GSV Capital Corp. (“GSV Capital” or the “Company”)
(Nasdaq:GSVC) today announced financial results for the quarter and
fiscal year ended December 31, 2017. Net assets totaled
approximately $204.8 million, or $9.64 per share, at December 31,
2017, as compared to $9.69 per share at September 30, 2017 and
$8.66 per share at December 31, 2016.
"In 2017, the GSV Capital team executed a range
of proactive measures to enhance shareholder value,” said Michael
Moe, Executive Chairman of GSV Capital. “Key initiatives included
reducing expenses, implementing a share repurchase program,
initiating a tender offer for our convertible debt, and adjusting
the Company’s advisory fee structure. We anticipate a positive
impact to NAV resulting from GSV Asset Management’s forfeiture of
$5 million of its previously accrued, but unearned incentive fee,
which will be reflected in GSV Capital’s first quarter 2018
earnings.”
“Entering 2018, we anticipate significant events
in the coming weeks that will impact the valuation of GSV Capital’s
portfolio, including imminent public listings from Spotify and
Dropbox – our second and fourth largest positions, respectively,”
Moe continued. “Looking ahead, we believe the fundamentals of the
GSV Capital portfolio and the opportunity for investors are as
strong as they have ever been.”
Investment Portfolio as of December 31,
2017
At December 31, 2017, GSV Capital held positions
in 31 portfolio companies with an aggregate fair value of
approximately $220.6 million. As a result of the Company’s
continued strategy to increase the size of its investments in
individual portfolio companies, GSV Capital’s investment portfolio
has consolidated around top positions. For example, the
Company’s top five portfolio company investments accounted for
52.4% of the total portfolio at fair value as of December 31, 2017,
compared to 39.0% as of December 31, 2016.
|
|
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|
Top Five
Investments at December 31, 2017 |
|
|
|
|
|
|
|
$ in
millions (rounded) |
Fair Value |
|
% of Total Portfolio |
Palantir Technologies,
Inc. |
$ |
35.1 |
|
15.9 |
% |
Spotify Technology
S.A. |
|
30.7 |
|
13.9 |
|
Coursera, Inc. |
|
18.4 |
|
8.3 |
|
Dropbox, Inc. |
|
17.9 |
|
8.1 |
|
StormWind, LLC |
|
13.5 |
|
6.1 |
|
Total (rounded) |
$ |
115.5 |
|
52.4 |
% |
|
|
|
|
|
|
Fourth Quarter 2017 Portfolio Investment
Activity
During 2017, GSV Capital did not fund any new
investments.
During the quarter ended December 31, 2017, GSV
Capital sold or wrote off securities in the following portfolio
companies:
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|
|
|
|
|
|
|
|
|
|
Shares |
|
Average |
|
Net |
|
Realized |
|
|
|
Sold/ |
|
Net Share |
|
Proceeds |
|
Gain/(Loss)(2) |
Portfolio Company |
|
|
Written Off |
|
Price (1) |
|
(in millions) |
|
(in millions) |
|
|
|
|
|
|
|
|
|
|
JAMF Holdings,
Inc. |
|
|
1,468,800 |
|
$23.78 |
|
$34.9 |
|
$25.5 |
Spotify Technology
S.A. |
|
|
3,657 |
|
$3,800 |
|
$13.9 |
|
$10.3 |
Dataminr, Inc. |
|
|
1,206,346 |
|
$3.98 |
|
$4.8 |
|
$1.6 |
Whittle Schools,
LLC |
|
|
3,000,229 |
|
$1.52 |
|
$4.6 |
|
$(0.2) |
Chegg, Inc. |
|
|
282,192 |
|
$15.97 |
|
$4.5 |
|
$1.2 |
Strategic Data Command,
LLC |
|
|
2,400,000 |
|
$1.02 |
|
$2.5 |
|
$1.5 |
Palantir Technologies,
Inc. |
|
|
326,797 |
|
$6.40 |
|
$2.1 |
|
$1.1 |
Handle Financial,
Inc. |
|
|
548,034 |
|
$0.00 |
|
- |
|
$(14.0) |
Circle Media (2) |
|
|
2,745,070 |
|
$0.00 |
|
- |
|
$(1.8) |
__________(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) Write-off includes a promissory note with
principal value of $25,008.
Subsequent to quarter-end, through March 13,
2018, GSV Capital sold positions in the following portfolio
companies:
|
|
|
|
|
Average |
|
Net |
|
Realized |
|
|
|
Shares |
|
Net Share |
|
Proceeds |
|
Gain/(Loss) |
Portfolio Company |
|
|
Sold |
|
Price (1) |
|
(in millions) |
|
(in millions) |
|
|
|
|
|
|
|
|
|
|
Chegg, Inc. |
|
|
500,000 |
|
$18.89 |
|
$9.4 |
|
$3.4 |
NestGSV, Inc. (d/b/a
GSV Labs, Inc.) |
|
|
N/A |
|
N/A |
|
$0.6 |
|
$(0.0) |
Avenues Global
Holdings, LLC |
|
|
10,014,270 |
|
$0.59 |
|
$5.9 |
|
$(4.2) |
__________(1) The average net share price is the net share price
realized after deducting all commissions and fees on the sale(s),
if applicable.
|
|
|
|
|
|
Fourth Quarter
2017 Financial Results |
|
|
|
|
|
|
Quarter EndedDecember 31,
2017 |
Quarter EndedDecember 31,
2016 |
|
$ in millions |
per share |
$ in millions |
per share |
|
|
|
|
|
Net investment
income/(loss) |
$(3.6) |
$(0.17) |
$3.9 |
$0.17 |
|
|
|
|
|
Net realized
gain/(loss) |
25.2 |
1.18 |
(0.3) |
(0.01) |
|
|
|
|
|
Net change in
unrealized depreciation of investments |
(26.9) |
(1.26) |
(36.6) |
(1.65) |
|
|
|
|
|
Benefit from taxes on
unrealized appreciation/depreciation of investments |
2.7 |
0.13 |
1.6 |
0.07 |
|
|
|
|
|
Net decrease in net
assets resulting from operations - basic |
$(2.5) |
$(0.12) |
$(31.5) |
$(1.42) |
|
|
|
|
|
Dividends
distributed |
- |
- |
- |
- |
|
|
|
|
|
Repurchase of common
stock(1) |
(2.1) |
0.07 |
- |
- |
|
|
|
|
|
Increase/(decrease) in net asset value |
$(4.6) |
$(0.05) |
$(31.5) |
$(1.42) |
__________(1) During the quarter ended December 31,
2017, the Company repurchased 360,549 shares of GSV Capital common
stock for approximately $2.1 million in cash. The use of cash in
connection with the repurchases decreased net asset value as of
period end; however, the reduction in shares outstanding as of
period end resulted in an increase in the net asset value per
share.
Weighted-average common basic shares outstanding
were approximately 21.3 million and 22.2 million for the quarters
ended December 31, 2017 and 2016, respectively.
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Fiscal Year
2017 Financial Results |
|
|
|
|
|
|
Fiscal Year EndedDecember 31,
2017 |
Fiscal Year EndedDecember 31,
2016 |
|
$ in millions |
per share |
$ in millions |
per share |
|
|
|
|
|
Net investment
loss |
$(20.9) |
$(0.95) |
$(1.3) |
$(0.06) |
|
|
|
|
|
Net realized
gain/(loss) |
0.9 |
0.04 |
(2.6) |
(0.12) |
|
|
|
|
|
Net change in
unrealized appreciation/(depreciation) of investments |
34.8 |
1.59 |
(73.2) |
(3.30) |
|
|
|
|
|
Benefit from taxes on
unrealized appreciation/depreciation of investments |
2.8 |
0.13 |
2.1 |
0.10 |
|
|
|
|
|
Net increase/(decrease)
in net assets resulting from operations - basic |
$17.6 |
$0.80 |
$(75.0) |
$(3.38) |
|
|
|
|
|
Dividends
distributed |
- |
- |
(0.9) |
(0.04) |
|
|
|
|
|
Repurchase of common
stock(1) |
(4.9) |
0.18 |
- |
- |
|
|
|
|
|
Increase/(decrease) in net asset value |
$12.6 |
$0.98 |
$(75.9) |
$(3.42) |
__________(1) During the year ended December 31,
2017, the Company repurchased 934,658 shares of GSV Capital common
stock for approximately $4.9 million in cash. The use of cash in
connection with the repurchases decreased net asset value as of
period end; however, the reduction in shares outstanding as of
period end resulted in an increase in the net asset value per
share.
Weighted-average common basic shares outstanding
were approximately 21.9 million and 22.2 million for the fiscal
years ended December 31, 2017 and 2016, respectively.
GSV Capital’s liquid assets were $68.0 million
as of December 31, 2017, consisting of $59.8 million of cash and
$8.2 million of public securities not subject to lock-up
agreements.
At year-end, GSV Capital did not have any
borrowings outstanding and $12.0 million of borrowing capacity
available under its $12.0 million credit facility. As of March 13,
2018, GSV Capital has no borrowings outstanding and $12.0 million
of borrowing capacity available to it under its credit
facility.
Share Repurchase Program
On November 7, 2017, the Company’s Board of
Directors authorized an extension of, and an increase in the amount
of shares of the Company’s common stock that may be purchased
under, its discretionary open-market share repurchase program until
the earlier of (i) November 6, 2018 or (ii) the repurchase of $10.0
million in aggregate amount of the Company's common
stock. Under the repurchase program, the Company may, but is
not obligated to, repurchase its outstanding common stock from time
to time in the open market provided that the Company complies with
the prohibitions under its insider trading policies and procedures
and the applicable provisions of the Investment Company Act of
1940, as amended, and the Securities Exchange Act of 1934, as
amended. The timing and number of shares to be repurchased will
depend on a number of factors, including market conditions and
alternative investment opportunities.
Pursuant to the announcement of the share
repurchase program, as of December 31, 2017 the Company had
repurchased 934,658 shares of its common stock for approximately
$4.9 million. From January 1, 2018 through March 9, 2018, the
Company repurchased an additional 179,807 shares of its common
stock for approximately $1.2 million.
As of March 13, 2018, the dollar value of shares
that may yet be purchased by the Company under the share repurchase
program is approximately $3.8 million.
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 access number for U.S. participants
is 877-419-6590, and the conference call access number for
participants outside the U.S. is 719-325-2455. The
conference ID number for both access numbers
is 5951244. 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 20, 2018 by
dialing 866-375-1919 (U.S.) or 719-457-0820 (International)
and using conference ID number 5951244.
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 and CEO Mark
Klein, the fund 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.
Contact
GSV Capital Corp.(650) 235-4769IR@gsvam.com
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|
|
|
|
GSV CAPITAL CORP. AND
SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF ASSETS AND
LIABILITIES |
|
|
|
|
|
December 31, 2017 |
|
December 31, 2016 |
ASSETS |
|
|
|
Investments at fair
value: |
|
|
|
|
|
Non-controlled/non-affiliate investments (cost of $137,526,726 and
$204,101,445, respectively) |
$ |
179,908,234 |
|
|
$ |
200,532,890 |
|
Non-controlled/affiliate investments (cost of $41,886,312 and
$51,773,388, respectively) (1) |
|
16,473,098 |
|
|
|
42,444,690 |
|
Controlled investments (cost of $23,161,314 and $22,893,441,
respectively) (1) |
|
24,207,161 |
|
|
|
19,037,566 |
|
Investments in U.S. Treasury bills (cost of $99,985,833 and
$29,998,750, respectively) |
|
99,994,000 |
|
|
|
29,998,490 |
|
Total
Investments (cost of $302,560,185 and $308,767,024,
respectively) |
|
320,582,493 |
|
|
|
292,013,636 |
|
|
|
|
|
|
|
Cash |
|
59,838,600 |
|
|
|
8,332,634 |
|
Due from: |
|
|
|
|
|
Portfolio
companies (1) |
|
840 |
|
|
|
- |
|
Escrow proceeds
receivable |
|
603,456 |
|
|
|
- |
|
Interest and dividends
receivable |
|
35,141 |
|
|
|
92,946 |
|
Prepaid expenses and
other assets |
|
208,983 |
|
|
|
213,942 |
|
Deferred financing
costs |
|
413,023 |
|
|
|
311,268 |
|
Total Assets |
|
381,682,536 |
|
|
|
300,964,426 |
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
Due to: |
|
|
|
|
|
GSV Asset
Management (2) |
|
231,697 |
|
|
|
422,025 |
|
Accounts payable and
accrued expenses |
|
458,203 |
|
|
|
335,611 |
|
Accrued incentive fees
(2) |
|
9,278,085 |
|
|
|
2,126,444 |
|
Accrued management
fees, net of waiver of management fees (2) |
|
424,447 |
|
|
|
524,054 |
|
Accrued interest
payable |
|
1,056,563 |
|
|
|
1,056,563 |
|
Payable for securities
purchased |
|
89,485,825 |
|
|
|
26,498,750 |
|
Deferred tax
liability |
|
7,602,301 |
|
|
|
10,359,371 |
|
Convertible Senior
Notes Payable 5.25% due September 15, 2018 (3) |
|
68,382,549 |
|
|
|
67,512,798 |
|
Total Liabilities |
|
176,919,670 |
|
|
|
108,835,616 |
|
|
|
|
|
|
|
Net
Assets |
$ |
204,762,866 |
|
|
$ |
192,128,810 |
|
|
|
|
|
|
|
NET
ASSETS |
|
|
|
|
|
Common stock, par value
$0.01 per share |
|
|
|
|
|
(100,000,000
authorized; 21,246,345 and 22,181,003 issued and outstanding,
respectively) |
$ |
212,463 |
|
|
$ |
221,810 |
|
Paid-in capital in
excess of par |
|
230,042,199 |
|
|
|
221,237,636 |
|
Accumulated net investment loss |
|
(36,051,904 |
) |
|
|
(1,443,996 |
) |
Accumulated net
realized gains/(losses) on investments |
|
140,100 |
|
|
|
(773,882 |
) |
Accumulated net
unrealized appreciation/(depreciation) of investments |
|
10,420,008 |
|
|
|
(27,112,758 |
) |
Net
Assets |
$ |
204,762,866 |
|
|
$ |
192,128,810 |
|
Net Asset Value
Per Share |
$ |
9.64 |
|
|
$ |
8.66 |
|
|
|
|
|
|
|
|
|
(1) This balance is a related-party
transaction.(2) This balance is a related-party transaction
and subject to the fee Waiver Agreement announced and effective
subsequent to year-end.(3) The Convertible Senior Notes have
a face value of $69,000,000.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GSV CAPITAL CORP. AND
SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF
OPERATIONS |
|
|
|
|
|
|
|
|
Year Ended |
|
Year Ended |
|
Year Ended |
|
December 31, 2017 |
|
December 31, 2016 |
|
December 31, 2015 |
INVESTMENT
INCOME |
|
|
|
|
|
|
|
|
|
Non-controlled/non-affiliate investments: |
|
|
|
|
|
|
|
|
|
Interest
income/(reversal of interest accrual) |
|
$ |
(4,627 |
) |
|
$ |
262,473 |
|
|
$ |
29,695 |
|
Dividend
income |
|
|
- |
|
|
|
- |
|
|
|
46,781 |
|
Other
income |
|
|
73,096 |
|
|
|
212,795 |
|
|
|
- |
|
Non-controlled/affiliate investments: |
|
|
|
|
|
|
|
|
|
Interest
income(1) |
|
|
59,460 |
|
|
|
159,016 |
|
|
|
214,420 |
|
Controlled
investments: |
|
|
|
|
|
|
|
|
|
Interest
income(1) |
|
|
249,839 |
|
|
|
101,999 |
|
|
|
- |
|
Dividend
income(1) |
|
|
475,000 |
|
|
|
- |
|
|
|
- |
|
Total Investment Income |
|
|
852,768 |
|
|
|
736,283 |
|
|
|
290,896 |
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES |
|
|
|
|
|
|
|
|
|
Management fees
(2) |
|
|
5,666,176 |
|
|
|
6,896,347 |
|
|
|
8,044,801 |
|
Incentive
fees/(reversal of incentive fee accrual)(2) |
|
|
7,151,641 |
|
|
|
(15,188,121 |
) |
|
|
8,170,326 |
|
Costs incurred under
Administration Agreement (1) |
|
|
1,874,839 |
|
|
|
2,545,316 |
|
|
|
2,681,079 |
|
Directors’ fees |
|
|
328,480 |
|
|
|
345,000 |
|
|
|
373,676 |
|
Professional fees |
|
|
2,068,668 |
|
|
|
1,966,906 |
|
|
|
1,357,988 |
|
Interest expense |
|
|
4,696,819 |
|
|
|
4,731,430 |
|
|
|
4,961,169 |
|
Tax expense |
|
|
52,901 |
|
|
|
- |
|
|
|
880,778 |
|
Other expenses |
|
|
600,331 |
|
|
|
702,768 |
|
|
|
509,418 |
|
Gain on fair value
adjustment for embedded derivative |
|
|
- |
|
|
|
- |
|
|
|
(1,000 |
) |
Total
Operating Expenses |
|
|
22,439,855 |
|
|
|
1,999,646 |
|
|
|
26,978,235 |
|
Management fee waiver(2) |
|
|
(708,272 |
) |
|
|
- |
|
|
|
- |
|
Total
operating expenses, net of waiver of management fees |
|
|
21,731,583 |
|
|
|
1,999,646 |
|
|
|
26,978,235 |
|
Provision
for taxes on net investment loss (3) |
|
|
- |
|
|
|
- |
|
|
|
(21,969,370 |
) |
Net Investment Loss |
|
|
(20,878,815 |
) |
|
|
(1,263,363 |
) |
|
|
(48,656,709 |
) |
|
|
|
|
|
|
|
|
|
|
Realized Gains/(Losses) on Investments: |
|
|
|
|
|
|
|
|
|
Non-controlled/non-affiliated investments |
|
|
3,989,476 |
|
|
|
(2,634,471 |
) |
|
|
64,314,796 |
|
Non-controlled/affiliate investments |
|
|
(3,075,494 |
) |
|
|
- |
|
|
|
(10,170,567 |
) |
Net Realized Gains/(Losses) on Investments |
|
|
913,982 |
|
|
|
(2,634,471 |
) |
|
|
54,144,229 |
|
Benefit
from taxes on net realized gain on investments (3) |
|
|
- |
|
|
|
- |
|
|
|
342,802 |
|
|
|
|
|
|
|
|
|
|
|
Change in Unrealized Appreciation/(Depreciation) of
Investments: |
|
|
|
|
|
|
|
|
|
Non-controlled/non-affiliated investments |
|
|
45,958,490 |
|
|
|
(54,745,095 |
) |
|
|
(14,181,484 |
) |
Non-controlled/affiliate investments |
|
|
(16,084,516 |
) |
|
|
(13,571,477 |
) |
|
|
1,386,378 |
|
Controlled investments |
|
|
4,901,722 |
|
|
|
(4,897,273 |
) |
|
|
(627,139 |
) |
Net Change in Unrealized Appreciation/(Depreciation) of
Investments |
|
|
34,775,696 |
|
|
|
(73,213,845 |
) |
|
|
(13,422,245 |
) |
Benefit
from taxes on unrealized appreciation/depreciation of investments
(3) |
|
|
2,757,070 |
|
|
|
2,116,784 |
|
|
|
16,058,080 |
|
|
|
|
|
|
|
|
|
|
|
Net Increase/(Decrease) in Net Assets |
|
|
|
|
|
|
|
|
|
Resulting from Operations |
|
$ |
17,567,933 |
|
|
$ |
(74,994,895 |
) |
|
$ |
8,466,157 |
|
Net Increase/(Decrease) in Net Assets
Resulting |
|
|
|
|
|
|
|
|
|
from Operations per Common Share |
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.80 |
|
|
$ |
(3.38 |
) |
|
$ |
0.44 |
|
Diluted
(4) |
|
$ |
0.80 |
|
|
$ |
(3.38 |
) |
|
$ |
0.44 |
|
Weighted-Average Common Shares Outstanding |
|
|
|
|
|
|
|
|
|
Basic |
|
|
21,924,490 |
|
|
|
22,181,003 |
|
|
|
19,327,938 |
|
Diluted
(4) |
|
|
21,924,490 |
|
|
|
22,181,003 |
|
|
|
19,327,938 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) This balance is a related-party
transaction.(2) This balance is a related-party transaction
and subject to the fee Waiver Agreement announced and effective
subsequent to year-end.(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 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.(4) For the years ended December 31, 2017,
2016 and 2015, respectively, 5,751,815, 5,751,815 and 5,710,212
potentially dilutive common shares were excluded from the
weighted-average common shares outstanding for diluted net
increase/(decrease) in net assets resulting from operations per
common share because the effect of these shares would have been
anti-dilutive.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GSV CAPITAL CORP. AND
SUBSIDIARIES |
FINANCIAL HIGHLIGHTS |
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
Three months ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2017 |
|
|
2016 |
|
Net asset value at
beginning of period |
$ |
9.69 |
|
$ |
10.08 |
|
Net investment
income/(loss) |
|
(0.17) |
(1 |
) |
|
0.17 |
(1 |
) |
Realized
gain/(loss) |
|
1.18 |
(1 |
) |
|
(0.01) |
(1 |
) |
Change in unrealized
depreciation |
|
(1.26) |
(1 |
) |
|
(1.65) |
(1 |
) |
Benefit for taxes on
unrealized appreciation/depreciation of investments |
|
0.13 |
(1 |
) |
|
0.07 |
(1 |
) |
Repurchase of Common
Stock |
|
0.07 |
|
|
- |
|
Net asset value at end
of period |
$ |
9.64 |
|
$ |
8.66 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended |
|
|
Year ended |
|
|
Year ended |
|
|
Year ended |
|
|
Year ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
|
|
2017 |
|
|
2016 |
|
|
2015 |
|
|
2014 |
|
|
2013 |
|
Net asset value at
beginning of year |
$ |
8.66 |
|
|
$ |
12.08 |
|
|
$ |
14.80 |
|
|
$ |
14.91 |
|
|
$ |
13.07 |
|
|
Net investment
loss(1) |
|
(0.95 |
) |
|
|
(0.06 |
) |
|
|
(2.52 |
) |
|
|
(0.66 |
) |
|
|
(0.46 |
) |
|
Realized gain
(loss)(1) |
|
0.04 |
|
|
|
(0.12 |
) |
|
|
2.80 |
|
|
|
1.24 |
|
|
|
(1.12 |
) |
|
Benefit/(Provision) for
taxes on net realized capital gains/losses(1) |
|
- |
|
|
|
- |
|
|
|
0.02 |
|
|
|
(0.51 |
) |
|
|
0.49 |
|
|
Change in unrealized
appreciation (depreciation)(1) |
|
1.59 |
|
|
|
(3.30 |
) |
|
|
(0.69 |
) |
|
|
(0.30 |
) |
|
|
4.53 |
|
|
Benefit/(Provision) for
taxes on unrealized depreciation/appreciation of
investments(1) |
|
0.13 |
|
|
|
0.10 |
|
|
|
0.83 |
|
|
|
0.12 |
|
|
|
(1.60 |
) |
|
Distributions from
realized gain |
|
- |
|
|
|
(0.04 |
) |
|
|
(2.76 |
) |
|
|
- |
|
|
|
- |
|
|
Repurchase of common
stock(1) |
|
0.18 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Dilution from shares
issued |
|
- |
|
|
|
- |
|
|
|
(0.40 |
) |
|
|
- |
|
|
|
- |
|
|
Net asset value at end
of year |
$ |
9.64 |
|
|
$ |
8.66 |
|
|
$ |
12.08 |
|
|
$ |
14.80 |
|
|
$ |
14.91 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share market value
at end of year |
$ |
5.45 |
|
|
$ |
5.03 |
|
|
$ |
9.37 |
|
|
$ |
8.63 |
|
|
|
12.09 |
|
|
Total return based on
market value(2) |
|
8.35 |
|
% |
|
(23.29 |
) |
% |
|
8.57 |
|
% |
|
(28.62 |
) |
% |
|
43.42 |
|
% |
Total return based on
net asset value(2) |
|
11.32 |
|
% |
|
(27.74 |
) |
% |
|
(0.27 |
) |
% |
|
(0.74 |
) |
% |
|
14.08 |
|
% |
Shares outstanding at
end of year |
|
21,246,345 |
|
|
|
22,181,003 |
|
|
|
22,181,003 |
|
|
|
19,320,100 |
|
|
|
19,320,100 |
|
|
|
|
|
|
|
|
|
|
|
. |
|
|
. |
|
|
|
Ratios /
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets at end of
year |
$ |
204,762,866 |
|
|
$ |
192,128,810 |
|
|
$ |
268,010,945 |
|
|
$ |
285,903,673 |
|
|
|
287,966,444 |
|
|
Average net assets |
$ |
199,457,678 |
|
|
$ |
243,577,514 |
|
|
$ |
296,560,393 |
|
|
$ |
284,953,811 |
|
|
|
250,121,052 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of gross
operating expenses to average net assets |
|
11.25 |
|
% |
|
0.82 |
|
% |
|
9.10 |
|
% |
|
7.64 |
|
% |
|
8.83 |
|
% |
Ratio of net income tax
provisions to average net assets |
|
(1.38 |
) |
% |
|
(0.87 |
) |
% |
|
(1.88 |
) |
% |
|
(0.50 |
) |
% |
|
(3.33 |
) |
% |
Ratio of management fee
waiver to average net assets |
|
(0.36 |
) |
% |
|
- |
|
% |
|
- |
|
% |
|
- |
|
% |
|
- |
|
% |
Ratio of net operating
expenses to average net assets |
|
9.51 |
|
% |
|
(0.05 |
) |
% |
|
7.22 |
|
% |
|
7.14 |
|
% |
|
5.50 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of
net investment loss to average net assets |
|
(10.47 |
) |
% |
|
(0.52 |
) |
% |
|
(16.41 |
) |
% |
|
(4.48 |
) |
% |
|
(3.55 |
) |
% |
Portfolio Turnover
Ratio |
|
0.07 |
|
% |
|
4.46 |
|
% |
|
8.30 |
|
% |
|
19.45 |
|
% |
|
2.96 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Based on weighted-average number of
shares outstanding for the relevant 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
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.
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