SuRo Capital Corp (NASDAQ: SSSS) is a closed-end management investment company that invests primarily in equity and equity-related securities of late-stage, venture capital-backed private companies. It makes money by seeking capital gains on its equity and equity-related investments, with income from debt investments as a secondary source. Formed in 2010 as a Maryland corporation, SuRo Capital operates as an internally managed, non-diversified business development company focused on growth-stage and pre-IPO companies. Its portfolio includes holdings in companies such as CoreWeave, OpenAI (through ARK Type One Deep Ventures Fund LLC), Canva, Liquid Death, and others across technology, SaaS, and consumer sectors. The investment approach targets non-controlling positions via common stock, preferred stock, warrants, and convertible debt. Net asset value per share was $8.09 as of December 31, 2025. Because most portfolio positions are non-income producing equity, the company is dependent on capital gains and, at times, external capital raises to fund operations.

Revenue model

Capital gains from realized exits on equity and equity-related investments in private companies. Debt investments contribute interest income as a secondary, smaller revenue source. Most preferred stock investments are non-income producing, so current income is limited.

Products and services

Non-controlling equity investments including common stock, preferred stock, warrants, convertible debt, and fund membership interests in late-stage private companies. Notable FY2024 investments include Liquid Death (preferred shares, Series F-1, $10.0M), Canva common shares ($10.0M), CW Opportunity 2 LP membership interest investing in CoreWeave Series C ($15.0M), ARK Type One Deep Ventures Fund LLC membership interest investing in OpenAI convertible interest rights ($17.5M), and CoreWeave common and preferred shares ($10.0M combined), per the 10-K filed 2026-03-11.

Customers and end markets

Portfolio companies span technology sectors including SaaS, AI infrastructure, consumer brands, fintech, and logistics. End markets served by portfolio companies include enterprise software, AI compute, consumer beverages, design tools, health tech, and supply chain. SuRo Capital's own customers are public market shareholders who access private company exposure through its publicly traded stock on Nasdaq.

Value-chain role

Late-stage venture and pre-IPO investor. SuRo Capital sits between traditional venture capital funds and public equity markets, providing capital to private companies at stages closer to expected liquidity events such as IPOs, while offering public investors access to those positions through a listed vehicle.

Geographic exposure

Primarily U.S.-headquartered portfolio companies. Some international holdings noted, including Trax Ltd. (Singapore) and True Global Ventures 4 Plus Pte Ltd (Singapore), per the 10-K filed 2026-03-11.

Source: SEC 10-K, filed 2026-03-11

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