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WOODSIDE, Calif., Aug. 8, 2012 (GLOBE NEWSWIRE) -- GSV Capital Corp., "GSV", (Nasdaq:GSVC) today reported financial results for the second quarter ended June 30, 2012.
"GSV's portfolio expanded to 34 high-growth venture-backed companies in the second quarter, and we added six more companies since quarter-end. Today our largest investment as a percentage of net assets is Twitter, followed by Palantir, Violin Memory, Chegg and Dropbox. We continued to build a diversified portfolio across our major investment themes demonstrating an ongoing ability to source and close investments in companies that we believe represent game-changing technology ideas that will drive meaningful growth in the years ahead," said Michael Moe, GSV's CEO and founder.
Portfolio Summary and Investment Activity
The total value of GSV's portfolio investments was $171.6 million at June 30, 2012. During the second quarter of 2012, GSV invested approximately $98.5 million in nine new and eight existing portfolio companies.
GSV invested in the following new portfolio companies during the second quarter: Avenues World Holdings, Dailybreak, Fullbridge, Global Education Learning, NestGSV, Solexel, Top Hat and Violin Memory.
GSV also made additional investments in current portfolio companies AltEgo, Bloom Energy, Chegg, Control4, Dropbox, Kno, Silver Springs Networks and Twitter during the second quarter.
The Company closed on investments totaling $42.6 million, plus transaction costs, subsequent to June 30, 2012, which included investments in 2tor, AltEgo, Dataminr, Gilt Groupe, Maven Research, NestGSV Silicon Valley, Palantir, SinoLending, Spotify, Totus Solutions and Twitter.
Portfolio as of June 30, 2012
GSV's investment portfolio consists of companies that it believes benefit from "megatrends" that have the potential to drive the market in the years to come. GSV invests in companies that combine what it believes are powerful technological, economic and social forces that create growth opportunities in the economy.
At the end of the second quarter of 2012, GSV's portfolio included investments in the following companies: AltEgo, AlwaysOn, Avenues World Holdings, Bloom Energy, Chegg, Control4, CUX, Dailybreak, DreamBox Learning, Dropbox, Facebook, Fullbridge, Gilt Groupe, Global Education Learning, Grockit, Groupon, Kno, Maven Research, NestGSV, Palantir, Serious Energy, SharesPost, Silver Spring Networks, Solexel, StormWind, The Echo System, The rSmart Group, Top Hat, TrueCar, Twitter, Violin Memory, ZocDoc, ZoomSystems and Zynga.
June 30, 2012
Total Portfolio Investments
Net Asset Value Per Share
For the three
For the three
June 30, 2012
June 30, 2011
Total Investment Income
Net Investment Loss
Net Realized Loss on Investments
Net Change in Unrealized Depreciation on Investments
Net Decrease in Net Assets Resulting From Operations
Net Decrease in Net Assets Resulting From Operations Per Common Share
Weighted Average Common Shares Outstanding
Results of Operations
Investment income was $110,354, or $0.01 per share, for the three months ended June 30, 2012, compared to $0, or $0.00 per share, for the three months ended June 30, 2011. Net investment loss was $2,080,119, or $0.13 per share, in the second quarter of 2012, compared to $565,305, or $0.24 per share, for the prior year period. Net realized loss on investments was $1,380,263, or $0.08 per share, in the second quarter of 2012, compared to $0, or $0.00 per share, for the same period in 2011. Net change in unrealized depreciation was $2,014,512, or $0.12 per share, for the three months ended June 30, 2012, compared to $59,634, or $0.03 per share, for the prior year period. Net decrease in net assets resulting from operations was $5,474,894, or $0.34 per share, and $624,939, or $0.27 per share, for the second quarter of 2012 and 2011, respectively.