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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):

 

August 7, 2013

 

GSV CAPITAL CORP.

(Exact name of registrant as specified in its charter)

 

Maryland   1-35156   27-4443543
(State or other jurisdiction   (Commission File Number)   (I.R.S. Employer Identification No.)
of incorporation)        

 

2925 Woodside Road

Woodside, CA 94062

(Address of principal executive offices and zip code)

 

Registrant’s telephone number, including area code: (650) 235-4769

 

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 2.02Results of Operations and Financial Condition.

 

On August 7, 2013, the registrant issued a press release announcing its financial results for the fiscal quarter ended June 30, 2013. 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 9.01Financial Statements and Exhibits.

 

(a)Not applicable.

 

(b)Not applicable.

 

(c)Not applicable.

 

(d)Exhibits.

 

Exhibit No.   Description
     
99.1   Press release dated August 7, 2013

 

 
 

 

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: August 7, 2013 GSV CAPITAL CORP.
     
  By:  /s/ Stephen D. Bard
    Stephen D. Bard
    Chief Financial Officer, Chief Compliance
    Officer, Treasurer and Corporate Secretary

 

 

 

 

 

GSV Capital Corp. Reports Second Quarter 2013 Results of Operations

 

Net Asset Value of $12.87 Per Share as of June 30, 2013

 

WOODSIDE, Calif., August 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%


 

 
GSV Capital Corp.
Page 2 of 11

 

 

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

 
GSV Capital Corp.
Page 3 of 11

 

 

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.

 

Contact

 

Financial Profiles, Inc.

Tricia Ross, (650) 235-4769

gsv@finprofiles.com

 

 

 

 
GSV Capital Corp.
Page 4 of 11

 

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 

 

 
GSV Capital Corp.
Page 5 of 11

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 

 

 

 
GSV Capital Corp.
Page 6 of 11

 

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 )(6)
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 )(6)
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.
   
(6) 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.
Page 7 of 11
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.
Page 8 of 11

 

 

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.
Page 9 of 11

 

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.
Page 10 of 11

 

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.
Page 11 of 11

 

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.