SSSSMEDIUM SIGNALOPPORTUNITY10-K

SSSS demonstrated solid growth with meaningfully higher net asset value per share and stock price, while refining its investment focus by removing education technology and SuRo Sports from its targeted industry themes.

The company's NAV per share increased from $6.68 to $8.09 while its stock price rose from $5.27 to $9.68, indicating both improved underlying performance and enhanced market confidence. The strategic narrowing of investment focus suggests management is concentrating on higher-conviction themes, potentially leading to better investment outcomes.

Comparing 2026-03-11 vs 2025-03-12View on EDGAR →
FINANCIAL ANALYSIS

SSSS strengthened its balance sheet with stockholders' equity growing 30.3% to $205.3M and total assets expanding 19.2% to $276.0M, reflecting successful capital deployment and portfolio appreciation. Share buybacks declined by approximately one-third to $9.4M, suggesting management may be allocating more capital toward new investments rather than returning cash to shareholders. The overall financial picture signals a business development company gaining scale and improving its investment positioning.

FINANCIAL STATEMENT CHANGES
Share Buybacks
Cash Flow
-33.7%
$14.2M$9.4M

Buyback activity reduced 33.7% — capital being redeployed elsewhere or cash conservation underway.

Stockholders Equity
Balance Sheet
+30.3%
$157.6M$205.3M

Equity base grew 30.3% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Total Assets
Balance Sheet
+19.2%
$231.6M$276.0M

Asset base grew 19.2% — expansion through organic growth, acquisitions, or capital deployment.

LANGUAGE CHANGES
NEW — 2026-03-11
PRIOR — 2025-03-12
ADDED
The issuer had 25,387,756 shares of common stock, $ 0.01 par value per share, outstanding as of March 10, 2026.
Our investment philosophy is based on a disciplined approach of identifying promising investments in high-growth, venture-backed companies across several key industry themes, which may include, among others, Artificial Intelligence Infrastructure Applications, Consumer Goods Services, Software-as-a-Service, Financial Technology Services, and Logistics Supply Chain.
The net asset value per share of our common stock on December 31, 2025 was $8.09.
On March 10, 2026, the last reported sale price of a share of our common stock on the Nasdaq Global Select Market was $9.68 .
Operating and Regulatory Structure We formed in 2010 as a Maryland corporation and operate as an internally managed, non-diversified closed-end management investment company.
As an internally managed BDC, we are managed by our employees, rather than the employees of an external investment adviser.
Human Capital Resources As of December 31, 2025, we had nine employees, each of whom was directly employed by us.
Based on our extensive experience in analyzing technology trends and markets, we have identified several technology sub-sectors, including Artificial Intelligence Infrastructure Applications, Consumer Goods Services, Software-as-a-Service, Financial Technology Services, and Logistics Supply Chain, as opportunities where we believe companies are capable of producing substantial growth.
We leverage a combination of our relationships throughout the start-up, technology, and finance ecosystems as well as our independent research to identify leaders in our targeted sub-sectors that we believe are differentiated and best positioned for sustained growth.
Investment Process Concentrated Technology-Related Focus Our executive officers and investment professionals have identified six key investment themes from which we have seen significant numbers of high-growth companies emerge: Artificial Intelligence Infrastructure Applications, Consumer Goods Services, Software-as-a-Service, Education Technology, Financial Technology Services, and Logistics Supply Chain.
REMOVED
The issuer had 23,551,859 shares of common stock, $ 0.01 par value per share, outstanding as of March 11, 2025 .
Our investment philosophy is based on a disciplined approach of identifying promising investments in high-growth, venture-backed companies across several key industry themes, which may include, among others, software-as-a-service, artificial intelligence infrastructure applications, consumer goods services, education technology, logistics supply chain, financial technology services, and SuRo Sports (as defined below).
Our common stock is traded on the Nasdaq Global Select Market under the symbol SSSS .
The net asset value per share of our common stock on December 31, 2024 was $6.68.
On March 11, 2025 , the last reported sale price of a share of our common stock on the Nasdaq Global Select Market was $5.27.
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.
Human Capital Resources As of December 31, 2024, we had ten employees, each of whom was directly employed by us.
Based on our extensive experience in analyzing technology trends and markets, we have identified several technology sub-sectors, including software-as-a-service, artificial intelligence infrastructure applications, education technology, and financial technology and services, as opportunities where we believe companies are capable of producing substantial growth.
We leverage a combination of our relationships throughout Silicon Valley and our independent research to identify leaders in our targeted sub-sectors that we believe are differentiated and best positioned for sustained growth.
Our primary competitors include specialty finance companies including late-stage venture capital funds, private equity funds, other crossover funds, public funds investing in private companies and public and private BDCs.
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