Exhibit 99.1

 

 

GSV Capital Corp. Reports Third Quarter 2013 Results of Operations

 

Net Asset Value Increases to $13.16 Per Share as of September 30, 2013

Conference Call and Webcast with Live Twitter Updates Today at 2:00 p.m. PST

 

WOODSIDE, Calif., November 11, 2013 — (GLOBE NEWSWIRE) — GSV Capital Corp., ("GSV" or the “Company”) (Nasdaq:GSVC), today reported financial results for the third quarter ended September 30, 2013.

 

“We are pleased with the growth fundamentals of the overall portfolio and to report an increase in our net asset value of $0.29 to $13.16 per share at September 30th,” said Michael Moe, GSV's founder and Chief Executive Officer. “The third quarter brought IPOs for Control4 (Nasdaq:CTRL) and Violin Memory, Inc. (NYSE:VMEM), along with the announcement of a planned IPO for Chegg, Inc. As the public capital markets welcomed the debut of Twitter (NYSE:TWTR) last week, we are delighted to extend our congratulations to the team behind our largest portfolio holding. In recognition of Twitter’s ranking as the world’s leading platform for instant communication and conversation, we will be providing live updates via Twitter (@gsvcap) during our earnings conference call this afternoon, and we will continue this practice for key events in the future.”

 

Portfolio as of September 30, 2013

 

At September 30, 2013, the Company had positions in 46 portfolio companies at a collective fair value of $253.0 million. Out of GSV’s 46 portfolio companies, the top 10 investments represented 64.4% of net asset value, and the top three investments represented 33.8% of net asset value. Net assets totaled $254.3 million or $13.16 per share at September 30, 2013, an increase of $0.29 per share from net assets of $12.87 per share at June 30, 2013.

 

Top Ten Investments at September 30, 2013

 

 

GSV Capital Corp.

Page 2 of 12

 

Portfolio Investment Activity

 

During the third quarter of 2013, GSV invested in new portfolio company Strategic Data Command, LLC, a big data consultancy. GSV also made net additional investments in existing portfolio companies NestGSV, Inc.; Dataminr, Inc.; Whittle Schools; Sinolending LTD; and Totus Solutions, Inc.

 

Financial Results

 

Net investment loss was $3,013,789, or $0.16 per share, for the third quarter of 2013, compared to a net investment loss of $2,334,568, or $0.12 per share, for the third quarter of 2012. For the three months ended September 30, 2013, GSV had a net change in unrealized appreciation of $8,892,104, or $0.46 per share, resulting from appreciation of its investments, including its investments in Twitter Inc., Control4 Corporation, Facebook Inc., and Palantir Technologies. GSV recorded a net realized loss of $162,569 or $0.01 per share during the three months ended September 30, 2013. Net increase in net assets resulting from operations was $5,715,746, or $0.29 per share, for the three months ended September 30, 2013. This compares to a net decrease in net assets resulting from operations of $(6,999,840), or $(0.36) per share, for the three months ended September 30, 2012. Weighted average common shares outstanding were 19.3 million for the three months ended September 30 for both 2013 and 2012.

 

Conference Call and Webcast; Live Twitter Updates

 

Management will hold a conference call and webcast for investors today at 2:00 p.m. PST (5:00 p.m. EST). The conference call number for U.S. participants is (888) 549-7750 and the conference call number for participants outside the U.S. is (480) 629-9835. The conference ID number for both call numbers is 4650042. Additionally, interested parties can listen to a live webcast of the call from the "Investors" section of GSV Capital's website at http://investors.gsvcap.com/. Management will utilize a presentation during the conference call. The presentation is also available in the “Investors” section of GSV Capital’s website.

 

GSV Capital will also provide live updates via Twitter during the conference call. To access the tweets, follow GSV Capital on Twitter: @gsvcap

 

A telephonic replay of the conference call may be accessed through November 18, 2013 by dialing (800) 406-7325 (U.S.) or (303) 590-3030 (international), using conference ID number 4650042. An archived replay of the webcast will also be available for 12 months following the live presentation.

 

About GSV Capital Corp.

 

GSV Capital Corp. (GSVC) is a publicly traded investment fund that seeks to invest in high-growth, venture-backed private companies. Led by industry veteran Michael Moe, the fund seeks to create a portfolio of high-growth emerging private companies via a repeatable and disciplined investment approach, as well as to provide investors with access to such companies through its publicly traded common stock. GSV Capital is headquartered in Woodside, CA. www.gsvcap.com

 

The GSV Capital Corp. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=12750

 

 

GSV Capital Corp.

Page 3 of 12

 

Forward-Looking Statements

 

Statements included herein may constitute "forward-looking statements," which relate to future events or our future performance or financial condition. These statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in our filings with the Securities and Exchange Commission. GSV Capital Corp. undertakes no duty to update any forward-looking statements made herein.

 

Contact

 

Financial Profiles, Inc.

Tricia Ross or Kristen McNally

(650) 235-4769

gsv@finprofiles.com

 

 

GSV Capital Corp.

Page 4 of 12

 

GSV CAPITAL CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

 

		September 30, 2013				December 31, 2012
		(Unaudited)
ASSETS
Investments at fair value:
Investments in affiliated securities (cost of $32,625,999 and $38,210,753, respectively)		$	30,321,787			$	34,648,363
Investments in non-control/non-affiliated securities (cost of $212,562,385 and $198,936,982, respectively)		$	222,661,659				190,748,722
Investments in money market funds (cost of $28,000,000 and $16,000,000, respectively)			28,000,000				16,000,000
Investments owned and pledged (cost of $10,845,236 and $0, respectively)			10,845,236				-
Total Investments (cost of $284,033,620 and $253,147,735, respectively)			291,828,682				241,397,085
Cash			28,443,204				11,318,525
Restricted Cash			22,264				-
Due from:
GSV Asset Management			15,067				5,723
Portfolio companies			209,559				316,377
Interest receivable			2,256				-
Prepaid expenses			358,324				63,953
Dividend receivable			13,384				1,920
Deferred credit facility fees			58,998				-
Deferred debt issuance costs			3,209,462				-
Deferred offering costs			365,873				-
Other assets			3,607				27,145
Total Assets			324,530,680				253,130,728
LIABILITIES
Due to:
GSV Asset Management			33,803				51,194
Accounts payable			268,601				204,093
Accrued offering costs			253,100				-
Accrued credit facility fees			3,078				-
Accrued interest payable			191,188				-
Accrued expenses			36,915				292,640
Convertible senior notes embedded derivative			1,121,000				-
Convertible senior notes payable 5.25% due September 15, 2018			68,300,000				-
Total Liabilities			70,207,685				547,927
Commitments and contingencies (Note 6)
Net Assets		$	254,322,995			$	252,582,801
NET ASSETS
Common stock, par value $0.01 per share		$	193,201			$	193,201
(100,000,000 authorized; 19,320,100 and 19,320,100 issued and outstanding, respectively)
Paid-in capital in excess of par			275,837,514				275,837,514
Accumulated net investment loss			(18,285,170	)			(10,316,745	)
Accumulated net realized loss on investments			(11,217,612	)			(1,380,519	)
Accumulated net unrealized appreciation (depreciation) on investments			7,795,062				(11,750,650	)
Net Assets		$	254,322,995			$	252,582,801
Net Asset Value Per Share		$	13.16			$	13.07

 

 

GSV Capital Corp.

Page 5 of 12

 

GSV CAPITAL CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

		Three Months Ended September 30,								Nine Months Ended September 30,
		2013				2012				2013				2012
INVESTMENT INCOME
Interest income from affiliated securities		$	-			$	2,418			$	-			$	200,195
Interest income from non-control/non-affiliated securities			2,256				4,645				2,256				21,852
Dividend income from non-control/non-affiliated securities			-				-				7,638				-
Dividend income from affiliated securities			388				6,865				13,008				20,040
Total Investment Income			2,644				13,928				22,902				242,087
OPERATING EXPENSES
Investment management fees			1,298,858				1,351,169				3,828,835				3,099,186
Costs incurred under administration agreement			678,283				543,171				2,276,152				1,490,966
Directors’ fees			65,000				65,000				195,250				172,500
Professional fees			198,932				242,683				656,796				597,089
Interest expense			191,188				-				191,188				-
Insurance expense			62,732				56,133				179,807				158,287
Investor relations expense			54,760				34,698				171,265				143,986
Other expenses			45,680				55,642				71,034				88,762
Loss on fair value adjustment for embedded derivative			421,000				-				421,000				-
Total Operating Expenses			3,016,433				2,348,496				7,991,327				5,750,776
Net Investment Loss			(3,013,789	)			(2,334,568	)			(7,968,425	)			(5,508,689	)
Net Realized Loss on Investments			(162,569	)			-				(9,837,093	)			(1,380,519	)
Net Change in Unrealized Appreciation (Depreciation) on Investments			8,892,104				(4,665,272	)			19,545,712				(5,668,589	)
Net Increase (Decrease) in Net Assets Resulting from Operations		$	5,715,746			$	(6,999,840	)		$	1,740,194			$	(12,557,797	)
Net Increase (Decrease) in Net Assets Resulting from Operations per Common Share – basic and diluted		$	0.29			$	(0.36	)		$	(0.09	)		$	(0.84	)
Weighted Average Common Shares Outstanding			19,320,100				19,320,100				19,320,100				15,013,896

 

 

GSV Capital Corp.

Page 6 of 12

 

FINANCIAL HIGHLIGHTS

(Unaudited)

 

		Three months ended September 30, 2013				Three months ended September 30, 2012
Per Share Data:
Net asset value at beginning of period		$	12.87			$	13.81
Issuance of common shares			-				-
Underwriters’ discount			-				-
Offering costs			-				-
Net investment loss			(0.16	)(1)			(0.12	)(1)
Realized loss			(0.01	)(1)			-
Change in unrealized appreciation (depreciation)			0.46	(1)			(0.24	)(4)
Net asset value at end of period		$	13.16			$	13.45
Per share market value at end of period		$	14.82			$	8.63
Total return based on market value			88.55	%(5)			(7.20	)%(5)
Total return based on net asset value			2.25	%(5)			(2.61	)%(5)
Shares outstanding at end of period			19,320,100				19,320,100

 

		Nine months ended September 30, 2013				Nine months ended September 30, 2012
Per Share Data:
Net asset value at beginning of period		$	13.07			$	12.95
Issuance of common shares			-				1.91	(3)
Underwriters’ discount			-				(0.72	)(2)
Offering costs			-				(0.04	)(2)
Net investment loss			(0.41	)(1)			(0.37	)(1)
Realized loss			(0.51	)(1)			(0.07	)(2)
Change in unrealized appreciation (depreciation)			1.01	(1)			(0.21	)(5)
Net asset value at end of period		$	13.16			$	13.45
Per share market value at end of period		$	14.82			$	8.63
Total return based on market value			75.80	%(5)			(38.14	)%(5)
Total return based on net asset value			0.69	%(5)			3.86	%(5)
Shares outstanding at end of period			19,320,100				19,320,100

 

(1)

Based on weighted average number of shares outstanding for the period.

(2)

Based on shares outstanding at end of period.

(3)

Issuance of common shares for the year ended December 31, 2012 and the nine months ended September 30, 2012 is based on the change in net asset value from the secondary offerings on February 10, 2012 and May 11, 2012.

(4)

Includes the impact of the different share amounts as a result of calculating certain per share data based on the weighted average basic shares outstanding during the period and certain per share data based on the shares outstanding as of a period end or transaction date.

(5)

Total return based on market value is based on the change in market price per share between the opening and ending market values per share in the period. Total return based on net asset value is based upon the change in net asset value per share between the opening and ending net asset values per share and the issuance of common shares in the period. The percentage returns noted above are based on the increase in our net asset value attributable to issuances of our common stock at a premium to our net asset value per share, rather than investment returns. Such issuances of our common stock at a premium to net asset value per share are not typical, and may not occur in the future. The total returns are not annualized.

 

 

GSV Capital Corp.

Page 7 of 12

 

GSV CAPITAL CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2013

(Unaudited)

 

Portfolio Investments*		Headquarters / Industry		Shares				Cost				Fair  Value				% of Net Assets
Twitter, Inc.		San Francisco, CA
Common shares		Social			1,835,600			$	31,755,821			$	43,242,147				17.00	%
Preferred shares, Series A		Communication			65,000				1,235,290				1,531,238				0.60	%
Total									32,991,111				44,773,385				17. 60	%
Palantir Technologies, Inc.		Palo Alto, CA
Common shares, Class A		Cyber Security			7,145,690				20,051,479				25,081,372				9.86	%
Preferred shares, Series G					326,797				1,008,968				1,147,057				0.45	%
Total									21,060,447				26,228,429				10.31	%
Dropbox, Inc.		San Francisco, CA
Common share		Online			760,000				8,641,153				8,740,000				3.44	%
Preferred shares, Series A-1		Storage			552,486				5,015,333				6,353,589				2.50	%
Total									13,656,486				15,093,589				5.94	%
Chegg, Inc. (16)		Santa Clara, CA
Common shares		Textbook Rental			849,462				10,014,248				9,580,153				3.77	%
Preferred shares, Series F					333,333				4,008,654				4,555,431				1.79	%
Total									14,022,902				14,135,584				5.56	%
Control4 Corporation (9) (10)		Salt Lake City, UT
Common shares		Home Automation			782,821				7,011,025				12,473,776				4.90	%
Solexel, Inc.		Milpitas, CA
Preferred shares, Series C		Solar Power			5,034,324				11,017,224				10,999,997				4.33	%
2U, Inc. (f/k/a 2tor, Inc.)		Landover, MD
Common shares		Online Education			1,151,802				8,757,668				9,472,352				3.72	%
Preferred shares, Series A					167,431				1,273,125				1,376,943				0.54	%
Total									10,030,793				10,849,295				4.26	%
Avenues World Holdings LLC (3)		New York, NY
Preferred shares, Class A-1		Globally-focused Private School			5,000,000				10,028,361				10,423,016				4.10	%
Coursera, Inc.		Mountain View, CA
Preferred shares, Series B		Online Education			2,039,609				9,999,999				9,999,998				3.93	%
Facebook, Inc. (7)		Menlo Park, CA
Preferred shares, Class A		Social Networking			175,000				5,236,147				8,790,250				3.46	%
Violin Memory, Inc. (11)		Mountain View, CA
Common Shares		Memory Flash			1,233,333				14,819,618				8,158,498				3.21	%

 

 

GSV Capital Corp.

Page 8 of 12

 

GSV CAPITAL CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

September 30, 2013

(Unaudited)

 

Portfolio Investments*		Headquarters / Industry		Shares				Cost				Fair  Value				% of Net Assets
SugarCRM, Inc.		Cupertino, CA
Common shares		Customer			1,480,131			$	5,193,947			$	5,602,296				2.20	%
Preferred shares, Series E		Relationship			373,134				1,500,522				1,857,408				0.73	%
Total		Manager							6,694,469				7,459,704				2.93	%
ZocDoc Inc.		New York, NY
Preferred shares, Series A		Online Medical			200,000				3,563,178				3,317,091				1.30	%
Common Stock		Scheduling			111,866				1,734,878				1,855,348				0.73	%
Total									5,298,056				5,172,439				2.03	%
Whittle Schools, LLC  (4)		New York, NY
Preferred shares, Series B		Globally-focused Private School			3,000,000				3,000,000				3,000,000				1.18	%
Common shares					100				1,530,000				1,500,000				0.59	%
Total									4,530,000				4,500,000				1.77	%
Bloom Energy Corporation		Sunnyvale, CA
Common shares		Fuel Cell Energy			201,589				3,855,601				4,456,420				1.75	%
Spotify Technology S.A. (7)		Stockholm, Sweden
Common shares		Music Streaming Service			3,658				3,598,472				4,247,411				1.67	%
Dataminr, Inc.		New York, NY
Preferred shares, Series B		Social Media			904,977				2,063,356				2,936,650				1.15	%
Preferred shares, Series C		Analytics			301,369				1,100,567				1,099,997				0.43	%
Total									3,163,923				4,036,647				1.58	%
StormWind, LLC (2) (5)		Scottsdale, AZ
Preferred shares, Series B		Interactive Learning			3,279,629				2,019,687				3,955,872				1.56	%
		Platform
Gilt Groupe, Inc.		New York, NY
Common shares		e-Commerce Flash Sales			248,600				6,594,433				3,783,860				1.49	%
Learnist Inc, (f/k/a Grockit, Inc.) (2) (12)		San Francisco, CA
Preferred shares, Series D		Online Test			2,728,252				2,005,945				2,073,472				0.82	%
Preferred shares, Series E		Preparation			1,731,501				1,503,670				1,501,601				0.59	%
Total									3,509,615				3,575,073				1.41	%
Fullbridge, Inc. (2)		Cambridge, MA
Preferred shares, Series C		Business Education			1,728,724				3,193,444				3,378,542				1.33	%
Warrants					186,170				67,021				67,021				0.03	%
Total									3,260,465				3,445,563				1.36	%

 

 

GSV Capital Corp.

Page 9 of 12

 

GSV CAPITAL CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

September 30, 2013

(Unaudited)

 

Portfolio Investments*		Headquarters / Industry		Shares				Cost				Fair  Value				% of Net Assets
CUX, Inc. (d/b/a CorpU) (1) (2)		San Francisco, CA
Common Stock		Corporate Education			615,763			$	2,006,077			$	2,472,902				0.97	%
Convertible preferred shares, Series D					169,033				778,607				773,195				0.30	%
Warrants					16,903				-				-				-	%
Total									2,784,684				3,246,097				1.27	%
Parchment, Inc.		Scottsdale, AZ
Preferred shares, Series D		E-Transcript Exchange			2,400,384				3,000,000				3,237,736				1.27	%
Totus Solutions, Inc. (2)		Carrollton, TX
Common shares		LED Lighting			12,000,000				3,014,384				720,000				0.28	%
Preferred shares, Series A					8,000,000				2,009,589				2,000,000				0.79	%
Preferred shares, Series B					4,444,444				400,000				400,000				0.16	%
Total									5,423,973				3,120,000				1.23	%
Global Education Learning (Holdings) Ltd. (2) (7)		Hong Kong
Preferred shares, Series A		Education Technology			1,472,175				2,999,998				3,003,237				1.18	%
SharesPost, Inc. (14)		San Bruno, CA
Preferred shares, Series B		Online Marketplace			1,771,653				2,259,716				2,232,283				0.88	%
Common warrants, $0.13 strike price, expire 6/15/2018		Finance			770,934				23,128				323,792				0.13	%
Total									2,282,844				2,556,075				1.01	%
Dailybreak, Inc. (2)		Boston, MA
Preferred shares, Series A-1		Social Advertising			1,878,129				2,430,950				2,429,540				0.96	%
TrueCar, Inc.		Santa Monica, CA
Common shares		Online Marketplace			377,358				2,014,863				2,414,826				0.95	%
Kno, Inc.		Santa Clara, CA
Preferred shares, Series C		Digital			440,313				2,262,006				450,000				0.18	%
Preferred shares, Series C-1		Textbooks			1				7,510,334				1,500,000				0.59	%
Common shares					50,000				214,681				-				-	%
Term Loan					225,000				232,744				225,000				0.09	%
Total									10,219,765				2,175,000				0.86	%
Maven Research, Inc. (2)		San Francisco, CA
Preferred shares, Series C		Knowledge			318,979				2,000,447				1,854,523				0.73	%
Preferred shares, Series B		Networks			49,505				217,206				231,386				0.09	%
Total									2,217,653				2,085,909				0.82	%
NestGSV, Inc. (2)		Redwood City, CA
Preferred shares, Series A		Incubator			1,000,000				1,021,778				1,200,000				0.47	%
Preferred shares, Series B					450,000				605,500				600,000				0.24	%
Total									1,627,278				1,800,000				0.71	%

 

 

GSV Capital Corp.

Page 10 of 12

 

GSV CAPITAL CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

September 30, 2013

(Unaudited)

 

Portfolio Investments*		Headquarters / Industry		Shares/Capital Transactions				Cost				Fair  Value				% of Net Assets
Silver Spring Networks, Inc. (8)		Redwood City, CA
Common shares		Smart Grid			102,028			$	5,145,271			$	1,768,145				0.70	%
S3 Digital Corp. (d/b/a S3i) (2)		New York, NY
Preferred shares, Class A1		Sports Analytics			1,033,452				989,058				1,138,441				0.45	%
Preferred warrants, $1.00 strike price, expire 11/21/2017					500,000				31,354				200,000				0.08	%
Total									1,020,412				1,338,441				0.53	%
Strategic Data Command, LLC (15)		Sunnyvale, CA
Common shares		Software Development			800,000				1,001,650				1,000,000				0.39	%
SinoLending Ltd. (7)		Shanghai, China
Preferred shares, Class A		Chinese P2P			6,414,368				503,235				604,859				0.24	%
Preferred shares, Class B		Lending			2,333,108				250,263				250,000				0.10	%
Total									753,498				854,859				0.34	%
The rSmart Group, Inc.		Scottsdale, AZ
Preferred shares, Series B		Higher Education Learning Platform			1,201,923				1,267,240				840,112				0.33	%
DreamBox Learning, Inc.		Bellevue, WA
Preferred shares, Series A		Education Technology			3,579,610				758,017				825,095				0.32	%
AlwaysOn, Inc.  (2)		Woodside, CA
Preferred shares, Series A		Social Media			1,066,626				1,027,391				203,011				0.09	%
Preferred shares, Series A-1					3,152,417				624,783				600,000				0.24	%
Total									1,652,174				803,011				0.33	%
AliphCom, Inc. (d/b/a Jawbone)		San Francisco, CA
Common Stock		Smart Device Company			150,000				793,152				792,600				0.31	%
Ozy Media, Inc.		Mountain View, CA
Preferred shares, Series Seed		Social Media			500,000				500,000				546,224				0.21	%
NestGSV Silicon Valley, LLC (2) (6)		Redwood City, CA
Common membership interest		Incubator		$	500,000				500,000				519,045				0.20	%
The Echo System Corp.		New York, NY
Preferred shares, Series A		Social Analytics			512,365				1,436,404				373,535				0.15	%
Preferred warrants, $0.20 strike price, expire 11/14/2016					68,359				75,988				-				-	%
Total									1,512,392				373,535				0.15	%
NewZoom, Inc. (d/b/a ZoomSystems)		San Francisco, CA
Preferred shares, Series A		Smart e-tail (Retail)			1,250,000				260,476				262,500				0.10	%

 

 

GSV Capital Corp.

Page 11 of 12

 

GSV CAPITAL CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

September 30, 2013

(Unaudited)

 

Portfolio Investments*		Headquarters / Industry		Shares/ Principal				Cost				Fair  Value				% of Net Assets
Neuron Fuel, Inc.		San Jose, CA
Preferred shares, Series AAI		Computer Software			250,000			$	262,530			$	243,658				0.10	%
Odesk Corporation		Redwood City, CA
Common Stock		Online Workplace Platform			30,000				183,269				188,995				0.07	%
Starfish Holdings, Inc. (d/b/a YourOffers) (2)		Beverly Hills, CA
Preferred shares, Series A		Marketing Platform			43,878,894				2,177,461				-				-	%
Common warrants, $0.00001 strike price, expire 11/13/2019					144,800,351				-				-				-	%
Total									2,177,461				-				-	%
Total Portfolio Investments									245,188,384				252,983,446				99.49	%
Money Market Funds (1)
Fidelity Institutional Money Market Funds
Money Market Portfolio					7,000,000				7,000,000				7,000,000				2.75	%
Prime Money Market Portfolio					7,000,000				7,000,000				7,000,000				2.75	%
JPMorgan Prime Money Market Fund					7,000,000				7,000,000				7,000,000				2.75	%
U.S. Bank Money Market Fund					7,000,000				7,000,000				7,000,000				2.75	%
Total Money Market Funds									28,000,000				28,000,000				11.00	%
U.S Treasury Strips (13)
United States Treasury Strip 02/15/2014				$	1,791,000				1,790,785				1,790,785				0.71	%
United States Treasury Strip 02/15/2015				$	1,816,000				1,810,625				1,810,625				0.71	%
United States Treasury Strip 02/15/2016				$	1,834,000				1,810,323				1,810,323				0.71	%
United States Treasury Strip 08/15/2014				$	1,813,000				1,811,187				1,811,187				0.71	%
United States Treasury Strip 08/15/2015				$	1,823,000				1,811,205				1,811,205				0.71	%
United States Treasury Strip 08/15/2016				$	1,851,000				1,811,111				1,811,111				0.71	%
Total									10,845,236				10,845,236				4.26	%
Total Investments								$	284,033,620			$	291,828,682				114.75	%

 

 

GSV Capital Corp.

Page 12 of 12

 

*

All portfolio investments are non-control/non-affiliated and non-income producing, unless identified. Equity investments are subject to lock-up restrictions upon their initial public offering.

(1)

Investment is income producing.

(2)

Denotes an Affiliate Investment. “Affiliate Investments” are investments in those companies that are “Affiliated Companies” of GSV Capital Corp., as defined in the Investment Company Act of 1940. A company is deemed to be an “Affiliate” of GSV Capital Corp. if GSV Capital Corp. owns 5% or more of the voting securities of such company.

(3)

GSV Capital Corp.’s investment in Avenues WorldHoldings LLC is held through its wholly-owned subsidiary GSVC AV Holdings, Inc.

(4)

GSV Capital Corp.’s investment in Whittle Schools, LLC is held through its wholly-owned subsidiary GSVC WS Holdings, Inc.

(5)

GSV Capital Corp.’s investment in StormWind, LLC is held through its wholly-owned subsidiary GSVC SW Holdings, Inc.

(6)

GSV Capital Corp.’s investment in NestGSV Silicon Valley, LLC is held through its wholly-owned subsidiary GSVC NG Holdings, Inc.

(7)

Indicates assets that GSV Capital Corp. believes do not represent “qualifying assets” under Section 55(a) of the Investment Company Act of 1940, as amended. Qualifying assets must represent at least 70% of GSV Capital Corp.’s total assets at the time of acquisition of any additional non-qualifying assets.

(8)

On March 12, 2013, Silver Spring Networks, Inc. priced its initial public offering, selling 4,750,000 shares at a price of $17 per share. GSV Capital Corp.’s shares in Silver Spring Networks, Inc. are subject to a lock-up agreement that expired on September 8, 2013. At September 30, 2013, GSV Capital Corp. valued Silver Spring Networks, Inc based on its September 30, 2013 closing price.

(9)

On July 22, 2013, Control4 Corporation completed a 1:5.2 reverse stock split which has been reflected above.

(10)

On August 2, 2013, Control4 Corporation priced its initial public offering, selling 4,000,000 shares at a price of $16 per share. GSV Capital Corp.’s shares in Control4 are subject to a lock-up agreement which expires on January 29, 2014. At September 30, 2013, GSV Capital Corp. valued Control4 Corporation based on its September 30, 2013 closing price, adjusted for a discount due to lack of marketability of 8%.

(11)

On September 27, 2013, Violin Memory Inc. priced its initial public offering, selling 18,000,000 shares at a price of $9 per share. GSV Capital Corp.’s shares in Control4 are subject to a lock-up agreement which expires on March 26, 2014. At September 30, 2013, GSV Capital Corp. valued Violin Memory Inc. based on its September 30, 2013 closing price, adjusted for a discount due to lack of marketability of 10%.

(12)

On July 31 2013, Grockit, Inc. changed its name to Learnist, Inc.

(13)

Refer to Note 9 – Long Term Liabilities. In accordance with the terms of its convertible senior notes payable, the Company deposited $10,867,500 in an escrow account with the trustee.  These funds were used to purchase $10,845,236 of government securities. The cost of the US Treasury Strips approximates its fair value at September 30, 2013.

(14)

GSV Capital Corp.’s investment in SharesPost Inc. is held through its wholly-owned subsidiary GSVC NPN Holdings, Inc.

(15)

GSV Capital Corp.’s investment in Strategic Data Command, LLC is held through its wholly-owned subsidiary GSVC SVDS Holdings, Inc.

(16)

On September 3, 2013, Chegg Inc. completed a 2:3 reverse stock split which has been reflected above.