Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter ~~period that~~periods as the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 ~~days.Yes~~x Noodays. YES ☒ NO ☐

Indicate by check mark whether the registrant has submitted electronically ~~and posted on its corporate Web site, if any,~~ every Interactive Data File required to be submitted ~~and posted~~ pursuant to Rule 405 of Regulation S-T ~~(§232.405 of this chapter)~~ during the preceding 12 months (or for such shorter period that the registrant was required to submit ~~and post~~ such files)~~.Yes~~o Noo. YES ☒ NO ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.o ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act)~~Yes~~o Nox. YES ☐ NO ☒

The issuer had ~~21,321,882~~25,398,640 shares of common stock, $0.01 par value per share, outstanding as of ~~November 9, 2017.~~August 8, 2023.

~~GSV~~

SURO CAPITAL CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF ~~CHANGES IN NET ASSETS~~
CASH FLOWS (UNAUDITED)

~~TABLE OF CONTENTS~~

GSV
SURO CAPITAL CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTSSCHEDULE OF CASH FLOWS
INVESTMENTS (UNAUDITED)

June 30, 2023

Nine Months
Ended
September 30,
2017 Nine Months
Ended
September 30,
2016
Cash Flows from Operating Activities

Net increase/(decrease) in net assets resulting from operations $ 20,051,965 $ (43,503,968 )
Adjustments to reconcile net increase/(decrease) in net assets resulting from operations to net cash used in operating activities:

Net realized losses on investments 24,327,082 2,311,994
Net change in unrealized (appreciation)/depreciation of investments (61,669,476 ) 36,616,596
Deferred tax liability (26,705 ) (551,310 )
Amortization of discount on Convertible Senior Notes 649,926 645,891
Amortization of deferred financing costs 27,751 165,999
Amortization of fixed income security premiums and discounts (115,162 ) (9,808 )
Paid-in-kind-interest (24,564 ) —
Change in restricted cash — (62,500 )
Purchases of investments in:

Portfolio investments (2,080 ) (13,019,822 )
United States treasury bills (260,045,503 ) (89,999,458 )
Proceeds from sales or maturity of investments in:

Portfolio investments 9,773,257 25,631,067
United States treasury bills 190,000,000 3,685,000
United States treasuries strips — 90,000,000
Change in operating assets and liabilities:

Due from GSV Asset Management⁽¹⁾ — 143,749
Due from portfolio companies⁽¹⁾ — 55,692
Prepaid expenses and other assets (83,843 ) (87,412 )
Interest and dividends receivable (125,491 ) (125,178 )
Due to GSV Asset Management⁽¹⁾ (98,128 ) (4,151,497 )
Payable for securities purchased 62,992,375 552
Accounts payable and accrued expenses (78,225 ) 258,652
Accrued incentive fees⁽¹⁾ 7,482,185 (7,805,089 )
Accrued management fees⁽¹⁾ (524,054 ) (141,435 )
Accrued interest payable (900,459 ) (905,625 )
Net Cash Used in Operating Activities (8,389,149 ) (847,910 )
Cash Flows from Financing Activities

Borrowings under credit facility 16,000,000 3,500,000
Repayments under credit facility (8,000,000 ) (3,500,000 )
Repurchases of common stock (2,647,250 ) —
Deferred credit facility costs (41,486 ) —
Deferred offering costs (100,313 ) (169,614 )
Dividends distributed — (887,240 )
Net Cash Provided by/(Used in) Financing Activities 5,210,951 (1,056,854 )
Total Decrease in Cash Balance (3,178,198 ) (1,904,764 )
Cash Balance at Beginning of Period 8,332,634 13,349,877
Cash Balance at End of Period $ 5,154,436 $ 11,445,113
Supplemental Information:

Interest paid $ 3,679,244 $ 3,650,961
Taxes paid $ 52,481 $ —

~~(1)~~

~~This balance is a related-party transaction. Refer to “Note 2 — Related-Party Arrangements” for more detail.~~

Portfolio Investments*		Headquarters/ Industry	Date of Initial Investment	Shares/ Principal		Cost		Fair Value		% of Net Assets
NON-CONTROLLED/NON-AFFILIATE
Learneo, Inc. (f/k/a Course Hero, Inc.)		Redwood City, CA
Preferred shares, Series A 8%		Online Education	9/18/2014		2,145,509	$	5,000,001	$	22,545,618		12.08	%
Preferred shares, Series C 8%			11/5/2021		275,659		9,999,971		9,999,971		5.36	%
Total							14,999,972		32,545,589		17.43	%
Blink Health, Inc.		New York, NY
Preferred shares, Series A		Pharmaceutical Technology	10/27/2020		238,095		5,000,423		1,692,856		0.91	%
Preferred shares, Series C			10/27/2020		261,944		10,003,917		9,999,975		5.36	%
Total							15,004,340		11,692,831		6.26	%
Locus Robotics Corp.		Wilmington, MA
Preferred shares, Series F 6%		Warehouse Automation	11/30/2022		232,568		10,004,286		10,008,042		5.36	%
ServiceTitan, Inc.		Glendale, CA
Common shares		Contractor Management Software	6/30/2023		151,515		10,008,075		9,999,990		5.36	%
Orchard Technologies, Inc.⁽¹⁴⁾		New York, NY
Preferred shares, Series D 8%	(14)	Real Estate Platform	8/9/2021		558,053		3,751,518		—		—	%
Senior Preferred shares, Series 2	(14)		8/9/2021		58,771		587,951		—		—	%
Senior Preferred shares, Series 1 7%	(14)		1/13/2023		441,228		4,418,406		9,014,642		4.83	%
Common shares	(14)		8/9/2021		558,053		3,751,518		—		—	%
Total	(14)						12,509,393		9,014,642		4.83	%
Shogun Enterprises, Inc. (d/b/a Hearth)		Austin, TX
Preferred shares, Series B-1		Home Improvement Finance	2/26/2021		436,844		3,501,657		3,499,994		1.87	%
Preferred shares, Series B-2			2/26/2021		301,750		3,501,661		3,499,998		1.87	%
Convertible Note 0.5%, Due 4/18/2024***	***		5/2/2022	$	500,000		500,000		655,373		0.35	%
Total							7,503,318		7,655,365		4.10	%
Forge Global, Inc.^**		San Francisco, CA
Common shares⁽³⁾	**(3)	Online Marketplace Finance	7/20/2011		2,508,074		3,443,483		6,094,620		3.26	%
True Global Ventures 4 Plus Pte Ltd**		Singapore, Singapore
Limited Partner Fund Investment⁽⁸⁾	**(8)	Venture Investment Fund	8/27/2021		1		1,077,371		4,081,077		2.19	%
Varo Money, Inc.**		San Francisco, CA
Common shares	**	Financial Services	8/11/2021		1,079,266		10,005,548		3,776,219		2.02	%
Aspiration Partners, Inc.		Marina Del Rey, CA
Preferred shares, Series A		Financial Services	8/11/2015		540,270		1,001,815		3,473,594		1.86	%
Preferred shares, Series C-3			8/12/2019		24,912		281,190		216,239		0.12	%
Total							1,283,005		3,689,833		1.98	%
Residential Homes for Rent, LLC (d/b/a Second Avenue)		Chicago, IL
Preferred shares, Series A⁽⁶⁾	(6)	Real Estate Platform	12/23/2020		150,000		1,500,000		2,870,381		1.54	%
Term loan 15%, Due 12/23/2023***⁽¹¹⁾	***(11)		12/23/2020	$	500,000		500,000		500,000		0.27	%
Total							2,000,000		3,370,381		1.81	%
Whoop, Inc.		Boston, MA
Preferred shares, Series C		Fitness Technology	6/30/2022		13,293,450		10,011,460		3,308,740		1.77	%
PayJoy, Inc.		San Francisco, CA
Preferred shares		Mobile Access Technology	7/23/2021		244,117		2,501,570		2,500,002		1.34	%
Simple Agreement for Future Equity			5/25/2023		1		501,470		500,000		0.27	%
Total							3,003,040		3,000,002		1.61	%
Nextdoor Holdings, Inc.**		San Francisco, CA
Common shares, Class B⁽³⁾	**(3)	Social Networking	9/27/2018		852,416		4,678,896		2,778,876		1.49	%
NewLake Capital Partners, Inc. (f/k/a GreenAcreage Real Estate Corp.)**		New Canaan, CT
Common shares***⁽³⁾	*(3)	Cannabis REIT	8/12/2019		105,820		2,198,836		1,460,316		0.78	%

See accompanying notes to condensed consolidated financial statements.

Table of Contents

~~TABLE OF CONTENTS~~

GSV
SURO CAPITAL CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS
(UNAUDITED)
September - continued
June 30, 2017

2023

Portfolio Investments* Headquarters/Industry Shares/
Principal Cost Fair Value % of
Net Assets
Palantir Technologies, Inc.
Palo Alto, CA
Preferred shares, Series G Data Analysis 326,797 $ 1,008,968 $ 1,955,290 0.93 %
Common shares, Class A 5,773,690 16,189,935 34,545,111 16.49 %
Total 17,198,903 36,500,401 17.42 %
JAMF Holdings, Inc.⁽¹⁴⁾
Minneapolis, MN
Preferred shares, Series B Mobile Device Management 1,468,800 9,999,928 35,177,778 16.79 %
Spotify Technology S.A.**
Stockholm, Sweden
Common shares On-Demand Music Streaming 9,541 13,599,572 32,283,584 15.41 %
Coursera, Inc.
Mountain View, CA
Preferred shares, Series B Online Education 2,961,399 14,519,519 18,364,968 8.77 %
Dropbox, Inc.
San Francisco, CA
Preferred shares, Series A-1 Cloud Computing Services 552,486 5,015,773 6,954,844 3.32 %
Common shares 760,000 8,641,153 9,567,086 4.57 %
Total 13,656,926 16,521,930 7.89 %
StormWind, LLC⁽²⁾⁽⁶⁾
Scottsdale, AZ
Preferred shares, Series C Interactive Learning 2,779,134 4,000,787 7,856,020 3.75 %
Preferred shares, Series B    3,279,629 2,019,687 6,000,048 2.86 %
Preferred shares, Series A 366,666 110,000 508,741 0.24 %
Total 6,130,474 14,364,809 6.85 %
General Assembly Space, Inc.
New York, NY
Preferred shares, Series C Online Education 126,552 2,999,978 5,924,582 2.83 %
Common shares 133,213 2,999,983 5,960,277 2.85 %
Total 5,999,961 11,884,859 5.68 %
Chegg, Inc.**
Santa Clara, CA
Common shares⁽³⁾⁽¹³⁾ Online Education Services 782,192 9,273,458 11,607,729 5.54 %
Lytro, Inc.
Mountain View, CA
Preferred shares, Series D Light Field Imaging Platform 159,160 502,081 500,001 0.24 %
Preferred shares, Series C-1 3,378,379 10,000,002 10,000,002 4.77 %
Total 10,502,083 10,500,003 5.01 %
Course Hero, Inc.
Redwood City, CA
Preferred shares, Series A Online Education 2,145,509 5,000,001 10,405,629 4.97 %
Ozy Media, Inc.⁽¹⁾
Mountain View, CA
Convertible Promissory Note 5% Due 2/28/2018*** Digital Media Platform $ 2,000,000 2,000,000 2,000,000 0.95 %
Preferred shares, Series B    922,509 4,999,999 4,390,887 2.10 %
Preferred shares, Series A    1,090,909 3,000,200 2,633,784 1.26 %
Preferred shares, Series Seed 500,000 500,000 438,964 0.21 %
Total 10,500,199 9,463,635 4.52 %

Portfolio Investments*		Headquarters/ Industry	Date of Initial Investment	Shares/ Principal		Cost		Fair Value		% of Net Assets
Aventine Property Group, Inc.		Chicago, IL
Common shares***		Cannabis REIT	9/11/2019		312,500		2,580,750		1,363,844		0.73	%
Skillsoft Corp.**		Nashua, NH
Common shares⁽³⁾	**(3)	Online Education	6/8/2021		981,843		9,818,430		1,217,485		0.65	%
Commercial Streaming Solutions Inc. (d/b/a BettorView)⁽⁷⁾		Las Vegas, NV
Simple Agreement for Future Equity	(7)	Interactive Media & Services	3/26/2021		1		1,004,240		1,000,000		0.54	%
Xgroup Holdings Limited (d/b/a Xpoint)⁽⁷⁾**		Dubai, UAE
Convertible Note 6%, Due 8/17/2023***	(7)*	Geolocation Technology	8/17/2022	$	1,000,000		1,010,091		1,000,000		0.54	%
Rebric, Inc. (d/b/a Compliable)⁽⁷⁾		Denver, CO
Preferred shares, Series Seed-4	(7)	Gaming Licensing	10/12/2021		2,477,585		1,003,227		822,937		0.44	%
YouBet Technology, Inc. (d/b/a FanPower)⁽⁷⁾		New York, NY
Preferred shares, Series Seed-2	(7)	Digital Media Technology	8/26/2021		578,029		752,943		749,998		0.40	%
Trax Ltd.**		Singapore, Singapore
Common shares	**	Retail Technology	6/9/2021		55,591		2,781,148		—		—	%
Preferred shares, Investec Series	**		6/9/2021		144,409		7,224,600		686,528		0.37	%
Total	**						10,005,748		686,528		0.37	%
EDGE Markets, Inc.⁽⁷⁾		San Diego, CA
Preferred shares, Series Seed	(7)	Gaming Technology	5/18/2022		456,704		501,330		500,000		0.27	%
Churchill Sponsor VII LLC⁽¹²⁾**		New York, NY
Common share units	**(12)	Special Purpose Acquisition Company	2/25/2021		292,100		205,820		205,820		0.11	%
Warrant units	**(12)		2/25/2021		277,000		94,180		94,180		0.05	%
Total	**(12)						300,000		300,000		0.16	%
AltC Sponsor LLC⁽¹²⁾**		New York, NY
Share units	**(12)	Special Purpose Acquisition Company	7/21/2021		239,300		250,855		250,000		0.13	%
Churchill Sponsor VI LLC⁽¹²⁾**		New York, NY
Common share units	**(12)	Special Purpose Acquisition Company	2/25/2021		195,000		134,297		134,297		0.07	%
Warrant units	**(12)		2/25/2021		199,100		65,703		65,703		0.04	%
Total	**(12)						200,000		200,000		0.11	%
Kinetiq Holdings, LLC		Philadelphia, PA
Common shares, Class A		Social Data Platform	3/30/2012		112,374		—		53,001		0.03	%
Neutron Holdings, Inc. (d/b/a/ Lime)		San Francisco, CA
Junior Preferred shares, Series 1-D		Micromobility	1/25/2019		41,237,113		10,007,322		—		—	%
Junior Preferred Convertible Note 4% Due 5/11/2027⁽⁴⁾	(4)		5/11/2020	$	506,339		506,339		—		—	%
Common Warrants, Strike Price $0.01, Expiration Date 5/11/2027			5/11/2020		2,032,967		—		—		—	%
Total							10,513,661		—		—	%
Fullbridge, Inc.		Cambridge, MA
Common shares		Business Education	5/13/2012		517,917		6,150,506		—		—	%
Promissory Note 1.47%, Due 11/9/2021^(4)(13)	(4)(13)		3/3/2016	$	2,270,458		2,270,858		—		—	%
Total							8,421,364		—		—	%
Treehouse Real Estate Investment Trust, Inc.		Chicago, IL
Common shares		Cannabis REIT	9/11/2019		312,500		4,919,250		—		—	%

Total Non-controlled/Non-affiliate						$	159,012,912	$	120,620,316		64.61	%

See accompanying notes to condensed consolidated financial statements.

Table of Contents

~~TABLE OF CONTENTS~~

GSV
SURO CAPITAL CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)
(UNAUDITED)
September - continued
June 30, 2017

2023

Portfolio Investments* Headquarters/Industry Shares/ Principal Cost Fair Value % of
Net Assets
NestGSV, Inc. (d/b/a GSV Labs, Inc.)⁽²⁾
Redwood City, CA
Convertible Promissory Note 8% Due 7/31/2018***⁽¹⁵⁾ Global Innovation Platform $ 560,199 $ 563,479 $ 560,199 0.27 %
Unsecured Promissory Note 12% Due 11/29/2017***⁽¹¹⁾    $ 557,735 533,353 533,353 0.25 %
Preferred shares, Series A-4    3,720,424 4,904,498 5,189,348 2.48 %
Preferred shares, Series A-3    1,561,625 2,005,730 1,815,164 0.87 %
Preferred shares, Series A-2    450,001 605,500 313,836 0.15 %
Preferred shares, Series A-1    1,000,000 1,021,778 523,060 0.25 %
Common shares    200,000 1,000 — — %
Preferred Warrants Series A-3 – Strike Price $1.33 – Expiration Date 4/4/2019    187,500 — 13,125 0.01 %
Preferred Warrants Series A-4 – Strike Price $1.33 – Expiration Date 10/6/2019    500,000 — 165,000 0.08 %
Preferred Warrants Series A-4 – Strike Price $1.33 – Expiration Date 7/18/2021    250,000 74,380 100,000 0.05 %
Preferred Warrants Series A-4 – Strike Price $1.33 – Expiration Date 11/29/2021    100,000 29,275 40,000 0.02 %
Preferred Warrant Series B – Strike Price $2.31, Expiration Date 5/29/2022⁽¹¹⁾ 125,000 70,379 81,250 0.04 %
Total 9,809,372 9,334,335 4.47 %
Lyft, Inc.
San Francisco, CA
Preferred shares, Series E On-Demand Transportation Services 128,563 2,503,585 3,709,840 1.77 %
Preferred shares, Series D 176,266 1,792,749 5,086,367 2.43 %
Total 4,296,334 8,796,207 4.20 %
SugarCRM, Inc.
Cupertino, CA
Preferred shares, Series E Customer Relationship Manager 373,134 1,500,522 2,408,120 1.15 %
Common shares 1,524,799 5,476,502 3,711,007 1.77 %
Total 6,977,024 6,119,127 2.92 %
Curious.com, Inc.⁽¹⁾
Menlo Park, CA
Preferred shares, Series B Online Education 3,407,834 12,000,006 5,960,187 2.85 %
Enjoy Technology, Inc.
Menlo Park, CA
Preferred shares, Series B On-Demand Commerce 1,681,520 4,000,280 4,000,000 1.91 %
Preferred shares, Series A 879,198 1,002,440 1,447,844 0.69 %
Total 5,002,720 5,447,844 2.60 %
Dataminr, Inc.
New York, NY
Preferred shares, Series C Social Media Analytics 301,369 1,100,909 1,205,476 0.58 %
Preferred shares, Series B 904,977 2,063,356 3,619,908 1.73 %
Total 3,164,265 4,825,384 2.31 %
Parchment, Inc.
Scottsdale, AZ
Preferred shares, Series D E-Transcript Exchange 3,200,512 4,000,982 4,592,322 2.19 %
Avenues Global Holdings, LLC⁽⁴⁾
New York, NY
Preferred shares, Junior Preferred Stock Globally-Focused Private School 10,014,270 10,151,854 4,514,409 2.16 %
Whittle Schools, LLC⁽¹⁾⁽⁵⁾
New York, NY
Preferred shares, Series B Globally-Focused Private School 3,000,000 3,000,000 3,000,000 1.43 %
Common shares 229 1,577,097 1,500,000 0.72 %
Total 4,577,097 4,500,000 2.15%

Portfolio Investments^*		Headquarters/ Industry	Date of Initial Investment	Shares/ Principal		Cost		Fair Value		% of Net Assets
NON-CONTROLLED/AFFILIATE⁽¹⁾
StormWind, LLC⁽⁵⁾		Scottsdale, AZ
Preferred shares, Series D 8%	(1)(5)	Interactive Learning	11/26/2019		329,337	$	257,267	$	563,039		0.30	%
Preferred shares, Series C 8%	(1)(5)		1/7/2014		2,779,134		4,000,787		5,952,610		3.19	%
Preferred shares, Series B 8%	(1)(5)		12/16/2011		3,279,629		2,019,687		3,845,497		2.06	%
Preferred shares, Series A 8%	(1)(5)		2/25/2014		366,666		110,000		224,660		0.12	%
Total							6,387,741		10,585,806		5.67	%
OneValley, Inc. (f/k/a NestGSV, Inc.)	(10)	San Mateo, CA
Derivative Security, Expiration Date 8/23/2024⁽¹⁰⁾	(1)(10)	Global Innovation Platform	8/23/2019		1		8,555,124		—		—	%
Convertible Promissory Note 8% Due 8/23/2024⁽⁴⁾	(1)(4)		2/17/2016	$	1,010,198		1,030,176		960,391		0.51	%
Preferred Warrant Series B, Strike Price $2.31, Expiration Date 12/31/2023	(1)		12/31/2018		250,000		5,080		—		—	%
Total	(1)						9,590,380		960,391		0.51	%
Maven Research, Inc.		San Francisco, CA
Preferred shares, Series C	(1)	Knowledge Networks	7/2/2012		318,979		2,000,447		—		—	%
Preferred shares, Series B	(1)		2/28/2012		49,505		217,206		—		—	%
Total							2,217,653		—		—	%
Curious.com, Inc.	(12)	Menlo Park, CA
Common shares	(1)	Online Education	11/22/2013		1,135,944		12,000,006		—		—	%

Total Non-controlled/Affiliate	(1)					$	30,195,780	$	11,546,197		6.18	%

CONTROLLED⁽²⁾
Colombier Sponsor LLC⁽¹²⁾**		New York, NY
Class B Units	(2)**(12)	Special Purpose Acquisition Company	4/1/2021		1,976,032		1,556,587		14,941,605		8.00	%
Class W Units	(2)**(12)		4/1/2021		2,700,000		1,159,150		2,241,000		1.20	%
Total	(2)**(12)						2,715,737		17,182,605		9.20	%
Architect Capital PayJoy SPV, LLC**	**	San Francisco, CA
Membership Interest in Lending SPV***	(2)*	Mobile Finance Technology	3/24/2021	$	10,000,000	$	10,006,745	$	10,000,000		5.36	%
SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.)		Cupertino, CA
Preferred shares, Class A⁽⁹⁾	(2)(9)	Clean Technology	4/15/2014		14,300,000		7,151,412		934,028		0.50	%
Common shares	(2)		4/15/2014		100,000		10,000		—		—	%
Total	(2)						7,161,412		934,028		0.50	%

Total Controlled	(2)					$	19,883,894	$	28,116,633		15.06	%

Total Portfolio Investments						$	209,092,586	$	160,283,146		85.85	%

U.S. Treasury	(3)
U.S. Treasury bill, 0%, due 9/28/2023***	***(3)		12/29/2022	$	56,605,000		55,488,452		55,898,163		29.94	%
U.S. Treasury bill, 0%, due 12/28/2023***	^***(3)		3/30/2023	$	20,529,000		19,990,216		19,997,371		10.71	%
Total							75,478,668		75,895,534		40.65	%

TOTAL INVESTMENTS						$	284,571,254	$	236,178,680		126.51	%

See accompanying notes to condensed consolidated financial statements.

Table of Contents

~~TABLE OF CONTENTS~~

GSV
SURO CAPITAL CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)
(UNAUDITED)
September - continued
June 30, 2017

2023

Portfolio Investments* Headquarters/Industry Shares/ Principal Cost Fair Value % of
Net Assets
Knewton, Inc.
New York, NY
Preferred shares, Series E Online Education 375,985 $ 4,999,999 $ 3,688,268 1.76 %
CUX, Inc. (d/b/a CorpU)⁽¹⁾
Philadelphia, PA
Senior Subordinated Convertible Promissory Note 8%, Due 11/26/2018***⁽⁸⁾ Corporate Education $ 1,166,400 1,166,400 1,166,400 0.56 %
Convertible preferred shares, Series D    169,033 778,607 775,861 0.37 %
Convertible preferred shares, Series C    615,763 2,006,077 1,306,396 0.62 %
Preferred Warrants Series D – Strike Price $4.59 – Expiration Date 2/25/2018 16,903 — 2,535 — %
Total 3,951,084 3,251,192 1.55 %
A Place for Rover Inc. (f/k/a DogVacay, Inc.)⁽¹⁰⁾
Seattle, WA
Common shares Peer-to-Peer Pet Services 707,991 2,506,119 3,069,644 1.47 %
Declara, Inc.⁽¹⁾
Palo Alto, CA
Convertible Promissory Note 9% Due 12/31/2017⁽¹²⁾⁽¹⁶⁾ Social Cognitive Learning $ 2,120,658 2,121,458 2,210,411 1.06 %
Preferred shares, Series A 10,716,390 9,999,999 794,769 0.38 %
Total 12,121,457 3,005,180 1.44 %
DreamBox Learning, Inc.
Bellevue, WA
Preferred shares, Series A-1 Education Technology 7,159,221 1,502,362 1,650,687 0.79 %
Preferred shares, Series A 3,579,610 758,017 825,343 0.39 %
Total 2,260,379 2,476,030 1.18 %
SharesPost, Inc.
San Francisco, CA
Preferred shares, Series B Online Marketplace Finance 1,771,653 2,259,716 2,326,864 1.11 %
Common warrants, $0.13 Strike Price, Expiration Date 6/15/2018 770,934 23,128 69,384 0.03 %
Total 2,282,844 2,396,248 1.14 %
Strategic Data Command, LLC⁽¹⁾⁽⁷⁾
Sunnyvale, CA
Common shares Big Data Consulting 2,400,000 989,277 2,057,155 0.98 %
Clever, Inc.
San Francisco, CA
Preferred shares, Series B Education Software 1,799,047 2,000,601 2,000,001 0.95 %
Aspiration Partners, Inc.
Marina Del Rey, CA
Preferred shares, Series A Financial Services 540,270 1,001,815 1,759,577 0.84 %
SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.)⁽²⁾
Woodside, CA
Preferred shares, Class A*** Clean Technology 14,300,000 7,151,412 1,367,193 0.65 %
Common shares 100,000 10,000 — — %
Total 7,161,412 1,367,193 0.65 %
EdSurge, Inc.⁽¹⁾
Burlingame, CA
Preferred shares, Series A-1 Education Media Platform 378,788 501,360 500,000 0.24 %
Preferred shares, Series A 494,365 500,801 500,001 0.24 %
Total 1,002,161 1,000,001 0.48 %
Tynker (f/k/a Neuron Fuel, Inc.)
Mountain View, CA
Preferred shares, Series A Computer Software 534,162 309,310 849,550 0.41%

~~See accompanying notes to condensed consolidated financial statements.~~

~~TABLE OF CONTENTS~~

GSV CAPITAL CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)
(UNAUDITED)
September 30, 2017

Portfolio Investments* Headquarters/Industry Shares/ Principal Cost Fair Value % of
Net Assets
4C Insights (f/k/a The Echo Systems Corp.)
Chicago, IL
Common shares Social Data Platform 436,219 $ 1,436,404 $ 591,004 0.28 %
Fullbridge, Inc.
Cambridge, MA
Common shares Business Education 517,917 6,150,506 — — %
Promissory note 1.47%, Due 11/9/2021***⁽¹⁶⁾ $ 2,270,458 2,270,858 550,023 0.26 %
Total 8,421,364 550,023 0.26 %
Maven Research, Inc.⁽¹⁾
San Francisco, CA
Preferred shares, Series C Knowledge Networks 318,979 2,000,447 500,000 0.24 %
Preferred shares, Series B 49,505 217,206 49,876 0.02 %
Total 2,217,653 549,876 0.26 %
Circle Media (f/k/a S3 Digital Corp. (d/b/a S3i))⁽¹⁾
New York, NY
Promissory Note 12%, Due 11/17/2017***⁽¹⁶⁾ Sports Analytics $ 28,008 30,408 — — %
Preferred shares, Series A    1,864,495 1,777,576 — — %
Preferred warrants, $1.17 Strike Price, Expiration Date 11/18/2022    5,360 576 — — %
Preferred warrants, $1.17 Strike Price, Expiration Date 8/29/2021    175,815 — — — %
Preferred warrants, $1.17 Strike Price, Expiration Date 6/26/2021    38,594 — — — %
Preferred warrants, $1.17 Strike Price, Expiration Date 9/30/2020    160,806 — — — %
Preferred warrants, $1.00 Strike Price, Expiration Date 11/21/2017 500,000 31,354 — — %
Total 1,839,914 — — %
Handle Financial, Inc. (f/k/a PayNearMe, Inc.)⁽⁹⁾
Sunnyvale, CA
Common shares Cash Payment Network 548,034 14,000,398 — — %
Total Portfolio Investments 244,862,869 289,776,082 138.35 %
U.S. Treasury

U.S. Treasury Bill, 0%, due 10/5/2017***⁽³⁾ $ 100,000,000 99,991,125 99,994,000 47.74 %
TOTAL INVESTMENTS $ 344,853,994 $ 389,770,082 186.09 %

All portfolio investments are non-control/non-affiliated and non-income-producing, unless otherwise identified. Equity investments are subject to lock-up restrictions upon their initial public offering (“IPO”). Preferred dividends are generally only payable when declared and paid by the portfolio company’s board of directors. The Company’s ~~and GSV Asset Management LLC’s~~directors, officers, employees and staff, as applicable, may serve on the board of directors of the Company’s portfolio investments. (Refer to “Note ~~2 — Related Party~~3—Related-Party Arrangements”). All portfolio investments are considered Level 3 and valued using significant unobservable inputs, unless otherwise noted. (Refer to “Note ~~3 —~~ 4—Investments at Fair Value”). All of the Company’s portfolio investments are restricted as to resale, unless otherwise noted, and were valued at fair value as determined in good faith by the Company’s ~~board~~Board of ~~directors.~~Directors. (Refer to “Note 2—Significant Accounting Policies—Investments at Fair Value”).


**	Indicates assets that ~~GSV~~SuRo Capital Corp. believes do not represent “qualifying assets” under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Of ~~GSV Capital Corp.’s~~the Company’s total ~~portfolio~~investments as of ~~September~~June 30, ~~2017, 11.26%~~2023, 20.76% of its total investments are non-qualifying assets.


***	Investment is income-producing.

~~See accompanying notes to condensed consolidated financial statements.~~

~~TABLE OF CONTENTS~~

GSV CAPITAL CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)
(UNAUDITED)
September 30, 2017

(1)

~~Denotes an~~ “Affiliate ~~Investment. “Affiliate~~ Investments” are investments in those companies that are “Affiliated Companies” of ~~GSV~~SuRo Capital Corp., as defined in the 1940 Act. In general, a company is deemed to be an “Affiliate” of ~~GSV~~SuRo Capital Corp. if ~~GSV~~SuRo Capital Corp. beneficially owns, directly or indirectly, between 5% ~~or more~~and 25% of the voting securities (i.e., securities with the right to elect directors) of such company. For the Schedule of Investments In, and Advances To, Affiliates, as required by SEC Regulation S-X, Rule 12-14, refer to “Note ~~3 —~~ 4—Investments at Fair Value”.

(2)

~~Denotes a~~ “Control ~~Investment. “Control~~ Investments” are investments in those companies that are “Controlled Companies” of ~~GSV~~SuRo Capital Corp., as defined in the 1940 Act. In general, under the 1940 Act, the Company would “Control” a portfolio company if the Company ~~owned~~beneficially owns, directly or indirectly, more than 25% of its outstanding voting securities (~~i.e.~~(i.e., securities with the right to elect directors) and/or had the power to exercise control over the management or policies of such portfolio company. For the Schedule of Investments In, and Advances To, Affiliates, as required by SEC Regulation S-X, Rule 12-14, refer to “Note ~~3 —~~ 4—Investments at Fair Value”.


(3)	Denotes an investment considered Level 1 or Level 2 and valued using observable inputs.

~~(4)~~

~~GSV Capital Corp.’s investment in Avenues Global Holdings, LLC is held through its wholly-owned subsidiary, GSVC AV Holdings, Inc.~~

~~(5)~~

GSV Capital Corp.’s investment in Whittle Schools, LLC is held through its wholly-owned subsidiary, GSVC WS Holdings, Inc. Whittle Schools, LLC is an investment that is collateralized by Avenues Global Holdings, LLC, as well as the personal collateral of Chris Whittle, the former chairman of Avenues Global Holdings, LLC.

~~(6)~~

~~GSV Capital Corp.’s investment in StormWind, LLC is held through its wholly-owned subsidiary, GSVC SW Holdings, Inc.~~

~~(7)~~

~~GSV Capital Corp.’s investment in Strategic Data Command, LLC is held through its wholly-owned subsidiary, GSVC SVDS Holdings, Inc.~~

~~(8)~~

Interest will accrue daily on the unpaid principal balance of the note. Interest began compounding annually on November 26, 2015. Accrued interest is not payable until the earlier of (a) the closing of a subsequent equity offering by CUX, Inc. (d/b/a CorpU), or (b) the maturity of the note (November 26, 2018).

~~(9)~~

~~On March 28, 2017, PayNearMe, Inc. changed its name to Handle Financial, Inc. As part of the company’s restructuring process, Handle Financial, Inc. initiated a 10:1 reverse stock split.~~

~~(10)~~

On March 29, 2017, A Place for Rover, Inc. acquired DogVacay, Inc. and, pursuant to a plan of reorganization, the Company received common shares of A Place for Rover Inc. in exchange for the Company’s previously held Series B-1 preferred shares of DogVacay, Inc.

~~(11)~~

On May 29, 2017, the maturity date of the unsecured promissory note to NestGSV, Inc. (d/b/a GSV Labs, Inc.) was extended to November 29, 2017 in exchange for 125,000 Series B warrants. For accounting purposes, the extension of the maturity date was treated as an extinguishment of the existing note and creation of a new note. Refer to “Note ~~3 —~~ 4—Investments at Fair ~~Value.”~~Value”.

	~~(12)~~
(4)	~~On July 1, 2017, the maturity date of the convertible promissory note to Declara, Inc. was extended to December 31, 2017.~~

~~(13)~~

On November 12, 2013, Chegg, Inc. priced its IPO. The lock-up agreement for the Company’s Chegg, Inc. common shares expired on May 11, 2014. As a result, the Company’s Chegg, Inc. common shares are considered unrestricted.

~~(14)~~

~~In April 2017, JAMF Holdings, Inc. initiated a 20:1 stock split.~~

~~(15)~~

~~On July 31, 2017, the maturity date of the convertible promissory note to NestGSV, Inc. (d/b/a GSV Labs, Inc.) was extended to July 31, 2018.~~

	~~(16)~~	As of ~~September~~June 30, ~~2017,~~2023, the investments noted had been placed on non-accrual status.

(5)	SuRo Capital Corp.’s investments in StormWind, LLC are held through SuRo Capital Corp.’s wholly owned subsidiary, GSVC SW Holdings, Inc.

(6)	SuRo Capital Corp.’s investments in preferred shares of Residential Homes for Rent, LLC (d/b/a Second Avenue) are held through SuRo Capital Corp.’s wholly owned subsidiary, GSVC AV Holdings, Inc.

(7)	SuRo Capital Corp.’s investments in Commercial Streaming Solutions Inc. (d/b/a BettorView), YouBet Technology, Inc. (d/b/a FanPower), Rebric, Inc. (d/b/a Compliable), EDGE Markets, Inc., and Xgroup Holdings Limited (d/b/a Xpoint) are held through SuRo Capital Corp.’s wholly owned subsidiary, SuRo Capital Sports, LLC (“SuRo Sports”).

(8)	SuRo Capital Corp.’s investments in True Global Ventures 4 Plus Pte Ltd are held through SuRo Capital Corp.’s wholly owned subsidiary, GSVC SVDS Holdings, Inc. As of March 31, 2023, the previously unfunded capital commitment of $1.3 million was deemed fully contributed in lieu of cash distributions. As of March 31, 2023, the full $2.0 million capital commitment to True Global Ventures 4 Plus Fund LP had been called and funded.

(9)	The SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.) preferred shares held by SuRo Capital Corp. do not entitle SuRo Capital Corp. to a preferred dividend. SuRo Capital Corp. does not anticipate that SPBRX, INC. will pay distributions on a quarterly or regular basis or become a predictable distributor of distributions.

(10)	On August 23, 2019, SuRo Capital Corp. amended the structure of its investment in OneValley, Inc. (f/k/a NestGSV, Inc.). As part of the agreement, SuRo Capital Corp.’s equity holdings (warrants notwithstanding) were restructured into a derivative security. OneValley, Inc. (f/k/a NestGSV, Inc.) has the right to call the position at any time over a five year period, ending August 23, 2024, while SuRo Capital Corp. can put the shares to OneValley, Inc. (f/k/a NestGSV, Inc.) at the end of the five year period.

(11)	During the six months ended June 30, 2023, approximately $0.6 million has been received from Residential Homes for Rent, LLC (d/b/a Second Avenue) related to the 15% term loan due December 23, 2023. Of the proceeds received, approximately $0.5 million repaid a portion of the outstanding principal and the remaining was attributed to interest.

(12)	Denotes an investment that is the sponsor of a special purpose acquisition company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.

(13)	On November 9, 2021, Fullbridge, Inc.’s obligations under its financing arrangements with the Company became past due.

(14)	On January 13, 2023, SuRo Capital Corp. invested $2.0 million in Orchard Technologies, Inc.’s Series 1 Senior Preferred financing round. As part of the transaction, SuRo Capital Corp. exchanged a portion of its existing Series D Preferred shares investment for Series 1 Senior Preferred shares, Series 2 Senior Preferred shares, and Common shares. Additionally, SuRo Capital Corp.’s previous investment in the Simple Agreement for Future Equity was converted into additional Series 1 Senior Preferred shares.

Table of Contents

SURO CAPITAL CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2022

Portfolio Investments^*		Headquarters/ Industry	Date of Initial Investment	Shares/ Principal		Cost		Fair Value		% of Net Assets
NON-CONTROLLED/NON-AFFILIATE
Learneo, Inc. (f/k/a Course Hero, Inc.)		Redwood City, CA
Preferred shares, Series A 8%		Online Education	9/18/2014		2,145,509	$	5,000,001	$	40,541,403		19.30	%
Preferred shares, Series C 8%			11/5/2021		275,659		9,999,971		9,999,971		4.76	%
Total							14,999,972		50,541,374		24.06	%
Blink Health, Inc.		New York, NY
Preferred shares, Series A		Pharmaceutical Technology	10/27/2020		238,095		5,000,423		949,924		0.45	%
Preferred shares, Series C			10/27/2020		261,944		10,003,917		9,999,974		4.76	%
Total							15,004,340		10,949,898		5.21	%
Orchard Technologies, Inc.		New York, NY
Preferred shares, Series D		Real Estate Platform	8/9/2021		1,488,139		10,004,034		9,999,996		4.76	%
Simple Agreement for Future Equity			9/2/2022		1		501,663		500,000		0.24	%
Total							10,505,697		10,499,996		5.00	%
Locus Robotics Corp.		Wilmington, MA
Preferred shares, Series F		Warehouse Automation	11/30/2022		232,568		10,004,286		10,000,005		4.76	%
Aspiration Partners, Inc.		Marina Del Rey, CA
Preferred shares, Series A		Financial Services	8/11/2015		540,270		1,001,815		6,229,360		2.97	%
Preferred shares, Series C-3			8/12/2019		24,912		281,190		312,151		0.15	%
Total							1,283,005		6,541,511		3.11	%
Whoop, Inc.		Boston, MA
Preferred shares, Series C		Fitness Technology	6/30/2022		13,293,450		10,011,460		6,084,041		2.90	%
Forge Global, Inc.^**		San Francisco, CA
Common shares^(3)(14)	**(3)(14)	Online Marketplace Finance	7/20/2011		2,508,074		3,443,483		4,338,968		2.07	%
Nextdoor Holdings, Inc.**		San Francisco, CA
Common shares, Class B⁽³⁾	**(3)	Social Networking	9/27/2018		1,802,416		10,002,666		3,712,977		1.77	%
NewLake Capital Partners, Inc. (f/k/a GreenAcreage Real Estate Corp.)**		New Canaan, CT
Common shares***⁽³⁾	***(3)	Cannabis REIT	8/12/2019		229,758		4,678,686		3,680,723		1.75	%
Shogun Enterprises, Inc. (d/b/a Hearth)		Austin, TX
Preferred shares, Series B-1		Home Improvement Finance	2/26/2021		436,844		3,501,657		1,403,023		0.67	%
Preferred shares, Series B-2			2/26/2021		301,750		3,501,661		1,403,024		0.67	%
Convertible Note 0.5%, Due 4/18/2024***	***		5/2/2022	$	500,000		500,000		500,000		0.24	%
Total							7,503,318		3,306,047		1.57	%
True Global Ventures 4 Plus Pte Ltd⁽⁸⁾**		Singapore, Singapore
Limited Partner Fund Investment	**(8)	Venture Investment Fund	8/27/2021		1		—		3,063,358		1.46	%
Residential Homes for Rent, LLC (d/b/a Second Avenue)		Chicago, IL
Preferred shares, Series A⁽⁶⁾	(6)	Real Estate Platform	12/23/2020		150,000		1,500,000		1,959,713		0.93	%
Term loan 15%, Due 12/23/2023^***(11)	***(11)		12/23/2020	$	1,000,000		1,000,000		1,000,000		0.48	%
Total							2,500,000		2,959,713		1.41	%
Trax Ltd.**		Singapore, Singapore
Common shares	**	Retail Technology	6/9/2021		55,591		2,781,148		280,797		0.13	%
Preferred shares, Investec Series	**		6/9/2021		144,409		7,224,600		2,647,017		1.26	%
Total	**						10,005,748		2,927,814		1.39	%
PayJoy, Inc.		San Francisco, CA
Preferred shares		Mobile Access Technology	7/23/2021		244,117		2,501,570		2,500,002		1.19	%
Aventine Property Group, Inc.		Chicago, IL
Common shares^***	***	Cannabis REIT	9/11/2019		312,500		2,580,750		1,917,521		0.91	%
Varo Money, Inc.**		San Francisco, CA
Common shares	**	Financial Services	8/11/2021		1,079,266		10,005,548		1,286,783		0.61	%

See accompanying notes to condensed consolidated financial statements.

Table of Contents

~~TABLE OF CONTENTS~~

GSV
SURO CAPITAL CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS
- continued
December 31, 2016

2022

Portfolio Investments* Headquarters/Industry Shares/
Principal Cost Fair Value % of
Net Assets
Palantir Technologies, Inc.
Palo Alto, CA
Preferred shares, Series G Data Analysis 326,797 $ 1,008,968 $ 2,223,594 1.16 %
Common shares, Class A 5,773,690 16,189,935 39,285,371 20.45 %
Total 17,198,903 41,508,965 21.61 %
Spotify Technology S.A.**
Stockholm, Sweden
Common shares On-Demand Music Streaming 9,541 13,599,572 18,931,691 9.85 %
Coursera, Inc.
Mountain View, CA
Preferred shares, Series B Online Education 2,961,399 14,519,519 14,510,855 7.55 %
JAMF Holdings, Inc.
Minneapolis, MN
Preferred shares, Series B Mobile Device Management 73,440 9,999,928 13,856,754 7.21 %
General Assembly Space, Inc.
New York, NY
Preferred shares, Series C Online Education 126,552 2,999,978 6,697,132 3.49 %
Common shares 133,213 2,999,983 7,049,632 3.67 %
Total 5,999,961 13,746,764 7.16 %
Dropbox, Inc.
San Francisco, CA
Preferred shares, Series A-1 Cloud Computing Services 552,486 5,015,773 5,552,484 2.89 %
Common shares 760,000 8,641,153 7,638,000 3.98 %
Total 13,656,926 13,190,484 6.87 %
Lytro, Inc.
Mountain View, CA
Preferred shares, Series D Light Field Imaging Platform 159,160 502,081 500,001 0.26 %
Preferred shares, Series C-1 3,378,379 10,000,002 10,408,150 5.42 %
Total 10,502,083 10,908,151 5.68 %
Ozy Media, Inc.⁽¹⁾
Mountain View, CA
Convertible Promissory Note 5% Due 2/28/2018*** Digital Media Platform $ 2,000,000 2,000,000 2,000,000 1.04 %
Preferred shares, Series B    922,509 4,999,999 4,999,999 2.60 %
Preferred shares, Series A    1,090,909 3,000,200 3,000,000 1.56 %
Preferred shares, Series Seed 500,000 500,000 610,000 0.32 %
Total 10,500,199 10,609,999 5.52 %
Course Hero, Inc.
Redwood City, CA
Preferred shares, Series A Online Education 2,145,509 5,000,001 10,532,304 5.48 %
Curious.com Inc.⁽¹⁾
Menlo Park, CA
Preferred shares, Series B Online Education 3,407,834 12,000,006 9,984,954 5.20 %
StormWind, LLC⁽²⁾⁽⁶⁾
Scottsdale, AZ
Preferred shares, Series C Interactive Learning 2,779,134 4,000,787 4,650,838 2.42 %
Preferred shares, Series B    3,279,629 2,019,687 4,470,403 2.33 %
Preferred shares, Series A 366,666 110,000 499,796 0.26 %
Total 6,130,474 9,621,037 5.01 %
Chegg, Inc.**⁽¹⁸⁾
Santa Clara, CA
Common shares Online Education Services 1,182,792 14,022,863 8,729,005 4.54 %
Declara, Inc.⁽¹⁾
Palo Alto, CA
Convertible Promissory Note 9% Due 6/30/2017***⁽¹²⁾ Social Cognitive Learning $ 2,120,658 2,120,658 2,827,020 1.47 %
Preferred shares, Series A 10,716,390 9,999,999 4,786,654 2.49 %
Total 12,120,657 7,613,674 3.96 %

Portfolio Investments^*		Headquarters/ Industry	Date of Initial Investment	Shares/ Principal		Cost		Fair Value		% of Net Assets
Skillsoft Corp.**		Nashua, NH
Common shares⁽³⁾	**(3)	Online Education	6/8/2021		981,843		9,818,430		1,276,396		0.61	%
Commercial Streaming Solutions Inc. (d/b/a BettorView)⁽⁷⁾		Las Vegas, NV
Simple Agreement for Future Equity	(7)	Interactive Media & Services	3/26/2021		1		1,004,240		1,000,000		0.48	%
Rebric, Inc. (d/b/a Compliable)⁽⁷⁾		Denver, CO
Preferred shares, Series Seed-4	(7)	Gaming Licensing	10/12/2021		2,064,409		1,002,755		1,000,000		0.48	%
Xgroup Holdings Limited (d/b/a Xpoint)⁽⁷⁾**		Dubai, UAE
Convertible Note 6%, Due 8/17/2023***	(7) *	Geolocation Technology	8/17/2022	$	1,000,000		1,009,093		1,000,000		0.48	%
YouBet Technology, Inc. (d/b/a FanPower)⁽⁷⁾		New York, NY
Preferred shares, Series Seed-2	(7)	Digital Media Technology	8/26/2021		578,029		752,943		749,998		0.36	%
EDGE Markets, Inc.⁽⁷⁾		San Diego, CA
Preferred shares, Series Seed	(7)	Gaming Technology	5/18/2022		456,704		501,330		500,000		0.24	%
Churchill Sponsor VII LLC⁽¹²⁾**		New York, NY
Common share units	**(12)	Special Purpose Acquisition Company	2/25/2021		292,100		205,820		205,820		0.10	%
Warrant units	**(12)		2/25/2021		277,000		94,180		94,180		0.04	%
Total	**(12)						300,000		300,000		0.14	%
AltC Sponsor LLC⁽¹²⁾**		New York, NY
Share units	**(12)	Special Purpose Acquisition Company	7/21/2021		239,300		250,855		250,000		0.12	%
Rent the Runway, Inc.**		New York, NY
Common shares⁽³⁾	**(3)	Subscription Fashion Rental	6/17/2020		79,191		1,203,293		241,533		0.12	%
Churchill Sponsor VI LLC⁽¹²⁾**		New York, NY
Common share units	**(12)	Special Purpose Acquisition Company	2/25/2021		195,000		134,297		134,297		0.06	%
Warrant units	**(12)		2/25/2021		199,100		65,703		65,703		0.03	%
Total	**(12)						200,000		200,000		0.10	%
Kahoot! ASA**		Oslo, Norway
Common shares⁽³⁾	**(3)	Education Software	12/5/2014		38,305		176,067		72,888		0.03	%
Neutron Holdings, Inc. (d/b/a/ Lime)		San Francisco, CA
Junior Preferred shares, Series 1-D		Micromobility	1/25/2019		41,237,113		10,007,322		—		—	%
Junior Preferred Convertible Note 4% Due 5/11/2027⁽⁴⁾	(4)		5/11/2020	$	506,339		506,339		—		—	%
Common Warrants, Strike Price $0.01, Expiration Date 5/11/2027			5/11/2020		2,032,967		—		—		—	%
Total							10,513,661		—		—	%
Fullbridge, Inc.		Cambridge, MA
Common shares		Business Education	5/13/2012		517,917		6,150,506		—		—	%
Promissory Note 1.47%, Due 11/9/2021^(4)(13)	(4)(13)		3/3/2016	$	2,270,458		2,270,858		—		—	%
Total							8,421,364		—		—	%
Treehouse Real Estate Investment Trust, Inc.		Chicago, IL
Common shares		Cannabis REIT	9/11/2019		312,500		4,919,250		—		—	%
Kinetiq Holdings, LLC		Philadelphia, PA
Common shares, Class A		Social Data Platform	3/30/2012		112,374		—		—		—	%

Total Non-controlled/Non-affiliate						$	155,103,810	$	130,901,546		62.33	%

See accompanying notes to condensed consolidated financial statements.

Table of Contents

~~TABLE OF CONTENTS~~

GSV
SURO CAPITAL CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)
- continued
December 31, 2016

2022

Portfolio Investments* Headquarters/Industry Shares/
Principal Cost Fair Value % of
Net Assets
Lyft, Inc.
San Francisco, CA
Preferred shares, Series E On-Demand Transportation Services 128,563 $ 2,503,585 $ 3,249,430 1.69 %
Preferred shares, Series D 176,266 1,792,749 4,203,062 2.19 %
Total 4,296,334 7,452,492 3.88 %
Avenues Global Holdings, LLC⁽⁴⁾
New York, NY
Preferred shares, Junior Preferred Stock Globally-Focused Private School 10,014,270 10,151,854 6,128,733 3.19 %
SugarCRM, Inc.
Cupertino, CA
Preferred shares, Series E Customer Relationship Manager 373,134 1,500,522 2,354,476 1.23 %
Common shares 1,524,799 5,476,502 3,762,442 1.96 %
Total 6,977,024 6,116,918 3.19 %
Dataminr, Inc.
New York, NY
Preferred shares, Series C Social Media Analytics 301,369 1,100,909 1,377,256 0.72 %
Preferred shares, Series B 904,977 2,063,356 4,135,745 2.15 %
Total 3,164,265 5,513,001 2.87 %
Enjoy Technology, Inc.
Menlo Park, CA
Preferred shares, Series B On-Demand Commerce 1,681,520 4,000,280 4,000,000 2.08 %
Preferred shares, Series A 879,198 1,002,440 1,443,091 0.75 %
Total 5,002,720 5,443,091 2.83 %
NestGSV, Inc. (d/b/a GSV Labs, Inc.)⁽²⁾
Redwood City, CA
Convertible Promissory Note 8% Due 7/31/2017*** Global Innovation Platform $ 500,000 457,592 427,900 0.22 %
Unsecured Promissory Note 12% Due 5/29/2017***    $ 526,000 501,802 496,725 0.26 %
Preferred shares, Series A-4⁽¹⁴⁾    3,720,424 4,904,498 2,715,910 1.41 %
Preferred shares, Series A-3⁽¹⁴⁾    1,561,625 2,005,730 952,591 0.50 %
Preferred shares, Series A-2⁽¹⁴⁾    450,001 605,500 166,500 0.09 %
Preferred shares, Series A-1⁽¹⁴⁾    1,000,000 1,021,778 270,000 0.14 %
Common shares    200,000 1,000 — 0.00 %
Preferred warrants, Series A-3 – $1.33 Strike Price, Expiration Date 4/4/2019    187,500 — 5,625 — %
Preferred warrants, Series A-4 – $1.33 Strike Price, Expiration Date 10/6/2019    500,000 — 40,000 0.02 %
Preferred warrants, Series A-4 – $1.33 Strike Price, Expiration Date 7/18/2021    250,000 74,380 22,500 0.01 %
Preferred warrants, Series A-4 – $1.33 Strike Price, Expiration Date 11/29/2021 100,000 29,275 9,000 —
Total 9,601,555 5,106,751 2.65 %
Whittle Schools, LLC⁽¹⁾⁽⁵⁾
New York, NY
Preferred shares, Series B Globally-Focused Private School 3,000,000 3,000,000 3,000,000 1.56 %
Common shares 229 1,577,097 1,500,000 0.78 %
Total 4,577,097 4,500,000 2.34 %
Snap Inc. (f/k/a Snapchat, Inc.)
Venice, CA
Preferred shares, Series F⁽¹⁷⁾ Social Communication 130,208 2,001,135 2,184,565 1.14 %
Common shares, Class A⁽¹⁷⁾ 130,208 2,001,135 2,184,565 1.14 %
Total 4,002,270 4,369,130 2.28%

Portfolio Investments^*		Headquarters/ Industry	Date of Initial Investment	Shares/ Principal		Cost		Fair Value		% of Net Assets
NON-CONTROLLED/AFFILIATE⁽¹⁾
StormWind, LLC⁽⁵⁾		Scottsdale, AZ
Preferred shares, Series D 8%	(1)(5)	Interactive Learning	11/26/2019		329,337	$	257,267	$	533,429		0.25	%
Preferred shares, Series C 8%	(1)(5)		1/7/2014		2,779,134		4,000,787		5,675,081		2.70	%
Preferred shares, Series B 8%	(1)(5)		12/16/2011		3,279,629		2,019,687		3,550,631		1.69	%
Preferred shares, Series A 8%	(1)(5)		2/25/2014		366,666		110,000		191,694		0.09	%
Total	(1)(5)						6,387,741		9,950,835		4.74	%
OneValley, Inc. (f/k/a NestGSV, Inc.)		San Mateo, CA
Derivative Security, Expiration Date 8/23/2024⁽¹⁰⁾	(1)(10)	Global Innovation Platform	8/23/2019		1		8,555,124		652,127		0.31	%
Convertible Promissory Note 8% Due 8/23/2024^(4)(10)	(1)(4)(10)		2/17/2016	$	1,010,198		1,030,176		1,988,200		0.95	%
Preferred Warrant Series B, Strike Price $2.31, Expiration Date 12/31/2023	(1)		12/31/2018		250,000		5,080		—		—	%
Total	(1)						9,590,380		2,640,327		1.26	%
Ozy Media, Inc.		Mountain View, CA
Preferred shares, Series C-2 6%	(1)	Digital Media Platform	8/31/2016		683,482		2,414,178		—		—	%
Preferred shares, Series B 6%	(1)		10/3/2014		922,509		4,999,999		—		—	%
Preferred shares, Series A 6%	(1)		12/11/2013		1,090,909		3,000,200		—		—	%
Preferred shares, Series Seed 6%	(1)		11/2/2012		500,000		500,000		—		—	%
Common Warrants, Strike Price $0.01, Expiration Date 4/9/2028	(1)		4/9/2018		295,565		30,647		—		—	%
Total	(1)						10,945,024		—		—	%
Maven Research, Inc.		San Francisco, CA
Preferred shares, Series C	(1)	Knowledge Networks	7/2/2012		318,979		2,000,447		—		—	%
Preferred shares, Series B	(1)		2/28/2012		49,505		217,206		—		—	%
Total	(1)						2,217,653		—		—	%
Curious.com, Inc.		Menlo Park, CA
Common shares	(1)	Online Education	11/22/2013		1,135,944		12,000,006		—		—	%

Total Non-controlled/Affiliate	(1)					$	41,140,804	$	12,591,162		6.00	%

CONTROLLED⁽²⁾
Architect Capital PayJoy SPV, LLC**		San Francisco, CA
Membership Interest in Lending SPV***	(2)*	Mobile Finance Technology	3/24/2021	$	10,000,000	$	10,006,745	$	10,000,000		4.76	%
Colombier Sponsor LLC⁽¹²⁾**		New York, NY
Class B Units	(2)**(12)	Special Purpose Acquisition Company	4/1/2021		1,976,033		1,556,587		1,554,355		0.74	%
Class W Units	(2)**(12)		4/1/2021		2,700,000		1,159,150		1,157,487		0.55	%
Total	(2)**(12)						2,715,737		2,711,842		1.29	%
SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.)	(14)	Cupertino, CA
Preferred shares, Class A⁽⁹⁾	(2)(9)	Clean Technology	4/15/2014		14,300,000		7,151,412		984,028		0.47	%
Common shares	(2)		4/15/2014		100,000		10,000		—		—	%
Total	(2)						7,161,412		984,028		0.47	%

Total Controlled	(2)					$	19,883,894	$	13,695,870		6.52	%

Total Portfolio Investments						$	216,128,508	$	157,188,578		74.84	%

U.S. Treasury
U.S. Treasury bill, 0%, due 3/30/2023***⁽³⁾	***(3)		12/29/2022	$	45,492,000		45,000,118		45,026,162		21.44	%
U.S. Treasury bill, 0%, due 6/29/2023***⁽³⁾	***(3)		12/29/2022	$	40,937,000		39,999,480		40,030,655		19.06	%
Total							84,999,598		85,056,817		40.50	%

TOTAL INVESTMENTS						$	301,128,106	$	242,245,395		115.34	%

See accompanying notes to condensed consolidated financial statements.

Table of Contents

~~TABLE OF CONTENTS~~

GSV
SURO CAPITAL CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)
- continued
December 31, 2016

2022

Portfolio Investments* Headquarters/Industry Shares/
Principal Cost Fair Value % of
Net Assets
SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.)⁽²⁾
Woodside, CA
Preferred shares, Class A Clean Technology 14,300,000 $ 7,151,412 $ 4,309,778 2.24 %
Common shares 100,000 10,000 — — %
Total 7,161,412 4,309,778 2.24 %
Parchment, Inc.
Scottsdale, AZ
Preferred shares, Series D E-Transcript Exchange 3,200,512 4,000,982 4,000,000 2.08 %
CUX, Inc. (d/b/a CorpU)⁽¹⁾
Philadelphia, PA
Senior Subordinated Convertible Promissory Note 8%, Due 11/26/2018***⁽⁸⁾ Corporate Education $ 1,166,400 1,166,400 1,166,400 0.61 %
Convertible preferred shares, Series D    169,033 778,607 775,861 0.40 %
Convertible preferred shares, Series C    615,763 2,006,077 1,913,484 1.00 %
Preferred warrants, Series D, $4.59 Strike Price, Expiration Date 2/25/2018 16,903 — 4,395 — %
Total 3,951,084 3,860,140 2.01 %
Knewton, Inc.
New York, NY
Preferred shares, Series E Online Education 375,985 4,999,999 3,782,409 1.97 %
DogVacay, Inc.
Santa Monica, CA
Preferred shares, Series B-1 Peer-to-Peer Pet Services 514,562 2,506,119 2,500,771 1.30 %
SharesPost, Inc.
San Bruno, CA
Preferred shares, Series B Online Marketplace Finance 1,771,653 2,259,716 2,249,999 1.17 %
Common warrants, $0.13 Strike Price, Expiration Date 6/15/2018 770,934 23,128 69,384 0.04 %
Total 2,282,844 2,319,383 1.21 %
DreamBox Learning, Inc.
Bellevue, WA
Preferred shares, Series A-1 Education Technology 7,159,221 1,502,362 1,503,436 0.78 %
Preferred shares, Series A 3,579,610 758,017 751,718 0.39 %
Total 2,260,379 2,255,154 1.17 %
Maven Research, Inc.⁽¹⁾
San Francisco, CA
Preferred shares, Series C Knowledge Networks 318,979 2,000,447 1,999,998 1.04 %
Preferred shares, Series B 49,505 217,206 223,763 0.12 %
Total 2,217,653 2,223,761 1.16 %
Strategic Data Command, LLC⁽¹⁾⁽⁷⁾
Sunnyvale, CA
Common shares Big Data Consulting 2,400,000 989,277 2,052,555 1.07 %
Clever, Inc.
San Francisco, CA
Preferred shares, Series B Education Software 1,799,047 2,000,601 2,000,001 1.04 %
EdSurge, Inc.⁽¹⁾
Burlingame, CA
Preferred shares, Series A-1 Education Media Platform 378,788 501,360 500,000 0.26 %
Preferred shares, Series A 494,365 500,801 588,294 0.31 %
Total 1,002,161 1,088,294 0.57%

~~See accompanying notes to condensed consolidated financial statements.~~

~~TABLE OF CONTENTS~~

GSV CAPITAL CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)
December 31, 2016

Portfolio Investments* Headquarters/Industry Shares/
Principal Cost Fair Value % of
Net Assets
Tynker (f/k/a Neuron Fuel, Inc.)
Mountain View, CA
Preferred shares, Series A Computer Software 534,162 $ 309,310 $ 881,367 0.46 %
Fullbridge, Inc.
Cambridge, MA
Common shares Business Education 517,917 6,150,506 — — %
Junior note 1.49%, Due 11/9/2021 2,270,458 2,270,858 877,359 0.46 %
Total 8,421,364 877,359 0.46 %
Circle Media (f/k/a S3 Digital Corp. (d/b/a S3i))⁽¹⁾
New York, NY
Promissory Note 12%, Due 11/17/2017***⁽¹⁵⁾ Sports Analytics $ 25,000 26,840 26,544 0.01 %
Preferred shares, Series A    1,864,495 1,777,576 484,769 0.26 %
Preferred warrants, $1.17 Strike Price, Expiration Date 11/18/2022    5,360 576 — — %
Preferred warrants, $1.17 Strike Price, Expiration Date 8/29/2021    175,815 — — — %
Preferred warrants, $1.17 Strike Price, Expiration Date 6/26/2021    38,594 — — — %
Preferred warrants, $1.17 Strike Price, Expiration Date 9/30/2020    160,806 — — — %
Preferred warrants, $1.00 Strike Price, Expiration Date 11/21/2017 500,000 31,354 — — %
Total 1,836,346 511,313 0.27 %
4C Insights (f/k/a The Echo Systems Corp.)
Chicago, IL       ��
Common shares Social Data Platform 436,219 1,436,404 505,744 0.26 %
Aspiration Partners, Inc.
Marina Del Rey, CA
Preferred shares, Series A⁽¹¹⁾ Financial Services 540,270 1,001,815 307,954 0.16 %
Handle Financial, Inc. (f/k/a PayNearMe, Inc.)
Sunnyvale, CA
Common shares⁽¹³⁾ Cash Payment Network 5,480,348 14,000,398 164,410 0.09 %
Global Education Learning (Holdings) Ltd.⁽¹⁾**
Hong Kong
Preferred shares, Series A Education Technology 2,126,475 675,495 — — %
AlwaysOn, Inc.⁽¹⁾
Woodside, CA
Preferred shares, Series A-1 Social Media 4,465,925 876,023 — — %
Preferred shares, Series A    1,066,626 1,027,391 — — %
Preferred warrants Series A, $1.00 Strike Price, Expiration Date 1/9/2017 109,375 — — — %
Total 1,903,414 — — %
Orchestra One, Inc. (f/k/a
Learnist Inc.)
San Francisco, CA
Common shares Consumer Health Technology 57,026 4,959,614 — — %
Cricket Media (f/k/a ePals Inc.)⁽¹⁰⁾
Herndon, VA
Common shares Online Education 133,333 2,448,959 — —%

~~See accompanying notes to condensed consolidated financial statements.~~

~~TABLE OF CONTENTS~~

GSV CAPITAL CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)
December 31, 2016

Portfolio Investments* Headquarters/Industry Shares/
Principal Cost Fair Value % of
Net Assets
Earlyshares.com, Inc.
Miami, FL
Convertible Promissory Note 5%, Due 2/26/2017 ***⁽⁹⁾⁽³⁾ Equity Crowdfunding $ 50,000 $ 50,840 $ — — %
Preferred shares, Series A 165,715 261,598 — — %
Total 312,438 — — %
Beamreach Solar, Inc. (f/k/a Solexel, Inc.)
Milpitas, CA
Convertible Promissory Note 9%, Due 5/10/2017***⁽³⁾⁽¹⁶⁾ Solar Power $ 250,000 254,444 — — %
Preferred shares, Series D    1,613,413 2,419,751 — — %
Preferred shares, Series C 5,300,158 11,598,648 — — %
Total 14,272,843 — — %
AliphCom, Inc. (d/b/a Jawbone)
San Francisco, CA
Common shares Smart Device Company 150,000 793,152 — — %
Total Portfolio Investments 278,768,274 262,015,146 136.38 %
U.S. Treasury

U.S. Treasury Bill, 0%,
due 1/5/2017***⁽¹⁸⁾ $ 30,000,000 29,998,750 29,998,490 15.62 %
TOTAL INVESTMENTS $ 308,767,024 $ 292,013,636 152.00 %

All portfolio investments are non-control/non-affiliated and non-income-producing, unless otherwise identified. Equity investments are subject to lock-up restrictions upon their initial public offering (“IPO”). Preferred dividends are generally only payable when declared and paid by the portfolio company’s board of directors. The Company’s ~~and GSV Asset Management LLC’s~~directors, officers, employees and staff, as applicable, may serve on the board of directors of the Company’s portfolio investments. (Refer to “Note ~~2 — Related Party~~3—Related-Party Arrangements”). All portfolio investments are considered Level 3 and valued using significant unobservable inputs, unless otherwise noted. (Refer to “Note ~~3 —~~ 4—Investments at Fair Value”). All of the Company’s portfolio investments are restricted as to resale, unless otherwise noted, and were valued at fair value as determined in good faith by the Company’s Board of Directors. (Refer to “Note 2—Significant Accounting Policies—Investments at Fair Value”).


**	Indicates assets that ~~GSV~~SuRo Capital Corp. believes do not represent “qualifying assets” under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Of ~~GSV Capital Corp.’s~~the Company’s total ~~portfolio~~investments as of December 31, ~~2016, 9.47%~~2022, 14.47% of its total investments are non-qualifying assets.


***	Investment is income-producing.

(1)

(2)


(3)	Denotes an investment considered Level 1 or Level 2 and valued using observable inputs. Refer to “Note 4—Investments at Fair Value”.

(4)	As of December 31, ~~2016,~~2022, the investments noted had been placed on non-accrual status.

	~~(4)~~
(5)	~~GSV~~SuRo Capital Corp.’s ~~investment~~investments in ~~Avenues Global Holdings,~~StormWind, LLC isare held through ~~its wholly-owned~~SuRo Capital Corp.’s wholly owned subsidiary, GSVC SW Holdings, Inc.

(6)	SuRo Capital Corp.’s investments in preferred shares of Residential Homes for Rent, LLC (d/b/a Second Avenue) are held through SuRo Capital Corp.’s wholly owned subsidiary, GSVC AV Holdings, Inc.

~~See accompanying notes to condensed consolidated financial statements.~~

~~TABLE OF CONTENTS~~

GSV CAPITAL CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)
December 31, 2016

~~(5)~~

(7)

~~GSV~~SuRo Capital Corp.’s ~~investment~~investments in ~~Whittle Schools, LLC is~~Commercial Streaming Solutions Inc. (d/b/a BettorView), YouBet Technology, Inc. (d/b/a FanPower), Rebric, Inc. (d/b/a Compliable), EDGE Markets, Inc., and Xgroup Holdings Limited (d/b/a Xpoint) are held through its wholly-owned subsidiary GSVC WS Holdings, Inc. Whittle Schools, LLC is an investment that is collateralized by Avenues Global Holdings, LLC, as well as the personal collateral of Chris Whittle, the former chairman of Avenues Global Holdings, LLC.

	~~(6)~~	~~GSV~~SuRo Capital Corp.’s ~~investment~~wholly owned subsidiary, SuRo Capital Sports, LLC (“SuRo Sports”).

(8)	SuRo Capital Corp.’s investments in ~~StormWind, LLC is~~True Global Ventures 4 Plus Pte Ltd are held through ~~its wholly-owned subsidiary GSVC SW Holdings, Inc.~~

~~(7)~~

~~GSV~~SuRo Capital Corp.’s ~~investment in Strategic Data Command, LLC is held through its wholly-owned~~wholly owned subsidiary, GSVC SVDS Holdings, Inc.

~~(8)~~

~~Interest will accrue daily on the unpaid principal balance~~ As of ~~the note. Interest began compounding annually on November 26, 2015. Accrued interest is not payable until the earlier of (a) the closing~~December 31, 2022, $0.7 million of a ~~subsequent equity offering by CUX, Inc. (d/b/a CorpU), or (b) the maturity of the note (November 26, 2018).~~$2.0 million capital commitment to True Global Ventures 4 Plus Fund LP had been called and funded.


(9)	Interest will accrue daily on the unpaid principal balance of the note. Interest began compounding annually on February 26, 2015. Accrued interest is not payable until the earlier of (a) the closing of a subsequent equity offering by Earlyshares.com, Inc., or (b) the maturity of the note (February 26, 2017).

	~~(10)~~	~~On June 6, 2016, Cricket Media~~The SPBRX, INC. (f/k/a ~~ePals~~GSV Sustainability Partners, Inc.) ~~declared~~preferred shares held by SuRo Capital Corp. do not entitle SuRo Capital Corp. to a ~~10:1 reverse split~~preferred dividend. SuRo Capital Corp. does not anticipate that SPBRX, INC. will pay distributions on a quarterly or regular basis or become a predictable distributor of distributions.

(10)	On August 23, 2019, SuRo Capital Corp. amended the structure of its ~~common shares.~~

~~(11)~~

~~On July 29, 2016, Aspiration Partners, Inc. declared a 30:1 split of its preferred shares.~~

~~(12)~~

~~On December 30, 2016, Declara, Inc. extended the maturity date of the note held for one year until June 30, 2017.~~

~~(13)~~

~~On December 21, 2016, Handle Financial,~~investment in OneValley, Inc. (f/k/a ~~PayNearMe,~~NestGSV, Inc.) ~~converted its Series E Preferred shares into Common Class A shares on a 1:1 basis.~~

~~(14)~~

~~On December 15, 2016, NestGSV, Inc. (d/b/a GSV Labs, Inc.) converted its Series A, B, C, and D Preferred shares into Series A-1, A-2, A-3, and A-4 preferred shares, respectively, on a 1:1 basis.~~

~~(15)~~

~~On December 31, 2016, Circle Media (f/k/a S3 Digital Corp. (d/b/a S3i)) extended the maturity date~~. As part of the ~~note held for one year until November 17, 2017.~~

~~(16)~~

Interest will accrue daily on the unpaid principal balance of the note. Interest began compounding annually on November 26, 2016. Accrued interest is not payable until the earlier of (a) the closing ofagreement, SuRo Capital Corp.’s equity holdings (warrants notwithstanding) were restructured into a ~~subsequent equity offering by Beamreach Solar,~~derivative security. OneValley, Inc. (f/k/a ~~Solexel,~~NestGSV, Inc.)~~, or (b)~~ has the ~~maturity~~right to call the position at any time over a five year period, ending August 23, 2024, while SuRo Capital Corp. can put the shares to OneValley, Inc. (f/k/a NestGSV, Inc.) at the end of the ~~note (May 10, 2017).~~five year period.

	~~(17)~~
(11)	~~On October 26, 2016,~~During the ~~Snap Inc. board of directors approved~~ year ended December 31, 2022, approximately $1.2 million has been received from Residential Homes for Rent, LLC (d/b/a ~~distribution of shares of Class A common stock as a dividend~~Second Avenue) related to the ~~holders~~15% term loan due December 23, 2023. Of the proceeds received, approximately $1.0 million repaid a portion of ~~all preferred~~the outstanding principal and the remaining was attributed to interest.

(12)	Denotes an investment that is the sponsor of a special purpose acquisition company formed for the purpose of effecting a merger, capital stock ~~and common~~exchange, asset acquisition, stock ~~outstanding on October 31, 2016. One share~~purchase, reorganization or similar business combination with one or more businesses.

(13)	On November 9, 2021, Fullbridge, Inc.’s obligations under its financing arrangements with the Company became past due.

(14)	On March 22, 2022, Forge Global Holdings, Inc., completed its business combination with Motive Capital Corp. As a result of ~~Class A common stock was distributed for~~the transaction, each share of ~~preferred~~Forge Global, Inc.’s capital stock ~~and~~outstanding prior to the business combination was exchanged at the designated exchange ratio of approximately 3.123. In addition, each warrant of Forge Global, Inc. was exchanged into warrants exercisable into common stock ~~outstanding.~~

~~(18)~~

~~Denotes an investment considered Level 1~~based on the exchange ratio of 3.123. The exercise price of each converted warrant was determined by dividing the exercise price of the respective Forge Global, Inc. warrants by the exchange ratio, rounded to the nearest whole cent. On and ~~valued using observable inputs.~~effective August 5, 2022, SuRo Capital Corp. notified Forge Global, Inc. of its intent to net exercise via cashless settlement its 230,144 common warrants in Forge Global, Inc. into 53,283 shares of Forge Global, Inc.’s public common stock, pursuant to the net exercise formula in the warrant agreement. The exercise was effectuated on September 30, 2022.

~~See accompanying notes to condensed consolidated financial statements.~~

Table of Contents

~~TABLE OF CONTENTS~~

GSV
SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September
June 30, 2017
(Unaudited)

2023
NOTE 1 — 1—NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES

Nature of Operations

SuRo Capital Corp. (“we”, “us”, “our”, “Company” or “SuRo Capital”), formerly known as Sutter Rock Capital Corp. and as GSV Capital Corp. ~~(the “Company” or “GSV Capital”),~~and formed in September 2010 as a Maryland corporation, is an ~~externally managed,~~internally-managed, non-diversified closed-end management investment company. The Company has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”)~~. The Company’s investment activities are managed by GSV Asset Management, LLC (“GSV Asset Management”)~~, and ~~GSV Capital Service Company, LLC~~has elected to be treated, and intends to qualify annually, as a regulated investment company (“~~GSV Capital Service Company”~~RIC”) ~~provides~~under Subchapter M of the ~~administrative services necessary for the Company to operate.~~Internal Revenue Code of 1986, as amended (the “Code”).

The Company’s date of inception was January 6, 2011, which is the date itwe commenced ~~its~~ development stage activities. The Company’s common stock is currently listed on the Nasdaq Global Select Market under the symbol “SSSS” (formerly “GSVC”). Prior to November 24, 2021, our common stock traded on the Nasdaq Capital Market under the same symbol ~~“GSVC”~~(“SSSS”). The Company began its investment operations during the second quarter of 2011.

The table below displays ~~all~~ the Company’s subsidiaries as of ~~September~~June 30, ~~2017,~~2023, which, other than GSV Capital Lending, LLC (“GCL”), and SuRo Capital Sports, LLC, are collectively referred to as the ~~“GSVC Holdings.~~“Taxable Subsidiaries.” The ~~GSVC Holdings~~Taxable Subsidiaries were formed to hold certain portfolio investments. The ~~GSVC Holdings,~~Taxable Subsidiaries, including their associated portfolio investments, are consolidated with the Company for accounting purposes, but have elected to be treated as separate entities for U.S. federal income tax purposes. GCL was formed to originate portfolio loan investments within the state of California and is consolidated with the Company for accounting purposes. Refer to ~~“Summary of~~ “Note 2—Significant Accounting ~~Policies —~~ Policies—Basis of ~~Consolidation”~~Consolidation” below for further detail.

SCHEDULE OF COMPANY’S SUBSIDIARIES

Subsidiary

Jurisdiction of

Incorporation

Formation

Date

Percentage

Owned

GCL

Delaware

April 13, 2012

100

SuRo Capital Sports, LLC (“SuRo Sports”)

Delaware

March 19, 2021

100

Subsidiaries below are referred to collectively, as the ~~“GSVC Holdings”~~

“Taxable Subsidiaries”

GSVC AE Holdings, Inc. (“GAE”)

Delaware

November 28, 2012

100

GSVC AV Holdings, Inc. (“GAV”)

Delaware

November 28, 2012

100

~~GSVC NG Holdings, Inc. (“GNG”)~~

~~Delaware~~

~~November 28, 2012~~

~~100~~

GSVC SW Holdings, Inc. (“GSW”)

Delaware

November 28, 2012

100

~~GSVC WS Holdings, Inc. (“GWS”)~~

~~Delaware~~

~~November 28, 2012~~

~~100~~

GSVC SVDS Holdings, Inc. (“SVDS”)

Delaware

August 13, 2013

100

The Company’s investment objective is to maximize its portfolio’s total return, principally by seeking capital gains on its equity and equity-related investments, and to a lesser extent, income from debt investments. The Company invests principally in the equity securities of what it believes to be rapidly growing venture-capital-backed emerging companies. The Company may ~~acquire its investments~~invest in these portfolio companies ~~through:~~through offerings of the prospective portfolio companies, transactions on secondary marketplaces for private companies, or negotiations with selling stockholders. In addition, the Company may invest in private credit and in founders equity, founders warrants, forward purchase agreements, and private investment in public equity transactions of special purpose acquisition companies. The Company may also invest on an opportunistic basis in select publicly traded equity securities or certain non-U.S. companies that otherwise meet its investment criteria, subject to any applicable limitations under the 1940 Act.

Summary of Significant Accounting Policies

13
Table of Contents
SURO CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2023
NOTE 2—SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation

The interim unaudited condensed consolidated financial statements of the Company are prepared on the accrual basis of accounting in conformity with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the requirements for reporting on Form 10-Q and Regulation S-X under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company is an investment company following the specialized accounting and reporting guidance specified in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 946,, Financial ~~Services —~~ Services—Investment

~~TABLE OF CONTENTS~~

GSV CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2017
(Unaudited)

NOTE 1 — NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES – (continued)

Companies. In the opinion of management, all adjustments, all of which were of a normal recurring nature, were considered necessary for the fair presentation of ~~condensed~~ consolidated financial statements for the ~~interim~~ period have been included.

The results of operations for the current interim period are not necessarily indicative of results that ultimately may be achieved for any other interim period or for the year ending December 31, ~~2017.~~2023. The interim unaudited condensed consolidated financial statements and notes hereto should be read in conjunction with the audited ~~condensed~~ consolidated financial statements and notes thereto contained in the Company’s annual report on Form 10-K for the year ended December 31, ~~2016.~~2022.

Basis of Consolidation

Under Article 6 of Regulation S-X and the American Institute of Certified Public Accountants’ (“AICPA”) Audit and Accounting Guide for Investment Companies, the Company is precluded from consolidating any entity other than another investment company, a controlled operating company that provides substantially all of its services and benefits to the Company, and certain entities established for tax purposes where the Company holds a 100% interest. Accordingly, the Company’s condensed consolidated financial statements include its accounts and the accounts of the ~~GSVC Holdings~~Taxable Subsidiaries, GCL, and ~~GCL,~~SuRo Sports, its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of condensed consolidated financial statements in accordance with GAAP requires the Company’s management to make a number of significant estimates. These include estimates of the fair value of certain assets and liabilities and other estimates that affect the reported amounts of certain assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of certain revenues and expenses during the reporting period. It is likely that changes in these estimates ~~will~~may occur in the near term. The Company’s estimates are inherently subjective in nature and actual results could differ materially from such estimates.

Uncertainties and Risk Factors

The Company is subject to a number of risks and uncertainties in the nature of its operations, as well as vulnerability due to certain concentrations. Refer to ~~“Management’s Discussion and Analysis of Financial Condition and Results of Operations — Forward-Looking Statements” and “Item 1A. Risk~~“Risk Factors” in Part II, Item 1A of this ~~quarterly report on~~ Form 10-Q ~~and “Item 1A. Risk Factors” of our annual report on Form 10-K for the fiscal year ended December 31, 2016~~ for a detailed discussion of the risks and uncertainties inherent in the nature of the Company’s operations. Refer to “Note ~~3 —~~ 4—Investments at Fair ~~Value.”~~Value” for an overview of the Company’s industry and geographic concentrations.

Investments at Fair Value

The Company applies fair value accounting in accordance with GAAP and the AICPA’s Audit and Accounting Guide for Investment Companies. The Company values its assets on a quarterly basis, or more frequently if required under the 1940 Act.

Table of Contents

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2023

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. GAAP establishes a framework for measuring fair value that includes a hierarchy used to classify the inputs used in measuring fair value. The hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three levels. The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement. The levels of the fair value hierarchy are as follows:

Level 1—Valuations based on unadjusted quoted prices for identical assets or liabilities in an active market that the Company has the ability to access at the measurement date.

~~TABLE OF CONTENTS~~

GSV CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2017
(Unaudited)

NOTE 1 — NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES – (continued)

Level 2—Valuations based on observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data at the measurement date for substantially the full term of the assets or liabilities.

Level 3—Valuations based on unobservable inputs that reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. The majority of the Company’s investments are Level 3 investments and are subject to a high degree of judgment and uncertainty in determining fair value.

When the inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement in its entirety. For example, a Level 3 fair value measurement may include inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Therefore, gains and losses for such assets and liabilities categorized within the Level 3 table set forth in “Note ~~3 —~~ 4—Investments at Fair Value” may include changes in fair value that are attributable to both observable inputs (Levels 1 and 2) and unobservable inputs (Level 3).

A review of fair value hierarchy classifications is conducted on a quarterly basis. Changes in the observability of valuation inputs may result in a reclassification for certain financial assets or liabilities. Reclassifications impacting Level 3 of the fair value hierarchy are reported as transfers in/out of the Level 3 category as of the beginning of the ~~quarter~~measurement period in which the reclassifications occur. Refer to “Levelling Policy” below for a detailed discussion of the levelling of the Company’s financial assets or liabilities and events that may cause a reclassification within the fair value hierarchy.

Securities for which market quotations are readily available on an exchange are valued at the most recently available closing price of such security as of the valuation date, unless there are legal or contractual restrictions on the sale or use of such security that under ASC 820-10-35 should be incorporated into the security’s fair value measurement as a characteristic of the security that would transfer to market participants who would buy the security. The Company may also obtain quotes with respect to certain of its investments from pricing services, brokers or dealers in order to value assets. When doing so, the Company determines whether the quote obtained is sufficient according to GAAP to determine the fair value of the security. If determined to be adequate, the Company uses the quote obtained.

Securities for which reliable market quotations are not readily available or for which the pricing source does not provide a valuation or methodology, or provides a valuation or methodology that, in the judgment of ~~GSV Asset Management, our board~~management, the Company’s Board of ~~directors~~Directors or the valuation committee of the Company’s ~~board~~Board of ~~directors~~Directors (the “Valuation Committee”), does not reliably represent fair value, shall each be valued as follows:

The quarterly valuation process begins with each portfolio company or investment being initially valued by the internal investment professionals ~~of GSV Asset Management~~ responsible for the portfolio investment;

	2.
	2.	Preliminary valuation ~~conclusions~~estimates are then documented and discussed with ~~GSV Asset Management~~ senior management;

	3.	An independent third-party valuation firm is engaged by the Valuation Committee to conduct independent appraisals and review GSV Asset Management’s preliminary valuations and make its own independent assessment, for
	3.	For all investments for which there are no readily available market ~~quotations;~~quotations, the Valuation Committee engages an independent third-party valuation firm to conduct independent appraisals, review management’s preliminary valuations and make its own independent assessment;

~~TABLE OF CONTENTS~~

GSV CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2017
(Unaudited)

NOTE 1 — NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES – (continued)

	4.
	4.	The Valuation Committee applies the appropriate valuation methodology to each portfolio asset in a consistent manner, considers the inputs provided by management and the independent third-party valuation firm, discusses the valuations and recommends to the Company’s ~~board~~Board of ~~directors~~Directors a fair value for each investment in the ~~portfolio based on the input of GSV Asset Management~~portfolio; and ~~the independent third-party valuation firm; and~~

	5.
	5.	The Company’s ~~board~~Board of ~~directors~~Directors then discusses the valuations recommended by the Valuation Committee and determines in good faith the fair value of each investment in the portfolio.

Table of Contents

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2023

In making a good faith determination of the fair value of investments, the ~~Company considers~~Board applies valuation methodologies consistent with industry practice. Valuation methods utilized include, but are not limited to, the following: comparisons to prices from secondary market transactions; venture capital financings; public offerings; purchase or sales transactions; ~~as well as~~ analysis of financial ratios and valuation metrics of ~~the~~ portfolio companies that issued such private equity securities to peer companies that are ~~public,~~public; analysis of the portfolio ~~companies’~~company’s most recent financial statements, ~~and~~ forecasts and the markets in which the portfolio company does business, and other relevant factors. The Company assigns a weighting based upon the relevance of each method to ~~determine~~assist the Board in determining the fair value of each investment.

For investments that are not publicly traded or that do not have readily available market quotations, the Valuation Committee generally engages ~~at least one~~an independent valuation firm to provide an independent valuation, which the Company’s ~~board~~Board of ~~directors~~Directors considers, among other factors, in making its fair value determinations for these investments. For the current and prior fiscal year, the Valuation Committee engaged an independent valuation firm to perform valuations of 100% of the Company’s investments for which there were no readily available market quotations.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period. Because of the inherent uncertainty of valuation, these estimated values may differ significantly from the values that would have been reported had a ready market for the investments existed, and it is reasonably possible that the difference could be material.

In addition, changes in the market environment and other events that may occur over the life of the investments may cause the realized gains or losses on investments to be different from the net change in unrealized appreciation or depreciation currently reflected in the consolidated financial ~~statements as of September 30, 2017 and December 31, 2016.~~statements.

Equity Investments

Equity investments for which market quotations are readily available in an active market are generally valued at the most recently available closing market prices and are classified as Level 1 assets. Equity investments with readily available market quotations that are subject to sales restrictions due to an initial public offering (“IPO”) by the portfolio company will be classified as Level 1. Any other equity investments with readily available market quotations that are subject to sales restrictions that would transfer to market participants who would buy the security may be valued at a discount for a lack of marketability (“DLOM”), to the most recently available closing market prices depending upon the nature of the sales restriction. These investments are generally classified as Level 2 assets. The DLOM used is generally based upon the market value of publicly traded put options with similar terms.

The fair values of the Company’s equity investments for which market quotations are not readily available are determined based on various factors and are classified as Level 3 assets. To determine the fair value of a portfolio company for which market quotations are not readily available, the ~~Company~~Board applies the appropriate respective valuation methodology for the asset class or portfolio holding, which may ~~analyze~~involve analyzing the relevant portfolio company’s most recently available historical and projected financial results, public market comparables, and other factors. The ~~Company~~Board may also consider other events, including the transaction in which the Company acquired its securities, subsequent equity sales by the portfolio company,

~~TABLE OF CONTENTS~~

GSV CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2017
(Unaudited)

NOTE 1 — NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES – (continued)

and mergers or acquisitions affecting the portfolio company. In addition, the ~~Company~~Board may consider the trends of the portfolio company’s basic financial metrics from the time of its original investment until the measurement date, with material improvement of these metrics indicating a possible increase in fair value, while material deterioration of these metrics may indicate a possible reduction in fair value.

Table of Contents

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2023

In determining the fair value of equity or equity-linked securities (including warrants to purchase common or preferred stock) in a portfolio company, the ~~Company~~Board considers the rights, preferences and limitations of such securities. In cases where a portfolio company’s capital structure includes multiple classes of preferred and common stock and equity-linked securities with different rights and preferences, the Company may use an option pricing model to allocate value to each equity-linked security, unless it believes a liquidity event such as an acquisition or a dissolution is imminent, or the portfolio company is unlikely to continue as a going concern. When equity-linked securities expire worthless, any cost associated with these positions is recognized as a realized loss on investments in the Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Cash Flows. In the event these securities are exercised into common or preferred stock, the cost associated with these securities is reassigned to the cost basis of the new common or preferred stock. These conversions are noted as non-cash operating items on the Condensed Consolidated Statements of Cash Flows.

Debt Investments

Given the nature of the Company’s current debt investments (excluding U.S. Treasuries), principally convertible and promissory notes issued by venture-capital-backed portfolio companies, these investments are classified as Level 3 assets because there is no known or accessible market or market indexes for these investment securities to be traded or exchanged. The Company’s debt investments are valued at estimated fair value as determined in good faith by the Company’s ~~board~~Board of ~~directors.~~Directors.

Warrants

Options

The Company’s ~~board~~Board of ~~directors will ascribe~~Directors determines the fair value ~~to warrants~~of options based on ~~fair value analyses~~methodologies that can include discounted cash flow analyses, option pricing models, comparable analyses and other techniques as deemed appropriate. These investments are classified as Level 3 assets because there is no known or accessible market or market indexes for these investment securities to be traded or exchanged. The Company’s ~~warrants~~options are valued at estimated fair value as determined by the Company’s ~~board~~Board of ~~directors.~~Directors.

Special Purpose Acquisition Companies
The Company’s Board of Directors measures its Special Purpose Acquisition Company (“SPAC”) investments at fair value, which is equivalent to cost until a SPAC transaction is announced. After a SPAC transaction is announced, the Company’s Board of Directors will determine the fair value of SPAC investments based on fair value analyses that can include option pricing models, probability-weighted expected return method analyses and other techniques as deemed appropriate. Upon completion of the SPAC transaction, the Board utilizes the public share price of the entity, less a DLOM if there are restrictions on selling. The Company’s SPAC investments are valued at estimated fair value as determined in good faith by the Company’s Board of Directors.
Venture Investment Funds
In valuing the Company’s investments in venture investment funds (“Venture Investment Funds”), the Company applies the practical expedient provided by the ASC Topic 820 relating to investments in certain entities that calculate net asset value (“NAV”) per share (or its equivalent). ASC Topic 820 permits an entity holding investments in certain entities that either are investment companies, or have attributes similar to an investment company, and calculate NAV per share or its equivalent for which the fair value is not readily determinable, to measure the fair value of such investments on the basis of that NAV per share, or its equivalent, without adjustment.
Portfolio Company Investment Classification
The Company is a non-diversified company within the meaning of the 1940 Act. The Company classifies its investments by level of control. As defined in the 1940 Act, control investments are those where the investor retains the power to exercise a controlling influence over the management or policies of a company. Control is generally deemed to exist when a company or individual directly or indirectly owns beneficially more than 25% of the voting securities of an investee company. Affiliated investments and affiliated companies are defined by a lesser degree of influence and are deemed to exist when a company or individual directly or indirectly owns, controls or holds the power to vote 5% or more of the outstanding voting securities of a portfolio company. Refer to the Consolidated Schedules of Investments as of June 30, 2023 and December 31, 2022, for details regarding the nature and composition of the Company’s investment portfolio.
17
Table of Contents
SURO CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2023
Levelling Policy

The portfolio companies in which the Company invests may offer their shares in IPOs. The Company’s shares in such portfolio companies are typically subject to lock-up agreements for 180 days following the IPO. Upon the IPO date, the Company transfers its investment from Level 3 to Level 1 due to the presence of an active market, or Level 2 if limited by the lock-up agreement. The Company prices the investment at the closing price on a public exchange as of the measurement date. In situations where there are lock-up restrictions, as well as legal or contractual restrictions on the sale or use of such security that under ASC 820-10-35 should be incorporated into the security’s fair value measurement as a characteristic of the security that would transfer to market participants who would buy the security, the Company will classify the investment as Level 2 subject to an appropriate DLOM to reflect the restrictions upon sale. The Company transfers investments between levels based on the fair value at the beginning of the measurement period in accordance with FASB ASC 820. For investments transferred out of Level 3 due to an IPO, the Company transfers these investments based on their fair value at the IPO date.

~~TABLE OF CONTENTS~~

GSV CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2017
(Unaudited)

NOTE 1 — NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES – (continued)

Valuation of Other Financial Instruments

The carrying amounts of the Company’s other, non-investment financial instruments, consisting of cash, receivables, accounts payable, and accrued expenses, approximate fair value due to their short-term nature.

Securities Transactions

Securities transactions are accounted for on the date the transaction for the purchase or sale of the securities is entered into by the Company (i.e., trade date). Securities transactions outside conventional channels, such as private transactions, are recorded as of the date the Company obtains the right to demand the securities purchased or to collect the proceeds from a sale and incurs an obligation to pay for securities purchased or to deliver securities sold, respectively.

~~Portfolio~~~~Company Investment Classification~~

~~GSV Capital is a non-diversified company within the meaning~~Valuation of the 1940 Act. GSV Capital classifies its investments by level of control. As defined in the 1940 Act, control investments are those where there is the power to exercise a controlling influence over the management or policies of a company. Control is generally deemed to exist when a company or individual directly or indirectly owns beneficially more than 25% of the voting securities of an investee company. Affiliated investments and affiliated companies are defined by a lesser degree of influence and are deemed to exist when a company or individual directly or indirectly owns, controls or holds the power to vote 5% or more of the outstanding voting securities of a portfolio company. Refer to the Condensed Consolidated Schedules of Investments as of September 30, 2017 and December 31, 2016, respectively, for details regarding the nature and compositionOther Financial Instruments

The carrying amounts of the Company’s ~~investment portfolio.~~other, non-investment financial instruments, consisting of cash, receivables, accounts payable, and accrued expenses, approximate fair value due to their short-term nature.

Cash

The Company ~~places~~custodies its cash with ~~U.S. Bank,~~Western Alliance Trust Company, N.A., ~~Bridge Bank (a subsidiary of Western Alliance Bank),~~ and ~~Silicon Valley Bank, and at times,~~may place cash in demand deposit accounts with other high-quality financial institutions. The cash held in these accounts may exceed the Federal Deposit Insurance Corporation insured limit. The Company believes ~~that U.S. Bank, N.A., Western Alliance Bank, and Silicon Valley Bank are high-quality financial institutions and that~~ the risk of loss associated with any uninsured balance is remote.

Escrow Proceeds Receivable
A portion of the proceeds from the sale of portfolio investments are held in escrow as a recourse for indemnity claims that may arise under the sale agreement or other related transaction contingencies. Amounts held in escrow are held at estimated realizable value and included in net realized gains (losses) on investments in the Condensed Consolidated Statements of Operations for the period in which they occurred and are adjusted as needed. Any remaining escrow proceeds balances from these transactions reasonably expected to be received are reflected on the Condensed Consolidated Statement of Assets and Liabilities as escrow proceeds receivable. Escrow proceeds receivable resulting from contingent consideration are to be recognized when the amount of the contingent consideration becomes realized or realizable. As of June 30, 2023 and December 31, 2022, the Company had $375,965 and $628,332, respectively, in escrow proceeds receivable.
Deferred Financing Costs

The Company records origination costs related to lines of credit as deferred financing costs. These costs are deferred and amortized as part of interest expense using the straight-line method over the respective life of the line of credit. For modifications to a line of credit, any unamortized origination costs are expensed. Included within deferred financing costs are offering costs incurred relating to the Company’s shelf registration statement on Form N-2. The Company defers these offering costs until capital is raised pursuant to the shelf registration statement or until the shelf registration statement ~~has expired.~~expires. For equity capital raised, the offering costs reduce paid-in capital resulting from the offering. For debt capital raised, the associated offering costs are amortized over the life of the debt ~~instrument using the effective interest method.~~instrument. As of ~~September~~June 30, ~~2017,~~2023 and December 31, ~~2016,~~2022, the Company had deferred financing costs of ~~$425,316~~$590,430 and ~~$311,268,~~$555,761, respectively, on the Condensed Consolidated ~~Statements~~Statement of Assets and Liabilities.

Table of Contents

~~TABLE OF CONTENTS~~

GSV
SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September
June 30, 2017
(Unaudited)

NOTE 1 — NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES – (continued)

2023
Operating Leases & Related Deposits
The Company accounts for its operating leases as prescribed by ASC 842, Leases, which requires lessees to recognize a right-of-use asset on the balance sheet, representing its right to use the underlying asset for the lease term, and a corresponding lease liability for all leases with terms greater than 12 months. The lease expense is presented as a single lease cost that is amortized on a straight-line basis over the life of the lease. Non-lease components (maintenance, property tax, insurance and parking) are not included in the lease cost. On June 3, 2019, the Company entered a 5-year operating lease for office space for which the Company has recorded a right-of-use asset and a corresponding lease liability for the operating lease obligation. These amounts have been discounted using the rate implicit in the lease. Refer to “Note 7—Commitments and Contingencies—Operating Leases and Related Deposits” for further detail.
Stock-based Compensation
Using the fair value recognition provisions as prescribed by ASC 718, Stock Compensation, stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense over the appropriate service period. Determining the fair value of stock-based awards requires considerable judgment, including estimating the expected term of stock options and the expected volatility of our stock price. Differences between actual results and these estimates could have a material effect on our financial results. Forfeitures are accounted for as they occur. Refer to “Note 11—Stock-Based Compensation” for further detail.
Revenue Recognition

The Company recognizes gains or losses on the sale of investments using the specific identification method. The Company recognizes interest income, adjusted for amortization of premium and accretion of discount, on an accrual basis. The Company recognizes dividend income on the ex-dividend date.

Investment Transaction Costs and Escrow Deposits

Commissions and other costs associated with an investment transaction, including legal expenses not reimbursed by the portfolio company, are included in the cost basis of purchases and deducted from the proceeds of sales. The Company makes certain acquisitions on secondary markets, which may involve making deposits to escrow accounts until certain conditions are met, including the underlying private company’s right of first refusal. If the underlying private company does not exercise or assign its right of first refusal and all other conditions are met, then the funds in the escrow account are delivered to the seller and the account is closed. Such transactions would be reflected on the Condensed Consolidated Statement of Assets and Liabilities as escrow deposits. ~~At September~~As of June 30, ~~2017~~2023 and December 31, ~~2016,~~2022, the Company had no escrow deposits.

Unrealized Appreciation or Depreciation of Investments

Unrealized appreciation or depreciation is calculated as the difference between the fair value of the investment and the cost basis of such investment.

U.S. Federal and State Income Taxes

The Company elected to be treated as a ~~regulated investment company (a “RIC”)~~RIC under Subchapter M of the ~~Internal Revenue~~ Code, ~~of 1986, as amended (the “Code”),~~ beginning with its taxable year ended December 31, 2014, has qualified to be treated as a RIC for subsequent taxable years and intends to continue to operate in a manner so as to qualify for the tax treatment applicable to RICs.

To qualify for tax treatment as a RIC, among other things, the Company is required to meet certain source of income and asset diversification requirements and timely distribute to its stockholders at least ~~90% of~~ the sum of 90% of our investment company taxable income (“ICTI”), including payment-in-kind interest income, as defined by the Code, and 90% of our net tax-exempt interest income (which is the excess of its gross tax-exempt interest income over certain disallowed deductions) for each taxable year ~~and meet certain source of income and asset diversification requirements on a quarterly basis.~~(the “Annual Distribution Requirement”). Depending on the level of ICTI earned in a tax year, the Company may choose to carry forward into the next tax year ICTI in excess of current year dividend distributions. Any such carryforward ICTI must be distributed on or before December 31 of the subsequent tax year to which it was carried forward.

Table of Contents

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2023

If the Company meets the Annual Distribution Requirement, but does not distribute (or is not deemed to have distributed) each calendar year a sum of (1) 98% of its net ordinary income for each calendar year, (2) 98.2% of its capital gain net income for the one-year period ending October 31 in that calendar year and (3) any income recognized, but not distributed, in preceding years (the ~~“Minimum Distribution Amount”~~“Excise Tax Avoidance Requirement”), it generally will be required to pay an excise tax equal to 4% of the amount by which the ~~Minimum Distribution Amount~~Excise Tax Avoidance Requirement exceeds the distributions for the year. To the extent that the Company determines that its estimated current year annual taxable income will exceed estimated current year dividend distributions from such taxable income, the Company will accrue excise taxes, if any, on estimated excess taxable income as taxable income is earned using an annual effective excise tax rate. The annual effective excise tax rate is determined by dividing the estimated annual excise tax by the estimated annual taxable income.

~~TABLE OF CONTENTS~~

GSV CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2017
(Unaudited)

NOTE 1 — NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES – (continued)

So long as the Company qualifies and maintains its tax treatment as a RIC, it generally will not ~~pay corporate-level~~be subject to U.S. federal and state income taxes on any ordinary income or capital gains that it distributes at least annually to its stockholders as dividends. Rather, any tax liability related to income earned by the RIC will represent obligations of the Company’s investors and will not be reflected in the ~~condensed~~ consolidated financial statements of the Company. Included in the Company’s ~~condensed~~ consolidated financial statements, the ~~GSVC Holdings~~Taxable Subsidiaries are taxable subsidiaries, regardless of whether the Company is a RIC. These ~~taxable subsidiaries~~Taxable Subsidiaries are not consolidated for income tax purposes and may generate income tax expenses as a result of their ownership of the portfolio companies. Such income tax expenses and deferred taxes, if any, will be reflected in the Company’s condensed consolidated financial statements.

If it is not treated as a RIC, the Company will be taxed as a regular corporation (a “C ~~corporation”~~Corporation”) under ~~subchapter~~Subchapter C of the Code for such taxable year. If the Company has previously qualified as a RIC but is subsequently unable to qualify for treatment as a RIC, and certain amelioration provisions are not applicable, the Company would be subject to tax on all of its taxable income (including its net capital gains) at regular corporate rates. The Company would not be able to deduct distributions to stockholders, nor would it be required to make distributions. Distributions, including distributions of net long-term capital gain, would generally be taxable to its stockholders as ordinary dividend income to the extent of the Company’s current and accumulated earnings and profits. Subject to certain limitations under the Code, corporate stockholders would be eligible to claim a dividend received deduction with respect to such dividend; non-corporate stockholders would generally be able to treat such dividends as “qualified dividend income,” which is subject to reduced rates of U.S. federal income tax. Distributions in excess of the Company’s current and accumulated earnings and profits would be treated first as a return of capital to the extent of the stockholder’s adjusted tax basis, and any remaining distributions would be treated as a capital gain. In order to requalify as a RIC, in addition to the other requirements discussed above, the Company would be required to distribute all of its previously undistributed earnings attributable to the period it failed to qualify as a RIC by the end of the first year that it intends to requalify for tax treatment as a RIC. If the Company fails to requalify for tax treatment as a RIC for a period greater than two taxable years, it may be subject to regular corporate tax on any net built-in gains with respect to certain of its assets (~~i.e.~~(i.e., the excess of the aggregate gains, including items of income, over aggregate losses that would have been realized with respect to such assets if the Company had been liquidated) that it elects to recognize on requalification or when recognized over the next five years. ~~The Company was taxed a C corporation for its 2012 and 2013 taxable years.~~ Refer to “Note ~~8 —~~ 9—Income Taxes” for further ~~details regarding the Company’s tax status.~~details.

20
Table of Contents
SURO CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2023
Per Share Information

~~Basic net increase/(decrease)~~

Net change in net assets resulting from operations per basic common share is computed using the weighted-average number of shares outstanding for the period presented. Diluted net ~~increase/(decrease)~~change in net assets resulting from operations per common share is computed by dividing net increase/(decrease) in net assets resulting from operations for the period adjusted to include the pre-tax effects of interest incurred on potentially dilutive securities, by the weighted-average number of common shares outstanding plus any potentially dilutive shares outstanding during the period. The Company used the if-converted method in accordance withFASB ASC 260, Earnings Per Share(“ (“ASC 260”) to determine the number of potentially dilutive shares outstanding. Refer to “Note ~~5 —~~ 6—Net ~~Increase/(Decrease)~~Increase in Net Assets Resulting from Operations per Common ~~Share —~~ Share—Basic and Diluted” for further detail.

~~TABLE OF CONTENTS~~

GSV CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2017
(Unaudited)

NOTE 1 — NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES – (continued)

Recently Issued Accounting Standards

In ~~January 2016,~~June 2022, the FASB issued ~~Accounting Standards Update (“ASU”) 2016-01,~~~~Financial Instruments — Overall (Subtopic 825-10)~~ASU No. 2022-03 “Fair Value Measurements (Topic 820): ~~Recognition and~~Fair Value Measurement of ~~Financial Assets and Financial Liabilities,~~ ~~which, among other things, requires (i) that all~~Equity Securities Subject to Contractual Sale Restrictions.” This change prohibits entities from taking into account contractual restrictions on the sale of equity ~~investments, other than equity-method investments, in unconsolidated entities generally be measured at~~securities when estimating fair value ~~through earnings,~~ and (ii) an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value optionintroduces required disclosures for ~~financial instruments. Additionally, ASU 2016-01 changes the disclosure requirements for financial instruments. ASU 2016-01~~such transactions. The standard is effective for annual ~~reporting periods, and the interim periods within those~~ periods beginning after December 15, ~~2017.~~2023, and should be applied prospectively. Early adoption is ~~permitted for certain provisions. We do~~permitted. The adoption of ASU 2022-03 is not ~~believe that ASU 2016-01 will~~expected to have a material impact on ~~our~~the Company’s future financial statements.

From time to time, new accounting pronouncements are issued by the FASB or other standards setting bodies that are adopted by the Company as of the specified effective date. The Company believes that the impact of recently issued standards and any that are not yet effective will not have a material impact on its consolidated financial statements ~~and disclosures.~~upon adoption.

NOTE 2 — 3—RELATED-PARTY ARRANGEMENTS

Investment Advisory Agreement

The Company has entered into an investment advisory agreement with GSV Asset Management (the “Advisory Agreement”). Under the terms of the agreement, GSV Asset Management is paid a quarterly management fee and an annual incentive fee. GSV Asset Management is controlled by Michael Moe, the Executive Chairman of the Company’s board of directors. Mr. Moe, through his ownership interest in GSV Asset Management, is entitled to a portion of any profits earned by GSV Asset Management in performing its services under the Advisory Agreement. Mr. Moe and William Tanona, the Company’s President, Chief Financial Officer, Treasurer and Corporate Secretary, as principals of GSV Asset Management, collectively manage the business and internal affairs of GSV Asset Management. Mark Klein, the Company’s Chief Executive Officer and a member of the Company’s board of directors, or entities with which he is affiliated, receives fees from GSV Asset Management equal to a percentage of each of the base management fee and the incentive fee paid by the Company to GSV Asset Management pursuant to a consulting agreement with GSV Asset Management.

Under the Advisory Agreement, there are no restrictions on the right of any manager, partner, officer or employee of GSV Asset Management to engage in any other business or to devote his or her time and attention in part to any other business, whether of a similar or dissimilar nature, or to receive any fees or compensation in connection therewith (including fees for serving as a director of, or providing consulting services to, one or more of the Company’s portfolio companies). GSV Asset Management has, however, adopted an internal policy whereby any fees or compensation received by a manager, partner, officer or employee of GSV Asset Management in exchange for serving as a director of, or providing consulting services to, any of the Company’s portfolio companies will be transferred to the Company, net of any personal taxes incurred, upon such receipt for the benefit of the Company and its stockholders.

Management Fees

Under the terms of the Advisory Agreement, GSV Asset Management is paid a base management fee of 2.0% of gross assets, which is the Company’s total assets reflected on its Condensed Consolidated Statements of Assets and Liabilities (with no deduction for liabilities) reduced by any non-portfolio investments. Effective January 1, 2017 through December 31, 2017, however, pursuant to a voluntary waiver by GSV Asset Management, the Company will pay GSV Asset Management a base management fee of 1.75%, a 0.25% reduction from the 2.0% base management fee payable under the Advisory Agreement. This waiver of a portion of the base management fee is not subject to recourse against or reimbursement by the Company. GSV Asset Management earned $1,397,332 and $4,210,932 in management fees for the three and nine months

~~TABLE OF CONTENTS~~

GSV CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2017
(Unaudited)

NOTE 2 — RELATED-PARTY ARRANGEMENTS – (continued)

ended September 30, 2017, respectively. GSV Asset Management earned $1,625,963 and $5,324,186 in management fees for the three and nine months ended September 30, 2016, respectively. GSV Asset Management waived $174,666 and $526,366 in management fees for the three and nine months ended September 30, 2017, respectively. GSV Asset Management did not waive management fees for the three and nine months ended September 30, 2016.

Incentive Fees

Under the terms of the Advisory Agreement, GSV Asset Management is paid an annual incentive fee equal to the lesser of (i) 20% of the Company’s realized capital gains during each calendar year, if any, calculated on an investment-by-investment basis, subject to a non-compounded preferred return, or “hurdle,” and a “catch-up” feature, and (ii) 20% of the Company’s realized capital gains, if any, on a cumulative basis from inception through the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fees.

For GAAP purposes, in accordance with the AICPA’s Technical Practice Aids (“TPA”) (TIS 6910.2), the Company is required to accrue incentive fees for all periods as if the Company had fully liquidated its entire investment portfolio at the fair value stated on the Condensed Consolidated Statements of Assets and Liabilities as of September 30, 2017 and December 31, 2016. This accrual considers both the hypothetical liquidation of the Company’s portfolio described previously, as well as the Company’s actual cumulative realized gains and losses since inception, as well any previously paid incentive fees.

For the three and nine months ended September 30, 2017, the Company accrued incentive fees of $3,334,052 and $7,482,185, respectively. For the three months ended September 30, 2016, the Company accrued incentive fees of $220,719. For the nine months ended September 30, 2016, the Company reversed previously accrued incentive fees of $7,805,089.

Due to GSV Asset Management

As of September 30, 2017, there were no receivables owed to the Company by GSV Asset Management. In addition, as of September 30, 2017, the Company owed GSV Asset Management $323,897 primarily for the reimbursement of overhead allocation expenses, as well as travel expenses.

As of December 31, 2016, there were no receivables owed to the Company by GSV Asset Management. In addition, as of December 31, 2016, the Company owed GSV Asset Management $422,025 primarily for the reimbursement of overhead allocation expenses.

Administration Agreement

The Company has entered into an administration agreement with GSV Capital Service Company (the “Administration Agreement”) to provide administrative services, including furnishing the Company with office facilities, equipment, clerical, bookkeeping, record keeping services, and other administrative services. GSV Asset Management controls GSV Capital Service Company. The Company reimburses GSV Capital Service Company an allocable portion of overhead and other expenses in performing its obligations under the Administration Agreement, including a portion of the rent and the compensation of the Company’s President, Chief Financial Officer, Chief Compliance Officer and other staff providing administrative services. While there is no limit on the total amount of expenses the Company may be required to reimburse to GSV Capital Service Company, GSV Capital Service Company will only charge the Company for the actual expenses GSV Capital Service Company incurs on the Company’s behalf, or the Company’s allocable portion thereof, without any profit to GSV Capital Service Company. There were $472,413 and $1,453,007 in such costs incurred under the Administration Agreement for the three and nine months ended September 30, 2017,

~~TABLE OF CONTENTS~~

GSV CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2017
(Unaudited)

NOTE 2 — RELATED-PARTY ARRANGEMENTS – (continued)

~~respectively. There were $627,444 and $1,926,085 in such costs incurred under the Administration Agreement for the three and nine months ended September 30, 2016, respectively.~~

License Agreement

The Company entered into a license agreement with GSV Asset Management pursuant to which GSV Asset Management has agreed to grant the Company a non-exclusive, royalty-free license to use the name “GSV.” Under this agreement, the Company has the right to use the GSV name for so long as the Advisory Agreement with GSV Asset Management is in effect. Other than with respect to this limited license, the Company has no legal right to the “GSV” name.

Other Arrangements

Mark Moe, who is the brother of Michael Moe, the Executive Chairman of the Company’s board of directors, serves as Vice President of Business Development, Global Expansion for NestGSV, Inc. (d/b/a GSV Labs, Inc.), one of the Company’s portfolio companies. Diane Flynn, who is the spouse of the Company’s former President, Mark Flynn, served as Chief Marketing Officer of NestGSV, Inc. until her resignation in January 2017. Ron Johnson, the Chief Executive Officer of Enjoy Technology, Inc., one of the Company’s portfolio companies, is the brother-in-law of the Company’s former President, Mark Flynn. As of September 30, 2017, the fair values of the Company’s investments in NestGSV, Inc. and Enjoy Technology, Inc. were $9,334,335 and $5,447,844, respectively. Another one of the Company’s portfolio companies, SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.), was previously allowed to utilize office space paid for by GSV Asset Management. SPBRX, INC. was not required to pay GSV Asset Management or the Company any consideration for rent. The Company did not consider this to be an arms-length transaction. In August 2016, SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.) moved out of the office space paid for by GSV Asset Management.

~~In addition, the~~ Company’s executive officers and directors ~~and the principals of the Company’s investment adviser, GSV Asset Management,~~ serve or may serve as officers, ~~and~~ directors, or managers of entities that operate in a line of business similar to the Company’s, including new entities that may be formed in the future. Accordingly, they may have obligations to investors in those entities, the fulfillment of which might not be in the best interests of the Company or the Company’s stockholders. ~~For example, as~~

The 1940 Act prohibits the Company from participating in certain negotiated co-investments with certain affiliates unless it receives an order from the SEC permitting it to do so. As a BDC, the Company is prohibited under the 1940 Act from participating in certain transactions with certain of ~~November 9, 2017, GSV Asset Management also manages Coursera@GSV Fund, LP,~~its affiliates without the prior approval of the Board of Directors, including its independent directors, and, ~~Coursera@GSV-EDBI Fund, LP, special purpose vehicles each comprised of an underlying investment~~ in Coursera stock (the “Coursera Funds”). GSV Asset Management also serves as sub-adviser for certain investment series of GSV Ventures I LLC, GSV Ventures II LLC, GSV Ventures V LLC, GSV Ventures VI LLC and a pooled investment fund, GSV Ventures III LLC, each a venture capital fund (collectively,some cases, the ~~“GSV Ventures Funds”). GSV Asset Management will likely manage one or more private funds, or series within such private funds, in~~SEC. The affiliates with which the ~~future. The~~ Company ~~has no ownership interests in the Coursera Funds or the GSV Ventures Funds sub-advised by GSV Asset Management.~~

~~While the investment focus of each of these entities, including the Coursera Funds and the GSV Ventures Funds,~~ may be ~~different~~prohibited from the Company’s investment objective, it is likely that new investment opportunities that meet the Company’s investment objective will come to the attention of one of these entities, or new entities that will likely be formed in the future in connection with another investment advisory client or program, and, if so, such opportunity might not be offered, or otherwise made available, to the Company. However, the Company’s executivetransacting include its officers, directors, and ~~investment adviser, GSV Asset Management, intend to treat~~employees and any person controlling or under common control with the Company, ~~in a fair and equitable manner consistent with their applicable duties under law so that the Company will not be disadvantaged in relation~~subject to any other particular client. In addition, while GSV Asset Management anticipates that it will from time to time identify investment opportunities that are appropriate for both the Company and the other funds that are currently, or in the future may be, managed by GSV Assetcertain exceptions.

Table of Contents

~~TABLE OF CONTENTS~~

GSV
SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September
June 30, 2017
(Unaudited)

NOTE 2 — RELATED-PARTY ARRANGEMENTS – (continued)

Management, to the extent it does identify such opportunities, GSV Asset Management has established an allocation policy to ensure that the Company has priority over such other funds. The Company’s board of directors will monitor on a quarterly basis any such allocation of investment opportunities between the Company and any such other funds.2023

In the ordinary course of business, the Company may enter into transactions with portfolio companies that may be considered related-party transactions. To ensure that the Company does not engage in any prohibited transactions with any persons affiliated with the Company, the Company has implemented certain written policies and procedures whereby the Company’s executive officers screen each of the Company’s transactions for any possible affiliations between the proposed portfolio investment, the Company, companies controlled by the Company, and the Company’s executive officers and directors. ~~During~~

The Company’s investment in Churchill Sponsor VI LLC, the ~~year ended December 31, 2016,~~sponsor of Churchill Capital Corp. VI, a SPAC, constituted a “remote-affiliate” transaction for purposes of the 1940 Act in light of the fact that Mark D. Klein, the Company’s Chairman, Chief Executive Officer and President, has a non-controlling interest in the entity that controls Churchill Sponsor VI LLC, and is a non-controlling member of the board of directors of Churchill Capital Corp VI. The Company’s investment in Churchill Sponsor VII LLC, the sponsor of Churchill Capital Corp. VII, a SPAC, also constituted a “remote-affiliate” transaction for purposes of the 1940 Act in light of the fact that Mr. Klein has a non-controlling interest in the entity that controls Churchill Sponsor VII LLC, and is a non-controlling member of the board of directors of Churchill Capital Corp. VII. In addition, Mr. Klein’s brother, Michael Klein, is a control person of such Churchill entities. As of June 30, 2023, the fair values of the Company’s investments in Churchill Sponsor VI LLC and Churchill Sponsor VII LLC were $200,000 and $300,000, respectively.

The Company’s investment in Skillsoft Corp. (f/k/a Software Luxembourg Holding S.A.) (“Skillsoft”) constituted a “remote-affiliate” transaction for purposes of the 1940 Act in light of the fact that Mr. Klein has a non-controlling interest in the entity that controls Churchill Sponsor II LLC, the sponsor of Churchill Capital Corp. II, a SPAC, and was a non-controlling member of the board of directors of Churchill Capital Corp. II, through which the Company ~~received other income of $212,795 from the proceeds of Michael Moe’s sale of~~executed a private investment in public equity transaction in order to acquire common shares of ~~2U,~~Skillsoft alongside the merger of Skillsoft and Churchill Capital Corp II. In addition, Mr. Klein’s brother, Michael Klein, is a control person of such Churchill entities. As of June 30, 2023, the fair value of the Company’s investment in Skillsoft Corp. was $1,217,485.

The Company’s initial investment in Shogun Enterprises, Inc. ~~(f/k/~~on February 26, 2021 constituted a ~~2tor,~~“remote-affiliate” transaction for purposes of the 1940 Act in light of the fact that Keri Findley, a former senior managing director of the Company until her departure on March 9, 2022, was at the time of investment a non-controlling member of the board of directors of Shogun Enterprises, Inc.), and held a minority equity interest in such portfolio company. The Company’s investment in Architect Capital PayJoy SPV, LLC also constituted a “remote-affiliate” transaction for purposes of the 1940 Act in light of the fact that Ms. Findley, at the time of investment, was a non-controlling member of the board of directors of the investment manager to Architect Capital PayJoy SPV, LLC, and held a minority equity interest in such investment manager. As of June 30, 2023, the fair values of the Company’s remote-affiliate investments in Shogun Enterprises, Inc. (d/b/a Hearth) and Architect Capital PayJoy SPV, LLC were $7,655,365 and $10,000,000, respectively.

In addition, Ms. Findley and Claire Councill, a former investment professional of the Company until her departure on April 15, 2022, are non-controlling members of the board of directors of Colombier Acquisition Corp., a SPAC, which is sponsored by Colombier Sponsor LLC, one of the Company’s ~~former~~ portfolio ~~companies,~~companies. The Company’s investment in AltC Sponsor LLC, the sponsor of AltC Acquisition Corp, a SPAC, constituted a “remote-affiliate” transaction for purposes of the 1940 Act in light of the fact that Mr. ~~Moe received while serving on 2U’s board~~Klein has a non-controlling interest in one of ~~directors. These sales proceeds were remitted directly to~~ the ~~Company.~~

Management Transition

~~On August 8, 2017, the Company announced Michael Moe’s resignation as~~entities that controls AltC Sponsor LLC, and Allison Green, the Company’s Chief ~~Executive~~Financial Officer, ~~effective August 11, 2017,~~Chief Compliance Officer, Treasurer and ~~that~~Secretary, is a non-controlling member of the ~~Company’s~~ board of directors ~~had appointed Mark Klein, a member~~of AltC Acquisition Corp. As of June 30, 2023, the fair values of the Company’s ~~board~~aggregate investments in each of ~~directors~~Colombier Sponsor LLC and a consultant to GSV Asset Management, to serve as the Company’s Chief Executive Officer, effective August 11, 2017. Mr. Moe continues to serve the Company as Executive Chairman of the Company’s board of directors. Further information regarding the management transition can be found in the Company’s Current Report on Form 8-K, filed with the SEC on August 8, 2017.AltC Sponsor LLC were $17,182,605 and $250,000, respectively.

Table of Contents

~~TABLE OF CONTENTS~~

GSV
SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September
June 30, 2017
(Unaudited)

2023
NOTE 3 — 4—INVESTMENTS AT FAIR VALUE

Investment Portfolio Composition

The Company’s investments in portfolio companies consist primarily of equity securities (such as common stock, preferred stock and ~~warrants~~options to purchase common and preferred stock) and to a lesser extent, debt securities, issued by private and publicly traded companies. The Company may also, from time to time, invest in U.S. Treasury ~~Securities.~~securities. Non-portfolio investments represent investments in U.S. Treasury ~~Securities. At September~~securities. As of June 30, ~~2017,~~2023, the Company had 7861 positions in 37 portfolio companies. AtAs of December 31, ~~2016,~~2022, the Company had 9164 positions in 4539 portfolio companies.

The following ~~table summarizes~~tables summarize the composition of the Company’s investment portfolio by security type at cost and fair value as of ~~September~~June 30, ~~2017~~2023 and December 31, ~~2016:~~2022:

SCHEDULE OF COMPOSITION OF INVESTMENT PORTFOLIO

June 30, 2023 December 31, 2022
Cost Fair Value
Percentage of
Net Assets
Cost Fair Value
Percentage of
Net Assets

Private Portfolio Companies
Preferred Stock $ 106,312,054 $ 96,909,349 51.9 % $ 118,472,118 $ 117,214,465 55.8 %
Common Stock 65,438,476 44,805,853 24.0 % 50,601,512 18,692,931 8.9 %
Debt Investments 5,817,464 3,115,764 1.7 % 6,316,466 4,488,200 2.1 %
Options 11,384,947 3,900,883 2.1 % 11,415,787 3,469,497 1.7 %
Total Private Portfolio Companies 188,952,941 148,731,849 79.7 % 186,805,883 143,865,093 68.5 %
Publicly Traded Portfolio Companies
Common Stock 20,139,645 11,551,297 6.2 % 29,322,625 13,323,485 6.3 %
Total Portfolio Investments 209,092,586 160,283,146 85.9 % 216,128,508 157,188,578 74.8 %
Non-Portfolio Investments
U.S. Treasury Bills 75,478,668 75,895,534 40.7 % 84,999,598 85,056,817 40.5 %
Total Investments $ 284,571,254 $ 236,178,680 126.5 % $ 301,128,106 $ 242,245,395 115.3 %

September 30, 2017 (Unaudited) December 31, 2016
   Cost Fair Value Percentage of
Net Assets Cost Fair Value Percentage of
Net Assets
Private Portfolio Companies

Common Stock $ 73,577,946 $ 93,284,868 44.6 % $ 81,274,687 $ 83,074,410 43.2 %
Preferred Stock 153,096,417 177,391,805 84.7 174,462,577 162,238,879 84.4
Debt Investments 8,685,956 7,020,386 3.4 8,849,434 7,821,948 4.1
Warrants 229,092 471,294 0.2 158,713 150,904 0.1
Private Portfolio Companies 235,589,411 278,168,353 132.9 % 264,745,411 253,286,141 131.8 %
Publicly Traded Portfolio Companies

Common Stock 9,273,458 11,607,729 5.5 14,022,863 8,729,005 4.6
Total Portfolio Investments 244,862,869 289,776,082 138.4 % 278,768,274 262,015,146 136.4 %
Non-Portfolio Investments

U.S. Treasury Bill 99,991,125 99,994,000 47.8 29,998,750 29,998,490 15.6
Total Investments $ 344,853,994 $ 389,770,082 186.2 % $ 308,767,024 $ 292,013,636 152.0 %
23
Table of Contents
SURO CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2023
The ~~industrial~~geographic and ~~geographic~~industrial compositions of the Company’s portfolio at fair value as of ~~September~~June 30, ~~2017~~2023 and December 31, ~~2016~~2022 were as follows:
As of June 30, 2023 As of December 31, 2022
Fair Value
Percentage of
Portfolio

Percentage of
Net Assets
Fair Value
Percentage of
Portfolio

Percentage of
Net Assets

Geographic Region
West $ 86,688,291 54.1 % 46.5 % $ 94,996,805 60.4 % 45.1 %
Northeast 55,437,660 34.6 % 29.7 % 46,944,432 29.9 % 22.4 %
Midwest 12,389,590 7.7 % 6.6 % 8,183,281 5.2 % 3.9 %
International 5,767,605 3.6 % 3.1 % 7,064,060 4.5 % 3.4 %
Total $ 160,283,146 100.0 % 85.9 % $ 157,188,578 100.0 % 74.8 %
As of June 30, 2023 As of December 31, 2022
Fair Value
Percentage of
Portfolio

Percentage of
Net Assets
Fair Value
Percentage of
Portfolio

Percentage of
Net Assets

Industry
Financial Technology $ 56,553,879 35.3 % 30.3 % $ 38,096,753 24.2 % 18.1 %
Education Technology 44,348,880 27.7 % 23.8 % 61,841,493 39.4 % 29.4 %
Marketplaces 25,038,245 15.6 % 13.4 % 27,291,467 17.4 % 13.0 %
Big Data/Cloud 22,517,497 14.0 % 12.1 % 14,927,819 9.5 % 7.1 %
Social/Mobile 10,890,617 6.8 % 5.8 % 14,047,018 8.9 % 6.7 %
Sustainability 934,028 0.6 % 0.5 % 984,028 0.6 % 0.5 %
Total $ 160,283,146 100.0 % 85.9 % $ 157,188,578 100.0 % 74.8 %

September 30, 2017 December 31, 2016
   Investments at
Fair Value Percentage of
Portfolio Percentage of
Net Assets Investments at
Fair Value Percentage of
Portfolio Percentage of
Net Assets
Industry

Big Data/Cloud $ 104,206,955 36.0 % 49.8 % $ 89,852,351 34.3 % 46.8 %
Education Technology 100,009,977 34.5 47.7 96,498,376 36.8 50.2
Social/Mobile 52,838,226 18.2 25.2 45,836,028 17.6 23.9
Marketplaces 31,353,731 10.8 15.0 25,518,613 9.7 13.3
Sustainability 1,367,193 0.5 0.7 4,309,778 1.6 2.2
Total $ 289,776,082 100.0 % 138.4 % $ 262,015,146 100.0 % 136.4 %
24
Table of Contents

September 30, 2017 December 31, 2016
   Investments at
Fair Value Percentage of
Portfolio Percentage of
Net Assets Investments at
Fair Value Percentage of
Portfolio Percentage of
Net Assets
Geographic Region

West $ 188,509,581 65.1 % 90.1 % $ 187,300,467 71.5 % 97.5 %
Mid-west 35,768,782 12.3 17.1 14,362,498 5.5 7.4
Northeast 33,214,135 11.5 15.9 41,420,490 15.8 21.6
International 32,283,584 11.1 15.4 18,931,691 7.2 9.9
Total $ 289,776,082 100.0 % 138.4 % $ 262,015,146 100.0 % 136.4 %

~~TABLE OF CONTENTS~~

GSV
SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September
June 30, 2017
(Unaudited)

NOTE 3 — INVESTMENTS AT FAIR VALUE – (continued)

2023
The table below details the composition of the Company’s industrial themes presented ~~above:~~in the preceding tables:

Industry Theme	Industry
~~Industry Theme~~Education Technology	~~Industry~~Business Education
	Education Software
	Interactive Learning
	Online Education
Big Data/Cloud	Gaming Licensing
	Retail Technology
	Geolocation Technology
	~~Big Data Consulting~~ ~~Cloud Computing Services~~ ~~Consumer Health Technology~~ ~~Customer Relationship Manager~~ ~~Data Analysis~~ ~~Mobile Device~~Contract Management ~~Smart Device Company~~ ~~Social Cognitive Learning~~ ~~Social Media Analytics~~	Software
~~Education Technology~~		~~Business Education~~ ~~Computer Software~~ ~~Corporate Education~~ ~~Education Media Platform~~ ~~Education Software~~ ~~Education Technology~~ ~~E-Transcript Exchange~~ ~~Globally-Focused Private School~~ ~~Interactive Learning~~ ~~Online Education~~ ~~Online Education Services~~	Warehouse Automation
Marketplaces		~~Cash Payment Network~~ ~~Equity Crowdfunding~~ ~~Financial Services~~ Global Innovation Platform
	Knowledge Networks ~~On-Demand Commerce~~ ~~On-Demand Transportation~~
	Micromobility
	Pharmaceutical Technology
	Real Estate Platform
	Subscription Fashion Rental
Financial Technology	Cannabis REIT
	Financial Services
	Home Improvement Finance
	Mobile Finance Technology
	Online Marketplace Finance ~~Peer-to-Peer Pet Services~~
	Gaming Technology
	Special Purpose Acquisition Company
	Venture Investment Fund
Social/Mobile		Digital Media Platform ~~Light Field Imaging Platform~~ ~~On-Demand Music Streaming~~ ~~Social Communication~~
	Digital Media Technology
	Interactive Media & Services
	Mobile Access Technology
	Social Data Platform ~~Social Media~~ ~~Sports Analytics~~
~~Sustainability~~	Fitness Technology
	Social Networking
Sustainability	Clean Technology ~~Solar Power~~

Table of Contents

~~TABLE OF CONTENTS~~

GSV
SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September
June 30, 2017
(Unaudited)

NOTE 3 — INVESTMENTS AT FAIR VALUE – (continued)

2023
Investment Valuation Inputs

The fair values of the Company’s investments disaggregated into the three levels of the fair value hierarchy based upon the lowest level of significant input used in the valuation as of ~~September~~June 30, ~~2017~~2023 and December 31, ~~2016~~2022 are as follows:

SCHEDULE OF FAIR VALUE OF INVESTMENT VALUATION INPUTS

As of June 30, 2023

Quoted Prices in
Active Markets for
Identical Securities
(Level 1)

Significant Other
Observable
Inputs
(Level 2)

Significant
Unobservable
Inputs
(Level 3)
Total
Investments at Fair Value
Private Portfolio Companies
Preferred Stock $ — $ — $ 96,909,349 $ 96,909,349
Common Stock — — 44,805,853 44,805,853
Debt Investments — — 3,115,764 3,115,764
Options — — 3,900,883 3,900,883
Private Portfolio Companies — — 148,731,849 148,731,849
Publicly Traded Portfolio Companies
Common Stock 11,551,297 — — 11,551,297
Non-Portfolio Investments
U.S. Treasury bills 75,895,534 — — 75,895,534
Total Investments at Fair Value $ 87,446,831 $ — $ 148,731,849 $ 236,178,680
As of December 31, 2022

Quoted Prices in
Active Markets for
Identical Securities
(Level 1)

Significant Other
Observable
Inputs
(Level 2)

Significant
Unobservable
Inputs
(Level 3)
Total
Investments at Fair Value
Private Portfolio Companies
Preferred Stock $ — $ — $ 117,214,465 $ 117,214,465
Common Stock — — 18,692,931 18,692,931
Debt Investments — — 4,488,200 4,488,200
Options — — 3,469,497 3,469,497
Private Portfolio Companies — — 143,865,093 143,865,093
Publicly Traded Portfolio Companies
Common Stock 13,298,992 24,493 — 13,323,485
Non-Portfolio Investments
U.S. Treasury bills 85,056,817 — — 85,056,817
Total Investments at Fair Value $ 98,355,809 $ 24,493 $ 143,865,093 $ 242,245,395

As of September 30, 2017
Quoted Prices in
Active Markets
for Identical
Securities
(Level 1) Significant Other
Observable
Inputs
(Level 2) Significant
Unobservable
Inputs
(Level 3) Total
Investments at Fair Value Private Portfolio Companies

Common Stock $ — $ — $ 93,284,868 $ 93,284,868
Preferred Stock — — 177,391,805 177,391,805
Debt Investments — — 7,020,386 7,020,386
Warrants — — 471,294 471,294
Private Portfolio Companies — — 278,168,353 278,168,353
Publicly Traded Portfolio Companies

Common Stock 11,607,729 — — 11,607,729
Total Portfolio Investments 11,607,729 — 278,168,353 289,776,082
Non-Portfolio Investments

U.S. Treasury Bill 99,994,000 — — 99,994,000
Total Investments at Fair Value $ 111,601,729 $ — $ 278,168,353 $ 389,770,082
26
Table of Contents

As of December 31, 2016
Quoted Prices in
Active Markets
for Identical
Securities
(Level 1) Significant Other
Observable
Inputs
(Level 2) Significant
Unobservable
Inputs
(Level 3) Total
Investments at Fair Value Private Portfolio Companies

Common Stock $ — $ — $ 83,074,410 $ 83,074,410
Preferred Stock — — 162,238,879 162,238,879
Debt Investments — — 7,821,948 7,821,948
Warrants — — 150,904 150,904
Private Portfolio Companies — — 253,286,141 253,286,141
Publicly Traded Portfolio
Companies

Common Stock 8,729,005 — — 8,729,005
Total Portfolio Investments 8,729,005 — 253,286,141 262,015,146
Non-Portfolio Investments

U.S. Treasury Bill 29,998,490 — — 29,998,490
Total Investments at Fair Value $ 38,727,495 $ — $ 253,286,141 $ 292,013,636

~~TABLE OF CONTENTS~~

GSV
SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September
June 30, 2017
(Unaudited)

NOTE 3 — INVESTMENTS AT FAIR VALUE – (continued)

2023
Significant Unobservable Inputs for Level 3 Assets and Liabilities

In accordance with FASB ASC 820,Fair Value Measurement, the tables below provide quantitative information about the ~~Company’s~~ fair value measurements of ~~its~~the Company’s Level 3 assets as of ~~September~~June 30, ~~2017~~2023 and December 31, ~~2016.~~2022. In addition to the techniques and inputs noted in the tables below, according to the Company’s valuation policy, the ~~Company~~Board may also use other valuation techniques and methodologies when determining the ~~Company’s~~ fair value ~~measurements.~~measurements of the Company’s assets. The tables below are not intended to be all-inclusive, but rather provide information on the significant Level 3 inputs as they relate to the ~~Company’s~~ fair value ~~measurements.~~measurements of the Company’s assets. To the extent an unobservable input is not reflected in the tables below, such input is deemed insignificant with respect to the Company’s Level 3 fair value measurements as of ~~September~~June 30, ~~2017~~2023 and December 31, ~~2016.~~2022. Significant changes in the inputs in isolation would result in a significant change in the fair value measurement, depending on the input and the materiality of the investment. Refer to “Note ~~1 — Nature of Operations and~~ 2—Significant Accounting ~~Policies —~~ Policies—Investments at Fair Value” for more detail.

SCHEDULE OF FAIR VALUE OF ASSETS ON UNOBSERVABLE INPUT

As of June 30, 2023

~~As of September 30, 2017~~Asset
~~Asset~~	Fair Value				Valuation ~~Approach /~~ Approach/ Technique⁽¹⁾		Unobservable Inputs⁽²⁾		Range ~~(Weighted~~ (Weighted Average)⁽³⁾
Common stock in private companies		$~~93,284,868~~	44,805,853			Market approach	~~Precedent transactions~~	~~N/A~~
~~Collateral value~~	~~N/A~~
Revenue multiples	~~1.79x – 7.23x (4.98x)~~
~~Liquidation Value~~	~~N/A~~
~~Discounted Cash Flow~~⁽²⁾0.91x - 10.16x (3.67x)	~~Discount rate~~	~~12.0% (12.0%)~~
~~Discounted Cash Flow~~⁽²⁾0.91x - 10.16x (3.67x)	~~Long-term revenue growth~~	~~0.0% (0.0%)~~
~~Option pricing model~~	~~Term to expiration (Years)~~	~~1.5 (1.5)~~
~~Option pricing model~~	~~Volatility~~	~~41.6% (41.6%)~~
						PWERM⁽⁵⁾		AFFO⁽⁴⁾multiple		10.2x
Preferred stock in private companies		$~~177,391,805~~	96,909,349			Market approach	~~Precedent transactions~~	~~N/A~~Revenue multiples		0.16x - 11.7x (2.79x)
~~Collateral value~~	~~N/A~~
~~Revenue multiples~~	~~1.90x – 5.98x (3.59x)~~
~~EBIT multiples~~	~~15.0x (15.0x)~~
~~Discount for lack of control~~	~~15.0% (15.0%)~~
~~Discounted Cash Flow~~⁽²⁾		PWERM⁽⁵⁾		Discount rate	~~12.0% – 40.0% (37.6%)~~
~~Discounted Cash Flow~~⁽²⁾	~~Long-term revenue growth~~	~~0.0% – 12.5% (11.4%)~~
~~Option pricing model~~15.0%	~~Term to expiration (Years)~~	~~1.5 (1.5)~~
~~Option pricing model~~15.0%	~~Volatility~~	~~41.6% (41.6%)~~
~~PWERM~~	~~Liquidation Value~~	~~N/A~~
~~PWERM~~	~~Revenue multiples~~	~~2.28x – 4.29x (3.47x)~~
Debt investments	~~$7,020,386~~	$	3,115,764			Market approach	~~Liquidation Value~~	~~N/A~~Revenue multiples		0.44x - 5.44x (5.29x)
~~PWERM~~	~~Revenue multiples~~	~~4.29x (4.29x)~~
~~Liquidation Value~~	~~N/A~~
~~Warrants~~Options		$~~471,294~~	3,900,883			Option pricing model		Term to expiration (Years)	~~0.4 – 3.0 (2.3)~~
~~Warrants~~Options	~~Volatility~~	~~11.8% – 54.7% (38.5%)~~0.5 - 3.87

(1)

~~(1)~~

As of ~~December 31, 2016,~~June 30, 2023, the ~~Company used a market approach to value certain common and preferred stock investments. As of September 30, 2017, the Company~~Board used a hybrid market and income approach to value certain common and preferred stock investments as the ~~Company~~Board felt this approach better reflected the fair value of these investments. ByIn considering multiple valuation approaches (and consequently, multiple valuation techniques), the valuation approaches and techniques are not likely to change from one period of measurement to the next; however, the weighting of each in determining the

~~TABLE OF CONTENTS~~

GSV CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2017
(Unaudited)

NOTE 3 — INVESTMENTS AT FAIR VALUE – (continued)

final fair value of a Level 3 investment may change based on recent events or transactions. The hybrid approach may also consider certain risk weightings to account for the uncertainty of future events. Refer to “Note ~~1 — Nature of Operations and~~ 2—Significant Accounting ~~Policies —~~ Policies—Investments at Fair Value” for more detail.

(2)	~~(2)~~	The ~~Company~~Board considers all relevant information that can reasonably be obtained when determining the fair value of Level 3 investments. Due to any given portfolio company’s information rights, changes in capital structure, recent events, transactions, or liquidity events, the type and availability of unobservable inputs may change. ~~Increases~~ Increases/(decreases) in revenue multiples, earnings before interest and taxes (“EBIT”) multiples, time to expiration, and stock price/strike price would result in higher (lower) fair values, all else equal. ~~Decreases~~ Decreases/(increases) in discount rates, volatility, and annual risk rates, would result in higher (lower) fair values, all else equal. The market approach utilizes market value (revenue and EBIT) multiples of publicly traded comparable companies and available precedent sales transactions of comparable companies. The Board carefully considers numerous factors when selecting the appropriate companies whose multiples are used to value its portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, relevant risk factors, as well as size, profitability and growth expectations. In general, precedent transactions include recent rounds of financing, recent purchases made by the Company, and tender offers. Refer to “Note 2—Significant Accounting Policies—Investments at Fair Value” for more detail.
(3)	The weighted averages are calculated based on the fair market value of each investment.
(4)	Adjusted Funds From Operations, or “AFFO”.

Table of Contents

SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2023

(5)	Probability-Weighted Expected Return Method, or “PWERM”.

As of December 31, 2022

Asset Fair Value Valuation Approach/ Technique⁽¹⁾ Unobservable Inputs⁽²⁾ Range (Weighted Average)⁽³⁾
Common stock in private companies $ 18,692,931 Market approach Revenue multiples 1.06x - 4.42x (1.74x)
Liquidation Value N/A
PWERM⁽⁵⁾ AFFO⁽⁴⁾multiple 8.62x -12.62x (10.94x)
Preferred stock in private companies $ 117,214,465 Market approach Revenue multiples 0.47x - 5.45x (2.38x)
Liquidation Value N/A
Discounted cash flow Discount rate 15.0% (15.0%)
PWERM⁽⁵⁾ Revenue multiples 1.17x - 1.26x
DLOM 10.0% (10.0%)
Financing Risk 10.0% (10.0%)
Debt investments $ 4,488,200 Market approach Revenue multiples 0.47x - 5.45x (3.6x)
Options $ 3,469,497 Option pricing model Term to expiration (Years) 1.00x - 5.29x (1.65x)
Discounted cash flow Discount Rate 15.0% (15.0%)
(1) As of December 31, 2022, the Board used a hybrid market and income approach to value certain common and preferred stock investments as the Board felt this approach better reflected the fair value of these investments. In considering multiple valuation approaches (and consequently, multiple valuation techniques), the valuation approaches and techniques are not likely to change from one period of measurement to the next; however, the weighting of each in determining the final fair value of a Level 3 investment may change based on recent events or transactions. The hybrid approach may also consider certain risk weightings to account for the uncertainty of future events. Refer to “Note 2—Significant Accounting Policies—Investments at Fair Value” for more detail.
(2) The Board considers all relevant information that can reasonably be obtained when determining the fair value of Level 3 investments. Due to any given portfolio company’s information rights, changes in capital structure, recent events, transactions, or liquidity events, the type and availability of unobservable inputs may change. Increases/(decreases) in revenue multiples, earnings before interest and taxes (“EBIT”) multiples, time to expiration, and stock price/strike price would result in higher (lower) fair values, all else equal. Decreases/(increases) in discount rates, volatility, and annual risk rates, would result in higher (lower) fair values, all else equal. The market approach utilizes market value (revenue and EBIT) multiples of publicly traded comparable companies and available precedent sales transactions of comparable companies. The Company carefully considers numerous factors when selecting the appropriate companies whose multiples are used to value its portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, relevant risk factors, as well as size, profitability and growth expectations. In general, precedent transactions include recent rounds of financing, recent purchases made by the Company, and tender offers. Refer to “Note ~~1 — Nature of Operations and~~ 2—Significant Accounting ~~Policies —~~ Policies—Investments at Fair Value” for more detail.
(3) The weighted averages are calculated based on the fair market value of each investment.
(4) Adjusted Funds From Operations, or “AFFO”.
(5) Probability-Weighted Expected Return Method, or “PWERM”.
As28
Table of ~~December 31, 2016~~
~~Asset~~ ~~Fair Value~~ ~~Valuation Techniques~~ ~~Unobservable Inputs~~ ~~Range~~
~~(Weighted Average)~~

~~Common stock in~~
~~private companies~~

~~$83,074,410~~
~~Market approach~~ ~~Precedent transactions~~⁽¹⁾ ~~N/A~~
~~Revenue multiples~~ ~~0.8x – 5.2x (3.3x)~~
~~EBIT multiples~~ ~~37.5x (37.5x)~~

~~Preferred stock in~~
~~private companies~~

~~$157,929,101~~

~~Market approach~~ ~~Precedent transactions~~⁽¹⁾ ~~N/A~~
~~Revenue multiples~~ ~~0.8x – 5.3x (2.7x)~~
~~EBIT multiples~~ ~~37.5x (37.5x)~~
~~Subscriber multiples~~ ~~669.9x (669.6x)~~
~~Discount for lack of control~~ ~~15.0% (15.0%)~~
~~$4,309,778~~ ~~PWERM~~ ~~Discount rate~~ ~~12.0% (12.0%)~~
~~Debt investments~~ ~~$7,821,948~~ ~~Market approach~~ ~~Liquidation Value~~ ~~N/A~~

~~Warrants~~
~~$150,904~~
~~Option pricing model~~ ~~Term to expiration (Years)~~ ~~1.2 – 3.0 (2.1)~~
~~Volatility~~ ~~10.4% – 49.3% (43.2%)~~Contents
~~(1)~~ ~~Precedent transactions include recent rounds of financing, recent purchases made by the Company, and tender offers.~~

~~TABLE OF CONTENTS~~

GSV
SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September
June 30, 2017
(Unaudited)

NOTE 3 — INVESTMENTS AT FAIR VALUE – (continued)

2023
The aggregate values of Level 3 assets and liabilities changed during the ~~nine~~six months ended ~~September~~June 30, ~~2017,~~2023 as follows:
SCHEDULE OF AGGREGATE VALUE OF ASSETS AND LIABILITIES

Common
Stock

Preferred
Stock

Debt
Investments
Options Total
Six Months Ended June 30, 2023

Common
Stock

Preferred
Stock

Debt
Investments
Options Total
Assets:
Fair Value as of December 31, 2022 $ 18,692,931 $ 117,214,465 $ 4,488,200 $ 3,469,497 $ 143,865,093
Purchases, capitalized fees and interest 10,008,075 2,004,171 998 501,470 12,514,714
Sales/Maturity of investments (252,629 ) — (500,000 ) — (752,629 )
Exercises and conversions⁽¹⁾ 3,751,518 (3,249,855 ) — (501,663 ) —
Realized gains/(losses) 1,330,000 (10,914,376 ) — (30,647 ) (9,615,023 )
Net change in unrealized appreciation/(depreciation) included in earnings 11,275,958 (8,145,056 ) (873,434 ) 462,226 2,719,694
Fair Value as of June 30, 2023 $ 44,805,853 $ 96,909,349 $ 3,115,764 $ 3,900,883 $ 148,731,849
Net change in unrealized appreciation/ (depreciation) of Level 3 investments still held as of June 30, 2023 $ 11,275,958 $ (19,059,432 ) $ (873,434 ) $ 429,916 $ (8,226,992 )

Nine Months Ended September 30, 2017
Common
Stock Preferred
Stock Debt
Investments Warrants Total
Assets:

Fair Value as of December 31, 2016 $ 83,074,410 $ 162,238,879 $ 7,821,948 $ 150,904 $ 253,286,141
Transfers out of Level 3 (2,184,565 ) (2,184,565 ) — — (4,369,130 )
Purchases, capitalized fees and interest — — 97,023 70,379 167,402
Sales of investments — — (70,379 ) — (70,379 )
Realized losses (8,201,729 ) (16,858,906 ) (305,280 ) — (25,365,915 )
Exercises, conversions and assignments⁽¹⁾ 2,506,119 (2,506,119 ) — — —
Amortization of fixed income security premiums and discounts — — 115,162 — 115,162
Net change in unrealized appreciation/(depreciation) included in earnings 18,090,633 36,702,516 (638,088 ) 250,011 54,405,072
Fair Value as of September 30, 2017 $ 93,284,868 $ 177,391,805 $ 7,020,386 $ 471,294 $ 278,168,353
Net change in unrealized appreciation/(depreciation) of Level 3 investments still held as of September 30, 2017 $ 9,888,904 $ 19,838,262 $ (943,365 ) $ 250,011 $ 29,033,812
(1) ~~(1)~~ During the ~~nine~~six months ended ~~September~~June 30, ~~2017,~~2023, the Company’s portfolio investments had the following corporate actions which are reflected above:
Portfolio Company Conversion from Conversion to
~~A Place for Rover~~Orchard Technologies, Inc. ~~(f/k/a DogVacay, Inc.)~~ Preferred shares, Series ~~B-1~~D
Simple Agreement for Future Equity Senior Preferred shares, Series 1
Senior Preferred shares, Series 2
Class A Common ~~shares~~Shares

~~TABLE OF CONTENTS~~

GSV CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2017
(Unaudited)

NOTE 3 — INVESTMENTS AT FAIR VALUE – (continued)

The aggregate values of Level 3 assets and liabilities changed during the year ended December 31, ~~2016~~2022 as follows:

Common
Stock

Preferred
Stock

Debt
Investments
Options Total
Year Ended December 31, 2022

Common
Stock

Preferred
Stock

Debt
Investments
Options Total
Assets:
Fair Value as of December 31, 2021 $ 42,860,156 $ 163,801,798 $ 3,011,438 $ 4,959,112 $ 214,632,504
Fair value beginning balance $ 42,860,156 $ 163,801,798 $ 3,011,438 $ 4,959,112 $ 214,632,504
Transfers out of Level 3⁽¹⁾ (6,918,251 ) (1,775,506 ) — (48,639 ) (8,742,396 )
Purchases, capitalized fees and interest — 20,767,788 1,509,093 503,183 22,780,064
Sales/Maturity of investments (874,470 ) — (1,000,000 ) — (1,874,470 )
Realized gains/(losses) 160,965 — — (70,379 ) 90,586
Net change in unrealized appreciation/(depreciation) included in earnings (16,535,469 ) (65,579,615 ) 967,669 (1,873,780 ) (83,021,195 )
Fair Value as of December 31, 2022 $ 18,692,931 $ 117,214,465 $ 4,488,200 $ 3,469,497 $ 143,865,093
Fair value ending balance $ 18,692,931 $ 117,214,465 $ 4,488,200 $ 3,469,497 $ 143,865,093
Net change in unrealized appreciation/ (depreciation) of Level 3 investments still held as of December 31, 2022 $ (7,023,165 ) $ (63,138,372 ) $ 967,669 $ (1,624,324 ) $ (70,818,192 )

Year Ended December 31, 2016
   Common
Stock Preferred
Stock Debt
Investments Warrants Total
Assets:

Fair value as of December 31, 2015 $ 102,319,140 $ 216,291,092 $ 4,175,859 $ 469,306 $ 323,255,397
Transfers into Level 3 143,733 — — — 143,733
Purchases of investments 3,080 9,016,702 5,201,294 103,655 14,324,731
Sales of investments (3,509,238 ) (7,651,891 ) (574,380 ) — (11,735,509 )
Realized gains (losses) (7,127,146 ) 4,430,221 — (246,714 ) (2,943,639 )
Exercises, conversions and assignments⁽¹⁾ 23,588,443 (23,588,443 ) — — —
Amortization of fixed income security premiums and discounts — — 44,714 — 44,714
Net change in unrealized depreciation included in earnings (32,343,602 ) (36,258,802 ) (1,025,539 ) (175,343 ) (69,803,286 )
Fair Value as of December 31, 2016 $ 83,074,410 $ 162,238,879 $ 7,821,948 $ 150,904 $ 253,286,141
Net change in unrealized depreciation of Level 3 investments still held as of December 31, 2016 $ (39,307,692 ) $ (40,126,793 ) $ (1,025,539 ) $ (195,637 ) $ (80,655,661 )
(1) ~~(1)~~ During the year ended December 31, ~~2016,~~2022, the Company’s portfolio investments had the following corporate actions which are reflected above:
Portfolio Company ~~Transfer~~Conversion from ~~Transfer~~Conversion to
~~4C Insights (f/k/a The Echo Systems Corp.)~~ ~~Preferred shares, Series A~~Forge Global, Inc. Common Shares,
~~Handle Financial, Inc.~~
~~(f/k/a PayNearMe, Inc.)~~ Class AA
Junior Preferred Shares
Junior Preferred Warrants, Strike Price $12.42, Expiration Date 11/9/2025 ~~Preferred~~Public Common shares ~~Series E~~ (Level 2)
Common ~~Shares~~warrants, Strike Price $3.98, Expiration Date 11/9/2025 (Level 2)
~~Fullbridge, Inc.~~ ~~Preferred shares, Series C~~ ~~Common Shares~~
~~Fullbridge, Inc.~~ ~~Preferred shares, Series D~~ ~~Common Shares~~
~~Fullbridge, Inc.~~ ~~Convertible Promissory~~
~~Note 10% Due 3/2/2016~~ ~~Junior Note, 1.49%,~~
~~November 9, 2021~~
~~Fullbridge, Inc.~~ ~~Convertible Promissory~~
~~Note 10% Due 3/14/2017~~ ~~Junior Note, 1.49%,~~
~~November 9, 2021~~29
Table of Contents

~~TABLE OF CONTENTS~~
~~GSV~~
SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
~~September~~
June 30, ~~2017~~
~~(Unaudited)~~
~~NOTE 3 — INVESTMENTS AT FAIR VALUE – (continued)~~
2023
Schedule of Investments In, and Advances Toto, Affiliates
Transactions during the ~~nine~~six months ended ~~September~~June 30, ~~2017~~2023 involving the Company’s controlled investments and non-controlled/affiliate investments were as follows:
SCHEDULE OF INVESTMENTS IN AND ADVANCES TO AFFILIATES
Type/Industry/Portfolio Company/Investment
Principal/
Quantity

Interest, Fees, or
Dividends Credited
in Income
Fair Value at December 31, 2022
Realized
Gains/(Losses)

Unrealized
Gains/(Losses)
Fair Value at June 30, 2023
Percentage
of Net
Assets

CONTROLLED INVESTMENTS*⁽²⁾
Options
Special Purpose Acquisition Company
Colombier Sponsor LLC**–Class W Units⁽⁷⁾ 2,700,000 $ — $ 1,157,487 $ — $ 1,083,513 $ 2,241,000 1.20 %
Total Options — 1,157,487 — 1,083,513 2,241,000 1.20 %
Preferred Stock
Clean Technology
SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.)–Preferred shares, Class A⁽⁴⁾ 14,300,000 — 984,028 — (50,000 ) 934,028 0.50 %
Total Preferred Stock — 984,028 — (50,000 ) 934,028 0.50 %
Common Stock
Clean Technology
SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.)–Common shares 100,000 — — — — — — %
Mobile Finance Technology
Architect Capital PayJoy SPV, LLC**–Membership Interest in Lending SPV*** $ 10,000,000 554,425 10,000,000 — — 10,000,000 5.36 %
Special Purpose Acquisition Company
Colombier Sponsor LLC**–Class B Units⁽⁷⁾ 1,976,032 — 1,554,355 — 13,387,250 14,941,605 8.00 %
Total Common Stock 554,425 11,554,355 — 13,387,250 24,941,605 13.36 %
TOTAL CONTROLLED INVESTMENTS*⁽²⁾ $ 554,425 $ 13,695,870 $ — $ 14,420,763 $ 28,116,633 15.06 %
NON-CONTROLLED/AFFILIATE INVESTMENTS*⁽¹⁾
Debt Investments
Global Innovation Platform
OneValley, Inc. (f/k/a NestGSV, Inc.) –Convertible Promissory Note 8%, Due 8/23/2024⁽³⁾ $ 1,010,198 $ — $ 1,988,200 $ — $ (1,027,809 ) $ 960,391 0.51 %
Total Debt Investments — 1,988,200 — (1,027,809 ) 960,391 0.51 %
Preferred Stock
Knowledge Networks
Maven Research, Inc.–Preferred shares, Series C 318,979 — — — — — — %
Maven Research, Inc.–Preferred shares, Series B 49,505 — — — — — — %
Total Knowledge Networks — — — — — — %
Digital Media Platform
Ozy Media, Inc.–Preferred shares, Series C-2 6%⁽⁸⁾ — — — (2,414,178 ) 2,414,178 — — %
Ozy Media, Inc.–Preferred shares, Series B 6%⁽⁸⁾ — — — (4,999,999 ) 4,999,999 — — %
Ozy Media, Inc.–Preferred shares, Series A 6%⁽⁸⁾ — — — (3,000,200 ) 3,000,200 — — %
Ozy Media, Inc.–Preferred shares, Series Seed 6%⁽⁸⁾ — — — (500,000
) 500,000 — — %
Total Digital Media Platform — — (10,914,377 ) 10,914,377 — — %
Interactive Learning
StormWind, LLC–Preferred shares, Series D 8%⁽⁵⁾ 329,337 — 533,429 — 29,610 563,039 0.30 %
StormWind, LLC–Preferred shares, Series C 8%⁽⁵⁾ 2,779,134 — 5,675,081 — 277,529 5,952,610 3.19 %
StormWind, LLC–Preferred shares, Series B 8%⁽⁵⁾ 3,279,629 — 3,550,631 — 294,866 3,845,497 2.06 %
StormWind, LLC–Preferred shares, Series A 8%⁽⁵⁾ 366,666 — 191,694 — 32,966 224,660 0.12 %
Total Interactive Learning — 9,950,835 — 634,971 10,585,806 5.67 %
Total Preferred Stock — 9,950,835 (10,914,377 ) 11,549,348 10,585,806 5.67 %

Options
Digital Media Platform
Ozy Media, Inc.–Common Warrants, Strike Price $0.01, Expiration Date 4/9/2028⁽⁸⁾ — $         — $ — $ (30,647 ) $ 30,647 $ — — %
Global Innovation Platform
OneValley, Inc. (f/k/a NestGSV, Inc.)–Preferred Warrant Series B, Strike Price $2.31, Expiration Date 12/31/2023 250,000 — — — — — — %
OneValley, Inc. (f/k/a NestGSV, Inc.)–Derivative Security, Expiration Date 8/23/2024⁽⁶⁾ 1 — 652,127 — (652,127 ) — — %
Total Global Innovation Platform — 652,127 — (652,127 ) — — %
Total Options — 652,127 (30,647 ) (621,480 ) — — %
Common Stock
Online Education
Curious.com, Inc.–Common shares 1,135,944 — — — — — — %
Total Common Stock — — — — — — %
TOTAL NON-CONTROLLED/AFFILIATE INVESTMENTS*⁽¹⁾ $         — $ 12,591,162 $ (10,945,025) $ 9,900,060 $ 11,546,197 6.18 %
30
Table of Contents

Type/Industry/Portfolio Company/Investment Principal/
Quantity Interest, Fees, or Dividends Credited
in Income Fair Value at December 31, 2016 Purchases, Capitalized Fees,
Interest and Amortization Sales Realized Gains/
(Losses) Unrealized Gains/
(Losses) Fair Value at September 30, 2017 Percentage
of
Net Assets
CONTROLLED INVESTMENTS*⁽²⁾

Debt Investments

Global Innovation Platform

NestGSV, Inc.
(d/b/a GSV Labs, Inc.) – Convertible Promissory Note 8% Due 07/31/2018*** 560,199 $ 77,151 $ 427,900 $ 105,890 $ — $ — $ 26,409 $ 560,199 0.27 %
NestGSV, Inc.
(d/b/a GSV Labs, Inc.) – Unsecured Promissory Note 12% Due 5/29/2017***⁽⁴⁾ — 50,146 496,725 24,195 (526,000 ) — 5,080 — 0.00 %
NestGSV, Inc.
(d/b/a GSV Labs, Inc.) – Unsecured Promissory Note 12% Due 11/29/2017***⁽⁴⁾ 557,735 69,237 — 533,353 — — 0 533,353 0.25 %
Total Global Innovation Platform    196,534 924,625 663,438 (526,000 ) — 31,489 1,093,552 0.52 %
Total Debt Investments    $ 196,534 $ 924,625 $ 663,438 $ (526,000 ) $ — $ 31,489 $ 1,093,552 0.52 %
Preferred Stock

Clean Technology

SPBRX, INC.
(f/k/a GSV Sustainability Partners, Inc.) – Preferred shares, Class A*** 14,300,000 475,000 4,309,778 — — — (2,942,585 ) 1,367,193 0.65 %
Global Innovation Platform

NestGSV, Inc.
(d/b/a GSV Labs, Inc.) – Preferred stock Series A-4 3,720,424 — 2,715,910 — — — 2,473,438 5,189,348 2.48 %
NestGSV, Inc.
(d/b/a GSV Labs, Inc.) – Preferred stock Series A-3 1,561,625 — 952,591 — — — 862,573 1,815,164 0.87 %
NestGSV, Inc.
(d/b/a GSV Labs, Inc.) – Preferred stock Series A-2 450,001 — 166,500 — — — 147,336 313,836 0.15 %
NestGSV, Inc.
(d/b/a GSV Labs, Inc.) – Preferred stock Series A-1 1,000,000 — 270,000 — — — 253,060 523,060 0.25 %
Total Global Innovation Platform    — 4,105,001 — — — 3,736,407 7,841,408 3.75 %

~~TABLE OF CONTENTS~~
~~GSV~~SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
~~September~~
June 30, ~~2017~~
~~(Unaudited)~~
~~NOTE 3 — INVESTMENTS AT FAIR VALUE – (continued)~~
2023

Schedule of Investments In and Advances To Affiliates
Type/Industry/Portfolio Company/Investment Principal/
Quantity Interest, Fees, or Dividends Credited
in Income Fair Value at December 31, 2016 Purchases, Capitalized Fees,
Interest and Amortization Sales Realized Gains/
(Losses) Unrealized Gains/
(Losses) Fair Value at September 30, 2017 Percentage
of
Net Assets
Interactive Learning

StormWind, LLC⁽³⁾ – Preferred shares,
Series C 2,779,134 $ — $ 4,650,838 $ — $ — $ — $ 3,205,182 $ 7,856,020 3.75 %
StormWind, LLC⁽³⁾ – Preferred shares, Series B 3,279,629 — 4,470,403 — — — 1,529,645 6,000,048 2.86 %
StormWind, LLC⁽³⁾ – Preferred shares, Series A 366,666 — 499,796 — — — 8,945 508,741 0.24 %
Total Interactive Learning    — 9,621,037 — — — 4,743,772 14,364,809 6.85 %
Total Preferred Stock    $ 475,000 $ 18,035,816 $ — $ — $ — $ 5,537,594 $ 23,573,410 11.25 %
Warrants

Global Innovation Platform

NestGSV, Inc.
(d/b/a GSV Labs, Inc.) – Preferred Warrant Series A-3 – Strike Price $1.33, Expiration Date
4/4/2019 187,500 $ — $ 5,625 $ — $ — $ — $ 7,500 $ 13,125 0.01 %
NestGSV, Inc.
(d/b/a GSV Labs, Inc.) – Preferred Warrant Series A-4 – Strike Price $1.33, Expiration Date
10/6/2019 500,000 — 40,000 — — — 125,000 165,000 0.08 %
NestGSV, Inc.
(d/b/a GSV Labs, Inc.) – Preferred Warrant Series A-4 – Strike Price $1.33, Expiration Date 7/18/2021 250,000 — 22,500 — — — 77,500 100,000 0.05 %
NestGSV, Inc.
(d/b/a GSV Labs, Inc.) – Preferred Warrant Series A-4 – Strike Price $1.33, Expiration Date
11/29/2021 100,000 — 9,000 — — — 31,000 40,000 0.02 %
NestGSV, Inc.
(d/b/a GSV Labs, Inc.) – Preferred Warrant Series B – Strike Price $2.31, Expiration Date 5/29/2022⁽⁴⁾ 125,000 — — 70,379 — — 10,871 81,250 0.04 %
Total Global Innovation Platform    — 77,125 70,379 — — 251,871 399,375 0.20 %
Total Warrants    $ — $ 77,125 $ 70,379 $ — $ — $ 251,871 $ 399,375 0.20 %
Common Stock

Clean Technology

SPBRX, INC.
(f/k/a GSV Sustainability Partners, Inc.) – Common shares 100,000 — — — — — — — 0.00%

~~TABLE OF CONTENTS~~
~~GSV CAPITAL CORP. AND SUBSIDIARIES~~

~~NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS~~
~~September 30, 2017~~
~~(Unaudited)~~
~~NOTE 3 — INVESTMENTS AT FAIR VALUE – (continued)~~

Schedule of Investments In and Advances To Affiliates
Type/Industry/Portfolio Company/Investment Principal/
Quantity Interest, Fees, or Dividends Credited
in Income Fair Value at December 31, 2016 Purchases, Capitalized Fees,
Interest and Amortization Sales Realized Gains/
(Losses) Unrealized Gains/
(Losses) Fair Value at September 30, 2017 Percentage
of
Net Assets
Global Innovation Platform

NestGSV, Inc.
(d/b/a GSV Labs, Inc.) – Common shares 200,000 $ — $ — $ — $ — $ — $ — $ — 0.00 %
Total Common Stock $ — $ — $ — $ — $ — $ — $ — 0.00 %
TOTAL CONTROLLED INVESTMENTS*⁽²⁾ $ 671,534 $ 19,037,566 $ 733,817 $ (526,000 ) $ — $ 5,820,954 $ 25,066,337 11.97 %
NON-CONTROLLED/AFFILIATE INVESTMENTS*⁽¹⁾

Debt Investments

Corporate Education

CUX, Inc.
(d/b/a CorpU) – Senior Subordinated Convertible Promissory Note 8%
Due 11/26/2018 ***⁽⁶⁾ 1,166,400 $ 69,792 $ 1,166,400 $ — $ — $ — $ — $ 1,166,400 0.56 %
Digital Media Platform

Ozy Media, Inc – Convertible Promissory Note 5%,
Due 02/28/2018*** 2,000,000 74,795 2,000,000 — — — — 2,000,000 0.95 %
Social Cognitive Learning

Declara, Inc. – Convertible Promissory Note 9%
Due 12/31/2017***⁽⁸⁾ 2,120,658 (523 ) 2,827,020 800 — — (617,409 ) 2,210,411 1.06 %
Sports Analytics

Circle Media (f/k/a S3 Digital Corp. (d/b/a S3i)) – Promissory Note, 12%, 11/17/2017*** 28,008 $ (90 ) $ 26,544 $ 3,289 $ — $ — $ (29,833 ) $ — 0.00 %
Total Debt Investments    $ 143,974 $ 6,019,964 $ 4,089 $ — $ — $ (647,242 ) $ 5,376,811 2.57 %
Preferred Stock

Corporate Education

CUX, Inc. (d/b/a CorpU) – Convertible preferred shares, Series D 169,033 — 775,861 — — — — 775,861 0.37 %
CUX, Inc. (d/b/a CorpU) – Convertible preferred shares, Series C 615,763 — 1,913,484 — — — (607,088 ) 1,306,396 0.62 %
Total Corporate Education    — 2,689,345 — — — (607,088 ) 2,082,257 0.99 %
Globally-Focused Private School

Whittle Schools, LLC⁽⁵⁾ – Preferred shares, Series B 3,000,000 — 3,000,000 — — — — 3,000,000 1.43 %
Online Education

Curious.com, Inc. – Preferred shares, Series B 3,407,834 — 9,984,954 280 — — (4,025,047 ) 5,960,187 2.85%

~~TABLE OF CONTENTS~~
~~GSV CAPITAL CORP. AND SUBSIDIARIES~~

~~NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS~~
~~September 30, 2017~~
~~(Unaudited)~~
~~NOTE 3 — INVESTMENTS AT FAIR VALUE – (continued)~~

Schedule of Investments In and Advances To Affiliates
Type/Industry/Portfolio Company/Investment Principal/
Quantity Interest, Fees, or Dividends Credited
in Income Fair Value at December 31, 2016 Purchases, Capitalized Fees,
Interest and Amortization Sales Realized Gains/
(Losses) Unrealized Gains/
(Losses) Fair Value at September 30, 2017 Percentage
of
Net Assets
Sports Analytics

Circle Media (f/k/a S3 Digital Corp. (d/b/a S3i)) – Preferred shares, Series A 1,864,495 $ — $ 484,769 $ — $ — $ — $ (484,769 ) $ — 0.00 %
Social Cognitive Learning

Declara, Inc. – Preferred shares, Series A 10,716,390 — 4,786,654 — — — (3,991,885 ) 794,769 0.38 %
Education Media Platform

EdSurge, Inc. – Preferred shares, Series A-1 378,788 — 500,000 — — — — 500,000 0.24 %
EdSurge, Inc. – Preferred shares, Series A 494,365 — 588,294 — — — (88,293 ) 500,001 0.24 %
Total Education Media Platform    — 1,088,294 — — — (88,293 ) 1,000,001 0.48 %
Education Technology

Global Education Learning (Holdings) Ltd. **⁽⁹⁾ – Preferred shares, Series A — — — — — (675,495 ) 675,495 — 0.00 %
Knowledge Networks

Maven Research, Inc. -Preferred shares, Series C 318,979 — 1,999,998 — — — (1,499,998 ) 500,000 0.24 %
Maven Research, Inc. -Preferred shares, Series B 49,505 — 223,763 — — — (173,887 ) 49,876 0.02 %
Total Knowledge Networks    — 2,223,761 — — — (1,673,885 ) 549,876 0.26 %
Digital Media Platform

OzyMedia, Inc. – Preferred shares, Series B 922,509 — 4,999,999 — — — (609,112 ) 4,390,887 2.10 %
OzyMedia, Inc. – Preferred shares, Series A 1,090,909 — 3,000,000 — — — (366,216 ) 2,633,784 1.26 %
OzyMedia, Inc. – Preferred shares, Series Seed 500,000 — 610,000 — — — (171,036 ) 438,964 0.21 %
Total Digital Media Platform    — 8,609,999 — — — (1,146,364 ) 7,463,635 3.57 %
Social Media

AlwaysOn, Inc. – Preferred shares, Series A-1⁽¹⁰⁾ — $ — $ — $ — $ — $ (876,023 ) $ 876,023 $ — 0.00 %
AlwaysOn, Inc. – Preferred shares, Series A⁽¹⁰⁾ — — — — — (1,027,391 ) 1,027,391 — 0.00 %
Total Social Media — — — — (1,903,414 ) 1,903,414 — 0.00 %
Total Preferred Stock    $ — $ 32,867,776 $ 280 $ — $ (2,578,909 ) $ (9,438,422 ) $ 20,850,725 9.95 %
Common Stock

Big Data Consulting

Strategic Data Command, LLC⁽⁷⁾ – Common shares 2,400,000 — 2,052,555 — — — 4,600 2,057,155 0.98%

~~TABLE OF CONTENTS~~
~~GSV CAPITAL CORP. AND SUBSIDIARIES~~

~~NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS~~
~~September 30, 2017~~
~~(Unaudited)~~
~~NOTE 3 — INVESTMENTS AT FAIR VALUE – (continued)~~
~~Schedule of Investments In and Advances To Affiliates~~
~~Type/Industry/Portfolio Company/Investment~~ ~~Principal/~~
~~Quantity~~ ~~Interest, Fees, or Dividends Credited~~
~~in Income~~ ~~Fair Value at December 31, 2016~~ ~~Purchases, Capitalized Fees,~~
~~Interest and Amortization~~ ~~Sales~~ ~~Realized Gains/~~
~~(Losses)~~ ~~Unrealized Gains/~~
~~(Losses)~~ ~~Fair Value at September 30, 2017~~ ~~Percentage~~
of
~~Net Assets~~
~~Globally-Focused Private School~~
~~Whittle Schools, LLC~~⁽⁵⁾ ~~– Common shares~~ ~~229~~ $ — $ ~~1,500,000~~ $ — $ — $ — $ — $ ~~1,500,000~~ ~~0.72~~ %
~~Total Common Stock~~ $ — $ ~~3,552,555~~ $ — $ — $ — $ ~~4,600~~ $ ~~3,557,155~~ ~~1.70~~ %
~~Warrants~~
~~Sports Analytics~~
~~Circle Media (f/k/a S3 Digital Corp. (d/b/a S3i)) – Preferred warrants, $1.17 Strike Price, Expiration Date 11/18/2022~~ ~~5,360~~ — — — — — — — ~~0.00~~ %
~~Circle Media (f/k/a S3 Digital Corp. (d/b/a S3i)) – Preferred warrants, $1.17 Strike Price, Expiration Date 8/29/2021~~ ~~175,815~~ — — — — — — — ~~0.00~~ %
~~Circle Media (f/k/a S3 Digital Corp. (d/b/a S3i)) – Preferred warrants, $1.17 Strike Price, Expiration Date 6/26/2021~~ ~~38,594~~ — — — — — — — ~~0.00~~ %
~~Circle Media (f/k/a S3 Digital Corp. (d/b/a S3i)) – Preferred warrants, $1.17 Strike Price, Expiration Date 9/30/2020~~ ~~160,806~~ — — — — — — — ~~0.00~~ %
~~Circle Media (f/k/a S3 Digital Corp. (d/b/a S3i)) – Preferred warrants, $1.00 Strike Price, Expiration Date 11/21/2017~~ ~~500,000~~ — — — — — — — ~~0.00~~ %
~~Total Sports Analytics~~ — — — — — — — ~~0.00~~ %
~~Corporate Education~~
~~CUX, Inc. (d/b/a CorpU) -Preferred warrants, Series D, Strike Price $4.59, Expiration Date 2/25/2018~~ ~~16,903~~ — ~~4,395~~ — — — ~~(1,860~~ ) ~~2,535~~ ~~0.00~~ %
~~Social Media~~
~~AlwaysOn, Inc. – Preferred Warrants Series A, $1.00 strike price, expire 1/9/2017~~⁽¹⁰⁾ — — — — — — — — ~~0.00~~ %
~~Total Warrants~~ $ — $ ~~4,395~~ $ — $ — $ — $ ~~(1,860~~ ) $ ~~2,535~~ ~~0.00~~ %
TOTAL NON-CONTROLLED/AFFILIATE INVESTMENTS*⁽¹⁾ $ ~~143,974~~ $ ~~42,444,690~~ $ ~~4,369~~ $ — $ ~~(2,578,909~~ ) $ ~~(10,082,924~~ ) $ ~~29,787,226~~ ~~14.23~~ %

~~TABLE OF CONTENTS~~
~~GSV CAPITAL CORP. AND SUBSIDIARIES~~

~~NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS~~
~~September 30, 2017~~
~~(Unaudited)~~
~~NOTE 3 — INVESTMENTS AT FAIR VALUE – (continued)~~
* * All portfolio investments are non-income-producing, unless otherwise identified. Equity investments are subject to lock-up restrictions upon their IPO. ~~Unless otherwise noted, all investments were pledged as collateral under~~Preferred dividends are generally only payable when declared and paid by the ~~Credit Facility.~~portfolio company’s board of directors. The Company’s ~~and GSV Asset Management, LLC’s~~directors, officers, employees and staff, as applicable, may serve on the board of directors of the Company’s portfolio investments. (Refer to “Note 3—Related-Party Arrangements”). All portfolio investments are considered Level 3 and valued using significant unobservable inputs, unless otherwise noted. (Refer to “Note 4—Investments at Fair Value”). All portfolio investments are considered Level 3 and valued using unobservable inputs, unless otherwise noted. All of the Company’s portfolio investments are restricted as to resale, unless otherwise noted, and were valued at fair value as determined in good faith by the Company’s ~~board~~Board of ~~directors.~~Directors. (Refer to “Note 2—Significant Accounting Policies—Investments at Fair Value”).
** Indicates assets that ~~GSV~~SuRo Capital Corp. believes do not represent “qualifying assets” under Section 55(a) of the 1940 Act. Of the Company’s total investments as of June 30, 2023, 20.76% of its total investments are non-qualifying assets.
*** Investment is income-producing.
(1) ~~Denotes an~~ “Affiliate ~~Investment. “Affiliate~~ Investments” are investments in those companies that are “Affiliated Companies” of ~~GSV~~SuRo Capital Corp., as defined in the 1940 Act. In general, a company is deemed to be an “Affiliate” of ~~GSV~~SuRo Capital Corp. if ~~GSV~~SuRo Capital Corp. beneficially owns, directly or indirectly, between 5% ~~or more~~and 25% of the voting securities (i.e., securities with the right to elect directors) of such company.
(2) ~~Denotes a~~ “Control ~~Investment. “Control~~ Investments” are investments in those companies that are “Controlled Companies” of ~~GSV~~SuRo Capital Corp., as defined in the 1940 Act. In general, under the 1940 Act, the Company would “Control” a portfolio company if the Company ~~owned~~beneficially owns, directly or indirectly, more than 25% of its outstanding voting securities (i.e., securities with the right to elect directors) and/or had the power to exercise control over the management or policies of such portfolio company.
(3) As of June 30, 2023, the investments noted had been placed on non-accrual status.
(4) The SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.) preferred shares held by SuRo Capital Corp. do not entitle SuRo Capital Corp. to a preferred dividend rate. SuRo Capital Corp. does not anticipate that SPBRX, INC. will pay distributions on a quarterly or regular basis or become a predictable distributor of distributions.
(5) SuRo Capital Corp.’s ~~investment~~investments in StormWind, LLC isare held through ~~its wholly-owned~~SuRo Capital Corp.’s wholly owned subsidiary, GSVC SW Holdings, Inc.
~~(4)~~
(6) On ~~May 29, 2017,~~August 23, 2019, SuRo Capital Corp. amended the ~~maturity date~~structure of its investment in OneValley, Inc. (f/k/a NestGSV, Inc.). As part of the unsecured promissory note to NestGSV, Inc. (d/b/a GSV Labs, Inc.) was extended to November 29, 2017 in exchange for 125,000 Series B warrants. For accounting purposes, the extension of the maturity date was treated as an extinguishment of the existing note and creation of a new note.
~~(5)~~ ~~GSV~~agreement, SuRo Capital Corp.’s ~~investment in Whittle Schools,~~equity holdings (warrants notwithstanding) were restructured into a derivative security. OneValley, Inc. (f/k/a NestGSV, Inc.) has the right to call the position at any time over a five year period, ending August 23, 2024, while SuRo Capital Corp. can put the shares to OneValley, Inc. (f/k/a NestGSV, Inc.) at the end of the five year period.
(7) Colombier Sponsor LLC is ~~held through its wholly-owned subsidiary, GSVC WS Holdings,~~the sponsor of Colombier Acquisition Corp., a SPAC formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.
(8) On March 1, 2023, Ozy Media, Inc. ~~Whittle Schools, LLC is an investment that is collateralized by Avenues Global Holdings, LLC, as well as the personal collateral of Chris Whittle, the former chairman of Avenues Global Holdings, LLC.~~
~~(6)~~ Interest will accrue daily on the unpaid principal balance of the note. Interest began compounding annually on November 26, 2015. Accrued interest is not payable until the earlier of (a) the closing of a subsequent equity offering by CUX, Inc. (d/b/a CorpU), or (b) the maturity of the note (November 26, 2018).
~~(7)~~ ~~GSV~~suspended operations. On May 4, 2023, SuRo Capital Corp.~~’s investment in Strategic Data Command, LLC is held through its wholly-owned subsidiary, GSVC SVDS Holdings, Inc.~~
~~(8)~~ ~~On July 1, 2017, the maturity date of the convertible promissory note to Declara, Inc. was extended to December 31, 2017.~~
~~(9)~~ ~~The Company wrote-off~~ abandoned its investment in ~~Global Education Learning (Holdings) Ltd. during the three months ended June 30, 2017.~~Ozy Media, Inc.
~~(10)~~ ~~The Company wrote-off its investment in AlwaysOn, Inc. during the three months ended March~~ 31 ~~2017.~~

Table of Contents
~~TABLE OF CONTENTS~~
~~GSV~~
SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
~~September~~
June 30, ~~2017~~
~~(Unaudited)~~
~~NOTE 3 — INVESTMENTS AT FAIR VALUE – (continued)~~
2023
Schedule of Investments In, and Advances to, Affiliates
Transactions during the year ended December 31, ~~2016~~2022 involving the Company’s controlled investments and non-controlled/affiliate investments were as follows:
Type/Industry/Portfolio Company/Investment
Principal/
Quantity

Interest, Fees, or
Dividends Credited
in Income
Fair Value at December 31, 2021 Transfer In/ (Out)
Purchases,
Capitalized Fees,
Interest and
Amortization
Sales
Realized
Gains/(Losses)

Unrealized
Gains/(Losses)
Fair Value at December 31, 2022
Percentage
of Net
Assets

CONTROLLED INVESTMENTS*⁽²⁾
Options
Special Purpose Acquisition Company
Colombier Sponsor LLC**–Class W Units⁽⁷⁾ 2,700,000 $ — $ 1,157,487 $            — $              — $ — $                      — $ — $ 1,157,487 0.55 %
Total Options — 1,157,487 — — — — — 1,157,487 0.55 %
Preferred Stock
Clean Technology
SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.)–Preferred shares, Class A⁽⁴⁾ 14,300,000 — 1,047,033 — — — — (63,005 ) 984,028 0.47 %
Total Preferred Stock — 1,047,033 — — — — (63,005 ) 984,028 0.47 %
Common Stock
Clean Technology
SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.)–Common shares 100,000 — — — — — — — — — %
Mobile Finance Technology
Architect Capital PayJoy SPV, LLC**–Membership Interest in Lending SPV*** $ 10,000,000 1,685,000 10,000,000 — — — — — 10,000,000 4.76 %
Special Purpose Acquisition Company
Colombier Sponsor LLC**–Class B Units⁽⁷⁾ 1,976,033 — 1,554,354 — — — — 1 1,554,355 0.74 %
Total Common Stock 1,685,000 11,554,354 — — — — 1 11,554,355 5.50 %
TOTAL CONTROLLED INVESTMENTS*⁽²⁾ $ 1,685,000 $ 13,758,874 $ — $ — $ — $ — $ (63,004 ) $ 13,695,870 6.52 %
NON-CONTROLLED/AFFILIATE INVESTMENTS*⁽¹⁾
Debt Investments
Global Innovation Platform
OneValley, Inc. (f/k/a NestGSV, Inc.) –Convertible Promissory Note 8%, Due 8/23/2024⁽³⁾ $ 1,010,198 $           — $ 505,099 $         — $              — $ — $               — $ 1,483,101 $ 1,988,200 0.95 %
Total Debt Investments — 505,099 — — — — 1,483,101 1,988,200 0.95 %
Preferred Stock
Knowledge Networks
Maven Research, Inc.–Preferred shares, Series C 318,979 — — — — — — — — — %
Maven Research, Inc.–Preferred shares, Series B 49,505 — — — — — — — — — %
Total Knowledge Networks — — — — — — — — — %
Digital Media Platform
Ozy Media, Inc.–Preferred shares, Series C-2 6% 683,482 — — — — — — — — %
Ozy Media, Inc.–Preferred shares, Series B 6% 922,509 — — — — — — — — — %
Ozy Media, Inc.–Preferred shares, Series A 6% 1,090,909 — — — — — — — — — %
Ozy Media, Inc.–Preferred shares, Series Seed 6% 500,000 — — — — — — — — — %
Total Digital Media Platform — — — — — — — — — %
Interactive Learning
StormWind, LLC–Preferred shares, Series D 8%⁽⁵⁾ 329,337 — 621,093 — — — (87,664 ) 533,429 0.25 %
StormWind, LLC–Preferred shares, Series C 8%⁽⁵⁾ 2,779,134 — 6,496,729 — — — — (821,648 ) 5,675,081 2.70 %
StormWind, LLC–Preferred shares, Series B 8%⁽⁵⁾ 3,279,629 — 4,423,607 — — — — (872,976 ) 3,550,631 1.69 %
StormWind, LLC–Preferred shares, Series A 8%⁽⁵⁾ 366,666 — 289,293 — — — — (97,599 ) 191,694 0.09 %
Total Interactive Learning — 11,830,722 — — — — (1,879,887 ) 9,950,835 4.74 %
Total Preferred Stock — 11,830,722 — — — — (1,879,887 ) 9,950,835 4.74 %
Options
Digital Media Platform
Ozy Media, Inc.–Common Warrants, Strike Price $0.01, Expiration Date 4/9/2028 295,565 $         — $ — $        — $            — $ — $ — $ — $ — — %
Global Innovation Platform
OneValley, Inc. (f/k/a NestGSV, Inc.)–Preferred Warrant Series B, Strike Price $2.31, Expiration Date 5/29/2022 — — — — — — (70,379 ) 70,379 — — %
OneValley, Inc. (f/k/a NestGSV, Inc.)–Preferred Warrant Series B, Strike Price $2.31, Expiration Date 12/31/2023 250,000 — 5,000 — — — — (5,000 ) — — %
OneValley, Inc. (f/k/a NestGSV, Inc.)–Derivative Security, Expiration Date 8/23/2024⁽⁶⁾ 1 — 2,268,268 — — — — (1,616,141 ) 652,127 0.31 %
Total Global Innovation Platform — 2,273,268 — — (70,379 ) (1,550,762 ) 652,127 0.31 %
Total Options — 2,273,268 — — — (70,379 ) (1,550,762 ) 652,127 0.31 %
Common Stock
Online Education
Curious.com, Inc.–Common shares 1,135,944 — — — — — — — — — %
Total Common Stock — — — — — — — — — %
TOTAL NON-CONTROLLED/AFFILIATE INVESTMENTS*⁽¹⁾ $ — $ 14,609,089 $ — $ — $ — $ (70,379 ) $ (1,947,548 ) $ 12,591,162 6.00 %
32
Table of Contents
~~Schedule of Investments In and Advances To Affiliates~~

Type/Industry/Portfolio Company/Investment Principal/
Quantity Interest,
Fees, or
Dividends
Credited
in Income Fair Value at
December 31,
2015 Transfer
from Control
Investment to
Non-Control/
Non-Affiliate
Investment Corporate
Action Purchases Sales Realized
Gains/
(Losses) Unrealized
Gains/
(Losses) Fair Value
at
December 31,
2016 Percentage
of
Net Assets
CONTROLLED INVESTMENTS*⁽²⁾

Debt Investments

Global Innovation Platform

NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Convertible Promissory Note 8% Due 07/31/2017*** 500,000 $ 16,889 $ — $ — $ 425,620 $ 31,972 $ — $ — $ (29,692 ) $ 427,900 0.22 %
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Convertible Promissory Note 8% Due 06/30/16*** — 48,248 — — (500,000 ) 500,000 — — — — 0.00 %
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Promissory Note 10% Due 11/23/2016*** — 26,000 — — — 500,000 (500,000 ) — — — 0.00 %
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Unsecured Promissory Note 12% Due 05/29/2017*** 526,000 10,862 — — — 501,802 — — $ (5,077 ) 496,725 0.26 %
Total Global Innovation Platform    101,999 — — (74,380 ) 1,533,774 (500,000 ) — (34,769 ) 924,625 0.48 %
Total Debt Investments    $ 101,999 $ — $ — $ (74,380 ) $ 1,533,774 $ (500,000 ) $ — $ (34,769 ) $ 924,625 0.48 %
Preferred Stock

Clean Technology

SPBRX, INC.
(f/k/a GSV Sustainability Partners, Inc.) – Preferred shares, Class A 14,300,000 — 6,250,000 — — — — — (1,940,222 ) 4,309,778 2.24 %

~~TABLE OF CONTENTS~~
~~GSV~~SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
~~September~~
June 30, ~~2017~~
~~(Unaudited)~~
~~NOTE 3 — INVESTMENTS AT FAIR VALUE – (continued)~~
2023

Schedule of Investments In and Advances To Affiliates
Type/Industry/Portfolio Company/Investment Principal/
Quantity Interest,
Fees, or
Dividends
Credited
in Income Fair Value at
December 31,
2015 Transfer
from Control
Investment to
Non-Control/
Non-Affiliate
Investment Corporate
Action Purchases Sales Realized
Gains/
(Losses) Unrealized
Gains/
(Losses) Fair Value
at
December 31,
2016 Percentage
of
Net Assets
Global Innovation Platform

NestGSV, Inc.
(d/b/a GSV Labs, Inc.) – Preferred shares, Series D — $ — $ 4,960,565 $ — $ (4,904,498 ) $ — $ — $ — $ (56,067 ) $ — 0.00 %
NestGSV, Inc.
(d/b/a GSV Labs, Inc.) – Preferred shares, Series C — — 1,733,404 — (2,005,730 ) — — — 272,326 — 0.00 %
NestGSV, Inc.
(d/b/a GSV Labs, Inc.) – Preferred shares, Series B — — — — (605,500 ) — — — 605,500 — 0.00 %
NestGSV, Inc.
(d/b/a GSV Labs, Inc.) – Preferred shares, Series A — — — — (1,021,778 ) — — — 1,021,778 — 0.00 %
NestGSV, Inc.
(d/b/a GSV Labs, Inc.) – Preferred stock Series A-4 3,720,424 — — — 4,904,498 — — — (2,188,588 ) 2,715,910 1.41 %
NestGSV, Inc.
(d/b/a GSV Labs, Inc.) – Preferred stock Series A-3 1,561,625 — — — 2,005,730 — — — (1,053,139 ) 952,591 0.50 %
NestGSV, Inc.
(d/b/a GSV Labs, Inc.) – Preferred stock Series A-2 450,001 — — — 605,500 — — — (439,000 ) 166,500 0.09 %
NestGSV, Inc.
(d/b/a GSV Labs, Inc.) – Preferred stock Series A-1 1,000,000 — — — 1,021,778 — — — (751,778 ) 270,000 0.14 %
Total Global Innovation Platform    — 6,693,969 — — — — — (2,588,968 ) 4,105,001 2.14 %
Interactive Learning                      —
StormWind, LLC – Preferred shares,
Series C⁽⁴⁾ 2,779,134 $ — $ 4,599,718 $ — $ — $ — $ — $ — $ 51,120 $ 4,650,838 2.42%

~~TABLE OF CONTENTS~~
~~GSV CAPITAL CORP. AND SUBSIDIARIES~~

~~NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS~~
~~September 30, 2017~~
~~(Unaudited)~~
~~NOTE 3 — INVESTMENTS AT FAIR VALUE – (continued)~~

Schedule of Investments In and Advances To Affiliates
Type/Industry/Portfolio Company/Investment Principal/
Quantity Interest,
Fees, or
Dividends
Credited
in Income Fair Value at
December 31,
2015 Transfer
from Control
Investment to
Non-Control/
Non-Affiliate
Investment Corporate
Action Purchases Sales Realized
Gains/
(Losses) Unrealized
Gains/
(Losses) Fair Value
at
December 31,
2016 Percentage
of
Net Assets
StormWind, LLC – Preferred shares,
Series B⁽⁴⁾ 3,279,629 $ — $ 4,633,228 $ — $ — $ — $ — $ — $ (162,825 ) $ 4,470,403 2.33 %
StormWind, LLC – Preferred shares, Series A ⁽⁴⁾ 366,666 — 518,000 — — — — — (18,204 ) 499,796 0.26 %
Total Interactive Learning    — 9,750,946 — — — — — (129,909 ) 9,621,037 5.01 %
Total Preferred Stock    $ — $ 22,694,915 $ — $ — $ — $ — $ — $ (4,659,099 ) $ 18,035,816 9.39 %
Warrants

Global Innovation Platform

NestGSV, Inc.
(d/b/a GSV Labs, Inc.) – Preferred Warrant Series A-4 – Strike Price $1.33333, Expiration Date 10/6/2019 500,000 — — — — — — — 40,000 40,000 0.02 %
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Preferred Warrant Series A-4 – Strike Price $1.33333, Expiration Date 7/18/2021 250,000 — — — 74,380 — — — (51,880 ) 22,500 0.01 %
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Preferred Warrant Series A-4 – Strike Price $1.33333, Expiration Date 11/29/2021 100,000 — — — — 29,275 — — (20,275 ) 9,000 0.00 %
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Preferred Warrant Series A-3 – Strike Price $1.33333, Expiration Date 4/4/2019 187,500 — — — — — — — 5,625 5,625 0.00%

~~TABLE OF CONTENTS~~
~~GSV CAPITAL CORP. AND SUBSIDIARIES~~

~~NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS~~
~~September 30, 2017~~
~~(Unaudited)~~
~~NOTE 3 — INVESTMENTS AT FAIR VALUE – (continued)~~

Schedule of Investments In and Advances To Affiliates
Type/Industry/Portfolio Company/Investment Principal/
Quantity Interest,
Fees, or
Dividends
Credited
in Income Fair Value at
December 31,
2015 Transfer
from Control
Investment to
Non-Control/
Non-Affiliate
Investment Corporate
Action Purchases Sales Realized
Gains/
(Losses) Unrealized
Gains/
(Losses) Fair Value
at
December 31,
2016 Percentage
of
Net Assets
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Preferred warrants, Series D – $1.33 Strike Price, Expiration Date 10/6/2019 — $ — $ 145,000 $ — $ — $ — $ — $ — $ (145,000 ) $ — 0.00 %
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Preferred warrants, Series C – $1.33 Strike Price, Expiration Date 4/4/2019 — — 31,875 — — — — — (31,875 ) — 0.00 %
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Preferred warrants Series D – Strike Price $1.33, Expiration Date 7/18/2021 — — — — — — — — — — 0.00 %
Total Global Innovation Platform    — 176,875 — 74,380 29,275 — — (203,405 ) 77,125 0.03 %
Total Warrants    $ — $ 176,875 $ — $ 74,380 $ 29,275 $ — $ — $ (203,405 ) $ 77,125 0.03 %
Common Stock

Global Innovation Platform

NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Common
shares 200,000 — — — — — — — — — 0.00 %
Clean Technology

SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.) – Common shares 100,000 $ — $ — $ — $ — $ — $ — $ — $ — $ — 0.00 %
Total Common Stock $ — $ — $ — $ — $ — $ — $ — $ — $ — 0.00 %
TOTAL CONTROLLED INVESTMENTS*⁽²⁾ $ 101,999 $ 22,871,790 $ — $ — $ 1,563,049 $ (500,000 ) $ — $ (4,897,273 ) $ 19,037,566 9.90%

~~TABLE OF CONTENTS~~
~~GSV CAPITAL CORP. AND SUBSIDIARIES~~

~~NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS~~
~~September 30, 2017~~
~~(Unaudited)~~
~~NOTE 3 — INVESTMENTS AT FAIR VALUE – (continued)~~

Schedule of Investments In and Advances To Affiliates
Type/Industry/Portfolio Company/Investment Principal/
Quantity Interest,
Fees, or
Dividends
Credited
in Income Fair Value at
December 31,
2015 Transfer
from Control
Investment to
Non-Control/
Non-Affiliate
Investment Corporate
Action Purchases Sales Realized
Gains/
(Losses) Unrealized
Gains/
(Losses) Fair Value
at
December 31,
2016 Percentage
of
Net Assets
NON-CONTROLLED/AFFILIATE INVESTMENTS*⁽¹⁾

Debt Investments

Corporate Education

CUX, Inc. (d/b/a CorpU) – Senior Subordinated Convertible Promissory Note 8% Due 11/26/2018***⁽⁵⁾ 1,166,400 $ 87,318 $ 1,080,000 $ — $ — $ 86,400 $ — $ — $ — $ 1,166,400 0.61 %
Digital Media Platform

Ozy Media, Inc. – Convertible Promissory Note 5%, Due 02/28/2018*** 2,000,000 33,700 — — — 2,000,000 — — — 2,000,000 1.04 %
Social Cognitive Learning

Declara, Inc. – Convertible Promissory Note 9% Due 6/30/2017*** 2,120,658 120,523 2,000,000 — — 120,658 — — 706,362 2,827,020 1.47 %
Sports Analytics

Circle Media (f/k/a S3 Digital Corp. (d/b/a S3i)) – Promissory Note, 12%, 11/17/2017*** 25,000 3,304 25,000 — — 736 — — 808 26,544 0.01 %
Business Education

Fullbridge, Inc. – Convertible Promissory Note, 10% Due 3/2/2016⁽⁸⁾ — (85,829 ) 1,020,859 (354,075 ) — 400 — — (667,184 ) — 0.00 %
Fullbridge, Inc. – Convertible Promissory Note, 10% Due 3/14/2017⁽⁸⁾ — — — (935,849 ) — 1,000,000 — — (64,151 ) — 0.00 %
Total Business Education (85,829 ) 1,020,859 (1,289,924 ) — 1,000,400 — — (731,335 ) — 0.00 %
Total Debt
Investments    $ 159,016 $ 4,125,859 $ (1,289,924 ) $ — $ 3,208,194 $ — $ — $ (24,165 ) $ 6,019,964 3.13%

~~TABLE OF CONTENTS~~
~~GSV CAPITAL CORP. AND SUBSIDIARIES~~

~~NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS~~
~~September 30, 2017~~
~~(Unaudited)~~
~~NOTE 3 — INVESTMENTS AT FAIR VALUE – (continued)~~

Schedule of Investments In and Advances To Affiliates
Type/Industry/Portfolio Company/Investment Principal/
Quantity Interest,
Fees, or
Dividends
Credited
in Income Fair Value at
December 31,
2015 Transfer
from Control
Investment to
Non-Control/
Non-Affiliate
Investment Corporate
Action Purchases Sales Realized
Gains/
(Losses) Unrealized
Gains/
(Losses) Fair Value
at
December 31,
2016 Percentage
of
Net Assets
Preferred Stock

Corporate Education

CUX, Inc. (d/b/a CorpU) – Convertible preferred shares, Series D 169,033 $ — $ 775,861 $ — $ — $ — $ — $ — $ — $ 775,861 0.40 %
CUX, Inc. (d/b/a CorpU) – Convertible preferred shares, Series C 615,763 — 1,959,127 — — — — — (45,643 ) 1,913,484 1.00 %
Total Corporate Education    — 2,734,988 — — — — — (45,643 ) 2,689,345 1.40 %
Globally-Focused Private School

Whittle Schools, LLC – Preferred shares, Series B⁽³⁾ 3,000,000 $ — $ 3,000,000 $ — $ — $ — $ — $ — $ — $ 3,000,000 1.56 %
Online Education

Curious.com Inc. – Preferred shares, Series B 3,407,834 — 9,996,311 — — 2,000,003 — — (2,011,360 ) 9,984,954 5.20 %
Sports Analytics

Circle Media (f/k/a S3 Digital Corp. (d/b/a S3i)) – Preferred shares, Series A 1,864,495 — 1,156,175 — — — — — (671,406 ) 484,769 0.26 %
Social Cognitive Learning

Declara, Inc. – Preferred shares, Series A 10,716,390 — 9,999,999 — — — — — (5,213,345 ) 4,786,654 2.49 %
Education Media Platform

EdSurge, Inc. – Preferred shares, Series A-1 378,788 — 500,000 — — 400 — — (400 ) 500,000 0.26 %
EdSurge, Inc. – Preferred shares, Series A 494,365 — 524,867 — — — — — 63,427 588,294 0.31 %
Total Education Media Platform    — 1,024,867 — — 400 — — 63,027 1,088,294 0.57%

~~TABLE OF CONTENTS~~
~~GSV CAPITAL CORP. AND SUBSIDIARIES~~

~~NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS~~
~~September 30, 2017~~
~~(Unaudited)~~
~~NOTE 3 — INVESTMENTS AT FAIR VALUE – (continued)~~

Schedule of Investments In and Advances To Affiliates
Type/Industry/Portfolio Company/Investment Principal/
Quantity Interest,
Fees, or
Dividends
Credited
in Income Fair Value at
December 31,
2015 Transfer
from Control
Investment to
Non-Control/
Non-Affiliate
Investment Corporate
Action Purchases Sales Realized
Gains/
(Losses) Unrealized
Gains/
(Losses) Fair Value
at
December 31,
2016 Percentage
of
Net Assets
Education Technology

Global Education Learning (Holdings) Ltd. – Preferred shares, Series A ** 2,126,475 $ — $ — $ — $ — $ 120 $ — $ — $ (120 ) $ — 0.00 %
Knowledge Networks

Maven Research, Inc. – Preferred shares,
Series C 318,979 — 1,999,998 — — — — — — 1,999,998 1.04 %
Maven Research, Inc. – Preferred shares,
Series B 49,505 — 249,691 — — — — — (25,928 ) 223,763 0.12 %
Total Knowledge Networks    — 2,249,689 — — — — — (25,928 ) 2,223,761 1.16 %
Digital Media Platform

Ozy Media, Inc. – Preferred shares, Series B 922,509 — 4,690,178 — — — — — 309,821 4,999,999 2.60 %
Ozy Media, Inc. – Preferred shares,
Series A 1,090,909 — 3,907,004 — — — — — (907,004 ) 3,000,000 1.56 %
Ozy Media, Inc. – Preferred shares, Series Seed 500,000 — 1,531,812 — — — — — (921,812 ) 610,000 0.32 %
Total Digital Media Platform    — 10,128,994 — — — — — (1,518,995 ) 8,609,999 4.48 %
Social Media

AlwaysOn, Inc. – Preferred shares, Series A-1 4,465,925 — 133,978 — — — — — (133,978 ) — 0.00 %
AlwaysOn, Inc. – Preferred shares, Series A 1,066,626 — 191,993 — — — — — (191,993 ) — 0.00 %
Total Social Media    — 325,971 — — — — — (325,971 ) — 0.00 %
Business Education

Fullbridge, Inc. – Preferred shares, Series D⁽⁸⁾ — — 3,111,714 — — 1,040 — — (3,112,754 ) — 0.00 %
Fullbridge, Inc. – Preferred shares, Series C⁽⁸⁾ — — 1,625,001 — — — — — (1,625,001 ) — 0.00%

~~TABLE OF CONTENTS~~
~~GSV CAPITAL CORP. AND SUBSIDIARIES~~

~~NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS~~
~~September 30, 2017~~
~~(Unaudited)~~
~~NOTE 3 — INVESTMENTS AT FAIR VALUE – (continued)~~

Schedule of Investments In and Advances To Affiliates
Type/Industry/Portfolio Company/Investment Principal/
Quantity Interest,
Fees, or
Dividends
Credited
in Income Fair Value at
December 31,
2015 Transfer
from Control
Investment to
Non-Control/
Non-Affiliate
Investment Corporate
Action Purchases Sales Realized
Gains/
(Losses) Unrealized
Gains/
(Losses) Fair Value
at
December 31,
2016 Percentage
of
Net Assets
Total Business Education    $ — $ 4,736,715 $ — $ — $ 1,040 $ — $ — $ (4,737,755 ) $ — 0.00 %
Cash Payment Network

Handle Financial, Inc. (f/k/a PayNearMe, Inc.) – Preferred shares, Series E⁽⁸⁾ — $ — $ 13,974,887 $ (13,974,887 ) $ — $ — $ — $ — $ — $ — 0.00 %
Total Preferred Stock    $ — $ 59,328,596 $ (13,974,887 ) $ — $ 2,001,563 $ — $ — $ (14,487,496 ) $ 32,867,776 17.11 %
Common Stock

Big Data Consulting

Strategic Data Command, LLC – Common shares⁽⁷⁾ 2,400,000 — 1,001,650 — — — — — 1,050,905 2,052,555 1.07 %
Globally-Focused Private School

Whittle Schools, LLC – Common shares⁽³⁾ 229 — 1,500,000 — — — — — — 1,500,000 0.78 %
Consumer Health Technology

Orchestra One, Inc. (f/k/a Learnist Inc.) – Common shares ⁽⁶⁾ 57,026 — 4,364 (4,364 ) — — — — — — 0.00 %
Total Common Stock    $ — $ 2,506,014 $ (4,364 ) $ — $ — $ — $ — $ 1,050,905 $ 3,552,555 1.85 %
Warrants

Sports Analytics

Circle Media (f/k/a S3 Digital Corp. (d/b/a S3i)) – Preferred warrants, $1.17 Strike Price, Expiration Date 11/18/2022 5,360 — 429 — — — — — (429 ) — 0.00 %
Circle Media (f/k/a S3 Digital Corp. (d/b/a S3i)) – Preferred warrants, $1.17 Strike Price, Expiration Date 8/29/2021 175,815 — 14,065 — — — — — (14,065 ) — 0.00%

~~TABLE OF CONTENTS~~
~~GSV CAPITAL CORP. AND SUBSIDIARIES~~

~~NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS~~
~~September 30, 2017~~
~~(Unaudited)~~
~~NOTE 3 — INVESTMENTS AT FAIR VALUE – (continued)~~

Schedule of Investments In and Advances To Affiliates
Type/Industry/Portfolio Company/Investment Principal/
Quantity Interest,
Fees, or
Dividends
Credited
in Income Fair Value at
December 31,
2015 Transfer
from Control
Investment to
Non-Control/
Non-Affiliate
Investment Corporate
Action Purchases Sales Realized
Gains/
(Losses) Unrealized
Gains/
(Losses) Fair Value
at
December 31,
2016 Percentage
of
Net Assets
Circle Media (f/k/a S3 Digital Corp. (d/b/a S3i)) – Preferred warrants, $1.17 Strike Price, Expiration Date 6/26/2021 38,594 $ — $ 3,088 $ — $ — $ — $ — $ — $ (3,088 ) $ — 0.00 %
Circle Media (f/k/a S3 Digital Corp. (d/b/a S3i)) – Preferred warrants, $1.17 Strike Price, Expiration Date 9/30/2020 160,806 — 12,864 — — — — — (12,864 ) — 0.00 %
Circle Media (f/k/a S3 Digital Corp. (d/b/a S3i)) – Preferred warrants, $1.00 Strike Price, Expiration Date 11/21/2017 500,000 — 55,000 — — — — — (55,000 ) — 0.00 %
Total Sports Analytics    — 85,446 — — — — — (85,446 ) — 0.00 %
Corporate Education

CUX, Inc. (d/b/a CorpU) – Preferred warrants, $4.59 Strike Price, Expiration Date 2/25/2018 16,903 — 10,142 — — — — — (5,747 ) 4,395 0.00 %
Social Media

AlwaysOn, Inc. – Preferred warrants Series A, $1.00 Strike Price, Expiration Date 1/9/2017 109,375 $ — $ — $ — $ — $ — $ — $ — $ — $ — 0.00%

~~TABLE OF CONTENTS~~
~~GSV CAPITAL CORP. AND SUBSIDIARIES~~

~~NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS~~
~~September 30, 2017~~
~~(Unaudited)~~
~~NOTE 3 — INVESTMENTS AT FAIR VALUE – (continued)~~

Schedule of Investments In and Advances To Affiliates
Type/Industry/Portfolio Company/Investment Principal/
Quantity Interest,
Fees, or
Dividends
Credited
in Income Fair Value at
December 31,
2015 Transfer
from Control
Investment to
Non-Control/
Non-Affiliate
Investment Corporate
Action Purchases Sales Realized
Gains/
(Losses) Unrealized
Gains/
(Losses) Fair Value
at
December 31,
2016 Percentage
of
Net Assets
Business Education

Fullbridge, Inc. – Common warrants, $0.91 Strike Price, Expiration Date 3/2/2020⁽⁸⁾ — $ — $ 2,831 $ — $ — $ — $ — $ — $ (2,831 ) $ — 0.00 %
Fullbridge, Inc. – Common warrants, $0.91 Strike Price, Expiration Date 3/22/2020⁽⁸⁾ — — 1,862 — — — — — (1,862 ) — 0.00 %
Fullbridge, Inc. – Common warrants, $0.91 Strike Price, Expiration Date 5/16/2019⁽⁸⁾ — — 1,923 — — — — — (1,923 ) — 0.00 %
Fullbridge, Inc. – Common warrants, $0.91 Strike Price, Expiration Date 4/3/2019⁽⁸⁾ — — 4,121 — — — — — (4,121 ) — 0.00 %
Fullbridge, Inc. – Common warrants, $0.91 Strike Price, Expiration Date 10/10/2018⁽⁸⁾ — — 824 — — — — — (824 ) — 0.00 %
Fullbridge, Inc. – Common warrants, $0.91 Strike Price, Expiration Date 12/11/2018⁽⁸⁾ — — 824 — — — — — (824 ) — 0.00 %
Fullbridge, Inc. – Common warrants, $0.91 Strike Price, Expiration Date 2/18/2019⁽⁸⁾ — — 7,143 — — — — — (7,143 ) — 0.00 %
Total Business Education    — 19,528 — — — — — (19,528 ) — 0.00 %
Total Warrants $ — $ 115,116 $ — $ — $ — $ — $ — $ (110,721 ) $ 4,395 0.00%

~~TABLE OF CONTENTS~~
~~GSV CAPITAL CORP. AND SUBSIDIARIES~~

~~NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS~~
~~September 30, 2017~~
~~(Unaudited)~~
~~NOTE 3 — INVESTMENTS AT FAIR VALUE – (continued)~~

Schedule of Investments In and Advances To Affiliates
Type/Industry/Portfolio Company/Investment Principal/
Quantity Interest,
Fees, or
Dividends
Credited
in Income Fair Value at
December 31,
2015 Transfer
from Control
Investment to
Non-Control/
Non-Affiliate
Investment Corporate
Action Purchases Sales Realized
Gains/
(Losses) Unrealized
Gains/
(Losses) Fair Value
at
December 31,
2016 Percentage
of
Net Assets
TOTAL NON-CONTROLLED/
AFFILIATE INVESTMENTS*⁽¹⁾ $ 159,016 $ 66,075,585 $ (15,269,175 ) $ — $ 5,209,757 $ — $ — $ (13,571,477 ) $ 42,444,690 22.09 %
* * All portfolio investments are non-income-producing, unless otherwise identified. Equity investments are subject to lock-up restrictions upon their IPO. ~~Unless otherwise noted, all investments were pledged as collateral under~~Preferred dividends are generally only payable when declared and paid by the ~~Credit Facility.~~portfolio company’s board of directors. The Company’s ~~and GSV Asset Management, LLC’s~~directors, officers, employees and staff, as applicable, may serve on the board of directors of the Company’s portfolio investments. (Refer to “Note 3—Related-Party Arrangements”). All portfolio investments are considered Level 3 and valued using significant unobservable inputs, unless otherwise noted. (Refer to “Note 4—Investments at Fair Value”). All portfolio investments are considered Level 3 and valued using unobservable inputs, unless otherwise noted. All of the Company’s portfolio investments are restricted as to resale, unless otherwise noted, and were valued at fair value as determined in good faith by the Company’s ~~board~~Board of ~~directors.~~Directors. (Refer to “Note 2—Significant Accounting Policies—Investments at Fair Value”).
** Indicates assets that ~~GSV~~SuRo Capital Corp. believes do not represent “qualifying assets” under Section 55(a) of the 1940 Act. Of the Company’s total investments as of December 31, 2022, 14.47% of its total investments are non-qualifying assets.
*** Investment is income-producing.
(1) ~~Denotes an~~ “Affiliate ~~Investment. “Affiliate~~ Investments” are investments in those companies that are “Affiliated Companies” of ~~GSV~~SuRo Capital Corp., as defined in the 1940 Act. In general, a company is deemed to be an “Affiliate” of ~~GSV~~SuRo Capital Corp. if ~~GSV~~SuRo Capital Corp. beneficially owns, directly or indirectly, between 5% ~~or more~~and 25% of the voting securities (i.e., securities with the right to elect directors) of such company.
(2) ~~Denotes a~~ “Control ~~Investment. “Control~~ Investments” are investments in those companies that are “Controlled Companies” of ~~GSV~~SuRo Capital Corp., as defined in the 1940 Act. In general, under the 1940 Act, the Company would “Control” a portfolio company if the Company ~~owned~~beneficially owns, directly or indirectly, more than 25% of its outstanding voting securities (i.e., securities with the right to elect directors) and/or had the power to exercise control over the management or policies of such portfolio company.
(3) As of December 31, 2022, the investments noted had been placed on non-accrual status.
(4) The SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.) preferred shares held by SuRo Capital Corp. do not entitle SuRo Capital Corp. to a preferred dividend rate. SuRo Capital Corp. does not anticipate that SPBRX, INC. will pay distributions on a quarterly or regular basis or become a predictable distributor of distributions.
(5) SuRo Capital Corp.’s investment in Whittle Schools, LLC is held through its wholly-owned subsidiary GSVC WS Holdings, Inc. Whittle Schools, LLC is an investment that is collateralized by Avenues Global Holdings, LLC, as well as the personal collateral of Chris Whittle, the former chairman of Avenues Global Holdings, LLC.
~~(4)~~ ~~GSV Capital Corp.’s investment~~investments in StormWind, LLC isare held through ~~its wholly-owned~~SuRo Capital Corp.’s wholly owned subsidiary, GSVC SW Holdings, Inc.
~~(5)~~
(6) Interest will accrue daily on the unpaid principal balance of the note. Interest began compounding annually on November 26, 2015. Accrued interest is not payable until the earlier of (a) the closing of a subsequent equity offering by CUX, Inc. (d/b/a CorpU), or (b) the maturity of the note (November 26, 2018).
~~(6)~~ ~~GSV~~On August 23, 2019, SuRo Capital Corp.~~’s ownership percentage~~ amended the structure of its investment in ~~Orchestra One,~~OneValley, Inc. (f/k/a ~~Learnist~~NestGSV, Inc.) ~~decreased to below 5% and, as such, Orchestra One, Inc. is no longer classified as an “affiliate investment” as of September 30, 2016.~~. As ~~such, the Company has reflected a “transfer out”~~part of the “Affiliate Investment” category above as of September 30, 2016 to indicate that the investment in Orchestra One, Inc., while still held as of September 30, 2016, does not meet the criteria of an affiliate investment as defined in the Investment Company Act of 1940.
~~(7)~~ ~~GSV~~agreement, SuRo Capital Corp.’s ~~investment in Strategic Data Command,~~equity holdings (warrants notwithstanding) were restructured into a derivative security. OneValley, Inc. (f/k/a NestGSV, Inc.) has the right to call the position at any time over a five year period, ending August 23, 2024, while SuRo Capital Corp. can put the shares to OneValley, Inc. (f/k/a NestGSV, Inc.) at the end of the five year period.
(7) Colombier Sponsor LLC is ~~held through its wholly-owned subsidiary GSVC SVDS Holdings, Inc.~~the sponsor of Colombier Acquisition Corp., a special purpose acquisition company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.
33

Table of Contents
~~TABLE OF CONTENTS~~
~~GSV~~
SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
~~September~~
June 30, ~~2017~~
~~(Unaudited)~~
2023
NOTE ~~3 — INVESTMENTS AT FAIR VALUE – (continued)~~
~~(8)~~ GSV Capital Corp.’s ownership percentage in Handle Financial, Inc. (f/k/a PayNearMe, Inc.) and Fullbridge, Inc. decreased to below 5% and, as such, Handle Financial, Inc. (f/k/a PayNearMe, Inc.) and Fullbridge, Inc. are no longer classified as “affiliate investments” as of December 31, 2016. As such, the Company has reflected a “transfer out” of the “Affiliate Investment” category above as of December 31, 2016 to indicate that the investment in Handle Financial, Inc. (f/k/a PayNearMe, Inc.) and Fullbridge, Inc., while still held as of December 31, 2016, does not meet the criteria of an affiliate investment as defined in the Investment Company Act of 1940.
~~NOTE 4 — SHARE REPURCHASE PROGRAM, EQUITY OFFERINGS AND RELATED EXPENSES~~
5—COMMON STOCK
Share Repurchase Program
On August 7,8, 2017, the ~~Company’s board of directors authorized~~Company announced a $5.0 million discretionary open-market share repurchase program of shares of the Company’s common stock, ~~$0.01~~$0.01 par value per share, of up to ~~$5.0~~$5.0 million until the earlier of (i) August 6, 2018 or (ii) the repurchase of ~~$5.0~~$5.0 million in aggregate amount of the Company’s common stock (the “Share Repurchase Program”). ~~During each of the three and nine months ended September 30,~~On November 7, 2017, the ~~Company repurchased 574,109~~Company’s Board of Directors authorized an extension of, and an increase in the amount of shares of the Company’s common stock ~~pursuant to~~that may be repurchased under the discretionary Share Repurchase Program ~~for an~~until the earlier of (i) November 6, 2018 or (ii) the repurchase of $10.0 million in aggregate amount of ~~$2,800,810. For more information on~~ the ~~Share Repurchase Program, see “Part II. Item 2. Unregistered Sales~~Company’s common stock. On May 3, 2018, the Company’s Board of ~~Equity Securities and Use~~Directors authorized a $5.0 million increase in the amount of ~~Proceeds.”~~
~~No new~~ shares of the Company’s common stock ~~were issued during~~that may be repurchased under the ~~nine~~discretionary Share Repurchase Program until the earlier of (i) November 6, 2018 or (ii) the repurchase of $15.0 million in aggregate amount of the Company’s common stock. On November 1, 2018, our Board of Directors authorized a $5.0 million increase in the amount of shares of our common stock that may be repurchased under the discretionary Share Repurchase Program until the earlier of (i) October 31, 2019 or (ii) the repurchase of $20.0 million in aggregate amount of our common stock. On August 5, 2019, our Board of Directors authorized a $5.0 million increase in the amount of shares of our common stock that may be repurchased under the discretionary Share Repurchase Program until the earlier of (i) August 4, 2020 or (ii) the repurchase of $25.0 million in aggregate amount of our common stock. On March 9, 2020, our Board of Directors authorized a $5.0 million increase in the amount of shares of our common stock that may be repurchased under the discretionary Share Repurchase Program until the earlier of (i) March 8, 2021 or (ii) the repurchase of $30.0 million in aggregate amount of our common stock. On October 28, 2020, our Board of Directors authorized a $10.0 million increase in the amount of shares of our common stock that may be repurchased under the discretionary Share Repurchase Program until the earlier of (i) October 31, 2021 or (ii) the repurchase of $40.0 million in aggregate amount of our common stock. On October 27, 2021, our Board of Directors approved an extension of the Share Repurchase Program until the earlier of (i) October 31, 2022 or (ii) the repurchase of $40.0 million in aggregate amount of our common stock. On March 13, 2022, our Board of Directors authorized a $15.0 million increase in the amount of shares of our common stock that may be repurchased under the discretionary Share Repurchase Program until the earlier of (i) October 31, 2022 or (ii) the repurchase of $55.0 million in aggregate amount of our common stock. On October 19, 2022, the Company’s Board of Directors approved an extension of the Share Repurchase Program until the earlier of (i) October 31, 2023 or (ii) the repurchase of $55.0 million in aggregate amount of the Company’s common stock.
The timing and number of shares to be repurchased will depend on a number of factors, including market conditions and alternative investment opportunities. The Share Repurchase Program may be suspended, terminated or modified at any time for any reason and does not obligate the Company to acquire any specific number of shares of its common stock. Under the Share Repurchase Program, the Company may repurchase its outstanding common stock in the open market provided that it complies with the prohibitions under its insider trading policies and procedures and the applicable provisions of the 1940 Act and the Exchange Act.
During the three and six months ended ~~September~~June 30, ~~2017~~2023, the Company did not repurchase any shares of the Company’s common stock under the Share Repurchase Program. During the three and ~~2016, respectively.~~six months ended June 30, 2022, the Company repurchased 855,159 and 1,008,676 shares of the Company’s common stock under the Share Repurchase Program. As of June 30, 2023, the dollar value of shares that remained available to be purchased by the Company under the Share Repurchase Program was approximately $16.4 million.
Modified Dutch Auction Tender Offer
On March 17, 2023, the Company commenced a modified “Dutch Auction” tender offer (the “Modified Dutch Auction Tender Offer”) to purchase up to 3,000,000 shares of its common stock from its stockholders, which expired on April 17, 2023. In accordance with the terms of the Modified Dutch Auction Tender Offer, the Company selected the lowest price per share of not less than $3.00 per share and not greater than $4.50 per share.
Pursuant to the Modified Dutch Auction Tender Offer, the Company repurchased 3,000,000 shares, representing 10.6% of its outstanding shares, on or about April 21, 2023 at a price of $4.50 per share. The Company used available cash to fund the purchase of its shares of common stock in the Modified Dutch Auction Tender Offer and to pay for all related fees and expenses.
Amended and Restated 2019 Equity Incentive Plan
Refer to “Note 11—Stock-Based Compensation” for a description of the Company’s restricted shares of common stock granted under the Amended & Restated 2019 Equity Incentive Plan (as defined therein).
34

Table of Contents
~~TABLE OF CONTENTS~~
~~GSV~~
SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2023
At-the-Market Offering
On July 29, 2020, the Company entered into an At-the-Market Sales Agreement, dated July 29, 2020 (the “Initial Sales Agreement”), with BTIG, LLC, JMP Securities LLC and Ladenburg Thalmann & Co., Inc. (collectively, the “Agents”). Under the Initial Sales Agreement, the Company may, but has no obligation to, issue and sell up to $50.0 million in aggregate amount of shares of its common stock (the “Shares”) from time to time through the Agents or to them as principal for their own account (the “ATM Program”). On September 23, 2020, the Company increased the maximum amount of Shares to be sold through the ATM Program to $150.0 million from $50.0 million. In connection with the upsize of the ATM Program to $150.0 million, the Company entered into Amendment No. 1 to the At-the-Market Sales Agreement, dated September 23, 2020, with the Agents (the “Amendment No. 1 to the Sales Agreement,” and together with the Initial Sales Agreement, the “Sales Agreement”). The Company intends to use the net proceeds from the ATM Program to make investments in portfolio companies in accordance with its investment objective and strategy and for general corporate purposes.
Sales of the Shares, if any, will be made by any method that is deemed to be an “at-the-market” offering as defined in Rule 415 under the Securities Act, including sales made directly on the Nasdaq Global Select Market or sales made to or through a market maker other than on an exchange, at market prices prevailing at the time of sale, at prices related to prevailing market prices or at other negotiated prices. Actual sales in the ATM Program will depend on a variety of factors to be determined by the Company from time to time.
The Agents will receive a commission from the Company equal to up to 2.0% of the gross sales price of any Shares sold through the Agents under the Sales Agreement and reimbursement of certain expenses. The Sales Agreement contains customary representations, warranties and agreements of the Company, conditions to closing, indemnification rights and obligations of the parties and termination provisions.
During the three and six months ended June 30, ~~2017~~
~~(Unaudited)~~
2023, the Company did not issue or sell shares under the ATM program. During the three and six months ended June 30, 2022, the Company issued and sold 0 and 17,807 shares, respectively, under the ATM Program at weighted-average price of $13.01 per share, for gross proceeds of $231,677 and net proceeds of $229,896, after deducting commissions to the Agents on Shares sold. As of June 30, 2023, up to approximately $98.8 million in aggregate amount of the Shares remain available for sale under the ATM Program.
NOTE ~~5 —~~ 6—NET ~~INCREASE/(DECREASE)~~CHANGE IN NET ASSETS RESULTING FROM OPERATIONS PER COMMON ~~SHARE —~~ SHARE—BASIC AND DILUTED
The following information sets forth the computation of basic and diluted net ~~increase/(decrease)~~increase in net assets resulting from operations per common share, pursuant to ASC 260, for the three and ~~nine~~six months ended ~~September~~June 30, ~~2017~~2023 and 2016. The use of the if-converted method as promulgated under ASC 260 considers all potentially dilutive securities in a company’s capital structure when calculating diluted earnings per share, regardless of whether it would be economically beneficial for a holder of such potentially dilutive security to exercise their conversion option (such as out of the money warrants.) In scenarios where diluted net increase in net assets resulting from operations per share is higher than basic net increase in net assets resulting from operations per share, ASC 260 prohibits the separate presentation of the diluted net increase in net assets resulting from operations per share figure. In scenarios where diluted net decrease in net assets resulting from operations per share is lower than basic net decrease in net assets resulting from operations per share, ASC 260 prohibits the separate presentation of the net decrease in net assets resulting from operations per share figure.2022.
SCHEDULE OF BASIC AND DILUTED COMMON SHARE

Three Months Ended June 30, Six Months Ended June 30,
2023 2022 2023 2022
Earnings per common share–basic:
Net change in net assets resulting from operations $ (15,620,024 ) $ (94,339,688 ) $ (11,003,515 ) $ (73,883,233 )
Weighted-average common shares–basic 25,952,447 30,633,878 27,158,786 30,929,321
Earnings per common share–basic $ (0.60 ) $ (3.08 ) $
(0.41
) $ (2.39 )
Earnings per common share–diluted:
Net change in net assets resulting from operations $ (15,620,024 ) $ (94,339,688 ) $
(11,003,515
) $ (73,883,233 )
Weighted-average common shares outstanding–diluted⁽¹⁾ 25,952,447 30,633,878 27,158,786 30,929,321
Earnings per common share–diluted $ (0.60 ) $ (3.08 ) $ (0.41 ) $ (2.39 )

Three Months Ended
September 30, Nine Months Ended
September 30,
   2017 2016 2017 2016
Earnings/(loss) per common share – basic:

Net increase/(decrease) in net assets resulting from operations $ 10,071,004 $ (2,273,339 ) $ 20,051,965 $ (43,503,968 )
Weighted-average common shares – basic 22,000,571 22,181,003 22,120,198 22,181,003
Earnings/(loss) per common share – basic: $ 0.46 $ (0.10 ) $ 0.91 $ (1.96 )
Earnings/(loss) per common share – diluted:

Net increase/(decrease) in net assets resulting from operations, before adjustments $ 10,071,004 $ (2,273,339 ) $ 20,051,965 $ (43,503,968 )
Adjustments for interest on Convertible Senior Notes and deferred debt issuance costs 1,124,917 — 3,366,801 —
Net increase/(decrease) in net assets resulting from operations, as adjusted 11,195,921 (2,273,339 ) 23,418,766 (43,503,968 )
Weighted-average common shares outstanding – basic 22,000,571 22,181,003 22,120,198 22,181,003
Adjustments for dilutive effect of Convertible Senior Notes⁽¹⁾ 5,751,815 — 5,751,815 —
Weighted-average common shares outstanding – diluted 27,752,386 22,181,003 27,872,013 22,181,003
Earnings/(loss) per common share – diluted $ 0.40 $ (0.10 ) $ 0.84 $ (1.96 )
(1) ~~(1)~~ For ~~each of~~ the three and ~~nine~~six months ended ~~September~~June 30, ~~2016, 5,710,212~~2023 and June 30, 2022, there were no potentially dilutive ~~common shares were excluded from the weighted-average common shares outstanding for diluted net decrease in net assets resulting from operations per common share because the effect~~securities outstanding.
35
Table of ~~these shares would have been anti-dilutive.~~Contents
SURO CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2023
NOTE ~~6 —~~ 7—COMMITMENTS AND CONTINGENCIES
In the normal course of business, the Company may enter into investment agreements under which it commits to make an investment in a portfolio company at some future date or over a specified period of time. ~~At September~~As of June 30, ~~2017 and December 31, 2016,~~2023, the Company had ~~not entered into any~~approximately $5.8 million in non-binding investment agreements that required it to make a future investment in a portfolio company.
~~The Company is currently not subject to any material legal proceedings, nor, to its knowledge, is any material legal proceeding threatened against it.~~
From time to time, the Company may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of its

~~TABLE OF CONTENTS~~
~~GSV CAPITAL CORP. AND SUBSIDIARIES~~

~~NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS~~
~~September 30, 2017~~
~~(Unaudited)~~
~~NOTE 6 — COMMITMENTS AND CONTINGENCIES – (continued)~~
rights under contracts with its portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, the Company does not expect that these proceedings will have a material effect upon its business, financial condition or results of operations. The Company is not currently a party to any material legal proceedings.
~~NOTE 7 — FINANCIAL HIGHLIGHTS~~
Operating Leases and Related Deposits
The Company currently has one operating lease for office space for which the Company has recorded a right-of-use asset and lease liability for the operating lease obligation. The lease commenced June 3, 2019 and expires July 31, 2024. The lease expense is presented as a single lease cost that is amortized on a straight-line basis over the life of the lease.
As of June 30, 2023 and December 31, 2022, the Company booked a right-of-use asset and operating lease liability of $206,554 and $288,268, respectively, on the Condensed Consolidated Statement of Assets and Liabilities. As of June 30, 2023 and December 31, 2022, the Company recorded a security deposit of $16,574 and $16,574, respectively, on the Condensed Consolidated Statement of Assets and Liabilities. For the three months ended June 30, 2023 and 2022, the Company incurred $50,441 and $47,349, respectively, of operating lease expense. For the six months ended June 30, 2023 and 2022, the Company incurred $99,164 and $94,721, respectively, of operating lease expense. The amounts reflected on the Condensed Consolidated Statement of Assets and Liabilities have been discounted using the rate implicit in the lease. As of June 30, 2023, the remaining lease term was 1.1 years and the discount rate was 3.00%.
The following table shows future minimum payments under the Company’s operating lease as of June 30, 2023:
SCHEDULE OF FUTURE MINIMUM PAYMENTS OF OPERATING LEASE

For the Years Ended December 31, Amount
2023 96,547
2024 113,603
Total $ 210,150
36
Table of Contents

Three Months
Ended
September 30,
2017 Three Months
Ended
September 30,
2016
Per Basic Share Data:

Net asset value at beginning of period $ 9.11 ⁽¹⁾ $ 10.22 ⁽¹⁾
Net investment loss (0.30 )⁽¹⁾ (0.19 )⁽¹⁾
Realized gain 0.05 ⁽¹⁾ 0.12 ⁽¹⁾
Change in unrealized appreciation/(depreciation) 0.71 ⁽¹⁾ (0.06 )⁽¹⁾
Benefit from taxes on unrealized depreciation of investments — ⁽¹⁾ 0.02 ⁽¹⁾
Dividends distributed — (0.04 )
Repurchase of common stock 0.12 ⁽¹⁾ —
Net asset value at end of period $ 9.69 ⁽¹⁾ $ 10.08 ⁽¹⁾
Per share market value at end of period $ 5.41 $ 4.72
Total return based on market value 24.65 %⁽²⁾ (5.23 )%⁽²⁾
Total return based on net asset value 6.37 %⁽²⁾ (0.59 )%⁽²⁾
Shares outstanding at end of period 21,606,894 22,181,003
Ratios/Supplemental Data:

Net assets at end of period $ 209,379,965 $ 223,619,737
Average net assets $ 201,557,182 $ 226,900,410
Ratio of gross operating expenses to average net assets⁽³⁾ 13.73 % 7.53 %
Ratio of net income tax provisions to average net assets⁽³⁾ (0.05 )% (0.96 )%
Ratio of operating expenses to average net assets⁽³⁾ 13.68 % 6.57 %
Ratio of management fee waiver to average net assets⁽³⁾ (0.34 )% — %
Ratio of net operating expenses to average net assets⁽³⁾ 13.34 % 6.57 %
Ratio of net investment loss to average net assets⁽³⁾ (13.04 )% (7.38 )%
Portfolio Turnover Ratio 0.00 % 0.82 %

~~TABLE OF CONTENTS~~
~~GSV~~SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
~~September~~
June 30, ~~2017~~
~~(Unaudited)~~
2023
NOTE ~~7 —~~ 8—FINANCIAL HIGHLIGHTS ~~– (continued)~~
SCHEDULE OF FINANCIAL HIGHLIGHTS

Three Months Ended June 30, Six Months Ended June 30,
2023 2022 2023 2022
Per Basic Share Data
Net asset value at beginning of the year $ 7.59 $ 12.22 $ 7.39 $ 11.72
Net investment loss⁽¹⁾ (0.15 ) (0.12 ) (0.30 ) (0.26 )
Net realized gain/(loss) on investments⁽¹⁾ (0.51 ) (0.06 ) (0.48 ) 0.04
Net change in unrealized appreciation/(depreciation) of investments⁽¹⁾ 0.06 (2.89 ) 0.37 (2.17 )
Dividends declared — — — (0.11 )
Issuance of common stock from public offering⁽¹⁾ — — — 0.01
Repurchase of common stock⁽¹⁾
0.33
0.07
0.33
(0.01 )
Stock-based compensation⁽¹⁾ 0.03 0.02 0.04 0.02
Net asset value at end of period $ 7.35 $ 9.24 $ 7.35 $ 9.24
Per share market value at end of period $ 3.20 $ 6.40 $ 3.20 $ 6.40
Total return based on market value⁽²⁾ (11.60 )% (25.84 )% (15.79 )% (49.14 )%
Total return based on net asset value⁽²⁾ (3.16 )% (24.39 )% (0.54 )% (20.22 )%
Shares outstanding at end of period 25,398,640 30,325,187 25,398,640 30,325,187
Ratios/Supplemental Data:
Net assets at end of period $ 186,692,724 $ 280,172,472 $ 186,692,724 $ 280,172,472
Average net assets $ 205,097,855 $ 378,428,728 $ 207,210,870 $ 371,249,600
Ratio of net operating expenses to average net assets⁽³⁾ 10.13 % 4.24 % 10.41 % 4.80 %
Ratio of net investment loss to average net assets⁽³⁾ (7.44 )% (3.48 )% (7.81 )% (4.18 )%
Portfolio Turnover Ratio 2.09 % 1.57 % 3.89 % 2.05 %

Nine Months
Ended
September 30,
2017 Nine Months
Ended
September 30,
2016
Per Basic Share Data:

Net asset value at beginning of period $ 8.66 ⁽¹⁾ $ 12.08 ⁽¹⁾
Net investment loss (0.78 )⁽¹⁾ (0.23 )⁽¹⁾
Realized loss (1.10 )⁽¹⁾ (0.10 )⁽¹⁾
Change in unrealized appreciation/(depreciation) 2.79 ⁽¹⁾ (1.65 )⁽¹⁾
Benefit from taxes on unrealized depreciation of investments — ⁽¹⁾ 0.02 ⁽¹⁾
Dividends distributed — (0.04 )
Repurchase of common stock 0.12 ⁽¹⁾ —
Net asset value at end of period $ 9.69 ⁽¹⁾ $ 10.08 ⁽¹⁾
Per share market value at end of period $ 5.41 $ 4.72
Total return based on market value 7.55 %⁽²⁾ (28.03 )%⁽²⁾
Total return based on net asset value 11.89 %⁽²⁾ (15.90 )%⁽²⁾
Shares outstanding at end of period 21,606,894 22,181,003
Ratios/Supplemental Data:

Net assets at end of period $ 209,379,965 $ 223,619,737
Average net assets $ 196,478,030 $ 250,723,620
Ratio of gross operating expenses to average net assets⁽³⁾ 12.74 % 2.80 %
Ratio of net income tax provisions to average net assets⁽³⁾ (0.02 )% (0.29 )%
Ratio of operating expenses to average net assets⁽³⁾ 12.72 % 2.51 %
Ratio of management fee waiver to average net assets⁽³⁾ (0.36 )% — %
Ratio of net operating expenses to average net assets⁽³⁾ 12.36 % 2.51 %
Ratio of net investment loss to average net assets⁽³⁾ (11.78 )% (2.72 )%
Portfolio Turnover Ratio 0.00 % 4.05 %
(1) ~~(1)~~ ~~The per-share figures noted are based~~Based on ~~a weighted average~~weighted-average number of ~~22,000,571, and 22,181,003 basic common~~ shares outstanding for the three months ended September 30, 2017, and 2016, respectively. The per-share figures noted are based on a weighted average of 22,120,198 and 22,181,003 basic common shares outstanding for the nine months ended September 30, 2017 and 2016, respectively.relevant period.
(2) ~~(2)~~ Total return based on market value is based onupon the change in market price per share between the opening and ending market values per share in the ~~period.~~period, adjusted for dividends and equity issuances. Total return based on net asset value is based upon the change in net asset value per share between the opening and ending net asset values per ~~share.~~share in the period, adjusted for dividends and equity issuances.
(3) ~~(3)~~ Financial ~~Highlights~~highlights for periods of less than one year are annualized and the ratios of operating expenses to average net assets and net investment loss to average net assets are adjusted accordingly. ~~Non-recurring expenses are not annualized. For each of the three and nine months ended September 30, 2017 and 2016, the Company did not incur any non-recurring expenses.~~ Because the ratios are calculated for the Company’s common stock taken as a whole, an individual investor’s ratios may vary from these ratios.
37

Table of Contents
~~TABLE OF CONTENTS~~
~~GSV~~
SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
~~September~~
June 30, ~~2017~~
~~(Unaudited)~~
2023
NOTE ~~8 —~~ 9—INCOME TAXES
The Company elected to be treated as a RIC under Subchapter M of the Code beginning with its taxable year ended December 31, 2014 and has qualified to be treated as a RIC for subsequent taxable ~~years and expects~~years. The Company intends to continue to operate ~~in a manner~~ so as to qualify ~~for the tax treatment applicable~~ to ~~RICs. Accordingly, the Company must generally distribute at least 90% of its ICTI~~be subject to ~~qualify for the treatment accorded to a RIC. As part of maintaining~~ tax treatment as a RIC undistributed taxable income (subject to a 4% excise tax) pertaining to a given fiscal year may be distributed up to 12 months subsequent to the end of that fiscal year, provided such dividends are declared prior to the later of (1) the fifteenth dayunder Subchapter M of the ~~ninth month following the close of that fiscal year or (2) the extended due date for filing the U.S. federal income tax return for that fiscal year.~~
~~As a result of the Company electing~~Code and, as such, will not be subject to ~~be treated as a RIC for the taxable year ended December 31, 2014 in connection with the filing of its 2014 tax return, it may be required to pay a corporate-level~~ U.S. federal income tax on the portion of taxable income (including gains) distributed as dividends for U.S. federal income tax purposes to stockholders. Taxable income includes the Company’s taxable interest, dividend and fee income, reduced by certain deductions, as well as taxable net realized investment gains. Taxable income generally differs from net income for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses, and generally excludes net unrealized appreciation or depreciation, as such gains or losses are not included in taxable income until they are realized.
To qualify and be subject to tax as a RIC, the Company is required to meet certain income and asset diversification tests in addition to distributing dividends of an amount generally at least equal to 90% of its investment company taxable income, as defined by the Code and determined without regard to any deduction for distributions paid, to its stockholders. The amount to be paid out as a distribution is determined by the Board of Directors each quarter and is based upon the annual earnings estimated by the management of the Company. To the extent that the Company’s earnings fall below the amount of dividend distributions declared, however, a portion of the total amount of the Company’s distributions for the fiscal year may be deemed a return of capital for tax purposes to the Company’s stockholders.
As a RIC, the Company will be subject to a 4% nondeductible U.S. federal excise tax on certain undistributed income unless the Company makes distributions treated as dividends for U.S. federal income tax purposes in a timely manner to its stockholders in respect of each calendar year of an amount at least equal to the sum of (1) 98% of our ordinary income (taking into account certain deferrals and elections) for each calendar year, (2) 98.2% of our capital gain net ~~built-in~~income (adjusted for certain ordinary losses) for the 1-year period ending October 31 of each such calendar year and (3) any ordinary income and net capital gains ~~if any, in its assets (the amount by~~for preceding years, but not distributed during such years and on which the ~~net fair market value of the Company’s assets exceeds the net adjusted basis in its assets) as of the date of conversion~~Company paid no U.S. federal income tax. The Company will not be subject to ~~a RIC (~~~~i.e.~~~~, the beginning of the first taxable year that~~this excise tax on any amount on which the Company ~~qualifies~~incurred U.S. federal corporate income tax (such as the tax imposed on a ~~RIC, which would be January 1, 2014) to the extent that such gains are recognized by the Company during the applicable recognition period, which is the five-year period beginning~~RIC’s retained net capital gains).
Depending on the ~~date~~level of ~~conversion.~~
~~Any corporate-level built-in-gains tax is payable at the time the built-in gains are recognized (which generally will be the years in which the assets with the built-in-gains are sold~~taxable income earned in a taxable ~~transaction).~~year, the Company may choose to carry over taxable income in excess of current taxable year distributions from such taxable income into the next taxable year and incur a 4% excise tax on such taxable income, as required. The maximum amount of ~~this tax will vary depending on~~excess taxable income that may be carried over for distribution in the ~~assets that are actually sold~~next taxable year under the Code is the total amount of distributions paid in the following taxable year, subject to certain declaration and payment guidelines. To the extent the Company chooses to carry over taxable income into the next taxable year, distributions declared and paid by the Company in ~~this five-year period,~~a taxable year may differ from the ~~actual amount~~Company’s taxable income for that taxable year as such distributions may include the distribution of ~~net built-in gain~~current taxable year taxable income, the distribution of prior taxable year taxable income carried over into and distributed in the current taxable year, or ~~loss present~~returns of capital.
The Company has taxable subsidiaries which hold certain portfolio investments in ~~those assets as~~an effort to limit potential legal liability and/or comply with source-income type requirements contained in the RIC tax provisions of the ~~date of conversion,~~Code. These taxable subsidiaries are consolidated for GAAP and the ~~effective tax rates~~portfolio investments held by the taxable subsidiaries are included in the Company’s consolidated financial statements and are recorded at ~~such times. The payment of any such corporate-level U.S. federal~~fair value. These taxable subsidiaries are not consolidated with the Company for income tax on built-in gains will be a Company expense that will reduce the amount available for distribution to stockholders. The built-in-gains tax is calculated by determining the RIC’s net unrealized built-in gains, if any, by which the fair market value of the assets of the RIC at the beginning of its first RIC year exceeds the aggregate adjusted basis of such assets at that time.
As of January 1, 2014, the Company had net unrealized built-in gains. It did not incur a built-in-gains tax for the 2014 tax year due to the fact that there were sufficient net capital loss carryforwards to completely offset recognized built-in gains as well as available net operating losses. The GSVC Holdings are C corporations for U.S. federalpurposes and ~~state~~may generate income tax ~~purposes. The Company uses the asset~~expense, or benefit, and ~~liability method to account for the GSVC Holdings’ income taxes. Using this method, the Company recognizes deferred~~ tax assets and liabilities as a result of their ownership of certain portfolio investments. Any income generated by these taxable subsidiaries generally would be subject to tax at normal corporate tax rates based on its taxable income.
The Company intends to timely distribute to its stockholders substantially all of its annual taxable income for the estimated future tax effects attributable to temporary differences between the financial reporting and tax bases of assets and liabilities. In addition, the Company recognizes deferred tax benefits associated with net operating loss carryforwardseach year, except that it may ~~use~~retain certain net capital gains for reinvestment and, depending upon the level of taxable income earned in a year, may choose to ~~offset future tax obligations.~~ carry forward taxable income for distribution in the following year and pay any applicable U.S. federal excise tax.
The Company ~~measures~~is required to include net deferred tax ~~assets~~provision/benefit in calculating its total expenses even though these net deferred taxes are not currently payable/receivable. Taxable income generally differs from net income for financial reporting purposes due to temporary and ~~liabilities using~~permanent differences in the ~~enacted tax rates expected to apply to~~recognition of income and expenses, and generally excludes net unrealized appreciation or depreciation, as such gains or losses are not included in taxable income ~~in the years in which it expects to recover or settle those temporary differences.~~until they are realized.
~~As of both September~~
38
Table of Contents
SURO CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2017 and December 31, 3016, the Company recorded a deferred tax liability of approximately $10.3 million, of which approximately $10.2 million has been recorded in the event that such gains are recognized by December 31, 2018, and approximately $0.2 million relates to the difference in the book and tax basis of certain equity investments and tax net operating losses held by the GSVC Holdings.2023
For U.S. federal and state income tax purposes, a portion of the ~~GSVC Holdings’~~Taxable Subsidiaries’ net operating loss carryforwards and basis differences may be subject to limitations on annual utilization in case of a change in ownership, as defined by federal and state law. The amount of such limitations, if any, has not been determined. Accordingly, the amount of such tax attributes available to offset future profits may be significantly less than the actual amounts of the tax attributes.

~~TABLE OF CONTENTS~~
~~GSV CAPITAL CORP. AND SUBSIDIARIES~~

~~NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS~~
~~September 30, 2017~~
~~(Unaudited)~~
~~NOTE 8 — INCOME TAXES – (continued)~~
The Company and the ~~GSVC Holdings~~Taxable Subsidiaries identified their major tax jurisdictions as U.S. federal, New York, and California and may be subject to the taxing authorities’ examination for the tax years ~~2013 – 2016~~2020–2023 in New York and ~~2012 – 2016,~~2019–2023 in California, respectively.
~~The~~ Further, the Company and the ~~GSVC Holdings~~Taxable Subsidiaries accrue all interest and penalties related to uncertain tax positions as incurred. As of ~~September~~June 30, ~~2017,~~2023, there were no material interest or penalties incurred related to uncertain tax positions.
NOTE ~~9 —~~ 10—DEBT CAPITAL ACTIVITIES
~~Convertible Senior~~
6.00% Notes ~~Payable~~
due 2026
On ~~September~~December 17, ~~2013,~~2021, the Company issued ~~$69.0~~$70.0 million aggregate principal amount of ~~Convertible Senior~~its 6.00% Notes ~~which~~due 2026 (the “6.00% Notes due 2026”), pursuant to an Indenture, dated as of March 28, 2018 (the “Base Indenture”), between the Company and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association), as trustee (the “Trustee”), as supplemented by a second supplemental indenture, dated as of December 17, 2021 (together with the Base Indenture, the “Indenture”), between the Company and the Trustee. On December 21, 2021, the Company issued an additional $5.0 million aggregate principal amount of 6.00% Notes due 2026 pursuant to an overallotment option. The 6.00% Notes due 2026 bear interest at a fixed rate of ~~5.25%~~6.00% per year, payable ~~semi-annually~~quarterly in arrears on March 1530, June 30, September 30, and ~~September 15~~December 30 of each year, commencing on March ~~15, 2014 (the “Convertible Senior Notes”).~~30, 2022. The ~~Convertible Senior~~6.00% Notes ~~mature on September 15, 2018,~~due 2026 have a maturity date of December 30, 2026, unless previously repurchased ~~or converted~~ in accordance with their terms. The Company ~~does not have~~has the right to redeem the ~~Convertible Senior~~6.00% Notes ~~prior~~due 2026, in whole or in part, at any time or from time to ~~maturity. The Convertible Senior Notes are convertible into shares~~time, on or after December 30, 2024 at a redemption price of 100% of the ~~Company’s common stock based on a conversion rate of 83.3596 shares of the Company’s common stock per $1,000 of~~outstanding principal amount of the ~~Convertible Senior~~6.00% Notes ~~which is equivalent to a conversion price of approximately $12.00 per share of common stock.~~due 2026 plus accrued and unpaid interest.
The ~~table below shows a reconciliation from the aggregate principal amount of Convertible Senior~~6.00% Notes ~~to the balance shown on the Condensed Consolidated Statements of Assets and Liabilities.~~

September 30,
2017 December 31,
2016
   (Unaudited)
Aggregate principal amount of Convertible Senior Notes $ 69,000,000 $ 69,000,000
Unamortized embedded derivative discount (149,721 ) (261,099 )
Direct deduction of deferred debt issuance costs (687,555 ) (1,226,103 )
Convertible Senior Notes $ 68,162,724 $ 67,512,798
~~As of September 30, 2017 and December 31, 2016, the principal amount~~due 2026 are direct unsecured obligations of the ~~Convertible Senior Notes exceeded the value of the underlying shares multiplied by the per share closing price of the Company’s common stock.~~
~~The Convertible Senior Notes are the Company’s senior, unsecured obligations~~Company and rank ~~senior in right of payment to any future indebtedness that is expressly subordinated in right of payment to the Convertible Senior Notes,~~pari passu, or equal in right of payment, with all outstanding and future unsecured, unsubordinated indebtedness of the Company; senior to any of the Company’s future ~~unsecured~~indebtedness that expressly provides it is subordinated to the 6.00% Notes due 2026; effectively subordinated to any of the Company’s future secured indebtedness (including indebtedness that is ~~not so subordinated to~~initially unsecured in respect of which the ~~Convertible Senior Notes, junior to any future secured indebtedness~~Company subsequently grants a security interest), to the extent of the value of the assets securing such indebtedness (provided, however, that the Company has agreed under the Indenture to not incur any secured or unsecured indebtedness that would be senior to the 6.00% Notes due 2026 while the 6.00% Notes due 2026 are outstanding, subject to certain exceptions); and structurally ~~junior~~subordinated to all existing and future indebtedness ~~(including trade payables) incurred by~~and other obligations of any of the Company’s subsidiaries.
The ~~Convertible Senior~~6.00% Notes ~~contained~~due 2026 are listed for trading on the Nasdaq Global Select Market under the symbol “SSSSL”. The reported closing market price of SSSSL on June 30, 2023 and December 31, 2022 was $23.20 and $23.51 per note, respectively. As of June 30, 2023 and December 31, 2022, the fair value of the 6.00% Notes due 2026 was $69.6 million and $70.5 million, respectively. The 6.00% Notes due 2026 are classified as Level 1 of the fair value hierarchy (Refer to “Note 2 — Significant Accounting Policies”). As of June 30, 2023 and December 31, 2022, the Company was in compliance with the terms of the Indenture.
39
Table of Contents
SURO CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2023
NOTE 11—STOCK-BASED COMPENSATION
2019 Equity Incentive Plan
On June 5, 2019, our Board of Directors adopted, and our stockholders approved, an ~~interest make-whole~~equity-based incentive plan (the “2019 Equity Incentive Plan”), which authorized equity awards to be granted for up to 1,976,264 shares of our common stock. Under the 2019 Equity Incentive Plan, the exercise price of awards would be set on the grant date and could not be less than the fair market value per share on such date, however, that in the case of an incentive stock option granted to an employee who, at the time of the grant of such option, owned stock representing more than ten percent (10%) of the voting power of all classes of stock of the Company or the Company’s present or future parent or subsidiary corporations, as defined in Section 424(e) or (f) of the Code, or other Affiliates the employees of which were eligible to receive incentive stock options under the Code (the “10% Shareholders”), the exercise price per share would be no less than one hundred ten percent (110%) of the fair market value per share on the date of grant. The fair market value would be the closing price of the shares on Nasdaq on the date of grant.
On July 17, 2019, stock options providing the right to purchase up to 1,165,000 shares were granted under the 2019 Equity Incentive Plan with an exercise price equal to the market price of our common stock at the grant date. These stock options had a vesting period of 3 years with 1/3 vesting immediately on the grant date, 1/3 vesting on July 17, 2020, and the remaining 1/3 vesting on July 17, 2021.
Cancellation of Stock Option Awards Under 2019 Equity Incentive Plan
On April 28, 2020, all stock option awards granted under the 2019 Equity Incentive Plan were canceled for no payment ~~provision~~ pursuant to an option cancellation agreement (the “Option Cancellation Agreement”). As a result, there are no stock option awards outstanding under the 2019 Equity Incentive Plan. In accordance with FASB ASC 718, Compensation – Stock Compensation (“ASC 718”) all unrecognized compensation cost related to still unvested shares was recognized as of the date of cancellation. For more information, including a description of the Option Cancellation Agreement, please refer to our current report on Form 8-K filed with the SEC on April 29, 2020. Such description of the Option Cancellation Agreement is qualified in its entirety by reference to the text of such Option Cancellation Agreement filed as Exhibit 10.3 to our quarterly report on Form 10-Q for the period ended March 31, 2020 filed with the SEC on May 8, 2020.
The Company follows ASC 718 to account for stock options granted. Under ASC 718, compensation expense associated with stock-based compensation is measured at the grant date based on the fair value of the award and is recognized over the vesting period. Determining the appropriate fair value model and calculating the fair value of stock-based awards at the grant date requires judgment, including estimating stock price volatility, forfeiture rate, and expected option life. The time-based options granted on July 17, 2019 were ascribed a weighted-average fair value of $2.57 per share. The fair value of options granted under the 2019 Equity Incentive Plan was based upon a Black Scholes option pricing model using the assumptions in the following table:
SCHEDULE OF STOCK OPTIONS, VALUATION ASSUMPTIONS
Input Assumptions As of July 17, 2019 Grant Date
Term (years) 5.55
Volatility 39.47%
Risk-free rate 1.86%
Dividend yield —%
SCHEDULE OF OPTION, ACTIVITY
Number of Shares Weighted-Average Exercise Price Weighted-Average Grant Date Fair Value
Outstanding as of December 31, 2019 1,155,000 $ 6.57 $ 2.57
Cancelled
- - -
Outstanding - - -
Vested and Exercisable as of December 31, 2019 385,000 $ 6.57 $ 2.57
Outstanding - - -
Cancelled (1,155,000 ) $               6.57 $             2.57
Outstanding as of June 30, 2023 and December 31, 2022 — - -
40
Table of Contents
SURO CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2023
As of June 30, 2023 and December 31, 2022, there was $0 of total unrecognized compensation cost related to non-vested stock options granted under the 2019 Equity Incentive Plan, as the options were cancelled effective April 28, 2020.
Amended and Restated 2019 Equity Incentive Plan
On June 19, 2020, our Board of Directors adopted, and our stockholders approved, an amendment and restatement of the Company’s 2019 Equity Incentive Plan (the “Amended & Restated 2019 Equity Incentive Plan”) under which ~~holders who converted their notes prior~~the Company is authorized to ~~September 15, 2016, would receive, in addition~~grant equity awards for up to 1,627,967 shares of its common stock. In accordance with the exemptive relief granted to the Company by the SEC on June 16, 2020 with respect to the Amended & Restated 2019 Equity Incentive Plan, the Company is generally authorized to (i) issue restricted shares as part of the compensation package for certain of its employees, officers and all directors, including non-employee directors (collectively, the “Participants”), (ii) issue options to acquire shares of its common stock (“Options”) to certain employees, officers and employee directors as a ~~number~~part of such compensation packages, (iii) withhold shares of the Company’s common stock ~~calculated~~or purchase shares of common stock from the Participants to satisfy tax withholding obligations relating to the vesting of restricted shares or the exercise of Options granted to the certain Participants pursuant to the Amended & Restated 2019 Equity Incentive Plan, and (iv) permit the Participants to pay the exercise price of Options granted to them with shares of the Company’s common stock.
Under the Amended & Restated 2019 Equity Incentive Plan, each non-employee director will receive an annual grant of $50,000 worth of restricted shares of common stock (based on the closing stock price of the common stock on the grant date). Each grant of $50,000 in restricted shares will vest, in full, if the non-employee director is in continuous service as a director of the Company through the anniversary of such grant (or, if earlier, the annual meeting of the Company’s stockholders that is closest to the anniversary of such grant). During the six months ended June 30, 2023, the Company granted 60,060 restricted shares to the Company’s non-employee directors pursuant to the Amended & Restated 2019 Equity Incentive Plan. Additionally, on May 31, 2023, 26,736 restricted shares related to the 2022 non-employee director grants vested. Compensation expense associated with the restricted shares is recognized on a quarterly basis over the respective vesting periods.
Other than such restricted shares granted to non-employee directors, the Company’s Compensation Committee may determine the time or times at which Options and restricted shares granted to other Participants will vest or become payable or exercisable, as applicable. The exercise price of each Option will not be less than 100% of the ~~applicable conversion rate~~fair market value of the Company’s common stock on the date the option is granted. However, any optionee who owns more than 10% of the combined voting power of all classes of the Company’s outstanding common stock (a “10% Stockholder”), will not be eligible for the ~~principal amount~~grant of ~~notes being converted,~~an incentive stock option unless the ~~cash proceeds~~exercise price of the incentive stock option is at least 110% of the fair market value of the Company’s common stock on the date of grant. Generally, no Option will be exercisable after the expiration of ten years from the ~~sale by~~date of grant. In the ~~escrow agent~~case of an Option granted to a 10% Stockholder, the ~~portion~~term of an incentive stock option will be for no more than five years from the ~~U.S. Treasury Strips~~date of grant.
During the six months ended June 30, 2023, the Company did not grant any restricted shares to the Company’s officers pursuant to the Amended & Restated 2019 Equity Incentive Plan. The Company determined that the fair values, based on the grant date close price of such restricted shares granted to the Company’s officers under the Amended & Restated 2019 Equity Incentive Plan during the six months ended June 30, 2023 and 2022 were approximately $0 and $2,885,000, respectively, in the ~~escrow account that~~aggregate.
For the six months ended June 30, 2023 and 2022, the Company recognized stock-based compensation expense of $1,525,258 and $1,263,300, respectively. As of June 30, 2023 and December 31, 2022, there were ~~remaining~~approximately $4,926,351 and $6,451,610 of total unrecognized compensation costs related to the restricted share grants. Compensation expense associated with ~~respect to any of~~ the ~~first six interest payments that had not been made~~restricted shares is recognized on a quarterly basis over the notes being converted. Under FASB ASC 815-10-15-74(a), the interest make-whole payment was considered an embedded derivative and was separated from the host contract, the Convertible Senior Notes, and carried at fair value. The interest make-whole payment provisionrespective vesting periods.
41

Table of Contents
~~TABLE OF CONTENTS~~
~~GSV~~
SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
~~September~~
June 30, ~~2017~~
~~(Unaudited)~~
~~NOTE 9 — DEBT CAPITAL ACTIVITIES – (continued)~~
2023
~~expired on September 15, 2016 rendering~~
The following table summarizes the ~~embedded derivative with no value, however the original value of the embedded derivative of $700,000 continues to be amortized over the life of the Convertible Senior Notes.~~
~~Credit Facility~~
~~Western Alliance Bank Credit Facility~~
The Company entered into a Loan and Security Agreement, effective May 31, 2017 (the “Loan Agreement”), with Western Alliance Bank, pursuant to which Western Alliance Bank agreed to provide the Company with a $12.0 million senior secured revolving credit facility (the “Credit Facility”). The Credit Facility, among other things, matures on the later of (i) August 15, 2018 or (ii) thirty days prior to the due date of the Convertible Senior Notes, which mature on September 15, 2018.
The Credit Facility bears interest at a per annum rate equal to the prime rate plus 3.50%. In addition, a facility fee of $60,000 was charged upon closing of the Credit Facility, and the Loan Agreement requires payment of a fee for unused amounts during the revolving period in an amount equal to 0.50% per annum of the average unused portion of the Credit Facility payable quarterly in arrears.
Under the Loan Agreement, the Company has made certain customary representations and warranties and is required to comply with various affirmative and negative covenants, reporting requirements, and other customary requirements for similar credit facilities, including, without limitation, restrictions on incurring additional indebtedness (with unsecured longer-term indebtedness limited to $70.0 million in the aggregate), compliance with the asset coverage requirements under the 1940 Act, a minimum net asset value requirement of at least the greater of $60.0 million or five times the amount of the Credit Facility, a limitation on the Company’s net asset value being reduced by more than 15% of its net asset value at December 31, 2016, and maintenance of RIC and business development company status. The Loan Agreement includes usual and customary events of default for credit facilities of this nature, including, without limitation, nonpayment, misrepresentation of representations and warranties in a material respect, breach of covenant, cross-default to certain other indebtedness, bankruptcy, the cessation of the Advisory Agreement, and the occurrence of a material adverse effect. As of September 30, 2017 and December 31, 2016, the Company was in compliance with all covenants of the Credit Facility.
~~The Credit Facility is secured by all of the Company’s property and assets, except~~activities for the Company’s ~~assets pledged~~restricted share grants for the six months ended June 30, 2023 under the Amended & Restated 2019 Equity Incentive Plan:
SCHEDULE OF EQUITY INCENTIVE PLAN
Number of Restricted Shares
Outstanding as of December 31, 2022 606,620
Granted 60,060
Vested⁽¹⁾ (168,306 )
Forfeited —
Outstanding as of June 30, 2023 498,374
Vested as of June 30, 2023 339,106
(1) The balance of vested shares reflects the total shares vested during the period and has not been reduced for those vested shares forfeited at time of vest related to net share settlement.
The Amended & Restated 2019 Equity Incentive Plan provides for the concept of “net share settlement.” Specifically, it provides that the Company is authorized to ~~secure certain obligations~~withhold the Common Stock at the time the restricted shares are vested and taxed in ~~connection with the Company’s issuance~~satisfaction of the ~~Convertible Senior Notes and as may be pledged in connection with any future issuance by~~Participant’s tax obligations. On June 16, 2020, the Company received exemptive relief from the SEC to permit such withholding of ~~Convertible Senior Notes on substantially similar terms. As of September 30, 2017,~~shares.
NOTE 12—SUBSEQUENT EVENTS
Portfolio Activity
From July 1, 2023 through August 8, 2023, the Company ~~had $8.0 million in borrowings outstanding under~~exited or received proceeds from the ~~Credit Facility.~~
~~Silicon Valley Bank Credit Facility~~
The Company entered into a Loan and Security Agreement, effective December 31, 2013 (the “SVB Loan Agreement”), with Silicon Valley Bank, pursuant to which Silicon Valley Bank agreed to provide the Company with an $18.0 million credit facility (the “SVB Credit Facility”). The SVB Credit Facility expired on December 31, 2016 in accordance with its terms. Under the SVB Credit Facility, the Company was permitted to borrow an amount equal to the lesser of $18.0 million or 20% of the Company’s then-current net asset value.following investments (excluding short-term U.S. Treasury investments):
The SVB Credit Facility bore interest at a per annum rate equal to the greater of (i) the prime rate plus 4.75% or (ii) 8.0% on amounts drawn under the SVB Credit Facility based on a 360-day year. In addition, a fee of $180,000 per annum (1.0% of the $18.0 million revolving line of credit) was charged under the SVB Loan Agreement. Under the terms of the SVB Credit Facility, the Company was required to repay allSCHEDULE OF INVESTMENTS
Portfolio Company Transaction Date Shares Sold Average Net Share Price ⁽¹⁾ Net Proceeds Realized Loss⁽²⁾
Nextdoor Holdings, Inc.⁽³⁾ Various 589,996 $ 3.09 $ 1,820,302 $ (1,394,547 )
Residential Homes For Rent, LLC (d/b/a Second Avenue)⁽⁴⁾ 7/24/2023 N/A N/A 83,333 —
Total $ 1,903,635 $ (1,394,547 )

~~TABLE OF CONTENTS~~
~~GSV CAPITAL CORP. AND SUBSIDIARIES~~

~~NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS~~
~~September 30, 2017~~
~~(Unaudited)~~
~~NOTE 9 — DEBT CAPITAL ACTIVITIES – (continued)~~
outstanding borrowings on the SVB Credit Facility so that there is at least one 30-day period every 12 months during which the Company has no balance outstanding. The Company made certain customary representations and warranties under the SVB Loan Agreement and was required to comply with various covenants, reporting requirements, and other customary requirements for similar credit facilities. The SVB Loan Agreement included usual and customary events of default for credit facilities of a similar nature, including, without limitation, nonpayment, misrepresentation of representations and warranties in a material respect, breach of covenant, cross-default to certain other indebtedness, bankruptcy, change of control, and the occurrence of a material adverse effect.
The SVB Credit Facility was secured by all of the Company’s property and assets, except for the Company’s assets pledged to secure certain obligations in connection with the Company’s issuance of the Convertible Senior Notes. Borrowing under the SVB Credit Facility was subject to the leverage restrictions contained in the 1940 Act. In addition, under the SVB Loan Agreement, the Company agreed not to incur certain additional permitted indebtedness in an aggregate amount exceeding 50% of the Company’s then-applicable net asset value.
For the three and nine months ended September 30, 2017, the Company had average borrowings outstanding under the Credit Facility of $782,609 and $351,648, respectively. For the three and nine months ended September 30, 2016, the Company had average borrowings outstanding under the SVB Credit Facility of $266,304 and $140,511 respectively.
~~NOTE 10 — SUBSEQUENT EVENTS~~
~~Portfolio Activity~~
~~From October 1, 2017 through November 9, 2017, the Company did not purchase any investments.~~
~~From October 1, 2017 through November 9, 2017, the Company sold investments of $16,755,417, net of transaction costs, as shown in following table:~~

Portfolio Company Transaction
Date Shares Sold Average Net
Share Price⁽¹⁾ Net Proceeds Realized Gain
Spotify Technology S. A 10/13/2017 3,657 $ 3,800.00 $ 13,896,600 $ 8,683,977


Chegg, Inc. 10/19/2017 100,028 15.69 1,569,003 383,098
Chegg, Inc. 10/20/2017 82,164 15.70 1,289,814 315,700
   182,192 15.69 2,858,817 698,798
Total $ 16,755,417 $ 9,382,775
(1) The average net share price is the net share price realized after deducting all commissions and fees on the sale(s), if applicable.
(2) Realized loss does not include adjustments to amounts held in escrow receivable.
(3) As of August 8, 2023, SuRo Capital held 262,420 shares of Nextdoor Holdings, Inc. public common shares.
(4) Subsequent to June 30, 2023, $0.1 million has been received from Residential Homes for Rent, LLC (d/b/a Second Avenue) related to the 15% term loan due December 23, 2023. Of the proceeds received, $0.1 million repaid a portion of the outstanding principal and the remaining proceeds were attributed to interest.
As announced on October 11, 2017, Vista Equity Partners (“Vista”), a leading investment firm focused on software, data, and technology-enabled businesses, announced that it has entered into a definitive agreement to make a majority investment in JAMF Holdings, Inc., one of
From July 1, 2023 through August 8, 2023, the ~~Company’s portfolio companies and~~Company made the ~~leader in Apple device management. Financial terms of the deal were not disclosed. The~~following investments (not including capitalized transaction ~~is expected to close in the fourth quarter of 2017.~~costs).
INVESTMENT NOT INCLUDING CAPITALIZED TRANSACTION COSTS
Portfolio Company Investment Transaction Date Amount
FourKites, Inc. Common shares Various $ 5,803,269
Shogun Enterprises, Inc. (d/b/a Hearth) Preferred shares 7/12/2023 499,998
Stake Trade, Inc. (d/b/a Prophet Exchange) Simple Agreement for Future Equity 7/26/2023 1,000,000
Total $ 7,303,267
The Company is frequently in negotiations with various private companies with respect to investments in such companies. Investments in private companies are generally subject to satisfaction of applicable closing conditions. In the case of secondary market transactions, such closing conditions may include approval of the issuer, waiver or failure to exercise rights of first refusal by the issuer and/or its stockholders and termination

~~TABLE OF CONTENTS~~
~~GSV CAPITAL CORP. AND SUBSIDIARIES~~

~~NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS~~
~~September 30, 2017~~
~~(Unaudited)~~
~~NOTE 10 — SUBSEQUENT EVENTS – (continued)~~
rights by the seller or the Company. Equity investments made through the secondary market may involve making deposits in escrow accounts until the applicable closing conditions are satisfied, at which time the escrow accounts will close and such equity investments will be effectuated.
Share Repurchase Program
~~From October 1, 2017 through November 9, 2017, the Company repurchased 285,012 shares of its common stock, pursuant to the Share Repurchase Program, at an average price of $5.73 per share.~~
~~Management Transition~~
On ~~October 17, 2017, Mark Flynn resigned from his positions as President of the Company and as a member of~~August 7, 2023, the Company’s ~~board~~Board of directors, effective October 17, 2017. In connection with Mr. Flynn’s resignation, the Company’s board of directors reduced the number of directors that constitute the full board to six (6) directors from seven (7) directors. Mr. Flynn will continue to provide services to GSV Asset Management pursuant to a consulting agreement with GSV Asset Management.
In addition, on October 17, 2017, the Company’s board of directors appointed William Tanona to serve as President of the Company, effective October 17, 2017, in order to fill the vacancy created by Mr. Flynn’s resignation as President of the Company. Mr. Tanona previously served, and continues to serve, as Chief Financial Officer, Treasurer and Corporate Secretary of the Company.
~~On November 7, 2017, the Company’s board of directors~~Directors authorized an extension of, and ana $5.0 million increase in the amount of shares ~~of the Company’s common stock~~ that may be repurchased under, the Company’s discretionary Share Repurchase Program until the earlier of (i) ~~November 6, 2018~~October 31, 2024 or (ii) the repurchase of ~~$10.0~~$60.0 million in aggregate amount of the Company’s common stock.
The timing and number of shares to be repurchased pursuant to the Company’s discretionary Share Repurchase Program will depend on a number of factors, including market conditions and alternative investment opportunities. The Share Repurchase Program may be suspended, terminated or modified at any time for any reason and does not obligate the Company to acquire any specific number of shares of its common stock. Under the Share Repurchase Program, the Company may repurchase its outstanding common stock in the open market, provided that ~~the Company~~it complies with the prohibitions under its insider trading policies and procedures and the applicable provisions of the 1940 Act and the Exchange Act.
~~Management Fee Waiver~~
~~Subsequent~~
As of August 8, 2023, the dollar value of shares that remained available to ~~quarter-end, GSV Asset Management voluntarily agreed to extend its waiver of a portion of the advisory fees payable~~be purchased by the Company ~~to GSV Asset Management~~ under the Advisory Agreement. Under the extension of the waiver, through December 31, 2018, the Company will pay GSV Asset Management a base management fee of 1.75%, a 0.25% reduction from the 2.0% base management fee payable under the Advisory Agreement. This waiver of a portion of the base management fee is not subject to recourse against or reimbursement by the Company.Share Repurchase Program was approximately $21.4 million.
42
Table of Contents
SURO CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2023
NOTE ~~11 —~~ 13—SUPPLEMENTAL FINANCIAL DATA
~~Under Rule 6-03~~
Summarized Financial Information of Unconsolidated Subsidiaries
In accordance with the SEC’s Regulation S-X and ~~in accordance with~~ GAAP, ~~as an investment company,~~ the Company is not permitted to consolidate any subsidiary or other entity that is not an investment company, including those in which the Company has a controlling ~~interest. However,~~interest; however, the Company must disclose certain financial information related to any subsidiaries or other entities that are considered to be “significant subsidiaries” under the applicable rules of Regulation S-X.
~~During~~
In May 2020, the ~~three~~SEC adopted rule amendments that impacted the requirement of investment companies, including BDCs, to disclose the financial statements of certain of their portfolio companies or acquired funds (the “Final Rules”). The Final Rules adopted a new definition of “significant subsidiary” set forth in Rule 1-02(w)(2) of Regulation S-X under the Securities Act. Rules 3-09 and ~~nine months ended September 30, 2017 and 2016 the Company had at least one~~4-08(g) of Regulation S-X require investment companies to include separate financial statements or summary financial information, respectively, in asuch investment company’s periodic reports for any portfolio company that ~~qualified~~meets the definition of “significant subsidiary.” The Final Rules amended the definition of “significant subsidiary” in a manner that was intended to more accurately capture those portfolio companies that were more likely to materially impact the financial condition of an investment company.
The Company’s three controlled portfolio companies as of June 30, 2023, SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.), Architect Capital PayJoy SPV, LLC and Colombier Sponsor LLC, did not meet the definition of a “significant subsidiary” ~~under~~as set forth in Rule 1-02(w)(2). For comparability purposes, the ~~applicable rules of Regulation S-X. Accordingly, comparative~~Company has omitted the previously disclosed summarized financial information ~~is presented below for our unconsolidated~~of the Company’s significant subsidiaries for the ~~three and nine months~~quarter ended ~~September~~June 30, ~~2017 and 2016:~~2022 as the Company’s significant subsidiaries would not have been considered significant subsidiaries under the Final Rules.
43

~~TABLE OF CONTENTS~~
~~GSV CAPITAL CORP. AND SUBSIDIARIES~~

~~NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS~~
~~September 30, 2017~~
~~(Unaudited)~~
~~NOTE 11 — SUPPLEMENTAL FINANCIAL DATA – (continued)~~

Income Statement Data for the Three Months Ended: September 30, 2017 September 30, 2016
Revenue $ 5,745,750 $ 5,995,846
Gross profit 4,623,687 4,717,151
Loss from operations (729,028 ) (1,679,034 )
Total net income including net income attributable to non-controlling interest — —
Net loss attributable to controlling interest (729,028 ) (1,679,034 )
Table of Contents

Income Statement Data for the Nine Months Ended: September 30, 2017 September 30, 2016
Revenue $ 17,442,574 $ 16,599,214
Gross profit 14,229,837 13,043,312 ��
Loss from operations (2,128,030 ) (6,644,452 )
Total net income including net income attributable to non-controlling interest — —
Net loss attributable to controlling interest (2,128,030 ) (6,644,452 )

~~TABLE OF CONTENTS~~
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Forward-Looking Statements
This quarterly report on Form 10-Q contains forward-looking statements that involve substantial risks and uncertainties. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about us, our current and prospective portfolio investments, our industry, our beliefs, and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” and variations of these words and similar expressions are intended to identify forward-looking statements.
The forward-looking statements contained in this quarterly report on Form 10-Q involve risks and uncertainties, including, without limitation, statements as to:
~~our future operating results;~~
~~our business prospects and the prospects of our portfolio companies;~~
~~the impact of investments that we expect to make;~~
~~our contractual arrangements and relationships with third parties;~~
~~the dependence of our future success on the general economy and its impact on the industries in which we invest;~~
~~the ability of our portfolio companies to achieve their objectives;~~
~~our expected financings and investments;~~
~~the adequacy of our cash resources and working capital; and~~
~~the timing of cash flows, if any, from the operations of our portfolio companies.~~
● our future operating results;
● our dependence upon our management team and key investment professionals;
● our business prospects and the prospects of our portfolio companies;
● our ability to manage our business and future growth;
● the impact of investments that we expect to make;
● risks related to investments in growth-stage companies, other venture capital-backed companies, and generally U.S. companies;
● our contractual arrangements and relationships with third parties;
● our ability to make distributions;
● the dependence of our future success on the general economy and its impact on the industries in which we invest;
● risks related to the uncertainty of the value of our portfolio investments;
● the ability of our portfolio companies to achieve their objectives;
● change in political, economic or industry conditions;
● our expected financings and investments;
● the impact of changes in laws or regulations (including the interpretation thereof), including tax laws, on our operations and/or the operation of our portfolio companies;
● the adequacy of our cash resources and working capital;
● risks related to market volatility, including general price and volume fluctuations in stock markets; and
● the timing of cash flows, if any, from the operations of our portfolio companies.
These statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation:
● an economic downturn could impair our portfolio companies’ ability to continue to operate, which could lead to the loss of some or all of our investments in such portfolio companies;
● an economic downturn could disproportionately impact the market sectors in which a significant portion of our portfolio is concentrated, causing us to suffer losses in our portfolio;
● a contraction of available credit and/or an inability to access the equity markets could impair our investment activities;
● increases in inflation or an inflationary economic environment could adversely affect our portfolio companies’ operating results, causing us to suffer losses in our portfolio;
● interest rate volatility could adversely affect our results, particularly because we use leverage as part of our investment strategy; and
● the risks, uncertainties and other factors we identify in the sections entitled “Risk Factors” in our quarterly reports on Form 10-Q, our annual report on Form 10-K, and in our other filings with the SEC.
~~an economic downturn could impair our portfolio companies’ ability to continue to operate, which could lead to the loss of some or all of our investments in such portfolio companies;~~
44
~~an economic downturn could disproportionately impact the market sectors in which a significant portion of our portfolio is concentrated, causing us to suffer losses in our portfolio;~~
~~a contraction of available credit and/or an inability to access the equity markets could impair our investment activities;~~
~~interest rate volatility could adversely affect our results, particularly because we use leverage as part of our investment strategy; and~~
~~the risks, uncertainties and other factors we identify in “Risk Factors” in this quarterly report on Form 10-Q and our annual report on Form 10-K, and in our filings with the SEC.~~
Table of Contents
Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. Important assumptions include our ability to originate new investments, certain margins and levels of profitability and the availability of additional capital. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this quarterly report on Form 10-Q should not be regarded as a representation by us that our plans and objectives will be achieved. These risks and uncertainties include those described or identified in ~~this~~our quarterly ~~report~~reports on Form 10-Q and our annual report on Form 10-K, in the “Risk Factors” ~~section.~~sections. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this quarterly report on Form 10-Q.

~~TABLE OF CONTENTS~~
The following analysis of our financial condition and results of operations should be read in conjunction with our ~~condensed~~ consolidated financial statements and the related notes thereto contained elsewhere in this quarterly report on Form 10-Q.
Overview
We are an ~~externally managed,~~internally-managed, non-diversified closed-end management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, ~~Act.~~ as amended (the “1940 Act”), and has elected to be treated, and intends to qualify annually, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).
Our investment objective is to maximize our portfolio’s total return, principally by seeking capital gains on our equity and equity-related investments, and to a lesser extent, income from debt investments. We invest principally in the equity securities of what we believe to be rapidly growing venture-capital-backed emerging companies. We ~~have~~acquire our investments through direct investments in prospective portfolio companies, secondary marketplaces for private companies and negotiations with selling stockholders. In addition, we may invest in private credit and in the founders equity, founders warrants, forward purchase agreements, and private investment in public equity (“PIPE”) transactions of special purpose acquisition companies (“SPACs”). We may also ~~invested,~~invest on an opportunistic basis in select publicly traded equity securities of rapidly growing companies that otherwise meet our investment criteria, and may continue to do so in the future. In addition, while we invest primarily in U.S. companies, we may invest on an opportunistic basis inor certain non-U.S. companies that otherwise meet our investment ~~criteria.~~ criteria, subject to applicable requirements of the 1940 Act. To the extent we make investments in private equity funds and hedge funds that are excluded from the definition of “investment company” under the 1940 Act by Section 3(c)(1) or 3(c)(7) of the 1940 Act, we will limit such investments to no more than 15% of our net assets.
In ~~regards~~regard to the regulatory requirements for ~~business development companies~~BDCs under the 1940 Act, some of these investments may not qualify as investments in “eligible portfolio companies,” and thus may not be considered “qualifying assets.” “Eligible portfolio companies” generally include U.S. companies that are not investment companies and that do not have securities listed on a national exchange. If at any time less than 70% of our gross assets are comprised of qualifying assets, including as a result of an increase in the value of any non-qualifying assets or decrease in the value of any qualifying assets, we would generally not be permitted to acquire any additional non-qualifying assets until such time as 70% of our then-current gross assets were comprised of qualifying assets. We would not be required, however, to dispose of any non-qualifying assets in such circumstances.
We acquire our investments in portfolio companies through offerings of the prospective portfolio companies, transactions on secondary marketplaces for private companies and negotiations with selling stockholders. Our investment activities are managed by GSV Asset Management. GSV Capital Service Company provides the administrative services necessary for us to operate.
Our investment philosophy is ~~premised~~based on a disciplined approach of identifying promising investments in high-growth, ~~emerging~~venture-backed companies across several key industry themes ~~that~~which may include, among others, ~~social~~ social/mobile, cloud computing and big data, internet commerce, ~~sustainability~~financial technology, mobility, and ~~education technology. GSV Asset Management’s~~enterprise software. Our investment decisions are based on a disciplined analysis of available information regarding each potential portfolio company’s business operations, focusing on the portfolio company’s growth potential, the quality of recurring revenues, and ~~cash flow and cost structures,~~path to profitability, as well as an understanding of key market fundamentals. ~~Many of the companies that our investment adviser, GSV Asset Management, evaluates have financial backing from top-tier venture~~Venture capital funds or other ~~financial or strategic sponsors.~~institutional investors have invested in the vast majority of companies that we evaluate.
We seek to deploy capital primarily in the form of non-controlling equity and equity-related investments, including common stock, warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company’s common equity, and convertible debt securities with a significant equity component. Typically, our preferred stock investments are ~~non-income-producing,~~non-income producing, have different voting rights than our common stock investments and are generally convertible into common stock at our discretion. ~~Our~~As our investment strategy is primarily focused on equity positions, our investments generally do not produce current income and therefore we may be dependent on future capital raising to meet our operating needs if no other source of liquidity is available.
~~Investments — (Portfolio Activity)~~
45
Table of Contents
We seek to create a low-turnover portfolio that includes investments in companies representing a broad range of investment themes.
Our History
We formed in 2010 as a Maryland corporation and operate as an internally managed, non-diversified closed-end management investment company. Our investment activities are supervised by our Board of Directors and managed by our executive officers and investments professionals, all of which are our employees.
Our date of inception was January 6, 2011, which is the date we commenced development stage activities. We commenced operations as a BDC upon completion of our IPO in May 2011 and began our investment operations during the second quarter of 2011.
On and effective June 22, 2020, we changed our name to “SuRo Capital Corp.” from “Sutter Rock Capital Corp.”
On and effective March 12, 2019, our Board of Directors approved our internalization (the “Internalization”) and we began operating as an internally-managed non-diversified closed-end management investment company that has elected to be regulated as a BDC under the 1940 Act. Our Board of Directors approved the Internalization in order to better align the interests of our stockholders with its management. As an internally managed BDC, we are managed by our employees, rather than the employees of an external investment adviser, thereby allowing for greater transparency to stockholders through robust disclosure regarding our compensation structure. As a result of the Internalization, we no longer pay any fees or expenses under an investment advisory agreement or administration agreement, and instead pay the operating costs associated with employing investment management professionals including, without limitation, compensation expenses related to salaries, discretionary bonuses and restricted stock grants.
Except as otherwise disclosed herein, this Form 10-Q discusses our business and operations as an internally-managed BDC during the period covered by this Form 10-Q.
Portfolio and Investment Activity
Six Months Ended June 30, 2023
The value of our investment portfolio will change over time due to changes in the fair value of our underlying investments, as well as changes in the composition of our portfolio resulting from purchases of new and follow-on investments and the sales of existing investments.
The fair value, as of ~~September~~June 30, ~~2017,~~2023, of all of our portfolio investments, excluding U.S. Treasury ~~Bills and Strips,~~bills, was ~~$289,776,082. Refer to “Note 1 — Nature of Operations and Significant Accounting Policies” to our condensed consolidated financial statements as of September 30, 2017 for further detail.~~$160,283,146.
During the ~~nine~~six months ended ~~September~~June 30, ~~2017~~2023, we ~~did not fund any~~funded investments in an aggregate amount of $13,829,990 (not including capitalized transaction costs or investments in short-term U.S. Treasury investments) as shown in the following table:
Portfolio Company Investment Transaction Date Gross Payments
Orchard Technologies, Inc.⁽¹⁾ Preferred shares, Series 1 1/13/2023 $ 2,000,000
True Global Ventures 4 Plus Pte Ltd⁽²⁾ Limited Partner Fund Investment 3/31/2023 1,330,000
PayJoy, Inc. Simple Agreement for Future Equity (SAFE)
5/25/2023
500,000
ServiceTitan, Inc.
Common shares 6/30/2023
9,999,990

Total $
13,829,990

(1) On January 13, 2023, we invested $2.0 million in Orchard Technologies, Inc.’s Series 1 Senior Preferred financing round. As part of the transaction, we exchanged a portion of its existing Series D Preferred shares investment for Series 1 Senior Preferred shares, Series 2 Senior Preferred shares, and Common shares. Additionally, our previous investment in the Simple Agreement for Future Equity was converted into additional Series 1 Senior Preferred shares.
(2) The previously unfunded capital commitment of $1.3 million was deemed fully contributed in lieu of cash distributions.
During the six months ended June 30, 2023, we capitalized fees of ~~$2,080.~~$14,723.
46

Table of Contents
~~TABLE OF CONTENTS~~
~~The table below summarizes~~
During the ~~portfolio investments we sold or wrote-off during the three and nine~~six months ended ~~September~~June 30, ~~2017:~~2023, we exited or received proceeds from investments in the amount of $7,587,861, net of transaction costs, and realized a net loss on investments of $(13,080,856) (including adjustments to amounts held in escrow receivable) as shown in following table:
Portfolio Company Transaction Date Shares Average Net Share Price ⁽¹⁾ Net Proceeds Realized Gain/(Loss)⁽²⁾
Kahoot! ASA⁽³⁾ Various 38,305 $ 1.97 $ 75,601 $ (100,466 )
NewLake Capital Partners, Inc. (f/k/a GreenAcreage Real Estate Corp.)⁽⁴⁾ Various 123,938 18.50 2,293,102 (186,748 )
Nextdoor Holdings, Inc.⁽⁵⁾ Various 950,000 3.05 2,895,073 (2,428,701 )
Rent the Runway, Inc.⁽⁶⁾ 1/4/2023 79,191 3.05 241,456 (961,837 )
Residential Homes for Rent, LLC (d/b/a Second Avenue)⁽⁷⁾ Various N/A N/A 500,000 —
True Global Ventures 4 Plus Pte Ltd⁽⁸⁾ Various N/A N/A 1,582,629 1,330,000
Ozy Media, Inc.⁽⁹⁾ 5/4/2023 3,492,465 N/A — (10,945,024 )
Total $ 7,587,861 $ (13,292,776 )

Three Months Ended
September 30, 2017 Nine Months Ended
September 30, 2017
Portfolio Company Net Proceeds Realized
Gains/
(Losses)⁽¹⁾ Net Proceeds Realized
Gains/
(Losses)⁽¹⁾
AliphCom, Inc. (d/b/a Jawbone) $ — $ — $ — $ (793,152 )
AlwaysOn, Inc. — — — (1,903,414 )
Beamreach Solar, Inc. (f/k/a Solexel, Inc.) — — — (14,272,840 )
Cricket Media (f/k/a ePals Corporation) — — — (2,448,959 )
EarlyShares.com, Inc. — — — (312,438 )
Orchestra One, Inc. (f/k/a Learnist, Inc.) — — — (4,959,614 )
Global Education Learning (Holdings) Ltd. — — — (675,495 )
Chegg, Inc. 5,739,897 990,489 5,739,897 990,489
Snap, Inc. 4,033,360 31,090 4,033,360 31,090
Total Sales $ 9,773,257 $ 1,021,579 $ 9,773,257 $ (24,344,333 )
(1) ~~(1)~~ ~~Realized gains/(losses) exclude any~~The average net share price is the net share price realized ~~gains/(losses) incurred~~after deducting all commissions and fees on the ~~maturity~~sale(s), if applicable.
(2) Realized gain/(loss) does not include adjustments to amounts held in escrow receivable.
(3) As of March 8, 2023, we had sold our ~~treasury investments.~~remaining Kahoot! ASA public common shares.
(4) As of June 30, 2023, we held 105,820 remaining NewLake Capital Partners, Inc. public common shares.
(5) As of June 30, 2023, we held 852,416 remaining Nextdoor Holdings, Inc. public common shares.
(6) As of January 4, 2023, we had sold our remaining Rent the Runway, Inc. public common shares.
(7) During the six months ended June 30, 2023, approximately $0.6 million was received from Residential Homes for Rent, LLC (d/b/a Second Avenue) related to the 15% term loan due December 23, 2023. Of the proceeds received, approximately $0.5 million repaid a portion of the outstanding principal and the remaining was attributed to interest.
(8) The previously unfunded capital commitment of $1.3 million was deemed fully contributed in lieu of cash distributions.
(9) On May 4, 2023, we abandoned our investment in Ozy Media, Inc.
~~The table below summarizes~~
Six Months Ended June 30, 2022
During the ~~portfolio investments we sold or wrote-off during the three and nine~~six months ended ~~September~~June 30, ~~2016:~~2022, we funded investments in an aggregate amount of $11,000,000 (not including capitalized transaction costs) as shown in the following table:
Portfolio Company Investment Transaction Date Gross Payments
Shogun Enterprises, Inc. (d/b/a Hearth) Convertible Note 5/2/2022 $ 500,000
EDGE Markets, Inc. Preferred Shares, Series Seed 5/18/2022 500,000
Whoop, Inc. Preferred Shares, Series C 6/30/2022 10,000,000
Total $ 11,000,000
During the six months ended June 30, 2022, we capitalized fees of $8,515.
During the six months ended June 30, 2022, we exited or received proceeds from investments in the amount of $5,051,279, net of transaction costs, and realized a net gain on investments of $1,130,050 (including adjustments to amounts held in escrow receivable) as shown in following table:
Portfolio Company Transaction Date Shares Average Net Share Price ⁽¹⁾ Net Proceeds Realized Gain/(Loss)⁽²⁾
NewLake Capital Partners, Inc. (f/k/a GreenAcreage Real Estate Corp.) Various 31,028 $ 26.96 $ 836,485 $ 215,799
Rover Group, Inc. Various 474,335 5.61 2,659,209 1,241,310
Rent the Runway, Inc. Various 50,000 3.62 181,115 (578,626 )
Residential Homes for Rent, LLC (d/b/a Second Avenue)⁽³⁾ Various N/A N/A 500,000 —
True Global Ventures 4 Plus Pte Ltd 5/31/2022 N/A N/A 874,470 160,965
Total $ 5,051,279 $ 1,039,448

Three Months Ended
September 30, 2016 Nine Months Ended
September 30, 2016
Portfolio Company Net Proceeds Realized
Gains/
(Losses)⁽¹⁾ Net Proceeds Realized
Gains/
(Losses)⁽¹⁾
Bloom Energy Corporation $ — $ — $ 2,973,438 $ (882,162 )
Gilt Groupe Holdings, Inc. — — 427,270 (6,167,164 )
Lyft, Inc. 4,080,000 2,351,752 7,651,890 4,430,220
Twitter, Inc. 14,578,469 306,603 14,578,469 306,603
Total Sales $ 18,658,469 $ 2,658,355 $ 25,631,067 $ (2,312,503 )
(1) ~~(1)~~ ~~Realized gains/(losses) exclude any~~The average net share price is the net share price realized ~~gains/(losses) incurred~~after deducting all commissions and fees on the ~~maturity~~sale(s), if applicable.
(2) Realized gain/(loss) does not include adjustments to amounts held in escrow receivable.
(3) During the six months ended June 30, 2022, approximately $0.6 million has been received from Residential Homes for Rent, LLC (d/b/a Second Avenue) related to the 15% term loan due December 23, 2023. Of the proceeds received, approximately $0.5 million repaid a portion of ~~our treasury investments.~~the outstanding principal and the remaining was attributed to interest.
During the six months ended June 30, 2022, we did not write-off any investments and our OneValley, Inc. (f/k/a NestGSV, Inc.) Series B preferred warrants with a strike price of $2.31 expired on May 29, 2022.
47

Table of Contents
~~TABLE OF CONTENTS~~
Results of Operations —
~~For~~Comparison of the ~~Three and Nine~~Six Months Ended ~~September~~June 30, ~~2017~~2023 and ~~2016~~2022
Operating results for the three and six months ended ~~September~~June 30, ~~2017~~2023 and ~~2016~~2022 are as follows:
Three Months Ended June 30, Six Months Ended June 30,
2023 2022 2023 2022
Total Investment Income $ 1,372,218 $ 890,631 $ 2,671,300 $ 1,473,731
Interest income 1,309,073 699,282 2,545,010 1,151,737
Dividend income 63,145 191,349 126,290 321,994
Total Operating Expenses $ 5,177,558 $ 4,701,519 $ 10,698,405 $ 9,509,324
Compensation expense 2,117,872 1,759,261 4,254,626 3,619,963
Directors’ fees 161,661 191,829 322,226 352,394
Professional fees 916,579 1,078,459 1,907,413 2,351,172
Interest expense 1,214,267 1,226,767 2,427,553 2,427,553
Income tax expense 90,826 5,691 620,606 7,741
Other expenses 676,353 439,512 1,165,981 750,501
Net Investment Loss $ (3,805,340 ) $ (3,810,888 ) $ (8,027,105 ) $ (8,035,593 )
Net realized gain/(loss) on investments (13,270,199 ) (1,966,225 ) (13,080,856 ) 1,130,050
Net change in unrealized appreciation/(depreciation) of investments 1,455,515 (88,562,575 ) 10,104,446 (66,977,690 )
Net Change in Net Assets Resulting from Operations $ (15,620,024 ) $ (94,339,688 ) $ (11,003,515 ) $ (73,883,233 )

September 30, 2017 September 30, 2016
   Total Per Basic
Share⁽¹⁾ Total Per Basic
Share⁽¹⁾
Total Investment Income $ 174,912 $ 0.01 $ 86,648 $ 0.00
Interest income/(reversal of interest accrual) (88 ) — 86,648 0.00
Dividend income 175,000 0.01 —
Other income — — —
Gross Operating Expenses 6,975,539 0.32 4,308,303 0.19
Management fee waiver (174,666 ) (0.01 ) — —
Net Operating Expenses 6,800,873 0.31 4,308,303 0.19
Management fees 1,397,332 0.06 1,625,963 0.07
Incentive fees 3,334,052 0.15 220,719 0.01
Costs incurred under administration agreement 472,413 0.02 627,444 0.03
Directors’ fees 86,250 — 86,250 0.00
Professional fees 353,933 0.02 416,353 0.02
Interest expense 1,207,548 0.05 1,189,736 0.05
Tax expense 4,889 — — —
Other expenses 119,122 0.01 141,838 0.01
Net investment loss (6,625,961 ) (0.30 ) (4,221,655 ) (0.19 )
Net realized gain on investments 1,033,577 0.05 2,658,715 0.12
Net change in unrealized appreciation/(depreciation) of investments 15,636,683 0.71 (1,261,709 ) (0.06 )
Benefit from taxes on unrealized depreciation 26,705 — 551,310 0.02
Net increase/(decrease) in net assets resulting from operations $ 10,071,004 $ 0.46 $ (2,273,339 ) $ (0.10 )
~~(1)~~ ~~The per-share figures noted are based on a weighted average of 22,000,571 and 22,181,003 basic common shares outstanding for the three months ended September 30, 2017 and 2016, respectively.~~

~~TABLE OF CONTENTS~~Investment Income
~~Operating results for the nine months ended September 30, 2017 and 2016 are as follows:~~

September 30, 2017 September 30, 2016
   Total Per Basic Share⁽¹⁾ Total Per Basic Share⁽¹⁾
Total Investment Income $ 883,964 $ 0.04 $ 135,181 $ 0.01
Interest income 335,868 0.02 135,181 0.01
Dividend income 475,000 0.02 — —
Other income 73,096 — — —
Gross Operating Expenses 18,727,464 0.85 5,261,869 0.24
Management fee waiver (526,366 ) (0.02 ) — —
Net Operating Expenses 18,201,098 0.83 5,261,869 0.24
Management fees 4,210,932 0.19 5,324,186 0.24
Incentive fees/(reversal of incentive fee accrual) 7,482,185 0.34 (7,805,089 ) (0.35 )
Costs incurred under administration agreement 1,453,007 0.07 1,926,085 0.09
Directors’ fees 242,230 0.01 258,750 0.01
Professional fees 1,318,931 0.06 1,441,856 0.07
Interest expense 3,489,381 0.16 3,557,225 0.16
Tax expense 51,379 — — —
Other expenses 479,419 0.02 558,856 0.03
Net investment loss (17,317,134 ) (0.78 ) (5,126,688 ) (0.23 )
Net realized loss on investments (24,327,082 ) (1.10 ) (2,311,994 ) (0.10 )
Net change in unrealized appreciation/

(depreciation) of Investments 61,669,476 2.79 (36,616,596 ) (1.65 )
Benefit from taxes on unrealized depreciation 26,705 — 551,310 0.02
Net increase/(decrease) in net assets resulting from operations $ 20,051,965 $ 0.91 $ (43,503,968 ) $ (1.96 )
~~(1)~~ ~~The per-share figures noted are based on a weighted average of 22,000,571 and 22,181,003 basic common shares outstanding for the nine months ended September 30, 2017 and 2016, respectively.~~
~~Comparison of the Three and Nine Months Ended September 30, 2017 and 2016~~
~~Investment Income~~
Investment income increased to ~~$174,912~~$1,372,218 for the three months ended ~~September~~June 30, ~~2017, as compared to $86,648~~2023 from $890,631 for the three months ended ~~September~~June 30, ~~2016.~~2022. The net increase between periods was due to the addition of interest income from U.S. Treasury bills and Xgroup Holdings Limited (d/b/a Xpoint). The increase was ~~due to increased dividend income which was partially~~ offset by ~~reversals of~~a decrease in interest ~~accruals. The increase~~income from Architect Capital PayJoy SPV, LLC, Residential Homes for Rent, LLC (d/b/a Second Avenue) and Neutron Holdings, Inc. (d/b/a/ Lime), plus a decrease in dividend income ~~resulted~~ from ~~a $175,000 dividend received from our investment in SPBRX, INC.~~NewLake Capital Partners, Inc. (f/k/a ~~GSV Sustainability Partners,~~GreenAcreage Real Estate Corp.) and a cessation in dividend income from Treehouse Real Estate Investment Trust, Inc.). during the three months ended June 30, 2023, relative to the three months ended June 30, 2022.
Investment income ~~also~~ increased to ~~$883,964~~$2,671,300 for the ~~nine~~six months ended ~~September~~June 30, ~~2017, as compared to $135,181~~2023 from $1,473,731 for the ~~nine~~six months ended ~~September~~June 30, ~~2016.~~2022. The net increase between periods was due to the addition of interest income from U.S. Treasury Bills and Xgroup Holdings Limited (d/b/a Xpoint). The increase was ~~primarily due to increased dividend and~~offset by a decrease in interest income from Architect Capital PayJoy SPV, LLC, Residential Homes for Rent, LLC (d/b/a Second Avenue) and toNeutron Holdings, Inc. (d/b/a/ Lime), plus a ~~lesser extent, other income. The increase~~decrease in dividend income ~~resulted~~ from ~~$475,000~~NewLake Capital Partners, Inc. (f/k/a GreenAcreage Real Estate Corp.) and a cessation in dividend ~~payments received~~income from ~~our investment in SPBRX, INC. (f/k/a GSV Sustainability Partners,~~Treehouse Real Estate Investment Trust, Inc.) during the ~~nine~~six months ended ~~September~~June 30, 2017. Interest income increased as a result of our debt investments in Ozy Media, Inc. and NestGSV, Inc. (d/b/a GSV Labs, Inc.). Additionally, we received $73,096 in proceeds from GILT Groupe Holdings, Inc., an investment we previously held that was sold2023, relative to ~~Hudson’s Bay Co.,~~ the ~~parent company of Saks Fifth Avenue, in January 2016.~~six months ended June 30, 2022.
Operating Expenses
Total operating expenses ~~(net of the management fee waiver)~~ increased to ~~$6,800,873~~$5,177,558 for the three months ended ~~September~~June 30, ~~2017, as compared to $4,308,303~~2023 from $4,701,519 for the three months ended ~~September~~June 30, ~~2016,~~2022. The increase in operating expense was primarily due to an increase in compensation expense associated with an increased ~~incentive fees for the three months ended September 30, 2017~~headcount and stock-based compensation, income tax expense due to estimates on blocker corporations, offset by a ~~lesser extent, increased interest expense. We accrued incentive~~decrease in professional fees during the three months ended

~~TABLE OF CONTENTS~~ June 30, 2023, relative to the six months ended June 30, 2022.
~~September~~
Total operating expenses increased to $10,698,405 for the six months ended June 30, ~~2017 as a result of~~2023 from $9,509,324 for the ~~unrealized appreciation of our portfolio investments in the aggregate during the period.~~six months ended June 30, 2022. The increase in operating ~~expenses during the three months ended September 30, 2017, as compared to the three months ended September 30, 2016,~~expense was partially offset by lower management fees, due to lower average gross assets outstanding and GSV Asset Management’s voluntary 0.25% reduction to the base management fee payable under the Advisory Agreement, as well as a decrease in costs incurred under the Administration Agreement. The increase in operating expenses were also offset, to a lesser extent, by decreases in professional fees, which include legal, valuation, audit and consulting fees.
Total operating expenses (net of the management fee waiver) increased to $18,201,098 for the nine months ended September 30, 2017, as compared to $5,261,869 for the nine months ended September 30, 2016, primarily due to a reversal of accrued incentive fees for the nine months ended September 30, 2016. We accrued incentive fees during the nine months ended September 30, 2017 as a result of the unrealized appreciation of our portfolio investments in the aggregate during the period. Thean increase in ~~total operating expenses during the nine months ended September 30, 2017 was partially~~compensation expense associated with an increased headcount and stock-based compensation, income tax expense due to estimates on blocker corporations, offset by lower management fees due to lower average gross assets outstanding, GSV Asset Management’s voluntary 0.25% reduction to the base management fee payable under the Advisory Agreement, a decrease in costs incurred under the Administration Agreement, and a decrease in professional fees ~~which include legal, valuation, audit and consulting fees.~~during the six months ended June 30, 2023, relative to the six months ended June 30, 2022.
Net Investment Loss
For the three months ended ~~September~~June 30, ~~2017,~~2023, we recognized a net investment loss of ~~$6,625,961,~~$(3,805,340), compared to a net investment loss of ~~$4,221,655~~$(3,810,888) for the three months ended ~~September~~June 30, ~~2016.~~2022. The change between periods resulted from an increase in ~~net~~operating expenses, offset by an increase in total investment ~~loss resulted primarily from the accrual of incentive fees~~income between periods during the three months ended ~~September~~June 30, ~~2017, as discussed above, partially offset by an increase in investment income.~~2023, relative to the three months ended June 30, 2022.
For the ~~nine~~six months ended ~~September~~June 30, ~~2017,~~2023, we recognized a net investment loss of ~~$17,317,134,~~$(8,027,105), compared to a net investment loss of ~~$5,126,688~~$(8,035,593) for the ~~nine~~six months ended ~~September~~June 30, ~~2016.~~2022. The change between periods resulted from an increase in ~~net investment loss resulted primarily from the accrual of incentive fees during the nine months ended September 30, 2017, as discussed above, partially~~operating expenses, offset by an increase in total investment ~~income.~~income between periods during the six months ended June 30, 2023, relative to the six months ended June 30, 2022.
Net Realized ~~Gain/Loss~~Gain on Investments
For the three months ended ~~September~~June 30, ~~2017,~~2023, we recognized a net realized ~~gains~~loss on our investments of ~~$1,033,577,~~$(13,270,199), compared to a net realized ~~gains~~loss of ~~$2,658,715~~$(1,966,225) for the three months ended ~~September~~June 30, ~~2016.~~2022.
For the six months ended June 30, 2023, we recognized a net realized loss on our investments of $(13,080,856), compared to a net realized gain of $1,130,050 for the six months ended June 30, 2022. The components of our net realized ~~gains/losses~~gains on portfolio investments for the six months ended June 30, 2023 and 2022, excluding ~~treasury~~U.S. Treasury investments and fluctuations in escrow receivables estimates, are reflected in the tables above, under “— ~~Overview — Investments — (Portfolio Activity).~~Portfolio and Investment Activity.”
For the nine months ended September 30, 2017, we recognized net realized losses of $24,327,082, compared to a net realized losses of $2,311,994 for the nine months ended September 30, 2016. The components of our net realized gains/losses on portfolio investments, excluding treasury investments, are reflected above, under “— Overview — Investments — (Portfolio Activity).”
48

Table of Contents
~~TABLE OF CONTENTS~~
Net Change in Unrealized Appreciation/(Depreciation) of Investments
For the three months ended ~~September~~June 30, ~~2017,~~2023 and 2022, we had a net change in unrealized ~~appreciation~~appreciation/(depreciation) of ~~investments of $15,636,683. For the three months ended September 30, 2016, we had a net change in unrealized depreciation of investments of $1,261,709.~~$1,455,515 and $(88,562,575), respectively. The following tables summarize, by portfolio company, the significant changes in unrealized appreciation/(depreciation) of our investment portfolio for ~~each of~~ the three months ended ~~September~~June 30, ~~2017~~2023 and ~~2016:~~2022.
Portfolio Company
Net Change in Unrealized Appreciation/(Depreciation) For the Three Months Ended
June 30, 2023
Portfolio Company
Net Change in Unrealized Appreciation/(Depreciation) For the Three Months Ended
June 30, 2022

Ozy Media, Inc.⁽¹⁾
$ 10,945,024 NewLake Capital Partners, Inc. (f/k/a GreenAcreage Real Estate Corp.)⁽¹⁾ $ (1,625,807 )
Nextdoor Holdings, Inc.⁽¹⁾ 4,227,458 Rover Group, Inc.⁽¹⁾ (1,931,885 )
Shogun Enterprises, Inc. (d/b/a Hearth) 4,051,105 Blink Health, Inc. (2,104,711 )
Colombier Sponsor LLC 2,387,898 Skillsoft Corp. (2,474,244 )
Forge Global, Inc. 1,705,490 Varo Money, Inc. (2,700,966 )
Orchard Technologies, Inc. 1,210,675 Enjoy Technology, Inc. (3,741,844 )
Stormwind, LLC 1,206,200 Neutron Holdings, Inc. (d/b/a/ Lime) (3,991,353 )
Whoop, Inc. (1,775,407 ) Nextdoor Holdings, Inc. (4,020,739 )
Trax, Ltd. (2,346,683 ) Trax Ltd. (5,588,395 )
Learneo, Inc. (f/k/a Course Hero, Inc.) (18,251,804 ) Course Hero, Inc. (17,273,549 )
Forge Global Holdings, Inc. (41,488,638 )
Other⁽²⁾ (1,904,441 ) Other⁽²⁾ (1,620,444 )
Total $ 1,455,515 Total $ (88,562,575 )

Portfolio Company Change in
Unrealized
Appreciation/
(Depreciation)
for the
Three Months
Ended
September 30,
2017
JAMF Holdings, Inc. $ 14,601,826
Spotify Technology S.A. 5,250,385
StormWind, LLC 4,743,771
Chegg, Inc. 1,820,621
Dropbox, Inc. 1,584,490
Ozy Media, Inc. (1,036,364 )
General Assembly Space, Inc. (1,077,414 )
Avenues Global Holdings, LLC (1,358,960 )
Maven Research, Inc. (1,600,515 )
Curious.com, Inc. (2,973,142 )
Declara, Inc. (4,216,360 )
Other⁽¹⁾ (101,655 )
Total $ 15,636,683

Portfolio Company Change in
Unrealized
Appreciation/
(Depreciation)
for the
Three Months
Ended
September 30,
2016
Palantir Technologies, Inc. $ (2,206,354 )
Lyft, Inc. (1,478,090 )
Chegg, Inc. 2,472,035
Other⁽¹⁾ (49,300 )
Total $ (1,261,709 )
(1) ~~(1)~~The change in unrealized appreciation/(depreciation) reflected for these investments resulted in full or in part from the full or partial exit of the investment, which resulted in the reversal of previously accrued unrealized appreciation/(depreciation), as applicable.
(2) ~~Other~~“Other” represents investments ~~(including U.S. Treasury Bills and U.S. Treasury Strips)~~ for which individual ~~change~~changes in unrealized appreciation/(depreciation) was less than ~~$1,000,000~~$1.0 million for the three months ended ~~September~~June 30, ~~2017~~2023 and ~~2016.~~2022.

~~TABLE OF CONTENTS~~
For the ~~nine~~six months ended ~~September~~June 30, ~~2017,~~2023 and 2022, we had a net change in unrealized ~~appreciation~~appreciation/(depreciation) of ~~investments of $61,669,476. For the nine months ended September 30, 2016, we had a net change in unrealized depreciation of $36,616,596.~~$10,104,446 and $(66,977,690), respectively. The following tables summarize, by portfolio company, the significant changes in unrealized appreciation/(depreciation) of our investment portfolio for ~~each of~~ the ~~nine~~six months ended ~~September~~June 30, ~~2017~~2023 and ~~2016:~~2022.
Portfolio Company
Net Change in Unrealized
Appreciation/(Depreciation) For the Six Months Ended
June 30, 2023
Portfolio Company
Net Change in Unrealized
Appreciation/(Depreciation) For the Six Months Ended
June 30, 2022

Colombier Sponsor LLC $ 14,470,770 True Global Ventures 4 Plus Fund Pte Ltd⁽¹⁾ $ 3,106,863
Ozy Media, Inc.⁽¹⁾ 10,945,024 Blink Health, Inc. (2,622,697 )
Nextdoor Holdings, Inc.⁽¹⁾ 4,389,675 NewLake Capital Partners, Inc. (f/k/a GreenAcreage Real Estate Corp.)⁽¹⁾ (2,788,019 )
Shogun Enterprises, Inc. (d/b/a Hearth) 4,349,318 Varo Money, Inc. (2,994,723 )
Varo Money, Inc. 2,489,436 Neutron Holdings, Inc. (d/b/a/ Lime) (3,991,353 )
Forge Global, Inc. 1,755,652 Enjoy Technology, Inc. (4,371,009 )
OneValley, Inc. (f/k/a NestGSV, Inc.) (1,679,936 ) Rover Group, Inc.⁽¹⁾ (4,978,791 )
Trax, Ltd. (2,241,286 ) Skillsoft Corp. (5,527,776 )
Whoop, Inc. (2,775,301 ) Nextdoor Holdings, Inc. (6,473,525 )
Aspiration Partners, Inc. (2,851,678 ) Trax Ltd. (7,188,572 )
Orchard Technologies, Inc. (3,489,052 ) Course Hero, Inc. (28,304,092 )
Learneo, Inc. (f/k/a Course Hero, Inc.) (17,995,785 )
Other⁽²⁾ 2,737,609 Other⁽²⁾ (843,996 )
Total $ 10,104,446 Total $ (66,977,690 )

Portfolio Company Change in
Unrealized
Appreciation/
(Depreciation)
for the
Nine Months
Ended
September 30,
2017
JAMF Holdings, Inc. $ 21,321,024
Beamreach Solar, Inc. (f/k/a Solexel, Inc.)⁽¹⁾ 14,272,843
Spotify Technology S.A. 13,351,893
Chegg, Inc. 7,628,129
Orchestra One, Inc. (f/k/a Learnist, Inc.)⁽¹⁾ 4,959,614
StormWind, LLC 4,743,772
NestGSV, Inc. (d/b/a GSV Labs, Inc.) 4,019,767
Coursera, Inc. 3,854,113
Dropbox, Inc. 3,331,446
Cricket Media (f/k/a ePals Inc.)⁽¹⁾ 2,448,959
AlwaysOn, Inc.⁽¹⁾ 1,903,414
Aspiration Partners, Inc. 1,451,623
Lyft, Inc. 1,343,714
Ozy Media, Inc. (1,146,364 )
Avenues Global Holdings, LLC (1,614,324 )
Maven Research, Inc. (1,673,885 )
General Assembly Space, Inc. (1,861,905 )
SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.) (2,942,585 )
Curious.com, Inc. (4,024,767 )
Declara, Inc. (4,609,294 )
Palantir Technologies, Inc. (5,008,564 )
Other⁽²⁾ (79,147 )
Total $ 61,669,476

Portfolio Company Change in
Unrealized
Appreciation/
(Depreciation)
for the
Nine Months
Ended
September 30,
2016
Palantir Technologies, Inc. $ (13,338,122 )
Fullbridge, Inc. (5,488,622 )
Dataminr, Inc. (5,102,507 )
Twitter, Inc. (4,254,018 )
Dropbox, Inc. (5,139,483 )
Solexel, Inc. (5,157,254 )
JAMF Holdings, Inc. 1,707,179
Lyft, Inc. (3,253,734 )
SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.) (1,799,396 )
SugarCRM, Inc. (1,401,493 )
Gilt Groupe Holdings, Inc. 6,055,046
Other⁽²⁾ 555,808
Totals $ (36,616,596 )
(1) The change in unrealized ~~appreciation~~appreciation/(depreciation) reflected for ~~this~~these investments resulted in full or in part from the full or partial exit of the investment, which resulted ~~from writing off an investment that was~~in the reversal of previously ~~reduced in value to zero in a prior quarter.~~accrued unrealized appreciation/(depreciation), as applicable.
(2) ~~Other~~“Other” represents investments ~~(including U.S. Treasury Bills and U.S. Treasury Strips)~~ for which individual ~~change~~changes in unrealized appreciation/(depreciation) was less than ~~$1,000,000~~$1.0 million for the ~~nine~~six months ended ~~September~~June 30, ~~2017~~2023 and ~~2016.~~
~~Net Increase/Decrease in Net Assets Resulting from Operations~~
~~For the three months ended September 30, 2017 and 2016, our net increase/(decrease) in net assets resulting from operations was $10,071,004 and $(2,273,339), respectively.~~

~~TABLE OF CONTENTS~~
~~For the nine months ended September 30, 2017 and 2016, our net increase/(decrease) in net assets resulting from operations was $20,051,965 and $(43,503,968), respectively.~~
~~Liquidity and Capital Resources~~
Our liquidity and capital resources are generated primarily from the sales of our investments and advances from any credit facility from which we may borrow. For example, prior to its expiration in accordance with its terms on December 31, 2016, we also generated liquidity and capital resources from advances from the SVB Credit Facility and have entered into the Credit Facility, which matures on the later of (i) August 15, 2018 or (ii) 30 days prior to the due date of the Convertible Senior Notes, which mature on September 15, 2018. In management’s view, we have sufficient liquidity and capital resources to pay our operating expenses and conduct investment activities. With regard to the Convertible Senior Notes, which mature on September 15, 2018, we are actively managing our liquidity in anticipation of meeting our obligations thereunder.
Our primary uses of cash are to make investments, pay our operating expenses and make distributions to our stockholders. For the nine months ended September 30, 2017 and 2016, our net operating expenses were $18,201,098 and $5,261,869, respectively.

Cash Reserves and Liquid Securities September 30,
2017 December 31,
2016
Cash $ 5,154,436 $ 8,332,634
Amounts available for borrowing under the Credit Facility⁽¹⁾⁽²⁾ 4,000,000 —
Securities of publicly traded portfolio companies:

Unrestricted securities⁽³⁾ 11,607,729 8,729,005
Subject to other sales restrictions — —
Total securities of publicly traded portfolio companies 11,607,729 8,729,005
Total Cash Reserves and Liquid Securities $ 20,762,165 $ 17,061,639
~~(1)~~ Subject to leverage and borrowing base restrictions under the Credit Facility. Refer to “Note 9 — Debt Capital Activities” to our condensed consolidated financial statements as of September 30, 2017 for details regarding the Credit Facility.
~~(2)~~ ~~On October 10, 2017, we repaid the $8.0 million due under the Credit Facility. As of November 9, 2017, there is no balance outstanding under the Credit Facility.~~
~~(3)~~ “Unrestricted securities” represents common stock of our publicly traded companies that are not subject to any restrictions upon sale. We may incur losses if we liquidate these positions to pay operating expenses or fund new investments.2022.
During the nine months ended September 30, 2017, cash decreased to $5,154,436 from $8,332,634 at the beginning of the period. The decrease was primarily due to an additional $7.5 million margin deposit posted for the purchase of a U.S. Treasury Bill, $3.6 million in interest payments on the Convertible Senior Notes, $4.2 million in management fees paid under the Advisory Agreement, $2.6 million of share repurchases under the Share Repurchase Program, $1.0 million in allocation of overhead expenses paid to GSV Capital Service Company and $1.4 million of audit and legal fees. During the nine months ended September 30, 2017, we sold portfolio investments for net proceeds of $9.8 million and borrowed a net of $8.0 million under the Credit Facility, which partially offset the decrease in cash.
~~Equity Issuances & Debt Capital Activities~~
~~There were no sales of our equity or debt securities during the nine months ended September 30, 2017 or the year ended December 31, 2016.~~
~~Share Repurchase Program~~
On August 7, 2017, our board of directors authorized the $5.0 million discretionary open-market Share Repurchase Program under which we may repurchase shares of our common stock in the open market until the earlier of (i) August 6, 2018 or (ii) the repurchase of $5.0 million in aggregate amount of our common

~~TABLE OF CONTENTS~~
stock. During each of the three and nine months ended September 30, 2017, we repurchased 574,109 shares of our common stock for approximately $2.8 million under the Share Repurchase Program. For more information on the Share Repurchase Program, see “Part II. Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.”
~~Contractual Obligations~~

Payments Due By Period
(dollars in millions)
   Total Less than
1 year 1 – 3 years 3 – 5 years More than
5 years
Payable for securities purchased⁽¹⁾ $ 89.6 $ 89.6 $ — $ — $ —
Credit facility payable⁽²⁾⁽³⁾⁽⁴⁾ 8.0 8.0 — — —
Convertible Senior Notes⁽⁵⁾ 69.0 69.0 — — —
Total $ 166.6 $ 166.6 $ — $ — $ —
~~(1)~~ “Payable for securities purchased” relates to the purchase of the U.S. Treasury Bill on margin and repurchases of our common stock. The payable for securities purchased was subsequently repaid on October 5, 2017, when the $100.0 million United States Treasury Bill matured and the $10.5 million margin deposit that we posted as collateral was returned.
~~(2)~~ ~~On October 10, 2017, we repaid the $8.0 million due under the Credit Facility. As of November 9, 2017, there is no balance outstanding under the Credit Facility.~~
~~(3)~~ ~~The total unused amount available under the Credit Facility as of September 30, 2017 was $4.0 million.~~
~~(4)~~ ~~The weighted-average interest rate incurred under the Credit Facility was 0.02% for each of the three and nine months ended September 30, 2017.~~
~~(5)~~ The balance shown for the Convertible Senior Notes reflects the principal balance payable to investors. Refer to “Note 9 — Debt Capital Activities” to our condensed consolidated financial statements as of September 30, 2017 for more information.
~~Off-Balance Sheet Arrangements~~
As of September 30, 2017, we had no off-balance sheet arrangements, including any risk management of commodity pricing or other hedging practices. However, we may employ hedging and other risk management techniques in the future.
~~Distributions~~
The timing and amount of our distributions, if any, will be determined by our board of directors and will be declared out of assets legally available for distribution. The following table lists the distributions, including dividends and returns of capital, if any, per share that we have declared since our formation through September 30, 2017. The table is divided by fiscal year according to record date:

Date Declared Record Date Payment Date Amount Per
Share
Fiscal 2015:

November 4, 2015⁽¹⁾ November 16, 2015 December 31, 2015 $ 2.76
Fiscal 2016:

August 3, 2016⁽²⁾ August 16, 2016 August 24, 2016 0.04
Total $ 2.80
~~(1)~~ The distribution was paid in cash or shares of our common stock at the election of stockholders, although the total amount of cash distributed to all stockholders was limited to approximately 50% of the total distribution to be paid to all stockholders. As a result of stockholder elections, the distribution consisted of approximately 2,860,903 shares of common stock issued in lieu of cash, or approximately 14.8% of our outstanding shares prior to the distribution, as well as cash of $26,358,885. The number of shares of common stock comprising the stock portion was calculated based on a price of $9.425 per share, which equaled the average of the volume weighted-average trading price per share of our common stock on December 28, 29 and 30, 2015. None of the $2.76 per share distribution represented a return of capital.
~~(2)~~ ~~Of the total distribution of $887,240 on August 24, 2016, $820,753 represented a distribution from realized gains and $66,487 represented a return of capital.~~

~~TABLE OF CONTENTS~~
We intend to focus on making capital gains-based investments from which we will derive primarily capital gains. As a consequence, we do not anticipate that we will pay distributions on a quarterly basis or become a predictable distributor of distributions, and we expect that our distributions, if any, will be much less consistent than the distributions of other business development companies that primarily make debt investments. If there are earnings or realized capital gains to be distributed, we intend to declare and pay a distribution at least annually. The amount of realized capital gains available for distribution to stockholders will be impacted by our tax status.
Our current intention is to make any future distributions out of assets legally available in the form of additional shares of our common stock under our dividend reinvestment plan, unless a stockholder elects to receive dividends and/or long-term capital gains distributions in cash. Under the dividend reinvestment plan, if a stockholder owns shares of common stock registered in its own name, the stockholder will have all cash distributions (net of any withholding) automatically reinvested in additional shares of common stock unless the stockholder opts out of our dividend reinvestment plan by delivering a written notice to our dividend paying agent prior to the record date of the next dividend or distribution. Any distributions reinvested under the plan will nevertheless remain taxable to the U.S. stockholder, although no cash distribution has been made. As a result, if a stockholder does not elect to opt out of the dividend reinvestment plan, it will be required to pay applicable federal, state and local taxes on any reinvested dividends even though such stockholder will not receive a corresponding cash distribution. In addition, reinvested dividends have the effect of increasing our gross assets, which may correspondingly increase the management fee payable to our investment adviser, GSV Asset Management. Stockholders who hold shares in the name of a broker or financial intermediary should contact the broker or financial intermediary regarding any election to receive distributions in cash.
We elected to be treated as a RIC under Subchapter M of the Code beginning with our taxable year ended December 31, 2014 and continue to qualify to be treated as a RIC. So long as we qualify and maintain our tax treatment as a RIC, we generally will not pay corporate-level U.S. federal and state income taxes on any ordinary income or capital gains that we distribute at least annually to our stockholders as dividends. Rather, any tax liability related to income earned by the RIC will represent obligations of our investors and will not be reflected in our condensed consolidated financial statements. In order to qualify as a RIC and to avoid corporate-level tax on the income we distribute to our stockholders, we are required, under Subchapter M of the Code, to distribute at least 90% of our ordinary income and short-term capital gains to our stockholders on an annual basis. See “Note 1 — Nature of Operations and Significant Accounting Policies — Summary of Significant Accounting Policies — U.S. Federal and State Income Taxes” and “Note 8 — Income Taxes” to our condensed consolidated financial statements as of September 30, 2017 for more information. The GSVC Holdings included in our condensed consolidated financial statements are taxable subsidiaries, regardless of whether we are a RIC. These taxable subsidiaries are not consolidated for income tax purposes and may generate income tax expenses as a result of their ownership of the portfolio companies. Such income tax expenses and deferred taxes, if any, will be reflected in our condensed consolidated financial statements.
~~Borrowings~~
~~Convertible Senior Notes Payable~~
On September 17, 2013, we issued $69.0 million aggregate principal amount of Convertible Senior Notes (including $9.0 million aggregate principal amount issued pursuant to the exercise of the initial purchasers’ option to purchase additional Convertible Senior Notes), which bear interest at a fixed rate of 5.25% per year, are payable semi-annually and mature on September 15, 2018, unless previously repurchased or converted in accordance with their terms. We do not have the right to redeem the Convertible Senior Notes prior to maturity. As of September 30, 2017, the Convertible Senior Notes were convertible into shares of our common stock based on a conversion rate of 83.3596 shares of our common stock per $1,000 principal amount of the Convertible Senior Notes, which is equivalent to a conversion price of approximately $12.00 per share of common stock. Refer to “Note 9 — Debt Capital Activities” to our condensed consolidated financial statements as of September 30, 2017 for more information regarding the Convertible Senior Notes.

~~TABLE OF CONTENTS~~
~~Credit Facility~~
On May 31, 2017, we entered into the Loan Agreement with Western Alliance Bank, pursuant to which Western Alliance Bank agreed to provide us with the $12.0 million Credit Facility. The Credit Facility, among other things, matures on the later of (i) August 15, 2018 or (ii) thirty days prior to the due date of the Convertible Senior Notes, which mature on September 15, 2018. The Credit Facility bears interest at a per annum rate equal to the prime rate plus 3.50%. In addition, a facility fee of $60,000 was charged upon closing of the Credit Facility, and the Loan Agreement requires payment of a fee for unused amounts during the revolving period in an amount equal to 0.50% per annum of the average unused portion of the Credit Facility payable quarterly in arrears. Refer to “Note 9 — Debt Capital Activities” to our condensed consolidated financial statements as of September 30, 2017 for more information regarding the Credit Facility.
~~Critical Accounting Policies~~
Critical accounting policies and practices are the policies that are both most important to the portrayal of our financial condition and results, and require management’s most difficult, subjective, or complex judgments, often as a result of the need to make estimates about the effects of matters that are inherently uncertain. These include estimates of the fair value of our Level 3 investments and other estimates that affect the reported amounts of assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of certain revenues and expenses during the reporting period. It is likely that changes in these estimates will occur in the near term. Our estimates are inherently subjective in nature and actual results could differ materially from such estimates. See “Note 1 — Nature of Operations and Significant Accounting Policies — Summary of Significant Accounting Policies” to our condensed consolidated financial statements as of September 30, 2017 for further detail regarding our critical accounting policies and recently issued accounting pronouncements.
Recent Developments
Portfolio Activity
Please refer to “Note ~~10 —~~ 12—Subsequent Events” to our condensed consolidated financial statements as of ~~September~~June 30, ~~2017~~2023 for details regarding activity in our investment portfolio ~~activity~~ from ~~October~~July 1, ~~2017~~2023 through ~~November 9, 2017.~~August 8, 2023.
We are frequently in negotiations with various private companies with respect to investments in such companies. Investments in private companies are generally subject to satisfaction of applicable closing conditions. In the case of secondary market transactions, such closing conditions may include approval of the issuer, waiver or failure to exercise rights of first refusal by the issuer and/or its stockholders and termination rights by the seller or us. Equity investments made through the secondary market may involve making deposits in escrow accounts until the applicable closing conditions are satisfied, at which time the escrow accounts will close and such equity investments will be effectuated.
Share Repurchase Program
~~From October 1, 2017 through November 9, 2017, we repurchased 285,012 shares~~
On August 7, 2023, our Board of ~~our common stock pursuant to the Share Repurchase Program at an average price of $5.73 per share.~~
~~On November 7, 2017, our board of directors~~Directors authorized an extension of, and ana $5.0 million increase in the amount of shares ~~of our common stock~~ that may be ~~purchased~~repurchased under, ~~the~~our discretionary Share Repurchase Program until the earlier of (i) ~~November 6, 2018~~October 31, 2024 or (ii) the repurchase of ~~$10.0~~$60.0 million in aggregate amount of our common stock.
The timing and number of shares to be repurchased pursuant to our discretionary Share Repurchase Program will depend on a number of factors, including market conditions and alternative investment opportunities. The Share Repurchase Program may be suspended, terminated or modified at any time for any reason and does not obligate us to acquire any specific number of shares of our common stock. Under the Share Repurchase Program, we may repurchase our outstanding common stock in the open market, provided that we comply with the prohibitions under our insider trading policies and procedures and the applicable provisions of the 1940 Act and the Exchange Act.
~~Management Transition~~
As of August 8, 2023, the dollar value of shares that remained available to be purchased by us under the Share Repurchase Program was approximately $21.4 million.
49
Table of Contents
Liquidity and Capital Resources
Our liquidity and capital resources are generated primarily from the sales of our investments and the net proceeds from public offerings of our equity and debt securities, including pursuant to our continuous at-the-market offering of shares of our common stock as discussed below under “At-the-Market Offering”. In addition, on December 17, 2021, we issued $75.0 million aggregate principal amount of 6.00% Notes due 2026, all of which remain outstanding. For additional information, see below and “Note 10—Debt Capital Activities” to our condensed consolidated financial statements as of June 30, 2023.
Our primary uses of cash are to make investments, pay our operating expenses, and make distributions to our stockholders. For the six months ended June 30, 2023 and 2022, our operating expenses were $10,698,405 and $9,509,324, respectively.
Cash Reserves and Liquid Securities June 30, 2023 December 31, 2022
Cash $ 24,542,729 $ 40,117,598
Cash Equivalents:
U.S. Treasury bills⁽¹⁾ 75,895,534 85,056,817
Securities of publicly traded portfolio companies:
Unrestricted securities⁽²⁾ 11,551,297 13,298,992
Subject to other sales restrictions⁽³⁾ — 24,493
Securities of publicly traded portfolio companies 11,551,297 13,323,485
Total Cash Reserves and Liquid Securities $ 111,989,560 $ 138,497,900
(1) Consists of short-term U.S. Treasury bills.
(2) “Unrestricted securities” represents common stock of our publicly traded portfolio companies that are not subject to any restrictions upon sale. We may incur losses.
(3) Securities of publicly traded portfolio companies “subject to other sales restrictions” represents common stock of our publicly traded companies that are subject to certain lock-up restrictions.
During the six months ended June 30, 2023, cash decreased to $24,542,729 from $40,117,598 at the beginning of the year. The decrease in cash was primarily due to the repurchase of our common stock pursuant to a modified “Dutch Auction” tender offer (the “Modified Dutch Auction Tender Offer”), purchase of new and follow-on investments, interest on the 6.00% Notes due 2026, and to pay our operating expenses offset by the sale or exit of investments, including U.S. Treasury bills and other investment income received. For additional information relating to the Modified Dutch Auction Tender Offer, see “Modified Dutch Auction Tender Offer” below and “Note 5 - Common Stock” to our condensed consolidated financial statements as of June 30, 2023.
Currently, we believe we have ample liquidity to support our near-term capital requirements. Consistent with past and current practices, we will continue to evaluate our overall liquidity position and take proactive steps to maintain the appropriate liquidity position based upon the current circumstances.
Contractual Obligations
A summary of our significant contractual payment obligations as of June 30, 2023 is as follows:
Payments Due By Period (in millions)
Total
Less than
1 year
1–3 years 3–5 years
More than
5 years

6.00% Notes due December 30, 2026⁽¹⁾ $ 75.0 $ — $ — $ 75.0 $ —
Operating lease liability 0.2 0.2 — — —
Total $ 75.2 $ 0.2 $ — $ 75.0 $ —
(1) Reflects the principal balance payable to investors for the 6.00% Notes due 2026 as of June 30, 2023. Refer to “Note 10—Debt Capital Activities” in our condensed consolidated financial statements as of June 30, 2023 for more information.
Share Repurchase Program
During the three and six months ended June 30, 2023, we did not repurchase any shares of our common stock under the Share Repurchase Program. During the three and six months ended June 30, 2022, we repurchased 855,159 and 1,008,676 shares of our common stock under the Share Repurchase Program, respectively. As of June 30, 2023, the dollar value of shares that remained available to be purchased under the Share Repurchase Program was approximately $16.4 million. On October ~~17, 2017, Mark Flynn resigned from his positions as~~19, 2022, our ~~President and as a member~~Board of Directors approved an extension of the Share Repurchase Program until the earlier of (i) October 31, 2023 or (ii) the repurchase of $55.0 million in aggregate amount of our ~~board~~common stock.
50
Table of Contents
Under the Share Repurchase Program, we may repurchase our outstanding common stock in the open market provided that we comply with the prohibitions under our insider trading policies and procedures and the applicable provisions of ~~directors, effective October~~the 1940 Act and the Exchange Act. For more information on the Share Repurchase Program, see “Note 5—Common Stock” to our condensed consolidated financial statements as of June 30, 2023.
Modified Dutch Auction Tender Offer
On March 17, ~~2017.~~2023, we commenced the Modified Dutch Auction Tender Offer to purchase up to 3,000,000 shares of our common stock from our stockholders, which expired on April 17, 2023. In accordance with the terms of the Modified Dutch Auction Tender Offer, we selected the lowest price per share of not less than $3.00 per share and not greater than $4.50 per share.
Pursuant to the Modified Dutch Auction Tender Offer, we repurchased 3,000,000 shares, representing 10.6% of our outstanding shares, on or about April 21, 2023 at a price of $4.50 per share. We used available cash to fund the purchase of our shares of common stock in the Modified Dutch Auction Tender Offer and to pay for all related fees and expenses.
Off-Balance Sheet Arrangements
As of June 30, 2023 and December 31, 2022, we had no off-balance sheet arrangements, including any risk management of commodity pricing or other hedging practices. However, we may employ hedging and other risk management techniques in the future.
Equity Issuances & Debt Capital Activities
At-the-Market Offering
On July 29, 2020, we entered into an At-the-Market Sales Agreement, dated July 29, 2020 (the “Initial Sales Agreement”), with BTIG, LLC, JMP Securities LLC, and Ladenburg Thalmann & Co., Inc. (collectively, the “Agents”). Under the Initial Sales Agreement, we may, but have no obligation to, issue and sell up to $50.0 million in aggregate amount of shares of our common stock (the “Shares”) from time to time through the Agents or to them as principal for their own account (the “ATM Program”). On September 23, 2020, we increased the maximum amount of Shares to be sold through the ATM Program to $150.0 million from $50.0 million. In connection with ~~Mr. Flynn’s resignation, our board of directors reduced~~ the number of directors that constitute the full board to six (6) directors from seven (7) directors. Mr. Flynn will continue to provide services to GSV Asset Management pursuant to a consulting agreement with GSV Asset Management.

~~TABLE OF CONTENTS~~
In addition, on October 17, 2017, our board of directors appointed William Tanona to serve as our President, effective October 17, 2017, in order to fill the vacancy created by Mr. Flynn’s resignation as President. Mr. Tanona previously served, and continues to serve, as our Chief Financial Officer, Treasurer and Corporate Secretary.
~~Management Fee Waiver~~
~~Subsequent to quarter-end, GSV Asset Management voluntarily agreed to extend its waiver of a portion~~upsize of the ~~advisory fees payable by us~~ATM Program to ~~GSV Asset Management~~$150.0 million, we entered into the Amendment No. 1 to the At-the-Market Sales Agreement, dated September 23, 2020, with the Agents. We intend to use the net proceeds from the ATM Program to make investments in portfolio companies in accordance with our investment objective and strategy and for general corporate purposes.
During the three and six months ended June 30, 2023, we did not issue or sell shares under the ~~Advisory Agreement. Under~~ATM program. During the ~~extension~~three and six months ended June 30, 2022, we issued and sold 0 and 17,807 shares, respectively, under the ATM Program at weighted-average price of $13.01 per share, for gross proceeds of $231,677 and net proceeds of $229,896, after deducting commissions to the Agents on Shares sold. As of June 30, 2023, up to approximately $98.8 million in aggregate amount of the ~~waiver,~~Shares remain available for sale under the ATM Program.
Refer to “Note 5—Common Stock” to our condensed consolidated financial statements as of June 30, 2023 for more information regarding the ATM Program.
6.00% Notes due 2026
On December 17, 2021, we issued $70.0 million aggregate principal amount of 6.00% Notes due 2026, which bear interest at a fixed rate of 6.00% per year, payable quarterly in arrears on March 31, June 30, September 30, and December 30 of each year, commencing on March 30, 2022. On December 21, 2021, we issued an additional $5.0 million aggregate principal amount of 6.00% Notes due 2026. We received approximately $73.0 million in proceeds from the offering, net of underwriting discounts and commissions and other offering expenses. The 6.00% Notes due 2026 have a maturity date of December 30, 2026, unless previously repurchased or redeemed in accordance with their terms. We have the right to redeem the 6.00% Notes due 2026, in whole or in part, at any time or from time to time, on or after December 30, 2024 at a redemption price of 100% of the aggregate principal amount thereof plus accrued and unpaid interest.
Refer to “Note 10—Debt Capital Activities” to our condensed consolidated financial statements as of June 30, 2023 for more information regarding the 6.00% Notes due 2026.
51
Table of Contents
Distributions
The timing and amount of our distributions, if any, will be determined by our Board of Directors and will be declared out of assets legally available for distribution. The following table lists the distributions, including dividends and returns of capital, if any, per share that we have declared since our formation through ~~December 31, 2018,~~June 30, 2023. The table is divided by fiscal year according to record date:
Date Declared Record Date Payment Date Amount per Share
Fiscal 2015:
November 4, 2015⁽¹⁾ November 16, 2015 December 31, 2015 $ 2.76
Fiscal 2016:
August 3, 2016⁽²⁾ August 16, 2016 August 24, 2016 0.04
Fiscal 2019:
November 5, 2019⁽³⁾ December 2, 2019 December 12, 2019 0.20
December 20, 2019⁽⁴⁾ December 31, 2019 January 15, 2020 0.12
Fiscal 2020:
July 29, 2020⁽⁵⁾ August 11, 2020 August 25, 2020 0.15
September 28, 2020⁽⁶⁾ October 5, 2020 October 20, 2020 0.25
October 28, 2020⁽⁷⁾ November 10, 2020 November 30, 2020 0.25
December 16, 2020⁽⁸⁾ December 30, 2020 January 15, 2021 0.22
Fiscal 2021:
January 26, 2021⁽⁹⁾ February 5, 2021 February 19, 2021 0.25
March 8, 2021⁽¹⁰⁾ March 30, 2021 April 15, 2021 0.25
May 4, 2021⁽¹¹⁾ May 18, 2021 June 30, 2021 2.50
August 3, 2021⁽¹²⁾ August 18, 2021 September 30, 2021 2.25
November 2, 2021⁽¹³⁾ November 17, 2021 December 30, 2021 2.00
December 20, 2021⁽¹⁴⁾ December 31, 2021 January 14, 2022 0.75
Fiscal 2022:
March 8, 2022⁽¹⁵⁾ March 25, 2022 April 15, 2022 0.11
Total $ 12.10
(1) The distribution was paid in cash or shares of our common stock at the election of stockholders, although the total amount of cash distributed to all stockholders was limited to approximately 50% of the total distribution to be paid to all stockholders. As a result of stockholder elections, the distribution consisted of 2,860,903 shares of common stock issued in lieu of cash, or approximately 14.8% of our outstanding shares prior to the distribution, as well as cash of $26,358,885. The number of shares of common stock comprising the stock portion was calculated based on a price of $9.425 per share, which equaled the average of the volume weighted-average trading price per share of our common stock on December 28, 29 and 30, 2015. None of the $2.76 per share distribution represented a return of capital.
(2) Of the total distribution of $887,240 on August 24, 2016, $820,753 represented a distribution from realized gains, and $66,487 represented a return of capital.
(3) All of the $3,512,849 distribution paid on December 12, 2019 represented a distribution from realized gains. None of the distribution represented a return of capital.
(4) All of the $2,107,709 distribution paid on January 15, 2020 represented a distribution from realized gains. None of the distribution represented a return of capital.
(5) All of the $2,516,452 distribution paid on August 25, 2020 represented a distribution from realized gains. None of the distribution represented a return of capital.
(6) All of the $5,071,326 distribution paid on October 20, 2020 represented a distribution from realized gains. None of the distribution represented a return of capital.
(7) All of the $4,978,504 distribution paid on November 30, 2020 represented a distribution from realized gains. None of the distribution represented a return of capital.
(8) All of the $4,381,084 distribution paid on January 15, 2021 represented a distribution from realized gains. None of the distribution represented a return of capital.
(9) All of the $4,981,131 distribution paid on February 19, 2021 represented a distribution from realized gains. None of the distribution represented a return of capital.
(10) All of the $6,051,304 distribution paid on April 15, 2021 represented a distribution from realized gains. None of the distribution represented a return of capital.
52
Table of Contents
(11) The distribution was paid in cash or shares of our common stock at the election of stockholders, although the total amount of cash distributed to all stockholders was limited to approximately 50% of the total distribution to be paid to all stockholders. As a result of stockholder elections, the distribution consisted of 2,335,527 shares of common stock issued in lieu of cash, or approximately 9.6% of our outstanding shares prior to the distribution, as well as cash of $29,987,589. The number of shares of common stock comprising the stock portion was calculated based on a price of $13.07 per share, which equaled the average of the volume weighted-average trading price per share of our common stock on May 12, 13, and 14, 2021. None of the $2.50 per share distribution represented a return of capital.
(12) The distribution was paid in cash or shares of our common stock at the election of stockholders, although the total amount of cash distributed to all stockholders was limited to approximately 50% of the total distribution to be paid to all stockholders. As a result of stockholder elections, the distribution consisted of 2,225,193 shares of common stock issued in lieu of cash, or approximately 8.4% of our outstanding shares prior to the distribution, as well as cash of $29,599,164. The number of shares of common stock comprising the stock portion was calculated based on a price of $13.55 per share, which equaled the average of the volume weighted-average trading price per share of our common stock on August 11, 12, and 13, 2021. None of the $2.25 per share distribution represented a return of capital.
(13) The distribution was paid in cash or shares of our common stock at the election of stockholders, although the total amount of cash distributed to all stockholders was limited to approximately 50% of the total distribution to be paid to all stockholders. As a result of stockholder elections, the distribution consisted of 2,170,807 shares of common stock issued in lieu of cash, or approximately 7.5% of our outstanding shares prior to the distribution, as well as cash of $28,494,812. The number of shares of common stock comprising the stock portion was calculated based on a price of $13.39 per share, which equaled the average of the volume weighted-average trading price per share of our common stock on November 11, 12, and 13, 2021. None of the $2.00 per share distribution represented a return of capital.
(14) All of the $23,338,915 distribution paid on January 14, 2022 represented a distribution from realized gains. None of the distribution represented a return of capital.
(15) All of the $3,441,824 distribution paid on April 15, 2022 represented a distribution from realized gains. None of the distribution represented a return of capital.
We intend to focus on making equity-based investments from which we will derive primarily capital gains. As a consequence, we do not anticipate that we will pay ~~GSV Asset Management~~distributions on a ~~base management fee~~quarterly basis or become a predictable distributor of ~~1.75%,~~distributions, and we expect that our distributions, if any, will be much less consistent than the distributions of other BDCs that primarily make debt investments. If there are earnings or realized capital gains to be distributed, we intend to declare and pay a ~~0.25% reduction from~~distribution at least annually. The amount of realized capital gains available for distribution to stockholders will be impacted by our tax status.
Our current intention is to make any future distributions out of assets legally available therefrom in the ~~2.0% base management fee payable~~form of additional shares of our common stock under our dividend reinvestment plan, except in the case of stockholders who elect to receive dividends and/or long-term capital gains distributions in cash. Under the dividend reinvestment plan, if a stockholder owns shares of common stock registered in its own name, the stockholder will have all cash distributions (net of any applicable withholding) automatically reinvested in additional shares of common stock unless the stockholder opts out of our dividend reinvestment plan by delivering a written notice to our dividend paying agent prior to the record date of the next dividend or distribution. Any distributions reinvested under the ~~Advisory Agreement. This waiver~~plan will nevertheless be treated as received by the U.S. stockholder for U.S. federal income tax purposes, although no cash distribution has been made. As a result, if a stockholder does not elect to opt out of the dividend reinvestment plan, it will be required to pay applicable federal, state and local taxes on any reinvested dividends even though such stockholder will not receive a corresponding cash distribution. Stockholders that hold shares in the name of a ~~portion~~broker or financial intermediary should contact the broker or financial intermediary regarding any election to receive distributions in cash.
So long as we qualify and maintain our tax treatment as a RIC, we generally will not be subject to U.S. federal and state income taxes on any ordinary income or capital gains that we distribute at least annually to our stockholders as dividends. Rather, any tax liability related to income earned by the RIC will represent obligations of our investors and will not be reflected in our consolidated financial statements. See “Note 2—Significant Accounting Policies—U.S. Federal and State Income Taxes” and “Note 9—Income Taxes” to our condensed consolidated financial statements as of June 30, 2023 for more information. The Taxable Subsidiaries included in our condensed consolidated financial statements are taxable subsidiaries, regardless of whether we are taxed as a RIC. These taxable subsidiaries are not consolidated for income tax purposes and may generate income tax expenses as a result of their ownership of the ~~base management fee~~portfolio companies. Such income tax expenses and deferred taxes, if any, will be reflected in our condensed consolidated financial statements.
53
Table of Contents
Critical Accounting Policies
Critical accounting policies and practices are the policies that are both most important to the portrayal of our financial condition and results, and require management’s most difficult, subjective, or complex judgments, often as a result of the need to make estimates about the effects of matters that are inherently uncertain. These include estimates of the fair value of our Level 3 investments and other estimates that affect the reported amounts of assets and liabilities as of the date of the consolidated financial statements and the reported amounts of certain revenues and expenses during the reporting period. It is ~~not subject~~likely that changes in these estimates will occur in the near term. Our estimates are inherently subjective in nature and actual results could differ materially from such estimates. See “Note 2—Significant Accounting Policies” to ~~recourse against~~our condensed consolidated financial statements as of June 30, 2023 for further detail regarding our critical accounting policies and recently issued or ~~reimbursement by us.~~adopted accounting pronouncements.
Related-Party Transactions
See “Note 3—Related-Party Arrangements” to our condensed consolidated financial statements as of June 30, 2023 for more information.
Item 3. Quantitative and Qualitative Disclosures ~~About~~about Market Risk
Market Risk
Our equity investments are primarily in growth companies that in many cases have short operating histories and are generally illiquid. In addition to the risk that these companies may fail to achieve their objectives, the price we may receive for these companies in private transactions may be significantly impacted by periods of disruption and instability in the capital markets. While these periods of disruption generally have little actual impact on the operating results of our equity investments, these events may significantly impact the prices that market participants will pay for our equity investments in private transactions. This may have a significant impact on the valuation of our equity investments.
Valuation Risk
Our investments may not have a readily available market quotation, as such term is defined in Rule 2a-5, and we value these investments at fair value as determined in good faith by our Board of Directors in accordance with our valuation policy, as applicable. There is no single standard for determining fair value in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Because of the inherent uncertainty of valuation, these estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and it is possible that the difference could be material. In addition, if we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material.
Interest Rate Risk
We are subject to financial market risks, which could include, to the extent we utilize leverage with variable rate structures, changes in interest rates. As we invest primarily in equity rather than debt instruments, we would not expect fluctuations in interest rates to directly impact the return on our portfolio investments, although any significant change in market interest rates could potentially have an adverse effect on the business, financial condition and results of operations of the portfolio companies in which we invest.
As of ~~September~~June 30, ~~2017,~~2023, all of our debt investments and outstanding borrowings bore a fixed ~~rate~~rates of interest. As of September 30, 2017, all of our borrowings bore a fixed rate of interest with the exception of the Credit Facility, which is indexed to the prime rate. We do not expect a significant impact on net investment income or loss due to changes in the prime rate, based on its historical stability. The table below, however, indicates the impact on our net investment income or loss should the prime rate change.
Based on our September 30, 2017 Condensed Consolidated Statement of Assets and Liabilities, the following table shows the various, incremental impact of changes in interest rates on our net income or loss related to the Credit Facility for the nine months ended September 30, 2017, assuming no changes in our investment income and borrowing structure.

Basis Point Change⁽¹⁾ Interest
Income Interest
Expense Net
Income/(Loss)
Up 300 Basis points $ — $ 270,000 $ (270,000 )
Up 200 Basis points $ — $ 180,000 $ (180,000 )
Up 100 Basis points $ — $ 90,000 $ (90,000 )
Down 100 Basis points $ — $ (90,000 ) $ 90,000
Down 200 Basis points $ — $ (180,000 ) $ 180,000
Down 300 Basis points $ — $ (270,000 ) $ 270,000
~~(1)~~ Assumes we have borrowed $12.0 million under the Credit Facility for the nine months ended September 30, 2017. Our actual borrowings under the Credit Facility will vary based on our needs throughout the year. For the nine months ended September 30, 2017, our actual average borrowings under the Credit Facility were $351,648.

~~TABLE OF CONTENTS~~
Although we believe that this measure is indicative of our sensitivity to the above-referenced interest rate changes, it does not reflect potential changes in credit quality, size and composition of the assets on our statement of assets and liabilities and other business developments that could affect net increase or decrease in net assets resulting from operations, or net income or loss.
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
As of ~~September~~June 30, ~~2017, we,~~2023, our management, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified by the SEC and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow for timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management necessarily is required to apply its judgment in evaluating the cost-benefit relationship of such possible controls and procedures.
Changes in Internal Control Over Financial Reporting
There have been no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the fiscal quarter ended ~~September~~June 30, ~~2017,~~2023 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
54

Table of Contents
~~TABLE OF CONTENTS~~
PART ~~II. OTHER INFORMATION~~
II
Item 1. Legal Proceedings
~~Although we and~~
We are not currently subject to any material legal proceedings, nor, to our ~~subsidiaries may, from~~knowledge, are any material legal proceedings threatened against us. From time to time, we may be ~~involved in litigation arising out of our and our subsidiaries’ operations~~a party to certain legal proceedings in the ~~normal~~ordinary course of business, ~~or otherwise, neither we nor any~~including proceedings relating to the enforcement of our ~~subsidiaries are currently party~~rights under contracts with our portfolio companies. Furthermore, third parties may seek to impose liability on us in connection with the activities of our portfolio companies. Our business is also subject to extensive regulation, which may result in regulatory proceedings against us. While the outcome of any ~~pending~~future legal or regulatory proceedings cannot be predicted with certainty, we do not expect that any such future proceedings will have a material ~~legal proceedings.~~effect upon our financial condition or results of operations.
Item 1A. Risk Factors
Investing in our securities involves a number of significant risks. In addition to the other information ~~set forth~~contained in this report, you should carefully consider the factors discussed ~~in “Part I. Item 1A. Risk Factors”~~ in our annual report on Form 10-K for the fiscal year ended December 31, ~~2016,~~2022, filed with the SEC on March 16, ~~2017,~~2023, and ~~in “Part II. Item 1A. Risk Factors”~~the factors discussed in our quarterly report on Form 10-Q for the ~~period~~quarter ended ~~June 30, 2017,~~March 31, 2023, filed with the SEC on ~~August 9, 2017,~~May 10, 2023, which could materially affect our business, financial condition and/or operating results. ~~The~~Although the risks described in our annual report on Form 10-K for the fiscal year ended December 31, ~~2016~~2022 and in our quarterly report on Form 10-Q for the ~~period~~quarter ended ~~June 30, 2017~~March 31, 2023 represent the principal risks associated with an investment in us, they are not the only risks we face. Additional risks and uncertainties not currently known to us, or that we currently deem to be immaterial, ~~also may~~might materially and adversely affect our business, financial condition and/or operating results. ~~During the three months ended September 30, 2017, there~~There have been no material changes to the risk factors discussed in ~~“Part I. Item~~“Item 1A. Risk Factors” inof Part I of our annual report on Form 10-K for the fiscal year ended December 31, ~~2016, and~~2022, or the risk factors discussed in ~~“Part II. Item~~“Item 1A. Risk Factors” inor Part II of our quarterly report on Form 10-Q for the ~~period~~quarter ended ~~June 30, 2017.~~March 31, 2023.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Sales of Unregistered Equity Securities
We did not sell any equity securities during the period covered in this report that were not registered under the Securities Act of 1933, as amended.
55
Table of Contents
Issuer Purchases of Equity Securities⁽¹⁾
Information relating to ~~the Company’s~~our purchases of ~~its~~our common stock during the ~~three~~six months ended ~~September~~June 30, ~~2017~~2023 is as follows:
Period
Total
Number of
Shares
Purchased⁽²⁾

Average
Price Paid
Per Share

Total Number
of Shares
Purchased as
Part of Publicly
Announced
Plans or Programs

Approximate
Dollar Value of
Shares that May
Yet Be Purchased
Under the Share
Repurchase
Program

January 1 through January 31, 2023 — $ — — $ 16,364,771
February 1 through February 28, 2023 — — — 16,364,771
March 1 through March 31, 2023 — — — 16,364,771
April 1 through April 30, 2023 3,000,000 4.50 3,000,000 16,364,771
May 1 through May 31, 2023 — — — 16,364,771
June 1 through June 30, 2023 — — — 16,364,771
Total 3,000,000 3,000,000
On March 17, 2023, we commenced the Modified Dutch Auction Tender Offer to purchase up to 3,000,000 shares of our common stock from our stockholders, which expired on April 17, 2023. In accordance with the terms of the Modified Dutch Auction Tender Offer, we selected the lowest price per share of not less than $3.00 per share and not greater than $4.50 per share.
Pursuant to the Modified Dutch Auction Tender Offer, we repurchased 3,000,000 shares, representing 10.6% of our outstanding shares, on or about April 21, 2023 at a price of $4.50 per share. We used available cash to fund the purchase of our shares of common stock in the Modified Dutch Auction Tender Offer and to pay for all related fees and expenses.

Period Total
Number of
Shares
Purchased⁽²⁾ Average
Price Paid
Per Share Total Number of
Shares Purchased
as Part of Publicly
Announced Plans
or Programs Approximate
Dollar Value of
Shares that May
Yet Be Purchased
Under the Share
Repurchase
Program⁽⁴⁾
July 1 through July 31, 2017 — $ — — $ —
August 1 through August 31, 2017 301,712 4.60 291,712 3,658,307
September 1 through September 30, 2017 323,322 5.16 282,397 $ 2,199,190
Total 625,034 574,109 ⁽³⁾
(1) ~~(1)~~ On August 8, 2017, we announced the $5.0 million discretionary open-market Share Repurchase Program under which ~~we may~~our Board of Directors authorized the repurchase of shares of our common stock in the open market until the earlier of (i) August 6, 2018 or (ii) the repurchase of $5.0 million in aggregate amount of our common stock. On November 7, 2017, our ~~board~~Board of ~~directors~~Directors authorized an extension of, and an increase in the amount of shares of our common stock that may be repurchased under, the discretionary Share Repurchase Program until the earlier of (i) November 6, 2018 or (ii) the repurchase of $10.0 million in aggregate amount of our common stock. On May 3, 2018, our Board of Directors authorized an additional $5.0 million increase in the amount of shares of our common stock that may be repurchased under the discretionary Share Repurchase Program until the earlier of (i) November 6, 2018 or (ii) the repurchase of $15.0 million in aggregate amount of our common stock. On November 1, 2018, our Board of Directors authorized a $5.0 million increase in the amount of shares of our common stock that may be repurchased under the discretionary Share Repurchase Program until the earlier of (i) October 31, 2019 or (ii) the repurchase of $20.0 million in aggregate amount of our common stock. On August 5, 2019, our Board of Directors authorized a $5.0 million increase in the amount of shares of our common stock that may be repurchased under the discretionary Share Repurchase Program until the earlier of (i) August 4, 2020 or (ii) the repurchase of $25.0 million in aggregate amount of our common stock. On March 9, 2020, our Board of Directors authorized a $5.0 million increase in the amount of shares of our common stock that may be repurchased under the discretionary Share Repurchase Program until the earlier of (i) March 8, 2021 or (ii) the repurchase of $30.0 million in aggregate amount of our common stock. On October 28, 2020, our Board of Directors authorized a $10.0 million increase in the amount of shares of our common stock that may be repurchased under the discretionary Share Repurchase Program until the earlier of (i) October 31, 2021 or (ii) the repurchase of $40.0 million in aggregate amount of our common stock. On October 27, 2021, our Board of Directors approved an extension of the Share Repurchase Program until the earlier of (i) October 31, 2022 or (ii) the repurchase of $40.0 million in aggregate amount of our common stock. On March 13, 2022, our Board of Directors authorized a $15.0 million increase in the amount of shares of our common stock that may be repurchased under the discretionary Share Repurchase Program until the earlier of (i) October 31, 2022 or (ii) the repurchase of $55.0 million in aggregate amount of our common stock. On October 19, 2022, our Board of Directors approved an extension of the Share Repurchase Program until the earlier of (i) October 31, 2023 or (ii) the repurchase of $55.0 million in aggregate amount of our common stock. The timing and number of shares to be repurchased will depend on a number of factors, including market conditions and alternative investment opportunities. The Share Repurchase Program may be suspended, terminated or modified at any time for any reason and does not obligate us to acquire any specific number of shares of our common stock. During the three and six months ended ~~September~~June 30, ~~2017,~~2023, we ~~repurchased 574,109~~did not repurchase shares of ~~our~~ common stock ~~for approximately $2.8 million~~ under the Share Repurchase Program. As of June 30, 2023, the dollar value of shares that remained available to be purchased under the Share Repurchase Program was approximately $16.4 million.
(2) ~~(2)~~ Includes purchases of our common stock made on the open market by or on behalf of any “affiliated purchaser,” as defined in Exchange Act Rule 10b-18(a)(3), of the Company.
~~(3)~~ ~~Subsequent to period-end, through November 9, 2017, we repurchased an additional 285,012 shares of our common stock pursuant to the Share Repurchase Program at an average price of $5.73 per share.~~

~~TABLE OF CONTENTS~~
~~(4)~~ As of November 9, 2017, due to our board of directors’ authorization of an extension of, and an increase in the amount of shares of our common stock that may be repurchased under, the Share Repurchase Program, and considering repurchases of our common stock subsequent to period-end, the dollar value of shares that may yet be purchased by us under the Share Repurchase Program is approximately $5.6 million.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety ~~Disclosure~~
Disclosures
Not applicable.
Item 5. Other Information
~~Not applicable.~~
For the period covered by this Quarterly Report on Form 10-Q, no director or officer of the Company has entered into any (i) contract, instruction or written plan for the purchase or sale of securities of the registrant intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act or (ii) any non-Rule 10b5-1 trading arrangement.
The Company has adopted insider trading policies and procedures governing the purchase, sale, and disposition of the Company’s securities by officers and directors of the Company that are reasonably designed to promote compliance with insider trading laws, rules and regulations.
56
Table of Contents
Item 6. Exhibits
The following exhibits are filed as part of this report or hereby incorporated by reference to exhibits previously filed with the SEC:
3.1 Articles of Amendment and Restatement⁽¹⁾
3.2 Articles of Amendment⁽²⁾
3.3 ~~Bylaws~~Articles of Amendment⁽¹⁾⁽³⁾
~~11.1~~ 3.4 ~~Statement re Computation~~Articles of per Share Earnings (Included in “Note 5 — Net Increase/(Decrease) in Net Assets Resulting from Operations per Common Share — Basic and Diluted” to our Condensed Consolidated Financial Statements contained in this report)*Amendment⁽⁴⁾
3.5 ~~31.1~~Second Amended and Restated Bylaws⁽⁴⁾
4.1 Base Indenture, dated March 28, 2018, by and between the Registrant and U.S. Bank National Association, as trustee⁽⁵⁾
4.2 Second Supplemental Indenture, dated December 17, 2021, relating to the 6.00% Notes due 2026, by and between the Company and U.S. Bank National Association, as trustee⁽⁶⁾
4.3 Form of 6.00% Notes due 2026 (incorporated by reference to Exhibit 4.2)⁽⁶⁾
4.4 Description of Securities⁽⁷⁾
10.1 Custody Agreement, dated as of April 19, 2023, by and among the Company and Western Alliance Trust Company, N.A., as Custodian.⁽⁸⁾
31.1 Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended*
31.2 Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended*
32.1 Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*
32.2 Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*
(1) * ~~Filed herewith.~~
~~(1)~~ Previously filed in connection with Pre-Effective Amendment No. 2 to the Registrant’s Registration Statement on Form N-2 (File No. 333-171578), filed on March 30, 2011, and incorporated by reference herein.
(2) Previously filed in connection with the Registrant’s Current Report on Form 8-K (File No. 814-00852), filed on June 1, 2011, and incorporated by reference herein.
(3) Previously filed in connection with the Registrant’s Current Report on Form 8-K (File No. 814-00852) filed on August 1, 2019, and incorporated by reference herein.
(4) Previously filed in connection with the Registrant’s Current Report on Form 8-K (File No. 814-00852) filed on June ~~1, 2011,~~16, 2020, and incorporated by reference herein.
(5) Previously filed in connection with the Registrant’s Registration Statement on Form N-2 (File No. 333-239681), filed on July 2, 2020, and incorporated by reference herein.
(6) Previously filed in connection with the Registrant’s Current Report on Form 8-K (File No. 814-00852) filed on December 17, 2021, and incorporated by reference herein.
(7) Previously filed in connection with the Registrant’s Annual Report on Form 10-K (File No. 814-00852) filed on March 11, 2022, and incorporated by reference herein.
(8) Previously filed in connection with the Registrant’s Current Report on Form 8-K (File No. 814-00852) filed on April 19, 2023, and incorporated by reference herein.
* Filed herewith.
57

Table of Contents
~~TABLE OF CONTENTS~~
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
SURO CAPITAL CORP.
~~GSV CAPITAL CORP.~~
Date: ~~November~~ August 9, ~~2017~~2023
By:
/s/ Mark D. Klein

Mark D. Klein
Chairman, President and Chief Executive Officer
(Principal Executive Officer)
~~Date: November 9, 2017~~
Date: August 9, 2023 By:
/s/ ~~William Tanona~~

~~William Tanona~~
~~President,~~ Allison Green
Allison Green
Chief Financial Officer,
Chief Compliance Officer, Treasurer, and Corporate Secretary
(Principal Financial and Accounting Officer)
58
79

Maryland		27-4443543
~~Maryland~~		~~27-4443543~~
(State of incorporation)		(I.R.S. Employer Identification No.)


~~2925 Woodside Road~~640 Fifth Avenue, 12th Floor, New York, NY		10019
~~Woodside, CA~~		~~94062~~
(Address of principal executive offices)		(Zip Code)


Large accelerated filero ☐		Accelerated filerx ☐
Non-accelerated filero ☒ (Do not check if a smaller reporting company)		Smaller reporting companyo☐
Emerging growth companyo☐


	June 30, 2023			December 31, 2022
ASSETS
Investments at fair value:
Non-controlled/non-affiliate investments (cost of $159,012,912 and $155,103,810, respectively)	$	120,620,316		$	130,901,546
Non-controlled/affiliate investments (cost of $30,195,780 and $41,140,804, respectively)		11,546,197			12,591,162
Controlled investments (cost of $19,883,894 and $19,883,894, respectively)		28,116,633			13,695,870
Total Portfolio Investments		160,283,146			157,188,578
Investments in U.S. Treasury bills (cost of $75,478,668 and $84,999,598, respectively)		75,895,534			85,056,817
Total Investments (cost of $284,571,254 and $301,128,106, respectively)		236,178,680			242,245,395
Cash		24,542,729			40,117,598
Proceeds receivable		664,470			—
Escrow proceeds receivable		375,965			628,332
Interest and dividends receivable		119,548			138,766
Deferred financing costs		590,430			555,761
Prepaid expenses and other assets⁽¹⁾		485,171			727,006
Total Assets		262,956,993			284,412,858
LIABILITIES
Accounts payable and accrued expenses⁽¹⁾		2,511,200			708,827
Dividends payable		188,357			296,170
6.00% Notes due December 30, 2026⁽²⁾		73,564,712			73,387,159
Total Liabilities		76,264,269			74,392,156
Commitments and contingencies (Notes 7 and 10)		-
Net Assets	$	186,692,724		$	210,020,702
NET ASSETS
Common stock, par value $0.01 per share (100,000,000 authorized; 25,398,640 and 28,429,499 issued and outstanding, respectively)	$	253,986		$	284,295
Paid-in capital in excess of par		318,605,100			330,899,254
Accumulated net investment loss		(72,859,710	)		(64,832,605	)
Accumulated net realized gain/(loss) on investments, net of distributions		(10,528,391	)		2,552,465
Accumulated net unrealized appreciation/(depreciation) of investments		(48,778,261	)		(58,882,707	)
Net Assets	$	186,692,724		$	210,020,702
Net Asset Value Per Share	$	7.35		$	7.39


	September 30, 2017			December 31, 2016
	(Unaudited)
ASSETS
Investments at fair value:
Non-controlled/non-affiliate investments (cost of $172,562,763 and $204,101,445, respectively)	$	234,922,519		$	200,532,890
Non-controlled/affiliate investments (cost of $49,198,848 and $51,773,388, respectively)⁽¹⁾		29,787,226			42,444,690
Controlled investments (cost of $23,101,258 and $22,893,441, respectively)⁽¹⁾		25,066,337			19,037,566
Investments in treasury bill (cost of $99,991,125 and $29,998,750, respectively)		99,994,000			29,998,490
Total Investments (cost of $344,853,994 and $308,767,024, respectively)		389,770,082			292,013,636
Cash		5,154,436			8,332,634
Interest and dividends receivable		218,437			92,946
Prepaid expenses and other assets		297,785			213,942
Deferred financing costs		425,316			311,268
Total Assets		395,866,056			300,964,426
LIABILITIES
Due to:
GSV Asset Management⁽¹⁾		323,897			422,025
Accounts payable and accrued expenses		257,386			335,611
Accrued incentive fees⁽¹⁾		9,608,629			2,126,444
Accrued management fees⁽¹⁾		—			524,054
Accrued interest payable		156,104			1,056,563
Payable for shares repurchased		153,560			—
Payable for securities purchased		89,491,125			26,498,750
Deferred tax liability		10,332,666			10,359,371
Credit facility payable		8,000,000			—
Convertible Senior Notes Payable 5.25% due September 15, 2018⁽²⁾		68,162,724			67,512,798
Total Liabilities		186,486,091			108,835,616
Commitments and contingencies (Notes 6 and 9)
Net Assets	$	209,379,965		$	192,128,810
NET ASSETS
Common stock, par value $0.01 per share (100,000,000 authorized; 21,606,894 and 22,181,003 issued and outstanding, respectively)	$	216,069		$	221,810
Paid-in capital in excess of par		218,442,567			221,237,636
Accumulated net investment loss		(18,761,130	)		(1,443,996	)
Accumulated net realized losses on investments		(25,100,964	)		(773,882	)
Accumulated net unrealized appreciation/(depreciation) of investments		34,583,423			(27,112,758	)
Net Assets	$	209,379,965		$	192,128,810
Net Asset Value Per Share	$	9.69		$	8.66

☒
~~(Mark One)~~
x		QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

☐
o		TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Title of Each Class	Trading Symbol	Name of Each Exchange on Which Registered
Common Stock, par value $0.01 per share	SSSS	Nasdaq Global Select Market
6.00% Notes due 2026	SSSSL	Nasdaq Global Select Market


		PAGE
~~PART I.~~ ~~FINANCIAL INFORMATION~~
PART I. FINANCIAL INFORMATION
Item 1.	Condensed Consolidated Financial Statements			1	1
	Condensed Consolidated Statements of Assets and Liabilities as of ~~September~~June 30, ~~2017~~2023 (Unaudited) and December 31, ~~2016~~2022			1
	Condensed Consolidated Statements of Operations for the Three and ~~Nine~~Six Months Ended ~~September~~June 30, ~~2017~~2023 and ~~2016~~2022 (Unaudited)			2
	Condensed Consolidated Statements of Changes in Net Assets for the ~~Nine~~Six Months Ended ~~September~~June 30, ~~2017~~2023 and ~~2016~~2022 (Unaudited)			4	3
	Condensed Consolidated Statements of Cash Flows for the ~~Nine~~Six Months Ended ~~September~~June 30, ~~2017~~2023 and ~~2016~~2022 (Unaudited)			5	4
	Condensed Consolidated Schedule of Investments as of ~~September~~June 30, ~~2017~~2023 (Unaudited)			6	5
	Condensed Consolidated Schedule of Investments as of December 31, ~~2016~~2022			11	9
	Notes to Condensed Consolidated Financial Statements as of ~~September~~June 30, ~~2017~~2023 (Unaudited)			17	13
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations			63	44
~~Forward-Looking Statements~~		Item 3.	63
~~Overview~~			64
~~Investments — (Portfolio Activity)~~			64
~~Results of Operations~~			66
~~Liquidity and Capital Resources~~			71
~~Borrowings~~			73
~~Critical Accounting Policies~~			74
~~Recent Developments~~			74
~~Item 3.~~ Quantitative and Qualitative Disclosures About Market Risk	54
Item 4.	75Controls and Procedures	54
~~Item 4.~~ ~~Controls and Procedures~~				76PART II. OTHER INFORMATION
~~PART II.~~ ~~OTHER INFORMATION~~ Item 1.	Legal Proceedings			55
Item 1. ~~Legal Proceedings~~		1A.	77Risk Factors	55
Item ~~1A.~~ ~~Risk Factors~~		2.	77
~~Item 2.~~ Unregistered Sales of Equity Securities and Use of Proceeds			77	55
Item 3.	Defaults Upon Senior Securities	56
Item 4.	78Mine Safety Disclosures	56
Item 5.	Other Information	56
Item 6.	Exhibits	57
~~Item 4.~~ ~~Mine Safety Disclosure~~			78Signatures		58


	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
INVESTMENT INCOME
Non-controlled/non-affiliate investments:
Interest income	$	40,394		$	149,282		$	89,869		$	311,737
Dividend income		63,145			191,349			126,290			321,994
Controlled investments:
Interest income		318,425			550,000			554,425			840,000
Interest income from U.S. Treasury bills		950,254			—			1,900,716			—
Total Investment Income		1,372,218			890,631			2,671,300			1,473,731
OPERATING EXPENSES
Compensation expense		2,117,872			1,759,261			4,254,626			3,619,963
Directors’ fees⁽¹⁾		161,661			191,829			322,226			352,394
Professional fees		916,579			1,078,459			1,907,413			2,351,172
Interest expense		1,214,267			1,226,767			2,427,553			2,427,553
Income tax expense		90,826			5,691			620,606			7,741
Other expenses		676,353			439,512			1,165,981			750,501
Total Operating Expenses		5,177,558			4,701,519			10,698,405			9,509,324
Net Investment Loss		(3,805,340	)		(3,810,888	)		(8,027,105	)		(8,035,593	)
Realized Gain/(Loss) on Investments:
Non-controlled/non-affiliated investments		(2,325,175	)		(1,895,846	)		(2,135,832	)		1,200,429
Non-controlled/affiliate investments		(10,945,024	)		(70,379	)		(10,945,024	)		(70,379	)
Net Realized Gain/(Loss) on Investments		(13,270,199	)		(1,966,225	)		(13,080,856	)		1,130,050
Change in Unrealized Appreciation/(Depreciation) of Investments:
Non-controlled/non-affiliated investments		(12,152,800	)		(88,620,056	)		(14,216,377	)		(66,876,069	)
Non-controlled/affiliate investments		11,220,424			(72,519	)		9,900,060			(361,621	)
Controlled investments		2,387,891			130,000			14,420,763			260,000
Net Change in Unrealized Appreciation/(Depreciation) of Investments		1,455,515			(88,562,575	)		10,104,446			(66,977,690	)
Net Change in Net Assets Resulting from Operations	$	(15,620,024	)	$	(94,339,688	)	$	(11,003,515	)	$	(73,883,233	)
Net Change in Net Assets Resulting from Operations per Common Share:
Basic	$	(0.60	)	$	(3.08	)	$	(0.41	)	$	(2.39	)
Diluted⁽²⁾	$	(0.60	)	$	(3.08	)	$	(0.41	)	$	(2.39	)
Weighted-Average Common Shares Outstanding
Basic		25,952,447			30,633,878			27,158,786			30,929,321
Diluted⁽²⁾		25,952,447			30,633,878			27,158,786			30,929,321


	Three Months Ended September 30,						Nine Months Ended September 30,
	2017			2016			2017			2016
INVESTMENT INCOME
Non-controlled/non-affiliate investments:
Interest income/(reversal of interest accrual)	$	(21,447	)	$	2,503		$	(4,640	)	$	11,906
Other income		—			—			73,096			—
Non-controlled/affiliate investments:
Interest income/(reversal of interest accrual)⁽¹⁾		(48,398	)		61,145			143,974			79,858
Controlled investments:
Interest income⁽¹⁾		69,757			23,000			196,534			43,417
Dividend income⁽¹⁾		175,000			—			475,000			—
Total Investment Income		174,912			86,648			883,964			135,181
OPERATING EXPENSES
Management fees⁽¹⁾		1,397,332			1,625,963			4,210,932			5,324,186
Incentive fees/(reversal of incentive fee accrual)⁽¹⁾		3,334,052			220,719			7,482,185			(7,805,089	)
Costs incurred under administration agreement⁽¹⁾		472,413			627,444			1,453,007			1,926,085
Directors’ fees		86,250			86,250			242,230			258,750
Professional fees		353,933			416,353			1,318,931			1,441,856
Interest expense		1,207,548			1,189,736			3,489,381			3,557,225
Tax expense		4,889			—			51,379			—
Other expenses		119,122			141,838			479,419			558,856
Total Operating Expenses		6,975,539			4,308,303			18,727,464			5,261,869
Management fee waiver		(174,666	)		—			(526,366	)		—
Total operating expenses, net of waiver of management fees		6,800,873			4,308,303			18,201,098			5,261,869
Net Investment Loss		(6,625,961	)		(4,221,655	)		(17,317,134	)		(5,126,688	)
Realized Gains/(Losses):
Non-controlled/non-affiliate investments		1,033,577			2,658,715			(21,748,173	)		(2,311,994	)
Non-controlled/affiliate investments		—			—			(2,578,909	)		—
Net Realized Gains/(Losses)		1,033,577			2,658,715			(24,327,082	)		(2,311,994	)
Change in Unrealized Appreciation/(Depreciation):
Non-controlled/non-affiliate investments		20,367,064			938,936			65,931,446			(27,841,477	)
Non-controlled/affiliate investments		(9,822,081	)		(584,077	)		(10,082,924	)		(6,951,895	)
Controlled investments		5,091,700			(1,616,568	)		5,820,954			(1,823,224	)
Total Change in Unrealized Appreciation/(Depreciation)		15,636,683			(1,261,709	)		61,669,476			(36,616,596	)
Benefit from taxes on unrealized depreciation of investments		26,705			551,310			26,705			551,310


	Nine Months Ended September 30, 2017			Nine Months Ended September 30, 2016
Change in Net Assets Resulting from Operations
Net investment loss	$	(17,317,134	)	$	(5,126,688	)
Net realized losses on investments		(24,327,082	)		(2,311,994	)
Net change in unrealized appreciation/(depreciation) of investments		61,669,476			(36,616,596	)
Benefit from taxes on unrealized depreciation of investments		26,705			551,310
Net Increase/(Decrease) in Net Assets Resulting from Operations		20,051,965			(43,503,968	)
Change in Net Assets Resulting from Capital Transactions
Distributions from realized gains		—			(820,753	)
Distributions from return of capital		—			(66,487	)
Total distributions		—			(887,240	)
Repurchases of common stock		(2,800,810	)		—
Net Decrease in Net Assets Resulting from Capital Transactions		(2,800,810	)		(887,240	)
Total Increase/(Decrease) in Net Assets		17,251,155			(44,391,208	)
Net assets at beginning of period		192,128,810			268,010,945
Net Assets at End of Period	$	209,379,965		$	223,619,737
Capital Share Activity
Shares repurchased		(574,109	)		—
Shares outstanding at beginning of period		22,181,003			22,181,003
Shares Outstanding at End of Period		21,606,894			22,181,003


	Nine Months Ended September 30, 2017			Nine Months Ended September 30, 2016
Cash Flows from Operating Activities
Net increase/(decrease) in net assets resulting from operations	$	20,051,965		$	(43,503,968	)
Adjustments to reconcile net increase/(decrease) in net assets resulting from operations to net cash used in operating activities:
Net realized losses on investments		24,327,082			2,311,994
Net change in unrealized (appreciation)/depreciation of investments		(61,669,476	)		36,616,596
Deferred tax liability		(26,705	)		(551,310	)
Amortization of discount on Convertible Senior Notes		649,926			645,891
Amortization of deferred financing costs		27,751			165,999
Amortization of fixed income security premiums and discounts		(115,162	)		(9,808	)
Paid-in-kind-interest		(24,564	)		—
Change in restricted cash		—			(62,500	)
Purchases of investments in:
Portfolio investments		(2,080	)		(13,019,822	)
United States treasury bills		(260,045,503	)		(89,999,458	)
Proceeds from sales or maturity of investments in:
Portfolio investments		9,773,257			25,631,067
United States treasury bills		190,000,000			3,685,000
United States treasuries strips		—			90,000,000
Change in operating assets and liabilities:
Due from GSV Asset Management⁽¹⁾		—			143,749
Due from portfolio companies⁽¹⁾		—			55,692
Prepaid expenses and other assets		(83,843	)		(87,412	)
Interest and dividends receivable		(125,491	)		(125,178	)
Due to GSV Asset Management⁽¹⁾		(98,128	)		(4,151,497	)
Payable for securities purchased		62,992,375			552
Accounts payable and accrued expenses		(78,225	)		258,652
Accrued incentive fees⁽¹⁾		7,482,185			(7,805,089	)
Accrued management fees⁽¹⁾		(524,054	)		(141,435	)
Accrued interest payable		(900,459	)		(905,625	)
Net Cash Used in Operating Activities		(8,389,149	)		(847,910	)
Cash Flows from Financing Activities
Borrowings under credit facility		16,000,000			3,500,000
Repayments under credit facility		(8,000,000	)		(3,500,000	)
Repurchases of common stock		(2,647,250	)		—
Deferred credit facility costs		(41,486	)		—
Deferred offering costs		(100,313	)		(169,614	)
Dividends distributed		—			(887,240	)
Net Cash Provided by/(Used in) Financing Activities		5,210,951			(1,056,854	)
Total Decrease in Cash Balance		(3,178,198	)		(1,904,764	)
Cash Balance at Beginning of Period		8,332,634			13,349,877
Cash Balance at End of Period	$	5,154,436		$	11,445,113
Supplemental Information:
Interest paid	$	3,679,244		$	3,650,961
Taxes paid	$	52,481		$	—


Portfolio Investments*	Headquarters/Industry		Shares/ Principal		Cost		Fair Value		% of Net Assets
Palantir Technologies, Inc.		Palo Alto, CA
Preferred shares, Series G		Data Analysis		326,797	$	1,008,968	$	1,955,290		0.93	%
Common shares, Class A				5,773,690		16,189,935		34,545,111		16.49	%
Total						17,198,903		36,500,401		17.42	%
JAMF Holdings, Inc.⁽¹⁴⁾		Minneapolis, MN
Preferred shares, Series B		Mobile Device Management		1,468,800		9,999,928		35,177,778		16.79	%
Spotify Technology S.A.**		Stockholm, Sweden
Common shares		On-Demand Music Streaming		9,541		13,599,572		32,283,584		15.41	%
Coursera, Inc.		Mountain View, CA
Preferred shares, Series B		Online Education		2,961,399		14,519,519		18,364,968		8.77	%
Dropbox, Inc.		San Francisco, CA
Preferred shares, Series A-1		Cloud Computing Services		552,486		5,015,773		6,954,844		3.32	%
Common shares				760,000		8,641,153		9,567,086		4.57	%
Total						13,656,926		16,521,930		7.89	%
StormWind, LLC⁽²⁾⁽⁶⁾		Scottsdale, AZ
Preferred shares, Series C		Interactive Learning		2,779,134		4,000,787		7,856,020		3.75	%
Preferred shares, Series B				3,279,629		2,019,687		6,000,048		2.86	%
Preferred shares, Series A				366,666		110,000		508,741		0.24	%
Total						6,130,474		14,364,809		6.85	%
General Assembly Space, Inc.		New York, NY
Preferred shares, Series C		Online Education		126,552		2,999,978		5,924,582		2.83	%
Common shares				133,213		2,999,983		5,960,277		2.85	%
Total						5,999,961		11,884,859		5.68	%
Chegg, Inc.**		Santa Clara, CA
Common shares⁽³⁾⁽¹³⁾		Online Education Services		782,192		9,273,458		11,607,729		5.54	%
Lytro, Inc.		Mountain View, CA
Preferred shares, Series D		Light Field Imaging Platform		159,160		502,081		500,001		0.24	%
Preferred shares, Series C-1				3,378,379		10,000,002		10,000,002		4.77	%
Total						10,502,083		10,500,003		5.01	%
Course Hero, Inc.		Redwood City, CA
Preferred shares, Series A		Online Education		2,145,509		5,000,001		10,405,629		4.97	%
Ozy Media, Inc.⁽¹⁾		Mountain View, CA
Convertible Promissory Note 5% Due 2/28/2018***		Digital Media Platform	$	2,000,000		2,000,000		2,000,000		0.95	%
Preferred shares, Series B				922,509		4,999,999		4,390,887		2.10	%
Preferred shares, Series A				1,090,909		3,000,200		2,633,784		1.26	%
Preferred shares, Series Seed				500,000		500,000		438,964		0.21	%
Total						10,500,199		9,463,635		4.52	%


Portfolio Investments*	Headquarters/Industry		Shares/ Principal		Cost		Fair Value		% of Net Assets
NestGSV, Inc. (d/b/a GSV Labs, Inc.)⁽²⁾		Redwood City, CA
Convertible Promissory Note 8% Due 7/31/2018***⁽¹⁵⁾		Global Innovation Platform	$	560,199	$	563,479	$	560,199		0.27	%
Unsecured Promissory Note 12% Due 11/29/2017***⁽¹¹⁾			$	557,735		533,353		533,353		0.25	%
Preferred shares, Series A-4				3,720,424		4,904,498		5,189,348		2.48	%
Preferred shares, Series A-3				1,561,625		2,005,730		1,815,164		0.87	%
Preferred shares, Series A-2				450,001		605,500		313,836		0.15	%
Preferred shares, Series A-1				1,000,000		1,021,778		523,060		0.25	%
Common shares				200,000		1,000		—		—	%
Preferred Warrants Series A-3 – Strike Price $1.33 – Expiration Date 4/4/2019				187,500		—		13,125		0.01	%
Preferred Warrants Series A-4 – Strike Price $1.33 – Expiration Date 10/6/2019				500,000		—		165,000		0.08	%
Preferred Warrants Series A-4 – Strike Price $1.33 – Expiration Date 7/18/2021				250,000		74,380		100,000		0.05	%
Preferred Warrants Series A-4 – Strike Price $1.33 – Expiration Date 11/29/2021				100,000		29,275		40,000		0.02	%
Preferred Warrant Series B – Strike Price $2.31, Expiration Date 5/29/2022⁽¹¹⁾				125,000		70,379		81,250		0.04	%
Total						9,809,372		9,334,335		4.47	%
Lyft, Inc.		San Francisco, CA
Preferred shares, Series E		On-Demand Transportation Services		128,563		2,503,585		3,709,840		1.77	%
Preferred shares, Series D				176,266		1,792,749		5,086,367		2.43	%
Total						4,296,334		8,796,207		4.20	%
SugarCRM, Inc.		Cupertino, CA
Preferred shares, Series E		Customer Relationship Manager		373,134		1,500,522		2,408,120		1.15	%
Common shares				1,524,799		5,476,502		3,711,007		1.77	%
Total						6,977,024		6,119,127		2.92	%
Curious.com, Inc.⁽¹⁾		Menlo Park, CA
Preferred shares, Series B		Online Education		3,407,834		12,000,006		5,960,187		2.85	%
Enjoy Technology, Inc.		Menlo Park, CA
Preferred shares, Series B		On-Demand Commerce		1,681,520		4,000,280		4,000,000		1.91	%
Preferred shares, Series A				879,198		1,002,440		1,447,844		0.69	%
Total						5,002,720		5,447,844		2.60	%
Dataminr, Inc.		New York, NY
Preferred shares, Series C		Social Media Analytics		301,369		1,100,909		1,205,476		0.58	%
Preferred shares, Series B				904,977		2,063,356		3,619,908		1.73	%
Total						3,164,265		4,825,384		2.31	%
Parchment, Inc.		Scottsdale, AZ
Preferred shares, Series D		E-Transcript Exchange		3,200,512		4,000,982		4,592,322		2.19	%
Avenues Global Holdings, LLC⁽⁴⁾		New York, NY
Preferred shares, Junior Preferred Stock		Globally-Focused Private School		10,014,270		10,151,854		4,514,409		2.16	%
Whittle Schools, LLC⁽¹⁾⁽⁵⁾		New York, NY
Preferred shares, Series B		Globally-Focused Private School		3,000,000		3,000,000		3,000,000		1.43	%
Common shares				229		1,577,097		1,500,000		0.72	%
Total						4,577,097		4,500,000		2.15%


	September 30, 2017 (Unaudited)							December 31, 2016
	Cost		Fair Value		Percentage of Net Assets			Cost		Fair Value		Percentage of Net Assets
Private Portfolio Companies
Common Stock	$	73,577,946	$	93,284,868		44.6	%	$	81,274,687	$	83,074,410		43.2	%
Preferred Stock		153,096,417		177,391,805		84.7			174,462,577		162,238,879		84.4
Debt Investments		8,685,956		7,020,386		3.4			8,849,434		7,821,948		4.1
Warrants		229,092		471,294		0.2			158,713		150,904		0.1
Private Portfolio Companies		235,589,411		278,168,353		132.9	%		264,745,411		253,286,141		131.8	%
Publicly Traded Portfolio Companies
Common Stock		9,273,458		11,607,729		5.5			14,022,863		8,729,005		4.6
Total Portfolio Investments		244,862,869		289,776,082		138.4	%		278,768,274		262,015,146		136.4	%
Non-Portfolio Investments
U.S. Treasury Bill		99,991,125		99,994,000		47.8			29,998,750		29,998,490		15.6
Total Investments	$	344,853,994	$	389,770,082		186.2	%	$	308,767,024	$	292,013,636		152.0	%

	As of June 30, 2023								As of December 31, 2022
	Fair Value		Percentage of Portfolio			Percentage of Net Assets			Fair Value		Percentage of Portfolio			Percentage of Net Assets
Geographic Region
West	$	86,688,291		54.1	%		46.5	%	$	94,996,805		60.4	%		45.1	%
Northeast		55,437,660		34.6	%		29.7	%		46,944,432		29.9	%		22.4	%
Midwest		12,389,590		7.7	%		6.6	%		8,183,281		5.2	%		3.9	%
International		5,767,605		3.6	%		3.1	%		7,064,060		4.5	%		3.4	%
Total	$	160,283,146		100.0	%		85.9	%	$	157,188,578		100.0	%		74.8	%


	September 30, 2017								December 31, 2016
	Investments at Fair Value		Percentage of Portfolio			Percentage of Net Assets			Investments at Fair Value		Percentage of Portfolio			Percentage of Net Assets
Industry
Big Data/Cloud	$	104,206,955		36.0	%		49.8	%	$	89,852,351		34.3	%		46.8	%
Education Technology		100,009,977		34.5			47.7			96,498,376		36.8			50.2
Social/Mobile		52,838,226		18.2			25.2			45,836,028		17.6			23.9
Marketplaces		31,353,731		10.8			15.0			25,518,613		9.7			13.3
Sustainability		1,367,193		0.5			0.7			4,309,778		1.6			2.2
Total	$	289,776,082		100.0	%		138.4	%	$	262,015,146		100.0	%		136.4	%

	As of June 30, 2023
	Quoted Prices in Active Markets for Identical Securities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Investments at Fair Value
Private Portfolio Companies
Preferred Stock	$	—	$	—	$	96,909,349	$	96,909,349
Common Stock		—		—		44,805,853		44,805,853
Debt Investments		—		—		3,115,764		3,115,764
Options		—		—		3,900,883		3,900,883
Private Portfolio Companies		—		—		148,731,849		148,731,849
Publicly Traded Portfolio Companies
Common Stock		11,551,297		—		—		11,551,297
Non-Portfolio Investments
U.S. Treasury bills		75,895,534		—		—		75,895,534
Total Investments at Fair Value	$	87,446,831	$	—	$	148,731,849	$	236,178,680


	As of September 30, 2017
	Quoted Prices in Active Markets for Identical Securities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Investments at Fair Value Private Portfolio Companies
Common Stock	$	—	$	—	$	93,284,868	$	93,284,868
Preferred Stock		—		—		177,391,805		177,391,805
Debt Investments		—		—		7,020,386		7,020,386
Warrants		—		—		471,294		471,294
Private Portfolio Companies		—		—		278,168,353		278,168,353
Publicly Traded Portfolio Companies
Common Stock		11,607,729		—		—		11,607,729
Total Portfolio Investments		11,607,729		—		278,168,353		289,776,082
Non-Portfolio Investments
U.S. Treasury Bill		99,994,000		—		—		99,994,000
Total Investments at Fair Value	$	111,601,729	$	—	$	278,168,353	$	389,770,082


	As of December 31, 2016
	Quoted Prices in Active Markets for Identical Securities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Investments at Fair Value Private Portfolio Companies
Common Stock	$	—	$	—	$	83,074,410	$	83,074,410
Preferred Stock		—		—		162,238,879		162,238,879
Debt Investments		—		—		7,821,948		7,821,948
Warrants		—		—		150,904		150,904
Private Portfolio Companies		—		—		253,286,141		253,286,141
Publicly Traded Portfolio Companies
Common Stock		8,729,005		—		—		8,729,005
Total Portfolio Investments		8,729,005		—		253,286,141		262,015,146
Non-Portfolio Investments
U.S. Treasury Bill		29,998,490		—		—		29,998,490
Total Investments at Fair Value	$	38,727,495	$	—	$	253,286,141	$	292,013,636

Asset	Fair Value		Valuation Approach/ Technique⁽¹⁾	Unobservable Inputs⁽²⁾	Range (Weighted Average)⁽³⁾
Common stock in private companies	$	18,692,931	Market approach	Revenue multiples	1.06x - 4.42x (1.74x)
				Liquidation Value	N/A
			PWERM⁽⁵⁾	AFFO⁽⁴⁾multiple	8.62x -12.62x (10.94x)
Preferred stock in private companies	$	117,214,465	Market approach	Revenue multiples	0.47x - 5.45x (2.38x)
				Liquidation Value	N/A
			Discounted cash flow	Discount rate	15.0% (15.0%)
			PWERM⁽⁵⁾	Revenue multiples	1.17x - 1.26x
				DLOM	10.0% (10.0%)
				Financing Risk	10.0% (10.0%)
Debt investments	$	4,488,200	Market approach	Revenue multiples	0.47x - 5.45x (3.6x)
Options	$	3,469,497	Option pricing model	Term to expiration (Years)	1.00x - 5.29x (1.65x)
			Discounted cash flow	Discount Rate	15.0% (15.0%)

(1)	As of December 31, 2022, the Board used a hybrid market and income approach to value certain common and preferred stock investments as the Board felt this approach better reflected the fair value of these investments. In considering multiple valuation approaches (and consequently, multiple valuation techniques), the valuation approaches and techniques are not likely to change from one period of measurement to the next; however, the weighting of each in determining the final fair value of a Level 3 investment may change based on recent events or transactions. The hybrid approach may also consider certain risk weightings to account for the uncertainty of future events. Refer to “Note 2—Significant Accounting Policies—Investments at Fair Value” for more detail.
(2)	The Board considers all relevant information that can reasonably be obtained when determining the fair value of Level 3 investments. Due to any given portfolio company’s information rights, changes in capital structure, recent events, transactions, or liquidity events, the type and availability of unobservable inputs may change. Increases/(decreases) in revenue multiples, earnings before interest and taxes (“EBIT”) multiples, time to expiration, and stock price/strike price would result in higher (lower) fair values, all else equal. Decreases/(increases) in discount rates, volatility, and annual risk rates, would result in higher (lower) fair values, all else equal. The market approach utilizes market value (revenue and EBIT) multiples of publicly traded comparable companies and available precedent sales transactions of comparable companies. The Company carefully considers numerous factors when selecting the appropriate companies whose multiples are used to value its portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, relevant risk factors, as well as size, profitability and growth expectations. In general, precedent transactions include recent rounds of financing, recent purchases made by the Company, and tender offers. Refer to “Note ~~1 — Nature of Operations and~~ 2—Significant Accounting ~~Policies —~~ Policies—Investments at Fair Value” for more detail.
(3)	The weighted averages are calculated based on the fair market value of each investment.
(4)	Adjusted Funds From Operations, or “AFFO”.
(5)	Probability-Weighted Expected Return Method, or “PWERM”.

Table of ~~December 31, 2016~~
~~Asset~~	~~Fair Value~~	~~Valuation Techniques~~	~~Unobservable Inputs~~	~~Range~~ ~~(Weighted Average)~~
~~Common stock in~~ ~~private companies~~	~~$83,074,410~~	~~Market approach~~	~~Precedent transactions~~⁽¹⁾	~~N/A~~
			~~Revenue multiples~~	~~0.8x – 5.2x (3.3x)~~
			~~EBIT multiples~~	~~37.5x (37.5x)~~
~~Preferred stock in~~ ~~private companies~~	~~$157,929,101~~	~~Market approach~~	~~Precedent transactions~~⁽¹⁾	~~N/A~~
			~~Revenue multiples~~	~~0.8x – 5.3x (2.7x)~~
			~~EBIT multiples~~	~~37.5x (37.5x)~~
			~~Subscriber multiples~~	~~669.9x (669.6x)~~
			~~Discount for lack of control~~	~~15.0% (15.0%)~~
	~~$4,309,778~~	~~PWERM~~	~~Discount rate~~	~~12.0% (12.0%)~~
~~Debt investments~~	~~$7,821,948~~	~~Market approach~~	~~Liquidation Value~~	~~N/A~~
~~Warrants~~	~~$150,904~~	~~Option pricing model~~	~~Term to expiration (Years)~~	~~1.2 – 3.0 (2.1)~~
~~Warrants~~	~~$150,904~~	~~Option pricing model~~	~~Volatility~~	~~10.4% – 49.3% (43.2%)~~Contents

	Common Stock			Preferred Stock			Debt Investments			Options			Total
	Six Months Ended June 30, 2023
	Common Stock			Preferred Stock			Debt Investments			Options			Total
Assets:
Fair Value as of December 31, 2022	$	18,692,931		$	117,214,465		$	4,488,200		$	3,469,497		$	143,865,093
Purchases, capitalized fees and interest		10,008,075			2,004,171			998			501,470			12,514,714
Sales/Maturity of investments		(252,629	)		—			(500,000	)		—			(752,629	)
Exercises and conversions⁽¹⁾		3,751,518			(3,249,855	)		—			(501,663	)		—
Realized gains/(losses)		1,330,000			(10,914,376	)		—			(30,647	)		(9,615,023	)
Net change in unrealized appreciation/(depreciation) included in earnings		11,275,958			(8,145,056	)		(873,434	)		462,226			2,719,694
Fair Value as of June 30, 2023	$	44,805,853		$	96,909,349		$	3,115,764		$	3,900,883		$	148,731,849
Net change in unrealized appreciation/ (depreciation) of Level 3 investments still held as of June 30, 2023	$	11,275,958		$	(19,059,432	)	$	(873,434	)	$	429,916		$	(8,226,992	)

COMMISSION FILE NUMBER: 814-00852

GSV

(650) 235-4769

GSV CAPITAL CORP.TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION

IItem 1. Condensed Consolidated Financial Statements

GSV and Supplementary DataSURO CAPITAL CORP. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

GSV CAPITAL CORP. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(UNAUDITED)

GSV CAPITAL CORP. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS – (Continued)(UNAUDITED)

GSVSURO CAPITAL CORP. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETSCASH FLOWS (UNAUDITED)

GSVSURO CAPITAL CORP. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTSSCHEDULE OF CASH FLOWSINVESTMENTS (UNAUDITED)

GSVSURO CAPITAL CORP. AND SUBSIDIARIESCONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS(UNAUDITED)September - continuedJune 30, 2017

GSVSURO CAPITAL CORP. AND SUBSIDIARIESCONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)(UNAUDITED)September - continuedJune 30, 2017

GSVSURO CAPITAL CORP. AND SUBSIDIARIESCONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)(UNAUDITED)September - continuedJune 30, 2017

GSV CAPITAL CORP. AND SUBSIDIARIESCONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)(UNAUDITED)September 30, 2017

GSV CAPITAL CORP. AND SUBSIDIARIESCONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)(UNAUDITED)September 30, 2017

GSVSURO CAPITAL CORP. AND SUBSIDIARIESCONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS - continuedDecember 31, 2016

GSVSURO CAPITAL CORP. AND SUBSIDIARIESCONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)- continuedDecember 31, 2016

GSVSURO CAPITAL CORP. AND SUBSIDIARIESCONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)- continuedDecember 31, 2016

GSV CAPITAL CORP. AND SUBSIDIARIESCONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)December 31, 2016

GSV CAPITAL CORP. AND SUBSIDIARIESCONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)December 31, 2016

GSV CAPITAL CORP. AND SUBSIDIARIESCONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)December 31, 2016

GSVSURO CAPITAL CORP. AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTSSeptemberJune 30, 2017(Unaudited)

2023NOTE 1 — 1—NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES

Nature of Operations

Summary of Significant Accounting Policies

13Table of ContentsSURO CAPITAL CORP. AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTSJune 30, 2023NOTE 2—SIGNIFICANT ACCOUNTING POLICIESBasis of Presentation

GSV CAPITAL CORP. AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTSSeptember 30, 2017(Unaudited)

NOTE 1 — NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES – (continued)

Basis of Consolidation

Use of Estimates

Uncertainties and Risk Factors

Investments at Fair Value

GSV CAPITAL CORP. AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTSSeptember 30, 2017(Unaudited)

NOTE 1 — NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES – (continued)

GSV CAPITAL CORP. AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTSSeptember 30, 2017(Unaudited)

NOTE 1 — NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES – (continued)

Equity Investments

GSV CAPITAL CORP. AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTSSeptember 30, 2017(Unaudited)

NOTE 1 — NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES – (continued)

Debt Investments

Warrants

GSV CAPITAL CORP. AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTSSeptember 30, 2017(Unaudited)

NOTE 1 — NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES – (continued)

Valuation of Other Financial Instruments

Securities Transactions

Cash

GSVSURO CAPITAL CORP. AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTSSeptemberJune 30, 2017(Unaudited)

NOTE 1 — NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES – (continued)

Investment Transaction Costs and Escrow Deposits

Unrealized Appreciation or Depreciation of Investments

U.S. Federal and State Income Taxes

GSV CAPITAL CORP. AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTSSeptember 30, 2017(Unaudited)

NOTE 1 — NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES – (continued)

20Table of ContentsSURO CAPITAL CORP. AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTSJune 30, 2023Per Share Information

GSV CAPITAL CORP. AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTSSeptember 30, 2017(Unaudited)

NOTE 1 — NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES – (continued)

Recently Issued Accounting Standards

NOTE 2 — 3—RELATED-PARTY ARRANGEMENTS

Investment Advisory Agreement

Management Fees

GSV CAPITAL CORP. AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTSSeptember 30, 2017(Unaudited)

NOTE 2 — RELATED-PARTY ARRANGEMENTS – (continued)

Incentive Fees

Due to GSV Asset Management

Administration Agreement

GSV CAPITAL CORP. AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTSSeptember 30, 2017(Unaudited)

NOTE 2 — RELATED-PARTY ARRANGEMENTS – (continued)

License Agreement

Other Arrangements

GSVSURO CAPITAL CORP. AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTSSeptemberJune 30, 2017(Unaudited)

NOTE 2 — RELATED-PARTY ARRANGEMENTS – (continued)

Management Transition

GSVSURO CAPITAL CORP. AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTSSeptemberJune 30, 2017(Unaudited)

2023NOTE 3 — 4—INVESTMENTS AT FAIR VALUE

Investment Portfolio Composition

GSVSURO CAPITAL CORP. AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTSSeptemberJune 30, 2017(Unaudited)

NOTE 3 — INVESTMENTS AT FAIR VALUE – (continued)

GSVSURO CAPITAL CORP. AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTSSeptemberJune 30, 2017(Unaudited)

NOTE 3 — INVESTMENTS AT FAIR VALUE – (continued)

GSV CAPITAL CORP.

TABLE OF CONTENTS

I
Item 1. Condensed Consolidated Financial Statements

GSV and Supplementary Data
SURO CAPITAL CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

GSV CAPITAL CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)

GSV CAPITAL CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS – (Continued)
(UNAUDITED)

GSV
SURO CAPITAL CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
CASH FLOWS (UNAUDITED)

GSV
SURO CAPITAL CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTSSCHEDULE OF CASH FLOWS
INVESTMENTS (UNAUDITED)

GSV
SURO CAPITAL CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS
(UNAUDITED)
September - continued
June 30, 2017

GSV
SURO CAPITAL CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)
(UNAUDITED)
September - continued
June 30, 2017

GSV
SURO CAPITAL CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)
(UNAUDITED)
September - continued
June 30, 2017

GSV CAPITAL CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)
(UNAUDITED)
September 30, 2017

GSV CAPITAL CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)
(UNAUDITED)
September 30, 2017

GSV
SURO CAPITAL CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS
- continued
December 31, 2016

GSV
SURO CAPITAL CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)
- continued
December 31, 2016

GSV
SURO CAPITAL CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)
- continued
December 31, 2016

GSV CAPITAL CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)
December 31, 2016

GSV CAPITAL CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)
December 31, 2016

GSV CAPITAL CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)
December 31, 2016

GSV
SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September
June 30, 2017
(Unaudited)

2023
NOTE 1 — 1—NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES

13
Table of Contents
SURO CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2023
NOTE 2—SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation

GSV CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2017
(Unaudited)

GSV CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2017
(Unaudited)

GSV CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2017
(Unaudited)

GSV CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2017
(Unaudited)

GSV CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2017
(Unaudited)

GSV
SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September
June 30, 2017
(Unaudited)

GSV CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2017
(Unaudited)

20
Table of Contents
SURO CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2023
Per Share Information

GSV CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2017
(Unaudited)

GSV CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2017
(Unaudited)

GSV CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2017
(Unaudited)

GSV
SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September
June 30, 2017
(Unaudited)

GSV
SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September
June 30, 2017
(Unaudited)

2023
NOTE 3 — 4—INVESTMENTS AT FAIR VALUE

GSV
SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September
June 30, 2017
(Unaudited)

GSV
SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September
June 30, 2017
(Unaudited)

2023
Investment Valuation Inputs

GSV
SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September
June 30, 2017
(Unaudited)

2023
Significant Unobservable Inputs for Level 3 Assets and Liabilities

GSV CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2017
(Unaudited)

GSV
SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September
June 30, 2017
(Unaudited)

GSV CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2017
(Unaudited)

GSV
SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September
June 30, 2017
(Unaudited)

2023
Schedule of Investments In, and Advances Toto, Affiliates

GSVSURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September
June 30, 2017
(Unaudited)

GSV CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2017
(Unaudited)

GSV CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2017
(Unaudited)

GSV CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2017
(Unaudited)

GSV CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2017
(Unaudited)

GSV
SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September
June 30, 2017
(Unaudited)

GSVSURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September
June 30, 2017
(Unaudited)

GSV CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2017
(Unaudited)

GSV CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2017
(Unaudited)

GSV CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2017
(Unaudited)

GSV CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2017
(Unaudited)

GSV CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2017
(Unaudited)

GSV CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2017
(Unaudited)

GSV CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2017
(Unaudited)

GSV CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2017
(Unaudited)

GSV CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2017
(Unaudited)

GSV
SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September
June 30, 2017
(Unaudited)

2023
NOTE 3 — INVESTMENTS AT FAIR VALUE – (continued)

GSV CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2017
(Unaudited)

GSVSURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September
June 30, 2017
(Unaudited)

2023
NOTE 7 — 8—FINANCIAL HIGHLIGHTS – (continued)

GSV
SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September
June 30, 2017
(Unaudited)

2023
NOTE 8 — 9—INCOME TAXES

GSV CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2017
(Unaudited)

Convertible Senior
6.00% Notes Payable

GSV
SURO CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September
June 30, 2017
(Unaudited)


	Nine Months Ended September 30, 2017
	Common Stock			Preferred Stock			Debt Investments			Warrants		Total
Assets:
Fair Value as of December 31, 2016	$	83,074,410		$	162,238,879		$	7,821,948		$	150,904	$	253,286,141
Transfers out of Level 3		(2,184,565	)		(2,184,565	)		—			—		(4,369,130	)
Purchases, capitalized fees and interest		—			—			97,023			70,379		167,402
Sales of investments		—			—			(70,379	)		—		(70,379	)
Realized losses		(8,201,729	)		(16,858,906	)		(305,280	)		—		(25,365,915	)
Exercises, conversions and assignments⁽¹⁾		2,506,119			(2,506,119	)		—			—		—
Amortization of fixed income security premiums and discounts		—			—			115,162			—		115,162
Net change in unrealized appreciation/(depreciation) included in earnings		18,090,633			36,702,516			(638,088	)		250,011		54,405,072
Fair Value as of September 30, 2017	$	93,284,868		$	177,391,805		$	7,020,386		$	471,294	$	278,168,353
Net change in unrealized appreciation/(depreciation) of Level 3 investments still held as of September 30, 2017	$	9,888,904		$	19,838,262		$	(943,365	)	$	250,011	$	29,033,812


Portfolio Company	Conversion from	Conversion to
~~A Place for Rover~~Orchard Technologies, Inc. ~~(f/k/a DogVacay, Inc.)~~	Preferred shares, Series ~~B-1~~D Simple Agreement for Future Equity	Senior Preferred shares, Series 1 Senior Preferred shares, Series 2 Class A Common ~~shares~~Shares


	Year Ended December 31, 2016
	Common Stock			Preferred Stock			Debt Investments			Warrants			Total
Assets:
Fair value as of December 31, 2015	$	102,319,140		$	216,291,092		$	4,175,859		$	469,306		$	323,255,397
Transfers into Level 3		143,733			—			—			—			143,733
Purchases of investments		3,080			9,016,702			5,201,294			103,655			14,324,731
Sales of investments		(3,509,238	)		(7,651,891	)		(574,380	)		—			(11,735,509	)
Realized gains (losses)		(7,127,146	)		4,430,221			—			(246,714	)		(2,943,639	)
Exercises, conversions and assignments⁽¹⁾		23,588,443			(23,588,443	)		—			—			—
Amortization of fixed income security premiums and discounts		—			—			44,714			—			44,714
Net change in unrealized depreciation included in earnings		(32,343,602	)		(36,258,802	)		(1,025,539	)		(175,343	)		(69,803,286	)
Fair Value as of December 31, 2016	$	83,074,410		$	162,238,879		$	7,821,948		$	150,904		$	253,286,141
Net change in unrealized depreciation of Level 3 investments still held as of December 31, 2016	$	(39,307,692	)	$	(40,126,793	)	$	(1,025,539	)	$	(195,637	)	$	(80,655,661	)


Portfolio Company	~~Transfer~~Conversion from	~~Transfer~~Conversion to
~~4C Insights (f/k/a The Echo Systems Corp.)~~	~~Preferred shares, Series A~~Forge Global, Inc.	Common Shares,
~~Handle Financial, Inc.~~ ~~(f/k/a PayNearMe, Inc.)~~ Class AA Junior Preferred Shares Junior Preferred Warrants, Strike Price $12.42, Expiration Date 11/9/2025	~~Preferred~~Public Common shares ~~Series E~~	(Level 2) Common ~~Shares~~warrants, Strike Price $3.98, Expiration Date 11/9/2025 (Level 2)

~~Fullbridge, Inc.~~	~~Preferred shares, Series C~~	~~Common Shares~~
~~Fullbridge, Inc.~~	~~Preferred shares, Series D~~	~~Common Shares~~
~~Fullbridge, Inc.~~	~~Convertible Promissory~~ ~~Note 10% Due 3/2/2016~~	~~Junior Note, 1.49%,~~ ~~November 9, 2021~~
~~Fullbridge, Inc.~~	~~Convertible Promissory~~ ~~Note 10% Due 3/14/2017~~	~~Junior Note, 1.49%,~~ ~~November 9, 2021~~29

Type/Industry/Portfolio Company/Investment	Principal/ Quantity		Interest, Fees, or Dividends Credited in Income		Fair Value at December 31, 2022			Realized Gains/(Losses)		Unrealized Gains/(Losses)			Fair Value at June 30, 2023		Percentage of Net Assets
*CONTROLLED INVESTMENTS⁽²⁾**
Options
Special Purpose Acquisition Company
Colombier Sponsor LLC**–Class W Units⁽⁷⁾		2,700,000	$	—	$	1,157,487	$	—		$	1,083,513		$	2,241,000		1.20	%
Total Options				—		1,157,487		—			1,083,513			2,241,000		1.20	%
Preferred Stock
Clean Technology
SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.)–Preferred shares, Class A⁽⁴⁾		14,300,000		—		984,028		—			(50,000	)		934,028		0.50	%
Total Preferred Stock				—		984,028		—			(50,000	)		934,028		0.50	%
Common Stock
Clean Technology
SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.)–Common shares		100,000		—		—		—			—			—		—	%
Mobile Finance Technology
Architect Capital PayJoy SPV, LLC–Membership Interest in Lending SPV*	$	10,000,000		554,425		10,000,000		—			—			10,000,000		5.36	%
Special Purpose Acquisition Company
Colombier Sponsor LLC**–Class B Units⁽⁷⁾		1,976,032		—		1,554,355		—			13,387,250			14,941,605		8.00	%
Total Common Stock				554,425		11,554,355		—			13,387,250			24,941,605		13.36	%
*TOTAL CONTROLLED INVESTMENTS⁽²⁾**			$	554,425	$	13,695,870	$	—		$	14,420,763		$	28,116,633		15.06	%
*NON-CONTROLLED/AFFILIATE INVESTMENTS⁽¹⁾**
Debt Investments
Global Innovation Platform
OneValley, Inc. (f/k/a NestGSV, Inc.) –Convertible Promissory Note 8%, Due 8/23/2024⁽³⁾	$	1,010,198	$	—	$	1,988,200	$	—		$	(1,027,809	)	$	960,391		0.51	%
Total Debt Investments				—		1,988,200		—			(1,027,809	)		960,391		0.51	%
Preferred Stock
Knowledge Networks
Maven Research, Inc.–Preferred shares, Series C		318,979		—		—		—			—			—		—	%
Maven Research, Inc.–Preferred shares, Series B		49,505		—		—		—			—			—		—	%
Total Knowledge Networks				—		—		—			—			—		—	%
Digital Media Platform
Ozy Media, Inc.–Preferred shares, Series C-2 6%⁽⁸⁾		—		—		—		(2,414,178	)		2,414,178			—		—	%
Ozy Media, Inc.–Preferred shares, Series B 6%⁽⁸⁾		—		—		—		(4,999,999	)		4,999,999			—		—	%
Ozy Media, Inc.–Preferred shares, Series A 6%⁽⁸⁾		—		—		—		(3,000,200	)		3,000,200			—		—	%
Ozy Media, Inc.–Preferred shares, Series Seed 6%⁽⁸⁾		—		—		—		(500,000	)		500,000			—		—	%
Total Digital Media Platform				—		—		(10,914,377	)		10,914,377			—		—	%
Interactive Learning
StormWind, LLC–Preferred shares, Series D 8%⁽⁵⁾		329,337		—		533,429		—			29,610			563,039		0.30	%
StormWind, LLC–Preferred shares, Series C 8%⁽⁵⁾		2,779,134		—		5,675,081		—			277,529			5,952,610		3.19	%
StormWind, LLC–Preferred shares, Series B 8%⁽⁵⁾		3,279,629		—		3,550,631		—			294,866			3,845,497		2.06	%
StormWind, LLC–Preferred shares, Series A 8%⁽⁵⁾		366,666		—		191,694		—			32,966			224,660		0.12	%
Total Interactive Learning				—		9,950,835		—			634,971			10,585,806		5.67	%
Total Preferred Stock				—		9,950,835		(10,914,377	)		11,549,348			10,585,806		5.67	%

Options
Digital Media Platform
Ozy Media, Inc.–Common Warrants, Strike Price $0.01, Expiration Date 4/9/2028⁽⁸⁾		—	$	—	$	—	$	(30,647	)	$	30,647		$	—		—	%
Global Innovation Platform
OneValley, Inc. (f/k/a NestGSV, Inc.)–Preferred Warrant Series B, Strike Price $2.31, Expiration Date 12/31/2023		250,000		—		—		—			—			—		—	%
OneValley, Inc. (f/k/a NestGSV, Inc.)–Derivative Security, Expiration Date 8/23/2024⁽⁶⁾		1		—		652,127		—			(652,127	)		—		—	%
Total Global Innovation Platform				—		652,127		—			(652,127	)		—		—	%
Total Options				—		652,127		(30,647	)		(621,480	)		—		—	%
Common Stock
Online Education
Curious.com, Inc.–Common shares		1,135,944		—		—		—			—			—		—	%
Total Common Stock				—		—		—			—			—		—	%
*TOTAL NON-CONTROLLED/AFFILIATE INVESTMENTS⁽¹⁾**			$	—	$	12,591,162	$	(10,945,025)		$	9,900,060		$	11,546,197		6.18	%


Type/Industry/Portfolio Company/Investment	Principal/ Quantity		Interest, Fees, or Dividends Credited in Income		Fair Value at December 31, 2016		Purchases, Capitalized Fees, Interest and Amortization		Sales			Realized Gains/ (Losses)		Unrealized Gains/ (Losses)			Fair Value at September 30, 2017		Percentage of Net Assets
*CONTROLLED INVESTMENTS⁽²⁾**
Debt Investments
Global Innovation Platform
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Convertible Promissory Note 8% Due 07/31/2018***		560,199	$	77,151	$	427,900	$	105,890	$	—		$	—	$	26,409		$	560,199		0.27	%
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Unsecured Promissory Note 12% Due 5/29/2017***⁽⁴⁾		—		50,146		496,725		24,195		(526,000	)		—		5,080			—		0.00	%
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Unsecured Promissory Note 12% Due 11/29/2017***⁽⁴⁾		557,735		69,237		—		533,353		—			—		0			533,353		0.25	%
Total Global Innovation Platform				196,534		924,625		663,438		(526,000	)		—		31,489			1,093,552		0.52	%
Total Debt Investments			$	196,534	$	924,625	$	663,438	$	(526,000	)	$	—	$	31,489		$	1,093,552		0.52	%
Preferred Stock
Clean Technology
SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.) – Preferred shares, Class A***		14,300,000		475,000		4,309,778		—		—			—		(2,942,585	)		1,367,193		0.65	%
Global Innovation Platform
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Preferred stock Series A-4		3,720,424		—		2,715,910		—		—			—		2,473,438			5,189,348		2.48	%
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Preferred stock Series A-3		1,561,625		—		952,591		—		—			—		862,573			1,815,164		0.87	%
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Preferred stock Series A-2		450,001		—		166,500		—		—			—		147,336			313,836		0.15	%
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Preferred stock Series A-1		1,000,000		—		270,000		—		—			—		253,060			523,060		0.25	%
Total Global Innovation Platform				—		4,105,001		—		—			—		3,736,407			7,841,408		3.75	%



Schedule of Investments In and Advances To Affiliates
Type/Industry/Portfolio Company/Investment	Principal/ Quantity		Interest, Fees, or Dividends Credited in Income		Fair Value at December 31, 2016		Purchases, Capitalized Fees, Interest and Amortization		Sales		Realized Gains/ (Losses)		Unrealized Gains/ (Losses)		Fair Value at September 30, 2017		Percentage of Net Assets
Interactive Learning
StormWind, LLC⁽³⁾ – Preferred shares, Series C		2,779,134	$	—	$	4,650,838	$	—	$	—	$	—	$	3,205,182	$	7,856,020		3.75	%
StormWind, LLC⁽³⁾ – Preferred shares, Series B		3,279,629		—		4,470,403		—		—		—		1,529,645		6,000,048		2.86	%
StormWind, LLC⁽³⁾ – Preferred shares, Series A		366,666		—		499,796		—		—		—		8,945		508,741		0.24	%
Total Interactive Learning				—		9,621,037		—		—		—		4,743,772		14,364,809		6.85	%
Total Preferred Stock			$	475,000	$	18,035,816	$	—	$	—	$	—	$	5,537,594	$	23,573,410		11.25	%
Warrants
Global Innovation Platform
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Preferred Warrant Series A-3 – Strike Price $1.33, Expiration Date 4/4/2019		187,500	$	—	$	5,625	$	—	$	—	$	—	$	7,500	$	13,125		0.01	%
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Preferred Warrant Series A-4 – Strike Price $1.33, Expiration Date 10/6/2019		500,000		—		40,000		—		—		—		125,000		165,000		0.08	%
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Preferred Warrant Series A-4 – Strike Price $1.33, Expiration Date 7/18/2021		250,000		—		22,500		—		—		—		77,500		100,000		0.05	%
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Preferred Warrant Series A-4 – Strike Price $1.33, Expiration Date 11/29/2021		100,000		—		9,000		—		—		—		31,000		40,000		0.02	%
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Preferred Warrant Series B – Strike Price $2.31, Expiration Date 5/29/2022⁽⁴⁾		125,000		—		—		70,379		—		—		10,871		81,250		0.04	%
Total Global Innovation Platform				—		77,125		70,379		—		—		251,871		399,375		0.20	%
Total Warrants			$	—	$	77,125	$	70,379	$	—	$	—	$	251,871	$	399,375		0.20	%
Common Stock
Clean Technology
SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.) – Common shares		100,000		—		—		—		—		—		—		—		0.00%


(3)	As of June 30, 2023, the investments noted had been placed on non-accrual status.

(4)	The SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.) preferred shares held by SuRo Capital Corp. do not entitle SuRo Capital Corp. to a preferred dividend rate. SuRo Capital Corp. does not anticipate that SPBRX, INC. will pay distributions on a quarterly or regular basis or become a predictable distributor of distributions.

(5)	SuRo Capital Corp.’s ~~investment~~investments in StormWind, LLC isare held through ~~its wholly-owned~~SuRo Capital Corp.’s wholly owned subsidiary, GSVC SW Holdings, Inc.

	~~(5)~~	~~GSV~~agreement, SuRo Capital Corp.’s ~~investment in Whittle Schools,~~equity holdings (warrants notwithstanding) were restructured into a derivative security. OneValley, Inc. (f/k/a NestGSV, Inc.) has the right to call the position at any time over a five year period, ending August 23, 2024, while SuRo Capital Corp. can put the shares to OneValley, Inc. (f/k/a NestGSV, Inc.) at the end of the five year period.

(7)	Colombier Sponsor LLC is ~~held through its wholly-owned subsidiary, GSVC WS Holdings,~~the sponsor of Colombier Acquisition Corp., a SPAC formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.

(8)	On March 1, 2023, Ozy Media, Inc. ~~Whittle Schools, LLC is an investment that is collateralized by Avenues Global Holdings, LLC, as well as the personal collateral of Chris Whittle, the former chairman of Avenues Global Holdings, LLC.~~