GSV Capital Corp. plans to transition to an internally managed fund structure, and as part of that move, terminated its advisory agreement with its external adviser, GSV Asset Management LLC.
GSV Capital Chairman Michael Moe, who serves as the CEO and chief investment officer of GSV Asset Management, resigned from GSV Capital's board, effective March 12, but will provide services to GSV Capital in accordance with an 18-month consulting agreement. The company's board reduced its size to five from six members in connection with Moe's resignation.
GSV Capital reported fourth-quarter net investment income of $1.7 million, or 8 cents per share, compared to a net investment loss of $3.6 million, or 17 cents per share, in the year-ago period.
For full year 2018, the company reported a net investment loss of $7.6 million, or 37 cents per share, compared to a net investment loss of $20.9 million, or 95 cents per share, in full year 2017.