What was Neostellar Capital's NAV per share for the third quarter of 2026?

Neostellar Capital's NAV was $12.64 per share at September 30, 2026, compared with $13.44 at June 30, 2026 and $9.23 at September 30, 2025. Net assets totaled approximately $334.7 million.

Neostellar Capital Corp. Reports Third Quarter 2026 Financial Results

Q: How does Neostellar Capital hold its OpenAI and VAST Data investments?

Neostellar holds its OpenAI and VAST Data exposure indirectly through investment vehicles. Its Class A interest in ARK Type One Deep Ventures Fund is solely invested in OpenAI Series A-2 preferred shares. Its membership interest in IH10 provides exposure to VAST Data Series B preferred shares through a special purpose vehicle.

Quarterly realized investment losses of $7.7 million contrasted with a $5.2 million gain a year earlier.

Rhea-AI Impact

(Moderate)

Rhea-AI Sentiment

(Positive)How Sentiment works

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How Sentiment works How the balance works

Rhea-AI Summary

Neostellar Capital (Nasdaq: NSLR) reported third-quarter net asset value of $12.64 per share, down from the preceding quarter. NAV compared with $13.44 at June 30, 2026 and $9.23 at September 30, 2025. Net assets totaled approximately $334.7 million. Operations reduced net assets by $21.2 million, versus a $7.4 million increase a year earlier, reflecting investment losses and declining investment valuations.

The portfolio had approximately $377.2 million in fair value across 34 companies; its five largest investments represented 71.7%. Neostellar received $20.0 million through a Magnetar-affiliated promissory note bearing 6.50% interest and maturing July 16, 2029, unless repaid earlier in shares under specified financing conditions. The board extended the share repurchase program through October 31, 2027, or its aggregate purchase limit, with approximately $25.0 million remaining available.

9 points · 0 major

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It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance works How Sentiment works

1 major · 13 points

Hollow bars mark forward-looking points. How the balance works

Positive

Moderate point. Forward-looking: it has not happened yet and may not happen.Share repurchase authorization extended until October 31, 2027 or $64.3 million in aggregate purchases; approximately $25.0 million remains.
Moderate pointMagnetar-affiliated financing provided $20.0 million in gross proceeds on July 17, 2026. 13% of market cap
Moderate pointInvestment portfolio fair value reached $377,196,404, versus $225,511,505 at December 31, 2025.
Minor pointMagnetar partnership through Neostellar Advisors was formalized during the third quarter.
Minor pointLearneo exit generated $9.4 million in net proceeds during the third quarter.

4 minor points

Minor pointGrabAGun share sales generated $0.4 million in proceeds and a $0.3 million realized gain.
Minor pointCW Opportunity 2 distribution generated $2.0 million in proceeds and a $1.4 million realized gain, subject to performance-fee adjustments.
Minor pointHearth investment added 86,076 common shares through warrant exercises for less than $0.1 million.
Minor pointDebt repurchases retired an additional 1,984 of the 6.00% Notes due 2026 during the quarter.

Negative

Major pointOperations reduced net assets by $21.2 million in Q3 2026, versus a $7.4 million increase a year earlier. 13% of market cap
Moderate pointNAV was $12.64 per share, versus $13.44 at June 30, 2026 and $9.23 a year earlier.
Moderate pointMagnetar promissory note adds 6.50% annual interest, payable semiannually in cash, with maturity July 16, 2029.
Moderate pointPortfolio concentration placed 71.7% in five investments, including 38.0% in Whoop, at September 30, 2026.
Moderate pointCash fell to $40,853,490 at September 30, 2026 from $49,034,154 at December 31, 2025.
Moderate point. Forward-looking: it has not happened yet and may not happen.6.00% Notes mature December 30, 2026, with a September 30 carrying amount of $35,733,362.

7 minor points

Minor pointNet investment loss widened to $4.0 million in Q3 2026 from $3.5 million a year earlier.
Minor pointRealized investment results swung to a $7.7 million loss in Q3 2026 from a $5.2 million year-earlier gain.
Minor pointUnrealized investment valuation changes were negative $9.4 million in Q3 2026, versus positive $5.7 million a year earlier.
Minor pointLearneo exit recorded a $5.6 million realized loss.
Minor pointAventine exit recorded a $2.5 million realized loss on less than $0.1 million in proceeds.
Minor pointCTN Holdings investment abandonment produced no proceeds and a $1.3 million realized loss.
Minor point. Forward-looking: it has not happened yet and may not happen.Promissory note repayment requires common-share issuance upon qualifying transactions generating at least $230.0 million in gross proceeds.

News Explained

The issued Magnetar note can settle principal and accrued interest in shares only if a transaction or series raises at least $230 million gross, with the share price tied to the latest such transaction raising at least $5 million net from non-affiliates, and issuing shares would increase the share count and reduce existing holders’ ownership percentages, absent offsetting changes.

Key Figures

NAV per share: $12.64 per share Net assets: $334.7 million Net investment loss: $(4.0) million; $(0.15) per share +5 more

NAV per share: $12.64 per share; September 30, 2026; compared with $13.44 per share at June 30, 2026
Net assets: $334.7 million; September 30, 2026
Net investment loss: $(4.0) million; $(0.15) per share; Third quarter 2026
Net realized loss on investments: $(7.7) million; $(0.29) per share; Third quarter 2026
Unrealized depreciation of investments: $(9.4) million; $(0.35) per share; Third quarter 2026
Decrease in net assets from operations: $(21.2) million; $(0.80) per share; Third quarter 2026
Portfolio fair value: $377.2 million; September 30, 2026
Remaining share repurchase allocation: $25.0 million; After the Board extended the Share Repurchase Program

Previous Earnings Reports

1 past event · Latest: Aug 05

Same Type 1 event

Aug 05
Quarterly earnings

24h Move

-11.7%

Reported a Q2 net investment loss and NAV per share before this quarter's results.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

net asset value, special purpose vehicle, warrants, convertible notes

4 terms

net asset value financial

"Net Asset Value of $12.64 Per Share as of September 30, 2026"

Net asset value is the total value of an investment fund's assets minus any liabilities, divided by the number of shares or units outstanding. It represents the per-share worth of the fund, similar to how the value of a house is determined by its total worth after debts are subtracted. Investors use it to gauge the true value of their holdings and to compare different investment options.

View in glossary

special purpose vehicle financial

"through a special purpose vehicle (“SPV”)."

A special purpose vehicle (SPV) is a separate legal entity created to isolate financial risk or hold specific assets, much like a dedicated safe for a particular investment or project. Investors pay attention to SPVs because they can influence how risks and rewards are managed, and sometimes they are used to structure transactions more efficiently or hide certain financial details.

warrants financial

"the Company exercised 86,076 warrants"

Warrants are special documents that give you the right to buy a company's stock at a set price before a certain date. They are often used as a way for companies to attract investors or raise money, and their value can increase if the company's stock price goes up.

View in glossary

convertible notes financial

"6.50% Convertible Notes due August 14, 2029"

Convertible notes are a type of short-term loan that a company receives from investors, which can later be turned into company shares instead of being paid back in cash. They matter to investors because they offer a way to support a company early on while giving the potential to own a stake in its success if the company grows and later raises more funding.

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11/03/2026 - 04:05 PM EST

Net Asset Value of $12.64 Per Share as of September 30, 2026

Board of Directors Approves Extension of Share Repurchase Program

NEW YORK, Nov. 03, 2026 (GLOBE NEWSWIRE) -- Neostellar Capital Corp. (“Neostellar Capital”, the “Company”, “we”, “us”, and “our”) (Nasdaq: NSLR) today announced its financial results for the third quarter ended September 30, 2026. Net assets totaled approximately $334.7 million, or $12.64 per share, at September 30, 2026, as compared to $13.44 per share, at June 30, 2026 and $9.23 per share at September 30, 2025.

“During the third quarter, we formalized our partnership with Magnetar through Neostellar Advisors, expanding our resources for sourcing and due diligence and giving us greater flexibility to evaluate and structure investments,” said Mark Klein, Chairman and Chief Executive Officer of Neostellar Capital. “The partnership brings together our venture investing experience and Magnetar’s expertise in credit, structured capital and AI infrastructure at a time when private companies are seeking larger financings and a broader range of capital structures.”

“We continue to see significant opportunity across the computing and data infrastructure supporting broader AI adoption, reflected in our investments in OpenAI, ClickHouse, TensorWave and CoreWeave. Our approach remains focused on identifying promising businesses before their potential is widely recognized, with the understanding that successful investments can grow into significant portfolio positions over time. As those investments mature, we balance their remaining potential with opportunities to realize gains, manage concentration and deploy capital with a focus on long-term value per share. Consistent with that focus, the Board approved an extension of the Share Repurchase Program and remaining $25 million allocation, preserving repurchases as an option alongside new investments and other uses of capital, with deployment subject to liquidity considerations.”

Investment Portfolio as of September 30, 2026

At September 30, 2026, the Company held positions in 34 portfolio companies – 30 privately held and 4 publicly held – with an aggregate fair value of approximately $377.2 million. The Company’s top five portfolio company investments accounted for approximately 72% of the total portfolio at fair value as of September 30, 2026.

Top Five Investments as of September 30, 2026

Portfolio Company ($ in millions)	Cost Basis		Fair Value		% of Total Portfolio
Whoop, Inc.	$	11.0	$	143.3	38.0	%
ARK Type One Deep Ventures Fund LLC⁽¹⁾		17.9		59.4	15.8
IH10, LLC⁽²⁾		12.3		34.0	9.0
Magnetar Opportunity 2025-4 LP⁽³⁾		20.0		20.4	5.4
Blink Health, Inc.		15.0		13.1	3.5
Total⁽⁴⁾	$	76.2	$	270.3	71.7	%

________________________________
⁽¹⁾	^{ARK Type One Deep Ventures Fund LLC is an investment fund for which the Class A Interest is solely invested in the Series A-2 Preferred Shares of OpenAI Group PBC. The Company is invested in the Series A-2 Preferred Shares of OpenAI Group PBC through its investment in the Class A Interest of ARK Type One Deep Ventures Fund LLC.}
⁽²⁾	^{IH10, LLC’s sole portfolio asset is an interest in the Series B Preferred Shares of VAST Data, Ltd. through a special purpose vehicle (“SPV”). The Company is invested in the Series B Preferred Shares of VAST Data, Ltd. through its investment in the Membership Interest of IH10, LLC.}
⁽³⁾	^{Magnetar Opportunity 2025-4 LP is an SPV for which the Class A Interest and Class B Interest are invested in the Series B Preferred Shares of TensorWave, Inc. The Company is invested in Series B Preferred Shares of TensorWave, Inc. through its investments in the Class A Interest and Class B Interest of Magnetar Opportunity 2025-4 LP.}
⁽⁴⁾	^{Total may not sum due to rounding.}

Third Quarter 2026 Investment Portfolio Activity

During the three months ended September 30, 2026, the Company made the following investment:

Portfolio Company	Investment	Transaction Date	Amount⁽¹⁾
Shogun Enterprises, Inc. (d/b/a Hearth)⁽²⁾	Common Shares	7/10/2026	<$0.1 million

________________________________
⁽¹⁾	^{Amount invested does not include capitalized costs or prepaid expenses, if applicable.}
⁽²⁾	^{On July 10, 2026, the Company exercised 86,076 warrants and received 86,076 Common Shares of Shogun Enterprises, Inc. (d/b/a Hearth).}

During the three months ended September 30, 2026, the Company exited and/or received proceeds from the following investments:

Portfolio Company	Transaction Date	Quantity/ Initial Capital	Average Net Share Price⁽¹⁾	Net Proceeds	Realized Gain/(Loss)
GrabAGun Digital Holdings Inc. -Common Shares⁽²⁾	Various	143,655	$3.12	$0.4 million	$0.3 million
Aventine Property Group, Inc.	7/8/2026	312,500	$0.10	<$0.1 million	$(2.5 million)
CW Opportunity 2 LP	8/21/2026	3.8%	N/A	$2.0 million	$1.4 million⁽³⁾
Learneo, Inc. (f/k/a Course Hero, Inc.)	9/21/2026	2,421,168	$3.88	$9.4 million	$(5.6 million)
CTN Holdings, Inc. (d/b/a Catona Climate, f/k/a Aspiration Partners, Inc.)⁽⁴⁾	9/25/2026	565,182	N/A	$-	$(1.3 million)

________________________________
⁽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⁾	^{As of September 30, 2026, the Company holds 308,964 common shares of GrabAGun Digital Holdings, Inc.}
⁽³⁾	^{CW Opportunity 2 LP is an SPV for which the Class A Interest is solely invested in the Class A Common Shares of CoreWeave, Inc. Realized gain is calculated based on the current reporting by the SPV and may be subject to change or adjustment due to the impact of performance fees.}
⁽⁴⁾	^{On September 25, 2026, the Company abandoned its investment in CTN Holdings, Inc. (d/b/a Catona Climate, f/k/a Aspiration Partners, Inc.).}

Third Quarter 2026 Financial Results

	Quarter Ended September 30, 2026		Quarter Ended September 30, 2025
	$ in millions	per share⁽¹⁾	$ in millions	per share⁽¹⁾
Net investment loss	$(4.0)	$(0.15)	$(3.5)	$(0.14)
Net realized gain/(loss) on investments	(7.7)	(0.29)	5.2	0.21
Realized loss on partial repurchase of 6.00% Notes due 2026	(<0.1)	(<0.01)	-	-
Net change in unrealized appreciation/(depreciation) of investments	(9.4)	(0.35)	5.7	0.23
Net increase/(decrease) in net assets resulting from operations⁽²⁾	(21.2)	(0.80)	7.4	0.30
Dividends declared	-	-	(6.0)	(0.25)
Issuance of common stock from public offering	-	-	10.6	(0.03)
Stock-based compensation⁽³⁾	-	-	0.4	0.03
Increase/(Decrease) in net asset value⁽²⁾	$(21.2)	$(0.80)	$12.4	$0.05

________________________________
⁽¹⁾	^{Based on basic weighted-average number of shares outstanding for the relevant period.}
⁽²⁾	^{Total may not sum due to rounding.}
⁽³⁾	^{Represents stock-based compensation recognized during the period, net of shares withheld to satisfy statutory tax withholding obligations upon the vesting of restricted stock awards.}

Weighted-average common basic shares outstanding were approximately 26.5 million and 24.4 million for the quarters ended September 30, 2026 and 2025, respectively. As of September 30, 2026, there were 26,473,222 shares of the Company’s common stock outstanding.

Magnetar 6.50% Redeemable Promissory Note due 2029

On July 17, 2026, the Company received gross proceeds of $20.0 million pursuant to a redeemable promissory note issued to a Magnetar-affiliated entity. The redeemable promissory note bears interest at 6.50% per annum, payable semiannually in cash, and matures on July 16, 2029, unless earlier repaid through the issuance of shares of the Company's common stock upon the completion of a transaction or series of transactions that result in at least $230.0 million of gross proceeds to the Company. In such event, the outstanding principal and accrued interest would be satisfied through the issuance of shares of the Company's common stock at the price per share of common stock sold by the Company in the latest of such transactions in which the Company raised at least $5.0 million in aggregate net proceeds from sales to purchasers that were not affiliates of the Company. The Company believes the financing enhances liquidity and financial flexibility as the Company continues to execute its investment strategy.

Note Repurchase Program

On October 29, 2025, the Company’s Board of Directors approved an extension of the discretionary note repurchase program (the “Note Repurchase Program”) which allows the Company to repurchase up to an additional $40.0 million or the remaining aggregate principal amount, of its 6.00% Notes due 2026 (the “6.00% Notes”) through open market purchases, including block purchases, in such manner as will comply with the provisions of the Investment Company Act of 1940, as amended (the “1940 Act”), and the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

During the quarter ended September 30, 2026, we repurchased an additional 1,984 of the 6.00% Notes under the Note Repurchase Program. As of September 30, 2026, we had repurchased 1,568,791 of the 6.00% Notes under the Note Repurchase Program. The aggregate principal dollar amount of 6.00% Notes that may yet be repurchased by the Company under the Note Repurchase Program is approximately $35.8 million, or the remaining aggregate principal amount, of its 6.00% Notes.

Share Repurchase Program

On October 28, 2026, the Company’s Board of Directors authorized an extension of the Company's discretionary Share Repurchase Program until the earlier of (i) October 31, 2027 or (ii) the repurchase of $64.3 million in aggregate amount of the Company's common stock. The dollar value of shares that may yet be purchased by the Company under the Share Repurchase Program is approximately $25.0 million. Since inception of the Share Repurchase Program in August 2017, the Company has repurchased over 6.0 million shares of its common stock for an aggregate purchase price of approximately $39.3 million. Under the Share Repurchase Program, the Company may repurchase its outstanding common stock in the open market, provided it complies with the prohibitions under its insider trading policies and procedures and the applicable provisions of the 1940 Act and the Exchange Act.

Conference Call and Webcast

Management will hold a conference call and webcast for investors at 2:00 p.m. PT (5:00 p.m. ET) on November 3, 2026. The conference call access number for U.S. participants is 833-492-0058, and the conference call access number for participants outside the U.S. is +1 973-528-0128. The conference ID number for both access numbers is 441767. Additionally, interested parties can listen to a live webcast of the call from the "Investor Relations" section of Neostellar Capital’s website at neostellar.vc. An archived replay of the webcast will also be available for 12 months following the live presentation.

A replay of the conference call may be accessed until 5:00 p.m. PT (8:00 p.m. ET) on November 10, 2026 by dialing 800-332-6854 (U.S.) or +1 973-528-0005 (International) and using conference ID number 441767.

Forward-Looking Statements

Statements included herein, including statements regarding Neostellar Capital's beliefs, expectations, intentions, or strategies for the future, may constitute "forward-looking statements". Neostellar Capital cautions you that forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from those projected or implied in these statements. All forward-looking statements involve a number of risks and uncertainties, including the impact of any market volatility that may be detrimental to our business, our portfolio companies, our industry, and the global economy; risks relating to our externally managed structure and our relationship with Neostellar Advisors LLC (the “Adviser”), Magnetar Holdings LLC and their respective affiliates, including actual and potential conflicts of interest; our ability to retain key personnel and execute our investment strategy; and other risks and uncertainties that could cause actual results to differ materially from the plans, intentions, and expectations reflected in or suggested by the forward-looking statements. Risk factors, cautionary statements, and other conditions which could cause Neostellar Capital's actual results to differ from management's current expectations are contained in Neostellar Capital's filings with the Securities and Exchange Commission. Neostellar Capital undertakes no obligation to update any forward-looking statement to reflect events or circumstances that may arise after the date of this press release.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities of Neostellar Capital. The information contained herein is for informational purposes only and is not intended to be a substitute for financial, legal, or tax advice.

About Neostellar Capital Corp.

Neostellar Capital Corp. (Nasdaq: NSLR), formerly SuRo Capital Corp. (Nasdaq: SSSS), has been a publicly traded investment company focused on investing in private, venture-backed businesses for over 15 years. In simple terms, Neostellar invests in companies that are not yet listed on a public stock exchange. By owning shares of Neostellar, investors can gain exposure to a portfolio of VC-backed companies through a publicly traded stock. Neostellar is externally managed by Neostellar Advisors LLC, a joint venture owned by certain Neostellar Advisors employees and Magnetar Holdings LLC. Together, the platform combines experience in private company investing with institutional investment management capabilities. Neostellar Capital Corp. is headquartered in New York, NY and has an office in San Francisco, CA. Connect with the Company on X, LinkedIn, and at neostellar.vc.

About Neostellar Advisors LLC

Neostellar Advisors LLC is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940, and serves as the external investment adviser to Neostellar Capital Corp. Formed in 2026, Neostellar Advisors LLC is a joint venture between certain executives of Neostellar Capital Corp. and Magnetar Holdings LLC, combining Neostellar's publicly traded venture investing experience with Magnetar's institutional sourcing and underwriting.

Contact
Neostellar Capital Corp.
(212) 931-6331
IR@neostellaradvisors.com

Media Contact
Deborah Kostroun
Neostellar.pr@zitopartners.com

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NEOSTELLAR CAPITAL CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

	September 30, 2026 (UNAUDITED)			December 31, 2025 (AUDITED)
ASSETS
Investments at fair value:
Non-controlled/non-affiliate investments (cost of $193,959,206 and $219,216,145, respectively)	$	336,977,637		$	217,304,138
Non-controlled/affiliate investments (cost of $49,604,761 and $21,609,640, respectively)		40,218,767			8,207,367
Total Investments (cost of $243,563,967 and $240,825,785, respectively)		377,196,404			225,511,505
Cash		40,853,490			49,034,154
Restricted cash		—			38,741
Interest and dividends receivable		12,106			118,710
Deferred financing costs		164,803			508,310
Prepaid expenses and other assets⁽¹⁾		836,722			807,302
Total Assets		419,063,525			276,018,722
LIABILITIES
6.00% Notes due December 30, 2026⁽²⁾		35,733,362			35,642,149
6.50% Convertible Notes due August 14, 2029⁽³⁾		26,473,554			34,131,509
6.50% Redeemable Promissory Note due July 16, 2029⁽⁴⁾⁽⁵⁾		19,898,229			—
Accounts payable and accrued expenses⁽¹⁾		1,366,803			627,522
Accrued management fees⁽⁵⁾		622,264			—
Accrued interest payable⁽⁵⁾		270,833			—
Dividends payable		—			301,291
Total Liabilities		84,365,045			70,702,471

Net Assets	$	334,698,480		$	205,316,251
NET ASSETS
Common stock, par value $0.01 per share (100,000,000 authorized; 26,473,222 and 25,377,756 issued and outstanding, respectively)	$	264,732		$	253,778
Paid-in capital in excess of par		231,068,007			217,470,613
Accumulated net investment loss		(35,332,243	)		(3,967,932	)
Accumulated net realized gain on investments, net of distributions		5,065,547			6,874,070
Accumulated net unrealized appreciation/(depreciation) of investments		133,632,437			(15,314,278	)
Net Assets	$	334,698,480		$	205,316,251
Net Asset Value Per Share	$	12.64		$	8.09

________________________________
⁽¹⁾	^{These balances include a right of use asset and corresponding operating lease liability, respectively.}
⁽²⁾	^{As of September 30, 2026, the 6.00% Notes due December 30, 2026 (the "6.00% Notes due 2026") (effective interest rate of 6.62%) had a face value of $35,780,225. As of December 31, 2025, the 6.00% Notes due 2026 (effective interest rate of 7.08%) had a face value of $35,829,825.}
⁽³⁾	^{As of September 30, 2026, the 6.50% Convertible Notes due August 14, 2029 (the "6.50% Convertible Notes due 2029") (effective interest rate of 7.32%) had a face value of $27,000,000. As of December 31, 2025, the 6.50% Convertible Notes due 2029 (effective interest rate of 7.17%) had a face value of $35,000,000.}
⁽⁴⁾	^{As of September 30, 2026, the 6.50% Redeemable Promissory Note due July 16, 2029 (the "6.50% Redeemable Promissory Note due 2029") (effective interest rate of 6.70%) had a face value of $20,000,000.}
⁽⁵⁾	^{All or a portion of this balance references a related-party transaction.}

NEOSTELLAR CAPITAL CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

	Three Months Ended September 30,						Nine Months Ended September 30,
		2026			2025			2026			2025
INVESTMENT INCOME
Non-controlled/non-affiliate investments:
Interest income⁽¹⁾	$	271,807		$	459,269		$	959,670		$	777,220
Dividend income		—			—			343,750			348,447
Total Investment Income		271,807			459,269			1,303,420			1,125,667
OPERATING EXPENSES
Management fees⁽²⁾		1,585,769			—			1,585,769			—
Costs incurred under Administration Agreement⁽²⁾		282,705			—			282,705			—
Compensation expense		197,377			1,678,497			21,869,951			4,918,188
Directors’ fees		146,250			246,658			769,288			592,718
Interest expense⁽²⁾		1,353,844			1,276,713			3,707,459			3,812,047
Professional fees		(132,540	)		394,173			2,464,627			1,825,254
Income tax expense		—			—			35,505			(215,949	)
Offering expenses		572,969			8,997			588,957			26,808
Other expenses		296,568			309,046			1,363,470			1,005,345
Total Operating Expenses		4,302,942			3,914,084			32,667,731			11,964,411
Net Investment Loss		(4,031,135	)		(3,454,815	)		(31,364,311	)		(10,838,744	)
Realized Gain/(Loss) on Investments:
Non-controlled/non-affiliated investments		(9,169,114	)		5,196,799			(3,229,081	)		26,391,459
Non-controlled/affiliate investments		1,420,569			—			1,420,569			—
Net Realized Gain/(Loss) on Investments		(7,748,545	)		5,196,799			(1,808,512	)		26,391,459
Realized loss on partial repurchase of 6.00% Notes due December 30, 2026		(11	)		—			(11	)		(15,873	)
Change in Unrealized Appreciation/(Depreciation) of Investments:
Non-controlled/non-affiliated investments		(6,130,938	)		23,634,141			151,931,992			53,475,595
Non-controlled/affiliate investments		(3,247,877	)		735,476			(2,985,277	)		(76,930	)
Controlled investments		—			(18,694,508	)		—			2,941
Net Change in Unrealized Appreciation/(Depreciation) of Investments		(9,378,815	)		5,675,109			148,946,715			53,401,606
Net Change in Net Assets Resulting from Operations	$	(21,158,506	)	$	7,417,093		$	115,773,881		$	68,938,448
Net Change in Net Assets Resulting from Operations per Common Share:
Basic	$	(0.80	)	$	0.30		$	4.46		$	2.89
Diluted⁽³⁾	$	(0.80	)	$	0.28		$	3.89		$	2.49
Weighted-Average Common Shares Outstanding
Basic		26,473,222			24,371,533			25,949,707			23,893,418
Diluted⁽³⁾		26,473,222			28,989,579			30,165,561			28,408,445

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⁽¹⁾	^{Includes interest income earned on cash.}
⁽²⁾	^{All or a portion of this balance references a related-party transaction.}
⁽³⁾	^{For the three months ended September 30, 2026, 3,687,209 potentially dilutive common shares were excluded from the weighted-average common shares outstanding for diluted net change in net assets resulting from operations per common share because the effect of these shares would have been antidilutive.}

NEOSTELLAR CAPITAL CORP. AND SUBSIDIARIES FINANCIAL HIGHLIGHTS (UNAUDITED)

	Three Months Ended September 30,						Nine Months Ended September 30,
		2026			2025			2026			2025
Per Basic Share Data
Net asset value at beginning of period	$	13.44		$	9.18		$	8.09		$	6.68
Net investment loss⁽¹⁾		(0.15	)		(0.14	)		(1.21	)		(0.45	)
Net realized gain/(loss) on investments⁽¹⁾		(0.29	)		0.21			(0.07	)		1.10
Realized loss on partial repurchase of 6.00% Notes due December 30, 2026⁽¹⁾		<(0.01	)		—			<(0.01	)		<(0.01	)
Net change in unrealized appreciation/(depreciation) of investments⁽¹⁾		(0.35	)		0.23			5.74			2.23
Dividends declared		—			(0.25	)		—			(0.25	)
Issuance of common stock from public offering⁽¹⁾		—			(0.03	)		—			(0.03	)
Issuance of common stock from conversion of 6.50% Convertible Notes due 2029⁽¹⁾		—			—			(0.28	)		—
Stock-based compensation⁽¹⁾⁽²⁾		—			0.03			0.37			(0.05	)
Net asset value at end of period	$	12.64		$	9.23		$	12.64		$	9.23
Per share market value at end of period	$	7.69		$	9.00		$	7.69		$	9.00
Total return based on market value⁽³⁾	(38.68		)%		12.67	%	(18.54		)%		57.31	%
Total return based on net asset value⁽³⁾	(5.95		)%		3.27	%		56.24	%		41.92	%
Shares outstanding at end of period		26,473,222			25,119,091			26,473,222			25,119,091
Ratios/Supplemental Data:
Net assets at end of period	$	334,698,480		$	231,787,028		$	334,698,480		$	231,787,028
Average net assets	$	355,067,614		$	217,139,281		$	309,467,532		$	178,224,292
Ratio of net operating expenses to average net assets⁽⁴⁾		4.73	%		7.15	%		11.93	%		8.98	%
Ratio of net investment loss to average net assets⁽⁴⁾	(4.43		)%	(6.31		)%	(11.36		)%	(8.13		)%
Portfolio Turnover Ratio		0.05	%		2.15	%		7.31	%		5.24	%

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⁽¹⁾	^{Based on weighted-average number of shares outstanding for the relevant period.}
⁽²⁾	^{Represents stock-based compensation recognized during the period, net of shares withheld to satisfy statutory tax withholding obligations upon the vesting of restricted stock awards.}
⁽³⁾	^{Total return based on market value is based upon the change in market price per share between the opening and ending market values per share in the period, adjusted for dividends. 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 in the period, adjusted for dividends.}
⁽⁴⁾	^{Financial 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. For the three and nine months ended September 30, 2026, the annualization of these ratios excludes the effect of approximately $0.1 million and $20.1 million of accelerated and non-recurring expenses incurred in connection with the Externalization, respectively. 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.}

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How does Neostellar Capital hold its OpenAI and VAST Data investments?

Neostellar holds its OpenAI and VAST Data exposure indirectly through investment vehicles. Its Class A interest in ARK Type One Deep Ventures Fund is solely invested in OpenAI Series A-2 preferred shares. Its membership interest in IH10 provides exposure to VAST Data Series B preferred shares through a special purpose vehicle.

Neostellar Capital Corp. Reports Third Quarter 2026 Financial Results