UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________
FORM 10-Q
____________________________
(Mark One)
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED June 30, 2022
¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
COMMISSION FILE NUMBER: 814-00852
__________________________
SuRo Capital Corp.
(Exact name of registrant as specified in its charter)
____________________________
Maryland 27-4443543
(State of incorporation) (I.R.S. Employer Identification No.)
640 Fifth Avenue, 12th Floor, New York, NY 10019
(Address of principal executive offices) (Zip Code)
(212) 931-6331
(Registrant’s telephone number, including area code)
Securities Registered Pursuant to Section 12(b) of the Act:
Title of Each Class Trading Symbol Name of Each Exchange on Which Registered
Common Stock, par value $0.01 per share SSSS
Nasdaq Global Select Market
6.00% Notes due 2026 SSSSL Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter periods as the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES x NO ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). YES ¨ NO ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer o
Accelerated filer o
Non-accelerated filer x (Do not check if a smaller reporting company)
Smaller reporting company o
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). YES ¨ NO x

The issuer had 30,325,187 shares of common stock, $0.01 par value per share, outstanding as of August 3, 2022.




SURO CAPITAL CORP.

TABLE OF CONTENTS

PAGE
PART I. FINANCIAL INFORMATION
PART II. OTHER INFORMATION

i

PART I

Item 1.     Financial Statements and Supplementary Data

SURO CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED)
June 30, 2022 December 31, 2021
ASSETS
Investments at fair value:
Non-controlled/non-affiliate investments (cost of $153,356,838 and $146,360,300, respectively) $ 171,870,750  $ 231,768,290 
Non-controlled/affiliate investments (cost of $41,140,804 and $41,211,183, respectively) 14,177,090  14,609,089 
Controlled investments (cost of $19,883,894 and $19,883,894, respectively) 14,018,874  13,758,874 
Total Investments (cost of $214,381,536 and $207,455,377, respectively) 200,066,714  260,136,253 
Cash 152,984,799  198,437,078 
Proceeds receivable 55,943  52,493 
Escrow proceeds receivable 2,005,019  2,046,645 
Interest and dividends receivable 156,637  83,655 
Deferred financing costs 589,781  621,719 
Prepaid expenses and other assets(1)
588,499  937,984 
Total Assets 356,447,392  462,315,827 
LIABILITIES
Accounts payable and accrued expenses(1)
2,705,829  875,047 
Accrued interest payable 12,500  175,000 
Dividends payable 349,929  23,390,048 
6.00% Notes due December 30, 2026(2)
73,206,662  73,029,108 
Total Liabilities 76,274,920  97,469,203 
Commitments and contingencies (Notes 7 and 10)
Net Assets $ 280,172,472  $ 364,846,624 
NET ASSETS
Common stock, par value $0.01 per share (100,000,000 authorized; 30,325,187 and 31,118,556 issued and outstanding, respectively) $ 303,252  $ 311,185 
Paid-in capital in excess of par 342,738,247  350,079,409 
Accumulated net investment loss (58,160,190) (50,124,597)
Accumulated net realized gain on investments, net of distributions 9,587,968  11,899,742 
Accumulated net unrealized appreciation/(depreciation) of investments (14,296,805) 52,680,885 
Net Assets $ 280,172,472  $ 364,846,624 
Net Asset Value Per Share $ 9.24  $ 11.72 
See accompanying notes to condensed consolidated financial statements.
__________________________________________________
(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 June 30, 2022, the 6.00% Notes due December 30, 2026 (effective interest rate of 6.53%) had a face value $75,000,000. As of December 31, 2021, the 6.00% Notes due December 30, 2026 (effective interest rate of 6.13%) had a face value $75,000,000. Refer to “Note 10—Debt Capital Activities” for a reconciliation of the carrying value to the face value.
1

SURO CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
Three Months Ended June 30, Six Months Ended June 30,
2022 2021 2022 2021
INVESTMENT INCOME
Non-controlled/non-affiliate investments:
Interest income $ 149,282  $ 145,851  $ 311,737  $ 312,696 
Dividend income 191,349  128,969  321,994  150,844 
Non-controlled/affiliate investments:
Dividend income —  —  —  102,632 
Controlled investments:
Interest income 550,000  —  840,000  — 
Total Investment Income 890,631  274,820  1,473,731  566,172 
OPERATING EXPENSES
Compensation expense 1,759,261  1,345,892  3,619,963  2,639,202 
Directors’ fees(2)
191,829  111,250  352,394  222,500 
Professional fees 1,078,459  529,524  2,351,172  1,502,683 
Interest expense 1,226,767  —  2,427,553  504,793 
Income tax expense 5,691  7,598  7,741  9,623 
Other expenses 439,512  323,556  750,501  564,689 
Total Operating Expenses 4,701,519  2,317,820  9,509,324  5,443,490 
Net Investment Loss (3,810,888) (2,043,000) (8,035,593) (4,877,318)
Realized Gain/(Loss) on Investments:
Non-controlled/non-affiliated investments (1,895,846) 27,658,812  1,200,429  139,811,330 
Non-controlled/affiliate investments (70,379) —  (70,379) — 
Net Realized Gain/(Loss) on Investments (1,966,225) 27,658,812  1,130,050  139,811,330 
Change in Unrealized Appreciation/(Depreciation) of Investments:
Non-controlled/non-affiliated investments (88,620,056) (12,065,362) (66,876,069) (15,330,669)
Non-controlled/affiliate investments (72,519) 19,817,253  (361,621) 21,661,723 
Controlled investments 130,000  (10,639) 260,000  94,361 
Net Change in Unrealized Appreciation/(Depreciation) of Investments (88,562,575) 7,741,252  (66,977,690) 6,425,415 
  Net Change in Net Assets Resulting from Operations $ (94,339,688) $ 33,357,064  $ (73,883,233) $ 141,359,427 
   Net Change in Net Assets Resulting from Operations per Common Share:
Basic $ (3.08) $ 1.32  $ (2.39) $ 6.17 
Diluted(1)
$ (3.08) $ 1.32  $ (2.39) $ 5.74 
Weighted-Average Common Shares Outstanding
Basic 30,633,878  25,334,482  30,929,321  22,923,943 
Diluted(1)
30,633,878  25,334,482  30,929,321  24,732,256 
See accompanying notes to condensed consolidated financial statements.

____________________________________________________________________________________________________________________________


(1)    For the three and six months ended June 30, 2022 and June 30, 2021, there were no potentially dilutive securities outstanding. Refer to "Note 6—Net Change in Net Assets Resulting from Operations per Common Share—Basic and Diluted".
(2)    Refer to "Note 11—Stock-Based Compensation" for more detail.
2

SURO CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

Six Months Ended June 30,
2022 2021
Net Assets at Beginning of Year $ 364,846,624  $ 301,583,073 
Change in Net Assets Resulting from Operations
Net investment loss (4,224,705) (2,834,318)
Net realized gain on investments 3,096,275  112,152,518 
Net change in unrealized appreciation/(depreciation) of investments 21,584,885  (1,315,837)
Net Change in Net Assets Resulting from Operations 20,456,455  108,002,363 
Distributions
Dividends declared (3,441,824) (11,032,436)
Total Distributions (3,441,824) (11,032,436)
Change in Net Assets Resulting from Capital Transactions
Issuance of common stock from public offering 229,896  — 
Issuance of common stock from conversion of 4.75% Convertible Notes due 2023 —  37,259,819 
Stock-based compensation (30,016) 148,802 
Repurchases of common stock (1,359,607) — 
Net Change in Net Assets Resulting from Capital Transactions (1,159,727) 37,408,621 
Total Change in Net Assets 15,854,904  134,378,548 
Net Assets at March 31 $ 380,701,528  $ 435,961,621 
Change in Net Assets Resulting from Operations
Net investment loss (3,810,888) (2,043,000)
Net realized gain/(loss) on investments (1,966,225) 27,658,812 
Net change in unrealized appreciation/(depreciation) of investments (88,562,575) 7,741,252 
Net Change in Net Assets Resulting from Operations (94,339,688) 33,357,064 
Distributions
Dividends declared —  (60,513,038)
Total Distributions —  (60,513,038)
Change in Net Assets Resulting from Capital Transactions
Issuance of common stock from stock dividend —  30,525,336 
Stock-based compensation 703,566  261,746 
Repurchases of common stock (6,892,934) — 
Net Change in Net Assets Resulting from Capital Transactions (6,189,368) 30,787,082 
Total Change in Net Assets (100,529,056) 3,631,108 
Net Assets at June 30 $ 280,172,472  $ 439,592,729 
Capital Share Activity
Shares outstanding at beginning of year 31,118,556  19,914,023 
Issuance of common stock from public offering 17,807  — 
Issuance of common stock under restricted stock plan 197,500  193,385 
Issuance of common stock from conversion of 4.75% Convertible Notes due 2023 —  4,097,808 
Issuance of common stock from stock dividend —  2,335,527 
Shares repurchased (1,008,676) — 
Shares Outstanding at End of Period 30,325,187  26,540,743 

See accompanying notes to condensed consolidated financial statements.


3

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

Six Months Ended June 30,
2022 2021
Cash Flows from Operating Activities
Net change in net assets resulting from operations $ (73,883,233) $ 141,359,427 
Adjustments to reconcile net change in net assets resulting from operations to net cash provided by/(used in) operating activities:
Net realized gain on investments (1,130,050) (139,811,330)
Net change in unrealized (appreciation)/depreciation of investments 66,977,690  (6,425,415)
Amortization of discount on 4.75% Convertible Senior Notes due 2023 —  76,925 
Amortization of discount on 6.00% Notes due 2026 211,033  — 
Stock-based compensation 673,550  410,548 
Adjustments to escrow proceeds receivable 179,134  2,653 
Forfeited interest on 4.75% Convertible Senior Notes due 2023 —  102,917 
Purchases of investments in:
Portfolio investments (11,008,515) (39,362,863)
Proceeds from sales or maturity of investments in:
Portfolio investments 5,051,279  157,018,332 
U.S. Treasury bills —  150,000,000 
Change in operating assets and liabilities:
Prepaid expenses and other assets 349,485  265,658 
Interest and dividends receivable (72,982) (34,865)
Proceeds receivable (3,450) (268,479)
Escrow proceeds receivable 41,626  29 
Deposits —  (50,000)
Payable for securities purchased —  (134,250,000)
Accounts payable and accrued expenses 1,830,782  1,362,022 
Income tax payable —  (35,850)
Accrued interest payable (162,500) (453,803)
Net Cash Provided by/(Used in) Operating Activities (10,946,151) 129,905,906 
Cash Flows from Financing Activities
Proceeds from the issuance of common stock, net 229,896  — 
Redemption of 4.75% Convertible Senior Notes due 2023 —  (290,000)
Repurchases of common stock (8,252,541) — 
Cash dividends paid (26,481,943) (45,334,391)
Cash paid for fractional shares —  (213)
Deferred financing costs (1,540) (13,977)
Net Cash Used in Financing Activities (34,506,128) (45,638,581)
Total Increase/(Decrease) in Cash Balance (45,452,279) 84,267,325 
Cash Balance at Beginning of Year 198,437,078  45,793,724 
Cash Balance at End of Period $ 152,984,799  $ 130,061,049 
Supplemental Information: 2022 2021
Interest paid $ 2,412,500  $ 794,206 
Taxes paid 7,569  45,473 
Conversion of 4.75% Convertible Senior Notes due 2023 —  37,925,000 
See accompanying notes to condensed consolidated financial statements.


4

SURO CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 2022
Portfolio Investments* Headquarters/
Industry
Date of Initial Investment Shares/
Principal
Cost Fair Value % of Net
Assets
NON-CONTROLLED/NON-AFFILIATE
Course Hero, Inc. Redwood City, CA
Preferred shares, Series A 8% Online Education 9/18/2014 2,145,509  $ 5,000,001  $ 49,527,680  17.68  %
Preferred shares, Series C 8% 11/5/2021 275,659  9,999,971  9,999,971  3.57  %
Total 14,999,972  59,527,651  21.25  %
Forge Global Holdings, Inc.**
San Francisco, CA
Common shares(3)
Online Marketplace Finance 7/20/2011 2,454,791  2,259,716  20,954,587  7.48  %
Common warrants, Strike Price $3.98, Expiration Date 11/9/2025(3)(17)
7/19/2011 230,144  266,507  301,488  0.11  %
Total 2,526,223  21,256,075  7.59  %
Blink Health, Inc. New York, NY
Preferred shares, Series A Pharmaceutical Technology 10/27/2020 238,095  5,000,423  1,692,855  0.60  %
Preferred shares, Series C 10/27/2020 261,944  10,003,917  9,999,974  3.57  %
Total 15,004,340  11,692,829  4.17  %
Aspiration Partners, Inc. Marina Del Rey, CA
Preferred shares, Series A Financial Services 8/11/2015 540,270  1,001,815  10,896,125  3.89  %
Preferred shares, Series C-3 8/12/2019 24,912  281,190  502,423  0.18  %
Total 1,283,005  11,398,548  4.07  %
Whoop, Inc. Boston, MA
Preferred shares, Series C Fitness Technology 6/30/2022 13,293,450  10,007,185  10,000,000  3.57  %
Orchard Technologies, Inc. New York, NY
Preferred shares, Series D Real Estate Platform 8/9/2021 1,488,139  10,004,034  9,999,996  3.57  %
Shogun Enterprises, Inc. Austin, TX
Preferred shares, Series B-1 Home Improvement Finance 2/26/2021 436,844  3,501,657  3,499,994  1.25  %
Preferred shares, Series B-2 2/26/2021 301,750  3,501,661  3,499,998  1.25  %
Convertible Note 0.5%, Due 4/18/2024*** 5/2/2022 $ 500,000  500,000  500,000  0.18  %
Total 7,503,318  7,499,992  2.68  %
Nextdoor Holdings, Inc.**
San Francisco, CA
Common shares, Class B(3)
Social Networking 9/27/2018 1,802,416  10,002,666  5,965,997  2.13  %
Varo Money, Inc.**
San Francisco, CA
Common shares Financial Services 8/11/2021 1,079,266  10,005,548  5,546,953  1.98  %
NewLake Capital Partners, Inc. (f/k/a GreenAcreage Real Estate Corp.)**
New York, NY
Common shares***(3)(14)
Cannabis REIT 8/12/2019 247,443  5,032,542  4,577,696  1.63  %
Skillsoft Corp.**
Nashua, NH
Common shares(3)
Online Education 6/8/2021 981,843  9,818,430  3,456,087  1.23  %
Residential Homes for Rent, LLC (d/b/a Second Avenue) Chicago, IL
Preferred shares, Series A(6)
Real Estate Platform 12/23/2020 150,000  1,500,000  1,727,602  0.62  %
Term loan 15%, Due 12/23/2023***(13)
12/23/2020 $ 1,500,000  1,500,000  1,500,000  0.54  %
Total 3,000,000  3,227,602  1.15  %
Trax Ltd.**
Singapore, Singapore
Common shares Retail Technology 6/9/2021 55,591  2,781,148  534,710  0.19  %
Preferred shares, Investec Series 6/9/2021 144,409  7,224,600  2,647,017  0.94  %
Total 10,005,748  3,181,727  1.14  %
True Global Ventures 4 Plus Pte Ltd**(8)
Singapore, Singapore
Limited Partner Fund Investment Venture Investment Fund 8/27/2021 —  3,063,358  1.09  %
PayJoy, Inc. San Francisco, CA
Preferred shares Mobile Access Technology 7/23/2021 244,117  2,501,570  2,500,002  0.89  %

See accompanying notes to condensed consolidated financial statements.
5

SURO CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED) - continued
June 30, 2022
Portfolio Investments* Headquarters/
Industry
Date of Initial Investment Shares/
Principal
Cost Fair Value % of Net
Assets
Aventine Property Group, Inc.(12)
Chicago, IL
Common shares*** Cannabis REIT 9/11/2019 312,500  2,580,750  2,231,610  0.80  %
Rover Group, Inc.**
Seattle, WA
Common shares(3)
Peer-to-Peer Pet Services 11/3/2014 364,046  1,088,220  1,368,813  0.49  %
Commercial Streaming Solutions Inc. (d/b/a BettorView)(7)
Las Vegas, NV
Simple Agreement for Future Equity Interactive Media & Services 3/26/2021 1,002,720  1,000,000  0.36  %
Rebric, Inc. (d/b/a Compliable)(7)
Denver, CO
Preferred shares, Series Seed-4 Gaming Licensing 10/12/2021 2,064,409  1,002,755  1,000,000  0.36  %
Rent the Runway, Inc.**
New York, NY
Common shares(3)
Subscription Fashion Rental 6/17/2020 289,191  4,394,205  887,816  0.32  %
EDGE Markets, Inc.(7)
San Diego, CA
Preferred Shares, Series Seed Gaming Technology 5/18/2022 456,704  501,330  500,000  0.18  %
YouBet Technology, Inc. (d/b/a PickUp)(7)
New York, NY
Preferred shares, Series Seed-2 Digital Media Technology 8/26/2021 385,353  502,232  499,999  0.18  %
Palantir Lending Trust SPV I **(11)
Palo Alto, CA
Equity Participation in Underlying Collateral(3)
Data Analysis 6/19/2020 —  —  367,952  0.13  %
Churchill Sponsor VII LLC**(15)
New York, NY
Common share units Special Purpose Acquisition Company 2/25/2021 292,100  205,820  205,820  0.07  %
Warrant units 2/25/2021 277,000  94,180  94,180  0.03  %
Total 300,000  300,000  0.11  %
AltC Sponsor LLC**(15)
New York, NY
Share units Special Purpose Acquisition Company 7/21/2021 239,300  250,855  250,000  0.09  %
Enjoy Technology, Inc.**
Palo Alto, CA
Common shares(3)
On-Demand Commerce 10/16/2014 947,297  5,526,777  205,563  0.07  %
Churchill Sponsor VI LLC**(15)
New York, NY
Common share units Special Purpose Acquisition Company 2/25/2021 195,000  134,297  134,297  0.05  %
Warrant units 2/25/2021 199,100  65,703  65,703  0.02  %
   Total 200,000  200,000  0.07  %
Kahoot! ASA**
Oslo, Norway
Common shares(3)
Education Software 12/5/2014 99,672  458,138  164,484  0.06  %
Neutron Holdings, Inc. (d/b/a/ Lime) San Francisco, CA
Junior Preferred shares, Series 1-D Micromobility 1/25/2019 41,237,113  10,007,322  —  —  %
Junior Preferred Convertible Note 4% Due 5/11/2027*** 5/11/2020 $ 506,339  506,339  —  —  %
Common Warrants, Strike Price $0.01, Expiration Date 5/11/2027 5/11/2020 2,032,967  —  —  —  %
Total 10,513,661  —  —  %
Fullbridge, Inc. Cambridge, MA
Common shares Business Education 5/13/2012 517,917  6,150,506  —  —  %
Promissory Note 1.47%, Due 11/9/2021(4)(16)
3/3/2016 $ 2,270,458  2,270,858  —  —  %
Total 8,421,364  —  —  %
Treehouse Real Estate Investment Trust, Inc.(12)
Chicago, IL
Common shares Cannabis REIT 9/11/2019 312,500  4,919,250  —  —  %
Kinetiq Holdings, LLC Philadelphia, PA
Common shares, Class A Social Data Platform 3/30/2012 112,374  —  —  —  %
Total Non-controlled/Non-affiliate $ 153,356,838  $ 171,870,750  61.34  %
See accompanying notes to condensed consolidated financial statements.
6

SURO CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED) - continued
June 30, 2022
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% Interactive Learning 11/26/2019 329,337  $ 257,267  $ 593,350  0.21  %
Preferred shares, Series C 8% 1/7/2014 2,779,134  4,000,787  6,236,702  2.23  %
Preferred shares, Series B 8% 12/16/2011 3,279,629  2,019,687  4,147,336  1.48  %
Preferred shares, Series A 8% 2/25/2014 366,666  110,000  258,406  0.09  %
Total 6,387,741  11,235,794  4.01  %
OneValley, Inc. (f/k/a NestGSV, Inc.) San Mateo, CA
Derivative Security, Expiration Date 8/23/2024(10)
Global Innovation Platform 8/23/2019 8,555,124  2,432,447  0.87  %
Convertible Promissory Note 8% Due 8/23/2024(4)(10)
2/17/2016 $ 1,010,198  1,030,176  505,099  0.18  %
Preferred Warrant Series B, Strike Price $2.31, Expiration Date 12/31/2023 12/31/2018 250,000  5,080  3,750  0.00  %
Total 9,590,380  2,941,296  1.05  %
Ozy Media, Inc. Mountain View, CA
Preferred shares, Series C-2 6% Digital Media Platform 8/31/2016 683,482  2,414,178  —  —  %
Common Warrants, Strike Price $0.01, Expiration Date 4/9/2028 4/9/2018 295,565  30,647  —  —  %
Preferred shares, Series B 6% 10/3/2014 922,509  4,999,999  —  —  %
Preferred shares, Series A 6% 12/11/2013 1,090,909  3,000,200  —  —  %
Preferred shares, Series Seed 6% 11/2/2012 500,000  500,000  —  —  %
Total 10,945,024  —  —  %
Maven Research, Inc. San Francisco, CA
Preferred shares, Series C 8% Knowledge Networks 7/2/2012 318,979  2,000,447  —  —  %
Preferred shares, Series B 5% 2/28/2012 49,505  217,206  —  —  %
Total 2,217,653  —  —  %
Curious.com, Inc. Menlo Park, CA
Common shares Online Education 11/22/2013 1,135,944  12,000,006  —  —  %
Total Non-controlled/Affiliate $ 41,140,804  $ 14,177,090  5.06  %
CONTROLLED(2)
Architect Capital PayJoy SPV, LLC**
San Francisco, CA
Membership Interest in Lending SPV*** Mobile Finance Technology 3/24/2021 $ 10,000,000  $ 10,006,745  $ 10,000,000  3.57  %
Colombier Sponsor LLC**(15)
New York, NY
Class B Units Special Purpose Acquisition Company 4/1/2021 1,976,033  1,556,587  1,554,354  0.55  %
Class W Units 4/1/2021 2,700,000  1,159,150  1,157,487  0.41  %
Total 2,715,737  2,711,841  0.97  %
SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.) Cupertino, CA
Preferred shares, Class A(9)
Clean Technology 4/15/2014 14,300,000  7,151,412  1,307,033  0.47  %
Common shares 4/15/2014 100,000  10,000  —  —  %
Total 7,161,412  1,307,033  0.47  %
Total Controlled $ 19,883,894  $ 14,018,874  5.00  %
Total Portfolio Investments $ 214,381,536  $ 200,066,714  71.41  %

See accompanying notes to condensed consolidated financial statements.


7

SURO CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED) - continued
June 30, 2022

__________________________________________
*    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 June 30, 2022, 31.74% 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. owns 5% or more 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 owned 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 June 30, 2022, 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 investments 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 PickUp), Rebric Inc. (d/b/a Compliable), and EDGE Markets, Inc. 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. As of June 30, 2022, $0.7 million of a $2.0 million capital commitment to True Global Ventures 4 Plus Fund LP had been called and funded.

(9)The SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.) preferred shares held by SuRo Capital Corp. do not entitle SuRo Capital Corp. to a preferred dividend. SuRo Capital Corp. does not anticipate that SPBRX, INC. will pay distributions on a quarterly or regular basis or become a predictable distributor of distributions.

(10)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, while SuRo Capital Corp. can put the shares to OneValley, Inc. (f/k/a NestGSV, Inc.) at the end of the five year period.

(11)As of June 30, 2022, 512,290 Class A common shares remain in Palantir Lending Trust SPV I, none of which are subject to lock-up restrictions.

(12)On January 1, 2021, Treehouse Real Estate Investment Trust, Inc. completed its spin off of 34.4% of its assets into Aventine Property Group, Inc. During the six months ended June 30, 2022, Aventine Property Group, Inc. declared an aggregate of less than $0.1 million in dividend distributions. During the six months ended June 30, 2022, Treehouse Real Estate Investment Trust, Inc. declared an aggregate of less than $0.1 million in dividend distributions.

(13)During the six months ended June 30, 2022, approximately $0.6 million has been received from Residential Homes for Rent, LLC (d/b/a Second Avenue) related to the 15% term loan due December 23, 2023. Of the proceeds received, approximately $0.5 million repaid a portion of the outstanding principal and the remaining was attributed to interest.
8


SURO CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)- continued
June 30, 2022

(14)During the six months ended June 30, 2022, NewLake Capital Partners, Inc. (f/k/a GreenAcreage Real Estate Corp.) declared an aggregate of $0.2 million in dividend distributions.

(15)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.

(16)As of June 30, 2022, Fullbridge, Inc.'s obligations under its financing arrangements with the Company became past due.

(17)On March 22, 2022, Forge Global Holdings, Inc., completed its business combination with Motive Capital Corp. As a result of the transaction, each share of Forge Global, Inc.'s capital stock outstanding prior to the business combination was exchanged at the designated exchange ratio of approximately 3.123. In addition, each warrant of Forge Global, Inc. was exchanged into warrants exercisable into common stock based on the exchange ratio of 3.123. The exercise price of each converted warrant was determined by dividing the exercise price of the respective Forge warrants by the exchange ratio, rounded to the nearest whole cent.
9

SURO CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2021
Portfolio Investments* Headquarters/
Industry
Date of Initial Investment Shares/
Principal
Cost Fair Value % of Net
Assets
NON-CONTROLLED/NON-AFFILIATE
Course Hero, Inc. Redwood City, CA
Preferred shares, Series A 8% Online Education 9/18/2014 2,145,509  $ 5,000,001  $ 77,831,772  21.33  %
Preferred shares, Series C 8% 11/5/2021 275,659  9,999,971  9,999,971  2.74  %
Total 14,999,972  87,831,743  24.07  %
Forge Global, Inc. San Francisco, CA
Common shares, Class AA Online Marketplace Finance 7/20/2011 625,520  266,507  16,430,555  4.50  %
Junior Preferred shares 7/19/2011 160,534  2,259,716  4,216,752  1.16  %
Junior Preferred warrants, Strike Price $12.42, Expiration Date 11/9/2025 7/19/2011 73,695  —  368,474  0.10  %
Total 2,526,223  21,015,781  5.76  %
Blink Health, Inc. New York, NY
Preferred shares, Series A Pharmaceutical Technology 10/27/2020 238,095  5,000,423  4,315,552  1.18  %
Preferred shares, Series C 10/27/2020 261,944  10,003,917  9,999,974  2.74  %
Total 15,004,340  14,315,526  3.92  %
Nextdoor Holdings, Inc.**
San Francisco, CA
Common shares(3)
Social Networking 9/27/2018 1,801,850  10,002,666  12,439,522  3.41  %
Aspiration Partners, Inc. Marina Del Rey, CA
Preferred shares, Series A Financial Services 8/11/2015 540,270  1,001,815  10,556,306  2.89  %
Preferred shares, Series C-3 8/12/2019 24,912  281,190  499,437  0.14  %
Total 1,283,005  11,055,743  3.03  %
Trax Ltd.**
Singapore, Singapore
Common shares Retail Technology 6/9/2021 55,591  2,781,148  2,882,476  0.79  %
Preferred shares, Investec series 6/9/2021 144,409  7,224,600  7,487,823  2.05  %
Total 10,005,748  10,370,299  2.84  %
Orchard Technologies, Inc. New York, NY
Preferred shares, Series D Real Estate Platform 8/9/2021 1,488,139  10,004,034  9,999,996  2.74  %
Skillsoft Corp.**(18)
Nashua, NH
Common shares(3)
Online Education 6/8/2021 981,843  9,818,430  8,983,863  2.46  %
Varo Money, Inc. San Francisco, CA
Common shares Financial Services 8/11/2021 1,079,266  10,005,548  8,541,676  2.34  %
NewLake Capital Partners, Inc. (f/k/a GreenAcreage Real Estate Corp.)**
New York, NY
Common shares***(3)(16)
Cannabis REIT 8/12/2019 278,471  5,653,375  7,986,548  2.19  %
Rover Group, Inc.**(13)
Seattle, WA
Common shares(3)
Peer-to-Peer Pet Services 11/3/2014 838,381  2,506,119  7,765,504  2.13  %
Shogun Enterprises, Inc. Austin, TX
Preferred shares, Series B-1 Home Improvement Finance 2/26/2021 436,844  3,501,657  3,531,447  0.97  %
Preferred shares, Series B-2 2/26/2021 301,750  3,501,661  3,499,998  0.96  %
Total 7,003,318  7,031,445  1.93  %
Enjoy Technology, Inc.**
Menlo Park, CA
Common shares(3)
On-Demand Commerce 10/16/2014 1,070,919  5,526,777  4,576,572  1.25  %
Neutron Holdings, Inc. (d/b/a/ Lime) San Francisco, CA
Junior Preferred shares, Series 1-D Micromobility 1/25/2019 41,237,113  10,007,322  3,485,014  0.96  %
Junior Preferred Convertible Note 4% Due 5/11/2027*** 5/11/2020 $ 506,339  506,339  506,339  0.14  %
Common Warrants, Strike Price $0.01, Expiration Date 5/11/2027 5/11/2020 2,032,967  —  —  —  %
Total 10,513,661  3,991,353  1.10  %
See accompanying notes to condensed consolidated financial statements.
10

SURO CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS - continued
December 31, 2021
Portfolio Investments* Headquarters/
Industry
Date of Initial Investment Shares/
Principal
Cost Fair Value % of Net
Assets
Residential Homes for Rent, LLC (d/b/a Second Avenue) Chicago, IL
Preferred shares, Series A(6)
Real Estate Platform 12/23/2020 150,000  $ 1,500,000  $ 1,500,000  0.41  %
Term loan 15%, Due 12/23/2023***(14)
12/23/2020 $ 2,000,000  2,000,000  2,000,000  0.55  %
Total 3,500,000  3,500,000  0.96  %
PayJoy, Inc. San Francisco, CA
Preferred shares Mobile Access Technology 7/23/2021 244,117  2,501,570  2,500,002  0.69  %
Rent the Runway, Inc.**
New York, NY
Common shares(3)
Subscription Fashion Rental 6/17/2020 339,191  5,153,945  2,418,856  0.66  %
Aventine Property Group, Inc.(12)
Chicago, IL
Common shares*** Cannabis REIT 9/11/2019 312,500  2,580,750  2,190,978  0.60  %
Commercial Streaming Solutions Inc. (d/b/a BettorView)(7)
Las Vegas, NV
Simple Agreement for Future Equity Interactive Media & Services 3/26/2021 1,002,720  1,000,000  0.27  %
Rebric, Inc. (d/b/a Compliable)(7)
Denver, CO
Preferred shares, Series Seed-4 Gaming Licensing 10/12/2021 2,064,409  1,002,755  1,000,000  0.27  %
Palantir Lending Trust SPV I **(11)
Palo Alto, CA
Equity Participation in Underlying Collateral(3)
Data Analysis 6/19/2020 —  —  930,524  0.26  %
True Global Ventures 4 Plus Pte Ltd**(8)
Singapore, Singapore
Limited Partner Fund Investment Venture Investment Fund 8/27/2021 713,505  670,000  0.18  %
YouBet Technology, Inc. (d/b/a PickUp)(7)
New York, NY
Preferred shares, Series Seed-2 Digital Media Technology 8/26/2021 385,353  502,232  499,999  0.14  %
Kahoot! ASA**(19)
Oslo, Norway
Common shares(3)
Education Software 12/5/2014 86,800  458,138  402,360  0.11  %
Churchill Sponsor VII LLC**(17)
New York, NY
Common share units Special Purpose Acquisition Company 2/25/2021 292,100  205,820  205,820  0.06  %
Warrant units 2/25/2021 277,000  94,180  94,180  0.03  %
Total 300,000  300,000  0.09  %
AltC Sponsor LLC**(17)
New York, NY
Share units Special Purpose Acquisition Company 7/21/2021 239,300  250,855  250,000  0.07  %
Churchill Sponsor VI LLC**(17)
New York, NY
Common share units Special Purpose Acquisition Company 2/25/2021 195,000  134,297  134,297  0.04  %
Warrant units 2/25/2021 199,100  65,703  65,703  0.02  %
   Total 200,000  200,000  0.06  %
Fullbridge, Inc. Cambridge, MA
Common shares Business Education 5/13/2012 517,917  6,150,506  —  —  %
Promissory Note 1.47%, Due 11/9/2021(4)(20)
3/3/2016 $ 2,270,458  2,270,858  —  —  %
Total 8,421,364  —  —  %
Treehouse Real Estate Investment Trust, Inc.(12)
Chicago, IL
Common shares*** Cannabis REIT 9/11/2019 312,500  4,919,250  —  —  %
Kinetiq Holdings, LLC Philadelphia, PA
Common shares, Class A Social Data Platform 3/30/2012 112,374  —  —  —  %
Total Non-controlled/Non-affiliate $ 146,360,300  $ 231,768,290  63.53  %
See accompanying notes to condensed consolidated financial statements.
11

SURO CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS - continued
December 31, 2021
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% Interactive Learning 11/26/2019 329,337  $ 257,267  $ 621,093  0.17  %
Preferred shares, Series C 8% 1/7/2014 2,779,134  4,000,787  6,496,729  1.78  %
Preferred shares, Series B 8% 12/16/2011 3,279,629  2,019,687  4,423,607  1.21  %
Preferred shares, Series A 8% 2/25/2014 366,666  110,000  289,293  0.08  %
Total 6,387,741  11,830,722  3.24  %
OneValley, Inc. (f/k/a NestGSV, Inc.) San Mateo, CA
Derivative Security, Expiration Date 8/23/2024(10)
Global Innovation Platform 8/23/2019 8,555,124  2,268,268  0.62  %
Convertible Promissory Note 8% Due 8/23/2024(4)(10)
2/17/2016 $ 1,010,198  1,030,176  505,099  0.14  %
Preferred Warrant Series B, Strike Price $2.31, Expiration Date 5/29/2022 5/29/2017 125,000  70,379  —  —  %
Preferred Warrant Series B, Strike Price $2.31, Expiration Date 12/31/2023 12/31/2018 250,000  5,080  5,000  0.01  %
Total 9,660,759  2,778,367  0.77  %
Ozy Media, Inc. Mountain View, CA
Preferred shares, Series C-2 6% Digital Media Platform 8/31/2016 683,482  2,414,178  —  —  %
Common Warrants, Strike Price $0.01, Expiration Date 4/9/2028 4/9/2018 295,565  30,647  —  —  %
Preferred shares, Series B 6% 10/3/2014 922,509  4,999,999  —  —  %
Preferred shares, Series A 6% 12/11/2013 1,090,909  3,000,200  —  —  %
Preferred shares, Series Seed 6% 11/2/2012 500,000  500,000  —  —  %
Total 10,945,024  —  —  %
Maven Research, Inc. San Francisco, CA
Preferred shares, Series C 8% Knowledge Networks 7/2/2012 318,979  2,000,447  —  —  %
Preferred shares, Series B 5% 2/28/2012 49,505  217,206  —  —  %
Total 2,217,653  —  —  %
Curious.com, Inc. Menlo Park, CA
Common shares Online Education 11/22/2013 1,135,944  12,000,006  —  —  %
Total Non-controlled/Affiliate $ 41,211,183  $ 14,609,089  4.01  %
CONTROLLED(2)
Architect Capital PayJoy SPV, LLC**
San Francisco, CA
Membership Interest in Lending SPV***(15)
Mobile Finance Technology 3/24/2021 $ 10,000,000  $ 10,006,745  $ 10,000,000  2.74  %
Colombier Sponsor LLC**(17)
New York, NY
Class B Units Special Purpose Acquisition Company 4/1/2021 1,976,033  1,556,587  1,554,354  0.43  %
Class W Units 4/1/2021 2,700,000  1,159,150  1,157,487  0.32  %
Total 2,715,737  2,711,841  0.75  %
SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.) Cupertino, CA
Preferred shares, Class A(9)
Clean Technology 4/15/2014 14,300,000  7,151,412  1,047,033  0.29  %
Common shares 4/15/2014 100,000  10,000  —  —  %
Total 7,161,412  1,047,033  0.29  %
Total Controlled $ 19,883,894  $ 13,758,874  3.78  %
Total Portfolio Investments $ 207,455,377  $ 260,136,253  71.32  %
See accompanying notes to condensed consolidated financial statements.


12

__________________________________________
*    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, 2021, 26.91% 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. owns 5% or more 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 owned 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, 2021, 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 investments in preferred shares in 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 PickUp), and Rebric Inc. (d/b/a Compliable) 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. As of December 31, 2021, $0.7 million of a $2.0 million capital commitment to True Global Ventures 4 Plus Fund LP had been called and funded.

(9)The SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.) preferred shares held by SuRo Capital Corp. do not entitle SuRo Capital Corp. to a preferred dividend. SuRo Capital Corp. does not anticipate that SPBRX, INC. will pay distributions on a quarterly or regular basis or become a predictable distributor of distributions.

(10)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, while SuRo Capital Corp. can put the shares to OneValley, Inc. (f/k/a NestGSV, Inc.) at the end of the five year period.

(11)As of December 31, 2021, 512,290 Class A common shares remain in Palantir Lending Trust SPV I, none of which are subject to lock-up restrictions.

(12)On January 1, 2021, Treehouse Real Estate Investment Trust, Inc. completed its spin off of 34.4% of its assets into Aventine Property Group, Inc. During the year ended December 31, 2021, Aventine Property Group, Inc. declared an aggregate of $0.1 million in dividend distributions. During the year ended December 31, 2021, Treehouse Real Estate Investment Trust, Inc. declared an aggregate of $0.2 million in dividend distributions.

(13)On July 30, 2021, A Place for Rover, Inc. executed a business combination, through Nebula Caravel Acquisition Corp., a special purpose acquisition company. Following the merger, A Place for Rover, Inc. changed its name to Rover Group, Inc. and SuRo Capital Corp. received 130,390 additional common shares as a result of the exchange ratio prescribed in the transaction. As of December 31, 2021, SuRo Capital Corp.'s common shares in Rover Group, Inc. were subject to certain lock-up restrictions.



13

SURO CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS - continued
December 31, 2021


(14)During the year ended December 31, 2021, approximately $1.4 million has been received from Residential Homes for Rent, LLC (d/b/a Second Avenue) related to the 15% term loan due December 23, 2023. Of the proceeds received, approximately $1.0 million repaid a portion of the outstanding principal and approximately $0.4 million was attributed to interest.

(15)As of December 31, 2021, the total $10.0 million capital commitment representing SuRo Capital Corp.'s Membership Interest in Architect Capital PayJoy SPV, LLC had been called and funded.

(16)During the year ended December 31, 2021, NewLake Capital Partners, Inc. (f/k/a GreenAcreage Real Estate Corp.) declared an aggregate of approximately $0.3 million in dividend distributions. SuRo Capital Corp. does not anticipate that NewLake Capital Partners, Inc. (f/k/a GreenAcreage Real Estate Corp.) will pay distributions on a recurring or regular basis or become a predictable distributor of distributions. On August 20, 2021, NewLake Capital Partners, Inc.(f/k/a GreenAcreage Real Estate Corp.) went public via an initial public offering on the OTCQX. As of December 31, 2021, none of SuRo Capital Corp.'s common shares in NewLake Capital Partners, Inc. (f/k/a GreenAcreage Real Estate Corp.) were subject to lock-up restrictions.

(17)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.

(18)On June 11, 2021, Churchill Capital Corp. II, a special purpose acquisition company, executed a private investment in public equity transaction in order to acquire shares of Software Luxembourg Holding S.A. alongside the merger of Software Luxembourg Holding S.A. and Churchill Capital Corp. II. Following the merger, Software Luxembourg Holding S.A. changed its name to Skillsoft Corp. As of December 31, 2021, none of SuRo Capital Corp.'s common shares in Skillsoft Corp. were subject to lock-up restrictions.

(19)On September 3, 2021, Clever, Inc. completed its sale to Kahoot! ASA. In connection with this transaction, SuRo Capital Corp. received 86,800 common shares in Kahoot! ASA in addition to cash proceeds and amounts currently held in escrow. SuRo Capital Corp. is also eligible to receive cash and Kahoot! ASA common shares subject to certain earn-out provisions and contingencies. As of December 31, 2021, SuRo Capital Corp.'s common shares in Kahoot! ASA were subject to certain lock-up restrictions.

(20)During the year ended December 31, 2021, Fullbridge, Inc.'s obligations under its financing arrangements with the Company became past due.
14



SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2022

NOTE 1—NATURE OF OPERATIONS

SuRo Capital Corp. ("we", "us", "our", “Company” or “SuRo Capital”), formerly known as Sutter Rock Capital Corp. and as GSV Capital Corp. and formed in September 2010 as a Maryland corporation, is an internally-managed, non-diversified closed-end management investment company. The Company has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the “1940 Act”), and has elected to be treated, and intends to qualify annually, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

On and effective March 12, 2019, our Board of Directors approved internalizing our operating structure ("Internalization") and we began operating as an internally-managed, non-diversified closed-end management investment company that has elected to be regulated as a BDC under the 1940 Act. Prior to March 12, 2019, we were externally managed by our former investment adviser, GSV Asset Management, LLC (“GSV Asset Management”), pursuant to an investment advisory agreement (the “Investment Advisory Agreement”), and our former administrator, GSV Capital Service Company, LLC (“GSV Capital Service Company”), provided the administrative services necessary for our operations pursuant to an administration agreement (the “Administration Agreement”).

The Company’s date of inception was January 6, 2011, which is the date we commenced development stage activities. The Company’s common stock is currently listed on the Nasdaq Global Select Market under the symbol “SSSS” (formerly "GSVC"). Prior to November 24, 2021, our common stock traded on the Nasdaq Capital Market under the same symbol ("SSSS"). The Company began its investment operations during the second quarter of 2011.

The table below displays the Company’s subsidiaries as of June 30, 2022, which, other than GSV Capital Lending, LLC (“GCL”) and SuRo Capital Sports, LLC, are collectively referred to as the “Taxable Subsidiaries.” The Taxable Subsidiaries were formed to hold certain portfolio investments. The Taxable Subsidiaries, including their associated portfolio investments, are consolidated with the Company for accounting purposes, but have elected to be treated as separate entities for U.S. federal income tax purposes. GCL was formed to originate portfolio loan investments within the state of California and is consolidated with the Company for accounting purposes. Refer to “Note 2—Significant Accounting Policies—Basis of Consolidation” below for further detail.
Subsidiary Jurisdiction of
Incorporation
Formation
Date
Percentage
Owned
GCL Delaware April 13, 2012 100%
SuRo Capital Sports, LLC ("SuRo Sports") Delaware March 19, 2021 100%
Subsidiaries below are referred to collectively, as the “Taxable Subsidiaries”
GSVC AE Holdings, Inc. (“GAE”) Delaware November 28, 2012 100%
GSVC AV Holdings, Inc. (“GAV”) Delaware November 28, 2012 100%
GSVC SW Holdings, Inc. (“GSW”) Delaware November 28, 2012 100%
GSVC SVDS Holdings, Inc. (“SVDS”) Delaware August 13, 2013 100%

The Company’s investment objective is to maximize its portfolio’s total return, principally by seeking capital gains on its equity and equity-related investments, and to a lesser extent, income from debt investments. The Company invests principally in the equity securities of what it believes to be rapidly growing venture-capital-backed emerging companies. The Company may invest in these portfolio companies through offerings of the prospective portfolio companies, transactions on secondary marketplaces for private companies, or negotiations with selling stockholders. In addition, the Company may invest in private credit and in founders equity, founders warrants, forward purchase agreements, and private investment in public equity transactions of special purpose acquisition companies. The Company may also invest on an opportunistic basis in select publicly traded equity securities or certain non-U.S. companies that otherwise meet its investment criteria, subject to any applicable limitations under the 1940 Act.

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SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2022
NOTE 2—SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The interim unaudited condensed consolidated financial statements of the Company are prepared on the accrual basis of accounting in conformity with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the requirements for reporting on Form 10-Q and Regulation S-X under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company is an investment company following the specialized accounting and reporting guidance specified in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies. In the opinion of management, all adjustments, all of which were of a normal recurring nature, were considered necessary for the fair presentation of consolidated financial statements for the period have been included.

The results of operations for the current interim period are not necessarily indicative of results that ultimately may be achieved for any other interim period or for the fiscal year ending December 31, 2022. The interim unaudited condensed consolidated financial statements and notes hereto should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the Company's annual report on Form 10-K for the fiscal year ended December 31, 2021.

Basis of Consolidation

Under Article 6 of Regulation S-X and the American Institute of Certified Public Accountants’ (“AICPA”) Audit and Accounting Guide for Investment Companies, the Company is precluded from consolidating any entity other than another investment company, a controlled operating company that provides substantially all of its services and benefits to the Company, and certain entities established for tax purposes where the Company holds a 100% interest. Accordingly, the Company’s condensed consolidated financial statements include its accounts and the accounts of the Taxable Subsidiaries, GCL, and SuRo Sports, its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of condensed consolidated financial statements in accordance with GAAP requires the Company’s management to make a number of significant estimates. These include estimates of the fair value of certain assets and liabilities and other estimates that affect the reported amounts of certain assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of certain revenues and expenses during the reporting period. It is likely that changes in these estimates will occur in the near term. The Company’s estimates are inherently subjective in nature and actual results could differ materially from such estimates.

Uncertainties and Risk Factors

The Company is subject to a number of risks and uncertainties in the nature of its operations, as well as vulnerability due to certain concentrations. Refer to "Risk Factors” in Part II, Item 1A of this Form 10-Q for a detailed discussion of the risks and uncertainties inherent in the nature of the Company’s operations. Refer to “Note 4—Investments at Fair Value” for an overview of the Company’s industry and geographic concentrations.

Investments at Fair Value

The Company applies fair value accounting in accordance with GAAP and the AICPA’s Audit and Accounting Guide for Investment Companies. The Company values its assets on a quarterly basis, or more frequently if required under the 1940 Act.

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. GAAP establishes a framework for measuring fair value that includes a hierarchy used to classify the inputs used in measuring fair value. The hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three levels. The level in the fair value hierarchy within which the fair value
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SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2022
measurement falls is determined based on the lowest level input that is significant to the fair value measurement. The levels of the fair value hierarchy are as follows:

Level 1—Valuations based on unadjusted quoted prices for identical assets or liabilities in an active market that the Company has the ability to access at the measurement date.

Level 2—Valuations based on observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data at the measurement date for substantially the full term of the assets or liabilities.

Level 3