November 11, 2013

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., Nov. 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
     
$ in millions Fair
Value
% of Net
Asset Value
Twitter, Inc.  $ 44.8 17.6 %
Palantir Technologies, Inc. 26.2 10.3
Dropbox, Inc. 15.1 5.9
Chegg, Inc. 14.1 5.6
Control4 Corporation 12.5 4.9
Solexel, Inc. 11.0 4.3
2U, Inc. (f/k/a 2tor, Inc.) 10.8 4.3
Avenues World Holdings LLC 10.4 4.1
Coursera, Inc. 10.0 3.9
Facebook 8.8 3.5
Total  $ 163.7 64.4 %

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

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. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
     
 September 30, 2013December 31, 2012
ASSETS(Unaudited) 
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 (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 (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. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
         
 Three Months Ended September 30,Nine Months Ended September 30,
 2013201220132012
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
 
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. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
September 30, 2013
(Unaudited)
           
Portfolio Investments*Headquarters / IndustryShares 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. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)
September 30, 2013
(Unaudited)
           
Portfolio Investments*Headquarters / IndustryShares 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 248,600 6,594,433 3,783,860 1.49%
  Flash Sales        
           
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. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)
September 30, 2013
(Unaudited)
           
Portfolio Investments*Headquarters / IndustrySharesCostFair 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. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)
September 30, 2013
(Unaudited)
           
Portfolio Investments*Headquarters / IndustryShares/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 3,579,610 758,017 825,095 0.32%
  Technology        
           
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. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)
September 30, 2013
(Unaudited)
           
Portfolio Investments*Headquarters / IndustryShares/
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%
           
* 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.         
CONTACT: Financial Profiles, Inc.

         Tricia Ross or Kristen McNally

         (650) 235-4769

         gsv@finprofiles.com


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