SuRo Capital Corp 2025年季度报告

(Mark One) FOR THE QUARTERLY PERIOD ENDEDSeptember 30,2025 ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 SuRo Capital Corp.(Exact name of registrant as specified in its charter) (212)931-6331(Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Name of Each Exchange on Which RegisteredNasdaqGlobal 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 of1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to suchfiling requirements for the past 90 days.YES☒NO☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit suchfiles).YES☒NO☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company,or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growthcompany” in Rule 12b-2 of the Exchange Act. Large accelerated filer☐Non-accelerated filer☒Emerging growth company☐ Accelerated filer☐Smaller reporting company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying withany new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes☐No☒ The issuer had25,119,091shares of common stock, $0.01par value per share, outstanding as of November 5, 2025. SURO CAPITAL CORP. TABLE OF CONTENTS PAGEPART I. FINANCIAL INFORMATIONItem 1.Financial Statements1Condensed Consolidated Statements of Assets and Liabilities as of September 30, 2025 (Unaudited) and December 31, 20241Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2025 and 2024(Unaudited)2Condensed Consolidated Statements of Changes in Net Assets for the Nine Months Ended September 30, 2025 and 2024(Unaudited)3Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 2024 (Unaudited)4Condensed Consolidated Schedule of Investments as of September 30, 2025 (Unaudited)5Condensed Consolidated Schedule of Investments as of December 31, 202410Notes to Condensed Consolidated Financial Statements as of September 30, 2025 (Unaudited)14Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations45Item 3.Quantitative and Qualitative Disclosures About Market Risk57Item 4.Controls and Procedures58PART II. OTHER INFORMATIONItem 1.Legal Proceedings59Item 1A.Risk Factors59Item 2.Unregistered Sales of Equity Securities and Use of Proceeds59Item 3.Defaults Upon Senior Securities60Item 4.Mine Safety Disclosures60Item 5.Other Information60Item 6.Exhibits61Signatures62i SURO CAPITAL CORP. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES SURO CAPITAL CORP. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED) SURO CAPITAL CORP. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) SURO CAPITAL CORP. AND SUBSIDIARIESCONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED) - continuedSeptember 30, 2025 *All portfolio investments are non-control/non-affiliated and non-income-producing, unless otherwise identified. As of September 30, 2025, allof 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 CapitalCorp.’s (the “Company’s”, or “SuRo Capital’s”) directors, officers, employees and staff, as applicable, may serve on the board of directors ofthe Company’s portfolio investments. (Refer to “Note 3—Related-Party Arrangements”). All portfolio investments are considered Level 3 andvalued using significant unobservable inputs, unless otherwise noted. (Refer to “Note 4—Investments at Fair Value”). All of the Company’sportfolio investments are restricted as to resale, unless otherwise noted, and were valued at fair value as determined in good faith by theCompany’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 of1940, as amended (the “1940