Neostellar Capital Corp. (formerly SuRo Capital Corp.) filed its Form 10-Q for the quarterly period ended September 30, 2026 with the SEC on November 4, 2026, reporting a net asset value of $12.64 per share and a nine-month net change in net assets from operations of $115,773,881.

Key Highlights

  • Net Asset Value Per Share: NAV rose to $12.64 as of September 30, 2026, compared to $8.09 as of December 31, 2025, according to the filing.
  • Total Investments at Fair Value: The company reported total investments at fair value of $377,196,404 as of September 30, 2026, up from $225,511,505 at December 31, 2025.
  • Nine-Month Net Change from Operations: The filing reports a net change in net assets resulting from operations of $115,773,881 for the nine months ended September 30, 2026.
  • Nine-Month Net Investment Loss: Total operating expenses of $32,667,731 against investment income of $1,303,420 produced a net investment loss of $31,364,311 for the nine months ended September 30, 2026.
  • Unrealized Appreciation: The accumulated net unrealized appreciation of investments swung to $133,632,437 as of September 30, 2026, from an accumulated net unrealized depreciation of $15,314,278 at December 31, 2025.
  • Shares Outstanding: The company had 26,473,222 shares of common stock outstanding as of November 3, 2026.
  • Compensation Expense: Nine-month compensation expense totaled $21,869,951, compared to $4,918,188 for the same period in 2025.

Neostellar Capital's Financial Position and Operations for the Third Quarter of 2026

Neostellar Capital Corp., listed on the Nasdaq Global Select Market under the symbol NASDAQ:NSLR and formerly known as SuRo Capital Corp., disclosed its condensed consolidated financial results for the three and nine months ended September 30, 2026. According to the filing, total assets stood at $419,063,525 as of September 30, 2026, against total liabilities of $84,365,045, resulting in net assets of $334,698,480. The company's investment portfolio consisted of non-controlled/non-affiliate investments at fair value of $336,977,637 and non-controlled/affiliate investments at fair value of $40,218,767.

The filing reports that for the nine months ended September 30, 2026, total investment income was $1,303,420, while total operating expenses reached $32,667,731. The largest single operating expense line for the nine-month period was compensation expense at $21,869,951, followed by interest expense of $3,707,459 and professional fees of $2,464,627. Management fees and costs incurred under the Administration Agreement, both described as referencing related-party transactions, were $1,585,769 and $282,705, respectively, for the nine-month period. The company also reported that the net change in unrealized appreciation of investments for the nine months ended September 30, 2026 was $148,946,715, driven primarily by non-controlled/non-affiliate investments.

On the debt side, the filing discloses three outstanding obligations as of September 30, 2026: 6.00% Notes due December 30, 2026 with a face value of $35,780,225 and an effective interest rate of 6.62%; 6.50% Convertible Notes due August 14, 2029 with a face value of $27,000,000 and an effective interest rate of 7.32%; and a 6.50% Redeemable Promissory Note due July 16, 2029 with a face value of $20,000,000 and an effective interest rate of 6.70%. The filing notes that all or a portion of certain liability balances, including accrued management fees and accrued interest payable, reference related-party transactions.

What Was Disclosed

Neostellar Capital Corp. disclosed its unaudited condensed consolidated financial statements for the quarter and nine months ended September 30, 2026, covering its investment portfolio, debt obligations, net assets, operating results, and per-share figures, including a NAV per share of $12.64.