GSV Capital Corp. (“GSV Capital” or the “Company”)
(Nasdaq:GSVC) today announced financial results for the quarter
ended September 30, 2017. Net assets totaled approximately
$209.4 million, or $9.69 per share, at September 30, 2017, as
compared to $9.11 per share at June 30, 2017 and $8.83 per share at
March 31, 2017.
"GSV Capital remains focused on taking proactive
steps to enhance shareholder value as we continue to concentrate
the portfolio around blue chip venture backed companies with a line
of sight to an IPO or liquidity event,” said Michael Moe, Executive
Chairman of GSV Capital.
“We are pleased that GSV Capital’s common stock
has appreciated approximately 52% since we reported second quarter
earnings and announced a $5.0 million discretionary, open-market
share repurchase program. But as of November 7th, it still traded
at a roughly 39% discount to the $9.69 of net asset value per share
we are reporting in the third quarter,” Moe continued.
“Accordingly, we are pleased to report that our Board of Directors
has authorized an expansion of the repurchase program to $10.0
million in aggregate amount of common stock and an extension
through November 6, 2018, whichever comes first. As of
November 7th, we have repurchased approximately $4.5 million of
common stock under the program.”
Investment Portfolio as of September 30,
2017
At September 30, 2017, GSV Capital held
positions in 37 portfolio companies with an aggregate fair value of
approximately $289.8 million. Excluding U.S. Treasuries, the
Company’s top five portfolio company investments accounted for
47.8% of the total portfolio at fair value. Reflective of the
Company’s continued strategy to consolidate the portfolio around
top positions, at this time last year, the top ten portfolio
company investments comprised approximately 55% of the Company’s
portfolio at fair value (excluding U.S. Treasuries).
Top Five Investments at September 30,
2017
|
|
|
|
$ in
millions (rounded) |
Fair Value |
|
% of TotalPortfolio |
|
Palantir Technologies,
Inc. |
$ |
36.5 |
|
12.6 |
% |
JAMF Holdings,
Inc. |
|
35.2 |
|
12.1 |
|
Spotify Technology
S.A. |
|
32.3 |
|
11.1 |
|
Coursera, Inc. |
|
18.4 |
|
6.3 |
|
Dropbox, Inc. |
|
16.5 |
|
5.7 |
|
Total (rounded) |
$ |
138.9 |
|
47.8 |
% |
|
|
|
|
|
|
Of the five key investment themes GSV Capital
has identified in its portfolio as of September 30, 2017, Cloud
Computing and Big Data is its largest commitment, accounting for
36.0% of the total portfolio (excluding U.S. Treasuries) at fair
value. Education Technology represents 34.5% of the total portfolio
(excluding U.S. Treasuries) at fair value, and Social Mobile,
Marketplaces, and Sustainability represent 18.2%, 10.8% and 0.5% of
the total portfolio (excluding U.S. Treasuries) at fair value,
respectively.
Third Quarter 2017 Portfolio Investment
Activity
During the nine months ended September 30, 2017,
GSV Capital did not purchase any investments.
During the nine months ended September 30, 2017,
GSV Capital sold shares in the following portfolio companies:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average |
|
Net |
|
Realized |
|
|
|
Shares |
|
Net Share |
|
Proceeds |
|
Gains(2) |
Portfolio Company |
|
|
Sold |
|
Price (1) |
|
(in millions) |
|
(in millions) |
|
|
|
|
|
|
|
|
|
|
Chegg, Inc. |
|
|
400,600 |
|
$14.33 |
|
$5.7 |
|
$1.0 |
Snap, Inc |
|
|
260,416 |
|
$15.49 |
|
$4.0 |
|
<$0.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(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) Realized gains (net) exclude any realized losses from
portfolio investments that we wrote-off during the period, as
discussed further in our quarterly report on Form 10-Q for the
quarter ended September 30, 2017. |
Subsequent to quarter-end, through November 8, 2017, GSV Capital
sold shares in the following portfolio companies:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average |
|
Net |
|
Realized |
|
|
|
Shares |
|
Net Share |
|
Proceeds |
|
Gains |
Portfolio Company |
|
|
Sold |
|
Price (1) |
|
(in millions) |
|
(in millions) |
|
|
|
|
|
|
|
|
|
|
Chegg, Inc. |
|
|
182,192 |
|
$15.69 |
|
$2.9 |
|
$0.7 |
Spotify
Technology S.A. |
|
|
3,657 |
|
$3,800.00 |
|
$13.9 |
|
$8.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The average net share price is the net share price
realized after deducting all commissions and fees on the sale(s),
if applicable. |
|
Third Quarter 2017 Financial Results
|
|
|
|
Quarter EndedSeptember 30,
2017 |
Quarter EndedSeptember 30,
2016 |
$ in millions |
per share |
$ in millions |
per share |
|
|
|
|
|
Net investment
loss |
$ |
(6.6 |
) |
$ |
(0.30 |
) |
$ |
(4.2 |
) |
$ |
(0.19 |
) |
|
|
|
|
|
Net realized gain |
|
1.0 |
|
|
0.05 |
|
|
2.7 |
|
|
0.12 |
|
|
|
|
|
|
Net change in
unrealized appreciation/(depreciation) of investments(1) |
|
15.7 |
|
|
0.71 |
|
|
(0.7 |
) |
|
(0.03 |
) |
|
|
|
|
|
Net increase/(decrease)
in net assets resulting from operations - basic |
$ |
10.1 |
|
$ |
0.46 |
|
$ |
(2.3 |
) |
$ |
(0.10 |
) |
|
|
|
|
|
Dividends
distributed |
|
- |
|
|
- |
|
|
(0.9 |
) |
|
(0.04 |
) |
|
|
|
|
|
Repurchase of common
stock(2) |
|
(2.8 |
) |
|
0.12 |
|
|
- |
|
|
- |
|
|
|
|
|
|
Increase/(decrease) in net asset value |
$ |
7.3 |
|
$ |
0.58 |
|
$ |
(3.2 |
) |
$ |
(0.14 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Inclusive of related tax benefit |
(2) During the quarter ended September 30, 2017,
the Company repurchased 574,109 shares of GSV Capital common stock
for approximately $2.8 million in cash. The use of cash in
connection with the repurchase decreased net asset value as of
period end; however, the reduction in shares outstanding as of
period end resulted in a beneficial net increase in the net asset
value per share. |
|
Weighted-average common basic shares outstanding were
approximately 22.0 million and 22.2 million for the quarters ended
September 30, 2017 and 2016, respectively.
GSV Capital’s liquid assets were $16.8 million
as of September 30, 2017, consisting of $5.2 million of cash and
$11.6 million of public securities not subject to lock-up
agreements.
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
November 8, 2017, 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, the discretionary 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.
During the nine months ended September 30, 2017,
the Company repurchased 574,109 shares of GSV Capital common stock
for approximately $2.8 million. From October 1, 2017 through
November 7, 2017, the Company repurchased an additional 302,355
shares of GSV Capital common stock for approximately $1.7
million.
As of November 8, 2017, the dollar value of
shares that may yet be purchased by the Company under the
discretionary repurchase program is approximately $5.5 million.
Recent Developments
On October 17, 2017, Mark Flynn resigned from
his positions as President of the Company and as a member of the
Company’s Board of Directors, effective October 17, 2017. In
connection with Mr. Flynn’s resignation, the Board reduced the
number of directors that constitute the full Board to six (6)
directors from seven (7) directors. Mr. Flynn continues to provide
services to GSV Asset Management pursuant to a consulting agreement
with GSV Asset Management. In addition, on October 17, 2017,
the Board appointed William Tanona to serve as President of the
Company, effective October 17, 2017, in order to fill the vacancy
created by Mr. Flynn’s resignation as President of the Company. Mr.
Tanona currently serves, and will continue to serve, as Chief
Financial Officer, Treasurer and Corporate Secretary of the
Company.
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 888-855-5428, and the conference call access number for
participants outside the U.S. is 719-457-0349. The
conference ID number for both access numbers
is 1095310. 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 15, 2017 by
dialing 866-375-1919 (U.S.) or 719-457-0820 (International)
and using conference ID number 1095310.
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
|
|
|
|
GSV CAPITAL CORP. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
ASSETS AND LIABILITIES (Unaudited) |
|
|
|
|
|
September 30, 2017 |
|
December 31, 2016 |
|
|
|
|
ASSETS |
|
|
|
Investments at fair
value: |
|
|
|
|
|
Non-controlled/non-affiliate investments (cost of $172,562,763 and
$204,101,445, respectively) |
$ |
234,922,519 |
|
|
$ |
200,532,890 |
|
Non-controlled/affiliate investments (cost of $49,198,848 and
$51,773,388, respectively) (1) |
|
29,787,226 |
|
|
|
42,444,690 |
|
Controlled investments (cost of $23,101,258 and $22,893,441,
respectively) (1) |
|
25,066,337 |
|
|
|
19,037,566 |
|
Investments in treasury bill (cost of $99,991,125 and $29,998,750,
respectively) |
|
99,994,000 |
|
|
|
29,998,490 |
|
Total
Investments (cost of $344,853,994 and $308,767,024,
respectively) |
|
389,770,082 |
|
|
|
292,013,636 |
|
|
|
|
|
|
|
Cash |
|
5,154,436 |
|
|
|
8,332,634 |
|
Interest and dividends
receivable |
|
218,437 |
|
|
|
92,946 |
|
Prepaid expenses and
other assets |
|
297,785 |
|
|
|
213,942 |
|
Deferred financing
costs |
|
425,316 |
|
|
|
311,268 |
|
Total Assets |
|
395,866,056 |
|
|
|
300,964,426 |
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
Due to: |
|
|
|
|
|
GSV Asset
Management (1) |
|
323,897 |
|
|
|
422,025 |
|
Accounts payable and
accrued expenses |
|
257,386 |
|
|
|
335,611 |
|
Accrued incentive fees
(1) |
|
9,608,629 |
|
|
|
2,126,444 |
|
Accrued management fees
(1) |
|
- |
|
|
|
524,054 |
|
Accrued interest
payable |
|
156,104 |
|
|
|
1,056,563 |
|
Payable for shares
repurchased |
|
153,560 |
|
|
|
- |
|
Payable for securities
purchased |
|
89,491,125 |
|
|
|
26,498,750 |
|
Deferred tax
liability |
|
10,332,666 |
|
|
|
10,359,371 |
|
Credit facility
payable |
|
8,000,000 |
|
|
|
- |
|
Convertible Senior
Notes Payable 5.25% due September 15, 2018 (2) |
|
68,162,724 |
|
|
|
67,512,798 |
|
Total Liabilities |
|
186,486,091 |
|
|
|
108,835,616 |
|
|
|
|
|
|
|
Net
Assets |
$ |
209,379,965 |
|
|
$ |
192,128,810 |
|
|
|
|
|
|
|
NET
ASSETS |
|
|
|
|
|
Common stock, par value
$0.01 per share |
|
|
|
|
|
(100,000,000 authorized; 21,606,894 and 22,181,003 issued and
outstanding, respectively) |
$ |
216,069 |
|
|
$ |
221,810 |
|
Paid-in capital in
excess of par |
|
218,442,567 |
|
|
|
221,237,636 |
|
Accumulated net
investment loss |
|
(18,761,130 |
) |
|
|
(1,443,996 |
) |
Accumulated net
realized losses on investments |
|
(25,100,964 |
) |
|
|
(773,882 |
) |
Accumulated net
unrealized appreciation/(depreciation) of investments |
|
34,583,423 |
|
|
|
(27,112,758 |
) |
Net Assets |
$ |
209,379,965 |
|
|
$ |
192,128,810 |
|
|
|
|
|
|
|
Net Asset Value Per Share |
$ |
9.69 |
|
|
$ |
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 September 30, |
|
Nine Months Ended September 30, |
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
|
INVESTMENT
INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlled/non-affiliate investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income / (reversal of interest accrual) |
|
$ |
(21,447 |
) |
|
$ |
2,503 |
|
|
$ |
(4,640 |
) |
|
$ |
11,906 |
|
|
Other
income |
|
|
- |
|
|
|
- |
|
|
|
73,096 |
|
|
|
- |
|
|
Non-controlled/affiliate investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income / (reversal of interest accrual) (1) |
|
|
(48,398 |
) |
|
|
61,145 |
|
|
|
143,974 |
|
|
|
79,858 |
|
|
Controlled
investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income (1) |
|
|
69,757 |
|
|
|
23,000 |
|
|
|
196,534 |
|
|
|
43,417 |
|
|
Dividend
income (1) |
|
|
175,000 |
|
|
|
- |
|
|
|
475,000 |
|
|
|
- |
|
|
Total Investment Income |
|
|
174,912 |
|
|
|
86,648 |
|
|
|
883,964 |
|
|
|
135,181 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
Management fees
(1) |
|
|
1,397,332 |
|
|
|
1,625,963 |
|
|
|
4,210,932 |
|
|
|
5,324,186 |
|
|
Incentive
fees/(reversal of incentive fee accrual) (1) |
|
|
3,334,052 |
|
|
|
220,719 |
|
|
|
7,482,185 |
|
|
|
(7,805,089 |
) |
|
Costs incurred under
administration agreement (1) |
|
|
472,413 |
|
|
|
627,444 |
|
|
|
1,453,007 |
|
|
|
1,926,085 |
|
|
Directors’ fees |
|
|
86,250 |
|
|
|
86,250 |
|
|
|
242,230 |
|
|
|
258,750 |
|
|
Professional fees |
|
|
353,933 |
|
|
|
416,353 |
|
|
|
1,318,931 |
|
|
|
1,441,856 |
|
|
Interest expense |
|
|
1,207,548 |
|
|
|
1,189,736 |
|
|
|
3,489,381 |
|
|
|
3,557,225 |
|
|
Tax expense |
|
|
4,889 |
|
|
|
- |
|
|
|
51,379 |
|
|
|
- |
|
|
Other expenses |
|
|
119,122 |
|
|
|
141,838 |
|
|
|
479,419 |
|
|
|
558,856 |
|
|
Total
Operating Expenses |
|
|
6,975,539 |
|
|
|
4,308,303 |
|
|
|
18,727,464 |
|
|
|
5,261,869 |
|
|
Management fee waiver |
|
|
(174,666 |
) |
|
|
- |
|
|
|
(526,366 |
) |
|
|
- |
|
|
Total
operating expenses, |
|
|
|
|
|
|
|
|
|
|
|
|
|
net of
waiver of management fees |
|
|
6,800,873 |
|
|
|
4,308,303 |
|
|
|
18,201,098 |
|
|
|
5,261,869 |
|
|
Net Investment Loss |
|
|
(6,625,961 |
) |
|
|
(4,221,655 |
) |
|
|
(17,317,134 |
) |
|
|
(5,126,688 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized Gains/(Losses): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlled/non-affiliate investments |
|
|
1,033,577 |
|
|
|
2,658,715 |
|
|
|
(21,748,173 |
) |
|
|
(2,311,994 |
) |
|
Non-controlled/affiliate investments |
|
|
- |
|
|
|
- |
|
|
|
(2,578,909 |
) |
|
|
- |
|
|
Net Realized Gains/(Losses) |
|
|
1,033,577 |
|
|
|
2,658,715 |
|
|
|
(24,327,082 |
) |
|
|
(2,311,994 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in Unrealized
Appreciation/(Depreciation): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlled/non-affiliate investments |
|
|
20,367,064 |
|
|
|
938,936 |
|
|
|
65,931,446 |
|
|
|
(27,841,477 |
) |
|
Non-controlled/affiliate investments |
|
|
(9,822,081 |
) |
|
|
(584,077 |
) |
|
|
(10,082,924 |
) |
|
|
(6,951,895 |
) |
|
Controlled investments |
|
|
5,091,700 |
|
|
|
(1,616,568 |
) |
|
|
5,820,954 |
|
|
|
(1,823,224 |
) |
|
Total Change in Unrealized
Appreciation/(Depreciation) |
|
|
15,636,683 |
|
|
|
(1,261,709 |
) |
|
|
61,669,476 |
|
|
|
(36,616,596 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Benefit
from taxes on unrealized |
|
|
|
|
|
|
|
|
|
|
|
|
|
depreciation of investments |
|
|
26,705 |
|
|
|
551,310 |
|
|
|
26,705 |
|
|
|
551,310 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Increase/(Decrease) in Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Resulting from Operations |
|
$ |
10,071,004 |
|
|
$ |
(2,273,339 |
) |
|
$ |
20,051,965 |
|
|
$ |
(43,503,968 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Increase/(Decrease) in Net Assets
Resulting |
|
|
|
|
|
|
|
|
|
|
|
|
|
from Operations per Common Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.46 |
|
|
$ |
(0.10 |
) |
|
$ |
0.91 |
|
|
$ |
(1.96 |
) |
|
Diluted (2) |
|
$ |
0.40 |
|
|
$ |
(0.10 |
) |
|
$ |
0.84 |
|
|
$ |
(1.96 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-Average Common Shares Outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
22,000,571 |
|
|
|
22,181,003 |
|
|
|
22,120,198 |
|
|
|
22,181,003 |
|
|
Diluted (2) |
|
|
27,752,386 |
|
|
|
22,181,003 |
|
|
|
27,872,013 |
|
|
|
22,181,003 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) This balance is a related-party transaction. |
(2) For the three and nine months ended September 30, 2016,
5,710,212 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
(Unaudited) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Three Months Ended |
|
|
|
September 30, 2017 |
|
|
September 30, 2016 |
|
|
Per Basic Share
Data: |
|
|
|
|
|
|
|
|
Net asset value at
beginning of period |
$ |
9.11 |
|
(1 |
) |
|
$ |
10.22 |
|
(1 |
) |
|
Net investment
loss |
|
(0.30 |
) |
(1 |
) |
|
|
(0.19 |
) |
(1 |
) |
|
Realized gain |
|
0.05 |
|
(1 |
) |
|
|
0.12 |
|
(1 |
) |
|
Change in unrealized
appreciation/(depreciation) |
|
0.71 |
|
(1 |
) |
|
|
(0.06 |
) |
(1 |
) |
|
Benefit from taxes on
unrealized depreciation of investments |
|
- |
|
(1 |
) |
|
|
0.02 |
|
(1 |
) |
|
Dividends
distributed |
|
- |
|
|
|
|
(0.04 |
) |
|
|
Repurchase of common
stock |
|
0.12 |
|
(1 |
) |
|
|
- |
|
|
|
Net asset value at end
of period |
$ |
9.69 |
|
(1 |
) |
|
$ |
10.08 |
|
(1 |
) |
|
|
|
|
|
|
|
|
|
|
Per share market value
at end of period |
$ |
5.41 |
|
|
|
$ |
4.72 |
|
|
|
Total return based on
market value |
|
24.65 |
|
%(2) |
|
|
(5.23 |
) |
%(2) |
|
Total return based on
net asset value |
|
6.37 |
|
%(2) |
|
|
(0.59 |
) |
%(2) |
|
Shares outstanding at
end of period |
|
21,606,894 |
|
|
|
|
22,181,003 |
|
|
|
|
|
|
|
|
|
|
|
|
Ratios /
Supplemental Data: |
|
|
|
|
|
|
|
|
Net assets at end of
period |
$ |
209,379,965 |
|
|
|
$ |
223,619,737 |
|
|
|
Average net assets |
$ |
201,557,182 |
|
|
|
$ |
226,900,410 |
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of gross
operating expenses to average net assets (3) |
|
13.73 |
|
% |
|
|
7.53 |
|
% |
|
Ratio of net income tax
provisions to average net assets(3) |
|
(0.05 |
) |
% |
|
|
(0.96 |
) |
% |
|
Ratio of operating
expenses to average net assets (3) |
|
13.68 |
|
% |
|
|
6.57 |
|
% |
|
Ratio of management fee
waiver to average net assets(3) |
|
(0.34 |
) |
% |
|
|
- |
|
% |
|
Ratio of net operating
expenses to average net assets (3) |
|
13.34 |
|
% |
|
|
6.57 |
|
% |
|
|
|
|
|
|
|
|
|
|
Ratio of
net investment loss to average net assets (3) |
|
(13.04 |
) |
% |
|
|
(7.38 |
) |
% |
|
Portfolio Turnover
Ratio |
|
0.00 |
|
% |
|
|
0.82 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30, 2017 |
|
|
September 30, 2016 |
|
|
Per
Basic Share Data: |
|
|
|
|
|
|
|
|
Net asset value at
beginning of period |
$ |
8.66 |
|
(1 |
) |
|
$ |
12.08 |
|
(1 |
) |
|
Net investment
loss |
|
(0.78 |
) |
(1 |
) |
|
|
(0.23 |
) |
(1 |
) |
|
Realized loss |
|
(1.10 |
) |
(1 |
) |
|
|
(0.10 |
) |
(1 |
) |
|
Change in unrealized
appreciation/(depreciation) |
|
2.79 |
|
(1 |
) |
|
|
(1.65 |
) |
(1 |
) |
|
Benefit from taxes on
unrealized depreciation of investments |
|
- |
|
(1 |
) |
|
|
0.02 |
|
(1 |
) |
|
Dividends
distributed |
|
- |
|
|
|
|
(0.04 |
) |
|
|
Repurchase of common
stock |
|
0.12 |
|
(1 |
) |
|
|
- |
|
|
|
Net asset value at end
of period |
$ |
9.69 |
|
(1 |
) |
|
$ |
10.08 |
|
(1 |
) |
|
|
|
|
|
|
|
|
|
|
Per share market value
at end of period |
$ |
5.41 |
|
|
|
$ |
4.72 |
|
|
|
Total return based on
market value |
|
7.55 |
|
%(2) |
|
|
(28.03 |
) |
%(2) |
|
Total return based on
net asset value |
|
11.89 |
|
%(2) |
|
|
(15.90 |
) |
%(2) |
|
Shares outstanding at
end of period |
|
21,606,894 |
|
|
|
|
22,181,003 |
|
|
|
|
|
|
|
|
|
|
|
|
Ratios /
Supplemental Data: |
|
|
|
|
|
|
|
|
Net assets at end of
period |
$ |
209,379,965 |
|
|
|
$ |
223,619,737 |
|
|
|
Average net assets |
$ |
196,478,030 |
|
|
|
$ |
250,723,620 |
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of gross
operating expenses to average net assets (3) |
|
12.74 |
|
% |
|
|
2.80 |
|
% |
|
Ratio of net income tax
provisions to average net assets(3) |
|
(0.02 |
) |
% |
|
|
(0.29 |
) |
% |
|
Ratio of operating
expenses to average net assets (3) |
|
12.72 |
|
% |
|
|
2.51 |
|
% |
|
Ratio of management fee
waiver to average net assets(3) |
|
(0.36 |
) |
% |
|
|
- |
|
% |
|
Ratio of net operating
expenses to average net assets (3) |
|
12.36 |
|
% |
|
|
2.51 |
|
% |
|
|
|
|
|
|
|
|
|
|
Ratio of
net investment loss to average net assets (3) |
|
(11.78 |
) |
% |
|
|
(2.72 |
) |
% |
|
Portfolio Turnover
Ratio |
|
0.00 |
|
% |
|
|
4.05 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
(1) The per-share figures noted are based on a weighted
average of 22,000,571, and 22,181,003 basic common shares
outstanding for the three months ended September 30, 2017, and
2016, respectively. The per-share figures noted are based on a
weighted average of 22,120,198 and 22,181,003 basic common shares
outstanding for the nine months ended September 30, 2017 and 2016,
respectively. |
(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, 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. |
|
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