A publicly traded venture capital firm.

Like a mutual fund focused on private, high-growth startups.

• Venture Capital Investments: The company provides capital to growing, late-stage, venture capital-backed private companies.

SuRo Capital Corp. (NSLR) is a business development company (BDC) that invests in growing, late-stage, venture capital-backed private companies.

As a business development company, SuRo Capital Corp. does not sell products or services to customers in the traditional sense. Its primary business activity involves making equity and debt investments in other companies. Therefore, it does not have major customers, either other companies or individual consumers, that purchase its goods or services.

Mark Klein, Chairman, President and Chief Executive Officer

Mr. Klein founded Neostellar Capital Corp. (formerly SuRo Capital Corp.) in 2011 and has served as its Chairman, President, and Chief Executive Officer since 2020. He was appointed CEO in August 2017. Mr. Klein also founded MK Capital Advisors LLC in 2012, where he is Principal and Co-Owner. His entrepreneurial ventures include founding Intrinsic Edge Partners LP, where he was General Partner, Newbrook Capital Management LLC, where he served as President, and Independence Holdings Partners LLC, where he was Managing Member. Previously, he held executive roles such as Executive Co-Chairman and Chief Executive Officer at National Holdings Corp. from 2013 to 2014, President, Chief Executive Officer, and Director at Osaic Financial Services, Inc. in 2006, and Chief Executive Officer at National Bank of Greece SA. He currently serves as Chairman of Atlantic Alliance Partnership Corp. (since 2016) and as a Director at Learneo, Inc. (since 2020) and Churchill Capital Corp. VII (since 2021).

Allison Green, Chief Financial Officer, Chief Compliance Officer, Treasurer and Corporate Secretary

Ms. Green serves as the Chief Financial Officer, Chief Compliance Officer, Treasurer, and Corporate Secretary for Neostellar Capital Corp. She was appointed as CFO on April 16, 2019, and continues in her current capacities during the company's transition to an externally managed structure. In December 2024, Ms. Green acquired common stock in the company.

Maulik Sardhara, Controller

Mr. Sardhara joined SuRo Capital (now Neostellar Capital) as Controller in April 2022. Before joining SuRo Capital, he was the Controller at Weizmann Global Endowment Management Trust (W-GEM), where he was responsible for financial reporting and internal controls. He also served as a Manager in the fund administration division of SS&C Technologies, working with large private equity clients. Prior to SS&C, Mr. Sardhara held positions in the finance departments of private equity firms Clayton, Dubilier & Rice, and HealthCare Royalty Partners. He began his career as an audit associate at PwC.

Jackson Stone, Investments

Mr. Stone is part of the Investments team at Neostellar Capital Corp.

William Lee, Investments

Mr. Lee joined SuRo Capital (now Neostellar Capital) as an Investor in July 2021. Prior to his role at SuRo, he worked as a government and public services analyst at Deloitte, where he contributed to predictive analytics for passport application systems. He also worked on fundraising strategies and financial projections for non-profits.

• Declining Earnings and Earnings Quality Concerns: Neostellar Capital is projected to experience a substantial decline in earnings, with forecasts indicating an average decrease of 105% per year for the foreseeable future. Furthermore, the company exhibits a high level of non-cash earnings, evidenced by a 57% accrual ratio, which raises concerns about the quality of its reported earnings and could potentially signal performance manipulation.
• Risks Associated with Investing in Private, Venture-Backed Companies: As a business development company (BDC), Neostellar Capital's primary strategy is to invest in high-growth, venture-backed private companies. This investment model inherently exposes the company to significant risks, including the illiquidity and volatility characteristic of private investments, and the challenges associated with successfully monetizing these assets through initial public offerings (IPOs) or mergers and acquisitions (M&A). Delays in the anticipated IPOs of its portfolio companies, such as OpenAI, can also negatively impact the company's ability to realize gains.
• Macroeconomic and Market Risks: Neostellar Capital's business and the performance of its investment portfolio are susceptible to broader macroeconomic and market risks. These include fluctuations in consumer spending, general economic downturns, inflationary pressures, and changes in interest rates. Such factors can adversely affect the valuation and operational performance of its portfolio companies, as well as the overall capital markets.

Neostellar Capital Corp. (NSLR), formerly known as SuRo Capital Corp., operates as a publicly traded investment company focusing on high-growth, venture capital-backed private companies. The firm primarily invests in companies within the United States and Canada, with a particular emphasis on sectors such as AI infrastructure, real-time data analytics, and specialized compute capacity for enterprise AI deployment.

The addressable markets for Neostellar Capital's investment focus are substantial and demonstrate significant growth:

Venture Capital Investment Market

• The global venture capital investment market was valued between approximately $396.7 billion and $503.27 billion in 2025. It is projected to grow to approximately $598.91 billion in 2026. Another estimate places the global market at $444.5 billion in 2025, reaching $510 billion in the first half of 2026.
• North America dominated the global venture capital market with a 63.38% share in 2025, generating over $319.01 billion in revenue. The U.S. alone is projected to reach $375.44 billion in 2026.
• The U.S. venture capital investment market was valued at approximately $154.0 billion in 2025 and is expected to reach $409.6 billion by 2034, growing at a CAGR of 11.48% during 2026-2034. Another source indicates the U.S. market reached $1.31 trillion in 2025 and is forecast to reach $1.46 trillion by 2030, which may represent a broader definition of the market. Approximately $350 billion flowed into U.S. venture capital deals in 2025.
• Late-stage venture capital was identified as the leading investment stage segment in 2025.

AI Infrastructure Market

• The global AI infrastructure market was valued between approximately $58.78 billion and $68.5 billion in 2025. It is projected to grow to between $75.40 billion and $101.17 billion in 2026. One source suggests a higher aggregate revenue of $337 billion in 2025, with projections to exceed $1 trillion by 2030.
• North America accounted for the largest share of the AI infrastructure market, at 37.10% to 42.1% in 2025. The U.S. AI infrastructure market is projected to reach $20.16 billion in 2026.

Real-Time Analytics Market

• The global real-time analytics market was valued at approximately $18.60 billion in 2025 and is expected to reach between $21.19 billion and $43.8 billion in 2026.
• North America leads the real-time analytics market, holding approximately a 38% share in 2025. The U.S. Real-Time Analytics Market was valued at approximately $6.88 billion in 2025 and is expected to reach approximately $24.98 billion by 2035.

Enterprise AI Market

• The global enterprise AI market was valued at approximately $30.18 billion in 2025 and is projected to reach $570.36 billion by 2035, growing at a CAGR of 34.20% during 2026-2035. Another estimate for the global market in 2025 is $47.55 billion.
• North America is expected to hold a 37% share of the enterprise AI market by 2035.

Overall Artificial Intelligence Market

• The global artificial intelligence market was worth $390.9 billion in 2025 and is projected to grow from $539.5 billion in 2026 to $3.497 trillion by 2033. Another forecast shows the global AI market reaching $1.675 trillion by 2031, up from $94.81 billion in 2020.

Here are 3-5 expected drivers of future revenue growth for Neostellar Capital (NSLR) over the next 2-3 years:

1. Successful investments in high-growth, venture-backed private companies, particularly within the AI and data infrastructure sectors: Neostellar Capital's strategy is to invest in rapidly growing, venture-backed private companies, with a current emphasis on AI infrastructure, real-time data analytics, and specialized compute capacity for enterprise AI deployment. The company's revenue growth is driven by the performance of these portfolio companies, which can result in increased valuations, successful financing rounds, or liquidity events such as initial public offerings (IPOs) or acquisitions. For example, recent quarters have seen significant valuation increases in artificial intelligence portfolio companies, contributing to a substantial rise in net asset value per share. Neostellar Capital has recently made investments in companies like TensorWave and ClickHouse, further expanding its exposure to AI and data infrastructure.
2. Benefits from the transition to an externally managed structure and the partnership with Magnetar: Effective July 1, 2026, SuRo Capital Corp. rebranded to Neostellar Capital Corp. and transitioned to an externally managed structure through Neostellar Advisors LLC, a joint venture with Magnetar. This strategic move is expected to enhance the company's sourcing capabilities, broaden its investment opportunity set, and increase flexibility in pursuing differentiated private technology investments. This improved investment platform is anticipated to lead to more successful investments and, consequently, drive future revenue growth.
3. Realization of gains from liquidity events and portfolio company exits: A key driver of revenue for a business development company like Neostellar Capital is the realization of gains from its equity and equity-related investments. This occurs when portfolio companies experience liquidity events such as IPOs, mergers, or acquisitions, or when Neostellar Capital strategically exits or harvests gains from its positions. The company's management has highlighted that the "larger story is what is in front of us as our portfolio companies continue to mature, rebuttal, scale their businesses, and move toward potential liquidity events." Recent examples include exits and harvested gains from vehicles tied to CoreWeave, GrabAGun Digital Holdings, and HL Digital Assets.
4. Strategic focus on emerging and impactful technology trends, particularly artificial intelligence: Neostellar Capital's investment strategy is aligned with "important technology change trends," with a particular focus on the accelerating adoption and expanding usage of artificial intelligence. By investing in companies that are well-positioned to benefit from the increasing demand for high-performance AI compute infrastructure, such as TensorWave, Neostellar Capital aims to capitalize on significant growth opportunities within this sector. This strategic alignment with a high-growth technology trend is expected to drive strong performance and revenue growth for the company over the next several years.

Share Repurchases

• In March 2022, SuRo Capital Corp. expanded its share repurchase program by $15 million, increasing the total authorized amount to $55 million.

Share Issuance

• In December 2021, SuRo Capital Corp. issued $75.0 million aggregate principal amount of 6.00% Notes due 2026, resulting in approximately $72.8 million in net proceeds.
• The number of common shares outstanding decreased from 31,118,556 as of December 31, 2021, to 26,473,222 as of June 30, 2026.

Inbound Investments

• In connection with its transition to an externally managed structure in 2026, Magnetar committed to invest $20.0 million in Neostellar Capital Corp.

Outbound Investments

• During Q2 2026, Neostellar Capital Corp. completed its $20.0 million commitment to TensorWave, Inc. via Magnetar Opportunity 2025-4 LP, with an initial $5.0 million funded in Q1 2026 and the remaining $15.0 million in Q2 2026.
• In Q2 2026, the company invested $9.5 million in ClickHouse, Inc. Series A Preferred Shares, focusing on analytical databases and AI infrastructure.
• In Q3 2025, SuRo Capital invested $5 million in HYPE through HL Digital Assets, Inc.

Capital Expenditures

• No significant traditional capital expenditures were reported, which is consistent with the company's business model as an investment fund.