GSV Capital Corp. (“GSV Capital” or the “Company”)
(Nasdaq:GSVC) today announced financial results for the quarter
ended June 30, 2016. Net assets totaled approximately $226.8
million, or $10.22 per share, at June 30, 2016, as compared to
$10.96 per share at March 31, 2016.
“We are pleased to report that our Board of Directors announced
a $0.04 per share cash dividend," said Michael Moe, Chief Executive
Officer of GSV Capital. “We believe the GSV Capital portfolio
continues to demonstrate strong fundamentals, with average
year-over-year revenue growth on track to exceed 100% for the third
straight year. Our second quarter investment in Snapchat, coupled
with the successful monetization of selected holdings in the same
period, reinforces our commitment to creating long-term stockholder
value by connecting public investors with some of the most dynamic,
venture-backed private companies in the world.”
Dividend Information
On August 3, 2016, GSV Capital’s Board of Directors declared a
per share cash dividend of $0.04 payable on August 24, 2016 to the
Company’s stockholders of record as of the close of business on
August 16, 2016.
Investment Portfolio as of June 30, 2016
At June 30, 2016, GSV Capital held positions in 47 portfolio
companies with an aggregate fair value of approximately $313.0
million. Excluding Treasuries, the Company’s three largest
investments comprised 25.1% of its total portfolio at fair value,
while its top ten portfolio company investments accounted for 53.6%
of the total portfolio at fair value.
|
Top Ten Investments at June 30, 2016 |
|
|
|
|
|
$ in
millions (rounded) |
|
Fair Value |
% of Total Portfolio |
|
Palantir Technologies,
Inc. |
|
$ |
45.2 |
|
14.4 |
% |
Dropbox, Inc. |
|
|
17.3 |
|
5.5 |
|
Spotify Technology
S.A. |
|
|
16.2 |
|
5.2 |
|
Coursera, Inc. |
|
|
14.4 |
|
4.6 |
|
PayNearMe, Inc. |
|
|
14.0 |
|
4.5 |
|
Twitter, Inc. |
|
|
13.5 |
|
4.3 |
|
Declara, Inc. |
|
|
12.0 |
|
3.8 |
|
General Assembly Space,
Inc. |
|
|
11.9 |
|
3.8 |
|
JAMF Holdings, Inc. |
|
|
11.7 |
|
3.7 |
|
Curious.com, Inc. |
|
|
11.6 |
|
3.7 |
|
Total
(rounded) |
|
$ |
167.9 |
|
53.6 |
% |
|
|
|
|
|
|
|
Of the five key investment themes GSV Capital has identified in
its portfolio, Cloud Computing and Big Data is its largest
commitment, accounting for 32.7% of the total portfolio at fair
value. Education Technology represents 30.3% of the total portfolio
at fair value, and Social Mobile, Marketplaces and Sustainability
represent 17.7%, 14.9% and 4.4% of the total portfolio at fair
value, respectively.
Second Quarter 2016 Portfolio Investment
Activity
In the second quarter of 2016, GSV Capital invested
approximately $4.5 million, including a new investment of
approximately $4.0 million in Snapchat and a $500,000 follow-on
investment in nestGSV (d/b/a GSVlabs).
GSV Capital sold shares in the following portfolio company
during the second quarter:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average |
|
|
|
|
|
|
|
|
|
Shares |
|
Net Share |
|
Net |
|
Realized |
|
|
Portfolio Company |
|
|
Sold |
|
Price 1 |
|
Proceeds |
|
Gains 2 |
|
IRR |
|
|
|
|
|
|
|
|
|
|
|
|
Lyft,
Inc. |
|
|
81,667 |
|
$ |
23.67 |
|
|
$ |
1,932,965 |
|
|
$ |
1,104,244 |
|
|
|
48.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 exclude any
realized gains/(losses) incurred on the maturity of GSV Capital’s
treasury investments.
Subsequent to second quarter-end, through August 4, 2016, GSV
Capital sold shares in the following portfolio companies:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average |
|
|
|
|
|
|
|
|
|
Shares |
|
Net Share |
|
Net |
|
Realized |
|
|
Portfolio Company |
|
|
Sold |
|
Price 1 |
|
Proceeds |
|
Gains 2 |
|
IRR |
|
|
|
|
|
|
|
|
|
|
|
|
Lyft,
Inc. |
|
|
100,000 |
|
$ |
24.00 |
|
|
$ |
2,400,000 |
|
|
$ |
1,383,880 |
|
|
|
43.9 |
% |
Twitter,
Inc. |
|
|
800,600 |
|
$ |
18.21 |
|
|
$ |
14,578,469 |
|
|
$ |
306,603 |
|
|
|
0.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
(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 exclude any
realized gains/(losses) incurred on the maturity of GSV Capital’s
treasury investments.
At quarter-end, GSV Capital had $3.5 million of borrowings
outstanding and $14.5 million of borrowing capacity available under
its $18.0 million credit facility. As of August 4, 2016, GSV
Capital had no borrowings outstanding and $18.0 million of
borrowing capacity available to it under its credit facility.
|
|
|
Second Quarter 2016 Financial Results |
|
|
|
Quarter Ended June 30,
2016 |
Quarter EndedJune 30,
2015 |
$ in millions (rounded) |
per share |
$ in millions (rounded) |
per share |
Net investment loss |
$ |
(1.4 |
) |
$ |
(0.06 |
) |
$ |
(3.6 |
) |
$ |
(0.19 |
) |
|
|
|
|
|
Net realized gains |
$ |
1.1 |
|
$ |
0.05 |
|
$ |
13.6 |
|
$ |
0.71 |
|
|
|
|
|
|
Provision for taxes on net
realized gains |
|
- |
|
|
- |
|
$ |
(5.6 |
) |
$ |
(0.29 |
) |
|
|
|
|
|
Net change in unrealized
depreciation of investments |
$ |
(15.9 |
) |
$ |
(0.72 |
) |
$ |
(5.7 |
) |
$ |
(0.29 |
) |
|
|
|
|
|
Benefit for taxes on
unrealized depreciation of investments |
|
- |
|
|
- |
|
$ |
2.4 |
|
$ |
0.12 |
|
|
|
|
|
|
Net increase/(decrease) in
net assets resulting from operations - basic |
$ |
(16.3 |
) |
$ |
(0.74 |
) |
$ |
1.1 |
|
$ |
0.06 |
|
|
|
|
|
|
Weighted-average common basic shares outstanding were
approximately 22.2 million for the quarter ended June 30, 2016 and
19.3 million for the quarter ended June 30, 2015.
GSV Capital’s liquid assets ended the quarter at $36.4 million,
consisting of $2.5 million of cash, $14.5 million of unused
borrowings available under the Company’s credit facility and $19.5
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 888-819-8001, and the conference call
number for participants outside of the United
States is 1-913-312-0398. The conference ID number for
both call numbers is 8543219. 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 August
11, 2016 by dialing 888-203-1112 (U.S.)
or 1-719-457-0820 (international) and using conference ID
number 8543219.
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 (Unaudited) |
|
|
June 30, 2016 |
|
December 31, 2015 |
|
|
|
|
ASSETS |
|
|
|
Investments at fair
value: |
|
|
|
|
|
Investments in controlled securities (cost of $22,831,552 and
$21,830,392, respectively) (1) |
$ |
|
23,666,295 |
|
|
$ |
|
22,871,790 |
|
Investments in affiliated securities (cost of $71,994,560 and
$73,942,123, respectively) (1) |
|
|
62,705,806 |
|
|
|
|
66,075,585 |
|
Investments in non-controlled/non-affiliated securities (cost of
$197,104,024 and $197,577,328, respectively) |
|
|
226,652,817 |
|
|
|
|
260,861,392 |
|
Investments in treasury bill (cost of $29,999,640 and $29,999,968,
respectively) |
|
|
29,999,700 |
|
|
|
|
30,000,000 |
|
Investments owned and pledged (amortized cost of $1,849,291 and
$3,675,192, respectively) (2) |
|
|
1,850,371 |
|
|
|
|
3,676,693 |
|
Total
Investments (cost of $323,779,067 and $327,025,003,
respectively) |
|
|
344,874,989 |
|
|
|
|
383,485,460 |
|
|
|
|
|
|
|
Cash |
|
|
2,457,294 |
|
|
|
|
13,349,877 |
|
Restricted cash |
|
|
75,681 |
|
|
|
|
52,931 |
|
Due from: |
|
|
|
|
|
GSV Asset
Management (1) |
|
|
1,623 |
|
|
|
|
220,770 |
|
Portfolio
companies (1) |
|
|
52,492 |
|
|
|
|
56,371 |
|
Interest and dividends
receivable |
|
|
127,800 |
|
|
|
|
97,183 |
|
Prepaid expenses and
other assets |
|
|
163,720 |
|
|
|
|
227,826 |
|
Deferred financing
costs (3) |
|
|
298,984 |
|
|
|
|
352,653 |
|
Total Assets |
|
|
348,052,583 |
|
|
|
|
397,843,071 |
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
Due to: |
|
|
|
|
|
GSV Asset
Management (1) |
|
|
532,690 |
|
|
|
|
5,047,429 |
|
Accounts payable and
accrued expenses |
|
|
246,097 |
|
|
|
|
105,587 |
|
Accrued incentive fees
(1) |
|
|
9,288,757 |
|
|
|
|
17,314,565 |
|
Accrued management fees
(1) |
|
|
583,472 |
|
|
|
|
683,423 |
|
Accrued interest
payable |
|
|
1,056,563 |
|
|
|
|
1,056,563 |
|
Payable for securities
purchased |
|
|
26,499,600 |
|
|
|
|
26,499,357 |
|
Deferred tax
liability |
|
|
12,476,155 |
|
|
|
|
12,476,155 |
|
Line of credit
payable |
|
|
3,500,000 |
|
|
|
|
- |
|
Convertible Senior
Notes payable 5.25% due September 15, 2018 (2)(3) |
|
|
67,077,582 |
|
|
|
|
66,649,047 |
|
Total Liabilities |
|
|
121,260,916 |
|
|
|
|
129,832,126 |
|
|
|
|
|
|
|
Commitments and
contingencies (Note 6) |
|
|
|
|
|
|
|
|
|
|
|
Net
Assets |
$ |
|
226,791,667 |
|
|
$ |
|
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 |
|
|
237,757,527 |
|
|
|
|
237,757,527 |
|
Accumulated net
investment loss |
|
|
(17,518,071 |
) |
|
|
|
(16,634,037 |
) |
Accumulated net
realized gains (losses) on investments |
|
|
(2,289,367 |
) |
|
|
|
2,681,342 |
|
Accumulated net
unrealized appreciation of investments |
|
|
8,619,768 |
|
|
|
|
43,984,303 |
|
Net Assets |
$ |
|
226,791,667 |
|
|
$ |
|
268,010,945 |
|
|
|
|
|
|
|
Net Asset Value Per Share |
$ |
|
10.22 |
|
|
$ |
|
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 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 June 30, 2016, five 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 June 30, 2016, the remaining government securities
are scheduled to mature on August 15, 2016 and are shown on the
Condensed Consolidated Statements of Assets and Liabilities as
“Investments owned and pledged” with an amortized cost of
$1,849,291.(3) Deferred debt issuance costs of $1,947,572
related to the Company’s issuance of the Convertible Senior Notes
payable were previously classified as “Deferred financing costs” as
of December 31, 2015. In accordance with ASU 2015-03, this
balance has been retrospectively reclassified as a direct deduction
from the Convertible Senior Notes on the Condensed Consolidated
Statements of Assets and Liabilities at June 30, 2016.
|
GSV CAPITAL CORP. AND
SUBSIDIARIES |
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (Unaudited) |
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
INVESTMENT
INCOME |
|
|
|
|
|
|
|
|
Interest income from
controlled securities (1) |
|
$ |
15,528 |
|
|
$ |
- |
|
|
$ |
20,417 |
|
|
$ |
- |
|
Interest income /
(reversal of interest accrual) from affiliated securities (1)
(3) |
|
|
(73,894 |
) |
|
|
69,165 |
|
|
|
18,584 |
|
|
|
120,396 |
|
Interest income from
non-controlled/non-affiliated securities |
|
|
4,247 |
|
|
|
7,945 |
|
|
|
9,532 |
|
|
|
15,738 |
|
Dividend income from
non-controlled/non-affiliated securities |
|
|
- |
|
|
|
46,781 |
|
|
|
- |
|
|
|
46,781 |
|
Total Investment
Income |
|
|
(54,119 |
) |
|
|
123,891 |
|
|
|
48,533 |
|
|
|
182,915 |
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES |
|
|
|
|
|
|
|
|
Management fees
(1) |
|
|
1,740,223 |
|
|
|
2,010,385 |
|
|
|
3,698,223 |
|
|
|
3,931,513 |
|
(Reversal of incentive
fee accrual)/Incentive fees (1) |
|
|
(2,907,224 |
) |
|
|
1,565,339 |
|
|
|
(8,025,808 |
) |
|
|
9,777,067 |
|
Costs incurred under
administration agreement (1) |
|
|
698,692 |
|
|
|
785,036 |
|
|
|
1,298,642 |
|
|
|
1,587,432 |
|
Directors’ fees |
|
|
86,250 |
|
|
|
107,500 |
|
|
|
172,500 |
|
|
|
192,806 |
|
Professional fees |
|
|
367,375 |
|
|
|
394,228 |
|
|
|
1,004,503 |
|
|
|
735,972 |
|
Interest expense |
|
|
1,184,326 |
|
|
|
1,228,783 |
|
|
|
2,367,489 |
|
|
|
2,597,586 |
|
Other expenses |
|
|
207,280 |
|
|
|
143,153 |
|
|
|
417,018 |
|
|
|
264,478 |
|
Gain on fair value
adjustment for embedded derivative |
|
|
- |
|
|
|
(1,000 |
) |
|
|
- |
|
|
|
(1,000 |
) |
Total
Operating Expenses |
|
|
1,376,922 |
|
|
|
6,233,424 |
|
|
|
932,567 |
|
|
|
19,085,854 |
|
|
|
|
|
|
|
|
|
|
Benefit
for taxes on net investment loss |
|
|
- |
|
|
|
2,494,459 |
|
|
|
- |
|
|
|
7,718,070 |
|
|
|
|
|
|
|
|
|
|
Net Investment Loss |
|
|
(1,431,041 |
) |
|
|
(3,615,074 |
) |
|
|
(884,034 |
) |
|
|
(11,184,869 |
) |
|
|
|
|
|
|
|
|
|
Net Realized Gains/(Losses): |
|
|
|
|
|
|
|
|
From
non-controlled/non-affiliated securities |
|
|
1,104,361 |
|
|
|
13,636,614 |
|
|
|
(4,970,709 |
) |
|
|
26,855,017 |
|
Net Realized Gains/(Losses) on investments |
|
|
1,104,361 |
|
|
|
13,636,614 |
|
|
|
(4,970,709 |
) |
|
|
26,855,017 |
|
|
|
|
|
|
|
|
|
|
Provision for taxes on realized |
|
|
|
|
|
|
|
|
gains on
investments |
|
|
- |
|
|
|
(5,567,830 |
) |
|
|
- |
|
|
|
(10,964,904 |
) |
|
|
|
|
|
|
|
|
|
Net Change in Unrealized Appreciation/ |
|
|
|
|
|
|
|
|
(Depreciation) on
investments: |
|
|
|
|
|
|
|
|
From
controlled securities |
|
|
60,073 |
|
|
|
(8,277 |
) |
|
|
(206,655 |
) |
|
|
(33,572 |
) |
From
affiliated securities |
|
|
(5,229,279 |
) |
|
|
(804,967 |
) |
|
|
(6,377,466 |
) |
|
|
(657,088 |
) |
From
non-controlled/non-affiliated securities |
|
|
(10,774,328 |
) |
|
|
(4,931,155 |
) |
|
|
(28,780,414 |
) |
|
|
22,730,342 |
|
Total Change in Unrealized Appreciation/ |
|
|
|
|
|
|
|
|
(Depreciation) on
investments |
|
|
(15,943,534 |
) |
|
|
(5,744,399 |
) |
|
|
(35,364,535 |
) |
|
|
22,039,682 |
|
|
|
|
|
|
|
|
|
|
(Provision)/Benefit for taxes on unrealized |
|
|
|
|
|
|
|
|
appreciation/depreciation
on investments |
|
|
- |
|
|
|
2,372,190 |
|
|
|
- |
|
|
|
(8,998,803 |
) |
|
|
|
|
|
|
|
|
|
Net Increase/(Decrease) in Net Assets |
|
|
|
|
|
|
|
|
Resulting from
Operations |
|
$ |
(16,270,214 |
) |
|
$ |
1,081,501 |
|
|
$ |
(41,219,278 |
) |
|
$ |
17,746,123 |
|
|
|
|
|
|
|
|
|
|
Net Increase/(Decrease) in Net Assets
Resulting |
|
|
|
|
|
|
|
|
from Operations per Common
Share |
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.74 |
) |
|
$ |
0.06 |
|
|
$ |
(1.86 |
) |
|
$ |
0.92 |
|
Diluted (2) |
|
$ |
(0.74 |
) |
|
$ |
0.06 |
|
|
$ |
(1.86 |
) |
|
$ |
0.81 |
|
|
|
|
|
|
|
|
|
|
Weighted-Average Common Shares Outstanding |
|
|
|
|
|
|
|
|
Basic |
|
|
22,181,003 |
|
|
|
19,320,100 |
|
|
|
22,181,003 |
|
|
|
19,320,100 |
|
Diluted (2) |
|
|
22,181,003 |
|
|
|
19,320,100 |
|
|
|
22,181,003 |
|
|
|
23,564,228 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) This balance is a related-party
transaction. (2) For each of the three and six months ended
June 30, 2016, 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. For the three months ended June 30,
2015, 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.
(3) Interest income for 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
SUBSIDIARIES |
FINANCIAL HIGHLIGHTS (Unaudited) |
|
|
|
Three months ended |
|
|
Three months ended |
|
|
|
|
June 30, 2016 |
|
|
June 30, 2015 |
|
|
Per Share
Data: |
|
|
|
|
|
|
|
Net asset value at
beginning of period |
|
$ |
10.96 |
|
|
$ |
|
15.66 |
|
|
|
Net investment
loss |
|
|
(0.06 |
) |
(1 |
) |
|
|
|
(0.19 |
) |
|
(1 |
) |
|
Realized gain |
|
|
0.05 |
|
(1 |
) |
|
|
|
0.71 |
|
|
(1 |
) |
|
Provision for taxes on
net realized capital gains |
|
|
- |
|
(1 |
) |
|
|
|
(0.29 |
) |
|
(1 |
) |
|
Net change in
unrealized depreciation |
|
|
(0.72 |
) |
(1 |
) |
|
|
|
(0.29 |
) |
|
(1 |
) |
|
Benefit for taxes on
unrealized depreciation of investments |
|
|
- |
|
(1 |
) |
|
|
|
0.12 |
|
|
(1 |
) |
|
Net asset value at end
of period |
|
$ |
10.22 |
|
|
$ |
|
15.72 |
|
|
|
|
|
|
|
|
|
|
|
Per share market value
at end of period |
|
$ |
5.02 |
|
|
$ |
|
10.31 |
|
|
|
Total return based on
market value |
|
|
(10.36 |
)% |
(2 |
) |
|
|
|
5.20 |
% |
|
(2 |
) |
|
Total return based on
net asset value |
|
|
(6.75 |
)% |
(2 |
) |
|
|
|
0.38 |
% |
|
(2 |
) |
|
Shares outstanding at
end of period |
|
|
22,181,003 |
|
|
|
|
19,320,100 |
|
|
|
|
|
|
. |
|
|
|
|
Ratio/Supplemental Data: |
|
|
|
|
|
|
|
Net assets at end of
period |
|
$ |
226,791,667 |
|
|
$ |
|
303,649,796 |
|
|
|
Average net assets |
|
$ |
240,847,024 |
|
|
$ |
|
295,688,346 |
|
|
|
|
|
|
|
|
|
|
|
Annualized
ratios |
|
|
|
|
|
|
|
Ratio of gross
operating expenses to average net assets (3) |
|
|
2.29 |
% |
|
|
|
8.55 |
% |
|
|
Ratio of net income tax
provisions to average net assets (3) |
|
|
- |
% |
|
|
|
(0.96 |
)% |
|
|
Ratio of net operating
expenses to average net assets (3) |
|
|
2.29 |
% |
|
|
|
7.59 |
% |
|
|
|
|
|
|
|
|
|
|
Ratio of
net investment loss to |
|
|
|
|
|
|
|
average
net assets (3) |
|
|
(2.38 |
)% |
|
|
|
(4.96 |
)% |
|
|
|
|
|
|
|
|
|
|
Portfolio Turnover
Ratio |
|
|
0.61 |
% |
|
|
|
0.39 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended |
|
|
Six months ended |
|
|
|
|
June 30, 2016 |
|
|
June 30, 2015 |
|
|
Per Share
Data: |
|
|
|
|
|
|
|
Net asset value at
beginning of period |
$ |
|
12.08 |
|
(1 |
) |
|
$ |
|
14.80 |
|
|
(1 |
) |
|
Net investment
loss |
|
|
(0.04 |
) |
(1 |
) |
|
|
|
(0.58 |
) |
|
(1 |
) |
|
Realized
gain/(loss) |
|
|
(0.22 |
) |
(1 |
) |
|
|
|
1.39 |
|
|
(1 |
) |
|
Provision for taxes on
net realized capital gains |
|
|
- |
|
(1 |
) |
|
|
|
(0.57 |
) |
|
(1 |
) |
|
Net change in
unrealized appreciation/(depreciation) |
|
|
(1.59 |
) |
(1 |
) |
|
|
|
1.15 |
|
|
(1 |
) |
|
Provision for taxes on
unrealized appreciation of investments |
|
|
- |
|
|
|
|
(0.47 |
) |
|
|
Net asset value at end
of period |
$ |
|
10.22 |
|
|
$ |
|
15.72 |
|
|
|
|
|
|
|
|
|
|
|
Per share market value
at end of period |
$ |
|
5.02 |
|
|
$ |
|
10.31 |
|
|
|
Total return based on
market value |
|
|
(24.05 |
)% |
(2 |
) |
|
|
|
19.47 |
% |
|
(2 |
) |
|
Total return based on
net asset value |
|
|
(15.40 |
)% |
(2 |
) |
|
|
|
6.22 |
% |
|
(2 |
) |
|
Shares outstanding at
end of period |
|
|
22,181,003 |
|
|
|
|
19,320,100 |
|
|
|
|
|
|
|
|
|
|
|
Ratio /
Supplemental Data: |
|
|
|
|
|
|
|
Net assets at end of
period |
$ |
|
226,791,667 |
|
|
$ |
|
303,649,796 |
|
|
|
Average net assets |
$ |
|
262,765,524 |
|
|
$ |
|
293,486,377 |
|
|
|
Annualized
ratios |
|
|
|
|
|
|
|
Ratio of gross
operating expenses to average net assets (3) |
|
|
0.71 |
% |
|
|
|
13.11 |
% |
|
|
Ratio of net income tax
provisions to average net assets (3) |
|
|
- |
% |
|
|
|
(8.41 |
)% |
|
|
Ratio of net operating
expenses to average net assets (3) |
|
|
0.71 |
% |
|
|
|
4.70 |
% |
|
|
|
|
|
|
|
|
|
|
Ratio of
net investment loss to average net assets (3) |
|
|
(0.67 |
)% |
|
|
|
(7.69 |
)% |
|
|
|
|
|
|
|
|
|
|
Portfolio Turnover
Ratio |
|
|
2.12 |
% |
|
|
|
2.72 |
% |
|
|
|
(1 |
) |
Based on
weighted-average number of shares outstanding for the 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 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, 2016 and 2015,
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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