Monitor the November 2026 full Q3 earnings release for audited NAV and portfolio company valuations. The NAV decline and large realized losses suggest continued pressure on portfolio marks; the $20M Magnetar note provides liquidity but adds leverage. Watch for any further portfolio company write-downs or liquidity events.
Price Chart
Executive Summary
Neostellar Capital provided a preliminary Q3 2026 NAV estimate of $12.25-$12.75 per share, down from $13.44 at June 30, 2026, reflecting realized losses on portfolio exits including a $5.6M loss on Learneo and a $2.5M loss on Aventine Property Group. The company also disclosed a $20M Magnetar promissory note at 6.50% and a small new investment in Hearth. The EPS miss of -364.5% vs consensus (-$0.72 actual vs -$0.15 estimate) is severe, though the company is a venture capital investment firm where quarterly EPS is less meaningful than NAV trajectory.
Key Financial Metrics
Key Facts
- Q3 2026 estimated NAV per share $12.25-$12.75, down from $13.44 at June 30, 2026
- EPS of -$0.72 missed consensus estimate of -$0.15 by 364.5%
- Realized losses: Learneo -$5.6M, Aventine Property Group -$2.5M, CTN Holdings (Catona Climate) -$1.3M abandonment
- Received $20M gross proceeds from Magnetar 6.50% redeemable promissory note due 2029
- Liquid assets of $42.2M as of September 30, 2026
- Portfolio of 34 companies (30 private, 4 public) as of September 30, 2026
- Repurchased 1,984 of 6.00% Notes during Q3; $35.8M remaining under note repurchase program
Financial Impact
NAV per share declined ~$0.69-$1.19 from prior quarter; realized losses of ~$7.7M on portfolio exits during Q3
Risk Factors
- Further NAV erosion if private portfolio marks decline in a slow IPO market
- Leverage from $20M Magnetar note increases financial risk if portfolio underperforms
- Realized losses on major positions (Learneo, Aventine) signal potential for additional impairments
- Slow IPO market recovery could delay liquidity events for portfolio companies
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3374994 |
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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