Revenue: As of FY2026 Q2, the actual value is USD 299.65 K, missing the estimate of USD 491 K.

EPS: As of FY2026 Q2, the actual value is USD -0.72.

EBIT: As of FY2026 Q2, the actual value is USD -17.59 M.

Net Asset Value (NAV)

Neostellar Capital Corp.’s net assets totaled approximately $355.9 million, or $13.44 per share, as of June 30, 2026. This represents a decrease from $14.24 per share at March 31, 2026, but an increase from $9.18 per share at June 30, 2025. The net asset value per share was $13.44 for both the three and six months ended June 30, 2026, compared to $9.18 for the same periods in 2025.

Investment Portfolio

As of June 30, 2026, Neostellar Capital Corp. held positions in 37 portfolio companies, consisting of 34 privately held and 3 publicly held entities, with an aggregate fair value of approximately $405.9 million. Total investments at fair value were $405,851,701 as of June 30, 2026, an increase from $225,511,505 at December 31, 2025. The top five portfolio company investments constituted approximately 69% of the total portfolio at fair value as of June 30, 2026.

Second Quarter 2026 Investment Portfolio Activity

Investments Made

During the three months ended June 30, 2026, Neostellar Capital Corp. made investments including $0.2 million in Common Shares of Huntress Labs Inc., $9.5 million in Series A Preferred Shares of ClickHouse, Inc., and $15.0 million in Class B Interest of Magnetar Opportunity 2025-4 LP, completing a $20.0 million capital commitment.

Investments Exited/Received Proceeds

The company exited or received proceeds from investments including $6.5 million in net proceeds and $4.6 million in realized gain from CW Opportunity 2 LP. Additionally, $0.5 million in net proceeds and $0.3 million in realized gain were received from GrabAGun Digital Holdings Inc. - Common Shares, and $5.2 million in net proceeds and less than $0.1 million in realized gain from HL Digital Assets Inc.

Subsequent Investment Activity (Post-Quarter End through August 5, 2026)

Subsequent to quarter-end, Neostellar Capital Corp. made an investment of less than $0.1 million in Common Shares of Shogun Enterprises, Inc. (d/b/a Hearth) through warrant exercise. An exit from GrabAGun Digital Holdings Inc. - Common Shares yielded $0.4 million in net proceeds and $0.3 million in realized gain.

Second Quarter 2026 Financial Results

Net Investment Loss

For Q2 2026, the net investment loss was - $23,354,684, compared to - $3,722,160 for Q2 2025. On a per-share basis, this was - $0.90 for Q2 2026 versus - $0.16 for Q2 2025, with Q2 2026 including approximately $20.0 million of accelerated and non-recurring expenses related to the company’s transition to an externally managed structure.

Net Realized Gain on Investments

Net realized gain on investments was $5,049,520 for Q2 2026, a decrease from $21,212,611 in Q2 2025. Per share, this translated to $0.19 for Q2 2026 and $0.89 for Q2 2025.

Net Change in Unrealized Appreciation/(Depreciation) of Investments

There was a net change in unrealized depreciation of investments of - $398,509 for Q2 2026, compared to a net change in unrealized appreciation of $44,837,619 for Q2 2025. Per share, this was - $0.02 for Q2 2026 and $1.89 for Q2 2025.

Net Change in Net Assets Resulting from Operations

The net change in net assets resulting from operations was - $18,703,673 for Q2 2026, a decrease from $62,328,070 in Q2 2025. Per basic share, this was - $0.72 for Q2 2026 and $2.63 for Q2 2025.

Stock-Based Compensation

Stock-based compensation for Q2 2026 was $5.2 million, or $0.21 per share, compared to $0.3 million, or - $0.10 per share, for Q2 2025.

Six Months Ended June 30, 2026 Financial Results

Net Investment Loss

For the six months ended June 30, 2026, the net investment loss was - $27,333,176, compared to - $7,383,929 for the same period in 2025. Per share, this was - $1.06 for 2026 and - $0.31 for 2025.

Net Realized Gain on Investments

Net realized gain on investments was $5,940,033 for the six months ended June 30, 2026, compared to $21,194,660 for the same period in 2025. Per share, this was $0.23 for 2026 and $0.90 for 2025.

Net Change in Unrealized Appreciation/(Depreciation) of Investments

There was a net change in unrealized appreciation of investments of $158,325,530 for the six months ended June 30, 2026, compared to $47,726,497 for the same period in 2025. Per share, this was $6.16 for 2026 and $2.02 for 2025.

Net Change in Net Assets Resulting from Operations

The net change in net assets resulting from operations was $136,932,387 for the six months ended June 30, 2026, compared to $61,521,355 for the same period in 2025. Per basic share, this was $5.33 for 2026 and $2.60 for 2025.

Total Assets and Liabilities

Total assets were $420,124,274 as of June 30, 2026, compared to $276,018,722 as of December 31, 2025. Total liabilities were $64,267,288 as of June 30, 2026, down from $70,702,471 at December 31, 2025.

Cash

Cash stood at $12,940,740 as of June 30, 2026, a decrease from $49,034,154 at December 31, 2025.

Convertible Notes and Promissory Note

During Q2 2026, $8.0 million in aggregate principal amount of the 6.50% Convertible Notes due 2029 were converted into common stock and cash for fractional shares. As of June 30, 2026, $27.0 million of principal remained outstanding for these notes, down from $35.0 million as of December 31, 2025. Subsequent to quarter-end, Neostellar Capital Corp. received gross proceeds of $20.0 million from a 6.50% redeemable promissory note due 2029, issued to a Magnetar-affiliated entity.

Operational Metrics

Weighted-Average Common Shares Outstanding

Basic weighted-average common shares outstanding were approximately 26.0 million for Q2 2026, up from 23.7 million for Q2 2025. For the six months ended June 30, basic weighted-average common shares outstanding were 25,683,611 in 2026 and 23,650,399 in 2025.

Portfolio Turnover Ratio

The portfolio turnover ratio for Q2 2026 was 3.04%, compared to 2.36% for Q2 2025. For the six months ended June 30, the ratio was 4.03% in 2026 and 3.02% in 2025.

Outlook

Neostellar Capital Corp. aims to identify exceptional businesses for investment on terms that balance risk and return, believing its expanded capabilities enhance its ability to pursue these opportunities. The company maintains a focus on disciplined capital allocation and creating long-term value for stockholders. The recent financing from the redeemable promissory note is expected to enhance liquidity and financial flexibility to support its investment strategy.