Suro Capital Corp. (SSSS): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico do capital de risco, a Suro Capital Corp. (SSSS) surge como uma potência estratégica, transformando o cenário do investimento em tecnologia com sua abordagem inovadora. Ao navegar meticulosamente no complexo ecossistema de startups em estágio inicial, essa empresa de investimentos oferece aos investidores exigentes uma porta de entrada única para empreendimentos potencialmente lucrativos de tecnologia. Seu sofisticado modelo de negócios Canvas revela uma estratégia abrangente que vai além dos modelos de investimento tradicionais, proporcionando aos investidores sofisticados a oportunidade de aproveitar o potencial de alto crescimento nos setores tecnológicos de ponta.

Suro Capital Corp. (SSSS) - Modelo de Negócios: Parcerias -Chaves

Empresas de capital de risco e private equity

A Suro Capital Corp. mantém parcerias estratégicas com as seguintes empresas de capital de risco e private equity:

Empresa parceira	Foco de investimento	Detalhes da colaboração
Andreessen Horowitz	Startups de tecnologia	Oportunidades de co-investimento
Fundo dos Fundadores	Empresas de tecnologia em estágio inicial	Fornecimento de negócios e sindicação

Ecossistema de inicialização de tecnologia

As principais parcerias do ecossistema de inicialização de tecnologia da Suro Capital incluem:

• Y Combinador
• Estrelas da tecnologia
• 500 startups

Bancos de investimento e consultores financeiros

A Suro Capital colabora com as seguintes empresas de banco de investimento e consultoria financeira:

Instituição financeira	Serviços prestados	Escopo de engajamento
Goldman Sachs	Consultoria estratégica	Transações da empresa de portfólio
Morgan Stanley	Insights do mercado de capitais	Refinamento da estratégia de investimento

Investidores institucionais e gestores de fundos

As parcerias de investidores institucionais da Suro Capital incluem:

Investidor institucional	Tamanho do investimento	Tipo de parceria
BlackRock	US $ 5 milhões	Parceiro estratégico limitado
Vanguarda	US $ 3,7 milhões	Veículo de co-investimento

Suro Capital Corp. (SSSS) - Modelo de Negócios: Atividades -chave

Venture Capital Investment e Gestão de Portfólio

A Suro Capital Corp. gerencia um portfólio total de investimentos avaliado em US $ 171,3 milhões a partir do terceiro trimestre de 2023. A empresa se concentra em investimentos de risco orientados por tecnologia, com uma concentração específica em empresas de infraestrutura e software digitais.

Categoria de investimento	Valor do portfólio	Número de empresas
Startups de tecnologia	US $ 98,7 milhões	12 empresas
Infraestrutura digital	US $ 42,5 milhões	6 empresas
Plataformas de software	US $ 30,1 milhões	4 empresas

Identificando e avaliando startups de tecnologia de alto potencial

A Suro Capital Corp. emprega um rigoroso processo de triagem para investimentos de inicialização, com um 5,2% de taxa de aceitação Para possíveis empresas de portfólio.

• Fluxo anual de negócios: 350-400 oportunidades de investimento em potencial
• Processo detalhado de due diligence com duração de 6-8 semanas
• Critérios de investimento Concentre -se em:
  • Tecnologia inovadora
  • Equipe de gestão forte
  • Modelo de negócios escalável
  • Potencial de mercado

Fornecendo orientação estratégica para empresas de portfólio

A empresa fornece suporte ao gerenciamento ativo com recursos dedicados:

Área de apoio	Horas dedicadas	Impacto estratégico
Orientação executiva	120 horas/trimestre	Desenvolvimento de liderança
Estratégia de negócios	80 horas/trimestre	Otimização do crescimento
Suporte de captação de recursos	60 horas/trimestre	Aquisição de capital

Gerenciando e otimizando portfólios de investimento

As métricas de gerenciamento de portfólio para Suro Capital Corp. demonstram estratégia de investimento ativo:

• Taxa de rotatividade de portfólio: 22% anualmente
• Período médio de participação no investimento: 3-5 anos
• Tamanho médio do investimento: US $ 8,5 milhões por empresa
• Ganhos realizados: 17,6% nos últimos três anos

Suro Capital Corp. (SSSS) - Modelo de negócios: Recursos -chave

Equipe experiente de gerenciamento de investimentos

A partir de 2024, a Suro Capital Corp. mantém uma equipe de investimento profissional com a seguinte composição:

Posição	Número de profissionais	Experiência média
Gerentes de investimento seniores	4	15,7 anos
Analistas de investimento	6	8,3 anos
Estrategistas de portfólio	3	12,5 anos

Capital financeiro para investimentos de inicialização

Recursos Financeiros a partir do quarto trimestre 2023:

Métrica de capital	Quantia
Total de ativos gerenciados	US $ 287,6 milhões
Capital de investimento disponível	US $ 42,3 milhões
Alocação de capital de risco	US $ 31,5 milhões

Tecnologia profunda e experiência no mercado

• Cobertura do setor de tecnologia: 7 domínios de tecnologia distintos
• Investimento anual de pesquisa: US $ 1,2 milhão
• Relatórios de pesquisa de mercado gerados: 24 por ano

Rede forte no ecossistema de capital de risco

Métricas de rede ecossistema:

Tipo de conexão de rede	Número de conexões
Empresas de capital de risco	38
Redes de investidores anjos	22
Incubadoras de tecnologia	15

Análise de investimento avançado e sistemas de rastreamento

• Software proprietário de rastreamento de investimentos: 1 plataforma de desenvolvimento personalizado
• Investimento anual de infraestrutura de tecnologia: US $ 750.000
• Capacidade de processamento de dados em tempo real: 1,2 milhão de pontos de dados por hora

Suro Capital Corp. (SSSS) - Modelo de Negócios: Proposições de Valor

Acesso a empresas promissoras de tecnologia em estágio inicial

A partir do quarto trimestre 2023, a Suro Capital Corp. investiu em 22 empresas de tecnologia em vários setores. Valor total do investimento do portfólio: US $ 187,3 milhões.

Categoria de investimento	Número de empresas	Valor total de investimento
Software	8	US $ 68,5 milhões
Tecnologia de saúde	5	US $ 42,3 milhões
Inteligência artificial	4	US $ 39,2 milhões
Fintech	3	US $ 27,6 milhões
Outra tecnologia	2	US $ 9,7 milhões

Potencial para retornos de investimento de alto crescimento

Métricas de desempenho de investimento para 2023:

• Ganhos realizados: US $ 24,7 milhões
• Ganhos não realizados: US $ 42,5 milhões
• Retorno anualizado: 16,3%
• Avaliação do portfólio múltiplo: 2.1x

Estratégia diversificada de investimento de capital de risco

Redução de alocação de investimentos:

Estágio de investimento	Porcentagem de portfólio	Tamanho médio de investimento
Estágio de semente	25%	US $ 3,2 milhões
Estágio inicial	45%	US $ 6,5 milhões
Estágio de crescimento	30%	US $ 12,7 milhões

Gerenciamento profissional de investimentos em capital de risco

Credenciais da equipe de gerenciamento:

• Total de anos de experiência em capital de risco: 87 anos
• Número de saídas bem -sucedidas: 14
• Equipe média da equipe de gerenciamento por profissional: 14,5 anos

Exposição a setores de tecnologia inovadores

Foco do investimento do setor de tecnologia:

Setor de tecnologia	Alocação de investimento	Taxa de crescimento projetada
Inteligência artificial	22%	35.6%
Software corporativo	18%	22.3%
Tecnologia de saúde	16%	28.7%
Fintech	14%	26.5%
Outras tecnologias emergentes	30%	20.1%

Suro Capital Corp. (SSSS) - Modelo de Negócios: Relacionamentos do Cliente

Comunicação transparente do investidor

A Suro Capital Corp. mantém os canais de comunicação dos investidores por meio de registros da SEC e relatórios trimestrais.

Canal de comunicação	Freqüência	Plataforma
Registros da SEC	Trimestral	Sistema Edgar
Apresentações de investidores	4 vezes por ano	Site da empresa

Relatórios financeiros regulares e atualizações

A partir do quarto trimestre 2023, a Suro Capital fornece atualizações financeiras detalhadas com as seguintes métricas:

• Valor líquido do ativo: US $ 167,3 milhões
• Receita líquida de investimento: US $ 4,2 milhões
• Dividendo trimestral: US $ 0,10 por ação

Chamadas e apresentações em conferência de investidores

Tipo de evento	Freqüência	Método de participação
Call de ganhos	Trimestral	Webcast/teleconferência
Dia do Investidor	Anualmente	Virtual/pessoalmente

Plataformas de relações com investidores digitais

A Suro Capital utiliza várias plataformas digitais para o envolvimento dos investidores:

• Site da empresa: seção abrangente de relações com investidores
• Portal de Relações com Investidores da NASDAQ
• Banco de dados de arquivamento Sec Edgar

Rastreamento de desempenho de investimento personalizado

O rastreamento de desempenho do investimento inclui:

Métrica de rastreamento	Frequência de relatório	Acessibilidade
Desempenho do portfólio	Mensal	Portal de investidores
Participações detalhadas	Trimestral	Relatórios de acionistas

Suro Capital Corp. (SSSS) - Modelo de Negócios: Canais

Listagem da Bolsa de Valores (NASDAQ)

A Suro Capital Corp. é negociada no NASDAQ sob o símbolo SSSS.

Intercâmbio	Símbolo do ticker	Data de listagem
NASDAQ	SSSS	28 de setembro de 2011

Plataformas de consultoria financeira

O capital da Suro aproveita várias plataformas de consultoria financeira para comunicação de investidores.

• Corretores interativos
• Charles Schwab
• Fidelity Investments
• TD Ameritrade

Site de relações com investidores online

Site: www.surocapital.com

Recurso do site	Disponibilidade
Relatórios financeiros	Totalmente acessível
Ganhos trimestrais	Publicado online
Apresentações de investidores	Downloadable

Apresentações de investidores e roadshows

As atividades anuais de envolvimento do investidor incluem participação da conferência e roadshows.

• Conferência de Saúde JP Morgan
• Conferência de Crescimento de Needham
• Reuniões virtuais de investidores

Mídia financeira e publicações de investimento

A Suro Capital mantém a visibilidade por meio de vários canais de mídia financeira.

Plataforma de mídia	Tipo de cobertura
Bloomberg	Relatórios financeiros em tempo real
Finanças do Yahoo	Rastreamento de desempenho de ações
Buscando alfa	Análise de investidores

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

Investidores institucionais

A Suro Capital Corp. tem como alvo investidores institucionais com características específicas de investimento:

Tipo de investidor	Alocação de investimento	Tamanho médio de investimento
Fundos de pensão	12,4% do portfólio	US $ 5,2 milhões
Doações	8,7% do portfólio	US $ 3,9 milhões
Companhias de seguros	6,3% do portfólio	US $ 4,6 milhões

Indivíduos de alta rede

Investidor direcionado de alta rede profile:

• Ativos investíveis mínimos: US $ 1,5 milhão
• Investimento médio em capital de risco: US $ 750.000
• Faixa etária típica: 45-65 anos

Empresas de capital de risco e private equity

Categoria firme	Foco de investimento	Volume anual de investimento
VC em estágio inicial	Startups de tecnologia	US $ 12,3 milhões
PE em estágio de crescimento	Empresas de tecnologia de escala	US $ 24,7 milhões

Fundos de investimento focados em tecnologia

Detalhes especializados do segmento de investimento:

• Alocação total de investimento em tecnologia: US $ 78,5 milhões
• Setores de interesse:
  • Software corporativo
  • Inteligência artificial
  • Segurança cibernética

Investidores credenciados

Qualificação do investidor	Requisito de patrimônio líquido	Limiar de renda anual
Status do investidor credenciado	US $ 1 milhão	US $ 200.000 Individual/US $ 300.000

Suro Capital Corp. (SSSS) - Modelo de negócios: estrutura de custos

Taxas de gerenciamento de investimentos

Até o relatório anual de 2023, a Suro Capital Corp. informou a seguinte estrutura de taxas de gerenciamento:

Tipo de taxa	Percentagem	Valor anual
Taxa de gerenciamento base	1,5% do total de ativos	US $ 4,2 milhões
Taxas baseadas em desempenho	Varia com base no desempenho do portfólio	US $ 1,8 milhão

Despesas de due diligence da empresa de portfólio

Custos de due diligence documentados para 2023:

• Despesas totais de due diligence: US $ 675.000
• Custo médio por investimento em potencial: US $ 45.000
• Número de investigações de due diligence: 15

Custos operacionais e administrativos

Categoria de custo	Despesa anual
Salários e benefícios dos funcionários	US $ 3,6 milhões
Aluguel e utilitários do escritório	$520,000
Viagens e entretenimento	$215,000
Serviços profissionais	$850,000

Conformidade e despesas regulatórias

Repartição dos custos relacionados à conformidade:

• Conformidade legal e regulatória: US $ 480.000
• Taxas de auditoria externa: US $ 275.000
• Software e sistemas de conformidade: US $ 190.000

Infraestrutura de tecnologia e pesquisa

Categoria de despesa de tecnologia	Custo anual
Infraestrutura de TI	$350,000
Bancos de dados de pesquisa e ferramentas	$225,000
Sistemas de segurança cibernética	$180,000
Licenças de software	$145,000

Suro Capital Corp. (SSSS) - Modelo de negócios: fluxos de receita

Ganhos de capital de investimentos bem -sucedidos de startups

No terceiro trimestre de 2023, a Suro Capital relatou ganhar ganhos de capital de US $ 14,3 milhões em seu portfólio de capital de risco. A estratégia de investimento da empresa se concentra na geração de retornos por meio de saídas estratégicas e valorização de valor.

Ano fiscal	Ganhos de capital total	Número de saídas bem -sucedidas
2022	US $ 12,7 milhões	7 empresas de portfólio
2023	US $ 14,3 milhões	9 empresas de portfólio

Taxas de gerenciamento de investimentos

A Suro Capital gera receita por meio de taxas de gerenciamento com base no valor total de seu portfólio de investimentos.

• Taxa de taxa de gerenciamento: 2% do valor do ativo líquido
• Taxas de gerenciamento totais para 2023: US $ 3,9 milhões
• Valor médio da portfólio: US $ 195,5 milhões

Procede de saída da empresa de portfólio

A empresa realiza receita por meio de saídas completas ou parciais dos investimentos em portfólio.

Tipo de saída	Produtos totais 2023	Valor médio de saída
Vendas completas da empresa	US $ 22,6 milhões	US $ 5,2 milhões por saída
Saídas parciais	US $ 8,3 milhões	US $ 1,7 milhão por saída

Receita de dividendos de investimentos em carteira

A Suro Capital recebe receita de dividendos de empresas maduras de portfólio.

• Receita total de dividendos em 2023: US $ 1,2 milhão
• Número de empresas de portfólio que pagam dividendos: 6
• Dividendo médio por empresa: $ 200.000

Juros e receita de investimento

A empresa gera receita adicional por meio de juros e retornos de investimento.

Fonte de renda	2023 TOTAL	Porcentagem da receita total
Receita de juros	US $ 2,1 milhões	12.4%
Receita de investimento	US $ 1,8 milhão	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.