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• Strong performance in Q1 2026 with NAV increase. Portfolio companies like WHOOP, OpenAI, VAST, Canva had significant financings. Invested $5 million in TensorFlow and $10 million in ClickHouse after quarter end. Board approved transition to externally managed structure via Neostar Advisors LLC, joint venture of current team and Magnetar, subject to stockholder approval. Existing portfolio value preserved for stockholders with pre-existing investments not in incentive fee calculation. Magnetar brings scale, investment experience, and infrastructure expertise. Portfolio as of quarter end had top positions and specific investment themes.

• Board approved transition to externally managed structure via Neostar Advisors LLC, subject to stockholder approval. Aim to build on momentum, maintain discipline, and translate portfolio progress into lasting shareholder value. Plan to continue investing in high-growth venture-backed private companies with discipline, identifying those with strategic relevance and building exposure selectively.

For the first quarter of 2026, net asset value increased from $8.09 per share to $14.24 per share, a $6.15 cent per share increase or approximately 76% quarter-over-quarter. Top five positions as of March 31st were WHOOP, OpenAI, VAST, Blink Health, and CW Opportunity 2LP, accounting for approximately 72% of the investment portfolio at fair value. Segmented by seven general investment themes, consumer goods and services represented approximately 43% of the portfolio, software as a service were next largest with approximately 29% and 12% respectively.

• Risks include ability to obtain stockholder approval for externalization, retain key personnel, realize anticipated benefits of externalization, and impact on business, financial condition, and results of operations. Also, market volatility that may be detrimental to business, portfolio companies, industry, and global economy could cause actual results to differ materially from forward-looking statements.

• Q: Question about externalization, including shareholder meeting date, closing of transaction, and cost savings.

A: Shareholder meeting scheduled for June 10th. Hoping to close transaction upon approval, with rebranding to Neo Stellar Capital Corp. effective July 1st. Cost savings related to management expenses, with pre-existing portfolio gains preserved from incentive fees.

• Q: Question about investment opportunities in AI.

A: Excited about ClickHouse, growing at 250% year over year. Seeing more investment deals, need to be in right sector, sub-sector, etc. TensorFlow investment structured with $5 million in, $15 million following on if conditions met.

• Q: Question about portfolio composition and externalization timing.

A: Top five positions were around 50% in past, currently top five have specific companies. Right now is the idea for externalization as public venture capital market has changed, Magnetar is a great partner for scale and expertise.