Monitor final Q2 2026 results expected in August for full income statement and portfolio valuations. The externalization regulatory approval is the near-term catalyst—close could narrow the ~17% discount to NAV. Track WHOOP and OpenAI exposure (38.8% and 15.3% of portfolio combined) for NAV sensitivity.
Price Chart
Executive Summary
Neostellar Capital (fka SuRo Capital) provided preliminary Q2 2026 NAV estimate of $13.25-$13.75 per share, down from $14.24 at March 31, 2026, reflecting portfolio mark-to-market and investment activity. The company funded its remaining $15M TensorWave commitment, completed exits generating $12.2M in proceeds with $4.9M in realized gains, and stockholders approved the externalization to an externally managed structure with Magnetar, pending regulatory approval.
Key Facts
- Preliminary Q2 2026 NAV per share estimated at $13.25-$13.75, versus $14.24 at Q1 2026 and $9.18 at Q2 2025
- Funded remaining $15M commitment to TensorWave (Magnetar Opportunity 2025-4 LP), total $20M investment
- Completed $9.5M investment in ClickHouse (Series A Preferred) during Q2
- Exited CW Opportunity 2 LP (CoreWeave) for $6.5M net proceeds with $4.6M realized gain
- Exited HL Digital Assets (HYPE token) for $5.2M net proceeds
- Stockholders overwhelmingly approved externalization to Neostellar Advisors LLC (Magnetar JV), subject to regulatory approvals
- Liquid assets of $14.7M as of June 30, 2026
- 26,473,222 shares outstanding as of June 30, 2026
Financial Impact
NAV per share decline of ~$0.49-$0.99 QoQ (~3.5%-7.0%) from $14.24 to ~$13.50 midpoint; YoY NAV up ~47% from $9.18
Risk Factors
- High portfolio concentration: WHOOP 38.8% and OpenAI 15.3% of total portfolio fair value
- Preliminary estimates are unaudited and may differ materially from final Q2 results
- Externalization subject to regulatory approval; delays or denial could weigh on shares
- NAV declined QoQ despite $12M+ realized gains, suggesting material unrealized depreciation in remaining holdings
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001493152-26-032550 |
| Exhibit: ex99-1.htm | 0001493152-26-032550 |
| Document: 0001493152-26-032550-index-headers.html | 0001493152-26-032550 |
| Document: 0001493152-26-032550-index.html | 0001493152-26-032550 |
| Document: 0001493152-26-032550.txt | 0001493152-26-032550 |
| 8-K Data (Synthetic) | 0001493152-26-032550 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 5, 2026 21d ago | 8-K | $7.50 $7.40 | ▲ +1.33% | ▲ +1.09% | $5.74 (+23.47%) |
Oct 5, 2026 21d ago | Press Release | $7.50 $7.40 | ▲ +1.33% | ▲ +1.09% | $5.74 (+23.47%) |
Oct 1, 2026 25d ago | EFFECT | $7.47 $7.44 | ▼ −0.40% | ▼ −1.14% | $5.74 (−23.16%) |
Sep 3, 2026 7w ago | 144 | $10.10 $9.85 | ▼ −2.48% | ▼ −1.93% | $5.74 (−43.17%) |
Aug 26, 2026 8w ago | Insider Buy | $10.29 $10.20 | ▼ −0.87% | ▼ −0.65% | $5.74 (−44.22%) |
Aug 10, 2026 11w ago | Insider Buy | $10.64 $10.84 | ▲ +1.88% | ▲ +1.63% | $5.74 (−46.05%) |
Jul 21, 2026 13w ago | 8-K | $11.15 $10.65 | ▼ −4.48% | ▼ −4.37% | $5.74 (−48.52%) |
Jul 8, 2026 15w ago | 8-K | $11.48 $11.40 | ▼ −0.70% | ▼ −1.13% | $5.74 (−50.00%) |
US Market Status
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