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 March 31, 2017
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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, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth 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 | |
| Emerging growth company o |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act)Yes o No x
The issuer had 22,181,003 shares of common stock, $0.01 par value per share, outstanding as of May 10, 2017.
GSV CAPITAL CORP.
TABLE OF CONTENTS
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PART I. FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements
GSV CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
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| March 31, 2017 |
December 31, 2016 |
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| (Unaudited) | ||||||||
| ASSETS |
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| Investments at fair value: |
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| Investments in controlled securities (cost of $22,941,049 and $22,893,441, respectively)(1) | $ | 20,777,821 | $ | 19,037,566 | ||||
| Investments in affiliated securities (cost of $49,873,338 and $51,773,388, respectively)(1) | 41,971,308 | 42,444,690 | ||||||
| Investments in non-controlled/non-affiliated securities (cost of $181,314,443 and $204,101,445, respectively) | 207,905,578 | 200,532,890 | ||||||
| Investments in treasury bill (cost of $59,996,000 and $29,998,750, respectively) | 59,997,000 | 29,998,490 | ||||||
| Total Investments (cost of $314,124,830 and $308,767,024, respectively) |
330,651,707 | 292,013,636 | ||||||
| Cash | 1,358,545 | 8,332,634 | ||||||
| Interest and dividends receivable | 205,680 | 92,946 | ||||||
| Prepaid expenses and other assets | 157,667 | 213,942 | ||||||
| Deferred financing costs | 329,625 | 311,268 | ||||||
| Total Assets | 332,703,224 | 300,964,426 | ||||||
| LIABILITIES |
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| Due to: |
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| GSV Asset Management(1) | 59,864 | 422,025 | ||||||
| Accounts payable and accrued expenses | 241,526 | 335,611 | ||||||
| Accrued incentive fees(1) | 3,843,752 | 2,126,444 | ||||||
| Accrued management fees(1) | 424,206 | 524,054 | ||||||
| Accrued interest payable | 150,936 | 1,056,563 | ||||||
| Payable for securities purchased | 53,996,000 | 26,498,750 | ||||||
| Deferred tax liability | 10,359,371 | 10,359,371 | ||||||
| Convertible Senior Notes payable 5.25% due September 15, 2018(2) | 67,715,873 | 67,512,798 | ||||||
| Total Liabilities | 136,791,528 | 108,835,616 | ||||||
| Commitments and contingencies (Notes 6 and 9) |
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| Net Assets | $ | 195,911,696 | $ | 192,128,810 | ||||
| NET ASSETS |
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| Common stock, par value $0.01 per share (100,000,000 authorized; 22,181,003 and 22,181,003 issued and outstanding, respectively) | $ | 221,810 | $ | 221,810 | ||||
| Paid-in capital in excess of par | 221,237,636 | 221,237,636 | ||||||
| Accumulated net investment loss | (6,252,208 | ) | (1,443,996 | ) | ||||
| Accumulated net realized losses on investments | (25,463,049 | ) | (773,882 | ) | ||||
| Accumulated net unrealized appreciation/(depreciation) of investments | 6,167,507 | (27,112,758 | ) | |||||
| Net Assets | $ | 195,911,696 | $ | 192,128,810 | ||||
| Net Asset Value Per Share | $ | 8.83 | $ | 8.66 | ||||
| (1) | This balance is a related-party transaction. Refer to “Note 2 — Related-Party Arrangements” for more detail. |
| (2) | The Convertible Senior Notes have a face value of $69,000,000. Refer to “Note 9 — Long-Term Liabilities” for a reconciliation of the carrying value to the face value. |
See accompanying notes to condensed consolidated financial statements.
1
GSV CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
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| Three months ended March 31, 2017 |
Three months ended March 31, 2016 |
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| INVESTMENT INCOME |
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| Interest income from controlled securities(1) | $ | 59,409 | $ | 4,889 | ||||
| Interest income from affiliated securities(1) | 95,677 | 92,478 | ||||||
| Interest income from non-controlled/non-affiliated securities | 8,373 | 5,285 | ||||||
| Dividend income from controlled securities(1) | 175,000 | — | ||||||
| Total Investment Income | 338,459 | 102,652 | ||||||
| OPERATING EXPENSES |
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| Management fees(1) | 1,272,618 | 1,958,000 | ||||||
| Incentive fees/(Reversal of Incentive fees)(1) | 1,717,308 | (5,118,584 | ) | |||||
| Costs incurred under Administration Agreement(1) | 531,484 | 599,950 | ||||||
| Directors’ fees | 82,917 | 86,250 | ||||||
| Professional fees | 262,190 | 637,128 | ||||||
| Interest expense | 1,126,773 | 1,183,163 | ||||||
| Income tax expense | 800 | — | ||||||
| Other expenses | 152,581 | 209,738 | ||||||
| Total Operating Expenses | 5,146,671 | (444,355 | ) | |||||
| Net Investment Income/(Loss) | (4,808,212 | ) | 547,007 | |||||
| Net Realized Losses: |
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| From affiliated securities | (1,903,414 | ) | — | |||||
| From non-controlled/non-affiliated securities | (22,785,753 | ) | (6,075,070 | ) | ||||
| Net Realized Losses on Investments | (24,689,167 | ) | (6,075,070 | ) | ||||
| Net Change in Unrealized Appreciation/(Depreciation) of Investments: |
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| From controlled securities | 1,692,647 | (266,728 | ) | |||||
| From affiliated securities | 1,426,668 | (1,148,187 | ) | |||||
| From non-controlled/non-affiliated securities | 30,160,950 | (18,006,086 | ) | |||||
| Net Change in Unrealized Appreciation/(Depreciation) of Investments |
33,280,265 | (19,421,001 | ) | |||||
| Net Increase/(Decrease) in Net Assets Resulting from Operations | $ | 3,782,886 | $ | (24,949,064 | ) | |||
| Net Increase/(Decrease) in Net Assets Resulting from Operations per Common Share |
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| Basic | $ | 0.17 | $ | (1.12 | ) | |||
| Diluted(2) | $ | 0.17 | $ | (1.12 | ) | |||
| Weighted-Average Common Shares Outstanding |
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| Basic | 22,181,003 | 22,181,003 | ||||||
| Diluted(2) | 22,181,003 | 22,181,003 | ||||||
| (1) | This balance is a related-party transaction. Refer to “Note 2 — Related-Party Arrangements” for more detail. |
| (2) | For the three months ended March 31, 2017 and 2016, 5,751,815 and 5,710,212 potentially dilutive common shares, respectively, were excluded from the weighted-average common shares outstanding for diluted net increase/(decrease) in net assets resulting from operations per common share because the effect of these shares would have been anti-dilutive. Refer to “Note 5 — Net Increase/(Decrease) in Net Assets Resulting from Operations per Common Share — Basic and Diluted” for further detail. |
See accompanying notes to condensed consolidated financial statements.
2
GSV CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
(UNAUDITED)
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| Three months ended March 31, 2017 |
Three months ended March 31, 2016 |
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| Net Increase/(Decrease) in Net Assets Resulting from Operations |
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| Net investment income/(loss) | $ | (4,808,212 | ) | $ | 547,007 | |||
| Net realized losses on investments | (24,689,167 | ) | (6,075,070 | ) | ||||
| Net change in unrealized Appreciation/(Depreciation) of investments | 33,280,265 | (19,421,001 | ) | |||||
| Net Increase/(Decrease) in Net Assets Resulting from Operations | 3,782,886 | (24,949,064 | ) | |||||
| Total Increase/(Decrease) in Net Assets | 3,782,886 | (24,949,064 | ) | |||||
| Net assets at beginning of period | 192,128,810 | 268,010,945 | ||||||
| Net Assets at End of Period | $ | 195,911,696 | $ | 243,061,881 | ||||
| Capital Share Activity |
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| Shares issued | — | — | ||||||
| Shares outstanding at beginning of period | 22,181,003 | 22,181,003 | ||||||
| Shares outstanding at end of period | 22,181,003 | 22,181,003 | ||||||
See accompanying notes to condensed consolidated financial statements.
3
GSV CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
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| Three months ended March 31, 2017 |
Three months ended March 31, 2016 |
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| Cash Flows from Operating Activities |
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| Net increase/(decrease) in net assets resulting from operations | $ | 3,782,886 | $ | (24,949,064 | ) | |||
| Adjustments to reconcile net increase/(decrease) in net assets resulting from operations to net cash used in operating activities: |
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| Net realized losses on investments | 24,689,167 | 6,075,070 | ||||||
| Net change in unrealized appreciation/(depreciation) of investments | (33,280,265 | ) | 19,421,001 | |||||
| Amortization of discount on Convertible Senior Notes | 203,075 | 214,028 | ||||||
| Amortization of deferred financing costs | — | 23,833 | ||||||
| Amortization of fixed income security premiums and discounts | (32,796 | ) | (14,301 | ) | ||||
| Paid in kind Interest | (17,897 | ) | — | |||||
| Change in restricted cash | — | (22,750 | ) | |||||
| Purchases of investments in: |
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| Portfolio investments | (280 | ) | (6,005,951 | ) | ||||
| United States treasury bills | (59,996,000 | ) | (29,999,883 | ) | ||||
| Proceeds from sales or maturity of investments in: |
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| Portfolio investments | — | 5,039,632 | ||||||
| United States treasury bills | 30,000,000 | 30,000,000 | ||||||
| United States treasuries strips | — | 1,834,000 | ||||||
| Change in operating assets and liabilities: |
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| Due from GSV Asset Management(1) | — | 219,147 | ||||||
| Due from portfolio companies(1) | — | 3,880 | ||||||
| Prepaid expenses and other assets | 56,275 | 66,603 | ||||||
| Interest and dividends receivable | (112,734 | ) | (88,351 | ) | ||||
| Due to GSV Asset Management(1) | (362,161 | ) | (5,021,739 | ) | ||||
| Payable for securities purchased | 27,497,250 | 526 | ||||||
| Accounts payable and accrued expenses | (94,085 | ) | 287,574 | |||||
| Accrued incentive fees(1) | 1,717,308 | (5,118,585 | ) | |||||
| Accrued management fees(1) | (99,848 | ) | (27,511 | ) | ||||
| Accrued interest payable | (905,627 | ) | (905,625 | ) | ||||
| Net Cash Used in Operating Activities | (6,955,732 | ) | (8,968,466 | ) | ||||
| Cash Flows from Financing Activities |
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| Deferred offering costs | (18,357 | ) | — | |||||
| Net Cash Used in Financing Activities | (18,357 | ) | — | |||||
| Total Decrease in Cash Balance | (6,974,089 | ) | (8,968,466 | ) | ||||
| Cash Balance at Beginning of Period | 8,332,634 | 13,349,877 | ||||||
| Cash Balance at End of Period | $ | 1,358,545 | $ | 4,381,411 | ||||
| Supplemental Information: |
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| Interest Paid | $ | 1,811,250 | $ | 2,088,788 | ||||
| Taxes Paid | $ | 800 | $ | — | ||||
| (1) | This balance is a related-party transaction. Refer to “Note 2 — Related-Party Arrangements” for more detail. |
See accompanying notes to condensed consolidated financial statements.
4
GSV CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS
(UNAUDITED)
March 31, 2017
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| Portfolio Investments* | Headquarters/Industry | Shares/ Principal | Cost | Fair Value | % of Net Assets |
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| Palantir Technologies, Inc. |
Palo Alto, CA | |||||||||||||||||||
| Preferred shares, Series G | Data Analysis | 326,797 | $ | 1,008,968 | $ | 2,093,135 | 1.06 | % | ||||||||||||
| Common shares, Class A | 5,773,690 | 16,189,935 | 36,980,484 | 18.88 | % | |||||||||||||||
| Total | 17,198,903 | 39,073,619 | 19.94 | % | ||||||||||||||||
| Spotify Technology S.A.** |
Stockholm, Sweden | |||||||||||||||||||
| Common shares | On-Demand Music Streaming | 9,541 | 13,599,572 | 19,606,755 | 10.01 | % | ||||||||||||||
| Dropbox, Inc. |
San Francisco, CA | |||||||||||||||||||
| Preferred shares, Series A-1 | Cloud Computing Services | 552,486 | 5,015,773 | 7,182,318 | 3.67 | % | ||||||||||||||
| Common shares | 760,000 | 8,641,153 | 9,880,000 | 5.04 | % | |||||||||||||||
| Total | 13,656,926 | 17,062,318 | 8.71 | % | ||||||||||||||||
| General Assembly Space, Inc. |
New York, NY | |||||||||||||||||||
| Preferred shares, Series C | Online Education | 126,552 | 2,999,978 | 7,334,954 | 3.74 | % | ||||||||||||||
| Common shares | 133,213 | 2,999,983 | 7,721,025 | 3.94 | % | |||||||||||||||
| Total | 5,999,961 | 15,055,979 | 7.68 | % | ||||||||||||||||
| JAMF Holdings, Inc. |
Minneapolis, MN | |||||||||||||||||||
| Preferred shares, Series B | Mobile Device Management | 73,440 | 9,999,928 | 14,889,935 | 7.60 | % | ||||||||||||||
| Coursera, Inc. |
Mountain View, CA | |||||||||||||||||||
| Preferred shares, Series B | Online Education | 2,961,399 | 14,519,519 | 14,510,855 | 7.41 | % | ||||||||||||||
| Lytro, Inc. |
Mountain View, CA | |||||||||||||||||||
| Preferred shares, Series D | Light Field Imaging Platform | 159,160 | 502,081 | 500,001 | 0.26 | % | ||||||||||||||
| Preferred shares, Series C-1 | 3,378,379 | 10,000,002 | 10,405,407 | 5.31 | % | |||||||||||||||
| Total | 10,502,083 | 10,905,408 | 5.57 | % | ||||||||||||||||
| Course Hero, Inc. |
Redwood City, CA | |||||||||||||||||||
| Preferred shares, Series A | Online Education | 2,145,509 | 5,000,001 | 10,532,304 | 5.38 | % | ||||||||||||||
| Ozy Media, Inc.(1) |
Mountain View, CA | |||||||||||||||||||
| Convertible Promissory Note 5% Due 2/28/2018*** |
Digital Media Platform | $ | 2,000,000 | 2,000,000 | 2,000,000 | 1.02 | % | |||||||||||||
| Preferred shares, Series B | 922,509 | 4,999,999 | 4,999,999 | 2.55 | % | |||||||||||||||
| Preferred shares, Series A | 1,090,909 | 3,000,200 | 3,000,000 | 1.53 | % | |||||||||||||||
| Preferred shares, Series Seed | 500,000 | 500,000 | 500,000 | 0.26 | % | |||||||||||||||
| Total | 10,500,199 | 10,499,999 | 5.36 | % | ||||||||||||||||
| Chegg, Inc.** |
Santa Clara, CA | |||||||||||||||||||
| Common shares | Online Education Services | 1,182,792 | 14,022,863 | 9,982,764 | 5.10 | % | ||||||||||||||
| Curious.com, Inc.(1) |
Menlo Park, CA | |||||||||||||||||||
| Preferred shares, Series B | Online Education | 3,407,834 | 12,000,006 | 9,780,484 | 4.99 | % | ||||||||||||||
| StormWind, LLC(2)(6) |
Scottsdale, AZ | |||||||||||||||||||
| Preferred shares, Series C | Interactive Learning | 2,779,134 | 4,000,787 | 4,650,838 | 2.37 | % | ||||||||||||||
| Preferred shares, Series B | 3,279,629 | 2,019,687 | 4,470,403 | 2.28 | % | |||||||||||||||
| Preferred shares, Series A | 366,666 | 110,000 | 499,796 | 0.26 | % | |||||||||||||||
| Total | 6,130,474 | 9,621,037 | 4.91 | % | ||||||||||||||||
5
GSV CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)
(UNAUDITED)
March 31, 2017
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| Portfolio Investments* | Headquarters/Industry | Shares/ Principal | Cost | Fair Value | % of Net Assets |
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| Declara, Inc.(1) |
Palo Alto, CA | |||||||||||||||||||
| Convertible Promissory Note 9% Due 6/30/2017*** |
Social Cognitive Learning | $ | 2,120,658 | $ | 2,120,658 | $ | 2,827,020 | 1.44 | % | |||||||||||
| Preferred shares, Series A | 10,716,390 | 9,999,999 | 4,608,048 | 2.35 | % | |||||||||||||||
| Total | 12,120,657 | 7,435,068 | 3.79 | % | ||||||||||||||||
| Lyft, Inc. |
San Francisco, CA | |||||||||||||||||||
| Preferred shares, Series E | On-Demand Transportation | 128,563 | 2,503,585 | 3,149,703 | 1.60 | % | ||||||||||||||
| Preferred shares, Series D | Services | 176,266 | 1,792,749 | 4,163,403 | 2.13 | % | ||||||||||||||
| Total | 4,296,334 | 7,313,106 | 3.73 | % | ||||||||||||||||
| NestGSV, Inc. (d/b/a GSV Labs, Inc.)(2) |
Redwood City, CA | |||||||||||||||||||
| Convertible Promissory Note 8% Due 7/31/2017*** |
Global Innovation Platform | $ | 500,000 | 490,768 | 488,488 | 0.25 | % | |||||||||||||
| Unsecured Promissory Note 12% Due 5/29/2017*** |
$ | 526,000 | 516,234 | 516,234 | 0.25 | % | ||||||||||||||
| Preferred shares, Series A-4 | 3,720,424 | 4,904,498 | 3,832,037 | 1.96 | % | |||||||||||||||
| Preferred shares, Series A-3 | 1,561,625 | 2,005,730 | 1,342,998 | 0.69 | % | |||||||||||||||
| Preferred shares, Series A-2 | 450,001 | 605,500 | 234,001 | 0.12 | % | |||||||||||||||
| Preferred shares, Series A-1 | 1,000,000 | 1,021,778 | 400,000 | 0.20 | % | |||||||||||||||
| Common shares | 200,000 | 1,000 | 10,000 | 0.01 | % | |||||||||||||||
| Preferred Warrants Series A-3 – Strike Price $1.33 – Expiration Date 4/4/2019 |
187,500 | — | 13,125 | 0.01 | % | |||||||||||||||
| Preferred Warrants Series A-4 – Strike Price $1.33 – Expiration Date 10/6/2019 |
500,000 | — | 80,000 | 0.04 | % | |||||||||||||||
| Preferred Warrants Series A-4 – Strike Price $1.33 – Expiration Date 7/18/2021 |
250,000 | 74,380 | 45,000 | 0.02 | % | |||||||||||||||
| Preferred Warrants Series A-4 – Strike Price $1.33 – Expiration Date 11/29/2021 |
100,000 | 29,275 | 18,000 | 0.01 | % | |||||||||||||||
| Total | 9,649,163 | 6,979,883 | 3.56 | % | ||||||||||||||||
| SugarCRM, Inc. |
Cupertino, CA | |||||||||||||||||||
| Preferred shares, Series E | Customer Relationship | 373,134 | 1,500,522 | 2,436,565 | 1.24 | % | ||||||||||||||
| Common shares | Manager | 1,524,799 | 5,476,502 | 3,827,245 | 1.95 | % | ||||||||||||||
| Total | 6,977,024 | 6,263,810 | 3.19 | % | ||||||||||||||||
| Avenues Global Holdings, LLC(4) |
New York, NY | |||||||||||||||||||
| Preferred shares, Junior Preferred Stock | Globally-focused Private School |
10,014,270 | 10,151,854 | 6,128,733 | 3.13 | % | ||||||||||||||
| Snap Inc. (f/k/a Snapchat, Inc.)**(10) |
Venice, CA | |||||||||||||||||||
| Common shares, Class A | Social Communication | 130,208 | 2,001,135 | 2,933,586 | 1.50 | % | ||||||||||||||
| Common shares, Class B | 130,208 | 2,001,135 | 2,933,586 | 1.50 | % | |||||||||||||||
| Total | 4,002,270 | 5,867,172 | 3.00 | % | ||||||||||||||||
| Dataminr, Inc. |
New York, NY | |||||||||||||||||||
| Preferred shares, Series C | Social Media Analytics | 301,369 | 1,100,909 | 1,389,311 | 0.71 | % | ||||||||||||||
| Preferred shares, Series B | 904,977 | 2,063,356 | 4,171,944 | 2.13 | % | |||||||||||||||
| Total | 3,164,265 | 5,561,255 | 2.84% | |||||||||||||||||
6
GSV CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)
(UNAUDITED)
March 31, 2017
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| Portfolio Investments* | Headquarters/Industry | Shares/ Principal | Cost | Fair Value | % of Net Assets |
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| Enjoy Technology, Inc. |
Menlo Park, CA | |||||||||||||||||||
| Preferred shares, Series B | On-Demand Commerce | 1,681,520 | $ | 4,000,280 | $ | 4,000,000 | 2.04 | % | ||||||||||||
| Preferred shares, Series A | 879,198 | 1,002,440 | 1,441,885 | 0.74 | % | |||||||||||||||
| Total | 5,002,720 | 5,441,885 | 2.78 | % | ||||||||||||||||
| Parchment, Inc. |
Scottsdale, AZ | |||||||||||||||||||
| Preferred shares, Series D | E-Transcript Exchange | 3,200,512 | 4,000,982 | 4,544,727 | 2.32 | % | ||||||||||||||
| Whittle Schools, LLC(1)(5) |
New York, NY | |||||||||||||||||||
| Preferred shares, Series B | Globally-focused Private | 3,000,000 | 3,000,000 | 3,000,000 | 1.53 | % | ||||||||||||||
| Common shares | School | 229 | 1,577,097 | 1,500,000 | 0.77 | % | ||||||||||||||
| Total | 4,577,097 | 4,500,000 | 2.30 | % | ||||||||||||||||
| SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.)(2) |
Woodside, CA | |||||||||||||||||||
| Preferred shares, Class A | Clean Technology | 14,300,000 | 7,151,412 | 4,176,901 | 2.13 | % | ||||||||||||||
| Common shares | 100,000 | 10,000 | — | — | % | |||||||||||||||
| Total | 7,161,412 | 4,176,901 | 2.13 | % | ||||||||||||||||
| CUX, Inc. (d/b/a CorpU)(1) |
Philadelphia, PA | |||||||||||||||||||
| Senior Subordinated Convertible Promissory Note 8%, Due 11/26/2018***(8) |
Corporate Education | $ | 1,166,400 | 1,166,400 | 1,166,400 | 0.60 | % | |||||||||||||
| Convertible preferred shares, Series D | 169,033 | 778,607 | 775,861 | 0.39 | % | |||||||||||||||
| Convertible preferred shares, Series C | 615,763 | 2,006,077 | 1,913,484 | 0.98 | % | |||||||||||||||
| Preferred Warrants Series D – Strike Price $4.59 – Expiration Date 2/25/2018 | 16,903 | — | 4,902 | — | % | |||||||||||||||
| Total | 3,951,084 | 3,860,647 | 1.97 | % | ||||||||||||||||
| Knewton, Inc. |
New York, NY | |||||||||||||||||||
| Preferred shares, Series E | Online Education | 375,985 | 4,999,999 | 3,398,904 | 1.73 | % | ||||||||||||||
| A Place for Rover Inc. (f/k/a DogVacay, Inc.)(11) |
Santa Monica, CA | |||||||||||||||||||
| Common shares | Peer-to-Peer Pet Services | 707,991 | 2,506,119 | 2,500,051 | 1.28 | % | ||||||||||||||
| SharesPost, Inc. |
San Bruno, CA | |||||||||||||||||||
| Preferred shares, Series B | Online Marketplace Finance | 1,771,653 | 2,259,716 | 2,249,999 | 1.15 | % | ||||||||||||||
| Common warrants, $0.13 Strike Price, Expiration Date 6/15/2018 | 770,934 | 23,128 | 84,803 | 0.04 | % | |||||||||||||||
| Total | 2,282,844 | 2,334,802 | 1.19 | % | ||||||||||||||||
| Maven Research, Inc.(1) |
San Francisco, CA | |||||||||||||||||||
| Preferred shares, Series C | Knowledge Networks | 318,979 | 2,000,447 | 1,999,998 | 1.02 | % | ||||||||||||||
| Preferred shares, Series B | 49,505 | 217,206 | 256,931 | 0.13 | % | |||||||||||||||
| Total | 2,217,653 | 2,256,929 | 1.15 | % | ||||||||||||||||
| DreamBox Learning, Inc. |
Bellevue, WA | |||||||||||||||||||
| Preferred shares, Series A-1 | Education Technology | 7,159,221 | 1,502,362 | 1,503,436 | 0.77 | % | ||||||||||||||
| Preferred shares, Series A | 3,579,610 | 758,017 | 751,718 | 0.38 | % | |||||||||||||||
| Total | 2,260,379 | 2,255,154 | 1.15 | % | ||||||||||||||||
| Strategic Data Command, LLC(1)(7) |
Sunnyvale, CA | |||||||||||||||||||
| Common shares | Big Data Consulting | 2,400,000 | 989,277 | 2,229,633 | 1.14% | |||||||||||||||
7
GSV CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)
(UNAUDITED)
March 31, 2017
|
|
|
|
|
|
|||||||||||||||
| Portfolio Investments* | Headquarters/Industry | Shares/ Principal | Cost | Fair Value | % of Net Assets |
|||||||||||||||
| Clever, Inc. |
San Francisco, CA | |||||||||||||||||||
| Preferred shares, Series B | Education Software | 1,799,047 | $ | 2,000,601 | $ | 2,000,001 | 1.02 | % | ||||||||||||
| EdSurge, Inc.(1) |
Burlingame, CA | |||||||||||||||||||
| Preferred shares, Series A-1 | Education Media Platform | 378,788 | 501,360 | 500,000 | 0.25 | % | ||||||||||||||
| Preferred shares, Series A | 494,365 | 500,801 | 563,576 | 0.29 | % | |||||||||||||||
| Total | 1,002,161 | 1,063,576 | 0.54 | % | ||||||||||||||||
| Tynker (f/k/a Neuron Fuel, Inc.) |
Mountain View, CA | |||||||||||||||||||
| Preferred shares, Series A | Computer Software | 534,162 | 309,310 | 892,051 | 0.46 | % | ||||||||||||||
| Fullbridge, Inc. |
Cambridge, MA | |||||||||||||||||||
| Common shares | Business Education | 517,917 | 6,150,506 | — | — | % | ||||||||||||||
| Junior note 1.49%, Due 11/9/2021*** | $ | 2,270,458 | 2,270,863 | 877,359 | 0.45 | % | ||||||||||||||
| Total | 8,421,369 | 877,359 | 0.45 | % | ||||||||||||||||
| 4C Insights (f/k/a The Echo Systems Corp.) |
Chicago, IL | |||||||||||||||||||
| Common shares | Social Data Platform | 436,219 | 1,436,404 | 505,744 | 0.26 | % | ||||||||||||||
| Circle Media (f/k/a S3 Digital Corp. (d/b/a S3i))(1) |
New York, NY | |||||||||||||||||||
| Promissory Note 12%, Due 11/17/2017*** |
Sports Analytics | $ | 25,000 | 30,203 | 28,008 | 0.01 | % | |||||||||||||
| Preferred shares, Series A | 1,864,495 | 1,777,576 | 316,964 | 0.16 | % | |||||||||||||||
| Preferred warrants, $1.17 Strike Price, Expiration Date 11/18/2022 | 5,360 | 576 | — | — | % | |||||||||||||||
| Preferred warrants, $1.17 Strike Price, Expiration Date 8/29/2021 | 175,815 | — | — | — | % | |||||||||||||||
| Preferred warrants, $1.17 Strike Price, Expiration Date 6/26/2021 | 38,594 | — | — | — | % | |||||||||||||||
| Preferred warrants, $1.17 Strike Price, Expiration Date 9/30/2020 | 160,806 | — | — | — | % | |||||||||||||||
| Preferred warrants, $1.00 Strike Price, Expiration Date 11/21/2017 | 500,000 | 31,354 | — | — | % | |||||||||||||||
| Total | 1,839,709 | 344,972 | 0.17 | % | ||||||||||||||||
| Aspiration Partners, Inc. |
Marina Del Rey, CA | |||||||||||||||||||
| Preferred shares, Series A | Financial Services | 540,270 | 1,001,815 | 324,162 | 0.17 | % | ||||||||||||||
| Handle Financial, Inc. (f/k/a Paynearme, Inc.)(9) |
Sunnyvale, CA | |||||||||||||||||||
| Common shares | Cash Payment Network | 548,034 | 14,000,398 | 76,725 | 0.04 | % | ||||||||||||||
| Global Education Learning (Holdings) Ltd.(1)** |
Hong Kong | |||||||||||||||||||
| Preferred shares, Series A | Education Technology | 2,126,475 | 675,495 | — | — | % | ||||||||||||||
| Total Portfolio Investments | 254,128,830 | 270,654,707 | 138.15 | % | ||||||||||||||||
| U.S. Treasury |
||||||||||||||||||||
| U.S. Treasury Bill, 0%, due 4/6/2017*** |
$ | 60,000,000 | 59,996,000 | 59,997,000 | 30.63 | % | ||||||||||||||
| TOTAL INVESTMENTS | $ | 314,124,830 | $ | 330,651,707 | 168.78 | % | ||||||||||||||
| * | 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. The Company’s officers and staff may serve on the board of directors of the Company’s portfolio investments. |
8
GSV CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)
(UNAUDITED)
March 31, 2017
| ** | 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. Of GSV Capital Corp.’s total portfolio, 10.7% of its total investments are non-qualifying assets. |
| *** | 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, as amended. 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, as amended. A company is deemed to be a “Controlled Company” of GSV Capital Corp. if GSV Capital Corp. owns more than 25% of the voting securities of such company. |
| (3) | Investment was on non-accrual status as of March 31, 2017. |
| (4) | GSV Capital Corp.’s investment in Avenues Global Holdings, LLC is held through its wholly owned subsidiary, GSVC AV Holdings, Inc. |
| (5) | 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 that is collateralized by Avenues Global Holdings, LLC, as well as the personal collateral of Chris Whittle, the former chairman of Avenues Global Holdings, LLC. |
| (6) | GSV Capital Corp.’s investment in StormWind, LLC is held through its wholly owned subsidiary, GSVC SW Holdings, Inc. |
| (7) | GSV Capital Corp.’s investment in Strategic Data Command, LLC is held through its wholly owned subsidiary, GSVC SVDS Holdings, Inc. |
| (8) | Interest will accrue daily on the unpaid principal balance of the note. Interest began compounding annually on November 26, 2015. Accrued interest is not payable until the earlier of (a) the closing of a subsequent equity offering by CUX, Inc. (d/b/a CorpU), or (b) the maturity of the note (November 26, 2018). |
| (9) | On March 28, 2017, Paynearme, Inc. changed its name to Handle Financial, Inc. As part of the process, Handle Financial, Inc. initiated a 10:1 reverse stock split. |
| (10) | On March 1, 2017, Snap Inc. priced its initial public offering, selling 145,000,000 shares of Class A common stock at a price of $17.00 per share. At March 31, 2017, GSV Capital Corp. valued Snap Inc., based on its March 31, 2017 closing price. The Company’s common stock of Snap Inc. (f/k/a Snapchat, Inc.), are restricted until July 31, 2017 due to Snap Inc.’s IPO. |
| (11) | On March 29, 2017, A Place for Rover Inc. acquired DogVacay, Inc. and pursuant to a plan of reorganization, the Company received common shares of A Place for Rover Inc. in exchange for the Company’s previously held Preferred shares, Series B-1 of DogVacay, Inc. |
9
GSV CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2016
|
|
|
|
|
|
|||||||||||||||
| Portfolio Investments* | Headquarters/Industry | Shares/ Principal | Cost | Fair Value | % of Net Assets |
|||||||||||||||
| Palantir Technologies, Inc. |
Palo Alto, CA | |||||||||||||||||||
| Preferred shares, Series G | Data Analysis | 326,797 | $ | 1,008,968 | $ | 2,223,594 | 1.16 | % | ||||||||||||
| Common shares, Class A | 5,773,690 | 16,189,935 | 39,285,371 | 20.45 | % | |||||||||||||||
| Total | 17,198,903 | 41,508,965 | 21.61 | % | ||||||||||||||||
| Spotify Technology S.A.** |
Stockholm, Sweden | |||||||||||||||||||
| Common shares | On-Demand Music Streaming | 9,541 | 13,599,572 | 18,931,691 | 9.85 | % | ||||||||||||||
| Coursera, Inc. |
Mountain View, CA | |||||||||||||||||||
| Preferred shares, Series B | Online Education | 2,961,399 | 14,519,519 | 14,510,855 | 7.55 | % | ||||||||||||||
| JAMF Holdings, Inc. |
Minneapolis, MN | |||||||||||||||||||
| Preferred shares, Series B | Mobile Device Management | 73,440 | 9,999,928 | 13,856,754 | 7.21 | % | ||||||||||||||
| General Assembly Space, Inc. |
New York, NY | |||||||||||||||||||
| Preferred shares, Series C | Online Education | 126,552 | 2,999,978 | 6,697,132 | 3.49 | % | ||||||||||||||
| Common shares | 133,213 | 2,999,983 | 7,049,632 | 3.67 | % | |||||||||||||||
| Total | 5,999,961 | 13,746,764 | 7.16 | % | ||||||||||||||||
| Dropbox, Inc. |
San Francisco, CA | |||||||||||||||||||
| Preferred shares, Series A-1 | Cloud Computing Services | 552,486 | 5,015,773 | 5,552,484 | 2.89 | % | ||||||||||||||
| Common shares | 760,000 | 8,641,153 | 7,638,000 | 3.98 | % | |||||||||||||||
| Total | 13,656,926 | 13,190,484 | 6.87 | % | ||||||||||||||||
| Lytro, Inc. |
Mountain View, CA | |||||||||||||||||||
| Preferred shares, Series D | Light Field Imaging Platform | 159,160 | 502,081 | 500,001 | 0.26 | % | ||||||||||||||
| Preferred shares, Series C-1 | 3,378,379 | 10,000,002 | 10,408,150 | 5.42 | % | |||||||||||||||
| Total | 10,502,083 | 10,908,151 | 5.68 | % | ||||||||||||||||
| Ozy Media, Inc.(1) |
Mountain View, CA | |||||||||||||||||||
| Convertible Promissory Note 5% Due 2/28/2018*** |
Digital Media Platform | $ | 2,000,000 | 2,000,000 | 2,000,000 | 1.04 | % | |||||||||||||
| Preferred shares, Series B | 922,509 | 4,999,999 | 4,999,999 | 2.60 | % | |||||||||||||||
| Preferred shares, Series A | 1,090,909 | 3,000,200 | 3,000,000 | 1.56 | % | |||||||||||||||
| Preferred shares, Series Seed | 500,000 | 500,000 | 610,000 | 0.32 | % | |||||||||||||||
| Total | 10,500,199 | 10,609,999 | 5.52 | % | ||||||||||||||||
| Course Hero, Inc. |
Redwood City, CA | |||||||||||||||||||
| Preferred shares, Series A | Online Education | 2,145,509 | 5,000,001 | 10,532,304 | 5.48 | % | ||||||||||||||
| Curious.com Inc.(1) |
Menlo Park, CA | |||||||||||||||||||
| Preferred shares, Series B | Online Education | 3,407,834 | 12,000,006 | 9,984,954 | 5.20 | % | ||||||||||||||
| StormWind, LLC(2)(6) |
Scottsdale, AZ | |||||||||||||||||||
| Preferred shares, Series C | Interactive Learning | 2,779,134 | 4,000,787 | 4,650,838 | 2.42 | % | ||||||||||||||
| Preferred shares, Series B | 3,279,629 | 2,019,687 | 4,470,403 | 2.33 | % | |||||||||||||||
| Preferred shares, Series A | 366,666 | 110,000 | 499,796 | 0.26 | % | |||||||||||||||
| Total | 6,130,474 | 9,621,037 | 5.01 | % | ||||||||||||||||
| Chegg, Inc.** |
Santa Clara, CA | |||||||||||||||||||
| Common shares | Online Education Services | 1,182,792 | 14,022,863 | 8,729,005 | 4.54 | % | ||||||||||||||
10
GSV CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)
December 31, 2016
|
|
|
|
|
|
|||||||||||||||
| Portfolio Investments* | Headquarters/Industry | Shares/ Principal | Cost | Fair Value | % of Net Assets |
|||||||||||||||
| Declara, Inc.(1) |
Palo Alto, CA | |||||||||||||||||||
| Convertible Promissory Note 9% Due 6/30/2017***(12) |
Social Cognitive Learning | $ | 2,120,658 | $ | 2,120,658 | $ | 2,827,020 | 1.47 | % | |||||||||||
| Preferred shares, Series A | 10,716,390 | 9,999,999 | 4,786,654 | 2.49 | % | |||||||||||||||
| Total | 12,120,657 | 7,613,674 | 3.96 | % | ||||||||||||||||
| Lyft, Inc. |
San Francisco, CA | |||||||||||||||||||
| Preferred shares, Series E | On-Demand Transportation | 128,563 | 2,503,585 | 3,249,430 | 1.69 | % | ||||||||||||||
| Preferred shares, Series D | Services | 176,266 | 1,792,749 | 4,203,062 | 2.19 | % | ||||||||||||||
| Total | 4,296,334 | 7,452,492 | 3.88 | % | ||||||||||||||||
| Avenues Global Holdings, LLC(4) |
New York, NY | |||||||||||||||||||
| Preferred shares, Junior Preferred Stock | Globally-focused Private School |
10,014,270 | 10,151,854 | 6,128,733 | 3.19 | % | ||||||||||||||
| SugarCRM, Inc. |
Cupertino, CA | |||||||||||||||||||
| Preferred shares, Series E | Customer Relationship | 373,134 | 1,500,522 | 2,354,476 | 1.23 | % | ||||||||||||||
| Common shares | Manager | 1,524,799 | 5,476,502 | 3,762,442 | 1.96 | % | ||||||||||||||
| Total | 6,977,024 | 6,116,918 | 3.19 | % | ||||||||||||||||
| Dataminr, Inc. |
New York, NY | |||||||||||||||||||
| Preferred shares, Series C | Social Media Analytics | 301,369 | 1,100,909 | 1,377,256 | 0.72 | % | ||||||||||||||
| Preferred shares, Series B | 904,977 | 2,063,356 | 4,135,745 | 2.15 | % | |||||||||||||||
| Total | 3,164,265 | 5,513,001 | 2.87 | % | ||||||||||||||||
| Enjoy Technology, Inc. |
Menlo Park, CA | |||||||||||||||||||
| Preferred shares, Series B | On-Demand Commerce | 1,681,520 | 4,000,280 | 4,000,000 | 2.08 | % | ||||||||||||||
| Preferred shares, Series A | 879,198 | 1,002,440 | 1,443,091 | 0.75 | % | |||||||||||||||
| Total | 5,002,720 | 5,443,091 | 2.83 | % | ||||||||||||||||
| NestGSV, Inc. (d/b/a GSV Labs, Inc.)(2) |
Redwood City, CA | |||||||||||||||||||
| Convertible Promissory Note 8% Due 7/31/2017*** |
Global Innovation Platform | $ | 500,000 | 457,592 | 427,900 | 0.22 | % | |||||||||||||
| Unsecured Promissory Note 12% Due 5/29/2017*** |
$ | 526,000 | 501,802 | 496,725 | 0.26 | % | ||||||||||||||
| Preferred shares, Series A-4(14) | 3,720,424 | 4,904,498 | 2,715,910 | 1.41 | % | |||||||||||||||
| Preferred shares, Series A-3(14) | 1,561,625 | 2,005,730 | 952,591 | 0.50 | % | |||||||||||||||
| Preferred shares, Series A-2(14) | 450,001 | 605,500 | 166,500 | 0.09 | % | |||||||||||||||
| Preferred shares, Series A-1(14) | 1,000,000 | 1,021,778 | 270,000 | 0.14 | % | |||||||||||||||
| Common shares | 200,000 | 1,000 | — | 0.00 | % | |||||||||||||||
| Preferred warrants, Series A-3 – $1.33 Strike Price, Expiration Date 4/4/2019 |
187,500 | — | 5,625 | — | % | |||||||||||||||
| Preferred warrants, Series A-4 – $1.33 Strike Price, Expiration Date 10/6/2019 |
500,000 | — | 40,000 | 0.02 | % | |||||||||||||||
| Preferred warrants, Series A-4 – $1.33 Strike Price, Expiration Date 7/18/2021 |
250,000 | 74,380 | 22,500 | 0.01 | % | |||||||||||||||
| Preferred warrants, Series A-4 – $1.33 Strike Price, Expiration Date 11/29/2021 |
100,000 | 29,275 | 9,000 | — | ||||||||||||||||
| Total | 9,601,555 | 5,106,751 | 2.65% | |||||||||||||||||
11
GSV CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)
December 31, 2016
|
|
|
|
|
|
|||||||||||||||
| Portfolio Investments* | Headquarters/Industry | Shares/ Principal | Cost | Fair Value | % of Net Assets |
|||||||||||||||
| Whittle Schools, LLC(1)(5) |
New York, NY | |||||||||||||||||||
| Preferred shares, Series B | Globally-focused Private | 3,000,000 | $ | 3,000,000 | $ | 3,000,000 | 1.56 | % | ||||||||||||
| Common shares | School | 229 | 1,577,097 | 1,500,000 | 0.78 | % | ||||||||||||||
| Total | 4,577,097 | 4,500,000 | 2.34 | % | ||||||||||||||||
| Snap Inc. (f/k/a Snapchat, Inc.) |
Venice, CA | |||||||||||||||||||
| Preferred shares, Series F(17) | Social Communication | 130,208 | 2,001,135 | 2,184,565 | 1.14 | % | ||||||||||||||
| Common shares, Class A(17) | 130,208 | 2,001,135 | 2,184,565 | 1.14 | % | |||||||||||||||
| Total | 4,002,270 | 4,369,130 | 2.28 | % | ||||||||||||||||
| SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.)(2) |
Woodside, CA | |||||||||||||||||||
| Preferred shares, Class A | Clean Technology | 14,300,000 | 7,151,412 | 4,309,778 | 2.24 | % | ||||||||||||||
| Common shares | 100,000 | 10,000 | — | — | % | |||||||||||||||
| Total | 7,161,412 | 4,309,778 | 2.24 | % | ||||||||||||||||
| Parchment, Inc. |
Scottsdale, AZ | |||||||||||||||||||
| Preferred shares, Series D | E-Transcript Exchange | 3,200,512 | 4,000,982 | 4,000,000 | 2.08 | % | ||||||||||||||
| CUX, Inc. (d/b/a CorpU)(1) |
Philadelphia, PA | |||||||||||||||||||
| Senior Subordinated Convertible Promissory Note 8%, Due 11/26/2018***(8) | Corporate Education | $ | 1,166,400 | 1,166,400 | 1,166,400 | 0.61 | % | |||||||||||||
| Convertible preferred shares, Series D | 169,033 | 778,607 | 775,861 | 0.40 | % | |||||||||||||||
| Convertible preferred shares, Series C | 615,763 | 2,006,077 | 1,913,484 | 1.00 | % | |||||||||||||||
| Preferred warrants, Series D, $4.59 Strike Price, Expiration Date 2/25/2018 | 16,903 | — | 4,395 | — | % | |||||||||||||||
| Total | 3,951,084 | 3,860,140 | 2.01 | % | ||||||||||||||||
| Knewton, Inc. |
New York, NY | |||||||||||||||||||
| Preferred shares, Series E | Online Education | 375,985 | 4,999,999 | 3,782,409 | 1.97 | % | ||||||||||||||
| DogVacay, Inc. |
Santa Monica, CA | |||||||||||||||||||
| Preferred shares, Series B-1 | Peer-to-Peer Pet Services | 514,562 | 2,506,119 | 2,500,771 | 1.30 | % | ||||||||||||||
| SharesPost, Inc. |
San Bruno, CA | |||||||||||||||||||
| Preferred shares, Series B | Online Marketplace Finance | 1,771,653 | 2,259,716 | 2,249,999 | 1.17 | % | ||||||||||||||
| Common warrants, $0.13 Strike Price, Expiration Date 6/15/2018 | 770,934 | 23,128 | 69,384 | 0.04 | % | |||||||||||||||
| Total | 2,282,844 | 2,319,383 | 1.21 | % | ||||||||||||||||
| DreamBox Learning, Inc. |
Bellevue, WA | |||||||||||||||||||
| Preferred shares, Series A-1 | Education Technology | 7,159,221 | 1,502,362 | 1,503,436 | 0.78 | % | ||||||||||||||
| Preferred shares, Series A | 3,579,610 | 758,017 | 751,718 | 0.39 | % | |||||||||||||||
| Total | 2,260,379 | 2,255,154 | 1.17 | % | ||||||||||||||||
| Maven Research, Inc.(1) |
San Francisco, CA | |||||||||||||||||||
| Preferred shares, Series C | Knowledge Networks | 318,979 | 2,000,447 | 1,999,998 | 1.04 | % | ||||||||||||||
| Preferred shares, Series B | 49,505 | 217,206 | 223,763 | 0.12 | % | |||||||||||||||
| Total | 2,217,653 | 2,223,761 | 1.16 | % | ||||||||||||||||
| Strategic Data Command, LLC(1)(7) |
Sunnyvale, CA | |||||||||||||||||||
| Common shares | Big Data Consulting | 2,400,000 | 989,277 | 2,052,555 | 1.07% | |||||||||||||||
12
GSV CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)
December 31, 2016
|
|
|
|
|
|
|||||||||||||||
| Portfolio Investments* | Headquarters/Industry | Shares/ Principal | Cost | Fair Value | % of Net Assets |
|||||||||||||||
| Clever, Inc. |
San Francisco, CA | |||||||||||||||||||
| Preferred shares, Series B | Education Software | 1,799,047 | $ | 2,000,601 | $ | 2,000,001 | 1.04 | % | ||||||||||||
| EdSurge, Inc.(1) |
Burlingame, CA | |||||||||||||||||||
| Preferred shares, Series A-1 | Education Media Platform | 378,788 | 501,360 | 500,000 | 0.26 | % | ||||||||||||||
| Preferred shares, Series A | 494,365 | 500,801 | 588,294 | 0.31 | % | |||||||||||||||
| Total | 1,002,161 | 1,088,294 | 0.57 | % | ||||||||||||||||
| Tynker (f/k/a Neuron Fuel, Inc.) |
Mountain View, CA | |||||||||||||||||||
| Preferred shares, Series A | Computer Software | 534,162 | 309,310 | 881,367 | 0.46 | % | ||||||||||||||
| Fullbridge, Inc. |
Cambridge, MA | |||||||||||||||||||
| Common shares | Business Education | 517,917 | 6,150,506 | — | — | % | ||||||||||||||
| Junior note 1.49%, Due 11/9/2021 | 2,270,458 | 2,270,858 | 877,359 | 0.46 | % | |||||||||||||||
| Total | 8,421,364 | 877,359 | 0.46 | % | ||||||||||||||||
| Circle Media (f/k/a S3 Digital Corp. (d/b/a S3i))(1) |
New York, NY | |||||||||||||||||||
| Promissory Note 12%, Due 11/17/2017***(15) | Sports Analytics | $ | 25,000 | 26,840 | 26,544 | 0.01 | % | |||||||||||||
| Preferred shares, Series A | 1,864,495 | 1,777,576 | 484,769 | 0.26 | % | |||||||||||||||
| Preferred warrants, $1.17 Strike Price, Expiration Date 11/18/2022 | 5,360 | 576 | — | — | % | |||||||||||||||
| Preferred warrants, $1.17 Strike Price, Expiration Date 8/29/2021 | 175,815 | — | — | — | % | |||||||||||||||
| Preferred warrants, $1.17 Strike Price, Expiration Date 6/26/2021 | 38,594 | — | — | — | % | |||||||||||||||
| Preferred warrants, $1.17 Strike Price, Expiration Date 9/30/2020 | 160,806 | — | — | — | % | |||||||||||||||
| Preferred warrants, $1.00 Strike Price, Expiration Date 11/21/2017 | 500,000 | 31,354 | — | — | % | |||||||||||||||
| Total | 1,836,346 | 511,313 | 0.27 | % | ||||||||||||||||
| 4C Insights (f/k/a The Echo Systems Corp.) |
Chicago, IL | |||||||||||||||||||
| Common shares | Social Data Platform | 436,219 | 1,436,404 | 505,744 | 0.26 | % | ||||||||||||||
| Aspiration Partners, Inc. |
Marina Del Rey, CA | |||||||||||||||||||
| Preferred shares, Series A(11) | Financial Services | 540,270 | 1,001,815 | 307,954 | 0.16 | % | ||||||||||||||
| PayNearMe, Inc. |
Sunnyvale, CA | |||||||||||||||||||
| Common shares(13) | Cash Payment Network | 5,480,348 | 14,000,398 | 164,410 | 0.09 | % | ||||||||||||||
| Global Education Learning (Holdings) Ltd.(1)** |
Hong Kong | |||||||||||||||||||
| Preferred shares, Series A | Education Technology | 2,126,475 | 675,495 | — | — | % | ||||||||||||||
| AlwaysOn, Inc.(1) |
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