0001493152-23-029027 | 10-K/A | XBRL Viewer

0.0475

Share-Based Payment Arrangement, Noncash Expense

due 2023

^[1]

$ 2,015,600

$ 1,306,615

$ 1,962,431

[1]	For the year ended December 31, 2020, this balance includes $1,962,431 of accelerated recognition of compensation cost related to the cancellation of unvested options on April 28, 2020. Refer to “Note 11— Stock-Based Compensation” for more detail.

SCHEDULE OF FINANCIAL HIGHLIGHTS (Details) (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Investment Company [Abstract]
Non-recurring expense	$ 100,274	$ 1,962,431	$ 1,769,820	$ 352,667

SCHEDULE OF COMPOSITION OF INVESTMENT PORTFOLIO (Details) - USD ($)

Dec. 31, 2022

Dec. 31, 2021

$ 157,188,578

$ 260,136,253

74.80%

71.30%

100.00%

West [Member]

$ 94,996,805

$ 188,304,542

45.10%

51.60%

60.40%

72.40%

Northeast [Member]

$ 46,944,432

$ 47,666,629

22.40%

13.10%

29.90%

18.30%

Midwest [Member]

$ 8,183,281

$ 12,722,423

3.90%

3.50%

5.20%

4.90%

International [Member]

$ 7,064,060

$ 11,442,659

3.40%

3.10%

Education Technology [Member]

4.50%

4.40%

$ 61,841,493

$ 109,048,688

29.40%

29.90%

Financial Technology [Member]

39.40%

41.90%

$ 38,096,753

$ 71,954,012

18.10%

19.70%

24.20%

27.70%

Marketplaces [Member]

$ 27,291,467

$ 49,346,174

13.00%

13.50%

17.40%

19.00%

Big Data/Cloud [Member]

$ 14,927,819

$ 12,300,823

7.10%

3.40%

9.50%

4.70%

Social/Mobile [Member]

$ 14,047,018

$ 16,439,523

6.70%

4.50%

8.90%

6.30%

Sustainability [Member]

$ 984,028

$ 1,047,033

0.50%

0.30%

0.60%

0.40%

Investments [Member]

$ 301,128,106

^[1]

$ 207,455,377

$ 242,245,395

^[1]

$ 260,136,253

Private Portfolio Companies [Member]

115.30%

^[1]

71.30%

$ 186,805,883

$ 168,335,927

$ 143,865,093

$ 214,632,504

Private Portfolio Companies [Member] | Preferred Stock [Member]

68.50%

58.80%

$ 118,472,118

$ 99,964,047

$ 117,214,465

$ 163,801,798

Private Portfolio Companies [Member] | Common Stock [Member]

55.80%

44.90%

$ 50,601,512

$ 51,581,524

$ 18,692,931

$ 42,860,156

Private Portfolio Companies [Member] | Debt Investments [Member]

8.90%

11.70%

$ 6,316,466

$ 5,807,373

$ 4,488,200

$ 3,011,438

Private Portfolio Companies [Member] | Options Held [Member]

2.10%

0.80%

$ 11,415,787

$ 10,982,983

$ 3,469,497

$ 4,959,112

Publicly Traded Portfolio Companies [Member]

1.70%

1.40%

$ 29,322,625

$ 39,119,450

$ 13,323,485

$ 45,503,749

Publicly Traded Portfolio Companies [Member] | Common Stock [Member]

6.30%

12.50%

$ 29,322,625

$ 39,119,450

$ 13,323,485

$ 44,573,225

Publicly Traded Portfolio Companies [Member] | Options Held [Member]

6.30%

12.20%

$ 930,524

Portfolio Investment [Member]

0.00%

0.30%

$ 216,128,508

$ 207,455,377

$ 157,188,578

$ 260,136,253

Non Portfolio Investments [Member] | US Treasury Bills [Member]

74.80%

71.30%

$ 84,999,598

$ 85,056,817

40.50%

0.00%

[1]

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”).

SCHEDULE OF INVESTMENTS (Details) - USD ($)

2 Months Ended

3 Months Ended

12 Months Ended

Mar. 15, 2023

Dec. 31, 2022

Sep. 30, 2022

Jun. 30, 2022

Mar. 31, 2022

Dec. 31, 2021

Sep. 30, 2021

Jun. 30, 2021

Mar. 31, 2021

Dec. 31, 2020

Sep. 30, 2020

Jun. 30, 2020

Mar. 31, 2020

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Subsequent Event [Member]

$ (1,894,406)

$ (5,141,097)

$ (1,966,225)

$ 3,096,275

$ 46,428,514

$ 32,495,660

$ 27,658,812

$ 112,152,518

$ 7,108,580

$ 2,378,390

$ (23,987)

$ 6,978,240

$ (5,905,453)

$ 218,735,504

$ 16,441,223

$ 2,776,835

Subsequent Event [Member] | Rent the Runway, Inc. [Member]

^[1]

$ (1,248,457)

^[2]

1/4/2023

Shares sold

^[2]

79,191

Average Net Share Price

^[2],[3]

$ 3.05

^[2]

$ 241,456

Subsequent Event [Member] | Kahoot ASA [Member]

^[1],[2]

$ (961,837)

^[4]

Various

Shares sold

^[4]

38,305

Average Net Share Price

^[3],[4]

$ 1.97

^[4]

$ 75,602

Subsequent Event [Member] | NewLake Capital Partners, Inc. [Member]

^[1],[4]

$ (100,465)

^[5]

Various

Shares sold

^[5]

123,938

Average Net Share Price

^[3],[5]

$ 18.50

^[5]

$ 2,293,110

Subsequent Event [Member] | Residential Homes For Rent, LLC [Member]

^[1],[5]

$ (186,155)

^[6]

Various

^[6]

$ 166,667

Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]

^[1],[6]

[1]	Realized loss does not include adjustments to amounts held in escrow receivable.
[2]	As of January 4, 2023, SuRo Capital had sold its public common shares of Rent the Runway, Inc.
[3]	The average net share price is the net share price realized after deducting all commissions and fees on the sale(s), if applicable.
[4]	As of March 8, 2023, SuRo Capital had sold its public
[5]	As of March 15, 2023, SuRo Capital held 105,820 common shares of NewLake Capital Partners, Inc. (f/k/a GreenAcreage Real Estate Corp.)
[6]	Subsequent to December 31, 2022, $0.2 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, $0.2 million repaid a portion of the outstanding principal and the remaining proceeds were attributed to interest.

INCOME TAXES (Details Narrative) - USD ($)

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Investment gain percent

^[1]

(4.76%)

(2.51%)

(7.07%)

(4.52%)

(3.66%)

Distribution per share

$ 0.11

Nondeductible excise tax, percent

4.00%

Income tax, description

(1) 98% of our ordinary income (taking into account certain deferrals and elections) for each calendar year, (2) 98.2% of our capital gain net income (adjusted for certain ordinary losses) for the 1-year period ending October 31 of each such calendar year and (3) any ordinary income and net capital gains for preceding years, but not distributed during such years and on which the Company paid no U.S. federal income tax

Deferred tax liability

$ 0

Cost of investments, federal income tax purposes

294,674,345

201,067,636

Gross unrealized appreciation on investments

56,250,562

123,319,904

Gross unrealized depreciation on investments

108,679,513

65,056,699

Unrealized appreciation depreciation, net

$ (52,428,951)

$ 58,263,205

Minimum [Member]

Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]

Investment gain percent

90.00%

Maximum [Member]

Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]

Investment gain percent

100.00%

[1]

For the year ended December 31, 2021, the Company excluded $100,274 of non-recurring expenses. For the year ended December 31, 2020, the Company excluded $1,962,431 of non-recurring expenses. For the year ended December 31, 2019, the Company excluded $1,769,820 of non-recurring expenses. For the year ended December 31, 2018, the Company excluded $352,667 of non-recurring expenses. Because the ratios are calculated for the Company’s common stock taken as a whole, an individual investor’s ratios may vary from these ratios.

FINANCIAL HIGHLIGHTS (Tables)

12 Months Ended

Dec. 31, 2022

Investment Company [Abstract]

SCHEDULE OF FINANCIAL HIGHLIGHTS

SCHEDULE OF FINANCIAL HIGHLIGHTS

	2022			2021			2020			2019			2018
	Year Ended December 31,
	2022			2021			2020			2019			2018
Per Basic Share Data
Net asset value at beginning of the year	$	11.72		$	15.14		$	11.38		$	9.89		$	9.64
Net investment loss⁽¹⁾		(0.49	)		(0.38	)		(0.81	)		(0.49	)		(0.37	)
Net realized gain/(loss) on investments⁽¹⁾		(0.20	)		8.46			0.92			0.99			(0.36	)
Realized loss on partial repurchase of 5.25% Convertible Senior Notes due 2018⁽¹⁾		—			—			—			—			(0.02	)
Net change in unrealized appreciation/(depreciation) of investments⁽¹⁾		(3.72	)		(2.39	)		3.78			0.69			0.47
Benefit from taxes on unrealized depreciation of investments⁽¹⁾		—			—			—			0.05			0.33
Dividends declared		(0.11	)		(8.00	)		(0.87	)		(0.32	)		—
Issuance of common stock from stock dividend		—			0.74			—			—			—
Issuance of common stock from public offering⁽¹⁾		0.01			0.01			0.30			—			—
Issuance of common stock from conversion of 4.75% Convertible Notes due 2023⁽¹⁾		—			(1.91	)		(0.11	)		—			—
Repurchase of common stock⁽¹⁾		0.11			—			0.43			0.52			0.20
Stock-based compensation⁽¹⁾		0.07			0.05			0.12			0.05			—
Net asset value at end of year	$	7.39		$	11.72		$	15.14		$	11.38		$	9.89
Per share market value at end of year	$	3.80		$	12.95		$	13.09		$	6.55		$	5.22
Total return based on market value⁽²⁾		(69.45	)%		60.05	%		99.85	%		31.61	%		(4.22	)%
Total return based on net asset value⁽²⁾		(36.01	)%		30.25	%		33.04	%		15.08	%		2.59	%
Shares outstanding at end of year		28,429,499			31,118,556			19,914,023			17,564,244			19,762,647
Ratios/Supplemental Data:
Net assets at end of year	$	210,020,702		$	364,846,624		$	301,583,073		$	199,917,289		$	195,378,159
Average net assets	$	310,086,061		$	396,209,139		$	205,430,809		$	209,261,190		$	208,678,731
Ratio of gross operating expenses to average net assets⁽³⁾		5.87	%		2.88	%		7.95	%		6.08	%		7.09	%
Ratio of incentive fee waiver to average net assets		—	%		—	%		—	%		—	%		(2.40	)%
Ratio of management fee waiver to average net assets		—	%		—	%		—	%		—	%		(0.43	)%
Ratio of income tax provision to average net assets		—	%		—	%		—	%		(0.42	)%		(3.22	)%
Ratio of net operating expenses to average net assets⁽³⁾		5.87	%		2.88	%		7.95	%		5.66	%		1.04	%
Ratio of net investment loss to average net assets⁽³⁾		(4.76	)%		(2.51	)%		(7.07	)%		(4.52	)%		(3.66	)%
Portfolio Turnover Ratio		4.31	%		28.34	%		14.87	%		12.95	%		5.01	%

(1)	Based on weighted-average number of shares outstanding for the relevant period.
(2)	Total return based on market value is based upon the change in market price per share between the opening and ending market values per share in the period, adjusted for dividends and equity issuances. Total return based on net asset value is based upon the change in net asset value per share between the opening and ending net asset values per share in the period, adjusted for dividends and equity issuances.
(3)	For the year ended December 31, 2021, the Company excluded $100,274 of non-recurring expenses. For the year ended December 31, 2020, the Company excluded $1,962,431 of non-recurring expenses. For the year ended December 31, 2019, the Company excluded $1,769,820 of non-recurring expenses. For the year ended December 31, 2018, the Company excluded $352,667 of non-recurring expenses. Because the ratios are calculated for the Company’s common stock taken as a whole, an individual investor’s ratios may vary from these ratios.

SUBSEQUENT EVENTS (Details Narrative) $ in Millions	2 Months Ended
SUBSEQUENT EVENTS (Details Narrative) $ in Millions	Mar. 15, 2023 USD ($)
Subsequent Event [Member]
Subsequent Event [Line Items]
Non-binding investment	$ 1.3

SELECTED QUARTERLY FINANCIAL DATA (Tables)

12 Months Ended

Dec. 31, 2022

Quarterly Financial Information Disclosure [Abstract]

SCHEDULE OF QUARTERLY FINANCIAL DATA

	December 31, 2022			September 30, 2022			June 30, 2022			March 31, 2022
	Quarter Ended
	December 31, 2022			September 30, 2022			June 30, 2022			March 31, 2022
Total Investment Income	$	1,462,951		$	519,511		$	890,631		$	583,100
Total Operating Expenses		4,326,133			4,328,744			4,701,519			4,807,805
Net Investment Loss		(2,863,182	)		(3,809,233	)		(3,810,888	)		(4,224,705	)
Net Realized Gain/(Loss) on Investments		(1,894,406	)		(5,141,097	)		(1,966,225	)		3,096,275
Net Change in Unrealized Appreciation/(Depreciation) of Investments		(7,633,982	)		(36,951,920	)		(88,562,575	)		21,584,885
Net Increase/(Decrease) in Net Assets Resulting from Operations	$	(12,391,570	)	$	(45,902,250	)	$	(94,339,688	)	$	20,456,455
Net Increase/(Decrease) in Net Assets from Operations per Common Share:
Basic	$	(0.44	)	$	(1.54	)	$	(3.08	)	$	0.66
Diluted	$	(0.44	)	$	(1.54	)	$	(3.08	)	$	0.66
Weighted Average Common Shares Outstanding–Basic		28,349,822			29,781,801			30,633,878			31,228,046
Weighted Average Common Shares Outstanding–Diluted		28,349,822			29,781,801			30,633,878			31,228,046

	December 31, 2021			September 30, 2021			June 30, 2021			March 31, 2021
	Quarter Ended
	December 31, 2021			September 30, 2021			June 30, 2021			March 31, 2021
Total Investment Income	$	380,754		$	523,916		$	274,820		$	291,352
Total Operating Expenses		3,210,777			2,747,394			2,317,820			3,125,670
Net Investment Loss		(2,830,023	)		(2,223,478	)		(2,043,000	)		(2,834,318	)
Net Realized Gain on Investments		46,428,514			32,495,660			27,658,812			112,152,518
Net Change in Unrealized Appreciation/(Depreciation) of Investments		(53,134,601	)		(15,023,778	)		7,741,252			(1,315,837	)
Net Increase/(Decrease) in Net Assets Resulting from Operations	$	(9,536,110	)	$	15,248,404		$	33,357,064		$	108,002,363
Net Increase/(Decrease) in Net Assets from Operations per Common Share:
Basic	$	(0.32	)	$	0.55		$	1.32		$	5.27
Diluted	$	(0.32	)	$	0.55		$	1.32		$	4.50
Weighted Average Common Shares Outstanding–Basic		29,883,824			27,619,062			25,334,482			20,486,621
Weighted Average Common Shares Outstanding–Diluted		29,883,824			27,619,062			25,334,482			24,123,339

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2022

	December 31, 2020			September 30, 2020			June 30, 2020			March 31, 2020
	Quarter Ended
	December 31, 2020			September 30, 2020			June 30, 2020			March 31, 2020
Total Investment Income	$	922,743		$	408,107		$	241,514		$	251,763
Total Operating Expenses		5,177,327			2,995,998			4,908,902			3,256,316
Net Investment Loss		(4,254,584	)		(2,587,891	)		(4,667,388	)		(3,004,553	)
Net Realized Gain/(Loss) on Investments		7,108,580			2,378,390			(23,987	)		6,978,240
Net Change in Unrealized Appreciation/(Depreciation) of Investments		58,424,928			16,129,442			26,522,195			(27,665,934	)
Net Increase/(Decrease) in Net Assets Resulting from Operations	$	61,278,924		$	15,919,941		$	21,830,820		$	(23,692,247	)
Net Increase/(Decrease) in Net Assets from Operations per Common Share:
Basic	$	3.06		$	0.89		$	1.33		$	(1.36	)
Diluted	$	2.59		$	0.76		$	1.10		$	(1.36	)
Weighted Average Common Shares Outstanding–Basic		19,999,989			17,795,538			16,383,188			17,440,994
Weighted Average Common Shares Outstanding–Diluted		23,884,529			21,598,403			20,300,980			17,440,994

SCHEDULE OF QUARTERLY FINANCIAL DATA (Details) - USD ($)

3 Months Ended

12 Months Ended

Dec. 31, 2022

Sep. 30, 2022

Jun. 30, 2022

Mar. 31, 2022

Dec. 31, 2021

Sep. 30, 2021

Jun. 30, 2021

Mar. 31, 2021

Dec. 31, 2020

Sep. 30, 2020

Jun. 30, 2020

Mar. 31, 2020

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Total Investment Income

$ 1,462,951

$ 519,511

$ 890,631

$ 583,100

$ 380,754

$ 523,916

$ 274,820

$ 291,352

$ 922,743

$ 408,107

$ 241,514

$ 251,763

$ 3,456,193

$ 1,470,842

$ 1,824,127

Total Operating Expenses

4,326,133

4,328,744

4,701,519

4,807,805

3,210,777

2,747,394

2,317,820

3,125,670

5,177,327

2,995,998

4,908,902

3,256,316

18,164,201

11,401,661

16,338,543

Net Investment Loss

(2,863,182)

(3,809,233)

(3,810,888)

(4,224,705)

(2,830,023)

(2,223,478)

(2,043,000)

(2,834,318)

(4,254,584)

(2,587,891)

(4,667,388)

(3,004,553)

(14,708,008)

(9,930,819)

(14,514,416)

Net Change in Unrealized Appreciation/(Depreciation) of Investments

(1,894,406)

(5,141,097)

(1,966,225)

3,096,275

46,428,514

32,495,660

27,658,812

112,152,518

7,108,580

2,378,390

(23,987)

6,978,240

(5,905,453)

218,735,504

16,441,223

(7,633,982)

(36,951,920)

(88,562,575)

21,584,885

(53,134,601)

(15,023,778)

7,741,252

(1,315,837)

58,424,928

16,129,442

26,522,195

(27,665,934)

(111,563,592)

(61,732,964)

73,410,631

Net Change in Net Assets Resulting from Operations

$ (12,391,570)

$ (45,902,250)

$ (94,339,688)

$ 20,456,455

$ (9,536,110)

$ 15,248,404

$ 33,357,064

$ 108,002,363

$ 61,278,924

$ 15,919,941

$ 21,830,820

$ (23,692,247)

$ (132,177,053)

$ 147,071,721

$ 75,337,438

Net Increase/(Decrease) in Net Assets from Operations per Common Share:

Basic

$ (0.44)

$ (1.54)

$ (3.08)

$ 0.66

$ (0.32)

$ 0.55

$ 1.32

$ 5.27

$ 3.06

$ 0.89

$ 1.33

$ (1.36)

$ (4.40)

$ 5.69

$ 4.21

Diluted

$ (0.44)

$ (1.54)

$ (3.08)

$ 0.66

$ (0.32)

$ 0.55

$ 1.32

$ 4.50

$ 2.59

$ 0.76

$ 1.10

$ (1.36)

$ (4.40)

^[1]

$ 5.52

^[1]

$ 3.56

^[1]

Weighted Average Common Shares Outstanding–Basic

28,349,822

29,781,801

30,633,878

31,228,046

29,883,824

27,619,062

25,334,482

20,486,621

19,999,989

17,795,538

16,383,188

17,440,994

30,023,202

25,861,642

17,910,353

Weighted Average Common Shares Outstanding–Diluted

28,349,822

29,781,801

30,633,878

31,228,046

29,883,824

27,619,062

25,334,482

24,123,339

23,884,529

21,598,403

20,300,980

17,440,994

30,023,202

^[1]

26,758,367

^[1]

21,790,898

^[1]

[1]

As of December 31, 2022 and 2021, there were no potentially dilutive securities outstanding. For the year ended December 31, 2020, 0 potentially dilutive common shares were excluded from the weighted average common shares outstanding for diluted net change in net assets resulting from operations per common share because the effect of these shares would have been anti-dilutive.

COMMON STOCK

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

COMMON STOCK

NOTE 5—COMMON STOCK

Share Repurchase Program

On August 8, 2017, the Company announced a $5.0 million discretionary open-market share repurchase program of shares of the Company’s common stock, $0.01 par value per share, of up to $5.0 million until the earlier of (i) August 6, 2018 or (ii) the repurchase of $5.0 million in aggregate amount of the Company’s common stock (the “Share Repurchase Program”). On November 7, 2017, the Company’s Board of Directors authorized an extension of, and an increase in the amount of shares of the Company’s common stock that may be repurchased under the discretionary Share Repurchase Program until the earlier of (i) November 6, 2018 or (ii) the repurchase of $10.0 million in aggregate amount of the Company’s common stock. On May 3, 2018, the Company’s Board of Directors authorized a $5.0 million increase in the amount of shares of the Company’s common stock that may be repurchased under the discretionary Share Repurchase Program until the earlier of (i) November 6, 2018 or (ii) the repurchase of $15.0 million in aggregate amount of the Company’s common stock. On November 1, 2018, our Board of Directors authorized a $5.0 million increase in the amount of shares of our common stock that may be repurchased under the discretionary Share Repurchase Program until the earlier of (i) October 31, 2019 or (ii) the repurchase of $20.0 million in aggregate amount of our common stock. On August 5, 2019, our Board of Directors authorized a $5.0 million increase in the amount of shares of our common stock that may be repurchased under the discretionary Share Repurchase Program until the earlier of (i) August 4, 2020 or (ii) the repurchase of $25.0 million in aggregate amount of our common stock. On March 9, 2020, our Board of Directors authorized a $5.0 million increase in the amount of shares of our common stock that may be repurchased under the discretionary Share Repurchase Program until the earlier of (i) March 8, 2021 or (ii) the repurchase of $30.0 million in aggregate amount of our common stock. On October 28, 2020, our Board of Directors authorized a $10.0 million increase in the amount of shares of our common stock that may be repurchased under the discretionary Share Repurchase Program until the earlier of (i) October 31, 2021 or (ii) the repurchase of $40.0 million in aggregate amount of our common stock. On October 27, 2021, our Board of Directors approved an extension of the Share Repurchase Program until the earlier of (i) October 31, 2022 or (ii) the repurchase of $40.0 million in aggregate amount of our common stock. On March 13, 2022, our Board of Directors authorized a $15.0 million increase in the amount of shares of our common stock that may be repurchased under the discretionary Share Repurchase Program until the earlier of (i) October 31, 2022 or (ii) the repurchase of $55.0 million in aggregate amount of our common stock. On October 19, 2022, the Company’s Board of Directors approved an extension of the Share Repurchase Program until the earlier of (i) October 31, 2023 or (ii) the repurchase of $55.0 million in aggregate amount of the Company’s common stock.

The timing and number of shares to be repurchased will depend on a number of factors, including market conditions and alternative investment opportunities. The Share Repurchase Program may be suspended, terminated or modified at any time for any reason and does not obligate the Company to acquire any specific number of shares of its common stock. Under the Share Repurchase Program, we may repurchase our outstanding common stock in the open market provided that we comply with the prohibitions under our insider trading policies and procedures and the applicable provisions of the 1940 Act and the Securities Exchange Act of 1934, as amended.

During the year ended December 31, 2022, the Company repurchased 1,008,676 shares of the Company’s common stock under the Share Repurchase Program. During the year ended December 31, 2021, the Company did not repurchase any shares of common stock under the Share Repurchase Program. As of December 31, 2022, the dollar value of shares that remained available to be purchased by the Company under the Share Repurchase Program was approximately $16.4 million.

Modified Dutch Auction Tender Offer

On August 8, 2022, the Company commenced a modified “Dutch Auction” tender offer (the “Modified Dutch Auction Tender Offer”) to purchase up to 2,000,000 shares of its common stock from its stockholders, which expired on September 2, 2022. In accordance with the terms of the Modified Dutch Auction Tender Offer, the Company selected the lowest price per share of not less than $6.00 per share and not greater than $7.00 per share.

Pursuant to the Modified Dutch Auction Tender Offer, the Company repurchased 2,000,000 shares, representing 6.6% of its then outstanding shares, on or about September 12, 2022 at a price of $6.60 per share. The Company used available cash to fund the purchases of its shares of common stock in the Modified Dutch Auction Tender Offer and to pay for all related fees and expenses.

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2022

Amended and Restated 2019 Equity Incentive Plan

Refer to “Note 11—Stock-Based Compensation” for a description of the Company’s restricted shares of common stock granted under the Amended & Restated 2019 Equity Incentive Plan (as defined therein).

Dividends Paid in Common Stock

On May 4, 2021, the Company’s Board of Directors declared a dividend of $2.50 per share that was paid on June 30, 2021 to stockholders of record as of the close of business on May 18, 2021. The ex-dividend date was May 17, 2021. The dividend was paid in cash and shares of the Company’s common stock at the election of the stockholders, although the total amount of cash to be distributed to all stockholders was limited to no more than 50% of the total dividend paid to all stockholders. The total dividend amount paid to all stockholders consisted of approximately $30.0 million in cash and 2,335,527 in shares of common stock issued.

On August 3, 2021, the Company’s Board of Directors declared a dividend of $2.25 per share that was paid on September 30, 2021 to stockholders of record as of the close of business on August 18, 2021. The ex-dividend date was August 17, 2021. The dividend was paid in cash and shares of the Company’s common stock at the election of the stockholders, although the total amount of cash to be distributed to all stockholders was limited to no more than 50% of the total dividend paid to all stockholders. The total dividend amount paid to all stockholders consisted of approximately $29.6 million in cash and 2,225,193 in shares of common stock issued.

On November 2, 2021, the Company’s Board of Directors declared a dividend of $2.00 per share that was paid on December 30, 2021 to stockholders of record as of the close of business on November 17, 2021. The ex-dividend date was November 16, 2021. The dividend was paid in cash and shares of the Company’s common stock at the election of the stockholders, although the total amount of cash to be distributed to all stockholders was limited to no more than 50% of the total dividend paid to all stockholders. The total dividend amount paid to all stockholders consisted of approximately $28.5 million in cash and 2,170,807 in shares of common stock issued.

Conversion of 4.75% Convertible Senior Notes due 2023

During the year ended December 31, 2021, the Company issued 4,097,808 shares of its common stock and cash for fractional shares upon the conversion of approximately $37.9 million in aggregate principal amount of the 4.75% Convertible Senior Notes due 2023. The Company also redeemed approximately $0.3 million of aggregate principal amount for cash plus accrued and unpaid interest on March 29, 2021. During the year ended December 31, 2020, the Company issued 174,888 shares of its common stock and cash for fractional shares upon the conversion of $1,785,000 in aggregate principal amount of the 4.75% Convertible Senior Notes due 2023. Refer to “Note 10—Debt Capital Activities” for more detail regarding conversion terms.

At-the-Market Offering

On July 29, 2020, the Company entered into an At-the-Market Sales Agreement, dated July 29, 2020 (the “Initial Sales Agreement”), with BTIG, LLC, JMP Securities LLC and Ladenburg Thalmann & Co., Inc. (collectively, the “Agents”). Under the Initial Sales Agreement, the Company may, but has no obligation to, issue and sell up to $50.0 million in aggregate amount of shares of its common stock (the “Shares”) from time to time through the Agents or to them as principal for their own account (the “ATM Program”). On September 23, 2020, the Company increased the maximum amount of Shares to be sold through the ATM Program to $150.0 million from $50.0 million. In connection with the upsize of the ATM Program to $150.0 million, the Company entered into Amendment No. 1 to the At-the-Market Sales Agreement, dated September 23, 2020, with the Agents (the “Amendment No. 1 to the Sales Agreement,” and together with the Initial Sales Agreement, the “Sales Agreement”). The Company intends to use the net proceeds from the ATM Program to make investments in portfolio companies in accordance with its investment objective and strategy and for general corporate purposes.

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2022

Sales of the Shares, if any, will be made by any method that is deemed to be an “at-the-market” offering as defined in Rule 415 under the Securities Act, including sales made directly on the Nasdaq Global Select Market or sales made to or through a market maker other than on an exchange, at market prices prevailing at the time of sale, at prices related to prevailing market prices or at other negotiated prices. Actual sales in the ATM Program will depend on a variety of factors to be determined by the Company from time to time.

The Agents will receive a commission from the Company equal to up to 2.0% of the gross sales price of any Shares sold through the Agents under the Sales Agreement and reimbursement of certain expenses. The Sales Agreement contains customary representations, warranties and agreements of the Company, conditions to closing, indemnification rights and obligations of the parties and termination provisions.

During the year ended December 31, 2022, the Company issued and sold 17,807 shares under the ATM Program at a weighted-average price of $13.01 per share, for gross proceeds of $231,677 and net proceeds of $229,896, after deducting commissions to the Agents on Shares sold. As of December 31, 2022, up to approximately $98.8 million in aggregate amount of the Shares remain available for sale under the ATM Program.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI https://asc.fasb.org/topic&trid=2208762

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 50
-Paragraph 6
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008

+ Details

SCHEDULE OF TAX CHARACTER OF DISTRIBUTIONS (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Ordinary income
Long-term capital gain	3,441,824	212,197,026	16,947,370
Return of capital
Distributions on a tax basis

STOCK-BASED COMPENSATION

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

NOTE 11—STOCK-BASED COMPENSATION

2019 Equity Incentive Plan

On June 5, 2019, our Board of Directors adopted, and our stockholders approved, an equity-based incentive plan (the “2019 Equity Incentive Plan”), which authorized equity awards to be granted for up to 1,976,264 shares of our common stock. Under the 2019 Equity Incentive Plan, the exercise price of awards would be set on the grant date and could not be less than the fair market value per share on such date, however, that in the case of an incentive stock option granted to an employee who, at the time of the grant of such option, owned stock representing more than ten percent (10%) of the voting power of all classes of stock of the Company or the Company’s present or future parent or subsidiary corporations, as defined in Section 424(e) or (f) of the Code, or other Affiliates the employees of which were eligible to receive incentive stock options under the Code (the “10% Shareholders”), the exercise price per share would be no less than one hundred ten percent (110%) of the fair market value per share on the date of grant. The fair market value would be the closing price of the shares on Nasdaq on the date of grant.

On July 17, 2019, stock options providing the right to purchase up to 1,165,000 shares were granted under the 2019 Equity Incentive Plan with an exercise price equal to the market price of our common stock at the grant date. These stock options had a vesting period of 3 years with 1/3 vesting immediately on the grant date, 1/3 vesting on July 17, 2020, and the remaining 1/3 vesting on July 17, 2021.

Cancellation of Stock Option Awards Under 2019 Equity Incentive Plan

On April 28, 2020, all stock option awards granted under the 2019 Equity Incentive Plan were canceled for no payment pursuant to an option cancellation agreement (the “Option Cancellation Agreement”). As a result, there are no stock option awards outstanding under the 2019 Equity Incentive Plan. In accordance with FASB ASC 718, Compensation – Stock Compensation (“ASC 718”) all unrecognized compensation cost related to still unvested shares was recognized as of the date of cancellation. For more information, including a description of the Option Cancellation Agreement, please refer to our current report on Form 8-K filed with the SEC on April 29, 2020. Such description of the Option Cancellation Agreement is qualified in its entirety by reference to the text of such Option Cancellation Agreement filed as Exhibit 10.3 to our quarterly report on Form 10-Q for the period ended March 31, 2020 filed with the SEC on May 8, 2020.

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2022

The Company follows ASC 718 to account for stock options granted. Under ASC 718, compensation expense associated with stock-based compensation is measured at the grant date based on the fair value of the award and is recognized over the vesting period. Determining the appropriate fair value model and calculating the fair value of stock-based awards at the grant date requires judgment, including estimating stock price volatility, forfeiture rate, and expected option life. The time-based options granted on July 17, 2019 were ascribed a weighted-average fair value of $2.57 per share. The fair value of options granted under the 2019 Equity Incentive Plan was based upon a Black Scholes option pricing model using the assumptions in the following table:

Input Assumptions	As of July 17, 2019 Grant Date
Term (years)		5.55
Volatility		39.47	%
Risk-free rate		1.86	%
Dividend yield		—	%

SCHEDULE OF OPTION, ACTIVITY

	Number of Shares			Weighted-Average Exercise Price		Weighted-Average Grant Date Fair Value
Outstanding as of December 31, 2019		1,155,000		$	6.57	$	2.57
Cancelled		-			-		-
Outstanding		-			-		-
Vested and Exercisable as of December 31, 2019		385,000		$	6.57	$	2.57
Outstanding		-			-		-
Cancelled		(1,155,000	)	$	6.57	$	2.57
Outstanding as of December 31, 2022 and December 31, 2021		—			-		-

As of December 31, 2022 and December 31, 2021, there was $0 of total unrecognized compensation cost related to non-vested stock options granted under the 2019 Equity Incentive Plan, as the options were cancelled effective April 28, 2020.

Amended and Restated 2019 Equity Incentive Plan

On June 19, 2020, our Board of Directors adopted, and our stockholders approved, an amendment and restatement of the Company’s 2019 Equity Incentive Plan (the “Amended & Restated 2019 Equity Incentive Plan”) under which the Company is authorized to grant equity awards for up to 1,627,967 shares of its common stock. In accordance with the exemptive relief granted to the Company by the SEC on June 16, 2020 with respect to the Amended & Restated 2019 Equity Incentive Plan, the Company is generally authorized to (i) issue restricted shares as part of the compensation package for certain of its employees, officers and all directors, including non-employee directors (collectively, the “Participants”), (ii) issue options to acquire shares of its common stock (“Options”) to certain employees, officers and employee directors as a part of such compensation packages, (iii) withhold shares of the Company’s common stock or purchase shares of common stock from the Participants to satisfy tax withholding obligations relating to the vesting of restricted shares or the exercise of Options granted to the certain Participants pursuant to the Amended & Restated 2019 Equity Incentive Plan, and (iv) permit the Participants to pay the exercise price of Options granted to them with shares of the Company’s common stock.

Under the Amended & Restated 2019 Equity Incentive Plan, each non-employee director will receive an annual grant of $50,000 worth of restricted shares of common stock (based on the closing stock price of the common stock on the grant date). Each grant of $50,000 in restricted shares will vest, in full, if the non-employee director is in continuous service as a director of the Company through the anniversary of such grant (or, if earlier, the annual meeting of the Company’s stockholders that is closest to the anniversary of such grant).

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2022

Other than such restricted shares granted to non-employee directors, the Company’s Compensation Committee may determine the time or times at which Options and restricted shares granted to other Participants will vest or become payable or exercisable, as applicable. The exercise price of each Option will not be less than 100% of the fair market value of the Company’s common stock on the date the option is granted. However, any optionee who owns more than 10% of the combined voting power of all classes of the Company’s outstanding common stock (a “10% Stockholder”), will not be eligible for the grant of an incentive stock option unless the exercise price of the incentive stock option is at least 110% of the fair market value of the Company’s common stock on the date of grant. Generally, no Option will be exercisable after the expiration of ten years from the date of grant. In the case of an Option granted to a 10% Stockholder, the term of an incentive stock option will be for no more than five years from the date of grant.

During the year ended December 31, 2022, the Company granted 241,827 restricted shares to the Company’s officers pursuant to the Amended & Restated 2019 Equity Incentive Plan. These restricted shares have a vesting period of 3 years. The Company determined that the fair values, based on the grant date close price of such restricted shares granted under the Amended & Restated 2019 Equity Incentive Plan during the year ended December 31, 2022 were approximately $3,599,972 in the aggregate. On July 2, 2021, 21,760 restricted shares related to the 2020 non-employee director grants vested. The Company expensed the full value of restricted stock compensation related to annual non-employee director grants on the vesting date. On June 1, 2022, 15,080 restricted shares related to the 2021 non-employee director grants vested.

For the years ended December 31, 2022 and 2021, we recognized stock-based compensation expense of $2,015,600 and $1,306,615, respectively. As of December 31, 2022 there were approximately $6,451,610 of total unrecognized compensation costs related to the restricted share grants. Compensation expense associated with the restricted shares is recognized on a quarterly basis over the respective vesting periods.

The following table summarizes the activities for the Company’s restricted share grants for the year ended December 31, 2022 under the Amended & Restated 2019 Equity Incentive Plan:

SCHEDULE OF EQUITY INCENTIVE PLAN

	Number of Restricted Shares
Outstanding as of December 31, 2021		369,298
Granted		401,362
Vested⁽¹⁾		(149,040	)
Forfeited		(15,000	)
Outstanding as of December 31, 2022		606,620
Vested as of December 31, 2022		170,800

(1)	The balance of vested shares as of December 31, 2022 reflects the total shares vested during the period and has not been reduced for those vested shares forfeited at time of vest related to net share settlement.

The Amended & Restated 2019 Equity Incentive Plan provides for the concept of “net share settlement.” Specifically, it provides that the Company is authorized to withhold the Common Stock at the time the restricted shares are vested and taxed in satisfaction of the Participant’s tax obligations. On June 16, 2020, the Company received exemptive relief from the SEC to permit such withholding of shares.

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2022

Consolidated Schedule of Investments (Parenthetical) - USD ($)			12 Months Ended
	Sep. 03, 2021	Jul. 30, 2021	Dec. 31, 2022	Dec. 31, 2021	Aug. 05, 2022	Mar. 22, 2022	Jan. 02, 2021
Summary of Investment Holdings [Line Items]
Percentage for total investment			74.80%	71.30%
Investment net			$ 242,245,395	$ 260,136,253
Capital commitment				10,000,000.0
Dividend distributions			$ 3,441,824	$ 212,197,025
Shares issued on exhange			17,807	5,900
True Global Ventures 4 Plus Fund LP [Member]
Summary of Investment Holdings [Line Items]
Investment net			$ 700,000	$ 700,000
Capital commitment			2,000,000.0	2,000,000.0
Residential Homes For Rent, LLC [Member]
Summary of Investment Holdings [Line Items]
Proceeds from investment			$ 1,200,000	$ 1,400,000
Debt interest rate			15.00%	15.00%
Repayment for investment			$ 1,000,000.0	$ 1,000,000.0
Investment interest				$ 400,000
Forge Global, Inc.[Member]
Summary of Investment Holdings [Line Items]
Strike price						$ 3.123
Warrant exercise price						$ 3.123
Number of warrants					230,144
Number of warrants converted to common stock					53,283
Palantir Lending Trust SPV I [Member] \| Common Class A [Member]
Summary of Investment Holdings [Line Items]
Remaining common stock issued				512,290
Treehouse Real Estate Investment Trust, Inc. [Member]
Summary of Investment Holdings [Line Items]
Percentage for total investment							34.40%
Dividend distributions				$ 200,000
Aventine Property Group, Inc.[Member]
Summary of Investment Holdings [Line Items]
Dividend distributions				100,000
Rover Inc [Member]
Summary of Investment Holdings [Line Items]
Shares issued on exhange		130,390
NewLake Capital Partners, Inc. [Member]
Summary of Investment Holdings [Line Items]
Dividend distributions				$ 300,000
Clever Inc [Member]
Summary of Investment Holdings [Line Items]
Sale of common shares	86,800
Non-Qualifying Assets [Member]
Summary of Investment Holdings [Line Items]
Percentage for total investment			14.47%	26.91%

INVESTMENTS AT FAIR VALUE (Details Narrative) - Integer	Dec. 31, 2022	Dec. 31, 2021
Investments in and Advances to Affiliates [Abstract]
Number of positions	64	64
Number of portfolio companies	39	38

SCHEDULE OF OPTION, ACTIVITY (Details) - $ / shares	12 Months Ended
SCHEDULE OF OPTION, ACTIVITY (Details) - $ / shares	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2019
Share-Based Payment Arrangement [Abstract]
Number of shares outstanding			1,155,000
Weighted-Average exercise price, outstanding			$ 6.57
Weighted-Average grant date fair value, outstanding			$ 2.57
Number of shares cancelled	(1,155,000)	(1,155,000)
Weighted-Average exercise price, cancelled	$ 6.57	$ 6.57
Weighted-Average Grant Date Fair Value, Cancelled	$ 2.57	$ 2.57
Number of shares, outstanding
Weighted-Average exercise price, outstanding
Weighted-Average grant date fair value, outstanding
Number of vested and exercisable			385,000
Weighted-Average exercise price, vested and exercisable			$ 6.57
Weighted-Average grant date fair value, vested and exercisable			$ 2.57
Number of shares, cancelled	1,155,000	1,155,000

SCHEDULE OF AGGREGATE VALUE OF ASSETS AND LIABILITIES (Details) (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Schedule of Investments [Line Items]
Interest rate	6.00%	6.00%
Enjoy Technology, Inc [Member]
Schedule of Investments [Line Items]
Interest rate		14.00%
Series F Preferred Stock [Member] \| Coursera, Inc. [Member]
Schedule of Investments [Line Items]
Interest rate		8.00%
Series B Preferred Stock [Member] \| Coursera, Inc. [Member]
Schedule of Investments [Line Items]
Interest rate		8.00%
Series B Preferred Stock [Member] \| Enjoy Technology, Inc [Member]
Schedule of Investments [Line Items]
Interest rate		6.00%
Series A Preferred Stock [Member] \| Enjoy Technology, Inc [Member]
Schedule of Investments [Line Items]
Interest rate		6.00%
Junior Preferred Warrants [Member]
Schedule of Investments [Line Items]
Strike price	$ 12.42
Expiration Date	Nov. 09, 2025
Common Warrants [Member]
Schedule of Investments [Line Items]
Strike price	$ 3.98
Expiration Date	Nov. 09, 2025

Consolidated Schedule of Investments - USD ($)

Dec. 31, 2022

Dec. 31, 2021

$ 157,188,578

$ 260,136,253

74.80%

71.30%

Investments [Member]

$ 301,128,106

^[1]

$ 207,455,377

$ 242,245,395

^[1]

$ 260,136,253

115.30%

^[1]

71.30%

Skillsoft Corp. [Member]

Churchill Sponsor VII LLC [Member]

$ 1,276,396

AltC Sponsor LLC [Member]

300,000

Churchill Sponsor VI LLC [Member]

250,000

Architect Capital PayJoy SPV, LLC [Member]

200,000

Colombier Sponsor LLC [Member]

10,000,000

Shogun Enterprises, Inc. [Member]

2,711,842

Non-Controlled/Non-Affiliate [Member]

3,306,047

155,103,810

^[1]

$ 146,360,300

^[2]

$ 130,901,546

^[1]

$ 231,768,290

^[2]

Non-Controlled/Non-Affiliate [Member] | Learneo, Inc. (f/k/a Course Hero, Inc.) [Member]

62.33%

^[1]

63.53%

^[2]

^[1]

$ 14,999,972

^[1]

$ 50,541,374

Non-Controlled/Non-Affiliate [Member] | Learneo, Inc. (f/k/a Course Hero, Inc.) [Member] | Preferred shares, Series A 8% [Member]

^[1]

24.06%

^[1]

Online Education

^[1]

Sep. 18, 2014

^[1]

2,145,509

^[1]

$ 5,000,001

^[1]

$ 40,541,403

Non-Controlled/Non-Affiliate [Member] | Learneo, Inc. (f/k/a Course Hero, Inc.) [Member] | Preferred shares, Series C 8% [Member]

^[1]

19.30%

^[1]

Nov. 05, 2021

^[1]

275,659

^[1]

$ 9,999,971

^[1]

$ 9,999,971

Non-Controlled/Non-Affiliate [Member] | Blink Health, Inc. [Member]

^[1]

4.76%

$ 15,004,340

^[1]

$ 15,004,340

^[2]

$ 10,949,898

^[1]

$ 14,315,526

^[2]

Non-Controlled/Non-Affiliate [Member] | Blink Health, Inc. [Member] | Series A Preferred Stock [Member]

5.21%

^[1]

3.92%

^[2]

Pharmaceutical Technology

^[1]

Pharmaceutical Technology

^[2]

Oct. 27, 2020

^[1]

Oct. 27, 2020

^[2]

238,095

^[1]

238,095

^[2]

$ 5,000,423

^[1]

$ 5,000,423

^[2]

$ 949,924

^[1]

$ 4,315,552

^[2]

Non-Controlled/Non-Affiliate [Member] | Blink Health, Inc. [Member] | Series C Preferred Stock [Member]

0.45%

^[1]

1.18%

^[2]

Oct. 27, 2020

^[1]

Oct. 27, 2020

^[2]

261,944

^[1]

261,944

^[2]

$ 10,003,917

^[1]

$ 10,003,917

^[2]

$ 9,999,974

^[1]

$ 9,999,974

^[2]

Non-Controlled/Non-Affiliate [Member] | Orchard Technologies, Inc. [Member]

4.76%

^[1]

2.74%

^[2]

^[1]

$ 10,505,697

^[1]

$ 10,499,996

Non-Controlled/Non-Affiliate [Member] | Orchard Technologies, Inc. [Member] | Series D Preferred Stock [Member]

^[1]

5.00%

Real Estate Platform

^[1]

Real Estate Platform

^[2]

Aug. 09, 2021

^[1]

Aug. 09, 2021

^[2]

1,488,139

^[1]

1,488,139

^[2]

$ 10,004,034

^[1]

$ 10,004,034

^[2]

$ 9,999,996

^[1]

$ 9,999,996

^[2]

Non-Controlled/Non-Affiliate [Member] | Orchard Technologies, Inc. [Member] | Simple Agreement for Future Equity [Member]

4.76%

^[1]

2.74%

^[2]

^[1]

Sep. 02, 2022

^[1]

^[1]

$ 501,663

^[1]

$ 500,000

Non-Controlled/Non-Affiliate [Member] | Locus Robotics Corp [Member] | Series F Preferred Stock [Member]

^[1]

0.24%

^[1]

Warehouse Automation

^[1]

Nov. 30, 2022

^[1]

232,568

^[1]

$ 10,004,286

^[1]

$ 10,000,005

Non-Controlled/Non-Affiliate [Member] | Aspiration Partners, Inc. [Member]

^[1]

4.76%

$ 1,283,005

^[1]

$ 1,283,005

^[2]

$ 6,541,511

^[1]

$ 11,055,743

^[2]

Non-Controlled/Non-Affiliate [Member] | Aspiration Partners, Inc. [Member] | Series A Preferred Stock [Member]

3.11%

^[1]

3.03%

^[2]

Financial Services

^[1]

Financial Services

^[2]

Aug. 11, 2015

^[1]

Aug. 11, 2015

^[2]

540,270

^[1]

540,270

^[2]

$ 1,001,815

^[1]

$ 1,001,815

^[2]

$ 6,229,360

^[1]

$ 10,556,306

^[2]

Non-Controlled/Non-Affiliate [Member] | Aspiration Partners, Inc. [Member] | Preferred shares, Series C-3 [Member]

2.97%

^[1]

2.89%

^[2]

Aug. 12, 2019

^[1]

Aug. 12, 2019

^[2]

24,912

^[1]

24,912

^[2]

$ 281,190

^[1]

$ 281,190

^[2]

$ 312,151

^[1]

$ 499,437

^[2]

Non-Controlled/Non-Affiliate [Member] | Whoop, Inc. [Member] | Series C Preferred Stock [Member]

0.15%

^[1]

0.14%

^[2]

^[1]

Fitness Technology

^[1]

Jun. 30, 2022

^[1]

13,293,450

^[1]

$ 10,011,460

^[1]

$ 6,084,041

Non-Controlled/Non-Affiliate [Member] | Forge Global, Inc.[Member]

^[1]

2.90%

^[2]

$ 2,526,223

^[2]

$ 21,015,781

Non-Controlled/Non-Affiliate [Member] | Forge Global, Inc.[Member] | Common Stock [Member]

^[2]

5.76%

^{[1],[3],[4],[5]}

Online Marketplace Finance

^{[1],[3],[4],[5]}

Jul. 20, 2011

^{[1],[3],[4],[5]}

2,508,074

^{[1],[3],[4],[5]}

$ 3,443,483

^{[1],[3],[4],[5]}

$ 4,338,968

Non-Controlled/Non-Affiliate [Member] | Forge Global, Inc.[Member] | Common Shares Class AA [Member]

^{[1],[3],[4],[5]}

2.07%

^[2]

Online Marketplace Finance

^[2]

Jul. 20, 2011

^[2]

625,520

^[2]

$ 266,507

^[2]

$ 16,430,555

Non-Controlled/Non-Affiliate [Member] | Forge Global, Inc.[Member] | Junior Preferred Shares [Member]

^[2]

4.50%

^[2]

Jul. 19, 2011

^[2]

160,534

^[2]

$ 2,259,716

^[2]

$ 4,216,752

Non-Controlled/Non-Affiliate [Member] | Forge Global, Inc.[Member] | Junior Preferred warrants, Strike Price $12.42, Expiration Date 11/9/2025 [Member]

^[2]

1.16%

^[2]

Jul. 19, 2011

^[2]

73,695

^[2]

^[2]

$ 368,474

Non-Controlled/Non-Affiliate [Member] | Nextdoor Holdings, Inc. [Member] | Common Stock [Member]

^[2]

0.10%

^[2],[6],[7]

Social Networking

^[2],[6],[7]

Sep. 27, 2018

^[2],[6],[7]

1,801,850

^[2],[6],[7]

$ 10,002,666

^[2],[6],[7]

$ 12,439,522

Non-Controlled/Non-Affiliate [Member] | Nextdoor Holdings, Inc. [Member] | Common Class B [Member]

^[2],[6],[7]

3.41%

^[1],[3],[4]

Social Networking

^[1],[3],[4]

Sep. 27, 2018

^[1],[3],[4]

1,802,416

^[1],[3],[4]

$ 10,002,666

^[1],[3],[4]

$ 3,712,977

Non-Controlled/Non-Affiliate [Member] | NewLake Capital Partners, Inc. (f/k/a GreenAcreage Real Estate Corp.) [Member] | Common Stock [Member]

^[1],[3],[4]

1.77%

Cannabis REIT

^[1],[3]

Cannabis REIT

^{[2],[6],[7],[8],[9]}

Aug. 12, 2019

^[1],[3]

Aug. 12, 2019

^{[2],[6],[7],[8],[9]}

229,758

^[1],[3]

278,471

^{[2],[6],[7],[8],[9]}

$ 4,678,686

^[1],[3]

$ 5,653,375

^{[2],[6],[7],[8],[9]}

$ 3,680,723

^[1],[3]

$ 7,986,548

^{[2],[6],[7],[8],[9]}

Non-Controlled/Non-Affiliate [Member] | Shogun Enterprises, Inc. (d/b/a Hearth) [Member]

1.75%

^[1],[3]

2.19%

^{[2],[6],[7],[8],[9]}

^[1]

$ 7,503,318

^[1]

$ 3,306,047

Non-Controlled/Non-Affiliate [Member] | Shogun Enterprises, Inc. (d/b/a Hearth) [Member] | Preferred shares, Series B-1 [Member]

^[1]

1.57%

^[1]

Home Improvement Finance

^[1]

Feb. 26, 2021

^[1]

436,844

^[1]

$ 3,501,657

^[1]

$ 1,403,023

Non-Controlled/Non-Affiliate [Member] | Shogun Enterprises, Inc. (d/b/a Hearth) [Member] | Preferred shares, Series B-2 [Member]

^[1]

0.67%

^[1]

Feb. 26, 2021

^[1]

301,750

^[1]

$ 3,501,661

^[1]

$ 1,403,024

Non-Controlled/Non-Affiliate [Member] | Shogun Enterprises, Inc. (d/b/a Hearth) [Member] | Convertible Note 0.5%, Due 4/18/2024 [Member]

^[1]

0.67%

^[1],[10]

May 02, 2022

^[1],[10]

500,000

^[1],[10]

$ 500,000

^[1],[10]

$ 500,000

Non-Controlled/Non-Affiliate [Member] | True Global Ventures 4 Plus Pte Ltd [Member] | Limited Partner Fund Investment [Member]

^[1],[10]

0.24%

Venture Investment Fund

^[1],[4],[11]

Venture Investment Fund

^[2],[7],[12]

Aug. 27, 2021

^[1],[4],[11]

Aug. 27, 2021

^[2],[7],[12]

^[1],[4],[11]

^[2],[7],[12]

^[1],[4],[11]

$ 713,505

^[2],[7],[12]

$ 3,063,358

^[1],[4],[11]

$ 670,000

^[2],[7],[12]

Non-Controlled/Non-Affiliate [Member] | Residential Homes for Rent, LLC (d/b/a Second Avenue) [Member]

1.46%

^[1],[4],[11]

0.18%

^[2],[7],[12]

$ 2,500,000

^[1]

$ 3,500,000

^[2]

$ 2,959,713

^[1]

$ 3,500,000

^[2]

Non-Controlled/Non-Affiliate [Member] | Residential Homes for Rent, LLC (d/b/a Second Avenue) [Member] | Series A Preferred Stock [Member]

1.41%

^[1]

0.96%

^[2]

Real Estate Platform

^[1],[13]

Real Estate Platform

^[2],[14]

Dec. 23, 2020

^[1],[13]

Dec. 23, 2020

^[2],[14]

150,000

^[1],[13]

150,000

^[2],[14]

$ 1,500,000

^[1],[13]

$ 1,500,000

^[2],[14]

$ 1,959,713

^[1],[13]

$ 1,500,000

^[2],[14]

Non-Controlled/Non-Affiliate [Member] | Residential Homes for Rent, LLC (d/b/a Second Avenue) [Member] | Term loan 15%, Due 12/23/2023 [Member]

0.93%

^[1],[13]

0.41%

^[2],[14]

^{[1],[10],[15]}

Dec. 23, 2020

^{[1],[10],[15]}

1,000,000

^{[1],[10],[15]}

$ 1,000,000

^{[1],[10],[15]}

$ 1,000,000

Non-Controlled/Non-Affiliate [Member] | Residential Homes for Rent, LLC (d/b/a Second Avenue) [Member] | Term loan 15%, Due 12/23/2023 [Member]

^{[1],[10],[15]}

0.48%

^[2],[9],[16]

Dec. 23, 2020

^[2],[9],[16]

2,000,000

^[2],[9],[16]

$ 2,000,000

^[2],[9],[16]

$ 2,000,000

Non-Controlled/Non-Affiliate [Member] | Trax Ltd. [Member]

^[2],[9],[16]

0.55%

$ 10,005,748

^[1],[4]

$ 10,005,748

^[2],[7]

$ 2,927,814

^[1],[4]

$ 10,370,299

^[2],[7]

Non-Controlled/Non-Affiliate [Member] | Trax Ltd. [Member] | Common Stock [Member]

1.39%

^[1],[4]

2.84%

^[2],[7]

Retail Technology

^[1],[4]

Retail Technology

^[2],[7]

Jun. 09, 2021

^[1],[4]

Jun. 09, 2021

^[2],[7]

55,591

^[1],[4]

55,591

^[2],[7]

$ 2,781,148

^[1],[4]

$ 2,781,148

^[2],[7]

$ 280,797

^[1],[4]

$ 2,882,476

^[2],[7]

Non-Controlled/Non-Affiliate [Member] | Trax Ltd. [Member] | Preferred Stock Investec Series [Member]

0.13%

^[1],[4]

0.79%

^[2],[7]

^[1],[4]

Jun. 09, 2021

^[1],[4]

144,409

^[1],[4]

$ 7,224,600

^[1],[4]

$ 2,647,017

Non-Controlled/Non-Affiliate [Member] | Trax Ltd. [Member] | Preferred Shares Investec Series [Member]

^[1],[4]

1.26%

^[2],[7]

Jun. 09, 2021

^[2],[7]

144,409

^[2],[7]

$ 7,224,600

^[2],[7]

$ 7,487,823

Non-Controlled/Non-Affiliate [Member] | PayJoy, Inc. [Member] | Preferred Stock [Member]

^[2],[7]

2.05%

Mobile Access Technology

^[1]

Mobile Access Technology

^[2]

Jul. 23, 2021

^[1]

Jul. 23, 2021

^[2]

244,117

^[1]

244,117

^[2]

$ 2,501,570

^[1]

$ 2,501,570

^[2]

$ 2,500,002

^[1]

$ 2,500,002

^[2]

Non-Controlled/Non-Affiliate [Member] | Aventine Property Group, Inc.[Member] | Common Stock [Member]

1.19%

^[1]

0.69%

^[2]

Cannabis REIT

^{[1],[10],[15]}

Cannabis REIT

^[2],[9],[17]

Sep. 11, 2019

^{[1],[10],[15]}

Sep. 11, 2019

^[2],[9],[17]

312,500

^{[1],[10],[15]}

312,500

^[2],[9],[17]

$ 2,580,750

^{[1],[10],[15]}

$ 2,580,750

^[2],[9],[17]

$ 1,917,521

^{[1],[10],[15]}

$ 2,190,978

^[2],[9],[17]

Non-Controlled/Non-Affiliate [Member] | Varo Money Inc [Member] | Common Stock [Member]

0.91%

^{[1],[10],[15]}

0.60%

^[2],[9],[17]

Financial Services

^[1],[3],[4]

Financial Services

^[2]

Aug. 11, 2021

^[1],[3],[4]

Aug. 11, 2021

^[2]

1,079,266

^[1],[3],[4]

1,079,266

^[2]

$ 10,005,548

^[1],[3],[4]

$ 10,005,548

^[2]

$ 1,286,783

^[1],[3],[4]

$ 8,541,676

^[2]

Non-Controlled/Non-Affiliate [Member] | Skillsoft Corp. [Member] | Common Stock [Member]

0.61%

^[1],[3],[4]

2.34%

^[2]

Online Education

^[1],[3],[4]

Online Education

^{[2],[6],[7],[18]}

Jun. 08, 2021

^[1],[3],[4]

Jun. 08, 2021

^{[2],[6],[7],[18]}

981,843

^[1],[3],[4]

981,843

^{[2],[6],[7],[18]}

$ 9,818,430

^[1],[3],[4]

$ 9,818,430

^{[2],[6],[7],[18]}

$ 1,276,396

^[1],[3],[4]

$ 8,983,863

^{[2],[6],[7],[18]}

Non-Controlled/Non-Affiliate [Member] | Commercial Streaming Solutions Inc. (d/b/a BettorView) [Member] | Simple Agreement for Future Equity [Member]

0.61%

^[1],[3],[4]

2.46%

^{[2],[6],[7],[18]}

Interactive Media & Services

^[1],[19]

Interactive Media & Services

^[2],[20]

Mar. 26, 2021

^[1],[19]

Mar. 26, 2021

^[2],[20]

^[1],[19]

^[2],[20]

$ 1,004,240

^[1],[19]

$ 1,002,720

^[2],[20]

$ 1,000,000

^[1],[19]

$ 1,000,000

^[2],[20]

Non-Controlled/Non-Affiliate [Member] | Rebric, Inc. (d/b/a Compliable) [Member] | Preferred Stock Series Seed-4 [Member]

0.48%

^[1],[19]

0.27%

^[2],[20]

^[1],[19]

Gaming Licensing

^[1],[19]

Oct. 12, 2021

^[1],[19]

2,064,409

^[1],[19]

$ 1,002,755

^[1],[19]

$ 1,000,000

Non-Controlled/Non-Affiliate [Member] | Rebric, Inc. (d/b/a Compliable) [Member] | Preferred Shares Series Seed-4 [Member]

^[1],[19]

0.48%

^[2],[20]

Gaming Licensing

^[2],[20]

Oct. 12, 2021

^[2],[20]

2,064,409

^[2],[20]

$ 1,002,755

^[2],[20]

$ 1,000,000

Non-Controlled/Non-Affiliate [Member] | Xgroup Holdings Limited (d/b/a Xpoint) [Member] | Convertible Note 6%, Due 8/17/2023 [Member]

^[2],[20]

0.27%

^[1],[10]

Geolocation Technology

^[1],[10]

Aug. 17, 2022

^[1],[10]

1,000,000

^[1],[10]

$ 1,009,093

^[1],[10]

$ 1,000,000

Non-Controlled/Non-Affiliate [Member] | YouBet Technology, Inc. (d/b/a FanPower) [Member] | Preferred Stock Series Seed 2 [Member]

^[1],[10]

0.48%

^[1],[19]

Digital Media Technology

^[1],[19]

Aug. 26, 2021

^[1],[19]

578,029

^[1],[19]

$ 752,943

^[1],[19]

$ 749,998

Non-Controlled/Non-Affiliate [Member] | EDGE Markets, Inc. [Member] | Preferred Stock, Series Seed [Member]

^[1],[19]

0.36%

^[1],[19]

Gaming Technology

^[1],[19]

May 18, 2022

^[1],[19]

456,704

^[1],[19]

$ 501,330

^[1],[19]

$ 500,000

Non-Controlled/Non-Affiliate [Member] | Churchill Sponsor VII LLC [Member]

^[1],[19]

0.24%

^[1],[4],[21]

$ 300,000

^[1],[4],[21]

$ 300,000

Non-Controlled/Non-Affiliate [Member] | Churchill Sponsor VII LLC [Member] | Common Stock [Member]

^[1],[4],[21]

0.14%

^[1],[4],[21]

Special Purpose Acquisition Company

^[1],[4],[21]

Feb. 25, 2021

^[1],[4],[21]

292,100

^[1],[4],[21]

$ 205,820

^[1],[4],[21]

$ 205,820

Non-Controlled/Non-Affiliate [Member] | Churchill Sponsor VII LLC [Member] | Warrant [Member]

^[1],[4],[21]

0.10%

^[1],[4],[21]

Feb. 25, 2021

^[1],[4],[21]

277,000

^[1],[4],[21]

$ 94,180

^[1],[4],[21]

$ 94,180

Non-Controlled/Non-Affiliate [Member] | AltC Sponsor LLC [Member] | Share Units [Member]

^[1],[4],[21]

0.04%

Special Purpose Acquisition Company

^[1],[4],[21]

Special Purpose Acquisition Company

^[2],[7],[22]

Jul. 21, 2021

^[1],[4],[21]

Jul. 21, 2021

^[2],[7],[22]

239,300

^[1],[4],[21]

239,300

^[2],[7],[22]

$ 250,855

^[1],[4],[21]

$ 250,855

^[2],[7],[22]

$ 250,000

^[1],[4],[21]

$ 250,000

^[2],[7],[22]

Non-Controlled/Non-Affiliate [Member] | Rent the Runway, Inc. [Member] | Common Stock [Member]

0.12%

^[1],[4],[21]

0.07%

^[2],[7],[22]

Subscription Fashion Rental

^[1],[3]

Subscription Fashion Rental

^[2],[6],[7]

Jun. 17, 2020

^[1],[3]

Jun. 17, 2020

^[2],[6],[7]

79,191

^[1],[3]

339,191

^[2],[6],[7]

$ 1,203,293

^[1],[3]

$ 5,153,945

^[2],[6],[7]

$ 241,533

^[1],[3]

$ 2,418,856

^[2],[6],[7]

Non-Controlled/Non-Affiliate [Member] | Churchill Sponsor VI LLC [Member]

0.12%

^[1],[3]

0.66%

^[2],[6],[7]

^[1],[4],[21]

$ 200,000

^[1],[4],[21]

$ 200,000

Non-Controlled/Non-Affiliate [Member] | Churchill Sponsor VI LLC [Member] | Common Stock [Member]

^[1],[4],[21]

0.10%

^[1],[4],[21]

Special Purpose Acquisition Company

^[1],[4],[21]

Feb. 25, 2021

^[1],[4],[21]

195,000

^[1],[4],[21]

$ 134,297

^[1],[4],[21]

$ 134,297

Non-Controlled/Non-Affiliate [Member] | Churchill Sponsor VI LLC [Member] | Warrant [Member]

^[1],[4],[21]

0.06%

^[1],[4],[21]

Feb. 25, 2021

^[1],[4],[21]

199,100

^[1],[4],[21]

$ 65,703

^[1],[4],[21]

$ 65,703

Non-Controlled/Non-Affiliate [Member] | Kahoot ASA [Member] | Common Stock [Member]

^[1],[4],[21]

0.03%

Education Software

^[1],[3]

Education Software

^{[2],[6],[7],[23]}

Dec. 05, 2014

^[1],[3]

Dec. 05, 2014

^{[2],[6],[7],[23]}

38,305

^[1],[3]

86,800

^{[2],[6],[7],[23]}

$ 176,067

^[1],[3]

$ 458,138

^{[2],[6],[7],[23]}

$ 72,888

^[1],[3]

$ 402,360

^{[2],[6],[7],[23]}

Non-Controlled/Non-Affiliate [Member] | Neutron Holdings, Inc. (d/b/a/ Lime) [Member]

0.03%

^[1],[3]

0.11%

^{[2],[6],[7],[23]}

$ 10,513,661

^[1]

$ 10,513,661

^[2]

^[1]

$ 3,991,353

^[2]

Non-Controlled/Non-Affiliate [Member] | Neutron Holdings, Inc. (d/b/a/ Lime) [Member] | Junior Preferred Stock Series D 1 [Member]

^[1]

1.10%

^[2]

^[1]

Micromobility

^[1]

Jan. 25, 2019

^[1]

41,237,113

^[1]

$ 10,007,322

^[1]

Non-Controlled/Non-Affiliate [Member] | Neutron Holdings, Inc. (d/b/a/ Lime) [Member] | Junior Preferred Convertible Note 4% Due 5/11/2027 [Member]

^[1]

May 11, 2020

^[1],[24]

May 11, 2020

^[2],[9]

506,339

^[1],[24]

506,339

^[2],[9]

$ 506,339

^[1],[24]

$ 506,339

^[2],[9]

^[1],[24]

$ 506,339

^[2],[9]

Non-Controlled/Non-Affiliate [Member] | Neutron Holdings, Inc. (d/b/a/ Lime) [Member] | Common Warrants Strike Price Zero Point Zero One Expiration Two Thousand Twenty Seven [Member]

^[1],[24]

0.14%

^[2],[9]

May 11, 2020

^[1]

May 11, 2020

^[2]

2,032,967

^[1]

2,032,967

^[2]

^[1]

^[2]

^[1]

^[2]

Non-Controlled/Non-Affiliate [Member] | Neutron Holdings, Inc. (d/b/a/ Lime) [Member] | Junior Preferred Shares Series 1-D [Member]

^[1]

^[2]

^[2]

Micromobility

^[2]

Jan. 25, 2019

^[2]

41,237,113

^[2]

$ 10,007,322

^[2]

$ 3,485,014

Non-Controlled/Non-Affiliate [Member] | Fullbridge, Inc. [Member]

^[2]

0.96%

^[1]

$ 8,421,364

^[1]

Non-Controlled/Non-Affiliate [Member] | Fullbridge, Inc. [Member] | Promissory Note 1.47%, Due 11/9/2021 [Member]

^[1]

^{[1],[24],[25]}

Mar. 03, 2016

^{[1],[24],[25]}

2,270,458

^{[1],[24],[25]}

$ 2,270,858

^{[1],[24],[25]}

Non-Controlled/Non-Affiliate [Member] | Fullbridge, Inc. [Member] | Common Stock [Member]

^{[1],[24],[25]}

Business Education

^[1]

Business Education

^[2]

May 13, 2012

^[1]

May 13, 2012

^[2]

517,917

^[1]

517,917

^[2]

$ 6,150,506

^[1]

$ 6,150,506

^[2]

^[1]

^[2]

Non-Controlled/Non-Affiliate [Member] | Fullbridge, Inc. [Member] | Promissory Note 1.47%, Due 11/9/2021 [Member]

^[1]

^[2]

^{[2],[26],[27]}

Mar. 03, 2016

^{[2],[26],[27]}

2,270,458

^{[2],[26],[27]}

$ 2,270,858

^{[2],[26],[27]}

Non-Controlled/Non-Affiliate [Member] | Treehouse Real Estate Investment Trust, Inc. [Member] | Common Stock [Member]

^{[2],[26],[27]}

Cannabis REIT

^[1]

Cannabis REIT

^[2],[9],[17]

Sep. 11, 2019

^[1]

Sep. 11, 2019

^[2],[9],[17]

312,500

^[1]

312,500

^[2],[9],[17]

$ 4,919,250

^[1]

$ 4,919,250

^[2],[9],[17]

^[1]

^[2],[9],[17]

Non-Controlled/Non-Affiliate [Member] | Kinetiq Holdings LLC [Member] | Common Class A [Member]

^[1]

^[2],[9],[17]

Social Data Platform

^[1]

Social Data Platform

^[2]

Mar. 30, 2012

^[1]

Mar. 30, 2012

^[2]

112,374

^[1]

112,374

^[2]

^[1]

^[2]

^[1]

^[2]

Non-Controlled/Non-Affiliate [Member] | Architect Capital PayJoy SPV, LLC [Member] | Membership Interest in Lending SPV [Member]

^[1]

^[2]

^[9],[28]

$ 10,006,745

^[9],[28]

$ 10,000,000

Non-Controlled/Non-Affiliate [Member] | Course Hero, Inc. [Member]

^[29]

2.74%

^[2]

$ 14,999,972

^[2]

$ 87,831,743

Non-Controlled/Non-Affiliate [Member] | Course Hero, Inc. [Member] | Preferred shares, Series A 8% [Member]

^[2]

24.07%

^[2]

Online Education

^[2]

Sep. 18, 2014

^[2]

2,145,509

^[2]

$ 5,000,001

^[2]

$ 77,831,772

Non-Controlled/Non-Affiliate [Member] | Course Hero, Inc. [Member] | Preferred shares, Series C 8% [Member]

^[2]

21.33%

^[2]

Nov. 05, 2021

^[2]

275,659

^[2]

$ 9,999,971

^[2]

$ 9,999,971

Non-Controlled/Non-Affiliate [Member] | NewLake Capital Partners, Inc. [Member] | Common Stock [Member]

^[2]

2.74%

^[6],[8],[9]

$ 5,653,375

^[6],[8],[9]

$ 7,986,548

Non-Controlled/Non-Affiliate [Member] | Rover Group, Inc. [Member] | Common Stock [Member]

^[6],[8],[9]

2.19%

^{[2],[6],[7],[30]}

Peer-to-Peer Pet Services

^{[2],[6],[7],[30]}

Nov. 03, 2014

^{[2],[6],[7],[30]}

838,381

^{[2],[6],[7],[30]}

$ 2,506,119

^{[2],[6],[7],[30]}

$ 7,765,504

Non-Controlled/Non-Affiliate [Member] | Shogun Enterprises, Inc. [Member]

^{[2],[6],[7],[30]}

2.13%

^[2]

$ 7,003,318

^[2]

$ 7,031,445

Non-Controlled/Non-Affiliate [Member] | Shogun Enterprises, Inc. [Member] | Preferred Shares Series B-1 [Member]

^[2]

1.93%

^[2]

Home Improvement Finance

^[2]

Feb. 26, 2021

^[2]

436,844

^[2]

$ 3,501,657

^[2]

$ 3,531,447

Non-Controlled/Non-Affiliate [Member] | Shogun Enterprises, Inc. [Member] | Preferred Shares Series B-2 [Member]

^[2]

0.97%

^[2]

Feb. 26, 2021

^[2]

301,750

^[2]

$ 3,501,661

^[2]

$ 3,499,998

Non-Controlled/Non-Affiliate [Member] | Enjoy Technology, Inc [Member] | Common Stock [Member]

^[2]

0.96%

^[2],[6],[7]

On-Demand Commerce

^[2],[6],[7]

Oct. 16, 2014

^[2],[6],[7]

1,070,919

^[2],[6],[7]

$ 5,526,777

^[2],[6],[7]

$ 4,576,572

Non-Controlled/Non-Affiliate [Member] | Neutron Holdings, Inc. [Member] | Junior Preferred Convertible Note 4% Due 5/11/2027 [Member]

^[2],[6],[7]

1.25%

^[9]

$ 506,339

^[9]

$ 506,339

Non-Controlled/Non-Affiliate [Member] | Neutron Holdings, Inc. [Member] | Junior Preferred Shares Series 1-D [Member]

^[9]

0.14%

$ 10,007,322

$ 3,485,014

Non-Controlled/Non-Affiliate [Member] | Residential Homes For Rent, LLC [Member] | Term Loan Due [Member]

0.96%

^[9],[16]

$ 2,000,000

^[9],[16]

$ 2,000,000

Non-Controlled/Non-Affiliate [Member] | Palantir Lending Trust SPV One [Member] | Equity Participation In Underlying Collatera [Member]

^[9],[16]

0.55%

^{[2],[6],[7],[31]}

Data Analysis

^{[2],[6],[7],[31]}

Jun. 19, 2020

^{[2],[6],[7],[31]}

^{[2],[6],[7],[31]}

^{[2],[6],[7],[31]}

$ 930,524

Non-Controlled/Non-Affiliate [Member] | YouBet Technology, Inc. [Member] | Preferred Shares Series Seed-2 [Member]

^{[2],[6],[7],[31]}

0.26%

^[2],[20]

Digital Media Technology

^[2],[20]

Aug. 26, 2021

^[2],[20]

385,353

^[2],[20]

$ 502,232

^[2],[20]

$ 499,999

Non-Controlled/Non-Affiliate [Member] | Churchill Sponsor Seven LLC [Member]

^[2],[20]

0.14%

^[2],[7],[22]

$ 300,000

^[2],[7],[22]

$ 300,000

Non-Controlled/Non-Affiliate [Member] | Churchill Sponsor Seven LLC [Member] | Common Share Units [Member]

^[2],[7],[22]

0.09%

^[2],[7],[22]

Special Purpose Acquisition Company

^[2],[7],[22]

Feb. 25, 2021

^[2],[7],[22]

292,100

^[2],[7],[22]

$ 205,820

^[2],[7],[22]

$ 205,820

Non-Controlled/Non-Affiliate [Member] | Churchill Sponsor Seven LLC [Member] | Warrant Units [Member]

^[2],[7],[22]

0.06%

^[2],[7],[22]

Feb. 25, 2021

^[2],[7],[22]

277,000

^[2],[7],[22]

$ 94,180

^[2],[7],[22]

$ 94,180

Non-Controlled/Non-Affiliate [Member] | Churchill Sponsor Six LLC [Member]

^[2],[7],[22]

0.03%

$ 200,000

$ 200,000

Non-Controlled/Non-Affiliate [Member] | Churchill Sponsor Six LLC [Member] | Common Share Units [Member]

0.06%

^[2],[7],[22]

Special Purpose Acquisition Company

^[2],[7],[22]

Feb. 25, 2021

^[2],[7],[22]

195,000

^[2],[7],[22]

$ 134,297

^[2],[7],[22]

$ 134,297

Non-Controlled/Non-Affiliate [Member] | Churchill Sponsor Six LLC [Member] | Warrant Units [Member]

^[2],[7],[22]

0.04%

Feb. 25, 2021

199,100

$ 65,703

$ 65,703

Non-Controlled Affiliate [Member]

0.02%

$ 41,140,804

^[32]

$ 41,211,183

^[33]

$ 12,591,162

^[32]

$ 14,609,089

^[33]

Non-Controlled Affiliate [Member] | StormWind, LLC [Member]

6.00%

^[32]

401.00%

^[33]

^[1]

$ 6,387,741

^[1]

$ 9,950,835

Non-Controlled Affiliate [Member] | StormWind, LLC [Member] | Preferred Shares Series D 8% [Member]

^[1]

4.74%

^{[1],[32],[34]}

Interactive Learning

^{[1],[32],[34]}

Nov. 26, 2019

^{[1],[32],[34]}

329,337

^{[1],[32],[34]}

$ 257,267

^{[1],[32],[34]}

$ 533,429

Non-Controlled Affiliate [Member] | StormWind, LLC [Member] | Preferred Shares Series C 8% [Member]

^{[1],[32],[34]}

0.25%

^{[1],[32],[34]}

Jan. 07, 2014

^{[1],[32],[34]}

2,779,134

^{[1],[32],[34]}

$ 4,000,787

^{[1],[32],[34]}

$ 5,675,081

Non-Controlled Affiliate [Member] | StormWind, LLC [Member] | Preferred Shares Series B 8% [Member]

^{[1],[32],[34]}

2.70%

^{[1],[32],[34]}

Dec. 16, 2011

^{[1],[32],[34]}

3,279,629

^{[1],[32],[34]}

$ 2,019,687

^{[1],[32],[34]}

$ 3,550,631

Non-Controlled Affiliate [Member] | StormWind, LLC [Member] | Preferred Shares Series A 8% [Member]

^{[1],[32],[34]}

1.69%

^{[1],[32],[34]}

Feb. 25, 2014

^{[1],[32],[34]}

366,666

^{[1],[32],[34]}

$ 110,000

^{[1],[32],[34]}

$ 191,694

Non-Controlled Affiliate [Member] | OneValley, Inc. (f/k/a NestGSV, Inc) [Member]

^{[1],[32],[34]}

0.09%

^[1]

$ 9,590,380

^[1]

$ 2,640,327

Non-Controlled Affiliate [Member] | OneValley, Inc. (f/k/a NestGSV, Inc) [Member] | Derivative Security, Expiration Date 8/23/2024 [Member]

^[1]

1.26%

^[1],[35]

Global Innovation Platform

^[1],[35]

Aug. 23, 2019

^[1],[35]

^[1],[35]

$ 8,555,124

^[1],[35]

$ 652,127

Non-Controlled Affiliate [Member] | OneValley, Inc. (f/k/a NestGSV, Inc) [Member] | Convertible Promissory Note 8% Due 8/23/2024 [Member]

^[1],[35]

0.31%

^{[1],[24],[32],[35]}

Feb. 17, 2016

^{[1],[24],[32],[35]}

1,010,198

^{[1],[24],[32],[35]}

$ 1,030,176

^{[1],[24],[32],[35]}

$ 1,988,200

Non-Controlled Affiliate [Member] | OneValley, Inc. (f/k/a NestGSV, Inc) [Member] | Preferred Warrant Series B, Strike Price $2.31, Expiration Date 12/31/2023 [Member]

^{[1],[24],[32],[35]}

0.95%

^[1],[32]

Dec. 31, 2018

^[1],[32]

250,000

^[1],[32]

$ 5,080

^[1],[32]

Non-Controlled Affiliate [Member] | Ozy Media, Inc. [Member]

^[1],[32]

$ 10,945,024

^[1],[32]

$ 10,945,024

^[1],[32]

Non-Controlled Affiliate [Member] | Ozy Media, Inc. [Member] | Preferred shares, Series C-2 6% [Member]

^[1],[32]

Digital Media Platform

^[1],[32]

Digital Media Platform

Aug. 31, 2016

^[1],[32]

Aug. 31, 2016

683,482

^[1],[32]

683,482

$ 2,414,178

^[1],[32]

$ 2,414,178

^[1],[32]

Non-Controlled Affiliate [Member] | Ozy Media, Inc. [Member] | Preferred shares, Series B 6% [Member]

^[1],[32]

Oct. 03, 2014

922,509

$ 4,999,999

Non-Controlled Affiliate [Member] | Ozy Media, Inc. [Member] | Preferred Shares Series A 6 % [Member]

Dec. 11, 2013

^[1],[32]

Dec. 11, 2013

1,090,909

^[1],[32]

1,090,909

$ 3,000,200

^[1],[32]

$ 3,000,200

^[1],[32]

Non-Controlled Affiliate [Member] | Ozy Media, Inc. [Member] | Preferred Shares Series Seed 6% [Member]

^[1],[32]

Nov. 02, 2012

^[1],[32]

Nov. 02, 2012

500,000

^[1],[32]

500,000

$ 500,000

^[1],[32]

$ 500,000

^[1],[32]

Non-Controlled Affiliate [Member] | Ozy Media, Inc. [Member] | Common Warrants, Strike Price $0.01, Expiration Date 4/9/2028 [Member]

^[1],[32]

Apr. 09, 2018

^[1],[32]

Apr. 09, 2018

295,565

^[1],[32]

295,565

$ 30,647

^[1],[32]

$ 30,647

^[1],[32]

Non-Controlled Affiliate [Member] | Maven Reseach Inc [Member]

^[1],[32]

^[1],[32]

$ 2,217,653

^[1],[32]

Non-Controlled Affiliate [Member] | Maven Reseach Inc [Member] | Series C Preferred Stock [Member]

^[1],[32]

^[1],[32]

Knowledge Networks

^[1],[32]

Jul. 02, 2012

^[1],[32]

318,979

^[1],[32]

$ 2,000,447

^[1],[32]

Non-Controlled Affiliate [Member] | Maven Reseach Inc [Member] | Series B Preferred Stock [Member]

^[1],[32]

^[1],[32]

Feb. 28, 2012

^[1],[32]

49,505

^[1],[32]

$ 217,206

^[1],[32]

Non-Controlled Affiliate [Member] | Curious.Com Inc [Member] | Common Stock [Member]

^[1],[32]

Online Education

^[1],[32]

Online Education

Nov. 22, 2013

^[1],[32]

Nov. 22, 2013

1,135,944

^[1],[32]

1,135,944

$ 12,000,006

^[1],[32]

$ 12,000,006

^[1],[32]

Non-Controlled Affiliate [Member] | Architect Capital PayJoy SPV, LLC [Member] | Membership Interest in Lending SPV [Member]

^[1],[32]

Mobile Finance Technology

Mar. 24, 2021

10,000,000

$ 10,006,745

$ 10,000,000

Non-Controlled Affiliate [Member] | Strom Wind LLC [Member]

2.74%

$ 6,387,741

$ 11,830,722

Non-Controlled Affiliate [Member] | Strom Wind LLC [Member] | Preferred shares, Series A 8% [Member]

3.24%

Feb. 25, 2014

366,666

$ 110,000

$ 289,293

Non-Controlled Affiliate [Member] | Strom Wind LLC [Member] | Preferred shares, Series C 8% [Member]

0.08%

Jan. 07, 2014

2,779,134

$ 4,000,787

$ 6,496,729

Non-Controlled Affiliate [Member] | Strom Wind LLC [Member] | Preferred shares, Series D 8% [Member]

1.78%

^{[2],[33],[36]}

Interactive Learning

^{[2],[33],[36]}

Nov. 26, 2019

^{[2],[33],[36]}

329,337

^{[2],[33],[36]}

$ 257,267

^{[2],[33],[36]}

$ 621,093

Non-Controlled Affiliate [Member] | Strom Wind LLC [Member] | Preferred shares, Series B 8% [Member]

^{[2],[33],[36]}

0.17%

Dec. 16, 2011

3,279,629

$ 2,019,687

$ 4,423,607

Non-Controlled Affiliate [Member] | OneValley, Inc. [Member]

1.21%

$ 9,660,759

$ 2,778,367

Non-Controlled Affiliate [Member] | OneValley, Inc. [Member] | Derivative Security, Expiration Date 8/23/2024 [Member]

0.77%

^[2],[37]

Global Innovation Platform

^[2],[37]

Aug. 23, 2019

^[2],[37]

^[2],[37]

$ 8,555,124

^[2],[37]

$ 2,268,268

Non-Controlled Affiliate [Member] | OneValley, Inc. [Member] | Convertible Promissory Note 8% Due 8/23/2024 [Member]

^[2],[37]

0.62%

Feb. 17, 2016

1,010,198

$ 1,030,176

$ 505,099

Non-Controlled Affiliate [Member] | OneValley, Inc. [Member] | Preferred Warrant Series B, Strike Price $2.31, Expiration Date 5/29/2022 [Member]

0.14%

May 29, 2017

125,000

$ 70,379

Non-Controlled Affiliate [Member] | OneValley, Inc. [Member] | Preferred Warrant Series B, Strike Price $2.31, Expiration Date 12/31/2023 [Member]

Dec. 31, 2018

250,000

$ 5,080

$ 5,000

Non-Controlled Affiliate [Member] | Maven Research Inc [Member]

0.01%

$ 2,217,653

Non-Controlled Affiliate [Member] | Maven Research Inc [Member] | Preferred Shares Series C 8% [Member]

Knowledge Networks

Jul. 02, 2012

318,979

$ 2,000,447

Non-Controlled Affiliate [Member] | Maven Research Inc [Member] | Preferred Shares Series B 5% [Member]

Feb. 28, 2012

49,505

$ 217,206

Controlled [Member]

$ 19,883,894

^[1],[38]

$ 19,883,894

$ 13,695,870

^[1],[38]

$ 13,758,874

Controlled [Member] | Architect Capital PayJoy SPV, LLC [Member] | Membership Interest in Lending SPV [Member]

6.52%

^[1],[38]

3.78%

^{[4],[10],[38]}

Mobile Finance Technology

^{[4],[10],[38]}

Mar. 24, 2021

^{[4],[10],[38]}

10,000,000

^{[4],[10],[38]}

$ 10,006,745

^{[4],[10],[38]}

$ 10,000,000

Controlled [Member] | Colombier Sponsor LLC [Member]

^[38]

4.76%

$ 2,715,737

^[1],[4],[25]

$ 2,715,737

$ 2,711,842

^[1],[4],[25]

$ 2,711,841

Controlled [Member] | Colombier Sponsor LLC [Member] | Class B Units [Member]

1.29%

^[1],[4],[25]

0.75%

Special Purpose Acquisition Company

^[1],[4],[25]

Special Purpose Acquisition Company

Apr. 01, 2021

^[1],[4],[25]

Apr. 01, 2021

1,976,033

^[1],[4],[25]

1,976,033

$ 1,556,587

^[1],[4],[25]

$ 1,556,587

$ 1,554,355

^[1],[4],[25]

$ 1,554,354

Controlled [Member] | Colombier Sponsor LLC [Member] | Class W Units [Member]

0.74%

^[1],[4],[25]

0.43%

Apr. 01, 2021

^[1],[4],[25]

Apr. 01, 2021

2,700,000

^[1],[4],[25]

2,700,000

$ 1,159,150

^[1],[4],[25]

$ 1,159,150

$ 1,157,487

^[1],[4],[25]

$ 1,157,487

Controlled [Member] | SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.) [Member]

0.55%

^[1],[4],[25]

0.32%

^[1],[38]

$ 7,161,412

^[1],[38]

$ 984,028

Controlled [Member] | SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.) [Member] | Common Stock [Member]

^[1],[38]

0.47%

^[1],[38]

Apr. 15, 2014

^[1],[38]

100,000

^[1],[38]

$ 10,000

^[1],[38]

Controlled [Member] | SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.) [Member] | Preferred Class A [Member]

^[1],[38]

^[1],[39]

Clean Technology

^[1],[39]

Apr. 15, 2014

^[1],[39]

14,300,000

^[1],[39]

$ 7,151,412

^[1],[39]

$ 984,028

Controlled [Member] | SPBRX Inc [Member]

^[1],[39]

0.47%

$ 7,161,412

$ 1,047,033

Controlled [Member] | SPBRX Inc [Member] | Common Stock [Member]

0.29%

Apr. 15, 2014

100,000

$ 10,000

Controlled [Member] | SPBRX Inc [Member] | Preferred Class A [Member]

^[2],[40]

Clean Technology

^[2],[40]

Apr. 15, 2014

^[2],[40]

14,300,000

^[2],[40]

$ 7,151,412

^[2],[40]

$ 1,047,033

Portfolio Investments [Member]

^[2],[40]

0.29%

$ 216,128,508

^[1]

$ 207,455,377

$ 157,188,578

^[1]

$ 260,136,253

US Treasury Bill One [Member]

74.84%

^[1]

71.32%

^[1],[3],[10]

Dec. 29, 2022

^[1],[3],[10]

45,492,000

^[1],[3],[10]

$ 45,000,118

^[1],[3],[10]

$ 45,026,162

US Treasury Bill Two [Member]

^[1],[3],[10]

21.44%

^[1],[3],[10]

Dec. 29, 2022

^[1],[3],[10]

40,937,000

^[1],[3],[10]

$ 39,999,480

^[1],[3],[10]

$ 40,030,655

U S. Treasury Bill [Member]

^[1],[3],[10]

19.06%

^[1]

$ 84,999,598

^[1]

$ 85,056,817

Investments in and Advances to Affiliates [Abstract]

^[1]

40.50%

[1]	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”).
[2]	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”).
[3]	Denotes an investment considered Level 1 or Level 2 and valued using observable inputs. Refer to “Note 4—Investments at Fair Value”.
[4]	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, 2022, 14.47% of its total investments are non-qualifying assets.
[5]	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 Global, Inc. warrants by the exchange ratio, rounded to the nearest whole cent. On and effective August 5, 2022, SuRo Capital Corp. notified Forge Global, Inc. of its intent to net exercise via cashless settlement its 230,144 common warrants in Forge Global, Inc. into 53,283 shares of Forge Global, Inc.’s public common stock, pursuant to the net exercise formula in the warrant agreement. The exercise was effectuated on September 30, 2022.
[6]	Denotes an investment considered Level 1 or Level 2 and valued using observable inputs. Refer to “Note 4—Investments at Fair Value”.
[7]	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.
[8]	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.
[9]	Investment is income-producing.
[10]	Investment is income-producing.
[11]	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, 2022, $0.7 million of a $2.0 million capital commitment to True Global Ventures 4 Plus Fund LP had been called and funded.
[12]	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.
[13]	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.
[14]	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.
[15]	During the year ended December 31, 2022, approximately $1.2 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 the remaining was attributed to interest.
[16]	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.
[17]	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.
[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]	SuRo Capital Corp.’s investments in Commercial Streaming Solutions Inc. (d/b/a BettorView), YouBet Technology, Inc. (d/b/a FanPower), Rebric, Inc. (d/b/a Compliable), EDGE Markets, Inc., and Xgroup Holdings Limited (d/b/a Xpoint) are held through SuRo Capital Corp.’s wholly owned subsidiary, SuRo Capital Sports, LLC (“SuRo Sports”).
[20]	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”).
[21]	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.
[22]	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.
[23]	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.
[24]	As of December 31, 2022, the investments noted had been placed on non-accrual status.
[25]	On of November 9, 2021, Fullbridge, Inc.’s obligations under its financing arrangements with the Company became past due.
[26]	As of December 31, 2021, the investments noted had been placed on non-accrual status.
[27]	During the year ended December 31, 2021, Fullbridge, Inc.’s obligations under its financing arrangements with the Company became past due.
[28]	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.
[29]	“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”.
[30]	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.
[31]	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.
[32]	“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”.
[33]	“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”.
[34]	SuRo Capital Corp.’s investments in StormWind, LLC are held through SuRo Capital Corp.’s wholly owned subsidiary, GSVC SW Holdings, Inc.
[35]	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, ending August 23, 2024, while SuRo Capital Corp. can put the shares to OneValley, Inc. (f/k/a NestGSV, Inc.) at the end of the five year period.
[36]	SuRo Capital Corp.’s investments in StormWind, LLC are held through SuRo Capital Corp.’s wholly owned subsidiary, GSVC SW Holdings, Inc.
[37]	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.
[38]	“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”.
[39]	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.
[40]	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.

SCHEDULE OF FUTURE MINIMUM PAYMENTS OF OPERATING LEASE (Details)	Dec. 31, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2023	$ 190,750
2024	113,603
Total	$ 304,353

INVESTMENTS AT FAIR VALUE (Tables)

12 Months Ended

Dec. 31, 2022

SCHEDULE OF COMPOSITION OF INVESTMENT PORTFOLIO

The following tables summarize the composition of the Company’s investment portfolio by security type at cost and fair value as of December 31, 2022 and December 31, 2021:

	December 31, 2022							December 31, 2021
	Cost		Fair Value		Percentage of Net Assets			Cost		Fair Value		Percentage of Net Assets
Private Portfolio Companies
Preferred Stock	$	118,472,118	$	117,214,465		55.8	%	$	99,964,047	$	163,801,798		44.9	%
Common Stock		50,601,512		18,692,931		8.9	%		51,581,524		42,860,156		11.7	%
Debt Investments		6,316,466		4,488,200		2.1	%		5,807,373		3,011,438		0.8	%
Options		11,415,787		3,469,497		1.7	%		10,982,983		4,959,112		1.4	%
Total Private Portfolio Companies		186,805,883		143,865,093		68.5	%		168,335,927		214,632,504		58.8	%
Publicly Traded Portfolio Companies
Common Stock		29,322,625		13,323,485		6.3	%		39,119,450		44,573,225		12.2	%
Options		—		—		—	%		—		930,524		0.3	%
Total Publicly Traded Portfolio Companies		29,322,625		13,323,485		6.3	%		39,119,450		45,503,749		12.5	%
Total Portfolio Investments		216,128,508		157,188,578		74.8	%		207,455,377		260,136,253		71.3	%
Non-Portfolio Investments
U.S. Treasury Bills		84,999,598		85,056,817		40.5	%		—		—		—	%
Total Investments	$	301,128,106	$	242,245,395		115.3	%	$	207,455,377	$	260,136,253		71.3	%

The geographic and industrial compositions of the Company’s portfolio at fair value as of December 31, 2022 and December 31, 2021 were as follows:

	As of December 31, 2022								As of December 31, 2021
	Fair Value		Percentage of Portfolio			Percentage of Net Assets			Fair Value		Percentage of Portfolio			Percentage of Net Assets
Geographic Region
West	$	94,996,805		60.4	%		45.1	%	$	188,304,542		72.4	%		51.6	%
Northeast		46,944,432		29.9	%		22.4	%		47,666,629		18.3	%		13.1	%
Midwest		8,183,281		5.2	%		3.9	%		12,722,423		4.9	%		3.5	%
International		7,064,060		4.5	%		3.4	%		11,442,659		4.4	%		3.1	%
Total	$	157,188,578		100.0	%		74.8	%	$	260,136,253		100.0	%		71.3	%

	As of December 31, 2022								As of December 31, 2021
	Fair Value		Percentage of Portfolio			Percentage of Net Assets			Fair Value		Percentage of Portfolio			Percentage of Net Assets
Industry
Education Technology	$	61,841,493		39.4	%		29.4	%	$	109,048,688		41.9	%		29.9	%
Financial Technology		38,096,753		24.2	%		18.1	%		71,954,012		27.7	%		19.7	%
Marketplaces		27,291,467		17.4	%		13.0	%		49,346,174		19.0	%		13.5	%
Big Data/Cloud		14,927,819		9.5	%		7.1	%		12,300,823		4.7	%		3.4	%
Social/Mobile		14,047,018		8.9	%		6.7	%		16,439,523		6.3	%		4.5	%
Sustainability		984,028		0.6	%		0.5	%		1,047,033		0.4	%		0.3	%
Total	$	157,188,578		100.0	%		74.8	%	$	260,136,253		100.0	%		71.3	%

SCHEDULE OF FAIR VALUE OF INVESTMENT VALUATION INPUTS

The fair values of the Company’s investments disaggregated into the three levels of the fair value hierarchy based upon the lowest level of significant input used in the valuation as of December 31, 2022 and December 31, 2021 are as follows:

	As of December 31, 2022
	Quoted Prices in Active Markets for Identical Securities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Investments at Fair Value
Private Portfolio Companies
Preferred Stock	$	—	$	—	$	117,214,465	$	117,214,465
Common Stock		—		—		18,692,931		18,692,931
Debt Investments		—		—		4,488,200		4,488,200
Options		—		—		3,469,497		3,469,497
Private Portfolio Companies		—		—		143,865,093		143,865,093
Publicly Traded Portfolio Companies
Common Stock		13,298,992		24,493		—		13,323,485
Non-Portfolio Investments
U.S. Treasury bills		85,056,817		—		—		85,056,817
Total Investments at Fair Value	$	98,355,809	$	24,493	$	143,865,093	$	242,245,395

	As of December 31, 2021
	Quoted Prices in Active Markets for Identical Securities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Investments at Fair Value
Private Portfolio Companies
Preferred Stock	$	—	$	—	$	163,801,798	$	163,801,798
Common Stock		—		—		42,860,156		42,860,156
Debt Investments		—		—		3,011,438		3,011,438
Options		—		—		4,959,112		4,959,112
Private Portfolio Companies		—		—		214,632,504		214,632,504
Publicly Traded Portfolio Companies
Common Stock		16,970,411		27,602,814		—		44,573,225
Options		—		930,524		—		930,524
Publicly Traded Portfolio Companies		16,970,411		28,533,338		—		45,503,749
Total Investments at Fair Value	$	16,970,411	$	28,533,338	$	214,632,504	$	260,136,253

SCHEDULE OF FAIR VALUE OF ASSETS ON UNOBSERVABLE INPUT

As of December 31, 2022

Asset

Fair Value

Valuation Approach/

Technique⁽¹⁾

Unobservable Inputs⁽²⁾

Range (Weighted Average)⁽³⁾

Common stock in private companies

18,692,931

Market approach

Revenue multiples

1.06x - 4.42x (1.74x)

Liquidation Value

N/A

PWERM⁽⁵⁾

AFFO⁽⁴⁾multiple

8.62x -12.62x (10.94x)

Preferred stock in private companies

117,214,465

Market approach

Revenue multiples

0.47x - 5.45x (2.38x)

Liquidation Value

N/A

Discounted cash flow

Discount rate

15.0% (15.0%)

PWERM⁽⁵⁾

Revenue multiples

1.17x - 1.26x

DLOM

10.0% (10.0%)

Financing Risk

10.0% (10.0%)

Debt investments

4,488,200

Market approach

Revenue multiples

0.47x - 5.45x (3.6x)

Options

3,469,497

Option pricing model

Term to expiration (Years)

1.00x - 5.29x (1.65x)

Discounted cash flow

Discount Rate

15.0% (15.0%)

(1)	As of December 31, 2022, the Board used a hybrid market and income approach to value certain common and preferred stock investments as the Board felt this approach better reflected the fair value of these investments. In considering multiple valuation approaches (and consequently, multiple valuation techniques), the valuation approaches and techniques are not likely to change from one period of measurement to the next; however, the weighting of each in determining the final fair value of a Level 3 investment may change based on recent events or transactions. The hybrid approach may also consider certain risk weightings to account for the uncertainty of future events. Refer to “Note 2—Significant Accounting Policies—Investments at Fair Value” for more detail.
(2)	The Board considers all relevant information that can reasonably be obtained when determining the fair value of Level 3 investments. Due to any given portfolio company’s information rights, changes in capital structure, recent events, transactions, or liquidity events, the type and availability of unobservable inputs may change. Increases/(decreases) in revenue multiples, earnings before interest and taxes (“EBIT”) multiples, time to expiration, and stock price/strike price would result in higher (lower) fair values, all else equal. Decreases/(increases) in discount rates, volatility, and annual risk rates, would result in higher (lower) fair values, all else equal. The market approach utilizes market value (revenue and EBIT) multiples of publicly traded comparable companies and available precedent sales transactions of comparable companies. The Company carefully considers numerous factors when selecting the appropriate companies whose multiples are used to value its portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, relevant risk factors, as well as size, profitability and growth expectations. In general, precedent transactions include recent rounds of financing, recent purchases made by the Company, and tender offers. Refer to “Note 2—Significant Accounting Policies—Investments at Fair Value” for more detail.
(3)	The weighted averages are calculated based on the fair market value of each investment.
(4)	Adjusted Funds From Operations, or “AFFO”
(5)	Probability-Weighted Expected Return Method, or “PWERM”

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2022

As of December 31, 2021

Asset

Fair Value

Valuation Approach/ Technique⁽¹⁾

Unobservable Inputs⁽²⁾

Range (Weighted Average)⁽³⁾

Common stock in private companies

42,860,156

Market approach

Revenue multiples

1.80x - 9.62x (6.00x)

Discounted cash flow

Discount rate

15.0% (15.0%)

PWERM⁽⁵⁾

DLOM⁽⁶⁾

10.0% (10.0%)

AFFO⁽⁴⁾multiple

23.03 - 36.28x (23.03x)

Financing Risk

10.0% (10.0%)

Preferred stock in private companies

163,801,798

Market approach

Revenue multiples

0.53x - 9.62x (6.63x)

Discounted cash flow

Discount rate

15.0% (15.0%)

PWERM⁽⁵⁾

Revenue multiples

1.05x - 9.62x (3.04x)

DLOM

10.0% (10.0%)

Financing Risk

10.0% (10.0%)

Debt investments

3,011,438

Market approach

Revenue multiples

1.74x - 2.91x (1.95x)

Options

4,959,112

Option pricing model

Term to expiration (Years)

0.17 - 6.61 (3.08)

Volatility

37.7% - 56.5% (37.7%)

Discounted cash flow

Discount Rate

15.0% (15.0%)

(1)	As of December 31, 2021, the Company used a hybrid market and income approach to value certain common and preferred stock investments as the Company felt this approach better reflected the fair value of these investments. In considering multiple valuation approaches (and consequently, multiple valuation techniques), the valuation approaches and techniques are not likely to change from one period of measurement to the next; however, the weighting of each in determining the final fair value of a Level 3 investment may change based on recent events or transactions. The hybrid approach may also consider certain risk weightings to account for the uncertainty of future events. Refer to “Note 2—Significant Accounting Policies—Investments at Fair Value” for more detail.
(2)	The Company considers all relevant information that can reasonably be obtained when determining the fair value of Level 3 investments. Due to any given portfolio company’s information rights, changes in capital structure, recent events, transactions, or liquidity events, the type and availability of unobservable inputs may change. Increases/(decreases) in revenue multiples, earnings before interest and taxes (“EBIT”) multiples, time to expiration, and stock price/strike price would result in higher (lower) fair values, all else equal. Decreases/(increases) in discount rates, volatility, and annual risk rates, would result in higher (lower) fair values, all else equal. The market approach utilizes market value (revenue and EBIT) multiples of publicly traded comparable companies and available precedent sales transactions of comparable companies. The Company carefully considers numerous factors when selecting the appropriate companies whose multiples are used to value its portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, relevant risk factors, as well as size, profitability and growth expectations. In general, precedent transactions include recent rounds of financing, recent purchases made by the Company, and tender offers. Refer to “Note 2—Significant Accounting Policies—Investments at Fair Value” for more detail.
(3)	The weighted averages are calculated based on the fair market value of each investment.
(4)	Adjusted Funds From Operations, or “AFFO”
(5)	Probability-Weighted Expected Return Method, or “PWERM”
(6)	Discount for Lack of Marketability, or “DLOM”

SCHEDULE OF AGGREGATE VALUE OF ASSETS AND LIABILITIES

The aggregate values of Level 3 assets and liabilities changed during the year ended December 31, 2022 as follows:

	Common Stock			Preferred Stock			Debt Investments			Options			Total
	Year Ended December 31, 2022
	Common Stock			Preferred Stock			Debt Investments			Options			Total
Assets:
Fair Value as of December 31, 2021	$	42,860,156		$	163,801,798		$	3,011,438		$	4,959,112		$	214,632,504
Transfers out of Level 3⁽¹⁾		(6,918,251	)		(1,775,506	)		—			(48,639	)		(8,742,396	)
Purchases, capitalized fees and interest		—			20,767,788			1,509,093			503,183			22,780,064
Sales/Maturity of investments		(874,470	)		—			(1,000,000	)		—			(1,874,470	)
Realized gains/(losses)		160,965			—			—			(70,379	)		90,586
Net change in unrealized appreciation/(depreciation) included in earnings		(16,535,469	)		(65,579,615	)		967,669			(1,873,780	)		(83,021,195	)
Fair Value as of December 31, 2022	$	18,692,931		$	117,214,465		$	4,488,200		$	3,469,497		$	143,865,093
Net change in unrealized appreciation/ (depreciation) of Level 3 investments still held as of December 31, 2022	$	(7,023,165	)	$	(63,138,372	)	$	967,669		$	(1,624,324	)	$	(70,818,192	)

(1)	During the year ended December 31, 2022, the Company’s portfolio investments had the following corporate actions which are reflected above:

Portfolio Company		Conversion from		Conversion to
Forge Global, Inc.		Common Shares, Class AA Junior Preferred Shares Junior Preferred Warrants, Strike Price $12.42, Expiration Date 11/9/2025		Public Common shares (Level 2) Common warrants, Strike Price $3.98, Expiration Date 11/9/2025 (Level 2)

The aggregate values of Level 3 assets and liabilities changed during the year ended December 31, 2021 as follows:

	Common Stock			Preferred Stock			Debt Investments			Options			Total
	Year Ended December 31, 2021
	Common Stock			Preferred Stock			Debt Investments			Options			Total
Assets:
Fair Value as of December 31, 2020	$	34,190,839		$	141,235,987		$	4,845,340		$	5,872,210		$	186,144,376
Fair value, beginning	$	34,190,839		$	141,235,987		$	4,845,340		$	5,872,210		$	186,144,376
Transfers out of Level 3⁽¹⁾		(31,652,675	)		(155,414,652	)		(5,211,120	)		(1,619,463	)		(193,897,910	)
Purchases, capitalized fees and interest		36,154,823			43,239,463			—			2,321,752			81,716,038
Sales/Maturity of investments		(61,675	)		(10,646,457	)		(2,344,979	)		—			(13,053,111	)
Realized gains/(losses)		204,195			5,551,864			88,788			(103,655	)		5,741,192
Net change in unrealized appreciation/(depreciation) included in earnings		4,024,649			139,835,593			5,633,409			(1,511,732	)		147,981,919
Fair Value as of December 31, 2021	$	42,860,156		$	163,801,798		$	3,011,438		$	4,959,112		$	214,632,504
Fair value, ending	$	42,860,156		$	163,801,798		$	3,011,438		$	4,959,112		$	214,632,504
Net change in unrealized appreciation/ (depreciation) of Level 3 investments still held as of December 31, 2021	$	6,117,069		$	46,943,434		$	—		$	(586,899	)	$	52,473,604
Net change in unrealized appreciation/ (depreciation) of Level 3 investments still held	$	6,117,069		$	46,943,434		$	—		$	(586,899	)	$	52,473,604

(1)	During the year ended December 31, 2021, the Company’s portfolio investments had the following corporate actions which are reflected above:

Portfolio Company	Conversion from	Conversion to
Coursera, Inc.	Preferred shares, Series F 8% Preferred shares, Series B 8%	Public Common shares (Level 2)
Churchill Capital Corp. II	Common shares, Class A	Skillsoft Corp. Public Common shares (Level 2)
NewLake Capital Partners, Inc. (f/k/a GreenAcreage Real Estate Corp.)	Common shares	Public Common shares (Level 2)
A Place for Rover, Inc. (f/k/a DogVacay, Inc.)	Common shares	Rover Group, Inc. Public Common shares (Level 2)
Enjoy Technology, Inc.	Preferred shares, Series B 6% Preferred shares, Series A 6% Convertible Promissory Note 14% Due 1/30/2024	Public Common shares (Level 2)
Nextdoor Holdings, Inc.	Common shares	Public Common shares (Level 2)
Rent the Runway, Inc.	Preferred shares, Series G	Public Common shares (Level 2)

SCHEDULE OF INVESTMENTS IN AND ADVANCES TO AFFILIATES

Transactions during the year ended December 31, 2022 involving the Company’s controlled investments and non-controlled/affiliate investments were as follows:

Type/Industry/Portfolio Company/Investment	Principal/ Quantity		Interest, Fees, or Dividends Credited in Income		Fair Value at December 31, 2021		Transfer In/ (Out)		Purchases, Capitalized Fees, Interest and Amortization		Sales		Realized Gains/(Losses)			Unrealized Gains/(Losses)			Fair Value at December 31, 2022		Percentage of Net Assets
*CONTROLLED INVESTMENTS⁽²⁾**
Options
Special Purpose Acquisition Company
Colombier Sponsor LLC**–Class W Units⁽⁷⁾		2,700,000	$	—	$	1,157,487	$	—	$	—	$	—	$	—		$	—		$	1,157,487		0.55	%
Total Options				—		1,157,487		—		—		—		—			—			1,157,487		0.55	%
Preferred Stock
Clean Technology
SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.)–Preferred shares, Class A⁽⁴⁾		14,300,000		—		1,047,033		—		—		—		—			(63,005	)		984,028		0.47	%
Total Preferred Stock				—		1,047,033		—		—		—		—			(63,005	)		984,028		0.47	%
Common Stock
Clean Technology
SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.)–Common shares		100,000		—		—		—		—		—		—			—			—		—	%
Mobile Finance Technology
Architect Capital PayJoy SPV, LLC–Membership Interest in Lending SPV*	$	10,000,000		1,685,000		10,000,000		—		—		—		—			—			10,000,000		4.76	%
Special Purpose Acquisition Company
Colombier Sponsor LLC**–Class B Units⁽⁷⁾		1,976,033		—		1,554,354		—		—		—		—			1			1,554,355		0.74	%
Total Common Stock				1,685,000		11,554,354		—		—		—		—			1			11,554,355		5.50	%
*TOTAL CONTROLLED INVESTMENTS⁽²⁾**			$	1,685,000	$	13,758,874	$	—	$	—	$	—	$	—		$	(63,004	)	$	13,695,870		6.52	%
*NON-CONTROLLED/AFFILIATE INVESTMENTS⁽¹⁾**
Debt Investments
Global Innovation Platform
OneValley, Inc. (f/k/a NestGSV, Inc.) –Convertible Promissory Note 8%, Due 8/23/2024⁽³⁾	$	1,010,198	$	—	$	505,099	$	—	$	—	$	—	$	—		$	1,483,101		$	1,988,200		0.95	%
Total Debt Investments				—		505,099		—		—		—		—			1,483,101			1,988,200		0.95	%
Preferred Stock
Knowledge Networks
Maven Research, Inc.–Preferred shares, Series C		318,979		—		—		—		—		—		—			—			—		—	%
Maven Research, Inc.–Preferred shares, Series B		49,505		—		—		—		—		—		—			—			—		—	%
Total Knowledge Networks				—		—		—		—		—		—			—			—		—	%
Digital Media Platform
Ozy Media, Inc.–Preferred shares, Series C-2 6%		683,482		—		—		—		—				—			—			—		—	%
Ozy Media, Inc.–Preferred shares, Series B 6%		922,509		—		—		—		—		—		—			—			—		—	%
Ozy Media, Inc.–Preferred shares, Series A 6%		1,090,909		—		—		—		—		—		—			—			—		—	%
Ozy Media, Inc.–Preferred shares, Series Seed 6%		500,000		—		—		—		—		—		—			—			—		—	%
Total Digital Media Platform				—		—		—		—		—		—			—			—		—	%
Interactive Learning
StormWind, LLC–Preferred shares, Series D 8%⁽⁵⁾		329,337		—		621,093		—		—				—			(87,664	)		533,429		0.25	%
StormWind, LLC–Preferred shares, Series C 8%⁽⁵⁾		2,779,134		—		6,496,729		—		—		—		—			(821,648	)		5,675,081		2.70	%
StormWind, LLC–Preferred shares, Series B 8%⁽⁵⁾		3,279,629		—		4,423,607		—		—		—		—			(872,976	)		3,550,631		1.69	%
StormWind, LLC–Preferred shares, Series A 8%⁽⁵⁾		366,666		—		289,293		—		—		—		—			(97,599	)		191,694		0.09	%
Total Interactive Learning				—		11,830,722		—		—		—		—			(1,879,887	)		9,950,835		4.74	%
Total Preferred Stock				—		11,830,722		—		—		—		—			(1,879,887	)		9,950,835		4.74	%

Options
Digital Media Platform
Ozy Media, Inc.–Common Warrants, Strike Price $0.01, Expiration Date 4/9/2028		295,565	$	—	$	—	$	—	$	—	$	—	$	—		$	—		$	—		—	%
Global Innovation Platform
OneValley, Inc. (f/k/a NestGSV, Inc.)–Preferred Warrant Series B, Strike Price $2.31, Expiration Date 5/29/2022		—		—		—		—		—		—		(70,379	)		70,379			—		—	%
OneValley, Inc. (f/k/a NestGSV, Inc.)–Preferred Warrant Series B, Strike Price $2.31, Expiration Date 12/31/2023		250,000		—		5,000		—		—		—		—			(5,000	)		—		—	%
OneValley, Inc. (f/k/a NestGSV, Inc.)–Derivative Security, Expiration Date 8/23/2024⁽⁶⁾		1		—		2,268,268		—		—		—		—			(1,616,141	)		652,127		0.31	%
Total Global Innovation Platform				—		2,273,268		—		—				(70,379	)		(1,550,762	)		652,127		0.31	%
Total Options				—		2,273,268		—		—		—		(70,379	)		(1,550,762	)		652,127		0.31	%
Common Stock
Online Education
Curious.com, Inc.–Common shares		1,135,944		—		—		—		—		—		—			—			—		—	%
Total Common Stock				—		—		—		—		—		—			—			—		—	%
*TOTAL NON-CONTROLLED/AFFILIATE INVESTMENTS⁽¹⁾**			$	—	$	14,609,089	$	—	$	—	$	—	$	(70,379	)	$	(1,947,548	)	$	12,591,162		6.00	%

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2022

*	All portfolio investments are non-income-producing, unless otherwise identified. Equity investments are subject to lock-up restrictions upon their 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 portfolio investments are considered Level 3 and valued using unobservable inputs, unless otherwise noted. 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 1940 Act. Of the Company’s total investments as of December 31, 2022, 14.47% 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. 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.

(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.

(3)	As of December 31, 2022, the investments noted had been placed on non-accrual status.

(4)	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 rate. 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.

(5)	SuRo Capital Corp.’s investments in StormWind, LLC are held through SuRo Capital Corp.’s wholly owned subsidiary, GSVC SW Holdings, Inc.

(6)	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, ending August 23, 2024, while SuRo Capital Corp. can put the shares to OneValley, Inc. (f/k/a NestGSV, Inc.) at the end of the five year period.

(7)	Colombier Sponsor LLC is the sponsor of Colombier Acquisition Corp., 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.

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2022

Schedule of Investments In, and Advances to, Affiliates

Transactions during the year ended December 31, 2021 involving the Company’s controlled investments and non-controlled/affiliate investments were as follows:

Type/Industry/Portfolio Company/Investment	Principal/ Quantity		Interest, Fees, or Dividends Credited in Income		Fair Value at December 31, 2020		Transfer In/ (Out)			Purchases, Capitalized Fees, Interest and Amortization		Sales			Realized Gains/(Losses)			Unrealized Gains/(Losses)			Fair Value at December 31, 2021		Percentage of Net Assets
*CONTROLLED INVESTMENTS⁽²⁾**
Options
Special Purpose Acquisition Company
Colombier Sponsor LLC**–Class W Units⁽⁹⁾		2,700,000	$	—	$	—	$	—		$	1,159,150	$	—		$	—		$	(1,663	)	$	1,157,487		0.32	%
Total Options				—		—		—			1,159,150		—			—			(1,663	)		1,157,487		0.32	%
Preferred Stock
Clean Technology
SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.)–Preferred shares, Class A⁽⁴⁾		14,300,000		—		809,198		—			—		—			—			237,835			1,047,033		0.29	%
Total Preferred Stock				—		809,198		—			—		—			—			237,835			1,047,033		0.29	%
Common Stock
Clean Technology
SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.)–Common shares		100,000		—		—		—			—		—			—			—			—		—	%
Mobile Finance Technology
Architect Capital PayJoy SPV, LLC–Membership Interest in Lending SPV*⁽⁷⁾	$	10,000,000		390,000		—		—			10,006,745		—			—			(6,745	)		10,000,000		2.74	%
Special Purpose Acquisition Company
Colombier Sponsor LLC**–Class B Units⁽⁹⁾		1,976,033		—		—		—			1,556,587		—			—			(2,233	)		1,554,354		0.43	%
Total Common Stock				390,000		—		—			11,563,332		—			—			(8,978	)		11,554,354		3.17	%
*TOTAL CONTROLLED INVESTMENTS⁽²⁾**			$	390,000	$	809,198	$	—		$	12,722,482	$	—		$	—		$	227,194		$	13,758,874		3.78	%
*NON-CONTROLLED/AFFILIATE INVESTMENTS⁽¹⁾**
Debt Investments
Corporate Education
CUX, Inc. (d/b/a CorpU)–Senior Subordinated Convertible Promissory Note 4% Due 2/14/2023	$	—	$	—	$	312,790	$	—		$	—	$	(1,344,981	)	$	88,789		$	943,402		$	—		—	%
Global Innovation Platform
OneValley, Inc. (f/k/a NestGSV, Inc.) –Convertible Promissory Note 8% Due 8/23/2024⁽³⁾⁽⁶⁾	$	1,010,198	$	—	$	505,099	$	—		$	—	$	—		$	—		$	—		$	505,099		0.14	%
Total Debt Investments				—		817,889		—			—		(1,344,981	)		88,789			943,402			505,099		0.14	%
Preferred Stock
Corporate Education
CUX, Inc. (d/b/a CorpU)–Convertible preferred shares, Series D 6%		—		—		73,882		—			—		(1,159,243	)		380,636			704,725			—		—	%
CUX, Inc. (d/b/a CorpU) -Convertible preferred shares, Series C 8%		—		—		—		—			—		(3,504,871	)		1,498,794			2,006,077			—		—	%
Total Corporate Education				—		73,882		—			—		(4,664,114	)		1,879,430			2,710,802			—		—	%
Knowledge Networks
Maven Research, Inc.–Preferred shares, Series C		318,979		—		—		—			—		—			—			—			—		—	%
Maven Research, Inc.–Preferred shares, Series B		49,505		—		—		—			—		—			—			—			—		—	%
Total Knowledge Networks				—		—		—			—		—			—			—			—		—	%
Digital Media Platform
Ozy Media, Inc.–Preferred shares, Series C-2 6%		683,482		—		1,865,547		—			—		-			—			(1,865,547	)		—		—	%
Ozy Media, Inc.–Preferred shares, Series B 6%		922,509		—		3,350,952		—			—		—			—			(3,350,952	)		—		—	%
Ozy Media, Inc.–Preferred shares, Series A 6%		1,090,909		—		2,824,679		—			—		—			—			(2,824,679	)		—		—	%
Ozy Media, Inc.–Preferred shares, Series Seed 6%		500,000		—		1,294,645		—			—		—			—			(1,294,645	)		—		—	%
Total Digital Media Platform				—		9,335,823		—			—		—			—			(9,335,823	)		—		—	%
Interactive Learning
StormWind, LLC–Preferred shares, Series D 8%⁽⁵⁾		329,337		—		440,515		—			—		-			—			180,578			621,093		0.17	%
StormWind, LLC–Preferred shares, Series C 8%⁽⁵⁾		2,779,134		—		4,804,218		—			—		—			—			1,692,511			6,496,729		1.78	%
StormWind, LLC–Preferred shares, Series B 8%⁽⁵⁾		3,279,629		—		2,625,365		—			—		—			—			1,798,242			4,423,607		1.21	%
StormWind, LLC–Preferred shares, Series A 8%⁽⁵⁾		366,666	$	—	$	88,248	$	—		$	—	$	—		$	—		$	201,045		$	289,293		0.08	%
Total Interactive Learning				—		7,958,346		—			—		—			—			3,872,376			11,830,722		3.24	%
Total Preferred Stock				—		17,368,051		—			—		(4,664,114	)		1,879,430			(2,752,645	)		11,830,722		3.24	%

Options
Digital Media Platform
Ozy Media, Inc.–Common Warrants, Strike Price $0.01, Expiration Date 4/9/2028		295,565		—		762,558		—			—		—			—			(762,558	)		—		—	%
Global Innovation Platform
OneValley, Inc. (f/k/a NestGSV, Inc.)–Preferred Warrant Series A-3 - Strike Price $1.33, Expiration Date 4/4/2021		—		—		4,687		—			—		—			—			(4,687	)		—		—	%
OneValley, Inc. (f/k/a NestGSV, Inc.)–Preferred Warrant Series A-4, Strike Price $1.33, Expiration Date 7/18/2021		—		—		27,500		—			—		—			(74,380	)		46,880			—		—	%
OneValley, Inc. (f/k/a NestGSV, Inc.)–Preferred Warrant Series A-4, Strike Price $1.33, Expiration Date 10/6/2021		—		—		65,000		—			—		—			—			(65,000	)		—		—	%
OneValley, Inc. (f/k/a NestGSV, Inc.)–Preferred Warrant Series B, Strike Price $2.31, Expiration Date 11/29/2021		—		—		—		—			—		—			(29,275	)		29,275			—		—	%
OneValley, Inc. (f/k/a NestGSV, Inc.)–Preferred Warrant Series B, Strike Price $2.31, Expiration Date 5/29/2022		125,000		—		—		—			—		—			—			—			—		—	%
OneValley, Inc. (f/k/a NestGSV, Inc.)–Preferred Warrant Series B, Strike Price $2.31, Expiration Date 12/31/2023		250,000		—		9,250		—			—		—			—			(4,250	)		5,000		0.01	%
Derivative Security, Expiration Date 8/23/2024⁽⁶⁾		1		—		2,173,148		—			—		—			—			95,120			2,268,268		0.62	%
Total Global Innovation Platform				—		2,279,585		—			—					(103,655	)		97,338			2,273,268		0.63	%
Total Options				—		3,042,143		—			—		—			(103,655	)		(665,220	)		2,273,268		0.63	%
Common Stock
Online Education
Curious.com, Inc.–Common shares		1,135,944		—		—		—			—		—			—			—			—		—	%

Cannabis REIT
NewLake Capital Partners, Inc. (f/k/a GreenAcreage Real Estate Corp.)–Common shares*⁽⁸⁾		—	$	102,632	$	8,937,690	$	(9,009,952	)	$	500,319	$	—		$	—		$	(428,057	)	$	—		—	%
Total Common Stock				102,632		8,937,690		(9,009,952	)		500,319		—			—			(428,057	)		—		—	%
*TOTAL NON-CONTROLLED/AFFILIATE INVESTMENTS⁽¹⁾**			$	102,632	$	30,165,773	$	(9,009,952	)	$	500,319	$	(6,009,095	)	$	1,864,564		$	(2,902,520	)	$	14,609,089		4.01	%

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2022

*	All portfolio investments are non-income-producing, unless otherwise identified. Equity investments are subject to lock-up restrictions upon their 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 portfolio investments are considered Level 3 and valued using unobservable inputs, unless otherwise noted. 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 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.

(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.

(3)	As of December 31, 2021, the investments noted had been placed on non-accrual status.

(4)	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 rate. 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.

(5)	SuRo Capital Corp.’s investments in StormWind, LLC are held through SuRo Capital Corp.’s wholly owned subsidiary, GSVC SW Holdings, Inc.

(6)	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.

(7)	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.

(8)	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, of which approximately $0.1 million reflects the dividend income earned while NewLake Capital Partners, Inc. (f/k/a GreenAcreage Real Estate Corp.) was a non-controlled/affiliate investment. 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.

(9)	Colombier Sponsor LLC is the sponsor of Colombier Acquisition Corp., 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.

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2022

SCHEDULE OF DEBT (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Short-Term Debt [Line Items]
Initial aggregate principal amount of 4.75% Convertible Senior Notes due 2023	$ 75,000,000	$ 75,000,000
4.75% Convertible Senior Notes due 2023 [Member]
Short-Term Debt [Line Items]
Initial aggregate principal amount of 4.75% Convertible Senior Notes due 2023		38,215,000
Conversion of 4.75% Convertible Senior Notes due 2023		(37,925,000)
Redemption of 4.75% Convertible Senior Notes due 2023		(290,000)
Direct deduction of deferred debt issuance costs
4.75% Convertible Senior Notes due 2023 Payable

Consolidated Statements of Cash Flows - USD ($)

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Cash Flows from Operating Activities

Net change in net assets resulting from operations

$ (132,177,053)

$ 147,071,721

$ 75,337,438

Adjustments to reconcile net change in net assets resulting from operations to net cash provided by/(used in) operating activities:

Net realized (gain)/loss on investments

5,905,453

(218,735,504)

(16,441,223)

Net change in unrealized (appreciation)/depreciation of investments

111,563,592

61,732,964

(73,410,631)

Amortization of discount on 4.75% Convertible Senior Notes due 2023

76,927

376,802

Amortization of discount on 6.00% Notes due 2026

425,550

16,310

Stock-based compensation

^[1]

2,015,600

1,306,615

1,962,431

Adjustments to escrow proceeds receivable

(859,121)

1,934,622

844,825

Forfeited interest on 4.75% Convertible Senior Notes due 2023

102,917

25,996

Purchases of investments in:

Portfolio investments

(22,783,388)

(81,716,039)

(31,433,027)

U.S. Treasury bills

(184,172,673)

(450,000,084)

Proceeds from sales or maturity of investments in:

Portfolio investments

9,063,919

257,427,478

31,245,944

U.S. Treasury bills

99,173,075

150,000,000

350,000,000

Change in operating assets and liabilities:

Prepaid expenses and other assets

210,978

47,566

770,383

Interest and dividends receivable

(55,111)

83,343

(82,368)

Proceeds receivable

52,493

(52,493)

Escrow proceeds receivable

1,418,313

(1,194,183)

(587,154)

Payable for securities purchased

(134,250,000)

89,503,340

Accounts payable and accrued expenses

(166,220)

112,735

(381,611)

Payable to executive officers

(1,369,873)

Income tax payable

(35,850)

35,850

Accrued interest payable

(175,000)

(278,803)

(21,197)

Net Cash Provided by/(Used in) Operating Activities

(110,559,593)

183,650,326

(23,624,159)

Cash Flows from Financing Activities

Proceeds from the issuance of common stock, net

229,896

78,608

49,882,319

Proceeds from the issuance of 6.00% Notes due 2026

75,000,000

Redemption of 4.75% Convertible Senior Notes due 2023

(290,000)

Deferred debt issuance costs

(1,970,892)

Repurchases of common stock

(21,452,541)

(10,379,995)

Cash dividends paid

(26,535,702)

(103,458,098)

(14,659,850)

Cash paid for fractional shares

(399)

(40)

Deferred financing costs

(1,540)

(366,191)

(285,814)

Net Cash Provided by/(Used in) Financing Activities

(47,759,887)

(31,006,972)

24,556,620

Total Increase/(Decrease) in Cash Balance

(158,319,480)

152,643,354

932,461

Cash Balance at Beginning of Year

198,437,078

45,793,724

44,861,263

Cash Balance at End of Year

40,117,598

198,437,078

45,793,724

Supplemental Information:

Interest paid

4,662,500

794,206

1,874,294

Taxes paid

82,238

43,499

5,859

Conversion of 4.75% Convertible Senior Notes due 2023

$ 37,925,000

$ 1,785,000

[1]	For the year ended December 31, 2020, this balance includes $1,962,431 of accelerated recognition of compensation cost related to the cancellation of unvested options on April 28, 2020. Refer to “Note 11— Stock-Based Compensation” for more detail.

Consolidated Statements of Changes in Net Assets - USD ($)

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Change in Net Assets Resulting from Operations

Net investment loss

$ (14,708,008)

$ (9,930,819)

$ (14,514,416)

Net realized gain on investments

(5,905,453)

218,735,504

16,441,223

Net change in unrealized appreciation/(depreciation) of investments

(111,563,592)

(61,732,964)

73,410,631

Net Change in Net Assets Resulting from Operations

(132,177,053)

147,071,721

75,337,438

Distributions

Dividends declared

(3,441,824)

(212,197,025)

(16,947,366)

Total Distributions

(3,441,824)

(212,197,025)

(16,947,366)

Change in Net Assets Resulting from Capital Transactions

Issuance of common stock from public offering

229,896

78,608

49,882,319

Issuance of common stock from conversion of 4.75% Convertible Notes due 2023

37,259,819

1,810,956

Stock-based compensation

^[1]

2,015,600

1,306,615

1,962,431

Issuance of common stock from stock dividend

89,743,813

Repurchases of common stock

(21,452,541)

(10,379,994)

Net change in net assets resulting from capital transactions

(19,207,045)

128,388,855

43,275,712

Total change in net assets

(154,825,922)

63,263,551

101,665,784

364,846,624

301,583,073

199,917,289

Shares outstanding at beginning of period

$ 210,020,702

$ 364,846,624

$ 301,583,073

Capital Share Activity

31,118,556

19,914,023

17,564,244

Issuance of common stock from public offering, shares

17,807

5,900

3,808,979

Issuance of common stock under restricted stock plan, shares

301,812

369,298

21,760

Issuance of common stock from conversion of 4.75% Convertible Notes due 2023, shares

4,097,808

174,888

Issuance of common stock from stock dividend, shares

6,731,527

Shares repurchased, shares

(3,008,676)

(1,655,848)

Net Change in Net Assets Resulting from Operations per Common Share:

28,429,499

31,118,556

19,914,023

[1]	For the year ended December 31, 2020, this balance includes $1,962,431 of accelerated recognition of compensation cost related to the cancellation of unvested options on April 28, 2020. Refer to “Note 11— Stock-Based Compensation” for more detail.

SCHEDULE OF BASIC AND DILUTED COMMON SHARE (Details) - USD ($)

3 Months Ended

12 Months Ended

Dec. 31, 2022

Sep. 30, 2022

Jun. 30, 2022

Mar. 31, 2022

Dec. 31, 2021

Sep. 30, 2021

Jun. 30, 2021

Mar. 31, 2021

Dec. 31, 2020

Sep. 30, 2020

Jun. 30, 2020

Mar. 31, 2020

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Net change in net assets resulting from operations

$ (132,177,053)

$ 147,071,721

$ 75,337,438

Weighted-average common shares–basic

28,349,822

29,781,801

30,633,878

31,228,046

29,883,824

27,619,062

25,334,482

20,486,621

19,999,989

17,795,538

16,383,188

17,440,994

30,023,202

25,861,642

17,910,353

Earnings per common share–basic

$ (0.44)

$ (1.54)

$ (3.08)

$ 0.66

$ (0.32)

$ 0.55

$ 1.32

$ 5.27

$ 3.06

$ 0.89

$ 1.33

$ (1.36)

$ (4.40)

$ 5.69

$ 4.21

Net change in net assets resulting from operations

$ (132,177,053)

$ 147,071,721

$ 75,337,438

Adjustment for interest and amortization on 4.75% Convertible Senior Notes due 2023

^[1]

501,065

2,239,210

Net change in net assets resulting from operations, as adjusted

(132,177,053)

147,572,786

77,576,648

Adjustment for dilutive effect of 4.75% Convertible Senior Notes due 2023

^[1]

$ 896,725

$ 3,880,545

Weighted-average common shares outstanding–diluted

28,349,822

29,781,801

30,633,878

31,228,046

29,883,824

27,619,062

25,334,482

24,123,339

23,884,529

21,598,403

20,300,980

17,440,994

30,023,202

^[2]

26,758,367

^[2]

21,790,898

^[2]

Earnings per common share–diluted

$ (0.44)

$ (1.54)

$ (3.08)

$ 0.66

$ (0.32)

$ 0.55

$ 1.32

$ 4.50

$ 2.59

$ 0.76

$ 1.10

$ (1.36)

$ (4.40)

^[2]

$ 5.52

^[2]

$ 3.56

^[2]

[1]	As of December 31, 2022 and 2021, there were no potentially dilutive securities outstanding. For the year ended December 31, 2020, 0 potentially dilutive common shares were excluded from the weighted average common shares outstanding for diluted net change in net assets resulting from operations per common share because the effect of these shares would have been anti-dilutive.
[2]	As of December 31, 2022 and 2021, there were no potentially dilutive securities outstanding. For the year ended December 31, 2020, 0 potentially dilutive common shares were excluded from the weighted average common shares outstanding for diluted net change in net assets resulting from operations per common share because the effect of these shares would have been anti-dilutive.

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 7—COMMITMENTS AND CONTINGENCIES

In the normal course of business, the Company may enter into investment agreements under which it commits to make an investment in a portfolio company at some future date or over a specified period of time. As of December 31, 2022 and December 31, 2021, the Company had $1,330,000 and $1,330,000, respectively, in non-binding investment agreements that required it to make a future investment in a portfolio company.

From time to time, the Company may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of its rights under contracts with its portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, the Company does not expect that these proceedings will have a material effect upon its business, financial condition or results of operations. The Company is not currently a party to any material legal proceedings.

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2022

Operating Leases & Related Deposits

The Company currently has one operating lease for office space for which the Company has recorded a right-of-use asset and lease liability for the operating lease obligation. The lease commenced June 3, 2019 and expires July 31, 2024. The lease expense is presented as a single lease cost that is amortized on a straight-line basis over the life of the lease.

As of December 31, 2022 and December 31, 2021, the Company booked a right-of-use asset and operating lease liability of $288,268 and $470,508, respectively, on the Consolidated Statement of Assets and Liabilities. As of December 31, 2022 and December 31, 2021, the Company recorded a security deposit of $16,574 and $16,574, respectively, on the Consolidated Statement of Assets and Liabilities. For the years ended December 31, 2022 and 2021, the Company incurred $192,176 and $186,738, respectively, of operating lease expense. The amounts reflected on the Consolidated Statement of Assets and Liabilities have been discounted using the rate implicit in the lease. As of December 31, 2022, the remaining lease term was 1.6 years and the discount rate was 3.00%.

The following table shows future minimum payments under the Company’s operating lease as of December 31, 2022:

For the Years Ended December 31,	Amount
2023		190,750
2024		113,603
	$	304,353

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2022

SCHEDULE OF FINANCIAL HIGHLIGHTS (Details) - USD ($)

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Investment Company [Abstract]

Net asset value at beginning of the year

$ 11.72

$ 15.14

$ 11.38

$ 9.89

$ 9.64

Net investment loss

^[1]

(0.49)

(0.38)

(0.81)

(0.49)

(0.37)

Net realized gain/(loss) on investments

^[1]

(0.20)

8.46

0.92

0.99

(0.36)

Realized loss on partial repurchase of 5.25% Convertible Senior Notes due 2018

^[1]

(0.02)

Net change in unrealized appreciation/(depreciation) of investments

^[1]

(3.72)

(2.39)

3.78

0.69

0.47

Benefit from taxes on unrealized depreciation of investments

^[1]

0.05

0.33

Dividends declared

(0.11)

(8.00)

(0.87)

(0.32)

Issuance of common stock from stock dividend

0.74

Issuance of common stock from public offering

^[1]

0.01

0.30

Issuance of common stock from conversion of 4.75% Convertible Notes due 2023

^[1]

(1.91)

(0.11)

Repurchase of common stock

^[1]

0.11

0.43

0.52

0.20

Stock-based compensation

^[1]

0.07

0.05

0.12

0.05

Net asset value at end of year

7.39

11.72

15.14

11.38

9.89

Per share market value at end of year

$ 3.80

$ 12.95

$ 13.09

$ 6.55

$ 5.22

Total return based on market value

^[2]

(69.45%)

60.05%

99.85%

31.61%

(4.22%)

Total return based on net asset value

^[2]

(36.01%)

30.25%

33.04%

15.08%

2.59%

28,429,499

31,118,556

19,914,023

17,564,244

19,762,647

Ratio of gross operating expenses to average net assets

$ 210,020,702

$ 364,846,624

$ 301,583,073

$ 199,917,289

$ 195,378,159

Average net assets

$ 310,086,061

$ 396,209,139

$ 205,430,809

$ 209,261,190

$ 208,678,731

^[3]

5.87%

2.88%

7.95%

6.08%

7.09%

Ratio of incentive fee waiver to average net assets

(2.40%)

Ratio of management fee waiver to average net assets

(0.43%)

Ratio of income tax provision to average net assets

(0.42%)

(3.22%)

Ratio of net operating expenses to average net assets

^[3]

5.87%

2.88%

7.95%

5.66%

1.04%

Ratio of net investment loss to average net assets

^[3]

(4.76%)

(2.51%)

(7.07%)

(4.52%)

(3.66%)

Portfolio Turnover Ratio

4.31%

28.34%

14.87%

12.95%

5.01%

[1]	Based on weighted-average number of shares outstanding for the relevant period.
[2]	Total return based on market value is based upon the change in market price per share between the opening and ending market values per share in the period, adjusted for dividends and equity issuances. Total return based on net asset value is based upon the change in net asset value per share between the opening and ending net asset values per share in the period, adjusted for dividends and equity issuances.
[3]	For the year ended December 31, 2021, the Company excluded $100,274 of non-recurring expenses. For the year ended December 31, 2020, the Company excluded $1,962,431 of non-recurring expenses. For the year ended December 31, 2019, the Company excluded $1,769,820 of non-recurring expenses. For the year ended December 31, 2018, the Company excluded $352,667 of non-recurring expenses. Because the ratios are calculated for the Company’s common stock taken as a whole, an individual investor’s ratios may vary from these ratios.

SCHEDULE OF COMPONENTS OF DISTRIBUTED EARNINGS ON A TAX BASIS (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Undistributed ordinary income/(loss)	$ (45,822,672)	$ (35,883,906)
Accumulated net realized gains/(losses) on investments	(3,901,291)	3,489,058
Unrealized appreciation/(depreciation)	(52,428,951)	58,263,205
Components of distributable earnings at year end	$ (102,152,914)	$ 25,868,357

SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Jun. 03, 2019
Accounting Policies [Abstract]
Escrow proceeds receivable	$ 628,332	$ 2,046,645
Deferred financing costs	555,761	2,592,611
Operating leases, term of contract			5 years
Escrow deposits	$ 0	$ 0

SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2022

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 12—SUBSEQUENT EVENTS

Portfolio Activity

From January 1, 2023 through March 15, 2023, the Company exited or received proceeds from the following investments:

SCHEDULE OF INVESTMENTS

Portfolio Company	Transaction Date	Shares Sold		Average Net Share Price ⁽¹⁾		Net Proceeds		Realized Loss⁽²⁾
Rent the Runway, Inc.⁽³⁾	1/4/2023		79,191	$	3.05	$	241,456	$	(961,837	)
Kahoot! ASA⁽⁴⁾	Various		38,305		1.97		75,602		(100,465	)
NewLake Capital Partners, Inc. (f/k/a GreenAcreage Real Estate Corp.)⁽⁵⁾	Various		123,938		18.50		2,293,110		(186,155	)
Residential Homes For Rent, LLC (d/b/a Second Avenue)⁽⁶⁾	Various		N/A		N/A		166,667		—
Total						$	2,776,835	$	(1,248,457	)

(1)	The average net share price is the net share price realized after deducting all commissions and fees on the sale(s), if applicable.
(2)	Realized loss does not include adjustments to amounts held in escrow receivable.
(3)	As of January 4, 2023, SuRo Capital had sold its public common shares of Rent the Runway, Inc.
(4)	As of March 8, 2023, SuRo Capital had sold its public common shares of Kahoot! ASA.
(5)	As of March 15, 2023, SuRo Capital held 105,820 common shares of NewLake Capital Partners, Inc. (f/k/a GreenAcreage Real Estate Corp.)
(6)	Subsequent to December 31, 2022, $0.2 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, $0.2 million repaid a portion of the outstanding principal and the remaining proceeds were attributed to interest.

From January 1, 2023 through March 15, 2023, the Company made the following investments (not including capitalized transaction costs):

SCHEDULE OF INVESTMENTS BY COMPANY

Portfolio Company	Investment	Transaction Date	Amount ($)
Orchard Technologies, Inc.⁽¹⁾	Series 1 Senior Preferred	1/13/2023	$	2,000,000
Total			$	2,000,000

(1)	Represents a follow-on investment

The Company is frequently in negotiations with various private companies with respect to investments in such companies. Investments in private companies are generally subject to satisfaction of applicable closing conditions. In the case of secondary market transactions, such closing conditions may include approval of the issuer, waiver or failure to exercise rights of first refusal by the issuer and/or its stockholders and termination rights by the seller or the Company. Equity investments made through the secondary market may involve making deposits in escrow accounts until the applicable closing conditions are satisfied, at which time the escrow accounts will close and such equity investments will be effectuated. From January 1, 2023 through March 15, 2023, the Company had $1.3 million in non-binding investment agreements that required it to make a future investment in a portfolio company.

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2022

Notice of Terminating Custody Agreements

On March 10, 2023, the Company and U.S. Bank Trust Company, National Association (the “Custodian”) and U.S. Bank National Association (the “Document Custodian” and, together with the Custodian, the “U.S. Bank Entities”) agreed to terminate, effective as of May 9, 2023 or such later date as the parties mutually agree, the Custody Agreement, dated as of October 28, 2022, between the Company and the Custodian (the “Securities Custody Agreement”), and the Document Custody Agreement, dated as of October 28, 2022, between the Company and the Document Custodian (the “Document Custody Agreement” and, together with the Securities Custody Agreement, the “Custody Agreements”). The Company has commenced a transition process with the U.S. Bank Entities, and are currently in discussions with a number of reputable qualified custodians that it expects will be able to fulfill the Company’s needs in providing the custodial services currently provided by the U.S. Bank Entities without disruption. The termination of the Custody Agreements followed a determination by the parties that the arrangements set forth by the Custody Agreements were no longer mutually beneficial. The Company does not believe that such termination will have a material adverse impact on its operations or financial condition. See “Item 9B. Other Information” of this Form 10-K for additional information.

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2022

NATURE OF OPERATIONS

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

NATURE OF OPERATIONS

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”).

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 December 31, 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.

SCHEDULE OF COMPANY’S SUBSIDIARIES

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.

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2022

Consolidated Statements of Operations - USD ($)

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Realized Gain/(Loss) on Investments:

Total Investment Income

$ 3,456,193

$ 1,470,842

$ 1,824,127

OPERATING EXPENSES

Compensation expense

7,566,452

6,162,716

8,801,841

Directors’ fees

^[1]

675,716

752,442

445,000

Professional fees

3,395,260

2,665,689

2,962,781

Interest expense

4,845,549

693,526

2,247,817

Income tax expense

82,238

9,347

43,574

Other expenses

1,598,986

1,117,941

1,837,530

Total Operating Expenses

18,164,201

11,401,661

16,338,543

Net Investment Loss

(14,708,008)

(9,930,819)

(14,514,416)

Change in Unrealized Appreciation/(Depreciation) of Investments:

(5,905,453)

218,735,504

16,441,223

Net Change in Unrealized Appreciation/(Depreciation) of Investments

(111,563,592)

(61,732,964)

73,410,631

Net Change in Net Assets Resulting from Operations

$ (132,177,053)

$ 147,071,721

$ 75,337,438

Net Change in Net Assets Resulting from Operations per Common Share:

Basic

$ (4.40)

$ 5.69

$ 4.21

Diluted

^[2]

$ (4.40)

$ 5.52

$ 3.56

Weighted-Average Common Shares Outstanding

Basic

30,023,202

25,861,642

17,910,353

Diluted

^[2]

30,023,202

26,758,367

21,790,898

Non Controlled Non Affiliate Investments [Member]

Interest income

$ 403,029

$ 507,772

$ 1,035,694

Realized Gain/(Loss) on Investments:

541,239

470,438

50,000

Change in Unrealized Appreciation/(Depreciation) of Investments:

(5,835,074)

216,870,940

16,441,223

Net Change in Unrealized Appreciation/(Depreciation) of Investments

(109,553,034)

(59,057,641)

82,163,227

Interest income

(29,184)

Realized Gain/(Loss) on Investments:

102,632

317,617

Change in Unrealized Appreciation/(Depreciation) of Investments:

(70,379)

1,864,564

Net Change in Unrealized Appreciation/(Depreciation) of Investments

(1,947,553)

(2,902,517)

(8,786,596)

Interest income

1,685,000

390,000

Interest income from U.S. Treasury bills

450,000

826,925

Change in Unrealized Appreciation/(Depreciation) of Investments:

Net Change in Unrealized Appreciation/(Depreciation) of Investments

$ (63,005)

$ 227,194

$ 34,000

[1]	For the year ended December 31, 2021, this balance includes $209,360 of stock-based compensation expense related to the 2020 annual non-employee director grants. Refer to “Note 11—Stock-Based Compensation” for more detail.
[2]	As of December 31, 2022 and 2021, there were no potentially dilutive securities outstanding. For the year ended December 31, 2020, 0 potentially dilutive common shares were excluded from the weighted average common shares outstanding for diluted net change in net assets resulting from operations per common share because the effect of these shares would have been anti-dilutive.

RELATED-PARTY ARRANGEMENTS (Details Narrative) - USD ($)		12 Months Ended
	Mar. 12, 2019	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Consulting expense		$ 3,395,260	$ 2,665,689	$ 2,962,781
Other expenses		1,598,986	1,117,941	1,837,530
Investment owned at fair value		157,188,578	260,136,253
Churchill Sponsor VI LLC [Member]
Related Party Transaction [Line Items]
Investment owned at fair value		200,000
Churchill Sponsor VII LLC [Member]
Related Party Transaction [Line Items]
Investment owned at fair value		300,000
Skillsoft Corp. [Member]
Related Party Transaction [Line Items]
Investment owned at fair value		1,276,396
Shogun Enterprises, Inc. [Member]
Related Party Transaction [Line Items]
Investment owned at fair value		3,306,047
Architect Capital PayJoy SPV, LLC [Member]
Related Party Transaction [Line Items]
Investment owned at fair value		10,000,000
Colombier Sponsor LLC [Member]
Related Party Transaction [Line Items]
Investment owned at fair value		2,711,842
AltC Sponsor LLC [Member]
Related Party Transaction [Line Items]
Investment owned at fair value		250,000
Consulting Agreement [Member]
Related Party Transaction [Line Items]
Consulting expense		0	0	582,438
Consulting Agreement [Member] \| Michael T. Moe [Member]
Related Party Transaction [Line Items]
Consulting expense	$ 1,250,000
Amended and Restated Trademark License Agreement [Member]
Related Party Transaction [Line Items]
Other expenses		$ 0	$ 0	$ 582,438
Amended and Restated Trademark License Agreement [Member] \| GSV Asset Management [Member]
Related Party Transaction [Line Items]
Other expenses	$ 1,250,000

SELECTED QUARTERLY FINANCIAL DATA

12 Months Ended

Dec. 31, 2022

Quarterly Financial Information Disclosure [Abstract]

SELECTED QUARTERLY FINANCIAL DATA

NOTE 13—SELECTED QUARTERLY FINANCIAL DATA

SCHEDULE OF QUARTERLY FINANCIAL DATA

	December 31, 2022			September 30, 2022			June 30, 2022			March 31, 2022
	Quarter Ended
	December 31, 2022			September 30, 2022			June 30, 2022			March 31, 2022
Total Investment Income	$	1,462,951		$	519,511		$	890,631		$	583,100
Total Operating Expenses		4,326,133			4,328,744			4,701,519			4,807,805
Net Investment Loss		(2,863,182	)		(3,809,233	)		(3,810,888	)		(4,224,705	)
Net Realized Gain/(Loss) on Investments		(1,894,406	)		(5,141,097	)		(1,966,225	)		3,096,275
Net Change in Unrealized Appreciation/(Depreciation) of Investments		(7,633,982	)		(36,951,920	)		(88,562,575	)		21,584,885
Net Increase/(Decrease) in Net Assets Resulting from Operations	$	(12,391,570	)	$	(45,902,250	)	$	(94,339,688	)	$	20,456,455
Net Increase/(Decrease) in Net Assets from Operations per Common Share:
Basic	$	(0.44	)	$	(1.54	)	$	(3.08	)	$	0.66
Diluted	$	(0.44	)	$	(1.54	)	$	(3.08	)	$	0.66
Weighted Average Common Shares Outstanding–Basic		28,349,822			29,781,801			30,633,878			31,228,046
Weighted Average Common Shares Outstanding–Diluted		28,349,822			29,781,801			30,633,878			31,228,046

	December 31, 2021			September 30, 2021			June 30, 2021			March 31, 2021
	Quarter Ended
	December 31, 2021			September 30, 2021			June 30, 2021			March 31, 2021
Total Investment Income	$	380,754		$	523,916		$	274,820		$	291,352
Total Operating Expenses		3,210,777			2,747,394			2,317,820			3,125,670
Net Investment Loss		(2,830,023	)		(2,223,478	)		(2,043,000	)		(2,834,318	)
Net Realized Gain on Investments		46,428,514			32,495,660			27,658,812			112,152,518
Net Change in Unrealized Appreciation/(Depreciation) of Investments		(53,134,601	)		(15,023,778	)		7,741,252			(1,315,837	)
Net Increase/(Decrease) in Net Assets Resulting from Operations	$	(9,536,110	)	$	15,248,404		$	33,357,064		$	108,002,363
Net Increase/(Decrease) in Net Assets from Operations per Common Share:
Basic	$	(0.32	)	$	0.55		$	1.32		$	5.27
Diluted	$	(0.32	)	$	0.55		$	1.32		$	4.50
Weighted Average Common Shares Outstanding–Basic		29,883,824			27,619,062			25,334,482			20,486,621
Weighted Average Common Shares Outstanding–Diluted		29,883,824			27,619,062			25,334,482			24,123,339

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2022

	December 31, 2020			September 30, 2020			June 30, 2020			March 31, 2020
	Quarter Ended
	December 31, 2020			September 30, 2020			June 30, 2020			March 31, 2020
Total Investment Income	$	922,743		$	408,107		$	241,514		$	251,763
Total Operating Expenses		5,177,327			2,995,998			4,908,902			3,256,316
Net Investment Loss		(4,254,584	)		(2,587,891	)		(4,667,388	)		(3,004,553	)
Net Realized Gain/(Loss) on Investments		7,108,580			2,378,390			(23,987	)		6,978,240
Net Change in Unrealized Appreciation/(Depreciation) of Investments		58,424,928			16,129,442			26,522,195			(27,665,934	)
Net Increase/(Decrease) in Net Assets Resulting from Operations	$	61,278,924		$	15,919,941		$	21,830,820		$	(23,692,247	)
Net Increase/(Decrease) in Net Assets from Operations per Common Share:
Basic	$	3.06		$	0.89		$	1.33		$	(1.36	)
Diluted	$	2.59		$	0.76		$	1.10		$	(1.36	)
Weighted Average Common Shares Outstanding–Basic		19,999,989			17,795,538			16,383,188			17,440,994
Weighted Average Common Shares Outstanding–Diluted		23,884,529			21,598,403			20,300,980			17,440,994

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2022

SCHEDULE OF INVESTMENTS IN AND ADVANCES TO AFFILIATES (Details) - USD ($)

3 Months Ended

12 Months Ended

Dec. 31, 2022

Sep. 30, 2022

Jun. 30, 2022

Mar. 31, 2022

Dec. 31, 2021

Sep. 30, 2021

Jun. 30, 2021

Mar. 31, 2021

Dec. 31, 2020

Sep. 30, 2020

Jun. 30, 2020

Mar. 31, 2020

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

$ (1,894,406)

$ (5,141,097)

$ (1,966,225)

$ 3,096,275

$ 46,428,514

$ 32,495,660

$ 27,658,812

$ 112,152,518

$ 7,108,580

$ 2,378,390

$ (23,987)

$ 6,978,240

$ (5,905,453)

$ 218,735,504

$ 16,441,223

$ (7,633,982)

$ (36,951,920)

$ (88,562,575)

21,584,885

$ (53,134,601)

$ (15,023,778)

$ 7,741,252

(1,315,837)

58,424,928

$ 16,129,442

$ 26,522,195

$ (27,665,934)

$ (111,563,592)

$ (61,732,964)

73,410,631

74.80%

71.30%

74.80%

71.30%

$ 1,685,000

^[1],[2]

$ 390,000

^[3],[4]

^[4]

13,758,874

^[1],[2]

809,198

^[3]

13,758,874

^[1],[2]

809,198

^[3]

Purchases, Capitalized Fees, Interest and Amortization

^[1],[2]

^[3],[4]

^[1],[2]

12,722,482

^[3],[4]

^[1],[2]

^[3],[4]

^[1],[2]

^[3],[4]

(63,004)

^[1],[2]

227,194

^[3],[4]

$ 13,695,870

^[1],[2]

$ 13,758,874

^[1],[2],[4]

809,198

^[3],[4]

$ 13,695,870

^[1],[2]

$ 13,758,874

^[1],[2],[4]

809,198

^[3],[4]

Controlled Investments [Member] | Options Held [Member]

6.52%

^[2]

3.78%

^[4]

6.52%

^[2]

3.78%

^[4]

^[1],[2]

^[3],[4]

^[4]

1,157,487

^[1],[2]

^[3]

$ 1,157,487

^[1],[2]

^[3]

Purchases, Capitalized Fees, Interest and Amortization

^[1],[2]

^[3],[4]

^[1],[2]

1,159,150

^[3],[4]

^[1],[2]

^[3],[4]

^[3],[4]

^[1],[2]

(1,663)

^[3],[4]

$ 1,157,487

^[1],[2]

$ 1,157,487

^[1],[2],[4]

^[3],[4]

$ 1,157,487

^[1],[2]

$ 1,157,487

^[1],[2],[4]

^[3],[4]

Controlled Investments [Member] | Preferred Stock [Member]

0.55%

^[1],[2]

0.32%

^[3],[4]

0.55%

^[1],[2]

0.32%

^[3],[4]

^[1],[2]

^[3],[4]

^[4]

1,047,033

^[1],[2]

809,198

^[3]

1,047,033

^[1],[2]

809,198

^[3]

Purchases, Capitalized Fees, Interest and Amortization

^[1],[2]

^[3],[4]

^[1],[2]

^[3],[4]

^[1],[2]

^[3],[4]

^[1],[2]

^[3],[4]

(63,005)

^[1],[2]

237,835

^[3],[4]

$ 984,028

^[1],[2]

$ 1,047,033

^[1],[2],[4]

809,198

^[3],[4]

$ 984,028

^[1],[2]

$ 1,047,033

^[1],[2],[4]

809,198

^[3],[4]

Controlled Investments [Member] | Common Stock [Member]

0.47%

^[1],[2]

0.29%

^[3],[4]

0.47%

^[1],[2]

0.29%

^[3],[4]

$ 1,685,000

^[1],[2]

$ 390,000

^[3],[4]

^[4]

11,554,354

^[1],[2]

^[3]

11,554,354

^[1],[2]

^[3]

Purchases, Capitalized Fees, Interest and Amortization

^[1],[2]

^[3],[4]

^[1],[2]

11,563,332

^[3],[4]

^[1],[2]

^[3],[4]

^[1],[2]

^[3],[4]

^[1],[2]

(8,978)

^[3],[4]

$ 11,554,355

^[1],[2]

$ 11,554,354

^[1],[2],[4]

^[3],[4]

$ 11,554,355

^[1],[2]

$ 11,554,354

^[1],[2],[4]

^[3],[4]

5.50%

^[1],[2]

3.17%

^[3],[4]

5.50%

^[1],[2]

3.17%

^[3],[4]

^[1],[5]

$ 102,632

^[3],[6],[7]

^[6],[7]

14,609,089

^[1],[5]

30,165,773

^[3]

14,609,089

^[1],[5]

30,165,773

^[3]

Purchases, Capitalized Fees, Interest and Amortization

^[1],[5]

(9,009,952)

^[3],[6],[7]

^[1],[5]

500,319

^[3],[6],[7]

^[1],[5]

(6,009,095)

^[3],[7]

(70,379)

^[1],[5]

1,864,564

^[3],[6],[7]

(1,947,548)

^[1],[5]

(2,902,520)

^[3],[6],[7]

$ 12,591,162

^[1],[5]

$ 14,609,089

^{[1],[5],[6],[7]}

30,165,773

^[3],[6],[7]

$ 12,591,162

^[1],[5]

$ 14,609,089

^{[1],[5],[6],[7]}

30,165,773

^[3],[6],[7]

Non Controlled Affiliate Investments [Member] | Options Held [Member]

6.00%

^[1],[5]

4.01%

^[3],[6],[7]

6.00%

^[1],[5]

4.01%

^[3],[6],[7]

^[1],[5]

^[3],[6],[7]

^[6],[7]

2,273,268

^[1],[5]

3,042,143

^[3]

2,273,268

^[1],[5]

3,042,143

^[3]

Purchases, Capitalized Fees, Interest and Amortization

^[1],[5]

^[3],[6],[7]

^[1],[5]

^[3],[6],[7]

^[1],[5]

^[3],[7]

(70,379)

^[1],[5]

(103,655)

^[3],[6],[7]

(1,550,762)

^[1],[5]

(665,220)

^[3],[6],[7]

$ 652,127

^[1],[5]

$ 2,273,268

^{[1],[5],[6],[7]}

3,042,143

^[3],[6],[7]

$ 652,127

^[1],[5]

$ 2,273,268

^{[1],[5],[6],[7]}

3,042,143

^[3],[6],[7]

Non Controlled Affiliate Investments [Member] | Options Held [Member] | Global Innovation Platform [Member]

0.31%

^[1],[5]

0.63%

^[3],[6],[7]

0.31%

^[1],[5]

0.63%

^[3],[6],[7]

^[1],[5]

^[3],[6],[7]

^[6],[7]

2,273,268

^[1],[5]

2,279,585

^[3]

2,273,268

^[1],[5]

2,279,585

^[3]

Purchases, Capitalized Fees, Interest and Amortization

^[1],[5]

^[3],[6],[7]

^[1],[5]

^[3],[6],[7]

(70,379)

^[1],[5]

(103,655)

^[3],[6],[7]

(1,550,762)

^[1],[5]

97,338

^[3],[6],[7]

$ 652,127

^[1],[5]

$ 2,273,268

^{[1],[5],[6],[7]}

2,279,585

^[3],[6],[7]

$ 652,127

^[1],[5]

$ 2,273,268

^{[1],[5],[6],[7]}

2,279,585

^[3],[6],[7]

Non Controlled Affiliate Investments [Member] | Options Held [Member] | Global Innovation Platform [Member] | Derivative Security, Expiration Date 8/23/2024 [Member]

0.31%

^[1],[5]

0.63%

^[3],[6],[7]

0.31%

^[1],[5]

0.63%

^[3],[6],[7]

^[3],[7],[8]

^[3],[7],[8]

^[3],[7]

2,268,268

^[8]

2,173,148

^[6]

$ 2,268,268

^[8]

2,173,148

^[6]

Purchases, Capitalized Fees, Interest and Amortization

^[3],[7],[8]

^[1],[5],[9]

^[3],[7],[8]

^[3],[7],[8]

^[3],[7],[8]

95,120

^[3],[7]

$ 2,268,268

^[8]

2,173,148

^[6]

$ 2,268,268

^[8]

2,173,148

^[6]

Non Controlled Affiliate Investments [Member] | Preferred Stock [Member]

^[8]

0.62%

^[1],[5]

^[3],[7]

^[7]

11,830,722

^[1],[5]

17,368,051

^[3]

11,830,722

^[1],[5]

17,368,051

^[3]

Purchases, Capitalized Fees, Interest and Amortization

^[1],[5]

^[3],[7]

^[1],[5]

^[3],[7]

^[1],[5]

(4,664,114)

^[3],[7]

^[1],[5]

1,879,430

^[3],[7]

(1,879,887)

^[1],[5]

(2,752,645)

^[3],[7]

$ 9,950,835

^[1],[5]

$ 11,830,722

^[1],[5],[7]

17,368,051

^[3],[7]

$ 9,950,835

^[1],[5]

$ 11,830,722

^[1],[5],[7]

17,368,051

^[3],[7]

Non Controlled Affiliate Investments [Member] | Preferred Stock [Member] | Knowledge Networks [Member]

4.74%

^[1],[5]

3.24%

^[3],[7]

4.74%

^[1],[5]

3.24%

^[3],[7]

^[1],[5]

^[3],[7]

^[7]

^[1],[5]

^[3]

^[1],[5]

^[3]

Purchases, Capitalized Fees, Interest and Amortization

^[1],[5]

^[3],[7]

^[1],[5]

^[3],[7]

^[1],[5]

^[3],[7]

^[1],[5]

^[3],[7]

^[1],[5]

^[3],[7]

^[1],[5]

^[1],[5],[7]

^[3],[7]

^[1],[5]

^[1],[5],[7]

^[3],[7]

Non Controlled Affiliate Investments [Member] | Preferred Stock [Member] | Digital Media Platform [Member]

^[1],[5]

^[3],[7]

^[1],[5]

^[3],[7]

^[1],[5]

^[3],[7]

^[7]

^[1],[5]

9,335,823

^[3]

^[1],[5]

9,335,823

^[3]

Purchases, Capitalized Fees, Interest and Amortization

^[1],[5]

^[3],[7]

^[1],[5]

^[3],[7]

^[1],[5]

^[3],[7]

^[1],[5]

^[3],[7]

^[1],[5]

(9,335,823)

^[3],[7]

^[1],[5]

^[1],[5],[7]

9,335,823

^[3],[7]

^[1],[5]

^[1],[5],[7]

9,335,823

^[3],[7]

Non Controlled Affiliate Investments [Member] | Preferred Stock [Member] | Interactive Learning [Member]

^[1],[5]

^[3],[7]

^[1],[5]

^[3],[7]

^[1],[5]

^[3],[7]

^[7]

11,830,722

^[1],[5]

7,958,346

^[3]

11,830,722

^[1],[5]

7,958,346

^[3]

Purchases, Capitalized Fees, Interest and Amortization

^[1],[5]

^[3],[7]

^[1],[5]

^[3],[7]

^[1],[5]

^[3],[7]

^[1],[5]

^[3],[7]

(1,879,887)

^[1],[5]

3,872,376

^[3],[7]

$ 9,950,835

^[1],[5]

$ 11,830,722

^[1],[5],[7]

7,958,346

^[3],[7]

$ 9,950,835

^[1],[5]

$ 11,830,722

^[1],[5],[7]

7,958,346

^[3],[7]

Non Controlled Affiliate Investments [Member] | Preferred Stock [Member] | Corporate Education [Member]

4.74%

^[1],[5]

3.24%

^[3],[6],[7]

4.74%

^[1],[5]

3.24%

^[3],[6],[7]

^[3],[7]

^[3],[7]

73,882

Purchases, Capitalized Fees, Interest and Amortization

^[3],[7]

^[3],[7]

^[3],[7]

(4,664,114)

^[3],[7]

1,879,430

^[3],[7]

2,710,802

^[3],[7]

73,882

Non Controlled Affiliate Investments [Member] | Common Stock [Member]

^[3],[7]

^[1],[5]

$ 102,632

^[3],[6],[7]

^[6],[7]

^[1],[5]

8,937,690

^[3]

^[1],[5]

8,937,690

^[3]

Purchases, Capitalized Fees, Interest and Amortization

^[1],[5]

(9,009,952)

^[3],[6],[7]

^[1],[5]

500,319

^[3],[6],[7]

^[1],[5]

^[3],[7]

^[1],[5]

^[3],[6],[7]

^[1],[5]

(428,057)

^[3],[6],[7]

^[1],[5]

^{[1],[5],[6],[7]}

8,937,690

^[3],[6],[7]

^[1],[5]

^{[1],[5],[6],[7]}

8,937,690

^[3],[6],[7]

Non Controlled Affiliate Investments [Member] | Debt Investments [Member]

^[1],[5]

^[3],[6],[7]

^[1],[5]

^[3],[6],[7]

^[1],[5]

^[3],[7]

^[7]

505,099

^[1],[5]

817,889

^[3]

505,099

^[1],[5]

817,889

^[3]

Purchases, Capitalized Fees, Interest and Amortization

^[1],[5]

^[3],[7]

^[1],[5]

^[3],[7]

^[1],[5]

(1,344,981)

^[3],[7]

^[1],[5]

88,789

^[3],[7]

1,483,101

^[1],[5]

943,402

^[3],[7]

$ 1,988,200

^[1],[5]

$ 505,099

^[1],[5],[7]

817,889

^[3],[7]

$ 1,988,200

^[1],[5]

$ 505,099

^[1],[5],[7]

817,889

^[3],[7]

Colombier Sponsor LLC [Member] | Controlled Investments [Member] | Options Held [Member]

0.95%

^[1],[5]

14.00%

^[3],[7]

0.95%

^[1],[5]

14.00%

^[3],[7]

2,700,000

^{[1],[2],[10],[11]}

2,700,000

^{[3],[4],[12],[13]}

2,700,000

^{[1],[2],[10],[11]}

2,700,000

^{[3],[4],[12],[13]}

^{[1],[2],[10],[11]}

^{[3],[4],[12],[13]}

^[4],[13]

1,157,487

^{[1],[2],[10],[11]}

^[3],[12]

1,157,487

^{[1],[2],[10],[11]}

^[3],[12]

Purchases, Capitalized Fees, Interest and Amortization

^{[1],[2],[10],[11]}

^{[3],[4],[12],[13]}

^{[1],[2],[10],[11]}

1,159,150

^{[3],[4],[12],[13]}

^{[1],[2],[10],[11]}

^{[3],[4],[12],[13]}

^{[1],[2],[10],[11]}

^{[3],[4],[12],[13]}

^{[1],[2],[10],[11]}

(1,663)

^{[3],[4],[12],[13]}

$ 1,157,487

^{[1],[2],[10],[11]}

$ 1,157,487

^{[1],[2],[4],[10],[11],[13]}

^{[3],[4],[12],[13]}

$ 1,157,487

^{[1],[2],[10],[11]}

$ 1,157,487

^{[1],[2],[4],[10],[11],[13]}

^{[3],[4],[12],[13]}

Colombier Sponsor LLC [Member] | Controlled Investments [Member] | Common Stock [Member]

0.55%

^{[1],[2],[10],[11]}

0.32%

^{[3],[4],[12],[13]}

0.55%

^{[1],[2],[10],[11]}

0.32%

^{[3],[4],[12],[13]}

1,976,033

^{[1],[2],[10],[11]}

1,976,033

^{[3],[4],[12],[13]}

1,976,033

^{[1],[2],[10],[11]}

1,976,033

^{[3],[4],[12],[13]}

^{[1],[2],[10],[11]}

^{[3],[4],[12],[13]}

^[4],[13]

1,554,354

^{[1],[2],[10],[11]}

^[3],[12]

1,554,354

^{[1],[2],[10],[11]}

^[3],[12]

Purchases, Capitalized Fees, Interest and Amortization

^{[1],[2],[10],[11]}

^{[3],[4],[12],[13]}

^{[1],[2],[10],[11]}

1,556,587

^{[3],[4],[12],[13]}

^{[1],[2],[10],[11]}

^{[3],[4],[12],[13]}

^{[1],[2],[10],[11]}

^{[3],[4],[12],[13]}

^{[1],[2],[10],[11]}

(2,233)

^{[3],[4],[12],[13]}

$ 1,554,355

^{[1],[2],[10],[11]}

$ 1,554,354

^{[1],[2],[4],[10],[11],[13]}

^{[3],[4],[12],[13]}

$ 1,554,355

^{[1],[2],[10],[11]}

$ 1,554,354

^{[1],[2],[4],[10],[11],[13]}

^{[3],[4],[12],[13]}

SPBRX Inc [Member] | Controlled Investments [Member] | Preferred Stock [Member]

0.74%

^{[1],[2],[10],[11]}

0.43%

^{[3],[4],[12],[13]}

0.74%

^{[1],[2],[10],[11]}

0.43%

^{[3],[4],[12],[13]}

14,300,000

^[1],[2],[14]

14,300,000

^[3],[4],[15]

14,300,000

^[1],[2],[14]

14,300,000

^[3],[4],[15]

^[1],[2],[14]

^[3],[4],[15]

^[4]

1,047,033

^[1],[2],[14]

809,198

^[3],[15]

1,047,033

^[1],[2],[14]

809,198

^[3],[15]

Purchases, Capitalized Fees, Interest and Amortization

^[1],[2],[14]

^[3],[4],[15]

^[1],[2],[14]

^[3],[4],[15]

^[1],[2],[14]

^[3],[4],[15]

^[1],[2],[14]

^[3],[4],[15]

(63,005)

^[1],[2],[14]

237,835

^[3],[4],[15]

$ 984,028

^[1],[2],[14]

$ 1,047,033

^{[1],[2],[4],[14]}

809,198

^[3],[4],[15]

$ 984,028

^[1],[2],[14]

$ 1,047,033

^{[1],[2],[4],[14]}

809,198

^[3],[4],[15]

SPBRX Inc [Member] | Controlled Investments [Member] | Common Stock [Member]

0.47%

^[1],[2],[14]

0.29%

^[3],[4],[15]

0.47%

^[1],[2],[14]

0.29%

^[3],[4],[15]

100,000

^[1],[2]

100,000

^[3],[4]

100,000

^[1],[2]

100,000

^[3],[4]

^[1],[2]

^[3],[4]

^[4]

^[1],[2]

^[3]

^[1],[2]

^[3]

Purchases, Capitalized Fees, Interest and Amortization

^[1],[2]

^[3],[4]

^[1],[2]

^[3],[4]

^[1],[2]

^[3],[4]

^[1],[2]

^[3],[4]

^[1],[2]

^[3],[4]

^[1],[2]

^[1],[2],[4]

^[3],[4]

^[1],[2]

^[1],[2],[4]

^[3],[4]

Architect Capital PayJoy SPV, LLC [Member] | Controlled Investments [Member] | Common Stock [Member]

^[1],[2]

^[3],[4]

^[1],[2]

^[3],[4]

^{[3],[4],[13],[16],[17]}

$ 390,000

^{[3],[4],[13],[16],[17]}

10,000,000

$ 10,000,000

Purchases, Capitalized Fees, Interest and Amortization

^{[3],[4],[13],[16],[17]}

^{[3],[4],[13],[16],[17]}

10,006,745

^{[3],[4],[13],[16],[17]}

^{[3],[4],[13],[16],[17]}

^{[3],[4],[13],[16],[17]}

(6,745)

^{[3],[4],[13],[16],[17]}

$ 10,000,000

^{[3],[4],[13],[16],[17]}

2.74%

Architect Capital PayJoy SPV, LLC [Member] | Controlled Investments [Member] | Membership [Member]

^{[3],[4],[13],[16],[17]}

$ 10,000,000

^{[1],[2],[10],[11],[18]}

1,685,000

^{[1],[2],[10],[11],[18]}

10,000,000

Purchases, Capitalized Fees, Interest and Amortization

^{[1],[2],[10],[11],[18]}

^{[1],[2],[10],[11],[18]}

^{[1],[2],[10],[11],[18]}

^{[1],[2],[10],[11],[18]}

^{[1],[2],[10],[11],[18]}

^{[1],[2],[10],[11],[18]}

$ 10,000,000

10,000,000

$ 10,000,000

10,000,000

^{[1],[2],[10],[11],[18]}

4.76%

OneValley, Inc. [Member] | Non Controlled Affiliate Investments [Member] | Debt Investments [Member]

^{[1],[2],[10],[11],[18]}

$ 10,000,000

^{[1],[5],[9],[19]}

^{[3],[7],[8],[20]}

^[7],[8],[20]

505,099

^{[1],[5],[9],[19]}

505,099

^[3]

505,099

^{[1],[5],[9],[19]}

505,099

^[3]

Purchases, Capitalized Fees, Interest and Amortization

^{[1],[5],[9],[19]}

^{[3],[7],[8],[20]}

^{[1],[5],[9],[19]}

^{[3],[7],[8],[20]}

^{[1],[5],[9],[19]}

^{[3],[7],[8],[20]}

^{[1],[5],[9],[19]}

^{[3],[7],[8],[20]}

1,483,101

^{[1],[5],[9],[19]}

^{[3],[7],[8],[20]}

$ 1,988,200

^{[1],[5],[9],[19]}

$ 505,099

^{[1],[5],[7],[8],[9],[19],[20]}

505,099

^{[3],[7],[8],[20]}

$ 1,988,200

^{[1],[5],[9],[19]}

$ 505,099

^{[1],[5],[7],[8],[9],[19],[20]}

505,099

^{[3],[7],[8],[20]}

0.95%

^{[1],[5],[9],[19]}

14.00%

^{[3],[7],[8],[20]}

0.95%

^{[1],[5],[9],[19]}

14.00%

^{[3],[7],[8],[20]}

Maven Research Inc [Member] | Non Controlled Affiliate Investments [Member] | Preferred Stock [Member] | Series C Preferred Stock [Member] | Knowledge Networks [Member]

$ 1,010,198

^{[1],[5],[9],[19]}

$ 1,010,198

^{[3],[7],[8],[20]}

$ 1,010,198

^{[1],[5],[9],[19]}

$ 1,010,198

^{[3],[7],[8],[20]}

318,979

^[1],[5]

318,979

^[3],[7]

318,979

^[1],[5]

318,979

^[3],[7]

^[1],[5]

^[3],[7]

^[7]

^[1],[5]

^[3]

^[1],[5]

^[3]

Purchases, Capitalized Fees, Interest and Amortization

^[1],[5]

^[3],[7]

^[1],[5]

^[3],[7]

^[1],[5]

^[3],[7]

^[1],[5]

^[3],[7]

^[1],[5]

^[3],[7]

^[1],[5]

^[1],[5],[7]

^[3],[7]

^[1],[5]

^[1],[5],[7]

^[3],[7]

Maven Research Inc [Member] | Non Controlled Affiliate Investments [Member] | Preferred Stock [Member] | Series B Preferred Stock [Member] | Knowledge Networks [Member]

^[1],[5]

^[3],[7]

^[1],[5]

^[3],[7]

49,505

^[1],[5]

49,505

^[3],[7]

49,505

^[1],[5]

49,505

^[3],[7]

^[1],[5]

^[3],[7]

^[7]

^[1],[5]

^[3]

^[1],[5]

^[3]

Purchases, Capitalized Fees, Interest and Amortization

^[1],[5]

^[3],[7]

^[1],[5]

^[3],[7]

^[1],[5]

^[3],[7]

^[1],[5]

^[3],[7]

^[1],[5]

^[3],[7]

^[1],[5]

^[1],[5],[7]

^[3],[7]

^[1],[5]

^[1],[5],[7]

^[3],[7]

Maven Research Inc [Member] | Non Controlled Affiliate Investments [Member] | Preferred Stock [Member] | Preferred Shares, Series C-2 6% [Member] | Knowledge Networks [Member]

^[1],[5]

^[3],[7]

^[1],[5]

^[3],[7]

Ozy Media, Inc. [Member] | Non Controlled Affiliate Investments [Member] | Options Held [Member] | Common Warrants [Member] | Digital Media Platform [Member]

^[3],[7]

295,565

^[1],[5]

295,565

^[3],[7]

295,565

^[1],[5]

295,565

^[3],[7]

^[1],[5]

^[3],[7]

^[7]

^[1],[5]

762,558

^[3]

^[1],[5]

762,558

^[3]

Purchases, Capitalized Fees, Interest and Amortization

^[1],[5]

^[3],[7]

^[1],[5]

^[3],[7]

^[1],[5]

^[3],[7]

^[1],[5]

^[3],[7]

^[1],[5]

(762,558)

^[3],[7]

^[1],[5]

^[1],[5],[7]

762,558

^[3],[7]

^[1],[5]

^[1],[5],[7]

762,558

^[3],[7]

Ozy Media, Inc. [Member] | Non Controlled Affiliate Investments [Member] | Preferred Stock [Member] | Preferred Shares, Series C-2 6% [Member] | Knowledge Networks [Member]

^[1],[5]

^[3],[7]

^[1],[5]

^[3],[7]

^[3],[7]

683,482

^[3],[7]

^[3],[7]

1,865,547

Purchases, Capitalized Fees, Interest and Amortization

^[3],[7]

^[3],[7]

^[3],[7]

^[3],[7]

(1,865,547)

^[3],[7]

1,865,547

Ozy Media, Inc. [Member] | Non Controlled Affiliate Investments [Member] | Preferred Stock [Member] | Preferred Shares, Series C-2 6% [Member] | Digital Media Platform [Member]

^[3],[7]

^[1],[5]

683,482

^[1],[5]

^[1],[5]

Purchases, Capitalized Fees, Interest and Amortization

^[1],[5]

^[1],[5]

^[1],[5]

^[1],[5]

^[1],[5]

Ozy Media, Inc. [Member] | Non Controlled Affiliate Investments [Member] | Preferred Stock [Member] | Preferred Shares, Series B 6% [Member] | Knowledge Networks [Member]

^[1],[5]

^[3],[7]

922,509

^[3],[7]

^[3],[7]

3,350,952

Purchases, Capitalized Fees, Interest and Amortization

^[3],[7]

^[3],[7]

^[3],[7]

^[3],[7]

^[3],[7]

(3,350,952)

^[3],[7]

3,350,952

Ozy Media, Inc. [Member] | Non Controlled Affiliate Investments [Member] | Preferred Stock [Member] | Preferred Shares, Series B 6% [Member] | Digital Media Platform [Member]

^[3],[7]

^[1],[5]

922,509

^[1],[5]

^[1],[5]

Purchases, Capitalized Fees, Interest and Amortization

^[1],[5]

^[1],[5]

^[1],[5]

^[1],[5]

^[1],[5]

^[1],[5]

Ozy Media, Inc. [Member] | Non Controlled Affiliate Investments [Member] | Preferred Stock [Member] | Preferred Shares, Series A 6% [Member] | Knowledge Networks [Member]

^[1],[5]

^[3],[7]

1,090,909

^[3],[7]

^[3],[7]

2,824,679

Purchases, Capitalized Fees, Interest and Amortization

^[3],[7]

^[3],[7]

^[3],[7]

^[3],[7]

^[3],[7]

(2,824,679)

^[3],[7]

2,824,679

Ozy Media, Inc. [Member] | Non Controlled Affiliate Investments [Member] | Preferred Stock [Member] | Preferred Shares, Series A 6% [Member] | Digital Media Platform [Member]

^[3],[7]

^[1],[5]

1,090,909

^[1],[5]

^[1],[5]

Purchases, Capitalized Fees, Interest and Amortization

^[1],[5]

^[1],[5]

^[1],[5]

^[1],[5]

^[1],[5]

^[1],[5]

Ozy Media, Inc. [Member] | Non Controlled Affiliate Investments [Member] | Preferred Stock [Member] | Preferred Shares, Series Seed 6% [Member] | Knowledge Networks [Member]

^[1],[5]

^[3],[7]

500,000

^[3],[7]

^[3],[7]

1,294,645

Purchases, Capitalized Fees, Interest and Amortization

^[3],[7]

^[3],[7]

^[3],[7]

^[3],[7]

^[3],[7]

(1,294,645)

^[3],[7]

1,294,645

Ozy Media, Inc. [Member] | Non Controlled Affiliate Investments [Member] | Preferred Stock [Member] | Preferred Shares, Series Seed 6% [Member] | Digital Media Platform [Member]

^[3],[7]

^[1],[5]

500,000

^[1],[5]

^[1],[5]

Purchases, Capitalized Fees, Interest and Amortization

^[1],[5]

^[1],[5]

^[1],[5]

^[1],[5]

^[1],[5]

^[1],[5]

StormWind, LLC [Member] | Non Controlled Affiliate Investments [Member] | Preferred Stock [Member] | Preferred Shares, Series D 8% [Member] | Interactive Learning [Member]

^[1],[5]

329,337

^[1],[5],[21]

329,337

^[3],[6],[7]

329,337

^[1],[5],[21]

329,337

^[3],[6],[7]

^[1],[5],[21]

^[3],[6],[7]

^[7]

621,093

^[1],[5],[21]

440,515

^[3],[6]

621,093

^[1],[5],[21]

440,515

^[3],[6]

Purchases, Capitalized Fees, Interest and Amortization

^[1],[5],[21]

^[3],[6],[7]

^[1],[5],[21]

^[3],[6],[7]

^[3],[6],[7]

^[1],[5],[21]

^[3],[6],[7]

(87,664)

^[1],[5],[21]

180,578

^[3],[6],[7]

$ 533,429

^[1],[5],[21]

$ 621,093

^{[1],[5],[7],[21]}

440,515

^[3],[6],[7]

$ 533,429

^[1],[5],[21]

$ 621,093

^{[1],[5],[7],[21]}

440,515

^[3],[6],[7]

StormWind, LLC [Member] | Non Controlled Affiliate Investments [Member] | Preferred Stock [Member] | Preferred Shares, Series C 8% [Member] | Interactive Learning [Member]

0.25%

^[1],[5],[21]

0.17%

^[3],[6],[7]

0.25%

^[1],[5],[21]

0.17%

^[3],[6],[7]

2,779,134

^[1],[5],[21]

2,779,134

^[3],[6],[7]

2,779,134

^[1],[5],[21]

2,779,134

^[3],[6],[7]

^[1],[5],[21]

^[3],[6],[7]

^[7]

6,496,729

^[1],[5],[21]

4,804,218

^[3],[6]

6,496,729

^[1],[5],[21]

4,804,218

^[3],[6]

Purchases, Capitalized Fees, Interest and Amortization

^[1],[5],[21]

^[3],[6],[7]

^[1],[5],[21]

^[3],[6],[7]

^[1],[5],[21]

^[3],[6],[7]

^[1],[5],[21]

^[3],[6],[7]

(821,648)

^[1],[5],[21]

1,692,511

^[3],[6],[7]

$ 5,675,081

^[1],[5],[21]

$ 6,496,729

^{[1],[5],[7],[21]}

4,804,218

^[3],[6],[7]

$ 5,675,081

^[1],[5],[21]

$ 6,496,729

^{[1],[5],[7],[21]}

4,804,218

^[3],[6],[7]

StormWind, LLC [Member] | Non Controlled Affiliate Investments [Member] | Preferred Stock [Member] | Preferred Shares, Series B 8% [Member] | Interactive Learning [Member]

2.70%

^[1],[5],[21]

1.78%

^[3],[6],[7]

2.70%

^[1],[5],[21]

1.78%

^[3],[6],[7]

3,279,629

^[1],[5],[21]

3,279,629

^[3],[6],[7]

3,279,629

^[1],[5],[21]

3,279,629

^[3],[6],[7]

^[1],[5],[21]

^[3],[6],[7]

^[7]

4,423,607

^[1],[5],[21]

2,625,365

^[3],[6]

4,423,607

^[1],[5],[21]

2,625,365

^[3],[6]

Purchases, Capitalized Fees, Interest and Amortization

^[1],[5],[21]

^[3],[6],[7]

^[1],[5],[21]

^[3],[6],[7]

^[1],[5],[21]

^[3],[6],[7]

^[1],[5],[21]

^[3],[6],[7]

(872,976)

^[1],[5],[21]

1,798,242

^[3],[6],[7]

$ 3,550,631

^[1],[5],[21]

$ 4,423,607

^{[1],[5],[7],[21]}

2,625,365

^[3],[6],[7]

$ 3,550,631

^[1],[5],[21]

$ 4,423,607

^{[1],[5],[7],[21]}

2,625,365

^[3],[6],[7]

StormWind, LLC [Member] | Non Controlled Affiliate Investments [Member] | Preferred Stock [Member] | Preferred Shares, Series A 8% [Member] | Interactive Learning [Member]

1.69%

^[1],[5],[21]

1.21%

^[3],[6],[7]

1.69%

^[1],[5],[21]

1.21%

^[3],[6],[7]

366,666

^[1],[5],[21]

366,666

^[3],[6],[7]

366,666

^[1],[5],[21]

366,666

^[3],[6],[7]

^[1],[5],[21]

^[3],[6],[7]

^[7]

289,293

^[1],[5],[21]

88,248

^[3],[6]

289,293

^[1],[5],[21]

88,248

^[3],[6]

Purchases, Capitalized Fees, Interest and Amortization

^[1],[5],[21]

^[3],[6],[7]

^[1],[5],[21]

^[3],[6],[7]

^[1],[5],[21]

^[3],[6],[7]

^[3],[6],[7]

(97,599)

^[1],[5],[21]

201,045

^[3],[6],[7]

$ 191,694

^[1],[5],[21]

$ 289,293

^{[1],[5],[7],[21]}

88,248

^[3],[6],[7]

$ 191,694

^[1],[5],[21]

$ 289,293

^{[1],[5],[7],[21]}

88,248

^[3],[6],[7]

OneValley, Inc. (f/k/a NestGSV, Inc) [Member] | Non Controlled Affiliate Investments [Member] | Options Held [Member] | Global Innovation Platform [Member] | Derivative Security, Expiration Date 8/23/2024 [Member]

0.09%

^[1],[5],[21]

0.08%

^[3],[6],[7]

0.09%

^[1],[5],[21]

0.08%

^[3],[6],[7]

^[1],[5],[9]

^[1],[5],[9]

^[1],[5],[9]

2,268,268

^[1],[5],[9]

^[1],[5],[9]

^[1],[5],[9]

^[1],[5],[9]

(1,616,141)

^[1],[5],[9]

$ 652,127

$ 2,268,268

$ 652,127

$ 2,268,268

OneValley, Inc. (f/k/a NestGSV, Inc) [Member] | Non Controlled Affiliate Investments [Member] | Options Held [Member] | Preferred Warrants [Member] | Global Innovation Platform [Member]

^[9]

0.31%

^[1],[5]

^[1],[5]

^[1],[5]

Purchases, Capitalized Fees, Interest and Amortization

^[1],[5]

^[1],[5]

^[1],[5]

^[1],[5]

(70,379)

^[1],[5]

70,379

^[1],[5]

OneValley, Inc. (f/k/a NestGSV, Inc) [Member] | Non Controlled Affiliate Investments [Member] | Options Held [Member] | Preferred Warrant Series B Two Stock [Member] | Global Innovation Platform [Member]

^[1],[5]

250,000

^[1],[5]

250,000

^[3],[7]

250,000

^[1],[5]

250,000

^[3],[7]

^[1],[5]

^[3],[7]

^[7]

5,000

^[1],[5]

9,250

^[3]

5,000

^[1],[5]

9,250

^[3]

Purchases, Capitalized Fees, Interest and Amortization

^[1],[5]

^[3],[7]

^[1],[5]

^[3],[7]

^[1],[5]

^[3],[7],[8]

^[1],[5]

^[3],[7]

(5,000)

^[1],[5]

(4,250)

^[3],[7]

^[1],[5]

$ 5,000

^[1],[5],[7]

9,250

^[3],[7]

^[1],[5]

$ 5,000

^[1],[5],[7]

9,250

^[3],[7]

OneValley, Inc. (f/k/a NestGSV, Inc) [Member] | Non Controlled Affiliate Investments [Member] | Options Held [Member] | Preferred Warrant Series A-3 [Member] | Global Innovation Platform [Member]

^[1],[5]

0.01%

^[3],[7]

^[1],[5]

0.01%

^[3],[7]

^[3],[7]

^[3],[7]

^[3],[7]

4,687

Purchases, Capitalized Fees, Interest and Amortization

^[3],[7]

^[3],[7]

^[3],[7]

^[3],[7]

^[3],[7]

(4,687)

^[3],[7]

4,687

OneValley, Inc. (f/k/a NestGSV, Inc) [Member] | Non Controlled Affiliate Investments [Member] | Options Held [Member] | Preferred Warrant Series A-4 One [Member] | Global Innovation Platform [Member]

^[3],[7]

^[3],[7]

^[3],[7]

^[3],[7]

27,500

Purchases, Capitalized Fees, Interest and Amortization

^[3],[6],[7]

^[3],[7]

^[3],[7]

^[3],[7]

(74,380)

^[3],[7]

$ 46,880

^[3],[7]

27,500

OneValley, Inc. (f/k/a NestGSV, Inc) [Member] | Non Controlled Affiliate Investments [Member] | Options Held [Member] | Preferred Warrant Series A-4 Two [Member] | Global Innovation Platform [Member]

^[3],[7]

^[3],[7]

^[3],[7]

^[3],[7]

65,000

Purchases, Capitalized Fees, Interest and Amortization

^[3],[7]

^[3],[7]

^[3],[7]

^[3],[7]

^[3],[7]

(65,000)

^[3],[7]

65,000

OneValley, Inc. (f/k/a NestGSV, Inc) [Member] | Non Controlled Affiliate Investments [Member] | Options Held [Member] | Preferred Warrant Series B [Member] | Global Innovation Platform [Member]

^[3],[7]

^[3],[7]

^[3],[7]

^[3],[7]

Purchases, Capitalized Fees, Interest and Amortization

^[3],[7]

^[3],[7]

^[3],[7]

^[3],[7]

(29,275)

^[3],[7]

29,275

^[3],[7]

OneValley, Inc. (f/k/a NestGSV, Inc) [Member] | Non Controlled Affiliate Investments [Member] | Options Held [Member] | Preferred Warrants Series B One [Member] | Global Innovation Platform [Member]

^[3],[7]

^[3],[7]

125,000

^[3],[7]

^[3],[7]

Purchases, Capitalized Fees, Interest and Amortization

^[3],[7]

^[3],[7]

^[3],[7]

^[3],[7]

^[3],[7]

^[3],[7]

Curious.Com Inc [Member] | Non Controlled Affiliate Investments [Member] | Common Stock [Member] | Online Education [Member]

^[3],[7]

1,135,944

^[1],[5]

1,135,944

^[3],[6],[7]

1,135,944

^[1],[5]

1,135,944

^[3],[6],[7]

^[1],[5]

^[3],[6],[7]

^[6],[7]

^[1],[5]

^[3]

^[1],[5]

^[3]

Purchases, Capitalized Fees, Interest and Amortization

^[1],[5]

^[3],[6],[7]

^[1],[5]

^[3],[6],[7]

^[1],[5]

^[3],[7]

^[1],[5]

^[3],[6],[7]

^[1],[5]

^[3],[6],[7]

^[1],[5]

^{[1],[5],[6],[7]}

^[3],[6],[7]

^[1],[5]

^{[1],[5],[6],[7]}

^[3],[6],[7]

CUX Inc [Member] | Non Controlled Affiliate Investments [Member] | Preferred Stock [Member] | Convertible Preferred Shares Series D [Member] | Corporate Education [Member]

^[1],[5]

^[3],[6],[7]

^[1],[5]

^[3],[6],[7]

^[3],[7]

^[3],[7]

^[3],[7]

73,882

Purchases, Capitalized Fees, Interest and Amortization

^[3],[7]

^[3],[7]

^[3],[7]

(1,159,243)

^[3],[7]

380,636

^[3],[7]

704,725

^[3],[7]

73,882

CUX Inc [Member] | Non Controlled Affiliate Investments [Member] | Preferred Stock [Member] | Convertible Preferred Shares Series C [Member] | Corporate Education [Member]

^[3],[7]

^[3],[7]

^[3],[7]

^[3],[7]

Purchases, Capitalized Fees, Interest and Amortization

^[3],[7]

^[3],[7]

^[3],[7]

(3,504,871)

^[3],[7]

1,498,794

^[3],[7]

2,006,077

^[3],[7]

CUX Inc [Member] | Non Controlled Affiliate Investments [Member] | Debt Investments [Member]

^[3],[7]

^[3],[7]

^[3],[7]

312,790

Purchases, Capitalized Fees, Interest and Amortization

^[3],[7]

^[3],[7]

^[3],[7]

(1,344,981)

^[3],[7]

88,789

^[3],[7]

943,402

^[3],[7]

312,790

^[3],[7]

NewLake Capital Partners, Inc. (f/k/a GreenAcreage Real Estate Corp.) [Member] | Non Controlled Affiliate Investments [Member] | Common Stock [Member] | Cannabis REIT [Member]

^[3],[7]

^[3],[6],[7]

^{[3],[7],[13],[17],[22]}

$ 102,632

^[3],[6],[7]

$ 8,937,690

8,937,690

Purchases, Capitalized Fees, Interest and Amortization

^[3],[6],[7]

(9,009,952)

^[3],[6],[7]

500,319

^[3],[7]

^[3],[6],[7]

^[3],[6],[7]

(428,057)

^[3],[6],[7]

$ 8,937,690

Net Change in Net Assets Resulting from Operations per Common Share:

^[3],[6],[7]

[1]	All portfolio investments are non-income-producing, unless otherwise identified. Equity investments are subject to lock-up restrictions upon their 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 portfolio investments are considered Level 3 and valued using unobservable inputs, unless otherwise noted. 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”).
[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.
[3]	All portfolio investments are non-income-producing, unless otherwise identified. Equity investments are subject to lock-up restrictions upon their 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 portfolio investments are considered Level 3 and valued using unobservable inputs, unless otherwise noted. 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”).
[4]	“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.
[5]	“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.
[6]	SuRo Capital Corp.’s investments in StormWind, LLC are held through SuRo Capital Corp.’s wholly owned subsidiary, GSVC SW Holdings, Inc.
[7]	“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.
[8]	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.
[9]	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, ending August 23, 2024, while SuRo Capital Corp. can put the shares to OneValley, Inc. (f/k/a NestGSV, Inc.) at the end of the five year period.
[10]	Colombier Sponsor LLC is the sponsor of Colombier Acquisition Corp., 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.
[11]	Indicates assets that SuRo Capital Corp. believes do not represent “qualifying assets” under Section 55(a) of the 1940 Act. Of the Company’s total investments as of December 31, 2022, 14.47% of its total investments are non-qualifying assets.
[12]	Colombier Sponsor LLC is the sponsor of Colombier Acquisition Corp., 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.
[13]	Indicates assets that SuRo Capital Corp. believes do not represent “qualifying assets” under Section 55(a) of the 1940 Act. Of the Company’s total investments as of December 31, 2021, 26.91% of its total investments are non-qualifying assets.
[14]	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 rate. 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.
[15]	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 rate. 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.
[16]	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.
[17]	Investment is income-producing.
[18]	Investment is income-producing.
[19]	As of December 31, 2022, the investments noted had been placed on non-accrual status.
[20]	As of December 31, 2021, the investments noted had been placed on non-accrual status.
[21]	SuRo Capital Corp.’s investments in StormWind, LLC are held through SuRo Capital Corp.’s wholly owned subsidiary, GSVC SW Holdings, Inc.
[22]	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, of which approximately $0.1 million reflects the dividend income earned while NewLake Capital Partners, Inc. (f/k/a GreenAcreage Real Estate Corp.) was a non-controlled/affiliate investment. 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.

SCHEDULE OF COMPANY’S SUBSIDIARIES (Details)	12 Months Ended
SCHEDULE OF COMPANY’S SUBSIDIARIES (Details)	Dec. 31, 2022
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Jurisdiction of Incorporation	MD
GCL [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Jurisdiction of Incorporation	DE
Formation Date	Apr. 13, 2012
Percentage Owned	100.00%
SuRo Capital Sports, LLC ("SuRo Sports") [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Jurisdiction of Incorporation	DE
Formation Date	Mar. 19, 2021
Percentage Owned	100.00%
GSVC AE Holdings, Inc. ("GAE") [Member] \| Taxable Subsidiaries [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Jurisdiction of Incorporation	DE
Formation Date	Nov. 28, 2012
Percentage Owned	100.00%
GSVC AV Holdings, Inc. ("GAV") [Member] \| Taxable Subsidiaries [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Jurisdiction of Incorporation	DE
Formation Date	Nov. 28, 2012
Percentage Owned	100.00%
GSVC SW Holdings, Inc. ("GSW") [Member] \| Taxable Subsidiaries [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Jurisdiction of Incorporation	DE
Formation Date	Nov. 28, 2012
Percentage Owned	100.00%
GSVC SVDS Holdings, Inc. ("SVDS") [Member] \| Taxable Subsidiaries [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Jurisdiction of Incorporation	DE
Formation Date	Aug. 13, 2013
Percentage Owned	100.00%

SCHEDULE OF DEFERRED FINANCING COSTS (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Deferred debt issuance costs		$ 1,970,892
Deferred offering costs	555,761	621,719
Deferred Financing Costs	$ 555,761	$ 2,592,611

NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS PER COMMON SHARE—BASIC AND DILUTED (Tables)

12 Months Ended

Dec. 31, 2022

SCHEDULE OF BASIC AND DILUTED COMMON SHARE

The following information sets forth the computation of basic and diluted net increase in net assets resulting from operations per common share, pursuant to ASC 260, for the years ended December 31, 2022, 2021, and 2020.

	2022			2021		2020
	Year Ended December 31,
	2022			2021		2020
Earnings per common share–basic:
Net change in net assets resulting from operations	$	(132,177,053	)	$	147,071,721	$	75,337,438
Weighted-average common shares–basic		30,023,202			25,861,642		17,910,353
Earnings per common share–basic	$	(4.40	)	$	5.69	$	4.21
Earnings per common share–diluted:
Net change in net assets resulting from operations	$	(132,177,053	)	$	147,071,721	$	75,337,438
Adjustment for interest and amortization on 4.75% Convertible Senior Notes due 2023⁽¹⁾		—			501,065		2,239,210
Net change in net assets resulting from operations, as adjusted	$	(132,177,053	)	$	147,572,786	$	77,576,648
Adjustment for dilutive effect of 4.75% Convertible Senior Notes due 2023⁽¹⁾		—			896,725		3,880,545
Weighted-average common shares outstanding–diluted		30,023,202			26,758,367		21,790,898
Earnings per common share–diluted	$	(4.40	)	$	5.52	$	3.56

(1)

SCHEDULE OF STOCK OPTIONS, VALUATION ASSUMPTIONS (Details)	Jul. 17, 2019
Share-Based Payment Arrangement [Abstract]
Term (years)	5 years 6 months 18 days
Volatility	39.47%
Risk-free rate	1.86%
Dividend yield	0.00%

NATURE OF OPERATIONS (Tables)

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

SCHEDULE OF COMPANY’S SUBSIDIARIES

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	%

DEBT CAPITAL ACTIVITIES (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

SCHEDULE OF DEBT

The table below shows a reconciliation from the aggregate principal amount of 4.75% Convertible Senior Notes due 2023 to the balance shown on the Consolidated Statement of Assets and Liabilities.

SCHEDULE OF DEBT

	December 31, 2022		December 31, 2021
Initial aggregate principal amount of 4.75% Convertible Senior Notes due 2023	$	—	$	38,215,000
Conversion of 4.75% Convertible Senior Notes due 2023		—		(37,925,000	)
Redemption of 4.75% Convertible Senior Notes due 2023		—		(290,000	)
Direct deduction of deferred debt issuance costs		—		—
4.75% Convertible Senior Notes due 2023 Payable	$	—	$	—

Consolidated Statements of Assets and Liabilities - USD ($)

Dec. 31, 2022

Dec. 31, 2021

Investments in U.S. Treasury bills (cost of $84,999,598 and $0, respectively)

$ 157,188,578

$ 260,136,253

85,056,817

Total Investments

242,245,395

260,136,253

Cash

40,117,598

198,437,078

Proceeds receivable

52,493

Escrow proceeds receivable

628,332

2,046,645

Interest and dividends receivable

138,766

83,655

Deferred financing costs

555,761

621,719

Prepaid expenses and other assets

^[1]

727,006

937,984

Total Assets

284,412,858

462,315,827

LIABILITIES

Accounts payable and accrued expenses

^[1]

708,827

875,047

Accrued interest payable

175,000

Dividends payable

296,170

23,390,048

6.00% Notes due December 30, 2026

^[2]

73,387,159

73,029,108

Total Liabilities

74,392,156

97,469,203

Commitments and contingencies (Notes 7 and 10)

Net Assets

210,020,702

364,846,624

NET ASSETS

Common stock, par value $0.01 per share (100,000,000 authorized; 28,429,499 and 31,118,556 issued and outstanding, respectively)

284,295

311,185

Paid-in capital in excess of par

330,899,254

350,079,409

Accumulated net investment loss

(64,832,605)

(50,124,597)

Accumulated net realized gain on investments, net of distributions

2,552,465

11,899,742

Accumulated net unrealized appreciation/(depreciation) of investments

(58,882,707)

52,680,885

Net Assets

$ 210,020,702

$ 364,846,624

Net Asset Value Per Share

$ 7.39

$ 11.72

Non Controlled Non Affiliate Investments [Member]

$ 130,901,546

$ 231,768,290

12,591,162

14,609,089

SIGNIFICANT ACCOUNTING POLICIES

$ 13,695,870

$ 13,758,874

[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 December 31, 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.

SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

NOTE 2—SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The 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-K 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.

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 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 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 consolidated financial statements and the reported amounts of certain revenues and expenses during the reporting period. It is likely that changes in these estimates may 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 I, Item 1A of this Form 10-K 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 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.

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2022

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—Valuations based on unobservable inputs that reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. The majority of the Company’s investments are Level 3 investments and are subject to a high degree of judgment and uncertainty in determining fair value.

When the inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement in its entirety. For example, a Level 3 fair value measurement may include inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Therefore, gains and losses for such assets and liabilities categorized within the Level 3 table set forth in “Note 4—Investments at Fair Value” may include changes in fair value that are attributable to both observable inputs (Levels 1 and 2) and unobservable inputs (Level 3).

A review of fair value hierarchy classifications is conducted on a quarterly basis. Changes in the observability of valuation inputs may result in a reclassification for certain financial assets or liabilities. Reclassifications impacting Level 3 of the fair value hierarchy are reported as transfers in/out of the Level 3 category as of the beginning of the measurement period in which the reclassifications occur. Refer to “Levelling Policy” below for a detailed discussion of the levelling of the Company’s financial assets or liabilities and events that may cause a reclassification within the fair value hierarchy.

Securities for which market quotations are readily available on an exchange are valued at the most recently available closing price of such security as of the valuation date, unless there are legal or contractual restrictions on the sale or use of such security that under ASC 820-10-35 should be incorporated into the security’s fair value measurement as a characteristic of the security that would transfer to market participants who would buy the security. The Company may also obtain quotes with respect to certain of its investments from pricing services, brokers or dealers in order to value assets. When doing so, the Company determines whether the quote obtained is sufficient according to GAAP to determine the fair value of the security. If determined to be adequate, the Company uses the quote obtained.

Securities for which reliable market quotations are not readily available or for which the pricing source does not provide a valuation or methodology, or provides a valuation or methodology that, in the judgment of management, our Board of Directors or the valuation committee of the Company’s Board of Directors (the “Valuation Committee”), does not reliably represent fair value, shall each be valued as follows:

	1.	The quarterly valuation process begins with each portfolio company or investment being initially valued by the internal investment professionals responsible for the portfolio investment;

	2.	Preliminary valuation conclusions are then documented and discussed with senior management;

	3.	For all investments for which there are no readily available market quotations, the Valuation Committee engages an independent third-party valuation firm to conduct independent appraisals, review management’s preliminary valuations and make its own independent assessment;

	4.	The Valuation Committee applies the appropriate valuation methodology to each portfolio asset in a consistent manner, considers the inputs provided by management and the independent third-party valuation firm, discusses the valuations and recommends to the Company’s Board of Directors a fair value for each investment in the portfolio; and

	5.	The Company’s Board of Directors then discusses the valuations recommended by the Valuation Committee and determines in good faith the fair value of each investment in the portfolio.

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2022

In valuing the Company’s investments in venture investment funds (“Venture Investment Funds”), the Company applies the practical expedient provided by the ASC Topic 820 relating to investments in certain entities that calculate net asset value (“NAV”) per share (or its equivalent). ASC Topic 820 permits an entity holding investments in certain entities that either are investment companies, or have attributes similar to an investment company, and calculate NAV per share or its equivalent for which the fair value is not readily determinable, to measure the fair value of such investments on the basis of that NAV per share, or its equivalent, without adjustment.

In making a good faith determination of the fair value of investments, the Board applies valuation methodologies consistent with industry practice. Valuation methods utilized include, but are not limited to, the following: comparisons to prices from secondary market transactions; venture capital financings; public offerings; purchase or sales transactions; analysis of financial ratios and valuation metrics of portfolio companies that issued such private equity securities to peer companies that are public; analysis of the portfolio company’s most recent financial statements, forecasts and the markets in which the portfolio company does business, and other relevant factors. The Company assigns a weighting based upon the relevance of each method to assist the Board in determining the fair value of each investment.

For investments that are not publicly traded or that do not have readily available market quotations, the Valuation Committee generally engages an independent valuation firm to provide an independent valuation, which the Company’s Board of Directors considers, among other factors, in making its fair value determinations for these investments. For the current and prior fiscal year, the Valuation Committee engaged an independent valuation firm to perform valuations of 100% of the Company’s investments for which there were no readily available market quotations.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period. Because of the inherent uncertainty of valuation, these estimated values may differ significantly from the values that would have been reported had a ready market for the investments existed, and it is reasonably possible that the difference could be material.

In addition, changes in the market environment and other events that may occur over the life of the investments may cause the realized gains or losses on investments to be different from the net change in unrealized appreciation or depreciation currently reflected in the consolidated financial statements.

Equity Investments

Equity investments for which market quotations are readily available in an active market are generally valued at the most recently available closing market prices and are classified as Level 1 assets. Equity investments with readily available market quotations that are subject to sales restrictions due to an initial public offering (“IPO”) by the portfolio company will be classified as Level 1. Any other equity investments with readily available market quotations that are subject to sales restrictions that would transfer to market participants who would buy the security may be valued at a discount for a lack of marketability (“DLOM”), to the most recently available closing market prices depending upon the nature of the sales restriction. These investments are generally classified as Level 2 assets. The DLOM used is generally based upon the market value of publicly traded put options with similar terms.

The fair values of the Company’s equity investments for which market quotations are not readily available are determined based on various factors and are classified as Level 3 assets. To determine the fair value of a portfolio company for which market quotations are not readily available, the Board applies the appropriate respective valuation methodology for the asset class or portfolio holding, which may involve analyzing the relevant portfolio company’s most recently available historical and projected financial results, public market comparables, and other factors. The Board may also consider other events, including the transaction in which the Company acquired its securities, subsequent equity sales by the portfolio company, and mergers or acquisitions affecting the portfolio company. In addition, the Board may consider the trends of the portfolio company’s basic financial metrics from the time of its original investment until the measurement date, with material improvement of these metrics indicating a possible increase in fair value, while material deterioration of these metrics may indicate a possible reduction in fair value.

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2022

In determining the fair value of equity or equity-linked securities (including warrants to purchase common or preferred stock) in a portfolio company, the Board considers the rights, preferences and limitations of such securities. In cases where a portfolio company’s capital structure includes multiple classes of preferred and common stock and equity-linked securities with different rights and preferences, the Company may use an option pricing model to allocate value to each equity-linked security, unless it believes a liquidity event such as an acquisition or a dissolution is imminent, or the portfolio company is unlikely to continue as a going concern. When equity-linked securities expire worthless, any cost associated with these positions is recognized as a realized loss on investments in the Consolidated Statements of Operations and Consolidated Statements of Cash Flows. In the event these securities are exercised into common or preferred stock, the cost associated with these securities is reassigned to the cost basis of the new common or preferred stock. These conversions are noted as non-cash operating items on the Consolidated Statements of Cash Flows.

Debt Investments

Given the nature of the Company’s current debt investments (excluding U.S. Treasuries), principally convertible and promissory notes issued by venture-capital-backed portfolio companies, these investments are classified as Level 3 assets because there is no known or accessible market or market indexes for these investment securities to be traded or exchanged. The Company’s debt investments are valued at estimated fair value as determined in good faith by the Company’s Board of Directors.

Options

The Company’s Board of Directors determines the fair value of options based on methodologies that can include discounted cash flow analyses, option pricing models, comparable analyses and other techniques as deemed appropriate. These investments are classified as Level 3 assets because there is no known or accessible market or market indexes for these investment securities to be traded or exchanged. The Company’s options are valued at estimated fair value as determined by the Company’s Board of Directors.

Special Purpose Acquisition Companies

The Company’s Board of Directors measures its Special Purpose Acquisition Company (“SPAC”) investments at fair value, which is equivalent to cost until a SPAC transaction is announced. After a SPAC transaction is announced, the Company’s Board of Directors will determine the fair value of SPAC investments based on fair value analyses that can include option pricing models, probability-weighted expected return method analyses and other techniques as deemed appropriate. Upon completion of the SPAC transaction, the Board utilizes the public share price of the entity, less a DLOM if there are restrictions on selling. The Company’s SPAC investments are valued at estimated fair value as determined in good faith by the Company’s Board of Directors.

Portfolio Company Investment Classification

The Company is a non-diversified company within the meaning of the 1940 Act. The Company classifies its investments by level of control. As defined in the 1940 Act, control investments are those where the investor retains the power to exercise a controlling influence over the management or policies of a company. Control is generally deemed to exist when a company or individual directly or indirectly owns beneficially more than 25% of the voting securities of an investee company. Affiliated investments and affiliated companies are defined by a lesser degree of influence and are deemed to exist when a company or individual directly or indirectly owns, controls or holds the power to vote 5% or more of the outstanding voting securities of a portfolio company. Refer to the Consolidated Schedules of Investments as of December 31, 2022 and December 31, 2021, for details regarding the nature and composition of the Company’s investment portfolio.

Levelling Policy

The portfolio companies in which the Company invests may offer their shares in IPOs. The Company’s shares in such portfolio companies are typically subject to lock-up agreements for 180 days following the IPO. Upon the IPO date, the Company transfers its investment from Level 3 to Level 1 due to the presence of an active market, or Level 2 if limited by the lock-up agreement. The Company prices the investment at the closing price on a public exchange as of the measurement date. In situations where there are lock-up restrictions, as well as legal or contractual restrictions on the sale or use of such security that under ASC 820-10-35 should be incorporated into the security’s fair value measurement as a characteristic of the security that would transfer to market participants who would buy the security, the Company will classify the investment as Level 2 subject to an appropriate DLOM to reflect the restrictions upon sale. The Company transfers investments between levels based on the fair value at the beginning of the measurement period in accordance with FASB ASC 820. For investments transferred out of Level 3 due to an IPO, the Company transfers these investments based on their fair value at the IPO date.

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2022

Securities Transactions

Securities transactions are accounted for on the date the transaction for the purchase or sale of the securities is entered into by the Company (i.e., trade date). Securities transactions outside conventional channels, such as private transactions, are recorded as of the date the Company obtains the right to demand the securities purchased or to collect the proceeds from a sale and incurs an obligation to pay for securities purchased or to deliver securities sold, respectively.

Valuation of Other Financial Instruments

The carrying amounts of the Company’s other, non-investment financial instruments, consisting of cash, receivables, accounts payable, and accrued expenses, approximate fair value due to their short-term nature.

Cash

The Company places its cash primarily with U.S. Bank Trust Company, National Association, and may place cash with other high-quality financial institutions. The cash held in these accounts may exceed the Federal Deposit Insurance Corporation insured limit. The Company believes the risk of loss associated with any uninsured balance is remote.

Escrow Proceeds Receivable

A portion of the proceeds from the sale of portfolio investments are held in escrow as a recourse for indemnity claims that may arise under the sale agreement or other related transaction contingencies. Amounts held in escrow are held at estimated realizable value and included in net realized gains (losses) on investments in the Consolidated Statements of Operations for the period in which they occurred and are adjusted as needed. Any remaining escrow proceeds balances from these transactions reasonably expected to be received are reflected on the Consolidated Statement of Assets and Liabilities as escrow proceeds receivable. Escrow proceeds receivable resulting from contingent consideration are to be recognized when the amount of the contingent consideration becomes realized or realizable. As of December 31, 2022 and December 31, 2021, the Company had $628,332 and $2,046,645, respectively, in escrow proceeds receivable.

Deferred Financing Costs

The Company records origination costs related to lines of credit as deferred financing costs. These costs are deferred and amortized as part of interest expense using the straight-line method over the respective life of the line of credit. For modifications to a line of credit, any unamortized origination costs are expensed. Included within deferred financing costs are offering costs incurred relating to the Company’s shelf registration statement on Form N-2. The Company defers these offering costs until capital is raised pursuant to the shelf registration statement or until the shelf registration statement expires. For equity capital raised, the offering costs reduce paid-in capital resulting from the offering. For debt capital raised, the associated offering costs are amortized over the life of the debt instrument. As of December 31, 2022 and December 31, 2021, the Company had deferred financing costs of $555,761 and $2,592,611, respectively, on the Consolidated Statement of Assets and Liabilities.

SCHEDULE OF DEFERRED FINANCING COSTS

	December 31, 2022		December 31, 2021
Deferred debt issuance costs	$	—	$	1,970,892
Deferred offering costs		555,761		621,719
Deferred Financing Costs	$	555,761	$	2,592,611

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2022

Operating Leases & Related Deposits

The Company accounts for its operating leases as prescribed by ASC 842, Leases, which requires lessees to recognize a right-of-use asset on the balance sheet, representing its right to use the underlying asset for the lease term, and a corresponding lease liability for all leases with terms greater than 12 months. The lease expense is presented as a single lease cost that is amortized on a straight-line basis over the life of the lease. Non-lease components (maintenance, property tax, insurance and parking) are not included in the lease cost. On June 3, 2019, the Company entered a 5-year operating lease for office space for which the Company has recorded a right-of-use asset and a corresponding lease liability for the operating lease obligation. These amounts have been discounted using the rate implicit in the lease. Refer to “Note 7—Commitments and Contingencies—Operating Leases and Related Deposits” for further detail.

Stock-based Compensation

Using the fair value recognition provisions as prescribed by ASC 718, Stock Compensation, stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense over the appropriate service period. Determining the fair value of stock-based awards requires considerable judgment, including estimating the expected term of stock options and the expected volatility of our stock price. Differences between actual results and these estimates could have a material effect on our financial results. Forfeitures are accounted for as they occur. Refer to “Note 11—Stock-Based Compensation” for further detail.

Revenue Recognition

The Company recognizes gains or losses on the sale of investments using the specific identification method. The Company recognizes interest income, adjusted for amortization of premium and accretion of discount, on an accrual basis. The Company recognizes dividend income on the ex-dividend date.

Investment Transaction Costs and Escrow Deposits

Commissions and other costs associated with an investment transaction, including legal expenses not reimbursed by the portfolio company, are included in the cost basis of purchases and deducted from the proceeds of sales. The Company makes certain acquisitions on secondary markets, which may involve making deposits to escrow accounts until certain conditions are met, including the underlying private company’s right of first refusal. If the underlying private company does not exercise or assign its right of first refusal and all other conditions are met, then the funds in the escrow account are delivered to the seller and the account is closed. Such transactions would be reflected on the Consolidated Statement of Assets and Liabilities as escrow deposits. As of December 31, 2022 and December 31, 2021, the Company had no escrow deposits.

Unrealized Appreciation or Depreciation of Investments

Unrealized appreciation or depreciation is calculated as the difference between the fair value of the investment and the cost basis of such investment.

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2022

U.S. Federal and State Income Taxes

The Company elected to be treated as a RIC under Subchapter M of the Code beginning with its taxable year ended December 31, 2014, has qualified to be treated as a RIC for subsequent taxable years and intends to continue to operate in a manner so as to qualify for the tax treatment applicable to RICs. To qualify for tax treatment as a RIC, among other things, the Company is required to meet certain source of income and asset diversification requirements and timely distribute to its stockholders at least the sum of 90% of our investment company taxable income (“ICTI”), including payment-in-kind interest income, as defined by the Code, and 90% of our net tax-exempt interest income (which is the excess of its gross tax-exempt interest income over certain disallowed deductions) for each taxable year (the “Annual Distribution Requirement”). Depending on the level of ICTI earned in a tax year, the Company may choose to carry forward into the next tax year ICTI in excess of current year dividend distributions. Any such carryforward ICTI must be distributed on or before December 31 of the subsequent tax year to which it was carried forward.

If the Company meets the Annual Distribution Requirement, but does not distribute (or is not deemed to have distributed) each calendar year a sum of (1) 98% of its net ordinary income for each calendar year, (2) 98.2% of its capital gain net income for the one-year period ending October 31 in that calendar year and (3) any income recognized, but not distributed, in preceding years (the “Excise Tax Avoidance Requirement”), it generally will be required to pay an excise tax equal to 4% of the amount by which the Excise Tax Avoidance Requirement exceeds the distributions for the year. To the extent that the Company determines that its estimated current year annual taxable income will exceed estimated current year dividend distributions from such taxable income, the Company will accrue excise taxes, if any, on estimated excess taxable income as taxable income is earned using an annual effective excise tax rate. The annual effective excise tax rate is determined by dividing the estimated annual excise tax by the estimated annual taxable income.

So long as the Company qualifies and maintains its tax treatment as a RIC, it generally will not be subject to U.S. federal and state income taxes on any ordinary income or capital gains that it distributes at least annually to its stockholders as dividends. Rather, any tax liability related to income earned by the RIC will represent obligations of the Company’s investors and will not be reflected in the consolidated financial statements of the Company. Included in the Company’s consolidated financial statements, the Taxable Subsidiaries are taxable subsidiaries, regardless of whether the Company is a RIC. These Taxable Subsidiaries are not consolidated for income tax purposes and may generate income tax expenses as a result of their ownership of the portfolio companies. Such income tax expenses and deferred taxes, if any, will be reflected in the Company’s consolidated financial statements.

If it is not treated as a RIC, the Company will be taxed as a regular corporation (a “C corporation”) under Subchapter C of the Code for such taxable year. If the Company has previously qualified as a RIC but is subsequently unable to qualify for treatment as a RIC, and certain amelioration provisions are not applicable, the Company would be subject to tax on all of its taxable income (including its net capital gains) at regular corporate rates. The Company would not be able to deduct distributions to stockholders, nor would it be required to make distributions. Distributions, including distributions of net long-term capital gain, would generally be taxable to its stockholders as ordinary dividend income to the extent of the Company’s current and accumulated earnings and profits. Subject to certain limitations under the Code, corporate stockholders would be eligible to claim a dividend received deduction with respect to such dividend; non-corporate stockholders would generally be able to treat such dividends as “qualified dividend income,” which is subject to reduced rates of U.S. federal income tax. Distributions in excess of the Company’s current and accumulated earnings and profits would be treated first as a return of capital to the extent of the stockholder’s adjusted tax basis, and any remaining distributions would be treated as a capital gain. In order to requalify as a RIC, in addition to the other requirements discussed above, the Company would be required to distribute all of its previously undistributed earnings attributable to the period it failed to qualify as a RIC by the end of the first year that it intends to requalify for tax treatment as a RIC. If the Company fails to requalify for tax treatment as a RIC for a period greater than two taxable years, it may be subject to regular corporate tax on any net built-in gains with respect to certain of its assets (i.e., the excess of the aggregate gains, including items of income, over aggregate losses that would have been realized with respect to such assets if the Company had been liquidated) that it elects to recognize on requalification or when recognized over the next five years. The Company was taxed as a C Corporation for its 2012 and 2013 taxable years. Refer to “Note 9—Income Taxes” for further details.

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2022

The Company elected to be treated as a RIC for the taxable year ended December 31, 2014 in connection with the filing of its 2014 tax return. As a result, the Company was required to pay a corporate-level U.S. federal income tax on the amount of the net built-in gains in its assets (the amount by which the net fair market value of the Company’s assets exceeds the net adjusted basis in its assets) either (1) as of the date it converted to a RIC (i.e., the beginning of the first taxable year that the Company qualifies as a RIC, which would be January 1, 2014), or (2) to the extent that the Company recognized such net built-in gains during the five-year recognition period beginning on the date of conversion. As of January 1, 2014, the Company had net unrealized built-in gains, but did not incur a built-in-gains tax for the 2014 tax year due to the fact that there were sufficient net capital loss carryforwards to completely offset recognized built-in gains as well as available net operating losses. The five-year recognition period ended on December 31, 2018.

Per Share Information

Net change in net assets resulting from operations per basic common share is computed using the weighted-average number of shares outstanding for the period presented. Diluted net change in net assets resulting from operations per common share is computed by dividing net increase/(decrease) in net assets resulting from operations for the period adjusted to include the pre-tax effects of interest incurred on potentially dilutive securities, by the weighted-average number of common shares outstanding plus any potentially dilutive shares outstanding during the period. The Company used the if-converted method in accordance with FASB ASC 260, Earnings Per Share (“ASC 260”) to determine the number of potentially dilutive shares outstanding. Refer to “Note 6—Net Increase in Net Assets Resulting from Operations per Common Share—Basic and Diluted” for further detail.

Recently Issued or Adopted Accounting Standards

In March 2022, the FASB issued ASU 2022-02, “Financial Instruments - Credit Losses (Topic 326)”, which is intended to address issues identified during the post-implementation review of ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”. The amendment, among other things, eliminates the accounting guidance for troubled debt restructurings by creditors in Subtopic 310-40, “Receivables - Troubled Debt Restructurings by Creditors”, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. The new guidance is effective for interim and annual periods beginning after December 15, 2022. The Company does not anticipate the new standard will have a material impact to the consolidated financial statements and related disclosures.

In June 2022, the FASB issued ASU No. 2022-03 “Fair Value Measurements (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions.” This change prohibits entities from taking into account contractual restrictions on the sale of equity securities when estimating fair value and introduces required disclosures for such transactions. The standard is effective for annual periods beginning after December 15, 2023, and should be applied prospectively. Early adoption is permitted. The adoption of ASU 2022-03 is not expected to have a material impact on the Company’s future financial statements.

In April 2020, as part of the Securities Offering Reform for Closed-End Investment Companies final rule, the Securities and Exchange Commission (“SEC”) adopted certain structured data reporting requirements for BDCs to submit financial statement information using Inline eXtensible Business Reporting Language (XBRL) format to the extent required of operating companies. BDCs that are eligible to file a short-form registration statement will be subject to the above structuring requirements with respect to Forms filed on or after August 1, 2022. The Company adopted the XBRL format beginning August 1, 2022.

In October 2020, the FASB issued ASU 2020-10, Codification Improvements, which made various technical changes and corrections intended to provide clarifications to existing guidance, as well as simplifications to wording or structure of existing guidance. The Company adopted the modified disclosure requirements during the period ended March 31, 2021.

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2022

In December 2020, the SEC adopted Rule 2a-5, which established requirements for satisfying a fund board’s obligation to determine fair value in good faith for purposes of the 1940 Act. The rule permits boards to assign the determination of fair value to a “valuation designee,” who may be the fund’s investment adviser or, if the fund is internally managed, an officer of the fund. The rule also defines a market quotation as “readily available” only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the fund can access at the measurement date. In connection with the adoption of new Rule 2a-5, the SEC also adopted new Rule 31a-4, which requires funds to maintain documentation to support fair value determinations and documentation related to the designation of the valuation designee. The Company adopted amended valuation policies and procedures to comply with new Rule 2a-5 and Rule 31a-4 in advance of the compliance date of September 8, 2022. The Company did not designate a valuation designee, and the Board retains the sole responsibility to determine fair value in good faith under the 1940 Act.

In December 2021, the SEC published Staff Accounting Bulletin No. 120 (“SAB 120”) to provide accounting and disclosure guidance for stock compensation awards made to executives and conforming amendments to the Staff Accounting Bulletin Series to align with the current authoritative accounting guidance in ASC 718, Compensation – Stock Compensation. In part, SAB 120 requires that an entity disclose how it determines the current price of underlying shares for grant-date fair value, the policy for when an adjustment to the share price is required, how it determines the amount of an adjustment to the share price and any significant assumptions used in determining an adjustment to the share price. SAB 120 is effective for all stock compensation awards issued after December 1, 2021. The Company is in compliance with the guidance pursuant to SAB 120 for any share-based compensation disclosures. See “Note 11 – Stock-Based Compensation” for further discussion of the Company’s policies and procedures regarding share-based compensation. The Company does not expect the impact of SAB 120 to be material to the consolidated financial statements and the notes thereto.

From time to time, new accounting pronouncements are issued by the FASB or other standards setting bodies that are adopted by the Company as of the specified effective date. The Company believes that the impact of recently issued standards and any that are not yet effective will not have a material impact on its consolidated financial statements upon adoption.

COMMON STOCK (Details Narrative) - USD ($)																		12 Months Ended
COMMON STOCK (Details Narrative) - USD ($)	Oct. 19, 2022	Aug. 08, 2022	Mar. 13, 2022	Nov. 02, 2021	Oct. 27, 2021	Aug. 03, 2021	May 04, 2021	Oct. 28, 2020	Sep. 23, 2020	Sep. 22, 2020	Jul. 29, 2020	Mar. 09, 2020	Aug. 05, 2019	Nov. 01, 2018	May 03, 2018	Nov. 07, 2017	Aug. 08, 2017	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Sep. 12, 2022	Mar. 29, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Payment for repurchase of common stock																		$ 21,452,541		$ 10,379,995
Common stock par value																		$ 0.01	$ 0.01
Common stock value																		$ 284,295	$ 311,185
Stock repurchased during period value																		$ 21,452,541		10,379,994
Number of shares repurchased																		1,008,676
Payments for dividends																		$ 26,535,702	$ 103,458,098	$ 14,659,850
Number of shares issued																		17,807	5,900	3,808,979
Aggregate principal amount																			$ 37,259,819	$ 1,810,956
Shares issued value																		229,896	78,608	49,882,319
Proceeds from issuance of common stock																		$ 229,896	$ 78,608	$ 49,882,319
4.75% Convertible Senior Notes due 2023 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of shares issued																			4,097,808	174,888
Debt conversion amount																			$ 37,900,000
Redeemed Aggregate amount																						$ 300,000
Aggregate principal amount																				$ 1,785,000
Share Repurchase Program [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock repurchased during period value																	$ 5,000,000.0
Share Repurchase Program [Member] \| Maximum [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock value																	5,000,000.0
Modification of Dutch Auction Tender Offer [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share price																					$ 6.60
Modification of Dutch Auction Tender Offer [Member] \| Common Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share-based compensation, options, grants in period, shares		2,000,000
Expired date		Sep. 02, 2022
Outstanding shares		6.60%
Modification of Dutch Auction Tender Offer [Member] \| Maximum [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share price		$ 7.00
Modification of Dutch Auction Tender Offer [Member] \| Minimum [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share price		$ 6.00
At-the-Market Sales Agreement [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of shares issued																		17,807
Shares issued value									$ 150,000,000.0	$ 50,000,000.0
Weighted average price per share																		$ 13.01
Proceeds from issuance of common stock																		$ 231,677
Proceeds from issuance or sale of equity																		229,896
At-the-Market Sales Agreement [Member] \| Maximum [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Remain available for sale, amount																		$ 98,800,000
Gross sales price, percentage																		2.00%
Common Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Payments for dividends				$ 28,500,000		$ 29,600,000	$ 30,000,000.0
Number of shares issued				2,170,807		2,225,193	2,335,527
Common Stock [Member] \| Board of Directors [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Dividend per share				$ 2.00		$ 2.25	$ 2.50
Common Stock [Member] \| Share Repurchase Program [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Payment for repurchase of common stock																	$ 5,000,000.0
Common stock par value																	$ 0.01
Stock repurchased during period value								$ 40,000,000.0				$ 30,000,000.0	$ 25,000,000.0			$ 10,000,000.0
Remain available for sale, amount																		$ 16,400,000
Common Stock [Member] \| Share Repurchase Program [Member] \| Board of Directors [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock repurchased during period value	$ 55,000,000.0		$ 55,000,000.0		$ 40,000,000.0									$ 20,000,000.0	$ 15,000,000.0
Increase in amount of shares, repurchased value			$ 15,000,000.0					$ 10,000,000.0				$ 5,000,000.0	$ 5,000,000.0	$ 5,000,000.0	$ 5,000,000.0
Common Stock [Member] \| At-the-Market Sales Agreement [Member] \| Maximum [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Sale of stock aggregate amount											$ 50,000,000.0

SCHEDULE OF RECLASSIFICATION OF BOOK/TAX DIFFERENCES (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Capital in excess of par value	$ (14,709,928)	$ (9,931,831)
Accumulated undistributed net investment loss	14,709,928	8,007,039
Accumulated net realized gains from investments		$ (1,924,792)

STOCK-BASED COMPENSATION (Details Narrative) - USD ($)

12 Months Ended

Jun. 02, 2022

Jul. 02, 2021

Jun. 19, 2020

Jul. 17, 2019

Jun. 05, 2019

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Issuance of common stock from public offering, shares

17,807

5,900

3,808,979

Shares issued, value

$ 229,896

$ 78,608

$ 49,882,319

Share-Based Payment Arrangement, Noncash Expense

^[1]

$ 2,015,600

1,306,615

$ 1,962,431

Board of Directors [Member] | Amended and Restated 2019 Equity Incentive Plan [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Issuance of common stock from public offering, shares

1,627,967

Restricted Stock [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Number of shares vested in period

^[2]

149,040

Restricted Stock [Member] | Amended and Restated 2019 Equity Incentive Plan [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Shares granted

241,827

Options vesting, period

3 years

Stock options grants

$ 3,599,972

Restricted Stock [Member] | Non Employee Director [Member] | Amended and Restated 2019 Equity Incentive Plan [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Shares issued, value

$ 50,000

Restricted Stock [Member] | 2020 Non-employee Director [Member] | Amended and Restated 2019 Equity Incentive Plan [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Number of shares vested

21,760

Restricted Stock [Member] | 2021 Non-employee Director [Member] | Amended and Restated 2019 Equity Incentive Plan [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Number of shares vested in period

15,080

Restricted Shares of Common Stock [Member] | Non Employee Director [Member] | Amended and Restated 2019 Equity Incentive Plan [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Restricted shares issued, value

$ 50,000

2019 Enquity Incentive Plan [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

[custom:UnrecognizedShareBasedCompensation]

2019 Enquity Incentive Plan [Member] | Share-Based Payment Arrangement, Option [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Shares granted

1,165,000

Share based payment award description

These stock options had a vesting period

Options vesting, period

3 years

Weighted average price per share

$ 2.57

2019 Enquity Incentive Plan [Member] | Common Stock [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Shares granted

1,976,264

Stock ownership percentage

10.00%

Restricted Share Grants [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Share-Based Payment Arrangement, Noncash Expense

2,015,600

$ 1,306,615

Share-Based Payment Arrangement, Expense

$ 6,451,610

[1]	For the year ended December 31, 2020, this balance includes $1,962,431 of accelerated recognition of compensation cost related to the cancellation of unvested options on April 28, 2020. Refer to “Note 11— Stock-Based Compensation” for more detail.
[2]	The balance of vested shares as of December 31, 2022 reflects the total shares vested during the period and has not been reduced for those vested shares forfeited at time of vest related to net share settlement.

INCOME TAXES

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

INCOME TAXES

NOTE 9—INCOME TAXES

The Company elected to be treated as a RIC under Subchapter M of the Code beginning with its taxable year ended December 31, 2014 and has qualified to be treated as a RIC for subsequent taxable years. The Company intends to continue to operate so as to qualify to be subject to tax treatment as a RIC under Subchapter M of the Code and, as such, will not be subject to U.S. federal income tax on the portion of taxable income (including gains) distributed as dividends for U.S. federal income tax purposes to stockholders. Taxable income includes the Company’s taxable interest, dividend and fee income, reduced by certain deductions, as well as taxable net realized investment gains. Taxable income generally differs from net income for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses, and generally excludes net unrealized appreciation or depreciation, as such gains or losses are not included in taxable income until they are realized.

To qualify and be subject to tax as a RIC, the Company is required to meet certain income and asset diversification tests in addition to distributing dividends of an amount generally at least equal to 90% of its investment company taxable income, as defined by the Code and determined without regard to any deduction for distributions paid, to its stockholders. The amount to be paid out as a distribution is determined by the Board of Directors each quarter and is based upon the annual earnings estimated by the management of the Company. To the extent that the Company’s earnings fall below the amount of dividend distributions declared, however, a portion of the total amount of the Company’s distributions for the fiscal year may be deemed a return of capital for tax purposes to the Company’s stockholders.

During the year ended December 31, 2022, the Company declared distributions of $0.11 per share. The determination of the tax attributes of the Company’s distributions is made annually as of the end of the Company’s taxable year generally based upon its taxable income for the full taxable year and distributions paid for the full taxable year. As a result, a determination made on a by-dividend basis may not be representative of the actual tax attributes of the Company’s distributions for a full taxable year. If the Company had determined the tax attributes of our distributions taxable year-to-date as of December 31, 2022, 100% would be from net realized investment gains. However, there can be no certainty to stockholders that this determination is representative of what the actual tax attributes of the Company’s fiscal year of 2022 distributions to stockholders will be.

As a RIC, the Company will be subject to a 4% nondeductible U.S. federal excise tax on certain undistributed income unless the Company makes distributions treated as dividends for U.S. federal income tax purposes in a timely manner to its stockholders in respect of each calendar year of an amount at least equal to the sum of (1) 98% of our ordinary income (taking into account certain deferrals and elections) for each calendar year, (2) 98.2% of our capital gain net income (adjusted for certain ordinary losses) for the 1-year period ending October 31 of each such calendar year and (3) any ordinary income and net capital gains for preceding years, but not distributed during such years and on which the Company paid no U.S. federal income tax. The Company will not be subject to this excise tax on any amount on which the Company incurred U.S. federal corporate income tax (such as the tax imposed on a RIC’s retained net capital gains).

Depending on the level of taxable income earned in a taxable year, the Company may choose to carry over taxable income in excess of current taxable year distributions from such taxable income into the next taxable year and incur a 4% excise tax on such taxable income, as required. The maximum amount of excess taxable income that may be carried over for distribution in the next taxable year under the Code is the total amount of distributions paid in the following taxable year, subject to certain declaration and payment guidelines. To the extent the Company chooses to carry over taxable income into the next taxable year, distributions declared and paid by the Company in a taxable year may differ from the Company’s taxable income for that taxable year as such distributions may include the distribution of current taxable year taxable income, the distribution of prior taxable year taxable income carried over into and distributed in the current taxable year, or returns of capital.

The Company has taxable subsidiaries which hold certain portfolio investments in an effort to limit potential legal liability and/or comply with source-income type requirements contained in the RIC tax provisions of the Code. These taxable subsidiaries are consolidated for GAAP and the portfolio investments held by the taxable subsidiaries are included in the Company’s consolidated financial statements and are recorded at fair value. These taxable subsidiaries are not consolidated with the Company for income tax purposes and may generate income tax expense, or benefit, and tax assets and liabilities as a result of their ownership of certain portfolio investments. Any income generated by these taxable subsidiaries generally would be subject to tax at normal corporate tax rates based on its taxable income.

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2022

The Company intends to timely distribute to its stockholders substantially all of its annual taxable income for each year, except that it may retain certain net capital gains for reinvestment and, depending upon the level of taxable income earned in a year, may choose to carry forward taxable income for distribution in the following year and pay any applicable U.S. federal excise tax.

As of December 31, 2022 and December 31, 2021, the Company recorded a deferred tax liability of $0. The Company is required to include net deferred tax provision/benefit in calculating its total expenses even though these net deferred taxes are not currently payable/receivable. Taxable income generally differs from net income for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses, and generally excludes net unrealized appreciation or depreciation, as such gains or losses are not included in taxable income until they are realized.

For U.S. federal and state income tax purposes, a portion of the Taxable Subsidiaries’ net operating loss carryforwards and basis differences may be subject to limitations on annual utilization in case of a change in ownership, as defined by federal and state law. The amount of such limitations, if any, has not been determined. Accordingly, the amount of such tax attributes available to offset future profits may be significantly less than the actual amounts of the tax attributes.

The Company and the Taxable Subsidiaries identified their major tax jurisdictions as U.S. federal, New York, and California and may be subject to the taxing authorities’ examination for the tax years 2019–2022 and 2018–2022, respectively. Further, the Company and the Taxable Subsidiaries accrue all interest and penalties related to uncertain tax positions as incurred. As of December 31, 2022, there were no material interest or penalties incurred related to uncertain tax positions.

Permanent differences between ICTI and net investment income for financial reporting purposes are reclassified among capital accounts in the consolidated financial statements to reflect their tax character. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes. During the years ended December 31, 2022 and 2021, the Company reclassified for book purposes amounts arising from permanent book/tax differences related as follows:

	2022			2021
	Year Ended December 31,
	2022			2021
Capital in excess of par value	$	(14,709,928	)	$	(9,931,831	)
Accumulated undistributed net investment loss		14,709,928			8,007,039
Accumulated net realized gains from investments		—			(1,924,792	)

For income tax purposes, distributions paid to stockholders are reported as ordinary income, return of capital, long term capital gains or a combination thereof. The tax character of distributions declared in the years ended December 31, 2022, 2021, and 2020 was as follows:

	2022		2021		2020
	Year Ended December 31,
	2022		2021		2020
Ordinary income	$	—	$	—	$	—
Long-term capital gain		3,441,824		212,197,026		16,947,370
Return of capital		—		—		—
Distributions on a tax basis		—		—		—

For federal income tax purposes, the tax cost of investments owned at December 31, 2022 and 2021, was $294,674,345 and $201,067,636, respectively. The gross unrealized appreciation and gross unrealized depreciation on investments owned at December 31, 2022 was $56,250,562 and $108,679,513, respectively, and on investments owned at December 31, 2021 was $123,319,904 and $65,056,699, respectively. The net unrealized appreciation/(depreciation) on investments owned at December 31, 2022 and 2021, was $(52,428,951) and $58,263,205, respectively.

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2022

At December 31, 2022 and 2021, the components of distributable earnings on a tax basis detailed below differ from the amounts reflected in the Company’s Consolidated Statements of Assets and Liabilities by temporary and other book/tax differences, primarily relating to the tax treatment of certain investments in partnerships and wholly-owned subsidiary corporations, and organizational expenses, as follows:

	2022			2021
	Year Ended December 31,
	2022			2021
Undistributed ordinary income/(loss)	$	(45,822,672	)	$	(35,883,906	)
Accumulated net realized gains/(losses) on investments		(3,901,291	)		3,489,058
Unrealized appreciation/(depreciation)		(52,428,951	)		58,263,205
Components of distributable earnings at year end	$	(102,152,914	)	$	25,868,357

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

DEBT CAPITAL ACTIVITIES (Details Narrative) - USD ($)				12 Months Ended
DEBT CAPITAL ACTIVITIES (Details Narrative) - USD ($)	Dec. 21, 2021	Dec. 17, 2021	Mar. 28, 2018	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Mar. 29, 2021
Short-Term Debt [Line Items]
Debt instrument, interest rate				6.00%	6.00%
Debt instrument, principal amount				$ 75,000,000	$ 75,000,000
6.00% Notes due 2026 [Member]
Short-Term Debt [Line Items]
Proceeds from debt		$ 70,000,000.0
Debt instrument, issuance date		Mar. 28, 2018
Debt instrument, interest rate		6.00%
Debt instrument, frequency of periodic payment description		payable quarterly in arrears on March 30, June 30, September 30, and December 30 of each year, commencing on March 30, 2022.
Debt instrument, notes redeem, description		The Company has the right to redeem the 6.00% Notes due 2026, in whole or in part, at any time or from time to time, on or after December 30, 2024 at a redemption price of 100% of the outstanding principal amount of the 6.00% Notes due 2026 plus accrued and unpaid interest.
Redemption price percent		100.00%
Closing market price, per note				$ 23.51	$ 25.68
Debt instrument, fair value				$ 70,500,000	$ 77,000,000.0
6.00% Notes due 2026 [Member] \| Over-Allotment Option [Member]
Short-Term Debt [Line Items]
Proceeds from debt	$ 5,000,000.0
4.75% Convertible Senior Notes due 2023 [Member]
Short-Term Debt [Line Items]
Debt instrument, interest rate			4.75%
Debt instrument, frequency of periodic payment description			payable semi-annually in arrears on March 31 and September 30 of each year, commencing on September 30, 2018
Debt instrument, notes redeem, description			The Company did not have the right to redeem the 4.75% Convertible Senior Notes due 2023 prior to March 27, 2021. On or after March 27, 2021, the Company could redeem the 4.75% Convertible Senior Notes due 2023 for cash, in whole or in part, from time to time, at the Company’s option if (i) the closing sale price of the Company’s common stock for at least 15 trading days (whether or not consecutive) during the period of any 20 consecutive trading days was greater than or equal to 150% of the conversion price on each applicable trading day, (ii) no public announcement of a pending, proposed or intended fundamental change had occurred which had not been abandoned, terminated or consummated, and (iii) no event of default under the indenture governing the 4.75% Convertible Senior Notes due 2023, and no event that with the passage of time or giving of notice would constitute an event of default under such indenture, had occurred or existed.
Redemption price percent			100.00%
Proceeds from convertible debt			$ 40,000,000.0
Debt instrument, maturity date			Mar. 28, 2023
Debt instrument, redemption date, description			The Company established March 29, 2021 as the date on which all of the 4.75% Convertible Senior Notes due 2023 would be redeemed (the “Redemption Date”), at 100% of their principal amount ($1,000 per convertible note), plus the accrued and unpaid interest thereon from September 30, 2020, through, but excluding, the Redemption Date. Holders of the 4.75% Convertible Senior Notes due 2023 had the option to surrender their 4.75% Convertible Senior Notes due 2023 for conversion into shares of the Company’s common stock at the then existing conversion rate, in lieu of receiving cash, at any time prior to the close of business on the business day immediately preceding the Redemption Date.
Debt instrument, redemption amount, per convertible note			$ 1,000
Debt instrument, redemption amount			$ 300,000
Debt conversion, shares issued, shares			4,272,696
Debt instrument, principal amount					$ 38,215,000
4.75% Convertible Senior Notes due 2023 [Member] \| 5.25% Convertible Senior Notes due 2018 [Member] \| Western Alliance Bank [Member]
Short-Term Debt [Line Items]
Debt instrument, maturity date				Sep. 15, 2018
Line of credit, minimum maintain balance				$ 65,000,000.0
Line of credit, maturity date				May 31, 2019
4.75% Convertible Senior Notes due 2023 [Member] \| Common Stock [Member]
Short-Term Debt [Line Items]
Debt conversion, shares issued, shares			93.2836		4,097,808	174,888
Debt instrument, principal amount			$ 1,000
Debt instrument, conversion price			$ 10.72		$ 0.3		$ 37.9
4.75% Convertible Senior Notes due 2023 [Member] \| Common Stock [Member] \| Modification of Dutch Auction Tender Offer and Cash Dividends [Member]
Short-Term Debt [Line Items]
Debt conversion, shares issued, shares			108.0505
Debt instrument, principal amount			$ 1,000			$ 1,785,000
Debt instrument, conversion price			$ 9.25

SCHEDULE OF AGGREGATE VALUE OF ASSETS AND LIABILITIES (Details) - USD ($)

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Impairment Effects on Earnings Per Share [Line Items]

$ 214,632,504

$ 186,144,376

(8,742,396)

^[1]

(193,897,910)

^[2]

22,780,064

81,716,038

(1,874,470)

(13,053,111)

Net change in unrealized appreciation/(depreciation) included in earnings

90,586

5,741,192

(83,021,195)

147,981,919

Net change in unrealized appreciation/ (depreciation) of Level 3 investments still held

143,865,093

214,632,504

(70,818,192)

52,473,604

Common Stock [Member] | Fair Value, Inputs, Level 3 [Member]

Impairment Effects on Earnings Per Share [Line Items]

42,860,156

34,190,839

(6,918,251)

^[1]

(31,652,675)

^[2]

36,154,823

(874,470)

(61,675)

Net change in unrealized appreciation/(depreciation) included in earnings

160,965

204,195

(16,535,469)

4,024,649

Net change in unrealized appreciation/ (depreciation) of Level 3 investments still held

18,692,931

42,860,156

(7,023,165)

6,117,069

Preferred Stock [Member] | Fair Value, Inputs, Level 3 [Member]

Impairment Effects on Earnings Per Share [Line Items]

163,801,798

141,235,987

(1,775,506)

^[1]

(155,414,652)

^[2]

20,767,788

43,239,463

(10,646,457)

Net change in unrealized appreciation/(depreciation) included in earnings

5,551,864

(65,579,615)

139,835,593

Net change in unrealized appreciation/ (depreciation) of Level 3 investments still held

117,214,465

163,801,798

(63,138,372)

46,943,434

Debt Investments [Member]

Impairment Effects on Earnings Per Share [Line Items]

3,011,438

Debt Investments [Member] | Fair Value, Inputs, Level 3 [Member]

4,488,200

3,011,438

Impairment Effects on Earnings Per Share [Line Items]

3,011,438

4,845,340

^[1]

(5,211,120)

^[2]

1,509,093

(1,000,000)

(2,344,979)

Net change in unrealized appreciation/(depreciation) included in earnings

88,788

967,669

5,633,409

Net change in unrealized appreciation/ (depreciation) of Level 3 investments still held

4,488,200

3,011,438

967,669

Options [Member] | Fair Value, Inputs, Level 3 [Member]

Impairment Effects on Earnings Per Share [Line Items]

4,959,112

5,872,210

(48,639)

^[1]

(1,619,463)

^[2]

503,183

2,321,752

Net change in unrealized appreciation/(depreciation) included in earnings

(70,379)

(103,655)

(1,873,780)

(1,511,732)

Net change in unrealized appreciation/ (depreciation) of Level 3 investments still held

3,469,497

4,959,112

$ (1,624,324)

$ (586,899)

[1]	During the year ended December 31, 2022, the Company’s portfolio investments had the following corporate actions which are reflected above:
[2]	During the year ended December 31, 2021, the Company’s portfolio investments had the following corporate actions which are reflected above:

SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

SCHEDULE OF DEFERRED FINANCING COSTS

	December 31, 2022		December 31, 2021
Deferred debt issuance costs	$	—	$	1,970,892
Deferred offering costs		555,761		621,719
Deferred Financing Costs	$	555,761	$	2,592,611

INVESTMENTS AT FAIR VALUE

12 Months Ended

Dec. 31, 2022

Investments in and Advances to Affiliates [Abstract]

INVESTMENTS AT FAIR VALUE

NOTE 4—INVESTMENTS AT FAIR VALUE

Investment Portfolio Composition

The Company’s investments in portfolio companies consist primarily of equity securities (such as common stock, preferred stock and options to purchase common and preferred stock) and to a lesser extent, debt securities, issued by private and publicly traded companies. The Company may also, from time to time, invest in U.S. Treasury securities. Non-portfolio investments represent investments in U.S. Treasury securities. As of December 31, 2022, the Company had 64 positions in 39 portfolio companies. As of December 31, 2021, the Company had 64 positions in 38 portfolio companies.

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2022

The following tables summarize the composition of the Company’s investment portfolio by security type at cost and fair value as of December 31, 2022 and December 31, 2021:

	December 31, 2022							December 31, 2021
	Cost		Fair Value		Percentage of Net Assets			Cost		Fair Value		Percentage of Net Assets
Private Portfolio Companies
Preferred Stock	$	118,472,118	$	117,214,465		55.8	%	$	99,964,047	$	163,801,798		44.9	%
Common Stock		50,601,512		18,692,931		8.9	%		51,581,524		42,860,156		11.7	%
Debt Investments		6,316,466		4,488,200		2.1	%		5,807,373		3,011,438		0.8	%
Options		11,415,787		3,469,497		1.7	%		10,982,983		4,959,112		1.4	%
Total Private Portfolio Companies		186,805,883		143,865,093		68.5	%		168,335,927		214,632,504		58.8	%
Publicly Traded Portfolio Companies
Common Stock		29,322,625		13,323,485		6.3	%		39,119,450		44,573,225		12.2	%
Options		—		—		—	%		—		930,524		0.3	%
Total Publicly Traded Portfolio Companies		29,322,625		13,323,485		6.3	%		39,119,450		45,503,749		12.5	%
Total Portfolio Investments		216,128,508		157,188,578		74.8	%		207,455,377		260,136,253		71.3	%
Non-Portfolio Investments
U.S. Treasury Bills		84,999,598		85,056,817		40.5	%		—		—		—	%
Total Investments	$	301,128,106	$	242,245,395		115.3	%	$	207,455,377	$	260,136,253		71.3	%

The geographic and industrial compositions of the Company’s portfolio at fair value as of December 31, 2022 and December 31, 2021 were as follows:

	As of December 31, 2022								As of December 31, 2021
	Fair Value		Percentage of Portfolio			Percentage of Net Assets			Fair Value		Percentage of Portfolio			Percentage of Net Assets
Geographic Region
West	$	94,996,805		60.4	%		45.1	%	$	188,304,542		72.4	%		51.6	%
Northeast		46,944,432		29.9	%		22.4	%		47,666,629		18.3	%		13.1	%
Midwest		8,183,281		5.2	%		3.9	%		12,722,423		4.9	%		3.5	%
International		7,064,060		4.5	%		3.4	%		11,442,659		4.4	%		3.1	%
Total	$	157,188,578		100.0	%		74.8	%	$	260,136,253		100.0	%		71.3	%

	As of December 31, 2022								As of December 31, 2021
	Fair Value		Percentage of Portfolio			Percentage of Net Assets			Fair Value		Percentage of Portfolio			Percentage of Net Assets
Industry
Education Technology	$	61,841,493		39.4	%		29.4	%	$	109,048,688		41.9	%		29.9	%
Financial Technology		38,096,753		24.2	%		18.1	%		71,954,012		27.7	%		19.7	%
Marketplaces		27,291,467		17.4	%		13.0	%		49,346,174		19.0	%		13.5	%
Big Data/Cloud		14,927,819		9.5	%		7.1	%		12,300,823		4.7	%		3.4	%
Social/Mobile		14,047,018		8.9	%		6.7	%		16,439,523		6.3	%		4.5	%
Sustainability		984,028		0.6	%		0.5	%		1,047,033		0.4	%		0.3	%
Total	$	157,188,578		100.0	%		74.8	%	$	260,136,253		100.0	%		71.3	%

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2022

The table below details the composition of the Company’s industrial themes presented in the preceding tables:

Industry Theme		Industry
Education Technology		Business Education
		Education Software
		Interactive Learning
		Online Education
Big Data/Cloud		Data Analysis
		Gaming Licensing
		Retail Technology
		Geolocation Technology
		Warehouse Automation
Marketplaces		Global Innovation Platform
		Knowledge Networks
		Micromobility
		On-Demand Commerce
		Peer-to-Peer Pet Services
		Pharmaceutical Technology
		Real Estate Platform
		Subscription Fashion Rental
Financial Technology		Cannabis REIT
		Financial Services
		Home Improvement Finance
		Mobile Finance Technology
		Online Marketplace Finance
		Gaming Technology
		Special Purpose Acquisition Company
		Venture Investment Fund
Social/Mobile		Digital Media Platform
		Digital Media Technology
		Interactive Media & Services
		Mobile Access Technology
		Social Data Platform
		Fitness Technology
		Social Networking
Sustainability		Clean Technology

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2022

Investment Valuation Inputs

	As of December 31, 2022
	Quoted Prices in Active Markets for Identical Securities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Investments at Fair Value
Private Portfolio Companies
Preferred Stock	$	—	$	—	$	117,214,465	$	117,214,465
Common Stock		—		—		18,692,931		18,692,931
Debt Investments		—		—		4,488,200		4,488,200
Options		—		—		3,469,497		3,469,497
Private Portfolio Companies		—		—		143,865,093		143,865,093
Publicly Traded Portfolio Companies
Common Stock		13,298,992		24,493		—		13,323,485
Non-Portfolio Investments
U.S. Treasury bills		85,056,817		—		—		85,056,817
Total Investments at Fair Value	$	98,355,809	$	24,493	$	143,865,093	$	242,245,395

	As of December 31, 2021
	Quoted Prices in Active Markets for Identical Securities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Investments at Fair Value
Private Portfolio Companies
Preferred Stock	$	—	$	—	$	163,801,798	$	163,801,798
Common Stock		—		—		42,860,156		42,860,156
Debt Investments		—		—		3,011,438		3,011,438
Options		—		—		4,959,112		4,959,112
Private Portfolio Companies		—		—		214,632,504		214,632,504
Publicly Traded Portfolio Companies
Common Stock		16,970,411		27,602,814		—		44,573,225
Options		—		930,524		—		930,524
Publicly Traded Portfolio Companies		16,970,411		28,533,338		—		45,503,749
Total Investments at Fair Value	$	16,970,411	$	28,533,338	$	214,632,504	$	260,136,253

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2022

Significant Unobservable Inputs for Level 3 Assets and Liabilities

In accordance with FASB ASC 820, Fair Value Measurement, the tables below provide quantitative information about the Company’s fair value measurements of its Level 3 assets as of December 31, 2022 and December 31, 2021. In addition to the techniques and inputs noted in the tables below, according to the Company’s valuation policy, the Company may also use other valuation techniques and methodologies when determining the Company’s fair value measurements. The tables below are not intended to be all-inclusive, but rather provide information on the significant Level 3 inputs as they relate to the Company’s fair value measurements. To the extent an unobservable input is not reflected in the tables below, such input is deemed insignificant with respect to the Company’s Level 3 fair value measurements as of December 31, 2022 and December 31, 2021. Significant changes in the inputs in isolation would result in a significant change in the fair value measurement, depending on the input and the materiality of the investment. Refer to “Note 2—Significant Accounting Policies—Investments at Fair Value” for more detail.

As of December 31, 2022

Asset

Fair Value

Valuation Approach/

Technique⁽¹⁾

Unobservable Inputs⁽²⁾

Range (Weighted Average)⁽³⁾

Common stock in private companies

18,692,931

Market approach

Revenue multiples

1.06x - 4.42x (1.74x)

Liquidation Value

N/A

PWERM⁽⁵⁾

AFFO⁽⁴⁾multiple

8.62x -12.62x (10.94x)

Preferred stock in private companies

117,214,465

Market approach

Revenue multiples

0.47x - 5.45x (2.38x)

Liquidation Value

N/A

Discounted cash flow

Discount rate

15.0% (15.0%)

PWERM⁽⁵⁾

Revenue multiples

1.17x - 1.26x

DLOM

10.0% (10.0%)

Financing Risk

10.0% (10.0%)

Debt investments

4,488,200

Market approach

Revenue multiples

0.47x - 5.45x (3.6x)

Options

3,469,497

Option pricing model

Term to expiration (Years)

1.00x - 5.29x (1.65x)

Discounted cash flow

Discount Rate

15.0% (15.0%)

(1)	As of December 31, 2022, the Board used a hybrid market and income approach to value certain common and preferred stock investments as the Board felt this approach better reflected the fair value of these investments. In considering multiple valuation approaches (and consequently, multiple valuation techniques), the valuation approaches and techniques are not likely to change from one period of measurement to the next; however, the weighting of each in determining the final fair value of a Level 3 investment may change based on recent events or transactions. The hybrid approach may also consider certain risk weightings to account for the uncertainty of future events. Refer to “Note 2—Significant Accounting Policies—Investments at Fair Value” for more detail.
(2)	The Board considers all relevant information that can reasonably be obtained when determining the fair value of Level 3 investments. Due to any given portfolio company’s information rights, changes in capital structure, recent events, transactions, or liquidity events, the type and availability of unobservable inputs may change. Increases/(decreases) in revenue multiples, earnings before interest and taxes (“EBIT”) multiples, time to expiration, and stock price/strike price would result in higher (lower) fair values, all else equal. Decreases/(increases) in discount rates, volatility, and annual risk rates, would result in higher (lower) fair values, all else equal. The market approach utilizes market value (revenue and EBIT) multiples of publicly traded comparable companies and available precedent sales transactions of comparable companies. The Company carefully considers numerous factors when selecting the appropriate companies whose multiples are used to value its portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, relevant risk factors, as well as size, profitability and growth expectations. In general, precedent transactions include recent rounds of financing, recent purchases made by the Company, and tender offers. Refer to “Note 2—Significant Accounting Policies—Investments at Fair Value” for more detail.
(3)	The weighted averages are calculated based on the fair market value of each investment.
(4)	Adjusted Funds From Operations, or “AFFO”
(5)	Probability-Weighted Expected Return Method, or “PWERM”

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2022

As of December 31, 2021

Asset

Fair Value

Valuation Approach/ Technique⁽¹⁾

Unobservable Inputs⁽²⁾

Range (Weighted Average)⁽³⁾

Common stock in private companies

42,860,156

Market approach

Revenue multiples

1.80x - 9.62x (6.00x)

Discounted cash flow

Discount rate

15.0% (15.0%)

PWERM⁽⁵⁾

DLOM⁽⁶⁾

10.0% (10.0%)

AFFO⁽⁴⁾multiple

23.03 - 36.28x (23.03x)

Financing Risk

10.0% (10.0%)

Preferred stock in private companies

163,801,798

Market approach

Revenue multiples

0.53x - 9.62x (6.63x)

Discounted cash flow

Discount rate

15.0% (15.0%)

PWERM⁽⁵⁾

Revenue multiples

1.05x - 9.62x (3.04x)

DLOM

10.0% (10.0%)

Financing Risk

10.0% (10.0%)

Debt investments

3,011,438

Market approach

Revenue multiples

1.74x - 2.91x (1.95x)

Options

4,959,112

Option pricing model

Term to expiration (Years)

0.17 - 6.61 (3.08)

Volatility

37.7% - 56.5% (37.7%)

Discounted cash flow

Discount Rate

15.0% (15.0%)

(1)	As of December 31, 2021, the Company used a hybrid market and income approach to value certain common and preferred stock investments as the Company felt this approach better reflected the fair value of these investments. In considering multiple valuation approaches (and consequently, multiple valuation techniques), the valuation approaches and techniques are not likely to change from one period of measurement to the next; however, the weighting of each in determining the final fair value of a Level 3 investment may change based on recent events or transactions. The hybrid approach may also consider certain risk weightings to account for the uncertainty of future events. Refer to “Note 2—Significant Accounting Policies—Investments at Fair Value” for more detail.
(2)	The Company considers all relevant information that can reasonably be obtained when determining the fair value of Level 3 investments. Due to any given portfolio company’s information rights, changes in capital structure, recent events, transactions, or liquidity events, the type and availability of unobservable inputs may change. Increases/(decreases) in revenue multiples, earnings before interest and taxes (“EBIT”) multiples, time to expiration, and stock price/strike price would result in higher (lower) fair values, all else equal. Decreases/(increases) in discount rates, volatility, and annual risk rates, would result in higher (lower) fair values, all else equal. The market approach utilizes market value (revenue and EBIT) multiples of publicly traded comparable companies and available precedent sales transactions of comparable companies. The Company carefully considers numerous factors when selecting the appropriate companies whose multiples are used to value its portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, relevant risk factors, as well as size, profitability and growth expectations. In general, precedent transactions include recent rounds of financing, recent purchases made by the Company, and tender offers. Refer to “Note 2—Significant Accounting Policies—Investments at Fair Value” for more detail.
(3)	The weighted averages are calculated based on the fair market value of each investment.
(4)	Adjusted Funds From Operations, or “AFFO”
(5)	Probability-Weighted Expected Return Method, or “PWERM”
(6)	Discount for Lack of Marketability, or “DLOM”

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2022

The aggregate values of Level 3 assets and liabilities changed during the year ended December 31, 2022 as follows:

	Common Stock			Preferred Stock			Debt Investments			Options			Total
	Year Ended December 31, 2022
	Common Stock			Preferred Stock			Debt Investments			Options			Total
Assets:
Fair Value as of December 31, 2021	$	42,860,156		$	163,801,798		$	3,011,438		$	4,959,112		$	214,632,504
Transfers out of Level 3⁽¹⁾		(6,918,251	)		(1,775,506	)		—			(48,639	)		(8,742,396	)
Purchases, capitalized fees and interest		—			20,767,788			1,509,093			503,183			22,780,064
Sales/Maturity of investments		(874,470	)		—			(1,000,000	)		—			(1,874,470	)
Realized gains/(losses)		160,965			—			—			(70,379	)		90,586
Net change in unrealized appreciation/(depreciation) included in earnings		(16,535,469	)		(65,579,615	)		967,669			(1,873,780	)		(83,021,195	)
Fair Value as of December 31, 2022	$	18,692,931		$	117,214,465		$	4,488,200		$	3,469,497		$	143,865,093
Net change in unrealized appreciation/ (depreciation) of Level 3 investments still held as of December 31, 2022	$	(7,023,165	)	$	(63,138,372	)	$	967,669		$	(1,624,324	)	$	(70,818,192	)

(1)	During the year ended December 31, 2022, the Company’s portfolio investments had the following corporate actions which are reflected above:

Portfolio Company		Conversion from		Conversion to
Forge Global, Inc.		Common Shares, Class AA Junior Preferred Shares Junior Preferred Warrants, Strike Price $12.42, Expiration Date 11/9/2025		Public Common shares (Level 2) Common warrants, Strike Price $3.98, Expiration Date 11/9/2025 (Level 2)

The aggregate values of Level 3 assets and liabilities changed during the year ended December 31, 2021 as follows:

	Common Stock			Preferred Stock			Debt Investments			Options			Total
	Year Ended December 31, 2021
	Common Stock			Preferred Stock			Debt Investments			Options			Total
Assets:
Fair Value as of December 31, 2020	$	34,190,839		$	141,235,987		$	4,845,340		$	5,872,210		$	186,144,376
Fair value, beginning	$	34,190,839		$	141,235,987		$	4,845,340		$	5,872,210		$	186,144,376
Transfers out of Level 3⁽¹⁾		(31,652,675	)		(155,414,652	)		(5,211,120	)		(1,619,463	)		(193,897,910	)
Purchases, capitalized fees and interest		36,154,823			43,239,463			—			2,321,752			81,716,038
Sales/Maturity of investments		(61,675	)		(10,646,457	)		(2,344,979	)		—			(13,053,111	)
Realized gains/(losses)		204,195			5,551,864			88,788			(103,655	)		5,741,192
Net change in unrealized appreciation/(depreciation) included in earnings		4,024,649			139,835,593			5,633,409			(1,511,732	)		147,981,919
Fair Value as of December 31, 2021	$	42,860,156		$	163,801,798		$	3,011,438		$	4,959,112		$	214,632,504
Fair value, ending	$	42,860,156		$	163,801,798		$	3,011,438		$	4,959,112		$	214,632,504
Net change in unrealized appreciation/ (depreciation) of Level 3 investments still held as of December 31, 2021	$	6,117,069		$	46,943,434		$	—		$	(586,899	)	$	52,473,604
Net change in unrealized appreciation/ (depreciation) of Level 3 investments still held	$	6,117,069		$	46,943,434		$	—		$	(586,899	)	$	52,473,604

(1)	During the year ended December 31, 2021, the Company’s portfolio investments had the following corporate actions which are reflected above:

Portfolio Company	Conversion from	Conversion to
Coursera, Inc.	Preferred shares, Series F 8% Preferred shares, Series B 8%	Public Common shares (Level 2)
Churchill Capital Corp. II	Common shares, Class A	Skillsoft Corp. Public Common shares (Level 2)
NewLake Capital Partners, Inc. (f/k/a GreenAcreage Real Estate Corp.)	Common shares	Public Common shares (Level 2)
A Place for Rover, Inc. (f/k/a DogVacay, Inc.)	Common shares	Rover Group, Inc. Public Common shares (Level 2)
Enjoy Technology, Inc.	Preferred shares, Series B 6% Preferred shares, Series A 6% Convertible Promissory Note 14% Due 1/30/2024	Public Common shares (Level 2)
Nextdoor Holdings, Inc.	Common shares	Public Common shares (Level 2)
Rent the Runway, Inc.	Preferred shares, Series G	Public Common shares (Level 2)

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2022

Schedule of Investments In, and Advances to, Affiliates

Transactions during the year ended December 31, 2022 involving the Company’s controlled investments and non-controlled/affiliate investments were as follows:

Type/Industry/Portfolio Company/Investment	Principal/ Quantity		Interest, Fees, or Dividends Credited in Income		Fair Value at December 31, 2021		Transfer In/ (Out)		Purchases, Capitalized Fees, Interest and Amortization		Sales		Realized Gains/(Losses)			Unrealized Gains/(Losses)			Fair Value at December 31, 2022		Percentage of Net Assets
*CONTROLLED INVESTMENTS⁽²⁾**
Options
Special Purpose Acquisition Company
Colombier Sponsor LLC**–Class W Units⁽⁷⁾		2,700,000	$	—	$	1,157,487	$	—	$	—	$	—	$	—		$	—		$	1,157,487		0.55	%
Total Options				—		1,157,487		—		—		—		—			—			1,157,487		0.55	%
Preferred Stock
Clean Technology
SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.)–Preferred shares, Class A⁽⁴⁾		14,300,000		—		1,047,033		—		—		—		—			(63,005	)		984,028		0.47	%
Total Preferred Stock				—		1,047,033		—		—		—		—			(63,005	)		984,028		0.47	%
Common Stock
Clean Technology
SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.)–Common shares		100,000		—		—		—		—		—		—			—			—		—	%
Mobile Finance Technology
Architect Capital PayJoy SPV, LLC–Membership Interest in Lending SPV*	$	10,000,000		1,685,000		10,000,000		—		—		—		—			—			10,000,000		4.76	%
Special Purpose Acquisition Company
Colombier Sponsor LLC**–Class B Units⁽⁷⁾		1,976,033		—		1,554,354		—		—		—		—			1			1,554,355		0.74	%
Total Common Stock				1,685,000		11,554,354		—		—		—		—			1			11,554,355		5.50	%
*TOTAL CONTROLLED INVESTMENTS⁽²⁾**			$	1,685,000	$	13,758,874	$	—	$	—	$	—	$	—		$	(63,004	)	$	13,695,870		6.52	%
*NON-CONTROLLED/AFFILIATE INVESTMENTS⁽¹⁾**
Debt Investments
Global Innovation Platform
OneValley, Inc. (f/k/a NestGSV, Inc.) –Convertible Promissory Note 8%, Due 8/23/2024⁽³⁾	$	1,010,198	$	—	$	505,099	$	—	$	—	$	—	$	—		$	1,483,101		$	1,988,200		0.95	%
Total Debt Investments				—		505,099		—		—		—		—			1,483,101			1,988,200		0.95	%
Preferred Stock
Knowledge Networks
Maven Research, Inc.–Preferred shares, Series C		318,979		—		—		—		—		—		—			—			—		—	%
Maven Research, Inc.–Preferred shares, Series B		49,505		—		—		—		—		—		—			—			—		—	%
Total Knowledge Networks				—		—		—		—		—		—			—			—		—	%
Digital Media Platform
Ozy Media, Inc.–Preferred shares, Series C-2 6%		683,482		—		—		—		—				—			—			—		—	%
Ozy Media, Inc.–Preferred shares, Series B 6%		922,509		—		—		—		—		—		—			—			—		—	%
Ozy Media, Inc.–Preferred shares, Series A 6%		1,090,909		—		—		—		—		—		—			—			—		—	%
Ozy Media, Inc.–Preferred shares, Series Seed 6%		500,000		—		—		—		—		—		—			—			—		—	%
Total Digital Media Platform				—		—		—		—		—		—			—			—		—	%
Interactive Learning
StormWind, LLC–Preferred shares, Series D 8%⁽⁵⁾		329,337		—		621,093		—		—				—			(87,664	)		533,429		0.25	%
StormWind, LLC–Preferred shares, Series C 8%⁽⁵⁾		2,779,134		—		6,496,729		—		—		—		—			(821,648	)		5,675,081		2.70	%
StormWind, LLC–Preferred shares, Series B 8%⁽⁵⁾		3,279,629		—		4,423,607		—		—		—		—			(872,976	)		3,550,631		1.69	%
StormWind, LLC–Preferred shares, Series A 8%⁽⁵⁾		366,666		—		289,293		—		—		—		—			(97,599	)		191,694		0.09	%
Total Interactive Learning				—		11,830,722		—		—		—		—			(1,879,887	)		9,950,835		4.74	%
Total Preferred Stock				—		11,830,722		—		—		—		—			(1,879,887	)		9,950,835		4.74	%

Options
Digital Media Platform
Ozy Media, Inc.–Common Warrants, Strike Price $0.01, Expiration Date 4/9/2028		295,565	$	—	$	—	$	—	$	—	$	—	$	—		$	—		$	—		—	%
Global Innovation Platform
OneValley, Inc. (f/k/a NestGSV, Inc.)–Preferred Warrant Series B, Strike Price $2.31, Expiration Date 5/29/2022		—		—		—		—		—		—		(70,379	)		70,379			—		—	%
OneValley, Inc. (f/k/a NestGSV, Inc.)–Preferred Warrant Series B, Strike Price $2.31, Expiration Date 12/31/2023		250,000		—		5,000		—		—		—		—			(5,000	)		—		—	%
OneValley, Inc. (f/k/a NestGSV, Inc.)–Derivative Security, Expiration Date 8/23/2024⁽⁶⁾		1		—		2,268,268		—		—		—		—			(1,616,141	)		652,127		0.31	%
Total Global Innovation Platform				—		2,273,268		—		—				(70,379	)		(1,550,762	)		652,127		0.31	%
Total Options				—		2,273,268		—		—		—		(70,379	)		(1,550,762	)		652,127		0.31	%
Common Stock
Online Education
Curious.com, Inc.–Common shares		1,135,944		—		—		—		—		—		—			—			—		—	%
Total Common Stock				—		—		—		—		—		—			—			—		—	%
*TOTAL NON-CONTROLLED/AFFILIATE INVESTMENTS⁽¹⁾**			$	—	$	14,609,089	$	—	$	—	$	—	$	(70,379	)	$	(1,947,548	)	$	12,591,162		6.00	%

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2022

*	All portfolio investments are non-income-producing, unless otherwise identified. Equity investments are subject to lock-up restrictions upon their 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 portfolio investments are considered Level 3 and valued using unobservable inputs, unless otherwise noted. 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 1940 Act. Of the Company’s total investments as of December 31, 2022, 14.47% 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. 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.

(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.

(3)	As of December 31, 2022, the investments noted had been placed on non-accrual status.

(4)	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 rate. 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.

(5)	SuRo Capital Corp.’s investments in StormWind, LLC are held through SuRo Capital Corp.’s wholly owned subsidiary, GSVC SW Holdings, Inc.

(6)	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, ending August 23, 2024, while SuRo Capital Corp. can put the shares to OneValley, Inc. (f/k/a NestGSV, Inc.) at the end of the five year period.

(7)	Colombier Sponsor LLC is the sponsor of Colombier Acquisition Corp., 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.

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2022

Schedule of Investments In, and Advances to, Affiliates

Transactions during the year ended December 31, 2021 involving the Company’s controlled investments and non-controlled/affiliate investments were as follows:

Type/Industry/Portfolio Company/Investment	Principal/ Quantity		Interest, Fees, or Dividends Credited in Income		Fair Value at December 31, 2020		Transfer In/ (Out)			Purchases, Capitalized Fees, Interest and Amortization		Sales			Realized Gains/(Losses)			Unrealized Gains/(Losses)			Fair Value at December 31, 2021		Percentage of Net Assets
*CONTROLLED INVESTMENTS⁽²⁾**
Options
Special Purpose Acquisition Company
Colombier Sponsor LLC**–Class W Units⁽⁹⁾		2,700,000	$	—	$	—	$	—		$	1,159,150	$	—		$	—		$	(1,663	)	$	1,157,487		0.32	%
Total Options				—		—		—			1,159,150		—			—			(1,663	)		1,157,487		0.32	%
Preferred Stock
Clean Technology
SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.)–Preferred shares, Class A⁽⁴⁾		14,300,000		—		809,198		—			—		—			—			237,835			1,047,033		0.29	%
Total Preferred Stock				—		809,198		—			—		—			—			237,835			1,047,033		0.29	%
Common Stock
Clean Technology
SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.)–Common shares		100,000		—		—		—			—		—			—			—			—		—	%
Mobile Finance Technology
Architect Capital PayJoy SPV, LLC–Membership Interest in Lending SPV*⁽⁷⁾	$	10,000,000		390,000		—		—			10,006,745		—			—			(6,745	)		10,000,000		2.74	%
Special Purpose Acquisition Company
Colombier Sponsor LLC**–Class B Units⁽⁹⁾		1,976,033		—		—		—			1,556,587		—			—			(2,233	)		1,554,354		0.43	%
Total Common Stock				390,000		—		—			11,563,332		—			—			(8,978	)		11,554,354		3.17	%
*TOTAL CONTROLLED INVESTMENTS⁽²⁾**			$	390,000	$	809,198	$	—		$	12,722,482	$	—		$	—		$	227,194		$	13,758,874		3.78	%
*NON-CONTROLLED/AFFILIATE INVESTMENTS⁽¹⁾**
Debt Investments
Corporate Education
CUX, Inc. (d/b/a CorpU)–Senior Subordinated Convertible Promissory Note 4% Due 2/14/2023	$	—	$	—	$	312,790	$	—		$	—	$	(1,344,981	)	$	88,789		$	943,402		$	—		—	%
Global Innovation Platform
OneValley, Inc. (f/k/a NestGSV, Inc.) –Convertible Promissory Note 8% Due 8/23/2024⁽³⁾⁽⁶⁾	$	1,010,198	$	—	$	505,099	$	—		$	—	$	—		$	—		$	—		$	505,099		0.14	%
Total Debt Investments				—		817,889		—			—		(1,344,981	)		88,789			943,402			505,099		0.14	%
Preferred Stock
Corporate Education
CUX, Inc. (d/b/a CorpU)–Convertible preferred shares, Series D 6%		—		—		73,882		—			—		(1,159,243	)		380,636			704,725			—		—	%
CUX, Inc. (d/b/a CorpU) -Convertible preferred shares, Series C 8%		—		—		—		—			—		(3,504,871	)		1,498,794			2,006,077			—		—	%
Total Corporate Education				—		73,882		—			—		(4,664,114	)		1,879,430			2,710,802			—		—	%
Knowledge Networks
Maven Research, Inc.–Preferred shares, Series C		318,979		—		—		—			—		—			—			—			—		—	%
Maven Research, Inc.–Preferred shares, Series B		49,505		—		—		—			—		—			—			—			—		—	%
Total Knowledge Networks				—		—		—			—		—			—			—			—		—	%
Digital Media Platform
Ozy Media, Inc.–Preferred shares, Series C-2 6%		683,482		—		1,865,547		—			—		-			—			(1,865,547	)		—		—	%
Ozy Media, Inc.–Preferred shares, Series B 6%		922,509		—		3,350,952		—			—		—			—			(3,350,952	)		—		—	%
Ozy Media, Inc.–Preferred shares, Series A 6%		1,090,909		—		2,824,679		—			—		—			—			(2,824,679	)		—		—	%
Ozy Media, Inc.–Preferred shares, Series Seed 6%		500,000		—		1,294,645		—			—		—			—			(1,294,645	)		—		—	%
Total Digital Media Platform				—		9,335,823		—			—		—			—			(9,335,823	)		—		—	%
Interactive Learning
StormWind, LLC–Preferred shares, Series D 8%⁽⁵⁾		329,337		—		440,515		—			—		-			—			180,578			621,093		0.17	%
StormWind, LLC–Preferred shares, Series C 8%⁽⁵⁾		2,779,134		—		4,804,218		—			—		—			—			1,692,511			6,496,729		1.78	%
StormWind, LLC–Preferred shares, Series B 8%⁽⁵⁾		3,279,629		—		2,625,365		—			—		—			—			1,798,242			4,423,607		1.21	%
StormWind, LLC–Preferred shares, Series A 8%⁽⁵⁾		366,666	$	—	$	88,248	$	—		$	—	$	—		$	—		$	201,045		$	289,293		0.08	%
Total Interactive Learning				—		7,958,346		—			—		—			—			3,872,376			11,830,722		3.24	%
Total Preferred Stock				—		17,368,051		—			—		(4,664,114	)		1,879,430			(2,752,645	)		11,830,722		3.24	%

Options
Digital Media Platform
Ozy Media, Inc.–Common Warrants, Strike Price $0.01, Expiration Date 4/9/2028		295,565		—		762,558		—			—		—			—			(762,558	)		—		—	%
Global Innovation Platform
OneValley, Inc. (f/k/a NestGSV, Inc.)–Preferred Warrant Series A-3 - Strike Price $1.33, Expiration Date 4/4/2021		—		—		4,687		—			—		—			—			(4,687	)		—		—	%
OneValley, Inc. (f/k/a NestGSV, Inc.)–Preferred Warrant Series A-4, Strike Price $1.33, Expiration Date 7/18/2021		—		—		27,500		—			—		—			(74,380	)		46,880			—		—	%
OneValley, Inc. (f/k/a NestGSV, Inc.)–Preferred Warrant Series A-4, Strike Price $1.33, Expiration Date 10/6/2021		—		—		65,000		—			—		—			—			(65,000	)		—		—	%
OneValley, Inc. (f/k/a NestGSV, Inc.)–Preferred Warrant Series B, Strike Price $2.31, Expiration Date 11/29/2021		—		—		—		—			—		—			(29,275	)		29,275			—		—	%
OneValley, Inc. (f/k/a NestGSV, Inc.)–Preferred Warrant Series B, Strike Price $2.31, Expiration Date 5/29/2022		125,000		—		—		—			—		—			—			—			—		—	%
OneValley, Inc. (f/k/a NestGSV, Inc.)–Preferred Warrant Series B, Strike Price $2.31, Expiration Date 12/31/2023		250,000		—		9,250		—			—		—			—			(4,250	)		5,000		0.01	%
Derivative Security, Expiration Date 8/23/2024⁽⁶⁾		1		—		2,173,148		—			—		—			—			95,120			2,268,268		0.62	%
Total Global Innovation Platform				—		2,279,585		—			—					(103,655	)		97,338			2,273,268		0.63	%
Total Options				—		3,042,143		—			—		—			(103,655	)		(665,220	)		2,273,268		0.63	%
Common Stock
Online Education
Curious.com, Inc.–Common shares		1,135,944		—		—		—			—		—			—			—			—		—	%

Cannabis REIT
NewLake Capital Partners, Inc. (f/k/a GreenAcreage Real Estate Corp.)–Common shares*⁽⁸⁾		—	$	102,632	$	8,937,690	$	(9,009,952	)	$	500,319	$	—		$	—		$	(428,057	)	$	—		—	%
Total Common Stock				102,632		8,937,690		(9,009,952	)		500,319		—			—			(428,057	)		—		—	%
*TOTAL NON-CONTROLLED/AFFILIATE INVESTMENTS⁽¹⁾**			$	102,632	$	30,165,773	$	(9,009,952	)	$	500,319	$	(6,009,095	)	$	1,864,564		$	(2,902,520	)	$	14,609,089		4.01	%

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2022

*	All portfolio investments are non-income-producing, unless otherwise identified. Equity investments are subject to lock-up restrictions upon their 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 portfolio investments are considered Level 3 and valued using unobservable inputs, unless otherwise noted. 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 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.

(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.

(3)	As of December 31, 2021, the investments noted had been placed on non-accrual status.

(4)	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 rate. 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.

(5)	SuRo Capital Corp.’s investments in StormWind, LLC are held through SuRo Capital Corp.’s wholly owned subsidiary, GSVC SW Holdings, Inc.

(6)	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.

(7)	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.

(8)	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, of which approximately $0.1 million reflects the dividend income earned while NewLake Capital Partners, Inc. (f/k/a GreenAcreage Real Estate Corp.) was a non-controlled/affiliate investment. 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.

(9)	Colombier Sponsor LLC is the sponsor of Colombier Acquisition Corp., 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.

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2022

SCHEDULE OF FAIR VALUE OF ASSETS ON UNOBSERVABLE INPUT (Details)

Dec. 31, 2022

USD ($)

Dec. 31, 2021

USD ($)

Dec. 31, 2020

USD ($)

Impairment Effects on Earnings Per Share [Line Items]

Common Stock in Private Companies [Member]

$ 143,865,093

$ 214,632,504

$ 186,144,376

Impairment Effects on Earnings Per Share [Line Items]

Common Stock in Private Companies [Member] | Measurement Input, Revenue Multiple [Member]

$ 18,692,931

$ 42,860,156

Impairment Effects on Earnings Per Share [Line Items]

Common Stock in Private Companies [Member] | Measurement Input Liquidation Value [Member]

Revenue multiples

^[1]

Revenue multiples

^[2]

Impairment Effects on Earnings Per Share [Line Items]

^[1]

Liquidation Value

Common Stock in Private Companies [Member] | AFFO Multiple [Member]

^[3]

Impairment Effects on Earnings Per Share [Line Items]

Common Stock in Private Companies [Member] | AFFO Multiple [Member] | Minimum [Member]

AFFO(4) multiple

^[1],[4]

AFFO(4) multiple

^[2],[5]

Impairment Effects on Earnings Per Share [Line Items]

Common Stock in Private Companies [Member] | AFFO Multiple [Member] | Maximum [Member]

^[6]

23.03

Impairment Effects on Earnings Per Share [Line Items]

Common Stock in Private Companies [Member] | AFFO Multiple [Member] | Weighted Average [Member]

^[6]

36.28

Impairment Effects on Earnings Per Share [Line Items]

Common Stock in Private Companies [Member] | Measurement Input, Discount Rate [Member]

^[6]

23.03

Impairment Effects on Earnings Per Share [Line Items]

Common Stock in Private Companies [Member] | Measurement Input, Discount for Lack of Marketability [Member]

^[2]

Discount rate

Impairment Effects on Earnings Per Share [Line Items]

Common Stock in Private Companies [Member] | Measurement Input Financing Risk [Member]

^[2],[7]

DLOM

Impairment Effects on Earnings Per Share [Line Items]

^[2]

Financing Risk

Common Stock in Private Companies [Member] | Measurement Input Financing Risk [Member] | Weighted Average [Member]

^[6]

10.0

Impairment Effects on Earnings Per Share [Line Items]

Common Stock in Private Companies [Member] | Valuation, Market Approach [Member]

^[6]

10.0

Impairment Effects on Earnings Per Share [Line Items]

Common Stock in Private Companies [Member] | Valuation, Market Approach [Member] | Measurement Input, Revenue Multiple [Member] | Minimum [Member]

Market approach

^[8]

Market approach

^[9]

Impairment Effects on Earnings Per Share [Line Items]

Common Stock in Private Companies [Member] | Valuation, Market Approach [Member] | Measurement Input, Revenue Multiple [Member] | Maximum [Member]

1.06

^[3]

1.80

^[6]

Impairment Effects on Earnings Per Share [Line Items]

Common Stock in Private Companies [Member] | Valuation, Market Approach [Member] | Measurement Input, Revenue Multiple [Member] | Weighted Average [Member]

4.42

^[3]

9.62

^[6]

Impairment Effects on Earnings Per Share [Line Items]

Common Stock in Private Companies [Member] | PWERM [Member]

1.74

^[3]

6.00

^[6]

Impairment Effects on Earnings Per Share [Line Items]

Common Stock in Private Companies [Member] | PWERM [Member] | AFFO Multiple [Member] | Minimum [Member]

PWERM

^[8],[10]

PWERM

^[9],[11]

Impairment Effects on Earnings Per Share [Line Items]

Common Stock in Private Companies [Member] | PWERM [Member] | AFFO Multiple [Member] | Maximum [Member]

^[3]

8.62

Impairment Effects on Earnings Per Share [Line Items]

Common Stock in Private Companies [Member] | PWERM [Member] | AFFO Multiple [Member] | Weighted Average [Member]

^[3]

12.62

Impairment Effects on Earnings Per Share [Line Items]

Common Stock in Private Companies [Member] | PWERM [Member] | Measurement Input, Discount for Lack of Marketability [Member]

^[3]

10.94

Impairment Effects on Earnings Per Share [Line Items]

Common Stock in Private Companies [Member] | PWERM [Member] | Measurement Input, Discount for Lack of Marketability [Member] | Weighted Average [Member]

^[6]

10.0

Impairment Effects on Earnings Per Share [Line Items]

Common Stock in Private Companies [Member] | Valuation Technique, Discounted Cash Flow [Member]

^[6]

10.0

Impairment Effects on Earnings Per Share [Line Items]

Common Stock in Private Companies [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member]

^[9]

Discounted cash flow

Impairment Effects on Earnings Per Share [Line Items]

Common Stock in Private Companies [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Weighted Average [Member]

^[6]

15.0

Impairment Effects on Earnings Per Share [Line Items]

Preferred Stock in Private Companies [Member]

^[6]

15.0

Impairment Effects on Earnings Per Share [Line Items]

Preferred Stock in Private Companies [Member] | Measurement Input, Revenue Multiple [Member]

$ 117,214,465

$ 163,801,798

Impairment Effects on Earnings Per Share [Line Items]

Preferred Stock in Private Companies [Member] | Measurement Input Liquidation Value [Member]

Revenue multiples

^[1]

Revenue multiples

^[2]

Impairment Effects on Earnings Per Share [Line Items]

^[1]

Liquidation Value

Preferred Stock in Private Companies [Member] | Measurement Input, Discount Rate [Member]

^[3]

Impairment Effects on Earnings Per Share [Line Items]

Preferred Stock in Private Companies [Member] | Measurement Input, Discount for Lack of Marketability [Member]

Discount rate

^[1]

Discount rate

^[2]

Impairment Effects on Earnings Per Share [Line Items]

DLOM

^[1]

DLOM

^[2]

Preferred Stock in Private Companies [Member] | Measurement Input, Discount for Lack of Marketability [Member] | Weighted Average [Member]

10.0

^[3]

10.0

^[6]

Impairment Effects on Earnings Per Share [Line Items]

Preferred Stock in Private Companies [Member] | Measurement Input Financing Risk [Member]

10.0

^[3]

10.0

^[6]

Impairment Effects on Earnings Per Share [Line Items]

Financing Risk

^[1]

Financing Risk

^[2]

Preferred Stock in Private Companies [Member] | Measurement Input Financing Risk [Member] | Weighted Average [Member]

10.0

^[3]

10.0

^[6]

Impairment Effects on Earnings Per Share [Line Items]

Preferred Stock in Private Companies [Member] | Valuation, Market Approach [Member]

10.0

^[3]

10.0

^[6]

Impairment Effects on Earnings Per Share [Line Items]

Preferred Stock in Private Companies [Member] | Valuation, Market Approach [Member] | Measurement Input, Revenue Multiple [Member] | Minimum [Member]

Market approach

^[8]

Market approach

^[9]

Impairment Effects on Earnings Per Share [Line Items]

Preferred Stock in Private Companies [Member] | Valuation, Market Approach [Member] | Measurement Input, Revenue Multiple [Member] | Maximum [Member]

0.47

^[3]

0.53

^[6]

Impairment Effects on Earnings Per Share [Line Items]

Preferred Stock in Private Companies [Member] | Valuation, Market Approach [Member] | Measurement Input, Revenue Multiple [Member] | Weighted Average [Member]

5.45

^[3]

9.62

^[6]

Impairment Effects on Earnings Per Share [Line Items]

Preferred Stock in Private Companies [Member] | PWERM [Member]

2.38

^[3]

6.63

^[6]

Impairment Effects on Earnings Per Share [Line Items]

Preferred Stock in Private Companies [Member] | PWERM [Member] | Measurement Input, Revenue Multiple [Member]

PWERM

^[8],[10]

PWERM

^[9],[11]

Impairment Effects on Earnings Per Share [Line Items]

Preferred Stock in Private Companies [Member] | PWERM [Member] | Measurement Input, Revenue Multiple [Member] | Minimum [Member]

^[3]

1.17

Impairment Effects on Earnings Per Share [Line Items]

Preferred Stock in Private Companies [Member] | PWERM [Member] | Measurement Input, Revenue Multiple [Member] | Maximum [Member]

^[6]

1.05

Impairment Effects on Earnings Per Share [Line Items]

Preferred Stock in Private Companies [Member] | PWERM [Member] | Measurement Input, Revenue Multiple [Member] | Weighted Average [Member]

^[6]

9.62

Impairment Effects on Earnings Per Share [Line Items]

Preferred Stock in Private Companies [Member] | Valuation Technique, Discounted Cash Flow [Member]

1.26

^[3]

3.04

^[6]

Impairment Effects on Earnings Per Share [Line Items]

Preferred Stock in Private Companies [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member]

Discounted cash flow

^[8]

Discounted cash flow

^[9]

Impairment Effects on Earnings Per Share [Line Items]

Preferred Stock in Private Companies [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Weighted Average [Member]

^[3]

15.0

Impairment Effects on Earnings Per Share [Line Items]

Preferred Stock in Private Companies [Member] | Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member]

^[3]

15.0

Impairment Effects on Earnings Per Share [Line Items]

Preferred Stock in Private Companies [Member] | Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Weighted Average [Member]

^[6]

15.0

Impairment Effects on Earnings Per Share [Line Items]

Debt Investments [Member]

^[6]

15.0

Impairment Effects on Earnings Per Share [Line Items]

Debt Investments [Member] | Measurement Input, Revenue Multiple [Member]

$ 4,488,200

$ 3,011,438

Impairment Effects on Earnings Per Share [Line Items]

Debt Investments [Member] | Valuation, Market Approach [Member]

Revenue multiples

^[1]

Revenue multiples

^[2]

Impairment Effects on Earnings Per Share [Line Items]

Debt Investments [Member] | Valuation, Market Approach [Member] | Measurement Input, Revenue Multiple [Member] | Minimum [Member]

Market approach

^[8]

Market approach

^[9]

Impairment Effects on Earnings Per Share [Line Items]

Debt Investments [Member] | Valuation, Market Approach [Member] | Measurement Input, Revenue Multiple [Member] | Maximum [Member]

0.47

^[3]

1.74

^[6]

Impairment Effects on Earnings Per Share [Line Items]

Debt Investments [Member] | Valuation, Market Approach [Member] | Measurement Input, Revenue Multiple [Member] | Weighted Average [Member]

5.45

^[3]

2.91

^[6]

Impairment Effects on Earnings Per Share [Line Items]

Impairment Effects on Earnings Per Share [Line Items]

3.6

^[3]

1.95

^[6]

Equity Option [Member]

Equity Option [Member] | Measurement Input, Discount Rate [Member]

$ 3,469,497

$ 4,959,112

Impairment Effects on Earnings Per Share [Line Items]

Equity Option [Member] | Measurement Input Term of Expiration [Member]

Discount Rate

^[1]

Discount Rate

^[2]

Impairment Effects on Earnings Per Share [Line Items]

Equity Option [Member] | Measurement Input, Option Volatility [Member]

Term to expiration (Years)

^[1]

Term to expiration (Years)

^[2]

Impairment Effects on Earnings Per Share [Line Items]

Equity Option [Member] | Measurement Input, Price Volatility [Member] | Minimum [Member]

^[2]

Volatility

Impairment Effects on Earnings Per Share [Line Items]

Equity Option [Member] | Measurement Input, Price Volatility [Member] | Maximum [Member]

^[6]

37.7

Impairment Effects on Earnings Per Share [Line Items]

Equity Option [Member] | Measurement Input, Price Volatility [Member] | Weighted Average [Member]

^[6]

56.5

Impairment Effects on Earnings Per Share [Line Items]

Equity Option [Member] | Valuation Technique, Discounted Cash Flow [Member]

^[6]

37.7

Impairment Effects on Earnings Per Share [Line Items]

Equity Option [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member]

Discounted cash flow

^[8]

Discounted cash flow

^[9]

Impairment Effects on Earnings Per Share [Line Items]

Equity Option [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Weighted Average [Member]

15.0

^[3]

15.0

^[6]

Impairment Effects on Earnings Per Share [Line Items]

Equity Option [Member] | Valuation Technique, Option Pricing Model [Member]

15.0

^[3]

15.0

^[6]

Impairment Effects on Earnings Per Share [Line Items]

Equity Option [Member] | Valuation Technique, Option Pricing Model [Member] | Measurement Input Term of Expiration [Member] | Minimum [Member]

Option pricing model

^[8]

Option pricing model

^[9]

Impairment Effects on Earnings Per Share [Line Items]

Equity Option [Member] | Valuation Technique, Option Pricing Model [Member] | Measurement Input Term of Expiration [Member] | Maximum [Member]

1.00

^[3]

0.17

^[6]

Impairment Effects on Earnings Per Share [Line Items]

Equity Option [Member] | Valuation Technique, Option Pricing Model [Member] | Measurement Input Term of Expiration [Member] | Weighted Average [Member]

5.29

^[3]

6.61

^[6]

Impairment Effects on Earnings Per Share [Line Items]

SCHEDULE OF INVESTMENTS BY COMPANY

1.65

^[3]

3.08

^[6]

[1]	The Board considers all relevant information that can reasonably be obtained when determining the fair value of Level 3 investments. Due to any given portfolio company’s information rights, changes in capital structure, recent events, transactions, or liquidity events, the type and availability of unobservable inputs may change. Increases/(decreases) in revenue multiples, earnings before interest and taxes (“EBIT”) multiples, time to expiration, and stock price/strike price would result in higher (lower) fair values, all else equal. Decreases/(increases) in discount rates, volatility, and annual risk rates, would result in higher (lower) fair values, all else equal. The market approach utilizes market value (revenue and EBIT) multiples of publicly traded comparable companies and available precedent sales transactions of comparable companies. The Company carefully considers numerous factors when selecting the appropriate companies whose multiples are used to value its portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, relevant risk factors, as well as size, profitability and growth expectations. In general, precedent transactions include recent rounds of financing, recent purchases made by the Company, and tender offers. Refer to “Note 2—Significant Accounting Policies—Investments at Fair Value” for more detail.
[2]	The Company considers all relevant information that can reasonably be obtained when determining the fair value of Level 3 investments. Due to any given portfolio company’s information rights, changes in capital structure, recent events, transactions, or liquidity events, the type and availability of unobservable inputs may change. Increases/(decreases) in revenue multiples, earnings before interest and taxes (“EBIT”) multiples, time to expiration, and stock price/strike price would result in higher (lower) fair values, all else equal. Decreases/(increases) in discount rates, volatility, and annual risk rates, would result in higher (lower) fair values, all else equal. The market approach utilizes market value (revenue and EBIT) multiples of publicly traded comparable companies and available precedent sales transactions of comparable companies. The Company carefully considers numerous factors when selecting the appropriate companies whose multiples are used to value its portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, relevant risk factors, as well as size, profitability and growth expectations. In general, precedent transactions include recent rounds of financing, recent purchases made by the Company, and tender offers. Refer to “Note 2—Significant Accounting Policies—Investments at Fair Value” for more detail.
[3]	The weighted averages are calculated based on the fair market value of each investment.
[4]	Adjusted Funds From Operations, or “AFFO”
[5]	Adjusted Funds From Operations, or “AFFO”
[6]	The weighted averages are calculated based on the fair market value of each investment.
[7]	Discount for Lack of Marketability, or “DLOM”
[8]	As of December 31, 2022, the Board used a hybrid market and income approach to value certain common and preferred stock investments as the Board felt this approach better reflected the fair value of these investments. In considering multiple valuation approaches (and consequently, multiple valuation techniques), the valuation approaches and techniques are not likely to change from one period of measurement to the next; however, the weighting of each in determining the final fair value of a Level 3 investment may change based on recent events or transactions. The hybrid approach may also consider certain risk weightings to account for the uncertainty of future events. Refer to “Note 2—Significant Accounting Policies—Investments at Fair Value” for more detail.
[9]	As of December 31, 2021, the Company used a hybrid market and income approach to value certain common and preferred stock investments as the Company felt this approach better reflected the fair value of these investments. In considering multiple valuation approaches (and consequently, multiple valuation techniques), the valuation approaches and techniques are not likely to change from one period of measurement to the next; however, the weighting of each in determining the final fair value of a Level 3 investment may change based on recent events or transactions. The hybrid approach may also consider certain risk weightings to account for the uncertainty of future events. Refer to “Note 2—Significant Accounting Policies—Investments at Fair Value” for more detail.
[10]	Probability-Weighted Expected Return Method, or “PWERM”
[11]	Probability-Weighted Expected Return Method, or “PWERM”

SUBSEQUENT EVENTS (Tables)

12 Months Ended

Dec. 31, 2022

Subsequent Events [Abstract]

SCHEDULE OF INVESTMENTS

From January 1, 2023 through March 15, 2023, the Company exited or received proceeds from the following investments:

SCHEDULE OF INVESTMENTS

Portfolio Company	Transaction Date	Shares Sold		Average Net Share Price ⁽¹⁾		Net Proceeds		Realized Loss⁽²⁾
Rent the Runway, Inc.⁽³⁾	1/4/2023		79,191	$	3.05	$	241,456	$	(961,837	)
Kahoot! ASA⁽⁴⁾	Various		38,305		1.97		75,602		(100,465	)
NewLake Capital Partners, Inc. (f/k/a GreenAcreage Real Estate Corp.)⁽⁵⁾	Various		123,938		18.50		2,293,110		(186,155	)
Residential Homes For Rent, LLC (d/b/a Second Avenue)⁽⁶⁾	Various		N/A		N/A		166,667		—
Total						$	2,776,835	$	(1,248,457	)

(1)	The average net share price is the net share price realized after deducting all commissions and fees on the sale(s), if applicable.
(2)	Realized loss does not include adjustments to amounts held in escrow receivable.
(3)	As of January 4, 2023, SuRo Capital had sold its public common shares of Rent the Runway, Inc.
(4)	As of March 8, 2023, SuRo Capital had sold its public common shares of Kahoot! ASA.
(5)	As of March 15, 2023, SuRo Capital held 105,820 common shares of NewLake Capital Partners, Inc. (f/k/a GreenAcreage Real Estate Corp.)
(6)	Subsequent to December 31, 2022, $0.2 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, $0.2 million repaid a portion of the outstanding principal and the remaining proceeds were attributed to interest.

From January 1, 2023 through March 15, 2023, the Company made the following investments (not including capitalized transaction costs):

SCHEDULE OF INVESTMENTS BY COMPANY

Portfolio Company	Investment	Transaction Date	Amount ($)
Orchard Technologies, Inc.⁽¹⁾	Series 1 Senior Preferred	1/13/2023	$	2,000,000
Total			$	2,000,000

(1)	Represents a follow-on investment

Consolidated Statements of Cash Flows (Parenthetical)

12 Months Ended

Dec. 31, 2022

USD ($)

Dec. 31, 2021

USD ($)

Dec. 31, 2020

USD ($)

Short-Term Debt [Line Items]

0.0475

4.75% Convertible Senior Notes [Member]

due 2023

Compensation cost

^[1]

$ 2,015,600

$ 1,306,615

$ 1,962,431

Short-Term Debt [Line Items]

0.0475

due 2023

6.00% Notes [Member]

Short-Term Debt [Line Items]

0.0600

Share-Based Payment Arrangement [Abstract]

due 2026

[1]	For the year ended December 31, 2020, this balance includes $1,962,431 of accelerated recognition of compensation cost related to the cancellation of unvested options on April 28, 2020. Refer to “Note 11— Stock-Based Compensation” for more detail.

DEBT CAPITAL ACTIVITIES

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

DEBT CAPITAL ACTIVITIES

NOTE 10—DEBT CAPITAL ACTIVITIES

6.00% Notes due 2026

On December 17, 2021, the Company issued $70.0 million aggregate principal amount of its 6.00% Notes due 2026 (the “6.00% Notes due 2026”), pursuant to an Indenture, dated as of March 28, 2018 (the “Base Indenture”), between the Company and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association), as trustee (the “Trustee”), as supplemented by a second supplemental indenture, dated as of December 17, 2021 (together with the Base Indenture, the “Indenture”), between the Company and the Trustee. On December 21, 2021, the Company issued an additional $5.0 million aggregate principal amount of 6.00% Notes due 2026 pursuant to an overallotment option. The 6.00% Notes due 2026 bear interest at a fixed rate of 6.00% per year, payable quarterly in arrears on March 30, June 30, September 30, and December 30 of each year, commencing on March 30, 2022. The 6.00% Notes due 2026 have a maturity date of December 30, 2026, unless previously repurchased in accordance with their terms. The Company has the right to redeem the 6.00% Notes due 2026, in whole or in part, at any time or from time to time, on or after December 30, 2024 at a redemption price of 100% of the outstanding principal amount of the 6.00% Notes due 2026 plus accrued and unpaid interest.

The 6.00% Notes due 2026 are direct unsecured obligations of the Company and rank pari passu, or equal in right of payment, with all outstanding and future unsecured, unsubordinated indebtedness of the Company; senior to any of the Company’s future indebtedness that expressly provides it is subordinated to the 6.00% Notes due 2026; effectively subordinated to any of the Company’s future secured indebtedness (including indebtedness that is initially unsecured in respect of which the Company subsequently grants a security interest), to the extent of the value of the assets securing such indebtedness (provided, however, that the Company has agreed under the Indenture to not incur any secured or unsecured indebtedness that would be senior to the 6.00% Notes due 2026 while the 6.00% Notes due 2026 are outstanding, subject to certain exceptions); and structurally subordinated to all existing and future indebtedness and other obligations of any of the Company’s subsidiaries.

The 6.00% Notes due 2026 are listed for trading on the Nasdaq Global Select Market under the symbol “SSSSL”. The reported closing market price of SSSSL on December 31, 2022 and December 31, 2021 was $23.51 and $25.68 per note, respectively. As of December 31, 2022 and December 31, 2021, the fair value of the 6.00% Notes due 2026 was $70.5 million and $77.0 million, respectively. The 6.00% Notes due 2026 are classified as Level 1 of the fair value hierarchy (Refer to “Note 2 — Significant Accounting Policies”). As of December 31, 2022 and December 31, 2021, the Company was in compliance with the terms of the Indenture.

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2022

4.75% Convertible Senior Notes due 2023

On March 28, 2018, the Company issued $40.0 million aggregate principal amount of convertible senior notes, which bore interest at a fixed rate of 4.75% per year, payable semi-annually in arrears on March 31 and September 30 of each year, commencing on September 30, 2018. The 4.75% Convertible Senior Notes due 2023 had a maturity date of March 28, 2023 (the “4.75% Convertible Senior Notes due 2023”), unless previously repurchased or converted in accordance with their terms. The Company did not have the right to redeem the 4.75% Convertible Senior Notes due 2023 prior to March 27, 2021. On or after March 27, 2021, the Company could redeem the 4.75% Convertible Senior Notes due 2023 for cash, in whole or in part, from time to time, at the Company’s option if (i) the closing sale price of the Company’s common stock for at least 15 trading days (whether or not consecutive) during the period of any 20 consecutive trading days was greater than or equal to 150% of the conversion price on each applicable trading day, (ii) no public announcement of a pending, proposed or intended fundamental change had occurred which had not been abandoned, terminated or consummated, and (iii) no event of default under the indenture governing the 4.75% Convertible Senior Notes due 2023, and no event that with the passage of time or giving of notice would constitute an event of default under such indenture, had occurred or existed.

All of these conditions were met and on February 19, 2021, the Company caused notices to be issued to the holders of the 4.75% Convertible Senior Notes due 2023 regarding the Company’s exercise of its option to redeem, in whole, the issued and outstanding 4.75% Convertible Senior Notes due 2023, pursuant to the governing indenture. The Company established March 29, 2021 as the date on which all of the 4.75% Convertible Senior Notes due 2023 would be redeemed (the “Redemption Date”), at 100% of their principal amount ($1,000 per convertible note), plus the accrued and unpaid interest thereon from September 30, 2020, through, but excluding, the Redemption Date. Holders of the 4.75% Convertible Senior Notes due 2023 had the option to surrender their 4.75% Convertible Senior Notes due 2023 for conversion into shares of the Company’s common stock at the then existing conversion rate, in lieu of receiving cash, at any time prior to the close of business on the business day immediately preceding the Redemption Date.

On the Redemption Date, the Company redeemed $0.3 million in aggregate principal amount of the 4.75% Convertible Senior Notes due 2023 at a redemption price equal to 100% of their principal amount ($1,000 per convertible note), plus accrued and unpaid interest thereon. Due to the election of certain holders to surrender their 4.75% Convertible Senior Notes due 2023 for conversion into shares of the Company’s common stock prior to the Redemption Date, the Company issued a total of 4,272,696 shares since the 4.75% Convertible Senior Notes due 2023 were initially issued. As result of such redemption and conversions, the 4.75% Convertible Senior Notes due 2023 were no longer outstanding as of the Redemption Date.

The initial conversion rate for the 4.75% Convertible Senior Notes due 2023 was 93.2836 shares of the Company’s common stock for each $1,000 principal amount of the 4.75% Convertible Senior Notes due 2023, which represented an initial conversion price of approximately $10.72 per share. As a result of the Company’s Modified Dutch Auction Tender Offer and cash dividends, the conversion rate for the 4.75% Convertible Senior Notes due 2023 changed to 108.0505 shares of the Company’s common stock for each $1,000 principal amount of the 4.75% Convertible Senior Notes due 2023, which represented a conversion price of approximately $9.25 per share.

The indenture governing the 4.75% Convertible Senior Notes due 2023 contained customary financial reporting requirements and contained certain restrictions on mergers, consolidations, and asset sales. The indenture also contained certain events of default, the occurrence of which could have caused the 4.75% Convertible Senior Notes due 2023 to become due and payable before their maturity or immediately.

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2022

The table below shows a reconciliation from the aggregate principal amount of 4.75% Convertible Senior Notes due 2023 to the balance shown on the Consolidated Statement of Assets and Liabilities.

SCHEDULE OF DEBT

	December 31, 2022		December 31, 2021
Initial aggregate principal amount of 4.75% Convertible Senior Notes due 2023	$	—	$	38,215,000
Conversion of 4.75% Convertible Senior Notes due 2023		—		(37,925,000	)
Redemption of 4.75% Convertible Senior Notes due 2023		—		(290,000	)
Direct deduction of deferred debt issuance costs		—		—
4.75% Convertible Senior Notes due 2023 Payable	$	—	$	—

The 4.75% Convertible Senior Notes due 2023 were the Company’s general, unsecured, senior obligations and ranked senior in right of payment to any future indebtedness that was expressly subordinated in right of payment to the 4.75% Convertible Senior Notes due 2023, equal in right of payment to any existing and future unsecured indebtedness that was not so subordinated to the 4.75% Convertible Senior Notes due 2023, effectively junior to any future secured indebtedness to the extent of the value of the assets securing such indebtedness, and structurally junior to all future indebtedness (including trade payables) incurred by the Company’s subsidiaries.

In connection with the issuance of the 4.75% Convertible Senior Notes due 2023, the Company was required under the terms of its credit facility with Western Alliance Bank (the “Credit Facility”) to deposit any proceeds from the 4.75% Convertible Senior Notes due 2023 offering into an account at Western Alliance Bank and was required to maintain at least $65.0 million (or such lesser amount to the extent such funds are used to repay or repurchase a portion of the outstanding 5.25% Convertible Senior Notes due 2018 prior to their maturity and repayment in full) in an account at Western Alliance Bank until such time as the 5.25% Convertible Senior Notes due 2018 were repaid in full. The 5.25% Convertible Senior Notes due 2018 matured on September 15, 2018, at which time the Company repaid the remaining outstanding aggregate principal amount of the 5.25% Convertible Senior Notes due 2018, including accrued but unpaid interest. In addition, the Credit Facility with Western Alliance Bank matured on May 31, 2019. As a result, the company is no longer subject to such requirements.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2022

SCHEDULE OF STOCK OPTIONS, VALUATION ASSUMPTIONS

Input Assumptions	As of July 17, 2019 Grant Date
Term (years)		5.55
Volatility		39.47	%
Risk-free rate		1.86	%
Dividend yield		—	%

SCHEDULE OF OPTION, ACTIVITY

	Number of Shares			Weighted-Average Exercise Price		Weighted-Average Grant Date Fair Value
Outstanding as of December 31, 2019		1,155,000		$	6.57	$	2.57
Cancelled		-			-		-
Outstanding		-			-		-
Vested and Exercisable as of December 31, 2019		385,000		$	6.57	$	2.57
Outstanding		-			-		-
Cancelled		(1,155,000	)	$	6.57	$	2.57
Outstanding as of December 31, 2022 and December 31, 2021		—			-		-

SCHEDULE OF EQUITY INCENTIVE PLAN

The following table summarizes the activities for the Company’s restricted share grants for the year ended December 31, 2022 under the Amended & Restated 2019 Equity Incentive Plan:

SCHEDULE OF EQUITY INCENTIVE PLAN

	Number of Restricted Shares
Outstanding as of December 31, 2021		369,298
Granted		401,362
Vested⁽¹⁾		(149,040	)
Forfeited		(15,000	)
Outstanding as of December 31, 2022		606,620
Vested as of December 31, 2022		170,800

(1)	The balance of vested shares as of December 31, 2022 reflects the total shares vested during the period and has not been reduced for those vested shares forfeited at time of vest related to net share settlement.

SCHEDULE OF EQUITY INCENTIVE PLAN (Details) - Restricted Stock [Member]

12 Months Ended

Dec. 31, 2022

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Number of restricted shares outstanding beginning

369,298

Granted

401,362

Vested

(149,040)

^[1]

Forfeited

(15,000)

Number of restricted shares outstanding ending

606,620

Vested

170,800

[1]	The balance of vested shares as of December 31, 2022 reflects the total shares vested during the period and has not been reduced for those vested shares forfeited at time of vest related to net share settlement.

FINANCIAL HIGHLIGHTS

12 Months Ended

Dec. 31, 2022

Investment Company [Abstract]

FINANCIAL HIGHLIGHTS

NOTE 8—FINANCIAL HIGHLIGHTS

SCHEDULE OF FINANCIAL HIGHLIGHTS

	2022			2021			2020			2019			2018
	Year Ended December 31,
	2022			2021			2020			2019			2018
Per Basic Share Data
Net asset value at beginning of the year	$	11.72		$	15.14		$	11.38		$	9.89		$	9.64
Net investment loss⁽¹⁾		(0.49	)		(0.38	)		(0.81	)		(0.49	)		(0.37	)
Net realized gain/(loss) on investments⁽¹⁾		(0.20	)		8.46			0.92			0.99			(0.36	)
Realized loss on partial repurchase of 5.25% Convertible Senior Notes due 2018⁽¹⁾		—			—			—			—			(0.02	)
Net change in unrealized appreciation/(depreciation) of investments⁽¹⁾		(3.72	)		(2.39	)		3.78			0.69			0.47
Benefit from taxes on unrealized depreciation of investments⁽¹⁾		—			—			—			0.05			0.33
Dividends declared		(0.11	)		(8.00	)		(0.87	)		(0.32	)		—
Issuance of common stock from stock dividend		—			0.74			—			—			—
Issuance of common stock from public offering⁽¹⁾		0.01			0.01			0.30			—			—
Issuance of common stock from conversion of 4.75% Convertible Notes due 2023⁽¹⁾		—			(1.91	)		(0.11	)		—			—
Repurchase of common stock⁽¹⁾		0.11			—			0.43			0.52			0.20
Stock-based compensation⁽¹⁾		0.07			0.05			0.12			0.05			—
Net asset value at end of year	$	7.39		$	11.72		$	15.14		$	11.38		$	9.89
Per share market value at end of year	$	3.80		$	12.95		$	13.09		$	6.55		$	5.22
Total return based on market value⁽²⁾		(69.45	)%		60.05	%		99.85	%		31.61	%		(4.22	)%
Total return based on net asset value⁽²⁾		(36.01	)%		30.25	%		33.04	%		15.08	%		2.59	%
Shares outstanding at end of year		28,429,499			31,118,556			19,914,023			17,564,244			19,762,647
Ratios/Supplemental Data:
Net assets at end of year	$	210,020,702		$	364,846,624		$	301,583,073		$	199,917,289		$	195,378,159
Average net assets	$	310,086,061		$	396,209,139		$	205,430,809		$	209,261,190		$	208,678,731
Ratio of gross operating expenses to average net assets⁽³⁾		5.87	%		2.88	%		7.95	%		6.08	%		7.09	%
Ratio of incentive fee waiver to average net assets		—	%		—	%		—	%		—	%		(2.40	)%
Ratio of management fee waiver to average net assets		—	%		—	%		—	%		—	%		(0.43	)%
Ratio of income tax provision to average net assets		—	%		—	%		—	%		(0.42	)%		(3.22	)%
Ratio of net operating expenses to average net assets⁽³⁾		5.87	%		2.88	%		7.95	%		5.66	%		1.04	%
Ratio of net investment loss to average net assets⁽³⁾		(4.76	)%		(2.51	)%		(7.07	)%		(4.52	)%		(3.66	)%
Portfolio Turnover Ratio		4.31	%		28.34	%		14.87	%		12.95	%		5.01	%

(1)	Based on weighted-average number of shares outstanding for the relevant period.
(2)	Total return based on market value is based upon the change in market price per share between the opening and ending market values per share in the period, adjusted for dividends and equity issuances. Total return based on net asset value is based upon the change in net asset value per share between the opening and ending net asset values per share in the period, adjusted for dividends and equity issuances.
(3)	For the year ended December 31, 2021, the Company excluded $100,274 of non-recurring expenses. For the year ended December 31, 2020, the Company excluded $1,962,431 of non-recurring expenses. For the year ended December 31, 2019, the Company excluded $1,769,820 of non-recurring expenses. For the year ended December 31, 2018, the Company excluded $352,667 of non-recurring expenses. Because the ratios are calculated for the Company’s common stock taken as a whole, an individual investor’s ratios may vary from these ratios.

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2022

SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

Basis of Consolidation

Basis of Consolidation

Use of Estimates

Use of Estimates

Uncertainties and Risk Factors

Uncertainties and Risk Factors

Investments at Fair Value

Investments at Fair Value

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.

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2022

	1.	The quarterly valuation process begins with each portfolio company or investment being initially valued by the internal investment professionals responsible for the portfolio investment;

	2.	Preliminary valuation conclusions are then documented and discussed with senior management;

	3.	For all investments for which there are no readily available market quotations, the Valuation Committee engages an independent third-party valuation firm to conduct independent appraisals, review management’s preliminary valuations and make its own independent assessment;

	4.	The Valuation Committee applies the appropriate valuation methodology to each portfolio asset in a consistent manner, considers the inputs provided by management and the independent third-party valuation firm, discusses the valuations and recommends to the Company’s Board of Directors a fair value for each investment in the portfolio; and

	5.	The Company’s Board of Directors then discusses the valuations recommended by the Valuation Committee and determines in good faith the fair value of each investment in the portfolio.

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2022

Equity Investments

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2022

Debt Investments

Options

Special Purpose Acquisition Companies

Portfolio Company Investment Classification

Levelling Policy

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2022

Securities Transactions

Securities Transactions

Valuation of Other Financial Instruments

Valuation of Other Financial Instruments

Cash

Escrow Proceeds Receivable

Deferred Financing Costs

SCHEDULE OF DEFERRED FINANCING COSTS

	December 31, 2022		December 31, 2021
Deferred debt issuance costs	$	—	$	1,970,892
Deferred offering costs		555,761		621,719
Deferred Financing Costs	$	555,761	$	2,592,611

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2022

Operating Leases & Related Deposits

Stock-based Compensation

Revenue Recognition

Revenue Recognition

Investment Transaction Costs and Escrow Deposits

Investment Transaction Costs and Escrow Deposits

Unrealized Appreciation or Depreciation of Investments

Unrealized Appreciation or Depreciation of Investments

Unrealized appreciation or depreciation is calculated as the difference between the fair value of the investment and the cost basis of such investment.

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2022

U.S. Federal and State Income Taxes

U.S. Federal and State Income Taxes

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2022

Per Share Information

Per Share Information

Recently Issued or Adopted Accounting Standards

Recently Issued or Adopted Accounting Standards

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2022

Consolidated Statements of Operations (Parenthetical)	12 Months Ended
Consolidated Statements of Operations (Parenthetical)	Dec. 31, 2021 USD ($)
Income Statement [Abstract]
Stock based compensation expense	$ 209,360

SCHEDULE OF INVESTMENTS BY COMPANY (Details) - USD ($)

2 Months Ended

Mar. 15, 2023

Dec. 31, 2022

Dec. 31, 2021

Subsequent Event [Member]

Total

$ 242,245,395

$ 260,136,253

Subsequent Event [Member] | Orchard Technologies, Inc. [Member]

Total

$ 2,000,000

Investment

^[1]

Series 1 Senior Preferred

Organization, Consolidation and Presentation of Financial Statements [Abstract]

^[1]

1/13/2023

Total

^[1]

$ 2,000,000

[1]	Represents a follow-on investment

SUPPLEMENTAL FINANCIAL DATA

12 Months Ended

Dec. 31, 2022

SUPPLEMENTAL FINANCIAL DATA

NOTE 14—SUPPLEMENTAL FINANCIAL DATA

Summarized Financial Information of Unconsolidated Subsidiaries

In accordance with the SEC’s Regulation S-X and GAAP, the Company is not permitted to consolidate any subsidiary or other entity that is not an investment company, including those in which the Company has a controlling interest; however, the Company must disclose certain financial information related to any subsidiaries or other entities that are considered to be “significant subsidiaries” under the applicable rules of Regulation S-X.

In May 2020, the SEC adopted rule amendments that impacted the requirement of investment companies, including BDCs, to disclose the financial statements of certain of their portfolio companies or acquired funds (the “Final Rules”). The Final Rules adopted a new definition of “significant subsidiary” set forth in Rule 1-02(w)(2) of Regulation S-X under the Securities Act. Rules 3-09 and 4-08(g) of Regulation S-X require investment companies to include separate financial statements or summary financial information, respectively, in such investment company’s periodic reports for any portfolio company that meets the definition of “significant subsidiary.” The Final Rules amended the definition of “significant subsidiary” in a manner that was intended to more accurately capture those portfolio companies that were more likely to materially impact the financial condition of an investment company.

The Company’s three controlled portfolio companies as of December 31, 2022, SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.), Architect Capital PayJoy SPV, LLC and Colombier Sponsor LLC, did not meet the definition of a “significant subsidiary” as set forth in Rule 1-02(w)(2). For comparability purposes, the Company has omitted the previously disclosed summarized financial information of the Company’s significant subsidiaries for the quarter ended December 31, 2021 as the Company’s significant subsidiaries would not have been considered significant subsidiaries under the Final Rules.

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 31, 2022	Mar. 15, 2023	Jun. 30, 2022
Document Type	10-K/A
Amendment Flag	true
Amendment Description	This Amendment No. 1 on Form 10-K/A (this “Amendment”) amends the Annual Report on Form 10-K for SuRo Capital Corp. for the fiscal year ended December 31, 2022, which was filed with the Securities and Exchange Commission (the “SEC”) on March 16, 2023 (the “Original Form 10-K”).
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2022
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--12-31
Entity File Number	814-00852
Entity Registrant Name	SuRo Capital Corp.
Entity Central Index Key	0001509470
Entity Tax Identification Number	27-4443543
Entity Incorporation, State or Country Code	MD
Entity Address, Address Line One	640 Fifth Avenue
Entity Address, Address Line Two	12th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10019
City Area Code	(212)
Local Phone Number	931-6331
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 186,610,246
Entity Common Stock, Shares Outstanding		28,338,580
Documents Incorporated by Reference [Text Block]	Portions of the Registrant’s definitive proxy statement relating to the Registrant’s 2023 annual meeting of stockholders (the “2023 Proxy Statement”), to be filed with the Securities and Exchange Commission (the “SEC”) within 120 days following the end of the Registrant’s fiscal year, are incorporated by reference in Part III of this annual report on Form 10-K as indicated herein
Auditor Firm ID	688
Auditor Name	Marcum LLP
Auditor Location	San Francisco, CA
Common Stock Par Value 0.01 Per Share [Member]
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	SSSS
Security Exchange Name	NASDAQ
Sec 6.00 Notes Due 2026 [Member]
Title of 12(b) Security	6.00% Notes due 2026
Trading Symbol	SSSSL
Security Exchange Name	NASDAQ

Consolidated Statements of Assets and Liabilities (Parenthetical) - USD ($)

Dec. 31, 2022

Dec. 31, 2021

Common stock, shares authorized

Common stock, par value

$ 0.01

100,000,000

Common stock, shares issued

28,429,499

31,118,556

Common stock, shares outstanding

28,429,499

31,118,556

Debt instrument interest rate

6.00%

Debt instrument effective interest rate

6.53%

6.13%

Debt instrument face amount

$ 75,000,000

US Treasury Bill Securities [Member]

Non Controlled Non Affiliate Investments [Member]

84,999,598

155,103,810

146,360,300

41,140,804

41,211,183

19,883,894

Investments [Member]

SCHEDULE OF RECLASSIFICATION OF BOOK/TAX DIFFERENCES

$ 301,128,106

^[1]

$ 207,455,377

[1]

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

	2022			2021
	Year Ended December 31,
	2022			2021
Capital in excess of par value	$	(14,709,928	)	$	(9,931,831	)
Accumulated undistributed net investment loss		14,709,928			8,007,039
Accumulated net realized gains from investments		—			(1,924,792	)

SCHEDULE OF TAX CHARACTER OF DISTRIBUTIONS

	2022		2021		2020
	Year Ended December 31,
	2022		2021		2020
Ordinary income	$	—	$	—	$	—
Long-term capital gain		3,441,824		212,197,026		16,947,370
Return of capital		—		—		—
Distributions on a tax basis		—		—		—

SCHEDULE OF COMPONENTS OF DISTRIBUTED EARNINGS ON A TAX BASIS

	2022			2021
	Year Ended December 31,
	2022			2021
Undistributed ordinary income/(loss)	$	(45,822,672	)	$	(35,883,906	)
Accumulated net realized gains/(losses) on investments		(3,901,291	)		3,489,058
Unrealized appreciation/(depreciation)		(52,428,951	)		58,263,205
Components of distributable earnings at year end	$	(102,152,914	)	$	25,868,357

SCHEDULE OF INVESTMENTS IN AND ADVANCES TO AFFILIATES (Details) (Parenthetical) - USD ($)

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Non-Qualifying Assets [Member]

74.80%

71.30%

Capital Commitment

$ 10,000,000.0

Dividend distributions

$ 3,441,824

$ 212,197,025

$ 16,947,366

14.47%

26.91%

Non Controlled Affiliate Investments [Member] | Debt Investments [Member]

6.00%

^[1],[2]

4.01%

^[3],[4],[5]

Non Controlled Affiliate Investments [Member] | Options Held [Member]

0.95%

^[1],[2]

14.00%

^[3],[5]

Non Controlled Affiliate Investments [Member] | Options Held [Member] | Global Innovation Platform [Member]

0.31%

^[1],[2]

0.63%

^[3],[4],[5]

Non Controlled Affiliate Investments [Member] | Options Held [Member] | Global Innovation Platform [Member] | Derivative Security, Expiration Date 8/23/2024 [Member]

0.31%

^[1],[2]

0.63%

^[3],[4],[5]

Aug. 23, 2024

Non-Controlled Affiliate [Member]

^[6]

0.62%

OneValley, Inc. [Member] | Non Controlled Affiliate Investments [Member] | Debt Investments [Member]

6.00%

^[7]

401.00%

^[8]

Aug. 23, 2024

OneValley, Inc. [Member] | Non-Controlled Affiliate [Member]

0.95%

^{[1],[2],[9],[10]}

14.00%

^{[3],[5],[6],[11]}

Ozy Media, Inc. [Member] | Non Controlled Affiliate Investments [Member] | Options Held [Member] | Common Warrants [Member] | Digital Media Platform [Member]

0.77%

$ 0.01

Apr. 09, 2028

Ozy Media, Inc. [Member] | Non Controlled Affiliate Investments [Member] | Options Held [Member] | Preferred Warrant Series A-3 [Member] | Digital Media Platform [Member]

^[1],[2]

^[3],[5]

$ 1.33

Ozy Media, Inc. [Member] | Non-Controlled Affiliate [Member]

Apr. 04, 2021

^[7],[12]

OneValley, Inc. (f/k/a NestGSV, Inc) [Member] | Non Controlled Affiliate Investments [Member] | Options Held [Member] | Preferred Warrants Series B One [Member] | Global Innovation Platform [Member]

^[10]

0.31%

May 29, 2022

$ 2.31

May 29, 2022

^[3],[5]

Dec. 31, 2023

$ 2.31

Dec. 31, 2023

OneValley, Inc. (f/k/a NestGSV, Inc) [Member] | Non Controlled Affiliate Investments [Member] | Options Held [Member] | Preferred Warrant Series A-3 [Member] | Global Innovation Platform [Member]

^[1],[2]

0.01%

^[3],[5]

OneValley, Inc. (f/k/a NestGSV, Inc) [Member] | Non Controlled Affiliate Investments [Member] | Options Held [Member] | Preferred Warrant Series A-4 One [Member] | Global Innovation Platform [Member]

^[3],[5]

Jul. 18, 2021

$ 1.33

OneValley, Inc. (f/k/a NestGSV, Inc) [Member] | Non Controlled Affiliate Investments [Member] | Options Held [Member] | Preferred Warrant Series A-4 Two [Member] | Global Innovation Platform [Member]

^[3],[5]

Oct. 06, 2021

$ 1.33

OneValley, Inc. (f/k/a NestGSV, Inc) [Member] | Non Controlled Affiliate Investments [Member] | Options Held [Member] | Preferred Warrant Series B [Member] | Global Innovation Platform [Member]

^[3],[5]

Nov. 29, 2021

$ 2.31

OneValley, Inc. (f/k/a NestGSV, Inc) [Member] | Non-Controlled Affiliate [Member]

^[3],[5]

CUX Inc [Member] | Non Controlled Affiliate Investments [Member] | Debt Investments [Member]

^[12]

1.26%

Feb. 14, 2023

Architect Capital PayJoy SPV, LLC [Member]

^[3],[5]

NewLake Capital Partners, Inc. [Member]

Capital Commitment

$ 10,000,000.0

NewLake Capital Partners, Inc. [Member] | Non-Controlled Affiliate [Member]

Dividend distributions

300,000