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Midas Edge

SURO CAPITAL CORP

For the period ended Dec 31, 2024. Filed Mar 12, 2025.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Mar 12, 2025

NSLR$5.98-2.8%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Consolidated Schedule of Investments as of December 31, 2023

CONSOLIDATED SCHEDULE OF INVESTMENTS

Portfolio Investments* · Headquarters/ Industry · Date of Initial Investment · Shares/ Principal · Cost · Fair Value · % of Net Assets
NON-CONTROLLED/NON-AFFILIATE
Learneo, Inc. (f/k/a Course Hero, Inc.) · Redwood City, CA
Preferred shares, Series A 8%Online Education9/18/20142,145,509$5,000,001$45,982,58022.61%
Preferred shares, Series C 8%Online Education11/5/2021275,6599,999,9719,999,9714.92%
Total14,999,97255,982,55127.53%
ServiceTitan, Inc.Glendale, CA
Common sharesContractor Management Software6/30/2023151,51510,008,23311,960,9755.88%
Blink Health, Inc.New York, NY
Preferred shares, Series APharmaceutical Technology10/27/2020238,0955,000,4231,692,8550.83%
Preferred shares, Series CPharmaceutical Technology10/27/2020261,94410,003,9179,999,9754.92%
Total15,004,34011,692,8305.75%
Locus Robotics Corp.Wilmington, MA
Preferred shares, Series F 6%Warehouse Automation11/30/2022232,56810,004,28610,675,7665.25%
Whoop, Inc.Boston, MA
Preferred shares, Series CFitness Technology6/30/202213,293,45010,011,4609,612,8874.73%
Shogun Enterprises, Inc. (d/b/a Hearth)(13)Austin, TX
Preferred shares, Series B-1(13)Home Improvement Finance2/26/2021436,8443,501,6573,132,9421.54%
Preferred shares, Series B-2(13)Home Improvement Finance2/26/2021301,7503,501,6613,132,9461.54%
Preferred shares, Series B-3(13)Home Improvement Finance5/2/202256,936530,822475,1520.23%
Preferred shares, Series B-4(13)Home Improvement Finance7/12/202348,267366,606342,5170.17%
Common Warrants, Strike Price $0.01, Expiration Date 7/12/2026(13)Home Improvement Finance7/12/202386,076140,060——%
Total(13)8,040,8067,083,5573.48%
FourKites, Inc.Chicago, IL
Common sharesSupply Chain Technology7/7/20231,398,0248,530,3896,926,1763.41%
Orchard Technologies, Inc.(12)New York, NY
Preferred shares, Series D 8%(12)Real Estate Platform8/9/2021558,0533,751,518——%
Senior Preferred shares, Series 2(12)Real Estate Platform8/9/202158,771587,951——%
Senior Preferred shares, Series 1 7%(12)Real Estate Platform1/13/2023441,2284,418,4064,854,0862.39%
Common shares(12)Real Estate Platform8/9/2021558,0533,751,518——%
Total(12)12,509,3934,854,0862.39%
True Global Ventures 4 Plus Pte Ltd**Singapore, Singapore
Limited Partner Fund Investment(8)**(8)Venture Investment Fund8/27/20211960,7784,054,3091.99%
Neutron Holdings, Inc. (d/b/a/ Lime)San Francisco, CA
Junior Preferred shares, Series 1-DMicromobility1/25/201941,237,11310,007,3223,485,0141.71%
Junior Preferred Convertible Note 4% Due 5/11/2027******Micromobility5/11/2020$506,339506,339506,3390.25%
Common Warrants, Strike Price $0.01, Expiration Date 5/11/2027Micromobility5/11/20202,032,967———%
Total10,513,6613,991,3531.96%
Forge Global, Inc.**San Francisco, CA
Common shares(3)**(3)Online Marketplace Finance7/20/20111,145,8752,093,9883,930,3511.93%
PayJoy, Inc.San Francisco, CA
Preferred sharesMobile Access Technology7/23/2021244,1172,501,5702,500,0021.23%
Simple Agreement for Future EquityMobile Access Technology5/25/20231501,470500,0000.25%
Total3,003,0403,000,0021.48%
Residential Homes for Rent, LLC (d/b/a Second Avenue)Chicago, IL
Preferred shares, Series A(6)(6)Real Estate Platform12/23/2020150,0001,500,0002,452,7921.21%
Varo Money, Inc.**San Francisco, CA
Common shares**Financial Services8/11/20211,079,26610,005,5482,316,5901.14%
Portfolio Investments* · Headquarters/ Industry · Date of Initial Investment · Shares/ Principal · Cost · Fair Value · % of Net Assets
Aventine Property Group, Inc. · Chicago, IL
Common shares******Cannabis REIT9/11/2019312,5002,580,7501,418,7230.70%
Xgroup Holdings Limited (d/b/a Xpoint)**(7)Philadelphia, PA
Convertible Note 6%, Due 10/17/2024(4)**(7)(4)Geolocation Technology8/17/2022$1,000,0001,338,9761,325,0000.65%
Commercial Streaming Solutions Inc. (d/b/a BettorView)(7)Las Vegas, NV
Simple Agreement for Future Equity(7)Interactive Media & Services3/26/202111,004,2401,000,0000.49%
Stake Trade, Inc. (d/b/a Prophet Exchange)(7)New York, NY
Simple Agreement for Future Equity(7)Sports Betting7/26/202311,002,1531,000,0000.49%
AltC Sponsor LLC**(10)(14)New York, NY
Common shares, Class B**(10)(14)Special Purpose Acquisition Company7/21/2021214,400224,753759,0760.37%
Common shares, Class A**(10)(14)Special Purpose Acquisition Company7/21/202124,90026,102176,3150.09%
Total**(10)(14)250,855935,3910.46%
Skillsoft Corp.**Nashua, NH
Common shares(3)**(3)Online Education6/8/202149,0929,818,428863,0370.42%
Rebric, Inc. (d/b/a Compliable)(7)Denver, CO
Preferred shares, Series Seed-4(7)Gaming Licensing10/12/20212,406,4921,002,755799,3230.39%
EDGE Markets, Inc.(7)San Diego, CA
Preferred shares, Series Seed(7)Gaming Technology5/18/2022456,704501,330500,0000.25%
Churchill Sponsor VII LLC**(10)New York, NY
Common share units**(10)Special Purpose Acquisition Company2/25/2021292,100205,820344,0970.17%
Warrant units**(10)Special Purpose Acquisition Company2/25/2021277,00094,18018,9290.01%
Total**(10)300,000363,0260.18%
Nextdoor Holdings, Inc.**San Francisco, CA
Common shares, Class B(3)**(3)Social Networking9/27/2018112,420626,470212,4740.10%
YouBet Technology, Inc. (d/b/a FanPower)(7)New York, NY
Preferred shares, Series Seed-2(7)Digital Media Technology8/26/2021578,029752,943187,5000.09%
Kinetiq Holdings, LLCPhiladelphia, PA
Common shares, Class ASocial Data Platform3/30/2012112,374—28,8360.01%
Trax Ltd.**Singapore, Singapore
Common shares**Retail Technology6/9/202155,5912,781,148——%
Preferred shares, Investec Series**Retail Technology6/9/2021144,4097,224,600——%
Total**10,005,748——%
Aspiration Partners, Inc.Marina Del Rey, CA
Preferred shares, Series AFinancial Services8/11/2015540,2701,001,815——%
Preferred shares, Series C-3Financial Services8/12/201924,912281,190——%
Total1,283,005——%
Fullbridge, Inc.Cambridge, MA
Common sharesBusiness Education5/13/2012517,9176,150,506——%
Promissory Note 1.47%, Due 11/9/2021(4)(11)(4)(11)3/3/2016$2,270,4582,270,858——%
Total8,421,364——%
Treehouse Real Estate Investment Trust, Inc.Chicago, IL
Common sharesCannabis REIT9/11/2019312,5004,919,250——%
Total Non-controlled/Non-affiliate$160,994,161$147,167,53572.37%
Portfolio Investments* · Headquarters/ Industry · Date of Initial Investment · Shares/ Principal · Cost · Fair Value · % of Net Assets
NON-CONTROLLED/AFFILIATE(1)
StormWind, LLC(5) · Scottsdale, AZ
Preferred shares, Series D 8%(1)(5)Interactive Learning11/26/2019329,337$257,267$653,9750.32%
Preferred shares, Series C 8%(1)(5)Interactive Learning1/7/20142,779,1344,000,7876,804,9333.35%
Preferred shares, Series B 8%(1)(5)Interactive Learning12/16/20113,279,6292,019,6874,751,0642.34%
Preferred shares, Series A 8%(1)(5)Interactive Learning2/25/2014366,666110,000325,9030.16%
Total(1)(5)6,387,74112,535,8756.16%
PSQ Holdings, Inc. (d/b/a PublicSquare)**(3)(15)West Palm Beach, FL
Common shares, Class A**(1)(3)(15)E-Commerce Marketplace4/1/20211,976,0321,556,5878,542,3864.20%
Warrants, Strike Price $11.50, Expiration Date 7/19/2028**(1)(3)(15)E-Commerce Marketplace4/1/20212,396,0371,028,6531,964,7500.97%
Total**(1)(3)(15)2,585,24010,507,1365.17%
OneValley, Inc. (f/k/a NestGSV, Inc.)San Mateo, CA
Derivative Security, Expiration Date 8/23/2024(9)(1)(9)Global Innovation Platform8/23/201918,555,124620,9270.31%
Convertible Promissory Note 8% Due 8/23/2024(4)(1)(4)Global Innovation Platform2/17/2016$1,010,1981,030,1761,267,3950.62%
Total(1)9,585,3001,888,3220.93%
Maven Research, Inc.San Francisco, CA
Preferred shares, Series C(1)Knowledge Networks7/2/2012318,9792,000,447——%
Preferred shares, Series B(1)Knowledge Networks2/28/201249,505217,206——%
Total(1)2,217,653——%
Curious.com, Inc.Menlo Park, CA
Common shares(1)Online Education11/22/20131,135,94412,000,006——%
Total Non-controlled/Affiliate(1)$32,775,940$24,931,33312.26%
CONTROLLED(2)
Architect Capital PayJoy SPV, LLC**San Francisco, CA
Membership Interest in Lending SPV***(2)*Mobile Finance Technology3/24/2021$10,000,000$10,006,745$10,000,0004.92%
Colombier Sponsor II LLC**(10)Palm Beach, FL
Class B Units**(2)(10)Special Purpose Acquisition Company11/20/20231,040,000842,2891,101,6950.54%
Class W Units**(2)(10)Special Purpose Acquisition Company1,600,000760,651498,3050.25%
Total**(2)(10)1,602,9401,600,0000.79%
SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.)Cupertino, CA
Preferred shares, Class A(2)Clean Technology4/15/201414,300,0007,151,412382,3810.19%
Common shares(2)Clean Technology4/15/2014100,00010,000——%
Total(2)-7,161,412382,3810.19%
Total Controlled(2)$18,771,097$11,982,3815.89%
Total Portfolio Investments$212,541,198$184,081,24990.52%
U.S. Treasury(3)
U.S. Treasury bill, 0%, due 3/28/2024***(3)***12/29/2023$35,000,00034,547,62534,559,94916.99%
U.S. Treasury bill, 0%, due 6/27/2024***(3)***12/29/2023$30,000,00029,245,07929,250,90614.38%
Total(3)63,792,70463,810,85531.38%
TOTAL INVESTMENTS$276,333,902$247,892,104121.90%
*All portfolio investments are non-control/non-affiliated and non-income-producing, unless otherwise identified. Equity investments are subject to lock-up restrictions upon their initial public offering (“IPO”). Preferred dividends are generally only payable when declared and paid by the portfolio company’s board of directors. The Company’s directors, officers, employees and staff, as applicable, may serve on the board of directors of the Company’s portfolio investments. (Refer to “Note 3—Related-Party Arrangements”). All portfolio investments are considered Level 3 and valued using significant unobservable inputs, unless otherwise noted. (Refer to “Note 4—Investments at Fair Value”). All of the Company’s portfolio investments are restricted as to resale, unless otherwise noted, and were valued at fair value as determined in good faith by the Company’s Board of Directors. (Refer to “Note 2—Significant Accounting Policies—Investments at Fair Value”).
**Indicates assets that SuRo Capital Corp. believes do not represent “qualifying assets” under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Of the Company’s total investments as of December 31, 2023, 14.03% of its total investments are non-qualifying assets.
***Investment is income-producing.
(1)“Affiliate Investments” are investments in those companies that are “Affiliated Companies” 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”.
(2)“Control Investments” are investments in those companies that are “Controlled Companies” of SuRo Capital Corp., as defined in the 1940 Act. In general, under the 1940 Act, the Company would “Control” a portfolio company if the Company beneficially owns, directly or indirectly, more than 25% of its outstanding voting securities (i.e., securities with the right to elect directors) and/or had the power to exercise control over the management or policies of such portfolio company. For the Schedule of Investments In, and Advances To, Affiliates, as required by SEC Regulation S-X, Rule 12-14, refer to “Note 4—Investments at Fair Value”.
(3)Denotes an investment considered Level 1 or Level 2 and valued using observable inputs. Refer to “Note 4—Investments at Fair Value”.
(4)As of December 31, 2023, the investments noted had been placed on non-accrual status.
(5)SuRo Capital Corp.’s investments in StormWind, LLC are held through SuRo Capital Corp.’s wholly owned subsidiary, GSVC SW Holdings, Inc.
(6)SuRo Capital Corp.’s investment in preferred shares of Residential Homes for Rent, LLC (d/b/a Second Avenue) are held through SuRo Capital Corp.’s wholly owned subsidiary, GSVC AV Holdings, Inc.
(7)SuRo Capital Corp.’s investments in Commercial Streaming Solutions Inc. (d/b/a BettorView), YouBet Technology, Inc. (d/b/a FanPower), 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 Sports”).
(8)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. On March 31, 2023, the previously unfunded capital commitment of $1.3 million was deemed fully contributed in lieu of cash distributions. On March 31, 2023, the full $2.0 million capital commitment to True Global Ventures 4 Plus Fund LP had been called and funded.
(9)On August 23, 2019, SuRo Capital Corp. amended the structure of its investment in OneValley, Inc. (f/k/a NestGSV, Inc.). As part of the agreement, SuRo Capital Corp.’s equity holdings (warrants notwithstanding) were restructured into a derivative security. OneValley, Inc. (f/k/a NestGSV, Inc.) has the right to call the position at any time over a five year period, ending August 23, 2024, while SuRo Capital Corp. can put the shares to OneValley, Inc. (f/k/a NestGSV, Inc.) at the end of the five year period.
(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)On November 9, 2021, Fullbridge, Inc.’s obligations under its financing arrangements with the Company became past due.
(12)On January 13, 2023, SuRo Capital Corp. invested $2.0 million in Orchard Technologies, Inc.’s Series 1 Senior Preferred financing round. As part of the transaction, SuRo Capital Corp. exchanged a portion of its existing Series D Preferred shares investment for Series 1 Senior Preferred shares, Series 2 Senior Preferred shares, and Common shares. Additionally, SuRo Capital Corp.’s previous investment in the Simple Agreement for Future Equity was converted into additional Series 1 Senior Preferred shares.
(13)On July 12, 2023, SuRo Capital Corp. invested $0.5 million in Shogun Enterprises, Inc. (d/b/a Hearth)’s Series B-4 Preferred financing round. As part of the transaction, the previous investment in the Convertible Note was converted into Series B-3 Preferred shares. Additionally, SuRo Capital Corp. received Common Warrants as part of the transaction.
(14)On July 11, 2023, AltC Acquisition Corp. announced it signed a definitive agreement to merge with Oklo, Inc. As part of the transaction, SuRo Capital Corp.’s Share units converted to 24,900 Class A Common shares and 214,400 Class B Common shares.
(15)On July 19, 2023, Colombier Acquisition Corp. (“Colombier”) stockholders approved a business combination with PSQ Holdings, Inc. (d/b/a PublicSquare) and related proposals at a special meeting. Also on July 19, 2023, PSQ Holdings, Inc. announced that it had consummated the business combination with Colombier pursuant to a merger agreement between the parties, creating the resultant combined company PSQ Holdings, Inc. (d/b/a PublicSquare). SuRo Capital Corp.’s shares of PSQ Holdings, Inc. (d/b/a PublicSquare) Class A Common shares are subject to certain restrictions on transfer, while the Company’s PSQ Holdings, Inc. warrants are freely tradable.
ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.