Here are 1-3 brief analogies for SuRo Capital (SSSS):

1. A publicly traded version of a venture capital firm like Sequoia or Andreessen Horowitz, giving you access to late-stage private companies.

2. Like SoftBank's Vision Fund, but you can buy its shares on the stock market to invest in a portfolio of private tech companies.

3. Imagine Berkshire Hathaway, but instead of investing in well-known public companies, it invests in a portfolio of growing, late-stage private companies before they go public.

• Venture Capital Investments: Providing capital to growing, late-stage, venture capital-backed private companies in exchange for equity or debt instruments, aiming for capital appreciation and returns.

SuRo Capital Corp. (symbol: SSSS) is a business development company (BDC) that focuses on making investments in growing, late-stage, venture capital-backed private companies. As an investment firm, its business model involves deploying capital into portfolio companies rather than selling products or services to customers.

Therefore, SuRo Capital does not have "major customers" in the traditional sense of other companies or individuals purchasing goods or services from it. Its relationships are with the companies it invests in (portfolio companies) and its own shareholders (investors).

• U.S. Bank (USB)
• FTI Consulting, Inc. (FCN)
• Duff & Phelps, A Kroll Business
• KPMG LLP

Mark Klein, Chairman of the Board, President and Chief Executive Officer

Mark Klein was appointed CEO in August 2017. He also serves as Chairman and President. He directly owns 6.65% of the company's shares and has purchased additional shares of the company's common stock through multiple transactions.

Allison Green, Chief Financial Officer, Chief Compliance Officer, Treasurer, Principal Accounting Officer and Corporate Secretary

Allison Green holds the titles of Chief Financial Officer, Chief Compliance Officer, Treasurer, Principal Accounting Officer, and Corporate Secretary. She is a Certified Public Accountant (CPA).

Maulik Sardhara, Controller

Maulik Sardhara serves as the Controller for SuRo Capital Corp.

Jackson Stone, Vice President

Jackson Stone is a Vice President at SuRo Capital Corp. and is involved with Investments.

Adam Bates, Principal, Investments Team

Adam Bates is a Principal on the Investments Team. He is also listed as a Vice President.

The key risks to SuRo Capital (SSSS) are primarily related to its investment strategy and the nature of its assets:

1. Concentrated Portfolio and Sector-Specific Risk: SuRo Capital's investment strategy is highly concentrated, with a significant portion of its portfolio allocated to a few key holdings and substantial exposure to specific sectors, particularly AI infrastructure. For instance, approximately 33% of its assets are concentrated in the AI infrastructure sector, and five positions make up about 52% of the entire portfolio. This concentration makes the company's performance highly susceptible to downturns or corrections within that sector or the underperformance of a limited number of companies.
2. Valuation of Private, Illiquid Investments: As a business development company investing in private, venture capital-backed companies, SuRo Capital's portfolio largely consists of illiquid assets whose valuations are subjective. This creates uncertainty in accurately determining fair value and Net Asset Value (NAV). The company has been observed trading near its NAV without the historical discount typically applied to illiquid assets in Business Development Companies, which can be a risky entry point for investors. Additionally, the low trading volumes of these private securities can exacerbate adverse impacts during market fluctuations and limit the company's liquidity.
3. Regulatory Constraints of the 1940 Act: As a Business Development Company, SuRo Capital is subject to the Investment Company Act of 1940, which mandates that at least 70% of its assets must be "qualifying assets." These regulatory constraints can restrict the company's investment opportunities and operational flexibility. A breach of these requirements could significantly impair SuRo Capital's business efficiency and financial outcomes.

SuRo Capital (symbol: SSSS) operates within the venture capital market, specifically focusing on investments in high-growth, late-stage, venture capital-backed private companies. Therefore, their addressable market is the venture capital investment market.

The global venture capital investment market was valued at approximately $503.27 billion in 2025 and is projected to grow to $2,669.87 billion by 2034, exhibiting a compound annual growth rate (CAGR) of 20.5% during the forecast period. North America held a dominant share of this market, generating over $319.01 billion in revenue in 2025.

Within the United States, the venture capital market size reached an estimated $1.31 trillion in 2025 and is forecast to increase to $1.46 trillion by 2030. The late-stage venture capital segment, where SuRo Capital primarily invests, has shown dominance due to increased activity in late-stage and pre-IPO funding, particularly in technology and AI-driven firms.

Expected Drivers of Future Revenue Growth for SuRo Capital (SSSS)

SuRo Capital (SSSS) is anticipated to drive future revenue growth over the next two to three years through several key strategies focused on its investment portfolio:

• Strategic Investments in Artificial Intelligence (AI) Infrastructure: SuRo Capital has made significant strategic investments in companies operating within the AI infrastructure sector, including stakes in OpenAI and TensorWave. This focus is expected to capitalize on the accelerating global build-out of AI infrastructure, which is attracting substantial capital and is viewed as a fundamental technological transformation.
• Successful Financings and Initial Public Offerings (IPOs) of Portfolio Companies: The company anticipates a significant increase in its Net Asset Value (NAV) per share due to recent and ongoing financings by its portfolio companies. Successful financings and potential IPOs of key holdings, such as CoreWeave and WHOOP, are expected to substantially bolster revenue growth through capital gains and increased capital distributions.
• Capital Appreciation of Existing Investment Portfolio: As a business development company, SuRo Capital's revenue growth is inherently tied to the capital appreciation of its investments in high-growth, venture-backed private companies. The company’s ability to enhance value through its investments has been demonstrated by the growth in NAV per share from 2024 to 2025.
• Monetization of Investments through Distributions and Sales: SuRo Capital generates revenue through the monetization of its investments. This includes receiving distributions from its investment vehicles, such as CW Opportunity 2 LP, and realizing gains from the sale of shares in public holdings. This active management and strategic exiting of successful investments contribute to its realized gains.

Share Repurchases

• On October 29, 2025, the Board of Directors authorized an extension of the company's discretionary share repurchase program until October 31, 2026, for an aggregate amount of $64.3 million, of which $25 million remains available for future repurchases.
• During the year ended December 31, 2020, SuRo Capital repurchased 1,655,848 shares of common stock for approximately $10.4 million in cash under its Share Repurchase Program.

Share Issuance

• SuRo Capital issued shares through an At The Market (ATM) offering program.
• The weighted-average common basic shares outstanding were approximately 25.9 million for the year ended December 31, 2021, an increase from approximately 17.9 million in 2020.

Outbound Investments

• On December 31, 2025, SuRo Capital committed up to $20 million to Magnetar Opportunity 2025-4 LP, a special purpose vehicle invested in TensorWave Inc., with $5 million funded as of March 9, 2026, expanding its exposure to AI infrastructure.
• The company made a $15 million investment in CW Opportunity 2 LP, an SPV focused on CoreWeave Inc., from which it received approximately $9 million in distributions during the fourth quarter of 2025, consisting of a $2.3 million return of capital and a $6.7 million gain.
• SuRo Capital continues to invest in high-growth, late-stage, venture capital-backed private companies, focusing on sectors such as AI infrastructure, technology, consumer, media, communications, and energy in the U.S. and Canada.