| | |
Per Share
|
| |
Total
|
| ||||||
Public Offering Price
|
| | | $ | 100% | | | | | $ | 40,000,000 | | |
Underwriting Discounts and Commissions
|
| | | $ | 4% | | | | | $ | 1,600,000 | | |
Proceeds, before expenses, to us
|
| | | $ | 96% | | | | | $ | 38,400,000 | | |
| | |
Page
|
| |||
| | | | S-1 | | | |
| | | | S-3 | | | |
| | | | S-10 | | | |
| | | | S-16 | | | |
| | | | S-18 | | | |
| | | | S-20 | | | |
| | | | S-33 | | | |
| | | | S-34 | | | |
| | | | S-35 | | | |
| | | | S-36 | | | |
| | | | S-39 | | | |
| | | | S-55 | | | |
| | | | S-56 | | | |
| | | | S-57 | | | |
| | | | S-81 | | | |
| | | | S-93 | | | |
| | | | S-96 | | | |
| | | | S-96 | | | |
| | | | S-96 | | | |
| | | | S-97 | | |
| | |
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|
||
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Page
|
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| | | | 106 | |
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| | | | 157 | |
| | | | 157 | |
| | | | 157 | |
| | | | 157 | |
| | | | 157 | |
| | | | 158 | |
| | | | 158 | |
Index to Financial Statements
|
| | | | F-1 |
| | |
Stock Price
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective Date
|
| |
$8.93
|
| |
$10.00
|
| |
$10.72
|
| |
$15.00
|
| |
$20.00
|
| |
$25.00
|
| |
$30.00
|
| |
$35.00
|
| |
$40.00
|
| |
$48.00
|
| ||||||||||||||||||||||||||||||
Year 0
|
| | | | 20.5677 | | | | | | 16.0130 | | | | | | 13.7360 | | | | | | 6.6320 | | | | | | 3.737 | | | | | | 2.3928 | | | | | | 1.5517 | | | | | | 0.9554 | | | | | | 0.5073 | | | | | | 0 | | |
Year 1
|
| | | | 19.2027 | | | | | | 14.4100 | | | | | | 12.0802 | | | | | | 5.0740 | | | | | | 2.6245 | | | | | | 1.6776 | | | | | | 1.0997 | | | | | | 0.6894 | | | | | | 0.3813 | | | | | | 0 | | |
Year 2
|
| | | | 18.1377 | | | | | | 12.9070 | | | | | | 10.4944 | | | | | | 3.4627 | | | | | | 1.3890 | | | | | | 0.8908 | | | | | | 0.5927 | | | | | | 0.3800 | | | | | | 0.2200 | | | | | | 0 | | |
Year 3
|
| | | | 17.3841 | | | | | | 11.2550 | | | | | | 8.6651 | | | | | | 2.0513 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Year 4
|
| | | | 17.5801 | | | | | | 9.4010 | | | | | | 6.1810 | | | | | | 1.3447 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Year 5
|
| | | | 20.5677 | | | | | | 8.5860 | | | | | | 1.8694 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
| Stockholder transaction expenses: | | | |||||
|
Sales expense (as a percentage of offering price)
|
| | | | 0.00%(1) | | |
|
Offering expenses (as a percentage of offering price)
|
| | | | 0.50%(2) | | |
|
Underwriter’s discount for notes (as a percentage of offering price)
|
| | | | 4.00%(3) | | |
|
Dividend reinvestment plan expenses
|
| | | | 0.00% | | |
|
Total stockholder transaction expenses (as a percentage of offering price)
|
| | | | 4.50%(2) | | |
| Annual expenses (as a percentage of net assets attributable to common stock):(4) | | | |||||
|
Base management fee
|
| | | | 2.64%(5) | | |
|
Incentive fees payable under our Investment Advisory Agreement (20%)
|
| | | | 1.70%(6) | | |
|
Interest payments on borrowed funds
|
| | | | 1.53%(7) | | |
|
Other expenses
|
| | | | 2.11%(8) | | |
|
Total annual expenses
|
| | | | 7.98% | | |
|
Management fee waiver
|
| | | | (0.33)% | | |
|
Total annual expenses after waiver
|
| | | | 7.65% | | |
| | |
1 Year
|
| |
3 Years
|
| |
5 Years
|
| |
10 Years
|
| ||||||||||||
You would pay the following expenses on a $1,000 investment, assuming
a 5% annual return |
| | | $ | 79 | | | | | $ | 230 | | | | | $ | 371 | | | | | $ | 691 | | |
| | |
Year Ended December 31,
|
| |||||||||||||||||||||||||||
| | |
2017
|
| |
2016
|
| |
2015
|
| |
2014
|
| |
2013
|
| |||||||||||||||
Income Statement Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Investment Income
|
| | | $ | 852,768 | | | | | $ | 736,283 | | | | | $ | 290,896 | | | | | $ | 185,946 | | | | | $ | 48,951 | | |
Gross Operating Expenses
|
| | | | 22,439,855 | | | | | | 1,999,646 | | | | | | 26,978,235 | | | | | | 21,775,939 | | | | | | 22,083,875 | | |
Management fee waiver
|
| | | | (708,272) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net Operating Expenses
|
| | | | 21,731,583 | | | | | | 1,999,646 | | | | | | 26,978,235 | | | | | | 21,775,939 | | | | | | 22,083,875 | | |
Benefit (Reversal of benefit) from taxes on net investment loss(4)
|
| | | | — | | | | | | — | | | | | | (21,969,370) | | | | | | 8,810,102 | | | | | | 13,159,268 | | |
Net Investment Loss
|
| | | | (20,878,815) | | | | | | (1,263,363) | | | | | | (48,656,709) | | | | | | (12,779,891) | | | | | | (8,875,656) | | |
Net realized gain (loss) on
investments |
| | | | 913,982 | | | | | | (2,634,471) | | | | | | 54,144,229 | | | | | | 23,926,124 | | | | | | (21,706,021) | | |
Benefit from/(Provision for) taxes on net realized loss/gain on investments(4)
|
| | | | — | | | | | | — | | | | | | 342,802 | | | | | | (9,769,036) | | | | | | 9,426,234 | | |
Net change in unrealized appreciation/
(depreciation) of investments |
| | | | 34,775,696 | | | | | | (73,213,845) | | | | | | (13,422,245) | | | | | | (5,811,797) | | | | | | 87,445,149 | | |
Benefit from/(Provision for) taxes on
unrealized depreciation/appreciation of investments(4)(5) |
| | | | 2,757,070 | | | | | | 2,116,784 | | | | | | 16,058,080 | | | | | | 2,371,829 | | | | | | (30,906,063) | | |
Net increase/(decrease) in net assets resulting from operations
|
| | | | 17,567,933 | | | | | | (74,994,895) | | | | | | 8,466,157 | | | | | | (2,062,771) | | | | | | 35,383,643 | | |
Per Common Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted-Average Common Shares: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic
|
| | | | 21,924,490 | | | | | | 22,181,003 | | | | | | 19,327,938 | | | | | | 19,320,100 | | | | | | 19,320,100 | | |
Diluted
|
| | | | 21,924,490 | | | | | | 22,181,003 | | | | | | 19,327,938 | | | | | | 19,320,100 | | | | | | 20,541,014 | | |
Net increase (decrease) in net assets resulting from operations per average share:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic
|
| | | $ | 0.80 | | | | | $ | (3.38) | | | | | $ | 0.44 | | | | | $ | (0.11) | | | | | $ | 1.83 | | |
Diluted
|
| | | | 0.80 | | | | | | (3.38) | | | | | | 0.44 | | | | | | (0.11) | | | | | | 1.78 | | |
Net asset value per share(1)
|
| | | | 9.64 | | | | | | 8.66 | | | | | | 12.08 | | | | | | 14.80 | | | | | | 14.91 | | |
Market price at year-end
|
| | | | 5.45 | | | | | | 5.03 | | | | | | 9.37 | | | | | | 8.63 | | | | | | 12.09 | | |
Distributions declared
|
| | | | — | | | | | | 0.04 | | | | | | 2.76 | | | | | | — | | | | | | — | | |
Shares Outstanding at Year End
|
| | | | 21,246,345 | | | | | | 22,181,003 | | | | | | 22,181,003 | | | | | | 19,320,100 | | | | | | 19,320,100 | | |
Balance Sheet Data(3) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Assets(2)
|
| | | $ | 381,682,536 | | | | | $ | 300,964,426 | | | | | $ | 397,843,071 | | | | | $ | 482,979,027 | | | | | $ | 374,569,437 | | |
Convertible Senior Notes payable 5.25% due September 15, 2018
|
| | | | 68,382,549 | | | | | | 67,512,798 | | | | | | 66,649,047 | | | | | | 65,795,284 | | | | | | 64,957,174 | | |
Convertible Senior Notes embedded derivative liability
|
| | | | — | | | | | | — | | | | | | — | | | | | | 1,000 | | | | | | 799,000 | | |
Total Liabilities
|
| | | | 176,919,670 | | | | | | 108,835,616 | | | | | | 129,832,126 | | | | | | 197,075,354 | | | | | | 86,602,993 | | |
Net Assets
|
| | | | 204,762,866 | | | | | | 192,128,810 | | | | | | 268,010,945 | | | | | | 285,903,673 | | | | | | 287,966,444 | | |
Portfolio Company
|
| |
Cost
|
| |
Fair
Value |
| |
% of Net
Asset Value |
| |||||||||
Palantir Technologies, Inc.
|
| | | $ | 16,189,935 | | | | | $ | 35,075,759 | | | | | | 17.1% | | |
Spotify Technology S.A.
|
| | | | 10,002,084 | | | | | | 30,729,068 | | | | | | 15.0 | | |
Coursera, Inc.
|
| | | | 14,519,519 | | | | | | 18,360,674 | | | | | | 9.0 | | |
Dropbox, Inc.
|
| | | | 13,656,926 | | | | | | 17,875,696 | | | | | | 8.7 | | |
StormWind, LLC
|
| | | | 6,130,474 | | | | | | 13,453,718 | | | | | | 6.6 | | |
General Assembly Space, Inc.
|
| | | | 5,999,961 | | | | | | 10,840,866 | | | | | | 5.3 | | |
Lyft Inc.
|
| | | | 4,296,334 | | | | | | 10,123,515 | | | | | | 4.9 | | |
Course Hero, Inc.
|
| | | | 5,000,001 | | | | | | 10,041,426 | | | | | | 4.9 | | |
NestGSV, Inc. (d.b.a. GSV Labs, Inc.)
|
| | | | 9,869,428 | | | | | | 9,683,581 | | | | | | 4.7 | | |
Chegg, Inc.
|
| | | | 6,008,468 | | | | | | 8,160,000 | | | | | | 4.0 | | |
Total
|
| | | $ | 91,673,130 | | | | | $ | 164,344,303 | | | | | | 80.2% | | |
|
| | |
As of December 31, 2017
|
| |||||||||
| | |
Actual
|
| |
As Adjusted
for this Offering(1) |
| ||||||
| | |
(Dollars in thousands)
|
| |||||||||
Cash
|
| | | $ | 59,839 | | | | | $ | 98,039 | | |
Total assets
|
| | | $ | 381,683 | | | | | $ | 419,883 | | |
Borrowings
|
| | | $ | 69,000 | | | | | $ | 109,000 | | |
Notes Offered hereby
|
| | | $ | — | | | | | $ | 40,000 | | |
2013 Convertible Notes
|
| | | $ | 69,000 | | | | | $ | 69,000 | | |
Common stock, par value $0.001 per share; 100,000,000 shares authorized, 21,246,345 shares issued and outstanding respectively
|
| | | $ | 212 | | | | | $ | 212 | | |
Capital in excess of par value
|
| | | $ | 202,584 | | | | | $ | 202,584 | | |
Distributable earnings(2)
|
| | | $ | 1,967 | | | | | $ | 166 | | |
Total stockholders’ equity
|
| | | $ | 204,763 | | | | | $ | 202,963 | | |
Total capitalization
|
| | | $ | 273,763 | | | | | $ | 311,963 | | |
| | | | | | | | |
Price Range
|
| |
High Close Price as
a Premium/ (Discount) to NAV(2) |
| |
Low Close Price as
a Premium/ (Discount) to NAV(2) |
| |||||||||||||||
| | |
NAV(1)
|
| |
High
|
| |
Low
|
| |||||||||||||||||||||
Fiscal 2018 | | | | | | | |||||||||||||||||||||||||
First Quarter (through March 22, 2018)
|
| | | | * | | | | | | 9.18 | | | | | | 5.58 | | | | | | * | | | | | | * | | |
Fiscal 2017 | | | | | | | |||||||||||||||||||||||||
Fourth Quarter
|
| | | $ | 9.64 | | | | | $ | 6.62 | | | | | $ | 5.27 | | | | | | (31.3)% | | | | | | (45.3)% | | |
Third Quarter
|
| | | | 9.69 | | | | | | 5.41 | | | | | | 3.86 | | | | | | (44.2) | | | | | | (60.2) | | |
Second Quarter
|
| | | | 9.11 | | | | | | 4.71 | | | | | | 4.29 | | | | | | (48.3) | | | | | | (52.9) | | |
First Quarter
|
| | | | 8.83 | | | | | | 5.52 | | | | | | 4.43 | | | | | | (37.5) | | | | | | (49.8) | | |
Fiscal 2016 | | | | | | | |||||||||||||||||||||||||
Fourth Quarter
|
| | | $ | 8.66 | | | | | $ | 5.15 | | | | | $ | 4.50 | | | | | | (40.5)% | | | | | | (48.0)% | | |
Third Quarter
|
| | | | 10.08 | | | | | | 5.85 | | | | | | 4.61 | | | | | | (42.0) | | | | | | (54.3) | | |
Second Quarter
|
| | | | 10.22 | | | | | | 6.03 | | | | | | 4.60 | | | | | | (41.0) | | | | | | (55.0) | | |
First Quarter
|
| | | | 10.96 | | | | | | 6.73 | | | | | | 5.41 | | | | | | (38.6) | | | | | | (50.6) | | |
Date Declared
|
| |
Record Date
|
| |
Payment Date
|
| |
Amount
per Share |
| |||
Fiscal 2015: | | | | | |||||||||
November 4, 2015(1)
|
| |
November 16, 2015
|
| |
December 31, 2015
|
| | | $ | 2.76 | | |
Fiscal 2016: | | | | | |||||||||
August 3, 2016(2)
|
| |
August 16, 2016
|
| |
August 24, 2016
|
| | | | 0.04 | | |
Total | | | | | | | | | |
$
|
2.80
|
| |
|
| | |
Quarter Ended December 31, 2017
|
| |
Year Ended December 31, 2017
|
| ||||||||||||||||||
Portfolio Company
|
| |
Net Proceeds
|
| |
Realized
Gains/(Losses)(1) |
| |
Net Proceeds
|
| |
Realized
Gains/(Losses)(1) |
| ||||||||||||
AliphCom, Inc. (d/b/a Jawbone)
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | (793,152) | | |
AlwaysOn, Inc.
|
| | | | — | | | | | | — | | | | | | — | | | | | | (1,903,414) | | |
Beamreach Solar, Inc. (f/k/a Solexel, Inc.)
|
| | | | — | | | | | | — | | | | | | — | | | | | | (14,272,840) | | |
Cricket Media (f/k/a ePals Corporation)
|
| | | | — | | | | | | — | | | | | | — | | | | | | (2,448,959) | | |
EarlyShares.com, Inc.
|
| | | | — | | | | | | — | | | | | | — | | | | | | (312,438) | | |
Orchestra One, Inc. (f/k/a Learnist, Inc.)
|
| | | | — | | | | | | — | | | | | | — | | | | | | (4,959,614) | | |
Global Education Learning (Holdings) Ltd.
|
| | | | — | | | | | | — | | | | | | — | | | | | | (675,495) | | |
Snap, Inc.
|
| | | | — | | | | | | — | | | | | | 4,033,360 | | | | | | 31,090 | | |
JAMF Holdings, Inc.(2)
|
| | | | 34,931,287 | | | | | | 25,474,575 | | | | | | 34,931,287 | | | | | | 25,474,575 | | |
Spotify Technology S.A.(3)
|
| | | | 13,896,600 | | | | | | 10,299,111 | | | | | | 13,896,600 | | | | | | 10,299,111 | | |
Dataminr, Inc.
|
| | | | 4,803,384 | | | | | | 1,635,673 | | | | | | 4,803,384 | | | | | | 1,635,673 | | |
Whittle Schools, LLC
|
| | | | 4,575,000 | | | | | | (181,045) | | | | | | 4,575,000 | | | | | | (181,045) | | |
Chegg, Inc.(3)
|
| | | | 4,506,108 | | | | | | 1,241,122 | | | | | | 10,246,005 | | | | | | 2,231,611 | | |
Strategic Data Command, LLC(2)
|
| | | | 2,454,652 | | | | | | 1,524,374 | | | | | | 2,454,652 | | | | | | 1,524,374 | | |
Palantir Technologies, Inc.(3)
|
| | | | 2,091,501 | | | | | | 1,078,692 | | | | | | 2,091,501 | | | | | | 1,078,692 | | |
Circle Media (f/k/a S3 Digital Corp. (d/b/a S3i)
|
| | | | — | | | | | | (1,839,914) | | | | | | — | | | | | | (1,839,914) | | |
Handle Financial, Inc. (f/k/a PayNearMe, Inc.)
|
| | | | — | | | | | | (14,000,398) | | | | | | — | | | | | | (14,000,398) | | |
Total Disposals
|
| | | $ | 67,258,532 | | | | | $ | 25,232,190 | | | | | $ | 77,031,789 | | | | | $ | 887,857 | | |
|
Fundings by Portfolio Company (Industry)
|
| |
Year Ended
December 31, 2016 |
| |||
Beamreach Solar, Inc. (f/k/a Solexel, Inc.) (Solar Power)
|
| | | $ | 250,000 | | |
Curious.com Inc. (Online Education)
|
| | | | 2,000,003 | | |
Fullbridge, Inc. (Business Education)
|
| | | | 1,000,000 | | |
Lytro, Inc. (Light Field Imaging Platform)
|
| | | | 3,000,002 | | |
NestGSV, Inc. (d/b/a GSV Labs, Inc.) (Global Innovation Platform)
|
| | | | 1,526,000 | | |
Ozy Media, Inc. (Digital Media Platform)
|
| | | | 2,000,000 | | |
Snap Inc. (f/k/a Snapchat, Inc.) (Social Communication)
|
| | | | 3,999,990 | | |
Capitalized Fees(1)
|
| | | | 27,347 | | |
Total Gross Payments
|
| | | $ | 13,803,342 | | |
|
| | |
Year Ended December 31, 2016
|
| |||||||||
Portfolio Company
|
| |
Net Proceeds
|
| |
Realized
Gains/(Losses)(1) |
| ||||||
Bloom Energy Corporation
|
| | | $ | 2,973,438 | | | | | $ | (882,162) | | |
Gilt Groupe Holdings, Inc.(2)
|
| | | | 429,261 | | | | | | (6,165,173) | | |
Lyft, Inc.
|
| | | | 7,651,890 | | | | | | 4,430,220 | | |
NestGSV, Inc.
|
| | | | 500,000 | | | | | | — | | |
Twitter, Inc.
|
| | | | 14,578,469 | | | | | | 306,603 | | |
Upwork Global Inc. (f/k/a Odesk Corporation)
|
| | | | 108,531 | | | | | | (77,819) | | |
Total Disposals
|
| | | $ | 26,241,589 | | | | | $ | (2,388,331) | | |
|
Fundings by Portfolio Company (Industry)
|
| |
Year Ended
December 31, 2015 |
| |||
NestGSV, Inc. (d/b/a GSV Labs, Inc.) (Global Innovation Platform)
|
| | | $ | 3,499,999 | | |
Fullbridge, Inc. (Business Education)
|
| | | | 964,042 | | |
Lyft, Inc. (Peer to Peer Ridesharing)
|
| | | | 2,499,985 | | |
Handle Financial, Inc. (f/k/a PayNearMe, Inc.). (Cash Payment Network)
|
| | | | 3,999,998 | | |
GSV Sustainability Partners (Clean Technology)
|
| | | | 2,300,000 | | |
Earlyshares.com, Inc. (Equity Crowdfunding)
|
| | | | 50,000 | | |
Enjoy Technology, Inc. (On-Demand Commerce)
|
| | | | 4,000,000 | | |
Aspiration Partners, Inc. (Financial Services)
|
| | | | 999,975 | | |
Declara, Inc. (Social Cognitive Learning)
|
| | | | 2,000,000 | | |
EdSurge, Inc. (Education Media Platform)
|
| | | | 500,000 | | |
Circle Media (f/k/a S3 Digital Corp. (d/b/a S3i)) (Sports Analytics)
|
| | | | 25,000 | | |
Spotify Technology S.A. (Music Streaming Service)
|
| | | | 10,001,100 | | |
Capitalized Fees(1)
|
| | | | 115,420 | | |
Total Gross Payments
|
| | | $ | 30,955,519 | | |
|
| | |
Year Ended December 31, 2015
|
| |||||||||
Portfolio Company
|
| |
Net Proceeds
|
| |
Realized
Gains/(Losses)(1) |
| ||||||
2U, Inc. (f/k/a 2tor, Inc.)
|
| | | $ | 47,192,835 | | | | | $ | 37,160,718 | | |
DailyBreak, Inc.
|
| | | | 3,000 | | | | | | (2,854,204) | | |
Global Education Learning (Holdings) Ltd.(2)
|
| | | | 3,660,394 | | | | | | — | | |
NewZoom, Inc.
|
| | | | — | | | | | | (260,476) | | |
SugarCRM, Inc.
|
| | | | 1,874,000 | | | | | | 549,710 | | |
Twitter, Inc.
|
| | | | 40,166,211 | | | | | | 26,886,514 | | |
Totus Solutions, Inc.(3)
|
| | | | 50,000 | | | | | | (6,052,203) | | |
The rSmart Group, Inc.
|
| | | | 5,000 | | | | | | (1,264,160) | | |
Total Disposals
|
| | | $ | 92,951,440 | | | | | $ | 54,165,899 | | |
|
| | |
Year Ended December 31,
|
| |||||||||||||||
| | |
2017
|
| |
2016
|
| |
2015
|
| |||||||||
Total Investment Income
|
| | | $ | 852,768 | | | | | $ | 736,283 | | | | | $ | 290,896 | | |
Interest income
|
| | | | 304,672 | | | | | | 523,488 | | | | | | 244,115 | | |
Dividend income
|
| | | | 475,000 | | | | | | — | | | | | | 46,781 | | |
Other income
|
| | | | 73,096 | | | | | | 212,795 | | | | | | — | | |
Gross Operating Expenses
|
| | | | 22,439,855 | | | | | | 1,999,646 | | | | | | 26,978,235 | | |
Management fee waiver
|
| | | | (708,272) | | | | | | — | | | | | | — | | |
Net Operating Expenses
|
| | | | 21,731,583 | | | | | | 1,999,646 | | | | | | 26,978,235 | | |
Management fees
|
| | | | 5,666,176 | | | | | | 6,896,347 | | | | | | 8,044,801 | | |
Incentive fees/(reversal of incentive fee accrual)
|
| | | | 7,151,641 | | | | | | (15,188,121) | | | | | | 8,170,326 | | |
Costs incurred under Administration Agreement
|
| | | | 1,874,839 | | | | | | 2,545,316 | | | | | | 2,681,079 | | |
Directors’ fees
|
| | | | 328,480 | | | | | | 345,000 | | | | | | 373,676 | | |
Professional fees
|
| | | | 2,068,668 | | | | | | 1,966,906 | | | | | | 1,357,988 | | |
Interest expense
|
| | | | 4,696,819 | | | | | | 4,731,430 | | | | | | 4,961,169 | | |
Tax expense
|
| | | | 52,901 | | | | | | — | | | | | | 880,778 | | |
Other expenses
|
| | | | 600,331 | | | | | | 702,768 | | | | | | 509,418 | | |
Gain on fair value adjustment for embedded
derivative |
| | | | — | | | | | | — | | | | | | (1,000) | | |
Reversal of benefit from taxes on net investment
loss(1) |
| | | | — | | | | | | — | | | | | | (21,969,370) | | |
Net investment loss
|
| | | | (20,878,815) | | | | | | (1,263,363) | | | | | | (48,656,709) | | |
Net realized gain/(loss) on investments
|
| | | | 913,982 | | | | | | (2,634,471) | | | | | | 54,144,229 | | |
Reversal of provision for taxes on net realized gains on investments(1)
|
| | | | — | | | | | | — | | | | | | 342,802 | | |
Net change in unrealized appreciation/(depreciation) of investments
|
| | | | 34,775,696 | | | | | | (73,213,845) | | | | | | (13,422,245) | | |
Benefit from taxes on unrealized depreciation of investments(1)(2)
|
| | | | 2,757,070 | | | | | | 2,116,784 | | | | | | 16,058,080 | | |
Net increase/(decrease) in net assets resulting from
operations |
| | | $ | 17,567,933 | | | | | $ | (74,994,895) | | | | | $ | 8,466,157 | | |
Portfolio Company
|
| |
Net Change in
Unrealized Appreciation/ (Depreciation) For the Year Ended December 31, 2017 |
| |||
Spotify Technology S.A.(2)
|
| | | $ | 15,394,865 | | |
Beamreach Solar, Inc. (f/k/a Solexel, Inc.)(1)
|
| | | | 14,272,843 | | |
Handle Financial, Inc. (f/k/a PayNearMe, Inc.)(1)
|
| | | | 13,835,988 | | |
Chegg, Inc.(2)
|
| | | | 7,445,390 | | |
Orchestra One, Inc. (f/k/a Learnist Inc.)(1)
|
| | | | 4,959,614 | | |
Dropbox Inc.
|
| | | | 4,685,212 | | |
NestGSV, Inc. (d/b/a GSV Labs, Inc.)
|
| | | | 4,308,957 | | |
Coursera, Inc.
|
| | | | 3,849,819 | | |
StormWind, LLC
|
| | | | 3,832,681 | | |
Lyft, Inc.
|
| | | | 2,671,022 | | |
Cricket Media (f/k/a ePals Inc.)(1)
|
| | | | 2,448,959 | | |
AlwaysOn, Inc.(1)
|
| | | | 1,903,414 | | |
Aspiration Partners, Inc.
|
| | | | 1,440,417 | | |
Circle Media (f.k.a. S3 Digital Corp.(d/b/a S3i)(1)
|
| | | | 1,325,033 | | |
Strategic Data Command, LLC(2)
|
| | | | (1,063,278) | | |
Maven Research, Inc.
|
| | | | (1,672,521) | | |
Dataminr, Inc.(2)
|
| | | | (2,348,736) | | |
General Assembly Space, Inc.
|
| | | | (2,905,898) | | |
SugarCRM, Inc.
|
| | | | (2,893,050) | | |
SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.)
|
| | | | (3,239,916) | | |
JAMF Holdings, Inc.(2)
|
| | | | (3,856,826) | | |
Curious.com, Inc.
|
| | | | (4,470,877) | | |
Palantir Technologies, Inc.(2)
|
| | | | (5,424,238) | | |
Ozy Media, Inc.
|
| | | | (5,518,893) | | |
Declara Inc.
|
| | | | (6,111,907) | | |
Lytro, Inc.
|
| | | | (8,793,884) | | |
Other(3) | | | | | 701,506 | | |
Total
|
| | | $ | 34,775,696 | | |
|
Portfolio Company
|
| |
Net Change in
Unrealized Appreciation/ (Depreciation) For the Year Ended December 31, 2016 |
| |||
Palantir Technologies, Inc.
|
| | | $ | (14,844,283) | | |
Beamreach Solar, Inc. (f/k/a Solexel, Inc.)
|
| | | | (14,281,910) | | |
Handle Financial, Inc. (f/k/a PayNearMe, Inc.).
|
| | | | (13,810,477) | | |
Dropbox, Inc.
|
| | | | (9,041,704) | | |
Fullbridge, Inc.
|
| | | | (5,904,068) | | |
Dataminr, Inc.
|
| | | | (5,875,388) | | |
Avenues Global Holdings, LLC
|
| | | | (4,886,897) | | |
Declara Inc.
|
| | | | (4,506,983) | | |
Twitter, Inc.(2)
|
| | | | (4,254,018) | | |
SugarCRM, Inc.
|
| | | | (3,866,388) | | |
Lyft, Inc.(2)
|
| | | | (3,305,991) | | |
NestGSV, Inc. (d/b/a GSV Labs, Inc.)
|
| | | | (2,827,142) | | |
Curious.com Inc.
|
| | | | (2,011,360) | | |
SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.)
|
| | | | (1,940,222) | | |
Ozy Media, Inc.
|
| | | | (1,518,995) | | |
Knewton, Inc.
|
| | | | (1,171,677) | | |
Strategic Data Command, LLC
|
| | | | 1,050,905 | | |
General Assembly Space, Inc.
|
| | | | 2,225,392 | | |
Spotify Technology S.A.
|
| | | | 2,711,991 | | |
JAMF Holdings, Inc.
|
| | | | 3,133,955 | | |
Course Hero, Inc.
|
| | | | 5,532,303 | | |
Gilt Groupe Holdings, Inc.(2)
|
| | | | 6,055,046 | | |
Other(3) | | | | | 124,066 | | |
Total
|
| | | $ | (73,213,845) | | |
|
Portfolio Company
|
| |
Net Change in
Unrealized Appreciation/ (Depreciation) For the Year Ended December 31, 2015 |
| |||
2U, Inc. (f/k/a 2tor, Inc.)(2)
|
| | | $ | (13,310,392) | | |
Palantir Technologies, Inc.
|
| | | | 10,877,933 | | |
Dataminr, Inc.
|
| | | | 7,443,644 | | |
Lyft, Inc.
|
| | | | 6,466,730 | | |
Totus Solutions, Inc.(1)
|
| | | | 5,894,116 | | |
General Assembly Space, Inc.
|
| | | | 5,395,948 | | |
Dailybreak, Inc.(1)
|
| | | | 2,857,204 | | |
The rSmart Group, Inc.(1)
|
| | | | 1,074,654 | | |
Circle Media (f/k/a S3 Digital Corp. (d/b/a S3i))
|
| | | | (1,050,872) | | |
Gilt Groupe Holdings, Inc.
|
| | | | (2,628,721) | | |
Dropbox, Inc.
|
| | | | (2,836,295) | | |
Orchestra One, Inc. (f/k/a Learnist Inc.)
|
| | | | (5,374,947) | | |
Twitter, Inc.(2)
|
| | | | (25,607,941) | | |
Other(3) | | | | | (2,623,306) | | |
Total
|
| | | $ | (13,422,245) | | |
|
Cash Reserves and Liquid Securities
|
| |
December 31,
2017 |
| |
December 31,
2016 |
| |
December 31,
2015 |
| |||||||||
Cash
|
| | | $ | 59,838,600 | | | | | $ | 8,332,634 | | | | | $ | 13,349,877 | | |
Borrowing availability under the Credit Facility(1)
|
| | | | 12,000,000 | | | | | | — | | | | | | 18,000,000 | | |
Securities of publicly traded portfolio companies: | | | | | | | | | | | | | | | | | | | |
Unrestricted securities(2)
|
| | | | 8,160,000 | | | | | | 8,729,005 | | | | | | 26,486,074 | | |
Subject to other sales restrictions(3)
|
| | | | — | | | | | | — | | | | | | 67,296 | | |
Total securities of publicly traded portfolio companies
|
| | | | 8,160,000 | | | | | | 8,729,005 | | | | | | 26,553,370 | | |
Total Cash Reserves and Liquid Securities
|
| | | $ | 79,998,600 | | | | | $ | 17,061,639 | | | | | $ | 57,903,247 | | |
|
| | |
Payments Due By Period (dollars in millions)
|
| |||||||||||||||||||||||||||
| | |
Total
|
| |
Less than
1 year |
| |
1 – 3 years
|
| |
3 – 5 years
|
| |
More than
5 years |
| |||||||||||||||
Payable for securities purchased(1)
|
| | | $ | 89.5 | | | | | $ | 89.5 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Credit Facility payable(2)(3)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
2013 Convertible Notes(4)
|
| | | | 69.0 | | | | | | 69.0 | | | | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | $ | 158.5 | | | | | $ | 158.5 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
|
Basis Point Change(1)
|
| |
Interest
Income |
| |
Interest
Expense |
| |
Net
Income/(Loss) |
| |||||||||
Up 300 Basis points
|
| | | $ | — | | | | | $ | 330,000 | | | | | $ | (330,000) | | |
Up 200 Basis points
|
| | | $ | — | | | | | $ | 220,000 | | | | | $ | (220,000) | | |
Up 100 Basis points
|
| | | $ | — | | | | | $ | 110,000 | | | | | $ | (110,000) | | |
Down 100 Basis points
|
| | | $ | — | | | | | $ | (110,000) | | | | | $ | 110,000 | | |
Down 200 Basis points
|
| | | $ | — | | | | | $ | (220,000) | | | | | $ | 220,000 | | |
Down 300 Basis points
|
| | | $ | — | | | | | $ | (330,000) | | | | | $ | 330,000 | | |
Class and Year
|
| |
Total Amount
Outstanding Exclusive of Treasury Securities(1) |
| |
Asset
Coverage Ratio Per Unit(2) |
| |
Involuntary
Liquidation Preference Per Unit(3) |
| |
Average
Market Value Per Unit(4) |
| ||||||||||||
2013 Convertible Notes | | | | | | ||||||||||||||||||||
Fiscal 2017
|
| | | $ | 69,000,000 | | | | | $ | 3,968 | | | | | | — | | | | | | N/A | | |
Fiscal 2016
|
| | | | 69,000,000 | | | | | | 3,784 | | | | | | — | | | | | | N/A | | |
Fiscal 2015
|
| | | | 69,000,000 | | | | | | 4,884 | | | | | | — | | | | | | N/A | | |
Fiscal 2014
|
| | | | 69,000,000 | | | | | | 4,286 | | | | | | — | | | | | | N/A | | |
Fiscal 2013
|
| | | | 69,000,000 | | | | | | 5,173 | | | | | | — | | | | | | N/A | | |
Fiscal 2012
|
| | | | — | | | | | | — | | | | | | — | | | | | | N/A | | |
Fiscal 2011
|
| | | | — | | | | | | — | | | | | | — | | | | | | N/A | | |
Credit Facility | | | | | | ||||||||||||||||||||
Fiscal 2017(5)
|
| | | $ | — | | | | | $ | 3,968 | | | | | | — | | | | | | N/A | | |
Fiscal 2016(6)
|
| | | | — | | | | | | 3,784 | | | | | | — | | | | | | N/A | | |
Fiscal 2015(6)
|
| | | | — | | | | | | 4,884 | | | | | | — | | | | | | N/A | | |
Fiscal 2014(6)
|
| | | | 18,000,000 | | | | | | 4,286 | | | | | | — | | | | | | N/A | | |
Fiscal 2013
|
| | | | — | | | | | | 5,173 | | | | | | — | | | | | | N/A | | |
Fiscal 2012
|
| | | | — | | | | | | — | | | | | | — | | | | | | N/A | | |
Fiscal 2011
|
| | | | — | | | | | | — | | | | | | — | | | | | | N/A | | |
| | |
For the
Year Ended December 31, 2017 |
| |
For the
Year Ended December 31, 2016 |
| |
For the
Year Ended December 31, 2015 |
| |
For the
Year Ended December 31, 2014 |
| |
For the
Year Ended December 31, 2013 |
| |
For the
Year Ended December 31, 2012 |
| ||||||||||||||||||
Earnings to Fixed Charges(1)(2)
|
| | | | 4.15:1 | | | | | | (15.30):1 | | | | | | 3.83:1 | | | | | | 0.37:1 | | | | | | 35.17:1 | | | | | | N/A | | |
| | |
Stock Price
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective Date
|
| |
$8.93
|
| |
$10.00
|
| |
$10.72
|
| |
$15.00
|
| |
$20.00
|
| |
$25.00
|
| |
$30.00
|
| |
$35.00
|
| |
$40.00
|
| |
$48.00
|
| ||||||||||||||||||||||||||||||
Year 0
|
| | | | 20.5677 | | | | | | 16.0130 | | | | | | 13.7360 | | | | | | 6.6320 | | | | | | 3.737 | | | | | | 2.3928 | | | | | | 1.5517 | | | | | | 0.9554 | | | | | | 0.5073 | | | | | | 0 | | |
Year 1
|
| | | | 19.2027 | | | | | | 14.4100 | | | | | | 12.0802 | | | | | | 5.0740 | | | | | | 2.6245 | | | | | | 1.6776 | | | | | | 1.0997 | | | | | | 0.6894 | | | | | | 0.3813 | | | | | | 0 | | |
Year 2
|
| | | | 18.1377 | | | | | | 12.9070 | | | | | | 10.4944 | | | | | | 3.4627 | | | | | | 1.3890 | | | | | | 0.8908 | | | | | | 0.5927 | | | | | | 0.3800 | | | | | | 0.2200 | | | | | | 0 | | |
Year 3
|
| | | | 17.3841 | | | | | | 11.2550 | | | | | | 8.6651 | | | | | | 2.0513 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Year 4
|
| | | | 17.5801 | | | | | | 9.4010 | | | | | | 6.1810 | | | | | | 1.3447 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Year 5
|
| | | | 20.5677 | | | | | | 8.5860 | | | | | | 1.8694 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Underwriter
|
| |
Principal
Amount of Note |
| |||
BTIG, LLC
|
| | | $ | 40,000,000 | | |
Total
|
| | | $ | 40,000,000 | | |
| | |
No Exercise
|
| |
Full Exercise
|
| ||||||
Per note
|
| | | $ | 40 | | | | | $ | 40 | | |
Total
|
| | | $ | 1,600,000 | | | | | $ | 1,840,000 | | |
| | |
Page
|
| |||
| | | | S-98 | | | |
| | | | S-99 | | | |
| | | | S-100 | | | |
| | | | S-101 | | | |
| | | | S-103 | | | |
| | | | S-104 | | | |
| | | | S-105 | | | |
| | | | S-110 | | | |
| | | | S-116 | | |
| | |
December 31,
2017 |
| |
December 31,
2016 |
| ||||||
ASSETS | | | | | | | | | | | | | |
Investments at fair value: | | | | | | | | | | | | | |
Non-controlled/non-affiliate investments (cost of $137,526,726 and $204,101,445, respectively)
|
| | | $ | 179,908,234 | | | | | $ | 200,532,890 | | |
Non-controlled/affiliate investments (cost of $41,886,312 and $51,773,388, respectively)
|
| | | | 16,473,098 | | | | | | 42,444,690 | | |
Controlled investments (cost of $23,161,314 and $22,893,441, respectively)
|
| | | | 24,207,161 | | | | | | 19,037,566 | | |
Investments in U.S. Treasury bills (cost of $99,985,833 and $29,998,750,
respectively) |
| | | | 99,994,000 | | | | | | 29,998,490 | | |
Total Investments (cost of $302,560,185 and $308,767,024, respectively)
|
| | | | 320,582,493 | | | | | | 292,013,636 | | |
Cash
|
| | | | 59,838,600 | | | | | | 8,332,634 | | |
Due from: | | | | | | | | | | | | | |
Controlled investments
|
| | | | 840 | | | | | | — | | |
Escrow proceeds receivable
|
| | | | 603,456 | | | | | | — | | |
Interest and dividends receivable
|
| | | | 35,141 | | | | | | 92,946 | | |
Prepaid expenses and other assets
|
| | | | 208,983 | | | | | | 213,942 | | |
Deferred financing costs
|
| | | | 413,023 | | | | | | 311,268 | | |
Total Assets
|
| | | | 381,682,536 | | | | | | 300,964,426 | | |
LIABILITIES | | | | | | | | | | | | | |
Due to: | | | | | | | | | | | | | |
GSV Asset Management(1)
|
| | | | 231,697 | | | | | | 422,025 | | |
Accounts payable and accrued expenses
|
| | | | 458,203 | | | | | | 335,611 | | |
Accrued incentive fees(1)
|
| | | | 9,278,085 | | | | | | 2,126,444 | | |
Accrued management fees, net of waiver of management fees(1)
|
| | | | 424,447 | | | | | | 524,054 | | |
Accrued interest payable
|
| | | | 1,056,563 | | | | | | 1,056,563 | | |
Payable for securities purchased
|
| | | | 89,485,825 | | | | | | 26,498,750 | | |
Deferred tax liability
|
| | | | 7,602,301 | | | | | | 10,359,371 | | |
Convertible Senior Notes Payable 5.25% due September 15, 2018(2)
|
| | | | 68,382,549 | | | | | | 67,512,798 | | |
Total Liabilities
|
| | | | 176,919,670 | | | | | | 108,835,616 | | |
Commitments and contingencies (Notes 7 and 10) | | | | | | | | | | | | | |
Net Assets
|
| | | $ | 204,762,866 | | | | | $ | 192,128,810 | | |
NET ASSETS | | | | | | | | | | | | | |
Common stock, par value $0.01 per share (100,000,000 authorized; 21,246,345 and 22,181,003 issued and outstanding, respectively)
|
| | | $ | 212,463 | | | | | $ | 221,810 | | |
Paid-in capital in excess of par
|
| | | | 202,584,012 | | | | | | 221,237,636 | | |
Accumulated net investment loss
|
| | | | (8,593,717) | | | | | | (1,443,996) | | |
Accumulated net realized gains/(losses) on investments
|
| | | | 140,100 | | | | | | (773,882) | | |
Accumulated net unrealized appreciation/(depreciation) of investments
|
| | | | 10,420,008 | | | | | | (27,112,758) | | |
Net Assets
|
| | | $ | 204,762,866 | | | | | $ | 192,128,810 | | |
Net Asset Value Per Share
|
| | | $ | 9.64 | | | | | $ | 8.66 | | |
|
| | |
Year Ended
December 31, 2017 |
| |
Year Ended
December 31, 2016 |
| |
Year Ended
December 31, 2015 |
| |||||||||
INVESTMENT INCOME | | | | | | | | | | | | | | | | | | | |
Non-controlled/non-affiliate investments: | | | | | | | | | | | | | | | | | | | |
Interest income/(reversal of interest accrual)
|
| | | $ | (4,627) | | | | | $ | 262,473 | | | | | $ | 29,695 | | |
Dividend income
|
| | | | — | | | | | | — | | | | | | 46,781 | | |
Other income
|
| | | | 73,096 | | | | | | 212,795 | | | | | | — | | |
Non-controlled/affiliate investments: | | | | | | | | | | | | | | | | | | | |
Interest income
|
| | | | 59,460 | | | | | | 159,016 | | | | | | 214,420 | | |
Controlled investments: | | | | | | | | | | | | | | | | | | | |
Interest income
|
| | | | 249,839 | | | | | | 101,999 | | | | | | — | | |
Dividend income
|
| | | | 475,000 | | | | | | — | | | | | | — | | |
Total Investment Income
|
| | | | 852,768 | | | | | | 736,283 | | | | | | 290,896 | | |
OPERATING EXPENSES | | | | | | | | | | | | | | | | | | | |
Management fees(2)
|
| | | | 5,666,176 | | | | | | 6,896,347 | | | | | | 8,044,801 | | |
Incentive fees/(reversal of incentive fee accrual)(2)
|
| | | | 7,151,641 | | | | | | (15,188,121) | | | | | | 8,170,326 | | |
Costs incurred under Administration Agreement(1)
|
| | | | 1,874,839 | | | | | | 2,545,316 | | | | | | 2,681,079 | | |
Directors’ fees
|
| | | | 328,480 | | | | | | 345,000 | | | | | | 373,676 | | |
Professional fees
|
| | | | 2,068,668 | | | | | | 1,966,906 | | | | | | 1,357,988 | | |
Interest expense
|
| | | | 4,696,819 | | | | | | 4,731,430 | | | | | | 4,961,169 | | |
Tax expense
|
| | | | 52,901 | | | | | | — | | | | | | 880,778 | | |
Other expenses
|
| | | | 600,331 | | | | | | 702,768 | | | | | | 509,418 | | |
Gain on fair value adjustment for embedded derivative
|
| | | | — | | | | | | — | | | | | | (1,000) | | |
Total Operating Expenses
|
| | | | 22,439,855 | | | | | | 1,999,646 | | | | | | 26,978,235 | | |
Management fee waiver(2)
|
| | | | (708,272) | | | | | | — | | | | | | — | | |
Total operating expenses, net of waiver of management fees
|
| | | | 21,731,583 | | | | | | 1,999,646 | | | | | | 26,978,235 | | |
Reversal of benefit from taxes on net investment loss(3)
|
| | | | — | | | | | | — | | | | | | (21,969,370) | | |
Net Investment Loss
|
| | | | (20,878,815) | | | | | | (1,263,363) | | | | | | (48,656,709) | | |
Realized Gains/(Losses) on Investments: | | | | | | | | | | | | | | | | | | | |
Non-controlled/non-affiliated investments
|
| | | | 3,989,476 | | | | | | (2,634,471) | | | | | | 64,314,796 | | |
Non-controlled/affiliate investments
|
| | | | (3,075,494) | | | | | | — | | | | | | (10,170,567) | | |
Net Realized Gains/(Losses) on Investments
|
| | | | 913,982 | | | | | | (2,634,471) | | | | | | 54,144,229 | | |
Reversal of provision for taxes on net realized gain on investments(3)
|
| | | | — | | | | | | — | | | | | | 342,802 | | |
Change in Unrealized Appreciation/(Depreciation) of Investments:
|
| | | | | | | | | | | | | | | | | | |
Non-controlled/non-affiliated investments
|
| | | | 45,958,490 | | | | | | (54,745,095) | | | | | | (14,181,484) | | |
Non-controlled/affiliate investments
|
| | | | (16,084,516) | | | | | | (13,571,477) | | | | | | 1,386,378 | | |
Controlled investments
|
| | | | 4,901,722 | | | | | | (4,897,273) | | | | | | (627,139) | | |
Net Change in Unrealized Appreciation/(Depreciation) of Investments
|
| | | | 34,775,696 | | | | | | (73,213,845) | | | | | | (13,422,245) | | |
Benefit from taxes on unrealized depreciation of investments(3)(5)
|
| | | | 2,757,070 | | | | | | 2,116,784 | | | | | | 16,058,080 | | |
Net Increase/(Decrease) in Net Assets Resulting from Operations
|
| | | $ | 17,567,933 | | | | | $ | (74,994,895) | | | | | $ | 8,466,157 | | |
Net Increase/(Decrease) in Net Assets Resulting from Operations per Common Share
|
| | | | | | | | | | | | | | | | | | |
Basic
|
| | | $ | 0.80 | | | | | $ | (3.38) | | | | | $ | 0.44 | | |
Diluted(4)
|
| | | $ | 0.80 | | | | | $ | (3.38) | | | | | $ | 0.44 | | |
Weighted-Average Common Shares Outstanding | | | | | | | | | | | | | | | | | | | |
Basic
|
| | | | 21,924,490 | | | | | | 22,181,003 | | | | | | 19,327,938 | | |
Diluted(4)
|
| | | | 21,924,490 | | | | | | 22,181,003 | | | | | | 19,327,938 | | |
| | |
Year Ended
December 31, 2017 |
| |
Year Ended
December 31, 2016 |
| |
Year Ended
December 31, 2015 |
| |||||||||
Change in Net Assets Resulting from Operations | | | | | | | | | | | | | | | | | | | |
Net investment loss
|
| | | $ | (20,878,815) | | | | | $ | (1,263,363) | | | | | $ | (48,656,709) | | |
Net realized gains/(losses) on investments
|
| | | | 913,982 | | | | | | (2,634,471) | | | | | | 54,144,229 | | |
Reversal of provision for taxes on realized gains on investments(1)
|
| | | | — | | | | | | — | | | | | | 342,802 | | |
Net change in unrealized appreciation/(depreciation)of investments
|
| | | | 34,775,696 | | | | | | (73,213,845) | | | | | | (13,422,245) | | |
Benefit from taxes on unrealized depreciation of investments(1)
|
| | | | 2,757,070 | | | | | | 2,116,784 | | | | | | 16,058,080 | | |
Net Increase/(Decrease) in Net Assets Resulting from Operations
|
| | | | 17,567,933 | | | | | | (74,994,895) | | | | | | 8,466,157 | | |
Distributions from realized gains
|
| | | | — | | | | | | (820,753) | | | | | | (53,323,476) | | |
Distributions from return of capital
|
| | | | — | | | | | | (66,487) | | | | | | — | | |
Total distributions
|
| | | | — | | | | | | (887,240) | | | | | | (53,323,476) | | |
Change in Net Assets Resulting from Capital Transactions | | | | | | | | | | | | | | | | | | | |
Issuance of common stock
|
| | | | — | | | | | | — | | | | | | 26,964,591 | | |
Repurchases of common stock
|
| | | | (4,933,877) | | | | | | — | | | | | | — | | |
Net Increase/(Decrease) in Net Assets Resulting from Capital Transactions
|
| | | | (4,933,877) | | | | | | — | | | | | | 26,964,591 | | |
Total Increase/(Decrease) in Net Assets
|
| | | | 12,634,056 | | | | | | (75,882,135) | | | | | | (17,892,728) | | |
Net assets at beginning of year
|
| | | | 192,128,810 | | | | | | 268,010,945 | | | | | | 285,903,673 | | |
Net Assets at End of Year
|
| | | $ | 204,762,866 | | | | | $ | 192,128,810 | | | | | $ | 268,010,945 | | |
Capital Share Activity | | | | | | | | | | | | | | | | | | | |
Shares outstanding at beginning of year
|
| | | | 22,181,003 | | | | | | 22,181,003 | | | | | | 19,320,100 | | |
Shares issued
|
| | | | — | | | | | | — | | | | | | 2,860,903 | | |
Shares repurchased
|
| | | | (934,658) | | | | | | — | | | | | | — | | |
Shares Outstanding at End of Year
|
| | | | 21,246,345 | | | | | | 22,181,003 | | | | | | 22,181,003 | | |
|
| | |
Year Ended
December 31, 2017 |
| |
Year Ended
December 31, 2016 |
| |
Year Ended
December 31, 2015 |
| |||||||||
Cash Flows from Operating Activities | | | | | | | | | | | | | | | | | | | |
Net increase/(decrease) in net assets resulting from operations
|
| | | $ | 17,567,933 | | | | | $ | (74,994,895) | | | | | $ | 8,466,157 | | |
Adjustments to reconcile net increase/(decrease) in net assets resulting from operations to net cash provided by/(used in) operating activities:
|
| | | | | | | | | | | | | | | | | | |
Net realized (gains)/losses on investments
|
| | | | (913,982) | | | | | | 2,634,471 | | | | | | (54,144,229) | | |
Net change in unrealized (appreciation)/depreciation of investments
|
| | | | (34,775,696) | | | | | | 73,213,845 | | | | | | 13,422,245 | | |
Gain on fair value adjustment for embedded derivative
|
| | | | — | | | | | | — | | | | | | (1,000) | | |
Deferred tax liability
|
| | | | (2,757,070) | | | | | | (2,116,784) | | | | | | 5,568,489 | | |
Current taxes payable
|
| | | | — | | | | | | — | | | | | | (134,733) | | |
Amortization of discount on Convertible Senior Notes
|
| | | | 869,751 | | | | | | 863,751 | | | | | | 134,266 | | |
Amortization of deferred financing costs
|
| | | | 48,678 | | | | | | 210,999 | | | | | | 627,909 | | |
Amortization of fixed income security premiums and discounts
|
| | | | (139,544) | | | | | | (54,522) | | | | | | (78,212) | | |
Paid-in-kind-interest
|
| | | | (152,270) | | | | | | (447,009) | | | | | | — | | |
Non-cash dividend income
|
| | | | — | | | | | | — | | | | | | (46,781) | | |
Change in restricted cash
|
| | | | — | | | | | | 52,931 | | | | | | (4,042) | | |
Escrow proceeds receivable
|
| | | | 603,456 | | | | | | — | | | | | | — | | |
Purchases of investments in:
|
| | | | | | | | | | | | | | | | | | |
Portfolio investments
|
| | | | (191,274) | | | | | | (13,803,342) | | | | | | (30,927,038) | | |
U.S. Treasury bills
|
| | | | (360,031,336) | | | | | | (119,998,208) | | | | | | (255,015,475) | | |
Proceeds from sales or maturity of investments in:
|
| | | | | | | | | | | | | | | | | | |
Portfolio investments
|
| | | | 77,031,789 | | | | | | 26,241,589 | | | | | | 92,947,445 | | |
U.S. Treasury bills
|
| | | | 290,000,000 | | | | | | 120,000,000 | | | | | | 325,000,000 | | |
U.S. Treasury strips
|
| | | | — | | | | | | 3,685,000 | | | | | | 3,639,000 | | |
Change in operating assets and liabilities: | | | | | | | | | | | | | | | | | | | |
Due from GSV Asset Management(1)
|
| | | | — | | | | | | 220,770 | | | | | | (15,945) | | |
Due from controlled investments
|
| | | | (840) | | | | | | 56,371 | | | | | | 28,985 | | |
Prepaid expenses and other assets
|
| | | | 4,959 | | | | | | 13,884 | | | | | | 369,100 | | |
Interest and dividends receivable
|
| | | | 57,805 | | | | | | 4,237 | | | | | | (70,512) | | |
Escrow proceeds receivable
|
| | | | (603,456) | | | | | | — | | | | | | — | | |
Due to GSV Asset Management(1)
|
| | | | (190,328) | | | | | | (4,625,404) | | | | | | 5,024,033 | | |
Payable for securities purchased
|
| | | | 62,987,075 | | | | | | (607) | | | | | | (63,502,335) | | |
Accounts payable and accrued expenses
|
| | | | 122,592 | | | | | | 230,024 | | | | | | (187,363) | | |
Accrued incentive fees(1)
|
| | | | 7,151,641 | | | | | | (15,188,121) | | | | | | 3,176,666 | | |
Accrued management fees(1)
|
| | | | (99,607) | | | | | | (159,369) | | | | | | 42,147 | | |
Accrued interest payable
|
| | | | — | | | | | | — | | | | | | (82,895) | | |
Net Cash Provided by/(Used in) Operating Activities
|
| | | | 56,590,276 | | | | | | (3,960,389) | | | | | | 54,235,882 | | |
Cash Flows from Financing Activities | | | | | | | | | | | | | | | | | | | |
Borrowings under credit facility
|
| | | | 16,000,000 | | | | | | 3,500,000 | | | | | | 6,000,000 | | |
Repayments under credit facility
|
| | | | (16,000,000) | | | | | | (3,500,000) | | | | | | (24,000,000) | | |
Repurchases of common stock
|
| | | | (4,933,877) | | | | | | — | | | | | | — | | |
Dividends paid
|
| | | | — | | | | | | (887,240) | | | | | | (26,358,885) | | |
Deferred credit facility costs
|
| | | | (100,313) | | | | | | — | | | | | | — | | |
Deferred offering costs
|
| | | | (50,120) | | | | | | (169,614) | | | | | | — | | |
Net Cash Used in Financing Activities
|
| | | | (5,084,310) | | | | | | (1,056,854) | | | | | | (44,358,885) | | |
Total Increase/(Decrease) in Cash Balance
|
| | | | 51,505,966 | | | | | | (5,017,243) | | | | | | 9,876,997 | | |
Cash Balance at Beginning of Year
|
| | | | 8,332,634 | | | | | | 13,349,877 | | | | | | 3,472,880 | | |
Cash Balance at End of Year
|
| | | $ | 59,838,600 | | | | | $ | 8,332,634 | | | | | $ | 13,349,877 | | |
Supplemental Information: | | | | | | | | | | | | | | | | | | | |
Interest paid
|
| | | $ | 3,684,410 | | | | | $ | 3,650,961 | | | | | $ | 5,044,064 | | |
Taxes paid
|
| | | $ | 54,014 | | | | | $ | — | | | | | $ | — | | |
Non-cash dividends paid
|
| | | $ | — | | | | | $ | — | | | | | $ | 26,964,591 | | |
Portfolio Investments*
|
| |
Headquarters/
Industry |
| |
Shares/
Principal |
| |
Cost
|
| |
Fair Value
|
| |
% of Net
Assets |
| ||||||||||||
NON-CONTROLLED/NON-AFFILIATE | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Palantir Technologies, Inc.
|
| |
Palo Alto, CA
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Common shares, Class A
|
| |
Data Analysis
|
| | | | 5,773,690 | | | | | $ | 16,189,935 | | | | | $ | 35,075,759 | | | | | | 17.13% | | |
Spotify Technology S.A.**
|
| |
Stockholm, Sweden
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Common shares
|
| |
On-Demand Music Streaming
|
| | | | 5,884 | | | | | | 10,002,084 | | | | | | 30,729,068 | | | | | | 15.01% | | |
Coursera, Inc.
|
| |
Mountain View, CA
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Preferred shares, Series B
|
| |
Online Education
|
| | | | 2,961,399 | | | | | | 14,519,519 | | | | | | 18,360,674 | | | | | | 8.97% | | |
Dropbox, Inc.
|
| |
San Francisco, CA
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Preferred shares, Series A-1
|
| |
Cloud Computing Services
|
| | | | 552,486 | | | | | | 5,015,773 | | | | | | 7,524,859 | | | | | | 3.67% | | |
Common shares
|
| | | | | | | 760,000 | | | | | | 8,641,153 | | | | | | 10,350,837 | | | | | | 5.06% | | |
Total
|
| | | | | | | | | | | | | 13,656,926 | | | | | | 17,875,696 | | | | | | 8.73% | | |
General Assembly Space, Inc.
|
| |
New York, NY
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Preferred shares, Series C
|
| |
Online Education
|
| | | | 126,552 | | | | | | 2,999,978 | | | | | | 5,281,440 | | | | | | 2.58% | | |
Common shares
|
| | | | | | | 133,213 | | | | | | 2,999,983 | | | | | | 5,559,426 | | | | | | 2.72% | | |
Total
|
| | | | | | | | | | | | | 5,999,961 | | | | | | 10,840,866 | | | | | | 5.30% | | |
Lyft, Inc.
|
| |
San Francisco, CA
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Preferred shares, Series E
|
| |
On-Demand
Transportation Services |
| | | | 128,563 | | | | | | 2,503,585 | | | | | | 4,269,577 | | | | | | 2.09% | | |
Preferred shares, Series D
|
| | | | | | | 176,266 | | | | | | 1,792,749 | | | | | | 5,853,938 | | | | | | 2.86% | | |
Total
|
| | | | | | | | | | | | | 4,296,334 | | | | | | 10,123,515 | | | | | | 4.95% | | |
Course Hero, Inc.
|
| |
Redwood City, CA
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Preferred shares, Series A
|
| |
Online Education
|
| | | | 2,145,509 | | | | | | 5,000,001 | | | | | | 10,041,426 | | | | | | 4.90% | | |
Chegg, Inc.**
|
| |
Santa Clara, CA
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Common shares(3)(11)
|
| |
Online Education Services
|
| | | | 500,000 | | | | | | 6,008,468 | | | | | | 8,160,000 | | | | | | 3.99% | | |
Avenues Global Holdings, LLC(4)
|
| |
New York, NY
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Preferred shares, Junior Preferred Stock
|
| |
Globally-Focused Private School
|
| | | | 10,014,270 | | | | | | 10,151,854 | | | | | | 5,908,419 | | | | | | 2.89% | | |
Parchment, Inc.
|
| |
Scottsdale, AZ
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Preferred shares, Series D
|
| |
E-Transcript Exchange
|
| | | | 3,200,512 | | | | | | 4,000,982 | | | | | | 5,583,562 | | | | | | 2.73% | | |
Enjoy Technology, Inc.
|
| |
Menlo Park, CA
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Preferred shares, Series B
|
| |
On-Demand Commerce
|
| | | | 1,681,520 | | | | | | 4,000,280 | | | | | | 3,929,210 | | | | | | 1.92% | | |
Preferred shares, Series A
|
| | | | | | | 879,198 | | | | | | 1,002,440 | | | | | | 1,190,998 | | | | | | 0.58% | | |
Total
|
| | | | | | | | | | | | | 5,002,720 | | | | | | 5,120,208 | | | | | | 2.50% | | |
Knewton, Inc.
|
| |
New York, NY
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Preferred shares, Series E
|
| |
Online Education
|
| | | | 375,985 | | | | | | 4,999,999 | | | | | | 3,597,034 | | | | | | 1.76% | | |
SugarCRM, Inc.
|
| |
Cupertino, CA
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Preferred shares, Series E
|
| |
Customer Relationship
Manager |
| | | | 373,134 | | | | | | 1,500,522 | | | | | | 1,838,912 | | | | | | 0.90% | | |
Common shares
|
| | | | | | | 1,524,799 | | | | | | 5,476,502 | | | | | | 1,384,956 | | | | | | 0.68% | | |
Total
|
| | | | | | | | | | | | | 6,977,024 | | | | | | 3,223,868 | | | | | | 1.58% | | |
A Place for Rover Inc. (f/k/a DogVacay, Inc.)(7)
|
| |
Seattle, WA
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Common shares
|
| |
Peer-to-Peer Pet Services
|
| | | | 707,991 | | | | | | 2,506,119 | | | | | | 3,130,348 | | | | | | 1.53% | | |
SharesPost, Inc.
|
| |
San Francisco, CA
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Preferred shares, Series B
|
| |
Online Marketplace Finance
|
| | | | 1,771,653 | | | | | | 2,259,716 | | | | | | 2,249,999 | | | | | | 1.10% | | |
Common warrants, $0.13 Strike Price, Expiration Date 6/15/2018
|
| | | | | | | 770,934 | | | | | | 23,128 | | | | | | 46,256 | | | | | | 0.02% | | |
Total
|
| | | | | | | | | | | | | 2,282,844 | | | | | | 2,296,255 | | | | | | 1.12% | | |
|
Portfolio Investments*
|
| |
Headquarters/
Industry |
| |
Shares/
Principal |
| |
Cost
|
| |
Fair Value
|
| |
% of Net
Assets |
| ||||||||||||
DreamBox Learning, Inc.
|
| |
Bellevue, WA
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Preferred shares, Series A-1
|
| |
Education Technology
|
| | | | 7,159,221 | | | | | $ | 1,502,362 | | | | | $ | 1,518,176 | | | | | | 0.74% | | |
Preferred shares, Series A
|
| | | | | | | 3,579,610 | | | | | | 758,017 | | | | | | 759,088 | | | | | | 0.37% | | |
Total
|
| | | | | | | | | | | | | 2,260,379 | | | | | | 2,277,264 | | | | | | 1.11% | | |
Lytro, Inc.
|
| |
Mountain View, CA
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Preferred shares, Series D
|
| |
Light Field Imaging Platform
|
| | | | 159,160 | | | | | | 502,081 | | | | | | 100,680 | | | | | | 0.05% | | |
Preferred shares, Series C-1
|
| | | | | | | 3,378,379 | | | | | | 10,000,002 | | | | | | 2,013,587 | | | | | | 0.98% | | |
Total
|
| | | | | | | | | | | | | 10,502,083 | | | | | | 2,114,267 | | | | | | 1.03% | | |
Clever, Inc.
|
| |
San Francisco, CA
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Preferred shares, Series B
|
| |
Education Software
|
| | | | 1,799,047 | | | | | | 2,000,601 | | | | | | 2,000,001 | | | | | | 0.98% | | |
Aspiration Partners, Inc.
|
| |
Marina Del Rey, CA
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Preferred shares, Series A
|
| |
Financial Services
|
| | | | 540,270 | | | | | | 1,001,815 | | | | | | 1,748,371 | | | | | | 0.85% | | |
Tynker (f/k/a Neuron Fuel, Inc.)
|
| |
Mountain View, CA
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Preferred shares, Series A
|
| |
Computer Software
|
| | | | 534,162 | | | | | | 309,310 | | | | | | 791,361 | | | | | | 0.39% | | |
4C Insights (f/k/a The Echo Systems Corp.)
|
| |
Chicago, IL
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Common shares
|
| |
Social Data Platform
|
| | | | 436,219 | | | | | | 1,436,404 | | | | | | 593,702 | | | | | | 0.29% | | |
Fullbridge, Inc.
|
| |
Cambridge, MA
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Common shares
|
| |
Business Education
|
| | | | 517,917 | | | | | | 6,150,506 | | | | | | — | | | | | | —% | | |
Promissory note 1.47%, Due 11/9/2021(12)
|
| | | | | | $ | 2,270,458 | | | | | | 2,270,858 | | | | | | 316,570 | | | | | | 0.15% | | |
Total
|
| | | | | | | | | | | | | 8,421,364 | | | | | | 316,570 | | | | | | 0.15% | | |
Total Non-controlled/Non-affiliate
|
| | | | | | | | | | | | $ | 137,526,726 | | | | | $ | 179,908,234 | | | | | | 87.89% | | |
NON-CONTROLLED/AFFILIATE(1)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Curious.com, Inc.
|
| |
Menlo Park, CA
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Preferred shares, Series B
|
| |
Online Education
|
| | | | 3,407,834 | | | | | | 12,000,006 | | | | | | 5,514,077 | | | | | | 2.69% | | |
Ozy Media, Inc.
|
| |
Mountain View, CA
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Convertible Promissory Note 5% Due
2/28/2018***(14) |
| |
Digital Media Platform
|
| | | $ | 2,000,000 | | | | | | 2,000,000 | | | | | | 1,067,639 | | | | | | 0.52% | | |
Preferred shares, Series B
|
| | | | | | | 922,509 | | | | | | 4,999,999 | | | | | | 2,367,022 | | | | | | 1.16% | | |
Preferred shares, Series A
|
| | | | | | | 1,090,909 | | | | | | 3,000,200 | | | | | | 1,419,810 | | | | | | 0.69% | | |
Preferred shares, Series Seed
|
| | | | | | | 500,000 | | | | | | 500,000 | | | | | | 236,635 | | | | | | 0.12% | | |
Total
|
| | | | | | | | | | | | | 10,500,199 | | | | | | 5,091,106 | | | | | | 2.49% | | |
CUX, Inc. (d/b/a CorpU)
|
| |
Philadelphia, PA
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Senior Subordinated Convertible Promissory Note 8%, Due 11/26/2018***(6)
|
| |
Corporate Education
|
| | | $ | 1,259,712 | | | | | | 1,259,712 | | | | | | 1,259,712 | | | | | | 0.62% | | |
Convertible preferred shares, Series D
|
| | | | | | | 169,033 | | | | | | 778,607 | | | | | | 989,489 | | | | | | 0.48% | | |
Convertible preferred shares, Series C
|
| | | | | | | 615,763 | | | | | | 2,006,077 | | | | | | 480,184 | | | | | | 0.23% | | |
Preferred Warrants Series D – Strike Price $4.59 – Expiration Date 2/25/2018(15)
|
| | | | | | | 16,903 | | | | | | — | | | | | | 2,366 | | | | | | 0.00% | | |
Total
|
| | | | | | | | | | | | | 4,044,396 | | | | | | 2,731,751 | | | | | | 1.33% | | |
Declara, Inc.
|
| |
Palo Alto, CA
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Convertible Promissory Note 9% Due
12/31/2017(10)(12) |
| |
Social Cognitive Learning
|
| | | $ | 2,120,658 | | | | | | 2,121,898 | | | | | | 1,120,329 | | | | | | 0.55% | | |
Preferred shares, Series A
|
| | | | | | | 10,716,390 | | | | | | 9,999,999 | | | | | | 382,678 | | | | | | 0.19% | | |
Total
|
| | | | | | | | | | | | | 12,121,897 | | | | | | 1,503,007 | | | | | | 0.74% | | |
EdSurge, Inc.
|
| |
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 | | | | | | 581,917 | | | | | | 0.28% | | |
Total
|
| | | | | | | | | | | | | 1,002,161 | | | | | | 1,081,917 | | | | | | 0.52% | | |
|
Portfolio Investments*
|
| |
Headquarters/
Industry |
| |
Shares/
Principal |
| |
Cost
|
| |
Fair Value
|
| |
% of Net
Assets |
| ||||||||||||
Maven Research, Inc.
|
| |
San Francisco, CA
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Preferred shares, Series C
|
| |
Knowledge Networks
|
| | | | 318,979 | | | | | $ | 2,000,447 | | | | | $ | 501,240 | | | | | | 0.24% | | |
Preferred shares, Series B
|
| | | | | | | 49,505 | | | | | | 217,206 | | | | | | 50,000 | | | | | | 0.02% | | |
Total
|
| | | | | | | | | | | | | 2,217,653 | | | | | | 551,240 | | | | | | 0.26% | | |
Total Non-controlled/Affiliate
|
| | | | | | | | | | | | $ | 41,886,312 | | | | | $ | 16,473,098 | | | | | | 8.03% | | |
CONTROLLED(2) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
StormWind, LLC(5)
|
| |
Scottsdale, AZ
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Preferred shares, Series C
|
| |
Interactive Learning
|
| | | | 2,779,134 | | | | | | 4,000,787 | | | | | | 7,223,904 | | | | | | 3.53% | | |
Preferred shares, Series B
|
| | | | | | | 3,279,629 | | | | | | 2,019,687 | | | | | | 5,804,472 | | | | | | 2.83% | | |
Preferred shares, Series A
|
| | | | | | | 366,666 | | | | | | 110,000 | | | | | | 425,342 | | | | | | 0.21% | | |
Total
|
| | | | | | | | | | | | | 6,130,474 | | | | | | 13,453,718 | | | | | | 6.57% | | |
NestGSV, Inc. (d/b/a GSV Labs, Inc.)
|
| |
Redwood City, CA
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Convertible Promissory Note 8% Due
7/31/2018***(9) |
| |
Global Innovation Platform
|
| | | $ | 560,199 | | | | | | 564,079 | | | | | | 560,199 | | | | | | 0.27% | | |
Unsecured Promissory Note 12% Due
1/15/2018***(8) |
| | | | | | $ | 592,129 | | | | | | 592,809 | | | | | | 592,129 | | | | | | 0.29% | | |
Preferred shares, Series A-4
|
| | | | | | | 3,720,424 | | | | | | 4,904,498 | | | | | | 5,390,842 | | | | | | 2.63% | | |
Preferred shares, Series A-3
|
| | | | | | | 1,561,625 | | | | | | 2,005,730 | | | | | | 1,885,644 | | | | | | 0.92% | | |
Preferred shares, Series A-2
|
| | | | | | | 450,001 | | | | | | 605,500 | | | | | | 326,022 | | | | | | 0.16% | | |
Preferred shares, Series A-1
|
| | | | | | | 1,000,000 | | | | | | 1,021,778 | | | | | | 543,370 | | | | | | 0.27% | | |
Common shares
|
| | | | | | | 200,000 | | | | | | 1,000 | | | | | | — | | | | | | —% | | |
Preferred Warrants Series A-3 – Strike Price $1.33 – Expiration Date 4/4/2019
|
| | | | | | | 187,500 | | | | | | — | | | | | | 1,875 | | | | | | 0.00% | | |
Preferred Warrants Series A-4 – Strike Price $1.33 – Expiration Date 10/6/2019
|
| | | | | | | 500,000 | | | | | | — | | | | | | 160,000 | | | | | | 0.08% | | |
Preferred Warrants Series A-4 – Strike Price $1.33 – Expiration Date 7/18/2021
|
| | | | | | | 250,000 | | | | | | 74,380 | | | | | | 102,500 | | | | | | 0.05% | | |
Preferred Warrants Series B – Strike Price $2.31 – Expiration Date 11/29/2021(13)
|
| | | | | | | 100,000 | | | | | | 29,275 | | | | | | 41,000 | | | | | | 0.02% | | |
Preferred Warrant Series B – Strike Price $2.31,
Expiration Date 5/29/2022(8) |
| | | | | | | 125,000 | | | | | | 70,379 | | | | | | 80,000 | | | | | | 0.04% | | |
Total
|
| | | | | | | | | | | | | 9,869,428 | | | | | | 9,683,581 | | | | | | 4.73% | | |
SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.)
|
| |
Woodside, CA
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Preferred shares, Class A***
|
| |
Clean Technology
|
| | | | 14,300,000 | | | | | | 7,151,412 | | | | | | 1,069,862 | | | | | | 0.52% | | |
Common shares
|
| | | | | | | 100,000 | | | | | | 10,000 | | | | | | — | | | | | | —% | | |
Total
|
| | | | | | | | | | | | | 7,161,412 | | | | | | 1,069,862 | | | | | | 0.52% | | |
Total Controlled
|
| | | | | | | | | | | | $ | 23,161,314 | | | | | $ | 24,207,161 | | | | | | 11.82% | | |
Total Portfolio Investments
|
| | | | | | | | | | | | $ | 202,574,352 | | | | | $ | 220,588,493 | | | | | | 107.74% | | |
U.S. Treasury | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. Treasury bill, 0%, due 1/4/2018***(3)
|
| | | | | | $ | 100,000,000 | | | | | | 99,985,833 | | | | | | 99,994,000 | | | | | | 48.83% | | |
TOTAL INVESTMENTS
|
| | | | | | | | | | | | $ | 302,560,185 | | | | | $ | 320,582,493 | | | | | | 156.57% | | |
|
Portfolio Investments*
|
| |
Headquarters/Industry
|
| |
Shares/
Principal |
| |
Cost
|
| |
Fair Value
|
| |
% of Net
Assets |
| ||||||||||||
NON-CONTROLLED/NON-AFFILIATE | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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% | | |
Course Hero, Inc.
|
| |
Redwood City, CA
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Preferred shares, Series A
|
| |
Online Education
|
| | | | 2,145,509 | | | | | | 5,000,001 | | | | | | 10,532,304 | | | | | | 5.48% | | |
Chegg, Inc.**(18)
|
| |
Santa Clara, CA
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Common shares
|
| |
Online Education Services
|
| | | | 1,182,792 | | | | | | 14,022,863 | | | | | | 8,729,005 | | | | | | 4.54% | | |
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% | | |
|
Portfolio Investments*
|
| |
Headquarters/Industry
|
| |
Shares/
Principal |
| |
Cost
|
| |
Fair Value
|
| |
% of Net
Assets |
| ||||||||||||
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% | | |
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% | | |
Parchment, Inc.
|
| |
Scottsdale, AZ
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Preferred shares, Series D
|
| |
E-Transcript Exchange
|
| | | | 3,200,512 | | | | | | 4,000,982 | | | | | | 4,000,000 | | | | | | 2.08% | | |
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% | | |
Clever, Inc.
|
| |
San Francisco, CA
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Preferred shares, Series B
|
| |
Education Software
|
| | | | 1,799,047 | | | | | | 2,000,601 | | | | | | 2,000,001 | | | | | | 1.04% | | |
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% | | |
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% | | |
Handle Financial, Inc. (f/k/a PayNearMe, Inc.)
|
| |
Sunnyvale, CA
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Common shares(13)
|
| |
Cash Payment Network
|
| | | | 5,480,348 | | | | | | 14,000,398 | | | | | | 164,410 | | | | | | 0.08% | | |
Cricket Media (f/k/a ePals Inc.)(10)
|
| |
Herndon, VA
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Common shares
|
| |
Online Education
|
| | | | 133,333 | | | | | | 2,448,959 | | | | | | — | | | | | | —% | | |
Beamreach Solar, Inc. (f/k/a Solexel, Inc.)
|
| |
Milpitas, CA
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Convertible Promissory Note 9%, Due 5/10/2017***(3)(16)
|
| |
Solar Power
|
| | | $ | 250,000 | | | | | | 254,444 | | | | | | — | | | | | | —% | | |
Preferred shares, Series D
|
| | | | | | | 1,613,413 | | | | | | 2,419,751 | | | | | | — | | | | | | —% | | |
Preferred shares, Series C
|
| | | | | | | 5,300,158 | | | | | | 11,598,648 | | | | | | — | | | | | | —% | | |
Total
|
| | | | | | | | | | | | | 14,272,843 | | | | | | — | | | | | | —% | | |
|
Portfolio Investments*
|
| |
Headquarters/Industry
|
| |
Shares/
Principal |
| |
Cost
|
| |
Fair Value
|
| |
% of Net
Assets |
| ||||||||||||
Orchestra One, Inc. (f/k/a Learnist Inc.)
|
| |
San Francisco, CA
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Common shares
|
| |
Consumer Health Technology
|
| | | | 57,026 | | | | | $ | 4,959,614 | | | | | $ | — | | | | | | —% | | |
Earlyshares.com, Inc.
|
| |
Miami, FL
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Convertible Promissory Note 5%,
Due 2/26/2017 ***(9)(3) |
| |
Equity Crowdfunding
|
| | | $ | 50,000 | | | | | | 50,840 | | | | | | — | | | | | | —% | | |
Preferred shares, Series A
|
| | | | | | | 165,715 | | | | | | 261,598 | | | | | | — | | | | | | —% | | |
Total
|
| | | | | | | | | | | | | 312,438 | | | | | | — | | | | | | —% | | |
AliphCom, Inc. (d/b/a Jawbone)
|
| |
San Francisco, CA
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Common shares
|
| |
Smart Device Company
|
| | | | 150,000 | | | | | | 793,152 | | | | | | — | | | | | | —% | | |
Total Non-controlled/Non-affiliate
|
| | | | | | | | | | | | $ | 204,101,445 | | | | | $ | 200,532,890 | | | | | | 104.38% | | |
NON-CONTROLLED/AFFILIATE(1)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ozy Media, Inc.
|
| |
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% | | |
Curious.com Inc.
|
| |
Menlo Park, CA
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Preferred shares, Series B
|
| |
Online Education
|
| | | | 3,407,834 | | | | | | 12,000,006 | | | | | | 9,984,954 | | | | | | 5.20% | | |
Declara, Inc.
|
| |
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% | | |
Whittle Schools, LLC(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% | | |
CUX, Inc. (d/b/a CorpU)
|
| |
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 | | | | | | 0.00% | | |
Total
|
| | | | | | | | | | | | | 3,951,084 | | | | | | 3,860,140 | | | | | | 2.01% | | |
Maven Research, Inc.
|
| |
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(7)
|
| |
Sunnyvale, CA
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Common shares
|
| |
Big Data Consulting
|
| | | | 2,400,000 | | | | | | 989,277 | | | | | | 2,052,555 | | | | | | 1.07% | | |
EdSurge, Inc.
|
| |
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% | | |
|
Portfolio Investments*
|
| |
Headquarters/Industry
|
| |
Shares/
Principal |
| |
Cost
|
| |
Fair Value
|
| |
% of Net
Assets |
| ||||||||||||
Circle Media (f/k/a S3 Digital Corp. (d/b/a S3i))
|
| |
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% | | |
Global Education Learning (Holdings) Ltd.**
|
| |
Hong Kong
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Preferred shares, Series A
|
| |
Education Technology
|
| | | | 2,126,475 | | | | | | 675,495 | | | | | | — | | | | | | —% | | |
AlwaysOn, Inc.
|
| |
Woodside, CA
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Preferred shares, Series A-1
|
| |
Social Media
|
| | | | 4,465,925 | | | | | | 876,023 | | | | | | — | | | | | | —% | | |
Preferred shares, Series A
|
| | | | | | | 1,066,626 | | | | | | 1,027,391 | | | | | | — | | | | | | —% | | |
Preferred warrants Series A, $1.00 Strike Price, Expiration Date 1/9/2017
|
| | | | | | | 109,375 | | | | | | — | | | | | | — | | | | | | —% | | |
Total
|
| | | | | | | | | | | | | 1,903,414 | | | | | | — | | | | | | —% | | |
Total Non-controlled/Affiliate
|
| | | | | | | | | | | | $ | 51,773,388 | | | | | $ | 42,444,690 | | | | | | 22.10% | | |
CONTROLLED(2) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
StormWind, LLC(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% | | |
NestGSV, Inc. (d/b/a GSV Labs, Inc.)
|
| |
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% | | |
SPBRX, INC. (f/k/a GSV Sustainability Partners,
Inc.) |
| |
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% | | |
Total Controlled
|
| | | | | | | | | | | | $ | 22,893,441 | | | | | $ | 19,037,566 | | | | | | 9.90% | | |
Total Portfolio Investments
|
| | | | | | | | | | | | $ | 278,768,274 | | | | | $ | 262,015,146 | | | | | | 136.38% | | |
Portfolio Investments*
|
| |
Headquarters/Industry
|
| |
Shares/
Principal |
| |
Cost
|
| |
Fair Value
|
| |
% of Net
Assets |
| ||||||||||||
U.S. Treasury | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. Treasury bill, 0%, due 1/5/2017***(18)
|
| | | | | | $ | 30,000,000 | | | | | | 29,998,750 | | | | | | 29,998,490 | | | | | | 15.62% | | |
TOTAL INVESTMENTS
|
| | | | | | | | | | | | $ | 308,767,024 | | | | | $ | 292,013,636 | | | | | | 152.00% | | |
|
Subsidiary
|
| |
Jurisdiction of
Incorporation |
| |
Formation
Date |
| |
Percentage
Owned |
| ||||||
GCL
|
| | | | Delaware | | | |
April 13, 2012
|
| | | | 100% | | |
Subsidiaries below are referred to collectively, as the “GSVC Holdings”
|
| | | | ||||||||||||
GSVC AE Holdings, Inc. (“GAE”)
|
| | | | Delaware | | | |
November 28, 2012
|
| | | | 100% | | |
GSVC AV Holdings, Inc. (“GAV”)
|
| | | | Delaware | | | |
November 28, 2012
|
| | | | 100% | | |
GSVC NG Holdings, Inc. (“GNG”)
|
| | | | Delaware | | | |
November 28, 2012
|
| | | | 100% | | |
GSVC SW Holdings, Inc. (“GSW”)
|
| | | | Delaware | | | |
November 28, 2012
|
| | | | 100% | | |
GSVC WS Holdings, Inc. (“GWS”)
|
| | | | Delaware | | | |
November 28, 2012
|
| | | | 100% | | |
GSVC SVDS Holdings, Inc. (“SVDS”)
|
| | | | Delaware | | | |
August 13, 2013
|
| | | | 100% | | |
| | |
December 31,
2017 |
| |
December 31,
2016 |
| ||||||
Unamortized origination costs
|
| | | $ | — | | | | | $ | — | | |
Deferred offering costs
|
| | | | 413,023 | | | | | | 311,268 | | |
Deferred Financing Costs
|
| | | $ | 413,023 | | | | | $ | 311,268 | | |
|
| | |
December 31, 2017
|
| |
December 31, 2016
|
| ||||||||||||||||||||||||||||||
| | |
Cost
|
| |
Fair Value
|
| |
Percentage of
Net Assets |
| |
Cost
|
| |
Fair Value
|
| |
Percentage of
Net Assets |
| ||||||||||||||||||
Private Portfolio Companies
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock
|
| | | $ | 53,413,686 | | | | | $ | 86,824,096 | | | | | | 42.4% | | | | | $ | 81,274,687 | | | | | $ | 83,074,410 | | | | | | 43.2% | | |
Preferred Stock
|
| | | | 134,145,680 | | | | | | 120,253,822 | | | | | | 58.7 | | | | | | 174,462,577 | | | | | | 162,238,879 | | | | | | 84.4 | | |
Debt Investments
|
| | | | 8,809,356 | | | | | | 4,916,578 | | | | | | 2.4 | | | | | | 8,849,434 | | | | | | 7,821,948 | | | | | | 4.1 | | |
Warrants
|
| | | | 197,162 | | | | | | 433,997 | | | | | | 0.2 | | | | | | 158,713 | | | | | | 150,904 | | | | | | 0.1 | | |
Private Portfolio Companies
|
| | | | 196,565,884 | | | | | | 212,428,493 | | | | | | 103.7% | | | | | | 264,745,411 | | | | | | 253,286,141 | | | | | | 131.8% | | |
Publicly Traded Portfolio
Companies |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock
|
| | | | 6,008,468 | | | | | | 8,160,000 | | | | | | 4.0 | | | | | | 14,022,863 | | | | | | 8,729,005 | | | | | | 4.6 | | |
Total Portfolio Investments
|
| | | | 202,574,352 | | | | | | 220,588,493 | | | | | | 107.7% | | | | | | 278,768,274 | | | | | | 262,015,146 | | | | | | 136.4% | | |
Non-Portfolio Investments
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. Treasury bill
|
| | | | 99,985,833 | | | | | | 99,994,000 | | | | | | 48.8 | | | | | | 29,998,750 | | | | | | 29,998,490 | | | | | | 15.6 | | |
Total Investments
|
| | | $ | 302,560,185 | | | | | $ | 320,582,493 | | | | | | 156.5% | | | | | $ | 308,767,024 | | | | | $ | 292,013,636 | | | | | | 152.0% | | |
|
| | |
As of December 31, 2017
|
| |
As of December 31, 2016
|
| ||||||||||||||||||||||||||||||
| | |
Fair Value
|
| |
Percentage of
Portfolio |
| |
Percentage of
Net Assets |
| |
Fair Value
|
| |
Percentage of
Portfolio |
| |
Percentage of
Net Assets |
| ||||||||||||||||||
Industry | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Education Technology
|
| | | $ | 90,658,640 | | | | | | 41.1% | | | | | | 44.3% | | | | | $ | 96,498,376 | | | | | | 36.8% | | | | | | 50.2% | | |
Big Data/Cloud
|
| | | | 57,678,330 | | | | | | 26.1 | | | | | | 28.2 | | | | | | 89,852,351 | | | | | | 34.3 | | | | | | 46.8 | | |
Social/Mobile
|
| | | | 38,528,143 | | | | | | 17.5 | | | | | | 18.8 | | | | | | 45,836,028 | | | | | | 17.6 | | | | | | 23.9 | | |
Marketplaces
|
| | | | 32,653,518 | | | | | | 14.8 | | | | | | 15.9 | | | | | | 25,518,613 | | | | | | 9.7 | | | | | | 13.3 | | |
Sustainability
|
| | | | 1,069,862 | | | | | | 0.5 | | | | | | 0.5 | | | | | | 4,309,778 | | | | | | 1.6 | | | | | | 2.2 | | |
Total | | | | $ | 220,588,493 | | | | | | 100.0% | | | | | | 107.7% | | | | | $ | 262,015,146 | | | | | | 100.0% | | | | | | 136.4% | | |
|
| | |
As of December 31, 2017
|
| |
As of December 31, 2016
|
| ||||||||||||||||||||||||||||||
| | |
Fair Value
|
| |
Percentage of
Portfolio |
| |
Percentage of
Net Assets |
| |
Fair Value
|
| |
Percentage of
Portfolio |
| |
Percentage of
Net Assets |
| ||||||||||||||||||
Geographic Region | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
West
|
| | | $ | 165,871,083 | | | | | | 75.2% | | | | | | 81.0% | | | | | $ | 187,300,467 | | | | | | 71.5% | | | | | | 97.5% | | |
Mid-west
|
| | | | 593,702 | | | | | | 0.3 | | | | | | 0.3 | | | | | | 14,362,498 | | | | | | 5.5 | | | | | | 7.4 | | |
Northeast
|
| | | | 23,394,640 | | | | | | 10.6 | | | | | | 11.4 | | | | | | 41,420,490 | | | | | | 15.8 | | | | | | 21.6 | | |
International
|
| | | | 30,729,068 | | | | | | 13.9 | | | | | | 15.0 | | | | | | 18,931,691 | | | | | | 7.2 | | | | | | 9.9 | | |
Total | | | | $ | 220,588,493 | | | | | | 100.0% | | | | | | 107.7% | | | | | $ | 262,015,146 | | | | | | 100.0% | | | | | | 136.4% | | |
|
Industry Theme
|
| |
Industry
|
|
Education Technology | | | Business Education | |
| | | Computer Software | |
| | | Corporate Education | |
| | | Education Media Platform | |
| | | Education Software | |
| | | Education Technology | |
| | | E-Transcript Exchange | |
| | | Globally-Focused Private School | |
| | | Interactive Learning | |
| | | Online Education | |
| | | Online Education Services | |
Big Data/Cloud | | | Big Data Consulting | |
| | | Cloud Computing Services | |
| | | Consumer Health Technology | |
| | | Customer Relationship Manager | |
| | | Data Analysis | |
| | | Mobile Device Management | |
| | | Smart Device Company | |
| | | Social Cognitive Learning | |
| | | Social Media Analytics | |
Marketplaces | | | Cash Payment Network | |
| | | Equity Crowdfunding | |
| | | Financial Services | |
| | | Global Innovation Platform | |
| | | Knowledge Networks | |
| | | On-Demand Commerce | |
| | | On-Demand Transportation Services | |
| | | Online Marketplace Finance | |
| | | Peer-to-Peer Pet Services | |
Industry Theme
|
| |
Industry
|
|
Social/Mobile | | | Digital Media Platform | |
| | | Light Field Imaging Platform | |
| | | On-Demand Music Streaming | |
| | | Social Communication | |
| | | Social Data Platform | |
| | | Social Media | |
| | | Sports Analytics | |
Sustainability | | | Clean Technology | |
| | | Solar Power | |
| | |
As of December 31, 2017
|
| |||||||||||||||||||||
| | |
Quoted Prices in
Active Markets for Identical Securities (Level 1) |
| |
Significant Other
Observable Inputs (Level 2) |
| |
Significant
Unobservable Inputs (Level 3) |
| |
Total
|
| ||||||||||||
Investments at Fair Value | | | | | | | | | | | | | | | | | | | | | | | | | |
Private Portfolio Companies | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock
|
| | | $ | — | | | | | $ | — | | | | | $ | 86,824,096 | | | | | $ | 86,824,096 | | |
Preferred Stock
|
| | | | — | | | | | | — | | | | | | 120,253,822 | | | | | | 120,253,822 | | |
Debt Investments
|
| | | | — | | | | | | — | | | | | | 4,916,578 | | | | | | 4,916,578 | | |
Warrants
|
| | | | — | | | | | | — | | | | | | 433,997 | | | | | | 433,997 | | |
Private Portfolio Companies
|
| | | | — | | | | | | — | | | | | | 212,428,493 | | | | | | 212,428,493 | | |
Publicly Traded Portfolio Companies | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock
|
| | | | 8,160,000 | | | | | | — | | | | | | — | | | | | | 8,160,000 | | |
Total Portfolio Investments
|
| | | | 8,160,000 | | | | | | — | | | | | | 212,428,493 | | | | | | 220,588,493 | | |
Non-Portfolio Investments | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. Treasury bill
|
| | | | 99,994,000 | | | | | | — | | | | | | — | | | | | | 99,994,000 | | |
Total Investments at Fair Value
|
| | | $ | 108,154,000 | | | | | $ | — | | | | | $ | 212,428,493 | | | | | $ | 320,582,493 | | |
|
| | |
As of December 31, 2016
|
| |||||||||||||||||||||
| | |
Quoted Prices in
Active Markets for Identical Securities (Level 1) |
| |
Significant Other
Observable Inputs (Level 2) |
| |
Significant
Unobservable Inputs (Level 3) |
| |
Total
|
| ||||||||||||
Investments at Fair Value | | | | | | | | | | | | | | | | | | | | | | | | | |
Private Portfolio Companies | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock
|
| | | $ | — | | | | | $ | — | | | | | $ | 83,074,410 | | | | | $ | 83,074,410 | | |
Preferred Stock
|
| | | | — | | | | | | — | | | | | | 162,238,879 | | | | | | 162,238,879 | | |
Debt Investments
|
| | | | — | | | | | | — | | | | | | 7,821,948 | | | | | | 7,821,948 | | |
Warrants
|
| | | | — | | | | | | — | | | | | | 150,904 | | | | | | 150,904 | | |
Private Portfolio Companies
|
| | | | — | | | | | | — | | | | | | 253,286,141 | | | | | | 253,286,141 | | |
Publicly Traded Portfolio Companies | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock
|
| | | | 8,729,005 | | | | | | — | | | | | | — | | | | | | 8,729,005 | | |
Total Portfolio Investments
|
| | | | 8,729,005 | | | | | | — | | | | | | 253,286,141 | | | | | | 262,015,146 | | |
Non-Portfolio Investments | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. Treasury bill
|
| | | | 29,998,490 | | | | | | — | | | | | | — | | | | | | 29,998,490 | | |
Total Investments at Fair Value
|
| | | $ | 38,727,495 | | | | | $ | — | | | | | $ | 253,286,141 | | | | | $ | 292,013,636 | | |
|
| |
Asset
|
| | |
Fair Value
|
| | |
Valuation
Approach/ Technique(1) |
| | |
Unobservable Inputs(2)
|
| | |
Range
(Weighted Average) |
| |
| |
Common stock in
private companies |
| | |
$86,824,096
|
| | |
Market approach
|
| | |
Precedent transactions
|
| | |
N/A
|
| |
|
Revenue multiples
|
| | |
2.03x – 7.08x (5.70x)
|
| | |||||||||||||
|
Liquidation Value
|
| | |
N/A
|
| | |||||||||||||
|
Discounted
Cash Flow(2) |
| | |
Discount rate
|
| | |
12.0% (12.0)%
|
| | |||||||||
|
Long-term revenue
growth |
| | |
0.0% (0.0)%
|
| |
| |
Asset
|
| | |
Fair Value
|
| | |
Valuation
Approach/ Technique(1) |
| | |
Unobservable Inputs(2)
|
| | |
Range
(Weighted Average) |
| |
| |
Preferred stock in
private companies |
| | |
120,253,822
|
| | |
Market approach
|
| | |
Precedent transactions
|
| | |
N/A
|
| |
|
Revenue multiples
|
| | |
1.91x – 7.08x (3.80x)
|
| | |||||||||||||
|
EBIT multiples
|
| | |
27.8x (27.8x)
|
| | |||||||||||||
|
Discounted
Cash Flow(2) |
| | |
Discount rate
|
| | |
12.0% (12.0)%
|
| | |||||||||
|
Long-term revenue
growth |
| | |
0.0% (0.0)%
|
| | |||||||||||||
|
PWERM
|
| | |
Liquidation Value
|
| | |
N/A
|
| | |||||||||
|
Revenue multiples
|
| | |
2.28x – 4.60x (3.23x)
|
| | |||||||||||||
| |
Debt investments
|
| | |
$4,916,578
|
| | |
Market approach
|
| | |
Liquidation Value
|
| | |
N/A
|
| |
|
PWERM
|
| | |
Revenue multiples
|
| | |
3.04x – 4.60x (3.84x)
|
| | |||||||||
|
Liquidation Value
|
| | |
N/A
|
| | |||||||||||||
| |
Warrants
|
| | |
$433,997
|
| | |
Option pricing model
|
| | |
Term to expiration (Years)
|
| | |
0.2 – 3.0 (2.2)
|
| |
|
Volatility
|
| | |
18.8% – 51.6% (36.5)%
|
| |
| |
Asset
|
| | |
Fair Value
|
| | |
Valuation
Technique |
| | |
Unobservable Inputs
|
| | |
Range
(Weighted Average) |
| |
| |
Common stock in
private companies |
| | |
$83,074,410
|
| | |
Market approach
|
| | |
Precedent
transactions(1) |
| | |
N/A
|
| |
|
Revenue multiples
|
| | |
0.8x – 5.2x (3.3x)
|
| | |||||||||||||
|
EBIT multiples
|
| | |
37.5x (37.5x)
|
| | |||||||||||||
| |
Preferred stock in
private companies |
| | |
$157,929,101
|
| | |
Market approach
|
| | |
Precedent
transactions(1) |
| | |
N/A
|
| |
|
Revenue multiples
|
| | |
0.8x – 5.3x (2.7x)
|
| | |||||||||||||
|
EBIT multiples
|
| | |
37.5x (37.5x)
|
| | |||||||||||||
|
Subscriber multiples
|
| | |
669.9x (669.6x)
|
| | |||||||||||||
|
Discount for lack
of control |
| | |
15.0% (15.0)%
|
| | |||||||||||||
|
$4,309,778
|
| | |
PWERM
|
| | |
Discount rate
|
| | |
12.0% (12.0)%
|
| | |||||
| | Debt investments | | | |
$7,821,948
|
| | |
Market approach
|
| | |
Liquidation Value
|
| | |
N/A
|
| |
| |
Warrants
|
| | |
$150,904
|
| | |
Option pricing model
|
| | |
Term to expiration (Years)
|
| | |
1.2 – 3.0 (2.1)
|
| |
|
Volatility
|
| | |
10.4% – 49.3% (43.2)%
|
| |
| | |
Year Ended December 31, 2017
|
| |||||||||||||||||||||||||||
| | |
Common
Stock |
| |
Preferred
Stock |
| |
Debt
Investments |
| |
Warrants
|
| |
Total
|
| |||||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Fair Value as of December 31, 2016
|
| | | $ | 83,074,410 | | | | | $ | 162,238,879 | | | | | $ | 7,821,948 | | | | | $ | 150,904 | | | | | $ | 253,286,141 | | |
Transfers out of Level 3
|
| | | | (2,184,565) | | | | | | (2,184,565) | | | | | | — | | | | | | — | | | | | | (4,369,130) | | |
Purchases, capitalized fees and
interest |
| | | | 60,649 | | | | | | 126,824 | | | | | | 226,449 | | | | | | 70,379 | | | | | | 484,301 | | |
Sales of investments(2)
|
| | | | (17,986,251) | | | | | | (45,369,628) | | | | | | (70,379) | | | | | | — | | | | | | (63,426,258) | | |
Realized gains/(losses)
|
| | | | (10,440,384) | | | | | | 9,433,159 | | | | | | (335,688) | | | | | | (31,930) | | | | | | (1,374,843) | | |
Exercises, conversions and assignments(1)
|
| | | | 2,506,119 | | | | | | (2,506,119) | | | | | | — | | | | | | — | | | | | | — | | |
Amortization of fixed income security premiums and discounts
|
| | | | — | | | | | | — | | | | | | 139,544 | | | | | | — | | | | | | 139,544 | | |
Net change in unrealized appreciation/(depreciation) included in earnings
|
| | | | 31,794,118 | | | | | | (1,484,728) | | | | | | (2,865,296) | | | | | | 244,644 | | | | | | 27,688,736 | | |
Fair Value as of December 31, 2017
|
| | | $ | 86,824,096 | | | | | $ | 120,253,822 | | | | | $ | 4,916,578 | | | | | $ | 433,997 | | | | | $ | 212,428,493 | | |
Net change in unrealized appreciation/
(depreciation) of Level 3 investments still held as of December 31, 2017 |
| | | $ | 10,742,585 | | | | | $ | (12,221,603) | | | | | $ | (3,170,869) | | | | | $ | 212,714 | | | | | $ | (4,437,173) | | |
|
Portfolio Company
|
| |
Conversion from
|
| |
Conversion to
|
|
A Place for Rover Inc. (f/k/a DogVacay, Inc.)
|
| |
Preferred shares, Series B-1
|
| |
Common shares
|
|
| | |
Year Ended December 31, 2016
|
| |||||||||||||||||||||||||||
| | |
Common
Stock |
| |
Preferred
Stock |
| |
Debt
Investments |
| |
Warrants
|
| |
Total
|
| |||||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Fair value as of December 31, 2015
|
| | | $ | 102,319,140 | | | | | $ | 216,291,092 | | | | | $ | 4,175,859 | | | | | $ | 469,306 | | | | | $ | 323,255,397 | | |
Transfers into Level 3
|
| | | | 143,733 | | | | | | — | | | | | | — | | | | | | — | | | | | | 143,733 | | |
Purchases of investments
|
| | | | 3,080 | | | | | | 9,016,702 | | | | | | 5,201,294 | | | | | | 103,655 | | | | | | 14,324,731 | | |
Sales of investments
|
| | | | (3,509,238) | | | | | | (7,651,891) | | | | | | (574,380) | | | | | | — | | | | | | (11,735,509) | | |
Realized gains/(losses)
|
| | | | (7,127,146) | | | | | | 4,430,221 | | | | | | — | | | | | | (246,714) | | | | | | (2,943,639) | | |
Exercises, conversions and assignments (1)
|
| | | | 23,588,443 | | | | | | (23,588,443) | | | | | | — | | | | | | — | | | | | | — | | |
Amortization of fixed income security
premiums and discounts |
| | | | — | | | | | | — | | | | | | 44,714 | | | | | | — | | | | | | 44,714 | | |
Net change in unrealized depreciation included in earnings
|
| | | | (32,343,602) | | | | | | (36,258,802) | | | | | | (1,025,539) | | | | | | (175,343) | | | | | | (69,803,286) | | |
Fair Value as of December 31, 2016
|
| | | $ | 83,074,410 | | | | | $ | 162,238,879 | | | | | $ | 7,821,948 | | | | | $ | 150,904 | | | | | $ | 253,286,141 | | |
Net change in unrealized depreciation
of Level 3 investments still held as of December 31, 2016 |
| | | $ | (39,307,692) | | | | | $ | (40,126,793) | | | | | $ | (1,025,539) | | | | | $ | (195,637) | | | | | $ | (80,655,661) | | |
|
Portfolio Company
|
| |
Transfer from
|
| |
Transfer to
|
|
4C Insights (f/k/a The Echo Systems Corp.) | | |
Preferred shares, Series A
|
| |
Common Shares
|
|
Handle Financial, Inc. (f/k/a PayNearMe, Inc.) | | |
Preferred shares, Series E
|
| |
Common Shares
|
|
Fullbridge, Inc. | | |
Preferred shares, Series C
|
| |
Common Shares
|
|
Fullbridge, Inc. | | |
Preferred shares, Series D
|
| |
Common Shares
|
|
Fullbridge, Inc. | | |
Convertible Promissory
Note 10% Due 3/2/2016 |
| |
Junior Note, 1.49%,
November 9, 2021 |
|
Fullbridge, Inc. | | |
Convertible Promissory
Note 10% Due 3/14/2017 |
| |
Junior Note, 1.49%,
November 9, 2021 |
|
Snap, Inc. | | |
Preferred Shares, Series F
|
| |
Common Shares, Class A
|
|
Type/Industry/Portfolio Company/Investment
|
| |
Principal/
Quantity |
| |
Interest, Fees, or
Dividends Credited in Income |
| |
Fair Value at
December 31, 2016 |
| |
Purchases,
Capitalized Fees, Interest and Amortization |
| |
Sales
|
| |
Realized
Gains/(Losses) |
| |
Unrealized
Gains/(Losses) |
| |
Fair Value at
December 31, 2017 |
| |
Percentage
of Net Assets |
| |||||||||||||||||||||||||||
CONTROLLED INVESTMENTS*(2) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Debt Investments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Global Innovation Platform
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Convertible
Promissory Note 8% Due 7/31/2018*** |
| | | | 560,199 | | | | | $ | 88,604 | | | | | $ | 427,900 | | | | | $ | 106,490 | | | | | $ | — | | | | | $ | — | | | | | $ | 25,809 | | | | | $ | 560,199 | | | | | | 0.27% | | |
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Unsecured
Promissory Note 12% Due 5/29/2017***(4) |
| | | | — | | | | | | 50,146 | | | | | | 496,725 | | | | | | 24,195 | | | | | | (526,000) | | | | | | — | | | | | | 5,080 | | | | | | — | | | | | | —% | | |
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Unsecured
Promissory Note 12% Due 1/15/2018***(4) |
| | | | 592,129 | | | | | | 111,089 | | | | | | — | | | | | | 592,809 | | | | | | — | | | | | | — | | | | | | (680) | | | | | | 592,129 | | | | | | 0.29% | | |
Total Global Innovation Platform
|
| | | | | | | | | | 249,839 | | | | | | 924,625 | | | | | | 723,494 | | | | | | (526,000) | | | | | | — | | | | | | 30,209 | | | | | | 1,152,328 | | | | | | 0.56% | | |
Total Debt Investments
|
| | | | | | | | | $ | 249,839 | | | | | $ | 924,625 | | | | | $ | 723,494 | | | | | $ | (526,000) | | | | | $ | — | | | | | $ | 30,209 | | | | | $ | 1,152,328 | | | | | | 0.56% | | |
Preferred Stock | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Clean Technology
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.) – Preferred shares, Class A***
|
| | | | 14,300,000 | | | | | $ | 475,000 | | | | | $ | 4,309,778 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | (3,239,916) | | | | | $ | 1,069,862 | | | | | | 0.52% | | |
Global Innovation Platform
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Preferred stock Series A-4
|
| | | | 3,720,424 | | | | | | — | | | | | | 2,715,910 | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,674,932 | | | | | | 5,390,842 | | | | | | 2.63% | | |
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Preferred stock Series A-3
|
| | | | 1,561,625 | | | | | | — | | | | | | 952,591 | | | | | | — | | | | | | — | | | | | | — | | | | | | 933,053 | | | | | | 1,885,644 | | | | | | 0.92% | | |
Type/Industry/Portfolio Company/Investment
|
| |
Principal/
Quantity |
| |
Interest, Fees, or
Dividends Credited in Income |
| |
Fair Value at
December 31, 2016 |
| |
Purchases,
Capitalized Fees, Interest and Amortization |
| |
Sales
|
| |
Realized
Gains/(Losses) |
| |
Unrealized
Gains/(Losses) |
| |
Fair Value at
December 31, 2017 |
| |
Percentage
of Net Assets |
| |||||||||||||||||||||||||||
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Preferred stock Series A-2
|
| | | | 450,001 | | | | | | — | | | | | | 166,500 | | | | | | — | | | | | | — | | | | | | — | | | | | | 159,522 | | | | | | 326,022 | | | | | | 0.16% | | |
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Preferred stock Series A-1
|
| | | | 1,000,000 | | | | | | — | | | | | | 270,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | 273,370 | | | | | | 543,370 | | | | | | 0.27% | | |
Total Global Innovation Platform
|
| | | | | | | | | | — | | | | | | 4,105,001 | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,040,877 | | | | | | 8,145,878 | | | | | | 3.98% | | |
Interactive Learning
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
StormWind, LLC – Preferred shares, Series C(3)
|
| | | | 2,779,134 | | | | | | — | | | | | | 4,650,838 | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,573,066 | | | | | | 7,223,904 | | | | | | 3.53% | | |
StormWind, LLC – Preferred shares, Series B(3)
|
| | | | 3,279,629 | | | | | | — | | | | | | 4,470,403 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,334,069 | | | | | | 5,804,472 | | | | | | 2.83% | | |
StormWind, LLC – Preferred shares, Series A(3)
|
| | | | 366,666 | | | | | | — | | | | | | 499,796 | | | | | | — | | | | | | — | | | | | | — | | | | | | (74,454) | | | | | | 425,342 | | | | | | 0.21% | | |
Total Interactive Learning
|
| | | | | | | | | | — | | | | | | 9,621,037 | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,832,681 | | | | | | 13,453,718 | | | | | | 6.57% | | |
Total Preferred Stock
|
| | | | | | | | | $ | 475,000 | | | | | $ | 18,035,816 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 4,633,642 | | | | | $ | 22,669,458 | | | | | | 11.07% | | |
Warrants | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Global Innovation Platform
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Preferred Warrant Series A-3 – Strike Price $1.33, Expiration Date 4/4/2019
|
| | | | 187,500 | | | | | $ | — | | | | | $ | 5,625 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | (3,750) | | | | | $ | 1,875 | | | | | | 0.00% | | |
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Preferred Warrant Series A-4 – Strike Price $1.33, Expiration Date 10/6/2019
|
| | | | 500,000 | | | | | | — | | | | | | 40,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | 120,000 | | | | | | 160,000 | | | | | | 0.08% | | |
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Preferred Warrant Series A-4 – Strike Price $1.33, Expiration Date 7/18/2021
|
| | | | 250,000 | | | | | | — | | | | | | 22,500 | | | | | | — | | | | | | — | | | | | | — | | | | | | 80,000 | | | | | | 102,500 | | | | | | 0.05% | | |
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Preferred
Warrant Series B – Strike Price $2.31, Expiration Date 11/29/2021(11) |
| | | | 100,000 | | | | | | — | | | | | | 9,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | 32,000 | | | | | | 41,000 | | | | | | 0.02% | | |
Type/Industry/Portfolio Company/Investment
|
| |
Principal/
Quantity |
| |
Interest, Fees, or
Dividends Credited in Income |
| |
Fair Value at
December 31, 2016 |
| |
Purchases,
Capitalized Fees, Interest and Amortization |
| |
Sales
|
| |
Realized
Gains/(Losses) |
| |
Unrealized
Gains/(Losses) |
| |
Fair Value at
December 31, 2017 |
| |
Percentage
of Net Assets |
| |||||||||||||||||||||||||||
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Preferred
Warrant Series B – Strike Price $2.31, Expiration Date 5/29/2022(4) |
| | | | 125,000 | | | | | | — | | | | | | — | | | | | | 70,379 | | | | | | — | | | | | | — | | | | | | 9,621 | | | | | | 80,000 | | | | | | 0.04% | | |
Total Global Innovation Platform
|
| | | | | | | | | | — | | | | | | 77,125 | | | | | | 70,379 | | | | | | — | | | | | | — | | | | | | 237,871 | | | | | | 385,375 | | | | | | 0.19% | | |
Total Warrants
|
| | | | | | | | | $ | — | | | | | $ | 77,125 | | | | | $ | 70,379 | | | | | $ | — | | | | | $ | — | | | | | $ | 237,871 | | | | | $ | 385,375 | | | | | | 0.19% | | |
Common Stock | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Clean Technology
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.) – Common shares
|
| | | | 100,000 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | | —% | | |
Global Innovation Platform
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Common shares
|
| | | | 200,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | —% | | |
Total Common Stock
|
| | | | | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | | —% | | |
TOTAL CONTROLLED INVESTMENTS*(2)
|
| | | | | | | | | $ | 724,839 | | | | | $ | 19,037,566 | | | | | $ | 793,873 | | | | | $ | (526,000) | | | | | $ | — | | | | | $ | 4,901,722 | | | | | $ | 24,207,161 | | | | | | 11.82% | | |
NON-CONTROLLED/AFFILIATE INVESTMENTS*(1)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Debt Investments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Corporate Education
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CUX, Inc. (d/b/a CorpU) – Senior Subordinated Convertible Promissory Note 8%
Due 11/26/2018***(6) |
| | | | 1,259,712 | | | | | $ | 93,772 | | | | | $ | 1,166,400 | | | | | $ | 93,312 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 1,259,712 | | | | | | 0.62% | | |
Digital Media Platform
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ozy Media, Inc. – Convertible Promissory Note 5%, Due 2/28/2018***(12)
|
| | | | 2,000,000 | | | | | | (33,699) | | | | | | 2,000,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | (932,361) | | | | | | 1,067,639 | | | | | | 0.52% | | |
Type/Industry/Portfolio Company/Investment
|
| |
Principal/
Quantity |
| |
Interest, Fees, or
Dividends Credited in Income |
| |
Fair Value at
December 31, 2016 |
| |
Purchases,
Capitalized Fees, Interest and Amortization |
| |
Sales
|
| |
Realized
Gains/(Losses) |
| |
Unrealized
Gains/(Losses) |
| |
Fair Value at
December 31, 2017 |
| |
Percentage
of Net Assets |
| |||||||||||||||||||||||||||
Social Cognitive Learning
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Declara, Inc. – Convertible Promissory Note 9% Due 12/31/2017(8)
|
| | | | 2,120,658 | | | | | | (523) | | | | | | 2,827,020 | | | | | | 1,240 | | | | | | — | | | | | | — | | | | | | (1,707,931) | | | | | | 1,120,329 | | | | | | 0.55% | | |
Sports Analytics
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Circle Media (f/k/a S3 Digital Corp. (d/b/a S3i)) – Promissory Note, 12%, 11/17/2017***(13)
|
| | | | — | | | | | | (90) | | | | | | 26,544 | | | | | | 3,569 | | | | | | — | | | | | | (30,408) | | | | | | 295 | | | | | | — | | | | | | —% | | |
Total Debt Investments
|
| | | | | | | | | $ | 59,460 | | | | | $ | 6,019,964 | | | | | $ | 98,121 | | | | | $ | — | | | | | $ | (30,408) | | | | | $ | (2,639,997) | | | | | $ | 3,447,680 | | | | | | 1.68% | | |
Preferred Stock | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Corporate Education
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CUX, Inc. (d/b/a CorpU) – Convertible preferred shares, Series D
|
| | | | 169,033 | | | | | $ | — | | | | | $ | 775,861 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 213,628 | | | | | $ | 989,489 | | | | | | 0.48% | | |
CUX, Inc. (d/b/a CorpU) -Convertible preferred shares, Series C
|
| | | | 615,763 | | | | | | — | | | | | | 1,913,484 | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,433,300) | | | | | | 480,184 | | | | | | 0.23% | | |
Total Corporate Education
|
| | | | | | | | | | — | | | | | | 2,689,345 | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,219,672) | | | | | | 1,469,673 | | | | | | 0.71% | | |
Globally-Focused Private School
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Whittle Schools, LLC – Preferred shares, Series B(5)
|
| | | | — | | | | | | — | | | | | | 3,000,000 | | | | | | 119,299 | | | | | | (3,000,000) | | | | | | (119,299) | | | | | | — | | | | | | — | | | | | | —% | | |
Online Education
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Curious.com, Inc. – Preferred shares, Series B
|
| | | | 3,407,834 | | | | | | — | | | | | | 9,984,954 | | | | | | — | | | | | | — | | | | | | — | | | | | | (4,470,877) | | | | | | 5,514,077 | | | | | | 2.69% | | |
Sports Analytics
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Circle Media (f/k/a S3 Digital Corp.
(d/b/a S3i)) – Preferred shares, Series A(13) |
| | | | — | | | | | | — | | | | | | 484,769 | | | | | | — | | | | | | — | | | | | | (1,777,576) | | | | | | 1,292,807 | | | | | | — | | | | | | —% | | |
Social Cognitive Learning
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Declara, Inc. – Preferred shares, Series A
|
| | | | 10,716,390 | | | | | | — | | | | | | 4,786,654 | | | | | | | | | | | | | | | | | | | | | | | | (4,403,976) | | | | | | 382,678 | | | | | | 0.19% | | |
Type/Industry/Portfolio Company/Investment
|
| |
Principal/
Quantity |
| |
Interest, Fees, or
Dividends Credited in Income |
| |
Fair Value at
December 31, 2016 |
| |
Purchases,
Capitalized Fees, Interest and Amortization |
| |
Sales
|
| |
Realized
Gains/(Losses) |
| |
Unrealized
Gains/(Losses) |
| |
Fair Value at
December 31, 2017 |
| |
Percentage
of Net Assets |
| |||||||||||||||||||||||||||
Education Media Platform
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
EdSurge, Inc. – Preferred shares, Series A-1
|
| | | | 378,788 | | | | | | — | | | | | | 500,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 500,000 | | | | | | 0.24% | | |
EdSurge, Inc. – Preferred shares, Series A
|
| | | | 494,365 | | | | | | — | | | | | | 588,294 | | | | | | — | | | | | | — | | | | | | — | | | | | | (6,377) | | | | | | 581,917 | | | | | | 0.28% | | |
Total Education Media Platform
|
| | | | | | | | | | — | | | | | | 1,088,294 | | | | | | — | | | | | | — | | | | | | — | | | | | | (6,377) | | | | | | 1,081,917 | | | | | | 0.52% | | |
Education Technology
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Global Education Learning (Holdings) Ltd. – Preferred shares, Series A**(9)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (675,495) | | | | | | 675,495 | | | | | | — | | | | | | —% | | |
Knowledge Networks
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Maven Research, Inc. – Preferred shares, Series C
|
| | | | 318,979 | | | | | | — | | | | | | 1,999,998 | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,498,758) | | | | | | 501,240 | | | | | | 0.24% | | |
Maven Research, Inc. – Preferred shares, Series B
|
| | | | 49,505 | | | | | | — | | | | | | 223,763 | | | | | | — | | | | | | — | | | | | | — | | | | | | (173,763) | | | | | | 50,000 | | | | | | 0.02% | | |
Total Knowledge Networks
|
| | | | | | | | | | — | | | | | | 2,223,761 | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,672,521) | | | | | | 551,240 | | | | | | 0.26% | | |
Digital Media Platform
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
OzyMedia, Inc. – Preferred shares, Series B
|
| | | | 922,509 | | | | | | — | | | | | | 4,999,999 | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,632,977) | | | | | | 2,367,022 | | | | | | 1.16% | | |
OzyMedia, Inc. – Preferred shares, Series A
|
| | | | 1,090,909 | | | | | | — | | | | | | 3,000,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,580,190) | | | | | | 1,419,810 | | | | | | 0.69% | | |
OzyMedia, Inc. – Preferred shares, Series Seed
|
| | | | 500,000 | | | | | | — | | | | | | 610,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | (373,365) | | | | | | 236,635 | | | | | | 0.12% | | |
Total Digital Media Platform
|
| | | | | | | | | | — | | | | | | 8,609,999 | | | | | | — | | | | | | — | | | | | | — | | | | | | (4,586,532) | | | | | | 4,023,467 | | | | | | 1.97% | | |
Social Media
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
AlwaysOn, Inc. – Preferred shares, Series A-1(10)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (876,023) | | | | | | 876,023 | | | | | | — | | | | | | —% | | |
AlwaysOn, Inc. – Preferred shares, Series A(10)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,027,391) | | | | | | 1,027,391 | | | | | | — | | | | | | —% | | |
Total Social Media
|
| | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,903,414) | | | | | | 1,903,414 | | | | | | — | | | | | | —% | | |
Total Preferred Stock
|
| | | | | | | | | $ | — | | | | | $ | 32,867,776 | | | | | $ | 119,299 | | | | | $ | (3,000,000) | | | | | $ | (4,475,784) | | | | | $ | (12,488,239) | | | | | $ | 13,023,052 | | | | | | 6.36% | | |
Type/Industry/Portfolio Company/Investment
|
| |
Principal/
Quantity |
| |
Interest, Fees, or
Dividends Credited in Income |
| |
Fair Value at
December 31, 2016 |
| |
Purchases,
Capitalized Fees, Interest and Amortization |
| |
Sales
|
| |
Realized
Gains/(Losses) |
| |
Unrealized
Gains/(Losses) |
| |
Fair Value at
December 31, 2017 |
| |
Percentage
of Net Assets |
| |||||||||||||||||||||||||||
Common Stock | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Big Data Consulting
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Strategic Data Command, LLC – Common shares(7)
|
| | | | — | | | | | $ | — | | | | | $ | 2,052,555 | | | | | $ | 1,000 | | | | | $ | (2,514,651) | | | | | $ | 1,524,374 | | | | | $ | (1,063,278) | | | | | $ | — | | | | | | —% | | |
Globally-Focused Private School
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Whittle Schools, LLC – Common shares(5)
|
| | | | — | | | | | | — | | | | | | 1,500,000 | | | | | | 59,649 | | | | | | (1,575,000) | | | | | | (61,746) | | | | | | 77,097 | | | | | | — | | | | | | —% | | |
Total Common Stock
|
| | | | | | | | | $ | — | | | | | $ | 3,552,555 | | | | | $ | 60,649 | | | | | $ | (4,089,651) | | | | | $ | 1,462,628 | | | | | $ | (986,181) | | | | | $ | — | | | | | | —% | | |
Warrants | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sports Analytics
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Circle Media (f/k/a S3 Digital Corp.
(d/b/a S3i)) – Preferred warrants, $1.17 Strike Price, Expiration Date 11/18/2022(13) |
| | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | (576) | | | | | $ | 576 | | | | | $ | — | | | | | | —% | | |
Circle Media (f/k/a S3 Digital Corp. (d/b/a S3i)) – Preferred warrants, $1.17 Strike Price, Expiration Date 8/29/2021(13)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | —% | | |
Circle Media (f/k/a S3 Digital Corp. (d/b/a S3i)) – Preferred warrants, $1.17 Strike Price, Expiration Date 6/26/2021(13)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | —% | | |
Circle Media (f/k/a S3 Digital Corp. (d/b/a S3i)) – Preferred warrants, $1.17 Strike Price, Expiration Date 9/30/2020(13)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | —% | | |
Circle Media (f/k/a S3 Digital Corp. (d/b/a S3i)) – Preferred warrants, $1.00 Strike Price, Expiration Date 11/21/2017(13)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (31,354) | | | | | | 31,354 | | | | | | — | | | | | | —% | | |
Total Sports Analytics
|
| | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (31,930) | | | | | | 31,930 | | | | | | — | | | | | | —% | | |
Type/Industry/Portfolio Company/Investment
|
| |
Principal/
Quantity |
| |
Interest, Fees, or
Dividends Credited in Income |
| |
Fair Value at
December 31, 2016 |
| |
Purchases,
Capitalized Fees, Interest and Amortization |
| |
Sales
|
| |
Realized
Gains/(Losses) |
| |
Unrealized
Gains/(Losses) |
| |
Fair Value at
December 31, 2017 |
| |
Percentage
of Net Assets |
| |||||||||||||||||||||||||||
Corporate Education
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CUX, Inc. (d/b/a CorpU) -Preferred warrants, Series D, Strike Price $4.59, Expiration Date 2/25/2018
|
| | | | 16,903 | | | | | | — | | | | | | 4,395 | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,029) | | | | | | 2,366 | | | | | | 0.00% | | |
Social Media
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
AlwaysOn, Inc. – Preferred Warrants Series A, $1.00 strike price, expire 1/9/2017 (10)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | —% | | |
Total Warrants
|
| | | | | | | | | $ | — | | | | | $ | 4,395 | | | | | $ | — | | | | | $ | — | | | | | $ | (31,930) | | | | | $ | 29,901 | | | | | $ | 2,366 | | | | | | 0.00% | | |
TOTAL NON-CONTROLLED/AFFILIATE INVESTMENTS*(1)
|
| | | | | | | | | $ | 59,460 | | | | | $ | 42,444,690 | | | | | $ | 278,069 | | | | | $ | (7,089,651) | | | | | $ | (3,075,494) | | | | | $ | (16,084,516) | | | | | $ | 16,473,098 | | | | | | 8.04% | | |
|
Type/Industry/Portfolio Company/Investment
|
| |
Principal/
Quantity |
| |
Interest, Fees,
or Dividends Credited in Income |
| |
Fair Value at
December 31, 2015 |
| |
Transfer from
Control Investment to Non-Control/ Non-Affiliate Investment |
| |
Corporate
Action |
| |
Purchases
|
| |
Sales
|
| |
Realized
Gains/(Losses) |
| |
Unrealized
Gains/(Losses) |
| |
Fair Value at
December 31, 2016 |
| |
Percentage
of Net Assets |
| |||||||||||||||||||||||||||||||||
CONTROLLED INVESTMENTS*(2) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Debt Investments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Global Innovation Platform
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
NestGSV, Inc. (d/b/a GSV Labs,
Inc.) – Convertible Promissory Note 8% Due 7/31/2017*** |
| | | | 500,000 | | | | | $ | 16,889 | | | | | $ | — | | | | | $ | — | | | | | $ | 425,620 | | | | | $ | 31,972 | | | | | $ | — | | | | | $ | — | | | | | $ | (29,692) | | | | | $ | 427,900 | | | | | | 0.22% | | |
NestGSV, Inc. (d/b/a GSV Labs,
Inc.) – Convertible Promissory Note 8% Due 6/30/16*** |
| | | | — | | | | | | 48,248 | | | | | | — | | | | | | — | | | | | | (500,000) | | | | | | 500,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | —% | | |
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Promissory Note 10% Due 11/23/2016***
|
| | | | — | | | | | | 26,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | 500,000 | | | | | | (500,000) | | | | | | — | | | | | | — | | | | | | — | | | | | | —% | | |
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Unsecured Promissory Note 12% Due 5/29/2017***
|
| | | | 526,000 | | | | | | 10,862 | | | | | | — | | | | | | — | | | | | | — | | | | | | 501,802 | | | | | | — | | | | | | — | | | | | | (5,077) | | | | | | 496,725 | | | | | | 0.26% | | |
Total Global Innovation Platform
|
| | | | | | | | | | 101,999 | | | | | | — | | | | | | — | | | | | | (74,380) | | | | | | 1,533,774 | | | | | | (500,000) | | | | | | — | | | | | | (34,769) | | | | | | 924,625 | | | | | | 0.48% | | |
Total Debt Investments
|
| | | | | | | | | $ | 101,999 | | | | | $ | — | | | | | $ | — | | | | | $ | (74,380) | | | | | $ | 1,533,774 | | | | | $ | (500,000) | | | | | $ | — | | | | | $ | (34,769) | | | | | $ | 924,625 | | | | | | 0.48% | | |
Preferred Stock | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Clean Technology
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.) – Preferred shares, Class A
|
| | | | 14,300,000 | | | | | $ | — | | | | | $ | 6,250,000 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | (1,940,222) | | | | | $ | 4,309,778 | | | | | | 2.24% | | |
Global Innovation Platform
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Preferred shares, Series D
|
| | | | — | | | | | | — | | | | | | 4,960,565 | | | | | | — | | | | | | (4,904,498) | | | | | | — | | | | | | — | | | | | | — | | | | | | (56,067) | | | | | | — | | | | | | —% | | |
Type/Industry/Portfolio Company/Investment
|
| |
Principal/
Quantity |
| |
Interest, Fees,
or Dividends Credited in Income |
| |
Fair Value at
December 31, 2015 |
| |
Transfer from
Control Investment to Non-Control/ Non-Affiliate Investment |
| |
Corporate
Action |
| |
Purchases
|
| |
Sales
|
| |
Realized
Gains/(Losses) |
| |
Unrealized
Gains/(Losses) |
| |
Fair Value at
December 31, 2016 |
| |
Percentage
of Net Assets |
| |||||||||||||||||||||||||||||||||
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Preferred shares, Series C
|
| | | | — | | | | | | — | | | | | | 1,733,404 | | | | | | — | | | | | | (2,005,730) | | | | | | — | | | | | | — | | | | | | — | | | | | | 272,326 | | | | | | — | | | | | | —% | | |
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Preferred shares, Series B
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (605,500) | | | | | | — | | | | | | — | | | | | | — | | | | | | 605,500 | | | | | | — | | | | | | —% | | |
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Preferred shares, Series A
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,021,778) | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,021,778 | | | | | | — | | | | | | —% | | |
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Preferred stock Series A-4
|
| | | | 3,720,424 | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,904,498 | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,188,588) | | | | | | 2,715,910 | | | | | | 1.41% | | |
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Preferred stock Series A-3
|
| | | | 1,561,625 | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,005,730 | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,053,139) | | | | | | 952,591 | | | | | | 0.50% | | |
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Preferred stock Series A-2
|
| | | | 450,001 | | | | | | — | | | | | | — | | | | | | — | | | | | | 605,500 | | | | | | — | | | | | | — | | | | | | — | | | | | | (439,000) | | | | | | 166,500 | | | | | | 0.09% | | |
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Preferred stock Series A-1
|
| | | | 1,000,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,021,778 | | | | | | — | | | | | | — | | | | | | — | | | | | | (751,778) | | | | | | 270,000 | | | | | | 0.14% | | |
Total Global Innovation Platform
|
| | | | | | | | | | — | | | | | | 6,693,969 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,588,968) | | | | | | 4,105,001 | | | | | | 2.14% | | |
Interactive Learning
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | — | | | | | | | | | | | | | | | | | | | | |
StormWind, LLC – Preferred shares, Series C (4)
|
| | | | 2,779,134 | | | | | | — | | | | | | 4,599,718 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 51,120 | | | | | | 4,650,838 | | | | | | 2.42% | | |
StormWind, LLC – Preferred shares, Series B (4)
|
| | | | 3,279,629 | | | | | | — | | | | | | 4,633,228 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (162,825) | | | | | | 4,470,403 | | | | | | 2.33% | | |
StormWind, LLC – Preferred shares, Series A (4)
|
| | | | 366,666 | | | | | | — | | | | | | 518,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (18,204) | | | | | | 499,796 | | | | | | 0.26% | | |
Total Interactive Learning
|
| | | | | | | | | | — | | | | | | 9,750,946 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (129,909) | | | | | | 9,621,037 | | | | | | 5.01% | | |
Total Preferred Stock
|
| | | | | | | | | $ | — | | | | | $ | 22,694,915 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | (4,659,099) | | | | | $ | 18,035,816 | | | | | | 9.39% | | |
Type/Industry/Portfolio Company/Investment
|
| |
Principal/
Quantity |
| |
Interest, Fees,
or Dividends Credited in Income |
| |
Fair Value at
December 31, 2015 |
| |
Transfer from
Control Investment to Non-Control/ Non-Affiliate Investment |
| |
Corporate
Action |
| |
Purchases
|
| |
Sales
|
| |
Realized
Gains/(Losses) |
| |
Unrealized
Gains/(Losses) |
| |
Fair Value at
December 31, 2016 |
| |
Percentage
of Net Assets |
| |||||||||||||||||||||||||||||||||
Warrants | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Global Innovation Platform
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Preferred Warrant Series A-4 – Strike Price $1.33333, Expiration Date 10/6/2019
|
| | | | 500,000 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 40,000 | | | | | $ | 40,000 | | | | | | 0.02% | | |
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Preferred Warrant Series A-4 – Strike Price $1.33333, Expiration Date 7/18/2021
|
| | | | 250,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | 74,380 | | | | | | — | | | | | | — | | | | | | — | | | | | | (51,880) | | | | | | 22,500 | | | | | | 0.01% | | |
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Preferred Warrant Series A-4 – Strike Price $1.33333, Expiration Date 11/29/2021
|
| | | | 100,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 29,275 | | | | | | — | | | | | | — | | | | | | (20,275) | | | | | | 9,000 | | | | | | 0.00% | | |
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Preferred Warrant Series A-3 – Strike Price $1.33333, Expiration Date 4/4/2019
|
| | | | 187,500 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,625 | | | | | | 5,625 | | | | | | 0.00% | | |
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Preferred warrants, Series D – $1.33 Strike Price, Expiration Date 10/6/2019
|
| | | | — | | | | | | — | | | | | | 145,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (145,000) | | | | | | — | | | | | | 0.00% | | |
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Preferred warrants, Series C – $1.33 Strike Price, Expiration Date 4/4/2019
|
| | | | — | | | | | | — | | | | | | 31,875 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (31,875) | | | | | | — | | | | | | 0.00% | | |
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Preferred warrants Series D – Strike Price $1.33, Expiration Date 7/18/2021
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 0.00% | | |
Total Global Innovation Platform
|
| | | | | | | | | | — | | | | | | 176,875 | | | | | | — | | | | | | 74,380 | | | | | | 29,275 | | | | | | — | | | | | | — | | | | | | (203,405) | | | | | | 77,125 | | | | | | 0.03% | | |
Total Warrants
|
| | | | | | | | | $ | — | | | | | $ | 176,875 | | | | | $ | — | | | | | $ | 74,380 | | | | | $ | 29,275 | | | | | $ | — | | | | | $ | — | | | | | $ | (203,405) | | | | | $ | 77,125 | | | | | | 0.03% | | |
Type/Industry/Portfolio Company/Investment
|
| |
Principal/
Quantity |
| |
Interest, Fees,
or Dividends Credited in Income |
| |
Fair Value at
December 31, 2015 |
| |
Transfer from
Control Investment to Non-Control/ Non-Affiliate Investment |
| |
Corporate
Action |
| |
Purchases
|
| |
Sales
|
| |
Realized
Gains/(Losses) |
| |
Unrealized
Gains/(Losses) |
| |
Fair Value at
December 31, 2016 |
| |
Percentage
of Net Assets |
| |||||||||||||||||||||||||||||||||
Common Stock | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Clean Technology
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.) – Common shares
|
| | | | 100,000 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | | —% | | |
Global Innovation Platform
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Common shares
|
| | | | 200,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | —% | | |
Total Common Stock
|
| | | | | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | | —% | | |
TOTAL CONTROLLED
INVESTMENTS*(2) |
| | | | | | | | | $ | 101,999 | | | | | $ | 22,871,790 | | | | | $ | — | | | | | $ | — | | | | | $ | 1,563,049 | | | | | $ | (500,000) | | | | | $ | — | | | | | $ | (4,897,273) | | | | | $ | 19,037,566 | | | | | | 9.90% | | |
NON-CONTROLLED/AFFILIATE INVESTMENTS*(1)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Debt Investments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Corporate Education
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CUX, Inc. (d/b/a CorpU) – Senior Subordinated Convertible Promissory Note 8% Due 11/26/2018*** (5)
|
| | | | 1,166,400 | | | | | $ | 87,318 | | | | | $ | 1,080,000 | | | | | $ | — | | | | | $ | — | | | | | $ | 86,400 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 1,166,400 | | | | | | 0.61% | | |
Digital Media Platform
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ozy Media, Inc. – Convertible Promissory Note 5%, Due 2/28/2018***
|
| | | | 2,000,000 | | | | | | 33,700 | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,000,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,000,000 | | | | | | 1.04% | | |
Social Cognitive Learning
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Declara, Inc. – Convertible Promissory
Note 9% Due 6/30/2017*** |
| | | | 2,120,658 | | | | | | 120,523 | | | | | | 2,000,000 | | | | | | — | | | | | | — | | | | | | 120,658 | | | | | | — | | | | | | — | | | | | | 706,362 | | | | | | 2,827,020 | | | | | | 1.47% | | |
Type/Industry/Portfolio Company/Investment
|
| |
Principal/
Quantity |
| |
Interest, Fees,
or Dividends Credited in Income |
| |
Fair Value at
December 31, 2015 |
| |
Transfer from
Control Investment to Non-Control/ Non-Affiliate Investment |
| |
Corporate
Action |
| |
Purchases
|
| |
Sales
|
| |
Realized
Gains/(Losses) |
| |
Unrealized
Gains/(Losses) |
| |
Fair Value at
December 31, 2016 |
| |
Percentage
of Net Assets |
| |||||||||||||||||||||||||||||||||
Sports Analytics
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Circle Media (f/k/a S3 Digital Corp.
(d/b/a S3i)) – Promissory Note, 12%, 11/17/2017*** |
| | | | 25,000 | | | | | | 3,304 | | | | | | 25,000 | | | | | | — | | | | | | — | | | | | | 736 | | | | | | — | | | | | | — | | | | | | 808 | | | | | | 26,544 | | | | | | 0.01% | | |
Business Education
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Fullbridge, Inc. – Convertible Promissory Note, 10% Due 3/2/2016(8)
|
| | | | — | | | | | | (85,829) | | | | | | 1,020,859 | | | | | | (354,075) | | | | | | — | | | | | | 400 | | | | | | — | | | | | | — | | | | | | (667,184) | | | | | | — | | | | | | —% | | |
Fullbridge, Inc. – Convertible Promissory Note, 10% Due 3/14/2017 (8)
|
| | | | — | | | | | | — | | | | | | — | | | | | | (935,849) | | | | | | — | | | | | | 1,000,000 | | | | | | — | | | | | | — | | | | | | (64,151) | | | | | | — | | | | | | —% | | |
Total Business Education
|
| | | | | | | | | | (85,829) | | | | | | 1,020,859 | | | | | | (1,289,924) | | | | | | — | | | | | | 1,000,400 | | | | | | — | | | | | | — | | | | | | (731,335) | | | | | | — | | | | | | —% | | |
Total Debt Investments
|
| | | | | | | | | $ | 159,016 | | | | | $ | 4,125,859 | | | | | $ | (1,289,924) | | | | | $ | — | | | | | $ | 3,208,194 | | | | | $ | — | | | | | $ | — | | | | | $ | (24,165) | | | | | $ | 6,019,964 | | | | | | 3.13% | | |
Preferred Stock | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Corporate Education
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CUX, Inc. (d/b/a CorpU) – Convertible
preferred shares, Series D |
| | | | 169,033 | | | | | $ | — | | | | | $ | 775,861 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 775,861 | | | | | | 0.40% | | |
CUX, Inc. (d/b/a CorpU) – Convertible
preferred shares, Series C |
| | | | 615,763 | | | | | | — | | | | | | 1,959,127 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (45,643) | | | | | | 1,913,484 | | | | | | 1.00% | | |
Total Corporate Education
|
| | | | | | | | | | — | | | | | | 2,734,988 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (45,643) | | | | | | 2,689,345 | | | | | | 1.40% | | |
Globally-Focused Private School
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Whittle Schools, LLC – Preferred shares, Series B (3)
|
| | | | 3,000,000 | | | | | | — | | | | | | 3,000,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,000,000 | | | | | | 1.56% | | |
Online Education
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Curious.com Inc. – Preferred shares, Series B
|
| | | | 3,407,834 | | | | | | — | | | | | | 9,996,311 | | | | | | — | | | | | | — | | | | | | 2,000,003 | | | | | | — | | | | | | — | | | | | | (2,011,360) | | | | | | 9,984,954 | | | | | | 5.20% | | |
Type/Industry/Portfolio Company/Investment
|
| |
Principal/
Quantity |
| |
Interest, Fees,
or Dividends Credited in Income |
| |
Fair Value at
December 31, 2015 |
| |
Transfer from
Control Investment to Non-Control/ Non-Affiliate Investment |
| |
Corporate
Action |
| |
Purchases
|
| |
Sales
|
| |
Realized
Gains/(Losses) |
| |
Unrealized
Gains/(Losses) |
| |
Fair Value at
December 31, 2016 |
| |
Percentage
of Net Assets |
| |||||||||||||||||||||||||||||||||
Sports Analytics
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Circle Media (f/k/a S3 Digital Corp. (d/b/a S3i)) – Preferred shares, Series A
|
| | | | 1,864,495 | | | | | | — | | | | | | 1,156,175 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (671,406) | | | | | | 484,769 | | | | | | 0.25% | | |
Social Cognitive Learning
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Declara, Inc. – Preferred shares, Series A
|
| | | | 10,716,390 | | | | | | — | | | | | | 9,999,999 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (5,213,345) | | | | | | 4,786,654 | | | | | | 2.49% | | |
Education Media Platform
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
EdSurge, Inc. – Preferred shares, Series A-1
|
| | | | 378,788 | | | | | | — | | | | | | 500,000 | | | | | | — | | | | | | — | | | | | | 400 | | | | | | — | | | | | | — | | | | | | (400) | | | | | | 500,000 | | | | | | 0.26% | | |
EdSurge, Inc. – Preferred shares, Series A
|
| | | | 494,365 | | | | | | — | | | | | | 524,867 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 63,427 | | | | | | 588,294 | | | | | | 0.31% | | |
Total Education Media Platform
|
| | | | | | | | | | — | | | | | | 1,024,867 | | | | | | — | | | | | | — | | | | | | 400 | | | | | | — | | | | | | — | | | | | | 63,027 | | | | | | 1,088,294 | | | | | | 0.57% | | |
Education Technology
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Global Education Learning (Holdings)
Ltd. – Preferred shares, Series A** |
| | | | 2,126,475 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 120 | | | | | | — | | | | | | — | | | | | | (120) | | | | | | — | | | | | | —% | | |
Knowledge Networks
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Maven Research, Inc. – Preferred shares, Series C
|
| | | | 318,979 | | | | | | — | | | | | | 1,999,998 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,999,998 | | | | | | 1.04% | | |
Maven Research, Inc. – Preferred shares, Series B
|
| | | | 49,505 | | | | | | — | | | | | | 249,691 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (25,928) | | | | | | 223,763 | | | | | | 0.12% | | |
Total Knowledge Networks
|
| | | | | | | | | | — | | | | | | 2,249,689 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (25,928) | | | | | | 2,223,761 | | | | | | 1.16% | | |
Digital Media Platform
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ozy Media, Inc. – Preferred shares, Series B
|
| | | | 922,509 | | | | | | — | | | | | | 4,690,178 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 309,821 | | | | | | 4,999,999 | | | | | | 2.60% | | |
Ozy Media, Inc. – Preferred shares, Series A
|
| | | | 1,090,909 | | | | | | — | | | | | | 3,907,004 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (907,004) | | | | | | 3,000,000 | | | | | | 1.56% | | |
Type/Industry/Portfolio Company/Investment
|
| |
Principal/
Quantity |
| |
Interest, Fees,
or Dividends Credited in Income |
| |
Fair Value at
December 31, 2015 |
| |
Transfer from
Control Investment to Non-Control/ Non-Affiliate Investment |
| |
Corporate
Action |
| |
Purchases
|
| |
Sales
|
| |
Realized
Gains/(Losses) |
| |
Unrealized
Gains/(Losses) |
| |
Fair Value at
December 31, 2016 |
| |
Percentage
of Net Assets |
| |||||||||||||||||||||||||||||||||
Ozy Media, Inc. – Preferred shares, Series Seed
|
| | | | 500,000 | | | | | | — | | | | | | 1,531,812 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (921,812) | | | | | | 610,000 | | | | | | 0.32% | | |
Total Digital Media Platform
|
| | | | | | | | | | — | | | | | | 10,128,994 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,518,995) | | | | | | 8,609,999 | | | | | | 4.48% | | |
Social Media
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
AlwaysOn, Inc. – Preferred shares, Series A – 1
|
| | | | 4,465,925 | | | | | | — | | | | | | 133,978 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (133,978) | | | | | | — | | | | | | —% | | |
AlwaysOn, Inc. – Preferred shares, Series A
|
| | | | 1,066,626 | | | | | | — | | | | | | 191,993 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (191,993) | | | | | | — | | | | | | —% | | |
Total Social Media
|
| | | | | | | | | | — | | | | | | 325,971 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (325,971) | | | | | | — | | | | | | —% | | |
Business Education
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Fullbridge, Inc. – Preferred shares, Series D (8)
|
| | | | — | | | | | | — | | | | | | 3,111,714 | | | | | | — | | | | | | — | | | | | | 1,040 | | | | | | — | | | | | | — | | | | | | (3,112,754) | | | | | | — | | | | | | —% | | |
Fullbridge, Inc. – Preferred shares, Series C (8)
|
| | | | — | | | | | | — | | | | | | 1,625,001 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,625,001) | | | | | | — | | | | | | —% | | |
Total Business Education
|
| | | | | | | | | | — | | | | | | 4,736,715 | | | | | | — | | | | | | — | | | | | | 1,040 | | | | | | — | | | | | | — | | | | | | (4,737,755) | | | | | | — | | | | | | —% | | |
Cash Payment Network
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Handle Financial, Inc. (f/k/a
PayNearMe, Inc.) – Preferred shares, Series E (8) |
| | | | — | | | | | | — | | | | | | 13,974,887 | | | | | | (13,974,887) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | —% | | |
Total Preferred Stock
|
| | | | | | | | | $ | — | | | | | $ | 59,328,596 | | | | | $ | (13,974,887) | | | | | $ | — | | | | | $ | 2,001,563 | | | | | $ | — | | | | | $ | — | | | | | $ | (14,487,496) | | | | | $ | 32,867,776 | | | | | | 17.11% | | |
Common Stock | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Big Data Consulting
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Strategic Data Command, LLC – Common shares(7)
|
| | | | 2,400,000 | | | | | $ | — | | | | | $ | 1,001,650 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 1,050,905 | | | | | $ | 2,052,555 | | | | | | 1.07% | | |
Globally-Focused Private School
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Whittle Schools, LLC – Common
shares(3) |
| | | | 229 | | | | | | — | | | | | | 1,500,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,500,000 | | | | | | 0.78% | | |
Type/Industry/Portfolio Company/Investment
|
| |
Principal/
Quantity |
| |
Interest, Fees,
or Dividends Credited in Income |
| |
Fair Value at
December 31, 2015 |
| |
Transfer from
Control Investment to Non-Control/ Non-Affiliate Investment |
| |
Corporate
Action |
| |
Purchases
|
| |
Sales
|
| |
Realized
Gains/(Losses) |
| |
Unrealized
Gains/(Losses) |
| |
Fair Value at
December 31, 2016 |
| |
Percentage
of Net Assets |
| |||||||||||||||||||||||||||||||||
Consumer Health Technology
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Orchestra One, Inc. (f/k/a Learnist Inc.) – Common shares(6)
|
| | | | 57,026 | | | | | | — | | | | | | 4,364 | | | | | | (4,364) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | —% | | |
Total Common Stock
|
| | | | | | | | | $ | — | | | | | $ | 2,506,014 | | | | | $ | (4,364) | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 1,050,905 | | | | | $ | 3,552,555 | | | | | | 1.85% | | |
Warrants | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sports Analytics
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Circle Media (f/k/a S3 Digital Corp. (d/b/a S3i)) – Preferred warrants, $1.17 Strike Price, Expiration Date 11/18/2022
|
| | | $ | 5,360 | | | | | $ | — | | | | | $ | 429 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | (429) | | | | | $ | — | | | | | | —% | | |
Circle Media (f/k/a S3 Digital Corp. (d/b/a S3i)) – Preferred warrants, $1.17 Strike Price, Expiration Date 8/29/2021
|
| | | | 175,815 | | | | | | — | | | | | | 14,065 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (14,065) | | | | | | — | | | | | | —% | | |
Circle Media (f/k/a S3 Digital Corp. (d/b/a S3i)) – Preferred warrants, $1.17 Strike Price, Expiration Date 6/26/2021
|
| | | | 38,594 | | | | | | — | | | | | | 3,088 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (3,088) | | | | | | — | | | | | | —% | | |
Circle Media (f/k/a S3 Digital Corp. (d/b/a S3i)) – Preferred warrants, $1.17 Strike Price, Expiration Date 9/30/2020
|
| | | | 160,806 | | | | | | — | | | | | | 12,864 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (12,864) | | | | | | — | | | | | | —% | | |
Circle Media (f/k/a S3 Digital Corp. (d/b/a S3i)) – Preferred warrants, $1.00 Strike Price, Expiration Date 11/21/2017
|
| | | | 500,000 | | | | | | — | | | | | | 55,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (55,000) | | | | | | — | | | | | | —% | | |
Total Sports Analytics
|
| | | | | | | | | | — | | | | | | 85,446 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (85,446) | | | | | | — | | | | | | —% | | |
Corporate Education
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CUX, Inc. (d/b/a CorpU) – Preferred warrants, $4.59 Strike Price, Expiration Date 2/25/2018
|
| | | | 16,903 | | | | | | — | | | | | | 10,142 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (5,747) | | | | | | 4,395 | | | | | | 0.00% | | |
Type/Industry/Portfolio Company/Investment
|
| |
Principal/
Quantity |
| |
Interest, Fees,
or Dividends Credited in Income |
| |
Fair Value at
December 31, 2015 |
| |
Transfer from
Control Investment to Non-Control/ Non-Affiliate Investment |
| |
Corporate
Action |
| |
Purchases
|
| |
Sales
|
| |
Realized
Gains/(Losses) |
| |
Unrealized
Gains/(Losses) |
| |
Fair Value at
December 31, 2016 |
| |
Percentage
of Net Assets |
| |||||||||||||||||||||||||||||||||
Social Media
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
AlwaysOn, Inc. – Preferred warrants Series A, $1.00 Strike Price, Expiration Date 1/9/2017
|
| | | | 109,375 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | —% | | |
Business Education
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Fullbridge, Inc. – Common warrants, $0.91 Strike Price, Expiration Date 3/2/2020(8)
|
| | | | — | | | | | | — | | | | | | 2,831 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,831) | | | | | | — | | | | | | —% | | |
Fullbridge, Inc. – Common warrants, $0.91 Strike Price, Expiration Date 3/22/2020(8)
|
| | | | — | | | | | | — | | | | | | 1,862 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,862) | | | | | | — | | | | | | —% | | |
Fullbridge, Inc. – Common warrants, $0.91 Strike Price, Expiration Date 5/16/2019(8)
|
| | | | — | | | | | | — | | | | | | 1,923 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,923) | | | | | | — | | | | | | —% | | |
Fullbridge, Inc. – Common warrants, $0.91 Strike Price, Expiration Date 4/3/2019(8)
|
| | | | — | | | | | | — | | | | | | 4,121 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (4,121) | | | | | | — | | | | | | —% | | |
Fullbridge, Inc. – Common warrants, $0.91 Strike Price, Expiration Date 10/10/2018(8)
|
| | | | — | | | | | | — | | | | | | 824 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (824) | | | | | | — | | | | | | —% | | |
Fullbridge, Inc. – Common warrants, $0.91 Strike Price, Expiration Date 12/11/2018(8)
|
| | | | — | | | | | | — | | | | | | 824 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (824) | | | | | | — | | | | | | —% | | |
Fullbridge, Inc. – Common warrants, $0.91 Strike Price, Expiration Date 2/18/2019(8)
|
| | | | — | | | | | | — | | | | | | 7,143 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (7,143) | | | | | | — | | | | | | —% | | |
Total Business Education
|
| | | | | | | | | | — | | | | | | 19,528 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (19,528) | | | | | | — | | | | | | —% | | |
Total Warrants
|
| | | | | | | | | $ | — | | | | | $ | 115,116 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | (110,721) | | | | | $ | 4,395 | | | | | | 0.00% | | |
TOTAL NON-CONTROLLED/AFFILIATE INVESTMENTS*(1)
|
| | | | | | | | | $ | 159,016 | | | | | $ | 66,075,585 | | | | | $ | (15,269,175) | | | | | $ | — | | | | | $ | 5,209,757 | | | | | $ | — | | | | | $ | — | | | | | $ | (13,571,477) | | | | | $ | 42,444,690 | | | | | | 22.10% | | |
|
| | |
Year Ended December 31,
|
| |||||||||||||||
| | |
2017
|
| |
2016
|
| |
2015
|
| |||||||||
Earnings/(loss) per common share – basic: | | | | | | | | | | | | | | | | | | | |
Net increase/(decrease) in net assets resulting from operations
|
| | | $ | 17,567,933 | | | | | $ | (74,994,895) | | | | | $ | 8,466,157 | | |
Weighted-average common shares – basic
|
| | | | 21,924,490 | | | | | | 22,181,003 | | | | | | 19,327,938 | | |
Earnings/(loss) per common share – basic
|
| | | $ | 0.80 | | | | | $ | (3.38) | | | | | $ | 0.44 | | |
Earnings/(loss) per common share – diluted: | | | | | | | | | | | | | | | | | | | |
Net increase/(decrease) in net assets resulting from operations
|
| | | $ | 17,567,933 | | | | | $ | (74,994,895) | | | | | $ | 8,466,157 | | |
Weighted-average common shares outstanding – diluted(1)
|
| | | | 21,924,490 | | | | | | 22,181,003 | | | | | | 19,327,938 | | |
Earnings/(loss) per common share – diluted
|
| | | $ | 0.80 | | | | | $ | (3.38) | | | | | $ | 0.44 | | |
|
| | |
Year Ended December 31,
|
| |||||||||||||||||||||||||||
Per Basic Share Data
|
| |
2017
|
| |
2016
|
| |
2015
|
| |
2014
|
| |
2013
|
| |||||||||||||||
Net asset value at beginning of year
|
| | | $ | 8.66 | | | | | $ | 12.08 | | | | | $ | 14.80 | | | | | $ | 14.91 | | | | | $ | 13.07 | | |
Net investment loss(1)
|
| | | | (0.95) | | | | | | (0.06) | | | | | | (2.52) | | | | | | (0.66) | | | | | | (0.46) | | |
Net realized gain/(loss) on
investments(1) |
| | | | 0.04 | | | | | | (0.12) | | | | | | 2.80 | | | | | | 1.24 | | | | | | (1.12) | | |
Benefit from/(Provision for) taxes on net realized loss/gain on investments(1)(3)
|
| | | | — | | | | | | — | | | | | | 0.02 | | | | | | (0.51) | | | | | | 0.49 | | |
Net change in unrealized appreciation/
(depreciation) of investments(1) |
| | | | 1.59 | | | | | | (3.30) | | | | | | (0.69) | | | | | | (0.30) | | | | | | 4.53 | | |
Benefit from/(Provision for) taxes on
unrealized depreciation/appreciation of investments(1)(3)(4) |
| | | | 0.13 | | | | | | 0.10 | | | | | | 0.83 | | | | | | 0.12 | | | | | | (1.60) | | |
Dividends from realized gain
|
| | | | — | | | | | | (0.04) | | | | | | (2.76) | | | | | | — | | | | | | — | | |
Repurchase of common stock(1)
|
| | | | 0.18 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Dilution from shares issued
|
| | | | — | | | | | | — | | | | | | (0.40) | | | | | | — | | | | | | — | | |
Net asset value at end of year
|
| | | $ | 9.64 | | | | | $ | 8.66 | | | | | $ | 12.08 | | | | | $ | 14.80 | | | | | $ | 14.91 | | |
Per share market value at end of year
|
| | | $ | 5.45 | | | | | $ | 5.03 | | | | | $ | 9.37 | | | | | $ | 8.63 | | | | | $ | 12.09 | | |
Total return based on market
value(2) |
| | | | 8.35% | | | | | | (23.29)% | | | | | | 8.57% | | | | | | (28.62)% | | | | | | 43.42% | | |
Total return based on net asset
value(2) |
| | | | 11.32% | | | | | | (27.74)% | | | | | | (0.27)% | | | | | | (0.74)% | | | | | | 14.08% | | |
Shares outstanding at end of year
|
| | | | 21,246,345 | | | | | | 22,181,003 | | | | | | 22,181,003 | | | | | | 19,320,100 | | | | | | 19,320,100 | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets at end of year
|
| | | $ | 204,762,866 | | | | | $ | 192,128,810 | | | | | $ | 268,010,945 | | | | | $ | 285,903,673 | | | | | $ | 287,966,444 | | |
Average net assets
|
| | | $ | 199,457,678 | | | | | $ | 243,577,514 | | | | | $ | 296,560,393 | | | | | $ | 284,953,811 | | | | | $ | 250,121,052 | | |
Ratio of gross operating expenses to average net assets
|
| | | | 11.25% | | | | | | 0.82% | | | | | | 9.10% | | | | | | 7.64% | | | | | | 8.83% | | |
Ratio of net income tax provisions to average net assets
|
| | | | (1.38)% | | | | | | (0.87)% | | | | | | (1.88)% | | | | | | (0.50)% | | | | | | (3.33)% | | |
Ratio of management fee waiver to average net assets
|
| | | | (0.36)% | | | | | | —% | | | | | | —% | | | | | | —% | | | | | | —% | | |
Ratio of net operating expenses to average net assets
|
| | | | 9.51% | | | | | | (0.05)% | | | | | | 7.22% | | | | | | 7.14% | | | | | | 5.50% | | |
Ratio of net investment loss to average
net assets |
| | | | (10.47)% | | | | | | (0.52)% | | | | | | (16.41)% | | | | | | (4.48)% | | | | | | (3.55)% | | |
Portfolio Turnover Ratio
|
| | | | 0.07% | | | | | | 4.46% | | | | | | 8.30% | | | | | | 19.45% | | | | | | 2.96% | | |
| | |
Year Ended December 31,
|
| |||||||||
| | |
2017
|
| |
2016
|
| ||||||
Capital in excess of par value
|
| | | $ | (13,729,093) | | | | | $ | (16,519,891) | | |
Accumulated undistributed net investment loss
|
| | | | 13,729,093 | | | | | | 16,453,404 | | |
Accumulated net realized gains from investments
|
| | | | — | | | | | | 66,487 | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
| | |
2017
|
| |
2016
|
| |
2015
|
| |||||||||
Ordinary income
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | |
Long-term capital gain
|
| | | | — | | | | | | 820,753 | | | | | | 53,323,476 | | |
Return of capital
|
| | | | — | | | | | | 66,487 | | | | | | — | | |
Distributions on a tax basis
|
| | | | — | | | | | | — | | | | | | — | | |
| | |
Year Ended December 31,
|
| |||||||||
| | |
2017
|
| |
2016
|
| ||||||
Accumulated net realized losses on investments
|
| | | $ | (819,590) | | | | | $ | (2,634,471) | | |
Unrealized appreciation/(depreciation)
|
| | | | 11,379,697 | | | | | | (25,252,169) | | |
Components of distributable earnings/(loss) at year end
|
| | | $ | 10,560,107 | | | | | $ | (27,886,640) | | |
|
| | |
December 31,
2017 |
| |
December 31,
2016 |
| ||||||
Aggregate principal amount of Convertible Senior Notes
|
| | | $ | 69,000,000 | | | | | $ | 69,000,000 | | |
Unamortized embedded derivative discount
|
| | | | (111,143) | | | | | | (261,099) | | |
Direct deduction of deferred debt issuance costs
|
| | | | (506,308) | | | | | | (1,226,103) | | |
Convertible Senior Notes
|
| | | $ | 68,382,549 | | | | | $ | 67,512,798 | | |
|
Portfolio Company
|
| |
Investment
|
| |
Transaction
Date |
| |
Gross
Payments |
| ||||||
Ozy Media, Inc.(1)
|
| |
Promissory Note 10% Due 2/12/2018
|
| | | | 1/12/2018 | | | | | $ | 100,000 | | |
Total
|
| | | | | | | | | | | | $ | 100,000 | | |
|
Portfolio Investment
|
| |
Transaction
Date |
| |
Shares
Sold |
| |
Average Net
Share Price(1) |
| |
Net Proceeds
|
| |
Realized
Gain/(Loss) |
| ||||||||||||
Chegg, Inc.
|
| |
1/3/2018
|
| | | | 1,897 | | | | | $ | 16.78 | | | | | $ | 31,831 | | | | | $ | 9,018 | | |
Chegg, Inc.
|
| |
1/4/2018
|
| | | | 9,103 | | | | | | 16.79 | | | | | | 152,799 | | | | | | 43,327 | | |
Chegg, Inc.
|
| |
1/5/2018
|
| | | | 36,212 | | | | | | 16.78 | | | | | | 607,623 | | | | | | 172,139 | | |
Chegg, Inc.
|
| |
1/8/2018
|
| | | | 15,888 | | | | | | 16.86 | | | | | | 267,905 | | | | | | 76,837 | | |
Chegg, Inc.
|
| |
1/9/2018
|
| | | | 36,900 | | | | | | 16.78 | | | | | | 619,356 | | | | | | 175,598 | | |
Chegg, Inc.
|
| |
2/13/2018
|
| | | | 200,000 | | | | | | 19.31 | | | | | | 3,861,271 | | | | | | 1,457,883 | | |
Chegg, Inc. (2)
|
| |
2/20/2018
|
| | | | 200,000 | | | | | | 19.53 | | | | | | 3,905,530 | | | | | | 1,503,045 | | |
| | | | | | | | 500,000 | | | | | | 18.89 | | | | | | 9,446,315 | | | | | | 3,437,847 | | |
NestGSV, Inc. (d/b/a GSV Labs, Inc.)(3)
|
| |
1/12/2018
|
| | | | N/A | | | | | | N/A | | | | | | 592,129 | | | | | | (680) | | |
Avenues Global Holdings, LLC
|
| |
1/22/2018
|
| | | | 10,014,270 | | | | | | 0.59 | | | | | | 5,935,459 | | | | | | (4,216,395) | | |
Total
|
| | | | | | | | | | | | | | | | | | $ | 15,973,903 | | | | | $ | (779,228) | | |
|
| | |
Quarter Ended
|
| |||||||||||||||||||||
| | |
December 31, 2017
|
| |
September 30, 2017
|
| |
June 30, 2017
|
| |
March 31, 2017
|
| ||||||||||||
Total Investment Income/(Reversal of Investment Income)
|
| | | $ | (31,196) | | | | | $ | 174,912 | | | | | $ | 370,593 | | | | | $ | 338,459 | | |
Total Operating Expenses
|
| | | | 3,712,391 | | | | | | 6,975,539 | | | | | | 6,423,452 | | | | | | 5,328,473 | | |
Management fee waiver
|
| | | | (181,906) | | | | | | (174,666) | | | | | | (169,898) | | | | | | (181,802) | | |
Net Investment Loss
|
| | | | (3,561,681) | | | | | | (6,625,961) | | | | | | (5,882,961) | | | | | | (4,808,212) | | |
Net Realized Gain/(Loss) on Investments
|
| | | | 25,241,064 | | | | | | 1,033,577 | | | | | | (671,492) | | | | | | (24,689,167) | | |
Net Change in Unrealized Appreciation/
(Depreciation) |
| | | | (26,893,780) | | | | | | 15,636,683 | | | | | | 12,752,528 | | | | | | 33,280,265 | | |
Benefit from Taxes on Unrealized Depreciation of Investments
|
| | | | 2,730,365 | | | | | | 26,705 | | | | | | — | | | | | | — | | |
Net Increase (Decrease) in Net Assets Resulting from Operations
|
| | | $ | (2,484,032) | | | | | $ | 10,071,004 | | | | | $ | 6,198,075 | | | | | $ | 3,782,886 | | |
Net Increase (Decrease) in Net Assets
from Operations per Common Share: |
| | | | | | | | | | | | | | | | | | | | | | | | |
Basic
|
| | | $ | (0.11) | | | | | $ | 0.46 | | | | | $ | 0.28 | | | | | $ | 0.17 | | |
Diluted
|
| | | $ | (0.11) | | | | | $ | 0.40 | | | | | $ | 0.26 | | | | | $ | 0.17 | | |
Weighted Average Common Shares Outstanding – Basic
|
| | | | 21,343,746 | | | | | | 22,000,571 | | | | | | 22,181,003 | | | | | | 22,181,003 | | |
Weighted Average Common Shares Outstanding – Diluted
|
| | | | 21,343,746 | | | | | | 27,752,386 | | | | | | 27,932,818 | | | | | | 22,181,003 | | |
| | |
Quarter Ended
|
| |||||||||||||||||||||
| | |
December 31, 2016
|
| |
September 30, 2016
|
| |
June 30, 2016
|
| |
March 31, 2016
|
| ||||||||||||
Total Investment Income/(Reversal of Investment Income)
|
| | | $ | 601,102 | | | | | $ | 86,648 | | | | | $ | (54,119) | | | | | $ | 102,652 | | |
Total Operating Expenses
|
| | | | (3,262,224) | | | | | | 4,308,303 | | | | | | 1,397,922 | | | | | | (444,355) | | |
Net Investment Income/(Loss)
|
| | | | 3,863,326 | | | | | | (4,221,655) | | | | | | (1,452,041) | | | | | | 547,007 | | |
Net Realized Gain/(Loss) on Investments
|
| | | | (322,477) | | | | | | 2,658,715 | | | | | | 1,104,361 | | | | | | (6,075,070) | | |
Net Change in Unrealized Depreciation
of Investments |
| | | | (36,597,249) | | | | | | (1,261,709) | | | | | | (15,933,886) | | | | | | (19,421,001) | | |
Benefit from Taxes on Unrealized Depreciation of Investments
|
| | | | 1,565,474 | | | | | | 551,310 | | | | | | — | | | | | | — | | |
Net Decrease in Net Assets Resulting from Operations
|
| | | $ | (31,490,926) | | | | | $ | (2,273,339) | | | | | $ | (16,281,566) | | | | | $ | (24,949,064) | | |
Net Decrease in Net Assets from Operations per Common Share:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Basic
|
| | | $ | (1.42) | | | | | $ | (0.10) | | | | | $ | (0.74) | | | | | $ | (1.12) | | |
Diluted
|
| | | $ | (1.42) | | | | | $ | (0.10) | | | | | $ | (0.74) | | | | | $ | (1.12) | | |
Weighted Average Common Shares Outstanding – Basic
|
| | | | 22,181,003 | | | | | | 22,181,003 | | | | | | 22,181,003 | | | | | | 22,181,003 | | |
Weighted Average Common Shares Outstanding – Diluted
|
| | | | 22,181,003 | | | | | | 22,181,003 | | | | | | 22,181,003 | | | | | | 22,181,003 | | |
| | |
Quarter Ended
|
| |||||||||||||||||||||
| | |
December 31, 2015
|
| |
September 30, 2015
|
| |
June 30, 2015
|
| |
March 31, 2015
|
| ||||||||||||
Total Investment Income
|
| | | $ | 68,618 | | | | | $ | 39,363 | | | | | $ | 123,891 | | | | | $ | 59,024 | | |
Total Operating Expenses
|
| | | | 1,653,104 | | | | | | 6,239,277 | | | | | | 6,233,424 | | | | | | 12,852,430 | | |
Benefit from/(Provision for) Taxes on Net Investment Loss
|
| | | | (3,103,505) | | | | | | (26,583,935) | | | | | | 2,494,459 | | | | | | 5,223,611 | | |
Net Investment Loss
|
| | | | (4,687,991) | | | | | | (32,783,849) | | | | | | (3,615,074) | | | | | | (7,569,795) | | |
Net Realized Gain/(Loss) on Investments
|
| | | | (604) | | | | | | 27,289,816 | | | | | | 13,636,614 | | | | | | 13,218,403 | | |
Benefit from/(Provision for) Taxes on Net Realized Capital Gain
|
| | | | — | | | | | | 11,307,706 | | | | | | (5,567,830) | | | | | | (5,397,074) | | |
Net Change in Unrealized Appreciation/
(Depreciation) of Investments |
| | | | (13,480,259) | | | | | | (21,981,668) | | | | | | (5,744,399) | | | | | | 27,784,081 | | |
Benefit from/(Provision for) Taxes on
Unrealized Depreciation/Appreciation of Investments |
| | | | 36,197 | | | | | | 25,020,686 | | | | | | 2,372,190 | | | | | | (11,370,993) | | |
Net Increase (Decrease) in Net Assets Resulting from Operations
|
| | | $ | (18,132,657) | | | | | $ | 8,852,691 | | | | | $ | 1,081,501 | | | | | $ | 16,664,622 | | |
Net Increase (Decrease) in Net Assets from Operations per Common Share:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Basic
|
| | | $ | (0.94) | | | | | $ | 0.46 | | | | | $ | 0.06 | | | | | $ | 0.86 | | |
Diluted
|
| | | $ | (0.94) | | | | | $ | 0.38 | | | | | $ | 0.06 | | | | | $ | 0.71 | | |
Weighted Average Common Shares Outstanding – Basic
|
| | | | 19,351,197 | | | | | | 19,320,100 | | | | | | 19,320,100 | | | | | | 19,320,100 | | |
Weighted Average Common Shares Outstanding – Diluted
|
| | | | 19,351,197 | | | | | | 23,564,228 | | | | | | 19,320,100 | | | | | | 23,564,228 | | |
Balance Sheet Data as of:
|
| |
December 31,
2017 |
| |
December 31,
2016 |
| ||||||
Current assets
|
| | | $ | 9,539,621 | | | | | $ | 5,473,860 | | |
Noncurrent assets
|
| | | | 4,152,428 | | | | | | 1,886,163 | | |
Current liabilities
|
| | | | 18,898,899 | | | | | | 5,249,784 | | |
Noncurrent liabilities
|
| | | | 7,975,651 | | | | | | 7,670,558 | | |
Non-controlling interest
|
| | | | — | | | | | | — | | |
Income Statement Data For the years ended:
|
| |
December 31,
2017 |
| |
December 31,
2016 |
| |
December 31,
2015 |
| |||||||||
Revenue
|
| | | $ | 23,668,762 | | | | | $ | 21,585,521 | | | | | $ | 21,319,861 | | |
Gross profit
|
| | | | 19,176,169 | | | | | | 17,652,505 | | | | | | 16,248,769 | | |
Income/(loss) from operations
|
| | | | (4,258,110) | | | | | | (4,727,446) | | | | | | (5,057,815) | | |
Total net income/(loss) including net income/(loss) attributable
to non-controlling interest |
| | | | (4,258,110) | | | | | | (5,301,605) | | | | | | (5,306,836) | | |
Net income/(loss) attributable to non-controlling interest
|
| | | | — | | | | | | — | | | | | | — | | |
| | |
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| | | | 158 | | | |
Index to Financial Statements
|
| | | | F-1 | | |
| Stockholder transaction expenses: | | | | | | | |
|
Sales load (as a percentage of offering price)
|
| | |
|
(1)
|
| |
|
Offering expenses (as a percentage of offering price)
|
| | |
|
(2)
|
| |
|
Dividend reinvestment plan expenses
|
| | |
|
(3)
|
| |
|
Total stockholder transaction expenses (as a percentage of offering price)
|
| | |
|
(4)
|
| |
| Annual expenses (as a percentage of net assets attributable to common stock):(9) | | | | | | | |
|
Base management fee
|
| | | | 2.78%(5) | | |
|
Incentive fees payable under the Investment Advisory Agreement (20%)
|
| | | | 2.12%(6) | | |
|
Interest payments on borrowed funds
|
| | | | 2.22%(7) | | |
|
Other expenses
|
| | | | 2.49%(8) | | |
|
Total annual expenses
|
| | | | 9.61%(10) | | |
| | |
December 31, 2016
|
| |||
| | |
(Unaudited)
|
| |||
Aggregate principal of Convertible Senior Notes
|
| | | $ | 69,000,000 | | |
Less amortization of embedded derivative discount
|
| | | | (261,099) | | |
Direct deduction of deferred debt issuance costs
|
| | | | (1,226,103) | | |
Convertible Senior Notes payable 5.25% due September 15, 2018
|
| | | $ | 67,512,798 | | |
|
| | |
1 Year
|
| |
3 Years
|
| |
5 Years
|
| |
10 Years
|
| ||||||||||||
You would pay the following expenses on a $1,000 investment, assuming a 5% annual return
|
| | | $ | 83 | | | | | $ | 241 | | | | | $ | 389 | | | | | $ | 715 | | |
| | |
As of and for
the year ended December 31, 2016 |
| |
As of and for
the year ended December 31, 2015 |
| |
As of and for
the year ended December 31, 2014 |
| |
As of and for
the year ended December 31, 2013 |
| |
As of and for
the year ended December 31, 2012 |
| |||||||||||||||
Income Statement Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total investment income
|
| | | $ | 736,283 | | | | | $ | 290,896 | | | | | $ | 185,946 | | | | | $ | 48,951 | | | | | $ | 248,077 | | |
Total operating expenses
|
| | | | 1,999,646 | | | | | | 26,978,235 | | | | | | 21,775,939 | | | | | | 22,083,875 | | | | | | 8,530,958 | | |
(Provision)/Benefit for taxes on net investment loss
|
| | | | — | | | | | | (21,969,370) | | | | | | 8,810,102 | | | | | | 13,159,268 | | | | | | — | | |
Net investment loss
|
| | | | (1,263,363) | | | | | | (48,656,709) | | | | | | (12,779,891) | | | | | | (8,875,656) | | | | | | (8,282,881) | | |
Net realized gain/(loss) on investments
|
| | | | (2,634,471) | | | | | | 54,144,229 | | | | | | 23,926,124 | | | | | | (21,706,021) | | | | | | (1,380,519) | | |
(Provision)/Benefit for taxes on net realized capital losses/gains
|
| | | | — | | | | | | 342,802 | | | | | | (9,769,036) | | | | | | 9,426,234 | | | | | | — | | |
Net change in unrealized appreciation/(depreciation) of investments
|
| | | | (73,213,845) | | | | | | (13,422,245) | | | | | | (5,811,797) | | | | | | 87,445,149 | | | | | | (10,170,850) | | |
(Provision)/Benefit for taxes on unrealized appreciation/depreciation of investments
|
| | | | 2,116,784 | | | | | | 16,058,080 | | | | | | 2,371,829 | | | | | | (30,906,063) | | | | | | — | | |
Net increase/(decrease) in net assets resulting from operations
|
| | | | (74,994,895) | | | | | | 8,466,157 | | | | | | (2,062,771) | | | | | | 35,383,643 | | | | | | (19,834,250) | | |
Per Common Share Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net increase/(decrease) in net assets resulting from operations per average share:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic
|
| | | $ | (3.38) | | | | | $ | 0.44 | | | | | $ | (0.11) | | | | | $ | 1.83 | | | | | $ | (1.23) | | |
Diluted
|
| | | | (3.38) | | | | | | 0.44 | | | | | | (0.11) | | | | | | 1.78 | | | | | | (1.23) | | |
Weighted-Average Common Shares: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic
|
| | | | 22,181,003 | | | | | | 19,327,938 | | | | | | 19,320,100 | | | | | | 19,320,100 | | | | | | 16,096,330 | | |
Diluted
|
| | | | 22,181,003 | | | | | | 19,327,938 | | | | | | 19,320,100 | | | | | | 20,541,014 | | | | | | 16,096,330 | | |
Net asset value per share(1)
|
| | | | 8.66 | | | | | | 12.08 | | | | | | 14.80 | | | | | | 14.91 | | | | | | 13.07 | | |
Market price at year-end
|
| | | | 5.03 | | | | | | 9.37 | | | | | | 8.63 | | | | | | 12.09 | | | | | | 8.43 | | |
Distributions declared
|
| | | | 0.04 | | | | | | 2.76 | | | | | | — | | | | | | — | | | | | | — | | |
Shares Outstanding at year end
|
| | | | 22,181,003 | | | | | | 22,181,003 | | | | | | 19,320,100 | | | | | | 19,320,100 | | | | | | 19,320,100 | | |
Balance Sheet Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets(2)(3)
|
| | | $ | 300,964,426 | | | | | $ | 397,843,071 | | | | | $ | 482,979,027 | | | | | $ | 374,569,437 | | | | | $ | 253,130,728 | | |
Convertible Senior Notes embedded derivative liability
|
| | | | — | | | | | | — | | | | | | 1,000 | | | | | | 799,000 | | | | | | — | | |
Convertible Senior Notes payable 5.25% due September 15, 2018(3)
|
| | | | 67,512,798 | | | | | | 66,649,047 | | | | | | 65,795,284 | | | | | | 64,957,174 | | | | | | — | | |
Total liabilities(3)
|
| | | | 108,835,616 | | | | | | 129,832,126 | | | | | | 197,075,354 | | | | | | 86,602,993 | | | | | | 547,927 | | |
Total net assets
|
| | | | 192,128,810 | | | | | | 268,010,945 | | | | | | 285,903,673 | | | | | | 287,966,444 | | | | | | 252,582,801 | | |
| | |
Quarter Ended
March 31, 2016 |
| |
Quarter Ended
June 30, 2016 |
| |
Quarter Ended
September 30, 2016 |
| |
Quarter Ended
December 31, 2016 |
| ||||||||||||
Total Investment Income
|
| | | $ | 102,652 | | | | | $ | (54,119) | | | | | $ | 86,648 | | | | | $ | 601,102 | | |
Total Operating Expenses
|
| | | $ | (444,355) | | | | | $ | 1,397,922 | | | | | $ | 4,308,303 | | | | | $ | (3,262,224) | | |
(Provision)/Benefit for Taxes on Net Investment Income/Loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net Investment Income/(Loss)
|
| | | $ | 547,007 | | | | | $ | (1,452,041) | | | | | $ | (4,221,655) | | | | | $ | 3,863,326 | | |
Net Realized Gain/(Loss) on Investments
|
| | | | (6,075,070) | | | | | $ | 1,104,361 | | | | | $ | 2,658,715 | | | | | $ | (322,477) | | |
(Provision)/Benefit for Taxes on Net Realized
Capital Gains |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net Change in Unrealized Depreciation of Investments
|
| | | $ | (19,421,001) | | | | | $ | (15,933,886) | | | | | $ | (1,261,709) | | | | | $ | (36,597,249) | | |
Benefit for Taxes on Unrealized Depreciation
of Investments |
| | | | — | | | | | | — | | | | | $ | 551,310 | | | | | $ | 1,565,474 | | |
Net Decrease in Net Assets Resulting from Operations
|
| | | $ | (24,949,064) | | | | | $ | (16,281,566) | | | | | $ | (2,273,339) | | | | | $ | (31,490,926) | | |
Net Decrease in Net Assets from Operations per common share – basic
|
| | | $ | (1.12) | | | | | $ | (0.74) | | | | | $ | (0.10) | | | | | $ | (1.42) | | |
Net Decrease in Net Assets from Operations per common share – diluted
|
| | | $ | (1.12) | | | | | $ | (0.74) | | | | | $ | (0.10) | | | | | $ | (1.42) | | |
Weighted Average Common Shares Outstanding – Basic
|
| | | | 22,181,003 | | | | | | 22,181,003 | | | | | | 22,181,003 | | | | | | 22,181,003 | | |
Weighted Average Common Shares Outstanding – Diluted
|
| | | | 22,181,003 | | | | | | 22,181,003 | | | | | | 22,181,003 | | | | | | 22,181,003 | | |
| | |
Quarter Ended
March 31, 2015 |
| |
Quarter Ended
June 30, 2015 |
| |
Quarter Ended
September 30, 2015 |
| |
Quarter Ended
December 31, 2015 |
| ||||||||||||
Total Investment Income
|
| | | $ | 59,024 | | | | | $ | 123,891 | | | | | $ | 39,363 | | | | | $ | 68,618 | | |
Total Operating Expenses
|
| | | $ | 12,852,430 | | | | | $ | 6,233,424 | | | | | $ | 6,239,277 | | | | | $ | 1,653,104 | | |
(Provision)/Benefit for Taxes on Net Investment Loss
|
| | | $ | 5,223,611 | | | | | $ | 2,494,459 | | | | | $ | (26,583,935) | | | | | $ | (3,103,505) | | |
Net Investment Loss
|
| | | $ | (7,569,795) | | | | | $ | (3,615,074) | | | | | $ | (32,783,849) | | | | | $ | (4,687,991) | | |
Net Realized Gain/(Loss) on Investments
|
| | | $ | 13,218,403 | | | | | $ | 13,636,614 | | | | | $ | 27,289,816 | | | | | $ | (604) | | |
(Provision)/Benefit for Taxes on Net Realized
Capital Gain |
| | | $ | (5,397,074) | | | | | $ | (5,567,830) | | | | | $ | 11,307,706 | | | | | | — | | |
Net Change in Unrealized Appreciation/(Depreciation) on Investments
|
| | | $ | 27,784,081 | | | | | $ | (5,744,399) | | | | | $ | (21,981,668) | | | | | $ | (13,480,259) | | |
(Provision)/Benefit for Taxes on Unrealized Appreciation/Depreciation of Investments
|
| | | $ | (11,370,993) | | | | | $ | 2,372,190 | | | | | $ | 25,020,686 | | | | | $ | 36,197 | | |
Net Increase/(Decrease) in Net Assets Resulting from Operations
|
| | | $ | 16,664,622 | | | | | $ | 1,081,501 | | | | | $ | 8,852,691 | | | | | $ | (18,132,657) | | |
Net Increase/(Decrease) in Net Assets from Operations per common share – basic
|
| | | $ | 0.86 | | | | | $ | 0.06 | | | | | $ | 0.45 | | | | | $ | (0.94) | | |
Net Increase/(Decrease) in Net Assets from Operations per common share – diluted
|
| | | $ | 0.73 | | | | | $ | 0.06 | | | | | $ | 0.42 | | | | | $ | (0.94) | | |
Weighted Average Common Shares Outstanding – Basic
|
| | | | 19,320,100 | | | | | | 19,320,100 | | | | | | 19,320,100 | | | | | | 19,351,197 | | |
Weighted Average Common Shares Outstanding – Diluted
|
| | | | 23,564,228 | | | | | | 19,320,100 | | | | | | 23,564,228 | | | | | | 19,351,197 | | |
Portfolio Company
|
| |
Industry
|
| |
Cost
|
| |
Fair Value
|
| |
% of Net
Asset Value (at fair value) |
| |||||||||
Palantir Technologies, Inc.
|
| |
Data Analysis
|
| | | $ | 17,198,903 | | | | | $ | 41,508,965 | | | | | | 21.61% | | |
Spotify Technology S.A.
|
| |
Online Music Streaming
|
| | | | 13,599,572 | | | | | | 18,931,691 | | | | | | 9.85 | | |
Coursera, Inc.
|
| |
Online Education
|
| | | | 14,519,519 | | | | | | 14,510,855 | | | | | | 7.55 | | |
JAMF Holdings, Inc.
|
| |
Mobile Device Management
|
| | | | 9,999,928 | | | | | | 13,856,754 | | | | | | 7.21 | | |
General Assembly Space, Inc.
|
| |
Education
|
| | | | 5,999,961 | | | | | | 13,746,764 | | | | | | 7.16 | | |
Dropbox, Inc.
|
| |
Cloud Computing Services
|
| | | | 13,656,926 | | | | | | 13,190,484 | | | | | | 6.87 | | |
Lytro, Inc.
|
| |
Light Field Imaging Platform
|
| | | | 10,502,083 | | | | | | 10,908,151 | | | | | | 5.68 | | |
Ozy Media, Inc.
|
| |
Digital Media Platform
|
| | | | 10,500,199 | | | | | | 10,609,999 | | | | | | 5.52 | | |
Course Hero, Inc.
|
| |
Online Education
|
| | | | 5,000,001 | | | | | | 10,532,304 | | | | | | 5.48 | | |
Curious.com Inc.
|
| |
Online Education
|
| | | | 12,000,006 | | | | | | 9,984,954 | | | | | | 5.20 | | |
StormWind, LLC
|
| |
Interactive Learning
|
| | | | 6,130,474 | | | | | | 9,621,037 | | | | | | 5.01 | | |
Total
|
| | | | | | $ | 119,107,572 | | | | | $ | 167,401,958 | | | | | | 87.14% | | |
|
|
Assumed Return on Portfolio (Net of Expenses)
|
| | | | -10% | | | | | | -5% | | | | | | 0% | | | | | | 5% | | | | | | 10% | | |
|
Corresponding Return to Stockholders(1)
|
| | | | -15.52% | | | | | | -8.70% | | | | | | -1.89% | | | | | | 4.93% | | | | | | 11.75% | | |
| | |
NAV(1)
|
| |
Price Range
|
| |
High Close
Price as a Premium/ (Discount) to NAV(2) |
| |
Low Close
Price as a Premium/ (Discount) to NAV(2) |
| ||||||||||||||||||
| | |
High
|
| |
Low
|
| ||||||||||||||||||||||||
Fiscal 2017 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Second Quarter (through May 5, 2017)
|
| | | | * | | | | | $ | 4.71 | | | | | $ | 4.42 | | | | | | * | | | | | | * | | |
First Quarter
|
| | | | * | | | | | | 5.52 | | | | | | 4.43 | | | | | | * | | | | | | * | | |
Fiscal 2016 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Fourth Quarter
|
| | | $ | 8.66 | | | | | $ | 5.15 | | | | | $ | 4.50 | | | | | | (40.5)% | | | | | | (48.0)% | | |
Third Quarter
|
| | | | 10.08 | | | | | | 5.85 | | | | | | 4.61 | | | | | | (42.0) | | | | | | (54.3) | | |
Second Quarter
|
| | | | 10.22 | | | | | | 6.03 | | | | | | 4.60 | | | | | | (41.0) | | | | | | (55.0) | | |
First Quarter
|
| | | | 10.96 | | | | | | 6.73 | | | | | | 5.41 | | | | | | (38.6) | | | | | | (50.6) | | |
Fiscal 2015 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Fourth Quarter
|
| | | $ | 12.08 | | | | | $ | 7.35 | | | | | $ | 5.31 | | | | | | (39.2)% | | | | | | (56.0)% | | |
Third Quarter
|
| | | | 16.17 | | | | | | 7.81 | | | | | | 5.39 | | | | | | (51.7) | | | | | | (66.7) | | |
Second Quarter
|
| | | | 15.72 | | | | | | 7.94 | | | | | | 6.65 | | | | | | (49.5) | | | | | | (57.7) | | |
First Quarter
|
| | | | 15.66 | | | | | | 7.32 | | | | | | 6.24 | | | | | | (53.3) | | | | | | (60.2) | | |
Date Declared
|
| |
Record Date
|
| |
Payment Date
|
| |
Amount per
Share |
| |||
Fiscal 2015: | | | | | | | | | | | | | |
November 4, 2015(1)
|
| |
November 16, 2015
|
| |
December 31, 2015
|
| | | $ | 2.76 | | |
Fiscal 2016: | | | | | | | | | | | | | |
August 3, 2016(2)
|
| |
August 16, 2016
|
| |
August 24, 2016
|
| | | | 0.04 | | |
Total
|
| | | | | | | | | $ | 2.80 | | |
|
| | |
For the
Year Ended December 31, 2016 |
| |
For the
Year Ended December 31, 2015 |
| |
For the
Year Ended December 31, 2014 |
| |
For the
Year Ended December 31, 2013 |
| |
For the
Year Ended December 31, 2012 |
| |||||||||||||||
Earnings to Fixed Charges(1)(2)
|
| | | | (14.85):1 | | | | | | 3.83:1 | | | | | | 0.37:1 | | | | | | 35.17:1 | | | | | | N/A | | |
Fundings by Portfolio Company (Industry)
|
| |
Quarter ended
March 31, 2016 |
| |
Quarter ended
June 30, 2016 |
| |
Quarter ended
September 30, 2016 |
| |
Quarter ended
December 31, 2016 |
| |
Total for
the Fiscal Year ended December 31, 2016 |
| |||||||||||||||
Beamreach Solar, Inc. (f/k/a Solexel, Inc.) (Solar Power)
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 250,000 | | | | | $ | 250,000 | | |
Curious.com Inc. (Online Education)
|
| | | | 2,000,003 | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,000,003 | | |
Fullbridge, Inc. (Business Education)
|
| | | | 1,000,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,000,000 | | |
Lytro, Inc. (Light Field Imaging Platform)
|
| | | | 2,500,001 | | | | | | — | | | | | | 500,001 | | | | | | — | | | | | | 3,000,002 | | |
NestGSV, Inc. (d/b/a GSV Labs, Inc.) (Global Innovation Platform)
|
| | | | 500,000 | | | | | | 500,000 | | | | | | — | | | | | | 526,000 | | | | | | 1,526,000 | | |
Ozy Media, Inc. (Digital Media Platform)
|
| | | | — | | | | | | — | | | | | | 2,000,000 | | | | | | — | | | | | | 2,000,000 | | |
Snap Inc. (f/k/a Snapchat, Inc.) (Social Communication)
|
| | | | — | | | | | | 3,999,990 | | | | | | — | | | | | | — | | | | | | 3,999,990 | | |
Capitalized Fees
|
| | | | 5,947 | | | | | | 8,160 | | | | | | 5,720 | | | | | | 7,520 | | | | | | 27,347 | | |
Total Gross Payments
|
| | | $ | 6,005,951 | | | | | $ | 4,508,150 | | | | | $ | 2,505,721 | | | | | $ | 783,520 | | | | | $ | 13,803,342 | | |
|
Fundings by Portfolio Company (Industry)
|
| |
Quarter ended
March 31, 2015 |
| |
Quarter ended
June 30, 2015 |
| |
Quarter ended
September 30, 2015 |
| |
Quarter ended
December 31, 2015 |
| |
Total for
the Fiscal year ended December 31, 2015 |
| |||||||||||||||
NestGSV, Inc. (d/b/a GSV Labs, Inc.) (Global Innovation Platform)
|
| | | $ | 1,000,000 | | | | | $ | 1,499,999 | | | | | $ | 1,000,000 | | | | | $ | — | | | | | $ | 3,499,999 | | |
Fullbridge, Inc. (Business Education)
|
| | | | 964,042 | | | | | | — | | | | | | — | | | | | | — | | | | | | 964,042 | | |
Lyft, Inc. (Peer to Peer Ridesharing)
|
| | | | 2,499,985 | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,499,985 | | |
PayNearMe, Inc. (Cash Payment Network)
|
| | | | 3,999,998 | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,999,998 | | |
GSV Sustainability Partners (Clean Technology)
|
| | | | 500,000 | | | | | | — | | | | | | 600,000 | | | | | | 1,200,000 | | | | | | 2,300,000 | | |
Earlyshares.com, Inc. (Equity Crowdfunding)
|
| | | | — | | | | | | 50,000 | | | | | | — | | | | | | — | | | | | | 50,000 | | |
Enjoy Technology, Inc. (On-Demand Commerce)
|
| | | | — | | | | | | — | | | | | | 4,000,000 | | | | | | — | | | | | | 4,000,000 | | |
Aspiration Partners, Inc. (Financial Services)
|
| | | | — | | | | | | — | | | | | | 999,975 | | | | | | — | | | | | | 999,975 | | |
Declara, Inc. (Social Cognitive Learning)
|
| | | | — | | | | | | — | | | | | | — | | | | | | 2,000,000 | | | | | | 2,000,000 | | |
EdSurge, Inc. (Education Media Platform)
|
| | | | — | | | | | | — | | | | | | — | | | | | | 500,000 | | | | | | 500,000 | | |
Circle Media (f/k/a S3 Digital Corp. (d/b/a S3i)) (Sports Analytics)
|
| | | | — | | | | | | — | | | | | | — | | | | | | 25,000 | | | | | | 25,000 | | |
Spotify Technology S.A. (Music Streaming Service)
|
| | | | — | | | | | | — | | | | | | — | | | | | | 10,001,100 | | | | | | 10,001,100 | | |
Capitalized Fees
|
| | | | 26,100 | | | | | | 4,440 | | | | | | 2,120 | | | | | | 82,760 | | | | | | 115,420 | | |
Total Gross Payments
|
| | | $ | 8,990,125 | | | | | $ | 1,554,439 | | | | | $ | 6,602,095 | | | | | $ | 13,808,860 | | | | | $ | 30,955,519 | | |
|
Fundings by Portfolio Company (Industry)
|
| |
Quarter ended
March 31, 2014 |
| |
Quarter ended
June 30, 2014 |
| |
Quarter ended
September 30, 2014 |
| |
Quarter ended
December 31, 2014 |
| |
Total for
the Fiscal year ended December 31, 2014 |
| |||||||||||||||
AlwaysOn, Inc. (Social Media)
|
| | | $ | 232,104 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 232,104 | | |
Circle Media (f.k.a. S3 Digital Corp. (d/b/a S3i) (Sports Analytics)
|
| | | | — | | | | | | 90,000 | | | | | | 410,001 | | | | | | — | | | | | | 500,001 | | |
Course Hero, Inc. (Online Education)(1)
|
| | | | — | | | | | | — | | | | | | — | | | | | | 5,000,001 | | | | | | 5,000,001 | | |
Clever, Inc. (Education Software)
|
| | | | — | | | | | | — | | | | | | — | | | | | | 2,000,001 | | | | | | 2,000,001 | | |
CUX, Inc. (d/b/a CorpU) (Corporate Education)
|
| | | | — | | | | | | — | | | | | | — | | | | | | 1,000,000 | | | | | | 1,000,000 | | |
Dailybreak, Inc. (Social Advertising)
|
| | | | 430,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | 430,000 | | |
Declara, Inc. (Social Cognitive Learning)
|
| | | | — | | | | | | 9,973,479 | | | | | | — | | | | | | — | | | | | | 9,973,479 | | |
DogVacay, Inc. (Peer-to-Peer Pet Services)
|
| | | | — | | | | | | — | | | | | | — | | | | | | 2,499,999 | | | | | | 2,499,999 | | |
Earlyshares.com (Equity Crowd Funding)
|
| | | | — | | | | | | 224,999 | | | | | | 24,999 | | | | | | — | | | | | | 249,998 | | |
EdSurge, Inc. (Education Media Platform)
|
| | | | 482,146 | | | | | | — | | | | | | — | | | | | | — | | | | | | 482,146 | | |
Enjoy Technology, Inc. (On-Demand Commerce)
|
| | | | — | | | | | | — | | | | | | — | | | | | | 1,000,000 | | | | | | 1,000,000 | | |
Fullbridge, Inc. (Business Education)
|
| | | | 1,280,000 | | | | | | 1,297,620 | | | | | | — | | | | | | — | | | | | | 2,577,620 | | |
General Assembly Space, Inc. (Online Education)
|
| | | | 5,991,641 | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,991,641 | | |
NestGSV, Inc. (d/b/a GSV Labs, Inc.) (Global Innovation Platform)
|
| | | | 297,000 | | | | | | 1,145,249 | | | | | | 501,000 | | | | | | 899,999 | | | | | | 2,843,248 | | |
GSV Sustainability Partners (Clean Technology)
|
| | | | — | | | | | | 596,550 | | | | | | 350,000 | | | | | | 3,875,000 | | | | | | 4,821,550 | | |
JAMF Holdings, Inc. (Mobile Device Management)
|
| | | | 4,996,044 | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,996,044 | | |
Orchestra One, Inc. (f/k/a Learnist Inc.)
(Consumer Health Technology) |
| | | | — | | | | | | — | | | | | | — | | | | | | 1,450,000 | | | | | | 1,450,000 | | |
Lyft, Inc. (On-Demand Transportation Services)
|
| | | | 4,999,991 | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,999,991 | | |
Lytro, Inc. (Light Field Imaging Platform)
|
| | | | — | | | | | | — | | | | | | — | | | | | | 7,500,001 | | | | | | 7,500,001 | | |
Ozy Media, Inc. (Daily News and Information Site)
|
| | | | — | | | | | | — | | | | | | — | | | | | | 4,999,999 | | | | | | 4,999,999 | | |
Beamreach Solar, Inc. (f/k/a Solexel, Inc.) (Solar Power)
|
| | | | — | | | | | | — | | | | | | 2,999,999 | | | | | | — | | | | | | 2,999,999 | | |
StormWind, LLC (Interactive Learning)
|
| | | | 3,092,255 | | | | | | — | | | | | | 999,997 | | | | | | — | | | | | | 4,092,252 | | |
Totus Solutions, Inc. (LED Lighting)
|
| | | | — | | | | | | 75,000 | | | | | | — | | | | | | — | | | | | | 75,000 | | |
Capitalized Fees
|
| | | | 17,629 | | | | | | 73,413 | | | | | | 17,688 | | | | | | 17,105 | | | | | | 125,835 | | |
Total Gross Payments
|
| | | $ | 21,818,810 | | | | | $ | 13,476,310 | | | | | $ | 5,303,684 | | | | | $ | 30,242,105 | | | | | $ | 70,840,909 | | |
|
| | |
Quarter ended
March 31, 2016 |
| |
Quarter ended
June 30, 2016 |
| |
Quarter ended
September 30, 2016 |
| |
Quarter ended
December 31, 2016 |
| |
Fiscal Year ended
December 31, 2016 |
| |||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company
|
| |
Net
Proceeds |
| |
Realized
Gains/ (Losses)(1) |
| |
Net
Proceeds |
| |
Realized
Gains/ (Losses)(1) |
| |
Net
Proceeds |
| |
Realized
Gains/ (Losses)(1) |
| |
Net
Proceeds |
| |
Realized
Gains/ (Losses)(1) |
| |
Net
Proceeds |
| |
Realized
Gains/ (Losses)(1) |
| ||||||||||||||||||||||||||||||
Bloom Energy Corporation
|
| | | $ | 2,973,438 | | | | | $ | (882,162) | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 2,973,438 | | | | | $ | (882,162) | | |
Gilt Groupe Holdings, Inc.(2)
|
| | | | 427,270 | | | | | | (6,167,164) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,991 | | | | | | 1,991 | | | | | | 429,261 | | | | | | (6,165,173) | | |
Lyft, Inc.
|
| | | | 1,638,925 | | | | | | 974,224 | | | | | | 1,932,965 | | | | | | 1,104,244 | | | | | | 4,080,000 | | | | | | 2,351,752 | | | | | | — | | | | | | — | | | | | | 7,651,890 | | | | | | 4,430,220 | | |
NestGSV, Inc.
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 500,000 | | | | | | — | | | | | | 500,000 | | | | | | — | | |
Twitter, Inc.
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 14,578,469 | | | | | | 306,603 | | | | | | — | | | | | | — | | | | | | 14,578,469 | | | | | | 306,603 | | |
Upwork Global Inc. (f/k/a Odesk Corporation)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 108,531 | | | | | | (77,819) | | | | | | 108,531 | | | | | | (77,819) | | |
Total Sales
|
| | | $ | 5,039,633 | | | | | $ | (6,075,102) | | | | | $ | 1,932,965 | | | | | $ | 1,104,244 | | | | | $ | 18,658,469 | | | | | $ | 2,658,355 | | | | | $ | 610,522 | | | | | $ | (75,828) | | | | | $ | 26,241,589 | | | | | $ | (2,388,331) | | |
|
| | |
Quarter ended
March 31, 2015 |
| |
Quarter ended
June 30, 2015 |
| |
Quarter ended
September 30, 2015 |
| |
Quarter ended
December 31, 2015 |
| |
Fiscal Year ended
December 31, 2015 |
||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company
|
| |
Net
Proceeds |
| |
Realized
Gains/ (Losses)(1) |
| |
Net
Proceeds |
| |
Realized
Gains/ (Losses)(1) |
| |
Net
Proceeds |
| |
Realized
Gains/ (Losses)(1) |
| |
Net
Proceeds |
| |
Realized
Gains/ (Losses)(1) |
| |
Net
Proceeds |
| |
Realized
Gains/ (Losses)(1) |
|||||||||||||||||||||||||||||
2U, Inc. (f/k/a 2tor, Inc.)
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 47,192,835 | | | | | $ | 37,160,718 | | | | | $ | — | | | | | $ | — | | | | | $ | 47,192,835 | | | | | $ | 37,160,718 |
DailyBreak, Inc.
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,000 | | | | | | (2,854,204) | | | | | | — | | | | | | — | | | | | | 3,000 | | | | | | (2,854,204) |
Global Education Learning (Holdings) Ltd.(2)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,354,594 | | | | | | — | | | | | | 305,800 | | | | | | — | | | | | | 3,660,394 | | | | | | — |
NewZoom, Inc.
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (260,476) | | | | | | — | | | | | | — | | | | | | — | | | | | | (260,476) |
SugarCRM, Inc.
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,874,000 | | | | | | 549,710 | | | | | | — | | | | | | — | | | | | | 1,874,000 | | | | | | 549,710 |
Twitter, Inc.
|
| | | | 19,558,200 | | | | | | 13,220,095 | | | | | | 20,608,011 | | | | | | 13,666,419 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 40,166,211 | | | | | | 26,886,514 |
Totus Solutions, Inc.(3)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 50,000 | | | | | | (6,052,203) | | | | | | — | | | | | | — | | | | | | 50,000 | | | | | | (6,052,203) |
The rSmart Group, Inc.
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,000 | | | | | | (1,264,160) | | | | | | — | | | | | | — | | | | | | 5,000 | | | | | | (1,264,160) |
Total Sales
|
| | | $ | 19,558,200 | | | | | $ | 13,220,095 | | | | | $ | 20,608,011 | | | | | $ | 13,666,419 | | | | | $ | 52,479,429 | | | | | $ | 27,279,385 | | | | | $ | 305,800 | | | | | $ | — | | | | | $ | 92,951,440 | | | | | $ | 54,165,899 |
|
| | |
Quarter ended
March 31, 2014 |
| |
Quarter ended
June 30, 2014 |
| |
Quarter ended
September 30, 2014 |
| |
Quarter ended
December 31, 2014 |
| |
Fiscal Year ended
December 31, 2014 |
||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company
|
| |
Net
Proceeds |
| |
Realized
Gains/ (Losses)(1) |
| |
Net
Proceeds |
| |
Realized
Gains/ (Losses)(1) |
| |
Net
Proceeds |
| |
Realized
Gains/ (Losses)(1) |
| |
Net
Proceeds |
| |
Realized
Gains/ (Losses)(1) |
| |
Net
Proceeds |
| |
Realized
Gains/ (Losses)(1) |
|||||||||||||||||||||||||||||
Control4 Corporation
|
| | | $ | 4,640,039 | | | | | $ | 2,886,302 | | | | | $ | 10,722,817 | | | | | $ | 5,465,113 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 15,362,856 | | | | | $ | 8,351,415 |
DianRong (f/k/a SinoLending Ltd.)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,281,670 | | | | | | 3,526,584 | | | | | | — | | | | | | — | | | | | | 4,281,670 | | | | | | 3,526,584 |
Facebook,
Inc. |
| | | | 9,461,526 | | | | | | 4,973,399 | | | | | | 1,602,665 | | | | | | 854,644 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 11,064,191 | | | | | | 5,828,043 |
Palantir Technologies
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,759,900 | | | | | | 889,672 | | | | | | 6,059,520 | | | | | | 3,058,374 | | | | | | 7,819,420 | | | | | | 3,948,046 |
Silver Spring Networks, Inc.
|
| | | | — | | | | | | — | | | | | | 1,544,984 | | | | | | (3,600,272) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,544,984 | | | | | | (3,600,272) |
Twitter, Inc.
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 15,681,483 | | | | | | 10,241,936 | | | | | | — | | | | | | — | | | | | | 15,681,483 | | | | | | 10,241,936 |
TrueCar, Inc.
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,053,570 | | | | | | 3,038,548 | | | | | | 5,053,570 | | | | | | 3,038,548 |
Violin Memory, Inc.
|
| | | | — | | | | | | — | | | | | | 4,955,220 | | | | | | (9,864,958) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,955,220 | | | | | | (9,864,958) |
ZocDoc Inc.
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,788,899 | | | | | | 2,490,843 | | | | | | — | | | | | | — | | | | | | 7,788,899 | | | | | | 2,490,843 |
Total Sales
|
| | | $ | 14,101,565 | | | | | $ | 7,859,701 | | | | | $ | 18,825,686 | | | | | $ | (7,145,473) | | | | | $ | 29,511,952 | | | | | $ | 17,149,035 | | | | | $ | 11,113,090 | | | | | $ | 6,096,922 | | | | | $ | 73,552,293 | | | | | $ | 23,960,185 |
|
| | |
December 31, 2016
|
| |
December 31, 2015
|
| |
December 31, 2014
|
| |||||||||||||||||||||||||||
| | |
Total
|
| |
Per Basic
Share(1) |
| |
Total
|
| |
Per Basic
Share(1) |
| |
Total
|
| |
Per Basic
Share(1) |
| ||||||||||||||||||
Total Investment Income
|
| | | $ | 736,283 | | | | | | 0.03 | | | | | $ | 290,896 | | | | | | 0.02 | | | | | $ | 185,946 | | | | | | 0.01 | | |
Interest income
|
| | | | 523,488 | | | | | | 0.02 | | | | | | 244,115 | | | | | | 0.01 | | | | | | 185,059 | | | | | | 0.01 | | |
Dividend income
|
| | | | — | | | | | | 0.00 | | | | | | 46,781 | | | | | | 0.00 | | | | | | 887 | | | | | | 0.00 | | |
Other income
|
| | | | 212,795 | | | | | | 0.01 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total Operating Expenses
|
| | | | 1,999,646 | | | | | | 0.09 | | | | | | 26,978,235 | | | | | | 1.41 | | | | | | 21,775,939 | | | | | | 1.13 | | |
Management fees
|
| | | | 6,896,347 | | | | | | 0.31 | | | | | | 8,044,801 | | | | | | 0.42 | | | | | | 7,562,488 | | | | | | 0.39 | | |
Incentive fees
|
| | | | (15,188,121) | | | | | | (0.68) | | | | | | 8,170,326 | | | | | | 0.42 | | | | | | 3,614,347 | | | | | | 0.19 | | |
Costs incurred under Administration Agreement
|
| | | | 2,545,316 | | | | | | 0.11 | | | | | | 2,681,079 | | | | | | 0.14 | | | | | | 3,199,904 | | | | | | 0.17 | | |
Directors’ fees
|
| | | | 345,000 | | | | | | 0.02 | | | | | | 373,676 | | | | | | 0.02 | | | | | | 260,000 | | | | | | 0.01 | | |
Professional fees
|
| | | | 1,966,906 | | | | | | 0.09 | | | | | | 1,357,988 | | | | | | 0.07 | | | | | | 1,764,722 | | | | | | 0.09 | | |
Interest and Credit Facility expense
|
| | | | 4,731,430 | | | | | | 0.21 | | | | | | 4,961,169 | | | | | | 0.26 | | | | | | 5,503,843 | | | | | | 0.28 | | |
Income tax expense
|
| | | | — | | | | | | — | | | | | | 880,778 | | | | | | 0.05 | | | | | | — | | | | | | — | | |
Other expenses
|
| | | | 702,768 | | | | | | 0.03 | | | | | | 509,418 | | | | | | 0.03 | | | | | | 668,635 | | | | | | 0.03 | | |
Gain on fair value adjustment for embedded derivative
|
| | | | — | | | | | | 0.00 | | | | | | (1,000) | | | | | | (0.00) | | | | | | (798,000) | | | | | | (0.04) | | |
(Provision)/Benefit for taxes on net
investment loss(2) |
| | | | — | | | | | | — | | | | | | (21,969,370) | | | | | | (1.14) | | | | | | 8,810,102 | | | | | | 0.46 | | |
Net investment loss
|
| | | | (1,263,363) | | | | | | (0.06) | | | | | | (48,656,709) | | | | | | (2.52) | | | | | | (12,779,891) | | | | | | (0.66) | | |
Net realized gain/(loss) on investments
|
| | | | (2,634,471) | | | | | | (0.12) | | | | | | 54,144,229 | | | | | | 2.80 | | | | | | 23,926,124 | | | | | | 1.24 | | |
(Provision)/Benefit for taxes on net
realized capital gains(2) |
| | | | — | | | | | | — | | | | | | 342,802 | | | | | | 0.02 | | | | | | (9,769,036) | | | | | | (0.51) | | |
Net change in unrealized depreciation of investments
|
| | | | (73,213,845) | | | | | | (3.30) | | | | | | (13,422,245) | | | | | | (0.69) | | | | | | (5,811,797) | | | | | | (0.30) | | |
Benefit for taxes on unrealized depreciation of investments(2)
|
| | | | 2,116,784 | | | | | | 0.10 | | | | | | 16,058,080 | | | | | | 0.83 | | | | | | 2,371,829 | | | | | | 0.12 | | |
Net increase/(decrease) in net assets
resulting from operations |
| | | $ | (74,994,895) | | | | | | (3.38) | | | | | $ | 8,466,157 | | | | | | 0.44 | | | | | $ | (2,062,771) | | | | | | (0.11) | | |
Portfolio Company
|
| |
Change in
Unrealized Appreciation/ (Depreciation) |
| |
December 31, 2016
|
| |
December 31, 2015
|
| |||||||||||||||||||||||||||||||||
|
Cost
|
| |
Fair Value
|
| |
Unrealized
Appreciation/ (Depreciation) |
| |
Cost
|
| |
Fair Value
|
| |
Unrealized
Appreciation/ (Depreciation) |
| ||||||||||||||||||||||||||
Palantir Technologies,
Inc. |
| | | $ | (14,844,283) | | | | | $ | 17,198,903 | | | | | $ | 41,508,965 | | | | | $ | 24,310,062 | | | | | $ | 17,198,903 | | | | | $ | 56,353,248 | | | | | $ | 39,154,345 | | |
Beamreach Solar, Inc.
(f/k/a Solexel, Inc.) |
| | | | (14,281,910) | | | | | | 14,272,843 | | | | | | — | | | | | | (14,272,843) | | | | | | 14,018,399 | | | | | | 14,027,466 | | | | | | 9,067 | | |
PayNearMe, Inc.
|
| | | | (13,810,477) | | | | | | 14,000,398 | | | | | | 164,410 | | | | | | (13,835,988) | | | | | | 14,000,398 | | | | | | 13,974,887 | | | | | | (25,511) | | |
Dropbox, Inc.
|
| | | | (9,041,704) | | | | | | 13,656,926 | | | | | | 13,190,484 | | | | | | (466,442) | | | | | | 13,656,926 | | | | | | 22,232,188 | | | | | | 8,575,262 | | |
Fullbridge, Inc.
|
| | | | (5,904,068) | | | | | | 8,421,364 | | | | | | 877,359 | | | | | | (7,544,005) | | | | | | 7,417,039 | | | | | | 5,777,102 | | | | | | (1,639,937) | | |
Dataminr, Inc.
|
| | | | (5,875,388) | | | | | | 3,164,265 | | | | | | 5,513,001 | | | | | | 2,348,736 | | | | | | 3,164,265 | | | | | | 11,388,389 | | | | | | 8,224,124 | | |
Avenues Global Holdings, LLC
|
| | | | (4,886,897) | | | | | | 10,151,854 | | | | | | 6,128,733 | | | | | | (4,023,121) | | | | | | 10,151,857 | | | | | | 11,015,633 | | | | | | 863,776 | | |
Declara Inc.
|
| | | | (4,506,983) | | | | | | 12,120,657 | | | | | | 7,613,674 | | | | | | (4,506,983) | | | | | | 11,999,999 | | | | | | 11,999,999 | | | | | | — | | |
Twitter, Inc.
|
| | | | (4,254,018) | | | | | | — | | | | | | — | | | | | | — | | | | | | 14,271,866 | | | | | | 18,525,884 | | | | | | 4,254,018 | | |
SugarCRM, Inc.
|
| | | | (3,866,388) | | | | | | 6,977,024 | | | | | | 6,116,918 | | | | | | (860,106) | | | | | | 6,977,024 | | | | | | 9,983,306 | | | | | | 3,006,282 | | |
Lyft, Inc.
|
| | | | (3,305,991) | | | | | | 4,296,334 | | | | | | 7,452,493 | | | | | | 3,156,159 | | | | | | 7,507,216 | | | | | | 13,969,366 | | | | | | 6,462,150 | | |
NestGSV Inc.
|
| | | | (2,827,142) | | | | | | 9,601,555 | | | | | | 5,106,751 | | | | | | (4,494,804) | | | | | | 8,538,506 | | | | | | 6,870,844 | | | | | | (1,667,662) | | |
Curious.com Inc.
|
| | | | (2,011,360) | | | | | | 12,000,006 | | | | | | 9,984,954 | | | | | | (2,015,052) | | | | | | 10,000,003 | | | | | | 9,996,311 | | | | | | (3,692) | | |
SPBRX, INC. (f/k/a
GSV Sustainability Partners, Inc.) |
| | | | (1,940,222) | | | | | | 7,161,412 | | | | | | 4,309,778 | | | | | | (2,851,634) | | | | | | 7,161,412 | | | | | | 6,250,000 | | | | | | (911,412) | | |
Ozy Media, Inc.
|
| | | | (1,518,995) | | | | | | 10,500,199 | | | | | | 10,609,999 | | | | | | 109,800 | | | | | | 8,500,199 | | | | | | 10,128,994 | | | | | | 1,628,795 | | |
Knewton, Inc.
|
| | | | (1,171,677) | | | | | | 4,999,999 | | | | | | 3,782,409 | | | | | | (1,217,590) | | | | | | 4,999,999 | | | | | | 4,954,086 | | | | | | (45,913) | | |
Strategic Data Command, LLC
|
| | | | 1,050,905 | | | | | | 989,277 | | | | | | 2,052,555 | | | | | | 1,063,278 | | | | | | 989,277 | | | | | | 1,001,650 | | | | | | 12,373 | | |
General Assembly Space, Inc.
|
| | | | 2,225,392 | | | | | | 5,999,961 | | | | | | 13,746,764 | | | | | | 7,746,803 | | | | | | 5,999,961 | | | | | | 11,521,372 | | | | | | 5,521,411 | | |
Spotify Technology S.A.
|
| | | | 2,711,991 | | | | | | 13,599,572 | | | | | | 18,931,691 | | | | | | 5,332,119 | | | | | | 13,599,572 | | | | | | 16,219,700 | | | | | | 2,620,128 | | |
JAMF Holdings, Inc.
|
| | | | 3,133,955 | | | | | | 9,999,928 | | | | | | 13,856,754 | | | | | | 3,856,826 | | | | | | 9,999,928 | | | | | | 10,722,799 | | | | | | 722,871 | | |
Course Hero, Inc.
|
| | | | 5,532,303 | | | | | | 5,000,001 | | | | | | 10,532,304 | | | | | | 5,532,303 | | | | | | 5,000,001 | | | | | | 5,000,001 | | | | | | — | | |
Gilt Groupe Holdings,
Inc. |
| | | | 6,055,046 | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,594,433 | | | | | | 539,387 | | | | | | (6,055,046) | | |
Other(1) | | | | | 124,066 | | | | | | 124,654,546 | | | | | | 110,533,640 | | | | | | (14,120,906) | | | | | | 125,277,820 | | | | | | 111,032,848 | | | | | | (14,244,972) | | |
Totals
|
| | | $ | (73,213,845) | | | | | $ | 308,767,024 | | | | | $ | 292,013,636 | | | | | $ | (16,753,388) | | | | | $ | 327,025,003 | | | | | $ | 383,485,460 | | | | | $ | 56,460,457 | | |
|
Portfolio Company
|
| |
Change in
Unrealized Appreciation/ (Depreciation) |
| |
December 31, 2015
|
| |
December 31, 2014
|
| |||||||||||||||||||||||||||||||||
|
Cost
|
| |
Fair Value
|
| |
Unrealized
Appreciation/ (Depreciation) |
| |
Cost
|
| |
Fair Value
|
| |
Unrealized
Appreciation/ (Depreciation) |
| ||||||||||||||||||||||||||
2U, Inc. (f/k/a 2tor, Inc.)
|
| | | $ | (13,310,392) | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 10,032,117 | | | | | $ | 23,342,509 | | | | | $ | 13,310,392 | | |
Palantir Technologies,
Inc. |
| | | | 10,877,933 | | | | | | 17,198,903 | | | | | | 56,353,248 | | | | | | 39,154,345 | | | | | | 17,198,903 | | | | | | 45,475,315 | | | | | | 28,276,412 | | |
Dataminr, Inc.
|
| | | | 7,443,644 | | | | | | 3,164,265 | | | | | | 11,388,389 | | | | | | 8,224,124 | | | | | | 3,164,265 | | | | | | 3,944,745 | | | | | | 780,480 | | |
Lyft, Inc.
|
| | | | 6,466,730 | | | | | | 7,507,216 | | | | | | 13,969,366 | | | | | | 6,462,150 | | | | | | 5,003,634 | | | | | | 4,999,054 | | | | | | (4,580) | | |
Totus Solutions, Inc.
|
| | | | 5,894,116 | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,101,443 | | | | | | 207,327 | | | | | | (5,894,116) | | |
General Assembly Space, Inc.
|
| | | | 5,395,948 | | | | | | 5,999,961 | | | | | | 11,521,372 | | | | | | 5,521,411 | | | | | | 5,999,961 | | | | | | 6,125,424 | | | | | | 125,463 | | |
Dailybreak, Inc.
|
| | | | 2,857,204 | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,857,204 | | | | | | — | | | | | | (2,857,204) | | |
The rSmart Group, Inc.
|
| | | | 1,074,654 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,267,240 | | | | | | 192,586 | | | | | | (1,074,654) | | |
Circle Media (f/k/a S3
Digital Corp. (d/b/a S3i)) |
| | | | (1,050,872) | | | | | | 1,835,610 | | | | | | 1,266,621 | | | | | | (568,989) | | | | | | 1,811,314 | | | | | | 2,293,197 | | | | | | 481,883 | | |
Gilt Groupe Holdings,
Inc. |
| | | | (2,628,721) | | | | | | 6,594,433 | | | | | | 539,387 | | | | | | (6,055,046) | | | | | | 6,594,433 | | | | | | 3,168,108 | | | | | | (3,426,325) | | |
Dropbox, Inc.
|
| | | | (2,836,295) | | | | | | 13,656,926 | | | | | | 22,232,188 | | | | | | 8,575,262 | | | | | | 13,656,926 | | | | | | 25,068,483 | | | | | | 11,411,557 | | |
Orchestra One, Inc. (f/k/a Learnist Inc.)
|
| | | | (5,374,947) | | | | | | 4,959,616 | | | | | | 4,364 | | | | | | (4,955,252) | | | | | | 4,959,615 | | | | | | 5,379,310 | | | | | | 419,695 | | |
Twitter, Inc.
|
| | | | (25,607,941) | | | | | | 14,271,866 | | | | | | 18,525,884 | | | | | | 4,254,018 | | | | | | 27,551,563 | | | | | | 57,413,522 | | | | | | 29,861,959 | | |
Other(1) | | | | | (2,623,306) | | | | | | 251,836,207 | | | | | | 247,684,641 | | | | | | (4,151,566) | | | | | | 302,201,095 | | | | | | 300,672,835 | | | | | | (1,528,260) | | |
Totals
|
| | | $ | (13,422,245) | | | | | $ | 327,025,003 | | | | | $ | 383,485,460 | | | | | $ | 56,460,457 | | | | | $ | 408,399,713 | | | | | $ | 478,282,415 | | | | | $ | 69,882,702 | | |
|
Portfolio Company
|
| |
Change in
Unrealized Appreciation/ (Depreciation) |
| |
December 31, 2014
|
| |
December 31, 2013
|
| |||||||||||||||||||||||||||||||||
|
Cost
|
| |
Fair Value
|
| |
Unrealized
Appreciation/ (Depreciation) |
| |
Cost
|
| |
Fair Value
|
| |
Unrealized
Appreciation/ (Depreciation) |
| ||||||||||||||||||||||||||
2U, Inc. (f/k/a 2tor, Inc.)
|
| | | $ | 12,031,001 | | | | | $ | 10,032,117 | | | | | $ | 23,342,509 | | | | | $ | 13,310,392 | | | | | $ | 10,031,318 | | | | | $ | 11,310,709 | | | | | $ | 1,279,391 | | |
Avenues Global Holdings, LLC
|
| | | | 1,287,770 | | | | | | 10,151,854 | | | | | | 11,303,410 | | | | | | 1,151,556 | | | | | | 10,150,484 | | | | | | 10,014,270 | | | | | | (136,214) | | |
Control4 Corporation
|
| | | | (6,289,367) | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,010,762 | | | | | | 13,300,129 | | | | | | 6,289,367 | | |
Cricket Media (f/k/a ePals Inc.)
|
| | | | (1,373,074) | | | | | | 2,448,959 | | | | | | 331,126 | | | | | | (2,117,833) | | | | | | 2,444,759 | | | | | | 1,700,000 | | | | | | (744,759) | | |
Dailybreak, Inc.
|
| | | | (1,637,647) | | | | | | 2,857,204 | | | | | | — | | | | | | (2,857,204) | | | | | | 2,430,950 | | | | | | 1,211,393 | | | | | | (1,219,557) | | |
Dropbox, Inc.
|
| | | | 9,212,846 | | | | | | 13,656,926 | | | | | | 25,068,483 | | | | | | 11,411,557 | | | | | | 13,656,486 | | | | | | 15,855,197 | | | | | | 2,198,711 | | |
Facebook, Inc.
|
| | | | (4,327,603) | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,236,147 | | | | | | 9,563,750 | | | | | | 4,327,603 | | |
Fullbridge, Inc.
|
| | | | (1,599,234) | | | | | | 6,396,180 | | | | | | 4,753,412 | | | | | | (1,642,768) | | | | | | 3,784,016 | | | | | | 3,740,482 | | | | | | (43,534) | | |
NestGSV, Inc. (d/b/a GSV Labs, Inc.)
|
| | | | (1,432,690) | | | | | | 5,038,507 | | | | | | 3,760,744 | | | | | | (1,277,763) | | | | | | 1,627,278 | | | | | | 1,782,205 | | | | | | 154,927 | | |
Ozy Media, Inc.
|
| | | | 1,872,891 | | | | | | 8,500,199 | | | | | | 10,738,090 | | | | | | 2,237,891 | | | | | | 3,500,000 | | | | | | 3,865,000 | | | | | | 365,000 | | |
Palantir Technologies,
Inc. |
| | | | 15,498,029 | | | | | | 17,198,903 | | | | | | 45,475,315 | | | | | | 28,276,412 | | | | | | 21,060,447 | | | | | | 33,838,830 | | | | | | 12,778,383 | | |
Silver Spring Networks, Inc.
|
| | | | 3,002,683 | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,145,271 | | | | | | 2,142,588 | | | | | | (3,002,683) | | |
Spotify Technology S.A.
|
| | | | 1,233,464 | | | | | | 3,598,472 | | | | | | 5,676,873 | | | | | | 2,078,401 | | | | | | 3,598,472 | | | | | | 4,443,409 | | | | | | 844,937 | | |
SugarCRM, Inc.
|
| | | | 1,881,141 | | | | | | 8,299,914 | | | | | | 11,260,934 | | | | | | 2,961,020 | | | | | | 8,299,794 | | | | | | 9,379,673 | | | | | | 1,079,879 | | |
Totus Solutions, Inc.
|
| | | | (3,620,982) | | | | | | 6,101,443 | | | | | | 207,327 | | | | | | (5,894,116) | | | | | | 6,023,973 | | | | | | 3,750,839 | | | | | | (2,273,134) | | |
Twitter, Inc.
|
| | | | (39,969,390) | | | | | | 27,551,563 | | | | | | 57,413,522 | | | | | | 29,861,959 | | | | | | 32,991,111 | | | | | | 102,822,460 | | | | | | 69,831,349 | | |
Violin Memory, Inc.
|
| | | | 10,615,550 | | | | | | — | | | | | | — | | | | | | — | | | | | | 14,819,618 | | | | | | 4,204,068 | | | | | | (10,615,550) | | |
Other(1) | | | | | (2,197,185) | | | | | | 286,567,472 | | | | | | 278,950,670 | | | | | | (7,616,802) | | | | | | 138,743,468 | | | | | | 133,323,851 | | | | | | (5,419,617) | | |
Totals
|
| | | $ | (5,811,797) | | | | | $ | 408,399,713 | | | | | $ | 478,282,415 | | | | | $ | 69,882,702 | | | | | $ | 290,554,354 | | | | | $ | 366,248,853 | | | | | $ | 75,694,499 | | |
|
Cash reserves and Liquid securities
|
| |
As of
December 31, 2016 |
| |
As of
December 31, 2015 |
| |
As of
December 31, 2014 |
| |||||||||
Cash
|
| | | $ | 8,332,634 | | | | | $ | 13,349,877 | | | | | $ | 3,472,880 | | |
Amounts available for borrowing under the Credit Facility(1)
|
| | | | — | | | | | | 18,000,000 | | | | | | — | | |
Securities of publicly traded portfolio companies | | | | | | | | | | | | | | | | | | | |
Unrestricted securities(2)
|
| | | | 8,729,005 | | | | | | 26,486,074 | | | | | | 65,586,615 | | |
Subject to other sales restrictions(3)(4)
|
| | | | — | | | | | | 67,296 | | | | | | 23,673,635 | | |
Total securities of publicly traded portfolio companies
|
| | | | 8,729,005 | | | | | | 26,553,370 | | | | | | 89,260,250 | | |
Total cash reserves and liquid securities
|
| | | $ | 17,061,639 | | | | | $ | 57,903,247 | | | | | $ | 92,733,130 | | |
|
| | |
Payments Due By Period
(dollars in millions) |
| |||||||||||||||||||||||||||
| | |
Total
|
| |
Less than
1 year |
| |
1 – 3 years
|
| |
3 – 5 years
|
| |
More than
5 years |
| |||||||||||||||
Payable for securities purchased(1)
|
| | | $ | 26.5 | | | | | $ | 26.5 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Convertible Senior Notes(2)
|
| | | | 69.0 | | | | | | — | | | | | | 69.0 | | | | | | — | | | | | | — | | |
Total
|
| | | $ | 95.5 | | | | | $ | 26.5 | | | | | $ | 69.0 | | | | | $ | — | | | | | $ | — | | |
|
Date Declared
|
| |
Record Date
|
| |
Payment Date
|
| |
Amount per
Share |
| |||
Fiscal 2015: | | | | | | | | | | | | | |
November 4, 2015(1)
|
| |
November 16, 2015
|
| |
December 31, 2015
|
| | | $ | 2.76 | | |
Fiscal 2016: | | | | | | | | | | | | | |
August 3, 2016(2)
|
| |
August 16, 2016
|
| |
August 24, 2016
|
| | | | 0.04 | | |
Total
|
| | | | | | | | | $ | 2.80 | | |
|
Class and Year
|
| |
Total Amount
Outstanding Exclusive of Treasury Securities(1) |
| |
Asset
Coverage Ratio Per Unit(2) |
| |
Involuntary
Liquidation Preference Per Unit(3) |
| |
Average
Market Value Per Unit(4) |
| ||||||||||||
Convertible Senior Notes | | | | | | | | | | | | | | | | | | | | | | | | | |
Fiscal 2016
|
| | | $ | 69,000,000 | | | | | $ | 3,784 | | | | | | — | | | | | | N/A | | |
Fiscal 2015
|
| | | | 69,000,000 | | | | | | 4,884 | | | | | | — | | | | | | N/A | | |
Fiscal 2014
|
| | | | 69,000,000 | | | | | | 4,286 | | | | | | — | | | | | | N/A | | |
Fiscal 2013
|
| | | | 69,000,000 | | | | | | 5,173 | | | | | | — | | | | | | N/A | | |
Fiscal 2012
|
| | | | — | | | | | | — | | | | | | — | | | | | | N/A | | |
Fiscal 2011
|
| | | | — | | | | | | — | | | | | | — | | | | | | N/A | | |
Credit Facility(5) | | | | | | | | | | | | | | | | | | | | | | | | | |
Fiscal 2016
|
| | | $ | — | | | | | $ | 3,784 | | | | | | — | | | | | | N/A | | |
Fiscal 2015
|
| | | | — | | | | | | 4,884 | | | | | | — | | | | | | N/A | | |
Fiscal 2014
|
| | | | 18,000,000 | | | | | | 4,286 | | | | | | — | | | | | | N/A | | |
Fiscal 2013
|
| | | | — | | | | | | 5,173 | | | | | | — | | | | | | N/A | | |
Fiscal 2012
|
| | | | — | | | | | | — | | | | | | — | | | | | | N/A | | |
Fiscal 2011
|
| | | | — | | | | | | — | | | | | | — | | | | | | N/A | | |
| | |
December 31, 2016
|
| |
December 31, 2015
|
| ||||||||||||||||||
| | |
Fair Value
|
| |
Percentage
of Portfolio |
| |
Fair Value
|
| |
Percentage
of Portfolio |
| ||||||||||||
Private Portfolio Companies: | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock
|
| | | $ | 83,074,410 | | | | | | 28.4% | | | | | $ | 102,319,140 | | | | | | 26.7% | | |
Preferred Stock
|
| | | | 162,238,879 | | | | | | 55.6 | | | | | | 216,291,092 | | | | | | 56.4 | | |
Debt Investments
|
| | | | 7,821,948 | | | | | | 2.6 | | | | | | 4,175,859 | | | | | | 1.1 | | |
Warrants
|
| | | | 150,904 | | | | | | 0.1 | | | | | | 469,306 | | | | | | 0.1 | | |
Subtotal – Private Portfolio Companies
|
| | | | 253,286,141 | | | | | | 86.7 | | | | | | 323,255,397 | | | | | | 84.3 | | |
Publicly Traded Portfolio Companies: | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock
|
| | | | 8,729,005 | | | | | | 3.0 | | | | | | 26,553,370 | | | | | | 6.9 | | |
Total Private and Publicly Traded Portfolio Companies
|
| | | | 262,015,146 | | | | | | 89.7 | | | | | | 349,808,767 | | | | | | 91.2 | | |
Non-Portfolio Investments
|
| | | | 29,998,490 | | | | | | 10.3 | | | | | | 33,676,693 | | | | | | 8.8 | | |
Total Investments
|
| | | $ | 292,013,636 | | | | | | 100.0% | | | | | $ | 383,485,460 | | | | | | 100.0% | | |
|
Portfolio Investments
|
| |
Industry
|
| |
Type of Investment
|
| |
Number of
Shares/ Principal |
| |
Cost(1)
|
| |
Fair Value(2)
|
| |
% of
Class Held(3) |
| ||||||||||||
Palantir Technologies, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
100 Hamilton Ave., Suite 300, Palo Alto, CA 94301 | | |
Data Analysis
|
| | Preferred shares, Series G | | | | | 326,797 | | | | | $ | 1,008,968 | | | | | $ | 2,223,594 | | | | | | * | | |
| | | | | | Common shares, Class A | | | | | 5,773,690 | | | | | | 16,189,935 | | | | | | 39,285,371 | | | | | | * | | |
Total
|
| | | | | | | | | | | | | | | | 17,198,903 | | | | | | 41,508,965 | | | | | | | | |
Spotify Technology S.A. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Birger Jarlsgatan 61, Stockholm, Sweden 113 56 |
| |
On-Demand Music Streaming
|
| | Common shares | | | | | 9,541 | | | | | | 13,599,572 | | | | | | 18,931,691 | | | | | | * | | |
Coursera, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
381 E. Evelyn Ave., Mountain View, CA 94041 | | |
Online Education
|
| | Preferred shares, Series B | | | | | 2,961,399 | | | | | | 14,519,519 | | | | | | 14,510,855 | | | | | | 23.05% | | |
JAMF Holdings, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
301 4th Ave., S #1075, Minneapolis, MN 55415 | | |
Mobile Device Management
|
| | Preferred shares, Series B | | | | | 73,440 | | | | | | 9,999,928 | | | | | | 13,856,754 | | | | | | 28.57% | | |
General Assembly Space, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
10 E. 21st St., 4th Floor, New York, NY 10010 | | |
Online Education
|
| | Preferred shares, Series C | | | | | 126,552 | | | | | | 2,999,978 | | | | | | 6,697,132 | | | | | | 11.76% | | |
| | | | | | Common shares | | | | | 133,213 | | | | | | 2,999,983 | | | | | | 7,049,632 | | | | | | 2.59% | | |
Total
|
| | | | | | | | | | | | | | | | 5,999,961 | | | | | | 13,746,764 | | | | | | | | |
Dropbox, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
185 Berry St., #400, San Francisco, CA 94107 | | |
Cloud Computing
Services |
| | Preferred shares, Series A-1 | | | | | 552,486 | | | | | | 5,015,773 | | | | | | 5,552,484 | | | | | | * | | |
| | | | | | Common shares | | | | | 760,000 | | | | | | 8,641,153 | | | | | | 7,638,000 | | | | | | * | | |
Total
|
| | | | | | | | | | | | | | | | 13,656,926 | | | | | | 13,190,484 | | | | | | | | |
Lytro, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1300 Terra Bella Avenue, Mountain View, CA 94043 | | |
Light Field
Imaging Platform |
| | Preferred shares, Series D | | | | | 159,160 | | | | | | 502,081 | | | | | | 500,001 | | | | | | * | | |
| | | | | | Preferred shares, Series C-1 | | | | | 3,378,379 | | | | | | 10,000,002 | | | | | | 10,408,150 | | | | | | 12.52% | | |
Total
|
| | | | | | | | | | | | | | | | 10,502,083 | | | | | | 10,908,151 | | | | | | | | |
Ozy Media, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
800 W. El Camino Real, #260, Mountain View, CA 94040 | | |
Daily News and Information Site
|
| | Convertible Promissory Note 5% Due 2/28/2018 |
| | | $ | 2,000,000 | | | | | | 2,000,000 | | | | | | 2,000,000 | | | | | | — | | |
| | | | | | Preferred shares, Series B | | | | | 922,509 | | | | | | 4,999,999 | | | | | | 4,999,999 | | | | | | 18.10% | | |
| | | | | | Preferred shares, Series A | | | | | 1,090,909 | | | | | | 3,000,200 | | | | | | 3,000,000 | | | | | | 44.89% | | |
| | | | | | Preferred shares, Series Seed | | | | | 500,000 | | | | | | 500,000 | | | | | | 610,000 | | | | | | 16.53% | | |
Total
|
| | | | | | | | | | | | | | | | 10,500,199 | | | | | | 10,609,999 | | | | | | | | |
Course Hero, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1400B Seaport Blvd., Redwood City, CA 94063 |
| |
Online Education
|
| | Preferred shares, Series A | | | | | 2,145,509 | | | | | | 5,000,001 | | | | | | 10,532,304 | | | | | | 32.55% | | |
Curious.com Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
100 Middlefield Rd., Menlo Park, CA 94025 | | |
Online Education
|
| | Preferred shares, Series B | | | | | 3,407,834 | | | | | | 12,000,006 | | | | | | 9,984,954 | | | | | | 61.54% | | |
StormWind, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
14646 N. Kierland Blvd., #120, Scottsdale, AZ 85254 |
| |
Interactive Learning
|
| | Preferred shares, Series C | | | | | 2,779,134 | | | | | | 4,000,787 | | | | | | 4,650,838 | | | | | | 100.00% | | |
| | | | | | Preferred shares, Series B | | | | | 3,279,629 | | | | | | 2,019,687 | | | | | | 4,470,403 | | | | | | 100.00% | | |
| | | | | | Preferred shares, Series A | | | | | 366,666 | | | | | | 110,000 | | | | | | 499,796 | | | | | | 2.38% | | |
Total
|
| | | | | | | | | | | | | | | | 6,130,474 | | | | | | 9,621,037 | | | | | | | | |
|
Portfolio Investments
|
| |
Industry
|
| |
Type of Investment
|
| |
Number of
Shares/ Principal |
| |
Cost(1)
|
| |
Fair Value(2)
|
| |
% of
Class Held(3) |
| ||||||||||||
Chegg, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
3990 Freedom Cir., Santa Clara, CA 95054 |
| |
Online Education
Services |
| | Common shares | | | | | 1,182,792 | | | | | $ | 14,022,863 | | | | | $ | 8,729,005 | | | | | | 1.29% | | |
Declara, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
977 Commercial St., Palo Alto, CA 94303 |
| |
Social Cognitive Learning
|
| | Convertible Promissory Note 9% Due 6/30/2017 |
| | | | 2,120,658 | | | | | | 2,120,658 | | | | | | 2,827,020 | | | | | | — | | |
| | | | | | Preferred shares, Series A | | | | | 10,716,390 | | | | | | 9,999,999 | | | | | | 4,786,654 | | | | | | 20.86% | | |
Total
|
| | | | | | | | | | | | | | | | 12,120,657 | | | | | | 7,613,674 | | | | | | | | |
Lyft, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
548 Market St., #68514, San Francisco, CA 94101 | | |
On-Demand Transportation Services
|
| | Preferred shares, Series E | | | | | 128,563 | | | | | | 2,503,585 | | | | | | 3,249,430 | | | | | | * | | |
| | | | | | Preferred shares, Series D | | | | | 176,266 | | | | | | 1,792,749 | | | | | | 4,203,062 | | | | | | * | | |
Total
|
| | | | | | | | | | | | | | | | 4,296,334 | | | | | | 7,452,492 | | | | | | | | |
Avenues Global Holdings, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
11 E. 26th St., #17, New York, NY 10010 |
| |
Globally-focused Private School
|
| | Preferred shares, Junior Preferred Stock | | | | | 10,014,270 | | | | | | 10,151,854 | | | | | | 6,128,733 | | | | | | 7.75% | | |
SugarCRM, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
10050 N. Wolfe Rd., Cupertino, CA 95014 |
| |
Customer
Relationship Manager |
| | Preferred shares, Series E | | | | | 373,134 | | | | | | 1,500,522 | | | | | | 2,354,476 | | | | | | 10.64% | | |
| | | | | | Common shares | | | | | 1,524,799 | | | | | | 5,476,502 | | | | | | 3,762,442 | | | | | | 4.20% | | |
Total
|
| | | | | | | | | | | | | | | | 6,977,024 | | | | | | 6,116,918 | | | | | | | | |
Dataminr, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
6 E. 32nd St., New York, NY 10016 | | |
Social Media Analytics
|
| | Preferred shares, Series C | | | | | 301,369 | | | | | | 1,100,909 | | | | | | 1,377,256 | | | | | | 3.21% | | |
| | | | | | Preferred shares, Series B | | | | | 904,977 | | | | | | 2,063,356 | | | | | | 4,135,745 | | | | | | 15.10% | | |
Total
|
| | | | | | | | | | | | | | | | 3,164,265 | | | | | | 5,513,001 | | | | | | | | |
Enjoy Technology, Inc.(4) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
171 Constitution Dr., Menlo Park, CA 94025 | | |
On-Demand Commerce
|
| | Preferred shares, Series B | | | | | 1,681,520 | | | | | | 4,000,280 | | | | | | 4,000,000 | | | | | | 8.00% | | |
| | | | | | Preferred shares, Series A | | | | | 879,198 | | | | | | 1,002,440 | | | | | | 1,443,091 | | | | | | 3.77% | | |
Total
|
| | | | | | | | | | | | | | | | 5,002,720 | | | | | | 5,443,091 | | | | | | | | |
NestGSV, Inc. (d/b/a GSV Labs, Inc.)(5) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
585 Broadway St., Redwood City, CA 94063 | | |
Global Innovation
Platform |
| | Convertible Promissory Note 8% Due 7/31/2017 |
| | | | 500,000 | | | | | | 457,592 | | | | | | 427,900 | | | | | | — | | |
| | | | | | Unsecured Promissory Note 12% Due 5/29/2017 | | | | | 526,000 | | | | | | 501,802 | | | | | | 496,725 | | | | | | — | | |
| | | | | | Preferred shares, Series A-4 | | | | | 3,720,424 | | | | | | 4,904,498 | | | | | | 2,715,910 | | | | | | 93.70% | | |
| | | | | | Preferred shares, Series A-3 | | | | | 1,561,625 | | | | | | 2,005,730 | | | | | | 952,591 | | | | | | 76.21% | | |
| | | | | | Preferred shares, Series A-2 | | | | | 450,001 | | | | | | 605,500 | | | | | | 166,500 | | | | | | 43.44% | | |
| | | | | | Preferred shares, Series A-1 | | | | | 1,000,000 | | | | | | 1,021,778 | | | | | | 270,000 | | | | | | 100.00% | | |
| | | | | | Common shares | | | | | 200,000 | | | | | | 1,000 | | | | | | — | | | | | | 9.61% | | |
| | | | | | Preferred warrants, Series A-3 – $1.33 Strike Price, Expiration Date 4/4/2019 |
| | | | 187,500 | | | | | | — | | | | | | 5,625 | | | | | | 100.00% | | |
| | | | | | Preferred warrants, Series A-4 – $1.33 Strike Price, Expiration Date 10/6/2019 |
| | | | 500,000 | | | | | | — | | | | | | 40,000 | | | | | | 12.59% | | |
| | | | | | Preferred warrants, Series A-4 – $1.33 Strike Price, Expiration Date 7/18/2021 |
| | | | 250,000 | | | | | | 74,380 | | | | | | 22,500 | | | | | | 6.30% | | |
| | | | | | Preferred warrants, Series A-4 – $1.33 Strike Price, Expiration Date 11/29/2021 |
| | | | 100,000 | | | | | | 29,275 | | | | | | 9,000 | | | | | | 2.52% | | |
Total
|
| | | | | | | | | | | | | | | | 9,601,555 | | | | | | 5,106,751 | | | | | | | | |
|
Portfolio Investments
|
| |
Industry
|
| |
Type of Investment
|
| |
Number of
Shares/ Principal |
| |
Cost(1)
|
| |
Fair Value(2)
|
| |
% of
Class Held(3) |
| ||||||||||||
Whittle Schools, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
11 E. 26th St., 17th Floor, New York,NY 10010 | | |
Globally-focused Private School
|
| | Preferred shares, Series B | | | | | 3,000,000 | | | | | $ | 3,000,000 | | | | | $ | 3,000,000 | | | | | | 54.67% | | |
| | | | | | Common shares | | | | | 229 | | | | | | 1,577,097 | | | | | | 1,500,000 | | | | | | 22.90% | | |
Total
|
| | | | | | | | | | | | | | | | 4,577,097 | | | | | | 4,500,000 | | | | | | | | |
Snap, Inc. (f/k/a Snapchat, Inc.)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
63 Market St., Venice, CA 90291 |
| |
Social Communication
|
| | Preferred shares, Series F | | | | | 130,208 | | | | | | 2,001,135 | | | | | | 2,184,565 | | | | | | * | | |
| | | | | | Common shares, Class A | | | | | 130,208 | | | | | | 2,001,135 | | | | | | 2,184,565 | | | | | | * | | |
Total
|
| | | | | | | | | | | | | | | | 4,002,270 | | | | | | 4,369,130 | | | | | | | | |
SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2925 Woodside Rd., Woodside, CA 94062 |
| |
Clean Technology
|
| | Preferred shares, Class A | | | | | 14,300,000 | | | | | | 7,151,412 | | | | | | 4,309,778 | | | | | | 100.00% | | |
| | | | | | Common shares | | | | | 100,000 | | | | | | 10,000 | | | | | | — | | | | | | 50.00% | | |
Total
|
| | | | | | | | | | | | | | | | 7,161,412 | | | | | | 4,309,778 | | | | | | | | |
Parchment, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
6263 N. Scottsdale Rd., Suite 330, Scottsdale, AZ 85250 | | |
E-Transcript Exchange
|
| | Preferred shares, Series D | | | | | 3,200,512 | | | | | | 4,000,982 | | | | | | 4,000,000 | | | | | | 8.09% | | |
CUX, Inc. (d/b/a CorpU) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2401 Walnut St., Philadelphia, PA 19103 |
| |
Corporate Education
|
| | Senior Subordinated Convertible Promissory Note 8% Due 11/26/2018 |
| | | | 1,166,400 | | | | | | 1,166,400 | | | | | | 1,166,400 | | | | | | — | | |
| | | | | | Convertible preferred shares, Series D | | | | | 169,033 | | | | | | 778,607 | | | | | | 775,861 | | | | | | 8.82% | | |
| | | | | | Convertible preferred shares, Series C | | | | | 615,763 | | | | | | 2,006,077 | | | | | | 1,913,484 | | | | | | 56.21% | | |
| | | | | | Preferred warrants, $4.59 Strike Price, Expiration Date 2/25/2018 | | | | | 16,903 | | | | | | — | | | | | | 4,395 | | | | | | 51.72% | | |
Total
|
| | | | | | | | | | | | | | | | 3,951,084 | | | | | | 3,860,140 | | | | | | | | |
Knewton, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
100 5th Ave., New York, NY 10011 | | |
Online Education
|
| | Preferred shares, Series E | | | | | 375,985 | | | | | | 4,999,999 | | | | | | 3,782,409 | | | | | | 14.60% | | |
DogVacay, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
820 Broadway, Santa Monica, CA 90401 |
| |
Peer-to-Peer Pet Services
|
| | Preferred shares, Series B-1 | | | | | 514,562 | | | | | | 2,506,119 | | | | | | 2,500,771 | | | | | | 10.00% | | |
SharesPost, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
221 Pine St., San Francisco, CA 94104 |
| |
Online
Marketplace Finance |
| | Preferred shares, Series B | | | | | 1,771,653 | | | | | | 2,259,716 | | | | | | 2,249,999 | | | | | | 64.83% | | |
| | | | | | Common warrants, $0.13 Strike Price, Expiration Date 6/15/2018 | | | | | 770,934 | | | | | | 23,128 | | | | | | 69,384 | | | | | | 100.00% | | |
Total
|
| | | | | | | | | | | | | | | | 2,282,844 | | | | | | 2,319,383 | | | | | | | | |
DreamBox Learning, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
600 108th Ave. NE, Suite 805, Bellevue, WA 98004 | | |
Education
|
| | Preferred shares, Series A-1 | | | | | 7,159,221 | | | | | | 1,502,362 | | | | | | 1,503,436 | | | | | | 10.35% | | |
| | |
Technology
|
| | Preferred shares, Series A | | | | | 3,579,610 | | | | | | 758,017 | | | | | | 751,718 | | | | | | 6.82% | | |
Total
|
| | | | | | | | | | | | | | | | 2,260,379 | | | | | | 2,255,154 | | | | | | | | |
Maven Research, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
466 Green St., San Francisco, CA 94133 | | |
Knowledge
|
| | Preferred shares, Series C | | | | | 318,979 | | | | | | 2,000,447 | | | | | | 1,999,998 | | | | | | 100.00% | | |
| | |
Networks
|
| | Preferred shares, Series B | | | | | 49,505 | | | | | | 217,206 | | | | | | 223,763 | | | | | | 19.78% | | |
Total
|
| | | | | | | | | | | | | | | | 2,217,653 | | | | | | 2,223,761 | | | | | | | | |
|
Portfolio Investments
|
| |
Industry
|
| |
Type of Investment
|
| |
Number of
Shares/ Principal |
| |
Cost(1)
|
| |
Fair Value(2)
|
| |
% of
Class Held(3) |
| ||||||||||||
Strategic Data Command, LLC
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
111 W. Evelyn Ave., Mountain View, CA 94041 | | |
Big Data Consulting
|
| | Common shares | | | | | 2,400,000 | | | | | $ | 989,277 | | | | | $ | 2,052,555 | | | | | | 6.66% | | |
Clever, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1263 Mission St., San Francisco, CA 94103 |
| |
Education Software
|
| | Preferred shares, Series B | | | | | 1,799,047 | | | | | | 2,000,601 | | | | | | 2,000,001 | | | | | | 5.87% | | |
EdSurge, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1801 Murchison Dr., Suite 220, Burlingame, CA 94010 |
| |
Education Media Platform
|
| | Preferred shares, Series A-1 | | | | | 378,788 | | | | | | 501,360 | | | | | | 500,000 | | | | | | 17.91% | | |
| | | | | | Preferred shares, Series A | | | | | 494,365 | | | | | | 500,801 | | | | | | 588,294 | | | | | | 16.63% | | |
Total
|
| | | | | | | | | | | | | | | | 1,002,161 | | | | | | 1,088,294 | | | | | | | | |
Tynker (f/k/a Neuron Fuel, Inc.)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
480 San Antonio Rd., #100, Mountain View, CA 94040 | | |
Computer Software
|
| | Preferred shares, Series A | | | | | 534,162 | | | | | | 309,310 | | | | | | 881,367 | | | | | | 5.69% | | |
Fullbridge, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
38 Chauncy St., Boston, MA 02111 |
| |
Business Education
|
| | Common shares | | | | | 517,917 | | | | | | 6,150,506 | | | | | | — | | | | | | 3.25% | | |
| | | | | | Junior note 1.49%, Due 11/9/2021 | | | | $ | 2,270,458 | | | | | | 2,270,858 | | | | | | 877,359 | | | | | | — | | |
Total
|
| | | | | | | | | | | | | | | | 8,421,364 | | | | | | 877,359 | | | | | | | | |
Circle Media (f/k/a. S3 Digital Corp. (d/b/a S3i)) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
3925 W. Braker Ln., Austin, Texas 78759 |
| |
Sports Analytics
|
| | Promissory Note 12%, Due 11/17/2017 | | | | $ | 25,000 | | | | | | 26,840 | | | | | | 26,544 | | | | | | — | | |
| | | | | | Preferred shares, Series A | | | | | 1,864,495 | | | | | | 1,777,576 | | | | | | 484,769 | | | | | | 47.67% | | |
| | | | | | 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 | | | | | | — | | | | | | — | | | | | | 7.63% | | |
| | | | | | Preferred warrants, $1.17 Strike Price, Expiration Date 6/26/2021 | | | | | 38,594 | | | | | | — | | | | | | — | | | | | | 1.67% | | |
| | | | | | Preferred warrants, $1.17 Strike Price, Expiration Date 9/30/2020 | | | | | 160,806 | | | | | | — | | | | | | — | | | | | | 6.98% | | |
| | | | | | Preferred warrants, $1.00 Strike Price, Expiration Date 11/21/2017 | | | | | 500,000 | | | | | | 31,354 | | | | | | — | | | | | | 21.69% | | |
Total
|
| | | | | | | | | | | | | | | | 1,836,346 | | | | | | 511,313 | | | | | | | | |
4C Insights (f/k/a The Echo Systems Corp.) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 E. Upper Wacker Dr., Suite 2920, Chicago, IL 60601 | | |
Social Data Platform
|
| | Preferred shares, Series A | | | | | 436,219 | | | | | | 1,436,404 | | | | | | 505,744 | | | | | | 3.26% | | |
Aspiration Partners, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
4640 Admiralty Way, Suite 725 Marina Del Rey, CA 90292 | | |
Financial Services
|
| | Preferred shares, Series A | | | | | 540,270 | | | | | | 1,001,815 | | | | | | 307,954 | | | | | | 5.65% | | |
PayNearMe, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
292 Gibraltar Dr., #104, Sunnyvale, CA 94089 | | |
Cash Payment Network
|
| | Preferred shares, Series E | | | | | 5,480,348 | | | | | | 14,000,398 | | | | | | 164,410 | | | | | | 8.52% | | |
Global Education Learning (Holdings) Ltd. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The Hong Kong Club Building, Suite 901, 3A Chater Rd., Central Hong Kong |
| |
Education Technology
|
| | Preferred shares, Series A | | | | | 2,126,475 | | | | | | 675,495 | | | | | | — | | | | | | 31.36% | | |
Portfolio Investments
|
| |
Industry
|
| |
Type of Investment
|
| |
Number of
Shares/ Principal |
| |
Cost(1)
|
| |
Fair Value(2)
|
| |
% of
Class Held(3) |
| ||||||||||||
AlwaysOn, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
P.O. Box 620454, Woodside, CA 94062 | | |
Social Media
|
| | Preferred shares, Series A-1 | | | | | 4,465,925 | | | | | $ | 876,023 | | | | | $ | — | | | | | | 47.86% | | |
| | | | | | Preferred shares, Series A | | | | | 1,066,626 | | | | | | 1,027,391 | | | | | | — | | | | | | 93.43% | | |
| | | | | | Preferred warrants Series A, $1.00 strike price, expire 1/9/2017 | | | | | 109,375 | | | | | | — | | | | | | — | | | | | | 100.00% | | |
Total
|
| | | | | | | | | | | | | | | | 1,903,414 | | | | | | — | | | | | | | | |
Orchestra One, Inc. (f/k/a Learnist Inc.) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
500 3rd St., #260, San Francisco, CA 94107 |
| |
Consumer Health
Technology |
| | Common shares | | | | | 57,026 | | | | | | 4,959,614 | | | | | | — | | | | | | * | | |
Cricket Media (f/k/a ePals Inc.)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
13625A Dulles Technology Dr., Herndon, VA 20171 |
| |
Online Education
|
| | Common shares | | | | | 133,333 | | | | | | 2,448,959 | | | | | | — | | | | | | 4.74% | | |
Earlyshares.com, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1200 Brickell Ave., #510, Miami, FL 33131 | | |
Equity Crowdfunding
|
| | Convertible Promissory Note 5%, 2/26/2017 |
| | | $ | 50,000 | | | | | | 50,840 | | | | | | — | | | | | | — | | |
| | | | | | Preferred shares, Series A | | | | | 165,715 | | | | | | 261,598 | | | | | | — | | | | | | 6.83% | | |
Total
|
| | | | | | | | | | | | | | | | 312,438 | | | | | | — | | | | | | | | |
Beamreach Solar, Inc. (f/k/a Solexel, Inc.) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1530 McCarthy Blvd., Milpitas, CA 95035 |
| |
Solar Power
|
| | Convertible Promissory Note 9%, Due 5/10/2017 |
| | | $ | 250,000 | | | | | | 254,444 | | | | | | — | | | | | | — | | |
| | | | | | Preferred shares, Series D | | | | | 1,613,413 | | | | | | 2,419,751 | | | | | | — | | | | | | 2.32% | | |
| | | | | | Preferred shares, Series C | | | | | 5,300,158 | | | | | | 11,598,648 | | | | | | — | | | | | | 11.61% | | |
Total
|
| | | | | | | | | | | | | | | | 14,272,843 | | | | | | — | | | | | | | | |
AliphCom, Inc. (d/b/a Jawbone)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
99 Rhode Island St., San Francisco, CA 94103 | | |
Smart Device Company
|
| | Common shares | | | | | 150,000 | | | | | | 793,152 | | | | | | — | | | | | | * | | |
Total Portfolio Investments
|
| | | | | | | | | | | | | | | $ | 278,768,274 | | | | | $ | 262,015,146 | | | | | | | | |
|
Name
|
| |
Age
|
| |
Position
|
| |
Director
Since |
| |
Expiration
of Term |
|
Interested Directors | | | | | | | | | | | | | |
Michael T. Moe | | |
54
|
| | Chief Executive Officer and Chair of the Board of Directors | | |
2010
|
| |
2018
|
|
Mark W. Flynn | | |
61
|
| | President and Director | | |
2011
|
| |
2018
|
|
Mark D. Klein | | |
55
|
| | Director | | |
2011
|
| |
2017
|
|
Independent Directors(1) | | | | | | ||||||||
Leonard A. Potter | | |
55
|
| | Director | | |
2011
|
| |
2019
|
|
Ronald M. Lott | | |
57
|
| | Director | | |
2015
|
| |
2019
|
|
Marc Mazur | | |
57
|
| | Director | | |
2017
|
| |
2019
|
|
|
Name
|
| |
Age
|
| |
Position
|
| |
Executive
Officer Since |
|
| William F. Tanona | | |
43
|
| | Chief Financial Officer, Treasurer and Corporate Secretary | | |
2014
|
|
| Carl M. Rizzo | | |
65
|
| | Chief Compliance Officer | | |
2014
|
|
Name
|
| |
Fees Earned or
Paid in Cash(1) |
| |
All Other
Compensation(2) |
| |
Total
|
| |||||||||
Interested Directors | | | | | | | | | | | | | | | | | | | |
Michael T. Moe
|
| | | | — | | | | | | — | | | | | | — | | |
Mark D. Klein
|
| | | | — | | | | | | — | | | | | | — | | |
Mark W. Flynn
|
| | | | — | | | | | | — | | | | | | — | | |
Independent Directors | | | | | | | | | | | | | | | | | | | |
Leonard A. Potter
|
| | | $ | 85,000 | | | | | | — | | | | | $ | 85,000 | | |
Catherine J. Friedman(3)
|
| | | $ | 90,000 | | | | | | — | | | | | $ | 90,000 | | |
Bradford C. Koenig(3)
|
| | | $ | 85,000 | | | | | | — | | | | | $ | 85,000 | | |
Ronald M. Lott
|
| | | $ | 85,000 | | | | | | — | | | | | $ | 85,000 | | |
Marc Mazur(4)
|
| | | | — | | | | | | — | | | | | | — | | |
Name
|
| |
Entity
|
| |
Investment Focus
|
| |
Total Assets(1)
|
| |||
Coursera@GSV Fund, LP
|
| |
private fund
|
| |
SPV comprised of underlying investment of Coursera stock
|
| | | $ | 5,427,348 | | |
Coursera@GSV-EDBI Fund, LP
|
| |
private fund
|
| |
SPV comprised of underlying investment of Coursera stock
|
| | | $ | 4,999,999 | | |
GSV Ventures I LLC
|
| |
private fund
|
| |
venture capital fund
|
| | | $ | 224,447,770 | | |
GSV Ventures II LLC
|
| |
private fund
|
| |
venture capital fund
|
| | | $ | 3,302,585 | | |
GSV Ventures III LLC
|
| |
private fund
|
| |
venture capital fund
|
| | | $ | 2,184,744 | | |
GSV Ventures V LLC
|
| |
private fund
|
| |
venture capital fund
|
| | | $ | 13,322,866 | | |
GSV Ventures VI LLC
|
| |
private fund
|
| |
venture capital fund
|
| | | $ | 2,496,095 | | |
Name of Portfolio Manager
|
| |
Dollar Range of Equity
Securities in GSV Capital(1)(2) |
| |||
Michael T. Moe
|
| | | $ | 100,001 – $500,000 | | |
William F. Tanona
|
| | | $ | 50,001 – $100,000 | | |
Mark W. Flynn
|
| | | $ | 10,001 – $50,000 | | |
Luben Pampoulov
|
| | | | None | | |
Name and Address of Beneficial Owner
|
| |
Number of
Shares Owned Beneficially(1) |
| |
Percentage of
Class(2) |
| ||||||
Interested Directors: | | | | | | | | | | | | | |
Michael T. Moe
|
| | | | 67,583 | | | | | | * | | |
Mark D. Klein
|
| | | | 49,007(3) | | | | | | * | | |
Mark W. Flynn
|
| | | | 5,000 | | | | | | * | | |
Independent Directors: | | | | | | | | | | | | | |
Leonard A. Potter
|
| | | | 24,333 | | | | | | * | | |
Ronald M. Lott
|
| | | | None | | | | | | * | | |
Marc Mazur
|
| | | | None | | | | | | * | | |
Executive Officers: | | | | | | | | | | | | | |
William F. Tanona
|
| | | | 10,000 | | | | | | * | | |
Carl M. Rizzo
|
| | | | None | | | | | | * | | |
Executive officers and directors as a group (8 persons)
|
| | | | 155,923 | | | | | | * | | |
Other: | | | | | | | | | | | | | |
Pine River Capital Management L.P.
|
| | | | 2,163,432(4) | | | | | | 9.75%(4) | | |
Division of Investment, Department of Treasury, State of New Jersey
|
| | | | 1,771,712(5) | | | | | | 7.99%(5) | | |
RiverNorth Capital Management, LLC
|
| | | | 1,179,892(6) | | | | | | 5.32%(6) | | |
Name of Director
|
| |
Dollar Range of Equity
Securities Beneficially Owned(1)(2) |
|
Interested Directors | | | | |
Michael T. Moe
|
| |
Over $100,000
|
|
Mark D. Klein
|
| |
Over $100,000
|
|
Mark W. Flynn
|
| |
$10,001 – $50,000
|
|
Independent Directors | | | | |
Leonard A. Potter
|
| |
Over $100,000
|
|
Ronald M. Lott
|
| |
None
|
|
Marc Mazur
|
| |
None
|
|
Title of Class
|
| |
Amount
Authorized |
| |
Amount Held by
Us or for Our Account |
| |
Amount
Outstanding |
| |||||||||
Common stock
|
| | | | 100,000,000 | | | | | | — | | | | | | 22,181,003 | | |