Neostellar Capital Corp 10-Q for FY2026 Q2

Neostellar Capital Corp. (NSLR)

10-Q 2026-08-06 For: 2026-06-30

Added on August 06, 2026

About this 10-Q

Neostellar Capital Corp filed this 10-Q on August 6, 2026, covering the quarter ended June 30, 2026 (FY2026 Q2).

Headline figures

Quarter ended June 30, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Net loss: $18.7M; compared with net income of $62.33M a year earlier
Diluted EPS: -$0.72; compared with $2.23 a year earlier

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Maryland		27-4443543
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

640 Fifth Avenue, 12th Floor, New York, NY		10019
(Address of principal executive offices)		(Zip Code)

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

	Large accelerated filer ☐	Accelerated filer ☐
	Non-accelerated filer ☒	Smaller reporting company ☐
	Emerging growth company ☐

		PAGE
PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements	1
	Condensed Consolidated Statements of Assets and Liabilities as of June 30, 2026 (Unaudited) and December 31, 2025	1
	Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2026 and 2025 (Unaudited)	2
	Condensed Consolidated Statements of Changes in Net Assets for the Six Months Ended June 30, 2026 and 2025 (Unaudited)	3
	Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2026 and 2025 (Unaudited)	4
	Condensed Consolidated Schedule of Investments as of June 30, 2026 (Unaudited)	5
	Condensed Consolidated Schedule of Investments as of December 31, 2025	10
	Notes to Condensed Consolidated Financial Statements as of June 30, 2026 (Unaudited)	15
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	46
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	59
Item 4.	Controls and Procedures	59
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	60
Item 1A.	Risk Factors	60
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	61
Item 3.	Defaults Upon Senior Securities	61
Item 4.	Mine Safety Disclosures	61
Item 5.	Other Information	61
Item 6.	Exhibits	62
Signatures		63

	June 30, 2026 (UNAUDITED)			December 31, 2025 (AUDITED)
ASSETS
Investments at fair value:
Non-controlled/non-affiliate investments (cost of $241,230,810 and $219,216,145, respectively)	$	397,381,734		$	217,304,138
Non-controlled/affiliate investments (cost of $21,609,640 and $21,609,640, respectively)		8,469,967			8,207,367
Total Investments (cost of $262,840,450 and $240,825,785, respectively)		405,851,701			225,511,505
Investments at fair value		405,851,701			225,511,505
Cash		12,940,740			49,034,154
Restricted cash		—			38,741
Interest and dividends receivable		133,862			118,710
Deferred financing costs		578,102			508,310
Prepaid expenses and other assets⁽¹⁾		619,869			807,302
Total Assets		420,124,274			276,018,722
LIABILITIES
6.00% Notes due December 30, 2026⁽²⁾		35,735,465			35,642,149
6.50% Convertible Notes due August 14, 2029⁽³⁾		26,421,748			34,131,509
Accounts payable and accrued expenses⁽¹⁾		2,110,075			627,522
Dividends payable		—			301,291
Total Liabilities		64,267,288			70,702,471
Commitments and contingencies (Notes 7 and 10)		-			-
Net Assets	$	355,856,986		$	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		231,068,006			217,470,613
Accumulated net investment loss		(31,301,107	)		(3,967,932	)
Accumulated net realized gain on investments, net of distributions		12,814,103			6,874,070
Accumulated net unrealized appreciation/(depreciation) of investments		143,011,252			(15,314,278	)
Net Assets	$	355,856,986		$	205,316,251
Net Asset Value Per Share	$	13.44		$	8.09

(1)	These balances include a right of use asset and corresponding operating lease liability, respectively. Refer to “Note 7—Commitments and Contingencies—Operating Leases and Related Deposits” for more detail.
(2)	As of June 30, 2026, the 6.00% Notes due December 30, 2026 (the “6.00% Notes due 2026”) (effective interest rate of 6.43%) had a face value of $35,829,825. 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. Refer to “Note 10—Debt Capital Activities” for a reconciliation of the carrying value to the face value.
(3)	As of June 30, 2026, the 6.50% Convertible Notes due August 14, 2029 (the “6.50% Convertible Notes due 2029”) (effective interest rate of 8.06%) 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. Refer to “Note 10—Debt Capital Activities” for a reconciliation of the carrying value to the face value.

	2026			2025			2026			2025
	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
INVESTMENT INCOME
Non-controlled/non-affiliate investments:
Interest income⁽¹⁾	$	299,650		$	167,304		$	687,863		$	317,951
Dividend income		—			—			343,750			348,447
Total Investment Income		299,650			167,304			1,031,613			666,398
OPERATING EXPENSES
Compensation expense		19,696,322			1,571,856			21,672,574			3,239,691
Directors’ fees		427,476			175,495			623,038			346,060
Interest expense		1,136,421			1,275,485			2,353,615			2,535,334
Professional fees		1,724,438			680,857			2,597,167			1,431,081
Income tax expense		(22,053	)		(218,745	)		35,505			(215,949	)
Other expenses		691,730			404,516			1,082,890			714,110
Total Operating Expenses		23,654,334			3,889,464			28,364,789			8,050,327
Net Investment Loss		(23,354,684	)		(3,722,160	)		(27,333,176	)		(7,383,929	)
Realized Gain on Investments:
Non-controlled/non-affiliated investments		5,049,520			21,212,611			5,940,033			21,194,660
Net Realized Gain on Investments		5,049,520			21,212,611			5,940,033			21,194,660
Realized loss on partial repurchase of 6.00% Notes due December 30, 2026		—			—			—			(15,873	)
Change in Unrealized Appreciation/(Depreciation) of Investments:
Non-controlled/non-affiliated investments		(1,930,131	)		35,090,339			158,062,930			29,841,454
Non-controlled/affiliate investments		1,531,622			(339,693	)		262,600			(812,406	)
Controlled investments		—			10,086,973			—			18,697,449
Net Change in Unrealized Appreciation/(Depreciation) of Investments		(398,509	)		44,837,619			158,325,530			47,726,497
Net Change in Net Assets Resulting from Operations	$	(18,703,673	)	$	62,328,070		$	136,932,387		$	61,521,355
Net Change in Net Assets Resulting from Operations per Common Share:
Basic	$	(0.72	)	$	2.63		$	5.33		$	2.60
Diluted⁽²⁾	$	(0.72	)	$	2.23		$	4.58		$	2.23
Weighted-Average Common Shares Outstanding
Basic		25,983,140			23,728,095			25,683,611			23,650,399
Diluted⁽²⁾		25,983,140			28,244,225			30,168,169			28,113,063

	2026			2025
Net Assets at Beginning of Year	$	205,316,251		$	157,572,086

Change in Net Assets Resulting from Operations
Net investment loss		(3,978,492	)		(3,661,769	)
Net realized gain/(loss) on investments		890,513			(17,951	)
Realized loss on partial repurchase of 6.00% Notes due 2026		—			(15,873	)
Net change in unrealized appreciation/(depreciation) of investments		158,724,039			2,888,878
Net Change in Net Assets Resulting from Operations		155,636,060			(806,715	)
Change in Net Assets Resulting from Capital Transactions
Stock-based compensation		599,271			38,784
Net Change in Net Assets Resulting from Capital Transactions		599,271			38,784
Total Change in Net Assets		156,235,331			(767,931	)
Net Assets at March 31	$	361,551,582		$	156,804,155

Change in Net Assets Resulting from Operations
Net investment loss	$	(23,354,684	)	$	(3,722,160	)
Net realized gain on investments		5,049,520			21,212,611
Net change in unrealized appreciation/(depreciation) of investments		(398,509	)		44,837,619
Net Change in Net Assets Resulting from Operations		(18,703,673	)		62,328,070
Change in Net Assets Resulting from Capital Transactions
Stock-based compensation		11,085,473			277,370
Shares repurchased for tax withholdings on vesting of employee equity awards		(5,897,743	)		—
Conversion of 6.50% Convertible Notes due 2029		7,821,347			—
Net Change in Net Assets Resulting from Capital Transactions		13,009,077			277,370
Total Change in Net Assets		(5,694,596	)		62,605,440
Net Assets at June 30	$	355,856,986		$	219,409,595

	Six Months Ended June 30,
	2026		2025
Capital Share Activity
Shares outstanding at beginning of year		25,377,756		23,601,566
Issuance of common stock under restricted stock plan, net⁽¹⁾		2,962		286,541
Issuance of common stock from conversion of 6.50% Convertible Notes due 2029		1,092,504		—
Shares Outstanding at End of Period		26,473,222		23,888,107

Supplemental Information:	2026		2025
Interest paid	$	2,148,680	$	2,313,988
Taxes paid		35,505		(215,949	)
Right of use asset obtained in exchange for operating lease liabilities		—		(2,006	)
Conversion of 6.50% Convertible Notes due 2029		8,000,000		—

Portfolio Investments*		Headquarters/ Industry	Date of Initial Investment	Shares/ Principal/ Quantity⁽²⁾		Cost		Fair Value		% of Net Assets
NON-CONTROLLED/NON-AFFILIATE
Whoop, Inc.		Boston, MA
Preferred Shares, Series C		Fitness Technology	6/30/2022		13,293,450	$	10,011,460	$	149,338,617		41.97	%
Preferred Shares, Series G-2		Fitness Technology	2/6/2025		127,164		1,001,628		1,428,560		0.40	%
Total							11,013,088		150,767,177		42.37	%
ARK Type One Deep Ventures Fund LLC^(5)**		St. Petersburg, FL
Membership Interest, Class A	**(5)	AI Application Fund	9/25/2024	$	17,500,000		17,696,568		59,302,645		16.66	%
IH10, LLC^(6)**		New York, NY
Membership Interest	**(6)	AI Infrastructure Fund	10/9/2024	$	12,000,010		12,273,784		34,001,149		9.55	%
Magnetar Opportunity 2025-4 LP^(7)**		Evanston, IL
Class A Interest	**(7)	AI Infrastructure Fund	1/2/2026	$	5,000,000		5,012,250		5,200,000		1.46	%
Class B Interest	**(7)	AI Infrastructure Fund	6/3/2026	$	15,000,000		15,000,000		15,000,000		4.22	%
Total	**(7)						20,012,250		20,200,000		5.68	%
Blink Health, Inc.		New York, NY
Preferred Shares, Series A		Pharmaceutical Technology	10/27/2020		238,095		5,000,423		7,499,992		2.11	%
Preferred Shares, Series C		Pharmaceutical Technology	10/27/2020		261,944		10,003,917		9,613,523		2.70	%
Total							15,004,340		17,113,515		4.81	%
CW Opportunity 2 LP^(8)**		Evanston, IL
Class A Interest^***	(8) *	AI Infrastructure Fund	5/7/2024	$	8,377,421		8,553,863		15,367,670		4.32	%
Canva, Inc.		Austin, TX
Common Shares		Productivity Software	4/17/2024		9,375		10,058,820		15,432,563		4.34	%
Learneo, Inc. (f/k/a Course Hero, Inc.)		Menlo Park, CA
Preferred Shares, Series A 8%		Online Education	9/18/2014		2,145,509		5,000,001		5,369,287		1.51	%
Preferred Shares, Series C 8%		Online Education	11/5/2021		275,659		9,999,971		9,999,971		2.81	%
Total							14,999,972		15,369,258		4.32	%
Locus Robotics Corp.		Wilmington, MA
Preferred Shares, Series F 6%		Warehouse Automation	11/30/2022		232,568		10,004,286		12,347,909		3.47	%
Supplying Demand, Inc. (d/b/a Liquid Death)		Los Angeles, CA
Preferred Shares, Series F-1		Lifestyle Beverage Brand	1/18/2024		776,747		10,003,934		9,999,996		2.81	%
Series F Convertible Note 4.12%, Due 7/15/2030^***		Lifestyle Beverage Brand	7/29/2025	$	250,000		252,362		250,000		0.07	%
Total							10,256,296		10,249,996		2.88	%
ClickHouse, Inc.		San Francisco, CA
Preferred Shares, Series A		Managed Database and Analytics	4/22/2026		41,179		9,579,252		9,471,170		2.66	%
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		3,405,588		0.96	%
Preferred Shares, Series B-2		Home Improvement Finance	2/26/2021		301,750		3,501,661		3,405,593		0.96	%
Preferred Shares, Series B-3		Home Improvement Finance	5/2/2022		56,936		530,822		516,502		0.15	%
Preferred Shares, Series B-4		Home Improvement Finance	7/12/2023		48,267		366,606		486,511		0.13	%
Common Warrants, Strike Price $0.01, Expiration Date 7/12/2026		Home Improvement Finance	7/12/2023		86,076		140,060		—		—	%
Total							8,040,806		7,814,194		2.20	%
Plaid Inc.⁽⁹⁾		San Francisco, CA
Common Shares	(9)	Financial Technology Infrastructure	4/4/2025		24,512		5,395,542		6,922,679		1.95	%

*	All portfolio investments are non-control/non-affiliated and non-income-producing, unless otherwise identified. As of June 30, 2026, all of the Company’s investments were non-controlled. Equity investments may be 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. Neostellar Capital Corp.’s (the “Company’s”, or “Neostellar Capital’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 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 Neostellar 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 the Company’s total investments as of June 30, 2026, 32.73% of its total investments are non-qualifying assets, excluding cash and short-term US treasuries.
***	Investment is income-producing.

(9)	Neostellar Capital’s investment in the Class A Common Shares of Plaid Inc. was made through 1789 Capital Nirvana II LP, an SPV in which Neostellar Capital is the Sole Limited Partner. 1789 Capital Nirvana II LP is a wholly owned subsidiary of Neostellar Capital. Neostellar Capital paid a 7% origination fee at the time of investment.

(10)	Neostellar Capital’s investments in Commercial Streaming Solutions Inc. (d/b/a BettorView), EDGE Markets, Inc., Xgroup Holdings Inc. (d/b/a Xpoint), and Stake Trade, Inc. (d/b/a Prophet Exchange) are held through Neostellar Capital’s wholly owned subsidiary, SuRo Capital Sports, LLC (“SuRo Capital Sports”).

(11)	Neostellar Capital’s investments in True Global Ventures 4 Plus Pte Ltd are held through Neostellar Capital’s wholly owned subsidiary, GSVC SVDS Holdings, Inc. True Global Ventures 4 Plus Pte Ltd charges a 1.8% management fee and a 22.5% incentive fee, subject to an annual 5% IRR hurdle rate. The management fees may adjust the cost of Neostellar Capital’s investment in the fund.

(9)	On July 15, 2025, Colombier Acquisition Corp. II (“Colombier”) stockholders approved a business combination with GrabAGun Digital Holdings Inc. and related proposals at a special meeting. On July 16, 2025, GrabAGun Digital Holdings, Inc. announced that it had consummated the business combination with Colombier pursuant to a merger agreement between the parties, creating the resultant combined company GrabAGun Digital Holdings, Inc. As of December 31, 2025, Neostellar Capital’s shares of GrabAGun Digital Holdings, Inc. Common shares are subject to certain restrictions on transfer, while the GrabAGun Digital Holdings, Inc. warrants are freely tradable.

(10)	Neostellar Capital’s investments in True Global Ventures 4 Plus Pte Ltd are held through Neostellar Capital’s wholly owned subsidiary, GSVC SVDS Holdings, Inc. True Global Ventures 4 Plus Pte Ltd charges a 1.8% management fee and a 22.5% incentive fee, subject to an annual 5% IRR hurdle rate. The management fees may adjust the cost of Neostellar Capital’s investment in the fund.

(11)	Neostellar Capital’s investments in Commercial Streaming Solutions Inc. (d/b/a BettorView), EDGE Markets, Inc., Xgroup Holdings Inc. (d/b/a Xpoint), and Stake Trade, Inc. (d/b/a Prophet Exchange) are held through Neostellar Capital’s wholly owned subsidiary, SuRo Capital Sports, LLC (“SuRo Capital Sports”).

Subsidiary	Jurisdiction of Incorporation	Formation Date	Percentage Owned
GCL	Delaware	April 13, 2012		100	%
SuRo Capital Sports, LLC (“SuRo Capital Sports”)	Delaware	March 19, 2021		100	%
1789 Capital Nirvana II LP	Delaware	March 27, 2025		100	%
SRCI Advisors, LLC	Delaware	September 9, 2025		100	%
Subsidiaries below are referred to collectively as the “Taxable Subsidiaries”
GSVC AE Holdings, Inc. (“GAE”)	Delaware	November 28, 2012		100	%
GSVC AV Holdings, Inc. (“GAV”)	Delaware	November 28, 2012		100	%
GSVC SW Holdings, Inc. (“GSW”)	Delaware	November 28, 2012		100	%
GSVC SVDS Holdings, Inc. (“SVDS”)	Delaware	August 13, 2013		100	%

Portfolio Investments*		Headquarters/ Industry	Date of Initial Investment	Shares/ Principal/ Quantity⁽²⁾		Cost		Fair Value		% of Net Assets
Portfolio Investments^*		Headquarters/ Industry	Date of Initial Investment	Shares/ Principal/ Quantity⁽²⁾		Cost		Fair Value		% of Net Assets
FourKites, Inc.		Chicago, IL
Common Shares		Supply Chain Technology	7/7/2023		1,398,024		8,530,389		3,435,624		0.97	%
EDGE Markets, Inc.⁽¹⁰⁾		San Diego, CA
Preferred Shares, Series Seed 8%	(11)	Gaming Technology	5/18/2022		456,704		501,330		3,201,961		0.90	%
PayJoy, Inc.		San Francisco, CA
Preferred Shares, Series C		Mobile Access Technology	7/23/2021		244,117		2,501,570		2,499,758		0.70	%
Simple Agreement for Future Equity		Mobile Access Technology	5/25/2023	$	500,000		501,470		500,000		0.14	%
Total							3,003,040		2,999,758		0.84	%
True Global Ventures 4 Plus Pte Ltd^(11)**		Singapore, Singapore
Limited Partner Fund Investment	**(11)	Venture Investment Fund	8/27/2021	$	2,000,000		202,378		2,884,437		0.81	%
Neutron Holdings, Inc. (d/b/a Lime)		San Francisco, CA
Junior Preferred Shares, Series 1-D		Micromobility	1/25/2019		61,364		10,007,322		1,534,100		0.43	%
Junior Preferred Convertible Note 4% Due 5/11/2027^***		Micromobility	5/11/2020	$	506,339		506,339		942,275		0.26	%
Common Warrants, Strike Price $0.01, Expiration Date 5/11/2027		Micromobility	5/11/2020		3,025		—		55,275		0.02	%
Total							10,513,661		2,531,650		0.71	%
Xgroup Holdings Inc. (d/b/a Xpoint)⁽¹⁰⁾		Miami Beach, FL
Preferred Shares, Series A-1	(10)	Geolocation Technology	8/17/2022		454		136,114		220,201		0.06	%
Series A-1 Warrants, Strike Price $0.0001, Expiration Date 5/14/2044	(10)	Geolocation Technology	8/17/2022		3,286		985,180		1,593,789		0.45	%
Series A Warrants, Strike Price $0.0001, Expiration Date 5/14/2044	(10)	Geolocation Technology	8/17/2022		873		261,735		564,568		0.16	%
Total	(10)						1,383,029		2,378,558		0.67	%
Stake Trade, Inc. (d/b/a Prophet Exchange)⁽¹⁰⁾		New York, NY
Preferred Shares, Series B-IV	(10)	Sports Betting	7/26/2023		755,041		1,002,153		2,038,422		0.57	%
GrabAGun Digital Holdings Inc.		Coppell, TX
Common Shares⁽⁴⁾		E-Commerce Marketplace	11/20/2023		452,619		480,350		1,031,972		0.29	%
Common Warrants, Strike Price $11.50, Expiration Date 7/15/2030⁽⁴⁾		E-Commerce Marketplace	11/20/2023		1,204,488		375,816		361,346		0.10	%
Total							856,166		1,393,318		0.39	%
Varo Money, Inc.^**		San Francisco, CA
Common Shares	**	Financial Services	8/11/2021		1,079,266		10,005,548		1,079,266		0.30	%
Residential Homes for Rent, LLC (d/b/a Second Avenue)⁽¹²⁾		Chicago, IL
Preferred Shares, Series A	(12)	Real Estate Platform	12/23/2020		150,000		1,500,000		403,890		0.11	%
Skillsoft Corp.		Nashua, NH
Common Shares⁽⁴⁾		Online Education	6/8/2021		49,092		9,818,428		254,297		0.07	%
Huntress Labs Inc.		Columbia, MD
Common Shares		Cybersecurity	4/8/2026		15,000		229,296		225,000		0.06	%
Orchard Technologies, Inc.⁽¹³⁾		New York, NY
Common Shares	(13)	New York, NY Real Estate Platform	8/9/2021		1,627,478		12,733,759		—		—	%
Preferred Shares, Series E-1	(13)	New York, NY	1/31/2025		301,380		81,584		80,800		0.02	%
Total	(13)						12,815,343		80,800		0.02	%

	June 30, 2026		December 31, 2025
Deferred debt issuance costs	$	672,612	$	1,056,167
Deferred financing costs		578,102		508,310
Total	$	1,250,714	$	1,564,477

(1)	As of June 30, 2026 Preferred Stock also includes the Company’s investment in the Class A Interest of ARK Type One Deep Ventures Fund LLC which is invested in the Series A-2 Preferred Shares of OpenAI Global, LLC, the Company’s investment in the Membership Interest of IH10, LLC which is invested in the Series B Preferred Shares of VAST Data, Ltd. through an SPV, and the Company’s investment in the Class A Interest and Class B Interest of Magnetar Opportunity 2025-4 LP which is invested in the Series B Preferred Shares of TensorWave, Inc. As of December 31, 2025, Preferred Stock also includes the Company’s investment in the Class A Interest of ARK Type One Deep Ventures Fund LLC which is invested in the Series A-2 Preferred Shares of OpenAI Global, LLC, the Company’s investment in the Membership Interest of IH10, LLC which is invested in the Series B Preferred Shares of VAST Data, Ltd. through an SPV.
(2)	As of June 30, 2026 and December 31, 2025, Common Stock in Private Portfolio Companies also includes the Company’s Limited Partner Fund Investment in True Global Ventures 4 Plus Pte Ltd. and the Company’s investment in the Class A Interest of CW Opportunity 2 LP which is invested in the Class A Common Stock of CoreWeave, Inc.
(3)	As of June 30, 2026, Options in Private Portfolio Companies also includes the Company’s investment in the SAFE of PayJoy, Inc. As of December 31, 2025, Options in Private Portfolio Companies also includes the Company’s investments in the SAFEs of Orchard Technologies, Inc., PayJoy, Inc., and Whoop, Inc.

	As of June 30, 2026								As of December 31, 2025
	Fair Value		Percentage of Portfolio			Percentage of Net Assets			Fair Value		Percentage of Portfolio			Percentage of Net Assets
Geographic Region
Northeast	$	216,840,006		53.4	%		60.9	%	$	78,565,018		34.9	%		38.3	%
Midwest		64,078,509		15.8	%		18.0	%		49,488,742		21.9	%		24.1	%
Southeast		61,753,044		15.2	%		17.4	%		44,761,355		19.8	%		21.8	%
West		60,295,705		14.9	%		16.9	%		49,566,027		22.0	%		24.1	%
International		2,884,437		0.7	%		0.8	%		3,130,363		1.4	%		1.5	%
Total	$	405,851,701		100.0	%		114.0	%	$	225,511,505		100.0	%		109.8	%

Industry Theme		Industry
Artificial Intelligence Infrastructure		AI Application Fund
& Applications		AI Infrastructure Fund
		Managed Database and Analytics
Consumer Goods & Services		E-Commerce Marketplace
		Fitness Technology
		Lifestyle Beverage Brand
		Micromobility
Education Technology		Business Education
		Interactive Learning
		Online Education
Financial Technology & Services		Cannabis REIT
		Carbon Credit Services
		Digital Asset Infrastructure
		Financial Services
		Financial Technology Infrastructure
		Mobile Access Technology
		Real Estate Platform
		Venture Investment Fund
Logistics & Supply Chain		Supply Chain Technology
		Warehouse Automation
Software-as-a-Service		Home Improvement Finance
		Knowledge Networks
		Pharmaceutical Technology
		Productivity Software
		Retail Technology
		Social Data Platform
		Cybersecurity
SuRo Capital Sports		Gaming Technology
		Geolocation Technology
		Interactive Media & Services
		Sports Betting

	As of June 30, 2026
	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⁽¹⁾	$	—	$	—	$	354,836,112	$	354,836,112
Common Stock⁽²⁾		—		—		45,390,226		45,390,226
Options⁽³⁾		—		—		2,713,632		2,713,632
Debt Investments		—		—		1,192,275		1,192,275
Private Portfolio Companies		—		—		404,132,245		404,132,245
Publicly Traded Portfolio Companies
Common Stock		1,286,269		—		—		1,286,269
Options		433,187		—		—		433,187
Publicly Traded Portfolio Companies		1,719,456		—		—		1,719,456
Total Investments at Fair Value	$	1,719,456	$	—	$	404,132,245	$	405,851,701

(1)	Preferred Stock also includes the Company’s investment in the Class A Interest of ARK Type One Deep Ventures Fund LLC which is invested in the Series A-2 Preferred Shares of OpenAI Global, LLC, the Company’s investment in the Membership Interest of IH10, LLC which is invested in the Series B Preferred Shares of VAST Data, Ltd. through an SPV, and the Company’s investment in the Class A Interest and Class B Interest of Magnetar Opportunity 2025-4 LP which is invested in the Series B Preferred Shares of TensorWave, Inc.
(2)	Common Stock in Private Portfolio Companies also includes the Company’s Limited Partner Fund Investment in True Global Ventures 4 Plus Pte Ltd. and the Company’s investment in the Class A Interest of CW Opportunity 2 LP which is invested in Class A Common Stock of CoreWeave, Inc.
(3)	Options in Private Portfolio Companies also includes the Company’s investment in the SAFE of PayJoy, Inc.

Asset	Fair Value	Valuation Approach/ Technique⁽¹⁾	Unobservable Inputs⁽²⁾	Range (Weighted Average)⁽³⁾
Preferred stock in private companies⁽⁴⁾	$354,836,112	Market Approach	Revenue Multiples	0.52x - 5.12x (2.28x)
		Market Approach	Precedent Transactions	25% - 100% (95%)
		PWERM⁽⁷⁾	Revenue Multiples	0.75x - 2.4x (2.25x)
		PWERM⁽⁷⁾	Dissolution Risk	100%
Common stock in private companies⁽⁵⁾	$45,390,226	Market Approach	Revenue Multiples	0.63x - 3.58x (3.41x)
		Market Approach	Precedent Transactions	100%
		PWERM⁽⁷⁾	Dissolution Risk	100%
		PWERM⁽⁷⁾	Precedent Transaction	100%
Options⁽⁶⁾	$2,713,632	Option Pricing Model	Term to Expiration (Years)	0.03
		Option Pricing Model	Volatility	54%
		Market Approach	Precedent Transaction	100%
Debt investments	$1,192,275	Market Approach	Revenue Multiples	0.66x - 4.32x (4.15x)
Debt investments	$1,192,275	Market Approach	Precedent Transactions	25% - 100% (84%)

(1)	As of June 30, 2026, the Board of Directors used a hybrid market and income approach to value certain common and preferred stock investments, as the Board of Directors 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 of Directors 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 Board of Directors carefully considers numerous factors when selecting the appropriate companies whose multiples are used to value the Company’s 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.

(1)	As of December 31, 2025, the Board of Directors used a hybrid market and income approach to value certain common and preferred stock investments, as the Board of Directors 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 of Directors 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 Board of Directors carefully considers numerous factors when selecting the appropriate companies whose multiples are used to value the Company’s 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.

	Preferred Stock⁽¹⁾			Common Stock⁽²⁾			Options⁽³⁾			Debt Investments		Total
	Six Months Ended June 30, 2026
	Preferred Stock⁽¹⁾			Common Stock⁽²⁾			Options⁽³⁾			Debt Investments		Total
Assets:
Fair Value as of December 31, 2025	$	169,631,231		$	46,713,129		$	4,201,543		$	756,339	$	221,302,242
Fair Value, Beginning balance	$	169,631,231		$	46,713,129		$	4,201,543		$	756,339	$	221,302,242
Transfers out of Level 3
Purchases, capitalized fees and interest		24,579,252			229,296			5,012,250			—		29,820,798
Sales/Redemptions of investments		(5,150,810	)		(6,715,466	)		—			—		(11,866,276	)
Exercises and conversions⁽⁴⁾		(2,886,779	)		8,982,241			(6,095,462	)		—		—
Realized gains/(losses)		44,667			4,638,846			—			—		4,683,513
Net change in unrealized appreciation/(depreciation) included in earnings		168,618,551			(8,457,820	)		(404,699	)		435,936		160,191,968
Fair Value as of June 30, 2026	$	354,836,112		$	45,390,226		$	2,713,632		$	1,192,275	$	404,132,245
Fair Value, Ending balance	$	354,836,112		$	45,390,226		$	2,713,632		$	1,192,275	$	404,132,245
Net change in unrealized appreciation/ (depreciation) of Level 3 investments still held as of June 30, 2026	$	157,818,704		$	(8,457,820	)	$	(407,112	)	$	435,936	$	149,389,708

Portfolio Company	Conversion from	Conversion to
Whoop, Inc.	Simple Agreement for Future Equity	Preferred Shares, Series G-2 (Level 3)
Orchard Technologies, Inc.	Senior Preferred Shares, Series 1 Senior Preferred Shares, Series 2 Preferred Shares, Series D Simple Agreement for Future Equity	Common Shares (Level 3) Preferred Shares, Series E-1 (Level 3)
Magnetar Opportunity 2025-4 LP	Simple Agreement for Future Equity	Preferred Shares, Series B (Level 3)

Type/Industry/Portfolio Company/Investment	Shares/ Principal/Quantity		Fair Value at December 31, 2025		Transfer In/ (Out)		Unrealized Gains/(Losses)			Fair Value at June 30, 2026		Percentage of Net Assets
*NON-CONTROLLED/AFFILIATE INVESTMENTS⁽¹⁾**
Preferred Stock
Interactive Media & Services
Commercial Streaming Solutions Inc. (d/b/a BettorView)–Preferred Shares, Series A-1		10,548,522	$	350,000	$	—	$	(350,000	)	$	—		—	%
Knowledge Networks
Maven Research, Inc.–Preferred Shares, Series C		318,979		—		—		—			—		—	%
Maven Research, Inc.–Preferred Shares, Series B		49,505		—		—		—			—		—	%
Total Knowledge Networks				—		—		—			—		—	%
Interactive Learning
StormWind, LLC⁽²⁾– Preferred Shares, Series D 8%		329,337		435,806		—		34,329			470,135		0.13	%
StormWind, LLC⁽²⁾– Preferred Shares, Series C 8%		2,779,134		4,760,083		—		251,438			5,011,521		1.41	%
StormWind, LLC⁽²⁾– Preferred Shares, Series B 8%		3,279,629		2,578,473		—		285,585			2,864,058		0.80	%
StormWind, LLC⁽²⁾– Preferred Shares, Series A 8%		366,666		83,005		—		41,248			124,253		0.03	%
Total Interactive Learning				7,857,367		—		612,600			8,469,967		2.38	%
Total Preferred Stock				8,207,367		—		262,600			8,469,967		2.38	%
Common Stock
Online Education
Curious.com, Inc.–Common Shares		1,135,944		—		—		—			—		—	%
Total Common Stock				—		—		—			—		—	%
*TOTAL NON-CONTROLLED/AFFILIATE INVESTMENTS⁽¹⁾**			$	8,207,367	$	—	$	262,600		$	8,469,967		2.38	%

Type/Industry/Portfolio Company/Investment	Shares/ Principal/Quantity		Fair Value at December 31, 2024		Transfer In/ (Out)			Unrealized Gains/(Losses)			Fair Value at December 31, 2025		Percentage of Net Assets
*CONTROLLED INVESTMENTS⁽²⁾**
Common Stock
Special Purpose Acquisition Company
Colombier Sponsor II LLC**⁽³⁾–Class B Units		—	$	1,101,695	$	(1,103,719	)	$	2,024		$	—		—	%
Total Common Stock				1,101,695		(1,103,719	)		2,024			—		—	%
Options
Special Purpose Acquisition Company
Colombier Sponsor II LLC**⁽³⁾–Class W Units		—		498,305		(499,221	)		916			—		—	%
Total Options				498,305		(499,221	)		916			—		—	%
*TOTAL CONTROLLED INVESTMENTS⁽²⁾**			$	1,600,000	$	(1,602,940	)	$	2,940		$	—		—	%
*NON-CONTROLLED/AFFILIATE INVESTMENTS⁽¹⁾**
Preferred Stock
Interactive Media & Services
Commercial Streaming Solutions Inc. (d/b/a BettorView)–Preferred Shares, Series A-1		10,548,522	$	—	$	1,000,000		$	(650,000	)	$	350,000		0.17	%
Knowledge Networks
Maven Research, Inc.–Preferred Shares, Series C		318,979		—		—			—			—		—	%
Maven Research, Inc.–Preferred Shares, Series B		49,505		—		—			—			—		—	%
Total Knowledge Networks				—		—			—			—		—	%
Interactive Learning
StormWind, LLC⁽⁴⁾– Preferred Shares, Series D 8%		329,337		501,626		—			(65,820	)		435,806		0.21	%
StormWind, LLC⁽⁴⁾– Preferred Shares, Series C 8%		2,779,134		5,376,994		—			(616,911	)		4,760,083		2.32	%
StormWind, LLC⁽⁴⁾– Preferred Shares, Series B 8%		3,279,629		3,233,922		—			(655,449	)		2,578,473		1.26	%
StormWind, LLC⁽⁴⁾– Preferred Shares, Series A 8%		366,666		156,285		—			(73,280	)		83,005		0.04	%
Total Interactive Learning				9,268,827		—			(1,411,460	)		7,857,367		3.83	%
Total Preferred Stock				9,268,827		1,000,000			(2,061,460	)		8,207,367		4.00	%
Common Stock
Online Education
Curious.com, Inc.–Common Shares		1,135,944		—		—			—			—		—	%
Total Common Stock				—		—			—			—		—	%
*TOTAL NON-CONTROLLED/AFFILIATE INVESTMENTS⁽¹⁾**			$	9,268,827	$	1,000,000		$	(2,061,460	)	$	8,207,367		4.00	%

(1)	“Affiliate Investments” are investments in those companies that are “Affiliated Companies” of Neostellar Capital, as defined in the 1940 Act. In general, a company is deemed to be an “Affiliate” of Neostellar Capital if Neostellar Capital beneficially owns, directly or indirectly, between 5% and 25% of the voting securities (i.e., securities with the right to elect directors) of such company.

(2)	“Control Investments” are investments in those companies that are “Controlled Companies” of Neostellar Capital, as defined in the 1940 Act. In general, under the 1940 Act, the Company would “Control” a portfolio company if the Company 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)	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.

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

For the Year Ended December 31,	Amount
2026	$	77,683
2027		159,471
2028		59,688
Total	$	296,842

(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 six months ended June 30, 2026, the annualization of these ratios excludes the effect of approximately $20.0 million of accelerated and non-recurring expenses incurred in connection with the Externalization. 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.

	June 30, 2026			December 31, 2025
Aggregate principal amount of 6.00% Notes due 2026	$	35,829,825		$	35,829,825
Direct deduction of deferred debt issuance costs		(94,360	)		(187,676	)
Total	$	35,735,465		$	35,642,149

	June 30, 2026			December 31, 2025
Aggregate principal amount of 6.50% Convertible Notes due 2029	$	35,000,000		$	35,000,000
Conversion of 6.50% Convertible Notes due 2029		(8,000,000	)		—
Direct deduction of deferred debt issuance costs		(578,252	)		(868,491	)
Total	$	26,421,748		$	34,131,509

	Number of Restricted Shares
Outstanding as of December 31, 2025⁽¹⁾		957,173
Granted		437,680
Vested⁽²⁾		(1,394,853	)
Outstanding as of June 30, 2026		—
Total vested since inception as of June 30, 2026		2,563,102

Portfolio Company	Transaction Date	Quantity		Average Net Share Price⁽¹⁾		Net Proceeds		Realized Gain
GrabAGun Digital Holdings Inc. - Common Shares⁽²⁾	Various		143,655	$	3.12	$	447,678	$	295,211
Total						$	447,678	$	295,211