INVESTMENTS AT FAIR VALUE (Tables)

9 Months Ended

Sep. 30, 2026

Investments in and Advances to Affiliates [Abstract]

SCHEDULE OF COMPOSITION OF INVESTMENT PORTFOLIO

The following tables summarize the composition of the Company’s investment portfolio by security type at cost and fair value as of September 30, 2026 and December 31, 2025:

		September 30, 2026												December 31, 2025
		Cost				Fair Value				Percentage of Net Assets				Cost				Fair Value				Percentage of Net Assets
Private Portfolio Companies
Preferred Stock⁽¹⁾		$	136,232,704			$	328,107,292				98.1	%		$	145,749,202			$	169,631,231				82.6	%
Common Stock⁽²⁾			81,128,710				42,002,319				12.5	%			77,006,339				46,713,129				22.8	%
Options⁽³⁾			1,748,385				2,658,357				0.8	%			2,971,657				4,201,543				2.0	%
Debt Investments			2,523,220				250,000				0.1	%			3,029,559				756,339				0.4	%
Total Private Portfolio Companies			221,633,019				373,017,968				111.5	%			228,756,757				221,302,242				107.8	%
Publicly Traded Portfolio Companies
Common Stock			20,784,067				3,781,169				1.1	%			10,922,147				3,586,956				1.7	%
Options			1,146,881				397,267				0.1	%			1,146,881				622,307				0.3	%
Total Publicly Traded Portfolio Companies			21,930,948				4,178,436				1.2	%			12,069,028				4,209,263				2.0	%
Total Investments		$	243,563,967			$	377,196,404				112.7	%		$	240,825,785			$	225,511,505				109.8	%

(1)	As of September 30, 2026, Preferred Stock also includes the Company’s investment in the Class A Interest of ARK Type One Deep Ventures Fund LLC which is invested in the Series A-2 Preferred Shares of OpenAI Group PBC, the Company’s investment in the Membership Interest of IH10, LLC which is invested in the Series B Preferred Shares of VAST Data, Ltd. through an SPV, and the Company’s investment in the Class A Interest and Class B Interest of Magnetar Opportunity 2025-4 LP which is invested in the Series B Preferred Shares of TensorWave, Inc. As of December 31, 2025, Preferred Stock also includes the Company’s investment in the Class A Interest of ARK Type One Deep Ventures Fund LLC which is invested in the Series A-2 Preferred Shares of OpenAI Group PBC, and the Company’s investment in the Membership Interest of IH10, LLC which is invested in the Series B Preferred Shares of VAST Data, Ltd. through an SPV.
(2)	As of September 30, 2026 and December 31, 2025, Common Stock in Private Portfolio Companies also includes the Company’s Limited Partner Fund Investment in True Global Ventures 4 Plus Pte Ltd. and the Company’s investment in the Class A Interest of CW Opportunity 2 LP which is invested in the Class A Common Stock of CoreWeave, Inc.
(3)	As of September 30, 2026, Options in Private Portfolio Companies also includes the Company’s investment in the SAFE of PayJoy, Inc. As of December 31, 2025, Options in Private Portfolio Companies also includes the Company’s investments in the SAFEs of Orchard Technologies, Inc., PayJoy, Inc., and Whoop, Inc.

NEOSTELLAR CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2026

The geographic and industrial compositions of the Company’s portfolio at fair value as of September 30, 2026 and December 31, 2025 were as follows:

		As of September 30, 2026												As of December 31, 2025
		Fair Value				Percentage of Portfolio				Percentage of Net Assets				Fair Value				Percentage of Portfolio				Percentage of Net Assets
Geographic Region
Northeast		$	206,417,622				54.7	%			61.6	%		$	78,565,018				34.9	%			38.3	%
Southeast			61,859,421				16.4	%			18.5	%			44,761,355				19.8	%			21.8	%
Midwest			61,770,075				16.4	%			18.5	%			49,488,742				21.9	%			24.1	%
West			44,264,849				11.7	%			13.2	%			49,566,027				22.0	%			24.1	%
International			2,884,437				0.8	%			0.9	%			3,130,363				1.4	%			1.5	%
Total		$	377,196,404				100.0	%			112.7	%		$	225,511,505				100.0	%			109.8	%

		As of September 30, 2026												As of December 31, 2025
		Fair Value				Percentage of Portfolio				Percentage of Net Assets				Fair Value				Percentage of Portfolio				Percentage of Net Assets
Industry
Consumer Goods & Services		$	157,472,458				41.7	%			47.1	%		$	47,772,963				21.2	%			23.3	%
Artificial Intelligence Infrastructure & Applications			135,623,672				36.0	%			40.6	%			69,004,148				30.6	%			33.6	%
Software-as-a-Service			34,580,972				9.2	%			10.3	%			44,725,975				19.8	%			21.8	%
Logistics & Supply Chain			17,888,816				4.7	%			5.3	%			17,678,235				7.8	%			8.6	%
Financial Technology & Services			15,429,970				4.1	%			4.6	%			18,168,362				8.1	%			8.8	%
SuRo Capital Sports			8,430,390				2.2	%			2.5	%			4,478,551				2.0	%			2.2	%
Education Technology			7,770,126				2.1	%			2.3	%			23,683,271				10.5	%			11.5	%
Total		$	377,196,404				100.0	%			112.7	%		$	225,511,505				100.0	%			109.8	%

SCHEDULE OF FAIR VALUE OF INVESTMENT VALUATION INPUTS

The fair values of the Company’s investments disaggregated into the three levels of the fair value hierarchy based upon the lowest level of significant input used in the valuation as of September 30, 2026 and December 31, 2025 are as follows:

		As of September 30, 2026
		Quoted Prices in Active Markets for Identical Securities (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total
Investments at Fair Value
Private Portfolio Companies
Preferred Stock⁽¹⁾		$	—			$	—			$	328,107,292			$	328,107,292
Common Stock⁽²⁾			—				—				42,002,319				42,002,319
Options⁽³⁾			—				—				2,658,357				2,658,357
Debt Investments			—				—				250,000				250,000
Private Portfolio Companies			—				—				373,017,968				373,017,968
Publicly Traded Portfolio Companies
Common Stock			3,781,169				—				—				3,781,169
Options			397,267				—				—				397,267
Publicly Traded Portfolio Companies			4,178,436				—				—				4,178,436
Total Investments at Fair Value		$	4,178,436			$	—			$	373,017,968			$	377,196,404

(1)	Preferred Stock also includes the Company’s investment in the Class A Interest of ARK Type One Deep Ventures Fund LLC which is invested in the Series A-2 Preferred Shares of OpenAI Group PBC, the Company’s investment in the Membership Interest of IH10, LLC which is invested in the Series B Preferred Shares of VAST Data, Ltd. through an SPV, and the Company’s investment in the Class A Interest and Class B Interest of Magnetar Opportunity 2025-4 LP which is invested in the Series B Preferred Shares of TensorWave, Inc.
(2)	Common Stock in Private Portfolio Companies also includes the Company’s Limited Partner Fund Investment in True Global Ventures 4 Plus Pte Ltd. and the Company’s investment in the Class A Interest of CW Opportunity 2 LP which is invested in Class A Common Stock of CoreWeave, Inc.
(3)	Options in Private Portfolio Companies also include the Company’s investment in the SAFE of PayJoy, Inc.

NEOSTELLAR CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2026

		As of December 31, 2025
		Quoted Prices in Active Markets for Identical Securities (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total
Investments at Fair Value
Private Portfolio Companies
Preferred Stock⁽¹⁾		$	—			$	—			$	169,631,231			$	169,631,231
Common Stock⁽²⁾			—				—				46,713,129				46,713,129
Options⁽³⁾			—				—				4,201,543				4,201,543
Debt Investments			—				—				756,339				756,339
Private Portfolio Companies			—				—				221,302,242				221,302,242
Publicly Traded Portfolio Companies
Common Stock			3,586,956				—				—				3,586,956
Options			622,307				—				—				622,307
Publicly Traded Portfolio Companies			4,209,263				—				—				4,209,263
Total Investments at Fair Value		$	4,209,263			$	—			$	221,302,242			$	225,511,505

(1)	Preferred Stock also includes the Company’s investment in the Class A Interest of ARK Type One Deep Ventures Fund LLC which is invested in the Series A-2 Preferred Shares of OpenAI Group PBC, and the Company’s investment in the Membership Interest of IH10, LLC which is invested in the Series B Preferred Shares of VAST Data, Ltd. through an SPV.
(2)	Common Stock in Private Portfolio Companies also includes the Company’s Limited Partner Fund Investment in True Global Ventures 4 Plus Pte Ltd. and the Company’s investment in the Class A Interest of CW Opportunity 2 LP which is invested in Class A Common Stock of CoreWeave, Inc.
(3)	Options in Private Portfolio Companies also includes the Company’s investments in the SAFEs of Orchard Technologies, Inc., PayJoy, Inc., and Whoop, Inc.

SCHEDULE OF FAIR VALUE OF ASSETS ON UNOBSERVABLE INPUT

As of September 30, 2026

Asset		Fair Value		Valuation Approach/Technique⁽¹⁾		Unobservable Inputs⁽²⁾		Range (Weighted Average)⁽³⁾
Preferred stock in private companies⁽⁴⁾		$328,107,292		Market Approach		Revenue Multiples		0.53x - 5.55x (2.43x)
				Market Approach		Precedent Transactions		25% - 100% (94%)
				PWERM⁽⁷⁾		Revenue Multiples		0.93x - 0.97x (0x)
				PWERM⁽⁷⁾		Dissolution Risk		100%
						Precedent Transaction		100%
Common stock in private companies⁽⁵⁾		$42,002,319		Market Approach		Revenue Multiples		0.72x - 4.58x (4.31x)
				Market Approach		Precedent Transactions		25% - 100% (84%)
				PWERM⁽⁷⁾		Dissolution Risk		100%
				PWERM⁽⁷⁾		Precedent Transaction		25% - 100% (84%)
Options⁽⁶⁾		$2,658,357		Market Approach		Precedent Transaction		100%
Debt investments		$250,000		Market Approach		Revenue Multiples		0.72x - 3.78x (3.62x)
						Precedent Transactions		0.25x - 0.25x (0.25x)

(1)	As of September 30, 2026, the Board of Directors used a hybrid market and income approach to value certain common and preferred stock investments, as the Board of Directors felt this approach better reflected the fair value of these investments. In considering multiple valuation approaches (and consequently, multiple valuation techniques), the valuation approaches and techniques are not likely to change from one period of measurement to the next; however, the weighting of each in determining the final fair value of a Level 3 investment may change based on recent events or transactions. The hybrid approach may also consider certain risk weightings to account for the uncertainty of future events. Refer to “Note 2—Significant Accounting Policies—Investments at Fair Value” for more detail.
(2)	The Board of Directors considers all relevant information that can reasonably be obtained when determining the fair value of Level 3 investments. Due to any given portfolio company’s information rights, changes in capital structure, recent events, transactions, or liquidity events, the type and availability of unobservable inputs may change. Increases/(decreases) in revenue multiples, earnings before interest and taxes (“EBIT”) multiples, time to expiration, and stock price/strike price would result in higher (lower) fair values, all else equal. Decreases/(increases) in discount rates, volatility, and annual risk rates, would result in higher (lower) fair values, all else equal. The market approach utilizes market value (revenue and EBIT) multiples of publicly traded comparable companies and available precedent sales transactions of comparable companies. The Board of Directors carefully considers numerous factors when selecting the appropriate companies whose multiples are used to value the Company’s portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, relevant risk factors, as well as size, profitability and growth expectations. In general, precedent transactions include recent rounds of financing, recent purchases made by the Company, and tender offers. Refer to “Note 2—Significant Accounting Policies—Investments at Fair Value” for more detail.
(3)	The weighted averages are calculated based on the fair market value of each investment.
(4)	Preferred Stock also includes the Company’s investment in the Class A Interest of ARK Type One Deep Ventures Fund LLC which is invested in the Series A-2 Preferred Shares of OpenAI Group PBC, the Company’s investment in the Membership Interest of IH10, LLC which is invested in the Series B Preferred Shares of VAST Data, Ltd. through an SPV, and the Company’s investment in the Class A Interest and Class B Interest of Magnetar Opportunity 2025-4 LP which is invested in the Series B Preferred Shares of TensorWave, Inc.
(5)	Common Stock in Private Portfolio Companies also includes the Company’s Limited Partner Fund Investment in True Global Ventures 4 Plus Pte Ltd. and the Company’s investment in the Class A Interest of CW Opportunity 2 LP which is invested in the Class A Common Stock of CoreWeave, Inc.
(6)	Options in Private Portfolio Companies also include the Company’s investment in the SAFE of PayJoy, Inc.
(7)	Probability-Weighted Expected Return Method, or “PWERM”.

NEOSTELLAR CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2026

As of December 31, 2025

Asset		Fair Value		Valuation Approach/Technique⁽¹⁾		Unobservable Inputs⁽²⁾		Range (Weighted Average)⁽³⁾
Preferred stock in private companies⁽⁴⁾		$169,631,231		Market Approach		Revenue Multiples		0.52x - 7.95x (3.47x)
				Market Approach		Precedent Transactions		25% - 100% (76%)
				PWERM⁽⁷⁾		Revenue Multiples		1.42x - 5.60x (1.72x)
						Dissolution Risk		100%
						Precedent Transaction		90%
Common stock in private companies⁽⁵⁾		$46,713,129		Market Approach		Revenue Multiples		0.57x - 5.23x (4.99x)
				Market Approach		Precedent Transactions		100%
				PWERM⁽⁷⁾		AFFO⁽⁸⁾ Multiples		8.42x
				PWERM⁽⁷⁾		Dissolution Risk		100%
Options⁽⁶⁾		$4,201,543		Option Pricing Model		Revenue Multiples		4.74x - 5.60x
						Precedent Transaction		100%
						Term to Expiration (Years)		0.50 - 1.36 (0.88)
						Volatility		45% - 50% (48%)
				PWERM⁽⁷⁾		Precedent Transaction		90%
				PWERM⁽⁷⁾		Revenue Multiples		1.54x - 1.90x (1.72x)
				Market Approach		Precedent Transaction		25% - 100% (77%)
Debt investments		$756,339		Market Approach		Revenue Multiples		0.57x - 5.05x (3.49x)
Debt investments		$756,339		Market Approach		Precedent Transactions		25%

(1)	As of December 31, 2025, the Board of Directors used a hybrid market and income approach to value certain common and preferred stock investments, as the Board of Directors felt this approach better reflected the fair value of these investments. In considering multiple valuation approaches (and consequently, multiple valuation techniques), the valuation approaches and techniques are not likely to change from one period of measurement to the next; however, the weighting of each in determining the final fair value of a Level 3 investment may change based on recent events or transactions. The hybrid approach may also consider certain risk weightings to account for the uncertainty of future events. Refer to “Note 2—Significant Accounting Policies—Investments at Fair Value” for more detail.
(2)	The Board of Directors considers all relevant information that can reasonably be obtained when determining the fair value of Level 3 investments. Due to any given portfolio company’s information rights, changes in capital structure, recent events, transactions, or liquidity events, the type and availability of unobservable inputs may change. Increases/(decreases) in revenue multiples, earnings before interest and taxes (“EBIT”) multiples, time to expiration, and stock price/strike price would result in higher (lower) fair values, all else equal. Decreases/(increases) in discount rates, volatility, and annual risk rates, would result in higher (lower) fair values, all else equal. The market approach utilizes market value (revenue and EBIT) multiples of publicly traded comparable companies and available precedent sales transactions of comparable companies. The Board of Directors carefully considers numerous factors when selecting the appropriate companies whose multiples are used to value the Company’s portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, relevant risk factors, as well as size, profitability and growth expectations. In general, precedent transactions include recent rounds of financing, recent purchases made by the Company, and tender offers. Refer to “Note 2—Significant Accounting Policies—Investments at Fair Value” for more detail.
(3)	The weighted averages are calculated based on the fair market value of each investment.
(4)	Preferred Stock also includes the Company’s investment in the Class A Interest of ARK Type One Deep Ventures Fund LLC which is invested in the Series A-2 Preferred Shares of OpenAI Group PBC, and the Company’s investment in the Membership Interest of IH10, LLC which is invested in the Series B Preferred Shares of VAST Data, Ltd. through an SPV.
(5)	Common Stock in Private Portfolio Companies also includes the Company’s Limited Partner Fund Investment in True Global Ventures 4 Plus Pte Ltd. and the Company’s investment in the Class A Interest of CW Opportunity 2 LP which is invested in the Class A Common Stock of CoreWeave, Inc.
(6)	Options in Private Portfolio Companies include the Company’s investments in the SAFEs of Orchard Technologies, Inc., PayJoy, Inc., and Whoop, Inc.
(7)	Probability-Weighted Expected Return Method, or “PWERM”.
(8)	Adjusted Funds From Operations, or “AFFO”.

SCHEDULE OF AGGREGATE VALUE OF ASSETS AND LIABILITIES

The aggregate values of Level 3 assets and liabilities changed during the nine months ended September 30, 2026 as follows:

		Preferred Stock⁽¹⁾				Common Stock⁽²⁾				Options⁽³⁾				Debt Investments				Total
		Nine Months Ended September 30, 2026
		Preferred Stock⁽¹⁾				Common Stock⁽²⁾				Options⁽³⁾				Debt Investments				Total
Assets:
Fair Value as of December 31, 2025		$	169,631,231			$	46,713,129			$	4,201,543			$	756,339			$	221,302,242
Fair Value, Beginning balance		$	169,631,231			$	46,713,129			$	4,201,543			$	756,339			$	221,302,242
Transfers out of Level 3
Purchases, capitalized fees and interest			24,773,222				231,593				5,012,250				—				30,017,065
Sales/Redemptions of investments			(14,527,680	)			(8,741,439	)			—				—				(23,269,119	)
Exercises and conversions⁽⁴⁾			(12,894,102	)			9,122,301				(6,235,522	)			(506,339	)			(10,513,662	)
Realized gains/(losses)			(6,867,938	)			3,509,915				—				—				(3,358,023	)
Net change in unrealized appreciation/(depreciation) included in earnings			167,992,559				(8,833,180	)			(319,914	)			—				158,839,465
Fair Value as of September 30, 2026		$	328,107,292			$	42,002,319			$	2,658,357			$	250,000			$	373,017,968
Fair Value, Ending balance		$	328,107,292			$	42,002,319			$	2,658,357			$	250,000			$	373,017,968
Net change in unrealized appreciation/ (depreciation) of Level 3 investments still held as of September 30, 2026		$	150,974,947			$	(10,226,400	)		$	—			$	—			$	140,748,547

(1)	Preferred Stock also includes the Company’s investment in the Class A Interest of ARK Type One Deep Ventures Fund LLC which is invested in the Series A-2 Preferred Shares of OpenAI Group PBC, the Company’s investment in the Membership Interest of IH10, LLC which is invested in the Series B Preferred Shares of VAST Data, Ltd. through an SPV, and the Company’s investment in the Class A Interest and Class B Interest of Magnetar Opportunity 2025-4 LP which is invested in the Series B Preferred Shares of TensorWave, Inc.
(2)	Common Stock in Private Portfolio Companies also includes the Company’s Limited Partner Fund Investment in True Global Ventures 4 Plus Pte Ltd. and the Company’s investment in the Class A Interest of CW Opportunity 2 LP which is invested in Class A Common Stock of CoreWeave, Inc.
(3)	Options in Private Portfolio Companies also include the Company’s investment in the SAFE of PayJoy, Inc.
(4)	During the nine months ended September 30, 2026, the Company’s portfolio investments had the following corporate actions which are reflected below:

Portfolio Company		Conversion from		Conversion to
Whoop, Inc.		Simple Agreement for Future Equity		Preferred Shares, Series G-2 (Level 3)
Orchard Technologies, Inc.		Senior Preferred Shares, Series 1 Senior Preferred Shares, Series 2 Preferred Shares, Series D Simple Agreement for Future Equity		Common Shares (Level 3) Preferred Shares, Series E-1 (Level 3)
Magnetar Opportunity 2025-4 LP		Simple Agreement for Future Equity		Preferred Shares, Series B (Level 3)
Neutron Holdings, Inc. (d/b/a Lime)		Junior Preferred Shares, Series 1-D Junior Preferred Convertible Note Common Warrants		Common Shares (Level 1)
Shogun Enterprises, Inc. (d/b/a Hearth)		Common Warrants		Common Shares (Level 3)

NEOSTELLAR CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2026

The aggregate values of Level 3 assets and liabilities changed during the year ended December 31, 2025 as follows:

		Preferred Stock⁽¹⁾				Common Stock⁽²⁾				Options⁽³⁾				Debt Investments				Total
		Year Ended December 31, 2025
		Preferred Stock⁽¹⁾				Common Stock⁽²⁾				Options⁽³⁾				Debt Investments				Total
Assets:
Fair Value as of December 31, 2024		$	151,003,991			$	35,922,154			$	4,357,138			$	506,339			$	191,789,622
Fair Value, Beginning balance		$	151,003,991			$	35,922,154			$	4,357,138			$	506,339			$	191,789,622
Transfers out of Level 3			(5,221,824	)			(6,323,519	)			(498,305	)			—				(12,043,648	)
Purchases, capitalized fees and interest			5,330,509				5,395,541				1,083,211				252,363				12,061,624
Sales/Redemptions of investments			—				(16,324,378	)			—				—				(16,324,378	)
Exercises and conversions⁽⁴⁾			(15,768,763	)			17,775,155				(2,006,392	)			—				—
Realized gains/(losses)			(1,002,755	)			11,395,780				—				—				10,393,025
Net change in unrealized appreciation/(depreciation) included in earnings			35,290,073				(1,127,604	)			1,265,891				(2,363	)			35,425,997
Fair Value as of December 31, 2025		$	169,631,231			$	46,713,129			$	4,201,543			$	756,339			$	221,302,242
Fair Value, Ending balance		$	169,631,231			$	46,713,129			$	4,201,543			$	756,339			$	221,302,242
Net change in unrealized appreciation/ (depreciation) of Level 3 investments still held as of December 31, 2025		$	34,444,974			$	(1,127,603	)		$	1,121,861			$	(2,363	)		$	34,436,869
Net change in unrealized appreciation/ (depreciation) of Level 3 investments still held		$	34,444,974			$	(1,127,603	)		$	1,121,861			$	(2,363	)		$	34,436,869

(1)	Preferred Stock also includes the Company’s investment in the Class A Interest of ARK Type One Deep Ventures Fund LLC which is invested in the Series A-2 Preferred Shares of OpenAI Group PBC, and the Company’s investment in the Membership Interest of IH10, LLC which is invested in the Series B Preferred Shares of VAST Data, Ltd. through an SPV.
(2)	Common Stock in Private Portfolio Companies also includes the Company’s Limited Partner Fund Investment in True Global Ventures 4 Plus Pte Ltd. and the Company’s investment in the Class A Interest of CW Opportunity 2 LP which is invested in Class A Common Stock of CoreWeave, Inc.
(3)	Options in Private Portfolio Companies also includes the Company’s investments in the SAFEs of Orchard Technologies, Inc., PayJoy, Inc., and Whoop, Inc.
(4)	During the year ended December 31, 2025, the Company’s portfolio investments had the following corporate actions which are reflected below:

Portfolio Company		Conversion from		Conversion to
CoreWeave, Inc.		Preferred Shares, Series A Common shares		Common Shares (Level 2)
CW Opportunity 2 LP		Preferred Shares, Series C		Common Shares (Level 3)
Commercial Streaming Solutions Inc. (d/b/a BettorView)		Simple Agreement for Future Equity		Preferred Shares, Class A-1 (Level 3)
Colombier Sponsor II LLC		Class B Units Class W Units		GrabAGun Digital Holdings Inc. Common Shares (Level 1) GrabAGun Digital Holdings Inc. Common Warrants (Level 1)
Stake Trade, Inc. (d/b/a Prophet Exchange)		Simple Agreement for Future Equity		Preferred Shares, Series B-IV (Level 3)

SCHEDULE OF INVESTMENTS IN AND ADVANCES TO AFFILIATES

Transactions during the nine months ended September 30, 2026 involving the Company’s controlled investments and non-controlled/affiliate investments were as follows:

Type/Industry/Portfolio Company/Investment		Shares/ Principal/ Quantity				Fair Value at December 31, 2025				Transfers In/(Out)				Purchases				Sales				Realized Gains/(Losses)				Unrealized Gains/(Losses)				Fair Value at September 30, 2026				Percentage of Net Assets
*NON-CONTROLLED/AFFILIATE INVESTMENTS^(1)**
Preferred Stock
AI Infrastructure Fund
Magnetar Opportunity 2025-4 LP^**(2)–Class A Interest		$	5,000,000			$	—			$	5,200,000			$	—			$	—			$	—			$	112,950			$	5,312,950				1.59	%
Magnetar Opportunity 2025-4 LP^**(2)–Class B Interest		$	15,000,000				—				15,000,000				3,161				—				—				89,922				15,093,083				4.51	%
Total AI Infrastructure Fund							—				20,200,000				3,161				—				—				202,872				20,406,033				6.10	%
Interactive Media & Services
Commercial Streaming Solutions Inc. (d/b/a BettorView)–Preferred Shares, Class A-1			10,548,522				350,000				—				—				—				—				(350,000	)			—				—	%
Knowledge Networks
Maven Research, Inc.–Preferred Shares, Series C			318,979				—				—				—				—				—				—				—				—	%
Maven Research, Inc.–Preferred Shares, Series B			49,505				—				—				—				—				—				—				—				—	%
Total Knowledge Networks							—				—				—				—				—				—				—				—	%
Interactive Learning
StormWind, LLC⁽³⁾– Preferred Shares, Series D 8%			329,337				435,806				—				—				—				—				(11,492	)			424,314				0.13	%
StormWind, LLC⁽³⁾– Preferred Shares, Series C 8%			2,779,134				4,760,083				—				—				—				—				(178,035	)			4,582,048				1.37	%
StormWind, LLC⁽³⁾– Preferred Shares, Series B 8%			3,279,629				2,578,473				—				—				—				—				(170,717	)			2,407,756				0.72	%
StormWind, LLC⁽³⁾– Preferred Shares, Series A 8%			366,666				83,005				—				—				—				—				(9,767	)			73,238				0.02	%
Total Interactive Learning							7,857,367				—				—				—				—				(370,011	)			7,487,356				2.24	%
Total Preferred Stock							8,207,367				20,200,000				3,161				—				—				(517,139	)			27,893,389				8.34	%
Common Stock
AI Infrastructure Fund
CW Opportunity 2 LP^**(4) – Class A Interest		$	7,803,267				—				15,367,670				—				(1,994,723	)			1,420,569				(2,468,138	)			12,325,378				3.68	%
Online Education
Curious.com, Inc.–Common Shares			1,135,944				—				—				—				—				—				—				—				—	%
Total Common Stock							—				15,367,670				—				(1,994,723	)			1,420,569				(2,468,138	)			12,325,378				3.68	%
*TOTAL NON-CONTROLLED/AFFILIATE INVESTMENTS⁽¹⁾**						$	8,207,367			$	35,567,670			$	3,161			$	(1,994,723	)		$	1,420,569			$	(2,985,277	)		$	40,218,767				12.02	%

*	All portfolio investments are non-income-producing, unless otherwise identified. Equity investments may be subject to lock-up restrictions upon their IPO. Preferred dividends are generally only payable when declared and paid by the portfolio company’s board of directors. The Company’s directors and officers, and the members and investment professionals of Neostellar Advisors LLC, as applicable, may serve on the board of directors of the Company’s portfolio investments. (Refer to “Note 3—Related-Party Arrangements”). All portfolio investments are considered Level 3 and valued using significant unobservable inputs, unless otherwise noted. (Refer to “Note 4—Investments at Fair Value”). All of the Company’s portfolio investments are restricted as to resale, unless otherwise noted, and were valued at fair value as determined in good faith by the Company’s Board of Directors. (Refer to “Note 2—Significant Accounting Policies—Investments at Fair Value”).

**	Indicates assets that Neostellar Capital Corp. believes do not represent “qualifying assets” under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Of the Company’s total investments as of September 30, 2026, 35.25% of its total investments are non-qualifying assets, excluding cash and short-term US treasuries.

(1)	“Affiliate Investments” are investments in those companies that are “Affiliated Companies” of Neostellar Capital, as defined in the 1940 Act. In general, a company is deemed to be an “Affiliate” of Neostellar Capital if Neostellar Capital beneficially owns, directly or indirectly, between 5% and 25% of the voting securities (i.e., securities with the right to elect directors) of such company. “Control Investments” are investments in those companies that are “Controlled Companies” of Neostellar Capital Corp., as defined in the 1940 Act. In general, under the 1940 Act, the Company would “Control” a portfolio company if the Company beneficially owns, directly or indirectly, more than 25% of its outstanding voting securities (i.e., securities with the right to elect directors) and/or had the power to exercise control over the management or policies of such portfolio company.

(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. Magnetar Opportunity 2025-4 LP does not charge a management fee but does charge an incentive fee of 20%, subject to an annual 15% IRR hurdle rate. Magnetar Opportunity 2025-4 LP is deemed an “affiliated person” of the Company as of July 15, 2026 because the SPV is managed by an affiliate of Magnetar, which jointly owns and controls the Adviser. Refer to “Note 3—Related-Party Arrangements.”

(3)	Neostellar Capital’s investments in StormWind, LLC are held through Neostellar Capital Corp.’s wholly owned subsidiary, GSVC SW Holdings, Inc.

(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. Neostellar Capital is invested in the Class A Common Shares of CoreWeave, Inc. through its investment in the Class A Interest of CW Opportunity 2 LP. CW Opportunity 2 LP does not charge a management fee but does charge an incentive fee of 20%, subject to an annual 15% IRR hurdle rate. During the quarter ended September 30, 2026, Neostellar Capital received distributions as part of its investment in CW Opportunity 2 LP. The distributions represented approximately 3.8% of the initial investment in CW Opportunity 2 LP. As of September 30, 2026, Neostellar Capital retains approximately 52.1% of its investment in CW Opportunity 2 LP. CW Opportunity 2 LP is deemed an “affiliated person” of the Company as of July 15, 2026 because the SPV is managed by an affiliate of Magnetar, which jointly owns and controls the Adviser. Refer to “Note 3—Related-Party Arrangements.”

NEOSTELLAR CAPITAL CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2026

Schedule of Investments In, and Advances to, Affiliates

Transactions during the year ended December 31, 2025 involving the Company’s controlled investments and non-controlled/affiliate investments were as follows:

Type/Industry/Portfolio Company/Investment		Shares/ Principal/ Quantity				Fair Value at December 31, 2024				Transfer In/ (Out)				Unrealized Gains/ (Losses)				Fair Value at December 31, 2025				Percentage of Net Assets
*CONTROLLED INVESTMENTS^(2)**
Common Stock
Special Purpose Acquisition Company
Colombier Sponsor II LLC**⁽³⁾–Class B Units			—			$	1,101,695			$	(1,103,719	)		$	2,024			$	—				—	%
Total Common Stock							1,101,695				(1,103,719	)			2,024				—				—	%
Options
Special Purpose Acquisition Company
Colombier Sponsor II LLC**⁽³⁾–Class W Units			—				498,305				(499,221	)			916				—				—	%
Total Options							498,305				(499,221	)			916				—				—	%
*TOTAL CONTROLLED INVESTMENTS^(2)**						$	1,600,000			$	(1,602,940	)		$	2,940			$	—				—	%
*NON-CONTROLLED/AFFILIATE INVESTMENTS^(1)**
Preferred Stock
Interactive Media & Services
Commercial Streaming Solutions Inc. (d/b/a BettorView)–Preferred Shares, Class A-1			10,548,522			$	—			$	1,000,000			$	(650,000	)		$	350,000				0.17	%
Knowledge Networks
Maven Research, Inc.–Preferred Shares, Series C			318,979				—				—				—				—				—	%
Maven Research, Inc.–Preferred Shares, Series B			49,505				—				—				—				—				—	%
Total Knowledge Networks							—				—				—				—				—	%
Interactive Learning
StormWind, LLC⁽⁴⁾– Preferred Shares, Series D 8%			329,337				501,626				—				(65,820	)			435,806				0.21	%
StormWind, LLC⁽⁴⁾– Preferred Shares, Series C 8%			2,779,134				5,376,994				—				(616,911	)			4,760,083				2.32	%
StormWind, LLC⁽⁴⁾– Preferred Shares, Series B 8%			3,279,629				3,233,922				—				(655,449	)			2,578,473				1.26	%
StormWind, LLC⁽⁴⁾– Preferred Shares, Series A 8%			366,666				156,285				—				(73,280	)			83,005				0.04	%
Total Interactive Learning							9,268,827				—				(1,411,460	)			7,857,367				3.83	%
Total Preferred Stock							9,268,827				1,000,000				(2,061,460	)			8,207,367				4.00	%
Common Stock
Online Education
Curious.com, Inc.–Common Shares			1,135,944				—				—				—				—				—	%
Total Common Stock							—				—				—				—				—	%
*TOTAL NON-CONTROLLED/AFFILIATE INVESTMENTS^(1)**						$	9,268,827			$	1,000,000			$	(2,061,460	)		$	8,207,367				4.00	%

*	All portfolio investments are non-income-producing, unless otherwise identified. Equity investments may be subject to lock-up restrictions upon their IPO. Preferred dividends are generally only payable when declared and paid by the portfolio company’s board of directors. The Company’s directors and officers, and the members and investment professionals of Neostellar Advisors LLC, as applicable, may serve on the board of directors of the Company’s portfolio investments. (Refer to “Note 3—Related-Party Arrangements”). All portfolio investments are considered Level 3 and valued using significant unobservable inputs, unless otherwise noted. (Refer to “Note 4—Investments at Fair Value”). All of the Company’s portfolio investments are restricted as to resale, unless otherwise noted, and were valued at fair value as determined in good faith by the Company’s Board of Directors. (Refer to “Note 2—Significant Accounting Policies—Investments at Fair Value”).

**	Indicates assets that Neostellar Capital believes do not represent “qualifying assets” under Section 55(a) of the 1940 Act. Of the Company’s total investments as of December 31, 2025, 32.70% of its total investments are non-qualifying assets, excluding cash and short-term US treasuries.

(1)	“Affiliate Investments” are investments in those companies that are “Affiliated Companies” of Neostellar Capital, as defined in the 1940 Act. In general, a company is deemed to be an “Affiliate” of Neostellar Capital if Neostellar Capital beneficially owns, directly or indirectly, between 5% and 25% of the voting securities (i.e., securities with the right to elect directors) of such company.

(2)	“Control Investments” are investments in those companies that are “Controlled Companies” of Neostellar Capital, as defined in the 1940 Act. In general, under the 1940 Act, the Company would “Control” a portfolio company if the Company beneficially owns, directly or indirectly, more than 25% of its outstanding voting securities (i.e., securities with the right to elect directors) and/or had the power to exercise control over the management or policies of such portfolio company.

(3)	Denotes an investment that is the sponsor of a special purpose acquisition company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.

(4)	Neostellar Capital’s investments in StormWind, LLC are held through Neostellar Capital Corp.’s wholly owned subsidiary, GSVC SW Holdings, Inc.

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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