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Midas Edge

SURO CAPITAL CORP.

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

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FY2025 · Filed Mar 11, 2026

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

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Contents

Consolidated Schedule of Investments as of December 31, 2025

CONSOLIDATED SCHEDULE OF INVESTMENTS

Portfolio Investments* · Headquarters/ Industry · Date of Initial Investment · Shares/ Principal/ Quantity(2) · Cost · Fair Value · % of Net Assets
NON-CONTROLLED/NON-AFFILIATE
ARK Type One Deep Ventures Fund LLC**(5) · St. Petersburg, FL
Membership Interest, Class A**(5)AI Application Fund9/25/2024$17,500,000$17,696,568$42,212,17320.56%
Whoop, Inc.Boston, MA
Preferred Shares, Series CFitness Technology6/30/202213,293,45010,011,46027,357,43513.32%
Simple Agreement for Future EquityFitness Technology2/6/2025$1,000,0001,001,6281,000,0000.49%
Total11,013,08828,357,43513.81%
Blink Health, Inc.New York, NY
Preferred Shares, Series APharmaceutical Technology10/27/2020238,0955,000,4239,999,9904.87%
Preferred Shares, Series CPharmaceutical Technology10/27/2020261,94410,003,91711,001,6485.36%
Total15,004,34021,001,63810.23%
Canva, Inc.Austin, TX
Common SharesProductivity Software4/17/20249,37510,058,82015,432,5637.52%
Learneo, Inc. (f/k/a Course Hero, Inc.)Menlo Park, CA
Preferred Shares, Series A 8%Online Education9/18/20142,145,5095,000,0015,369,3772.62%
Preferred Shares, Series C 8%Online Education11/5/2021275,6599,999,9719,999,9714.87%
Total14,999,97215,369,3487.49%
CW Opportunity 2 LP**(6)Evanston, IL
Class A Interest*****(6) ***AI Infrastructure Fund5/7/2024$10,208,11410,384,55814,659,0787.14%
IH10, LLC**(7)New York, NY
Membership InterestAI Infrastructure Fund10/9/2024$12,000,01012,273,78412,132,8975.91%
Locus Robotics Corp.Wilmington, MA
Preferred Shares, Series F 6%Warehouse Automation11/30/2022232,56810,004,28611,995,2905.84%
Supplying Demand, Inc. (d/b/a Liquid Death)Los Angeles, CA
Preferred Shares, Series F-1Lifestyle Beverage Brand1/18/2024776,74710,003,9349,999,9964.87%
Series F Convertible Note 4.12%, Due 7/15/2030***Lifestyle Beverage Brand7/29/2025$250,000252,362250,0000.12%
Total10,256,29610,249,9964.99%
Shogun Enterprises, Inc. (d/b/a Hearth)Austin, TX
Preferred Shares, Series B-1Home Improvement Finance2/26/2021436,8443,501,6573,499,9941.70%
Preferred Shares, Series B-2Home Improvement Finance2/26/2021301,7503,501,6613,499,9981.70%
Preferred Shares, Series B-3Home Improvement Finance5/2/202256,936530,822530,8200.26%
Preferred Shares, Series B-4Home Improvement Finance7/12/202348,267366,606499,9980.24%
Common Warrants, Strike Price $0.01, Expiration Date 7/12/2026Home Improvement Finance7/12/202386,076140,060259,0890.13%
Total8,040,8068,289,8994.04%
FourKites, Inc.Chicago, IL
Common SharesSupply Chain Technology7/7/20231,398,0248,530,3895,682,9452.77%
Neutron Holdings, Inc. (d/b/a/ Lime)San Francisco, CA
Junior Preferred Shares, Series 1-DMicromobility1/25/201941,237,11310,007,3224,703,1892.29%
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—203,2970.10%
Total10,513,6615,412,8252.64%
Plaid Inc.(8)San Francisco, CA
Common Shares(8)Financial Technology Infrastructure4/4/202524,5125,395,5424,999,8742.44%
GrabAGun Digital Holdings Inc.(9)Coppell, TX
Common Shares(4)(4)(9)E-Commerce Marketplace11/20/20231,040,0001,103,7193,130,4001.52%
Common Warrants, Strike Price $11.50, Expiration Date 7/15/2030(4)E-Commerce Marketplace11/20/20231,204,488375,816451,6830.22%
Total1,479,5353,582,0831.74%
Portfolio Investments* · Headquarters/ Industry · Date of Initial Investment · Shares/ Principal/ Quantity(2) · Cost · Fair Value · % of Net Assets
PayJoy, Inc. · San Francisco, CA
Preferred Shares, Series CMobile Access Technology7/23/2021244,1172,501,5702,707,7181.32%
Simple Agreement for Future EquityMobile Access Technology5/25/2023$500,000501,470500,0000.24%
Total3,003,0403,207,7181.56%
True Global Ventures 4 Plus Pte Ltd**(10)Singapore, Singapore
Limited Partner Fund Investment**(10)Venture Investment Fund8/27/2021$2,000,000448,3043,130,3631.52%
HL Digital Assets Inc.New York, NY
Preferred SharesDigital Asset Infrastructure9/18/20258,000,0005,106,1432,825,0851.38%
Xgroup Holdings Inc (d/b/a Xpoint)(11)(11)Miami Beach, FL
Preferred Shares, Series A-1Geolocation Technology8/17/2022454136,114220,2010.11%
Series A-1 Warrants, Strike Price $0.0001, Expiration Date 5/14/2044Geolocation Technology8/17/20223,286985,1801,593,7890.78%
Series A Warrants, Strike Price $0.0001, Expiration Date 5/14/2044Geolocation Technology8/17/2022873261,735564,5680.27%
Total1,383,0292,378,5581.16%
Varo Money, Inc.**San Francisco, CA
Common Shares**Financial Services8/11/20211,079,26610,005,5481,618,8990.79%
Stake Trade, Inc. (d/b/a Prophet Exchange)(11)(12)New York, NY
Preferred Shares, Series B-IV(11)(12)Sports Betting7/26/2023755,0411,002,1531,249,9930.61%
Aventine Property Group, Inc.Chicago, IL
Common SharesCannabis REIT9/11/2019312,5002,580,7501,187,5320.58%
Residential Homes for Rent, LLC (d/b/a Second Avenue)(13)Chicago, IL
Preferred Shares, Series A(13)Real Estate Platform12/23/2020150,0001,500,000654,6420.32%
Orchard Technologies, Inc.New York, NY
Preferred Shares, Series D 8%Real Estate Platform8/9/2021524,9853,751,518——%
Senior Preferred Shares, Series 2 8%Real Estate Platform8/9/202180,991587,951——%
Senior Preferred Shares, Series 1 7%Real Estate Platform1/13/2023463,4494,642,772463,4490.23%
Common SharesReal Estate Platform8/9/2021558,0533,751,518——%
Simple Agreement for Future EquityReal Estate Platform1/31/2025$80,80081,58480,8000.04%
Total12,815,343544,2490.27%
EDGE Markets, Inc.(11)San Diego, CA
Preferred Shares, Series Seed 8%(11)Gaming Technology5/18/2022456,704501,330500,0000.24%
Skillsoft Corp.Nashua, NH
Common Shares(4)Online Education6/8/202149,0929,818,428456,5560.22%
PSQ Holdings, Inc. (d/b/a PublicSquare)West Palm Beach, FL
Common Warrants, Strike Price $11.50, Expiration Date 7/19/2028(4)E-Commerce Marketplace4/1/20211,796,037771,065170,6240.08%
Kinetiq Holdings, LLCDoylestown, PA
Common Shares, Class ASocial Data Platform3/30/2012112,374—1,8750.01%
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——%
CTN Holdings, Inc. (d/b/a Catona Climate, f/k/a Aspiration Partners, Inc.)(14)Marina Del Rey, CA
Preferred Shares, Series A(14)Carbon Credit Services8/11/2015540,2701,001,815——%
Preferred Shares, Series C-3(14)Carbon Credit Services8/12/201924,912281,190——%
Total1,283,005——%
Portfolio Investments* · Headquarters/ Industry · Date of Initial Investment · Shares/ Principal/Quantity(2) · 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(3)(15)Business Education3/3/2016$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$219,216,145$217,304,138105.84%
NON-CONTROLLED/AFFILIATE(1)
StormWind, LLC(16)Scottsdale, AZ
Preferred Shares, Series D 8%(1)(16)Interactive Learning11/26/2019329,337$257,267$435,8060.21%
Preferred Shares, Series C 8%(1)(16)Interactive Learning1/7/20142,779,1344,000,7874,760,0832.32%
Preferred Shares, Series B 8%(1)(16)Interactive Learning12/16/20113,279,6292,019,6872,578,4731.26%
Preferred Shares, Series A 8%(1)(16)Interactive Learning2/25/2014366,666110,00083,0050.04%
Total6,387,7417,857,3673.83%
Commercial Streaming Solutions Inc. (d/b/a BettorView)(11)(17)Las Vegas, NV
Preferred Shares, Series A-1(11)(17)Interactive Media & Services3/26/202110,548,5221,004,240350,0000.17%
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$21,609,640$8,207,3674.00%
Total Portfolio Investments$240,825,785$225,511,505109.84%
*All portfolio investments are non-control/non-affiliated and non-income-producing, unless otherwise identified. As of December 31, 2025, all of the Company’s investments were non-controlled. 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”, or “SuRo Capital’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, 2025, 32.70% 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, as defined in the 1940 Act. In general, a company is deemed to be an “Affiliate” of SuRo Capital if SuRo Capital 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)Represents the respective number of shares, principal amount, initial or remaining fund investment, or membership interest as of December 31, 2025. For fund investments, the initial committed amount may be reduced by distributions classified as Return of Capital.
(3)As of December 31, 2025, the investments noted had been placed on non-accrual status.
(4)Denotes an investment considered Level 1 or Level 2 and valued using observable inputs. Refer to “Note 4—Investments at Fair Value”.
(5)ARK Type One Deep Ventures Fund LLC is an investment fund for which the Class A Interest is solely invested in the Series A-2 Preferred Shares of OpenAI Global, LLC. SuRo Capital Corp. is invested in the Series A-2 Preferred Shares 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’s investment in the fund.
(6)CW Opportunity 2 LP is a special purpose vehicle (“SPV”) for which the Class A 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 Interest of CW Opportunity 2 LP. On March 28, 2025, CoreWeave, Inc. completed an IPO and the Series C Preferred Shares converted to Class A Common Shares. Prior to the IPO, SuRo Capital was invested in the Series C Preferred Shares of CoreWeave, Inc. through its investment in the Class A Interest of CW Opportunity 2 LP. Additionally, prior to the IPO, the Series C Preferred Shares of CoreWeave, Inc. accrued 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. During the year ended December 31, 2025, SuRo Capital received distributions as part of its investment in CW Opportunity 2 LP. The distributions represented approximately 31.9% of the initial investment in CW Opportunity 2, LP. As of December 31, 2025, SuRo Capital retains approximately 68.1% of its investment in CW Opportunity 2, LP.
(7)IH10, LLC’s sole portfolio asset is interest in the Series B Preferred Shares of VAST Data, Ltd. through an SPV. SuRo Capital 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 fee or an incentive fee; however, SuRo Capital has prepaid operating expenses.
(8)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. 1789 Capital Nirvana II LP is a wholly owned subsidiary of SuRo Capital. SuRo Capital paid a 7% origination fee at the time of investment.
(9)On July 15, 2025, Colombier Acquisition Corp. II (“Colombier”) stockholders approved a business combination with GrabAGun Digital Holdings Inc. and related proposals at a special meeting. On July 16, 2025, GrabAGun Digital 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 GrabAGun Digital Holdings, Inc. As of December 31, 2025, SuRo Capital’s shares of GrabAGun Digital Holdings, Inc. Common shares are subject to certain restrictions on transfer, while the GrabAGun Digital Holdings, Inc. warrants are freely tradable.
(10)SuRo Capital’s investments in True Global Ventures 4 Plus Pte Ltd are held through SuRo Capital’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. The management fees may adjust the cost of SuRo Capital’s investment in the fund.
(11)SuRo Capital’s investments in Commercial Streaming Solutions Inc. (d/b/a BettorView), EDGE Markets, Inc., Xgroup Holdings Limited (d/b/a Xpoint), and Stake Trade, Inc. (d/b/a Prophet Exchange) are held through SuRo Capital’s wholly owned subsidiary, SuRo Capital Sports, LLC (“SuRo Capital Sports”).
(12)On October 8, 2025, Stake Trade, Inc. (d/b/a Prophet Exchange) completed its Series B financing. As a result of the financing, the SAFE Note which SuRo Capital previously held in Stake Trade, Inc. (d/b/a Prophet Exchange) converted into Series B-IV Preferred shares.
(13)SuRo Capital’s investment in Residential Homes for Rent, LLC (d/b/a Second Avenue) is held through SuRo Capital’s wholly owned subsidiary, GSVC AV Holdings, Inc.
(14)On March 30, 2025, CTN Holdings, Inc. (d/b/a Catona Climate) filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Delaware. On June 5, 2025, the US Bankruptcy Court for the District of Delaware approved the sale of the remaining assets of CTN Holdings, Inc. On August 7, 2025, CTN Holdings, Inc. (d/b/a Catona Climate) converted its bankruptcy filing from Chapter 11 reorganization to Chapter 7 liquidation.
(15)On November 9, 2021, Fullbridge, Inc.’s obligations under its financing arrangements with the Company became past due.
(16)SuRo Capital’s investments in StormWind, LLC are held through SuRo Capital’s wholly owned subsidiary, GSVC SW Holdings, Inc.
(17)On March 21, 2025, Commercial Streaming Solutions, Inc. (d/b/a BettorView) merged with FSG Digital, Inc. (d/b/a JefeBet). As a result of the merger, the SAFE Note which SuRo Capital previously held in Commercial Streaming Solutions, Inc. (d/b/a BettorView) converted into Class A-1 Preferred shares.
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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.