GSV Capital Corp. Reports Fourth Quarter And Fiscal Year 2015 Financial Results

OODSIDE, Calif., March 10, 2016 (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, 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 Ended
December 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 Ended
December 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.