Market Overview

GSV Capital Corp. Reports Fourth Quarter and Fiscal Year 2016 Financial Results

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WOODSIDE, Calif., March 16, 2017 (GLOBE NEWSWIRE) -- GSV Capital Corp. ("GSV Capital" or the "Company") (NASDAQ:GSVC) today announced financial results for the quarter and fiscal year ended December 31, 2016. Net assets totaled approximately $192.1 million, or $8.66 per share, at December 31, 2016, as compared to $10.08 per share at September 30, 2016 and $12.08 per share at December 31, 2015. 

"While we are disappointed with the decline in NAV during the quarter, our long-term strategic focus on identifying and investing in the world's most dynamic, venture-backed private companies remains unchanged," said Michael Moe, Chief Executive Officer of GSV Capital. "We believe that Snap's successful IPO is a strong positive signal for other top names in the GSV Capital portfolio and we are encouraged by recent developments in the broader growth economy."

Investment Portfolio as of December 31, 2016

At December 31, 2016, GSV Capital held positions in 45 portfolio companies with an aggregate fair value of approximately $262.0 million. Excluding Treasuries, the Company's top ten portfolio company investments accounted for 60.2% of the total portfolio at fair value.

   
Top Ten Investments at December 31, 2016  
   
$ in millions (rounded)   Fair
Value
% of Total
Portfolio
 
Palantir Technologies, Inc.   $ 41.5 15.8 %
Spotify Technology S.A.     18.9 7.2  
Coursera, Inc.     14.5 5.5  
JAMF Holdings, Inc.     13.9 5.3  
General Assembly Space, Inc.     13.7 5.2  
Dropbox, Inc.     13.2 5.0  
Lytro, Inc.     10.9 4.2  
Ozy Media, Inc.     10.6 4.0  
Course Hero, Inc.     10.5 4.0  
Curious.com, Inc.     10.0 3.8  
Total (rounded)   $ 157.8 60.2 %
           

Of the five key investment themes GSV Capital has identified in its portfolio as of December 31, 2016, Education Technology is its largest commitment, accounting for 36.8% of the total portfolio at fair value. Cloud Computing and Big Data represents 34.3% of the total portfolio at fair value, and Social Mobile, Marketplaces and Sustainability represent 17.5%, 9.8% and 1.6% of the total portfolio at fair value, respectively.

Fourth Quarter 2016 Portfolio Investment Activity

In the fourth quarter of 2016, GSV Capital invested $526,000 in NestGSV, Inc. and $250,000 in Beamreach Solar, Inc.

GSV Capital sold shares in the following portfolio companies during the fourth quarter of 2016:

                     
          Average          
      Shares   Net Share   Net   Realized  
Portfolio Company     Sold   Price 1   Proceeds   Loss 2  
                     
Upwork Global Inc.     25,159   $ 4.31   $ 108,531   $ (77,819 )  
NestGSV, Inc.     N/A   N/A   $ 500,000     -    
                     

 __________

(1) The average net share price is the net share price realized after deducting all commissions and fees on the sale(s).
(2) Realized loss excludes any realized gains/(losses) incurred on the maturity of GSV Capital's treasury investments.
   

As of December 31, 2016, GSV Capital had no borrowings outstanding under its credit facility, which matured in accordance with its terms on December 31, 2016.

     
Fourth Quarter 2016 Financial Results    
     
  Quarter Ended
December 31, 2016
Quarter Ended
December 31, 2015
$ in millions
(rounded)


 

per share
 

$ in millions
(rounded
)

 

per share


Net investment income/(loss)
$ 3.9   $ 0.17   $ (4.7 ) $ (0.24 )
         
Net realized losses $ (0.3 ) $ (0.01 ) $ (0.0 ) $ (0.00 )
         
Benefit for taxes on net realized losses   -     -     -     -  
         
Net change in unrealized depreciation of investments $ (36.6 ) $ (1.65 ) $ (13.5 ) $ (0.69 )
         
Benefit for taxes on unrealized depreciation of investments $ 1.6   $ 0.07   $ 0.0   $ 0.00  
         
Net decrease in net assets resulting from operations - basic $ (31.5 ) $ (1.42 ) $ (18.1 ) $ (0.94 )
         

Weighted-average common basic shares outstanding were approximately 22.2 million for the quarter ended December 31, 2016 and 19.4 million for the quarter ended December 31, 2015.

     
Fiscal Year 2016 Financial Results    
     
  Fiscal Year Ended
December 31, 2016
Fiscal Year Ended
December 31, 2015


$ in millions
(rounded)


 

per share


$ in millions
(rounde
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