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Midas Edge

SURO CAPITAL CORP.

For the period ended Dec 31, 2025. Filed Mar 11, 2026.

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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.

FY2025 · Filed Mar 11, 2026

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, 2024

Portfolio Investments* · Headquarters/ Industry · Date of Initial Investment · Shares/ Principal/Quantity(5) · Cost · Fair Value · % of Net Assets
NON-CONTROLLED/NON-AFFILIATE
CW Opportunity 2 LP**(8) · Evanston, IL
Membership Interest, Class A 10%***(8)*AI Infrastructure Fund5/7/2024$15,000,000$15,176,443$17,775,15511.28%
ARK Type One Deep Ventures Fund LLC**(9)St. Petersburg, FL
Membership Interest, Class A**(9)AI Application Fund9/25/2024$17,500,00017,696,56817,638,24711.19%
Learneo, Inc. (f/k/a Course Hero, Inc.)Redwood City, CA
Preferred shares, Series A 8%Online Education9/18/20142,145,5095,000,0016,882,0584.37%
Preferred shares, Series C 8%Online Education11/5/2021275,6599,999,9719,999,9716.35%
Total14,999,97216,882,02910.71%
Blink Health, Inc.New York, NY
Preferred shares, Series APharmaceutical Technology10/27/2020238,0955,000,4234,998,4673.17%
Preferred shares, Series CPharmaceutical Technology10/27/2020261,94410,003,91710,094,0486.41%
Total15,004,34015,092,5159.58%
Whoop, Inc.Boston, MA
Preferred shares, Series CFitness Technology6/30/202213,293,45010,011,46014,923,4579.47%
ServiceTitan, Inc.**(16)Glendale, CA
Common shares(3)**(16)(3)Contractor Management Software6/30/2023151,51510,008,23314,027,7138.90%
IH10, LLC**(15)New York, NY
Membership Interest**(15)AI Infrastructure Fund10/9/2024$12,000,01012,273,78412,215,0107.75%
Canva, Inc.**Sydney, Australia
Common shares**Productivity Software4/17/20249,37510,058,82012,000,0007.62%
FourKites, Inc.Chicago, IL
Common sharesSupply Chain Technology7/7/20231,398,0248,530,38911,716,9257.44%
Locus Robotics Corp.Wilmington, MA
Preferred shares, Series F 6%Warehouse Automation11/30/2022232,56810,004,28611,316,3127.18%
CoreWeave, Inc.Roseland, NJ
Common sharesAI Infrastructure9/26/20245,5565,002,9735,221,8243.31%
Preferred shares, Series AAI Infrastructure10/8/20245,5565,000,6105,221,8243.31%
Total10,003,58310,443,6486.63%
Supplying Demand, Inc. (d/b/a Liquid Death)Los Angeles, CA
Preferred shares, Series F-1Lifestyle Beverage Brand1/18/2024776,74710,003,9349,999,9966.35%
Shogun Enterprises, Inc. (d/b/a Hearth)Austin, TX
Preferred shares, Series B-1Home Improvement Finance2/26/2021436,8443,501,6572,342,4581.49%
Preferred shares, Series B-2Home Improvement Finance2/26/2021301,7503,501,6612,342,4611.49%
Preferred shares, Series B-3Home Improvement Finance5/2/202256,936530,822355,2640.23%
Preferred shares, Series B-4Home Improvement Finance7/12/202348,267366,606334,6360.21%
Common Warrants, Strike Price $0.01, Expiration Date 7/12/2026Home Improvement Finance7/12/202386,076140,060——%
Total8,040,8065,374,8193.41%
Orchard Technologies, Inc.New York, NY
Preferred shares, Series D 8%Real Estate Platform8/9/2021558,0523,751,518——%
Senior Preferred shares, Series 2 8%Real Estate Platform8/9/202158,771587,951——%
Senior Preferred shares, Series 1 7%Real Estate Platform1/13/2023441,2284,418,4064,412,2802.80%
Common sharesReal Estate Platform8/9/2021558,0533,751,518——%
Total12,509,3934,412,2802.80%
Neutron Holdings, Inc. (d/b/a/ Lime)San Francisco, CA
Junior Preferred shares, Series 1-DMicromobility1/25/201941,237,11310,007,3223,485,0142.21%
Junior Preferred Convertible Note 4% Due 5/11/2027***Micromobility5/11/2020$506,339506,339506,3390.32%
Common Warrants, Strike Price $0.01, Expiration Date 5/11/2027Micromobility5/11/20202,032,967———%
Total10,513,6613,991,3532.53%
Portfolio Investments* · Headquarters/ Industry · Date of Initial Investment · Shares/ Principal/Quantity(5) · Cost · Fair Value · % of Net Assets
True Global Ventures 4 Plus Pte Ltd**(10) · Singapore, Singapore
Limited Partner Fund Investment**(10)Venture Investment Fund8/27/2021$2,000,000585,0163,489,0052.21%
PayJoy, Inc.San Francisco, CA
Preferred shares, Series CMobile Access Technology7/23/2021244,1172,501,5702,500,0021.59%
Simple Agreement for Future EquityMobile Access Technology5/25/2023$500,000501,470500,0000.32%
Total3,003,0403,000,0021.90%
Trax Ltd.**Singapore, Singapore
Common shares**Retail Technology6/9/202155,5912,781,14883,3060.05%
Preferred shares, Investec Series**Retail Technology6/9/2021144,4097,224,6002,647,0171.68%
Total10,005,7482,730,3231.73%
Xgroup Holdings Limited (d/b/a Xpoint)(7)(12)Philadelphia, PA
Preferred shares, Series A-1(7)(12)Geolocation Technology8/17/2022454136,114161,8620.10%
Series A-1 Warrants, Strike Price $0.0001, Expiration Date 5/14/2044(7)(12)8/17/20223,286985,1801,171,5400.74%
Series A Warrants, Strike Price $0.0001, Expiration Date 5/14/2044(7)(12)8/17/2022873261,735324,9310.21%
Total1,383,0291,658,3331.05%
PSQ Holdings, Inc. (d/b/a PublicSquare)West Palm Beach, FL
Common Warrants, Strike Price $11.50, Expiration Date 7/19/2028(3)E-Commerce Marketplace4/1/20211,796,037771,0651,436,8300.91%
Residential Homes for Rent, LLC (d/b/a Second Avenue)(11)Chicago, IL
Preferred shares, Series A(11)Real Estate Platform12/23/2020150,0001,500,0001,431,9670.91%
Varo Money, Inc.**San Francisco, CA
Common shares**Financial Services8/11/20211,079,26610,005,5481,347,0580.85%
Skillsoft Corp.Nashua, NH
Common shares(3)Online Education6/8/202149,0929,818,4281,176,2440.75%
Commercial Streaming Solutions Inc. (d/b/a BettorView)(7)Las Vegas, NV
Simple Agreement for Future Equity(7)Interactive Media & Services3/26/2021$1,000,0001,004,2401,000,0000.63%
Aventine Property Group, Inc.Chicago, IL
Common shares***Cannabis REIT9/11/2019312,5002,580,750962,3410.61%
Forge Global, Inc.San Francisco, CA
Common shares(3)Online Marketplace Finance7/20/20111,020,8751,978,921950,3330.60%
Stake Trade, Inc. (d/b/a Prophet Exchange)(7)New York, NY
Simple Agreement for Future Equity(7)Sports Betting7/26/2023$1,000,0001,002,153862,3620.55%
EDGE Markets, Inc.(7)San Diego, CA
Preferred shares, Series Seed(7)Gaming Technology5/18/2022456,704501,330500,0000.32%
Rebric, Inc. (d/b/a Compliable)(7)Denver, CO
Preferred shares, Series Seed-4(7)Gaming Licensing10/12/20212,406,4921,002,755157,6580.10%
Kinetiq Holdings, LLCPhiladelphia, PA
Common shares, Class ASocial Data Platform3/30/2012112,374———%
CTN Holdings, Inc. (d/b/a Catona Climate, f/k/a Aspiration Partners, Inc.)Marina Del Rey, CA
Preferred shares, Series ACarbon Credit Services8/11/2015540,2701,001,815——%
Preferred shares, Series C-3Carbon Credit Services8/12/201924,912281,190——%
Total1,283,005——%
Portfolio Investments* · Headquarters/ Industry · Date of Initial Investment · Shares/ Principal/Quantity(5) · Cost · Fair Value · % of Net Assets
Fullbridge, Inc. · Cambridge, MA
Common sharesBusiness Education5/13/2012517,9176,150,506——%
Promissory Note 1.47%, Due 11/9/2021(4)(13)Business Education3/3/2016$2,270,4582,270,858——%
Total8,421,364——%
Treehouse Real Estate Investment Trust, Inc.Chicago, IL
Common shares***Cannabis REIT9/11/2019312,5004,919,250——%
Total Non-controlled/Non-affiliate$234,601,314$198,511,915125.98%
NON-CONTROLLED/AFFILIATE(1)
StormWind, LLC(14)Scottsdale, AZ
Preferred shares, Series D 8%(1)(14)Interactive Learning11/26/2019329,337$257,267$501,6260.32%
Preferred shares, Series C 8%(1)(14)Interactive Learning1/7/20142,779,1344,000,7875,376,9943.41%
Preferred shares, Series B 8%(1)(14)Interactive Learning12/16/20113,279,6292,019,6873,233,9222.05%
Preferred shares, Series A 8%(1)(14)Interactive Learning2/25/2014366,666110,000156,2850.10%
Total6,387,7419,268,8275.88%
Maven Research, Inc.San Francisco, CA
Preferred shares, Series CKnowledge Networks7/2/2012318,9792,000,447——%
Preferred shares, Series BKnowledge Networks2/28/201249,505217,206——%
Total2,217,653——%
Curious.com, Inc.Menlo Park, CA
Common sharesOnline Education11/22/20131,135,94412,000,006——%
Total Non-controlled/Affiliate$20,605,400$9,268,8275.88%
CONTROLLED(2)
Colombier Sponsor II LLC**(6)Palm Beach, FL
Class B Units**(6)(2)Special Purpose Acquisition Company11/20/20231,040,000$1,103,719$1,101,6950.70%
Class W Units**(6)(2)Special Purpose Acquisition Company1,600,000499,221498,3050.32%
Total1,602,9401,600,0001.02%
Total Controlled(2)$1,602,940$1,600,0001.02%
Total Portfolio Investments$256,809,654$209,380,742132.88%
*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”).
**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.
***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, 2024, the investments noted had been placed on non-accrual status.
(5)Represents the respective number of shares, principal amount, fund commitment, or membership interest.
(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.
(7)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”).
(8)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.
(9)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.
(10)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.
(11)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.
(12)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.
(13)On November 9, 2021, Fullbridge, Inc.’s obligations under its financing arrangements with the Company became past due.
(14)SuRo Capital Corp.’s investments in StormWind, LLC are held through SuRo Capital Corp.’s wholly owned subsidiary, GSVC SW Holdings, Inc.
(15)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.
(16)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.
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.