GSV Capital Corp. Reports Second Quarter 2013 Results of Operations
WOODSIDE, Calif., Aug. 7, 2013 (GLOBE NEWSWIRE) -- GSV Capital Corp., ("GSV" or the "Company") (Nasdaq:GSVC), today reported financial results for the second quarter ended June 30, 2013.
"We are pleased to report an increase in our net asset value of $0.18 to $12.87 per share for the second quarter, reflecting what we believe is the pre-IPO value creation that is a hallmark of the companies in our portfolio," said Michael Moe, GSV's founder and Chief Executive Officer. "Momentum is building as we believe several of these later stage companies approach exit, including Control4 (Nasdaq:CTRL) which successfully completed its IPO last Friday. We are equally enthusiastic about the prospects for the latest additions to our portfolio, including our new top ten investment position in online education provider Coursera."
Portfolio as of June 30, 2013
At June 30, 2013, the Company had positions in 45 portfolio companies at a collective fair value of $244.2 million. Out of GSV's 45 portfolio companies, the top 10 investments represented 62.8% of net asset value, and the top three investments represented 30.5% of net asset value. Net assets totaled $248.6 million or $12.87 per share at June 30, 2013, an increase of $0.18 per share from net assets of $12.69 per share at March 31, 2013.
| Top Ten Investments at June 30, 2013 | ||
| $ in millions | Fair Value | % of Net Asset Value |
| Twitter, Inc. | $37.6 | 15.1% |
| Palantir Technologies, Inc. | 23.0 | 9.3 |
| Dropbox, Inc. | 15.1 | 6.1 |
| Violin Memory, Inc. | 14.4 | 5.8 |
| Chegg, Inc. | 14.0 | 5.6 |
| Solexel, Inc. | 11.0 | 4.4 |
| 2U, Inc. (f/k/a 2tor, Inc.) | 10.6 | 4.3 |
| Avenues World Holdings LLC | 10.4 | 4.2 |
| Coursera, Inc. | 10.0 | 4.0 |
| Kno Inc. | 9.9 | 4.0 |
| Total | $156.0 | 62.8% |
Portfolio Investment Activity
During the second quarter of 2013, GSV invested in new portfolio companies Coursera, Inc., a massive online open course (MOOC) provider; AliphCom, Inc. (d/b/a Jawbone), a provider of smart devices; and oDesk Corporation, an online workplace platform. GSV also made additional investments in the following existing portfolio companies: ZocDoc Inc.; SugarCRM Inc.; Solexel, Inc.; Dailybreak, Inc., CUX Inc. (d/b/a CorpU); and AlwaysOn, Inc.
Financial Results
Net investment loss was $2,386,911 or $0.12 per share, for the second quarter of 2013, compared to a net investment loss of $2,080,119, or $0.13 per share, for the second quarter of 2012. For the three months ended June 30, 2013, GSV had a net change in unrealized appreciation of $12.2 million, or $0.63 per share, resulting from appreciation of its investments, including its investments in Palantir Technologies, Inc., Twitter, Inc. and Dataminr, Inc., as well as the reclassification of the losses on its investments in Top Hat 430, Inc., Serious Energy, Inc., and AltEgo, LLC from unrealized loss to realized loss on investments. GSV recorded a realized loss of $6.3 million or $0.33 per share during the three months ended June 30, 2013 as a result of the write-off of its investments in Top Hat 430, Inc., Serious Energy, Inc., and AltEgo, LLC. Net increase in net assets resulting from operations was $3,515,703, or $0.18 per share, for the three months ended June 30, 2013, compared to a net decrease in net assets resulting from operations of $5,474,894, or $0.34 per share, for the three months ended June 30, 2012. Weighted average common shares outstanding were 19.3 million for the three months ended June 30, 2013, and 16.3 million for the three months ended June 30, 2012.
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 (877) 941-1465 and the conference call number for participants outside the U.S. is (480) 629-9867. The conference ID number for both call numbers is 4633999. 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/. Management will utilize a presentation during the conference call. The presentation is also available in the "Investors" section of GSV Capital's website.
A replay of the conference call may be accessed through August 14, 2013 by dialing (800) 406-7325 (U.S.) or (303) 590-3030 (international), using conference ID number 4633999. An archived replay of the webcast will also be available for 12 months following the live presentation.
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, 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
The GSV Capital Corp. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=12750
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 future performance, condition or results 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 Securities and Exchange Commission. GSV Capital Corp. undertakes no duty to update any forward-looking statements made herein.
| CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES | ||
| June 30, 2013 | December 31, 2012 | |
| ASSETS | (Unaudited) | |
| Investments at fair value: | ||
| Investments in affiliated securities (cost of $35,632,566 and $38,210,753, respectively) | $31,939,574 | $34,648,363 |
| Investments in non-control/non-affiliated securities (cost of $209,662,962 and $198,936,982, respectively) | 212,258,912 | 190,748,722 |
| Investments in money market funds (cost of $0 and $16,000,000, respectively) | -- | 16,000,000 |
| Total Investments (cost of $245,295,528 and $253,147,735, respectively) | 244,198,486 | 241,397,085 |
| Cash | 4,634,110 | 11,318,525 |
| Due from: | ||
| GSV Asset Management | 2,606 | 5,723 |
| Portfolio companies | 190,630 | 316,377 |
| Prepaid expenses | 113,682 | 63,953 |
| Dividend receivable | 13,225 | 1,920 |
| Other assets | 6,255 | 27,145 |
| Total Assets | 249,158,994 | 253,130,728 |
| LIABILITIES | ||
| Due to: | ||
| GSV Asset Management | 438,848 | 51,194 |
| Accounts payable | 91,954 | 204,093 |
| Accrued expenses | 20,943 | 292,640 |
| Total Liabilities | 551,745 | 547,927 |
| Net Assets | $248,607,249 | $252,582,801 |
| NET ASSETS | ||
| Common stock, par value $0.01 per share | ||
| (100,000,000 authorized; 19,320,100 and 19,320,100 issued and outstanding, respectively) | $193,201 | $193,201 |
| Paid-in capital in excess of par | 275,837,514 | 275,837,514 |
| Accumulated net investment loss | (15,271,381) | (10,316,745) |
| Accumulated net realized loss on investments | (11,055,043) | (1,380,519) |
| Accumulated net unrealized depreciation on investments | (1,097,042) | (11,750,650) |
| Net Assets | $248,607,249 | $252,582,801 |
| Net Asset Value Per Share | $12.87 | $13.07 |
| CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) | ||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||
| 2013 | 2012 | 2013 | 2012 | |
| INVESTMENT INCOME | ||||
| Interest income | $-- | $7,808 | $-- | $7,808 |
| Interest income from non-control/non-affiliated securities | -- | 95,075 | -- | 207,176 |
| Dividend income | 15,723 | 7,471 | 20,258 | 13,175 |
| Total Investment Income | 15,723 | 110,354 | 20,258 | 228,159 |
| OPERATING EXPENSES | ||||
| Investment management fees | 1,246,378 | 1,126,091 | 2,529,977 | 1,748,017 |
| Costs incurred under administration agreement | 709,885 | 602,201 | 1,597,869 | 947,795 |
| Directors' fees | 65,000 | 65,000 | 130,250 | 107,500 |
| Professional fees | 220,978 | 222,561 | 457,864 | 354,406 |
| Insurance expense | 64,062 | 55,485 | 117,075 | 102,154 |
| Investor relations expense | 72,943 | 95,038 | 116,505 | 109,288 |
| Other expenses | 23,388 | 24,097 | 25,354 | 33,120 |
| Total Operating Expenses | 2,402,634 | 2,190,473 | 4,974,894 | 3,402,280 |
| Net Investment Loss | (2,386,911) | (2,080,119) | (4,954,636) | (3,174,121) |
| Net Realized Loss on Investments | (6,327,632) | (1,380,263) | (9,674,524) | (1,380,519) |
| Net Change in Unrealized Appreciation (Depreciation) on Investments | 12,230,246 | (2,014,512) | 10,653,608 | (1,003,317) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | $3,515,703 | $(5,474,894) | $(3,975,552) | $(5,557,957) |
| Net Increase (Decrease) in Net Assets Resulting from Operations per Common Share | $0.18 | $(0.34) | $(0.21) | $(0.43) |
| Weighted Average Common Shares Outstanding | 19,320,100 | 16,287,133 | 19,320,100 | 12,837,133 |
| FINANCIAL HIGHLIGHTS (Unaudited) | |||||
| Three months ended June 30, 2013 | Three months ended June 30, 2012 | ||||
| Per Share Data: | |||||
| Net asset value at beginning of period | $12.69 | $13.47 | |||
| Issuance of common shares | -- | 0.99 | (3) | ||
| Underwriters' discount | -- | (0.35) | (2) | ||
| Offering costs | -- | (0.02) | (2) | ||
| Net investment loss | (0.12) | (1) | (0.13) | (1) | |
| Realized loss | (0.33) | (1) | (0.07) | (2) | |
| Change in unrealized appreciation (depreciation) | 0.63 | (1) | (0.08) | (4) | |
| Net asset value at end of period | $12.87 | $13.81 | |||
| Six months ended June 30, 2013 | Six months ended June 30, 2012 | ||||
| Per Share Data: | |||||
| Net asset value at beginning of period | $13.07 | $12.95 | |||
| Issuance of common shares | -- | 1.91 | (3) | ||
| Underwriters' discount | -- | (0.72) | (2) | ||
| Offering costs | -- | (0.04) | (2) | ||
| Net investment loss | (0.25) | (1) | (0.16) | (2) | |
| Realized loss | (0.50) | (1) | (0.07) | (2) | |
| Change in unrealized appreciation (depreciation) | 0.55 | (1) | (0.06) | (4) | |
| Net asset value at end of period | $12.87 | $13.81 | |||
| (1)Based on weighted average number of shares outstanding for the period. | |||||
| (2)Based on shares outstanding at end of period. | |||||
| (3)Issuance of common shares for the three months ended June 30, 2012 is based on the change in net asset value from the secondary offering on May 11, 2012. Issuance of common shares for the six months ended June 30, 2012 is based on the change in net asset value from the secondary offerings on February 10, 2012 and May 11, 2012. | |||||
| (4)Includes the impact of the different share amounts as a result of calculating certain per share data based on the weighted average basic shares outstanding during the period and certain per share data based on the shares outstanding as of a period end or transaction date. | |||||
| GSV CAPITAL CORP. AND SUBSIDIARY | |||||
| CONSOLIDATED SCHEDULE OF INVESTMENTS | |||||
| June 30, 2013 | |||||
| (Unaudited) | |||||
| Portfolio Investments* | Headquarters / Industry | Shares | Cost | Fair Value | % of Net Assets |
| Twitter, Inc. | San Francisco, CA | ||||
| Common shares | Social | 1,835,600 | $31,755,821 | $36,351,602 | 14.62% |
| Preferred shares, Series A | Communication | 65,000 | 1,235,290 | 1,287,238 | 0.52% |
| Total | 32,991,111 | 37,638,840 | 15.14% | ||
| Palantir Technologies, Inc. | Palo Alto, CA | ||||
| Common shares, Class A | Cyber Security | 7,145,690 | 20,051,479 | 21,994,434 | 8.85% |
| Preferred shares, Series G | 326,797 | 1,008,968 | 1,012,664 | 0.41% | |
| Total | 21,060,447 | 23,007,098 | 9.26% | ||
| Dropbox, Inc. | San Francisco, CA | ||||
| Common share | Online | 760,000 | 8,641,153 | 8,740,000 | 3.52% |
| Preferred shares, Series A-1 | Storage | 552,486 | 5,015,333 | 6,353,589 | 2.56% |
| Total | 13,656,486 | 15,093,589 | 6.08% | ||
| Violin Memory, Inc. | Mountain View, CA | ||||
| Preferred shares, Series D | Memory | 1,666,666 | 10,018,370 | 9,999,996 | 4.02% |
| Preferred shares, Series B | Flash | 800,000 | 4,800,798 | 4,360,000 | 1.75% |
| Total | 14,819,168 | 14,359,996 | 5.77% | ||
| Chegg, Inc. | Santa Clara, CA | ||||
| Common shares | Textbook Rental | 1,274,193 | 10,014,248 | 9,571,313 | 3.85% |
| Preferred shares, Series F | 500,000 | 4,008,654 | 4,478,523 | 1.80% | |
| Total | 14,022,902 | 14,049,836 | 5.65% | ||
| Solexel, Inc. | Milpitas, CA | ||||
| Preferred shares, Series C | Solar Power | 5,034,324 | 11,016,624 | 10,999,998 | 4.42% |
| 2U, Inc. (f/k/a 2tor, Inc.) | Landover, MD | ||||
| Common shares | Online Education | 1,151,802 | 8,757,668 | 9,247,603 | 3.72% |
| Preferred shares, Series A | 167,431 | 1,273,125 | 1,344,272 | 0.54% | |
| Total | 10,030,793 | 10,591,875 | 4.26% | ||
| Avenues World Holdings LLC(3) | New York, NY | ||||
| Preferred shares, Class A-1 | Globally-focused | 5,000,000 | 10,026,005 | 10,395,159 | 4.18% |
| Private School | |||||
| Coursera, Inc. | Mountain View, CA | ||||
| Preferred shares, Series B | Online Education | 2,039,609 | 9,999,999 | 9,999,999 | 4.02% |
| Kno, Inc. | Santa Clara, CA | ||||
| Preferred shares, Series C | Digital | 440,313 | 2,262,006 | 2,249,999 | 0.91% |
| Preferred shares, Series C-1 | Textbooks | 1 | 7,510,334 | 7,500,000 | 3.02% |
| Common shares | 50,000 | 214,681 | 172,914 | 0.07% | |
| Total | 9,987,021 | 9,922,913 | 4.00% | ||
| GSV CAPITAL CORP. AND SUBSIDIARY | |||||
| CONSOLIDATED SCHEDULE OF INVESTMENTS (continued) | |||||
| June 30, 2013 | |||||
| (Unaudited) | |||||
| Portfolio Investments* | Headquarters / Industry | Shares | Cost | Fair Value | % of Net Assets |
| Facebook, Inc. (7) | Menlo Park, CA | ||||
| Common shares, Class A | Social Networking | 350,000 | $10,472,294 | $8,708,000 | 3.50% |
| Control4 Corporation(9) | Salt Lake City, UT | ||||
| Common shares | Home Automation | 782,821 | 7,011,025 | 7,518,198 | 3.02% |
| SugarCRM, Inc. | Cupertino, CA | ||||
| Common shares | Customer | 1,480,131 | 5,192,673 | 5,180,459 | 2.08% |
| Preferred shares, Series E | Relationship | 373,134 | 1,500,522 | 1,652,476 | 0.66% |
| Total | Manager | 6,693,195 | 6,832,935 | 2.74% | |
| ZocDoc Inc. | New York, NY | ||||
| Preferred shares, Series A | Online Medical | 200,000 | 3,563,178 | 3,100,000 | 1.25% |
| Common Stock | Scheduling | 111,866 | 1,734,878 | 1,733,923 | 0.70% |
| Total | 5,298,056 | 4,833,923 | 1.95% | ||
| Bloom Energy Corporation | Sunnyvale, CA | ||||
| Common shares | Fuel Cell Energy | 201,589 | 3,855,601 | 4,008,093 | 1.61% |
| Gilt Groupe, Inc. | New York, NY | ||||
| Common shares |
e-Commerce Flash Sales | 248,600 | 6,594,433 | 3,841,793 | 1.55% |
| Spotify Technology S.A. (7) | Stockholm, Sweden | ||||
| Common shares | Music Streaming Service | 3,658 | 3,598,472 | 3,682,927 | 1.48% |
| StormWind, LLC(2) (5) | Scottsdale, AZ | ||||
| Preferred shares, Series B | Interactive Learning | 3,279,629 | 2,019,687 | 3,667,495 | 1.48% |
| Platform | |||||
| Learnist Inc, (f/k/a Grockit, Inc.)(2) (10) | San Francisco, CA | ||||
| Preferred shares, Series D | Online Test | 2,728,252 | 2,005,945 | 2,018,906 | 0.82% |
| Preferred shares, Series E | Preparation | 1,731,501 | 1,503,670 | 1,427,558 | 0.57% |
| Total | 3,509,615 | 3,446,464 | 1.39% | ||
| Fullbridge, Inc.(2) | Cambridge, MA | ||||
| Preferred shares, Series C | Business Education | 1,728,724 | 3,260,465 | 3,289,115 | 1.32% |
| Warrants | 186,170 | -- | -- | --% | |
| Total | 3,260,465 | 3,289,115 | 1.32% | ||
| GSV CAPITAL CORP. AND SUBSIDIARY | |||||
| CONSOLIDATED SCHEDULE OF INVESTMENTS (continued) | |||||
| June 30, 2013 | |||||
| (Unaudited) | |||||
| Portfolio Investments* | Headquarters / Industry | Shares | Cost | Fair Value | % of Net Assets |
| CUX, Inc. (d/b/a CorpU)(1) (2) | San Francisco, CA | ||||
| Common Stock | Corporate Education | 615,763 | $2,006,077 | $2,483,986 | 1.00% |
| Convertible preferred shares, Series D | 169,033 | 778,607 | 775,861 | 0.31% | |
| Warrants | 16,903 | -- | -- | --% | |
| Total | 2,784,684 | 3,259,847 | 1.31% | ||
| Global Education Learning (Holdings) Ltd.(2) (7) | Hong Kong | ||||
| Preferred shares, Series A | Education Technology | 1,472,175 | 2,999,998 | 3,187,140 | 1.28% |
| Parchment, Inc. | Scottsdale, AZ | ||||
| Preferred shares, Series D | E-Transcript | 2,400,384 | 3,000,000 | 3,040,167 | 1.22% |
| Exchange | |||||
| Whittle Schools, LLC(2) (4) | New York, NY | ||||
| Preferred shares, Series B | Globally-focused | 3,000,000 | 3,000,000 | 3,000,000 | 1.21% |
| Private School | |||||
| Dataminr, Inc. | New York, NY | ||||
| Preferred shares, Series B | Social Media | 904,977 | 2,063,356 | 2,972,849 | 1.20% |
| Analytics | |||||
| Totus Solutions, Inc.(2) | Carrollton, TX | ||||
| Common shares | LED Lighting | 20,000,000 | 5,023,748 | 2,586,345 | 1.04% |
| Dailybreak, Inc.(2) | Boston, MA | ||||
| Preferred shares, Series A-1 | Social Advertising | 1,878,129 | 2,430,950 | 2,422,788 | 0.97% |
| SharesPost, Inc. | San Bruno, CA | ||||
| Preferred shares, Series B | Online Marketplace | 1,771,653 | 2,258,328 | 2,232,283 | 0.90% |
| Common warrants, $0.13 strike price, expire 6/15/2018 | (Finance) | 770,934 | 23,128 | 138,768 | 0.06% |
| Total | 2,281,456 | 2,371,051 | 0.96% | ||
| Silver Spring Networks, Inc.(8) | Redwood City, CA | ||||
| Common shares | Smart Grid | 102,028 | 5,145,271 | 2,366,472 | 0.95% |
| TrueCar, Inc. | Santa Monica, CA | ||||
| Common shares | Online Marketplace | 377,358 | 2,014,863 | 2,305,338 | 0.93% |
| (Cars) | |||||
| Maven Research, Inc.(2) | San Francisco, CA | ||||
| Preferred shares, Series C | Knowledge | 318,979 | 1,999,998 | 1,828,817 | 0.74% |
| Preferred shares, Series B | Networks | 49,505 | 217,206 | 232,971 | 0.09% |
| Total | 2,217,204 | 2,061,788 | 0.83% | ||
| GSV CAPITAL CORP. AND SUBSIDIARY | |||||
| CONSOLIDATED SCHEDULE OF INVESTMENTS (continued) | |||||
| June 30, 2013 | |||||
| (Unaudited) | |||||
| Portfolio Investments* | Headquarters / Industry | Shares / Capital Contribution | Cost | Fair Value | % of Net Assets |
| S3 Digital Corp. (d/b/a S3i)(2) | New York, NY | ||||
| Preferred shares, Class A1 | Sports Analytics | 1,033,452 | $989,058 | $1,123,622 | 0.45% |
| Preferred warrants, $1.00 strike price, expire 11/21/2017 | 500,000 | 31,354 | -- | --% | |
| Total | 1,020,412 | 1,123,622 | 0.45% | ||
| NestGSV, Inc.(2) | Redwood City, CA | ||||
| Preferred shares, Series A | Incubator | 1,000,000 | 1,021,778 | 1,093,866 | 0.44% |
| The rSmart Group, Inc. | Scottsdale, AZ | ||||
| Preferred shares, Series B | Higher Education Learning Platform | 1,201,923 | 1,266,940 | 933,381 | 0.38% |
| DreamBox Learning, Inc. | Bellevue, WA | ||||
| Preferred shares, Series A |
Education Technology | 3,579,610 | 758,017 | 828,257 | 0.33% |
| AlwaysOn, Inc. (2) | Woodside, CA | ||||
| Preferred shares, Series A | Social Media | 1,066,626 | 1,027,391 | 600,000 | 0.24% |
| Preferred shares, Series A-1 | 3,152,417 | 624,783 | 203,011 | 0.08% | |
| Total | 1,652,174 | 803,011 | 0.32% | ||
| AliphCom, Inc. (d/b/a Jawbone) | San Francisco, CA | ||||
| Common Stock | Audio Electronics Company | 150,000 | 793,152 | 750,000 | 0.30% |
| SinoLending Ltd.(2) (7) | Shanghai, China | ||||
| Preferred shares, Class A | Chinese P2P Lending | 6,414,368 | 501,998 | 604,859 | 0.24% |
| NestGSV Silicon Valley, LLC(2) (6) | Redwood City, CA | ||||
| Common membership interest | Incubator | 500,000 | 500,000 | 514,084 | 0.21% |
| Ozy Media, Inc. | Mountain View, CA | ||||
| Preferred shares, Series Seed | Social Media | 500,000 | 500,000 | 513,725 | 0.21% |
| Starfish Holdings, Inc. (d/b/a YourOffers)(2) | Beverly Hills, CA | ||||
| Preferred shares, Series A | Marketing Platform | 43,878,894 | 2,177,461 | 500,000 | 0.20% |
| Common warrants, $0.00001 strike price, expire 11/13/2019 | 144,800,351 | -- | -- | --% | |
| Total | 2,177,461 | 500,000 | 0.20% | ||
| GSV CAPITAL CORP. AND SUBSIDIARY | |||||
| CONSOLIDATED SCHEDULE OF INVESTMENTS (continued) | |||||
| June 30, 2013 | |||||
| (Unaudited) | |||||
| Portfolio Investments* | Headquarters / Industry | Shares | Cost | Fair Value | % of Net Assets |
| The Echo System Corp.(2) | New York, NY | ||||
| Preferred shares, Series A | Social Analytics | 512,365 | $1,436,404 | $379,150 | 0.15% |
| Preferred warrants, $0.20 strike price, expire 11/14/2016 | 68,359 | 75,988 | -- | -- % | |
| Total | 1,512,392 | 379,150 | 0.15% | ||
| NewZoom, Inc. (d/b/a ZoomSystems) | San Francisco, CA | ||||
| Preferred shares, Series A | Smart e-tail (Retail) | 1,250,000 | 260,476 | 262,500 | 0.11% |
| Neuron Fuel, Inc. | San Jose, CA | ||||
| Preferred shares, Series AAI | Computer Software | 250,000 | 262,530 | 250,000 | 0.10% |
| Odesk Corporation | Redwood City, CA | ||||
| Common Stock | Online Marketplace | 30,000 | 183,269 | 180,000 | 0.07% |
| Total Portfolio Investments | 245,295,528 | 244,198,486 | 98.23% | ||
| Total Investments | $245,295,528 | $244,198,486 | 98.23% | ||
| * All portfolio investments are non-control/non-affiliated and non-income producing, unless identified. Equity investments are subject to lock-up restrictions upon their initial public offering. | |||||
| (1) Investment is income producing. | |||||
| (2) Denotes an Affiliate Investment. "Affiliate Investments" are investments in those companies that are "Affiliated Companies" of GSV Capital Corp., as defined in the Investment Company Act of 1940. A company is deemed to be an "Affiliate" of GSV Capital Corp. if GSV Capital Corp. owns 5% or more of the voting securities of such company. | |||||
| (3) GSV Capital Corp.'s investment in Avenues World Holdings LLC is held through its wholly-owned subsidiary GSVC AV Holdings, Inc. | |||||
| (4) GSV Capital Corp.'s investment in Whittle Schools, LLC is held through its wholly-owned subsidiary GSVC WS Holdings, Inc. | |||||
| (5) GSV Capital Corp.'s investment in StormWind, LLC is held through its wholly-owned subsidiary GSVC SW Holdings, Inc. | |||||
| (6) GSV Capital Corp.'s investment in NestGSV Silicon Valley, LLC is held through its wholly-owned subsidiary GSVC NG Holdings, Inc. | |||||
| (7) Indicates assets that GSV Capital Corp. believes do not represent "qualifying assets" under Section 55(a) of the Investment Company Act of 1940, as amended. Qualifying assets must represent at least 70% of GSV Capital Corp.'s total assets at the time of acquisition of any additional non-qualifying assets. | |||||
| (8) On March 12, 2013, Silver Spring Networks, Inc. priced its initial public offering, selling 4,750,000 shares at a price of $17 per share. GSV Capital Corp.'s shares in Silver Spring Networks, Inc. are subject to a lock-up agreement that expires on September 8, 2013. At June 30, 2013, GSV Capital Corp. valued Silver Spring Networks, Inc. based on its June 30, 2013 closing price. | |||||
| (9) On July 22, 2013, Control4 Corporation completed a 1:5.2 reverse stock split which has been reflected above. | |||||
| (10) On July 31 2013, Grockit, Inc. changed its name to Learnist, Inc. | |||||
CONTACT: Financial Profiles, Inc.
Tricia Ross, (650) 235-4769
gsv@finprofiles.com
