Key Highlights

  • Net asset value fell to USD 12.64 per share at September 30, 2026, from USD 13.44 at June 30, 2026, though it remains well above the USD 9.23 recorded a year earlier, the company release showed.
  • Net Assets decreased by USD 21.2 million, or USD 0.80 per share, in the quarter, reflecting unrealized Depreciation of USD 9.4 million, realized losses of USD 7.7 million and a net Investment loss of USD 4.0 million.
  • The five largest holdings made up about 72% of the USD 377.2 million portfolio at fair value, with Whoop alone at 38.0%, or USD 143.3 million, against a cost basis of USD 11.0 million.
  • The board extended the Share Repurchase Program to the earlier of October 31, 2027 or USD 64.3 million of total buybacks, leaving about USD 25.0 million of capacity available.

Third Quarter NAV Slips Despite a Large Year-Over-Year Gain

Neostellar Capital (NASDAQ:NSLR), formerly SuRo Capital, reported third quarter 2026 results on November 3, 2026. Net assets totaled about USD 334.7 million, or USD 12.64 per share, at September 30, 2026, compared with USD 13.44 per share at June 30, 2026 and USD 9.23 per share at September 30, 2025. The net decrease in net assets from operations was USD 21.2 million, or USD 0.80 per share, against an increase of USD 7.4 million, or USD 0.30 per share, in the same quarter of 2025. The release did not include share price data, so this article does not describe how the stock traded.

A Venture Portfolio Built on Private AI Infrastructure Bets

The company is an externally managed investment company that owns stakes in venture-backed businesses. At September 30, 2026 it held 34 portfolio companies, 30 private and 4 public, with an aggregate Fair Value of about USD 377.2 million. Whoop was valued at USD 143.3 million, an ARK fund holding OpenAI Preferred Shares at USD 59.4 million, and an entity holding VAST Data preferred shares at USD 34.0 million. Management pointed to computing and data infrastructure for AI as its focus. Quarterly exits included Learneo, formerly Course Hero, with net proceeds of USD 9.4 million and a realized loss of USD 5.6 million. Private holdings are carried at fair value, an estimate rather than a traded price, so marks can change.

Debt Maturity, Concentration and Buyback Capacity to Watch

Total liabilities were about USD 84.4 million against cash of USD 40.9 million. They include 6.00% Notes due December 30, 2026 carried at USD 35.7 million and a USD 20.0 million 6.50% Promissory Note issued to a Magnetar-affiliated entity on July 17, 2026. That note can be repaid in stock if the company raises at least USD 230.0 million of gross proceeds, which would dilute holders. The 6.00% Notes mature within two months, and cash exceeds their carrying amount, simple arithmetic on two reported numbers. Concentration is the main risk: the top five positions were 71.7% of the portfolio, so a markdown on Whoop or OpenAI would move NAV sharply. The external adviser structure also carries disclosed conflict-of-interest risks.

Where Things Stand

NAV fell mainly because losses stacked up in one quarter rather than from a single event: realized losses on exits, markdowns on unrealized positions and a net investment loss. The USD 0.80 per-share drop still leaves Neostellar Capital (NASDAQ:NSLR) about 37% above its year-earlier NAV of USD 9.23, a figure that is our own arithmetic on two reported numbers. The extended buyback and Magnetar Partnership add options, but only USD 25.0 million of repurchase capacity remains and the 6.00% Notes come due on December 30, 2026. Future NAV will depend heavily on how the largest private holdings are valued.