Neostellar (NSLR) investor relations material

Executive summary

• Net assets were $334.7 million, or $12.64 per share, at September 30, down from $13.44 at June 30; portfolio fair value was $377.2 million.

• Externalization took effect July 15, formalizing the Magnetar partnership; the core investment team remained in place.

Financial highlights

• Q3 net assets from operations declined $21.2 million, or $0.80 per share, versus a $7.4 million increase, or $0.30 per share, in Q3 2025.

• Q3 net investment loss was $4.0 million; net realized investment loss was $7.7 million and net unrealized depreciation was $9.4 million.

• Q3 investment income was $271,807 versus $459,269 a year earlier; operating expenses were $4.3 million versus $3.9 million.

• 9M net assets from operations increased $115.8 million, or $4.46 per share; net unrealized appreciation was $148.9 million.

• 9M operating expenses were $32.7 million, including $11.8 million stock-based compensation and $5.7 million in executive tax liabilities following equity award vesting.

Outlook and guidance

• Repayment of $35.8 million principal on the 6.00% Notes due December 30, 2026 is expected from cash and investment-sale proceeds; refinancing or equity issuance is also under consideration.

• Cash was $40.9 million, with $1.3 million of unrestricted public securities; near-term liquidity was considered sufficient.

• Investment focus includes computing and data infrastructure supporting AI adoption; investment decisions and deployment remain subject to company quality, timing, price and liquidity.

• No investments were purchased or sold from October 1 through November 3; negotiations for private investments remained subject to closing conditions.