UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
November 8, 2017
GSV CAPITAL CORP.
(Exact name of registrant as specified in its charter)
| Maryland | 1-35156 | 27-4443543 |
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
2925 Woodside Road
Woodside, CA 94062
(Address of principal executive offices and zip code)
Registrant’s telephone number, including area code: (650) 235-4769
Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
| Item 2.02. | Results of Operations and Financial Condition. |
On November 8, 2017, GSV Capital Corp. (the “Company”) issued a press release announcing its financial results for the fiscal quarter ended September 30, 2017. A copy of the press release is included as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated into this Item 2.02 by reference.
The information disclosed under this Item 2.02, including the information set forth in Exhibit 99.1 hereto, is being “furnished” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise. The information in this Item 2.02 shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, or into any filing or other document pursuant to the Exchange Act, except as otherwise expressly stated in any such filing.
| Item 8.01. | Other Events. |
On November 8, 2017, the Company issued a press release announcing an extension of, and increase in the amount of shares authorized to be repurchased under, its discretionary, open-market share repurchase program. A copy of the press release is included as Exhibit 99.1 to this Current Report on Form 8-K.
GSV Asset Management, LLC (“GSV Asset Management”), the Company’s external investment adviser, has voluntarily agreed to extend its waiver of a portion of the advisory fees payable by the Company to GSV Asset Management under the investment advisory agreement between the Company and GSV Asset Management (the “Advisory Agreement”). Under the extension of the waiver, through December 31, 2018, the Company will pay GSV Asset Management a base management fee of 1.75%, a 0.25% reduction from the 2.0% base management fee payable under the Advisory Agreement.
| Item 9.01. | Financial Statements and Exhibits. |
| (d) | Exhibits. |
| Exhibit No. | Description |
| 99.1 | Press release dated November 8, 2017* |
______________________
* The press release attached hereto as Exhibit 99.1 is “furnished” and not “filed,” as described in Item 2.02 of this Current Report on Form 8-K.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: November 8, 2017 | GSV CAPITAL CORP. | ||
| By: | /s/ William F. Tanona | ||
| William F. Tanona President, Chief Financial Officer, Treasurer and Corporate Secretary |
|||
Exhibit 99.1
| Page 1 of 7 |
GSV Capital Corp. Reports Third Quarter 2017 Financial Results
Net Asset Value of $9.69 per Share as of September 30, 2017
Board of Directors Approves Extension of, and Additional $5.0 Million for, Share Repurchase Program
WOODSIDE, Calif., November 8, 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.
| Page 2 of 7 |
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.
| Page 3 of 7 |
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.
| Page 4 of 7 |
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
| Page 5 of 7 |
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. |
| Page 6 of 7 |
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. |
| Page 7 of 7 |
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. |