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Here are 1-2 brief analogies for SuRo Capital (SSSS):

• Berkshire Hathaway for high-growth, venture-backed private companies.

• An ETF for pre-IPO tech startups.

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• Private Equity Investments: SuRo Capital provides growth capital to late-stage private companies by acquiring equity stakes, categorized as Financial Services – Investment Funding.
• Investment Portfolio Management: SuRo Capital actively manages its diversified portfolio of private company investments to generate attractive returns for its shareholders, categorized as Financial Services – Asset Management.
• Publicly Traded Investment Vehicle: SuRo Capital offers a liquid, publicly traded stock that provides investors with exposure to a portfolio of private growth companies, categorized as Financial Services – Investment Product.

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SuRo Capital (symbol: SSSS) is a closed-end management investment company. Its primary business activity is making investments in private, late-stage, venture-backed growth companies. As such, SuRo Capital does not have traditional "customers" who purchase products or services from it in the way a typical operating company does.

Instead, SuRo Capital's operational model involves generating returns for its shareholders by making strategic investments. The entities that "invest in" SuRo Capital by purchasing its shares on the NASDAQ stock exchange can be considered its primary stakeholders or, in a broader sense, the "customers" it serves by providing an investment vehicle. These can be categorized as:

• Retail Investors: Individual investors who purchase shares through brokerage accounts, often seeking exposure to private market investments.
• Institutional Investors: Large organizations such as mutual funds, pension funds, endowments, and hedge funds that allocate capital to publicly traded investment vehicles like SuRo Capital.
• High-Net-Worth Individuals and Family Offices: Wealthy individuals or private entities managing family wealth who may invest in SuRo Capital's shares as part of a diversified portfolio.

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• SS&C Technologies, Inc. (SSNC)
• KPMG LLP
• JPMorgan Chase &o. (JPM)
• U.S. Bancorp (USB)
• American Stock Transfer & Trust Company, LLC

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Mark D. Klein, Chairman, President and Chief Executive Officer

Mark D. Klein has led SuRo Capital as Chairman, President, and Chief Executive Officer since August 2017 and has been a director since 2011. He has a track record of running public companies and investment firms over two decades. Mr. Klein founded SuRo Capital Corp. in 2011. He also founded MK Capital Advisors LLC in 2012, Intrinsic Edge Partners LP, Newbrook Capital Management LLC, and Independence Holdings Partners LLC. In 1998, he established Independence Holding, which was the first fund of funds vehicle to allow high-net-worth investors to invest in private equity. Mr. Klein has served as Chairman and CEO at several public and private companies prior to joining SuRo Capital. Since 2012, he has been Managing Member and Majority Partner at M. Klein & Company, LLC, an investment banking and advisory firm. He has also served on the boards of multiple New York Stock Exchange-listed special purpose acquisition companies (SPACs), including Churchill Capital Corp VII, and previously Churchill Capital Corp II, III, IV, V, and VI.

Allison Green, Chief Financial Officer, Treasurer and Corporate Secretary

Allison Green joined SuRo Capital in March 2019, also serving as Chief Compliance Officer and Principal Accounting Officer. Before her role at SuRo Capital, she was Senior Vice President and Controller at GSV Asset Management, SuRo Capital's former external advisor, starting in July 2017. Ms. Green previously held the position of Controller at Rise Companies Corp, the parent company of Fundrise, where she managed financial reporting that led to a successful SEC Regulation A+ Tier 2 crowdfunded IPO. Her experience also includes being a member of the Fund Management and Coinvestment teams at The Carlyle Group, a prominent private equity firm, where she focused on Europe and US Real Estate and Energy Funds and founded the firm's Young Professionals Employee Resource Group.

Maulik Sardhara, Controller

Adam Bates, Investments

Jackson Stone, Investments

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The key risks to SuRo Capital (SSSS) primarily stem from its investment strategy and the inherent volatility of the markets in which it operates.

1. Investment Concentration and Valuation Risk: SuRo Capital faces significant risk due to its concentrated investments in venture capital-backed emerging companies, which inherently carry high risk due to limited financial resources, operating histories, and market shares. A substantial portion of the company's portfolio is concentrated in a few key holdings; for instance, its top five investments represent approximately 52% of the total portfolio value. The underperformance of these top investments could lead to considerable losses for investors. Furthermore, the valuation of many of these private, non-publicly traded investments is inherently uncertain, relying on estimates of fair value rather than public market prices, which can result in significant swings between reporting periods. A notable drop in the valuation of even a few top holdings could severely impact the company's Net Asset Value (NAV).

2. Market Volatility and Economic Conditions: SuRo Capital's financial condition and results of operations are highly susceptible to broader economic, political, and market conditions, especially market volatility within the technology sector where a significant portion of its investments lie. Fluctuations in interest rates and inflation can directly impact investment returns and the cost of capital. The diminished volume and increased volatility in secondary markets, along with rising interest rates, have been noted to affect private market valuations.

3. Regulatory Risks: As a Business Development Company (BDC), SuRo Capital is subject to specific constraints under the 1940 Act, which can limit its operational flexibility. Changes in laws or regulations, particularly those related to taxation and BDC operations, could adversely affect the company's business strategy and overall performance.

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The increasing maturity and adoption of secondary market platforms for private company shares (e.g., Forge Global, EquityZen, CartaX) pose a clear emerging threat. These platforms are growing in sophistication and volume, enabling existing shareholders (employees, early investors) to sell their private company stakes with greater ease and transparency. This trend directly threatens SuRo Capital by potentially:

• Increasing price transparency: Making it more challenging for traditional institutional investors like SuRo to identify significantly undervalued entry points based on proprietary deal sourcing and information asymmetries.
• Disintermediating traditional primary funding rounds: If private companies and their shareholders can achieve liquidity and manage their cap tables more effectively through secondary markets, it may reduce the urgency or frequency of traditional primary growth equity rounds, which are SuRo's primary investment targets. This could diminish the pool of attractive new investment opportunities.
• Offering alternative direct access for investors: Sophisticated accredited investors and family offices can increasingly gain direct exposure to private companies via these platforms, potentially reducing the appeal of publicly traded vehicles like SuRo that offer curated exposure but come with management fees and specific governance structures.

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SuRo Capital Corp. (SSSS) operates as a publicly traded investment fund, specializing in providing capital to high-growth, venture-backed private companies. These investments are considered their main "products or services," offering public market investors access to a portfolio of emerging and late-stage private companies.

The addressable market for SuRo Capital's investment activities can be understood through the global and North American venture capital investment markets, with a particular focus on late-stage private companies. The firm primarily invests in companies located in the United States and Canada.

• The global venture capital investment market was valued at approximately $337.40 billion in 2024 and is projected to reach $1,458.78 billion by 2033, demonstrating a compound annual growth rate (CAGR) of 17.56% from 2025 to 2033. North America accounts for a significant portion of this market, holding around 49.8% share in 2024. Other estimates suggest the global market could grow to $609.65 billion by 2029 with a CAGR of 10.3% from $373.37 billion in 2024, or increase by $2,920.2 billion at a CAGR of 37.9% between 2024 and 2029.
• Specifically for late-stage private companies, the total valuation of mid- and late-stage private companies globally expanded significantly from $421 billion in 2015 to over $4.1 trillion as of Q3 2025. In 2021, U.S. venture-backed companies raised nearly $330 billion, with approximately $230 billion attributed to late-stage deals. The private secondary market, which involves trading shares of private companies, grew to approximately $60 billion in 2025, an increase from $50 billion in 2024.

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

SuRo Capital (SSSS) is a publicly traded investment fund that strategically invests in high-growth, venture-backed private companies. Over the next 2-3 years, its future revenue growth is expected to be primarily driven by the following factors:

1. Successful Initial Public Offerings (IPOs) and Monetization of Portfolio Companies: A significant driver of SuRo Capital's revenue comes from the successful public listings or acquisitions of its portfolio companies. The company has expressed anticipation of several IPOs in 2024-2025, specifically mentioning CoreWeave and Canva. The potential IPO of OpenAI is also highlighted as a factor that could significantly boost its Net Asset Value (NAV). The full exit from ServiceTitan following its successful IPO also demonstrates this strategy.
2. Strategic Investments in High-Growth Sectors, particularly AI Infrastructure: SuRo Capital has been actively allocating capital to high-growth sectors, with a pronounced focus on AI infrastructure. Investments in companies such as CoreWeave, OpenAI, and VAST Data are considered transformative for the portfolio and are expected to fuel future growth. The firm's emphasis on AI and digital infrastructure is explicitly identified as a key driver for future growth.
3. Follow-on Investments and Capital Deployment in Promising Private Companies: SuRo Capital consistently makes follow-on investments in its existing portfolio companies and identifies new investment opportunities in promising private enterprises. Recent examples include follow-on investments in CoreWeave and Canva, and a new investment in Plaid. The company has stated its enthusiasm for its investment pipeline and its recent increased capital deployment compared to previous periods.
4. Increasing Valuations of Existing Portfolio Companies: The overall valuation of SuRo Capital's portfolio directly influences its revenue growth. The company has observed appreciation in the valuations of several of its key holdings, driven by heightened market interest and strong operational performance from its portfolio companies. Specific companies like WHOOP and OpenAI are noted for presenting substantial growth opportunities due to their increasing market interest and valuations.

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