WOODSIDE, Calif., Nov. 08, 2017 (GLOBE NEWSWIRE) -- 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 Total
Portfolio |
|
| 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 Ended
September 30, 2017 |
Quarter Ended
September 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) 235-4769
IR@gsvam.com
| |
|
|
|
GSV CAPITAL CORP. AND SUBSIDIARIES
CONDENSED 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 SUBSIDIARIES
CONDENSED 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 SUBSIDIARIES
FINANCIAL 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. |
| |
