UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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| (Mark One) | ||
| x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
FOR THE QUARTERLY PERIOD ENDED September 30, 2014
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| o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
COMMISSION FILE NUMBER: 814-00852
GSV Capital Corp.
(Exact name of registrant as specified in its charter)
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| Maryland | 27-4443543 | |
| (State of incorporation) | (I.R.S. Employer Identification No.) |
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| 2925 Woodside Road Woodside, CA |
94062 | |
| (Address of principal executive offices) | (Zip Code) |
(650) 235-4769
(Registrant’s telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.Yes x No o
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes o No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
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| Large accelerated filer o | Accelerated filer x | |
| Non-accelerated filer o (do not check if a smaller reporting company) | Smaller reporting company o |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x
The number of shares of the issuer’s Common Stock, $0.01 par value, outstanding as of November 10, 2014 was 19,320,100.
GSV CAPITAL CORP.
TABLE OF CONTENTS
i
GSV CAPITAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
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| September 30, 2014 |
December 31, 2013 |
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| ASSETS |
(Unaudited) |
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| Investments at fair value: |
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| Investments in controlled securities (cost of $13,153,112 and $0, respectively) |
$ | 14,333,474 | $ | — | ||||
| Investments in affiliated securities (cost of $73,333,331 and $64,912,527, respectively) | 61,962,467 | 62,740,162 | ||||||
| Investments in non-controlled/non-affiliated securities (cost of $194,419,794 and $214,796,591, respectively) | 289,950,095 | 292,643,491 | ||||||
| Investments owned and pledged (cost of $7,277,896 and $10,845,236, respectively) | 7,293,864 | 10,865,200 | ||||||
| Investments in United States Treasury Bill (cost of $100,001,483 and $0, respectively) | 99,999,944 | — | ||||||
| Total Investments (cost of $388,185,616 and $290,554,354, respectively) | 473,539,844 | 366,248,853 | ||||||
| Cash | 6,517,389 | 7,219,203 | ||||||
| Restricted cash | 48,889 | 22,264 | ||||||
| Due from GSV Capital Service Company, LLC(1) | 18,834 | 3,039 | ||||||
| Due from Portfolio companies | 107,874 | 153,178 | ||||||
| Interest receivable | 12,584 | 7,304 | ||||||
| Prepaid expenses | 242,194 | 49,739 | ||||||
| Coupon interest receivable | 896 | 11,141 | ||||||
| Dividend receivable | — | 13,233 | ||||||
| Deferred credit facility fees | 141,586 | 288,249 | ||||||
| Deferred debt issuance costs | 2,841,316 | 3,378,121 | ||||||
| Deferred offering costs | — | 184,710 | ||||||
| Other assets | 333,820 | 368,524 | ||||||
| Total Assets | 483,805,226 | 377,947,558 | ||||||
| LIABILITIES |
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| Due to GSV Asset Management(1) | 48,898 | 563,978 | ||||||
| Accounts payable | 101,747 | 382,165 | ||||||
| Accrued incentive fees | 16,022,137 | 10,523,552 | ||||||
| Accrued interest payable | 235,255 | 1,056,563 | ||||||
| Accrued expenses | 155 | — | ||||||
| Payable for securities purchased | 94,001,484 | — | ||||||
| Net deferred tax liability | 11,809,330 | 8,320,561 | ||||||
| Line of Credit | — | — | ||||||
| Convertible senior notes embedded derivative liability | 12,000 | 799,000 | ||||||
| Convertible senior notes payable 5.25% due September 15, 2018 | 68,429,665 | 68,335,295 | ||||||
| Total Liabilities | 190,660,671 | 89,981,114 | ||||||
| Commitments and contingencies (Note 6) |
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| Net Assets | $ | 293,144,555 | $ | 287,966,444 | ||||
| NET ASSETS |
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| Common stock, par value $0.01 per share (100,000,000 authorized; 19,320,100 issued and outstanding) |
$ | 193,201 | $ | 193,201 | ||||
| Paid-in capital in excess of par | 275,837,514 | 275,837,514 | ||||||
| Accumulated net investment loss | (30,287,651 | ) | (19,192,401 | ) | ||||
| Accumulated net realized loss on investments | (3,102,606 | ) | (13,660,306 | ) | ||||
| Accumulated net unrealized appreciation on investments | 50,504,097 | 44,788,436 | ||||||
| Net Assets | $ | 293,144,555 | $ | 287,966,444 | ||||
| Net Asset Value Per Share | $ | 15.17 | $ | 14.91 | ||||
| (1) | This balance is a related party transaction. Refer to Note 2 for more detail. |
See notes to the Consolidated Financial Statements.
1
GSV CAPITAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
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| Three Months Ended September 30, |
Nine Months Ended September 30, |
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| 2014 | 2013 | 2014 | 2013 | |||||||||||||
| INVESTMENT INCOME |
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| Interest income from controlled securities | $ | 4,083 | $ | — | $ | 9,816 | $ | — | ||||||||
| Interest income from affiliated securities | 9,294 | — | 112,747 | — | ||||||||||||
| Interest income from non-controlled/non-affiliated securities | 8,594 | 2,256 | 36,369 | 2,256 | ||||||||||||
| Dividend income from affiliated securities | — | 388 | — | 13,008 | ||||||||||||
| Dividend income from non-controlled/non-affiliated securities | — | — | 887 | 7,638 | ||||||||||||
| Total Investment Income | 21,971 | 2,644 | 159,819 | 22,902 | ||||||||||||
| OPERATING EXPENSES |
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| Investment management fees | 1,949,705 | 1,298,858 | 5,639,564 | 3,828,835 | ||||||||||||
| Accrued incentive fees | 3,684,300 | — | 5,498,585 | — | ||||||||||||
| Costs incurred under administration agreement | 718,896 | 678,283 | 2,557,129 | 2,276,152 | ||||||||||||
| Directors’ fees | 65,000 | 65,000 | 195,000 | 195,250 | ||||||||||||
| Professional fees | 442,683 | 198,932 | 1,301,777 | 656,796 | ||||||||||||
| Interest and credit facility expense | 1,442,063 | 191,188 | 4,155,759 | 191,188 | ||||||||||||
| Insurance expense | 61,800 | 62,732 | 181,839 | 179,807 | ||||||||||||
| Investor relations expense | 35,816 | 54,760 | 194,112 | 171,265 | ||||||||||||
| Other expenses | 18,306 | 45,680 | 58,898 | 71,034 | ||||||||||||
| Loss (Gain) on fair value adjustment for embedded derivative | (147,000 | ) | 421,000 | (787,000 | ) | 421,000 | ||||||||||
| Total Operating Expenses | 8,271,569 | 3,016,433 | 18,995,663 | 7,991,327 | ||||||||||||
| Benefit for taxes on net investment loss | 3,368,311 | — | 7,740,594 | — | ||||||||||||
| Net Investment Loss | (4,881,287 | ) | (3,013,789 | ) | (11,095,250 | ) | (7,968,425 | ) | ||||||||
| Net Realized Gain (Loss) on Investments | 17,160,816 | (162,569 | ) | 17,842,995 | (9,837,093 | ) | ||||||||||
| Provision for taxes on Net Realized Capital Gains | (7,006,762 | ) | — | (7,285,295 | ) | — | ||||||||||
| Net Change in Unrealized Appreciation on Investments | 1,260,683 | 8,892,104 | 9,659,729 | 19,545,712 | ||||||||||||
| Provision for taxes on Unrealized Appreciation of Investments | (514,737 | ) | — | (3,944,068 | ) | — | ||||||||||
| Net Increase in Net Assets Resulting from Operations | $ | 6,018,713 | $ | 5,715,746 | $ | 5,178,111 | $ | 1,740,194 | ||||||||
| Net Increase in Net Assets Resulting from Operations per Common Share |
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| Basic | $ | 0.31 | $ | 0.29 | $ | 0.27 | $ | 0.09 | ||||||||
| Diluted | $ | 0.30 | $ | 0.29 | $ | 0.27 | $ | 0.09 | ||||||||
| Weighted Average Common Shares Outstanding |
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| Basic | 19,320,100 | 19,320,100 | 19,320,100 | 19,320,100 | ||||||||||||
| Diluted | 23,564,228 | 19,320,100 | 19,320,100 | 19,320,100 | ||||||||||||
See notes to the Consolidated Financial Statements.
2
GSV CAPITAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
(Unaudited)
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| Nine months ended September 30, 2014 |
Nine months ended September 30, 2013 |
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| Increase in Net Assets Resulting From Operations |
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| Net Investment Loss | $ | (11,095,250 | ) | $ | (7,968,425 | ) | ||
| Net Realized Gain (Loss) on Investments | 17,842,995 | (9,837,093 | ) | |||||
| Provision for taxes on Net Realized Capital Gains | (7,285,295 | ) | — | |||||
| Net Change in Unrealized Appreciation on Investments | 9,659,729 | 19,545,712 | ||||||
| Provision for taxes on Unrealized Appreciation of Investments | (3,944,068 | ) | — | |||||
| Net Increase in Net Assets Resulting From Operations | 5,178,111 | 1,740,194 | ||||||
| Total Increase in Net Assets | 5,178,111 | 1,740,194 | ||||||
| Net Assets at Beginning of Period | 287,966,444 | 252,582,801 | ||||||
| Net Assets at End of Period | $ | 293,144,555 | $ | 254,322,995 | ||||
| Capital Share Activity |
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| Shares Issued | — | — | ||||||
| Shares Outstanding at Beginning of Period | 19,320,100 | 19,320,100 | ||||||
| Shares Outstanding at End of Period | 19,320,100 | 19,320,100 | ||||||
See notes to the Consolidated Financial Statements.
3
GSV CAPITAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
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| Nine months ended September 30, 2014 |
Nine months ended September 30, 2013 |
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| Cash Flows from Operating Activities |
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| Net increase in net assets resulting from operations | $ | 5,178,111 | $ | 1,740,194 | ||||
| Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities: |
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| Net realized (gain) loss on investments | (17,842,995 | ) | 9,837,093 | |||||
| Net change in unrealized appreciation on investments | (9,659,729 | ) | (19,545,712 | ) | ||||
| (Gain) loss on fair value adjustment for embedded derivative | (787,000 | ) | 421,000 | |||||
| Net deferred tax liability | 3,488,769 | — | ||||||
| Amortization of deferred credit facility fees | 146,663 | — | ||||||
| Amortization of deferred debt issuance costs | 631,175 | 28,371 | ||||||
| Amortization of fixed income security premiums and discounts | (41,426 | ) | — | |||||
| Write-off of deferred offering costs | 277,977 | — | ||||||
| Purchases of investments in: |
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| Portfolio investments | (45,852,034 | ) | (24,736,663 | ) | ||||
| Money market funds | — | (28,000,000 | ) | |||||
| United States treasury bill | (260,002,734 | ) | (10,845,236 | ) | ||||
| Proceeds from sales or redemption of investments in: |
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| Portfolio investments | 62,502,968 | 6,858,921 | ||||||
| Money market funds | — | 16,000,000 | ||||||
| United States treasury strips | 3,603,708 | — | ||||||
| United States treasury bill | 160,001,251 | — | ||||||
| Change in operating assets and liabilities: |
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| Due from GSV Capital Service Company, LLC(1) | (15,795 | ) | (9,344 | ) | ||||
| Due from portfolio companies | 45,304 | 106,818 | ||||||
| Interest receivable | (5,280 | ) | (2,256 | ) | ||||
| Prepaid expenses | (192,455 | ) | (294,371 | ) | ||||
| Coupon interest receivable | 10,245 | — | ||||||
| Dividend receivable | 13,233 | (11,464 | ) | |||||
| Other assets | 34,704 | 23,538 | ||||||
| Due to GSV Asset Management(1) | (515,080 | ) | (17,391 | ) | ||||
| Payable for securities purchased | 94,001,484 | — | ||||||
| Accounts payable | (280,418 | ) | 64,508 | |||||
| Accrued offering costs | — | 253,100 | ||||||
| Accrued credit facility fees | — | 3,078 | ||||||
| Accrued incentive fees | 5,498,585 | — | ||||||
| Accrued interest payable | (821,308 | ) | 191,188 | |||||
| Accrued expenses | 155 | (255,725 | ) | |||||
| Net Cash Used in Operating Activities | (581,922 | ) | (48,190,353 | ) | ||||
| Cash Flows from Financing Activities |
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| Borrowings under credit facility | 18,000,000 | — | ||||||
| Repayments under credit facility | (18,000,000 | ) | — | |||||
| Deferred credit facility fees | — | (58,998 | ) | |||||
| Deferred debt issuance costs | — | (3,237,833 | ) | |||||
| Deferred offering costs | (93,267 | ) | (365,873 | ) | ||||
| Change in restricted cash | (26,625 | ) | (22,264 | ) | ||||
| Gross proceeds from convertible senior notes issued | — | 69,000,000 | ||||||
| Net Cash Provided by (Used In) Financing Activities | (119,892 | ) | 65,315,032 | |||||
| Total Increase (Decrease) in Cash Balance | (701,814 | ) | 17,124,679 | |||||
| Cash Balance at Beginning of Period | 7,219,203 | 11,318,525 | ||||||
| Cash Balance at End of Period | $ | 6,517,389 | $ | 28,443,204 | ||||
| Non-Cash Operating Items |
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| Transactions in Investments in Portfolio Companies |
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| Convertible notes converted to preferred shares | $ | 3,064,135 | $ | — | ||||
| Term loan converted to preferred shares | $ | 503,851 | $ | — | ||||
| Preferred shares converted to common shares | $ | 1,273,125 | $ | 1,999,997 | ||||
| Common shares converted to preferred shares | $ | 2,006,077 | $ | 12,481,883 | ||||
| Common membership interest converted to preferred shares | $ | 500,000 | $ | — | ||||
| Non-Cash Financing Items |
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| Fair value of make-whole derivative resulting from issuance of convertible debt | $ | — | $ | 700,000 | ||||
| (1) | This balance is a related party transaction. Refer to Note 2 Related Party Arrangements. |
See notes to the Consolidated Financial Statements.
4
GSV CAPITAL CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
September 30, 2014
(Unaudited)
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| Portfolio Investments* | Headquarters/Industry | Shares/ Principal |
Cost | Fair Value | % of Net Assets |
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| Twitter, Inc.** |
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| Common shares | San Francisco, CA Social Communication |
1,600,600 | $ | 27,551,563 | $ | 82,558,948 | 28.16 | % | ||||||||||||
| Palantir Technologies, Inc. |
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| Common shares, Class A | Palo Alto, CA Cyber Security |
6,825,690 | 19,186,552 | 37,541,295 | 12.81 | % | ||||||||||||||
| Preferred shares, Series G | 326,797 | 1,008,968 | 2,003,266 | 0.68 | % | |||||||||||||||
| Total | 20,195,520 | 39,544,561 | 13.49 | % | ||||||||||||||||
| Dropbox, Inc. |
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| Common shares | San Francisco, CA Online Storage |
760,000 | 8,641,153 | 15,304,500 | 5.22 | % | ||||||||||||||
| Preferred shares, Series A-1 | 552,486 | 5,015,333 | 11,125,687 | 3.80 | % | |||||||||||||||
| Total | 13,656,486 | 26,430,187 | 9.02 | % | ||||||||||||||||
| 2U, Inc. (f/k/a 2tor, Inc.)(9)** |
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| Common shares | Landover, MD Online Education |
1,319,233 | 10,032,117 | 18,508,839 | 6.31 | % | ||||||||||||||
| Coursera, Inc. |
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| Preferred shares, Series B | Mountain View, CA Online Education |
2,961,399 | 14,519,443 | 14,513,002 | 4.95 | % | ||||||||||||||
| Solexel, Inc. |
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| Preferred shares, Series C | Milpitas, CA Solar Power |
5,300,158 | 11,598,649 | 11,580,845 | 3.95 | % | ||||||||||||||
| Preferred shares, Series D | 1,613,413 | 2,419,151 | 2,419,151 | 0.83 | % | |||||||||||||||
| Total | 14,017,800 | 13,999,996 | 4.78 | % | ||||||||||||||||
| SugarCRM, Inc. |
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| Common shares | Cupertino, CA Customer Relationship |
1,899,799 | 6,799,392 | 10,024,532 | 3.42 | % | ||||||||||||||
| Preferred shares, Series E | Manager | 373,134 | 1,500,522 | 2,099,875 | 0.72 | % | ||||||||||||||
| Total | 8,299,914 | 12,124,407 | 4.14 | % | ||||||||||||||||
| Avenues Global Holdings, LLC(3) |
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| Preferred shares, Junior Preferred Stock | New York, NY Globally-focused Private School |
10,014,270 | 10,151,854 | 11,239,445 | 3.83 | % | ||||||||||||||
| Declara, Inc.(1) |
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| Preferred shares, Series A | Palo Alto, CA Social Cognitive Learning |
5,358,195 | 9,999,999 | 10,138,355 | 3.46 | % | ||||||||||||||
| PayNearMe, Inc.(1) |
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| Preferred shares, Series E | Sunnyvale, CA Cash Payment Network |
3,914,535 | 10,000,401 | 10,000,000 | 3.41 | % | ||||||||||||||
| JAMF Holdings, Inc. |
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| Preferred shares, Series B | Minneapolis, MN Mobile Device Management |
73,440 | 9,999,928 | 9,999,906 | 3.41 | % | ||||||||||||||
| Curious.com Inc.(1) |
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| Preferred shares, Series B | Menlo Park, CA Online Education |
2,839,861 | 10,000,003 | 9,997,234 | 3.41 | % | ||||||||||||||
See notes to the Consolidated Financial Statements.
5
GSV CAPITAL CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS – (Continued)
September 30, 2014
(Unaudited)
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| Portfolio Investments* | Headquarters/Industry | Shares/ Principal |
Cost | Fair Value | % of Net Assets |
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| StormWind, LLC(2)(5) |
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| Preferred shares, Series B | Scottsdale, AZ Interactive Learning |
3,279,629 | $ | 2,019,687 | $ | 4,102,129 | 1.40 | % | ||||||||||||
| Preferred shares, Series C | 2,779,134 | 4,000,787 | 3,966,353 | 1.35 | % | |||||||||||||||
| Preferred shares, Series A | 366,666 | 110,000 | 269,001 | 0.09 | % | |||||||||||||||
| Preferred Unit Warrants $1.76 Strike Price, Expiration Date 1/6/15 | 568,753 | — | 28,438 | 0.01 | % | |||||||||||||||
| Total | 6,130,474 | 8,365,921 | 2.85 | % | ||||||||||||||||
| Chegg, Inc.** |
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| Common shares | Santa Clara, CA Textbook Rental |
1,182,792 | 14,022,863 | 7,380,622 | 2.52 | % | ||||||||||||||
| General Assembly Space, Inc. |
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| Common shares | New York, NY Online Education |
133,213 | 2,999,983 | 3,118,666 | 1.06 | % | ||||||||||||||
| Preferred shares, Series C | 126,552 | 2,999,978 | 2,999,970 | 1.02 | % | |||||||||||||||
| Total | 5,999,961 | 6,118,636 | 2.08 | % | ||||||||||||||||
| Spotify Technology S.A.** |
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| Common shares | Stockholm, Sweden Music Streaming Service |
3,658 | 3,598,472 | 5,399,857 | 1.84 | % | ||||||||||||||
| Lyft, Inc. |
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| Preferred shares, Series D | San Francisco, CA Peer to Peer Ridesharing |
493,490 | 5,003,631 | 5,044,702 | 1.72 | % | ||||||||||||||
| Knewton, Inc. |
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| Preferred shares, Series E | New York, NY Online Education |
375,985 | 4,999,999 | 5,000,450 | 1.71 | % | ||||||||||||||
| Course Hero Inc. |
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| Preferred shares, Series A | Redwood City, CA Online Education |
2,145,509 | 5,000,001 | 5,000,001 | 1.71 | % | ||||||||||||||
| Fullbridge, Inc.(1) |
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| Preferred shares, Series C | Cambridge, MA Business Education |
1,728,724 | 3,193,444 | 1,625,001 | 0.55 | % | ||||||||||||||
| Preferred shares, Series D | 1,655,167 | 2,956,022 | 3,111,714 | 1.06 | % | |||||||||||||||
| Common warrants, $0.91 Strike Price, Expiration Date 3/22/2020 | 186,170 | 67,021 | 33,394 | 0.01 | % | |||||||||||||||
| Common warrants, $0.91 Strike Price, Expiration Date 12/11/2018 | 82,418 | 9,799 | — | — | % | |||||||||||||||
| Common warrants, $0.91 Strike Price, Expiration Date 12/11/2018 | 412,088 | 50,970 | — | — | % | |||||||||||||||
| Common warrants, $0.91 Strike Price, Expiration Date 5/16/2019 | 192,308 | 23,244 | — | — | % | |||||||||||||||
| Common warrants, $0.91 Strike Price, Expiration Date 3/22/2020 | 714,286 | 85,779 | — | — | % | |||||||||||||||
| Common warrants, $0.91 Strike Price, Expiration Date 10/09/2018 | 82,418 | 9,901 | — | — | % | |||||||||||||||
| Total | 6,396,180 | 4,770,109 | 1.62 | % | ||||||||||||||||
See notes to the Consolidated Financial Statements.
6
GSV CAPITAL CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS – (Continued)
September 30, 2014
(Unaudited)
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| Portfolio Investments* | Headquarters/Industry | Shares/ Principal |
Cost | Fair Value | % of Net Assets |
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| Whittle Schools, LLC(1)(4) |
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| Preferred shares, Series B | New York, NY Globally-focused Private School |
3,000,000 | $ | 3,000,000 | $ | 3,000,000 | 1.02 | % | ||||||||||||
| Common shares | 229 | 1,577,097 | 1,500,000 | 0.51 | % | |||||||||||||||
| Total | 4,577,097 | 4,500,000 | 1.53 | % | ||||||||||||||||
| Global Education Learning (Holdings) Ltd.(1)** |
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| Preferred shares, Series A | Hong Kong Education Technology |
2,126,475 | 4,335,671 | 4,333,331 | 1.48 | % | ||||||||||||||
| Gilt Groupe, Inc. |
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| Common shares | New York, NY e-Commerce Flash Sales |
248,600 | 6,594,433 | 4,329,440 | 1.48 | % | ||||||||||||||
| Dataminr, Inc. |
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| Preferred shares, Series B | New York, NY Social Media Analytics |
904,977 | 2,063,356 | 3,055,202 | 1.04 | % | ||||||||||||||
| Preferred shares, Series C | 301,369 | 1,100,912 | 1,160,330 | 0.40 | % | |||||||||||||||
| Total | 3,164,268 | 4,215,532 | 1.44 | % | ||||||||||||||||
| TrueCar, Inc.(10)** |
||||||||||||||||||||
| Common shares | Santa Monica, CA Online Marketplace |
251,572 | 2,015,023 | 4,064,146 | 1.39 | % | ||||||||||||||
| Learnist Inc. (f/k/a Grockit, Inc.)(1) |
||||||||||||||||||||
| Preferred shares, Series D | San Francisco, CA Online Learning Platform |
2,728,252 | 2,005,945 | 2,319,014 | 0.79 | % | ||||||||||||||
| Preferred shares, Series E | 1,731,501 | 1,503,670 | 1,696,871 | 0.58 | % | |||||||||||||||
| Total | 3,509,615 | 4,015,885 | 1.37 | % | ||||||||||||||||
| Parchment, Inc. |
||||||||||||||||||||
| Preferred shares, Series D | Scottsdale, AZ E-Transcript Exchange |
3,200,512 | 4,000,982 | 3,991,808 | 1.36 | % | ||||||||||||||
| NestGSV, Inc.(2) |
||||||||||||||||||||
| Preferred shares, Series C | Redwood City, CA Incubator |
1,561,625 | 2,005,730 | 2,070,867 | 0.71 | % | ||||||||||||||
| Preferred shares, Series A | 1,000,000 | 1,021,778 | 806,000 | 0.27 | % | |||||||||||||||
| Preferred shares, Series B | 450,000 | 605,500 | 443,700 | 0.15 | % | |||||||||||||||
| Preferred warrants, Series C – $1.33 Strike Price, Expiration Date 4/9/2019 |
187,500 | — | 52,500 | 0.02 | % | |||||||||||||||
| Common shares | 200,000 | 1,000 | 1,000 | 0.00 | % | |||||||||||||||
| Convertible Promissory Note | $ | 500,000 | 500,000 | 504,083 | 0.17 | % | ||||||||||||||
| Total | 4,134,008 | 3,878,150 | 1.32 | % | ||||||||||||||||
| Ozy Media, Inc.(1) |
||||||||||||||||||||
| Preferred shares, Series A | Mountain View, CA Daily News and Information Site |
1,090,909 | 3,000,200 | 3,000,000 | 1.02 | % | ||||||||||||||
| Preferred shares, Series Seed | 500,000 | 500,000 | 865,000 | 0.30 | % | |||||||||||||||
| Total | 3,500,200 | 3,865,000 | 1.32 | % | ||||||||||||||||
| Bloom Energy Corporation |
||||||||||||||||||||
| Common shares | Sunnyvale, CA Fuel Cell Energy |
201,589 | 3,855,601 | 3,097,422 | 1.06 | % | ||||||||||||||
See notes to the Consolidated Financial Statements.
7
GSV CAPITAL CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS – (Continued)
September 30, 2014
(Unaudited)
|
|
|
|
|
|
|||||||||||||||
| Portfolio Investments* | Headquarters/Industry | Shares/ Principal |
Cost | Fair Value | % of Net Assets |
|||||||||||||||
| CUX, Inc. (d/b/a CorpU)(1) |
||||||||||||||||||||
| Convertible preferred shares, Series C | San Francisco, CA Corporate Education |
615,763 | $ | 2,006,077 | $ | 2,298,847 | 0.78 | % | ||||||||||||
| Convertible preferred shares, Series D | 169,033 | 778,607 | 718,022 | 0.25 | % | |||||||||||||||
| Preferred warrants, $4.59 Strike Price, Expiration Date 02/25/2018 | 16,903 | — | 11,832 | 0.00 | % | |||||||||||||||
| Total | 2,784,684 | 3,028,701 | 1.03 | % | ||||||||||||||||
| DreamBox Learning, Inc. |
||||||||||||||||||||
| Preferred shares, Series A-1 | Bellevue, WA Education Technology |
7,159,221 | 1,502,362 | 1,615,910 | 0.55 | % | ||||||||||||||
| Preferred shares, Series A | 3,579,610 | 758,017 | 807,955 | 0.28 | % | |||||||||||||||
| Total | 2,260,379 | 2,423,865 | 0.83 | % | ||||||||||||||||
| SharesPost, Inc.(6)(11) |
||||||||||||||||||||
| Preferred shares, Series B | San Bruno, CA Online Marketplace Finance |
1,771,653 | 2,259,717 | 2,243,268 | 0.77 | % | ||||||||||||||
| Common warrants, $0.13 Strike Price, Expiration Date 6/15/2018 | 770,934 | 23,128 | 161,896 | 0.06 | % | |||||||||||||||
| Total | 2,282,845 | 2,405,164 | 0.83 | % | ||||||||||||||||
| Maven Research, Inc.(1) |
||||||||||||||||||||
| Preferred shares, Series C | San Francisco, CA Knowledge Networks |
318,979 | 2,000,447 | 1,999,998 | 0.68 | % | ||||||||||||||
| Preferred shares, Series B | 49,505 | 217,206 | 248,119 | 0.08 | % | |||||||||||||||
| Total | 2,217,653 | 2,248,117 | 0.76 | % | ||||||||||||||||
| Circle Media (f.k.a. S3 Digital Corp. (d/b/a S3i)(1) |
||||||||||||||||||||
| Preferred shares, Series A | New York, NY Sports Analytics |
1,462,269 | 1,495,899 | 1,705,006 | 0.58 | % | ||||||||||||||
| Term Loan, 12%, 09/30/15*** | $ | 272,500 | 283,901 | 280,000 | 0.10 | % | ||||||||||||||
| Preferred warrants, $1.17 Strike Price, Expiration Date 08/29/2021 | 175,815 | — | 175,000 | 0.06 | % | |||||||||||||||
| Preferred warrants, $1.17 Strike Price, Expiration Date 09/30/2020 | 160,806 | — | 67,539 | 0.02 | % | |||||||||||||||
| Preferred warrants, $1.16 Strike Price, Expiration Date 6/26/2021 | 38,594 | — | 13,508 | 0.00 | % | |||||||||||||||
| Preferred warrants, $1.00 Strike Price, Expiration Date 11/21/2017 | 500,000 | 31,354 | — | 0.00 | % | |||||||||||||||
| Total | 1,811,154 | 2,241,053 | 0.76 | % | ||||||||||||||||
| AliphCom, Inc. (d/b/a Jawbone) |
||||||||||||||||||||
| Common shares | San Francisco, CA Smart Device Company |
150,000 | 793,152 | 1,387,500 | 0.47 | % | ||||||||||||||
| AlwaysOn, Inc.(2) |
||||||||||||||||||||
| Preferred shares, Series A-1 | Woodside, CA Social Media |
4,465,925 | 876,023 | 870,279 | 0.30 | % | ||||||||||||||
| Preferred shares, Series A | 1,066,626 | 1,027,391 | 207,854 | 0.07 | % | |||||||||||||||
| Preferred warrants Series A-1, $0.19 strike price, expire 12/31/2014 | 1,313,508 | — | 26,270 | 0.01 | % | |||||||||||||||
| Preferred warrants Series A, $1.00 strike price, expire 1/9/2017 | 109,375 | — | — | — | % | |||||||||||||||
| Total | 1,903,414 | 1,104,403 | 0.38 | % | ||||||||||||||||
See notes to the Consolidated Financial Statements.
8
GSV CAPITAL CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS – (Continued)
September 30, 2014
(Unaudited)
|
|
|
|
|
|
|||||||||||||||
| Portfolio Investments* | Headquarters/Industry | Shares/ Principal |
Cost | Fair Value | % of Net Assets |
|||||||||||||||
| Strategic Data Command, LLC(1)(7) |
||||||||||||||||||||
| Common shares | Sunnyvale, CA Software Development |
800,000 | $ | 1,001,650 | $ | 1,000,000 | 0.34 | % | ||||||||||||
| GSV Sustainability Partners(2) |
||||||||||||||||||||
| Preferred shares, Class A | Woodside, CA Clean Technology |
1,950,000 | 975,216 | 975,000 | 0.34 | % | ||||||||||||||
| Common shares | 100,000 | 10,000 | 10,000 | 0.00 | % | |||||||||||||||
| Total | 985,216 | 985,000 | 0.34 | % | ||||||||||||||||
| The rSmart Group, Inc.(1) |
||||||||||||||||||||
| Preferred shares, Series B | Scottsdale, AZ Higher Education Learning Platform |
1,201,923 | 1,267,240 | 516,526 | 0.18 | % | ||||||||||||||
| EdSurge, Inc.(1) |
||||||||||||||||||||
| Preferred shares, Series A | Burlingame, CA Education Media Platform |
494,365 | 500,801 | 505,020 | 0.17 | % | ||||||||||||||
| Cricket Media (fka ePals Inc.)**(1)(8) |
||||||||||||||||||||
| Common shares | Herndon, VA Online Education |
1,333,333 | 2,448,276 | 433,847 | 0.15 | % | ||||||||||||||
| Totus Solutions, Inc.(1) |
||||||||||||||||||||
| Preferred shares, Series B | Carrollton, TX LED Lighting |
11,111,110 | 1,000,000 | 292,070 | 0.10 | % | ||||||||||||||
| Convertible Promissory Note 6%, Expiration Date, 4/01/2016 | $ | 76,110 | 76,110 | 77,219 | 0.03 | % | ||||||||||||||
| Preferred shares, Series A | 8,692,652 | 2,183,822 | — | — | % | |||||||||||||||
| Common Shares | 11,307,348 | 2,840,591 | — | — | % | |||||||||||||||
| Total | 6,100,523 | 369,289 | 0.13 | % | ||||||||||||||||
| New Zoom, Inc |
||||||||||||||||||||
| Preferred shares, Series A | San Francisco, CA Retail Machines |
1,250,000 | 260,476 | 293,491 | 0.10 | % | ||||||||||||||
| Neuron Fuel, Inc. |
||||||||||||||||||||
| Preferred shares, Series AAI | San Jose, CA Computer Software |
250,000 | 262,530 | 250,981 | 0.09 | % | ||||||||||||||
| Earlyshares.com |
||||||||||||||||||||
| Preferred shares, Series A | Miami, FL Equity Crowd Funding |
165,715 | 260,878 | 249,998 | 0.09 | % | ||||||||||||||
| 4C Insights (f.k.a The Echo Systems Corp.) |
||||||||||||||||||||
| Preferred shares, Series A | Chicago, IL Social Data Platform |
512,365 | 1,436,404 | 217,865 | 0.07 | % | ||||||||||||||
| Odesk Corporation |
||||||||||||||||||||
| Common Shares | Redwood City, CA Online Workplace Platform |
30,000 | 183,269 | 159,324 | 0.05 | % | ||||||||||||||
| Dailybreak, Inc.(1) |
||||||||||||||||||||
| Preferred shares, Series A-1 | Boston, MA Social Advertising |
1,878,129 | 2,430,950 | — | — | % | ||||||||||||||
| Preferred shares, Series A-2 | 347,666 | 451,236 | — | — | % | |||||||||||||||
| Total | 2,882,186 | — | — | % | ||||||||||||||||
| Total Portfolio Investments | 280,906,237 | 366,246,036 | 124.94 | % | ||||||||||||||||
See notes to the Consolidated Financial Statements.
9
GSV CAPITAL CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS – (Continued)
September 30, 2014
(Unaudited)
|
|
|
|
|
|
|||||||||||||||
| Portfolio Investments* | Headquarters/Industry | Shares/ Principal |
Cost | Fair Value | % of Net Assets |
|||||||||||||||
| U.S. Treasury |
||||||||||||||||||||
| U.S. Treasury Bill, 0%, due 7/3/2014 | $ | 100,000,000 | $ | 100,001,483 | $ | 99,999,944 | 34.12 | % | ||||||||||||
| U.S. Treasury Strips(11) |
||||||||||||||||||||
| United States Treasury Strip Coupon, 0.00% due 08/15/2016 | $ | 1,851,000 | 1,825,247 | 1,830,972 | 0.62 | % | ||||||||||||||
| United States Treasury Strip Coupon, 0.00% due 02/15/2016 | $ | 1,834,000 | 1,820,471 | 1,826,187 | 0.62 | % | ||||||||||||||
| United States Treasury Strip Coupon, 0.00% due 08/15/2015 | $ | 1,823,000 | 1,817,608 | 1,821,032 | 0.62 | % | ||||||||||||||
| United States Treasury Strip Coupon, 0.00% due 02/15/2015 | $ | 1,816,000 | 1,814,570 | 1,815,673 | 0.62 | % | ||||||||||||||
| Total | 7,277,896 | 7,293,864 | 2.48 | % | ||||||||||||||||
| Total Investments | $ | 388,185,616 | $ | 473,539,844 | 161.54 | % | ||||||||||||||
| * | 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. |
| ** | 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. |
| *** | Investment is income producing. |
| (1) | 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. |
| (2) | Denotes a Control Investment. “Control Investments” are investments in those companies that are “Controlled Companies” of GSV Capital Corp., as defined in the Investment Company Act of 1940. A company is deemed to be a “Controlled Company” of GSV Capital Corp. if GSV Capital Corp. owns 25% or more of the voting securities of such company. |
| (3) | GSV Capital Corp.’s investment in Avenues Global 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. Whittle Schools, LLC is an investment whose economics are derived from the value of Avenues Global Holdings LLC. |
| (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 SharesPost, Inc. is held through its wholly-owned subsidiary SPNPM Holdings, LLC. |
| (7) | GSV Capital Corp.’s investment in Strategic Data Command, LLC is held through its wholly-owned subsidiary GSVC SVDS Holdings, Inc. |
| (8) | On October 22, 2013, Cricket Media (fka ePals Inc.), priced its initial public offering, selling 40,267,333 shares at a price of CAD $0.075 per share. GSV Capital Corp.’s shares in Cricket Media (fka ePals Inc.), are subject to a lock-up agreement which expired on February 23, 2014. At September 30, 2014, GSV Capital Corp. valued Cricket Media (fka ePals Inc.), based on its September 30, 2014 closing price less 17.5%. GSV Capital Corp.’s Chief Executive Officer, Michael Moe is a Board member of Cricket Media (fka ePals Inc.), which subjects GSV Capital Corp. to insider trading restrictions under Canadian securities law. As such, the Company has applied a 17.5% discount to reflect the aforementioned trading restrictions. |
See notes to the Consolidated Financial Statements.
10
GSV CAPITAL CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS – (Continued)
September 30, 2014
(Unaudited)
| (9) | On March 28, 2014, 2U, Inc. (f/k/a 2tor, Inc.) priced its initial public offering, selling 9,175,000 shares at a price of $13 per share. GSV Capital Corp.’s shares in 2U, Inc. (f/k/a 2tor, Inc.) are subject to a lock-up agreement which expired on September 24, 2014. At September 30, 2014, GSV Capital Corp. valued 2U, Inc. (f/k/a 2tor, Inc.), based on its September 30, 2014 closing price less 10.0%. Michael Moe is a Board member of 2U, Inc. (f/k/a 2tor, Inc.), which subjects GSV Capital Corp. to insider trading restrictions under U.S. securities law. As such, the Company has applied a 10.0% discount to reflect the aforementioned trading restrictions. |
| (10) | On May 15, 2014, TrueCar, Inc. priced its initial public offering, selling 7,775,000 shares at a price of $14 per share. GSV Capital Corp.’s shares in TrueCar, Inc. are subject to a lock-up agreement which expires on November 11, 2014. At September 30, 2014, GSV Capital Corp. valued TrueCar, Inc., based on its September 30, 2014 closing price, adjusted for a discount due to lack of marketability of 10.0%. |
| (11) | Refer to Note 9 — Long Term Liabilities. In accordance with the terms of the Company’s Convertible Senior Notes payable, the Company deposited $10,867,500 in an escrow account with the Trustee. These funds were used to purchase U.S. Treasury Strips (“Government Securities”) with an original cost of $10,845,236. As of September 30, 2014, 2 of the government securities purchased had matured and the proceeds were used by the trustee in accordance with the terms of the escrow agreement. At September 30, 2014, the remaining government securities are shown on the Consolidated Schedule of Investments and have an amortized cost of $7,277,896. |
See notes to the Consolidated Financial Statements.
11
GSV CAPITAL CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2013
|
|
|
|
|
|
|||||||||||||||
| Portfolio Investments* | Headquarters/Industry | Shares/ Principal |
Cost | Fair Value | % of Net Assets |
|||||||||||||||
| Twitter, Inc.(11)** |
||||||||||||||||||||
| Common shares | San Francisco, CA Social Communication |
1,900,600 | $ | 32,991,111 | $ | 102,822,460 | 35.71 | % | ||||||||||||
| Palantir Technologies, Inc. |
||||||||||||||||||||
| Common shares, Class A | Palo Alto, CA Cyber Security |
7,145,690 | 20,051,479 | 32,119,877 | 11.15 | % | ||||||||||||||
| Preferred shares, Series G | 326,797 | 1,008,968 | 1,718,953 | 0.60 | % | |||||||||||||||
| Total | 21,060,447 | 33,838,830 | 11.75 | % | ||||||||||||||||
| Dropbox, Inc. |
||||||||||||||||||||
| Common share | San Francisco, CA Online Storage |
760,000 | 8,641,153 | 9,181,012 | 3.19 | % | ||||||||||||||
| Preferred shares, Series A-1 | 552,486 | 5,015,333 | 6,674,185 | 2.32 | % | |||||||||||||||
| Total | 13,656,486 | 15,855,197 | 5.51 | % | ||||||||||||||||
| Coursera, Inc. |
||||||||||||||||||||
| Preferred shares, Series B | Mountain View, CA Online Education |
2,961,399 | 14,519,443 | 14,519,443 | 5.04 | % | ||||||||||||||
| Control4 Corporation(8)** |
||||||||||||||||||||
| Common shares | Salt Lake City, UT Home Automation |
782,789 | 7,010,762 | 13,300,129 | 4.62 | % | ||||||||||||||
| 2U, Inc. (f/k/a 2tor, Inc.) |
||||||||||||||||||||
| Common shares | Landover, MD Online Education |
1,151,802 | 8,758,193 | 9,875,206 | 3.43 | % | ||||||||||||||
| Preferred shares, Series A | 167,431 | 1,273,125 | 1,435,503 | 0.50 | % | |||||||||||||||
| Total | 10,031,318 | 11,310,709 | 3.93 | % | ||||||||||||||||
| Solexel, Inc. |
||||||||||||||||||||
| Preferred shares, Series C | Milpitas, CA Solar Power |
5,034,324 | 11,017,561 | 11,286,628 | 3.92 | % | ||||||||||||||
| Avenues Global Holdings, LLC(2) |
||||||||||||||||||||
| Preferred shares, Junior Preferred Stock | New York, NY Globally Focused Private School |
10,014,270 | 10,150,484 | 10,014,270 | 3.48 | % | ||||||||||||||
| Curious.com Inc.(1) |
||||||||||||||||||||
| Preferred shares, Series B | Menlo Park, CA Online Education |
2,839,861 | 10,000,003 | 10,000,003 | 3.47 | % | ||||||||||||||
| PayNearMe, Inc.(1) |
||||||||||||||||||||
| Preferred shares, Series E | Sunnyvale, CA Cash Payment Network |
3,914,535 | 10,000,001 | 10,000,000 | 3.47 | % | ||||||||||||||
| Facebook, Inc.** |
||||||||||||||||||||
| Common Shares, Class A | Menlo Park, CA Social Networking |
175,000 | 5,236,147 | 9,563,750 | 3.32 | % | ||||||||||||||
| SugarCRM, Inc. |
||||||||||||||||||||
| Common shares | Cupertino, CA Customer Relationship Manager |
1,899,799 | 6,799,272 | 7,219,236 | 2.51 | % | ||||||||||||||
| Preferred shares, Series E | 373,134 | 1,500,522 | 2,160,437 | 0.75 | % | |||||||||||||||
| Total | 8,299,794 | 9,379,673 | 3.26 | % | ||||||||||||||||
See notes to the Consolidated Financial Statements.
12
GSV CAPITAL CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS – (Continued)
December 31, 2013
|
|
|
|
|
|
|||||||||||||||
| Portfolio Investments* | Headquarters/Industry | Shares/ Principal |
Cost | Fair Value | % of Net Assets |
|||||||||||||||
| Chegg, Inc.(12)** |
||||||||||||||||||||
| Common shares | Santa Clara, CA Textbook Rental |
1,182,792 | $ | 14,022,863 | $ | 8,551,589 | 2.97 | % | ||||||||||||
| ZocDoc Inc. |
||||||||||||||||||||
| Preferred shares, Series A | New York, NY Online Medical Scheduling |
200,000 | 3,563,178 | 3,926,702 | 1.36 | % | ||||||||||||||
| Common Stock | 111,866 | 1,734,878 | 2,196,322 | 0.76 | % | |||||||||||||||
| Total | 5,298,056 | 6,123,024 | 2.12 | % | ||||||||||||||||
| Knewton, Inc. |
||||||||||||||||||||
| Preferred shares, Series E | New York, NY Education Technology Company |
375,985 | 4,999,999 | 4,999,999 | 1.74 | % | ||||||||||||||
| JAMF Holdings, Inc. |
||||||||||||||||||||
| Preferred shares, Series B | Minneapolis, MN Mobile Device Management |
36,720 | 4,999,964 | 4,999,964 | 1.74 | % | ||||||||||||||
| Whittle Schools, LLC(1)(3) |
||||||||||||||||||||
| Preferred shares, Series B | New York, NY Globally-focused Private School |
3,000,000 | 3,000,000 | 3,000,000 | 1.04 | % | ||||||||||||||
| Common shares | 229 | 1,531,734 | 1,500,000 | 0.52 | % | |||||||||||||||
| Total | 4,531,734 | 4,500,000 | 1.56 | % | ||||||||||||||||
| Spotify Technology S.A.** |
||||||||||||||||||||
| Common shares | Stockholm, Sweden Music Streaming Service |
3,658 | 3,598,472 | 4,443,409 | 1.54 | % | ||||||||||||||
| Global Education Learning (Holdings) Ltd.(1)** |
||||||||||||||||||||
| Preferred shares, Series A | Hong Kong Education Technology |
2,126,475 | 4,335,671 | 4,338,009 | 1.51 | % | ||||||||||||||
| StormWind, LLC(1)(5) |
||||||||||||||||||||
| Preferred shares, Series B | Scottsdale, AZ Interactive Learning Platform |
3,279,629 | 2,019,687 | 4,205,142 | 1.46 | % | ||||||||||||||
| Violin Memory, Inc.(9)** |
||||||||||||||||||||
| Common Shares | Mountain View, CA Memory Flash |
1,247,498 | 14,819,618 | 4,204,068 | 1.46 | % | ||||||||||||||
| Dataminr, Inc. |
||||||||||||||||||||
| Preferred shares, Series B | New York, NY Social Media Analytics |
904,977 | 2,063,356 | 2,934,840 | 1.02 | % | ||||||||||||||
| Preferred shares, Series C | 301,369 | 1,100,909 | 1,099,997 | 0.38 | % | |||||||||||||||
| Total | 3,164,265 | 4,034,837 | 1.40 | % | ||||||||||||||||
| Gilt Groupe, Inc. |
||||||||||||||||||||
| Common shares | New York, NY e-Commerce Flash Sales |
248,600 | 6,594,433 | 4,024,389 | 1.40 | % | ||||||||||||||
| Parchment, Inc. |
||||||||||||||||||||
| Preferred shares, Series D | Scottsdale, AZ E-Transcript Exchange |
3,200,512 | 4,000,862 | 4,000,640 | 1.39 | % | ||||||||||||||
See notes to the Consolidated Financial Statements.
13
GSV CAPITAL CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS – (Continued)
December 31, 2013
|
|
|
|
|
|
|||||||||||||||
| Portfolio Investments* | Headquarters/Industry | Shares/ Principal |
Cost | Fair Value | % of Net Assets |
|||||||||||||||
| Ozy Media, Inc.(1) |
||||||||||||||||||||
| Preferred shares, Series A | Mountain View, CA Daily News and Information Site |
1,090,909 | $ | 3,000,000 | $ | 3,000,000 | 1.04 | % | ||||||||||||
| Preferred shares, Series Seed | 500,000 | 500,000 | 865,000 | 0.30 | % | |||||||||||||||
| Total | 3,500,000 | 3,865,000 | 1.34 | % | ||||||||||||||||
| Totus Solutions, Inc.(1) |
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| Common shares | Carrollton, TX LED Lighting |
11,307,348 | 2,840,391 | 576,675 | 0.20 | % | ||||||||||||||
| Preferred shares, Series A | 8,692,652 | 2,183,582 | 2,173,163 | 0.75 | % | |||||||||||||||
| Preferred shares, Series B | 11.111,110 | 1,000,000 | 1,001,001 | 0.35 | % | |||||||||||||||
| Total | 6,023,973 | 3,750,839 | 1.30 | % | ||||||||||||||||
| Fullbridge, Inc.(1) |
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| Preferred shares, Series C | Cambridge, MA Business Education |
1,728,724 | 3,193,444 | 3,114,120 | 1.08 | % | ||||||||||||||
| Term Loan, 10%, 3/31/14*** | $ | 250,000 | 262,612 | 250,000 | 0.09 | % | ||||||||||||||
| Term Loan, 10%, 3/31/14*** | $ | 250,000 | 241,239 | 250,000 | 0.09 | % | ||||||||||||||
| Common warrants, $0.91 strike price, expire 3/22/2020 | 186,170 | 67,021 | 126,362 | 0.04 | % | |||||||||||||||
| Common warrants, $0.91 strike price, expire 10/09/2018 | 82,418 | 9,901 | — | — | % | |||||||||||||||
| Common warrants, $0.91 strike price, expire 12/10/2018 | 82,418 | 9,799 | — | — | % | |||||||||||||||
| Total | 3,784,016 | 3,740,482 | 1.30 | % | ||||||||||||||||
| Bloom Energy Corporation |
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| Common shares | Sunnyvale, CA Fuel Cell Energy |
201,589 | 3,855,601 | 3,731,264 | 1.30 | % | ||||||||||||||
| Learnist Inc. (f/k/a Grockit, Inc.)(1)(11) |
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| Preferred shares, Series D | San Francisco, CA Online Learning Platform |
2,728,252 | 2,005,945 | 2,073,472 | 0.72 | % | ||||||||||||||
| Preferred shares, Series E | 1,731,501 | 1,503,670 | 1,499,999 | 0.52 | % | |||||||||||||||
| Total | 3,509,615 | 3,573,471 | 1.24 | % | ||||||||||||||||
| CUX, Inc. (d/b/a CorpU)(1) |
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| Common Stock | San Francisco, CA Corporate Education |
615,763 | 2,006,077 | 2,229,678 | 0.77 | % | ||||||||||||||
| Convertible preferred shares, Series D | 169,033 | 778,607 | 697,041 | 0.24 | % | |||||||||||||||
| Preferred warrants, $4.59 strike price, expire 02/25/2018 | 16,903 | — | — | — | % | |||||||||||||||
| Total | 2,784,684 | 2,926,719 | 1.01 | % | ||||||||||||||||
| SharesPost, Inc.(6) |
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| Preferred shares, Series B | San Bruno, CA Online Marketplace Finance |
1,771,653 | 2,259,716 | 2,232,283 | 0.78 | % | ||||||||||||||
| Common warrants, $0.13 strike price, expire 6/15/2018 | 770,934 | 23,128 | 115,640 | 0.04 | % | |||||||||||||||
| Total | 2,282,844 | 2,347,923 | 0.82 | % | ||||||||||||||||
| TrueCar, Inc. |
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| Common shares | Santa Monica, CA Online Marketplace |
377,358 | 2,014,863 | 2,299,997 | 0.80 | % | ||||||||||||||
See notes to the Consolidated Financial Statements.
14
GSV CAPITAL CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS – (Continued)
December 31, 2013
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| Portfolio Investments* | Headquarters/Industry | |||||||||||||||||||