Form 8-K

8-K — Neostellar Capital Corp.

Accession: 0001493152-26-036167

Filed: 2026-08-05

Period: 2026-08-05

CIK: 0001509470

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — form8-k.htm (Primary)

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2026-08-05

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2026-08-05

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UNITED

STATES

SECURITIES

AND EXCHANGE COMMISSION

Washington,

D.C. 20549

FORM

8-K

Current

Report Pursuant to Section 13 or 15(d) of

the

Securities Exchange Act of 1934

Date

of Report (Date of earliest event reported):

August

5, 2026

NEOSTELLAR

CAPITAL CORP.

(Exact

name of registrant as specified in its charter)

Maryland

1-35156

27-4443543

(State

or other jurisdiction of

incorporation)

(Commission

File Number)

(I.R.S. Employer

Identification No.)

640

Fifth Avenue

12th

Floor

New

York, NY 10019

(Address

of principal executive offices and zip code)

Registrant’s

telephone number, including area code: (212) 931-6331

Check

the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of

the following provisions:

☐

Written

communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting

material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement

communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement

communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities

registered pursuant to Section 12(b) of the Act:

Title

of each class:

Trading

symbol:

Name

of each exchange on which registered:

Common

Stock, par value $0.01 per share

NSLR

Nasdaq

Global Select Market

6.00%

Notes due 2026

NSLRL

Nasdaq

Global Select Market

Indicate

by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405)

or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging

growth company ☐

an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying

with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item

2.02.

Results

of Operations and Financial Condition.

August 5, 2026, Neostellar Capital Corp. (the “Company”) issued a press release announcing its financial results for the

fiscal quarter ended June 30, 2026 (the “Press Release”). A copy of the Press Release is attached as Exhibit 99.1 to this

Current Report on Form 8-K and is incorporated into this Item 2.02 by reference.

The

information disclosed under this Item 2.02, including the information set forth in Exhibit 99.1 hereto, is being “furnished”

and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange

Act”), or otherwise. The information in this Item 2.02 shall not be incorporated by reference into any registration statement or

other document pursuant to the Securities Act of 1933, as amended, or into any filing or other document pursuant to the Exchange Act,

except as otherwise expressly stated in any such filing.

Item

9.01.

Financial

Statements and Exhibits.

Exhibit

No.

Description

99.1

Press Release dated August 5, 2026*

104

Cover

Page Interactive Data File (embedded within the Inline XBRL document)

The press release attached hereto as Exhibit 99.1 is “furnished” and not “filed,” as described in Item 2.02 of

this Current Report on Form 8-K.

SIGNATURE

Pursuant

to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its

behalf by the undersigned hereunto duly authorized.

Date:

August 5, 2026

NEOSTELLAR

CAPITAL CORP.

By:

/s/

Allison Green

Allison

Green

Chief

Financial Officer, Treasurer and Corporate Secretary

EX-99.1

Filename: ex99-1.htm · Sequence: 2

Exhibit

99.1

Neostellar

Capital Corp. Reports Second Quarter 2026 Financial Results

Affiliate of Magnetar Invested $20.0 Million in Neostellar Through a

Redeemable

Promissory Note Subsequent to Quarter-End

Net

Asset Value of $13.44 Per Share as of June 30, 2026

NEW

YORK, NY, August 5, 2026 (GLOBE NEWSWIRE) – Neostellar Capital Corp. (“Neostellar Capital”, the “Company”,

“we”, “us”, and “our”) (Nasdaq: NSLR) today announced its financial results for

the second quarter ended June 30, 2026. Net assets totaled approximately $355.9 million, or $13.44 per share, at June 30, 2026, as compared

to $14.24 per share, at March 31, 2026 and $9.18 per share at June 30, 2025.

“The

second quarter was an important period for Neostellar Capital, marked by the completion of several meaningful investments and continued

progress in the evolution of our platform,” said Mark Klein, Chairman and Chief Executive Officer of Neostellar Capital.

“Following

quarter-end, we launched Neostellar Advisors with Magnetar and completed our transition to an externally managed structure. We believe

the combination of our team’s private-market investment experience and Magnetar’s institutional resources broadens our sourcing

capabilities, expands the range of structures we can evaluate, and strengthens our ability to pursue differentiated investment opportunities.”

“During

the quarter, we funded the remaining $15 million of our $20 million commitment to TensorWave through a Magnetar special-purpose vehicle.

The investment was completed in connection with TensorWave’s $350 million Series B financing, which was co-led by Magnetar and

AMD Ventures. We believe TensorWave is well positioned to benefit from continued growth in demand for high-performance AI compute infrastructure

as customers seek additional capacity, greater flexibility, and a more diversified hardware ecosystem.”

“We

also completed an approximately $9.5 million investment in ClickHouse during the second quarter, expanding our exposure to the data infrastructure

supporting AI and enterprise applications. ClickHouse provides high-performance analytical database software that enables customers to

process and analyze large volumes of operational data in real time. We believe the company’s differentiated technology, meaningful

commercial scale, and growing adoption across AI and enterprise workloads position it well for continued long-term growth.”

“These

investments exemplify the opportunities we continue to pursue through the Neostellar platform,” Mr. Klein continued. “Artificial

intelligence is driving significant investment across compute, data infrastructure, networking, software, cybersecurity, and power. We

remain focused on identifying differentiated companies positioned to benefit from these structural trends.”

Mr.

Klein concluded, “Our objective is not simply to own a collection of the largest private technology companies. We seek to identify

exceptional businesses before they reach broader recognition and associated scale, and to invest on terms that we believe appropriately

balance risk and return. We believe Neostellar’s expanded capabilities enhance our ability to pursue these opportunities while

remaining focused on disciplined capital allocation and creating durable long-term value for our stockholders.”

Investment

Portfolio as of June 30, 2026

June 30, 2026, the Company held positions in 37 portfolio companies – 34 privately held and 3 publicly held – with an aggregate

fair value of approximately $405.9 million. The Company’s top five portfolio company investments accounted for approximately 69%

of the total portfolio at fair value as of June 30, 2026.

Top

Five Investments as of June 30, 2026

Portfolio

Company ($ in millions)

Cost

Basis

Fair

Value

of Total Portfolio

Whoop, Inc.

$ 11.0

$ 150.8

37.1 %

ARK Type One Deep Ventures

Fund LLC(1)

17.7

59.3

14.6

IH10, LLC(2)

12.3

34.0

8.4

Magnetar Opportunity 2025-4

LP(3)

20.0

20.2

5.0

Blink Health, Inc.

15.0

17.1

4.2

Total

$ 76.0

$ 281.4

69.3 %

(1) ARK

Type One Deep Ventures Fund LLC is an investment fund for which the Class A Interest is solely

invested in the Series A-2 Preferred Shares of OpenAI Global, LLC. The Company is invested

in the Series A-2 Preferred Shares of OpenAI Global, LLC through its investment in the Class

A Interest of ARK Type One Deep Ventures Fund LLC.

(2) IH10,

LLC’s sole portfolio asset is an interest in the Series B Preferred Shares of VAST

Data, Ltd. through a special purpose vehicle (“SPV”). The Company is invested

in the Series B Preferred Shares of VAST Data, Ltd. through its investment in the Membership

Interest of IH10, LLC.

(3) 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. The Company is invested in Series B

Preferred Shares of TensorWave, Inc. through its investments in the Class A Interest and

Class B Interest of Magnetar Opportunity 2025-4 LP.

Second

Quarter 2026 Investment Portfolio Activity

During

the three months ended June 30, 2026, the Company made the following investments:

Portfolio

Company

Investment

Transaction

Date

Amount(1)

Huntress Labs Inc.

Common Shares

4/8/2026

$0.2 million

ClickHouse, Inc.

Series A Preferred Shares

4/22/2026

$9.5 million

Magnetar Opportunity 2025-4

LP(2)

Class B Interest

6/3/2026

$15.0 million

(1) Amount

invested does not include capitalized costs or prepaid expenses, if applicable.

(2) Magnetar

Opportunity 2025-4 LP is an SPV invested in TensorWave, Inc. On December 31, 2025, the Company

committed up to $20.0 million to Magnetar Opportunity 2025-4 LP. As of June 30, 2026, the

entire $20.0 million capital commitment to Magnetar Opportunity 2025-4 LP has been funded.

During

the three months ended June 30, 2026, the Company exited and/or received proceeds from the following investments:

Portfolio

Company

Transaction

Date

Quantity/

Initial

Capital

Average

Net Share Price(1)

Net

Proceeds

Realized

Gain

CW Opportunity 2 LP

Various

12.2 %

N/A

$6.5 million

$4.6 million(2)

GrabAGun Digital Holdings

Inc. - Common Shares(3)

Various

147,135

$ 3.18

$0.5 million

$0.3 million

HL Digital Assets Inc.(4)

6/5/2026

100 %

N/A

$5.2 million

<$0.1 million

(1) The

average net share price is the net share price realized after deducting all commissions and

fees on the sale(s), if applicable.

(2) 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. Realized gain is calculated based on the current reporting

by the SPV and may be subject to change or adjustment due to the impact of performance fees.

(3) As

of June 30, 2026, the Company holds 452,619 common shares of GrabAGun Digital Holdings, Inc.

(4) HL

Digital Assets Inc.’s primary purpose is to invest in HYPE, the digital token of Hyperliquid.

Subsequent

to quarter-end through August 5, 2026, the Company made the following investment:

Portfolio

Company

Investment

Transaction

Date

Amount(1)

Shogun Enterprises, Inc. (d/b/a

Hearth)(2)

Common Shares

7/10/2026

<$0.1 million

(1) Amount

invested does not include capitalized costs or prepaid expenses, if applicable.

(2) On

July 10, 2026, the Company exercised 86,076 warrants and received 86,076 Common Shares of

Shogun Enterprises, Inc. (d/b/a Hearth).

Subsequent

to quarter-end through August 5, 2026, the Company exited the following investment:

Portfolio

Company

Transaction

Date

Quantity/

Initial

Capital

Average

Net Share Price(1)

Net

Proceeds

Realized

Gain

GrabAGun Digital

Holdings Inc. - Common Shares(2)

Various

143,655

$ 3.12

$0.4 million

$0.3 million

(1) The

average net share price is the net share price realized after deducting all commissions and

fees on the sale(s), if applicable.

(2) As

of August 5, 2026, the Company holds 308,964 common shares of GrabAGun Digital Holdings,

Inc.

Second

Quarter 2026 Financial Results

Quarter

Ended June 30, 2026

Quarter

Ended June 30, 2025

$ in millions

per share(1)

$ in millions

per share(1)

Net investment

loss(2)

$ (23.4 )

$ (0.90 )

$ (3.7 )

$ (0.16 )

Net realized gain on investments

5.0

0.19

21.2

0.89

Net change in unrealized

appreciation/(depreciation) of investments

(0.4 )

(0.02 )

44.8

1.89

Net increase/(decrease) in

net assets resulting from operations(3)

(18.7 )

(0.72 )

62.3

2.63

Issuance of common stock from conversions of

6.50% Convertible Notes due 2029

7.8

(0.28 )

Stock-based compensation(4)

5.2

0.21

0.3

(0.10 )

Increase/(Decrease) in net

asset value(3)

$ (5.7 )

$ (0.80 )

$ 62.6

$ 2.52

(1) Based

on basic weighted-average number of shares outstanding for the relevant period.

(2) Net

investment loss for the quarter ended June 30, 2026 includes approximately $20.0 million

of accelerated and non-recurring expenses incurred in connection with the Company completing

its transition to an externally managed structure (the “Externalization”).

(3) Total

may not sum due to rounding.

(4) Represents

stock-based compensation recognized during the period, net of shares withheld to satisfy

statutory tax withholding obligations upon the vesting of restricted stock awards.

Weighted-average

common basic shares outstanding were approximately 26.0 million and 23.7 million for the quarters ended June 30, 2026 and 2025, respectively.

As of June 30, 2026, there were 26,473,222 shares of the Company’s common stock outstanding.

6.50%

Convertible Notes due 2029

During

the three months ended June 30, 2026, the Company issued 1,092,504 shares of its common stock and cash for fractional shares upon the

conversion of $8.0 million in aggregate principal amount of the 6.50% Convertible Notes due 2029. As of June 30, 2026, $27.0 million

of principal is outstanding.

6.50%

Redeemable Promissory Note due 2029

July 17, 2026, the Company received gross proceeds of $20.0 million pursuant to a redeemable promissory note issued to a Magnetar-affiliated

entity. The redeemable promissory note bears interest at 6.50% per annum, payable semiannually in cash, and matures on July 16, 2029,

unless earlier repaid through the issuance of shares of the Company’s common stock upon the completion of a transaction or series of

transactions that result in at least $230.0 million of gross proceeds to the Company. In such event, the outstanding principal and accrued

interest would be satisfied through the issuance of shares of the Company’s common stock at the price per share of common stock sold

by the Company in the latest of such transactions in which the Company raised at least $5.0 million in aggregate net proceeds from sales

to purchasers that were not affiliates of the Company. The Company believes the financing enhances liquidity and financial flexibility

as the Company continues to execute its investment strategy.

Conference

Call and Webcast

Management

will hold a conference call and webcast for investors at 2:00 p.m. PT (5:00 p.m. ET) on August 5,

2026. The conference call access number for U.S. participants is 833-492-0058, and the conference

call access number for participants outside the U.S. is +1 973-528-0128. The conference ID number for both access numbers is 565747.

Additionally, interested parties can listen to a live webcast of the call from the “Investor Relations” section of Neostellar

Capital’s website at neostellar.vc. An archived replay of the webcast will also be available for 12 months following the

live presentation.

replay of the conference call may be accessed until 5:00 p.m. PT (8:00 p.m. ET) on August 12, 2026 by dialing 800-332-6854 (U.S.) or

+1 973-528-0005 (International) and using conference ID number 565747.

Forward-Looking

Statements

included herein, including statements regarding Neostellar Capital’s beliefs, expectations, intentions, or strategies for the future,

may constitute “forward-looking statements”. Neostellar Capital cautions you that forward-looking statements are not guarantees

of future performance and that actual results or developments may differ materially from those projected or implied in these statements.

All forward-looking statements involve a number of risks and uncertainties, including the impact of any market volatility that may be

detrimental to our business, our portfolio companies, our industry, and the global economy; risks relating to our externally managed

structure and our relationship with Neostellar Advisors LLC (the “Adviser”), Magnetar Holdings LLC and their respective affiliates,

including actual and potential conflicts of interest; our ability to retain key personnel and execute our investment strategy; and other

risks and uncertainties that could cause actual results to differ materially from the plans, intentions, and expectations reflected in

or suggested by the forward-looking statements. Risk factors, cautionary statements, and other conditions which could cause Neostellar

Capital’s actual results to differ from management’s current expectations are contained in Neostellar Capital’s filings with the Securities

and Exchange Commission. Neostellar Capital undertakes no obligation to update any forward-looking statement to reflect events or circumstances

that may arise after the date of this press release.

This

press release does not constitute an offer to sell or the solicitation of an offer to buy any securities of Neostellar Capital. The information

contained herein is for informational purposes only and is not intended to be a substitute for financial, legal, or tax advice.

About

Neostellar Capital Corp.

Neostellar

Capital Corp. (Nasdaq: NSLR), formerly SuRo Capital Corp. (Nasdaq: SSSS), has been a publicly traded investment company

focused on investing in private, venture-backed businesses for over 15 years. In simple terms, Neostellar invests in companies that are

not yet listed on a public stock exchange. By owning shares of Neostellar, investors can gain exposure to a portfolio of VC-backed companies

through a publicly traded stock. Neostellar is externally managed by Neostellar Advisors LLC, a joint venture owned by certain Neostellar

Advisors employees and Magnetar Holdings LLC. Together, the platform combines experience in private company investing with institutional

investment management capabilities. Neostellar Capital Corp. is headquartered in New York, NY and has an office in San Francisco, CA.

Connect with the Company on X, LinkedIn, and at neostellar.vc.

About

Neostellar Advisors LLC

Neostellar

Advisors LLC is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940, and serves as the external

investment adviser to Neostellar Capital Corp. Formed in 2026, Neostellar Advisors LLC is a joint venture between certain executives

of Neostellar Capital Corp. and Magnetar Holdings LLC, combining Neostellar’s publicly traded venture investing experience with Magnetar’s

institutional sourcing and underwriting.

Contact

Neostellar

Capital Corp.

(212)

931-6331

IR@neostellaradvisors.com

Media

Contact

Deborah

Kostroun

Neostellar.pr@zitopartners.com

NEOSTELLAR

CAPITAL CORP. AND SUBSIDIARIES

CONDENSED

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

June

30, 2026 (UNAUDITED)

December

31, 2025

(AUDITED)

ASSETS

Investments at fair value:

Non-controlled/non-affiliate investments

(cost of $241,230,810 and $219,216,145, respectively)

$ 397,381,734

$ 217,304,138

Non-controlled/affiliate

investments (cost of $21,609,640 and $21,609,640, respectively)

8,469,967

8,207,367

Total Investments (cost of $262,840,450 and

$240,825,785, respectively)

405,851,701

225,511,505

Cash

12,940,740

49,034,154

Restricted cash

—

38,741

Interest and dividends receivable

133,862

118,710

Deferred financing costs

578,102

508,310

Prepaid

expenses and other assets(1)

619,869

807,302

Total

Assets

420,124,274

276,018,722

LIABILITIES

6.00% Notes due December

30, 2026(2)

35,735,465

35,642,149

6.50% Convertible Notes

due August 14, 2029(3)

26,421,748

34,131,509

Accounts payable and accrued

expenses(1)

2,110,075

627,522

Dividends payable

—

301,291

Total

Liabilities

64,267,288

70,702,471

Net

Assets

$ 355,856,986

$ 205,316,251

NET ASSETS

Common stock, par value $0.01 per share (100,000,000

authorized; 26,473,222 and 25,377,756 issued and outstanding, respectively)

$ 264,732

$ 253,778

Paid-in capital in excess of par

231,068,006

217,470,613

Accumulated net investment loss

(31,301,107 )

(3,967,932 )

Accumulated net realized gain on investments,

net of distributions

12,814,103

6,874,070

Accumulated net unrealized

appreciation/(depreciation) of investments

143,011,252

(15,314,278 )

Net

Assets

$ 355,856,986

$ 205,316,251

Net

Asset Value Per Share

$ 13.44

$ 8.09

(1) These

balances include a right of use asset and corresponding operating lease liability, respectively.

(2) As

of June 30, 2026, the 6.00% Notes due December 30, 2026 (the “6.00% Notes due 2026”)

(effective interest rate of 6.43%) had a face value of $35,829,825. As of December 31, 2025,

the 6.00% Notes due 2026 (effective interest rate of 7.08%) had a face value of $35,829,825.

(3) As

of June 30, 2026, the 6.50% Convertible Notes due August 14, 2029 (the “6.50% Convertible

Notes due 2029”) (effective interest rate of 8.06%) had a face value of $27,000,000.

As of December 31, 2025, the 6.50% Convertible Notes due 2029 (effective interest rate of

7.17%) had a face value of $35,000,000.

NEOSTELLAR

CAPITAL CORP. AND SUBSIDIARIES

CONDENSED

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

Three

Months Ended June 30,

Six

Months Ended June 30,

2026

2025

2026

2025

INVESTMENT INCOME

Non-controlled/non-affiliate investments:

Interest income(1)

$ 299,650

$ 167,304

$ 687,863

$ 317,951

Dividend

income

—

343,750

348,447

Total

Investment Income

299,650

167,304

1,031,613

666,398

OPERATING EXPENSES

Compensation expense

19,696,322

1,571,856

21,672,574

3,239,691

Directors’ fees

427,476

175,495

623,038

346,060

Interest expense

1,136,421

1,275,485

2,353,615

2,535,334

Professional fees

1,724,438

680,857

2,597,167

1,431,081

Income tax expense

(22,053 )

(218,745 )

35,505

(215,949 )

Other expenses

691,730

404,516

1,082,890

714,110

Total

Operating Expenses

23,654,334

3,889,464

28,364,789

8,050,327

Net

Investment Loss

(23,354,684 )

(3,722,160 )

(27,333,176 )

(7,383,929 )

Realized Gain on Investments:

Non-controlled/non-affiliated

investments

5,049,520

21,212,611

5,940,033

21,194,660

Net

Realized Gain on Investments

5,049,520

21,212,611

5,940,033

21,194,660

Realized loss on partial

repurchase of 6.00% Notes due December 30, 2026

—

(15,873 )

Change in Unrealized Appreciation/(Depreciation)

of Investments:

Non-controlled/non-affiliated investments

(1,930,131 )

35,090,339

158,062,930

29,841,454

Non-controlled/affiliate investments

1,531,622

(339,693 )

262,600

(812,406 )

Controlled investments

—

10,086,973

—

18,697,449

Net

Change in Unrealized Appreciation/(Depreciation) of Investments

(398,509 )

44,837,619

158,325,530

47,726,497

Net

Change in Net Assets Resulting from Operations

$ (18,703,673 )

$ 62,328,070

$ 136,932,387

$ 61,521,355

Net

Change in Net Assets Resulting from Operations per Common Share:

Basic

$ (0.72 )

$ 2.63

$ 5.33

$ 2.60

Diluted(2)

$ (0.72 )

$ 2.23

$ 4.58

$ 2.23

Weighted-Average Common

Shares Outstanding

Basic

25,983,140

23,728,095

25,683,611

23,650,399

Diluted(2)

25,983,140

28,244,225

30,168,169

28,113,063

(1) Includes

interest income earned on cash.

(2) For

the three months ended June 30, 2026, 4,192,642 potentially dilutive common shares were excluded

from the weighted-average common shares outstanding for diluted net change in net assets

resulting from operations per common share because the effect of these shares would have

been antidilutive.

NEOSTELLAR

CAPITAL CORP. AND SUBSIDIARIES

FINANCIAL

HIGHLIGHTS (UNAUDITED)

Three

Months Ended June 30,

Six

Months Ended June 30,

2026

2025

2026

2025

Per Basic Share Data

Net asset value at beginning of period

$ 14.24

$ 6.66

$ 8.09

$ 6.68

Net investment

loss(1)

(0.90 )

(0.16 )

(1.06 )

(0.31 )

Net realized

gain on investments(1)

0.19

0.89

0.23

0.90

Realized

loss on partial repurchase of 6.00% Notes due December 30, 2026(1)

—

<(0.01)

Net change

in unrealized appreciation/(depreciation) of investments(1)

(0.02 )

1.89

6.16

2.02

Issuance

of common stock from conversion of 6.50% Convertible Notes due 2029(1)

(0.28 )

—

(0.28 )

—

Stock-based

compensation (1)(2)

0.21

(0.10 )

0.30

(0.11 )

Net asset value at end of period

$ 13.44

$ 9.18

$ 13.44

$ 9.18

Per share market value at end of period

$ 12.54

$ 8.21

$ 12.54

$ 8.21

Total return

based on market value(3)

17.09 %

65.19 %

32.84 %

39.63 %

Total return

based on net asset value(3)

(5.62 )%

37.84 %

66.13 %

37.43 %

Shares outstanding at end of period

26,473,222

23,888,107

26,473,222

23,888,107

Ratios/Supplemental Data:

Net assets at end of period

$ 355,856,986

$ 219,409,595

$ 355,856,986

$ 219,409,595

Average net assets

$ 365,283,999

$ 160,412,515

$ 286,289,589

$ 158,444,298

Ratio

of net operating expenses to average net assets(4)

9.49 %

9.73 %

12.88 %

10.25 %

Ratio

of net investment loss to average net assets(4)

(9.16 )%

(9.31 )%

(12.15 )%

(9.40 )%

Portfolio Turnover Ratio

3.04 %

2.36 %

4.03 %

3.02 %

(1) Based

on weighted-average number of shares outstanding for the relevant period.

(2) Represents

stock-based compensation recognized during the period, net of shares withheld to satisfy

statutory tax withholding obligations upon the vesting of restricted stock awards.

(3) Total

return based on market value is based upon the change in market price per share between the

opening and ending market values per share in the period, adjusted for dividends. Total return

based on net asset value is based upon the change in net asset value per share between the

opening and ending net asset values per share in the period, adjusted for dividends.

(4) Financial

highlights for periods of less than one year are annualized and the ratios of operating expenses

to average net assets and net investment loss to average net assets are adjusted accordingly.

For the three and six months ended June 30, 2026, the annualization of these ratios excludes

the effect of approximately $20.0 million of accelerated and non-recurring expenses incurred

in connection with the Externalization. Because the ratios are calculated for the Company’s

common stock taken as a whole, an individual investor’s ratios may vary from these ratios.

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Aug. 05, 2026

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