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Neostellar Q2 2026 Earnings Call August 5 , 2026
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Forward Looking StatementsStatements included herein, including statements regarding Neostellar Capital Corp. (formerly known as SuRo Capital Corp.) (“Neostellar Capital", “NSLR”, the “Company", "we", "us" or "our”), our beliefs, expectations,intentions or strategies for the future, and our externally managed structure and relationship with Neostellar Advisors LLC (the “Adviser”), Magnetar Holdings LLC and their respective affiliates, may constitute “forward-lookingstatements.” Forward-looking statements are not historical facts, but rather are based on current expectations, estimates, projections, beliefs, opinions and assumptions, and undue reliance should not be placed thereon.Words such as “anticipates,” “believes,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “outlook,” “potential,” “predicts” and variations of these wordsand similar expressions are intended to identify forward-looking statements, although not all forward-looking statements include these words. Neostellar Capital cautions you that forward-looking statements are not guaranteesof future performance, condition or results and that actual results or developments may differ materially from those projected, forecasted or implied in these statements.All forward-looking statements involve a number of risks and uncertainties, including market volatility that may be detrimental to our business, our portfolio companies, our industry and the global economy; risks relating to ourexternally managed structure and our relationship with the Adviser, Magnetar Holdings LLC and their respective affiliates, including actual and potential conflicts of interest; our ability to retain key personnel and execute ourinvestment 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 that 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 ExchangeCommission (“SEC”). Neostellar Capital undertakes no obligation to update or revise any forward-looking statement to reflect events or circumstances that may arise after the date of this presentation, except as required byapplicable law.Certain information discussed in this presentation (including information relating to portfolio companies) was derived from third-party sources and has not been independently verified. Neostellar Capital makes norepresentation or warranty with respect to this information. All trademarks, logos and brand names are the property of their respective owners. All company, product and service names used in this presentation are foridentification purposes only. Use of these names, trademarks and brands does not imply endorsement.The investments presented herein were selected as of August 5, 2026. These investments are intended to illustrate Neostellar Capital's sourcing experience and the profile and types of investments and investment strategiesthat may be pursued by Neostellar Capital. The types and performance of these investments (i) are not representative of the types and performance of all investments that have been made by Neostellar Capital or itsinvestment strategies and (ii) are not necessarily indicative of the types and performance of investments that Neostellar Capital may seek to make, or be able to make, in the future. References to these investments arepresented for illustrative purposes only and should not be construed as a recommendation of any particular investment. Certain investments may be held through special purpose vehicles providing Neostellar Capital witheconomic exposure to the underlying portfolio company.The following slides contain summaries of certain financial and statistical information about Neostellar Capital. The information contained in this presentation is summary information intended to be considered in connectionwith review of our SEC filings and other public announcements we may make, by press release or otherwise, from time to time. We undertake no duty or obligation to publicly update or revise the information contained in thispresentation unless required to do so by law. In addition, information related to past performance, while it may be helpful as an evaluative tool, is not indicative of future results, the achievement of which cannot be assured.You should not view the past performance of Neostellar Capital or any of its portfolio companies, or information about the market, as indicative of Neostellar Capital’s or any of its portfolio companies’ future results. Theperformance data stated herein may have been due to extraordinary market or other conditions, which may not be duplicated in the future. Current performance may be lower or higher than the performance data quoted. Thispresentation 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 substitutefor financial, legal or tax advice.Second Quarter 20262
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Q2 2026 Earnings Overview 3 Second Quarter 2026 Quarter-End NAV$13.44per shareNet assets of approximately $355.9 million as of June 30, 2026.Recent Investments(1)$15.0 million follow-on investmentMagnetar Opportunity 2025-4 LPFull $20.0 million commitment now completedCompleted a $350.0 million Series B at a $1.55 billion post-money valuation(1) Magnetar Opportunity 2025-4 LP is a Special Purpose Vehicle (“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.ClickHouse, Inc.$9.5 million investmentNew investmentsHuntress Labs Inc.Follow-on investment Neostellar Advisors LaunchJoint venture with Magnetar• Externalization effective July 15, 2026• An affiliate of Magnetar invested $20.0 million in Neostellar subsequent to quarter-end $0.2 million investment
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iAbout OpenAIGlobal, LLCOpenAI is a leading artificial intelligence company developing frontier models, AI infrastructure, and consumer / enterprise AI products, including ChatGPT, API, Codex, and agentic AI toolsOpenAI launched the GPT-5.6 model family, expanding its model suite across frontier reasoning, coding, science, cybersecurity, and long-horizon agentic work OpportunityAccording to Reuters, OpenAI’s ChatGPT has crossed 1.0 billion global monthly active app users, becoming the fastest app ever to reach the milestoneAccording to the company, as of March 31, 2026, OpenAI was generating $2.0 billion in revenue per month$Neostellar InvestmentOn September 25, 2024, Neostellar made a $17.5 million investment in OpenAI Global, LLC’s Convertible Equity via its investment in the Class A Interests of ARK Type One Deep Ventures Fund LLCARK Type One Deep Ventures Fund LLC’s sole portfolio asset for Class A Interest holders is the Series A-2 Preferred Shares of OpenAI Global, LLCAccording to the company, on June 8, 2026, OpenAI confidentially submitted a draft S-1 to the SEC but has not determined the timing for any further actionPortfolio Highlight – OpenAI Global, LLC Second Quarter 2026Sources: OpenAI.com | GPT-5.6: Frontier intelligence that scales with your ambition, OpenAI.com | OpenAI raises $122 billion to accelerate the next phase of AI, Reuters | ChatGPT app hits 1 billion monthly active users in record time, data shows, OpenAI.com | Confidential submission of draft S-1 to the SEC.(1) Neostellar is invested in the Series A-2 Preferred Shares of OpenAI Global, LLC via its investment in the Class A Interest of ARK Type One Deep Ventures Fund LLC. ARK Type One Deep Ventures Fund LLC’s sole portfolio asset for Class A Interest holders is the Series A-2 Preferred Shares of OpenAI Global, LLC.4 ARK Type One Deep Ventures Fund LLC (1)Select Investors
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iAbout TensorWave Inc.TensorWaveis a Las Vegas based AI infrastructure provider focused exclusively on AMD Instinct accelerators, positioning itself as an AMD aligned neocloudIts core mission is to provide AMD-based AI infrastructure for AI training & inference, built entirely on AMD hardware and the ROCm software stack OpportunityTensorWave’s Series B financing was co-led by Magnetar and AMD VenturesDeployed 8,192 MI325X GPUs, featuring direct liquid cooling. Reported to be the largest AMD GPU training cluster in North America at the timeOne of the first cloud providers to bring the AMD Instinct MI355X to market$Neostellar InvestmentOn December 31, 2025, Neostellar made $20.0 million in total commitments to Magnetar Opportunity 2025-4 LPOn January 2, 2026, Neostellar funded a $5.0 million investment in the Class A Interests of Magnetar Opportunity 2025-4 LPOn June 3, 2026, Neostellar funded the remaining $15.0 million commitment into the Class B Interests of Magnetar Opportunity 2025-4 LPOn June 10, 2026, TensorWave announced it had raised $350.0 million in Series B funding at a $1.55 billion post-money valuationPortfolio Highlight – TensorWave Inc. Second Quarter 20265Magnetar Opportunity 2025-4 LP (1)Select Investors Source: TensorWave.com | TensorWave Raises $350 Million Series B at $1.55B Valuation to Expand Global AMD-Powered AI Infrastructure.(1) 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.
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Investment Portfolio Activity 6 Second Quarter 2026 Amount(1)Transaction DateInvestmentPortfolio Company$0.2 million4/8/2026Common SharesHuntress Labs Inc.$9.5 million4/22/2026Series A Preferred SharesClickHouse, Inc.$15.0 million6/3/2026Class B InterestMagnetar Opportunity 2025-4 LP(2) Realized GainNet Proceeds Average Net Share Price(3)Quantity/Initial CapitalTransaction DatePortfolio Company$4.6 million$6.5 million-12.2%VariousCW Opportunity 2 LP (CoreWeave, Inc.)(4)$0.3 million$0.5 million$3.18147,135VariousGrabAGun Digital Holdings Inc. – Common Shares(5)<$0.1 million$5.2 million-100%6/5/2026HL Digital Assets Inc.(6)(1) Amount invested does not include capitalized costs, if applicable.(2) 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.(3) The average net share price is the net share price realized after deducting all commissions and fees on the sale(s), if applicable.(4) 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.(5) As of June 30, 2026, the Company holds 452,619 common shares of GrabAGun Digital Holdings, Inc.(6) HL Digital Assets Inc.’s primary purpose is to invest in HYPE, the digital token of Hyperliquid. Realizations – During Q2 2026Investments – During Q2 2026
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Investment Portfolio Activity 7 Second Quarter 2026 AmountTransaction DateInvestmentPortfolio Company<$0.1 million7/10/2026Common SharesShogun Enterprises, Inc. (d/b/a Hearth)(1) (1) On July 10, 2026, the Company exercised 86,076 warrants and received 86,076 Common Shares of Shogun Enterprises, Inc. (d/b/a Hearth).(2) As of August 5, 2026, Neostellar Capital holds 308,964 common shares of GrabAGun Digital Holdings, Inc.Realized GainNet Proceeds Average Net Share PriceQuantity/Initial CapitalTransaction DatePortfolio Company$0.3 million$0.4 million$3.12143,655VariousGrabAGun Digital Holdings Inc. – Common Shares(2)Realizations – Subsequent to Q2 2026Investments – Subsequent to Q2 2026
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Cost Basis($ in millions)Fair Value($ in millions)% of Portfolio Fair ValuePortfolio Companies$11.0$150.81 $17.7$59.32 $12.3$34.03 $20.0$20.24 $15.0$17.15 $76.0$281.48ARK Type One Deep Ventures Fund LLC(1) IH10, LLC Magnetar Opportunity 2025-4 LP(2)(3)(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 Global, LLC. The Company is invested in the Series A-2 Preferred Shares of OpenAI Global, LLC 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 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.Second Quarter 20264.2%5.0%8.4%14.6%37.1%Based on Total Investment Portfolio Fair Value of $405.9 million at June 30, 2026Top 5 Positions = 69% of Investment Portfolio at Fair Value Neostellar’s Top 5 positions account for approximately 69%of the investment portfolio at fair value as of June 30, 2026
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% of Portfolio(1)40.7%Consumer Goods and Services34.1%Artificial Intelligence10.0%Software-as-a-Service5.9%Education Technology3.9%Logistics & Supply Chain3.5%Financial Technology1.9%Sports40.7%34.1%10.0%5.9%3.9%3.5%1.9%Key Industry Themes Positioned in High-Growth, Long-Term Themes 9 Industry Exposure: 100%Of PortfolioFair Value (1) SPV and fund investments with investments in the equity or debt of a single private issuer are categorized based on the industry theme of the underlying portfolio company.Second Quarter 2026
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Financial HighlightsFor the Quarter Ended June 30, 2026Per Share(1)Amount ($ in millions)$14.24$361.6Net Assets at Beginning of Period$(0.88)$(23.4)Net Investment Loss(2) $0.19$5.0Net Realized Gain on Investments$(0.02)$(0.4)Net Change in Unrealized Depreciation of Investments$(0.29)$7.8Issuance of common stock from conversion of 6.50% Convertible Notes due 2029$0.20$5.2Stock-Based Compensation(3) $13.44$355.9Net Assets at June 30, 2026(4)Second Quarter 2026 10(1) Based on 26,473,222 shares outstanding at 6/30/2026 (2) Net investment loss for the quarter ended June 30, 2026 includes approximately $20.0 million of accelerated and non-recurring expenses incurred in connection with the Externalization.(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(4) Total may not sum due to rounding.Second Quarter 2026