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GSV Capital's investment adviser to forfeit part of incentive fee

GSV Capital Corp. announced that its investment adviser, GSV Asset Management LLC, has agreed to forfeit $5 million of its $9.6 million previously accrued but unearned incentive fee.

The manager agreed not to receive any incentive fee until the company's stock price and its last reported net asset value per share is equal to or greater than $12.55, per a waiver agreement effective Feb. 1.

GSV Asset Management also permanently slashed its management fee to 1.75% of the company's gross assets, down from 2.0%. It reduced its management fee by 25 basis points in 2017 and disclosed its intention to do so again in 2018.

Finally, the manager will not take management fees on cash balances until the company's 5.25% convertible notes due 2018 are retired or repurchased.