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 7, 2012
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.) |
2965 Woodside Road
Woodside, CA 94062
(Address of principal executive offices and zip code)
Registrant’s telephone number, including area code: (650) 206-2965
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))
Item 2.02 Results of Operations and Financial Condition.
On November 7, 2012, the registrant issued a press release announcing its financial results for the quarter ended September 30, 2012. The text of the press release is included as Exhibit 99.1 to this Form 8-K.
The information disclosed under this Item 2.02, including 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, and shall not be deemed incorporated by reference into any filing made under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
| (a) | Not applicable. |
| (b) | Not applicable. |
| (c) | Not applicable. |
| (d) | Exhibits. |
| Exhibit No. | Description |
| 99.1 | Press release dated November 7, 2012 |
SIGNATURES
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 7, 2012 | GSV CAPITAL CORP. | |
| By: | /s/ Stephen D. Bard | |
| Stephen D. Bard Chief Financial Officer, Chief Compliance Officer, Treasurer and Corporate Secretary | ||
Exhibit 99.1
GSV Capital Reports Third Quarter 2012 Results of Operations
Net Asset Value (NAV) of Fund was $13.45 per Share as of September 30, 2012
WOODSIDE, Calif., November 7, 2012 -- GSV Capital Corp., "GSV", (Nasdaq: GSVC) today reported financial results for the third quarter ended September 30, 2012.
Management Commentary
"We are pleased with the development of our portfolio, which today includes 46 high-growth venture-backed companies that we believe have the potential to drive significant growth, value and shareholder returns. Twitter, Violin Memory and Dropbox are among our largest investments and we demonstrated strong execution in terms of identifying, sourcing and closing key investments across our major investment themes," said Michael Moe, GSV's CEO and founder.
Portfolio Summary and Investment Activity
The total value of GSV's portfolio investments was $217.4 million at September 30, 2012. During the third quarter of 2012, GSV invested approximately $50.2 million in nine new and nine existing portfolio companies.
GSV invested in the following new portfolio companies during the third quarter: 2tor, Dataminr, NestGSV Silicon Valley, Neuron Fuel, Strategic Sports Solutions, SinoLending, Spotify, SugarCRM and Totus Solutions.
GSV also made additional investments in current portfolio companies, including: AltEgo, AlwaysOn, Avenues, Control4, Dropbox, Gilt Groupe, Maven Research and Twitter during the third quarter.
Recent Developments
The Company closed on investments totaling approximately $4.7 million, plus transaction costs, subsequent to September 30, 2012, which included investments in Control4, Parchment, Ozy Media and Top Hat 430.
Portfolio as of September 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 third quarter of 2012, GSV's portfolio included investments in the following companies: 2tor, AltEgo, AlwaysOn, Avenues World Holdings, Bloom Energy, Chegg, Control4, CUX, Dailybreak, Dataminr, DreamBox Learning, Dropbox, Facebook, Fullbridge, Gilt Groupe, Global Education Learning, Grockit, Groupon, Kno, Maven Research, NestGSV, NestGSV Silicon Valley, Neuron Fuel, NewZoom, Strategic Sports Solutions, Serious Energy, SharesPost, Silver Spring Networks, SinoLending, Solexel, Spotify, StormWind, SugarCRM, The Echo System, The rSmart Group, Top Hat 430, Totus Solutions, TrueCar, Twitter, Violin Memory, ZocDoc and Zynga.
Financial Results
| September 30, 2012 | ||||
| Total Portfolio Investments | $ | 217,441,538 | ||
| Total Investments | $ | 233,441,538 | ||
| Total Cash | $ | 26,331,482 | ||
| Total Assets | $ | 260,309,025 | ||
| Total Liabilities | $ | 449,771 | ||
| Net Assets | $ | 259,859,254 | ||
| Net Asset Value Per Share | $ | 13.45 | ||
| For the three months ended September 30, 2012 | For the three months ended September 30, 2011 | |||||||
| Total Investment Income | $ | 13,928 | $ | 53,408 | ||||
| Net Investment Loss | $ | (2,334,568 | ) | $ | (680,088 | ) | ||
| Net Change in Unrealized Depreciation on Investments | $ | (4,665,272 | ) | $ | (494,170 | ) | ||
| Net Decrease in Net Assets Resulting From Operations | $ | (6,999,840 | ) | $ | (1,174,258 | ) | ||
| Net Decrease in Net Assets Resulting From Operations Per Common Share | $ | (0.36 | ) | $ | (0.34 | ) | ||
| Weighted Average Common Shares Outstanding | 19,320,100 | 3,430,100 | ||||||
Results of Operations
Investment income was $13,928 or $0.00 per share, for the three months ended September 30, 2012, compared to $53,408, or $0.02 per share, for the three months ended September 30, 2011. Net investment loss was $2,334,568, or $0.12 per share, in the third quarter of 2012, compared to $680,088, or $0.20 per share, for the prior year period. Net realized loss on investments was $0 or $0.00 per share, in the third quarter of 2012, compared to $0, or $0.00 per share, for the same period in 2011. Net change in unrealized depreciation was $4,665,272 or $0.24 per share, for the three months ended September 30, 2012, compared to $494,170, or $0.14 per share, for the prior year period. Net decrease in net assets resulting from operations was $6,999,840, or $0.36 per share, and $1,174,258, or $0.34 per share, for the third quarter of 2012 and 2011, respectively.
Conference Call Information
The GSV Capital third quarter 2012 teleconference and audio webcast is scheduled to begin at 5:30 a.m., Pacific Time, on Wednesday, November 7, 2012, during which the company may provide forward-looking information. To participate on the live call, analysts and investors should dial 877-941-4774 at least ten minutes prior to the call. GSV Capital will also offer a live and archived webcast of the conference call, accessible from the "Investor Relations" section of the company's Web site at http://investors.gsvcap.com/
About GSV Capital Corp.
GSV Capital Corp. (Nasdaq: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.
The GSV Capital Corp. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=12750
Forwarding-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.
Contacts:
Media:
Kim Hughes
(415) 516-6187
kim@blueshirtgroup.com
Investors:
Alex Wellins
(415) 217-5861
alex@blueshirtgroup.com
CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES
(Unaudited)
| September 30, 2012 | ||||
| ASSETS | ||||
| Investments at fair value: | ||||
| Investments in affiliated securities (cost of $31,130,920) | $ | 31,247,914 | ||
| Investments in non-control/non-affiliated securities (cost of $193,559,007) | 186,193,624 | |||
| Investments in money market funds (cost of $16,000,000) | 16,000,000 | |||
| Total Investments (cost of $240,689,927) | 233,441,538 | |||
| Cash | 26,331,482 | |||
| Due from: | ||||
| GSV Asset Management | 3,315 | |||
| Portfolio companies | 291,554 | |||
| Prepaid expenses | 136,096 | |||
| Dividend receivable | 2,190 | |||
| Other assets | 102,850 | |||
| Total Assets | 260,309,025 | |||
| LIABILITIES | ||||
| Due to: | ||||
| GSV Asset Management | 41,197 | |||
| Other affiliates | 917 | |||
| Accounts payable | 292,925 | |||
| Accrued expenses | 114,732 | |||
| Total Liabilities | 449,771 | |||
| Commitments and contingencies | ||||
| Net Assets | $ | 259,859,254 | ||
| NET ASSETS | ||||
| Common stock, par value $0.01 per share | ||||
| (100,000,000 authorized; 19,320,100 issued and outstanding) | $ | 193,201 | ||
| Paid-in capital in excess of par | 275,837,514 | |||
| Accumulated net investment loss | (7,542,553 | ) | ||
| Accumulated net realized loss on investments | (1,380,519 | ) | ||
| Accumulated net unrealized depreciation on investments | (7,248,389 | ) | ||
| Net Assets | $ | 259,859,254 | ||
| Net Asset Value Per Share | $ | 13.45 | ||
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2012 | 2011 | 2012 | 2011(1) | |||||||||||||
| INVESTMENT INCOME | ||||||||||||||||
| Interest income from affiliated securities | $ | 2,418 | $ | - | $ | 200,195 | $ | - | ||||||||
| Interest income | 4,645 | 52,222 | 21,852 | 52,222 | ||||||||||||
| Dividend income | 6,865 | 1,186 | 20,040 | 1,186 | ||||||||||||
| Total Investment Income | 13,928 | 53,408 | 242,087 | 53,408 | ||||||||||||
| OPERATING EXPENSES | ||||||||||||||||
| Investment management fees | 1,351,169 | 233,961 | 3,099,186 | 384,904 | ||||||||||||
| Costs incurred under administration agreement | 543,171 | 192,031 | 1,490,966 | 305,066 | ||||||||||||
| Directors’ fees | 65,000 | 42,500 | 172,500 | 85,000 | ||||||||||||
| Professional fees | 242,683 | 152,916 | 597,089 | 271,548 | ||||||||||||
| Insurance expense | 56,133 | 47,192 | 158,287 | 95,301 | ||||||||||||
| Investor relations expense | 34,698 | 52,250 | 143,986 | 53,000 | ||||||||||||
| Organization expenses | - | 6,336 | - | 198,831 | ||||||||||||
| Other expenses | 55,642 | 6,310 | 88,762 | 15,959 | ||||||||||||
| Total Operating Expenses | 2,348,496 | 733,496 | 5,750,776 | 1,409,609 | ||||||||||||
| Net Investment Loss | (2,334,568 | ) | (680,088 | ) | (5,508,689 | ) | (1,356,201 | ) | ||||||||
| Net Realized Loss on Investments | - | - | (1,380,519 | ) | - | |||||||||||
| Net Change in Unrealized Depreciation on Investments | (4,665,272 | ) | (494,170 | ) | (5,668,589 | ) | (553,804 | ) | ||||||||
| Net Decrease in Net Assets Resulting from Operations | $ | (6,999,840 | ) | $ | (1,174,258 | ) | $ | (12,557,797 | ) | $ | (1,910,005 | ) | ||||
| Net Decrease in Net Assets Resulting from Operations per Common Share | $ | (0.36 | ) | $ | (0.34 | ) | $ | (0.84 | ) | $ | (0.78 | ) | ||||
| Weighted Average Common Shares Outstanding | 19,320,100 | 3,430,100 | 15,013,896 | 2,460,565 | (2) | |||||||||||
(1) For the period from January 6, 2011 (date of inception) to September 30, 2011.
(2) Weighted average common shares for the period from January 6, 2011 (date of inception) to September 30, 2011 was calculated from the issuance of 100 shares on February 28, 2011.
FINANCIAL HIGHLIGHTS
(Unaudited)
| Three months ended September 30, 2012 | Three months ended September 30 2011 | |||||||
| Per Share Data: | ||||||||
| Net asset value at beginning of period | $ | 13.81 | $ | 13.57 | ||||
| Issuance of common shares | - | - | ||||||
| Accretion from offering | - | 0.23 | (2) | |||||
| Underwriters’ discount | - | (0.23 | )(2) | |||||
| Offering costs | - | (0.10 | )(2) | |||||
| Net investment loss | (0.12 | )(1) | (0.12 | )(2) | ||||
| Realized loss | - | - | ||||||
| Change in unrealized depreciation | (0.24 | )(5) | (0.09 | )(2) | ||||
| Net asset value at end of period | $ | 13.45 | $ | 13.26 | ||||
| Nine months ended September 30, 2012 | For the period from January 6, 2011 (date of inception) to September 30, 2011 | For the period from January 6, 2011 (date of inceptions) to December 31, 2011 | ||||||||||
| Per Share Data: | ||||||||||||
| Net asset value at beginning of period | $ | 12.95 | $ | - | $ | - | ||||||
| Issuance of common shares | 1.91 | (3) | 14.67 | (4) | 14.67 | (4) | ||||||
| Accretion from offering | - | - | - | |||||||||
| Underwriters’ discount | (0.72 | )(2) | (0.86 | )(2) | (0.86 | )(2) | ||||||
| Offering costs | (0.04 | )(2) | (0.20 | )(2) | (0.19 | )(2) | ||||||
| Net investment loss | (0.37 | )(1) | (0.25 | )(2) | (0.37 | )(2) | ||||||
| Realized loss | (0.07 | )(2) | - | - | ||||||||
| Change in unrealized depreciation | (0.21 | )(5) | (0.10 | )(2) | (0.30 | )(2) | ||||||
| Net asset value at end of period | $ | 13.45 | $ | 13.26 | $ | 12.95 | ||||||
| (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 nine months ended September 30, 2012 is based on the change in net asset value from the secondary offerings on February 10, 2012 and May 11, 2012. | ||||||||||||||||||||||||||||
| (4) | Issuance of common shares for the period from January 6, 2011 (date of inception) to September 30, 2011 and from January 6, 2011 (date of inception) to December 31, 2011 is based on the weighted average offering price for the shares issued during the period. | ||||||||||||||||||||||||||||
| (5) | 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. | ||||||||||||||||||||||||||||
CONSOLIDATED SCHEDULE OF INVESTMENTS
September 30, 2012
(Unaudited)
| Portfolio Investments* | Headquarters / Industry | Shares / Capital Contribution | Cost | Fair Value | % of Net Assets | |||||||||||||
| 2tor, Inc. | Landover, MD | |||||||||||||||||
| Common shares | Online Education | 1,151,802 | $ | 8,757,599 | $ | 8,730,846 | 3.36 | % | ||||||||||
| Preferred shares, Series A | 167,431 | 1,273,125 | 1,269,154 | 0.49 | % | |||||||||||||
| Total | 10,030,724 | 10,000,000 | 3.85 | % | ||||||||||||||
| AltEgo, LLC | Santa Monica, CA | |||||||||||||||||
| Preferred shares, Series B-2 | Social Media Customer Acquisition Platform | 1,400,000 | 1,420,406 | 1,400,000 | 0.54 | % | ||||||||||||
| AlwaysOn, Inc. (1) (2) | Woodside, CA | |||||||||||||||||
| Preferred shares, Series A | Social Media | 1,066,626 | 1,027,391 | 1,087,955 | 0.42 | % | ||||||||||||
| Avenues World Holdings LLC | New York, NY | |||||||||||||||||
| Preferred shares, Class A-1 | Globally-focused Private School | 5,000,000 | 10,026,573 | 10,000,000 | 3.85 | % | ||||||||||||
| Bloom Energy Corporation | Sunnyvale, CA | |||||||||||||||||
| Common shares | Fuel Cell Energy | 201,589 | 3,855,601 | 3,678,999 | 1.42 | % | ||||||||||||
| Chegg, Inc. | Santa Clara, CA | |||||||||||||||||
| Common shares | Textbook Rental | 1,274,193 | 10,012,543 | 10,193,544 | 3.92 | % | ||||||||||||
| Preferred shares, Series F | 500,000 | 4,008,654 | 4,000,000 | 1.54 | % | |||||||||||||
| Total | 14,021,197 | 14,193,544 | 5.46 | % | ||||||||||||||
| Control4 Corporation | Salt Lake City, UT | |||||||||||||||||
| Common shares | Home Automation | 3,650,667 | 6,274,551 | 5,950,587 | 2.29 | % | ||||||||||||
| CUX, Inc. (2) | San Francisco, CA | |||||||||||||||||
| Preferred shares, Series C | Corporate Education | 246,305 | 2,006,077 | 2,000,000 | 0.77 | % | ||||||||||||
| Dailybreak, Inc. (2) | Boston, MA | |||||||||||||||||
| Preferred shares, Series A-1 | Social Advertising | 1,545,181 | 2,000,000 | 2,000,000 | 0.77 | % | ||||||||||||
| Dataminr, Inc. | New York, NY | |||||||||||||||||
| Preferred shares, Series B | Social Media Analytics | 904,977 | 2,060,602 | 1,999,999 | 0.77 | % | ||||||||||||
| DreamBox Learning, Inc. | Bellevue, WA | |||||||||||||||||
| Preferred shares, Series A | Education Technology | 3,579,610 | 758,017 | 750,000 | 0.29 | % | ||||||||||||
| Dropbox, Inc. | San Francisco, CA | |||||||||||||||||
| Common share | Online | 760,000 | 8,640,940 | 8,360,000 | 3.22 | % | ||||||||||||
| Preferred shares, Series A-1 | Storage | 552,486 | 5,015,333 | 6,077,346 | 2.34 | % | ||||||||||||
| Total | 13,656,273 | 14,437,346 | 5.56 | % | ||||||||||||||
| Facebook, Inc. (3) | Menlo Park, CA | |||||||||||||||||
| Common shares, Class B | Social Networking | 350,000 | 10,472,294 | 6,898,710 | 2.65 | % | ||||||||||||
| Fullbridge, Inc. (2) | Cambridge, MA | |||||||||||||||||
| Preferred shares, Series C | Business Education | 1,196,809 | 2,250,001 | 2,250,000 | 0.87 | % | ||||||||||||
| Gilt Groupe, Inc. | New York, NY | |||||||||||||||||
| Common shares | e-Commerce Flash Sales |
248,600 | 6,594,346 | 5,469,200 | 2.10 | % | ||||||||||||
| Global Education Learning (Holdings) Ltd. (2) | Hong Kong | |||||||||||||||||
| Preferred shares, Series A | Education Technology | 1,472,175 | 2,999,998 | 2,999,998 | 1.15 | % | ||||||||||||
| Grockit, Inc. (2) | San Francisco, CA | |||||||||||||||||
| Preferred shares, Series D | Online Test Preparation |
2,728,252 | 2,005,945 | 2,000,000 | 0.77 | % | ||||||||||||
| Groupon, Inc. (4) | Chicago, IL | |||||||||||||||||
| Common shares | Online Deals | 80,000 | 2,128,774 | 381,600 | 0.15 | % | ||||||||||||
| Kno, Inc. | Santa Clara, CA | |||||||||||||||||
| Preferred shares, Series C | Digital | 440,313 | 2,262,006 | 2,250,000 | 0.87 | % | ||||||||||||
| Preferred shares, Series C-1 | Textbooks | 1 | 7,510,334 | 7,500,000 | 2.89 | % | ||||||||||||
| Common shares | 50,000 | 214,681 | 205,000 | 0.08 | % | |||||||||||||
| Total | 9,987,021 | 9,955,000 | 3.84 | % | ||||||||||||||
| Maven Research, Inc. (2) | San Francisco, CA | |||||||||||||||||
| Preferred shares, Series B | Knowledge | 49,505 | 217,206 | 200,000 | 0.08 | % | ||||||||||||
| Preferred shares, Series C | Networks | 318,979 | 1,999,998 | 1,999,998 | 0.77 | % | ||||||||||||
| Total | 2,217,204 | 2,199,998 | 0.85 | % | ||||||||||||||
| NestGSV, Inc. (2) | Redwood City, CA | |||||||||||||||||
| Preferred shares, Series A | Incubator | 1,000,000 | 1,021,778 | 1,000,000 | 0.38 | % | ||||||||||||
| NestGSV Silicon Valley, LLC (2) | Redwood City, CA | |||||||||||||||||
| Common membership interest | Incubator | $ | 500,000 | 500,000 | 500,000 | 0.19 | % | |||||||||||
| Neuron Fuel, Inc. | San Jose, CA | |||||||||||||||||
| Preferred shares, Series AAI | Computer Software | 250,000 | 262,530 | 250,000 | 0.10 | % | ||||||||||||
|
NewZoom, Inc. (d/b/a ZoomSystems) |
San Francisco, CA | |||||||||||||||||
| Preferred shares, Series A | Smart e-tail (Retail) |
1,250,000 | 260,476 | 250,000 | 0.10 | % | ||||||||||||
| Palantir Technologies, Inc. | Palo Alto, CA | |||||||||||||||||
| Common shares, Class A | Cyber Security | 7,045,690 | 19,780,613 | 19,747,501 | 7.60 | % | ||||||||||||
| Preferred shares, Series G | 326,797 | 1,008,968 | 999,999 | 0.38 | % | |||||||||||||
| Total | 20,789,581 | 20,747,500 | 7.98 | % | ||||||||||||||
| Serious Energy, Inc. | Sunnyvale, CA | |||||||||||||||||
| Common shares | Green Materials | 178,095 | 739,130 | - | -% |
| SharesPost, Inc. | San Bruno, CA | |||||||||||||||||
| Preferred shares, Series B | Online | 1,771,653 | 2,257,984 | 2,256,752 | 0.87 | % | ||||||||||||
| Common warrants, $0.13 strike price, expire 6/15/2018 | Marketplace (Finance) |
770,934 | 23,128 | 8,480 | -% | |||||||||||||
| Total | 2,281,112 | 2,265,232 | 0.87 | % | ||||||||||||||
| Silver Spring Networks, Inc. | Redwood City, CA | |||||||||||||||||
| Common shares | Smart Grid | 510,143 | 5,145,271 | 3,275,118 | 1.26 | % | ||||||||||||
| SinoLending Ltd. (2) | Shanghai, China | |||||||||||||||||
| Preferred shares, Class A | Chinese P2P Lending | 6,414,368 | 501,998 | 500,000 | 0.19 | % | ||||||||||||
| Solexel, Inc. | Milpitas, CA | |||||||||||||||||
| Preferred shares, Series C | Solar Power | 4,576,659 | 10,016,559 | 10,000,000 | 3.85 | % | ||||||||||||
| Spotify Technology S.A. | Stockholm, Sweden | |||||||||||||||||
| Common shares | Music Streaming Service | 3,658 | 3,598,472 | 3,589,659 | 1.38 | % | ||||||||||||
| StormWind, LLC (2) | Scottsdale, AZ | |||||||||||||||||
| Preferred shares, Series B | Interactive Learning Platform | 3,279,629 | 2,019,687 | 2,000,000 | 0.77 | % | ||||||||||||
| Strategic Sports Solutions, LLC (2) |
New York, NY | |||||||||||||||||
| Preferred shares, Class A1 | Sports Analytics | 500,000 | 529,522 | 500,000 | 0.19 | % | ||||||||||||
| SugarCRM, Inc. | Cupertino, CA | |||||||||||||||||
| Common shares | Customer Relationship Manager | 432,500 | 1,521,100 | 1,513,750 | 0.58 | % | ||||||||||||
| The Echo System Corp. (1) (2) | New York, NY | |||||||||||||||||
| Preferred shares, Series A | Social Analytics | 512,365 | 1,436,404 | 1,639,568 | 0.63 | % | ||||||||||||
| Preferred warrants, $0.20 strike price, expire 11/14/2016 | 68,359 | 75,988 | 70,394 | 0.03 | % | |||||||||||||
| Total | 1,512,392 | 1,709,962 | 0.66 | % | ||||||||||||||
| The rSmart Group, Inc. | Scottsdale, AZ | |||||||||||||||||
| Preferred shares, Series B | Higher Education Learning Platform |
1,201,923 | 1,266,940 | 1,250,000 | 0.48 | % | ||||||||||||
| Top Hat 430, Inc. (2) | Shakopee, MN | |||||||||||||||||
| Preferred shares, Series A | Jewelry Retailing Technology | 1,777,778 | 4,015,179 | 4,000,001 | 1.54 | % | ||||||||||||
| Totus Solutions, Inc. (2) | Carrollton, TX | |||||||||||||||||
| Common shares | LED Lighting | 20,000,000 | 5,023,748 | 5,000,000 | 1.92 | % | ||||||||||||
| TrueCar, Inc. | Santa Monica, CA | |||||||||||||||||
| Common shares | Online Marketplace (Cars) |
377,358 | 2,014,863 | 2,011,318 | 0.77 | % |
| Twitter, Inc. | San Francisco, CA | |||||||||||||||||
| Common shares | Social | 1,835,600 | 31,755,821 | 34,876,400 | 13.42 | % | ||||||||||||
| Preferred shares, Series A | Communication | 65,000 | 1,235,290 | 1,235,000 | 0.47 | % | ||||||||||||
| Total | 32,991,111 | 36,111,400 | 13.89 | % | ||||||||||||||
| Violin Memory, Inc. | Mountain View, CA | |||||||||||||||||
| Preferred shares, Series B | Flash | 800,000 | 4,800,798 | 4,800,000 | 1.85 | % | ||||||||||||
| Preferred shares, Series D | Memory | 1,666,666 | 10,018,045 | 9,999,996 | 3.85 | % | ||||||||||||
| Total | 14,818,843 | 14,799,996 | 5.70 | % | ||||||||||||||
| Whittle Schools, LLC (2) | New York, NY | |||||||||||||||||
| Preferred shares, Series B | Education Technology | 1,500,000 | 1,500,000 | 1,500,000 | 0.58 | % | ||||||||||||
| ZocDoc Inc. | New York, NY | |||||||||||||||||
| Preferred shares, Series A | Online Medical Scheduling |
200,000 | 3,563,178 | 3,500,000 | 1.35 | % | ||||||||||||
| Zynga, Inc. | San Francisco, CA | |||||||||||||||||
| Common shares | Social Gaming | 533,333 | 3,003,462 | 1,514,666 | 0.58 | % | ||||||||||||
| Total Portfolio Investments | $ | 224,689,927 | 217,441,538 | 83.68 | % |
* 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 but less than 25% of the voting securities of such company.
(3) On May 17, 2012, Facebook, Inc. priced its initial public offering, selling 421,233,615 shares at a price of $38.00 per share. GSV Capital Corp.’s shares in Facebook, Inc. are subject to a lock-up agreement that expires on November 14, 2012. At September 30, 2012, GSV Capital Corp. valued Facebook based on its September 28, 2012 closing price, less a discount for the lock-up restriction.
(4) On November 8, 2011, Groupon, Inc. priced its initial public offering, selling 35,000,000 shares at a price of $20.00 per share. GSV Capital Corp.’s shares in Groupon, Inc. are subject to a lock-up agreement that expired on June 1, 2012. At September 30, 2012, GSV Capital Corp. valued Groupon, Inc. based on its September 28, 2012 closing price.