GSV Capital Corp. (“GSV Capital” or the “Company”)
(Nasdaq:GSVC) today announced financial results for the quarter
ended September 30, 2016. Net assets totaled approximately $223.6
million, or $10.08 per share, at September 30, 2016, as compared to
$10.22 per share at June 30, 2016.
“We launched GSV Capital to provide public investors with unique
access to the most dynamic, fastest-growing private companies in
the world," said Michael Moe, Chief Executive Officer of GSV
Capital. “We are pleased to report continued strong fundamentals in
the portfolio, especially for top names, including Dropbox,
Palantir, Snap, Coursera, Lyft, and Spotify.”
Dividend Information
On August 3, 2016, GSV Capital’s Board of Directors declared a
per share cash dividend of $0.04, which was paid on August 24, 2016
to the Company’s stockholders of record as of the close of business
on August 16, 2016.
Investment Portfolio as of September 30,
2016
At September 30, 2016, GSV Capital held positions in 46
portfolio companies with an aggregate fair value of approximately
$298.3 million. Excluding Treasuries, the Company’s top ten
portfolio company investments accounted for 55.3% of the total
portfolio at fair value.
Top Ten
Investments at September 30, 2016 |
|
$ in
millions (rounded) |
|
Fair Value |
|
% of Total Portfolio |
|
Palantir Technologies,
Inc. |
|
$ |
|
43.0 |
|
|
14.4 |
% |
Dropbox, Inc. |
|
|
|
17.1 |
|
|
5.7 |
|
Spotify Technology
S.A. |
|
|
|
16.2 |
|
|
5.4 |
|
Coursera, Inc. |
|
|
|
14.4 |
|
|
4.8 |
|
PayNearMe, Inc. |
|
|
|
14.0 |
|
|
4.7 |
|
JAMF Holdings, Inc. |
|
|
|
12.4 |
|
|
4.2 |
|
General Assembly Space,
Inc. |
|
|
|
12.4 |
|
|
4.1 |
|
Ozy Media, Inc. |
|
|
|
12.1 |
|
|
4.0 |
|
Declara, Inc. |
|
|
|
12.0 |
|
|
4.0 |
|
Curious.com, Inc. |
|
|
|
11.3 |
|
|
3.8 |
|
Total
(rounded) |
|
$ |
|
164.9 |
|
|
55.3 |
% |
Of the five key investment themes GSV Capital has identified in
its portfolio as of September 30, 2016, Cloud Computing and Big
Data is its largest commitment, accounting for 33.7% of the total
portfolio at fair value. Education Technology represents 32.5% of
the total portfolio at fair value, and Social Mobile, Marketplaces
and Sustainability represent 14.9%, 14.4% and 4.5% of the total
portfolio at fair value, respectively.
Third Quarter 2016 Portfolio Investment
Activity
In the third quarter of 2016, GSV Capital invested approximately
$2.5 million, including a follow-on investment of approximately
$2.0 million in Ozy Media, Inc. and approximately $0.5 million
follow-on investment in Lytro, Inc.
GSV Capital sold shares in the following portfolio companies
during the third quarter of 2016:
|
|
|
|
|
Average |
|
|
|
|
|
|
|
|
|
Shares |
|
Net Share |
|
Net |
|
Realized |
|
|
Portfolio Company |
|
|
Sold |
|
Price 1 |
|
Proceeds |
|
Gains 2 |
|
IRR |
|
|
|
|
|
|
|
|
|
|
|
|
Lyft, Inc. |
|
|
170,000 |
|
$ |
24.00 |
|
$ |
4,080,000 |
$ |
2,351,752 |
|
|
42.9 |
% |
Twitter, Inc. |
|
|
800,600 |
|
$ |
18.21 |
|
|
14,578,469 |
|
306,603 |
|
|
0.4 |
% |
Total |
|
|
|
|
|
$ |
18,658,469 |
$ |
2,658,355 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The average net share price is the net share price
realized after deducting all commissions and fees on the
sale(s). |
(2) Realized gains exclude any realized gains/(losses)
incurred on the maturity of GSV Capital’s treasury
investments. |
|
Subsequent to third quarter-end, through November 7, 2016, GSV
Capital sold shares in the following portfolio company:
|
|
|
|
|
Average |
|
|
|
|
|
|
|
|
Shares |
|
Net Share |
|
Net |
|
Realized |
|
Portfolio Company |
|
|
Sold |
|
Price 1 |
|
Proceeds |
|
Loss 2 |
|
|
|
|
|
|
|
|
|
|
|
|
Upwork Global Inc. |
|
|
25,159 |
|
$ |
4.31 |
|
|
$ |
108,530 |
|
|
$ |
(77,819 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The average net share price is the net share price
realized after deducting all commissions and fees on the
sale(s). |
(2) Realized gains/(losses) exclude any realized
gains/(losses) incurred on the maturity of GSV Capital’s treasury
investments. |
At quarter-end and as of November 7, 2016, GSV Capital had no
borrowings outstanding and $18.0 million of borrowing capacity
available to it under its credit facility.
Third Quarter 2016 Financial Results
|
Quarter Ended September 30,
2016 |
|
Quarter EndedSeptember 30,
2015 |
$ in millions (rounded) |
|
per share |
|
$ in millions (rounded) |
|
per share |
Net
investment loss |
$ |
(4.2 |
) |
|
$ |
(0.19 |
) |
|
$ |
(32.8 |
) |
|
$ |
(1.70 |
) |
|
|
|
|
|
Net realized
gains |
$ |
2.7 |
|
|
$ |
0.12 |
|
|
$ |
27.3 |
|
|
$ |
1.40 |
|
|
|
|
|
|
Benefit for
taxes on net realized gains |
|
- |
|
|
|
- |
|
|
$ |
11.3 |
|
|
$ |
0.59 |
|
|
|
|
|
|
Net change
in unrealized depreciation of investments |
$ |
(1.3 |
) |
|
$ |
(0.06 |
) |
|
$ |
(22.0 |
) |
|
$ |
(1.14 |
) |
|
|
|
|
|
Benefit for
taxes on unrealized depreciation of investments |
$ |
0.6 |
|
|
$ |
0.02 |
|
|
$ |
25.0 |
|
|
$ |
1.30 |
|
|
|
|
|
|
Distributions from realized gain |
$ |
(0.9 |
) |
|
$ |
(0.04 |
) |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
Net
increase/(decrease) in net assets resulting from operations -
basic |
$ |
(2.3 |
) |
|
$ |
(0.10 |
) |
|
$ |
8.9 |
|
|
$ |
0.45 |
|
|
|
|
|
|
Weighted-average common basic shares outstanding were
approximately 22.2 million for the quarter ended September 30, 2016
and 19.3 million for the quarter ended September 30, 2015.
GSV Capital’s liquid assets ended the quarter at $37.8 million,
consisting of $11.4 million of cash, $18.0 million of unused
borrowings available under the Company’s credit facility and $8.4
million of public securities not subject to lock-up agreements,
none of which are subject to periodic sales restrictions.
Conference Call and Webcast
Management will hold a conference call and webcast for investors
today at 2:00 p.m. PT (5:00 p.m. ET). The conference call number
for U.S. participants is 877-419-6593, and the conference call
number for participants outside of the United
States is 1-719-325-4824. The conference ID number for
both call numbers is 2157689. Additionally, interested
parties can listen to a live webcast of the call from the “Investor
Relations” section of GSV Capital’s website at
http://investors.gsvcap.com/. An archived replay of the webcast
will also be available for 12 months following the live
presentation.
A replay of the conference call may be accessed until 5:00 p.m.
PT (8:00 p.m. ET) on November 14, 2016 by dialing 888-203-1112
(U.S.) or 1-719-457-0820 (international) and using
conference ID number 2157689.
About GSV Capital
Corp.
GSV Capital Corp. (GSVC) is a publicly traded investment fund
that seeks to invest in high-growth, venture-backed private
companies. Led by industry veteran Michael Moe, the Company seeks
to create a portfolio of high-growth emerging private companies via
a repeatable and disciplined investment approach, as well as to
provide investors with access to such companies through its
publicly traded common stock. GSV Capital is headquartered in
Woodside, CA. www.gsvcap.com
Follow GSV Capital on Twitter: @gsvcap
Forward-Looking Statements
Statements included herein may constitute “forward-looking
statements,” which relate to future events or our future
performance or financial condition. These statements are not
guarantees of our future performance, condition or results of
operations and involve a number of risks and uncertainties. Actual
results may differ materially from those in the forward-looking
statements as a result of a number of factors, including those
described from time to time in our filings with the SEC. GSV
Capital Corp. undertakes no duty to update any forward-looking
statements made herein, unless required to do so by law.
GSV CAPITAL CORP. AND SUBSIDIARIES |
CONDENSED CONSOLIDATED STATEMENTS OF ASSETS AND
LIABILITIES (Unaudited) |
|
|
|
September 30, 2016 |
|
December 31, 2015 |
ASSETS |
|
|
|
Investments at fair
value: |
|
|
|
|
|
Investments in controlled securities (cost of $22,832,672 and
$21,830,392, respectively) (1) |
$ |
|
22,050,846 |
|
|
$ |
|
22,871,790 |
|
Investments in affiliated securities (cost of $73,984,911 and
$73,942,123, respectively) (1) |
|
|
64,121,729 |
|
|
|
|
66,075,585 |
|
Investments in non-controlled/non-affiliated securities (cost of
$181,608,512 and $197,577,328, respectively) |
|
|
212,097,381 |
|
|
|
|
260,861,392 |
|
Investments in treasury bill (cost of $29,999,935 and $29,999,968,
respectively) |
|
|
29,999,935 |
|
|
|
|
30,000,000 |
|
Investments owned and pledged (amortized cost of $0 and $3,675,192,
respectively) (2) |
|
|
- |
|
|
|
|
3,676,693 |
|
Total
Investments (cost of $308,426,030 and $327,025,003,
respectively) |
|
|
328,269,891 |
|
|
|
|
383,485,460 |
|
|
|
|
|
|
|
Cash |
|
|
11,445,113 |
|
|
|
|
13,349,877 |
|
Restricted cash |
|
|
115,431 |
|
|
|
|
52,931 |
|
Due from: |
|
|
|
|
|
GSV Asset
Management (1) |
|
|
77,021 |
|
|
|
|
220,770 |
|
Portfolio
companies (1) |
|
|
679 |
|
|
|
|
56,371 |
|
Interest and dividends
receivable |
|
|
222,361 |
|
|
|
|
97,183 |
|
Prepaid expenses and
other assets |
|
|
315,238 |
|
|
|
|
227,826 |
|
Deferred financing
costs (3) |
|
|
356,268 |
|
|
|
|
352,653 |
|
Total Assets |
|
|
340,802,002 |
|
|
|
|
397,843,071 |
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
Due to: |
|
|
|
|
|
GSV Asset
Management (1) |
|
|
895,932 |
|
|
|
|
5,047,429 |
|
Accounts payable and
accrued expenses |
|
|
364,239 |
|
|
|
|
105,587 |
|
Accrued incentive fees
(1) |
|
|
9,509,476 |
|
|
|
|
17,314,565 |
|
Accrued management fees
(1) |
|
|
541,988 |
|
|
|
|
683,423 |
|
Accrued interest
payable |
|
|
150,938 |
|
|
|
|
1,056,563 |
|
Payable for securities
purchased |
|
|
26,499,909 |
|
|
|
|
26,499,357 |
|
Deferred tax
liability |
|
|
11,924,845 |
|
|
|
|
12,476,155 |
|
Convertible Senior
Notes payable 5.25% due September 15, 2018 (2)(3) |
|
|
67,294,938 |
|
|
|
|
66,649,047 |
|
Total Liabilities |
|
|
117,182,265 |
|
|
|
|
129,832,126 |
|
|
|
|
|
|
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
|
|
|
Net
Assets |
$ |
|
223,619,737 |
|
|
$ |
|
268,010,945 |
|
|
|
|
|
|
|
NET
ASSETS |
|
|
|
|
|
Common stock, par value
$0.01 per share |
|
|
|
|
|
(100,000,000 authorized; 22,181,003 issued and outstanding,
respectively) |
$ |
|
221,810 |
|
|
$ |
|
221,810 |
|
Paid-in capital in
excess of par |
|
|
237,757,527 |
|
|
|
|
237,757,527 |
|
Accumulated net
investment loss |
|
|
(21,760,725 |
) |
|
|
|
(16,634,037 |
) |
Accumulated net
realized gains/(losses) on investments |
|
|
(517,892 |
) |
|
|
|
2,681,342 |
|
Accumulated net
unrealized appreciation of investments |
|
|
7,919,017 |
|
|
|
|
43,984,303 |
|
Net Assets |
$ |
|
223,619,737 |
|
|
$ |
|
268,010,945 |
|
|
|
|
|
|
|
Net Asset Value Per Share |
$ |
|
10.08 |
|
|
$ |
|
12.08 |
|
|
|
|
|
|
|
(1)
This balance is a related-party transaction. |
(2)
The Convertible Senior Notes have a face value of $69,000,000. In
accordance with the terms of the Company’s Convertible Senior Notes
payable, the Company deposited $10,867,500 in an escrow account
with U.S. Bank N.A., the trustee. These funds were used to purchase
six U.S. Treasury Strips with an original cost of $10,845,236. As
of September 30, 2016, all of the government securities purchased
had matured and the proceeds were used by the trustee in accordance
with the terms of the escrow agreement. |
(3)
Deferred debt issuance costs of $1,947,572 related to the Company’s
issuance of the Convertible Senior Notes payable were previously
classified as “Deferred financing costs” as of December 31,
2015. In accordance with FASB ASU 2015-03, this balance has
been retrospectively reclassified as a direct deduction from the
Convertible Senior Notes on the Condensed Consolidated Statements
of Assets and Liabilities at September 30, 2016. |
|
GSV CAPITAL
CORP. AND SUBSIDIARIES |
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) |
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, |
|
|
Nine months ended September 30, |
|
|
|
|
2016 |
|
|
|
|
2015 |
|
|
|
|
2016 |
|
|
|
|
2015 |
|
INVESTMENT
INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income from controlled securities (1) |
|
$ |
|
23,000 |
|
|
$ |
|
- |
|
|
$ |
|
43,417 |
|
|
$ |
|
- |
|
Interest
income/(reversal of interest accrual) from affiliated securities
(1) |
|
|
|
61,145 |
|
|
|
|
31,992 |
|
|
|
|
79,858 |
|
|
|
|
152,388 |
|
Interest
income from non-controlled/non-affiliated securities |
|
|
|
2,503 |
|
|
|
|
7,371 |
|
|
|
|
11,906 |
|
|
|
|
23,109 |
|
Dividend
income from non-controlled/non-affiliated securities |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
46,781 |
|
Total Investment Income |
|
|
|
86,648 |
|
|
|
|
39,363 |
|
|
|
|
135,181 |
|
|
|
|
222,278 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
Management fees (1) |
|
|
|
1,625,963 |
|
|
|
|
2,063,017 |
|
|
|
|
5,324,186 |
|
|
|
|
5,994,530 |
|
Incentive
fees / (Reversal of incentive fee accrual) (1) |
|
|
|
220,719 |
|
|
|
|
1,062,535 |
|
|
|
|
(7,805,089 |
) |
|
|
|
10,839,602 |
|
Costs
incurred under administration agreement (1) |
|
|
|
627,444 |
|
|
|
|
598,456 |
|
|
|
|
1,926,085 |
|
|
|
|
2,185,888 |
|
Directors’ fees |
|
|
|
86,250 |
|
|
|
|
94,620 |
|
|
|
|
258,750 |
|
|
|
|
287,426 |
|
Professional fees |
|
|
|
416,353 |
|
|
|
|
265,429 |
|
|
|
|
1,441,856 |
|
|
|
|
1,001,401 |
|
Interest
expense |
|
|
|
1,189,736 |
|
|
|
|
1,183,833 |
|
|
|
|
3,557,225 |
|
|
|
|
3,781,419 |
|
Income
tax expense |
|
|
|
- |
|
|
|
|
852,970 |
|
|
|
|
- |
|
|
|
|
852,970 |
|
Other
expenses |
|
|
|
141,838 |
|
|
|
|
118,417 |
|
|
|
|
558,856 |
|
|
|
|
382,895 |
|
Gain on
fair value adjustment for embedded derivative |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
(1,000 |
) |
Total Operating
Expenses |
|
|
|
4,308,303 |
|
|
|
|
6,239,277 |
|
|
|
|
5,261,869 |
|
|
|
|
25,325,131 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for
taxes on net investment loss (3) |
|
|
|
- |
|
|
|
|
(26,583,935 |
) |
|
|
|
- |
|
|
|
|
(18,865,865 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Investment
Loss |
|
|
|
(4,221,655 |
) |
|
|
|
(32,783,849 |
) |
|
|
|
(5,126,688 |
) |
|
|
|
(43,968,718 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Realized
Gains/(Losses): |
|
|
|
|
|
|
|
|
|
|
|
|
From
affiliated securities |
|
|
|
- |
|
|
|
|
(10,170,567 |
) |
|
|
|
- |
|
|
|
|
(10,161,030 |
) |
From
non-controlled/non-affiliated securities |
|
|
|
2,658,715 |
|
|
|
|
37,460,383 |
|
|
|
|
(2,311,994 |
) |
|
|
|
64,305,863 |
|
Net Realized
Gains/(Losses) on investments |
|
|
|
2,658,715 |
|
|
|
|
27,289,816 |
|
|
|
|
(2,311,994 |
) |
|
|
|
54,144,833 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Benefit from
taxes on realized |
|
|
|
|
|
|
|
|
|
|
|
|
gains
on investments (3) |
|
|
|
- |
|
|
|
|
11,307,706 |
|
|
|
|
- |
|
|
|
|
342,802 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Change in
Unrealized Appreciation/ |
|
|
|
|
|
|
|
|
|
|
|
|
(Depreciation) of Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
From
controlled securities |
|
|
|
(1,616,568 |
) |
|
|
|
719,143 |
|
|
|
|
(1,823,224 |
) |
|
|
|
685,571 |
|
From
affiliated securities |
|
|
|
(584,077 |
) |
|
|
|
5,124,897 |
|
|
|
|
(6,951,895 |
) |
|
|
|
4,467,809 |
|
From
non-controlled/non-affiliated securities |
|
|
|
938,936 |
|
|
|
|
(27,825,708 |
) |
|
|
|
(27,841,477 |
) |
|
|
|
(5,095,366 |
) |
Total Change in
Unrealized Appreciation/ |
|
|
|
|
|
|
|
|
|
|
|
|
(Depreciation) of investments |
|
|
|
(1,261,709 |
) |
|
|
|
(21,981,668 |
) |
|
|
|
(36,616,596 |
) |
|
|
|
58,014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Benefit from
taxes on unrealized |
|
|
|
|
|
|
|
|
|
|
|
|
appreciation/depreciation of investments (3) |
|
|
|
551,310 |
|
|
|
|
25,020,686 |
|
|
|
|
551,310 |
|
|
|
|
16,021,883 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Increase/(Decrease) in Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Resulting from Operations |
|
$ |
|
(2,273,339 |
) |
|
$ |
|
8,852,691 |
|
|
$ |
|
(43,503,968 |
) |
|
$ |
|
26,598,814 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Increase/(Decrease) in Net Assets Resulting |
|
|
|
|
|
|
|
|
|
|
|
|
from Operations per Common
Share |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
|
(0.10 |
) |
|
$ |
|
0.45 |
|
|
$ |
|
(1.96 |
) |
|
$ |
|
1.37 |
|
Diluted (2) |
|
$ |
|
(0.10 |
) |
|
$ |
|
0.42 |
|
|
$ |
|
(1.96 |
) |
|
$ |
|
1.27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-Average Common Shares Outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
22,181,003 |
|
|
|
|
19,320,100 |
|
|
|
|
22,181,003 |
|
|
|
|
19,320,100 |
|
Diluted (2) |
|
|
|
22,181,003 |
|
|
|
|
23,564,228 |
|
|
|
|
22,181,003 |
|
|
|
|
23,564,228 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) This balance is a
related-party transaction. |
(2) For the three and
nine months ended September 30, 2016, 5,751,815 potentially
dilutive common shares were excluded from the weighted-average
common shares outstanding for diluted net decrease in net assets
resulting from operations per common share because the effect of
these shares would have been anti-dilutive. |
(3) Due to the
Company’s change in tax status to a regulated investment company
(“RIC”) from a C Corporation, the associated accrued benefits and
provisions from previous periods were reversed, resulting in a
provision for net investment loss, a benefit from net realized
gains, and a benefit from unrealized appreciation of investments
for the three and nine months ended September 30, 2015. |
|
GSV CAPITAL CORP. AND
SUBSIDIARIES |
FINANCIAL HIGHLIGHTS (Unaudited) |
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
Three months ended |
|
Per Share
Data: |
|
September 30, 2016 |
|
|
September 30, 2015 |
|
|
|
|
|
|
|
|
Net asset value at
beginning of period |
$ |
|
10.22 |
|
|
$ |
|
15.72 |
|
|
Net investment
loss |
|
|
(0.19 |
) |
|
(1 |
) |
|
|
|
(1.70 |
) |
|
(1 |
) |
Realized gain |
|
|
0.12 |
|
|
(1 |
) |
|
|
|
1.40 |
|
|
(1 |
) |
Benefit from taxes on
net realized capital gains |
|
|
- |
|
|
(1 |
) |
|
|
|
0.59 |
|
|
(1 |
) |
Net change in
unrealized depreciation |
|
|
(0.06 |
) |
|
(1 |
) |
|
|
|
(1.14 |
) |
|
(1 |
) |
Benefit from taxes on
unrealized depreciation of investments |
|
|
0.02 |
|
|
(1 |
) |
|
|
|
1.30 |
|
|
(1 |
) |
Dividends from realized
gain |
|
|
(0.04 |
) |
|
|
|
- |
|
|
Net asset value at end
of period |
$ |
|
10.08 |
|
|
$ |
|
16.17 |
|
|
|
|
|
|
|
|
|
Per share market value
at end of period |
$ |
|
4.72 |
|
|
$ |
|
7.85 |
|
|
Total return based on
market value |
|
|
(5.23 |
) |
% |
(2 |
) |
|
|
|
(23.86 |
) |
% |
(2 |
) |
Total return based on
net asset value |
|
|
(0.59 |
) |
% |
(2 |
) |
|
|
|
2.86 |
|
% |
(2 |
) |
Shares outstanding at
end of period |
|
|
22,181,003 |
|
|
|
|
19,320,100 |
|
|
|
|
|
|
|
. |
|
|
|
|
|
Ratio/Supplemental Data: |
|
|
|
|
|
|
|
|
Net assets at end of
period |
$ |
|
223,619,737 |
|
|
$ |
|
312,502,487 |
|
|
|
|
Average net assets |
$ |
|
226,900,410 |
|
|
$ |
|
303,720,148 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Annualized
ratios |
|
|
|
|
|
|
|
|
Ratio of gross
operating expenses to average net assets (3) |
|
|
7.53 |
|
% |
|
|
|
|
|
8.24 |
|
% |
|
|
Ratio of net income tax
provisions to average net assets (3) |
|
|
(0.96 |
) |
% |
|
|
|
|
|
12.87 |
|
% |
|
|
Ratio of net operating
expenses to average net assets (3) |
|
|
6.57 |
|
% |
|
|
|
|
|
21.11 |
|
% |
|
|
|
|
|
|
|
|
|
Ratio of
net investment loss to average net assets (3) |
|
|
(7.38 |
) |
% |
|
|
|
|
|
(43.30 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio Turnover
Ratio |
|
|
0.82 |
|
% |
|
|
|
|
|
1.78 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GSV CAPITAL CORP. AND
SUBSIDIARIES |
|
FINANCIAL HIGHLIGHTS (Unaudited) |
|
|
|
|
|
Nine months ended |
|
|
Nine months ended |
|
|
|
September 30, 2016 |
|
|
September 30, 2015 |
|
Per Share
Data: |
|
|
|
|
|
|
Net asset value at
beginning of period |
$ |
|
12.08 |
|
|
(1 |
) |
|
$ |
|
14.80 |
|
|
(1 |
) |
Net investment
loss |
|
|
(0.23 |
) |
|
(1 |
) |
|
|
|
(2.28 |
) |
|
(1 |
) |
Realized
gain/(loss) |
|
|
(0.10 |
) |
|
(1 |
) |
|
|
|
2.80 |
|
|
(1 |
) |
Benefit from taxes on
net realized capital gains |
|
|
- |
|
|
(1 |
) |
|
|
|
0.02 |
|
|
(1 |
) |
Net change in
unrealized appreciation/(depreciation) |
|
|
(1.65 |
) |
|
(1 |
) |
|
|
|
0.00 |
|
|
(1 |
) |
Benefit from taxes on
unrealized appreciation/depreciation of investments |
|
|
0.02 |
|
|
|
|
0.83 |
|
|
Dividends from realized
gain |
|
|
(0.04 |
) |
|
|
|
- |
|
|
Net asset value at end
of period |
$ |
|
10.08 |
|
|
$ |
|
16.17 |
|
|
|
|
|
|
|
|
|
Per share market value
at end of period |
$ |
|
4.72 |
|
|
$ |
|
7.85 |
|
|
Total return based on
market value |
|
|
(28.03 |
) |
% |
(2 |
) |
|
|
|
(9.04 |
) |
% |
(2 |
) |
Total return based on
net asset value |
|
|
(15.90 |
) |
% |
(2 |
) |
|
|
|
9.26 |
|
% |
(2 |
) |
Shares outstanding at
end of period |
|
|
22,181,003 |
|
|
|
|
19,320,100 |
|
|
|
|
|
|
|
|
|
Ratio /
Supplemental Data: |
|
|
|
|
|
|
Net assets at end of
period |
$ |
|
223,619,737 |
|
|
$ |
|
312,502,487 |
|
|
Average net assets |
$ |
|
250,723,620 |
|
|
$ |
|
299,491,050 |
|
|
|
|
|
|
|
|
|
Annualized
ratios |
|
|
|
|
|
|
Ratio of gross
operating expenses to average net assets (3) |
|
|
2.80 |
|
% |
|
|
|
|
|
11.31 |
|
% |
|
|
Ratio of net income tax
provisions to average net assets (3) |
|
|
(0.29 |
) |
% |
|
|
|
|
|
(1.12 |
) |
% |
|
|
Ratio of net operating
expenses to average net assets (3) |
|
|
2.51 |
|
% |
|
|
|
|
|
10.19 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of
net investment loss to average net assets (3) |
|
|
(2.72 |
) |
% |
|
|
|
|
|
(19.63 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio Turnover
Ratio |
|
|
4.05 |
|
% |
|
|
|
|
|
4.53 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Based on
weighted-average number of shares outstanding for the period. |
(2) Total return based on
market value is based on the change in market price per share
between the opening and ending market values per share in the
period. 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. |
(3) 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. Non-recurring
expenses are not annualized. For each of the three and nine months
ended September 30, 2016 and 2015, the Company did not incur any
non-recurring expenses. 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. |
|
Contact
GSV Capital Corp.
(650) 235-4769
IR@gsvam.com
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