UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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| x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
FOR THE QUARTERLY PERIOD ENDED September 30, 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 21,321,882 shares of common stock, $0.01 par value per share, outstanding as of November 9, 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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| September 30, 2017 | December 31, 2016 | |||||||
| (Unaudited) | ||||||||
| ASSETS |
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| Investments at fair value: |
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| Non-controlled/non-affiliate investments (cost of $172,562,763 and $204,101,445, respectively) | $ | 234,922,519 | $ | 200,532,890 | ||||
| Non-controlled/affiliate investments (cost of $49,198,848 and $51,773,388, respectively)(1) | 29,787,226 | 42,444,690 | ||||||
| Controlled investments (cost of $23,101,258 and $22,893,441, respectively)(1) |
25,066,337 | 19,037,566 | ||||||
| Investments in treasury bill (cost of $99,991,125 and $29,998,750, respectively) | 99,994,000 | 29,998,490 | ||||||
| Total Investments (cost of $344,853,994 and $308,767,024, respectively) | 389,770,082 | 292,013,636 | ||||||
| Cash | 5,154,436 | 8,332,634 | ||||||
| Interest and dividends receivable | 218,437 | 92,946 | ||||||
| Prepaid expenses and other assets | 297,785 | 213,942 | ||||||
| Deferred financing costs | 425,316 | 311,268 | ||||||
| Total Assets | 395,866,056 | 300,964,426 | ||||||
| LIABILITIES |
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| Due to: |
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| GSV Asset Management(1) | 323,897 | 422,025 | ||||||
| Accounts payable and accrued expenses | 257,386 | 335,611 | ||||||
| Accrued incentive fees(1) | 9,608,629 | 2,126,444 | ||||||
| Accrued management fees(1) | — | 524,054 | ||||||
| Accrued interest payable | 156,104 | 1,056,563 | ||||||
| Payable for shares repurchased | 153,560 | — | ||||||
| Payable for securities purchased | 89,491,125 | 26,498,750 | ||||||
| Deferred tax liability | 10,332,666 | 10,359,371 | ||||||
| Credit facility payable | 8,000,000 | — | ||||||
| Convertible Senior Notes Payable 5.25% due September 15, 2018(2) | 68,162,724 | 67,512,798 | ||||||
| Total Liabilities | 186,486,091 | 108,835,616 | ||||||
| Commitments and contingencies (Notes 6 and 9) |
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| Net Assets | $ | 209,379,965 | $ | 192,128,810 | ||||
| NET ASSETS |
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| Common stock, par value $0.01 per share (100,000,000 authorized; 21,606,894 and 22,181,003 issued and outstanding, respectively) |
$ | 216,069 | $ | 221,810 | ||||
| Paid-in capital in excess of par | 218,442,567 | 221,237,636 | ||||||
| Accumulated net investment loss | (18,761,130 | ) | (1,443,996 | ) | ||||
| Accumulated net realized losses on investments | (25,100,964 | ) | (773,882 | ) | ||||
| Accumulated net unrealized appreciation/(depreciation) of investments | 34,583,423 | (27,112,758 | ) | |||||
| Net Assets | $ | 209,379,965 | $ | 192,128,810 | ||||
| Net Asset Value Per Share | $ | 9.69 | $ | 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 — Debt Capital Activities” 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 September 30, |
Nine Months Ended September 30, |
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| 2017 | 2016 | 2017 | 2016 | |||||||||||||
| INVESTMENT INCOME |
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| Non-controlled/non-affiliate investments: |
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| Interest income/(reversal of interest accrual) | $ | (21,447 | ) | $ | 2,503 | $ | (4,640 | ) | $ | 11,906 | ||||||
| Other income | — | — | 73,096 | — | ||||||||||||
| Non-controlled/affiliate investments: |
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| Interest income/(reversal of interest accrual)(1) | (48,398 | ) | 61,145 | 143,974 | 79,858 | |||||||||||
| Controlled investments: |
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| Interest income(1) | 69,757 | 23,000 | 196,534 | 43,417 | ||||||||||||
| Dividend income(1) | 175,000 | — | 475,000 | — | ||||||||||||
| Total Investment Income | 174,912 | 86,648 | 883,964 | 135,181 | ||||||||||||
| OPERATING EXPENSES |
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| Management fees(1) | 1,397,332 | 1,625,963 | 4,210,932 | 5,324,186 | ||||||||||||
| Incentive fees/(reversal of incentive fee accrual)(1) | 3,334,052 | 220,719 | 7,482,185 | (7,805,089 | ) | |||||||||||
| Costs incurred under administration agreement(1) | 472,413 | 627,444 | 1,453,007 | 1,926,085 | ||||||||||||
| Directors’ fees | 86,250 | 86,250 | 242,230 | 258,750 | ||||||||||||
| Professional fees | 353,933 | 416,353 | 1,318,931 | 1,441,856 | ||||||||||||
| Interest expense | 1,207,548 | 1,189,736 | 3,489,381 | 3,557,225 | ||||||||||||
| Tax expense | 4,889 | — | 51,379 | — | ||||||||||||
| Other expenses | 119,122 | 141,838 | 479,419 | 558,856 | ||||||||||||
| Total Operating Expenses | 6,975,539 | 4,308,303 | 18,727,464 | 5,261,869 | ||||||||||||
| Management fee waiver | (174,666 | ) | — | (526,366 | ) | — | ||||||||||
| Total operating expenses, net of waiver of management fees | 6,800,873 | 4,308,303 | 18,201,098 | 5,261,869 | ||||||||||||
| Net Investment Loss | (6,625,961 | ) | (4,221,655 | ) | (17,317,134 | ) | (5,126,688 | ) | ||||||||
| Realized Gains/(Losses): |
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| Non-controlled/non-affiliate investments | 1,033,577 | 2,658,715 | (21,748,173 | ) | (2,311,994 | ) | ||||||||||
| Non-controlled/affiliate investments | — | — | (2,578,909 | ) | — | |||||||||||
| Net Realized Gains/(Losses) | 1,033,577 | 2,658,715 | (24,327,082 | ) | (2,311,994 | ) | ||||||||||
| Change in Unrealized Appreciation/(Depreciation): |
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| Non-controlled/non-affiliate investments | 20,367,064 | 938,936 | 65,931,446 | (27,841,477 | ) | |||||||||||
| Non-controlled/affiliate investments | (9,822,081 | ) | (584,077 | ) | (10,082,924 | ) | (6,951,895 | ) | ||||||||
| Controlled investments | 5,091,700 | (1,616,568 | ) | 5,820,954 | (1,823,224 | ) | ||||||||||
| Total Change in Unrealized Appreciation/(Depreciation) | 15,636,683 | (1,261,709 | ) | 61,669,476 | (36,616,596 | ) | ||||||||||
| Benefit from taxes on unrealized depreciation of investments |
26,705 | 551,310 | 26,705 | 551,310 | ||||||||||||
See accompanying notes to condensed consolidated financial statements.
2
GSV CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS – (Continued)
(UNAUDITED)
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| Three Months Ended September 30, |
Nine Months Ended September 30, |
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| 2017 | 2016 | 2017 | 2016 | |||||||||||||
| Net Increase/(Decrease) in Net Assets Resulting from Operations |
$ | 10,071,004 | $ | (2,273,339 | ) | $ | 20,051,965 | $ | (43,503,968 | ) | ||||||
| Net Increase/(Decrease) in Net Assets Resulting from Operations per Common Share |
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| Basic | $ | 0.46 | $ | (0.10 | ) | $ | 0.91 | $ | (1.96 | ) | ||||||
| Diluted(2) | $ | 0.40 | $ | (0.10 | ) | $ | 0.84 | $ | (1.96 | ) | ||||||
| Weighted-Average Common Shares Outstanding |
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| Basic | 22,000,571 | 22,181,003 | 22,120,198 | 22,181,003 | ||||||||||||
| Diluted(2) | 27,752,386 | 22,181,003 | 27,872,013 | 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 and nine months ended September 30, 2016, 5,710,212 potentially dilutive common shares were excluded from the weighted-average common shares outstanding for diluted net increase 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.
3
GSV CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
(UNAUDITED)
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| Nine Months Ended September 30, 2017 |
Nine Months Ended September 30, 2016 |
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| Change in Net Assets Resulting from Operations |
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| Net investment loss | $ | (17,317,134 | ) | $ | (5,126,688 | ) | ||
| Net realized losses on investments | (24,327,082 | ) | (2,311,994 | ) | ||||
| Net change in unrealized appreciation/(depreciation) of investments | 61,669,476 | (36,616,596 | ) | |||||
| Benefit from taxes on unrealized depreciation of investments | 26,705 | 551,310 | ||||||
| Net Increase/(Decrease) in Net Assets Resulting from Operations | 20,051,965 | (43,503,968 | ) | |||||
| Change in Net Assets Resulting from Capital Transactions |
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| Distributions from realized gains | — | (820,753 | ) | |||||
| Distributions from return of capital | — | (66,487 | ) | |||||
| Total distributions | — | (887,240 | ) | |||||
| Repurchases of common stock | (2,800,810 | ) | — | |||||
| Net Decrease in Net Assets Resulting from Capital Transactions | (2,800,810 | ) | (887,240 | ) | ||||
| Total Increase/(Decrease) in Net Assets | 17,251,155 | (44,391,208 | ) | |||||
| Net assets at beginning of period | 192,128,810 | 268,010,945 | ||||||
| Net Assets at End of Period | $ | 209,379,965 | $ | 223,619,737 | ||||
| Capital Share Activity |
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| Shares repurchased | (574,109 | ) | — | |||||
| Shares outstanding at beginning of period | 22,181,003 | 22,181,003 | ||||||
| Shares Outstanding at End of Period | 21,606,894 | 22,181,003 | ||||||
See accompanying notes to condensed consolidated financial statements.
4
GSV CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
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| Nine Months Ended September 30, 2017 |
Nine Months Ended September 30, 2016 |
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| Cash Flows from Operating Activities |
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| Net increase/(decrease) in net assets resulting from operations | $ | 20,051,965 | $ | (43,503,968 | ) | |||
| 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 | 24,327,082 | 2,311,994 | ||||||
| Net change in unrealized (appreciation)/depreciation of investments | (61,669,476 | ) | 36,616,596 | |||||
| Deferred tax liability | (26,705 | ) | (551,310 | ) | ||||
| Amortization of discount on Convertible Senior Notes | 649,926 | 645,891 | ||||||
| Amortization of deferred financing costs | 27,751 | 165,999 | ||||||
| Amortization of fixed income security premiums and discounts | (115,162 | ) | (9,808 | ) | ||||
| Paid-in-kind-interest | (24,564 | ) | — | |||||
| Change in restricted cash | — | (62,500 | ) | |||||
| Purchases of investments in: |
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| Portfolio investments | (2,080 | ) | (13,019,822 | ) | ||||
| United States treasury bills | (260,045,503 | ) | (89,999,458 | ) | ||||
| Proceeds from sales or maturity of investments in: |
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| Portfolio investments | 9,773,257 | 25,631,067 | ||||||
| United States treasury bills | 190,000,000 | 3,685,000 | ||||||
| United States treasuries strips | — | 90,000,000 | ||||||
| Change in operating assets and liabilities: |
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| Due from GSV Asset Management(1) | — | 143,749 | ||||||
| Due from portfolio companies(1) | — | 55,692 | ||||||
| Prepaid expenses and other assets | (83,843 | ) | (87,412 | ) | ||||
| Interest and dividends receivable | (125,491 | ) | (125,178 | ) | ||||
| Due to GSV Asset Management(1) | (98,128 | ) | (4,151,497 | ) | ||||
| Payable for securities purchased | 62,992,375 | 552 | ||||||
| Accounts payable and accrued expenses | (78,225 | ) | 258,652 | |||||
| Accrued incentive fees(1) | 7,482,185 | (7,805,089 | ) | |||||
| Accrued management fees(1) | (524,054 | ) | (141,435 | ) | ||||
| Accrued interest payable | (900,459 | ) | (905,625 | ) | ||||
| Net Cash Used in Operating Activities | (8,389,149 | ) | (847,910 | ) | ||||
| Cash Flows from Financing Activities |
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| Borrowings under credit facility | 16,000,000 | 3,500,000 | ||||||
| Repayments under credit facility | (8,000,000 | ) | (3,500,000 | ) | ||||
| Repurchases of common stock | (2,647,250 | ) | — | |||||
| Deferred credit facility costs | (41,486 | ) | — | |||||
| Deferred offering costs | (100,313 | ) | (169,614 | ) | ||||
| Dividends distributed | — | (887,240 | ) | |||||
| Net Cash Provided by/(Used in) Financing Activities | 5,210,951 | (1,056,854 | ) | |||||
| Total Decrease in Cash Balance | (3,178,198 | ) | (1,904,764 | ) | ||||
| Cash Balance at Beginning of Period | 8,332,634 | 13,349,877 | ||||||
| Cash Balance at End of Period | $ | 5,154,436 | $ | 11,445,113 | ||||
| Supplemental Information: |
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| Interest paid | $ | 3,679,244 | $ | 3,650,961 | ||||
| Taxes paid | $ | 52,481 | $ | — | ||||
| (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.
5
GSV CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS
(UNAUDITED)
September 30, 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 | $ | 1,955,290 | 0.93 | % | ||||||||||||
| Common shares, Class A | 5,773,690 | 16,189,935 | 34,545,111 | 16.49 | % | |||||||||||||||
| Total | 17,198,903 | 36,500,401 | 17.42 | % | ||||||||||||||||
| JAMF Holdings, Inc.(14) |
Minneapolis, MN | |||||||||||||||||||
| Preferred shares, Series B | Mobile Device Management | 1,468,800 | 9,999,928 | 35,177,778 | 16.79 | % | ||||||||||||||
| Spotify Technology S.A.** |
Stockholm, Sweden | |||||||||||||||||||
| Common shares | On-Demand Music Streaming | 9,541 | 13,599,572 | 32,283,584 | 15.41 | % | ||||||||||||||
| Coursera, Inc. |
Mountain View, CA | |||||||||||||||||||
| Preferred shares, Series B | Online Education | 2,961,399 | 14,519,519 | 18,364,968 | 8.77 | % | ||||||||||||||
| Dropbox, Inc. |
San Francisco, CA | |||||||||||||||||||
| Preferred shares, Series A-1 | Cloud Computing Services | 552,486 | 5,015,773 | 6,954,844 | 3.32 | % | ||||||||||||||
| Common shares | 760,000 | 8,641,153 | 9,567,086 | 4.57 | % | |||||||||||||||
| Total | 13,656,926 | 16,521,930 | 7.89 | % | ||||||||||||||||
| StormWind, LLC(2)(6) |
Scottsdale, AZ | |||||||||||||||||||
| Preferred shares, Series C | Interactive Learning | 2,779,134 | 4,000,787 | 7,856,020 | 3.75 | % | ||||||||||||||
| Preferred shares, Series B | 3,279,629 | 2,019,687 | 6,000,048 | 2.86 | % | |||||||||||||||
| Preferred shares, Series A | 366,666 | 110,000 | 508,741 | 0.24 | % | |||||||||||||||
| Total | 6,130,474 | 14,364,809 | 6.85 | % | ||||||||||||||||
| General Assembly Space, Inc. |
New York, NY | |||||||||||||||||||
| Preferred shares, Series C | Online Education | 126,552 | 2,999,978 | 5,924,582 | 2.83 | % | ||||||||||||||
| Common shares | 133,213 | 2,999,983 | 5,960,277 | 2.85 | % | |||||||||||||||
| Total | 5,999,961 | 11,884,859 | 5.68 | % | ||||||||||||||||
| Chegg, Inc.** |
Santa Clara, CA | |||||||||||||||||||
| Common shares(3)(13) | Online Education Services | 782,192 | 9,273,458 | 11,607,729 | 5.54 | % | ||||||||||||||
| Lytro, Inc. |
Mountain View, CA | |||||||||||||||||||
| Preferred shares, Series D | Light Field Imaging Platform | 159,160 | 502,081 | 500,001 | 0.24 | % | ||||||||||||||
| Preferred shares, Series C-1 | 3,378,379 | 10,000,002 | 10,000,002 | 4.77 | % | |||||||||||||||
| Total | 10,502,083 | 10,500,003 | 5.01 | % | ||||||||||||||||
| Course Hero, Inc. |
Redwood City, CA | |||||||||||||||||||
| Preferred shares, Series A | Online Education | 2,145,509 | 5,000,001 | 10,405,629 | 4.97 | % | ||||||||||||||
| 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 | 0.95 | % | |||||||||||||
| Preferred shares, Series B | 922,509 | 4,999,999 | 4,390,887 | 2.10 | % | |||||||||||||||
| Preferred shares, Series A | 1,090,909 | 3,000,200 | 2,633,784 | 1.26 | % | |||||||||||||||
| Preferred shares, Series Seed | 500,000 | 500,000 | 438,964 | 0.21 | % | |||||||||||||||
| Total | 10,500,199 | 9,463,635 | 4.52 | % | ||||||||||||||||
See accompanying notes to condensed consolidated financial statements.
6
GSV CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)
(UNAUDITED)
September 30, 2017
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| Portfolio Investments* | Headquarters/Industry | Shares/ Principal | Cost | Fair Value | % of Net Assets |
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| NestGSV, Inc. (d/b/a GSV Labs, Inc.)(2) |
Redwood City, CA | |||||||||||||||||||
| Convertible Promissory Note 8% Due 7/31/2018***(15) | Global Innovation Platform | $ | 560,199 | $ | 563,479 | $ | 560,199 | 0.27 | % | |||||||||||
| Unsecured Promissory Note 12% Due 11/29/2017***(11) | $ | 557,735 | 533,353 | 533,353 | 0.25 | % | ||||||||||||||
| Preferred shares, Series A-4 | 3,720,424 | 4,904,498 | 5,189,348 | 2.48 | % | |||||||||||||||
| Preferred shares, Series A-3 | 1,561,625 | 2,005,730 | 1,815,164 | 0.87 | % | |||||||||||||||
| Preferred shares, Series A-2 | 450,001 | 605,500 | 313,836 | 0.15 | % | |||||||||||||||
| Preferred shares, Series A-1 | 1,000,000 | 1,021,778 | 523,060 | 0.25 | % | |||||||||||||||
| Common shares | 200,000 | 1,000 | — | — | % | |||||||||||||||
| 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 | — | 165,000 | 0.08 | % | |||||||||||||||
| Preferred Warrants Series A-4 – Strike Price $1.33 – Expiration Date 7/18/2021 | 250,000 | 74,380 | 100,000 | 0.05 | % | |||||||||||||||
| Preferred Warrants Series A-4 – Strike Price $1.33 – Expiration Date 11/29/2021 | 100,000 | 29,275 | 40,000 | 0.02 | % | |||||||||||||||
| Preferred Warrant Series B – Strike Price $2.31, Expiration Date 5/29/2022(11) | 125,000 | 70,379 | 81,250 | 0.04 | % | |||||||||||||||
| Total | 9,809,372 | 9,334,335 | 4.47 | % | ||||||||||||||||
| Lyft, Inc. |
San Francisco, CA | |||||||||||||||||||
| Preferred shares, Series E | On-Demand Transportation Services | 128,563 | 2,503,585 | 3,709,840 | 1.77 | % | ||||||||||||||
| Preferred shares, Series D | 176,266 | 1,792,749 | 5,086,367 | 2.43 | % | |||||||||||||||
| Total | 4,296,334 | 8,796,207 | 4.20 | % | ||||||||||||||||
| SugarCRM, Inc. |
Cupertino, CA | |||||||||||||||||||
| Preferred shares, Series E | Customer Relationship Manager | 373,134 | 1,500,522 | 2,408,120 | 1.15 | % | ||||||||||||||
| Common shares | 1,524,799 | 5,476,502 | 3,711,007 | 1.77 | % | |||||||||||||||
| Total | 6,977,024 | 6,119,127 | 2.92 | % | ||||||||||||||||
| Curious.com, Inc.(1) |
Menlo Park, CA | |||||||||||||||||||
| Preferred shares, Series B | Online Education | 3,407,834 | 12,000,006 | 5,960,187 | 2.85 | % | ||||||||||||||
| Enjoy Technology, Inc. |
Menlo Park, CA | |||||||||||||||||||
| Preferred shares, Series B | On-Demand Commerce | 1,681,520 | 4,000,280 | 4,000,000 | 1.91 | % | ||||||||||||||
| Preferred shares, Series A | 879,198 | 1,002,440 | 1,447,844 | 0.69 | % | |||||||||||||||
| Total | 5,002,720 | 5,447,844 | 2.60 | % | ||||||||||||||||
| Dataminr, Inc. |
New York, NY | |||||||||||||||||||
| Preferred shares, Series C | Social Media Analytics | 301,369 | 1,100,909 | 1,205,476 | 0.58 | % | ||||||||||||||
| Preferred shares, Series B | 904,977 | 2,063,356 | 3,619,908 | 1.73 | % | |||||||||||||||
| Total | 3,164,265 | 4,825,384 | 2.31 | % | ||||||||||||||||
| Parchment, Inc. |
Scottsdale, AZ | |||||||||||||||||||
| Preferred shares, Series D | E-Transcript Exchange | 3,200,512 | 4,000,982 | 4,592,322 | 2.19 | % | ||||||||||||||
| Avenues Global Holdings, LLC(4) |
New York, NY | |||||||||||||||||||
| Preferred shares, Junior Preferred Stock | Globally-Focused Private School | 10,014,270 | 10,151,854 | 4,514,409 | 2.16 | % | ||||||||||||||
| Whittle Schools, LLC(1)(5) |
New York, NY | |||||||||||||||||||
| Preferred shares, Series B | Globally-Focused Private School | 3,000,000 | 3,000,000 | 3,000,000 | 1.43 | % | ||||||||||||||
| Common shares | 229 | 1,577,097 | 1,500,000 | 0.72 | % | |||||||||||||||
| Total | 4,577,097 | 4,500,000 | 2.15% | |||||||||||||||||
See accompanying notes to condensed consolidated financial statements.
7
GSV CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)
(UNAUDITED)
September 30, 2017
|
|
|
|
|
|
|||||||||||||||
| Portfolio Investments* | Headquarters/Industry | Shares/ Principal | Cost | Fair Value | % of Net Assets |
|||||||||||||||
| Knewton, Inc. |
New York, NY | |||||||||||||||||||
| Preferred shares, Series E | Online Education | 375,985 | $ | 4,999,999 | $ | 3,688,268 | 1.76 | % | ||||||||||||
| 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 | 0.56 | % | |||||||||||||
| Convertible preferred shares, Series D | 169,033 | 778,607 | 775,861 | 0.37 | % | |||||||||||||||
| Convertible preferred shares, Series C | 615,763 | 2,006,077 | 1,306,396 | 0.62 | % | |||||||||||||||
| Preferred Warrants Series D – Strike Price $4.59 – Expiration Date 2/25/2018 | 16,903 | — | 2,535 | — | % | |||||||||||||||
| Total | 3,951,084 | 3,251,192 | 1.55 | % | ||||||||||||||||
| A Place for Rover Inc. (f/k/a DogVacay, Inc.)(10) |
Seattle, WA | |||||||||||||||||||
| Common shares | Peer-to-Peer Pet Services | 707,991 | 2,506,119 | 3,069,644 | 1.47 | % | ||||||||||||||
| Declara, Inc.(1) |
Palo Alto, CA | |||||||||||||||||||
| Convertible Promissory Note 9% Due 12/31/2017(12)(16) | Social Cognitive Learning | $ | 2,120,658 | 2,121,458 | 2,210,411 | 1.06 | % | |||||||||||||
| Preferred shares, Series A | 10,716,390 | 9,999,999 | 794,769 | 0.38 | % | |||||||||||||||
| Total | 12,121,457 | 3,005,180 | 1.44 | % | ||||||||||||||||
| DreamBox Learning, Inc. |
Bellevue, WA | |||||||||||||||||||
| Preferred shares, Series A-1 | Education Technology | 7,159,221 | 1,502,362 | 1,650,687 | 0.79 | % | ||||||||||||||
| Preferred shares, Series A | 3,579,610 | 758,017 | 825,343 | 0.39 | % | |||||||||||||||
| Total | 2,260,379 | 2,476,030 | 1.18 | % | ||||||||||||||||
| SharesPost, Inc. |
San Francisco, CA | |||||||||||||||||||
| Preferred shares, Series B | Online Marketplace Finance | 1,771,653 | 2,259,716 | 2,326,864 | 1.11 | % | ||||||||||||||
| Common warrants, $0.13 Strike Price, Expiration Date 6/15/2018 | 770,934 | 23,128 | 69,384 | 0.03 | % | |||||||||||||||
| Total | 2,282,844 | 2,396,248 | 1.14 | % | ||||||||||||||||
| Strategic Data Command, LLC(1)(7) |
Sunnyvale, CA | |||||||||||||||||||
| Common shares | Big Data Consulting | 2,400,000 | 989,277 | 2,057,155 | 0.98 | % | ||||||||||||||
| Clever, Inc. |
San Francisco, CA | |||||||||||||||||||
| Preferred shares, Series B | Education Software | 1,799,047 | 2,000,601 | 2,000,001 | 0.95 | % | ||||||||||||||
| Aspiration Partners, Inc. |
Marina Del Rey, CA | |||||||||||||||||||
| Preferred shares, Series A | Financial Services | 540,270 | 1,001,815 | 1,759,577 | 0.84 | % | ||||||||||||||
| SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.)(2) |
Woodside, CA | |||||||||||||||||||
| Preferred shares, Class A*** | Clean Technology | 14,300,000 | 7,151,412 | 1,367,193 | 0.65 | % | ||||||||||||||
| Common shares | 100,000 | 10,000 | — | — | % | |||||||||||||||
| Total | 7,161,412 | 1,367,193 | 0.65 | % | ||||||||||||||||
| EdSurge, Inc.(1) |
Burlingame, CA | |||||||||||||||||||
| Preferred shares, Series A-1 | Education Media Platform | 378,788 | 501,360 | 500,000 | 0.24 | % | ||||||||||||||
| Preferred shares, Series A | 494,365 | 500,801 | 500,001 | 0.24 | % | |||||||||||||||
| Total | 1,002,161 | 1,000,001 | 0.48 | % | ||||||||||||||||
| Tynker (f/k/a Neuron Fuel, Inc.) |
Mountain View, CA | |||||||||||||||||||
| Preferred shares, Series A | Computer Software | 534,162 | 309,310 | 849,550 | 0.41% | |||||||||||||||
See accompanying notes to condensed consolidated financial statements.
8
GSV CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)
(UNAUDITED)
September 30, 2017
|
|
|
|
|
|
|||||||||||||||
| Portfolio Investments* | Headquarters/Industry | Shares/ Principal | Cost | Fair Value | % of Net Assets |
|||||||||||||||
| 4C Insights (f/k/a The Echo Systems Corp.) |
Chicago, IL | |||||||||||||||||||
| Common shares | Social Data Platform | 436,219 | $ | 1,436,404 | $ | 591,004 | 0.28 | % | ||||||||||||
| Fullbridge, Inc. |
Cambridge, MA | |||||||||||||||||||
| Common shares | Business Education | 517,917 | 6,150,506 | — | — | % | ||||||||||||||
| Promissory note 1.47%, Due 11/9/2021***(16) | $ | 2,270,458 | 2,270,858 | 550,023 | 0.26 | % | ||||||||||||||
| Total | 8,421,364 | 550,023 | 0.26 | % | ||||||||||||||||
| Maven Research, Inc.(1) |
San Francisco, CA | |||||||||||||||||||
| Preferred shares, Series C | Knowledge Networks | 318,979 | 2,000,447 | 500,000 | 0.24 | % | ||||||||||||||
| Preferred shares, Series B | 49,505 | 217,206 | 49,876 | 0.02 | % | |||||||||||||||
| Total | 2,217,653 | 549,876 | 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***(16) | Sports Analytics | $ | 28,008 | 30,408 | — | — | % | |||||||||||||
| Preferred shares, Series A | 1,864,495 | 1,777,576 | — | — | % | |||||||||||||||
| 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 | 1,839,914 | — | — | % | ||||||||||||||||
| Handle Financial, Inc. (f/k/a PayNearMe, Inc.)(9) |
Sunnyvale, CA | |||||||||||||||||||
| Common shares | Cash Payment Network | 548,034 | 14,000,398 | — | — | % | ||||||||||||||
| Total Portfolio Investments | 244,862,869 | 289,776,082 | 138.35 | % | ||||||||||||||||
| U.S. Treasury |
||||||||||||||||||||
| U.S. Treasury Bill, 0%, due 10/5/2017***(3) | $ | 100,000,000 | 99,991,125 | 99,994,000 | 47.74 | % | ||||||||||||||
| TOTAL INVESTMENTS | $ | 344,853,994 | $ | 389,770,082 | 186.09 | % | ||||||||||||||
| * | All portfolio investments are non-control/non-affiliated and non-income-producing, unless otherwise identified. Equity investments are subject to lock-up restrictions upon their initial public offering (“IPO”). The Company’s and GSV Asset Management LLC’s officers and staff, as applicable, may serve on the board of directors of the Company’s portfolio investments. (Refer to “Note 2 — Related Party Arrangements”). All portfolio investments are considered Level 3 and valued using significant unobservable inputs, unless otherwise noted. (Refer to “Note 3 — Investments at Fair Value”). All investments are restricted as to resale, unless otherwise noted, and were valued at fair value as determined in good faith by the Company’s board of directors. |
| ** | 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 (the “1940 Act”). Of GSV Capital Corp.’s total portfolio as of September 30, 2017, 11.26% of its total investments are non-qualifying assets. |
| *** | Investment is income-producing. |
See accompanying notes to condensed consolidated financial statements.
9
GSV CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)
(UNAUDITED)
September 30, 2017
| (1) | Denotes an Affiliate Investment. “Affiliate Investments” are investments in those companies that are “Affiliated Companies” of GSV Capital Corp., as defined in the 1940 Act. In general, a company is deemed to be an “Affiliate” of GSV Capital Corp. if GSV Capital Corp. owns 5% or more of the voting securities (i.e., securities with the right to elect directors) of such company. For the Schedule of Investments In and Advances To Affiliates, as required by SEC Regulation S-X, Rule 12-14, refer to “Note 3 — Investments at Fair Value”. |
| (2) | Denotes a Control Investment. “Control Investments” are investments in those companies that are “Controlled Companies” of GSV Capital Corp., as defined in the 1940 Act. In general, under the 1940 Act, the Company would “Control” a portfolio company if the Company owned more than 25% of its outstanding voting securities (i.e., securities with the right to elect directors) and/or had the power to exercise control over the management or policies of such portfolio company. For the Schedule of Investments In and Advances To Affiliates, as required by SEC Regulation S-X, Rule 12-14, refer to “Note 3 — Investments at Fair Value”. |
| (3) | Denotes an investment considered Level 1 valued using observable inputs. |
| (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 company’s restructuring process, Handle Financial, Inc. initiated a 10:1 reverse stock split. |
| (10) | 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 Series B-1 preferred shares of DogVacay, Inc. |
| (11) | On May 29, 2017, the maturity date of the unsecured promissory note to NestGSV, Inc. (d/b/a GSV Labs, Inc.) was extended to November 29, 2017 in exchange for 125,000 Series B warrants. For accounting purposes, the extension of the maturity date was treated as an extinguishment of the existing note and creation of a new note. Refer to “Note 3 — Investments at Fair Value.” |
| (12) | On July 1, 2017, the maturity date of the convertible promissory note to Declara, Inc. was extended to December 31, 2017. |
| (13) | On November 12, 2013, Chegg, Inc. priced its IPO. The lock-up agreement for the Company’s Chegg, Inc. common shares expired on May 11, 2014. As a result, the Company’s Chegg, Inc. common shares are considered unrestricted. |
| (14) | In April 2017, JAMF Holdings, Inc. initiated a 20:1 stock split. |
| (15) | On July 31, 2017, the maturity date of the convertible promissory note to NestGSV, Inc. (d/b/a GSV Labs, Inc.) was extended to July 31, 2018. |
| (16) | As of September 30, 2017, the investments noted had been placed on non-accrual status. |
See accompanying notes to condensed consolidated financial statements.
10
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.**(18) |
Santa Clara, CA | |||||||||||||||||||
| Common shares | Online Education Services | 1,182,792 | 14,022,863 | 8,729,005 | 4.54 | % | ||||||||||||||
| 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 | % | ||||||||||||||||
See accompanying notes to condensed consolidated financial statements.
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 |
|||||||||||||||
| Lyft, Inc. |
San Francisco, CA | |||||||||||||||||||
| Preferred shares, Series E | On-Demand Transportation Services | 128,563 | $ | 2,503,585 | $ | 3,249,430 | 1.69 | % | ||||||||||||
| Preferred shares, Series D | 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 Manager | 373,134 | 1,500,522 | 2,354,476 | 1.23 | % | ||||||||||||||
| Common shares | 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 | % | ||||||||||||||||
| Whittle Schools, LLC(1)(5) |
New York, NY | |||||||||||||||||||
| Preferred shares, Series B | Globally-Focused Private School | 3,000,000 | 3,000,000 | 3,000,000 | 1.56 | % | ||||||||||||||
| Common shares | 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% | |||||||||||||||||
See accompanying notes to condensed consolidated financial statements.
12
GSV CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)
December 31, 2016
|
|
|
|
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| Portfolio Investments* | Headquarters/Industry | Shares/ Principal |
Cost | Fair Value | % of Net Assets |
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| 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 | % | ||||||||||||||
| 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% | |||||||||||||||||
See accompanying notes to condensed consolidated financial statements.
13
GSV CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)
December 31, 2016
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