March 13, 2014

GSV Capital Corp. Reports Fourth Quarter and Fiscal Year 2013 Results of Operations

Net Asset Value Increases to $14.91 Per Share as of December 31, 2013

WOODSIDE, Calif., March 13, 2014 (GLOBE NEWSWIRE) -- GSV Capital Corp. ("GSV") (Nasdaq:GSVC), today announced financial results for the fourth quarter and year ended December 31, 2013.

"Based on a number of positive portfolio developments in 2013, I'm pleased to report a strong annual increase in net asset value per share of $1.84 or 14% to $14.91 at year-end," said Michael Moe, GSV's founder and Chief Executive Officer. "The core tenet of our investment strategy is the identification of game changing companies at the intersection of megatrends across growth sectors. Based on our portfolio of 49 companies, we estimate a weighted average growth rate of approximately 85% in calendar year 2013 for the private companies we own. In addition to impressive business growth and value creation for these companies, fiscal 2013 turned out the IPO of Twitter, our largest investment, as well a number of other successful offerings and capital raises by our portfolio companies. Several of these may pursue IPOs within the next 18 months. Fundamentals for the themes that we invest in remain compelling, and looking ahead, we are confident in the near term environment for growth investing."

Portfolio as of December 31, 2013

At December 31, 2013, the Company had positions in 49 portfolio companies at a collective fair value of $355.4 million. Out of GSV's 49 portfolio companies, the top 10 investments represented 80.9% of net asset value, and the top three investments represented 53.0% of net asset value.

Top Ten Investments at December 31, 2013
     
$ in millions Fair Value % of Net Asset Value
Twitter, Inc.  $ 102.8 35.7%
Palantir Technologies, Inc. 33.8 11.8
Dropbox, Inc. 15.9 5.5
Coursera, Inc. 14.5 5.0
Control4 Corporation 13.3 4.6
2U, Inc. (f/k/a 2tor, Inc.) 11.3 3.9
Solexel, Inc. 11.3 3.9
Avenues Global Holdings LLC 10.0 3.5
Curious.com, Inc. 10.0 3.5
PayNearMe, Inc. 10.0 3.5
Total  $ 232.9 80.9%

Net assets totaled $288.0 million or $14.91 per share at December 31, 2013, an increase from net assets per share of $13.16 per share at September 30, 2013, and $13.07 per share at December 31, 2012.

Fourth Quarter 2013 Portfolio Investment Activity

During the fourth quarter of 2013, GSV invested in the following new portfolio companies: ePals Inc. (education technology); Curious.com Inc. (online education); JAMF Holdings, Inc. (software development); PayNearMe Inc. (cash transaction network); and Knewton Inc. (education technology). GSV also made net additional investments in existing portfolio companies Totus Solutions Inc.; S3 Digital Corp.; Global Education Learning Ltd.; DreamBox Learning, Inc.; Ozy Media Inc.; and Parchment Inc.

Fourth quarter 2013 investments totaled $9.7 million plus transaction costs as follows:

  • An investment of $250,000, plus transaction costs, in S3 Digital Corp, a sports analytics company, on October 1, 2013.
  • Investments totaling $1,333,332 in Global Education Learning, an education technology company, comprising of an investment of $900,000, plus transaction costs, on October 2, 2013 and an investment of $433,332, plus transaction costs, on October 4, 2013.
  • Investments totaling of $500,000 in Fullbridge Inc., a business education company, comprising of an  investment of $250,000, plus transaction costs, on October 10, 2013 and an investment of $250,000, plus transaction costs, on December 11, 2013.
  • Investments totaling of $1,594,738, in Sugar CRM Inc., a customer relationship company, comprising of an investment of $855,000, plus transaction costs, on October 17, 2013,an investment of $95,000, plus transaction costs, on October 28, 2013 and an investment of $644,738, plus transaction costs, on December 10, 2013.
  • An investment of $2,430,016, plus transaction costs, in ePals Inc., an education technology company, on October 22, 2013.
  • An investment of $4,519,444, plus transaction costs, in Coursera Inc., an online education company, on October 31, 2013.

Fourth Quarter 2013 Financial Results

For the quarter and year ended December 31, 2013, GSV accrued incentive fees of $10,523,552 or $0.54 per share in accordance with the American Institute of Certified Public Accountants' Technical Practice Aids (TIS 6910.2) which considers the hypothetical liquidation value of the Company's investment portfolio as of the measurement date in determining fair value. No incentive fees were incurred for periods prior to fiscal year 2013.

Additionally, for the quarter and year ended December 31, 2013, GSV recognized a net aggregate deferred tax liability of $(8,320,561).1

Net investment loss was $(907,231), or $(0.05) per share, for the fourth quarter of 2013, compared to a net investment loss of $(2,774,192), or $(0.14) per share, for the fourth quarter of 2012For the three months ended December 31, 2013, GSV had a net change in unrealized appreciation of $67,899,437, or $2.88 per diluted 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 $(11,868,928) or $(0.61) per share during the three months ended December 31, 2013. Net increase in net assets resulting from operations was $33,643,449, or $1.47 per diluted share, for the three months ended December 31, 2013. This compares to a net decrease in net assets resulting from operations of $(7,276,453), or $(0.38) per share, for the three months ended December 31, 2012. Weighted average common shares outstanding were23.6 million on a diluted per share basis for the three months ended December 31, 2013.

Fiscal Year 2013 Financial Results

Net investment loss was $(8,875,656), or $(0.46) per share, for the year ended December 31, 2013,compared to a net investment loss of $(8,282,881), or $(0.51) per share, for the year ended December 31, 2012. For the year ended December 31, 2013, GSV had a net change in unrealized appreciation of $87,445,149, or $4.26 per diluted share, compared to a net change in unrealized depreciation of $(10,170,850), or $(0.63) per share, for the year ended December 31, 2012. GSV recorded a net realized loss on investments of $(21,706,021) or $(1.12) per share for the year ended December 31, 2013, compared to a net realized loss on investments of $(1,380,519) or $(0.09) per share for the year ended December 31, 2012. 

Net increase in net assets resulting from operations was $35,383,643, or $1.78 per diluted share, for the year ended December 31, 2013. This compares to a net decrease in net assets resulting from operations of $(19,834,250), or $(1.23) per share, for the year ended December 31, 2012. Weighted average common shares outstanding were 20.5 million on a diluted basis and 16.1 million for the years ended December 31, 2013 and 2012, respectively.

Potential Change in Tax Status

On December 3, 2013, GSV applied to the Securities and Exchange Commission, pursuant to Section 851(e) of the Internal Revenue Code, to qualify as a regulated investment company (RIC) for the fiscal year ended December 31, 2013. Since inception, GSV has been taxed as a regular corporation (a "C corporation") under subchapter C of the Internal Revenue Code. As a result of a potential change to RIC status, GSV would not be subject to federal income tax on the portion of income distributed (or deemed to be distributed) to stockholders. GSV would be subject to U.S. federal income tax at the regular corporate rates on any income or capital gains not distributed (or deemed to be distributed) to stockholders.

"It has always been GSV's intent to be treated as a regulated investment company, or 'RIC'. In conjunction with that potential change from regular C corporation status, it would be our intention to distribute at least 90% of our investment company taxable income2 to shareholders in the form of dividends," Mr. Moe commented.

Conference Call and Webcast; Live Twitter Updates

Management will hold a conference call and webcast for investors today at 1:15 p.m. PT (4:15 p.m. ET). The conference call number for U.S. participants is (800) 762-8779 and the conference call number for participants outside the U.S. is (480) 629-9645. The conference ID number for both call numbers is 4672630. 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/events.cfm. An archived replay of the webcast will be available for 12 months following the live presentation.

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

A replay of today's conference call may be accessed through March 20, 2014 by dialing (800) 406-7325 (U.S.) or (303) 590-3030 (international), using conference ID number 4672630.

About GSV Capital Corp.                                                                                                                                      

GSV Capital Corp. (Nasdaq: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

www.gsvcap.com

Follow GSV Capital on Twitter: @gsvcap

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.

1 This included a tax benefit on losses from investment operations of $13,159,268, a benefit for tax on realized capital losses of $9,426,234, and a provision for income taxes on unrealized appreciation of investments of $(30,906,063) for the year ended December 31, 2013.

2 Investment company taxable income is generally net ordinary income plus the excess of realized net short-term capital gains over realized net long-term capital losses.

GSV CAPITAL CORP. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
     
 December 31, 2013December 31, 2012
ASSETS  
Investments at fair value:    
Investments in affiliated securities (cost of $64,912,527 and $38,210,753, respectively)  $ 62,740,162  $ 34,648,363
Investments in non-control/non-affiliated securities (cost of $214,796,591 and $198,936,982, respectively) 292,643,491 190,748,722
Investments owned and pledged (cost of $10,845,236 and $0, respectively) 10,865,200 --
Investments in money market funds (cost of $0 and $16,000,000, respectively) -- 16,000,000
Total Investments (cost of $290,554,354 and $253,147,735, respectively) 366,248,853 241,397,085
     
Cash 7,219,203 11,318,525
Restricted cash 22,264 --
Due from:    
GSV Asset Management(1) 3,039 5,723
Portfolio companies(1) 153,178 316,377
Interest receivable 7,304 --
Prepaid expenses 49,739 63,953
Coupon interest receivable 11,141 --
Dividend receivable 13,233 1,920
Deferred credit facility fees 288,249 --
Deferred debt issuance costs 3,378,121 --
Deferred offering costs 184,710 --
Other assets 368,524 27,145
Total Assets 377,947,558 253,130,728
     
LIABILITIES    
Due to:    
GSV Asset Management 563,978 51,194
Accounts payable 382,165 496,733
Accrued incentive fees 10,523,552 --
Accrued interest payable 1,056,563 --
Net deferred tax liability 8,320,561 --
Convertible senior notes embedded derivative liability 799,000 --
Convertible senior notes payable 5.25% due September 15, 2018 68,335,295 --
Total Liabilities 89,981,114 547,927
Commitments and contingencies (Note 6)    
Net Assets  $ 287,966,444  $ 252,582,801
     
NET ASSETS    
Common stock, par value $0.01 per share    
(100,000,000 authorized; 19,320,100 issued and outstanding)  $ 193,201  $ 193,201
Paid-in capital in excess of par 275,837,514 275,837,514
Accumulated net investment loss (19,192,401) (10,316,745)
Accumulated net realized loss on investments (13,660,306) (1,380,519)
Accumulated net unrealized appreciation (depreciation) on investments 44,788,436 (11,750,650)
Net Assets  $ 287,966,444  $ 252,582,801
     
Net Asset Value Per Share  $ 14.91  $ 13.07
     
(1) This balance is a related party transaction. Refer to Note 2 for more detail.
     
See Notes to the Consolidated Financial Statements.
 
GSV CAPITAL CORP. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
         
 Three Months Ended December 31,Year Ended December 31,
 2013201220132012
INVESTMENT INCOME        
Interest income from affiliated securities  $ 23,615  $ --   $ 23,615  $ 21,852
Interest income from non-control/non-affiliated securities -- -- 2,256 200,195
Dividend income from non-control/non-affiliated securities 2,434 5,990 10,072 --
Dividend income from affiliated securities -- -- 13,008 26,030
Total Investment Income 26,049 5,990 48,951 248,077
OPERATING EXPENSES        
Investment management fees 1,597,650 1,320,159 5,426,485 4,419,345
Accrued incentive fees 10,523,552 -- 10,523,552 --
Costs incurred under administration agreement 813,619 893,798 3,089,771 2,384,764
Directors' fees 65,000 65,000 260,250 237,500
Professional fees 219,973 362,515 876,769 959,604
Interest expense 1,087,809 -- 1,278,997 --
Insurance expense 60,918 56,019 240,725 214,306
Investor relations expense 27,544 38,207 198,809 182,193
Other expenses 18,483 44,484 89,517 133,246
Change in fair value of embedded derivative (322,000) -- 99,000 --
Total Operating Expenses 14,092,548 2,780,182 22,083,875 8,530,958
         
Benefit for taxes on net investment loss 13,159,268 -- 13,159,268 --
         
Net Investment Income (Loss) (907,231) (2,774,192) (8,875,656) (8,282,881)
         
Net Realized Loss on Investments (11,868,928) -- (21,706,021) (1,380,519)
         
Benefit for taxes on net realized capital losses 9,426,234 -- 9,426,234 --
         
Net Change in Unrealized Appreciation (Depreciation) on Investments 67,899,437 (4,502,261) 87,445,149 (10,170,850)
         
Provision for taxes on unrealized appreciation of investments (30,906,063) -- (30,906,063) --
         
Net Increase (Decrease) in Net Assets Resulting from Operations  $ 33,643,449  $ (7,276,453)  $ 35,383,643  $ (19,834,250)
         
Net Increase (Decrease) in Net Assets Resulting from Operations per Common Share        
Basic  $ 1.74  $ (0.38)  $ 1.83  $ (1.23)
Diluted  $ 1.47  $ (0.38)  $ 1.78  $ (1.23)
         
Weighted Average Common Shares Outstanding        
Basic 19,320,100 19,320,100 19,320,100 16,096,330
Diluted 23,564,228 19,320,100 20,541,014 16,096,330
 
FINANCIAL HIGHLIGHTS
(Unaudited)
           
         For the period from January 6, 2011
 Three months ended December 31, 2013Three months ended December31, 2012Three months ended December 31, 2011Year ended December 31, 2012(date of inception) to December 31, 2011
Per Share Data:          
Net asset value at beginning of period  $ 13.16  $ 13.45  $ 13.26  $ 12.95 $ --
Issuance of common shares -- -- -- 1.91 (3) 14.67 (4)
Underwriters' discount -- -- -- (0.72) (2) (0.86) (2)
Offering costs -- -- -- (0.04) (2) (0.19) (2)
Net investment loss (0.05) (1) (0.14) (1) (0.12) (2) (0.51) (1) (0.37) (2)
Net Realized Loss on Investments (0.61) (1) -- -- (0.09) (1) --
Benefit for taxes on net realized capital losses 0.49 (1) -- -- -- --
Net Change in Unrealized Appreciation (Depreciation) on Investments 3.52 (1) (0.24) (5) (0.19) (2) (0.43) (5) (0.30) (2)
Provision for taxes on unrealized (appreciation) of investments (1.60) (1) -- -- -- --
Net asset value at end of period  $ 14.91  $ 13.07  $ 12.95  $ 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 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.
(4) 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.
(5) 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. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2013
           
Portfolio Investments*Headquarters / IndustrySharesCostFair Value% of Net Assets
           
Twitter, Inc. (11)** San Francisco, CA        
Common shares Social Communication 1,900,600  $ 32,991,111  $ 102,822,460 35.71
           
Palantir Technologies, Inc. Palo Alto, CA        
Common shares, Class A Cyber Security 7,145,690 20,051,479 32,119,877 11.15
Preferred shares, Series G   326,797 1,008,968 1,718,953 0.60
Total     21,060,447 33,838,830 11.75
           
Dropbox, Inc. San Francisco, CA        
Common share Online 760,000 8,641,153 9,181,012 3.19
Preferred shares, Series A-1 Storage 552,486 5,015,333 6,674,185 2.32
Total     13,656,486 15,855,197 5.51
           
Coursera, Inc. Mountain View, CA        
Preferred shares, Series B Online Education 2,961,399 14,519,443 14,519,443 5.04
           
Control4 Corporation(8)** Salt Lake City, UT        
Common shares Home Automation 782,789 7,010,762 13,300,129 4.62
           
2U, Inc. (f/k/a 2tor, Inc.) Landover, MD        
Common shares Online Education 1,151,802 8,758,193 9,875,206 3.43
Preferred shares, Series A   167,431 1,273,125 1,435,503 0.50
Total     10,031,318 11,310,709 3.93
           
Solexel, Inc. Milpitas, CA        
Preferred shares, Series C Solar Power 5,034,324 11,017,561 11,286,628 3.92
           
Avenues Global Holdings, LLC(2) New York, NY        
Preferred shares, Junior Preferred Stock Globally-focused Private School 10,014,270 10,150,484 10,014,270 3.48
           
Curious.com Inc. (1) Menlo Park, CA        
Preferred shares, Series B Online Education 2,839,861 10,000,003 10,000,003 3.47
           
PayNearMe, Inc. (1) Sunnyvale, CA 3,914,535 10,000,001 10,000,000 3.47
Preferred shares, Series E e-Commerce        
           
Facebook, Inc. ** Menlo Park, CA        
Common Shares, Class A Social Networking 175,000 5,236,147 9,563,750 3.32
           
SugarCRM, Inc. Cupertino, CA        
Common shares Customer 1,899,799 6,799,272 7,219,236 2.51
Preferred shares, Series E Relationship 373,134 1,500,522 2,160,437 0.75
Total Manager   8,299,794 9,379,673 3.26
           
Chegg, Inc. (12)** Santa Clara, CA        
Common shares Textbook Rental 1,182,792 14,022,863 8,551,589 2.97
           
ZocDoc Inc. New York, NY        
Preferred shares, Series A Online Medical 200,000 3,563,178 3,926,702 1.36
Common Stock Scheduling 111,866 1,734,878 2,196,322 0.76
Total     5,298,056 6,123,024 2.12
           
Knewton New York, NY        
Preferred shares, Series E Online Education 375,985 4,999,999 4,999,999 1.74
           
JAMF Minneapolis, MN        
Preferred shares, Series B Technology Development 36,720 4,999,964 4,999,964 1.74
           
Whittle Schools, LLC(1) (3) New York, NY        
Preferred shares, Series B Globally-focused Private School 3,000,000 3,000,000 3,000,000 1.04
Common shares   100 1,531,734 1,500,000 0.52
Total     4,531,734 4,500,000 1.56
           
Spotify Technology S.A. ** Stockholm, Sweden        
Common shares Music Streaming Service 3,658 3,598,472 4,443,409 1.54
           
Global Education Learning (Holdings) Ltd.(1) ** Hong Kong        
Preferred shares, Series A Education Technology 2,126,475 4,335,671 4,338,009 1.51
           
StormWind, LLC(1) (5) Scottsdale, AZ        
Preferred shares, Series B Interactive Learning 3,279,629 2,019,687 4,205,142 1.46
  Platform        
           
Violin Memory, Inc. (9)** Mountain View, CA        
Common Shares Memory Flash 1,247,498 14,819,618 4,204,068 1.46
           
Dataminr, Inc. New York, NY        
Preferred shares, Series B Social Media 904,977 2,063,356 2,934,840 1.02
Preferred shares, Series C Analytics 301,369 1,100,909 1,099,997 0.38
Total     3,164,265 4,034,837 1.40
           
Gilt Groupe, Inc. New York, NY        
Common shares e-Commerce 248,600 6,594,433 4,024,389 1.40
  Flash Sales        
           
Parchment, Inc. Scottsdale, AZ        
Preferred shares, Series D E-Transcript Exchange 3,200,512 4,000,862 4,000,640 1.39
           
Ozy Media, Inc. (1) Mountain View, CA        
Preferred shares, Series A Social Media 1,090,909 3,000,000 3,000,000 1.04
Preferred shares, Series Seed   500,000 500,000 865,000 0.30
Total     3,500,000 3,865,000 1.34
           
Totus Solutions, Inc.(1) Carrollton, TX        
Common shares LED Lighting 11,307,348 2,840,391 576,675 0.20
Preferred shares, Series A   8,692,652 2,183,582 2,173,163 0.75
Preferred shares, Series B   11,111,110 1,000,000 1,001,001 0.35
Total     6,023,973 3,750,839 1.30
           
Fullbridge, Inc.(1) Cambridge, MA        
Preferred shares, Series C Business 1,728,724 3,193,444 3,114,120 1.08
Term Loan, 10%, 3/31/14*** Education 250,000 262,612 250,000 0.09
Term Loan, 10%, 3/31/14***   250,000 241,239 250,000 0.09
Common warrants, $0.91 strike price, expire 3/22/2020   186,170 67,021 126,362 0.04
Common warrants, $0.91 strike price, expire 10/09/2018   82,418 9,901 -- --
Common warrants, $0.91 strike price, expire 12/10/2018   82,418 9,799 -- --
Total     3,784,016 3,740,482 1.30
           
Bloom Energy Corporation Sunnyvale, CA        
Common shares Fuel Cell Energy 201,589 3,855,601 3,731,264 1.30
           
Learnist Inc, (f/k/a Grockit, Inc.)(1) (11) San Francisco, CA        
Preferred shares, Series D Online Test 2,728,252 2,005,945 2,073,472 0.72
Preferred shares, Series E Preparation 1,731,501 1,503,670 1,499,999 0.52
Total     3,509,615 3,573,471 1.24
           
CUX, Inc. (d/b/a CorpU)(1) San Francisco, CA        
Common Stock Corporate Education 615,763 2,006,077 2,229,678 0.77
Convertible preferred shares, Series D   169,033 778,607 697,041 0.24
Preferred warrants, $4.59 strike price, expire 02/25/2018   16,903 -- -- --
Total     2,784,684 2,926,719 1.01
           
SharesPost, Inc. (6) San Bruno, CA        
Preferred shares, Series B Online Marketplace 1,771,653 2,259,716 2,232,283 0.78
Common warrants, $0.13 strike price, expire 6/15/2018 Finance 770,934 23,128 115,640 0.04
Total     2,282,844 2,347,923 0.82
           
TrueCar, Inc. Santa Monica, CA        
Common shares Online Marketplace 377,358 2,014,863 2,299,997 0.80
           
DreamBox Learning, Inc. Bellevue, WA        
Preferred shares, Series A-1 Education 7,159,221 1,502,362  1,503,436 0.52
Preferred shares, Series A Technology 3,579,610 758,017 751,718 0.26
Total     2,260,379 2,255,154 0.78
           
Maven Research, Inc.(1) San Francisco, CA        
Preferred shares, Series C Knowledge 318,979 2,000,447 1,999,998 0.69
Preferred shares, Series B Networks 49,505 217,206 249,505 0.09
      2,217,653 2,249,503 0.78
Silver Spring Networks, Inc. ** Redwood City, CA        
Common shares Smart Grid 102,028 5,145,271 2,142,588 0.74
           
NestGSV, Inc.(1) Redwood City, CA        
Preferred shares, Series A Incubator 1,000,000 1,021,778 1,188,137 0.41
Preferred shares, Series B   450,000 605,500 594,068 0.21
Total     1,627,278 1,782,205 0.62
           
ePals Inc.**(1)(10) Herndon, VA        
Common shares Online Education 33,333,333 2,444,759 1,666,667 0.58
Common warrants, 0.075 CAD strike price, expire 4/30/2014   11,111,111 -- 33,333 0.01
      2,444,759 1,700,000 0.59
           
S3 Digital Corp. (d/b/a S3i) (1) New York, NY        
Preferred shares, Class A1 Sports 1,033,452 989,058 1,168,847 0.41
Preferred warrants, $1.00 strike price, expire 11/21/2017 Analytics 500,000 31,354 150,000 0.05
Term Loan, 12%, 09/30/15***   250,000 261,030 250,000 0.09
Preferred warrants, $1.166 strike price, expire 09/30/2020   160,806 -- 64,322 0.02
Total     1,281,442 1,633,169 0.57
           
Dailybreak, Inc.(1) Boston, MA        
Preferred shares, Series A-1 Social Advertising 1,878,129 2,430,950 1,211,393 0.42
           
Strategic Data Command, LLC (1) (7) Sunnyvale, CA        
Common shares Software Development 800,000 1,001,650 1,046,830 0.36
           
The rSmart Group, Inc. (1) Scottsdale, AZ        
Preferred shares, Series B Higher Education Learning Platform 1,201,923 1,267,240 857,302 0.30
           
SinoLending Ltd. ** Shanghai, China        
Preferred shares, Class A Chinese P2P 6,414,368 503,235 577,293 0.20
Preferred shares, Class B Lending 2,333,108 250,491 247,163 0.09
Total     753,726 824,456 0.29
           
AlwaysOn, Inc. (1) Woodside, CA        
Preferred shares, Series A-1 Social Media 3,152,417 $ 624,783 $ 600,000 0.21
Preferred shares, Series A   1,066,626 1,027,391 203,011 0.07
Total     1,652,174 803,011 0.28
           
AliphCom, Inc. (d/b/a Jawbone) San Francisco, CA        
Common Stock Smart Device Company 150,000 793,152 782,189 0.27
           
NestGSV Silicon Valley, LLC(1) (4) Redwood City, CA        
Common membership interest Incubator 500,000 500,000 557,084 0.19
           
New Zoom, Inc San Francisco, CA        
Preferred shares, Series A Retail Machines 1,250,000 260,476 308,660 0.11
           
Neuron Fuel, Inc. San Jose, CA        
Preferred shares, Series AAI Computer Software 250,000 262,530 264,941 0.09
           
The Echo Systems Corp. New York, NY        
Preferred shares, Series A Social Analytics 512,365 1,436,404 229,234 0.08
Preferred warrants, $0.20 strike price, expire 11/14/2016   68,359 75,988 -- --
Total     1,512,392 229,234 0.08
           
Odesk Corporation Redwood City, CA        
Common Shares Online Workplace Platform 30,000 183,269 184,077 0.06
Total Portfolio Investments     279,709,118 355,383,653 123.41
           
U.S Treasury Strips (13)          
United States Treasury Strip 02/15/2014    $ 1,791,000 1,790,785 1,790,839 0.62
United States Treasury Strip 02/15/2015    $ 1,816,000 1,810,625 1,811,987 0.63
United States Treasury Strip 02/15/2016    $ 1,834,000 1,810,323 1,816,540 0.63
United States Treasury Strip 08/15/2014    $ 1,813,000 1,811,187 1,812,094 0.63
United States Treasury Strip 08/15/2015    $ 1,823,000 1,811,205 1,813,411 0.63
United States Treasury Strip 08/15/2016    $ 1,851,000 1,811,111 1,820,329 0.63
Total     10,845,236 10,865,200 3.77
           
Total Investments      $ 290,554,354  $ 366,248,853 127.18
           
See Notes to the Consolidated Financial Statements.
 
* 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. 
** 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. 
*** Investment is income producing.
(1) 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.
(2) GSV Capital Corp.'s investment in Avenues Global Holdings, LLC is held through its wholly-owned subsidiary GSVC AV Holdings, Inc. 
(3) GSV Capital Corp.'s investment in Whittle Schools, LLC is held through its wholly-owned subsidiary GSVC WS Holdings, Inc. Whittle Schools, LLC is a derivative investment with economics linked to Avenues Global Holdings LLC.
(4) GSV Capital Corp.'s investment in NestGSV Silicon Valley, LLC is held through its wholly-owned subsidiary GSVC NG 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 SharesPost, Inc. is held through its wholly-owned subsidiary SPNPM Holdings, LLC.
(7) GSV Capital Corp.'s investment in Strategic Data Command, LLC is held through its wholly-owned subsidiary GSVC SVDS Holdings, Inc.
(8) 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 December 31, 2013, GSV Capital Corp. valued Control4 Corporation based on its December 31, 2013 closing price, adjusted for a discount due to lack of marketability of 4%.
(9) 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 Violin Memory Inc. are subject to a lock-up agreement which expires on March 26, 2014. At December 31, 2013, GSV Capital Corp. valued Violin Memory Inc., based on its December 31, 2013 closing price, adjusted for a discount due to lack of marketability of 15%.
(10) On October 22, 2013, ePals, Inc. priced its initial public offering, selling 40,267,333 shares at a price of CAD $0.075 per share. GSV Capital Corp.'s shares in ePals, Inc. are subject to a lock-up agreement which expires on February 23, 2014. At December 31, 2013, GSV Capital Corp. valued ePals, Inc., based on its December 31, 2013 closing price, adjusted for a discount due to lack of marketability of 8%.
(11) On November 6, 2013, Twitter, Inc.  priced its initial public offering, selling 70,000,000 shares at a price of $26 per share. GSV Capital Corp.'s shares in Twitter, Inc. are subject to a lock-up agreement which expires on May 5, 2014. At December 31, 2013, GSV Capital Corp. valued Twitter, Inc., based on its December 31, 2013 closing price, adjusted for a discount due to lack of marketability of 15%.
(12) On November 12, 2013, Chegg, Inc.  priced its initial public offering, selling 14,400,000 shares at a price of $12.50 per share. GSV Capital Corp.'s shares in Chegg, Inc. are subject to a lock-up agreement which expires on May 11, 2014. At December 31, 2013, GSV Capital Corp. valued Chegg, Inc., based on its December 31, 2013 closing price, adjusted for a discount due to lack of marketability of 15%.
(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 their fair value at December 31, 2013.
CONTACT: Financial Profiles, Inc.

         Kristen McNally, (310) 622-8225

         gsv@finprofiles.com


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