UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

___________________________________

 

FORM 8-K

 

Current Report Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported):

 

May 8, 2013

 

GSV CAPITAL CORP.

(Exact name of registrant as specified in its charter)

 

Maryland 1-35156 27-4443543
(State or other jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer Identification No.)

 

2925 Woodside Road

Woodside, CA 94062

(Address of principal executive offices and zip code)

 

Registrant’s telephone number, including area code: (650) 206-2965

 

 

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

[   ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

[   ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

[   ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

[   ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 
 

 

Item 2.02     Results of Operations and Financial Condition.

 

On May 8, 2013, the registrant issued a press release announcing its financial results for the fiscal quarter ended March 31, 2013. The text of the press release is included as Exhibit 99.1 to this Form 8-K.

 

The information disclosed under this Item 2.02, including Exhibit 99.1 hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be deemed incorporated by reference into any filing made under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.

 

Item 9.01 Financial Statements and Exhibits.

 

(a)Not applicable.

 

(b)Not applicable.

 

(c)Not applicable.

 

(d)Exhibits.

 

  Exhibit No. Description
     
  99.1 Press release dated May 8, 2013

 

 

 

 

 
 

 

SIGNATURES

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

Date: May 8, 2013   GSV CAPITAL CORP.
         
         
      By: /s/ Stephen D. Bard
        Stephen D. Bard
        Chief Financial Officer, Chief Compliance
        Officer, Treasurer and Corporate Secretary

 

 

 
 

 

 

GSV Capital Corp. Reports First Quarter 2013 Results of Operations

 

Net Asset Value of $12.69 Per Share as of March 31, 2013

 

WOODSIDE, Calif., May 8, 2013 — (GLOBE NEWSWIRE) — GSV Capital Corp., ("GSV" or the “Company”) (Nasdaq:GSVC), today reported financial results for the first quarter ended March 31, 2013.

 

“Dramatic growth and value creation are taking place in the private marketplace today, and GSV’s value proposition enables investors to access many of the world's most dynamic, VC-backed companies,” said Michael Moe, GSV's founder and Chief Executive Officer. “We are pleased with the growth and execution that our portfolio companies are delivering and we have great confidence in the long-term value that we believe is being created. In our opinion, the fundamentals of the companies in our portfolio remain very strong overall and we believe there are a number of potential catalysts on the horizon.”

 

Portfolio as of March 31, 2013

 

At March 31, 2013, the Company had positions in 45 portfolio companies at a fair value of $222.2 million. Additionally, the Company had cash and short-term investments of $22.8 million.

 

Out of GSV’s 45 portfolio companies, the top 10 investments represented 60.6% of net asset value, and the top three investments represented 28.9% of net asset value. Net assets totaled $245.1 million or $12.69 per share at March 31, 2013.

 

Top Ten Investments at March 31, 2013

 

$ in millions  Fair Value  

% of Net

Asset Value

 
Twitter, Inc.  $35.2    14.4%
Palantir Technologies, Inc.   20.6    8.4 
Dropbox, Inc.   15.0    6.1 
Chegg, Inc.   14.2    5.8 
Violin Memory, Inc.   14.2    5.8 
2U, Inc. (f/k/a 2tor, Inc.)   10.3    4.2 
Avenues World Holdings LLC   10.0    4.1 
Solexel, Inc.   10.0    4.1 
Kno Inc.   9.9    4.0 
Facebook, Inc.   9.0    3.7 
          Total  $148.4    60.6%

 

 
 

 

GSV Capital Corp.

Page 2 of 11

 

Portfolio Investment Activity

 

During the first quarter of 2013, GSV invested a total of approximately $3.4 million, plus transaction costs, in the following portfolio companies: SugarCRM Inc.; Fullbridge, Inc.; CUX Inc. (d/b/a CorpU); and AlwaysOn, Inc.

 

Financial Results

 

Investment income was $4,535, or $0.00 per share, for the three months ended March 31, 2013, compared to $117,805, or $0.01 per share, for the three months ended March 31, 2012. Net investment loss was $2,567,725 or $0.13 per share, for the first quarter of 2013, compared to a net investment loss of $1,094,002, or $0.12 per share, for the first quarter of 2012. Net decrease in net assets resulting from operations was $7,491,255 or $0.38 per share for the first quarter of 2013, compared to $83,063, or $0.01 per share, for the first quarter of 2012.

 

Weighted average common shares outstanding were 19.3 million for the three months ended March 31, 2013, and 9.4 million for the three months ended March 31, 2012.

 

Conference Call and Webcast

 

Management will hold a conference call and webcast for investors today at 2:00 p.m. PT (5:00 p.m. ET). The conference call number for U.S. participants is (877) 941-8609 and the conference call number for participants outside the U.S. is (480) 629-9692. The conference ID number for both call numbers is 4616073. 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/. An archived replay of the webcast will also be available for 12 months following the live presentation.

 

A replay of the conference call may be accessed through May 15, 2013 by dialing (800) 406-7325 (U.S.) or (303) 590-3030 (international), using conference ID number 4616073.

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

 

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.

 

 
 

 

GSV Capital Corp.

Page 3 of 11

 

Contact

 

Financial Profiles, Inc.

Tricia Ross, (650) 235-4769

gsv@finprofiles.com

 

 
 

 

GSV Capital Corp.

Page 4 of 11

 

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

 

   March 31, 2013   December 31, 2012 
ASSETS   (Unaudited)      
Investments at fair value:          
Investments in affiliated securities (cost of $40,175,504  and $38,210,753, respectively)  $34,353,557   $34,648,363 
Investments in non-control/non-affiliated securities (cost of $195,306,389  and $198,936,982, respectively)   187,801,048    190,748,722 
Investments in money market funds (cost of $16,000,000 and $16,000,000, respectively)   16,000,000    16,000,000 
Total Investments (cost of $251,481,893 and $253,147,735, respectively)   238,154,605    241,397,085 
           
Cash   6,818,379    11,318,525 
Due from:          
GSV Asset Management   8,505    5,723 
Portfolio companies   323,041    316,377 
Prepaid expenses   65,741    63,953 
Dividend receivable   1,477    1,920 
Other assets   48,489    27,145 
Total Assets   245,420,237    253,130,728 
           
LIABILITIES          
Due to:          
GSV Asset Management   39,012    51,194 
Accounts payable   236,359    204,093 
Accrued expenses   53,320    292,640 
Total Liabilities   328,691    547,927 
Commitments and contingencies (Note 6)          
Net Assets  $245,091,546   $252,582,801 
           
NET ASSETS          
Common stock, par value $0.01 per share          
(100,000,000 authorized; 19,320,100 and 19,320,100 issued and outstanding, respectively)  $193,201   $193,201 
Paid-in capital in excess of par   275,837,514    275,837,514 
Accumulated net investment loss   (12,884,470)   (10,316,745)
Accumulated net realized loss on investments   (4,727,411)   (1,380,519)
Accumulated net unrealized depreciation on investments   (13,327,288)   (11,750,650)
Net Assets  $245,091,546   $252,582,801 
           
Net Asset Value Per Share  $12.69   $13.07 

 

 
 

 

GSV Capital Corp.

Page 5 of 11

 

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

   Three months ended
March 31, 2013
   Three months ended
March 31, 2012
 
INVESTMENT INCOME          
Interest income from non-control/non-affiliated securities  $-   $112,101 
Dividend income   4,535    5,704 
           
Total Investment Income   4,535    117,805 
           
OPERATING EXPENSES          
Investment management fees   1,283,599    621,926 
Costs incurred under administration agreement   887,984    345,594 
Directors’ fees   65,250    42,500 
Professional fees   236,886    131,845 
Insurance expense   53,013    46,669 
Investor relations expense   43,562    14,250 
Other expenses   1,966    9,023 
           
Total Operating Expenses   2,572,260    1,211,807 
           
Net Investment Loss   (2,567,725)   (1,094,002)
           
Net Realized Loss on Investments   (3,346,892)   (256)
           
Net Change in Unrealized Appreciation (Depreciation) on Investments   (1,576,638)   1,011,195 
           
Net Decrease in Net Assets Resulting From Operations  $(7,491,255)  $(83,063)
           
Net Decrease in Net Assets Resulting From Operations Per
Common Share
  $(0.38)  $(0.01)
           
Weighted Average Common Shares Outstanding   19,320,100    9,387,133 

 

 
 

 

GSV Capital Corp.

Page 6 of 11

  

FINANCIAL HIGHLIGHTS

(Unaudited)

 

               For the period from
January 6, 2011
 
   Three months ended
March 31, 2013
   Three months ended
March 31, 2012
   Year ended
December 31, 2012
   (date of inception) to
  December 31, 2011
 
Per Share Data:                    
Net asset value at beginning of period  $13.07   $12.95   $12.95   $- 
Issuance of common shares   -    1.14(3)   1.91(4)   14.67(5)
Underwriters’ discount   -    (0.58)(2)   (0.72)(2)   (0.86)(2)
Offering costs   -    (0.03)(2)   (0.04)(2)   (0.19)(2)
Net investment loss   (0.13)(1)   (0.12)(2)   (0.51)(1)   (0.37)(2)
Realized loss   (0.17)(1)   -    (0.09)(1)   - 
Change in unrealized depreciation   (0.08)(1)   0.11(2)   (0.43)(6)   (0.30)(2)
Net asset value at end of period  $12.69   $13.47   $13.07   $12.95 

  

(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 three months ended March 31, 2012 is based on the change in net asset value from the secondary offering on February 10, 2012.
(4)Issuance of common shares for the year ended December 31, 2012 is based on the change in net asset value from the secondary offerings on February 10, 2012 and May 11, 2012.
(5)Issuance of common shares for the period from January 6, 2011 (date of inception) to December 31, 2011 is based on the weighted average offering price for the shares issued during the period.
(6)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.

 

 
 

 

GSV Capital Corp.

Page 7 of 11

 

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 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   $34,013,669    13.88%
Preferred shares, Series A  Communication   65,000    1,235,290    1,204,450    0.49%
Total           32,991,111    35,218,119    14.37%
                        
Palantir Technologies, Inc.  Palo Alto, CA                    
Common shares, Class A  Cyber Security   7,145,690    20,051,479    19,650,648    8.02%
Preferred shares, Series G      326,797    1,008,968    973,855    0.40%
Total           21,060,447    20,624,503    8.42%
                        
Dropbox, Inc.  San Francisco, CA                    
Common share  Online   760,000    8,641,153    8,674,133    3.54%
Preferred shares, Series A-1  Storage   552,486    5,015,333    6,305,707    2.57%
Total           13,656,486    14,979,840    6.11%
                        
Chegg, Inc.  Santa Clara, CA                    
Common shares  Textbook Rental   1,274,193    10,012,543    9,763,275    3.98%
Preferred shares, Series F      500,000    4,008,654    4,431,600    1.81%
Total           14,021,197    14,194,875    5.79%
                        
Violin Memory, Inc.  Mountain View, CA                    
Preferred shares, Series B  Flash   800,000    4,800,798    4,189,312    1.71%
Preferred shares, Series D  Memory   1,666,666    10,018,370    9,999,996    4.08%
Total           14,819,168    14,189,308    5.79%
                        
2U, Inc. (f/k/a 2tor, Inc.)  Landover, MD                    
Common shares  Online Education   1,151,802    8,757,599    8,963,899    3.66%
Preferred shares, Series A      167,431    1,273,125    1,303,032    0.53%
Total           10,030,724    10,266,931    4.19%
                        
Avenues World Holdings LLC (3)  New York, NY                    
Preferred shares, Class A-1  Globally-focused   5,000,000    10,026,005    10,037,500    4.10%
   Private School                    
                        
Solexel, Inc.  Milpitas, CA                    
Preferred shares, Series C  Solar Power   4,576,659    10,016,559    10,000,000    4.08%
                        
Kno, Inc.  Santa Clara, CA                    
Preferred shares, Series C  Digital   440,313    2,262,006    2,249,999    0.92%
Preferred shares, Series C-1  Textbooks   1    7,510,334    7,500,000    3.06%
Common shares      50,000    214,681    162,025    0.07%
Total           9,987,021    9,912,024    4.05%
                        
Facebook, Inc. (8)  Menlo Park, CA                    
Common shares, Class B  Social Networking   350,000    10,472,294    8,953,000    3.65%

 

 
 

 

GSV Capital Corp.

Page 8 of 11

 

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

March 31, 2013

(Unaudited)

  

Portfolio Investments*  Headquarters /
 Industry
  Shares   Cost   Fair Value   % of
 Net
 Assets
 
                    
Control4 Corporation  Salt Lake City, UT                    
Common shares  Home Automation   4,070,667   $7,011,025   $7,261,052    2.96%
                        
SugarCRM, Inc.  Cupertino, CA                    
Common shares  Customer   1,086,047    3,813,378    3,801,165    1.55%
Preferred shares, Series E  Relationship   373,134    1,500,247    1,499,999    0.61%
Total  Manager        5,313,625    5,301,164    2.16%
                        
Totus Solutions, Inc. (2)  Carrollton, TX                    
Common shares  LED Lighting   20,000,000    5,023,748    3,960,000    1.62%
                        
Grockit, Inc. (2)  San Francisco, CA                    
Preferred shares, Series D  Online Test   2,728,252    2,005,945    2,247,398    0.92%
Preferred shares, Series E  Preparation   1,731,501    1,503,670    1,499,999    0.61%
Total           3,509,615    3,747,397    1.53%
                        
StormWind, LLC (2) (5)  Scottsdale, AZ                    
Preferred shares, Series B  Interactive Learning   3,279,629    2,019,687    3,552,931    1.45%
   Platform                    
                        
Bloom Energy Corporation  Sunnyvale, CA                    
Common shares  Fuel Cell Energy   201,589    3,855,601    3,408,870    1.39%
                        
Fullbridge, Inc. (2)  Cambridge, MA                    
Preferred shares, Series C  Business Education   1,728,724    3,260,465    3,250,001    1.33%
                        
Spotify Technology S.A. (8)  Stockholm, Sweden                    
Common shares  Music Streaming Service   3,658    3,598,472    3,164,575    1.29%
                        
Gilt Groupe, Inc.  New York, NY                    
Common shares  e-Commerce
Flash Sales
   248,600    6,594,346    3,115,269    1.27%
                        
ZocDoc Inc.  New York, NY                    
Preferred shares, Series A  Online Medical Scheduling   200,000    3,563,178    3,100,000    1.26%
                        

Global Education

Learning (Holdings) Ltd. (2) (8)

  Hong Kong                    
Preferred shares, Series A  Education Technology   1,472,175    2,999,998    3,076,110    1.26%

 

 
 

 

GSV Capital Corp.

Page 9 of 11

 

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

March 31, 2013

(Unaudited)

 

Portfolio Investments*  Headquarters /
Industry
  Shares   Cost   Fair Value   % of
Net
Assets
 
                        
Parchment, Inc.  Scottsdale, AZ                    
Preferred shares, Series D  E-Transcript   2,400,384   $3,000,000   $3,036,486    1.24%
   Exchange                    
                        
Whittle Schools, LLC (2) (4)  New York, NY                    
Preferred shares, Series B  Globally-focused   3,000,000    3,000,000    3,000,000    1.22%
   Private School                    
                        
CUX, Inc. (d/b/a CorpU) (2)  San Francisco, CA                    
Preferred shares, Series C  Corporate Education   246,305    2,006,077    1,999,997    0.82%
Preferred shares, Series C-1      50,960    519,989    517,244    0.21%
Total           2,526,066    2,517,241    1.03%
                        
SharesPost, Inc.  San Bruno, CA                    
Preferred shares, Series B  Online Marketplace   1,771,653    2,257,984    2,232,283    0.91%
Common warrants, $0.13 strike price, expire 6/15/2018  (Finance)   770,934    23,128    146,477    0.06%
Total           2,281,112    2,378,760    0.97%
                        
TrueCar, Inc.  Santa Monica, CA                    
Common shares  Online Marketplace   377,358    2,014,863    2,307,922    0.94%
   (Cars)                    
                        
Maven Research, Inc. (2)  San Francisco, CA                    
Preferred shares, Series B  Knowledge   49,505    217,206    293,713    0.12%
Preferred shares, Series C  Networks   318,979    1,999,998    1,892,501    0.77%
Total           2,217,204    2,186,214    0.89%
                        
Dailybreak, Inc. (2)  Boston, MA                    
Preferred shares, Series A-1  Social Advertising   1,545,181    2,000,000    2,097,583    0.86%
                        
Dataminr, Inc.  New York, NY                    
Preferred shares, Series B  Social Media   904,977    2,060,791    2,036,198    0.83%
   Analytics                    
                        
The Echo System Corp. (1) (2)  New York, NY                    
Preferred shares, Series A  Social Analytics   512,365    1,436,404    1,607,545    0.66%
Preferred warrants, $0.20 strike price, expire 11/14/2016      68,359    75,988    60,156    0.02%
Total           1,512,392    1,667,701    0.68%

 

 
 

 

GSV Capital Corp.

Page 10 of 11

 

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

March 31, 2013

(Unaudited)

 

 

Portfolio Investments* 

Headquarters /

Industry

 

Shares /

Capital

Contribution

   Cost   Fair Value  

% of

Net

Assets

 
                    
Silver Spring Networks, Inc. (9)  Redwood City, CA                    
Common shares  Smart Grid   102,028   $5,145,271   $1,591,331    0.65%
                        
AltEgo, LLC (2) (6)  Santa Monica, CA                    
Preferred shares, Series B-2  Social Media
Customer
Acquisition
Platform
   1,400,000    1,420,406    1,194,200    0.49%
                        
S3 Digital Corp. (d/b/a S3i) (2)  New York, NY                    
Preferred shares, Class A1  Sports Analytics   1,033,452    989,058    1,050,504    0.43%
Preferred warrants, $1.00 strike price, expire 11/21/2017      500,000    31,354    -    -%
Total           1,020,412    1,050,504    0.43%
                        
NestGSV, Inc. (2)  Redwood City, CA                    
Preferred shares, Series A  Incubator   1,000,000    1,021,778    976,000    0.40%
                        
The rSmart Group, Inc.  Scottsdale, AZ                    
Preferred shares, Series B  Higher Education
Learning Platform
   1,201,923    1,266,940    911,058    0.37%
                        
DreamBox Learning, Inc.  Bellevue, WA                    
Preferred shares, Series A 

Education

Technology

   3,579,610    758,017    787,514    0.32%
                        
AlwaysOn, Inc. (1) (2)  Woodside, CA                    
Preferred shares, Series A  Social Media   1,066,626    1,027,391    203,011    0.08%
Preferred shares, Series A-1      2,101,612    416,706    400,000    0.16%
Total           1,444,097    603,011    0.24%
                        
Ozy Media, Inc.  Mountain View, CA                    
Preferred shares, Series Seed  Social Media   500,000    500,000    512,250    0.21%
                        
Starfish Holdings, Inc. (d/b/a YourOffers) (2)  Beverly Hills, CA                    
Preferred shares, Series A, and common warrants, $0.00001 strike price, expire 11/13/2019  Marketing Platform   43,878,894    2,029,695    500,000    0.20%
                        
NestGSV Silicon Valley, LLC (2) (7)  Redwood City, CA                    
Common membership interest  Incubator  $500,000    500,000    500,000    0.20%
                        
SinoLending Ltd. (2) (8)  Shanghai, China                    
Preferred shares, Class A  Chinese P2P
Lending
   6,414,368    501,998    474,663    0.19%

 

 
 

 

GSV Capital Corp.

Page 11 of 11

 

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

March 31, 2013

(Unaudited)

 

 

Portfolio Investments*  Headquarters /
Industry
  Shares   Cost   Fair Value   % of
Net
Assets
 
                    
NewZoom, Inc. (d/b/a ZoomSystems)  San Francisco, CA                    
Preferred shares, Series A  Smart e-tail (Retail)   1,250,000   $260,476   $262,500    0.12%
                        
Neuron Fuel, Inc.  San Jose, CA                    
Preferred shares, Series AAI  Computer Software   250,000    262,530    250,000    0.10%
                        
Serious Energy, Inc. (8)  Sunnyvale, CA                    
Common shares  Green Materials   178,095    739,130    -    -% 
                        
Top Hat 430, Inc. (2) (8) (10)  Shakopee, MN                    
Preferred shares, Series A  Jewelry Retailing   1,844,444    4,167,943    -    -%
Preferred warrants, $2.25 strike price, expire 11/2/2017  Technology   13,333    -    -    -%
Total           4,167,943    -    -%
                        
Total Portfolio Investments           235,481,893    222,154,605    90.65%
                        
Money Market Funds (1)                       
Fidelity Institutional Money Market Funds                       
Money Market Portfolio      8,000,000    8,000,000    8,000,000    3.26%
Prime Money Market Portfolio      8,000,000    8,000,000    8,000,000    3.26%
Total Money Market Funds           16,000,000    16,000,000    6.52%
                        
Total Investments          $251,481,893   $238,154,605    97.17%

 

*  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 World Holdings LLC is held through its wholly-owned subsidiary GSVC AV Holdings, Inc.

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

(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 AltEgo, LLC is held through its wholly-owned subsidiary GSVC AE Holdings, Inc.

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

(8) 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.

(9) 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 expires on September 8, 2013. At March 31, 2013, GSV Capital Corp. valued Silver Spring Networks, Inc. based on its March 31, 2013 closing price.

(10) On March 25, 2013, Top Hat 430, Inc. filed for Chapter 7 bankruptcy after filing for Chapter 11 bankruptcy in February 2013 and failing to reach a reorganization agreement.