other assets⁽¹⁾

703,349

855,630

Total Assets

295,053,224

231,599,593

LIABILITIES

6.00% Notes due December 30, 2026⁽²⁾

39,354,847

44,198,838

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

34,010,638

29,051,408

Accounts payable and accrued expenses⁽¹⁾

2,278,144

768,394

Dividends payable

—

8,867

Total Liabilities

75,643,629

74,027,507

Net Assets

$

219,409,595

$

157,572,086

NET ASSETS

Common stock, par value $0.01 per share (100,000,000 authorized; 23,888,107 and 23,601,566 issued and outstanding, respectively)

$

238,881

$

236,016

Paid-in capital in excess of par

226,892,721

226,579,432

Accumulated net investment loss

(11,686,121

)

(4,302,192

)

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

3,769,690

(17,409,097

)

Accumulated net unrealized appreciation/(depreciation) of investments

194,424

(47,532,073

)

Net Assets

$

219,409,595

$

157,572,086

Net Asset Value Per Share

$

9.18

$

6.68

__________________________________________________
^{(1) This balance includes a right of use asset and corresponding operating lease liability, respectively.
(2) As of June 30, 2025, the 6.00% Notes due December 30, 2026 (the "6.00% Notes due 2026") (effective interest rate of 6.52%) had a face value $39,667,650. As of December 31, 2024, the 6.00% Notes due 2026 (effective interest rate of 6.48%) had a face value $44,667,400.
(3) As of June 30, 2025, the 6.50% Convertible Notes due August 14, 2029 (the "6.50% Convertible Notes due 2029") (effective interest rate of 7.17%) had a face value $35,000,000. As of December 31, 2024, the 6.50% Convertible Notes due 2029 (effective interest rate of 7.06%) had a face value $30,000,000.}

SURO CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

Three Months Ended June 30,

Six Months Ended June 30,

2025

2024

2025

2024

INVESTMENT INCOME

Non-controlled/non-affiliate investments:

Interest income⁽¹⁾

$

167,304

$

290,750

$

317,951

$

532,757

Dividend income

—

—

348,447

21,875

Controlled investments:

Interest income

—

376,667

—

811,667

Interest income from U.S. Treasury bills

—

359,936

—

1,189,145

Total Investment Income

167,304

1,027,353

666,398

2,555,444

OPERATING EXPENSES

Compensation expense

1,571,856

2,198,509

3,239,691

4,383,827

Directors’ fees

175,495

167,825

346,060

338,938

Interest expense

1,275,485

1,214,267

2,535,334

2,428,534

Professional fees

680,857

586,825

1,431,081

1,315,384

Income tax expense

(218,745

)

52,794

(215,949

)

54,894

Other expenses

404,516

462,758

714,110

912,394

Total Operating Expenses

3,889,464

4,682,978

8,050,327

9,433,971

Net Investment Loss

(3,722,160

)

(3,655,625

)

(7,383,929

)

(6,878,527

)

Realized Gain/(Loss) on Investments:

Non-controlled/non-affiliated investments

21,212,611

(22,867

)

21,194,660

(507,008

)

Non-controlled/affiliate investments

—

—

—

60,067

Controlled investments

—

(6,745

)

—

(6,745

)

Net Realized Gain/(Loss) on Investments

21,212,611

(29,612

)

21,194,660

(453,686

)

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

—

—

(15,873

)

—

Change in Unrealized Appreciation/(Depreciation) of Investments:

Non-controlled/non-affiliated investments

35,090,339

(3,481,638

)

29,841,454

(19,876,809

)

Non-controlled/affiliate investments

(339,693

)

(3,485,172

)

(812,406

)

(5,501,871

)

Controlled investments

10,086,973

864

18,697,449

(5,636

)

Net Change in Unrealized Appreciation/(Depreciation) of Investments

44,837,619

(6,965,946

)

47,726,497

(25,384,316

)

Net Change in Net Assets Resulting from Operations

$

62,328,070

$

(10,651,183

)

$

61,521,355

$

(32,716,529

)

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

Basic

$

2.63

$

(0.45

)

$

2.60

$

(1.34

)

Diluted⁽²⁾

$

2.23

$

(0.45

)

$

2.23

$

(1.34

)

Weighted-Average Common Shares Outstanding

Basic

23,728,095

23,410,235

23,650,399

24,401,863

Diluted⁽²⁾

28,244,225

23,410,235

28,113,063

24,401,863

__________________________________________________
^{(1) Includes interest income earned on cash.
(2) For the three and six months ended June 30, 2024, there were no potentially dilutive securities outstanding}

SURO CAPITAL CORP. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS (UNAUDITED)

​

Three Months Ended June 30,

Six Months Ended June 30,

2025

2024

2025

2024

Per Basic Share Data

Net asset value at beginning of period

$

6.66

$

7.17

$

6.68

$

7.99

Net investment loss⁽¹⁾

(0.16

)

(0.16

)

(0.31

)

(0.28

)

Net realized gain/(loss) on investments⁽¹⁾

0.89

<(0.01

)

0.90

(0.02

)

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⁾

1.89

(0.30

)

2.02

(1.04

)

Repurchase of common stock⁽¹⁾

—

0.20

—

0.23

Stock-based compensation⁽¹⁾

(0.10

)

0.03

(0.11

)

0.06

Net asset value at end of period

$

9.18

$

6.94

$

9.18

$

6.94

Per share market value at end of period

$

8.21

$

4.01

$

8.21

$

4.01

Total return based on market value⁽²⁾

65.19

%

(11.87

)%

39.63

%

1.78

%

Total return based on net asset value⁽²⁾

37.84

%

(3.21

)%

37.43

%

(13.14

)%

Shares outstanding at end of period

23,888,107

23,378,002

23,888,107

23,378,002

Ratios/Supplemental Data:

​

​

​

​

Net assets at end of period

$

219,409,595

$

162,312,191

$

219,409,595

$

162,312,191

Average net assets

$

160,412,515

$

175,240,305

$

158,444,298

$

188,879,950

Ratio of net operating expenses to average net assets⁽³⁾

9.73

%

10.75

%

10.25

%

10.04

%

Ratio of net investment loss to average net assets⁽³⁾

(9.31

)%

(8.39

)%

(9.40

)%

(7.32

)%

Portfolio Turnover Ratio

2.36

%

5.72

%

3.02

%

5.84

%

__________________________________________________
^{(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) Financial highlights for periods of less than one year are annualized and the ratios of operating expenses to average net assets and net investment loss to average net assets are adjusted accordingly. Because the ratios are calculated for the Company’s common stock taken as a whole, an individual investor’s ratios may vary from these ratios.}