Net Asset Value of $9.11 per Share as of
June 30, 2017
GSV Capital Corp. (“GSV Capital” or the “Company”)
(Nasdaq:GSVC) today announced financial results for the quarter
ended June 30, 2017. Net assets totaled approximately $202.1
million, or $9.11 per share, at June 30, 2017, as compared to $8.83
per share at March 31, 2017 and $8.66 per share at December 31,
2016.
“We are pleased with the progress GSV Capital
has made in the second quarter, as the overall portfolio continues
to perform well, and concentrate on meaningful positions in leading
private companies such as Palantir, Spotify, Dropbox, Coursera, and
Lyft,” said Michael Moe, Executive Chairman of GSV Capital.
"We are optimistic that a more robust IPO market
and continued M&A activity will be a positive catalyst for our
portfolio, but we remain determined to take proactive steps to
maximize shareholder value,” Moe continued. “To this end, we are
assertively monetizing positions as opportunities arise, and our
Board of Directors approved a $5.0 million discretionary share
repurchase program. Additionally, we are pleased to announce that
GSV Capital's lead director, Mark Klein, will transition to the
role of CEO, effective August 11, 2017, where he will focus on
enhancing shareholder value and the operations of the fund. Moving
forward, I will continue to serve as Executive Chairman of GSV
Capital’s Board of Directors and will focus on investment
strategy."
Investment Portfolio as of June 30,
2017
At June 30, 2017, GSV Capital held positions in
38 portfolio companies with an aggregate fair value of
approximately $282.8 million. Excluding treasuries, the Company’s
top ten portfolio company investments accounted for 62.6% of the
total portfolio at fair value.
Top Ten Investments at June 30,
2017
|
$ in
millions (rounded) |
|
Fair Value |
|
% of TotalPortfolio |
|
|
Palantir Technologies,
Inc. |
|
$ |
37.0 |
|
13.1 |
% |
|
Spotify Technology
S.A. |
|
|
27.0 |
|
9.6 |
|
|
JAMF Holdings,
Inc. |
|
|
20.6 |
|
7.3 |
|
|
Coursera, Inc. |
|
|
18.4 |
|
6.5 |
|
|
Dropbox, Inc. |
|
|
14.9 |
|
5.3 |
|
|
Chegg, Inc. |
|
|
14.5 |
|
5.1 |
|
|
General Assembly Space,
Inc. |
|
|
13.0 |
|
4.6 |
|
|
Course Hero, Inc. |
|
|
10.5 |
|
3.7 |
|
|
Lytro, Inc. |
|
|
10.5 |
|
3.7 |
|
|
Ozy Media, Inc. |
|
|
10.5 |
|
3.7 |
|
|
Total (rounded) |
|
$ |
176.9 |
|
62.6 |
% |
Of the five key investment themes GSV Capital
has identified in its portfolio as of June 30, 2017, Education
Technology is its largest commitment, accounting for 36.7% of the
total portfolio (excluding treasuries) at fair value. Cloud
Computing and Big Data represents 32.7% of the total portfolio
(excluding treasuries) at fair value, and Social Mobile,
Marketplaces, and Sustainability represent 18.8%, 11.2% and 0.6% of
the total portfolio (excluding treasuries) at fair value,
respectively.
Second Quarter 2017 Portfolio Investment
Activity
During the six months ended June 30, 2017, GSV
Capital did not purchase or sell any investments.
Subsequent to quarter-end, through August 8,
2017, GSV Capital sold shares in the following portfolio
company:
|
|
|
|
|
Average |
|
|
|
|
|
|
|
|
|
Shares |
|
Net Share |
|
Net |
|
Realized |
|
|
Portfolio Company |
|
|
Sold |
|
Price 1 |
|
Proceeds |
|
Gains |
|
IRR |
|
|
|
|
|
|
|
|
|
|
|
|
Chegg, Inc. |
|
|
400,600 |
|
$ |
14.33 |
|
$ |
5,739,896 |
|
$ |
990,491 |
|
3.2 |
% |
__________
(1) |
The average net
share price is the net share price realized after deducting all
commissions and fees on the sale(s). |
Second Quarter 2017 Financial Results
|
|
Quarter EndedJune 30,
2017 |
Quarter EndedJune 30,
2016 |
$ in millions(rounded) |
per share |
$ in millions(rounded) |
per share |
|
Net investment
loss |
$ |
(5.9 |
) |
$ |
(0.27 |
) |
$ |
(1.5 |
) |
$ |
(0.07 |
) |
|
|
|
|
|
|
|
Net realized
gains/(losses) |
$ |
(0.7 |
) |
$ |
(0.03 |
) |
$ |
1.1 |
|
$ |
0.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in
unrealized appreciation/(depreciation) of investments |
$ |
12.8 |
|
$ |
0.58 |
|
$ |
(15.9 |
) |
$ |
(0.72 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase/(decrease)
in net assets resulting from operations - basic |
$ |
6.2 |
|
$ |
0.28 |
|
$ |
(16.3 |
) |
$ |
(0.74 |
) |
|
|
|
|
|
|
Weighted-average common basic shares outstanding
were approximately 22.2 million for each of the quarters ended June
30, 2017 and 2016.
GSV Capital’s liquid assets were $21.7 million
as of June 30, 2017, consisting of $2.6 million of cash,
$14.5 million of public securities not subject to lock-up
agreements, and $4.6 million of public securities subject to a
lock-up agreement, which lock-up period subsequently expired on
July 31, 2017.
At quarter-end, GSV Capital had $8.0 million of
borrowings outstanding and $4.0 million of borrowing capacity
available under its $12.0 million credit facility. As of
August 8, 2017, GSV Capital has no borrowings outstanding and $12.0
million of borrowing capacity available to it under its credit
facility.
Recent Developments
On August 8, 2017, GSV Capital announced Michael
Moe’s resignation as its Chief Executive Officer, effective August
11, 2017. Mr. Moe will continue to serve as Chairman of GSV
Capital’s Board of Directors. GSV Capital’s Board of
Directors has appointed Mark Klein, a member of GSV Capital’s Board
of Directors and a consultant to its adviser, GSV Asset Management,
LLC, to serve as Chief Executive Officer, effective August 11,
2017.
Given the material discount between the share
price and net asset value per share, on August 7, 2017, GSV
Capital's Board of Directors authorized a new discretionary
share repurchase program of shares of GSV Capital common stock
of up to $5.0 million over 12 months, until the earlier of (i)
August 6, 2018 or (ii) the repurchase of $5.0 million in
aggregate amount of GSV Capital common stock. Under the
discretionary 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 (the “1940 Act”), 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. In addition,
any repurchases will be conducted in accordance with the 1940 Act.
The Company has not yet been active in the current repurchase
program and there are no assurances that it will engage in
repurchases, but if market conditions warrant, the Company now has
the ability to take advantage of situations where the Company's
management believes share repurchases would be advantageous to the
Company and to its stockholders.
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 888-395-3239, and the conference call access number for
participants outside the U.S. is 719-457-2617. The
conference ID number for both access numbers
is 2952199. 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 August 15, 2017 by
dialing 866-375-1919 (U.S.) or 1 719-457-0820
(International) and using conference ID number 2952199.
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. Founded 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
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
ASSETS AND LIABILITIES (Unaudited) |
|
|
|
|
|
June 30, 2017 |
|
December 31, 2016 |
ASSETS |
|
|
|
Investments at fair
value: |
|
|
|
|
|
Investments in controlled securities (cost of $22,982,044 and
$22,893,441, respectively) (1) |
$ |
19,855,423 |
|
|
$ |
19,037,566 |
|
Investments in affiliated securities (cost of $49,197,923 and
$51,773,388, respectively) (1) |
|
39,608,382 |
|
|
|
42,444,690 |
|
Investments in non-controlled/non-affiliated securities (cost of
$181,314,446 and $204,101,445, respectively) |
|
223,304,013 |
|
|
|
200,532,890 |
|
Investments in treasury bill (cost of $99,988,000 and $29,998,750,
respectively) |
|
99,994,000 |
|
|
|
29,998,490 |
|
Total
Investments (cost of $353,482,413 and $308,767,024,
respectively) |
|
382,761,818 |
|
|
|
292,013,636 |
|
|
|
|
|
|
|
Cash |
|
2,602,570 |
|
|
|
8,332,634 |
|
Interest and dividends
receivable |
|
337,100 |
|
|
|
92,946 |
|
Prepaid expenses and
other assets |
|
72,556 |
|
|
|
213,942 |
|
Deferred financing
costs |
|
446,018 |
|
|
|
311,268 |
|
Total Assets |
|
386,220,062 |
|
|
|
300,964,426 |
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
Due to: |
|
|
|
|
|
GSV Asset
Management (1) |
|
347,807 |
|
|
|
422,025 |
|
Accounts payable and
accrued expenses |
|
243,058 |
|
|
|
335,611 |
|
Accrued incentive fees
(1) |
|
6,274,577 |
|
|
|
2,126,444 |
|
Accrued management fees
(1) |
|
396,428 |
|
|
|
524,054 |
|
Accrued interest
payable |
|
1,061,729 |
|
|
|
1,056,563 |
|
Payable for securities
purchased |
|
89,483,890 |
|
|
|
26,498,750 |
|
Deferred tax
liability |
|
10,359,371 |
|
|
|
10,359,371 |
|
Credit facility
payable |
|
8,000,000 |
|
|
|
- |
|
Convertible Senior
Notes Payable 5.25% due September 15, 2018 (2) |
|
67,943,431 |
|
|
|
67,512,798 |
|
Total Liabilities |
|
184,110,291 |
|
|
|
108,835,616 |
|
|
|
|
|
|
|
Commitments and
contingencies (Notes 6 and 9) |
|
|
|
|
|
|
|
|
|
|
|
Net
Assets |
$ |
202,109,771 |
|
|
$ |
192,128,810 |
|
|
|
|
|
|
|
NET
ASSETS |
|
|
|
|
|
Common stock, par value
$0.01 per share |
|
|
|
|
|
(100,000,000 authorized; 22,181,003 and 22,181,003 issued and
outstanding, respectively) |
$ |
221,810 |
|
|
$ |
221,810 |
|
Paid-in capital in
excess of par |
|
221,237,636 |
|
|
|
221,237,636 |
|
Accumulated net
investment loss |
|
(12,135,169 |
) |
|
|
(1,443,996 |
) |
Accumulated net
realized losses on investments |
|
(26,134,541 |
) |
|
|
(773,882 |
) |
Accumulated net
unrealized appreciation/(depreciation) of investments |
|
18,920,035 |
|
|
|
(27,112,758 |
) |
Net Assets |
$ |
202,109,771 |
|
|
$ |
192,128,810 |
|
|
|
|
|
|
|
Net Asset Value Per Share |
$ |
9.11 |
|
|
$ |
8.66 |
|
|
|
|
|
|
|
(1) This balance is a related-party
transaction.(2) The Convertible Senior Notes have a face
value of $69,000,000.
GSV CAPITAL CORP. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
|
INVESTMENT
INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income from
controlled securities (1) |
|
$ |
67,368 |
|
|
$ |
15,528 |
|
|
$ |
126,777 |
|
|
$ |
20,417 |
|
|
Interest income /
(reversal of interest accrual) from affiliated securities (1)
(3) |
|
|
96,695 |
|
|
|
(73,894 |
) |
|
|
192,372 |
|
|
|
18,584 |
|
|
Interest income from
non-controlled/non-affiliated securities |
|
|
8,434 |
|
|
|
4,247 |
|
|
|
16,807 |
|
|
|
9,532 |
|
|
Dividend income from
controlled securities (1) |
|
|
125,000 |
|
|
|
- |
|
|
|
300,000 |
|
|
|
- |
|
|
Other income from
non-controlled/non-affiliated securities |
|
|
73,096 |
|
|
|
- |
|
|
|
73,096 |
|
|
|
- |
|
|
Total Investment Income |
|
|
370,593 |
|
|
|
(54,119 |
) |
|
|
709,052 |
|
|
|
48,533 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
Management fees
(1) |
|
|
1,359,180 |
|
|
|
1,740,223 |
|
|
|
2,813,600 |
|
|
|
3,698,223 |
|
|
Incentive
fees/(Reversal of incentive fee accrual) (1) |
|
|
2,430,825 |
|
|
|
(2,907,224 |
) |
|
|
4,148,133 |
|
|
|
(8,025,808 |
) |
|
Costs incurred under
administration agreement (1) |
|
|
449,110 |
|
|
|
698,692 |
|
|
|
980,594 |
|
|
|
1,298,642 |
|
|
Directors’ fees |
|
|
73,063 |
|
|
|
86,250 |
|
|
|
155,980 |
|
|
|
172,500 |
|
|
Professional fees |
|
|
702,808 |
|
|
|
388,375 |
|
|
|
964,998 |
|
|
|
1,025,503 |
|
|
Interest expense |
|
|
1,155,060 |
|
|
|
1,184,326 |
|
|
|
2,281,833 |
|
|
|
2,367,489 |
|
|
Tax expense |
|
|
45,690 |
|
|
|
- |
|
|
|
46,490 |
|
|
|
- |
|
|
Other expenses |
|
|
207,716 |
|
|
|
207,280 |
|
|
|
360,297 |
|
|
|
417,018 |
|
|
Total
Operating Expenses |
|
|
6,423,452 |
|
|
|
1,397,922 |
|
|
|
11,751,925 |
|
|
|
953,567 |
|
|
Management Fee Waiver |
|
|
(169,898 |
) |
|
|
- |
|
|
|
(351,700 |
) |
|
|
- |
|
|
Total
operating expenses, |
|
|
|
|
|
|
|
|
|
|
|
|
|
net of
waiver of management fees |
|
|
6,253,554 |
|
|
|
1,397,922 |
|
|
|
11,400,225 |
|
|
|
953,567 |
|
|
Net Investment Loss |
|
|
(5,882,961 |
) |
|
|
(1,452,041 |
) |
|
|
(10,691,173 |
) |
|
|
(905,034 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Realized Gains/(Losses): |
|
|
|
|
|
|
|
|
|
|
|
|
|
From
affiliated securities |
|
|
(675,495 |
) |
|
|
- |
|
|
|
(2,578,909 |
) |
|
|
- |
|
|
From
non-controlled/non-affiliated securities |
|
|
4,003 |
|
|
|
1,104,361 |
|
|
|
(22,781,750 |
) |
|
|
(4,970,709 |
) |
|
Net Realized Gains/(Losses) on investments |
|
|
(671,492 |
) |
|
|
1,104,361 |
|
|
|
(25,360,659 |
) |
|
|
(4,970,709 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Change in Unrealized Appreciation/ |
|
|
|
|
|
|
|
|
|
|
|
|
|
(Depreciation) on investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
From
controlled securities |
|
|
(963,393 |
) |
|
|
60,073 |
|
|
|
729,254 |
|
|
|
(206,655 |
) |
|
From
affiliated securities |
|
|
(1,687,511 |
) |
|
|
(5,219,631 |
) |
|
|
(260,843 |
) |
|
|
(6,367,818 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From
non-controlled/non-affiliated securities |
|
|
15,403,432 |
|
|
|
(10,774,328 |
) |
|
|
45,564,382 |
|
|
|
(28,780,414 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Change in Unrealized Appreciation/
(Depreciation) on investments |
|
|
12,752,528 |
|
|
|
(15,933,886 |
) |
|
|
46,032,793 |
|
|
|
(35,354,887 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Increase/(Decrease) in Net Assets
Resulting from Operations |
|
$ |
6,198,075 |
|
|
$ |
(16,281,566 |
) |
|
$ |
9,980,961 |
|
|
$ |
(41,230,630 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Increase/(Decrease) in Net Assets
Resulting |
|
|
|
|
|
|
|
|
|
|
|
|
|
from Operations per Common Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.28 |
|
|
$ |
(0.74 |
) |
|
$ |
0.45 |
|
|
$ |
(1.86 |
) |
|
Diluted (2) |
|
$ |
0.26 |
|
|
$ |
(0.74 |
) |
|
$ |
0.44 |
|
|
$ |
(1.86 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-Average Common Shares Outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
22,181,003 |
|
|
|
22,181,003 |
|
|
|
22,181,003 |
|
|
|
22,181,003 |
|
|
Diluted (2) |
|
|
27,932,818 |
|
|
|
22,181,003 |
|
|
|
27,932,818 |
|
|
|
22,181,003 |
|
|
(1) This balance is a related-party
transaction.
(2) For the three months ended June 30,
2016, 5,710,212 potentially dilutive common shares, respectively,
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.
(3) Interest income for each of the three and six months
ended June 30, 2016 reflects the reversal of previously accrued
interest from loans to Fullbridge, Inc.
GSV CAPITAL CORP. AND
SUBSIDIARIESFINANCIAL HIGHLIGHTS
(Unaudited) |
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
Three months ended |
|
|
|
June 30, 2017 |
|
|
June 30, 2016 |
|
Per
Basic Share Data: |
|
|
|
|
|
|
Net asset
value at beginning of period |
$ |
8.83 |
|
(1) |
$ |
10.96 |
|
(1) |
Net
investment loss |
|
(0.27 |
) |
(1) |
|
(0.07 |
) |
(1) |
Realized
gain/(loss) |
|
(0.03 |
) |
(1) |
|
0.05 |
|
(1) |
Change in
unrealized appreciation/(depreciation) |
|
0.57 |
|
(1) |
|
(0.72 |
) |
(1) |
Net asset
value at end of period |
$ |
9.11 |
|
(1) |
$ |
10.22 |
|
(1) |
|
|
|
|
|
|
|
Per share
market value at end of period |
$ |
4.34 |
|
|
$ |
5.02 |
|
|
Total
return based on market value |
|
(3.13 |
) |
%(2) |
|
(10.36 |
) |
%(2) |
Total
return based on net asset value |
|
3.17 |
|
%(2) |
|
(6.75 |
) |
%(2) |
Shares
outstanding at end of period |
|
22,181,003 |
|
|
|
22,181,003 |
|
|
|
|
|
|
|
|
|
Ratios / Supplemental Data: |
|
|
|
|
|
|
Net assets
at end of period |
$ |
202,109,771 |
|
|
$ |
226,780,315 |
|
|
Average net
assets |
$ |
196,335,041 |
|
|
$ |
240,846,901 |
|
|
|
|
|
|
|
|
|
Annualized Ratios |
|
|
|
|
|
|
Ratio of
operating expenses to average net assets (3) |
|
12.78 |
|
% |
|
2.33 |
|
% |
Ratio of
operating expenses to average net assets (3) |
|
|
|
|
|
|
(excluding effect of management fee waiver) |
|
13.12 |
|
% |
|
2.33 |
|
% |
Ratio of
net investment loss to average net assets (3) |
|
(12.02 |
) |
% |
|
(2.42 |
) |
% |
Portfolio
Turnover Ratio |
|
0.00 |
|
% |
|
0.61 |
|
% |
|
|
|
|
|
|
|
|
|
Six months ended |
|
|
Six months ended |
|
|
|
June 30, 2017 |
|
|
June 30, 2016 |
|
Per Basic Share Data: |
|
|
|
|
|
|
Net asset
value at beginning of period |
$ |
8.66 |
|
(1) |
$ |
12.08 |
|
(1) |
Net
investment loss |
|
(0.48 |
) |
(1) |
|
(0.04 |
) |
(1) |
Realized
gain/(loss) |
|
(1.14 |
) |
(1) |
|
(0.22 |
) |
(1) |
Change in
unrealized appreciation/(depreciation) |
|
2.08 |
|
(1) |
|
(1.59 |
) |
(1) |
Net asset
value at end of period |
$ |
9.11 |
|
(1) |
$ |
10.22 |
|
(1) |
|
|
|
|
|
|
|
Per share
market value at end of period |
$ |
4.34 |
|
|
$ |
5.02 |
|
|
Total
return based on market value |
|
(13.72 |
) |
%(2) |
|
(24.05 |
) |
%(2) |
Total
return based on net asset value |
|
5.20 |
|
%(2) |
|
(15.31 |
) |
%(2) |
Shares
outstanding at end of period |
|
22,181,003 |
|
|
|
22,181,003 |
|
|
|
|
|
|
|
|
|
Ratio / Supplemental Data: |
|
|
|
|
|
|
Net assets
at end of period |
$ |
202,109,771 |
|
|
$ |
226,780,315 |
|
|
Average net
assets |
$ |
193,899,415 |
|
|
$ |
262,765,462 |
|
|
|
|
|
|
|
|
|
Annualized ratios |
|
|
|
|
|
|
Ratio of
operating expenses to average net assets (3) |
|
11.86 |
|
% |
|
0.73 |
|
% |
Ratio of
operating expenses to average net assets (3) |
|
|
|
|
|
|
(excluding effect of management fee waiver) |
|
12.22 |
|
% |
|
0.73 |
|
% |
Ratio of
net investment loss to average net assets (3) |
|
(11.12 |
) |
% |
|
(0.69 |
) |
% |
Portfolio
Turnover Ratio |
|
0.00 |
|
% |
|
2.12 |
|
% |
|
|
|
|
|
|
|
(1) The per-share figures noted are based on a weighted average
of 22,181,003 basic common shares outstanding for the three and six
months ended June 30, 2017 and 2016.(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 six months ended June
30, 2017 and 2016, 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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