Neostellar (NSLR) investor relations material

Executive summary

• Completed transition to an externally managed structure, launching Neostellar Advisors in partnership with Magnetar, effective July 15, 2026, and receiving a $20 million Magnetar affiliate investment post quarter-end.

• Net assets totaled $355.9 million at June 30, 2026, with NAV per share at $13.44, up from $9.18 a year ago and up from $205.3 million at December 31, 2025.

• Portfolio fair value reached $405.9 million, with 60 positions in 37 companies, concentrated in high-growth sectors such as AI, consumer goods, SaaS, and fintech.

• Top five positions represented 69% of portfolio value, including major holdings in OpenAI, CoreWeave, VAST Data, Canva, and WHOOP.

• Significant investments included $20M in TensorWave (fully funded), $15M in TensorWave Series B, and $9.5M in ClickHouse, expanding exposure to AI and data infrastructure.

Financial highlights

• Net investment loss for Q2 2026 was $23.4 million ($0.88–$0.90 per share), primarily due to $20 million in non-recurring externalization expenses.

• Net realized gain on investments was $5.0 million ($0.19 per share) for Q2 2026, with $5.9 million realized for the first half of 2026.

• Net change in unrealized appreciation was a loss of $0.4 million for Q2 2026, but $158.3 million gain for the first half of 2026.

• Stock-based compensation recognized was $5.2 million ($0.20 per share), with significant acceleration due to externalization.

• Ended quarter with $14.6–$14.7 million in liquid assets, including $12.9 million in cash.

Outlook and guidance

• Externalization and Magnetar partnership expected to enhance sourcing and investment capabilities, with focus on high-growth, venture-backed private companies in AI, data infrastructure, and technology.

• Management expects increased expenses due to external management fees and administration costs.

• Shelf registration filed to enable up to $500 million in future equity and debt offerings.

• WHOOP, a major holding, is expected to pursue an IPO, likely following Oura's public market entry.

• Remain committed to disciplined underwriting, selective investment, and risk-adjusted returns.