SURO CAPITAL CORP.
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 6, 2025
NSLR$5.76+2.9%Stored close · as of Nov 6, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Assets and Liabilities as of September 30, 2025 (Unaudited) and December 31, 2024
CONDENSED CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
| September 30, 2025 (UNAUDITED) | December 31, 2024 (AUDITED) | |
|---|---|---|
| ASSETS | ||
| Investments at fair value: | ||
| Non-controlled/non-affiliate investments (cost of $224,613,209 and $234,601,314, respectively) | $242,003,642 | $198,511,915 |
| Non-controlled/affiliate investments (cost of $21,609,640 and $20,605,400, respectively) | 10,191,898 | 9,268,827 |
| Controlled investments (cost of $0 and $1,602,940, respectively) | — | 1,600,000 |
| Total Investments (cost of $246,222,849 and $256,809,654, respectively) | 252,195,540 | 209,380,742 |
| Cash | 54,549,056 | 20,035,640 |
| Restricted cash | 38,741 | — |
| Escrow proceeds receivable | — | 45,298 |
| Interest and dividends receivable | 111,009 | 756,022 |
| Deferred financing costs | 517,487 | 526,261 |
| Prepaid expenses and other assets(1) | 890,117 | 855,630 |
| Total Assets | 308,301,950 | 231,599,593 |
| LIABILITIES | ||
| 6.00% Notes due December 30, 2026(2) | 39,407,359 | 44,198,838 |
| 6.50% Convertible Notes due August 14, 2029(3) | 34,071,073 | 29,051,408 |
| Accounts payable and accrued expenses(1) | 2,853,344 | 768,394 |
| Dividends payable | 183,146 | 8,867 |
| Total Liabilities | 76,514,922 | 74,027,507 |
| Commitments and contingencies (Notes 7 and 10) | - | - |
| Net Assets | $231,787,028 | $157,572,086 |
| NET ASSETS | ||
| Common stock, par value $0.01 per share (100,000,000 authorized; 25,119,091 and 23,601,566 issued and outstanding, respectively) | $251,191 | $236,016 |
| Paid-in capital in excess of par | 237,812,778 | 226,579,432 |
| Accumulated net investment loss | (15,140,936) | (4,302,192) |
| Accumulated net realized gain/(loss) on investments, net of distributions | 2,994,462 | (17,409,097) |
| Accumulated net unrealized appreciation/(depreciation) of investments | 5,869,533 | (47,532,073) |
| Net Assets | $231,787,028 | $157,572,086 |
| Net Asset Value Per Share | $9.23 | $6.68 |
| (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 September 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. Refer to “Note 10—Debt Capital Activities” for a reconciliation of the carrying value to the face value. |
| (3) | As of September 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. Refer to “Note 10—Debt Capital Activities” for a reconciliation of the carrying value to the face value. |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| INVESTMENT INCOME | ||||
| Non-controlled/non-affiliate investments: | ||||
| Interest income(1) | $459,269 | $578,603 | $777,220 | $1,111,360 |
| Dividend income | — | 166,153 | 348,447 | 188,028 |
| Controlled investments: | ||||
| Interest income | — | 143,961 | — | 955,628 |
| Interest income from U.S. Treasury bills | — | — | — | 1,189,145 |
| Total Investment Income | 459,269 | 888,717 | 1,125,667 | 3,444,161 |
| OPERATING EXPENSES | ||||
| Compensation expense | 1,678,497 | 1,916,361 | 4,918,188 | 6,300,188 |
| Directors’ fees | 246,658 | 171,661 | 592,718 | 510,599 |
| Interest expense | 1,276,713 | 1,153,466 | 3,812,047 | 3,582,000 |
| Professional fees | 394,173 | 515,244 | 1,825,254 | 1,830,628 |
| Income tax expense | — | — | (215,949) | 54,894 |
| Other expenses | 318,043 | 339,858 | 1,032,153 | 1,252,252 |
| Total Operating Expenses | 3,914,084 | 4,096,590 | 11,964,411 | 13,530,561 |
| Net Investment Loss | (3,454,815) | (3,207,873) | (10,838,744) | (10,086,400) |
| Realized Gain/(Loss) on Investments: | ||||
| Non-controlled/non-affiliated investments | 5,196,799 | (328,520) | 26,391,459 | (775,461) |
| Non-controlled/affiliate investments | — | (6,598,530) | — | (6,598,530) |
| Controlled investments | — | (6,786,462) | — | (6,793,207) |
| Net Realized Gain/(Loss) on Investments | 5,196,799 | (13,713,512) | 26,391,459 | (14,167,198) |
| Realized loss on partial repurchase of 6.00% Notes due December 30, 2026 | — | (145,244) | (15,873) | (145,244) |
| Change in Unrealized Appreciation/(Depreciation) of Investments: | ||||
| Non-controlled/non-affiliated investments | 23,634,141 | (1,988,131) | 53,475,595 | (24,362,275) |
| Non-controlled/affiliate investments | 735,476 | 6,811,103 | (76,930) | 3,806,567 |
| Controlled investments | (18,694,508) | 6,791,412 | 2,941 | 6,785,776 |
| Net Change in Unrealized Appreciation/(Depreciation) of Investments | 5,675,109 | 11,614,384 | 53,401,606 | (13,769,932) |
| Net Change in Net Assets Resulting from Operations | $7,417,093 | $(5,452,245) | $68,938,448 | $(38,168,774) |
| Net Change in Net Assets Resulting from Operations per Common Share: | ||||
| Basic | $0.30 | $(0.23) | $2.89 | $(1.59) |
| Diluted(2) | $0.28 | $(0.23) | $2.49 | $(1.59) |
| Weighted-Average Common Shares Outstanding | ||||
| Basic | 24,371,533 | 23,378,002 | 23,893,418 | 24,058,085 |
| Diluted(2) | 28,989,579 | 23,378,002 | 28,408,445 | 24,058,085 |
| (1) | Includes interest income earned on cash. |
| (2) | For the three and nine months ended September 30, 2024, 3,225,808 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”. |
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)
| 2025 | 2024 | |
|---|---|---|
| Net Assets at Beginning of Year | $157,572,086 | $203,357,646 |
| Change in Net Assets Resulting from Operations | ||
| Net investment loss | (3,661,769) | (3,222,902) |
| Net realized loss on investments | (17,951) | (424,074) |
| Realized loss on partial repurchase of 6.00% Notes due 2026 | (15,873) | — |
| Net change in unrealized appreciation/(depreciation) of investments | 2,888,878 | (18,418,370) |
| Net Change in Net Assets Resulting from Operations | (806,715) | (22,065,346) |
| Change in Net Assets Resulting from Capital Transactions | ||
| Stock-based compensation | 38,784 | 428,835 |
| Net Change in Net Assets Resulting from Capital Transactions | 38,784 | 428,835 |
| Total Change in Net Assets | (767,931) | (21,636,511) |
| Net Assets at March 31 | $156,804,155 | $181,721,135 |
| Change in Net Assets Resulting from Operations | ||
| Net investment loss | $(3,722,160) | $(3,655,625) |
| Net realized gain/(loss) on investments | 21,212,611 | (29,612) |
| Net change in unrealized appreciation/(depreciation) of investments | 44,837,619 | (6,965,946) |
| Net Change in Net Assets Resulting from Operations | 62,328,070 | (10,651,183) |
| Change in Net Assets Resulting from Capital Transactions | ||
| Stock-based compensation | 277,370 | 642,239 |
| Repurchases of common stock | — | (9,400,000) |
| Net Change in Net Assets Resulting from Capital Transactions | 277,370 | (8,757,761) |
| Total Change in Net Assets | 62,605,440 | (19,408,944) |
| Net Assets at June 30 | $219,409,595 | $162,312,191 |
| Change in Net Assets Resulting from Operations | ||
| Net investment loss | $(3,454,815) | $(3,207,873) |
| Net realized gain/(loss) on investments | 5,196,799 | (13,713,512) |
| Realized loss on partial repurchase of 6.00% Notes due 2026 | — | (145,244) |
| Net change in unrealized appreciation/(depreciation) of investments | 5,675,109 | 11,614,384 |
| Net Change in Net Assets Resulting from Operations | 7,417,093 | (5,452,245) |
| Distributions | ||
| Dividends declared | (5,972,027) | — |
| Total Distributions | (5,972,027) | — |
| Change in Net Assets Resulting from Capital Transactions | ||
| Issuance of common stock from public offering | 10,556,637 | — |
| Stock-based compensation | 375,730 | 577,261 |
| Net Change in Net Assets Resulting from Capital Transactions | 10,932,367 | 577,261 |
| Total Change in Net Assets | 12,377,433 | (4,874,984) |
| Net Assets at September 30 | $231,787,028 | $157,437,207 |
| Nine Months Ended September 30, | ||
|---|---|---|
| 2025 | 2024 | |
| Capital Share Activity | ||
| Shares outstanding at beginning of year | 23,601,566 | 25,445,805 |
| Issuance of common stock from public offering | 1,230,984 | — |
| Issuance of common stock under restricted stock plan, net(1) | 286,541 | (67,803) |
| Shares repurchased | — | (2,000,000) |
| Shares Outstanding at End of Period | 25,119,091 | 23,378,002 |
| (1) | Refer to “Note 11 — Stock-Based Compensation” for more detail. |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.