GSV Capital Corp. Reports Fourth Quarter and Fiscal Year 2016 Financial Results
16 März 2017 - 9:20PM
GSV Capital Corp. (“GSV Capital” or the “Company”)
(Nasdaq:GSVC) today announced financial results for the quarter and
fiscal year ended December 31, 2016. Net assets totaled
approximately $192.1 million, or $8.66 per share, at December 31,
2016, as compared to $10.08 per share at September 30, 2016 and
$12.08 per share at December 31, 2015.
“While we are disappointed with the decline in
NAV during the quarter, our long-term strategic focus on
identifying and investing in the world’s most dynamic,
venture-backed private companies remains unchanged,” said
Michael Moe, Chief Executive Officer of GSV Capital. “We believe
that Snap’s successful IPO is a strong positive signal
for other top names in the GSV Capital portfolio and we are
encouraged by recent developments in the broader growth
economy."
Investment Portfolio as of December 31,
2016
At December 31, 2016, GSV Capital held positions in 45 portfolio
companies with an aggregate fair value of approximately $262.0
million. Excluding Treasuries, the Company’s top ten portfolio
company investments accounted for 60.2% of the total portfolio at
fair value.
|
|
Top Ten Investments at December 31,
2016 |
|
|
|
$ in
millions (rounded) |
|
Fair Value |
% of Total Portfolio |
|
Palantir Technologies,
Inc. |
|
$ |
41.5 |
15.8 |
% |
Spotify Technology
S.A. |
|
|
18.9 |
7.2 |
|
Coursera, Inc. |
|
|
14.5 |
5.5 |
|
JAMF Holdings,
Inc. |
|
|
13.9 |
5.3 |
|
General Assembly Space,
Inc. |
|
|
13.7 |
5.2 |
|
Dropbox, Inc. |
|
|
13.2 |
5.0 |
|
Lytro, Inc. |
|
|
10.9 |
4.2 |
|
Ozy Media, Inc. |
|
|
10.6 |
4.0 |
|
Course Hero, Inc. |
|
|
10.5 |
4.0 |
|
Curious.com, Inc. |
|
|
10.0 |
3.8 |
|
Total (rounded) |
|
$ |
157.8 |
60.2 |
% |
|
|
|
|
|
|
Of the five key investment themes GSV Capital has identified in
its portfolio as of December 31, 2016, Education Technology is its
largest commitment, accounting for 36.8% of the total portfolio at
fair value. Cloud Computing and Big Data represents 34.3% of the
total portfolio at fair value, and Social Mobile, Marketplaces and
Sustainability represent 17.5%, 9.8% and 1.6% of the total
portfolio at fair value, respectively.
Fourth Quarter 2016 Portfolio Investment
Activity
In the fourth quarter of 2016, GSV Capital invested $526,000 in
NestGSV, Inc. and $250,000 in Beamreach Solar, Inc.
GSV Capital sold shares in the following portfolio companies
during the fourth quarter of 2016:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average |
|
|
|
|
|
|
|
|
Shares |
|
Net Share |
|
Net |
|
Realized |
|
Portfolio Company |
|
|
Sold |
|
Price 1 |
|
Proceeds |
|
Loss 2 |
|
|
|
|
|
|
|
|
|
|
|
|
Upwork Global Inc. |
|
|
25,159 |
|
$ |
4.31 |
|
$ |
108,531 |
|
$ |
(77,819 |
) |
|
NestGSV, Inc. |
|
|
N/A |
|
N/A |
|
$ |
500,000 |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
__________
(1) |
The average net share
price is the net share price realized after deducting all
commissions and fees on the sale(s). |
(2) |
Realized loss excludes any
realized gains/(losses) incurred on the maturity of GSV Capital’s
treasury investments. |
|
|
As of December 31, 2016, GSV Capital had no borrowings
outstanding under its credit facility, which matured in accordance
with its terms on December 31, 2016.
|
|
|
Fourth Quarter
2016 Financial Results |
|
|
|
|
|
|
Quarter Ended December 31,
2016 |
Quarter EndedDecember 31,
2015 |
$ in millions (rounded) |
per share |
$ in millions (rounded) |
per share |
Net investment
income/(loss) |
$ |
3.9 |
|
$ |
0.17 |
|
$ |
(4.7 |
) |
$ |
(0.24 |
) |
|
|
|
|
|
Net realized
losses |
$ |
(0.3 |
) |
$ |
(0.01 |
) |
$ |
(0.0 |
) |
$ |
(0.00 |
) |
|
|
|
|
|
Benefit for taxes on
net realized losses |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
|
|
|
Net change in
unrealized depreciation of investments |
$ |
(36.6 |
) |
$ |
(1.65 |
) |
$ |
(13.5 |
) |
$ |
(0.69 |
) |
|
|
|
|
|
Benefit for taxes on
unrealized depreciation of investments |
$ |
1.6 |
|
$ |
0.07 |
|
$ |
0.0 |
|
$ |
0.00 |
|
|
|
|
|
|
Net decrease in net
assets resulting from operations - basic |
$ |
(31.5 |
) |
$ |
(1.42 |
) |
$ |
(18.1 |
) |
$ |
(0.94 |
) |
|
|
|
|
|
Weighted-average common basic shares outstanding were
approximately 22.2 million for the quarter ended December 31, 2016
and 19.4 million for the quarter ended December 31, 2015.
|
|
|
Fiscal Year
2016 Financial Results |
|
|
|
|
|
|
Fiscal Year Ended December 31,
2016 |
Fiscal Year EndedDecember 31,
2015 |
$ in millions (rounded) |
per share |
$ in millions (rounded) |
per share |
Net investment
loss |
$ |
(1.3 |
) |
$ |
(0.06 |
) |
$ |
(48.7 |
) |
$ |
(2.52 |
) |
|
|
|
|
|
Net realized
gains/(losses) |
$ |
(2.6 |
) |
$ |
(0.12 |
) |
$ |
54.1 |
|
$ |
2.80 |
|
|
|
|
|
|
Benefit for taxes on
net realized gains |
|
- |
|
|
- |
|
$ |
0.3 |
|
$ |
0.02 |
|
|
|
|
|
|
Net change in
unrealized depreciation of investments |
$ |
(73.2 |
) |
$ |
(3.30 |
) |
$ |
(13.4 |
) |
$ |
(0.69 |
) |
|
|
|
|
|
Benefit for taxes on
unrealized depreciation of investments |
$ |
2.1 |
|
$ |
0.10 |
|
$ |
16.1 |
|
$ |
0.83 |
|
|
|
|
|
|
Net increase/(decrease)
in net assets resulting from operations - basic |
$ |
(75.0 |
) |
$ |
(3.38 |
) |
$ |
8.5 |
|
$ |
0.44 |
|
|
|
|
|
|
Weighted-average common basic shares outstanding were
approximately 22.2 million for the fiscal year ended December 31,
2016 and 19.3 million for the fiscal year ended December 31,
2015.
GSV Capital’s liquid assets ended the quarter at $17.1 million,
consisting of $8.3 million of cash and $8.7 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 877-852-6543, and the conference call
number for participants outside of the United
States is 1-719-325-4839. The conference ID number for
both call numbers is 8092483. 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 March 23, 2017 by dialing 888-203-1112
(U.S.) or 1-719-457-0820 (international) and using
conference ID number 8092483.
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
The GSV Capital Corp. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=12750
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
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
ASSETS AND LIABILITIES |
|
|
December 31, 2016 |
|
December 31, 2015 |
ASSETS |
|
|
|
Investments at fair
value: |
|
|
|
|
|
Investments in controlled securities (cost of $22,893,441 and
$21,830,392, respectively) (1) |
$ |
19,037,566 |
|
|
$ |
22,871,790 |
|
Investments in affiliated securities (cost of $51,773,388 and
$73,942,123, respectively) (1) |
|
42,444,690 |
|
|
|
66,075,585 |
|
Investments in non-controlled/non-affiliated securities (cost of
$204,101,445 and $197,577,328, respectively) |
|
200,532,890 |
|
|
|
260,861,392 |
|
Investments in treasury bill (cost of $29,998,750 and $29,999,968,
respectively) |
|
29,998,490 |
|
|
|
30,000,000 |
|
Investments owned and pledged (amortized cost of $0 and $3,675,192,
respectively) (2) |
|
- |
|
|
|
3,676,693 |
|
Total
Investments (cost of $308,767,024 and $327,025,003,
respectively) |
|
292,013,636 |
|
|
|
383,485,460 |
|
|
|
|
|
|
|
Cash |
|
8,332,634 |
|
|
|
13,349,877 |
|
Restricted cash |
|
- |
|
|
|
52,931 |
|
Due from: |
|
|
|
|
|
GSV Asset
Management (1) |
|
- |
|
|
|
220,770 |
|
Portfolio
companies (1) |
|
- |
|
|
|
56,371 |
|
Interest and dividends
receivable |
|
92,946 |
|
|
|
97,183 |
|
Prepaid expenses and
other assets |
|
213,942 |
|
|
|
227,826 |
|
Deferred financing
costs |
|
311,268 |
|
|
|
352,653 |
|
Total Assets |
|
300,964,426 |
|
|
|
397,843,071 |
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
Due to: |
|
|
|
|
|
GSV Asset
Management (1) |
|
422,025 |
|
|
|
5,047,429 |
|
Accounts payable and
accrued expenses |
|
335,611 |
|
|
|
105,587 |
|
Accrued incentive fees
(1) |
|
2,126,444 |
|
|
|
17,314,565 |
|
Accrued management fees
(1) |
|
524,054 |
|
|
|
683,423 |
|
Accrued interest
payable |
|
1,056,563 |
|
|
|
1,056,563 |
|
Payable for securities
purchased |
|
26,498,750 |
|
|
|
26,499,357 |
|
Deferred tax
liability |
|
10,359,371 |
|
|
|
12,476,155 |
|
Convertible Senior
Notes payable 5.25% due September 15, 2018 (2) |
|
67,512,798 |
|
|
|
66,649,047 |
|
Total Liabilities |
|
108,835,616 |
|
|
|
129,832,126 |
|
|
|
|
|
|
|
Commitments and
contingencies (Notes 6 and 9) |
|
|
|
|
|
Net
Assets |
$ |
192,128,810 |
|
|
$ |
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 |
|
221,237,636 |
|
|
|
237,757,527 |
|
Accumulated net
investment loss |
|
(1,443,996 |
) |
|
|
(16,634,037 |
) |
Accumulated net
realized gains (losses) on investments |
|
(773,882 |
) |
|
|
2,681,342 |
|
Accumulated net
unrealized appreciation (depreciation) of investments |
|
(27,112,758 |
) |
|
|
43,984,303 |
|
Net Assets |
$ |
192,128,810 |
|
|
$ |
268,010,945 |
|
|
|
|
|
|
|
Net Asset Value Per Share |
$ |
8.66 |
|
|
$ |
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
December 31, 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. |
|
|
|
GSV CAPITAL CORP. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
|
|
|
|
Year ended |
|
|
Year ended |
|
|
Year ended |
|
|
|
December 31, 2016 |
|
|
December 31, 2015 |
|
|
December 31, 2014 |
INVESTMENT
INCOME |
|
|
|
|
|
|
|
|
|
Interest income from
controlled securities (1) |
|
$ |
101,999 |
|
|
$ |
- |
|
|
$ |
10,233 |
|
Interest income from
affiliated securities (1) |
|
|
159,016 |
|
|
|
214,420 |
|
|
|
130,021 |
|
Interest income from
non-controlled/non-affiliated securities |
|
|
262,473 |
|
|
|
29,695 |
|
|
|
44,805 |
|
Dividend income from
affiliated securities (1) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Dividend income from
non-controlled/non-affiliated securities |
|
|
- |
|
|
|
46,781 |
|
|
|
887 |
|
Other income from
non-controlled/non-affiliated securities |
|
|
212,795 |
|
|
|
- |
|
|
|
- |
|
Total Investment Income |
|
|
736,283 |
|
|
|
290,896 |
|
|
|
185,946 |
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES |
|
|
|
|
|
|
|
|
|
Management fees
(1) |
|
|
6,896,347 |
|
|
|
8,044,801 |
|
|
|
7,562,488 |
|
Incentive fees (1) |
|
|
(15,188,121 |
) |
|
|
8,170,326 |
|
|
|
3,614,347 |
|
Costs incurred under
Administration Agreement (1) |
|
|
2,545,316 |
|
|
|
2,681,079 |
|
|
|
3,199,904 |
|
Directors’ fees |
|
|
345,000 |
|
|
|
373,676 |
|
|
|
260,000 |
|
Professional fees |
|
|
1,966,906 |
|
|
|
1,357,988 |
|
|
|
1,764,722 |
|
Interest expense |
|
|
4,731,430 |
|
|
|
4,961,169 |
|
|
|
5,503,843 |
|
Income tax expense |
|
|
- |
|
|
|
880,778 |
|
|
|
- |
|
Other expenses |
|
|
702,768 |
|
|
|
509,418 |
|
|
|
668,635 |
|
Gain on fair value
adjustment for embedded derivative |
|
|
- |
|
|
|
(1,000 |
) |
|
|
(798,000 |
) |
Total
Operating Expenses |
|
|
1,999,646 |
|
|
|
26,978,235 |
|
|
|
21,775,939 |
|
|
|
|
|
|
|
|
|
|
|
(Provision)/Benefit for taxes on net investment loss (2) |
|
|
- |
|
|
|
(21,969,370 |
) |
|
|
8,810,102 |
|
|
|
|
|
|
|
|
|
|
|
Net Investment Loss |
|
|
(1,263,363 |
) |
|
|
(48,656,709 |
) |
|
|
(12,779,891 |
) |
|
|
|
|
|
|
|
|
|
|
Net Realized Gains/(Losses): |
|
|
|
|
|
|
|
|
|
From
affiliated securities |
|
|
- |
|
|
|
(10,170,567 |
) |
|
|
10,419 |
|
From
non-controlled/non-affiliated securities |
|
|
(2,634,471 |
) |
|
|
64,314,796 |
|
|
|
23,915,705 |
|
Net Realized Gains/(Losses) on investments |
|
|
(2,634,471 |
) |
|
|
54,144,229 |
|
|
|
23,926,124 |
|
|
|
|
|
|
|
|
|
|
|
(Provision)/Benefit for taxes on net realized |
|
|
|
|
|
|
|
|
|
gain on investments (2) |
|
|
- |
|
|
|
342,802 |
|
|
|
(9,769,036 |
) |
|
|
|
|
|
|
|
|
|
|
Net Change in Unrealized |
|
|
|
|
|
|
|
|
|
Depreciation of investments: |
|
|
|
|
|
|
|
|
|
From
controlled securities |
|
|
(4,897,273 |
) |
|
|
(627,139 |
) |
|
|
(662,619 |
) |
From
affiliated securities |
|
|
(13,571,477 |
) |
|
|
1,386,378 |
|
|
|
(6,867,225 |
) |
From
non-controlled/non-affiliated securities |
|
|
(54,745,095 |
) |
|
|
(14,181,484 |
) |
|
|
1,718,047 |
|
Net Change in Unrealized |
|
|
|
|
|
|
|
|
|
Depreciation of investments |
|
|
(73,213,845 |
) |
|
|
(13,422,245 |
) |
|
|
(5,811,797 |
) |
|
|
|
|
|
|
|
|
|
|
Benefit for taxes on unrealized |
|
|
|
|
|
|
|
|
|
depreciation of investments (2) |
|
|
2,116,784 |
|
|
|
16,058,080 |
|
|
|
2,371,829 |
|
|
|
|
|
|
|
|
|
|
|
Net Increase/(Decrease) in Net Assets |
|
|
|
|
|
|
|
|
|
Resulting from Operations |
|
$ |
(74,994,895 |
) |
|
$ |
8,466,157 |
|
|
$ |
(2,062,771 |
) |
|
|
|
|
|
|
|
|
|
|
Net Increase/(Decrease) in Net Assets
Resulting |
|
|
|
|
|
|
|
|
|
from Operations per Common Share |
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(3.38 |
) |
|
$ |
0.44 |
|
|
$ |
(0.11 |
) |
Diluted (3) |
|
$ |
(3.38 |
) |
|
$ |
0.44 |
|
|
$ |
(0.11 |
) |
|
|
|
|
|
|
|
|
|
|
Weighted-Average Common Shares Outstanding |
|
|
|
|
|
|
|
|
|
Basic |
|
|
22,181,003 |
|
|
|
19,327,938 |
|
|
|
19,320,100 |
|
Diluted (3) |
|
|
22,181,003 |
|
|
|
19,327,938 |
|
|
|
19,320,100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
This balance is a
related-party transaction. |
(2) |
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 years were reversed, resulting in a provision for net
investment loss, a benefit for net realized gains, and a benefit
for unrealized depreciation of investments for the year ended
December 31, 2015. |
(3) |
For the years ended
December 31, 2016, 2015 and 2014, respectively, 5,751,815,
5,710,212 and 4,244,128 potentially dilutive common shares were
excluded from the weighted-average common shares outstanding for
diluted net increase in net assets resulting from operations per
common share because the effect of these shares would have been
anti-dilutive. |
|
|
|
|
GSV CAPITAL CORP. AND
SUBSIDIARIESFINANCIAL HIGHLIGHTS |
|
|
|
|
|
Three months ended |
|
|
Three months ended |
|
|
|
|
December 31, |
|
|
December 31, |
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
Net asset value at
beginning of period |
$ |
10.08 |
|
|
$ |
16.17 |
|
|
|
Net investment
income/(loss) |
|
0.17 |
|
(1 |
) |
|
(0.24 |
) |
(1 |
) |
|
Realized loss |
|
(0.01 |
) |
(1 |
) |
|
- |
|
(1 |
) |
|
Change in unrealized
depreciation |
|
(1.65 |
) |
(1 |
) |
|
(0.69 |
) |
(1 |
) |
|
Benefit for taxes on
unrealized deprecation of investments |
|
0.07 |
|
(1 |
) |
|
- |
|
(1 |
) |
|
Cash distributions
paid |
|
- |
|
|
|
(1.36 |
) |
|
|
Effect of shares issued
including dilution |
|
- |
|
|
|
(1.80 |
) |
|
|
Net asset value at end
of period |
$ |
8.66 |
|
|
$ |
12.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended |
|
|
Year ended |
|
|
Year ended |
|
|
Year ended |
|
|
Year ended |
|
|
|
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2014 |
|
|
|
2013 |
|
|
|
2012 |
|
|
|
Net asset value at
beginning of year |
$ |
12.08 |
|
|
$ |
14.80 |
|
|
$ |
14.91 |
|
|
$ |
13.07 |
|
|
$ |
12.95 |
|
|
|
Issuance of common
shares |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1.91 |
|
(4 |
) |
|
Underwriters’
discount |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(0.72 |
) |
(2 |
) |
|
Offering costs |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(0.04 |
) |
(2 |
) |
|
Net investment
loss |
|
(0.06 |
) |
(1 |
) |
|
(2.52 |
) |
(1 |
) |
|
(0.66 |
) |
(1 |
) |
|
(0.46 |
) |
(1 |
) |
|
(0.51 |
) |
(1 |
) |
|
Realized gain
(loss) |
|
(0.12 |
) |
(1 |
) |
|
2.80 |
|
(1 |
) |
|
1.24 |
|
(1 |
) |
|
(1.12 |
) |
(1 |
) |
|
(0.09 |
) |
(1 |
) |
|
(Provision)/Benefit for
taxes on net realized capital gains/losses |
|
- |
|
(1 |
) |
|
0.02 |
|
(1 |
) |
|
(0.51 |
) |
(1 |
) |
|
0.49 |
|
(1 |
) |
|
- |
|
|
|
Change in unrealized
appreciation (depreciation) |
|
(3.30 |
) |
(1 |
) |
|
(0.69 |
) |
(1 |
) |
|
(0.30 |
) |
(1 |
) |
|
4.53 |
|
(1 |
) |
|
(0.43 |
) |
(5 |
) |
|
(Provision)/Benefit for
taxes on unrealized appreciation/deprecation of investments |
|
0.10 |
|
(1 |
) |
|
0.83 |
|
(1 |
) |
|
0.12 |
|
(1 |
) |
|
(1.60 |
) |
(1 |
) |
|
- |
|
|
|
Distributions from
realized gain |
|
(0.04 |
) |
|
|
(2.76 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
Dilution from shares
issued |
|
- |
|
|
|
(0.40 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
Net asset value at end
of year |
$ |
8.66 |
|
|
$ |
12.08 |
|
|
$ |
14.80 |
|
|
$ |
14.91 |
|
|
$ |
13.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share market value
at end of year |
$ |
5.03 |
|
|
$ |
9.37 |
|
|
$ |
8.63 |
|
|
|
12.09 |
|
|
|
8.43 |
|
|
|
Total return based on
market value |
|
(23.29 |
) |
%(3) |
|
8.57 |
|
%(3) |
|
(28.62 |
) |
%(3) |
|
43.42 |
|
%(3) |
|
(39.57 |
) |
%(6) |
|
Total return based on
net asset value |
|
(27.74 |
) |
%(3) |
|
(0.27 |
) |
%(3) |
|
(0.74 |
) |
%(3) |
|
14.08 |
|
%(3) |
|
0.93 |
|
%(6) |
|
Shares outstanding at
end of year |
|
22,181,003 |
|
|
|
22,181,003 |
|
|
|
19,320,100 |
|
|
|
19,320,100 |
|
|
|
19,320,100 |
|
|
|
|
|
|
|
|
|
. |
|
|
. |
|
|
|
|
|
|
|
Ratios /
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets at end of
year |
$ |
192,128,810 |
|
|
$ |
268,010,945 |
|
|
$ |
285,903,673 |
|
|
|
287,966,444 |
|
|
|
252,582,801 |
|
|
|
Average net assets |
$ |
243,577,514 |
|
|
$ |
296,560,393 |
|
|
$ |
284,953,811 |
|
|
|
250,121,052 |
|
|
|
208,050,344 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of gross
operating expenses to average net assets |
|
0.82 |
|
% |
|
9.10 |
|
% |
|
7.64 |
|
% |
|
8.83 |
|
% |
|
4.10 |
|
% |
|
Ratio of net income tax
provisions to average net assets |
|
(0.87 |
) |
% |
|
(1.88 |
) |
% |
|
(0.50 |
) |
% |
|
(3.33 |
) |
% |
|
- |
|
% |
|
Ratio of net operating
expenses to average net assets |
|
(0.05 |
) |
% |
|
7.22 |
|
% |
|
7.14 |
|
% |
|
5.50 |
|
% |
|
4.10 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of
net investment loss to average net assets |
|
(0.52 |
) |
% |
|
(16.41 |
) |
% |
|
(4.48 |
) |
% |
|
(3.55 |
) |
% |
|
(3.98 |
) |
% |
|
Portfolio Turnover
Ratio |
|
4.46 |
|
% |
|
8.30 |
|
% |
|
19.45 |
|
% |
|
2.96 |
|
% |
|
13.26 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1 |
) |
Based on
weighted-average number of shares outstanding for the year. |
(2 |
) |
Based
on shares outstanding at end of period. |
(3 |
) |
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 year. The closing market price per share adjusted for dividends
on December 31, 2015 is $6.61. 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. |
(4 |
) |
Issuance of common shares for the year ended December 31, 2012 is
based on the change in net asset value from the secondary offerings
on February 10, 2012 and May 11, 2012. |
(5 |
) |
Includes the impact of the different share amounts as a result of
calculating certain per share data based on the weighted average
basic shares outstanding during the period and certain per share
data based on the shares outstanding as of a period end or
transaction date. |
(6 |
) |
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 and the issuance of common shares in the
period. The percentage returns noted above are based on the
increase in our net asset value attributable to issuances of our
common stock at a premium to our net asset value per share, rather
than investment returns. Such issuances of our common stock at a
premium to net asset value per share are not typical, and may not
occur in the future. The total returns are not annualized. |
|
|
Contact
GSV Capital Corp.
(650) 235-4769
IR@gsvam.com
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