GSV Capital Corp. (“GSV Capital” or the “Company”)
(Nasdaq:GSVC) today announced financial results for the quarter and
fiscal year ended December 31, 2015.
Date |
|
|
Net Assets (Millions) |
|
|
Net Asset Value (per share) |
|
As of December 31,
2015 |
|
|
$ |
268.0 |
|
|
(1 |
) |
|
$ |
12.08 |
|
|
(1 |
) |
As of
September 30, 2015 |
|
|
$ |
312.5 |
|
|
|
$ |
16.17 |
|
|
As of
December 31, 2014 |
|
|
$ |
285.9 |
|
|
|
$ |
14.80 |
|
|
(1) The net assets of $268.0 million, or $12.08 per share, as of
December 31, 2015, reflect the $3.16 cumulative per share effect of
the distribution paid on December 31, 2015 to stockholders of
record as of November 16, 2015.
“We were pleased to make our first distribution to stockholders
since inception during the fourth quarter of 2015,” said Michael
Moe, Chief Executive Officer of GSV Capital. “Looking forward, our
focus remains on systematically identifying and investing in what
we believe are the world’s most dynamic growth companies.”
Investment Portfolio as of December 31,
2015
At December 31, 2015, GSV Capital held positions in 48 portfolio
companies with an aggregate fair value of $349.8 million. Excluding
Treasuries, the Company’s three largest investments comprised 27.8%
of its total portfolio at fair value, while its top ten portfolio
company investments accounted for 55.2% of the total portfolio at
fair value.
Top Ten Investments at December 31, 2015 |
|
$ in
millions (rounded) |
|
Fair Value |
% of Total Portfolio |
|
Palantir Technologies,
Inc. |
|
$ |
56.4 |
|
16.1 |
% |
Dropbox, Inc. |
|
|
22.2 |
|
6.4 |
|
Twitter, Inc. |
|
|
18.5 |
|
5.3 |
|
Spotify Technology
S.A. |
|
|
16.2 |
|
4.6 |
|
Coursera, Inc. |
|
|
14.4 |
|
4.1 |
|
Solexel, Inc. |
|
|
14.0 |
|
4.0 |
|
PayNearMe, Inc. |
|
|
14.0 |
|
4.0 |
|
Lyft, Inc. |
|
|
14.0 |
|
4.0 |
|
Declara, Inc. |
|
|
12.0 |
|
3.4 |
|
General Assembly Space,
Inc. |
|
|
11.5 |
|
3.3 |
|
Total
(rounded) |
|
$ |
193.3 |
|
55.2 |
% |
Of the five key investment themes GSV Capital has identified in
its portfolio, Cloud Computing and Big Data is its largest
commitment, constituting 35.3% of the total portfolio at fair
value. Education Technology represents 28.2% of the total
portfolio at fair value, and Social Mobile, Marketplaces and
Sustainability represent 17.2%, 12.6% and 6.7% of the total
portfolio at fair value, respectively.
Fourth Quarter 2015 Portfolio Investment
Activity
In the fourth quarter of 2015, GSV Capital invested
approximately $13.8 million, including follow-on investments of
approximately $10.0 million in Spotify, $2.0 million in Declara,
$1.2 million in GSV Sustainability Partners, $500,000 in EdSurge,
and $25,000 in Circle Media.
Subsequent to fourth quarter-end, through March 10, 2016, GSV
Capital invested approximately $5.0 million, including follow-on
investments of approximately $2.5 million in Lytro, $2.0 million in
Curious.com, and $500,000 in GSVlabs.
GSV Capital sold shares in the following portfolio companies
subsequent to fourth quarter-end:
|
|
|
|
|
Average |
|
|
|
|
|
|
|
|
|
Shares |
|
Net Share |
|
Net |
|
Realized |
|
|
Portfolio Company |
|
|
Sold |
|
Price 1 |
|
Proceeds |
|
Gain/(Loss) 2 |
|
IRR |
|
|
|
|
|
|
|
|
|
|
|
|
Lyft,
Inc. |
|
|
65,557 |
|
$ |
25.00 |
|
$ |
1,638,925 |
$ |
|
974,224 |
|
|
|
62.3 |
% |
Bloom
Energy Corporation |
|
|
201,589 |
|
$ |
14.75 |
|
|
2,973,438 |
|
|
(882,163 |
) |
|
|
(5.9 |
%) |
Total |
|
|
|
|
|
$ |
4,612,363 |
$ |
|
92,061 |
|
|
|
__________
(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) excludes any realized gains (losses)
incurred on the maturity of GSV Capital’s treasury investments.
At quarter-end, and as of March 10, 2016, GSV Capital had no
borrowings outstanding and $18.0 million of borrowing capacity
available to it under its credit facility.
Fourth Quarter 2015 Financial Results
|
Three Months Ended December 31,
2015 |
Three Months EndedDecember 31,
2014 |
|
|
|
|
$ in millions (rounded) |
per share |
$ in millions (rounded) |
per share |
Net investment loss |
($ |
4.7 |
) |
($ |
0.24 |
) |
($ |
1.7 |
) |
($ |
0.09 |
) |
|
|
|
|
|
Net realized
gains/(losses) |
($ |
0.0 |
) |
($ |
0.00 |
) |
$ |
6.1 |
|
$ |
0.31 |
|
|
|
|
|
|
(Provision)/benefit for
taxes on net realized gains |
|
- |
|
|
- |
|
($ |
2.5 |
) |
($ |
0.13 |
) |
|
|
|
|
|
Net change in unrealized
depreciation of investments |
($ |
13.5 |
) |
($ |
0.69 |
) |
($ |
15.5 |
) |
($ |
0.79 |
) |
|
|
|
|
|
(Provision)/benefit for
taxes on unrealized appreciation/ depreciation of investments |
$ |
0.0 |
|
$ |
0.00 |
|
$ |
6.3 |
|
$ |
0.33 |
|
|
|
|
|
|
Net decrease in net assets
resulting from operations - basic |
($ |
18.1 |
) |
($ |
0.94 |
) |
($ |
7.2 |
) |
($ |
0.37 |
) |
|
|
|
|
|
Weighted-average common basic shares outstanding were
approximately 19.4 million for the three months ended December 31,
2015 and 19.3 million for the three months ended December 31,
2014.
Fiscal Year 2015 Financial Results
|
Fiscal Year Ended December 31,
2015 |
Fiscal Year EndedDecember 31,
2014 |
|
|
|
|
$ in millions (rounded) |
per share |
$ in millions (rounded) |
per share |
Net investment loss |
($ |
48.7 |
) |
($ |
2.52 |
) |
($ |
12.8 |
) |
($ |
0.66 |
) |
|
|
|
|
|
Net realized gains |
$ |
54.1 |
|
$ |
2.80 |
|
$ |
23.9 |
|
$ |
1.24 |
|
|
|
|
|
|
(Provision)/benefit for
taxes on net realized gains |
$ |
0.3 |
|
$ |
0.02 |
|
($ |
9.8 |
) |
($ |
0.51 |
) |
|
|
|
|
|
Net change in unrealized
depreciation of investments |
($ |
13.4 |
) |
($ |
0.69 |
) |
($ |
5.8 |
) |
($ |
0.30 |
) |
|
|
|
|
|
(Provision)/benefit for
taxes on unrealized appreciation/ depreciation of investments |
$ |
16.1 |
|
$ |
0.83 |
|
$ |
2.4 |
|
$ |
0.12 |
|
|
|
|
|
|
Net increase/(decrease) in
net assets resulting from operations - basic |
$ |
8.5 |
|
$ |
0.44 |
|
($ |
2.1 |
) |
($ |
0.11 |
) |
|
|
|
|
|
Weighted-average common basic shares outstanding were
approximately 19.3 million for the fiscal years ended December 31,
2015 and December 31, 2014.
GSV Capital’s liquid assets ended the quarter at $57.9 million,
consisting of $13.3 million of cash, $18.0 million of unused
borrowings available under the Company’s credit facility and $26.6
million of public securities not subject to lock-up agreements,
$100,000 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 800-467-8998, and the conference call
number for participants outside of the United
States is 1-719-325-2115. The conference ID number for
both call numbers is 3594811. Additionally, interested
parties can listen to a live webcast of the call from the
“Investors” 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 through March
17, 2016 by dialing 888-203-1112 (U.S.)
or 1-719-457-0820 (international) and using conference ID
number 3594811.
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 |
|
|
December 31, 2015 |
|
December 31, 2014 |
ASSETS |
|
|
|
Investments at fair
value: |
|
|
|
|
|
Investments in controlled
securities (cost of $21,830,392 and $17,933,651, respectively)
(1) |
$ |
|
22,871,790 |
|
|
$ |
|
18,819,335 |
|
Investments in affiliated
securities (cost of $73,942,123 and $80,760,208, respectively)
(1) |
|
|
66,075,585 |
|
|
|
|
70,172,313 |
|
Investments in
non-controlled/non-affiliated securities (cost of $197,577,328 and
$202,417,830, respectively) |
|
|
260,861,392 |
|
|
|
|
281,992,669 |
|
Investments in treasury bill (cost
of $29,999,968 and $100,001,692, respectively) |
|
|
30,000,000 |
|
|
|
|
100,000,056 |
|
Investments owned and pledged
(amortized cost of $3,675,192 and $7,286,332, respectively)
(2) |
|
|
3,676,693 |
|
|
|
|
7,298,042 |
|
Total Investments (cost of
$327,025,003 and $408,399,713, respectively) |
|
|
383,485,460 |
|
|
|
|
478,282,415 |
|
|
|
|
|
|
|
Cash |
|
|
13,349,877 |
|
|
|
|
3,472,880 |
|
Restricted cash |
|
|
52,931 |
|
|
|
|
48,889 |
|
Due from: |
|
|
|
|
|
GSV Asset Management (1) |
|
|
220,770 |
|
|
|
|
204,825 |
|
Portfolio companies (1) |
|
|
56,371 |
|
|
|
|
85,356 |
|
Interest and dividends
receivable |
|
|
97,183 |
|
|
|
|
26,671 |
|
Prepaid expenses and
other assets |
|
|
227,826 |
|
|
|
|
596,926 |
|
Deferred financing
costs |
|
|
2,300,225 |
|
|
|
|
2,928,134 |
|
Total Assets |
|
|
399,790,643 |
|
|
|
|
485,646,096 |
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
Due to: |
|
|
|
|
|
GSV Asset Management (1) |
|
|
5,047,429 |
|
|
|
|
23,396 |
|
Accounts payable and
accrued expenses |
|
|
105,587 |
|
|
|
|
292,950 |
|
Accrued incentive fees
(1) |
|
|
17,314,565 |
|
|
|
|
14,137,899 |
|
Accrued management fees
(1) |
|
|
683,423 |
|
|
|
|
641,276 |
|
Accrued interest
payable |
|
|
1,056,563 |
|
|
|
|
1,139,458 |
|
Payable for securities
purchased |
|
|
26,499,357 |
|
|
|
|
90,001,692 |
|
Current taxes
payable |
|
|
- |
|
|
|
|
134,733 |
|
Deferred tax
liability |
|
|
12,476,155 |
|
|
|
|
6,907,666 |
|
Line of credit
payable |
|
|
- |
|
|
|
|
18,000,000 |
|
Convertible Senior
Notes embedded derivative liability |
|
|
- |
|
|
|
|
1,000 |
|
Convertible Senior
Notes payable 5.25% due September 15, 2018 |
|
|
68,596,619 |
|
|
|
|
68,462,353 |
|
Total
Liabilities |
|
|
131,779,698 |
|
|
|
|
199,742,423 |
|
Commitments and
contingencies |
|
|
|
|
|
Net
Assets |
$ |
|
268,010,945 |
|
|
$ |
|
285,903,673 |
|
|
|
|
|
|
|
NET
ASSETS |
|
|
|
|
|
Common stock, par value
$0.01 per share |
|
|
|
|
|
(100,000,000
authorized; 22,181,003 and 19,320,100 issued and outstanding,
respectively) |
$ |
|
221,810 |
|
|
$ |
|
193,201 |
|
Paid-in capital in
excess of par |
|
|
237,757,527 |
|
|
|
|
275,837,514 |
|
Accumulated net
investment loss |
|
|
(16,634,037 |
) |
|
|
|
(31,972,292 |
) |
Accumulated net
realized gains on investments |
|
|
2,681,342 |
|
|
|
|
496,782 |
|
Accumulated net
unrealized appreciation of investments |
|
|
43,984,303 |
|
|
|
|
41,348,468 |
|
Net Assets |
$ |
|
268,010,945 |
|
|
$ |
|
285,903,673 |
|
|
|
|
|
|
|
Net Asset Value Per
Share |
$ |
|
12.08 |
|
|
$ |
|
14.80 |
|
|
|
|
|
|
|
(1) This balance is a related-party transaction. (2) 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 National Association, 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, 2015, four of the government
securities purchased had matured and the proceeds were used by the
trustee in accordance with the terms of the escrow agreement. At
December 31, 2015, the remaining government securities are shown on
the condensed consolidated statements of Assets and Liabilities as
“Investments owned and pledged” with an amortized cost of
$3,675,192.
GSV CAPITAL CORP. AND
SUBSIDIARIES |
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
|
|
|
|
Year ended |
|
|
Year ended |
|
|
Year ended |
|
|
|
December 31, 2015 |
|
|
December 31, 2014 |
|
|
December 31, 2013 |
INVESTMENT
INCOME |
|
|
|
|
|
|
|
|
|
Interest income from
controlled securities (1) |
|
$ |
|
- |
|
|
$ |
|
10,233 |
|
|
$ |
|
- |
|
Interest income from
affiliated securities (1) |
|
|
|
214,420 |
|
|
|
|
130,021 |
|
|
|
|
23,615 |
|
Interest income from
non-controlled/non-affiliated securities |
|
|
|
29,695 |
|
|
|
|
44,805 |
|
|
|
|
2,256 |
|
Dividend income from
affiliated securities (1) |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
13,008 |
|
Dividend income from
non-controlled/non-affiliated securities |
|
|
|
46,781 |
|
|
|
|
887 |
|
|
|
|
10,072 |
|
Total Investment
Income |
|
|
|
290,896 |
|
|
|
|
185,946 |
|
|
|
|
48,951 |
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES |
|
|
|
|
|
|
|
|
|
Management fees
(1) |
|
|
|
8,044,801 |
|
|
|
|
7,562,488 |
|
|
|
|
5,426,485 |
|
Incentive fees (1) |
|
|
|
8,170,326 |
|
|
|
|
3,614,347 |
|
|
|
|
10,523,552 |
|
Costs incurred under
Administration Agreement (1) |
|
|
|
2,681,079 |
|
|
|
|
3,199,904 |
|
|
|
|
3,089,771 |
|
Directors’ fees |
|
|
|
373,676 |
|
|
|
|
260,000 |
|
|
|
|
260,250 |
|
Professional fees |
|
|
|
1,357,988 |
|
|
|
|
1,764,722 |
|
|
|
|
876,769 |
|
Interest and Credit
Facility expense |
|
|
|
4,961,169 |
|
|
|
|
5,503,843 |
|
|
|
|
1,278,997 |
|
Income tax expense |
|
|
|
880,778 |
|
|
|
|
- |
|
|
|
|
- |
|
Other expenses |
|
|
|
509,418 |
|
|
|
|
668,635 |
|
|
|
|
529,051 |
|
(Gain)/Loss on fair
value adjustment for embedded derivative |
|
|
|
(1,000 |
) |
|
|
|
(798,000 |
) |
|
|
|
99,000 |
|
Total Operating Expenses |
|
|
|
26,978,235 |
|
|
|
|
21,775,939 |
|
|
|
|
22,083,875 |
|
|
|
|
|
|
|
|
|
|
|
(Provision)/Benefit for taxes on
net investment loss (2) |
|
|
|
(21,969,370 |
) |
|
|
|
8,810,102 |
|
|
|
|
13,159,268 |
|
|
|
|
|
|
|
|
|
|
|
Net Investment
Loss |
|
|
|
(48,656,709 |
) |
|
|
|
(12,779,891 |
) |
|
|
|
(8,875,656 |
) |
|
|
|
|
|
|
|
|
|
|
Net Realized
Gains/(Losses): |
|
|
|
|
|
|
|
|
|
From affiliated securities |
|
|
|
(10,170,567 |
) |
|
|
|
10,419 |
|
|
|
|
(7,839,791 |
) |
From non-controlled/non-affiliated
securities |
|
|
|
64,314,796 |
|
|
|
|
23,915,705 |
|
|
|
|
(13,866,230 |
) |
Net Realized Gains/(Losses)
on investments |
|
|
|
54,144,229 |
|
|
|
|
23,926,124 |
|
|
|
|
(21,706,021 |
) |
|
|
|
|
|
|
|
|
|
|
(Provision)/Benefit for
taxes on net realized |
|
|
|
|
|
|
|
|
|
gain/loss on
investments (2) |
|
|
|
342,802 |
|
|
|
|
(9,769,036 |
) |
|
|
|
9,426,234 |
|
|
|
|
|
|
|
|
|
|
|
Net Change in Unrealized
Appreciation/ |
|
|
|
|
|
|
|
|
|
(Depreciation) of
investments: |
|
|
|
|
|
|
|
|
|
From controlled securities |
|
|
|
(627,139 |
) |
|
|
|
(662,619 |
) |
|
|
|
- |
|
From affiliated securities |
|
|
|
1,386,378 |
|
|
|
|
(6,867,225 |
) |
|
|
|
1,600,822 |
|
From non-controlled/non-affiliated
securities |
|
|
|
(14,181,484 |
) |
|
|
|
1,718,047 |
|
|
|
|
85,844,327 |
|
Net Change in Unrealized
Appreciation/ |
|
|
|
|
|
|
|
|
|
(Depreciation) of
investments |
|
|
|
(13,422,245 |
) |
|
|
|
(5,811,797 |
) |
|
|
|
87,445,149 |
|
|
|
|
|
|
|
|
|
|
|
(Provision)/Benefit for
taxes on unrealized |
|
|
|
|
|
|
|
|
|
appreciation/depreciation
of investments (2) |
|
|
|
16,058,080 |
|
|
|
|
2,371,829 |
|
|
|
|
(30,906,063 |
) |
|
|
|
|
|
|
|
|
|
|
Net Increase/(Decrease) in
Net Assets |
|
|
|
|
|
|
|
|
|
Resulting from
Operations |
|
$ |
|
8,466,157 |
|
|
$ |
|
(2,062,771 |
) |
|
$ |
|
35,383,643 |
|
|
|
|
|
|
|
|
|
|
|
Net Increase/(Decrease) in
Net Assets Resulting |
|
|
|
|
|
|
|
|
|
from Operations per Common
Share |
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
|
0.44 |
|
|
$ |
|
(0.11 |
) |
|
$ |
|
1.83 |
|
Diluted (3) |
|
$ |
|
0.44 |
|
|
$ |
|
(0.11 |
) |
|
$ |
|
1.78 |
|
|
|
|
|
|
|
|
|
|
|
Weighted-Average Common
Shares Outstanding |
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
19,327,938 |
|
|
|
|
19,320,100 |
|
|
|
|
19,320,100 |
|
Diluted (3) |
|
|
|
19,327,938 |
|
|
|
|
19,320,100 |
|
|
|
|
20,541,014 |
|
(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, 2015, and 2014, respectively, 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
SUBSIDIARIES |
|
|
FINANCIAL HIGHLIGHTS |
|
|
|
|
|
|
|
Three months ended |
|
|
Three months ended |
|
|
|
|
December 31, |
|
|
December 31, |
|
|
|
|
|
2015 |
|
|
|
|
2014 |
|
|
|
Net asset value at
beginning of period |
$ |
|
16.17 |
|
|
$ |
|
15.17 |
|
|
|
Net investment
loss |
|
|
(0.24 |
) |
|
|
|
(0.09 |
) |
|
|
Realized
gain/(loss) |
|
|
- |
|
|
|
|
0.31 |
|
|
|
(Provision)/benefit for
taxes on net realized capital gains/losses |
|
|
- |
|
|
|
|
(0.13 |
) |
|
|
Change in unrealized
appreciation/(depreciation) |
|
|
(0.69 |
) |
|
|
|
(0.79 |
) |
|
|
(Provision)/benefit for
taxes on unrealized appreciation/deprecation of investments |
|
|
- |
|
|
|
|
0.33 |
|
|
|
Cash dividends
paid |
|
|
(1.36 |
) |
|
|
|
- |
|
|
|
Effect of shares issued
including dilution |
|
|
(1.80 |
) |
|
|
|
- |
|
|
|
Net asset value at end
of period |
$ |
|
12.08 |
|
|
$ |
|
14.80 |
|
|
|
|
|
|
|
|
|
|
|
GSV CAPITAL CORP. AND
SUBSIDIARIES |
|
FINANCIAL HIGHLIGHTS –
(continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the period from |
|
|
|
|
Year ended |
|
|
Year ended |
|
|
Year ended |
|
|
Year ended |
|
|
January 6, 2011 |
|
|
|
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
|
(date of inception) |
|
|
|
|
|
2015 |
|
|
|
|
2014 |
|
|
|
|
2013 |
|
|
|
|
2012 |
|
|
|
to December 31, 2011 |
|
|
Net asset value at
beginning of year |
$ |
|
14.80 |
|
|
$ |
|
14.91 |
|
|
$ |
|
13.07 |
|
|
$ |
|
12.95 |
|
|
$ |
|
- |
|
|
|
Issuance of common
shares |
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
1.91 |
|
|
(4 |
) |
|
|
14.67 |
|
|
(5 |
) |
|
Underwriters’
discount |
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
(0.72 |
) |
|
(2 |
) |
|
|
(0.86 |
) |
|
(2 |
) |
|
Offering costs |
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
(0.04 |
|
|
(2 |
) |
|
|
(0.19 |
) |
|
(2 |
) |
|
Net investment
loss |
|
|
(2.52 |
) |
|
(1 |
) |
|
|
(0.66 |
) |
|
(1 |
) |
|
|
(0.46 |
) |
|
(1 |
) |
|
|
(0.51 |
) |
|
(1 |
) |
|
|
(0.37 |
) |
|
(2 |
) |
|
Realized gain
(loss) |
|
|
2.80 |
|
|
(1 |
) |
|
|
1.24 |
|
|
(1 |
) |
|
|
(1.12 |
) |
|
(1 |
) |
|
|
(0.09 |
) |
|
(1 |
) |
|
|
- |
|
|
(2 |
) |
|
(Provision)/Benefit for
taxes on net realized capital gains/losses |
|
|
0.02 |
|
|
(1 |
) |
|
|
(0.51 |
) |
|
(1 |
) |
|
|
0.49 |
|
|
(1 |
) |
|
|
- |
|
|
|
|
- |
|
|
|
Change in unrealized
appreciation (depreciation) |
|
|
(0.69 |
) |
|
(1 |
) |
|
|
(0.30 |
) |
|
(1 |
) |
|
|
4.53 |
|
|
(1 |
) |
|
|
(0.43 |
) |
|
(6 |
) |
|
|
(0.30 |
) |
|
(2 |
) |
|
(Provision)/Benefit for
taxes on unrealized appreciation/deprecation of investments |
|
|
0.83 |
|
|
(1 |
) |
|
|
0.12 |
|
|
(1 |
) |
|
|
(1.60 |
) |
|
(1 |
) |
|
|
- |
|
|
|
|
- |
|
|
|
Cash dividends
paid |
|
|
(1.36 |
) |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
Effect of shares issued
including dilution |
|
|
(1.80 |
) |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
Net asset value at end
of year |
$ |
|
12.08 |
|
|
$ |
|
14.80 |
|
|
$ |
|
14.91 |
|
|
$ |
|
13.07 |
|
|
$ |
|
12.95 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share market value
at end of year |
$ |
|
9.37 |
|
|
$ |
|
8.63 |
|
|
$ |
|
12.09 |
|
|
$ |
|
8.43 |
|
|
$ |
|
13.95 |
|
|
|
Shares outstanding at
end of year |
|
|
22,181,003 |
|
|
|
|
19,320,100 |
|
|
|
|
19,320,100 |
|
|
|
|
19,320,100 |
|
|
|
|
5,520,100 |
|
|
|
|
|
|
. |
|
|
. |
|
|
|
|
|
|
|
|
|
|
Ratio /
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets at end of
year |
$ |
|
268,010,945 |
|
|
$ |
|
285,903,673 |
|
|
$ |
|
287,966,444 |
|
|
$ |
|
252,582,801 |
|
|
$ |
|
71,503,248 |
|
|
|
Average net assets |
$ |
|
296,560,393 |
|
|
$ |
|
284,953,811 |
|
|
$ |
|
250,121,052 |
|
|
$ |
|
208,050,344 |
|
|
$ |
|
44,532,523 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annualized
Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of gross
operating expenses to average net assets (3) |
|
|
9.10 |
|
% |
|
|
7.64 |
|
% |
|
|
8.83 |
|
% |
|
|
4.10 |
|
% |
|
|
5.01 |
|
% |
|
Ratio of net income tax
provisions to average net assets (3) |
|
|
(1.88 |
) |
% |
|
|
(0.50 |
) |
% |
|
|
(3.33 |
) |
% |
|
|
- |
|
% |
|
|
- |
|
% |
|
Ratio of net operating
expenses to average net assets (3) |
|
|
7.22 |
|
% |
|
|
7.14 |
|
% |
|
|
5.50 |
|
% |
|
|
4.10 |
|
% |
|
|
5.01 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of
net investment loss to average net assets (3) |
|
|
(16.41 |
) |
% |
|
|
(4.48 |
) |
% |
|
|
(3.55 |
) |
% |
|
|
(3.98 |
) |
% |
|
|
(4.64 |
) |
% |
|
Portfolio Turnover
Ratio |
|
|
8.30 |
|
% |
|
|
19.45 |
|
% |
|
|
2.89 |
|
% |
|
|
13.26 |
|
% |
|
N/A |
% |
|
(1)Based on weighted-average number of shares
outstanding for the year. |
|
(2) Based on shares outstanding at end of period. |
|
|
(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 years ended December 31, 2015, 2014, and 2013,
respectively the Company did not incur any non-recurring expenses.
For the year-end December 31, 2012, and for the period from January
6, 2011 (date of inception) to December 31, 2011, the Company
incurred $0, and $198,831 of organizational expenses, respectively,
which were deemed to be non-recurring. For the period from January
6, 2011 (date of inception) to December 31, 2011, average net
assets were calculated starting from the issuance of 100 shares on
February 28, 2011. 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. |
|
(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) Issuance of common shares for the period from
January 6, 2011 (date of inception) to December 31, 2011 is based
on the weighted average offering price for the shares issued during
the period. |
|
(6) 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. |
|
|
Contact
GSV Capital Corp.
(650) 235-4769
IR@gsvam.com
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