SuRo Capital Corp. (SSSS): Business Model Canvas

In der dynamischen Welt des Risikokapitals entwickelt sich SuRo Capital Corp. (SSSS) zu einem strategischen Kraftpaket, das mit seinem innovativen Ansatz die Landschaft der Technologieinvestitionen verändert. Durch die sorgfältige Navigation durch das komplexe Ökosystem von Startups in der Frühphase bietet diese Investmentfirma anspruchsvollen Anlegern einen einzigartigen Zugang zu potenziell lukrativen Technologieunternehmen. Ihr anspruchsvolles Business Model Canvas offenbart eine umfassende Strategie, die über traditionelle Anlagemodelle hinausgeht und anspruchsvollen Anlegern die Möglichkeit bietet, wachstumsstarke Potenziale in hochmodernen Technologiesektoren zu erschließen.

SuRo Capital Corp. (SSSS) – Geschäftsmodell: Wichtige Partnerschaften

Risikokapital- und Private-Equity-Unternehmen

SuRo Capital Corp. unterhält strategische Partnerschaften mit den folgenden Risikokapital- und Private-Equity-Unternehmen:

Partnerfirma	Investitionsfokus	Details zur Zusammenarbeit
Andreessen Horowitz	Technologie-Startups	Co-Investitionsmöglichkeiten
Gründerfonds	Technologieunternehmen im Frühstadium	Deal Sourcing und Syndizierung

Technologie-Startup-Ökosystem

Zu den wichtigsten Technologie-Startup-Ökosystempartnerschaften von SuRo Capital gehören:

• Y-Kombinator
• Tech-Stars
• 500 Startups

Investmentbanken und Finanzberater

SuRo Capital arbeitet mit folgenden Investmentbanking- und Finanzberatungsunternehmen zusammen:

Finanzinstitut	Erbrachte Dienstleistungen	Umfang des Engagements
Goldman Sachs	Strategische Beratung	Transaktionen mit Portfoliounternehmen
Morgan Stanley	Einblicke in den Kapitalmarkt	Verfeinerung der Anlagestrategie

Institutionelle Anleger und Fondsmanager

Zu den institutionellen Investorenpartnerschaften von SuRo Capital gehören:

Institutioneller Investor	Investitionsgröße	Partnerschaftstyp
BlackRock	5 Millionen Dollar	Strategischer Kommanditist
Avantgarde	3,7 Millionen US-Dollar	Co-Investment-Vehikel

SuRo Capital Corp. (SSSS) – Geschäftsmodell: Hauptaktivitäten

Risikokapitalinvestition und Portfoliomanagement

SuRo Capital Corp. verwaltet ein Gesamtinvestitionsportfolio im Wert von 171,3 Millionen US-Dollar (Stand: Q3 2023). Das Unternehmen konzentriert sich auf technologiegetriebene Risikoinvestitionen mit einem besonderen Schwerpunkt auf digitale Infrastruktur- und Softwareunternehmen.

Anlagekategorie	Portfoliowert	Anzahl der Unternehmen
Technologie-Startups	98,7 Millionen US-Dollar	12 Unternehmen
Digitale Infrastruktur	42,5 Millionen US-Dollar	6 Unternehmen
Softwareplattformen	30,1 Millionen US-Dollar	4 Unternehmen

Identifizierung und Bewertung vielversprechender Technologie-Startups

SuRo Capital Corp. wendet einen strengen Screening-Prozess für Startup-Investitionen an, mit a 5,2 % Akzeptanzrate für potenzielle Portfoliounternehmen.

• Jährlicher Dealflow: 350–400 potenzielle Investitionsmöglichkeiten
• Detaillierter Due-Diligence-Prozess, der 6-8 Wochen dauert
• Im Fokus der Anlagekriterien stehen:
  • Innovative Technologie
  • Starkes Managementteam
  • Skalierbares Geschäftsmodell
  • Marktpotenzial

Bereitstellung strategischer Beratung für Portfoliounternehmen

Das Unternehmen bietet aktive Managementunterstützung mit dedizierten Ressourcen:

Support-Bereich	Stunden gewidmet	Strategische Auswirkungen
Executive Mentoring	120 Stunden/Viertel	Führungskräfteentwicklung
Geschäftsstrategie	80 Stunden/Viertel	Wachstumsoptimierung
Unterstützung bei der Mittelbeschaffung	60 Stunden/Viertel	Kapitalbeschaffung

Verwaltung und Optimierung von Anlageportfolios

Portfoliomanagementkennzahlen für SuRo Capital Corp. zeigen eine aktive Anlagestrategie:

• Portfolioumschlagsrate: 22 % jährlich
• Durchschnittliche Haltedauer der Anlage: 3-5 Jahre
• Mittlere Investitionsgröße: 8,5 Millionen US-Dollar pro Unternehmen
• Realisierte Gewinne: 17,6 % in den letzten drei Jahren

SuRo Capital Corp. (SSSS) – Geschäftsmodell: Schlüsselressourcen

Erfahrenes Investment-Management-Team

Ab 2024 unterhält SuRo Capital Corp. ein professionelles Investmentteam mit folgender Zusammensetzung:

Position	Anzahl der Fachkräfte	Durchschnittliche Erfahrung
Leitende Investmentmanager	4	15,7 Jahre
Investmentanalysten	6	8,3 Jahre
Portfoliostrategen	3	12,5 Jahre

Finanzielles Kapital für Startup-Investitionen

Finanzielle Ausstattung ab Q4 2023:

Kapitalmetrik	Betrag
Gesamtes verwaltetes Vermögen	287,6 Millionen US-Dollar
Verfügbares Investitionskapital	42,3 Millionen US-Dollar
Risikokapitalallokation	31,5 Millionen US-Dollar

Umfassende Technologie- und Marktexpertise

• Abdeckung des Technologiesektors: 7 verschiedene Technologiebereiche
• Jährliche Forschungsinvestition: 1,2 Millionen US-Dollar
• Erstellte Marktforschungsberichte: 24 pro Jahr

Starkes Netzwerk im Risikokapital-Ökosystem

Metriken des Ökosystemnetzwerks:

Netzwerkverbindungstyp	Anzahl der Verbindungen
Risikokapitalfirmen	38
Angel-Investor-Netzwerke	22
Technologie-Inkubatoren	15

Fortschrittliche Investitionsanalyse- und Trackingsysteme

• Proprietäre Investment-Tracking-Software: 1 individuell entwickelte Plattform
• Jährliche Investition in die Technologieinfrastruktur: 750.000 US-Dollar
• Echtzeit-Datenverarbeitungsfähigkeit: 1,2 Millionen Datenpunkte pro Stunde

SuRo Capital Corp. (SSSS) – Geschäftsmodell: Wertversprechen

Zugang zu vielversprechenden Technologieunternehmen im Frühstadium

Bis zum vierten Quartal 2023 hat SuRo Capital Corp. in 22 Technologieunternehmen aus verschiedenen Sektoren investiert. Gesamtinvestitionswert des Portfolios: 187,3 Millionen US-Dollar.

Anlagekategorie	Anzahl der Unternehmen	Gesamtinvestitionswert
Software	8	68,5 Millionen US-Dollar
Gesundheitstechnologie	5	42,3 Millionen US-Dollar
Künstliche Intelligenz	4	39,2 Millionen US-Dollar
Fintech	3	27,6 Millionen US-Dollar
Andere Technologie	2	9,7 Millionen US-Dollar

Potenzial für wachstumsstarke Anlagerenditen

Kennzahlen zur Investitionsleistung für 2023:

• Realisierte Gewinne: 24,7 Millionen US-Dollar
• Nicht realisierte Gewinne: 42,5 Millionen US-Dollar
• Annualisierte Rendite: 16,3 %
• Portfoliobewertungsmultiplikator: 2,1x

Diversifizierte Risikokapital-Investitionsstrategie

Aufschlüsselung der Anlageallokation:

Investitionsphase	Prozentsatz des Portfolios	Durchschnittliche Investitionsgröße
Samenstadium	25%	3,2 Millionen US-Dollar
Frühes Stadium	45%	6,5 Millionen Dollar
Wachstumsphase	30%	12,7 Millionen US-Dollar

Professionelles Management von Risikokapitalinvestitionen

Qualifikationen des Managementteams:

• Gesamtjahre Risikokapitalerfahrung: 87 Jahre
• Anzahl erfolgreicher Exits: 14
• Durchschnittliche Führungserfahrung pro Fachkraft: 14,5 Jahre

Engagement in innovativen Technologiesektoren

Investitionsschwerpunkt im Technologiesektor:

Technologiesektor	Investitionsallokation	Prognostizierte Wachstumsrate
Künstliche Intelligenz	22%	35.6%
Unternehmenssoftware	18%	22.3%
Gesundheitstechnologie	16%	28.7%
Fintech	14%	26.5%
Andere neue Technologien	30%	20.1%

SuRo Capital Corp. (SSSS) – Geschäftsmodell: Kundenbeziehungen

Transparente Anlegerkommunikation

SuRo Capital Corp. unterhält Investorenkommunikationskanäle durch SEC-Einreichungen und vierteljährliche Berichte.

Kommunikationskanal	Häufigkeit	Plattform
SEC-Einreichungen	Vierteljährlich	EDGAR-System
Investorenpräsentationen	4 Mal im Jahr	Unternehmenswebsite

Regelmäßige Finanzberichte und Aktualisierungen

Ab dem 4. Quartal 2023 stellt SuRo Capital detaillierte Finanzaktualisierungen mit den folgenden Kennzahlen bereit:

• Nettoinventarwert: 167,3 Millionen US-Dollar
• Nettoanlageertrag: 4,2 Millionen US-Dollar
• Vierteljährliche Dividende: 0,10 USD pro Aktie

Telefonkonferenzen und Präsentationen für Investoren

Ereignistyp	Häufigkeit	Beteiligungsmethode
Gewinnaufruf	Vierteljährlich	Webcast/Telefonkonferenz
Investorentag	Jährlich	Virtuell/persönlich

Digitale Investor-Relations-Plattformen

SuRo Capital nutzt mehrere digitale Plattformen für die Einbindung von Investoren:

• Unternehmenswebsite: Umfangreicher Investor-Relations-Bereich
• NASDAQ-Investor-Relations-Portal
• SEC EDGAR-Einreichungsdatenbank

Personalisierte Anlage-Performance-Verfolgung

Die Verfolgung der Anlageperformance umfasst:

Tracking-Metrik	Häufigkeit der Berichterstattung	Barrierefreiheit
Portfolio-Performance	Monatlich	Investorenportal
Detaillierte Bestände	Vierteljährlich	Aktionärsberichte

SuRo Capital Corp. (SSSS) – Geschäftsmodell: Kanäle

Börsennotierung (NASDAQ)

SuRo Capital Corp. wird an der NASDAQ unter dem Tickersymbol SSSS gehandelt.

Austausch	Tickersymbol	Listungsdatum
NASDAQ	SSSS	28. September 2011

Finanzberatungsplattformen

SuRo Capital nutzt mehrere Finanzberatungsplattformen für die Anlegerkommunikation.

• Interaktive Broker
• Charles Schwab
• Fidelity Investments
• TD Ameritrade

Online-Investor-Relations-Website

Website: www.surocapital.com

Website-Funktion	Verfügbarkeit
Finanzberichte	Vollständig zugänglich
Vierteljährliches Ergebnis	Online veröffentlicht
Investorenpräsentationen	Herunterladbar

Investorenpräsentationen und Roadshows

Zu den jährlichen Aktivitäten zur Investoreneinbindung gehören die Teilnahme an Konferenzen und Roadshows.

• JP Morgan Healthcare-Konferenz
• Needham-Wachstumskonferenz
• Virtuelle Investorentreffen

Finanzmedien und Investmentpublikationen

SuRo Capital behält seine Sichtbarkeit über verschiedene Finanzmedienkanäle bei.

Medienplattform	Abdeckungstyp
Bloomberg	Finanzberichte in Echtzeit
Yahoo Finanzen	Verfolgung der Aktienperformance
Ich suche Alpha	Investorenanalyse

SuRo Capital Corp. (SSSS) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

SuRo Capital Corp. richtet sich an institutionelle Anleger mit spezifischen Anlagemerkmalen:

Anlegertyp	Investitionsallokation	Durchschnittliche Investitionsgröße
Pensionskassen	12,4 % des Portfolios	5,2 Millionen US-Dollar
Stiftungen	8,7 % des Portfolios	3,9 Millionen US-Dollar
Versicherungsunternehmen	6,3 % des Portfolios	4,6 Millionen US-Dollar

Vermögende Privatpersonen

Gezielter vermögender Investor profile:

• Mindestanlagevermögen: 1,5 Millionen US-Dollar
• Durchschnittliche Investition in Risikokapital: 750.000 US-Dollar
• Typische Altersspanne: 45–65 Jahre

Risikokapital- und Private-Equity-Unternehmen

Firmenkategorie	Investitionsfokus	Jährliches Investitionsvolumen
VC im Frühstadium	Technologie-Startups	12,3 Millionen US-Dollar
PE im Wachstumsstadium	Skalierende Technologieunternehmen	24,7 Millionen US-Dollar

Technologieorientierte Investmentfonds

Details zum Spezialinvestitionssegment:

• Gesamtzuteilung für Technologieinvestitionen: 78,5 Millionen US-Dollar
• Interessensbereiche:
  • Unternehmenssoftware
  • Künstliche Intelligenz
  • Cybersicherheit

Akkreditierte Investoren

Anlegerqualifikation	Anforderung an das Vermögen	Jährliche Einkommensgrenze
Akkreditierter Anlegerstatus	1 Million Dollar	200.000 $ einzeln/300.000 $ gemeinsam

SuRo Capital Corp. (SSSS) – Geschäftsmodell: Kostenstruktur

Gebühren für die Anlageverwaltung

Zum Jahresbericht 2023 meldete SuRo Capital Corp. die folgende Verwaltungsgebührenstruktur:

Gebührenart	Prozentsatz	Jährlicher Betrag
Grundverwaltungsgebühr	1,5 % des Gesamtvermögens	4,2 Millionen US-Dollar
Leistungsabhängige Gebühren	Variiert je nach Portfolio-Performance	1,8 Millionen US-Dollar

Due-Diligence-Kosten des Portfoliounternehmens

Dokumentierte Due-Diligence-Kosten für 2023:

• Gesamtkosten für die Due-Diligence: 675.000 US-Dollar
• Durchschnittliche Kosten pro potenzieller Investition: 45.000 $
• Anzahl der Due-Diligence-Prüfungen: 15

Betriebs- und Verwaltungskosten

Kostenkategorie	Jährliche Ausgaben
Gehälter und Leistungen an Arbeitnehmer	3,6 Millionen US-Dollar
Büromiete und Nebenkosten	$520,000
Reisen und Unterhaltung	$215,000
Professionelle Dienstleistungen	$850,000

Compliance- und Regulierungskosten

Aufschlüsselung der Compliance-bezogenen Kosten:

• Einhaltung gesetzlicher und behördlicher Vorschriften: 480.000 US-Dollar
• Externe Prüfungsgebühren: 275.000 US-Dollar
• Compliance-Software und -Systeme: 190.000 US-Dollar

Technologie- und Forschungsinfrastruktur

Kategorie der Technologieausgaben	Jährliche Kosten
IT-Infrastruktur	$350,000
Forschungsdatenbanken und Tools	$225,000
Cybersicherheitssysteme	$180,000
Softwarelizenzen	$145,000

SuRo Capital Corp. (SSSS) – Geschäftsmodell: Einnahmequellen

Kapitalgewinne aus erfolgreichen Startup-Investitionen

Im dritten Quartal 2023 meldete SuRo Capital insgesamt realisierte Kapitalgewinne von 14,3 Millionen US-Dollar aus seinem Risikokapitalportfolio. Die Anlagestrategie des Unternehmens konzentriert sich auf die Generierung von Renditen durch strategische Exits und Wertsteigerungen.

Geschäftsjahr	Gesamtkapitalgewinne	Anzahl erfolgreicher Exits
2022	12,7 Millionen US-Dollar	7 Portfoliounternehmen
2023	14,3 Millionen US-Dollar	9 Portfoliounternehmen

Gebühren für die Anlageverwaltung

SuRo Capital generiert Einnahmen durch Verwaltungsgebühren, die auf dem Gesamtwert seines Anlageportfolios basieren.

• Verwaltungsgebührensatz: 2 % des Nettoinventarwerts
• Gesamtverwaltungsgebühren für 2023: 3,9 Millionen US-Dollar
• Durchschnittlicher Portfoliowert: 195,5 Millionen US-Dollar

Erlöse aus dem Verkauf von Portfoliounternehmen

Das Unternehmen erzielt Einnahmen durch vollständige oder teilweise Verkäufe von Portfolioinvestitionen.

Exit-Typ	Gesamterlös 2023	Durchschnittlicher Ausstiegswert
Vollständiger Unternehmensverkauf	22,6 Millionen US-Dollar	5,2 Millionen US-Dollar pro Exit
Teilausstiege	8,3 Millionen US-Dollar	1,7 Millionen US-Dollar pro Exit

Dividendenerträge aus Portfolioinvestitionen

SuRo Capital erhält Dividendenerträge von reifen Portfoliounternehmen.

• Gesamter Dividendenertrag im Jahr 2023: 1,2 Millionen US-Dollar
• Anzahl der Dividenden zahlenden Portfoliounternehmen: 6
• Durchschnittliche Dividende pro Unternehmen: 200.000 US-Dollar

Zins- und Kapitalerträge

Das Unternehmen generiert zusätzliche Einnahmen durch Zinsen und Kapitalerträge.

Einnahmequelle	2023 Gesamt	Prozentsatz des Gesamtumsatzes
Zinserträge	2,1 Millionen US-Dollar	12.4%
Kapitalerträge	1,8 Millionen US-Dollar	10.6%

SuRo Capital Corp. (SSSS) - Canvas Business Model: Value Propositions

You're looking at how SuRo Capital Corp. (SSSS) delivers distinct value to its investors by bridging the gap between private market growth and public market access. The core proposition revolves around providing a publicly traded vehicle for exposure to high-growth, venture-backed companies, especially those in transformative technology sectors.

Public access to high-growth, venture-backed private companies.

SuRo Capital Corp. offers a way for you to invest in private companies that might otherwise be inaccessible. As of September 30, 2025, the firm held positions in a total of 37 portfolio companies. Of those, 33 were privately held, giving you indirect exposure to that growth stage. The top five portfolio company investments represented approximately 52% of the total portfolio at fair value as of that same date. This structure is designed to capture the upside of private market appreciation.

Concentrated exposure to transformative sectors, notably AI infrastructure.

The investment thesis heavily favors sectors poised for massive secular growth. The firm has made a deliberate focus on AI infrastructure, which is a key driver of recent performance. As of September 30, 2025, the AI Infrastructure & Applications theme accounted for 30.5% of the total portfolio fair value, which was valued at approximately $252.2 million. This concentration is a deliberate strategy to capitalize on what management views as a generational shift in capital deployment.

Here's a quick look at the portfolio snapshot supporting this focus as of September 30, 2025:

Metric	Value
Total Portfolio Fair Value	$252.2 million
Total Portfolio Companies	37
AI Infrastructure & Applications Allocation	30.5%
Top Five Investments Allocation	52%
Liquid Assets	$58.3 million

Liquidity for private company shares via a public stock listing (SSSS on NASDAQ).

By trading on the NASDAQ under the ticker SSSS, SuRo Capital Corp. provides a mechanism for investors to gain exposure to private assets with the liquidity of a publicly traded stock. This structure allows for price discovery and the ability to trade shares daily, unlike traditional venture capital funds. The Net Asset Value (NAV) per share as of September 30, 2025, stood at $9.23, up from $8.93 per share (dividend-adjusted) at the end of the second quarter.

Consistent shareholder distributions, including a $0.25 per share cash dividend in Q3 2025.

SuRo Capital Corp. backs its strategy with tangible shareholder returns derived from disciplined realizations. The commitment to distributions is evident through recent cash payouts. The Board declared a cash dividend of $0.25 per share paid in July 2025, and subsequently declared another cash dividend of $0.25 per share payable in December 2025. This represents two such distributions in 2025, totaling $0.50 per share for the year to date, supported by realized gains from portfolio liquidity events, such as those from CoreWeave.

You can see the recent distribution history here:

• Cash Dividend Paid (July 2025): $0.25 per share
• Cash Dividend Declared (November 2025): $0.25 per share
• Total Declared/Paid Dividends in 2025 (as of Nov 2025): $0.50 per share
• Net Asset Value (NAV) as of September 30, 2025: $9.23 per share

Finance: draft 13-week cash view by Friday.

SuRo Capital Corp. (SSSS) - Canvas Business Model: Customer Relationships

You're managing your capital allocation as a publicly traded investment fund, and your primary customer relationship is with the public shareholders who trade your common stock (SSSS) on the NASDAQ exchange. This relationship is fundamentally transactional, driven by the Net Asset Value (NAV) per share and the market price at which your stock trades.

As of September 30, 2025, SuRo Capital Corp. had 25,119,091 shares of common stock outstanding, representing net assets totaling approximately $231.8 million. The reported NAV per share for that date was $9.23. Your direct engagement with this customer base is heavily structured around capital returns and transparency regarding portfolio performance. For instance, the Board declared a cash dividend of $0.25 per share on November 3, 2025, payable on December 5, 2025, which implies an annualized dividend of $1.00 and a yield of 10.6% based on recent trading metrics. To be fair, that payout ratio is deeply negative at -238.10%, showing the current distribution strategy is supported by realized gains rather than current period earnings.

The relationship is also shaped by the actions of major institutional holders. For example, Thomas J. Herzfeld Advisors Inc. recently reduced its stake by 84.6%, selling 1,449,726 shares and retaining 264,336 shares, which represented 1.11% ownership, valued at $2.17 million at the end of the most recent quarter. Conversely, insider activity shows Chairman and CEO Mark D. Klein purchased 82,000 shares for an estimated $421,689 in the last six months.

Investor Relations is the formal mechanism for managing this relationship, ensuring compliance and providing forward-looking context. Communication centers on scheduled events and regulatory filings. You host earnings calls to discuss performance, such as the Q3 2025 call held on November 4, 2025, at 2:00 p.m. PT (5:00 p.m. ET). Filings like the 10-Q (e.g., filed November 5, 2025) and 8-K (e.g., filed November 4, 2025) provide the required statutory data to the public and the SEC. If a shareholder has a specific question about a declared dividend, the point of contact is Equiniti Trust Company, LLC at 800-937-5449.

SuRo Capital Corp. actively manages its capital structure through discretionary programs, which directly impact shareholder equity and debt obligations. These programs are a key part of the value proposition to the public shareholder base. You have two main programs affecting the balance sheet, and here's a quick look at their status as of late 2025 based on recent authorizations and reporting:

Capital Management Program	Authorization/Limit	Status/Amount Deployed (as of late 2025 data)	Security Affected
Share Repurchase Program	Total Authorized: $64.3 million	Remaining Authorized: approximately $25.0 million	Common Stock (SSSS)
Share Repurchase Program (Cumulative)	Inception: August 2017	Total Repurchased: over 6.0 million shares for approximately $39.3 million	Common Stock (SSSS)
Note Repurchase Program (6% Notes due 2026)	Initial Authorization (as of Aug 2024): $35.0 million	Amount Repurchased (as of Mar 31, 2025): $35.3 million in principal amount	6.00% Notes due 2026
Note Repurchase Program (Extension)	Extension Approved: Up to an additional $40.0 million	Extension covers the remaining aggregate principal amount of the notes	6.00% Notes due 2026

The note repurchase program is a direct engagement with debt holders, allowing SuRo Capital Corp. to manage its liabilities. The Board approved an extension on October 29, 2025, allowing for the repurchase of up to an additional $40 million of the 6% notes due 2026. This follows the initial authorization, where by March 31, 2025, $35.3 million in principal amount of those notes had already been repurchased. Liquid assets available to support these activities and operations totaled approximately $58.3 million as of September 30, 2025.

The relationship with shareholders is also maintained through direct capital deployment actions, which include:

• Cash dividends declared on July 3, 2025, paid on July 31, 2025, at $0.25 per share.
• A subsequent cash dividend of $0.25 per share declared on November 3, 2025, payable on December 5, 2025.
• Selling 1,230,984 shares under the ATM program during Q3 2025 at a weighted average price of $8.78 per share for net proceeds of approximately $10.6 million.

Finance: draft 13-week cash view by Friday.

SuRo Capital Corp. (SSSS) - Canvas Business Model: Channels

You're looking at how SuRo Capital Corp. gets its information out and how investors access the company's structure and performance. For a publicly traded investment fund like SuRo Capital Corp., the channels are a mix of regulatory requirements and direct investor communication tools.

The primary channel for common stock trading is the NASDAQ Stock Exchange under the ticker SSSS. This is where you see the daily liquidity and price discovery in action. For instance, on December 4, 2025, the closing price was $9.47, following a close of $9.60 on December 3, 2025. The average daily trading volume for SSSS is reported around 184,480 shares. To give you context on recent valuation movement, the 52-week trading range for the common stock has spanned between a low of $4.210 and a high of $10.340. Analyst sentiment, another key channel for market perception, included a price target of $11.00 as of late 2025, with one firm, BTIG, raising its target to $10.50 in November 2025.

Transparency into the portfolio valuation is heavily channeled through regulatory filings. SuRo Capital Corp. must file with the U.S. Securities and Exchange Commission (SEC). The Form 10-Q, the quarterly report, is a critical channel. The Q3 2025 10-Q was filed around November 6, 2025. These filings provide the hard numbers you need to check against the press releases. For example, the March 31, 2025, 10-Q showed Total Assets of $231,667,159 and Total Liabilities of $74,863,004.

The Investor Relations website serves as the direct-to-investor channel for news and official reports. SuRo Capital Corp. reported its Q3 2025 Financial Results on November 4, 2025, via this channel. This release confirmed a Net Asset Value (NAV) per share of $9.23 as of September 30, 2025, with total net assets at approximately $231.8 million. Also channeled through the IR site are dividend declarations; a cash dividend of $0.25 per share was declared in November 2025, payable in December 2025.

For specific, often illiquid, private investments, SuRo Capital Corp. uses investment-specific Special Purpose Vehicles (SPVs). This is a key structural channel for accessing certain venture deals. The 1789 Capital Nirvana II LP is one such SPV, where SuRo Capital Corp. acts as the Sole Limited Partner. This vehicle was used for the investment in Plaid Inc.. To be fair, this structure comes with costs; SuRo Capital Corp. paid a 7% origination fee at the time of investment into this specific SPV.

Here's a quick look at the key data points related to these channels as of late 2025:

Channel Component	Metric	Value / Date
NASDAQ Trading (SSSS)	Closing Price (Dec 4, 2025)	$9.47
NASDAQ Trading (SSSS)	Shares Outstanding (Sep 30, 2025)	25,119,091
Investor Relations	NAV Per Share (Sep 30, 2025)	$9.23
Investor Relations	Total Net Assets (Sep 30, 2025)	$231.8 million
SEC Filings (10-Q)	Total Assets (Mar 31, 2025)	$231,667,159
SPV Structure	Origination Fee for 1789 Capital Nirvana II LP	7%

The way SuRo Capital Corp. communicates its portfolio structure through these channels shows a clear reliance on public market access alongside specialized private investment vehicles. You can track the direct impact of portfolio activity on the public share price and NAV.

• SEC Filings (10-Q/10-K) are the definitive source for asset valuation checks.
• The Investor Relations website provides the latest NAV update, such as the $9.23 per share as of September 30, 2025.
• The use of SPVs like 1789 Capital Nirvana II LP channels investment into specific private assets like Plaid Inc..
• The stock trades on NASDAQ under SSSS, with recent prices hovering near $9.47.

Finance: review the impact of the $0.25 per share dividend declaration on the December 5, 2025, payout on the next NAV calculation by end of week.

SuRo Capital Corp. (SSSS) - Canvas Business Model: Customer Segments

You're looking at the different groups SuRo Capital Corp. serves as of late 2025. Honestly, for a closed-end investment company like SuRo Capital Corp., the customer segments are defined by the security they hold and the exposure they seek.

Retail and Institutional Public Equity Investors Seeking Venture Capital Exposure

These customers buy SuRo Capital Corp. common stock, trading under the symbol SSSS, to gain indirect exposure to high-growth, venture-backed private companies. Their interest is in the Net Asset Value (NAV) appreciation, which was reported at $9.23 per share as of September 30, 2025. The total Net Asset Value for this group's underlying assets was approximately $231.8 million at that same date.

Here's a look at the stock's recent activity and the company's capital management actions that affect these shareholders:

• Cash dividend declared payable on December 5, 2025: $0.25 per share.
• Gross proceeds from selling shares under the ATM program during Q3 2025: approximately $10.8 million.
• Remaining authorization for the share repurchase program: approximately $25 million.
• The stock traded at $10.04 in after-hours trading following the Q3 2025 earnings release.

Institutional Investors Looking for Exposure to Specific Private Companies (e.g., AI Plays)

This segment is interested in SuRo Capital Corp.'s specific thematic focus, particularly on AI infrastructure, which accounted for approximately 30% of the portfolio fair value as of September 30, 2025. These investors, whether institutional or sophisticated retail, are tracking the performance of cornerstone holdings like OpenAI and CoreWeave.

The portfolio concentration shows where this customer segment's interest is focused:

Portfolio Category	Fair Value Percentage (as of September 30, 2025)
Top Five Portfolio Investments (Combined)	~52%
AI Infrastructure	~30%
Financial Technology and Services	11%
Education Technology	10%
Logistics and Supply Chain	8%
SuRo Capital Sports	2%

These investors are also keenly aware of the potential upside from private company liquidity events, such as the potential IPO of OpenAI, which SuRo Capital Corp. estimates could value the company up to $1 trillion.

Holders of the Company's 6.00% Notes due 2026 (SSSSL.US)

These customers are debt holders seeking fixed income from SuRo Capital Corp., evidenced by the notes trading under the symbol SSSSL. The Notes bear a fixed interest rate of 6.00% per year, payable quarterly, and mature on December 30, 2026.

SuRo Capital Corp. actively manages this liability, which is a key factor for these noteholders:

• Initial aggregate principal amount of the offering: $70,000,000.
• Aggregate principal amount of the 6.00% Notes due 2026 repurchased as of March 31, 2025: $35.3 million.
• The company approved an expanded note repurchase authorization.
• Quarterly interest payment for the Notes was $0.375 per share (based on par value for the note structure).

The company's liquid assets, including cash, stood at $58.3 million as of the end of Q3 2025.

Finance: draft 13-week cash view by Friday.

SuRo Capital Corp. (SSSS) - Canvas Business Model: Cost Structure

You're looking at the expenses SuRo Capital Corp. incurs to run its internally-managed Business Development Company (BDC) structure. For an internally-managed fund like SuRo Capital Corp., a significant portion of costs relates directly to managing the portfolio and meeting regulatory obligations, rather than paying external managers.

Here's a look at the key cost components based on the latest available figures, primarily for the Trailing Twelve Months (TTM) ending September 30, 2025, and prior full fiscal years, all amounts in millions of USD unless otherwise noted.

Operating Expenses related to being an internally-managed BDC

These expenses capture the day-to-day running costs of SuRo Capital Corp., which, because it is internally managed, includes salaries, administrative overhead, and general corporate costs that a non-managed BDC might pass on to an external manager.

Expense Category	TTM Ended Sep 30, 2025	FY 2024	FY 2023
Operating Expenses (Total)	12.17	13.69	14.55
Selling, General & Admin	12.17	13.69	14.55

The TTM figure for Operating Expenses is $12.17 million. This figure is the same as the Selling, General & Admin expense reported, which is typical for this structure.

Interest expense on outstanding debt, such as the 6.00% notes

Interest expense is a direct cost of capital, driven by the debt SuRo Capital Corp. uses to fund its investments. The 6.00% Notes due 2026 are a key component here.

Expense Category	TTM Ended Sep 30, 2025	FY 2024	FY 2023
Interest Expense	5.07	4.84	4.86

The Interest Expense for the TTM ending September 30, 2025, was $5.07 million. You should note the principal balance changes on the 6.00% Notes due 2026:

• Face value as of June 30, 2025, was $39,667,650, with an effective interest rate of 6.52%.
• Face value as of December 31, 2024, was $44,667,400.
• The company repurchased $35.3 million in aggregate principal amount of these notes as of March 31, 2025.
• Subsequent to the third quarter of 2025, the Board authorized a repurchase of the remaining outstanding notes.

Costs associated with regulatory compliance and SEC reporting

These costs are embedded within the Operating Expenses, as SuRo Capital Corp. handles these functions internally. You won't see a separate line item for them, but they are a necessary component of the $12.17 million TTM Operating Expenses figure.

• Regulatory compliance and SEC reporting costs are part of the Selling, General & Admin expenses.
• The company is an accelerated filer, which implies ongoing, material costs for compliance with the Investment Company Act of 1940 and SEC mandates.

Transaction costs for new investments and portfolio realizations

These are the direct, one-time costs associated with deploying capital or exiting an investment. They are often capitalized or expensed depending on the nature of the transaction.

We see a clear example of an origination fee related to a new investment during Q1 2025:

• For the approximately $5 million investment in Plaid Inc. completed on April 4, 2025, SuRo Capital Corp. paid a 7% origination fee, which amounted to $350,000.
• This $350,000 fee was in addition to the $5 million investment principal.
• For the $5 million investment in HL Digital Assets, Inc. in September 2025, the reported amount did not include prepaid expenses or other capitalized costs of the transaction.

When realizing gains, such as the monetization of the CoreWeave position, transaction costs would also be incurred, though specific realization costs for 2025 aren't broken out separately from the overall investment gains/losses in the summary data.

SuRo Capital Corp. (SSSS) - Canvas Business Model: Revenue Streams

You're looking at the core ways SuRo Capital Corp. converts its investment strategy into realized and unrealized value for shareholders as of late 2025. The revenue streams are almost entirely driven by the performance and liquidity events within its portfolio of high-growth, venture-backed companies.

The primary drivers of value realization in Q3 2025 were gains from investment activity, which is typical for an investment company focused on capital appreciation. The firm's ability to generate cash flow from its portfolio, even without major public offerings, is key to its dividend policy.

Here's a quick look at the key components of the investment performance for the third quarter ended September 30, 2025:

• Net Realized Gains on investments, totaling $5.2 million in Q3 2025.
• Net Change in Unrealized Appreciation of investments, which was $5.7 million in Q3 2025.
• Total Investment Income, which was reported as $459,269 in Q3 2025.

The Total Investment Income is comprised of smaller, recurring items, primarily interest earned on debt holdings within the portfolio, rather than large, one-off dividend payouts from private companies during the quarter. This distinction is important; realized gains come from selling assets, while investment income is more like a steady stream from holding assets.

The breakdown of the Total Investment Income for the three months ended September 30, 2025, shows where that $459,269 figure originates:

Income Component	Q3 2025 Amount (USD)
Interest income from Non-controlled/non-affiliate investments	$459,269
Dividend income from Non-controlled/non-affiliate investments	$0
Interest income from Controlled investments	$0
Interest income from U.S. Treasury bills	$0
Total Investment Income	$459,269

The fourth required element, Dividend and interest income from portfolio company debt and public securities, is largely represented by the $459,269 in Interest income from non-controlled/non-affiliate investments for the quarter. The dividend income component from these same sources was zero for the period.

To give you a broader picture of the investment performance that drives the overall revenue profile, here are the key realized and unrealized movements:

• Net Realized Gain on Investments per share: $0.21 per share.
• Net Change in Unrealized Appreciation of Investments per share: $0.23 per share.
• Net Realized Gain on Investments (Total): $5.2 million.
• Net Change in Unrealized Appreciation of Investments (Total): $5.7 million.

The Board of Directors declared a cash dividend of $0.25 per share in November 2025, payable in December 2025, which is supported by these realized gains and portfolio liquidity events, like the monetization of a portion of the CoreWeave stake. That dividend payment is a direct return of value derived from these revenue streams.