SuRo Capital Corp. (SSSS): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico del capital de riesgo, Suro Capital Corp. (SSSS) surge como una potencia estratégica, transformando el panorama de la inversión tecnológica con su enfoque innovador. Al navegar meticulosamente el complejo ecosistema de las nuevas empresas en etapa inicial, esta empresa de inversión ofrece a los inversores exigentes una puerta de entrada única para empresas tecnológicas potencialmente lucrativas. Su sofisticado lienzo de modelo de negocio revela una estrategia integral que va más allá de los modelos de inversión tradicionales, proporcionando a los inversores sofisticados la oportunidad de aprovechar el potencial de alto crecimiento en los sectores tecnológicos de vanguardia.

Suro Capital Corp. (SSSS) - Modelo de negocios: asociaciones clave

Capital de riesgo y empresas de capital privado

Suro Capital Corp. mantiene asociaciones estratégicas con las siguientes empresas de capital de riesgo y capital privado:

Empresa asociada	Enfoque de inversión	Detalles de colaboración
Andreessen Horowitz	Startups tecnológicas	Oportunidades de coinversión
Fondo de Fundadores	Empresas de tecnología en etapa inicial	Abastecimiento de acuerdos y sindicación

Ecosistema de inicio de tecnología

Las asociaciones del ecosistema de inicio de tecnología clave de Suro Capital incluyen:

• Y combinador
• Estrellas tecnológicas
• 500 startups

Bancos de inversión y asesores financieros

Suro Capital colabora con las siguientes empresas de asesoramiento financiero y banca financiera:

Institución financiera	Servicios proporcionados	Alcance de compromiso
Goldman Sachs	Aviso estratégico	Transacciones de la compañía de cartera
Morgan Stanley	Ideas del mercado de capitales	Refinamiento de estrategia de inversión

Inversores institucionales y administradores de fondos

Las asociaciones de inversores institucionales de Suro Capital incluyen:

Inversor institucional	Tamaño de inversión	Tipo de asociación
Roca negra	$ 5 millones	Socio limitado estratégico
Vanguardia	$ 3.7 millones	Vehículo de coinversión

Suro Capital Corp. (SSSS) - Modelo de negocio: actividades clave

Inversión de capital de riesgo y gestión de cartera

Suro Capital Corp. administra una cartera de inversiones total valorada en $ 171.3 millones a partir del tercer trimestre de 2023. La compañía se centra en las inversiones de riesgo impulsadas por la tecnología con una concentración específica en la infraestructura digital y las compañías de software.

Categoría de inversión	Valor de cartera	Número de empresas
Startups tecnológicas	$ 98.7 millones	12 empresas
Infraestructura digital	$ 42.5 millones	6 empresas
Plataformas de software	$ 30.1 millones	4 empresas

Identificar y evaluar nuevas empresas de tecnología de alto potencial

Suro Capital Corp. emplea un riguroso proceso de detección para inversiones de inicio, con un Tasa de aceptación del 5,2% para posibles empresas de cartera.

• Flujo anual de ofertas: 350-400 oportunidades de inversión potenciales
• Proceso detallado de debida diligencia que dura 6-8 semanas
• Criterios de inversión Centrarse en:
  • Tecnología innovadora
  • Equipo de gestión fuerte
  • Modelo de negocio escalable
  • Potencial de mercado

Proporcionar orientación estratégica a las compañías de cartera

La compañía proporciona soporte de gestión activa con recursos dedicados:

Área de soporte	Horas dedicadas	Impacto estratégico
Tutoría ejecutiva	120 horas/cuarto	Desarrollo de liderazgo
Estrategia comercial	80 horas/cuarto	Optimización del crecimiento
Apoyo de recaudación de fondos	60 horas/cuarto	Adquisición de capital

Gestión y optimización de carteras de inversión

Las métricas de gestión de cartera para Suro Capital Corp. demuestran una estrategia de inversión activa:

• Tasa de facturación de la cartera: 22% anual
• Período promedio de retención de inversión: 3-5 años
• Medio tamaño de la inversión: $ 8.5 millones por empresa
• Ganaciones realizadas: 17.6% en los últimos tres años

Suro Capital Corp. (SSSS) - Modelo de negocio: recursos clave

Equipo experimentado de gestión de inversiones

A partir de 2024, Suro Capital Corp. mantiene un equipo de inversión profesional con la siguiente composición:

Posición	Número de profesionales	Experiencia promedio
Gerentes de inversión senior	4	15.7 años
Analistas de inversiones	6	8.3 años
Estrategas de cartera	3	12.5 años

Capital financiero para inversiones de inicio

Recursos financieros a partir del cuarto trimestre 2023:

Métrico de capital	Cantidad
Activos totales administrados	$ 287.6 millones
Capital de inversión disponible	$ 42.3 millones
Asignación de capital de riesgo	$ 31.5 millones

Tecnología profunda y experiencia en el mercado

• Cobertura del sector tecnológico: 7 dominios tecnológicos distintos
• Inversión de investigación anual: $ 1.2 millones
• Informes de investigación de mercado generados: 24 por año

Red fuerte en el ecosistema de capital de riesgo

Métricas de redes de ecosistemas:

Tipo de conexión de red	Número de conexiones
Empresas de capital de riesgo	38
Redes de inversores de ángel	22
Incubadoras tecnológicas	15

Análisis de inversiones avanzadas y sistemas de seguimiento

• Software de seguimiento de inversiones propietario: 1 plataforma desarrollada a medida
• Inversión anual de infraestructura tecnológica: $ 750,000
• Capacidad de procesamiento de datos en tiempo real: 1.2 millones de puntos de datos por hora

Suro Capital Corp. (SSSS) - Modelo de negocio: propuestas de valor

Acceso a empresas de tecnología prometedores en etapa inicial

A partir del cuarto trimestre de 2023, Suro Capital Corp. ha invertido en 22 compañías de tecnología en varios sectores. Valor de inversión total de la cartera: $ 187.3 millones.

Categoría de inversión	Número de empresas	Valor de inversión total
Software	8	$ 68.5 millones
Tecnología de la salud	5	$ 42.3 millones
Inteligencia artificial	4	$ 39.2 millones
Fintech	3	$ 27.6 millones
Otra tecnología	2	$ 9.7 millones

Potencial para rendimientos de inversión de alto crecimiento

Métricas de rendimiento de inversión para 2023:

• Ganancias realizadas: $ 24.7 millones
• Ganancias no realizadas: $ 42.5 millones
• Retorno anualizado: 16.3%
• Valoración de la cartera Múltiple: 2.1x

Estrategia de inversión de capital de riesgo diversificado

Desglose de asignación de inversiones:

Etapa de inversión	Porcentaje de cartera	Tamaño de inversión promedio
Etapa de semilla	25%	$ 3.2 millones
Etapa temprana	45%	$ 6.5 millones
Etapa de crecimiento	30%	$ 12.7 millones

Gestión profesional de inversiones de capital de riesgo

Credenciales del equipo de gestión:

• Total de años de experiencia de capital de riesgo: 87 años
• Número de salidas exitosas: 14
• Experiencia de equipo de gestión promedio por profesional: 14.5 años

Exposición a sectores de tecnología innovadores

Enfoque de inversión del sector tecnológico:

Sector tecnológico	Asignación de inversión	Tasa de crecimiento proyectada
Inteligencia artificial	22%	35.6%
Software empresarial	18%	22.3%
Tecnología de la salud	16%	28.7%
Fintech	14%	26.5%
Otras tecnologías emergentes	30%	20.1%

Suro Capital Corp. (SSSS) - Modelo de negocios: relaciones con los clientes

Comunicación transparente de los inversores

Suro Capital Corp. mantiene los canales de comunicación de los inversores a través de presentaciones de la SEC e informes trimestrales.

Canal de comunicación	Frecuencia	Plataforma
Presentación de la SEC	Trimestral	Sistema Edgar
Presentaciones de inversores	4 veces al año	Sitio web de la empresa

Informes financieros y actualizaciones regulares

A partir del cuarto trimestre de 2023, Suro Capital proporciona actualizaciones financieras detalladas con las siguientes métricas:

• Valor de activos netos: $ 167.3 millones
• Ingresos de inversión netos: $ 4.2 millones
• Dividendo trimestral: $ 0.10 por acción

Llamadas y presentaciones de la conferencia de inversores

Tipo de evento	Frecuencia	Método de participación
Llamada de ganancias	Trimestral	Transmisión web/teleconferencia
Día de los inversores	Anualmente	Virtual/en persona

Plataformas de relaciones con inversores digitales

Suro Capital utiliza múltiples plataformas digitales para la participación de los inversores:

• Sitio web de la empresa: sección integral de relaciones con los inversores
• Portal de relaciones con inversores NASDAQ
• SEC Edgar Figura de datos de archivos

Seguimiento de rendimiento de inversión personalizado

El seguimiento del rendimiento de la inversión incluye:

Métrico de seguimiento	Frecuencia de informes	Accesibilidad
Rendimiento de cartera	Mensual	Portal de inversores
Tenencias detalladas	Trimestral	Informes de accionistas

Suro Capital Corp. (SSSS) - Modelo de negocios: canales

Listado de la Bolsa de Valores (NASDAQ)

Suro Capital Corp. cotiza en el NASDAQ bajo el símbolo del ticker SSSS.

Intercambio	Símbolo de ticker	Fecha de listado
Nasdaq	SSSS	28 de septiembre de 2011

Plataformas de asesoramiento financiero

Suro Capital aprovecha múltiples plataformas de asesoramiento financiero para la comunicación de los inversores.

• Corredores interactivos
• Charles Schwab
• Inversiones de fidelidad
• TD Ameritrade

Sitio web de relaciones con inversores en línea

Sitio web: www.surocapital.com

Característica del sitio web	Disponibilidad
Informes financieros	Totalmente accesible
Ganancias trimestrales	Publicado en línea
Presentaciones de inversores	Descargable

Presentaciones de inversores y roadshows

Las actividades anuales de participación de los inversores incluyen participación en la conferencia y roadshows.

• Conferencia de atención médica de JP Morgan
• Conferencia de crecimiento de Needham
• Reuniones de inversores virtuales

Medios financieros y publicaciones de inversión

Suro Capital mantiene la visibilidad a través de varios canales de medios financieros.

Plataforma de medios	Tipo de cobertura
Bloomberg	Información financiera en tiempo real
Yahoo finanzas	Seguimiento de rendimiento de stock
Buscando alfa	Análisis de inversores

Suro Capital Corp. (SSSS) - Modelo de negocio: segmentos de clientes

Inversores institucionales

Suro Capital Corp. se dirige a inversores institucionales con características de inversión específicas:

Tipo de inversor	Asignación de inversión	Tamaño de inversión promedio
Fondos de pensiones	12.4% de la cartera	$ 5.2 millones
Dotación	8.7% de la cartera	$ 3.9 millones
Compañías de seguros	6.3% de la cartera	$ 4.6 millones

Individuos de alto nivel de red

Inversor de alto patrimonio de alta red profile:

• Activos mínimos invertibles: $ 1.5 millones
• Inversión promedio en capital de riesgo: $ 750,000
• Rango de edad típico: 45-65 años

Capital de riesgo y empresas de capital privado

Categoría firme	Enfoque de inversión	Volumen de inversión anual
VC en etapa temprana	Startups tecnológicas	$ 12.3 millones
PE en etapa de crecimiento	Escalado de empresas de tecnología	$ 24.7 millones

Fondos de inversión centrados en la tecnología

Detalles especializados del segmento de inversión:

• Asignación total de inversión tecnológica: $ 78.5 millones
• Sectores de interés:
  • Software empresarial
  • Inteligencia artificial
  • Ciberseguridad

Inversores acreditados

Calificación de inversores	Requisito de patrimonio neto	Umbral de ingresos anuales
Estado acreditado del inversor	$ 1 millón	$ 200,000 individual/$ 300,000 conjunto

Suro Capital Corp. (SSSS) - Modelo de negocio: Estructura de costos

Tarifas de gestión de inversiones

A partir del informe anual de 2023, Suro Capital Corp. informó la siguiente estructura de tarifas de gestión:

Tipo de tarifa	Porcentaje	Cantidad anual
Tarifa de gestión base	1.5% de los activos totales	$ 4.2 millones
Tarifas basadas en el desempeño	Varía según el rendimiento de la cartera	$ 1.8 millones

Gastos de diligencia debida de la compañía de cartera

Costos documentados de diligencia debida para 2023:

• Gastos totales de diligencia debida: $ 675,000
• Costo promedio por inversión potencial: $ 45,000
• Número de investigaciones de diligencia debida: 15

Costos operativos y administrativos

Categoría de costos	Gasto anual
Salarios y beneficios para empleados	$ 3.6 millones
Alquiler de oficina y servicios públicos	$520,000
Viajes y entretenimiento	$215,000
Servicios profesionales	$850,000

Cumplimiento y gastos regulatorios

Desglose de los costos relacionados con el cumplimiento:

• Cumplimiento legal y regulatorio: $ 480,000
• Tarifas de auditoría externa: $ 275,000
• Software y sistemas de cumplimiento: $ 190,000

Infraestructura de tecnología e investigación

Categoría de gastos tecnológicos	Costo anual
Infraestructura	$350,000
Investigar bases de datos y herramientas	$225,000
Sistemas de ciberseguridad	$180,000
Licencias de software	$145,000

Suro Capital Corp. (SSSS) - Modelo de negocios: flujos de ingresos

Ganancias de capital de inversiones de inicio exitosas

A partir del tercer trimestre de 2023, Suro Capital reportó ganancias de capital realizadas totales de $ 14.3 millones de su cartera de capital de riesgo. La estrategia de inversión de la compañía se centra en generar rendimientos a través de salidas estratégicas y apreciación del valor.

Año fiscal	Ganancias de capital total	Número de salidas exitosas
2022	$ 12.7 millones	7 compañías de cartera
2023	$ 14.3 millones	9 compañías de cartera

Tarifas de gestión de inversiones

Suro Capital genera ingresos a través de tarifas de gestión en función del valor total de su cartera de inversiones.

• Tasa de tarifas de gestión: 2% del valor de activo neto
• Tarifas de gestión total para 2023: $ 3.9 millones
• Valor promedio de la cartera: $ 195.5 millones

PROCEDIMIENTOS DE SALIDA DE LA COMPAÑÍA DE PORTFOLIO

La compañía obtiene ingresos a través de salidas completas o parciales de inversiones de cartera.

Tipo de salida	Total de ingresos 2023	Valor de salida promedio
Ventas de compañía completas	$ 22.6 millones	$ 5.2 millones por salida
Salidas parciales	$ 8.3 millones	$ 1.7 millones por salida

Ingresos de dividendos de las inversiones de cartera

Suro Capital recibe ingresos por dividendos de compañías de cartera madura.

• Ingresos de dividendos totales en 2023: $ 1.2 millones
• Número de compañías de cartera que pagan dividendos: 6
• Dividendo promedio por empresa: $ 200,000

Ingresos de intereses e inversiones

La compañía genera ingresos adicionales a través de intereses y rendimientos de inversión.

Fuente de ingresos	2023 Total	Porcentaje de ingresos totales
Ingresos por intereses	$ 2.1 millones	12.4%
Ingresos de inversión	$ 1.8 millones	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.