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Q3 2026 Earnings CallNovember 3, 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 November 3, 2026. These investments are intended to illustrate Neostellar Capital's sourcing experience and the profile and types of investments and investmentstrategies that 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 orits investment 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.Third Quarter 20262
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Q3 2026 Earnings Overview 3 Third Quarter 2026 Quarter-End NAV$12.64per shareNet assets of approximately $334.7 million as of September 30, 2026 Magnetar Partnership FormalizedExternalization completed July 15, 2026• Neostellar Advisors combines our venture investing experience with Magnetar’s expertise in credit, structured capital and AI infrastructure• The combination expands our resources for sourcing and due diligence and gives us greater flexibility to evaluate and structure investments Board Approves Extension of Share Repurchase Program• $25 million allocation remaining• Preserves flexibility to repurchase shares alongside other uses of capital• Capital deployment remains subject to available liquidity
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Investment Portfolio Activity Third Quarter 2026 Amount(1)Transaction DateInvestmentPortfolio Company<$0.1 million7/10/2026Common SharesShogun Enterprises, Inc. (d/b/a Hearth)(2)Realized Gain/ (Loss)Net Proceeds Average Net Share Price(3)Quantity/Initial CapitalTransaction DatePortfolio Company$0.3 million$0.4 million$3.12143,655VariousGrabAGun Digital Holdings Inc. -Common Shares(4)$(2.5 million)<$0.1 million$0.10312,5007/8/2026Aventine Property Group, Inc. $1.4 million(5)$2.0 millionN/A3.8%8/21/2026CW Opportunity 2 LP$(5.6 million)$9.4 million$3.882,421,1689/21/2026Learneo, Inc. (f/k/a Course Hero, Inc.)$(1.3 million)$-N/A565,1829/25/2026CTN Holdings, Inc. (d/b/a Catona Climate, f/k/a Aspiration Partners, Inc.)(6)(1) Amount invested does not include capitalized costs or prepaid expenses, if applicable.(2) On July 10, 2026, the Company exercised 86,076 warrants and received 86,076 Common Shares of Shogun Enterprises, Inc. (d/b/a Hearth).(3) The average net share price is the net share price realized after deducting all commissions and fees on the sale(s), if applicable.(4) As of September 30, 2026, the Company holds 308,964 common shares of GrabAGun Digital Holdings, Inc.(5) CW Opportunity 2 LP is an SPV for which the Class A Interest is solely invested in the Class A Common Shares of CoreWeave, Inc. Realized gain is calculated based on the current reporting by the SPV and may be subject to change or adjustment due to the impact of performance fees.(6) On September 25, 2026, the Company abandoned its investment in CTN Holdings, Inc. (d/b/a Catona Climate, f/k/a Aspiration Partners, Inc.).Realizations – During Q3 2026Investments – During Q3 2026 4
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Cost Basis($ in millions)Fair Value($ in millions)% of Portfolio Fair ValuePortfolio Companies$11.0$143.31 $17.9$59.42 $12.3$34.03 $20.0$20.44 $15.0$13.15 $76.2$270.35ARK 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 Group PBC. The Company is invested in the Series A-2 Preferred Shares of OpenAI Group PBC 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.(4) Totals may not sum due to rounding.Third Quarter 20263.5%5.4%9.0%15.8%38.0%Based on Total Investment Portfolio Fair Value of $377.2 million at September 30, 2026Top 5 Positions = 72% of Investment Portfolio at Fair Value Neostellar’s Top 5 positions account for approximately 72%of the investment portfolio at fair value as of September 30, 2026 (4)
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% of Portfolio(1)41.7%Consumer Goods and Services36.0%Artificial Intelligence9.2%Software-as-a-Service4.7%Logistics & Supply Chain4.1%Financial Technology2.2%Sports2.1%Education Technology41.7%36.0%9.2%4.7%4.1%2.2%2.1%Key Industry Themes Positioned in High-Growth, Long-Term Themes 6 Industry Exposure:100%Of PortfolioFair Value Third Quarter 2026 (1) SPV and fund investments with investments in the equity or debt of a single private issuer are categorized based on the industry theme of the underlying portfolio company.
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Financial HighlightsFor the Quarter Ended September 30, 2026 7 Third Quarter 2026 Per Share(1)Amount ($ in millions)$13.44$355.9Net Assets at Beginning of Period$(0.15)$(4.0)Net Investment Loss$(0.29)$(7.7)Net Realized Loss on Investments$(0.35)$(9.4)Net Change in Unrealized Depreciation of Investments$12.64$334.7Net Assets at September 30, 2026(2)(3)Third Quarter 2026 (1) Based on 26,473,222 shares outstanding on September 30, 2026.(2) Amount includes $11 realized loss on the partial repurchase of the 6.00% Notes due 2026, which is not separately presented above.(3) Total may not sum due to rounding.