Maryland | 27-4443543 | |
(State of incorporation) | (I.R.S. Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) | |
(650) 235-4769 | ||
(Registrant’s telephone number, including area code) |
(Registrant’s telephone number, including area code)
¨
¨
Large accelerated filero | Accelerated filerx | ||
Non-accelerated filero (Do not check if a smaller reporting company) | Smaller reporting companyo | ||
Emerging growth companyo | |
Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered | ||
Common Stock, par value $0.01 per share | GSVC | Nasdaq Capital Market |
PAGE | ||||||
PART I. FINANCIAL INFORMATION | ||||||
Item 3. | ||||||
PART II. OTHER INFORMATION | ||||||
| ||||||
| ||||||
Item 2. | ||||||
September 30, 2017 | December 31, 2016 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Investments at fair value: | ||||||||
Non-controlled/non-affiliate investments (cost of $172,562,763 and $204,101,445, respectively) | $ | 234,922,519 | $ | 200,532,890 | ||||
Non-controlled/affiliate investments (cost of $49,198,848 and $51,773,388, respectively)(1) | 29,787,226 | 42,444,690 | ||||||
Controlled investments (cost of $23,101,258 and $22,893,441, respectively)(1) | 25,066,337 | 19,037,566 | ||||||
Investments in treasury bill (cost of $99,991,125 and $29,998,750, respectively) | 99,994,000 | 29,998,490 | ||||||
Total Investments (cost of $344,853,994 and $308,767,024, respectively) | 389,770,082 | 292,013,636 | ||||||
Cash | 5,154,436 | 8,332,634 | ||||||
Interest and dividends receivable | 218,437 | 92,946 | ||||||
Prepaid expenses and other assets | 297,785 | 213,942 | ||||||
Deferred financing costs | 425,316 | 311,268 | ||||||
Total Assets | 395,866,056 | 300,964,426 | ||||||
LIABILITIES | ||||||||
Due to: | ||||||||
GSV Asset Management(1) | 323,897 | 422,025 | ||||||
Accounts payable and accrued expenses | 257,386 | 335,611 | ||||||
Accrued incentive fees(1) | 9,608,629 | 2,126,444 | ||||||
Accrued management fees(1) | — | 524,054 | ||||||
Accrued interest payable | 156,104 | 1,056,563 | ||||||
Payable for shares repurchased | 153,560 | — | ||||||
Payable for securities purchased | 89,491,125 | 26,498,750 | ||||||
Deferred tax liability | 10,332,666 | 10,359,371 | ||||||
Credit facility payable | 8,000,000 | — | ||||||
Convertible Senior Notes Payable 5.25% due September 15, 2018(2) | 68,162,724 | 67,512,798 | ||||||
Total Liabilities | 186,486,091 | 108,835,616 | ||||||
Commitments and contingencies (Notes 6 and 9) | ||||||||
Net Assets | $ | 209,379,965 | $ | 192,128,810 | ||||
NET ASSETS | ||||||||
Common stock, par value $0.01 per share (100,000,000 authorized; 21,606,894 and 22,181,003 issued and outstanding, respectively) | $ | 216,069 | $ | 221,810 | ||||
Paid-in capital in excess of par | 218,442,567 | 221,237,636 | ||||||
Accumulated net investment loss | (18,761,130 | ) | (1,443,996 | ) | ||||
Accumulated net realized losses on investments | (25,100,964 | ) | (773,882 | ) | ||||
Accumulated net unrealized appreciation/(depreciation) of investments | 34,583,423 | (27,112,758 | ) | |||||
Net Assets | $ | 209,379,965 | $ | 192,128,810 | ||||
Net Asset Value Per Share | $ | 9.69 | $ | 8.66 |
| March 31, 2019 | December 31, 2018 | |||||
ASSETS | | | |||||
Investments at fair value: | | | |||||
Non-controlled/non-affiliate investments (cost of $112,265,183 and $105,869,607, respectively) | $ | 193,484,417 | $ | 170,067,233 | |||
Non-controlled/affiliate investments (cost of $29,999,703 and $42,333,854, respectively) | 2,620,361 | 5,931,863 | |||||
Controlled investments (cost of $22,962,133 and $22,960,942, respectively) | 17,466,686 | 22,816,733 | |||||
Total Portfolio Investments | 213,571,464 | 198,815,829 | |||||
Investments in U.S. Treasury bills (cost of $99,961,333 and $99,982,067, respectively) | 99,980,000 | 99,994,000 | |||||
Total Investments (cost of $265,188,352 and $271,146,470, respectively) | 313,551,464 | 298,809,829 | |||||
Cash | 24,997,482 | 28,184,163 | |||||
Escrow proceeds receivable | 2,177,555 | 2,494,582 | |||||
Interest and dividends receivable | 345,884 | 255,670 | |||||
Deferred financing costs | 267,541 | 267,541 | |||||
Receivable for unsettled trades | 2,017,423 | — | |||||
Prepaid expenses and other assets | 699,114 | 207,769 | |||||
Total Assets | 344,056,463 | 330,219,554 | |||||
LIABILITIES | | | |||||
Due to GSV Asset Management(1) | 207,710 | — | |||||
Accounts payable and accrued expenses | 2,345,086 | 490,687 | |||||
Accrued incentive fees, net of waiver of incentive fees(1) | — | 4,660,472 | |||||
Accrued management fees, net of waiver of management fees(1) | — | 415,056 | |||||
Accrued interest payable | — | 475,000 | |||||
Payable for securities purchased | 89,460,654 | 89,480,103 | |||||
Deferred tax liability | 979,713 | 885,566 | |||||
4.75% Convertible Senior Notes due March 28, 2023(2) | 38,525,528 | 38,434,511 | |||||
Total Liabilities | 131,518,691 | 134,841,395 | |||||
Commitments and contingencies (Notes 7 and 10) | | | |||||
Net Assets | $ | 212,537,772 | $ | 195,378,159 | |||
NET ASSETS | | | |||||
Common stock, par value $0.01 per share (100,000,000 authorized; 19,762,647 and 19,762,647 issued and outstanding, respectively) | $ | 197,626 | $ | 197,626 | |||
Paid-in capital in excess of par | 192,322,399 | 192,322,399 | |||||
Accumulated net investment loss | (15,608,592 | ) | (16,228,294 | ) | |||
Accumulated net realized losses on investments | (11,757,058 | ) | (7,691,365 | ) | |||
Accumulated net unrealized appreciation of investments | 47,383,397 | 26,777,793 | |||||
Net Assets | $ | 212,537,772 | $ | 195,378,159 | |||
Net Asset Value Per Share | $ | 10.75 | $ | 9.89 |
(1) | This balance |
(2) | As of March 31, 2019 and December 31, 2018, the 4.75% Convertible Senior Notes |
| Three Months Ended March 31, 2019 | Three Months Ended March 31, 2018 | |||||
INVESTMENT INCOME | | | |||||
Non-controlled/non-affiliate investments: | | | |||||
Interest income | $ | 138,497 | $ | 1,680 | |||
Non-controlled/affiliate investments: | | | |||||
Interest income | 59,466 | 234,082 | |||||
Controlled investments: | | | |||||
Interest income | 29,287 | 13,573 | |||||
Total Investment Income | 227,250 | 249,335 | |||||
OPERATING EXPENSES | | | |||||
Management fees(1) | 848,723 | 1,323,576 | |||||
(Reversal of Incentive fee accrual)/Incentive fees(1) | (4,660,472 | ) | 1,471,334 | ||||
Costs incurred under Administration Agreement(1) | 306,084 | 424,145 | |||||
Directors’ fees | 86,250 | 86,250 | |||||
Professional fees | 2,061,922 | 339,898 | |||||
Interest expense | 604,168 | 1,140,063 | |||||
Income tax expense | 3,763 | 122,270 | |||||
Other expenses | 357,110 | 489,270 | |||||
Total Operating Expenses | (392,452 | ) | 5,396,806 | ||||
Management fee waiver(1) | — | (154,944 | ) | ||||
Incentive fee waiver(1) | — | (5,000,000 | ) | ||||
Total operating expenses, net of waiver of management and incentive fees | (392,452 | ) | 241,862 | ||||
Net Investment Income | 619,702 | 7,473 | |||||
Realized Gains/(Losses) on Investments: | | | |||||
Non-controlled/non-affiliated investments | 8,269,138 | (776,045 | ) | ||||
Non-controlled/affiliate investments | (12,334,831 | ) | — | ||||
Controlled investments | — | (680 | ) | ||||
Net Realized Losses on Investments | (4,065,693 | ) | (776,725 | ) | |||
Realized loss on partial repurchase of 5.25% Convertible Senior Notes due 2018 | — | (397,846 | ) | ||||
Change in Unrealized Appreciation/(Depreciation) of Investments: | | ||||||
Non-controlled/non-affiliated investments | 17,028,343 | 9,854,664 | |||||
Non-controlled/affiliate investments | 9,022,648 | (7,676,330 | ) | ||||
Controlled investments | (5,351,240 | ) | 5,955,060 | ||||
Net Change in Unrealized Appreciation/(Depreciation) of Investments | 20,699,751 | 8,133,394 | |||||
Provision for taxes on unrealized appreciation of investments | (94,147 | ) | — | ||||
Net Increase in Net Assets Resulting from Operations | $ | 17,159,613 | $ | 6,966,296 | |||
Net Change in Net Assets Resulting from Operations per Common Share: | | ||||||
Basic | $ | 0.87 | $ | 0.33 | |||
Diluted | $ | 0.75 | $ | 0.30 | |||
Weighted-Average Common Shares Outstanding | | | |||||
Basic | 19,762,647 | 21,150,662 | |||||
Diluted | 23,493,991 | 26,713,656 |
(1) | This balance references a related-party transaction. Refer to “Note 3—Related-Party Arrangements” for more detail. |
| Three Months Ended March 31, 2019 | Three Months Ended March 31, 2018 | |||||
Change in Net Assets Resulting from Operations | | | |||||
Net investment gain | $ | 619,702 | $ | 7,473 | |||
Net realized losses on investments | (4,065,693 | ) | (776,725 | ) | |||
Realized loss on partial repurchase of 5.25% Convertible Senior Notes due 2018 | — | (397,846 | ) | ||||
Net change in unrealized appreciation of investments | 20,699,751 | 8,133,394 | |||||
Provision for taxes on unrealized appreciation of investments | (94,147 | ) | — | ||||
Net Increase in Net Assets Resulting from Operations | 17,159,613 | 6,966,296 | |||||
Change in Net Assets Resulting from Capital Transactions | | | |||||
Repurchases of common stock | — | (1,241,428 | ) | ||||
Net Decrease in Net Assets Resulting from Capital Transactions | — | (1,241,428 | ) | ||||
Total Increase in Net Assets | 17,159,613 | 5,724,868 | |||||
Net assets at beginning of year | 195,378,159 | 204,762,866 | |||||
Net Assets at End of Period | $ | 212,537,772 | $ | 210,487,734 | |||
Capital Share Activity | | | |||||
Shares outstanding at beginning of year | 19,762,647 | 21,246,345 | |||||
Shares issued | — | — | |||||
Shares repurchased | — | (179,807 | ) | ||||
Shares Outstanding at End of Period | 19,762,647 | 21,066,538 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
INVESTMENT INCOME | ||||||||||||||||
Non-controlled/non-affiliate investments: | ||||||||||||||||
Interest income/(reversal of interest accrual) | $ | (21,447 | ) | $ | 2,503 | $ | (4,640 | ) | $ | 11,906 | ||||||
Other income | — | — | 73,096 | — | ||||||||||||
Non-controlled/affiliate investments: | ||||||||||||||||
Interest income/(reversal of interest accrual)(1) | (48,398 | ) | 61,145 | 143,974 | 79,858 | |||||||||||
Controlled investments: | ||||||||||||||||
Interest income(1) | 69,757 | 23,000 | 196,534 | 43,417 | ||||||||||||
Dividend income(1) | 175,000 | — | 475,000 | — | ||||||||||||
Total Investment Income | 174,912 | 86,648 | 883,964 | 135,181 | ||||||||||||
OPERATING EXPENSES | ||||||||||||||||
Management fees(1) | 1,397,332 | 1,625,963 | 4,210,932 | 5,324,186 | ||||||||||||
Incentive fees/(reversal of incentive fee accrual)(1) | 3,334,052 | 220,719 | 7,482,185 | (7,805,089 | ) | |||||||||||
Costs incurred under administration agreement(1) | 472,413 | 627,444 | 1,453,007 | 1,926,085 | ||||||||||||
Directors’ fees | 86,250 | 86,250 | 242,230 | 258,750 | ||||||||||||
Professional fees | 353,933 | 416,353 | 1,318,931 | 1,441,856 | ||||||||||||
Interest expense | 1,207,548 | 1,189,736 | 3,489,381 | 3,557,225 | ||||||||||||
Tax expense | 4,889 | — | 51,379 | — | ||||||||||||
Other expenses | 119,122 | 141,838 | 479,419 | 558,856 | ||||||||||||
Total Operating Expenses | 6,975,539 | 4,308,303 | 18,727,464 | 5,261,869 | ||||||||||||
Management fee waiver | (174,666 | ) | — | (526,366 | ) | — | ||||||||||
Total operating expenses, net of waiver of management fees | 6,800,873 | 4,308,303 | 18,201,098 | 5,261,869 | ||||||||||||
Net Investment Loss | (6,625,961 | ) | (4,221,655 | ) | (17,317,134 | ) | (5,126,688 | ) | ||||||||
Realized Gains/(Losses): | ||||||||||||||||
Non-controlled/non-affiliate investments | 1,033,577 | 2,658,715 | (21,748,173 | ) | (2,311,994 | ) | ||||||||||
Non-controlled/affiliate investments | — | — | (2,578,909 | ) | — | |||||||||||
Net Realized Gains/(Losses) | 1,033,577 | 2,658,715 | (24,327,082 | ) | (2,311,994 | ) | ||||||||||
Change in Unrealized Appreciation/(Depreciation): | ||||||||||||||||
Non-controlled/non-affiliate investments | 20,367,064 | 938,936 | 65,931,446 | (27,841,477 | ) | |||||||||||
Non-controlled/affiliate investments | (9,822,081 | ) | (584,077 | ) | (10,082,924 | ) | (6,951,895 | ) | ||||||||
Controlled investments | 5,091,700 | (1,616,568 | ) | 5,820,954 | (1,823,224 | ) | ||||||||||
Total Change in Unrealized Appreciation/(Depreciation) | 15,636,683 | (1,261,709 | ) | 61,669,476 | (36,616,596 | ) | ||||||||||
Benefit from taxes on unrealized depreciation of investments | 26,705 | 551,310 | 26,705 | 551,310 |
See accompanying notes to condensed consolidated financial statements.
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Net Increase/(Decrease) in Net Assets Resulting from Operations | $ | 10,071,004 | $ | (2,273,339 | ) | $ | 20,051,965 | $ | (43,503,968 | ) | ||||||
Net Increase/(Decrease) in Net Assets Resulting from Operations per Common Share | ||||||||||||||||
Basic | $ | 0.46 | $ | (0.10 | ) | $ | 0.91 | $ | (1.96 | ) | ||||||
Diluted(2) | $ | 0.40 | $ | (0.10 | ) | $ | 0.84 | $ | (1.96 | ) | ||||||
Weighted-Average Common Shares Outstanding | ||||||||||||||||
Basic | 22,000,571 | 22,181,003 | 22,120,198 | 22,181,003 | ||||||||||||
Diluted(2) | 27,752,386 | 22,181,003 | 27,872,013 | 22,181,003 |
Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Cash Flows from Operating Activities Net change in net assets resulting from operations $ 17,159,613 $ 6,966,296 Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by/(used in) operating activities: Net realized losses on investments 4,065,693 776,725 Net change in unrealized appreciation of investments (20,699,751 ) (8,133,394 ) Change in deferred tax liability 94,147 (343,515 ) Amortization of discount on 5.25% Convertible Senior Notes due 2018 — 201,162 Amortization of discount on 4.75% Convertible Senior Notes due 2023 91,017 3,024 Amortization of deferred financing costs — 20,472 Amortization of fixed income security premiums and discounts (1,191 ) — Write-off of deferred offering costs — 325,248 Paid-in-kind interest — (207,069 ) Escrow proceeds receivable (8,359 ) — Purchases of investments in: Portfolio investments (10,008,040 ) (105,568 ) U.S. Treasury bills (99,961,333 ) (99,970,444 ) Proceeds from sales or maturity of investments in: Portfolio investments 11,871,346 15,962,239 U.S. Treasury bills 100,000,000 100,000,000 Change in operating assets and liabilities: Due from controlled investments — 840 Prepaid expenses and other assets (491,345 ) 49,711 Interest and dividends receivable (90,214 ) (31,901 ) Receivable from unsettled trades (2,017,423 ) — Escrow proceeds receivable 317,027 395,009 207,710 239,693 Payable for securities purchased (19,449 ) (15,393 ) Accounts payable and accrued expenses 1,854,399 329,951 Income tax payable — 465,775 (4,660,472 ) (3,528,666 ) (415,056 ) (49,717 ) Accrued interest payable (475,000 ) (931,394 ) Net Cash Provided by/(Used in) Operating Activities (3,186,681 ) 12,419,085 Cash Flows from Financing Activities Proceeds from the issuance of 4.75% Convertible Senior Notes due 2023 — 40,000,000 Deferred debt issuance costs — (1,840,120 ) Repurchases of common stock — (1,241,428 ) Repayment of 5.25% Convertible Senior Notes due 2018 — (19,290,565 ) Realized loss on repurchase of 5.25% Convertible Senior Notes due 2018 — 397,846 Deferred offering costs — 36,140 Net Cash Provided by/(Used in) Financing Activities — 18,061,873 Total Increase/(Decrease) in Cash Balance (3,186,681 ) 30,480,958 Cash Balance at Beginning of Year 28,184,163 59,838,600 Cash Balance at End of Period $ 24,997,482 $ 90,319,558 Supplemental Information: Interest paid $ 974,932 $ 1,810,677 Taxes paid $ 3,763 $ 810
_______________________(1) This balance references a related-party transaction. Refer to “Note 3—Related-Party Arrangements” for more detail. STATEMENTSSCHEDULE OF CHANGES IN NET ASSETS
INVESTMENTS (UNAUDITED)March 31, 2019 Nine Months
Ended
September 30,
2017 Nine Months
Ended
September 30,
2016Change in Net Assets Resulting from Operations Net investment loss $ (17,317,134 ) $ (5,126,688 ) Net realized losses on investments (24,327,082 ) (2,311,994 ) Net change in unrealized appreciation/(depreciation) of investments 61,669,476 (36,616,596 ) Benefit from taxes on unrealized depreciation of investments 26,705 551,310 Net Increase/(Decrease) in Net Assets Resulting from Operations 20,051,965 (43,503,968 ) Change in Net Assets Resulting from Capital Transactions Distributions from realized gains — (820,753 ) Distributions from return of capital — (66,487 ) Total distributions — (887,240 ) Repurchases of common stock (2,800,810 ) — Net Decrease in Net Assets Resulting from Capital Transactions (2,800,810 ) (887,240 ) Total Increase/(Decrease) in Net Assets 17,251,155 (44,391,208 ) Net assets at beginning of period 192,128,810 268,010,945 Net Assets at End of Period $ 209,379,965 $ 223,619,737 Capital Share Activity Shares repurchased (574,109 ) — Shares outstanding at beginning of period 22,181,003 22,181,003 Shares Outstanding at End of Period 21,606,894 22,181,003
Portfolio Investments* Headquarters/
Industry Date of Initial Investment Shares/
Principal Cost Fair Value % of Net
AssetsNON-CONTROLLED/NON-AFFILIATE Palantir Technologies, Inc. Palo Alto, CA Common shares, Class A Data Analysis 5/7/2012 5,773,690 $ 16,189,935 $ 30,136,481 14.18 % Coursera, Inc. Mountain View, CA Preferred shares, Series B Online Education 6/9/2013 2,961,399 14,519,519 28,685,381 13.50 % Lyft, Inc.** San Francisco, CA On-Demand Transportation Services 3/21/2014 304,829 4,296,894 22,075,716 10.38 % Stockholm, Sweden On-Demand Music Streaming 8/6/2012 150,360 6,390,300 20,869,968 9.82 % Course Hero, Inc. Redwood City, CA Preferred shares, Series A Online Education 9/18/2014 2,145,509 5,000,001 20,572,207 9.68 % Dropbox, Inc. San Francisco, CA Cloud Computing Services 11/15/2011 874,990 13,656,926 19,074,782 8.97 % Neutron Holdings, Inc. (d/b/a/ Lime) San Francisco, CA Preferred Shares, Series D Micromobility 1/25/2019 41,237,113 10,006,800 10,000,000 4.71 % Enjoy Technology, Inc. Menlo Park, CA Preferred shares, Series B On-Demand Commerce 7/29/2015 1,681,520 4,000,280 6,380,359 3.00 % Preferred shares, Series A 10/16/2014 879,198 1,002,440 3,336,029 1.57 % Total 5,002,720 9,716,388 4.57 % Nextdoor.com, Inc. San Francisco, CA Common shares Social Networking 9/27/2018 580,360 10,006,578 9,691,395 4.56 % SharesPost, Inc. San Francisco, CA Preferred shares, Series B Online Marketplace Finance 7/19/2011 1,771,653 2,259,716 6,738,469 3.17 % Common shares 7/20/2011 770,934 123,987 969,718 0.46 % Total 2,383,703 7,708,187 3.63 % Parchment, Inc. Scottsdale, AZ Preferred shares, Series D 8% E-Transcript Exchange 10/1/2012 3,200,512 4,000,982 6,825,071 3.21 % A Place for Rover Inc. (f/k/a DogVacay, Inc.) Seattle, WA Common shares Peer-to-Peer Pet Services 11/3/2014 707,991 2,506,119 3,180,863 1.50 % Clever, Inc. San Francisco, CA Preferred shares, Series B Education Software 12/5/2014 1,799,047 2,000,601 2,000,001 0.94 % Aspiration Partners, Inc. Marina Del Rey, CA Preferred shares, Series A Financial Services 8/11/2015 540,270 1,001,815 1,702,207 0.80 % Tynker (f/k/a Neuron Fuel, Inc.) Mountain View, CA Preferred shares, Series A 8% Computer Software 8/8/2012 534,162 309,310 789,491 0.37 % 4C Insights (f/k/a The Echo Systems Corp.) Chicago, IL Common shares Social Data Platform 3/30/2012 436,219 1,436,404 422,678 0.20 % Knewton, Inc. New York, NY Preferred shares, Series E Online Education 12/16/2013 375,985 4,999,999 — — % Convertible Promissory Note 8% Due 12/31/2019*** 7/23/2018 134,405 135,213 33,601 0.02 % Total 5,135,212 33,601 0.02 % Fullbridge, Inc. Cambridge, MA Common shares Business Education 5/13/2012 517,917 6,150,506 — — % 3/3/2016 2,270,458 2,270,858 — — % Total 8,421,364 — — % Total Non-controlled/Non-affiliate $ 112,265,183 $ 193,484,417 91.04 % STATEMENTSSCHEDULE OF CASH FLOWSINVESTMENTS (UNAUDITED) - continuedPortfolio Investments* Headquarters/
Industry Date of Initial Investment Shares/
Principal Cost Fair Value % of Net
Assets Ozy Media, Inc. Mountain View, CA Digital Media Platform 8/31/2016 2,102,384 $ 2,102,384 $ 1,576,788 0.74 % Common Warrants, Strike Price $0.01, Expiration Date 4/9/2018 4/9/2018 295,565 30,647 — — % Preferred shares, Series B 6% 10/3/2014 922,509 4,999,999 — — % Preferred shares, Series A 6% 12/11/2013 1,090,909 3,000,200 — — % Preferred shares, Series Seed 6% 11/2/2012 500,000 500,000 — — % Total 10,633,230 1,576,788 0.74 % EdSurge, Inc. Burlingame, CA Preferred shares, Series A-1 Education Media Platform 11/12/2015 378,788 501,360 250,000 0.12 % Preferred shares, Series A 2/28/2014 494,365 500,801 276,178 0.13 % Total 1,002,161 526,178 0.25 % CUX, Inc. (d/b/a CorpU) Philadelphia, PA Corporate Education 11/26/2014 1,360,489 1,361,969 340,122 0.16 % Convertible preferred shares, Series D 6% 5/31/2013 169,033 778,607 177,273 0.08 % Convertible preferred shares, Series C 8% 3/29/2012 615,763 2,006,077 — — % Preferred Warrants Series D, Strike Price $4.59, Expiration Date 2/14/2020 5/31/2013 16,903 — — — % Total 4,146,653 517,395 0.24 % Maven Research, Inc. San Francisco, CA Preferred shares, Series C Knowledge Networks 7/2/2012 318,979 2,000,447 — — % Preferred shares, Series B 2/28/2012 49,505 217,206 — — % Total 2,217,653 — — % Curious.com, Inc. Menlo Park, CA Common shares Online Education 11/22/2013 1,135,944 12,000,006 — — % Total Non-controlled/Affiliate $ 29,999,703 $ 2,620,361 1.23 % Scottsdale, AZ Preferred shares, Series C 8% Interactive Learning 1/7/2014 2,779,134 4,000,787 6,761,479 3.18 % Preferred shares, Series B 8% 12/16/2011 3,279,629 2,019,687 5,258,768 2.48 % Preferred shares, Series A 8% 2/25/2014 366,666 110,000 364,332 0.17 % Total 6,130,474 12,384,579 5.83 % (UNAUDITED) Nine Months
Ended
September 30,
2017 Nine Months
Ended
September 30,
2016Cash Flows from Operating Activities Net increase/(decrease) in net assets resulting from operations $ 20,051,965 $ (43,503,968 ) Adjustments to reconcile net increase/(decrease) in net assets resulting from operations to net cash used in operating activities: Net realized losses on investments 24,327,082 2,311,994 Net change in unrealized (appreciation)/depreciation of investments (61,669,476 ) 36,616,596 Deferred tax liability (26,705 ) (551,310 ) Amortization of discount on Convertible Senior Notes 649,926 645,891 Amortization of deferred financing costs 27,751 165,999 Amortization of fixed income security premiums and discounts (115,162 ) (9,808 ) Paid-in-kind-interest (24,564 ) — Change in restricted cash — (62,500 ) Purchases of investments in: Portfolio investments (2,080 ) (13,019,822 ) United States treasury bills (260,045,503 ) (89,999,458 ) Proceeds from sales or maturity of investments in: Portfolio investments 9,773,257 25,631,067 United States treasury bills 190,000,000 3,685,000 United States treasuries strips — 90,000,000 Change in operating assets and liabilities: Due from GSV Asset Management(1) — 143,749 Due from portfolio companies(1) — 55,692 Prepaid expenses and other assets (83,843 ) (87,412 ) Interest and dividends receivable (125,491 ) (125,178 ) Due to GSV Asset Management(1) (98,128 ) (4,151,497 ) Payable for securities purchased 62,992,375 552 Accounts payable and accrued expenses (78,225 ) 258,652 Accrued incentive fees(1) 7,482,185 (7,805,089 ) Accrued management fees(1) (524,054 ) (141,435 ) Accrued interest payable (900,459 ) (905,625 ) Net Cash Used in Operating Activities (8,389,149 ) (847,910 ) Cash Flows from Financing Activities Borrowings under credit facility 16,000,000 3,500,000 Repayments under credit facility (8,000,000 ) (3,500,000 ) Repurchases of common stock (2,647,250 ) — Deferred credit facility costs (41,486 ) — Deferred offering costs (100,313 ) (169,614 ) Dividends distributed — (887,240 ) Net Cash Provided by/(Used in) Financing Activities 5,210,951 (1,056,854 ) Total Decrease in Cash Balance (3,178,198 ) (1,904,764 ) Cash Balance at Beginning of Period 8,332,634 13,349,877 Cash Balance at End of Period $ 5,154,436 $ 11,445,113 Supplemental Information: Interest paid $ 3,679,244 $ 3,650,961 Taxes paid $ 52,481 $ —
See accompanying notes to condensed consolidated financial statements.
Portfolio Investments* | Headquarters/ Industry | Date of Initial Investment | Shares/ Principal | Cost | Fair Value | % of Net Assets | |||||||||||||
NestGSV, Inc. (d/b/a GSV Labs, Inc.) | San Mateo, CA | ||||||||||||||||||
Convertible Promissory Note 12% Due 12/31/2019*** | Global Innovation Platform | 2/17/2016 | 936,525 | $ | 952,627 | $ | 468,262 | 0.22 | % | ||||||||||
Preferred shares, Series A-4 | 10/6/2014 | 3,720,424 | 4,904,498 | 2,432,829 | 1.14 | % | |||||||||||||
Preferred shares, Series A-3 | 4/4/2014 | 1,561,625 | 2,005,730 | 850,971 | 0.40 | % | |||||||||||||
Preferred shares, Series A-2 | 7/15/2013 | 450,001 | 605,500 | 147,130 | 0.07 | % | |||||||||||||
Preferred shares, Series A-1 | 5/25/2012 | 1,000,000 | 1,021,778 | 245,217 | 0.12 | % | |||||||||||||
Common shares | 7/1/2014 | 200,000 | 1,000 | — | — | % | |||||||||||||
Preferred Warrants Series A-3, Strike Price $1.33, Expiration Date 4/4/2021 | 4/4/2014 | 187,500 | — | — | — | % | |||||||||||||
Preferred Warrants Series A-4, Strike Price $1.33, Expiration Date 10/6/2021 | 10/6/2014 | 500,000 | — | 5,000 | 0.00 | % | |||||||||||||
Preferred Warrants Series A-4, Strike Price $1.33, Expiration Date 7/18/2021 | 7/8/2016 | 250,000 | 74,380 | 2,500 | 0.00 | % | |||||||||||||
Preferred Warrants Series B, Strike Price $2.31, Expiration Date 11/29/2021 | 11/29/2016 | 100,000 | 29,275 | — | — | % | |||||||||||||
Preferred Warrant Series B–Strike Price $2.31, Expiration Date 6/30/2022 | 5/29/2017 | 125,000 | 70,379 | — | — | % | |||||||||||||
Preferred Warrant Series B–Strike Price $2.31, Expiration Date 12/31/2023 | 12/31/2018 | 250,000 | 5,080 | — | — | % | |||||||||||||
Total | 9,670,247 | 4,151,909 | 1.95 | % | |||||||||||||||
SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.) | Woodside, CA | ||||||||||||||||||
Preferred shares, Class A***(10) | Clean Technology | 4/15/2014 | 14,300,000 | 7,151,412 | 930,198 | 0.44 | % | ||||||||||||
Common shares | 4/15/2014 | 100,000 | 10,000 | — | — | % | |||||||||||||
Total | 7,161,412 | 930,198 | 0.44 | % | |||||||||||||||
Total Controlled | $ | 22,962,133 | $ | 17,466,686 | 8.22 | % | |||||||||||||
Total Portfolio Investments | $ | 165,227,019 | $ | 213,571,464 | 100.49 | % | |||||||||||||
U.S. Treasury | |||||||||||||||||||
U.S. Treasury bill, 0%, due 4/4/2019***(3) | 3/28/2019 | $ | 100,000,000 | 99,961,333 | 99,980,000 | 47.04 | % | ||||||||||||
TOTAL INVESTMENTS | $ | 265,188,352 | $ | 313,551,464 | 147.53 | % |
Portfolio Investments* | Headquarters/Industry | Shares/ Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||
Palantir Technologies, Inc. | Palo Alto, CA | |||||||||||||||||||
Preferred shares, Series G | Data Analysis | 326,797 | $ | 1,008,968 | $ | 1,955,290 | 0.93 | % | ||||||||||||
Common shares, Class A | 5,773,690 | 16,189,935 | 34,545,111 | 16.49 | % | |||||||||||||||
Total | 17,198,903 | 36,500,401 | 17.42 | % | ||||||||||||||||
JAMF Holdings, Inc.(14) | Minneapolis, MN | |||||||||||||||||||
Preferred shares, Series B | Mobile Device Management | 1,468,800 | 9,999,928 | 35,177,778 | 16.79 | % | ||||||||||||||
Spotify Technology S.A.** | Stockholm, Sweden | |||||||||||||||||||
Common shares | On-Demand Music Streaming | 9,541 | 13,599,572 | 32,283,584 | 15.41 | % | ||||||||||||||
Coursera, Inc. | Mountain View, CA | |||||||||||||||||||
Preferred shares, Series B | Online Education | 2,961,399 | 14,519,519 | 18,364,968 | 8.77 | % | ||||||||||||||
Dropbox, Inc. | San Francisco, CA | |||||||||||||||||||
Preferred shares, Series A-1 | Cloud Computing Services | 552,486 | 5,015,773 | 6,954,844 | 3.32 | % | ||||||||||||||
Common shares | 760,000 | 8,641,153 | 9,567,086 | 4.57 | % | |||||||||||||||
Total | 13,656,926 | 16,521,930 | 7.89 | % | ||||||||||||||||
StormWind, LLC(2)(6) | Scottsdale, AZ | |||||||||||||||||||
Preferred shares, Series C | Interactive Learning | 2,779,134 | 4,000,787 | 7,856,020 | 3.75 | % | ||||||||||||||
Preferred shares, Series B | 3,279,629 | 2,019,687 | 6,000,048 | 2.86 | % | |||||||||||||||
Preferred shares, Series A | 366,666 | 110,000 | 508,741 | 0.24 | % | |||||||||||||||
Total | 6,130,474 | 14,364,809 | 6.85 | % | ||||||||||||||||
General Assembly Space, Inc. | New York, NY | |||||||||||||||||||
Preferred shares, Series C | Online Education | 126,552 | 2,999,978 | 5,924,582 | 2.83 | % | ||||||||||||||
Common shares | 133,213 | 2,999,983 | 5,960,277 | 2.85 | % | |||||||||||||||
Total | 5,999,961 | 11,884,859 | 5.68 | % | ||||||||||||||||
Chegg, Inc.** | Santa Clara, CA | |||||||||||||||||||
Common shares(3)(13) | Online Education Services | 782,192 | 9,273,458 | 11,607,729 | 5.54 | % | ||||||||||||||
Lytro, Inc. | Mountain View, CA | |||||||||||||||||||
Preferred shares, Series D | Light Field Imaging Platform | 159,160 | 502,081 | 500,001 | 0.24 | % | ||||||||||||||
Preferred shares, Series C-1 | 3,378,379 | 10,000,002 | 10,000,002 | 4.77 | % | |||||||||||||||
Total | 10,502,083 | 10,500,003 | 5.01 | % | ||||||||||||||||
Course Hero, Inc. | Redwood City, CA | |||||||||||||||||||
Preferred shares, Series A | Online Education | 2,145,509 | 5,000,001 | 10,405,629 | 4.97 | % | ||||||||||||||
Ozy Media, Inc.(1) | Mountain View, CA | |||||||||||||||||||
Convertible Promissory Note 5% Due 2/28/2018*** | Digital Media Platform | $ | 2,000,000 | 2,000,000 | 2,000,000 | 0.95 | % | |||||||||||||
Preferred shares, Series B | 922,509 | 4,999,999 | 4,390,887 | 2.10 | % | |||||||||||||||
Preferred shares, Series A | 1,090,909 | 3,000,200 | 2,633,784 | 1.26 | % | |||||||||||||||
Preferred shares, Series Seed | 500,000 | 500,000 | 438,964 | 0.21 | % | |||||||||||||||
Total | 10,500,199 | 9,463,635 | 4.52 | % |
See accompanying notes to condensed consolidated financial statements.
Portfolio Investments* | Headquarters/Industry | Shares/ Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||
NestGSV, Inc. (d/b/a GSV Labs, Inc.)(2) | Redwood City, CA | |||||||||||||||||||
Convertible Promissory Note 8% Due 7/31/2018***(15) | Global Innovation Platform | $ | 560,199 | $ | 563,479 | $ | 560,199 | 0.27 | % | |||||||||||
Unsecured Promissory Note 12% Due 11/29/2017***(11) | $ | 557,735 | 533,353 | 533,353 | 0.25 | % | ||||||||||||||
Preferred shares, Series A-4 | 3,720,424 | 4,904,498 | 5,189,348 | 2.48 | % | |||||||||||||||
Preferred shares, Series A-3 | 1,561,625 | 2,005,730 | 1,815,164 | 0.87 | % | |||||||||||||||
Preferred shares, Series A-2 | 450,001 | 605,500 | 313,836 | 0.15 | % | |||||||||||||||
Preferred shares, Series A-1 | 1,000,000 | 1,021,778 | 523,060 | 0.25 | % | |||||||||||||||
Common shares | 200,000 | 1,000 | — | — | % | |||||||||||||||
Preferred Warrants Series A-3 – Strike Price $1.33 – Expiration Date 4/4/2019 | 187,500 | — | 13,125 | 0.01 | % | |||||||||||||||
Preferred Warrants Series A-4 – Strike Price $1.33 – Expiration Date 10/6/2019 | 500,000 | — | 165,000 | 0.08 | % | |||||||||||||||
Preferred Warrants Series A-4 – Strike Price $1.33 – Expiration Date 7/18/2021 | 250,000 | 74,380 | 100,000 | 0.05 | % | |||||||||||||||
Preferred Warrants Series A-4 – Strike Price $1.33 – Expiration Date 11/29/2021 | 100,000 | 29,275 | 40,000 | 0.02 | % | |||||||||||||||
Preferred Warrant Series B – Strike Price $2.31, Expiration Date 5/29/2022(11) | 125,000 | 70,379 | 81,250 | 0.04 | % | |||||||||||||||
Total | 9,809,372 | 9,334,335 | 4.47 | % | ||||||||||||||||
Lyft, Inc. | San Francisco, CA | |||||||||||||||||||
Preferred shares, Series E | On-Demand Transportation Services | 128,563 | 2,503,585 | 3,709,840 | 1.77 | % | ||||||||||||||
Preferred shares, Series D | 176,266 | 1,792,749 | 5,086,367 | 2.43 | % | |||||||||||||||
Total | 4,296,334 | 8,796,207 | 4.20 | % | ||||||||||||||||
SugarCRM, Inc. | Cupertino, CA | |||||||||||||||||||
Preferred shares, Series E | Customer Relationship Manager | 373,134 | 1,500,522 | 2,408,120 | 1.15 | % | ||||||||||||||
Common shares | 1,524,799 | 5,476,502 | 3,711,007 | 1.77 | % | |||||||||||||||
Total | 6,977,024 | 6,119,127 | 2.92 | % | ||||||||||||||||
Curious.com, Inc.(1) | Menlo Park, CA | |||||||||||||||||||
Preferred shares, Series B | Online Education | 3,407,834 | 12,000,006 | 5,960,187 | 2.85 | % | ||||||||||||||
Enjoy Technology, Inc. | Menlo Park, CA | |||||||||||||||||||
Preferred shares, Series B | On-Demand Commerce | 1,681,520 | 4,000,280 | 4,000,000 | 1.91 | % | ||||||||||||||
Preferred shares, Series A | 879,198 | 1,002,440 | 1,447,844 | 0.69 | % | |||||||||||||||
Total | 5,002,720 | 5,447,844 | 2.60 | % | ||||||||||||||||
Dataminr, Inc. | New York, NY | |||||||||||||||||||
Preferred shares, Series C | Social Media Analytics | 301,369 | 1,100,909 | 1,205,476 | 0.58 | % | ||||||||||||||
Preferred shares, Series B | 904,977 | 2,063,356 | 3,619,908 | 1.73 | % | |||||||||||||||
Total | 3,164,265 | 4,825,384 | 2.31 | % | ||||||||||||||||
Parchment, Inc. | Scottsdale, AZ | |||||||||||||||||||
Preferred shares, Series D | E-Transcript Exchange | 3,200,512 | 4,000,982 | 4,592,322 | 2.19 | % | ||||||||||||||
Avenues Global Holdings, LLC(4) | New York, NY | |||||||||||||||||||
Preferred shares, Junior Preferred Stock | Globally-Focused Private School | 10,014,270 | 10,151,854 | 4,514,409 | 2.16 | % | ||||||||||||||
Whittle Schools, LLC(1)(5) | New York, NY | |||||||||||||||||||
Preferred shares, Series B | Globally-Focused Private School | 3,000,000 | 3,000,000 | 3,000,000 | 1.43 | % | ||||||||||||||
Common shares | 229 | 1,577,097 | 1,500,000 | 0.72 | % | |||||||||||||||
Total | 4,577,097 | 4,500,000 | 2.15% |
See accompanying notes to condensed consolidated financial statements.
Portfolio Investments* | Headquarters/Industry | Shares/ Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||
Knewton, Inc. | New York, NY | |||||||||||||||||||
Preferred shares, Series E | Online Education | 375,985 | $ | 4,999,999 | $ | 3,688,268 | 1.76 | % | ||||||||||||
CUX, Inc. (d/b/a CorpU)(1) | Philadelphia, PA | |||||||||||||||||||
Senior Subordinated Convertible Promissory Note 8%, Due 11/26/2018***(8) | Corporate Education | $ | 1,166,400 | 1,166,400 | 1,166,400 | 0.56 | % | |||||||||||||
Convertible preferred shares, Series D | 169,033 | 778,607 | 775,861 | 0.37 | % | |||||||||||||||
Convertible preferred shares, Series C | 615,763 | 2,006,077 | 1,306,396 | 0.62 | % | |||||||||||||||
Preferred Warrants Series D – Strike Price $4.59 – Expiration Date 2/25/2018 | 16,903 | — | 2,535 | — | % | |||||||||||||||
Total | 3,951,084 | 3,251,192 | 1.55 | % | ||||||||||||||||
A Place for Rover Inc. (f/k/a DogVacay, Inc.)(10) | Seattle, WA | |||||||||||||||||||
Common shares | Peer-to-Peer Pet Services | 707,991 | 2,506,119 | 3,069,644 | 1.47 | % | ||||||||||||||
Declara, Inc.(1) | Palo Alto, CA | |||||||||||||||||||
Convertible Promissory Note 9% Due 12/31/2017(12)(16) | Social Cognitive Learning | $ | 2,120,658 | 2,121,458 | 2,210,411 | 1.06 | % | |||||||||||||
Preferred shares, Series A | 10,716,390 | 9,999,999 | 794,769 | 0.38 | % | |||||||||||||||
Total | 12,121,457 | 3,005,180 | 1.44 | % | ||||||||||||||||
DreamBox Learning, Inc. | Bellevue, WA | |||||||||||||||||||
Preferred shares, Series A-1 | Education Technology | 7,159,221 | 1,502,362 | 1,650,687 | 0.79 | % | ||||||||||||||
Preferred shares, Series A | 3,579,610 | 758,017 | 825,343 | 0.39 | % | |||||||||||||||
Total | 2,260,379 | 2,476,030 | 1.18 | % | ||||||||||||||||
SharesPost, Inc. | San Francisco, CA | |||||||||||||||||||
Preferred shares, Series B | Online Marketplace Finance | 1,771,653 | 2,259,716 | 2,326,864 | 1.11 | % | ||||||||||||||
Common warrants, $0.13 Strike Price, Expiration Date 6/15/2018 | 770,934 | 23,128 | 69,384 | 0.03 | % | |||||||||||||||
Total | 2,282,844 | 2,396,248 | 1.14 | % | ||||||||||||||||
Strategic Data Command, LLC(1)(7) | Sunnyvale, CA | |||||||||||||||||||
Common shares | Big Data Consulting | 2,400,000 | 989,277 | 2,057,155 | 0.98 | % | ||||||||||||||
Clever, Inc. | San Francisco, CA | |||||||||||||||||||
Preferred shares, Series B | Education Software | 1,799,047 | 2,000,601 | 2,000,001 | 0.95 | % | ||||||||||||||
Aspiration Partners, Inc. | Marina Del Rey, CA | |||||||||||||||||||
Preferred shares, Series A | Financial Services | 540,270 | 1,001,815 | 1,759,577 | 0.84 | % | ||||||||||||||
SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.)(2) | Woodside, CA | |||||||||||||||||||
Preferred shares, Class A*** | Clean Technology | 14,300,000 | 7,151,412 | 1,367,193 | 0.65 | % | ||||||||||||||
Common shares | 100,000 | 10,000 | — | — | % | |||||||||||||||
Total | 7,161,412 | 1,367,193 | 0.65 | % | ||||||||||||||||
EdSurge, Inc.(1) | Burlingame, CA | |||||||||||||||||||
Preferred shares, Series A-1 | Education Media Platform | 378,788 | 501,360 | 500,000 | 0.24 | % | ||||||||||||||
Preferred shares, Series A | 494,365 | 500,801 | 500,001 | 0.24 | % | |||||||||||||||
Total | 1,002,161 | 1,000,001 | 0.48 | % | ||||||||||||||||
Tynker (f/k/a Neuron Fuel, Inc.) | Mountain View, CA | |||||||||||||||||||
Preferred shares, Series A | Computer Software | 534,162 | 309,310 | 849,550 | 0.41% |
See accompanying notes to condensed consolidated financial statements.
Portfolio Investments* | Headquarters/Industry | Shares/ Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||
4C Insights (f/k/a The Echo Systems Corp.) | Chicago, IL | |||||||||||||||||||
Common shares | Social Data Platform | 436,219 | $ | 1,436,404 | $ | 591,004 | 0.28 | % | ||||||||||||
Fullbridge, Inc. | Cambridge, MA | |||||||||||||||||||
Common shares | Business Education | 517,917 | 6,150,506 | — | — | % | ||||||||||||||
Promissory note 1.47%, Due 11/9/2021***(16) | $ | 2,270,458 | 2,270,858 | 550,023 | 0.26 | % | ||||||||||||||
Total | 8,421,364 | 550,023 | 0.26 | % | ||||||||||||||||
Maven Research, Inc.(1) | San Francisco, CA | |||||||||||||||||||
Preferred shares, Series C | Knowledge Networks | 318,979 | 2,000,447 | 500,000 | 0.24 | % | ||||||||||||||
Preferred shares, Series B | 49,505 | 217,206 | 49,876 | 0.02 | % | |||||||||||||||
Total | 2,217,653 | 549,876 | 0.26 | % | ||||||||||||||||
Circle Media (f/k/a S3 Digital Corp. (d/b/a S3i))(1) | New York, NY | |||||||||||||||||||
Promissory Note 12%, Due 11/17/2017***(16) | Sports Analytics | $ | 28,008 | 30,408 | — | — | % | |||||||||||||
Preferred shares, Series A | 1,864,495 | 1,777,576 | — | — | % | |||||||||||||||
Preferred warrants, $1.17 Strike Price, Expiration Date 11/18/2022 | 5,360 | 576 | — | — | % | |||||||||||||||
Preferred warrants, $1.17 Strike Price, Expiration Date 8/29/2021 | 175,815 | — | — | — | % | |||||||||||||||
Preferred warrants, $1.17 Strike Price, Expiration Date 6/26/2021 | 38,594 | — | — | — | % | |||||||||||||||
Preferred warrants, $1.17 Strike Price, Expiration Date 9/30/2020 | 160,806 | — | — | — | % | |||||||||||||||
Preferred warrants, $1.00 Strike Price, Expiration Date 11/21/2017 | 500,000 | 31,354 | — | — | % | |||||||||||||||
Total | 1,839,914 | — | — | % | ||||||||||||||||
Handle Financial, Inc. (f/k/a PayNearMe, Inc.)(9) | Sunnyvale, CA | |||||||||||||||||||
Common shares | Cash Payment Network | 548,034 | 14,000,398 | — | — | % | ||||||||||||||
Total Portfolio Investments | 244,862,869 | 289,776,082 | 138.35 | % | ||||||||||||||||
U.S. Treasury | ||||||||||||||||||||
U.S. Treasury Bill, 0%, due 10/5/2017***(3) | $ | 100,000,000 | 99,991,125 | 99,994,000 | 47.74 | % | ||||||||||||||
TOTAL INVESTMENTS | $ | 344,853,994 | $ | 389,770,082 | 186.09 | % |
* | All portfolio investments are non-control/non-affiliated and non-income-producing, unless otherwise identified. Equity investments are subject to lock-up restrictions upon their initial public offering (“IPO”). Preferred dividends are generally only payable when declared and paid by the portfolio company's board of directors. The Company’s directors and |
** | 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 (the “1940 Act”). Of GSV Capital Corp.’s total |
*** | Investment is income-producing. |
See accompanying notes to condensed consolidated financial statements.
(1) | “Affiliate |
(2) |
(3) | Denotes an investment considered Level 1 or Level 2 and valued using observable inputs. |
(4) |
(5) | GSV Capital Corp.’s |
Interest will accrue daily on the unpaid principal balance of the note. Interest began compounding annually on November 26, 2015. Accrued interest is not payable until the earlier of (a) the closing of a subsequent equity offering by CUX, Inc. (d/b/a CorpU), or (b) the maturity of the |
(7) | On April 3, 2018, Spotify Technology S.A. registered for resale up to 55,731,480 ordinary shares by the registered shareholders in a direct listing. GSV Capital Corp.'s common shares of Spotify Technology S.A. are considered unrestricted as they are not subject to restrictions upon sale. During the three months ended March |
(8) | On March 29, |
(9) | Subsequent to December 31, 2018, Ozy Media Inc.'s obligations under its financing arrangements with the Company became past due. |
(10) | The SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.) preferred shares held by GSV Capital Corp. do not entitle GSV Capital Corp. to a preferred dividend rate. During the three months ended March 31, 2019, SPBRX, INC. declared, and GSV Capital Corp. received, an aggregate of |
(11) | On |
Portfolio Investments* | Headquarters/ Industry | Date of Initial Investment | Shares/ Principal | Cost | Fair Value | % of Net Assets | |||||||||||||
NON-CONTROLLED/NON-AFFILIATE | |||||||||||||||||||
Palantir Technologies, Inc. | Palo Alto, CA | ||||||||||||||||||
Common shares, Class A | Data Analysis | 5/7/2012 | 5,773,690 | $ | 16,189,935 | $ | 34,053,394 | 17.43 | % | ||||||||||
Spotify Technology S.A.** | Stockholm, Sweden | ||||||||||||||||||
Common shares(3)(7) | On-Demand Music Streaming | 8/6/2012 | 235,360 | 10,002,084 | 26,713,360 | 13.67 | % | ||||||||||||
Coursera, Inc. | Mountain View, CA | ||||||||||||||||||
Preferred shares, Series B | Online Education | 6/9/2013 | 2,961,399 | 14,519,519 | 23,111,889 | 11.83 | % | ||||||||||||
Dropbox, Inc.** | San Francisco, CA | ||||||||||||||||||
Common shares(3)(8) | Cloud Computing Services | 11/15/2011 | 874,990 | 13,656,926 | 17,876,046 | 9.15 | % | ||||||||||||
Lyft, Inc. | San Francisco, CA | ||||||||||||||||||
Preferred shares, Series E | On-Demand Transportation | 3/11/2015 | 128,563 | 2,503,585 | 6,583,483 | 3.37 | % | ||||||||||||
Preferred shares, Series D | 3/21/2014 | 176,266 | 1,792,749 | 9,026,269 | 4.62 | % | |||||||||||||
Total | 4,296,334 | 15,609,752 | 7.99 | % | |||||||||||||||
Course Hero, Inc. | Redwood City, CA | ||||||||||||||||||
Preferred shares, Series A | Online Education | 9/18/2014 | 2,145,509 | 5,000,001 | 14,106,625 | 7.22 | % | ||||||||||||
Nextdoor.com, Inc. | San Francisco, CA | ||||||||||||||||||
Common shares | Social Networking | 9/27/2018 | 580,360 | 10,006,578 | 10,097,442 | 5.17 | % | ||||||||||||
SharesPost, Inc. | San Francisco, CA | ||||||||||||||||||
Preferred shares, Series B | Online Marketplace Finance | 7/19/2011 | 1,771,653 | 2,259,716 | 5,943,577 | 3.04 | % | ||||||||||||
Common shares(13) | 7/20/2011 | 770,934 | 123,987 | 855,327 | 0.44 | % | |||||||||||||
Total | 2,383,703 | 6,798,904 | 3.48 | % | |||||||||||||||
Parchment, Inc. | Scottsdale, AZ | ||||||||||||||||||
Preferred shares, Series D 8% | E-Transcript Exchange | 10/1/2012 | 3,200,512 | 4,000,982 | 6,151,161 | 3.15 | % | ||||||||||||
Enjoy Technology, Inc. | Menlo Park, CA | ||||||||||||||||||
Preferred shares, Series B | On-Demand Commerce | 7/29/2015 | 1,681,520 | 4,000,280 | 4,000,000 | 2.05 | % | ||||||||||||
Preferred shares, Series A | 10/16/2014 | 879,198 | 1,002,440 | 2,091,436 | 1.07 | % | |||||||||||||
Total | 5,002,720 | 6,091,436 | 3.12 | % | |||||||||||||||
A Place for Rover Inc. (f/k/a DogVacay, Inc.) | Seattle, WA | ||||||||||||||||||
Common shares | Peer-to-Peer Pet Services | 11/3/2014 | 707,991 | 2,506,119 | 3,511,661 | 1.80 | % | ||||||||||||
Knewton, Inc. | New York, NY | ||||||||||||||||||
Preferred shares, Series E | Online Education | 12/16/2013 | 375,985 | 4,999,999 | 2,021,690 | 1.03 | % | ||||||||||||
Convertible Promissory Note 8% Due 12/31/2019(12) | 7/23/2018 | $ | 134,405 | 135,213 | 134,405 | 0.07 | % | ||||||||||||
Total | 5,135,212 | 2,156,095 | 1.10 | % | |||||||||||||||
Clever, Inc. | San Francisco, CA | ||||||||||||||||||
Preferred shares, Series B | Education Software | 12/5/2014 | 1,799,047 | 2,000,601 | 2,000,001 | 1.02 | % | ||||||||||||
Aspiration Partners, Inc. | Marina Del Rey, CA | ||||||||||||||||||
Preferred shares, Series A | Financial Services | 8/11/2015 | 540,270 | 1,001,815 | 999,975 | 0.51 | % | ||||||||||||
Tynker (f/k/a Neuron Fuel, Inc.) | Mountain View, CA | ||||||||||||||||||
Preferred shares, Series A 8% | Computer Software | 8/8/2012 | 534,162 | 309,310 | 789,492 | 0.41 | % | ||||||||||||
4C Insights (f/k/a The Echo Systems Corp.) | Chicago, IL | ||||||||||||||||||
Common shares | Social Data Platform | 3/30/2012 | 436,219 | 1,436,404 | — | — | % | ||||||||||||
Fullbridge, Inc. | Cambridge, MA | ||||||||||||||||||
Common shares | Business Education | 5/13/2012 | 517,917 | 6,150,506 | — | — | % | ||||||||||||
Promissory Note 1.49% Due 11/9/2021(4) | 3/3/2016 | $ | 2,270,458 | 2,270,858 | — | — | % | ||||||||||||
Total | 8,421,364 | — | — | % | |||||||||||||||
Total Non-controlled/Non-affiliate | $ | 105,869,607 | $ | 170,067,233 | 87.05 | % |
Portfolio Investments* | Headquarters/Industry | Shares/ Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||
Palantir Technologies, Inc. | Palo Alto, CA | |||||||||||||||||||
Preferred shares, Series G | Data Analysis | 326,797 | $ | 1,008,968 | $ | 2,223,594 | 1.16 | % | ||||||||||||
Common shares, Class A | 5,773,690 | 16,189,935 | 39,285,371 | 20.45 | % | |||||||||||||||
Total | 17,198,903 | 41,508,965 | 21.61 | % | ||||||||||||||||
Spotify Technology S.A.** | Stockholm, Sweden | |||||||||||||||||||
Common shares | On-Demand Music Streaming | 9,541 | 13,599,572 | 18,931,691 | 9.85 | % | ||||||||||||||
Coursera, Inc. | Mountain View, CA | |||||||||||||||||||
Preferred shares, Series B | Online Education | 2,961,399 | 14,519,519 | 14,510,855 | 7.55 | % | ||||||||||||||
JAMF Holdings, Inc. | Minneapolis, MN | |||||||||||||||||||
Preferred shares, Series B | Mobile Device Management | 73,440 | 9,999,928 | 13,856,754 | 7.21 | % | ||||||||||||||
General Assembly Space, Inc. | New York, NY | |||||||||||||||||||
Preferred shares, Series C | Online Education | 126,552 | 2,999,978 | 6,697,132 | 3.49 | % | ||||||||||||||
Common shares | 133,213 | 2,999,983 | 7,049,632 | 3.67 | % | |||||||||||||||
Total | 5,999,961 | 13,746,764 | 7.16 | % | ||||||||||||||||
Dropbox, Inc. | San Francisco, CA | |||||||||||||||||||
Preferred shares, Series A-1 | Cloud Computing Services | 552,486 | 5,015,773 | 5,552,484 | 2.89 | % | ||||||||||||||
Common shares | 760,000 | 8,641,153 | 7,638,000 | 3.98 | % | |||||||||||||||
Total | 13,656,926 | 13,190,484 | 6.87 | % | ||||||||||||||||
Lytro, Inc. | Mountain View, CA | |||||||||||||||||||
Preferred shares, Series D | Light Field Imaging Platform | 159,160 | 502,081 | 500,001 | 0.26 | % | ||||||||||||||
Preferred shares, Series C-1 | 3,378,379 | 10,000,002 | 10,408,150 | 5.42 | % | |||||||||||||||
Total | 10,502,083 | 10,908,151 | 5.68 | % | ||||||||||||||||
Ozy Media, Inc.(1) | Mountain View, CA | |||||||||||||||||||
Convertible Promissory Note 5% Due 2/28/2018*** | Digital Media Platform | $ | 2,000,000 | 2,000,000 | 2,000,000 | 1.04 | % | |||||||||||||
Preferred shares, Series B | 922,509 | 4,999,999 | 4,999,999 | 2.60 | % | |||||||||||||||
Preferred shares, Series A | 1,090,909 | 3,000,200 | 3,000,000 | 1.56 | % | |||||||||||||||
Preferred shares, Series Seed | 500,000 | 500,000 | 610,000 | 0.32 | % | |||||||||||||||
Total | 10,500,199 | 10,609,999 | 5.52 | % | ||||||||||||||||
Course Hero, Inc. | Redwood City, CA | |||||||||||||||||||
Preferred shares, Series A | Online Education | 2,145,509 | 5,000,001 | 10,532,304 | 5.48 | % | ||||||||||||||
Curious.com Inc.(1) | Menlo Park, CA | |||||||||||||||||||
Preferred shares, Series B | Online Education | 3,407,834 | 12,000,006 | 9,984,954 | 5.20 | % | ||||||||||||||
StormWind, LLC(2)(6) | Scottsdale, AZ | |||||||||||||||||||
Preferred shares, Series C | Interactive Learning | 2,779,134 | 4,000,787 | 4,650,838 | 2.42 | % | ||||||||||||||
Preferred shares, Series B | 3,279,629 | 2,019,687 | 4,470,403 | 2.33 | % | |||||||||||||||
Preferred shares, Series A | 366,666 | 110,000 | 499,796 | 0.26 | % | |||||||||||||||
Total | 6,130,474 | 9,621,037 | 5.01 | % | ||||||||||||||||
Chegg, Inc.**(18) | Santa Clara, CA | |||||||||||||||||||
Common shares | Online Education Services | 1,182,792 | 14,022,863 | 8,729,005 | 4.54 | % | ||||||||||||||
Declara, Inc.(1) | Palo Alto, CA | |||||||||||||||||||
Convertible Promissory Note 9% Due 6/30/2017***(12) | Social Cognitive Learning | $ | 2,120,658 | 2,120,658 | 2,827,020 | 1.47 | % | |||||||||||||
Preferred shares, Series A | 10,716,390 | 9,999,999 | 4,786,654 | 2.49 | % | |||||||||||||||
Total | 12,120,657 | 7,613,674 | 3.96 | % |
Portfolio Investments* | Headquarters/ Industry | Date of Initial Investment | Shares/ Principal | Cost | Fair Value | % of Net Assets | ||||||||||||
NON-CONTROLLED/AFFILIATE(1) | ||||||||||||||||||
Ozy Media, Inc. | Mountain View, CA | |||||||||||||||||
Convertible Promissory Note 5% Due 12/31/2018(11) | Digital Media Platform | 8/31/2016 | 2,102,384 | $ | 2,102,384 | $ | 3,153,575 | 1.61 | % | |||||||||
Preferred shares, Series B 6% | 10/3/2014 | 922,509 | 4,999,999 | — | — | % | ||||||||||||
Preferred shares, Series A 6% | 12/11/2013 | 1,090,909 | 3,000,200 | — | — | % | ||||||||||||
Preferred shares, Series Seed 6% | 11/2/2012 | 500,000 | 500,000 | — | — | % | ||||||||||||
Common Warrants, Strike Price $0.01, Expiration Date 4/9/2028(11) | 4/9/2018 | 295,565 | 30,647 | — | — | % | ||||||||||||
Total | 10,633,230 | 3,153,575 | 1.61 | % | ||||||||||||||
CUX, Inc. (d/b/a CorpU) | Philadelphia, PA | |||||||||||||||||
Senior Subordinated Convertible Promissory Note 10% Due 2/14/2020***(6) | Corporate Education | 11/26/2014 | 1,360,489 | 1,361,969 | 1,360,489 | 0.70 | % | |||||||||||
Convertible preferred shares, Series D 6% | 5/31/2013 | 169,033 | 778,607 | 878,005 | 0.45 | % | ||||||||||||
Convertible preferred shares, Series C 8% | 3/29/2012 | 615,763 | 2,006,077 | — | — | % | ||||||||||||
Preferred Warrants Series D, Strike Price $4.59, Expiration Date 2/14/2020(9) | 5/31/2013 | 16,903 | — | 19,946 | 0.01 | % | ||||||||||||
Total | 4,146,653 | 2,258,440 | 1.16 | % | ||||||||||||||
EdSurge, Inc. | Burlingame, CA | |||||||||||||||||
Preferred shares, Series A-1 | Education Media Platform | 11/12/2015 | 378,788 | 501,360 | 250,000 | 0.13 | % | |||||||||||
Preferred shares, Series A | 2/28/2014 | 494,365 | 500,801 | 269,848 | 0.14 | % | ||||||||||||
Total | 1,002,161 | 519,848 | 0.27 | % | ||||||||||||||
Maven Research, Inc. | San Francisco, CA | |||||||||||||||||
Preferred shares, Series C | Knowledge Networks | 7/2/2012 | 318,979 | 2,000,447 | — | — | % | |||||||||||
Preferred shares, Series B | 2/28/2012 | 49,505 | 217,206 | — | — | % | ||||||||||||
Total | 2,217,653 | — | — | % | ||||||||||||||
Curious.com, Inc. | Menlo Park, CA | |||||||||||||||||
Common shares(15) | Online Education | 11/22/2013 | 1,135,944 | 12,000,006 | — | — | % | |||||||||||
Declara, Inc. | Palo Alto, CA | |||||||||||||||||
Convertible Promissory Note 12% Due 4/30/2018(4)(10) | Social Cognitive Learning | 12/30/2015 | 2,327,727 | 2,334,152 | — | — | % | |||||||||||
Preferred shares, Series A 8% | 4/17/2014 | 10,716,390 | 9,999,999 | — | — | % | ||||||||||||
Total | 12,334,151 | — | — | % | ||||||||||||||
Total Non-controlled/Affiliate | $ | 42,333,854 | $ | 5,931,863 | 3.04 | % | ||||||||||||
CONTROLLED(2) | ||||||||||||||||||
StormWind, LLC(5) | Scottsdale, AZ | |||||||||||||||||
Preferred shares, Series C 8% | Interactive Learning | 1/7/2014 | 2,779,134 | 4,000,787 | 7,194,971 | 3.68 | % | |||||||||||
Preferred shares, Series B 8% | 12/16/2011 | 3,279,629 | 2,019,687 | 5,770,328 | 2.95 | % | ||||||||||||
Preferred shares, Series A 8% | 2/25/2014 | 366,666 | 110,000 | 421,525 | 0.22 | % | ||||||||||||
Total | 6,130,474 | 13,386,824 | 6.85 | % |
Portfolio Investments* | Headquarters/Industry | Shares/ Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||
Lyft, Inc. | San Francisco, CA | |||||||||||||||||||
Preferred shares, Series E | On-Demand Transportation Services | 128,563 | $ | 2,503,585 | $ | 3,249,430 | 1.69 | % | ||||||||||||
Preferred shares, Series D | 176,266 | 1,792,749 | 4,203,062 | 2.19 | % | |||||||||||||||
Total | 4,296,334 | 7,452,492 | 3.88 | % | ||||||||||||||||
Avenues Global Holdings, LLC(4) | New York, NY | |||||||||||||||||||
Preferred shares, Junior Preferred Stock | Globally-Focused Private School | 10,014,270 | 10,151,854 | 6,128,733 | 3.19 | % | ||||||||||||||
SugarCRM, Inc. | Cupertino, CA | |||||||||||||||||||
Preferred shares, Series E | Customer Relationship Manager | 373,134 | 1,500,522 | 2,354,476 | 1.23 | % | ||||||||||||||
Common shares | 1,524,799 | 5,476,502 | 3,762,442 | 1.96 | % | |||||||||||||||
Total | 6,977,024 | 6,116,918 | 3.19 | % | ||||||||||||||||
Dataminr, Inc. | New York, NY | |||||||||||||||||||
Preferred shares, Series C | Social Media Analytics | 301,369 | 1,100,909 | 1,377,256 | 0.72 | % | ||||||||||||||
Preferred shares, Series B | 904,977 | 2,063,356 | 4,135,745 | 2.15 | % | |||||||||||||||
Total | 3,164,265 | 5,513,001 | 2.87 | % | ||||||||||||||||
Enjoy Technology, Inc. | Menlo Park, CA | |||||||||||||||||||
Preferred shares, Series B | On-Demand Commerce | 1,681,520 | 4,000,280 | 4,000,000 | 2.08 | % | ||||||||||||||
Preferred shares, Series A | 879,198 | 1,002,440 | 1,443,091 | 0.75 | % | |||||||||||||||
Total | 5,002,720 | 5,443,091 | 2.83 | % | ||||||||||||||||
NestGSV, Inc. (d/b/a GSV Labs, Inc.)(2) | Redwood City, CA | |||||||||||||||||||
Convertible Promissory Note 8% Due 7/31/2017*** | Global Innovation Platform | $ | 500,000 | 457,592 | 427,900 | 0.22 | % | |||||||||||||
Unsecured Promissory Note 12% Due 5/29/2017*** | $ | 526,000 | 501,802 | 496,725 | 0.26 | % | ||||||||||||||
Preferred shares, Series A-4(14) | 3,720,424 | 4,904,498 | 2,715,910 | 1.41 | % | |||||||||||||||
Preferred shares, Series A-3(14) | 1,561,625 | 2,005,730 | 952,591 | 0.50 | % | |||||||||||||||
Preferred shares, Series A-2(14) | 450,001 | 605,500 | 166,500 | 0.09 | % | |||||||||||||||
Preferred shares, Series A-1(14) | 1,000,000 | 1,021,778 | 270,000 | 0.14 | % | |||||||||||||||
Common shares | 200,000 | 1,000 | — | 0.00 | % | |||||||||||||||
Preferred warrants, Series A-3 – $1.33 Strike Price, Expiration Date 4/4/2019 | 187,500 | — | 5,625 | — | % | |||||||||||||||
Preferred warrants, Series A-4 – $1.33 Strike Price, Expiration Date 10/6/2019 | 500,000 | — | 40,000 | 0.02 | % | |||||||||||||||
Preferred warrants, Series A-4 – $1.33 Strike Price, Expiration Date 7/18/2021 | 250,000 | 74,380 | 22,500 | 0.01 | % | |||||||||||||||
Preferred warrants, Series A-4 – $1.33 Strike Price, Expiration Date 11/29/2021 | 100,000 | 29,275 | 9,000 | — | ||||||||||||||||
Total | 9,601,555 | 5,106,751 | 2.65 | % | ||||||||||||||||
Whittle Schools, LLC(1)(5) | New York, NY | |||||||||||||||||||
Preferred shares, Series B | Globally-Focused Private School | 3,000,000 | 3,000,000 | 3,000,000 | 1.56 | % | ||||||||||||||
Common shares | 229 | 1,577,097 | 1,500,000 | 0.78 | % | |||||||||||||||
Total | 4,577,097 | 4,500,000 | 2.34 | % | ||||||||||||||||
Snap Inc. (f/k/a Snapchat, Inc.) | Venice, CA | |||||||||||||||||||
Preferred shares, Series F(17) | Social Communication | 130,208 | 2,001,135 | 2,184,565 | 1.14 | % | ||||||||||||||
Common shares, Class A(17) | 130,208 | 2,001,135 | 2,184,565 | 1.14 | % | |||||||||||||||
Total | 4,002,270 | 4,369,130 | 2.28% |
Portfolio Investments* | Headquarters/ Industry | Date of Initial Investment | Shares/ Principal | Cost | Fair Value | % of Net Assets | |||||||||||||
NestGSV, Inc. (d/b/a GSV Labs, Inc.) | San Mateo, CA | ||||||||||||||||||
Convertible Promissory Note 12% Due 12/31/2019***(14) | Global Innovation Platform | 2/17/2016 | 936,525 | 951,436 | 936,525 | 0.48 | % | ||||||||||||
Preferred shares, Series A-4 | 10/6/2014 | 3,720,424 | 4,904,498 | 4,960,553 | 2.54 | % | |||||||||||||
Preferred shares, Series A-3 | 4/4/2014 | 1,561,625 | 2,005,730 | 1,735,134 | 0.89 | % | |||||||||||||
Preferred shares, Series A-2 | 7/15/2013 | 450,001 | 605,500 | 300,000 | 0.15 | % | |||||||||||||
Preferred shares, Series A-1 | 5/25/2012 | 1,000,000 | 1,021,778 | 499,999 | 0.26 | % | |||||||||||||
Common shares | 7/1/2014 | 200,000 | 1,000 | — | — | % | |||||||||||||
Preferred Warrants Series A-3, Strike Price $1.33, Expiration Date 4/4/2021(14) | 4/4/2014 | 187,500 | — | 26,250 | 0.01 | % | |||||||||||||
Preferred Warrants Series A-4, Strike Price $1.33, Expiration Date 10/6/2021(14) | 10/6/2014 | 500,000 | — | 145,000 | 0.07 | % | |||||||||||||
Preferred Warrants Series A-4, Strike Price $1.33, Expiration Date 7/18/2021 | 7/8/2016 | 250,000 | 74,380 | 70,000 | 0.04 | % | |||||||||||||
Preferred Warrants Series B, Strike Price $2.31, Expiration Date 11/29/2021 | 11/29/2016 | 100,000 | 29,275 | 556 | 0.00 | % | |||||||||||||
Preferred Warrant Series B, Strike Price $2.31, Expiration Date 5/29/2022 | 5/29/2017 | 125,000 | 70,379 | 694 | 0.00 | % | |||||||||||||
Preferred Warrant Series B–Strike Price $2.31, Expiration Date 12/31/2023(14) | 12/31/2018 | 250,000 | 5,080 | 5,000 | 0.00 | % | |||||||||||||
Total | 9,669,056 | 8,679,711 | 4.44 | % | |||||||||||||||
SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.) | Woodside, CA | ||||||||||||||||||
Preferred shares, Class A***(16) | Clean Technology | 4/15/2014 | 14,300,000 | 7,151,412 | 750,198 | 0.38 | % | ||||||||||||
Common shares | 4/15/2014 | 100,000 | 10,000 | — | — | % | |||||||||||||
Total | 7,161,412 | 750,198 | 0.38 | % | |||||||||||||||
Total Controlled | $ | 22,960,942 | $ | 22,816,733 | 11.68 | % | |||||||||||||
Total Portfolio Investments | $ | 171,164,403 | $ | 198,815,829 | 101.76 | % | |||||||||||||
U.S. Treasury | |||||||||||||||||||
U.S. Treasury bills, 0%, due 1/3/2019***(3) | 12/27/2018 | $ | 100,000,000 | 99,982,067 | 99,994,000 | 51.18 | % | ||||||||||||
TOTAL INVESTMENTS | $ | 271,146,470 | $ | 298,809,829 | 152.94 | % |
Portfolio Investments* | Headquarters/Industry | Shares/ Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||
SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.)(2) | Woodside, CA | |||||||||||||||||||
Preferred shares, Class A | Clean Technology | 14,300,000 | $ | 7,151,412 | $ | 4,309,778 | 2.24 | % | ||||||||||||
Common shares | 100,000 | 10,000 | — | — | % | |||||||||||||||
Total | 7,161,412 | 4,309,778 | 2.24 | % | ||||||||||||||||
Parchment, Inc. | Scottsdale, AZ | |||||||||||||||||||
Preferred shares, Series D | E-Transcript Exchange | 3,200,512 | 4,000,982 | 4,000,000 | 2.08 | % | ||||||||||||||
CUX, Inc. (d/b/a CorpU)(1) | Philadelphia, PA | |||||||||||||||||||
Senior Subordinated Convertible Promissory Note 8%, Due 11/26/2018***(8) | Corporate Education | $ | 1,166,400 | 1,166,400 | 1,166,400 | 0.61 | % | |||||||||||||
Convertible preferred shares, Series D | 169,033 | 778,607 | 775,861 | 0.40 | % | |||||||||||||||
Convertible preferred shares, Series C | 615,763 | 2,006,077 | 1,913,484 | 1.00 | % | |||||||||||||||
Preferred warrants, Series D, $4.59 Strike Price, Expiration Date 2/25/2018 | 16,903 | — | 4,395 | — | % | |||||||||||||||
Total | 3,951,084 | 3,860,140 | 2.01 | % | ||||||||||||||||
Knewton, Inc. | New York, NY | |||||||||||||||||||
Preferred shares, Series E | Online Education | 375,985 | 4,999,999 | 3,782,409 | 1.97 | % | ||||||||||||||
DogVacay, Inc. | Santa Monica, CA | |||||||||||||||||||
Preferred shares, Series B-1 | Peer-to-Peer Pet Services | 514,562 | 2,506,119 | 2,500,771 | 1.30 | % | ||||||||||||||
SharesPost, Inc. | San Bruno, CA | |||||||||||||||||||
Preferred shares, Series B | Online Marketplace Finance | 1,771,653 | 2,259,716 | 2,249,999 | 1.17 | % | ||||||||||||||
Common warrants, $0.13 Strike Price, Expiration Date 6/15/2018 | 770,934 | 23,128 | 69,384 | 0.04 | % | |||||||||||||||
Total | 2,282,844 | 2,319,383 | 1.21 | % | ||||||||||||||||
DreamBox Learning, Inc. | Bellevue, WA | |||||||||||||||||||
Preferred shares, Series A-1 | Education Technology | 7,159,221 | 1,502,362 | 1,503,436 | 0.78 | % | ||||||||||||||
Preferred shares, Series A | 3,579,610 | 758,017 | 751,718 | 0.39 | % | |||||||||||||||
Total | 2,260,379 | 2,255,154 | 1.17 | % | ||||||||||||||||
Maven Research, Inc.(1) | San Francisco, CA | |||||||||||||||||||
Preferred shares, Series C | Knowledge Networks | 318,979 | 2,000,447 | 1,999,998 | 1.04 | % | ||||||||||||||
Preferred shares, Series B | 49,505 | 217,206 | 223,763 | 0.12 | % | |||||||||||||||
Total | 2,217,653 | 2,223,761 | 1.16 | % | ||||||||||||||||
Strategic Data Command, LLC(1)(7) | Sunnyvale, CA | |||||||||||||||||||
Common shares | Big Data Consulting | 2,400,000 | 989,277 | 2,052,555 | 1.07 | % | ||||||||||||||
Clever, Inc. | San Francisco, CA | |||||||||||||||||||
Preferred shares, Series B | Education Software | 1,799,047 | 2,000,601 | 2,000,001 | 1.04 | % | ||||||||||||||
EdSurge, Inc.(1) | Burlingame, CA | |||||||||||||||||||
Preferred shares, Series A-1 | Education Media Platform | 378,788 | 501,360 | 500,000 | 0.26 | % | ||||||||||||||
Preferred shares, Series A | 494,365 | 500,801 | 588,294 | 0.31 | % | |||||||||||||||
Total | 1,002,161 | 1,088,294 | 0.57% |
See accompanying notes to condensed consolidated financial statements.
Portfolio Investments* | Headquarters/Industry | Shares/ Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||
Tynker (f/k/a Neuron Fuel, Inc.) | Mountain View, CA | |||||||||||||||||||
Preferred shares, Series A | Computer Software | 534,162 | $ | 309,310 | $ | 881,367 | 0.46 | % | ||||||||||||
Fullbridge, Inc. | Cambridge, MA | |||||||||||||||||||
Common shares | Business Education | 517,917 | 6,150,506 | — | — | % | ||||||||||||||
Junior note 1.49%, Due 11/9/2021 | 2,270,458 | 2,270,858 | 877,359 | 0.46 | % | |||||||||||||||
Total | 8,421,364 | 877,359 | 0.46 | % | ||||||||||||||||
Circle Media (f/k/a S3 Digital Corp. (d/b/a S3i))(1) | New York, NY | |||||||||||||||||||
Promissory Note 12%, Due 11/17/2017***(15) | Sports Analytics | $ | 25,000 | 26,840 | 26,544 | 0.01 | % | |||||||||||||
Preferred shares, Series A | 1,864,495 | 1,777,576 | 484,769 | 0.26 | % | |||||||||||||||
Preferred warrants, $1.17 Strike Price, Expiration Date 11/18/2022 | 5,360 | 576 | — | — | % | |||||||||||||||
Preferred warrants, $1.17 Strike Price, Expiration Date 8/29/2021 | 175,815 | — | — | — | % | |||||||||||||||
Preferred warrants, $1.17 Strike Price, Expiration Date 6/26/2021 | 38,594 | — | — | — | % | |||||||||||||||
Preferred warrants, $1.17 Strike Price, Expiration Date 9/30/2020 | 160,806 | — | — | — | % | |||||||||||||||
Preferred warrants, $1.00 Strike Price, Expiration Date 11/21/2017 | 500,000 | 31,354 | — | — | % | |||||||||||||||
Total | 1,836,346 | 511,313 | 0.27 | % | ||||||||||||||||
4C Insights (f/k/a The Echo Systems Corp.) | Chicago, IL | �� | ||||||||||||||||||
Common shares | Social Data Platform | 436,219 | 1,436,404 | 505,744 | 0.26 | % | ||||||||||||||
Aspiration Partners, Inc. | Marina Del Rey, CA | |||||||||||||||||||
Preferred shares, Series A(11) | Financial Services | 540,270 | 1,001,815 | 307,954 | 0.16 | % | ||||||||||||||
Handle Financial, Inc. (f/k/a PayNearMe, Inc.) | Sunnyvale, CA | |||||||||||||||||||
Common shares(13) | Cash Payment Network | 5,480,348 | 14,000,398 | 164,410 | 0.09 | % | ||||||||||||||
Global Education Learning (Holdings) Ltd.(1)** | Hong Kong | |||||||||||||||||||
Preferred shares, Series A | Education Technology | 2,126,475 | 675,495 | — | — | % | ||||||||||||||
AlwaysOn, Inc.(1) | Woodside, CA | |||||||||||||||||||
Preferred shares, Series A-1 | Social Media | 4,465,925 | 876,023 | — | — | % | ||||||||||||||
Preferred shares, Series A | 1,066,626 | 1,027,391 | — | — | % | |||||||||||||||
Preferred warrants Series A, $1.00 Strike Price, Expiration Date 1/9/2017 | 109,375 | — | — | — | % | |||||||||||||||
Total | 1,903,414 | — | — | % | ||||||||||||||||
Orchestra One, Inc. (f/k/a Learnist Inc.) | San Francisco, CA | |||||||||||||||||||
Common shares | Consumer Health Technology | 57,026 | 4,959,614 | — | — | % | ||||||||||||||
Cricket Media (f/k/a ePals Inc.)(10) | Herndon, VA | |||||||||||||||||||
Common shares | Online Education | 133,333 | 2,448,959 | — | —% |
See accompanying notes to condensed consolidated financial statements.
Portfolio Investments* | Headquarters/Industry | Shares/ Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||
Earlyshares.com, Inc. | Miami, FL | |||||||||||||||||||
Convertible Promissory Note 5%, Due 2/26/2017 ***(9)(3) | Equity Crowdfunding | $ | 50,000 | $ | 50,840 | $ | — | — | % | |||||||||||
Preferred shares, Series A | 165,715 | 261,598 | — | — | % | |||||||||||||||
Total | 312,438 | — | — | % | ||||||||||||||||
Beamreach Solar, Inc. (f/k/a Solexel, Inc.) | Milpitas, CA | |||||||||||||||||||
Convertible Promissory Note 9%, Due 5/10/2017***(3)(16) | Solar Power | $ | 250,000 | 254,444 | — | — | % | |||||||||||||
Preferred shares, Series D | 1,613,413 | 2,419,751 | — | — | % | |||||||||||||||
Preferred shares, Series C | 5,300,158 | 11,598,648 | — | — | % | |||||||||||||||
Total | 14,272,843 | — | — | % | ||||||||||||||||
AliphCom, Inc. (d/b/a Jawbone) | San Francisco, CA | |||||||||||||||||||
Common shares | Smart Device Company | 150,000 | 793,152 | — | — | % | ||||||||||||||
Total Portfolio Investments | 278,768,274 | 262,015,146 | 136.38 | % | ||||||||||||||||
U.S. Treasury | ||||||||||||||||||||
U.S. Treasury Bill, 0%, due 1/5/2017***(18) | $ | 30,000,000 | 29,998,750 | 29,998,490 | 15.62 | % | ||||||||||||||
TOTAL INVESTMENTS | $ | 308,767,024 | $ | 292,013,636 | 152.00 | % |
* | All portfolio investments are non-control/non-affiliated and non-income-producing, unless otherwise identified. Equity investments are subject to lock-up restrictions upon their initial public offering (“IPO”). Preferred dividends are generally only payable when declared and paid by the portfolio company's board of directors. The Company’s and GSV Asset |
** | 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 (the “1940 Act”). Of GSV Capital Corp.’s total |
*** | Investment is income-producing. |
(1) | “Affiliate |
(2) | “Control |
(3) | Denotes an investment considered Level 1 or Level 2 and valued using observable inputs. |
(4) | As of December 31, |
See accompanying notes to condensed consolidated financial statements.
(5) | GSV Capital Corp.’s |
Interest will accrue daily on the unpaid principal balance of the note. Interest began compounding annually on November 26, 2015. Accrued interest is not payable until the earlier of (a) the closing of a subsequent equity offering by CUX, Inc. (d/b/a CorpU), or (b) the maturity of the |
(7) | On March 14, 2018, as disclosed in its Amendment No. 1 to its Form F-1 Registration Statement filed in connection with its direct listing, Spotify Technology S.A. effectuated a 40:1 stock split of its ordinary shares, beneficiary certificates and any other of its outstanding securities. On April 3, 2018, Spotify Technology S.A., registered for resale up to 55,731,480 ordinary shares by the registered shareholders in a direct listing. GSV Capital Corp.'s common shares of Spotify Technology S.A. are considered unrestricted as they are not subject to restriction upon sale. At December 31, 2018, GSV Capital Corp. valued its common shares of Spotify Technology S.A. based on its December 31, 2018 closing price. |
(8) | On March 7, 2018, as disclosed in its Amendment No. 1 to its Form S-1 Registration Statement filed in connection with its initial public offering, Dropbox, Inc. effectuated a 1:1.5 reverse stock split of its capital stock. On March 23, 2018, Dropbox, Inc. priced its initial public offering for 26,822,409 Class A common shares at a price of $21.00 per share. Dropbox, Inc., also registered for resale up to 9,177,591 Class A common shares by the registered shareholders. As of August 23, 2018 GSV Capital Corp.'s shares of common stock in Dropbox, Inc. were no longer restricted. At December 31, 2018, GSV Capital Corp. valued its common shares of Dropbox, Inc. based on its December 31, 2018 closing price. |
(9) | On February 23, 2018, CUX, Inc. (d/b/a CorpU) agreed to extend the maturity of the GSV Capital Corp.'s Series D warrants until August 1, 2018. On July 31, 2018, CUX, Inc. (d/b/a CorpU) agreed to further extend the maturity of GSV Capital Corp.'s Series D warrants until November 26, 2018. On October 31, 2018 and in connection with the extension of the maturity date on the related debt investment, CUX, Inc. (d/b/a CorpU) agreed to further extend the maturity of GSV Capital Corp's Series D warrants until February 14, 2020. |
(10) | On |
(11) | Effective April 9, 2018, the term of Ozy Media Inc. |
(12) | On July 23, 2018, Knewton, Inc. issued an 8% unsecured convertible promissory amount with a principal amount of $134,405 and a maturity date of December 31, 2019 to GSV Capital Corp. |
(13) | On |
(14) |
the principal of the extended note. On December 31, |
(15) | On |
(16) |
an administration agreement (the “Administration Agreement”). Refer to "Note 3 — Related-Party Arrangements" for further detail.
Subsidiary | Jurisdiction of Incorporation | Formation Date | Percentage Owned | |||||||||
GCL | Delaware | April 13, 2012 | ||||||||||
Subsidiaries below are referred to collectively, as the “GSVC Holdings” | ||||||||||||
GSVC AE Holdings, Inc. (“GAE”) | Delaware | November 28, 2012 | ||||||||||
GSVC AV Holdings, Inc. (“GAV”) | Delaware | November 28, 2012 | ||||||||||
GSVC NG Holdings, Inc. (“GNG”) | Delaware | November 28, 2012 | ||||||||||
GSVC SW Holdings, Inc. (“GSW”) | Delaware | November 28, 2012 | ||||||||||
GSVC WS Holdings, Inc. (“GWS”) | Delaware | November 28, 2012 | ||||||||||
GSVC SVDS Holdings, Inc. (“SVDS”) | Delaware | August 13, 2013 |
Companies. Companies. In the opinion of management, all adjustments, all of which were of a normal recurring nature, considered necessary for the fair presentation of condensed consolidated financial statements for the interim period have been included.
Level 2—Valuations based on observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data at the measurement date for substantially the full term of the assets or liabilities.
1. | The quarterly valuation process begins with each portfolio company or investment being initially valued by the investment professionals |
2. | Preliminary valuation conclusions are then documented and discussed with |
3. | An independent third-party valuation firm is engaged by the Valuation Committee to conduct independent appraisals and review |
4. | The Valuation Committee discusses the valuations and recommends to the Company’s |
5. | The Company’s |
and mergers or acquisitions affecting the portfolio company. In addition, the Company may consider the trends of the portfolio company’s basic financial metrics from the time of its original investment until the measurement date, with material improvement of these metrics indicating a possible increase in fair value, while material deterioration of these metrics may indicate a possible reduction in fair value.
The carrying amounts of the Company’s other, non-investment financial instruments, consisting of cash, receivables, accounts payable, and accrued expenses, approximate fair value due to their short-term nature.
PortfolioCompany Investment Classification
GSV Capital is a non-diversified company within the meaning
| March 31, 2019 | December 31, 2018 | |||||
Deferred credit facility costs | $ | — | $ | — | |||
Deferred offering costs | 267,541 | 267,541 | |||||
Deferred Financing Costs | $ | 267,541 | $ | 267,541 |
To qualify for tax treatment as a RIC, among other things, the Company is required to meet certain source of income and asset diversification requirements and timely distribute to its stockholders at least 90% of the sum of investment company taxable income (“ICTI”) including payment-in-kind interest income, as defined by the Code, and net tax-exempt interest income (which is the excess of its gross tax-exempt interest income over certain disallowed deductions) for each taxable year and meet certain source of income and asset diversification requirements on a quarterly basis.(the "Annual Distribution Requirement"). Depending on the level of ICTI earned in a tax year, the Company may choose to carry forward into the next tax year ICTI in excess of current year dividend distributions. Any such carryforward ICTI must be distributed on or before December 31 of the subsequent tax year to which it was carried forward.
So long as the Company qualifies and maintains its tax treatment as a RIC, it generally will not pay corporate-level U.S. federal and state income taxes on any ordinary income or capital gains that it distributes at least annually to its stockholders as dividends. Rather, any tax liability related to income earned by the RIC will represent obligations of the Company’s investors and will not be reflected in the condensed consolidated financial statements of the Company. Included in the Company’s condensed consolidated financial statements, the GSVC Holdings are taxable subsidiaries, regardless of whether the Company is a RIC. These taxable subsidiaries are not consolidated for income tax purposes and may generate income tax expenses as a result of their ownership of the portfolio companies. Such income tax expenses and deferred taxes, if any, will be reflected in the Company’s condensed consolidated financial statements.
In January 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-01,Financial Instruments — Overall (Subtopic 825-10): Recognition3—RELATED-PARTY ARRANGEMENTS
and our Internalization. Pursuant to the Consulting Agreement, Mr. Moe will provide certain transition services to us related to our existing portfolio investments for which Mr. Moe previously had oversight in his role as the Chief Executive Officer and Chief Investment Officer of GSV Asset Management. Such transition services will include providing information to us regarding such portfolio companies, including as a member of a portfolio company’s board of directors, assisting with the transition of portfolio company board seats as requested by us, making appropriate introductions to representatives of portfolio companies, and providing other similar types of services that we may reasonably request.
As the Investment Advisory Agreement has been terminated, Mr. Klein no longer has a consulting agreement or any other affiliation with GSV Asset Management.
ended September 30, 2017, respectively. GSV Asset Management earned $1,625,9632018, respectively, and $5,324,186waived $0 and $154,944 in management fees for the three and nine months ended September 30, 2016,March 31, 2019 and 2018, respectively. As the Investment Advisory Agreement has been terminated, there will be no base management fee payable to GSV Asset Management waived $174,666 and $526,366 in management fees for the three and nine months ended September 30, 2017, respectively. GSV Asset Management did not waive management fees for the three and nine months ended September 30, 2016.
For GAAP purposes, in accordance with Effective February 1, 2018, the AICPA’s Technical Practice Aids (“TPA”) (TIS 6910.2),incentive fee paid by the Company isto GSV Asset Management under the Investment Advisory Agreement was modified pursuant to the terms of the Waiver Agreement, as further described below.
For the three and nine months ended September 30, 2017, the Company accrued incentive fees of $3,334,052 and $7,482,185, respectively.
going forward.
As of December 31, 2016,Investment Advisory Agreement has been terminated, there werewill be no receivables owed to the Company by GSV Asset Management. In addition, as of December 31, 2016,Management going forward.
The Company hashad entered into an administration agreementthe Administration Agreement with GSV Capital Service Company (the “Administration Agreement”) to provide administrative services, including furnishing the Company with office facilities, equipment, clerical, bookkeeping, record keeping services, and other administrative services. GSV Asset Management controls GSV Capital Service Company. The Company reimbursesreimbursed GSV Capital Service Company an allocable portion of overhead and other expenses in performing its obligations under the Administration Agreement, including a portion of the rent and the compensation of the Company’s President, Chief Financial Officer, Chief Compliance Officer and other staff providing administrative services. While there iswas no limit on the total amount of expenses the Company may behave been required to reimburse to GSV Capital Service Company, GSV Capital Service Company willwould only charge the Company for the actual
March 31, 2019 and 2018, respectively. There were $627,444 and $1,926,085 in such costs incurred underAs the Administration Agreement has been terminated, there will be no costs incurred by GSV Capital Service Company going forward.
Theand a predetermined fee of $1,250,000.
While the investment focusBoard of each of these entities,Directors, including the Coursera Funds and the GSV Ventures Funds, may be different from the Company’s investment objective, it is likely that new investment opportunities that meet the Company’s investment objective will come to the attention of one of these entities, or new entities that will likely be formed in the future in connection with another investment advisory client or program, and, if so, such opportunity might not be offered, or otherwise made available, to the Company. However, the Company’s executive officers,its independent directors, and, investment adviser, GSV Asset Management, intend to treat the Company in a fair and equitable manner consistent with their applicable duties under law so that the Company will not be disadvantaged in relation to any other particular client. In addition, while GSV Asset Management anticipates that it will from time to time identify investment opportunities that are appropriate for both the Company and the other funds that are currently, or in the future may be, managed by GSV Asset
Management, to
subject to certain exceptions.
On August 8, 2017, the Company announced Michael Moe’s resignation as the Company’s Chief Executive Officer, effective August 11, 2017, and that the Company’s board of directors had appointed Mark Klein, a member of the Company’s board of directors and a consultant to GSV Asset Management, to serve as the Company’s Chief Executive Officer, effective August 11, 2017. Mr. Moe continues to serve the Company as Executive Chairman of the Company’s board of directors. Further information regarding the management transition can be found in the Company’s Current Report on Form 8-K, filed with the SEC on August 8, 2017.
September 30, 2017 (Unaudited) | December 31, 2016 | |||||||||||||||||||||||
Cost | Fair Value | Percentage of Net Assets | Cost | Fair Value | Percentage of Net Assets | |||||||||||||||||||
Private Portfolio Companies | ||||||||||||||||||||||||
Common Stock | $ | 73,577,946 | $ | 93,284,868 | 44.6 | % | $ | 81,274,687 | $ | 83,074,410 | 43.2 | % | ||||||||||||
Preferred Stock | 153,096,417 | 177,391,805 | 84.7 | 174,462,577 | 162,238,879 | 84.4 | ||||||||||||||||||
Debt Investments | 8,685,956 | 7,020,386 | 3.4 | 8,849,434 | 7,821,948 | 4.1 | ||||||||||||||||||
Warrants | 229,092 | 471,294 | 0.2 | 158,713 | 150,904 | 0.1 | ||||||||||||||||||
Private Portfolio Companies | 235,589,411 | 278,168,353 | 132.9 | % | 264,745,411 | 253,286,141 | 131.8 | % | ||||||||||||||||
Publicly Traded Portfolio Companies | ||||||||||||||||||||||||
Common Stock | 9,273,458 | 11,607,729 | 5.5 | 14,022,863 | 8,729,005 | 4.6 | ||||||||||||||||||
Total Portfolio Investments | 244,862,869 | 289,776,082 | 138.4 | % | 278,768,274 | 262,015,146 | 136.4 | % | ||||||||||||||||
Non-Portfolio Investments | ||||||||||||||||||||||||
U.S. Treasury Bill | 99,991,125 | 99,994,000 | 47.8 | 29,998,750 | 29,998,490 | 15.6 | ||||||||||||||||||
Total Investments | $ | 344,853,994 | $ | 389,770,082 | 186.2 | % | $ | 308,767,024 | $ | 292,013,636 | 152.0 | % |
| March 31, 2019 | December 31, 2018 | |||||||||||||||||||
| Cost | Fair Value | Percentage of Net Assets | Cost | Fair Value | Percentage of Net Assets | |||||||||||||||
Private Portfolio Companies | | | | | | | |||||||||||||||
Common Stock | $ | 48,424,535 | $ | 44,401,135 | 20.9 | % | $ | 48,424,535 | $ | 48,517,824 | 24.9 | % | |||||||||
Preferred Stock | 85,425,552 | 104,723,590 | 49.3 | % | 89,715,085 | 99,856,159 | 51.1 | % | |||||||||||||
Debt Investments | 6,823,051 | 2,418,773 | 1.1 | % | 9,156,012 | 5,584,994 | 2.9 | % | |||||||||||||
Warrants | 209,761 | 7,500 | 0.0 | % | 209,761 | 267,446 | 0.1 | % | |||||||||||||
Private Portfolio Companies | 140,882,899 | 151,550,998 | 71.3 | % | 147,505,393 | 154,226,423 | 79.0 | % | |||||||||||||
Publicly Traded Portfolio Companies | |||||||||||||||||||||
Common Stock | 24,344,120 | 62,020,466 | 29.2 | % | 23,659,010 | 44,589,406 | 22.8 | % | |||||||||||||
Total Portfolio Investments | 165,227,019 | 213,571,464 | 100.5 | % | 171,164,403 | 198,815,829 | 101.8 | % | |||||||||||||
Non-Portfolio Investments | |||||||||||||||||||||
U.S. Treasury bill | 99,961,333 | 99,980,000 | 47.0 | % | 99,982,067 | 99,994,000 | 51.1 | % | |||||||||||||
Total Investments | $ | 265,188,352 | $ | 313,551,464 | 147.5 | % | $ | 271,146,470 | $ | 298,809,829 | 152.9 | % |
September 30, 2017 | December 31, 2016 | |||||||||||||||||||||||
Investments at Fair Value | Percentage of Portfolio | Percentage of Net Assets | Investments at Fair Value | Percentage of Portfolio | Percentage of Net Assets | |||||||||||||||||||
Industry | ||||||||||||||||||||||||
Big Data/Cloud | $ | 104,206,955 | 36.0 | % | 49.8 | % | $ | 89,852,351 | 34.3 | % | 46.8 | % | ||||||||||||
Education Technology | 100,009,977 | 34.5 | 47.7 | 96,498,376 | 36.8 | 50.2 | ||||||||||||||||||
Social/Mobile | 52,838,226 | 18.2 | 25.2 | 45,836,028 | 17.6 | 23.9 | ||||||||||||||||||
Marketplaces | 31,353,731 | 10.8 | 15.0 | 25,518,613 | 9.7 | 13.3 | ||||||||||||||||||
Sustainability | 1,367,193 | 0.5 | 0.7 | 4,309,778 | 1.6 | 2.2 | ||||||||||||||||||
Total | $ | 289,776,082 | 100.0 | % | 138.4 | % | $ | 262,015,146 | 100.0 | % | 136.4 | % |
September 30, 2017 | December 31, 2016 | |||||||||||||||||||||||
Investments at Fair Value | Percentage of Portfolio | Percentage of Net Assets | Investments at Fair Value | Percentage of Portfolio | Percentage of Net Assets | |||||||||||||||||||
Geographic Region | ||||||||||||||||||||||||
West | $ | 188,509,581 | 65.1 | % | 90.1 | % | $ | 187,300,467 | 71.5 | % | 97.5 | % | ||||||||||||
Mid-west | 35,768,782 | 12.3 | 17.1 | 14,362,498 | 5.5 | 7.4 | ||||||||||||||||||
Northeast | 33,214,135 | 11.5 | 15.9 | 41,420,490 | 15.8 | 21.6 | ||||||||||||||||||
International | 32,283,584 | 11.1 | 15.4 | 18,931,691 | 7.2 | 9.9 | ||||||||||||||||||
Total | $ | 289,776,082 | 100.0 | % | 138.4 | % | $ | 262,015,146 | 100.0 | % | 136.4 | % |
| As of March 31, 2019 | As of December 31, 2018 | |||||||||||||||||
| Fair Value | Percentage of Portfolio | Percentage of Net Assets | Fair Value | Percentage of Portfolio | Percentage of Net Assets | |||||||||||||
Industry | | | | | | | |||||||||||||
Education Technology | $ | 72,333,904 | 33.9 | % | 34.0 | % | $ | 64,480,375 | 32.4 | % | 33.0 | % | |||||||
Marketplaces | 58,535,271 | 27.4 | % | 27.6 | % | 51,929,440 | 26.1 | % | 26.6 | % | |||||||||
Big Data/Cloud | 49,211,263 | 23.0 | % | 23.2 | % | 39,964,377 | 20.1 | % | 20.5 | % | |||||||||
Social/Mobile | 32,560,829 | 15.3 | % | 15.3 | % | 41,691,439 | 21.0 | % | 21.3 | % | |||||||||
Sustainability | 930,197 | 0.4 | % | 0.4 | % | 750,198 | 0.4 | % | 0.4 | % | |||||||||
Total | $ | 213,571,464 | 100.0 | % | 100.5 | % | $ | 198,815,829 | 100.0 | % | 101.8 | % |
As of March 31, 2019 As of December 31, 2018 Fair Value Fair Value Percentage of
Net AssetsGeographic Region West $ 191,727,821 89.7 % 90.2 % $ 167,687,933 84.4 % 85.8 % Mid-west 422,678 0.2 % 0.2 % — — % — % Northeast 550,997 0.3 % 0.3 % 4,414,536 2.2 % 2.3 % International 20,869,968 9.8 % 9.8 % 26,713,360 13.4 % 13.7 % Total $ 213,571,464 100.0 % 100.5 % $ 198,815,829 100.0 % 101.8 %
Industry Theme | Industry | |||
Education Technology | Business Education | |||
Computer Software | ||||
Corporate Education | ||||
Education Media Platform | ||||
Education Software | ||||
Education Technology | ||||
E-Transcript Exchange | ||||
Interactive Learning | ||||
Online Education | ||||
Big Data/Cloud | Cloud Computing Services | |||
Social Cognitive Learning | ||||
Marketplaces | Financial Services | |||
Global Innovation Platform | ||||
Knowledge Networks | ||||
On-Demand Commerce | ||||
On-Demand Transportation | ||||
Micromobility | ||||
Online Marketplace Finance | ||||
Peer-to-Peer Pet Services | ||||
Social/Mobile | Digital Media Platform | |||
| Social Networking | |||
| On-Demand Music Streaming | |||
| Social Data Platform | |||
Sustainability | Clean Technology |
As of September 30, 2017 | ||||||||||||||||
Quoted Prices in Active Markets for Identical Securities (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||||||||||||
Investments at Fair Value Private Portfolio Companies | ||||||||||||||||
Common Stock | $ | — | $ | — | $ | 93,284,868 | $ | 93,284,868 | ||||||||
Preferred Stock | — | — | 177,391,805 | 177,391,805 | ||||||||||||
Debt Investments | — | — | 7,020,386 | 7,020,386 | ||||||||||||
Warrants | — | — | 471,294 | 471,294 | ||||||||||||
Private Portfolio Companies | — | — | 278,168,353 | 278,168,353 | ||||||||||||
Publicly Traded Portfolio Companies | ||||||||||||||||
Common Stock | 11,607,729 | — | — | 11,607,729 | ||||||||||||
Total Portfolio Investments | 11,607,729 | — | 278,168,353 | 289,776,082 | ||||||||||||
Non-Portfolio Investments | ||||||||||||||||
U.S. Treasury Bill | 99,994,000 | — | — | 99,994,000 | ||||||||||||
Total Investments at Fair Value | $ | 111,601,729 | $ | — | $ | 278,168,353 | $ | 389,770,082 |
As of December 31, 2016 | ||||||||||||||||
Quoted Prices in Active Markets for Identical Securities (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||||||||||||
Investments at Fair Value Private Portfolio Companies | ||||||||||||||||
Common Stock | $ | — | $ | — | $ | 83,074,410 | $ | 83,074,410 | ||||||||
Preferred Stock | — | — | 162,238,879 | 162,238,879 | ||||||||||||
Debt Investments | — | — | 7,821,948 | 7,821,948 | ||||||||||||
Warrants | — | — | 150,904 | 150,904 | ||||||||||||
Private Portfolio Companies | — | — | 253,286,141 | 253,286,141 | ||||||||||||
Publicly Traded Portfolio Companies | ||||||||||||||||
Common Stock | 8,729,005 | — | — | 8,729,005 | ||||||||||||
Total Portfolio Investments | 8,729,005 | — | 253,286,141 | 262,015,146 | ||||||||||||
Non-Portfolio Investments | ||||||||||||||||
U.S. Treasury Bill | 29,998,490 | — | — | 29,998,490 | ||||||||||||
Total Investments at Fair Value | $ | 38,727,495 | $ | — | $ | 253,286,141 | $ | 292,013,636 |
As of March 31, 2019 Quoted Prices in
Active Markets for
Identical Securities
(Level 1) Total Investments at Fair Value Private Portfolio Companies Common Stock $ — $ — $ 44,401,135 $ 44,401,135 Preferred Stock — — 104,723,590 104,723,590 Debt Investments — — 2,418,773 2,418,773 Warrants — — 7,500 7,500 Private Portfolio Companies — — 151,550,998 151,550,998 Publicly Traded Portfolio Companies Common Stock 39,944,750 22,075,716 — 62,020,466 Total Portfolio Investments 39,944,750 22,075,716 151,550,998 213,571,464 Non-Portfolio Investments U.S. Treasury bills 99,980,000 — — 99,980,000 Total Investments at Fair Value $ 139,924,750 $ 22,075,716 $ 151,550,998 $ 313,551,464
| As of December 31, 2018 | ||||||||||||||
| Quoted Prices in Active Markets for Identical Securities (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||||||||||
Investments at Fair Value | | | | | |||||||||||
Private Portfolio Companies | | | | | |||||||||||
Common Stock | $ | — | $ | — | $ | 48,517,824 | $ | 48,517,824 | |||||||
Preferred Stock | — | — | 99,856,159 | 99,856,159 | |||||||||||
Debt Investments | — | — | 5,584,994 | 5,584,994 | |||||||||||
Warrants | — | — | 267,446 | 267,446 | |||||||||||
Private Portfolio Companies | — | — | 154,226,423 | 154,226,423 | |||||||||||
Publicly Traded Portfolio Companies | | | | | |||||||||||
Common Stock | 44,589,406 | — | — | 44,589,406 | |||||||||||
Total Portfolio Investments | 44,589,406 | — | 154,226,423 | 198,815,829 | |||||||||||
Non-Portfolio Investments | | | | | |||||||||||
U.S. Treasury bills | 99,994,000 | — | — | 99,994,000 | |||||||||||
Total Investments at Fair Value | $ | 144,583,406 | $ | — | $ | 154,226,423 | $ | 298,809,829 |
As of | ||||
Asset | Fair Value | Valuation Technique(1) | Unobservable Inputs(2) | Range (Weighted Average) |
Common stock in private companies | $ | Market approach | ||
N/A | ||||
Discounted | Discount rate | 12.0% (12.0%) | ||
private companies | Market approach | Revenue multiples | 2.69x - 4.91x (4.00x) | |
Precedent transactions | 2.60x | |||
Discounted cash flow | Discount rate | 12.0% (12.0%) | ||
PWERM | Revenue multiples | 1.09x - 2.58x (1.32x) | ||
Precedent transactions | 3.07x | |||
Debt investments | $2,418,773 | Market approach | Revenue multiples | 1.49x - 1.76x (1.63x) |
PWERM | Revenue multiples | 1.23x - 2.58x (1.91x) | ||
Liquidation value | N/A | |||
Warrants | $7,500 | Option pricing model | Term to expiration (Years) | |
Volatility | ||||
(1) | As of |
final fair value of a Level 3 investment may change based on recent events or transactions. Refer to “Note |
(2) | The Company considers all relevant information that can reasonably be obtained when determining the fair value of Level 3 investments. Due to any given portfolio company’s information rights, changes in capital structure, recent events, transactions, or liquidity events, the type and availability of unobservable inputs may change. |
As of December 31, 2018 | ||||
Asset | Fair Value | Valuation Approach/ Technique(1) | Unobservable Inputs(2) | Range (Weighted Average) |
Common stock in private companies | $48,517,824 | Market approach | Revenue multiples | 1.26x - 4.95x (4.04x) |
Liquidation value | N/A | |||
Discounted Cash Flow(2) | Discount rate | 12.0% (12.0)% | ||
Preferred stock in private companies | $99,856,159 | Market approach | Precedent transactions | 2.60x - 3.07x (2.69x) |
Revenue multiples | 2.20x - 4.15x (3.39x) | |||
Discounted Cash Flow(2) | Discount rate | 12.0% (12.0)% | ||
PWERM | Revenue multiples | 1.09x - 5.40x (3.18x) | ||
Liquidation value | N/A | |||
Debt investments | $5,584,994 | Market approach | Revenue multiples | 1.26x - 2.40x (2.30x) |
PWERM | Revenue multiples | 1.31x - 5.40x (1.91x) | ||
Liquidation value | N/A | |||
Warrants | $267,446 | Option pricing model | Term to expiration (Years) | 1.1-9.3 (2.6) |
Volatility | 28.1%-37.1% (29.0%) |
(1) | As of December 31, 2018, the Company used a hybrid market and income approach to value certain common and preferred stock investments as the Company felt this approach better reflected the fair value of these investments. By considering multiple valuation approaches (and consequently, multiple valuation techniques), the valuation approaches and techniques are not likely to change from one period of measurement to the next; however, the weighting of each in determining the final fair value of a Level 3 investment may change based on recent events or transactions. Refer to “Note 2—Significant Accounting Policies—Investments at Fair Value” for more detail. |
(2) | The Company considers all relevant information that can reasonably be obtained when determining the fair value of Level 3 investments. Due to any given portfolio company’s information rights, changes in capital structure, recent events, transactions, or liquidity events, the type and availability of unobservable inputs may change. Increases/(decreases) in revenue multiples, earnings before interest and taxes (“EBIT”) multiples, time to expiration, and stock price/strike price would result in higher (lower) fair values all else equal. Decreases (increases) in discount rates, volatility, and annual risk rates, would result in higher (lower) fair values all else equal. The |
Nine Months Ended September 30, 2017 | ||||||||||||||||||||
Common Stock | Preferred Stock | Debt Investments | Warrants | Total | ||||||||||||||||
Assets: | ||||||||||||||||||||
Fair Value as of December 31, 2016 | $ | 83,074,410 | $ | 162,238,879 | $ | 7,821,948 | $ | 150,904 | $ | 253,286,141 | ||||||||||
Transfers out of Level 3 | (2,184,565 | ) | (2,184,565 | ) | — | — | (4,369,130 | ) | ||||||||||||
Purchases, capitalized fees and interest | — | — | 97,023 | 70,379 | 167,402 | |||||||||||||||
Sales of investments | — | — | (70,379 | ) | — | (70,379 | ) | |||||||||||||
Realized losses | (8,201,729 | ) | (16,858,906 | ) | (305,280 | ) | — | (25,365,915 | ) | |||||||||||
Exercises, conversions and assignments(1) | 2,506,119 | (2,506,119 | ) | — | — | — | ||||||||||||||
Amortization of fixed income security premiums and discounts | — | — | 115,162 | — | 115,162 | |||||||||||||||
Net change in unrealized appreciation/(depreciation) included in earnings | 18,090,633 | 36,702,516 | (638,088 | ) | 250,011 | 54,405,072 | ||||||||||||||
Fair Value as of September 30, 2017 | $ | 93,284,868 | $ | 177,391,805 | $ | 7,020,386 | $ | 471,294 | $ | 278,168,353 | ||||||||||
Net change in unrealized appreciation/(depreciation) of Level 3 investments still held as of September 30, 2017 | $ | 9,888,904 | $ | 19,838,262 | $ | (943,365 | ) | $ | 250,011 | $ | 29,033,812 |
| Three Months Ended March 31, 2019 | ||||||||||||||||||
| Common Stock | Preferred Stock | Debt Investments | Warrants | Total | ||||||||||||||
Assets: | | | | | | ||||||||||||||
Fair Value as of December 31, 2018 | $ | 48,517,824 | $ | 99,856,159 | $ | 5,584,994 | $ | 267,446 | $ | 154,226,423 | |||||||||
Transfers out of Level 3(1) | — | (21,947,688 | ) | — | — | (21,947,688 | ) | ||||||||||||
Purchases, capitalized fees and interest | — | 10,007,360 | 680 | — | 10,008,040 | ||||||||||||||
Amortization of fixed income security premiums and discounts | — | — | 1,191 | — | 1,191 | ||||||||||||||
Realized losses | — | (9,999,999 | ) | (2,334,832 | ) | — | (12,334,831 | ) | |||||||||||
Net change in unrealized appreciation/(depreciation) included in earnings | (4,116,689 | ) | 26,807,758 | (833,260 | ) | (259,946 | ) | 21,597,863 | |||||||||||
Fair Value as of March 31, 2019 | $ | 44,401,135 | $ | 104,723,590 | $ | 2,418,773 | $ | 7,500 | $ | 151,550,998 | |||||||||
Net change in unrealized appreciation/ (depreciation) of Level 3 investments still held as of March 31, 2019 | $ | (4,116,689 | ) | $ | 10,470,383 | $ | (3,167,412 | ) | $ | (259,946 | ) | $ | 2,926,336 |
(1) | During the |
Portfolio Company | Conversion from | Conversion to | ||
Preferred shares, Series Preferred shares, Series E | Public Common |
Year Ended December 31, 2016 | ||||||||||||||||||||
Common Stock | Preferred Stock | Debt Investments | Warrants | Total | ||||||||||||||||
Assets: | ||||||||||||||||||||
Fair value as of December 31, 2015 | $ | 102,319,140 | $ | 216,291,092 | $ | 4,175,859 | $ | 469,306 | $ | 323,255,397 | ||||||||||
Transfers into Level 3 | 143,733 | — | — | — | 143,733 | |||||||||||||||
Purchases of investments | 3,080 | 9,016,702 | 5,201,294 | 103,655 | 14,324,731 | |||||||||||||||
Sales of investments | (3,509,238 | ) | (7,651,891 | ) | (574,380 | ) | — | (11,735,509 | ) | |||||||||||
Realized gains (losses) | (7,127,146 | ) | 4,430,221 | — | (246,714 | ) | (2,943,639 | ) | ||||||||||||
Exercises, conversions and assignments(1) | 23,588,443 | (23,588,443 | ) | — | — | — | ||||||||||||||
Amortization of fixed income security premiums and discounts | — | — | 44,714 | — | 44,714 | |||||||||||||||
Net change in unrealized depreciation included in earnings | (32,343,602 | ) | (36,258,802 | ) | (1,025,539 | ) | (175,343 | ) | (69,803,286 | ) | ||||||||||
Fair Value as of December 31, 2016 | $ | 83,074,410 | $ | 162,238,879 | $ | 7,821,948 | $ | 150,904 | $ | 253,286,141 | ||||||||||
Net change in unrealized depreciation of Level 3 investments still held as of December 31, 2016 | $ | (39,307,692 | ) | $ | (40,126,793 | ) | $ | (1,025,539 | ) | $ | (195,637 | ) | $ | (80,655,661 | ) |
| For the Year Ended December 31, 2018 | ||||||||||||||||||
| Common Stock | Preferred Stock | Debt Investments | Warrants | Total | ||||||||||||||
Assets: | | | | | | ||||||||||||||
Fair Value as of December 31, 2016 | $ | 86,824,096 | $ | 120,253,822 | $ | 4,916,578 | $ | 433,997 | $ | 212,428,493 | |||||||||
Transfers into Level 3 | (41,707,506 | ) | (7,734,804 | ) | — | — | (49,442,310 | ) | |||||||||||
Purchases, capitalized fees and interest | 10,108,434 | 2,177 | 1,044,531 | 30,647 | 11,185,789 | ||||||||||||||
Sales/Maturity of investments (2) | (6,910,798 | ) | (16,958,428 | ) | (722,776 | ) | — | (24,592,002 | ) | ||||||||||
Realized gains/(losses) | (1,567,122 | ) | (10,458,567 | ) | (680 | ) | — | (12,026,369 | ) | ||||||||||
Exercises, conversions and assignments (1) | 5,537,205 | (5,514,077 | ) | (5,080 | ) | (18,048 | ) | — | |||||||||||
Amortization of fixed income security premiums and discounts | — | — | 30,660 | — | 30,660 | ||||||||||||||
Net change in unrealized depreciation included in earnings | (3,766,485 | ) | 20,266,036 | 321,761 | (179,150 | ) | 16,642,162 | ||||||||||||
Fair Value as of December 31, 2017 | $ | 48,517,824 | $ | 99,856,159 | $ | 5,584,994 | $ | 267,446 | $ | 154,226,423 | |||||||||
Net change in unrealized appreciation/ (depreciation) of Level 3 investments still held as of December 31, 2017 | $ | (12,412,555 | ) | $ | 10,061,576 | $ | 317,201 | $ | (156,021 | ) | $ | (2,189,799 | ) |
(1) | During year ended December 31, |
Portfolio Company | Transfer from | Transfer to | ||
Preferred shares, Series | Public Common Shares (Level 2) | |||
Spotify Technology S.A. | Common shares | Public Common Shares (Level 1) | ||
Preferred shares, Series | Common | |||
Schedule of Investments In, and Advances to, Affiliate | Schedule of Investments In, and Advances to, Affiliate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Type/Industry/Portfolio Company/Investment | Principal/ Quantity | Interest, Fees, or Dividends Credited in Income | Fair Value at December 31, 2016 | Purchases, Capitalized Fees, Interest and Amortization | Sales | Realized Gains/ (Losses) | Unrealized Gains/ (Losses) | Fair Value at September 30, 2017 | Percentage of Net Assets | Principal/ Quantity | Interest, Fees, or Dividends Credited in Income | Fair Value at December 31, 2018 | Purchases, Capitalized Fees, Interest and Amortization | Sales | Realized Gains/(Losses) | Unrealized Gains/(Losses) | Fair Value at March 31, 2019 | Percentage of Net Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||
CONTROLLED INVESTMENTS*(2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Global Innovation Platform | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Convertible Promissory Note 8% Due 07/31/2018*** | 560,199 | $ | 77,151 | $ | 427,900 | $ | 105,890 | $ | — | $ | — | $ | 26,409 | $ | 560,199 | 0.27 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Unsecured Promissory Note 12% Due 5/29/2017***(4) | — | 50,146 | 496,725 | 24,195 | (526,000 | ) | — | 5,080 | — | 0.00 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Unsecured Promissory Note 12% Due 11/29/2017***(4) | 557,735 | 69,237 | — | 533,353 | — | — | 0 | 533,353 | 0.25 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Global Innovation Platform | 196,534 | 924,625 | 663,438 | (526,000 | ) | — | 31,489 | 1,093,552 | 0.52 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NestGSV, Inc. (d/b/a GSV Labs, Inc.)–Convertible Promissory Note 12% Due 12/31/2019*** | $ | 936,525 | $ | — | $ | 936,525 | $ | 1,191 | $ | — | $ | — | $ | (469,454 | ) | $ | 468,262 | 0.22 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Debt Investments | $ | 196,534 | $ | 924,625 | $ | 663,438 | $ | (526,000 | ) | $ | — | $ | 31,489 | $ | 1,093,552 | 0.52 | % | $ | — | $ | 936,525 | $ | 1,191 | $ | — | $ | — | $ | (469,454 | ) | $ | 468,262 | 0.22 | % | |||||||||||||||||||||||||||||||||||||
Preferred Stock | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Clean Technology | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.) – Preferred shares, Class A*** | 14,300,000 | 475,000 | 4,309,778 | — | — | — | (2,942,585 | ) | 1,367,193 | 0.65 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.)–Preferred shares, Class A***(7) | 14,300,000 | $ | — | $ | 750,198 | $ | — | $ | — | $ | — | $ | 180,000 | $ | 930,198 | 0.44 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Global Innovation Platform | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Preferred stock Series A-4 | 3,720,424 | — | 2,715,910 | — | — | — | 2,473,438 | 5,189,348 | 2.48 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Preferred stock Series A-3 | 1,561,625 | — | 952,591 | — | — | — | 862,573 | 1,815,164 | 0.87 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Preferred stock Series A-2 | 450,001 | — | 166,500 | — | — | — | 147,336 | 313,836 | 0.15 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Preferred stock Series A-1 | 1,000,000 | — | 270,000 | — | — | — | 253,060 | 523,060 | 0.25 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NestGSV, Inc. (d/b/a GSV Labs, Inc.)–Preferred stock Series A-4 | 3,720,424 | — | 4,960,553 | — | — | — | (2,527,724 | ) | 2,432,829 | 1.14 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NestGSV, Inc. (d/b/a GSV Labs, Inc.)–Preferred stock Series A-3 | 1,561,625 | — | 1,735,134 | — | — | — | (884,163 | ) | 850,971 | 0.40 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NestGSV, Inc. (d/b/a GSV Labs, Inc.)–Preferred stock Series A-2 | 450,001 | — | 300,000 | — | — | — | (152,870 | ) | 147,130 | 0.07 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NestGSV, Inc. (d/b/a GSV Labs, Inc.)–Preferred stock Series A-1 | 1,000,000 | — | 499,999 | — | — | — | (254,782 | ) | 245,217 | 0.12 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Global Innovation Platform | — | 4,105,001 | — | — | — | 3,736,407 | 7,841,408 | 3.75 | % | — | 7,495,686 | — | — | — | (3,819,539 | ) | 3,676,147 | 1.73 | % |
Schedule of Investments In and Advances To Affiliates | ||||||||||||||||||||||||||||||||||||
Type/Industry/Portfolio Company/Investment | Principal/ Quantity | Interest, Fees, or Dividends Credited in Income | Fair Value at December 31, 2016 | Purchases, Capitalized Fees, Interest and Amortization | Sales | Realized Gains/ (Losses) | Unrealized Gains/ (Losses) | Fair Value at September 30, 2017 | Percentage of Net Assets | |||||||||||||||||||||||||||
Interactive Learning | ||||||||||||||||||||||||||||||||||||
StormWind, LLC(3) – Preferred shares, Series C | 2,779,134 | $ | — | $ | 4,650,838 | $ | — | $ | — | $ | — | $ | 3,205,182 | $ | 7,856,020 | 3.75 | % | |||||||||||||||||||
StormWind, LLC(3) – Preferred shares, Series B | 3,279,629 | — | 4,470,403 | — | — | — | 1,529,645 | 6,000,048 | 2.86 | % | ||||||||||||||||||||||||||
StormWind, LLC(3) – Preferred shares, Series A | 366,666 | — | 499,796 | — | — | — | 8,945 | 508,741 | 0.24 | % | ||||||||||||||||||||||||||
Total Interactive Learning | — | 9,621,037 | — | — | — | 4,743,772 | 14,364,809 | 6.85 | % | |||||||||||||||||||||||||||
Total Preferred Stock | $ | 475,000 | $ | 18,035,816 | $ | — | $ | — | $ | — | $ | 5,537,594 | $ | 23,573,410 | 11.25 | % | ||||||||||||||||||||
Warrants | ||||||||||||||||||||||||||||||||||||
Global Innovation Platform | ||||||||||||||||||||||||||||||||||||
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Preferred Warrant Series A-3 – Strike Price $1.33, Expiration Date 4/4/2019 | 187,500 | $ | — | $ | 5,625 | $ | — | $ | — | $ | — | $ | 7,500 | $ | 13,125 | 0.01 | % | |||||||||||||||||||
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Preferred Warrant Series A-4 – Strike Price $1.33, Expiration Date 10/6/2019 | 500,000 | — | 40,000 | — | — | — | 125,000 | 165,000 | 0.08 | % | ||||||||||||||||||||||||||
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Preferred Warrant Series A-4 – Strike Price $1.33, Expiration Date 7/18/2021 | 250,000 | — | 22,500 | — | — | — | 77,500 | 100,000 | 0.05 | % | ||||||||||||||||||||||||||
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Preferred Warrant Series A-4 – Strike Price $1.33, Expiration Date 11/29/2021 | 100,000 | — | 9,000 | — | — | — | 31,000 | 40,000 | 0.02 | % | ||||||||||||||||||||||||||
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Preferred Warrant Series B – Strike Price $2.31, Expiration Date 5/29/2022(4) | 125,000 | — | — | 70,379 | — | — | 10,871 | 81,250 | 0.04 | % | ||||||||||||||||||||||||||
Total Global Innovation Platform | — | 77,125 | 70,379 | — | — | 251,871 | 399,375 | 0.20 | % | |||||||||||||||||||||||||||
Total Warrants | $ | — | $ | 77,125 | $ | 70,379 | $ | — | $ | — | $ | 251,871 | $ | 399,375 | 0.20 | % | ||||||||||||||||||||
Common Stock | ||||||||||||||||||||||||||||||||||||
Clean Technology | ||||||||||||||||||||||||||||||||||||
SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.) – Common shares | 100,000 | — | — | — | — | — | — | — | 0.00% |
Schedule of Investments In, and Advances to, Affiliate Type/Industry/Portfolio Company/Investment Principal/
Quantity Interest, Fees, or
Dividends Credited
in Income Fair Value at
December 31,
2018 Purchases,
Capitalized Fees,
Interest and
Amortization Sales Realized
Gains/(Losses) Unrealized
Gains/(Losses) Fair Value at March 31, 2019 Percentage
of Net
AssetsInteractive Learning 2,779,134 — 7,194,971 — — — (433,492 ) 6,761,479 3.18 % 3,279,629 — 5,770,328 — — — (511,560 ) 5,258,768 2.48 % 366,666 — 421,525 — — — (57,193 ) 364,332 0.17 % Total Interactive Learning — 13,386,824 — — — (1,002,245 ) 12,384,579 5.83 % Total Preferred Stock $ — $ 21,632,708 $ — $ — $ — $ (4,641,784 ) $ 16,990,924 8.00 % Warrants Global Innovation Platform NestGSV, Inc. (d/b/a GSV Labs, Inc.)–Preferred Warrant Series A-3, Strike Price $1.33, Expiration Date 4/4/2021 187,500 $ — $ 26,250 $ — $ — $ — $ (26,250 ) $ — — % NestGSV, Inc. (d/b/a GSV Labs, Inc.)–Preferred Warrant Series A-4, Strike Price $1.33, Expiration Date 10/6/2021 500,000 — 145,000 — — — (140,000 ) 5,000 0.00 % NestGSV, Inc. (d/b/a GSV Labs, Inc.)–Preferred Warrant Series A-4, Strike Price $1.33, Expiration Date 7/18/2021 250,000 — 70,000 — — — (67,500 ) 2,500 0.00 % NestGSV, Inc. (d/b/a GSV Labs, Inc.)–Preferred Warrant Series B, Strike Price $2.31, Expiration Date 11/29/2021 100,000 — 556 — — — (556 ) — — % NestGSV, Inc. (d/b/a GSV Labs, Inc.)–Preferred Warrant Series B, Strike Price $2.31, Expiration Date 5/29/2022 125,000 — 694 — — — (694 ) — — % NestGSV, Inc. (d/b/a GSV Labs, Inc.)–Preferred Warrant Series B, Strike Price $2.31, Expiration Date 12/31/2023 250,000 — 5,000 — — — (5,000 ) — — % Total Global Innovation Platform — 247,500 — — — (240,000 ) 7,500 0.00 % Total Warrants $ — $ 247,500 $ — $ — $ — $ (240,000 ) $ 7,500 0.00 % Common Stock Clean Technology SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.)–Common shares 100,000 $ — $ — $ — $ — $ — $ — $ — — %
Schedule of Investments In and Advances To Affiliates | ||||||||||||||||||||||||||||||||||||
Type/Industry/Portfolio Company/Investment | Principal/ Quantity | Interest, Fees, or Dividends Credited in Income | Fair Value at December 31, 2016 | Purchases, Capitalized Fees, Interest and Amortization | Sales | Realized Gains/ (Losses) | Unrealized Gains/ (Losses) | Fair Value at September 30, 2017 | Percentage of Net Assets | |||||||||||||||||||||||||||
Global Innovation Platform | ||||||||||||||||||||||||||||||||||||
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Common shares | 200,000 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | 0.00 | % | |||||||||||||||||||
Total Common Stock | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | 0.00 | % | ||||||||||||||||||||
TOTAL CONTROLLED INVESTMENTS*(2) | $ | 671,534 | $ | 19,037,566 | $ | 733,817 | $ | (526,000 | ) | $ | — | $ | 5,820,954 | $ | 25,066,337 | 11.97 | % | |||||||||||||||||||
NON-CONTROLLED/AFFILIATE INVESTMENTS*(1) | ||||||||||||||||||||||||||||||||||||
Debt Investments | ||||||||||||||||||||||||||||||||||||
Corporate Education | ||||||||||||||||||||||||||||||||||||
CUX, Inc. (d/b/a CorpU) – Senior Subordinated Convertible Promissory Note 8% Due 11/26/2018 ***(6) | 1,166,400 | $ | 69,792 | $ | 1,166,400 | $ | — | $ | — | $ | — | $ | — | $ | 1,166,400 | 0.56 | % | |||||||||||||||||||
Digital Media Platform | ||||||||||||||||||||||||||||||||||||
Ozy Media, Inc – Convertible Promissory Note 5%, Due 02/28/2018*** | 2,000,000 | 74,795 | 2,000,000 | — | — | — | — | 2,000,000 | 0.95 | % | ||||||||||||||||||||||||||
Social Cognitive Learning | ||||||||||||||||||||||||||||||||||||
Declara, Inc. – Convertible Promissory Note 9% Due 12/31/2017***(8) | 2,120,658 | (523 | ) | 2,827,020 | 800 | — | — | (617,409 | ) | 2,210,411 | 1.06 | % | ||||||||||||||||||||||||
Sports Analytics | ||||||||||||||||||||||||||||||||||||
Circle Media (f/k/a S3 Digital Corp. (d/b/a S3i)) – Promissory Note, 12%, 11/17/2017*** | 28,008 | $ | (90 | ) | $ | 26,544 | $ | 3,289 | $ | — | $ | — | $ | (29,833 | ) | $ | — | 0.00 | % | |||||||||||||||||
Total Debt Investments | $ | 143,974 | $ | 6,019,964 | $ | 4,089 | $ | — | $ | — | $ | (647,242 | ) | $ | 5,376,811 | 2.57 | % | |||||||||||||||||||
Preferred Stock | ||||||||||||||||||||||||||||||||||||
Corporate Education | ||||||||||||||||||||||||||||||||||||
CUX, Inc. (d/b/a CorpU) – Convertible preferred shares, Series D | 169,033 | — | 775,861 | — | — | — | — | 775,861 | 0.37 | % | ||||||||||||||||||||||||||
CUX, Inc. (d/b/a CorpU) – Convertible preferred shares, Series C | 615,763 | — | 1,913,484 | — | — | — | (607,088 | ) | 1,306,396 | 0.62 | % | |||||||||||||||||||||||||
Total Corporate Education | — | 2,689,345 | — | — | — | (607,088 | ) | 2,082,257 | 0.99 | % | ||||||||||||||||||||||||||
Globally-Focused Private School | ||||||||||||||||||||||||||||||||||||
Whittle Schools, LLC(5) – Preferred shares, Series B | 3,000,000 | — | 3,000,000 | — | — | — | — | 3,000,000 | 1.43 | % | ||||||||||||||||||||||||||
Online Education | ||||||||||||||||||||||||||||||||||||
Curious.com, Inc. – Preferred shares, Series B | 3,407,834 | — | 9,984,954 | 280 | — | — | (4,025,047 | ) | 5,960,187 | 2.85% |
Schedule of Investments In, and Advances to, Affiliate Type/Industry/Portfolio Company/Investment Principal/
Quantity Interest, Fees, or
Dividends Credited
in Income Fair Value at
December 31,
2018 Purchases,
Capitalized Fees,
Interest and
Amortization Sales Realized
Gains/(Losses) Unrealized
Gains/(Losses) Fair Value at March 31, 2019 Percentage
of Net
AssetsGlobal Innovation Platform NestGSV, Inc. (d/b/a GSV Labs, Inc.)–Common shares 200,000 — — — — — — — — % Total Common Stock $ — $ — $ — $ — $ — $ — $ — — % $ — $ 22,816,733 $ 1,191 $ — $ — $ (5,351,238 ) $ 17,466,686 8.22 % Debt Investments Corporate Education $ 1,360,489 $ — $ 1,360,489 $ — $ — $ — $ (1,020,367 ) $ 340,122 0.16 % Digital Media Platform $ 2,102,384 — 3,153,575 — — — (1,576,787 ) 1,576,788 0.74 % Total Digital Media Platform — 3,153,575 — — — (1,576,787 ) 1,576,788 0.74 % Social Cognitive Learning Declara, Inc.–Convertible Promissory Note 12% Due 4/30/2018 $ — — — 680 — $ (2,334,832 ) 2,334,152 — — % Total Debt Investments $ — $ 4,514,064 $ 680 $ — $ (2,334,832 ) $ (263,002 ) $ 1,916,910 0.90 % Preferred Stock Corporate Education CUX, Inc. (d/b/a CorpU)–Convertible preferred shares, Series D 6% 169,033 $ — $ 878,005 $ — $ — $ — $ (700,732 ) $ 177,273 0.08 % CUX, Inc. (d/b/a CorpU) -Convertible preferred shares, Series C 8% 615,763 — — — — — — — — % Total Corporate Education — 878,005 — — — (700,732 ) 177,273 0.08 % Social Cognitive Learning Declara, Inc.–Preferred shares, Series A 8% — — — — — (9,999,999 ) 9,999,999 — — %
Schedule of Investments In and Advances To Affiliates | ||||||||||||||||||||||||||||||||||||
Type/Industry/Portfolio Company/Investment | Principal/ Quantity | Interest, Fees, or Dividends Credited in Income | Fair Value at December 31, 2016 | Purchases, Capitalized Fees, Interest and Amortization | Sales | Realized Gains/ (Losses) | Unrealized Gains/ (Losses) | Fair Value at September 30, 2017 | Percentage of Net Assets | |||||||||||||||||||||||||||
Sports Analytics | ||||||||||||||||||||||||||||||||||||
Circle Media (f/k/a S3 Digital Corp. (d/b/a S3i)) – Preferred shares, Series A | 1,864,495 | $ | — | $ | 484,769 | $ | — | $ | — | $ | — | $ | (484,769 | ) | $ | — | 0.00 | % | ||||||||||||||||||
Social Cognitive Learning | ||||||||||||||||||||||||||||||||||||
Declara, Inc. – Preferred shares, Series A | 10,716,390 | — | 4,786,654 | — | — | — | (3,991,885 | ) | 794,769 | 0.38 | % | |||||||||||||||||||||||||
Education Media Platform | ||||||||||||||||||||||||||||||||||||
EdSurge, Inc. – Preferred shares, Series A-1 | 378,788 | — | 500,000 | — | — | — | — | 500,000 | 0.24 | % | ||||||||||||||||||||||||||
EdSurge, Inc. – Preferred shares, Series A | 494,365 | — | 588,294 | — | — | — | (88,293 | ) | 500,001 | 0.24 | % | |||||||||||||||||||||||||
Total Education Media Platform | — | 1,088,294 | — | — | — | (88,293 | ) | 1,000,001 | 0.48 | % | ||||||||||||||||||||||||||
Education Technology | ||||||||||||||||||||||||||||||||||||
Global Education Learning (Holdings) Ltd. **(9) – Preferred shares, Series A | — | — | — | — | — | (675,495 | ) | 675,495 | — | 0.00 | % | |||||||||||||||||||||||||
Knowledge Networks | ||||||||||||||||||||||||||||||||||||
Maven Research, Inc. -Preferred shares, Series C | 318,979 | — | 1,999,998 | — | — | — | (1,499,998 | ) | 500,000 | 0.24 | % | |||||||||||||||||||||||||
Maven Research, Inc. -Preferred shares, Series B | 49,505 | — | 223,763 | — | — | — | (173,887 | ) | 49,876 | 0.02 | % | |||||||||||||||||||||||||
Total Knowledge Networks | — | 2,223,761 | — | — | — | (1,673,885 | ) | 549,876 | 0.26 | % | ||||||||||||||||||||||||||
Digital Media Platform | ||||||||||||||||||||||||||||||||||||
OzyMedia, Inc. – Preferred shares, Series B | 922,509 | — | 4,999,999 | — | — | — | (609,112 | ) | 4,390,887 | 2.10 | % | |||||||||||||||||||||||||
OzyMedia, Inc. – Preferred shares, Series A | 1,090,909 | — | 3,000,000 | — | — | — | (366,216 | ) | 2,633,784 | 1.26 | % | |||||||||||||||||||||||||
OzyMedia, Inc. – Preferred shares, Series Seed | 500,000 | — | 610,000 | — | — | — | (171,036 | ) | 438,964 | 0.21 | % | |||||||||||||||||||||||||
Total Digital Media Platform | — | 8,609,999 | — | — | — | (1,146,364 | ) | 7,463,635 | 3.57 | % | ||||||||||||||||||||||||||
Social Media | ||||||||||||||||||||||||||||||||||||
AlwaysOn, Inc. – Preferred shares, Series A-1(10) | — | $ | — | $ | — | $ | — | $ | — | $ | (876,023 | ) | $ | 876,023 | $ | — | 0.00 | % | ||||||||||||||||||
AlwaysOn, Inc. – Preferred shares, Series A(10) | — | — | — | — | — | (1,027,391 | ) | 1,027,391 | — | 0.00 | % | |||||||||||||||||||||||||
Total Social Media | — | — | — | — | (1,903,414 | ) | 1,903,414 | — | 0.00 | % | ||||||||||||||||||||||||||
Total Preferred Stock | $ | — | $ | 32,867,776 | $ | 280 | $ | — | $ | (2,578,909 | ) | $ | (9,438,422 | ) | $ | 20,850,725 | 9.95 | % | ||||||||||||||||||
Common Stock | ||||||||||||||||||||||||||||||||||||
Big Data Consulting | ||||||||||||||||||||||||||||||||||||
Strategic Data Command, LLC(7) – Common shares | 2,400,000 | — | 2,052,555 | — | — | — | 4,600 | 2,057,155 | 0.98% |
Schedule of Investments In, and Advances to, Affiliate Type/Industry/Portfolio Company/Investment Principal/
Quantity Interest, Fees, or
Dividends Credited
in Income Fair Value at
December 31,
2018 Purchases,
Capitalized Fees,
Interest and
Amortization Sales Realized
Gains/(Losses) Unrealized
Gains/(Losses) Fair Value at March 31, 2019 Percentage
of Net
AssetsEducation Media Platform EdSurge, Inc.–Preferred shares, Series A-1 378,788 — 250,000 — — — — 250,000 0.12 % EdSurge, Inc.–Preferred shares, Series A 494,365 — 269,848 — — — 6,330 276,178 0.13 % Total Education Media Platform — 519,848 — — — 6,330 526,178 0.25 % Knowledge Networks Maven Research, Inc.–Preferred shares, Series C 318,979 — — — — — — — — % Maven Research, Inc.–Preferred shares, Series B 49,505 — — — — — — — — % Total Knowledge Networks — — — — — — — — % Digital Media Platform OzyMedia, Inc.–Preferred shares, Series B 6% 922,509 — — — — — — — — % OzyMedia, Inc.–Preferred shares, Series A 6% 1,090,909 — — — — — — — — % OzyMedia, Inc.–Preferred shares, Series Seed 6% 500,000 — — — — — — — — % Total Digital Media Platform — — — — — — — — % Total Preferred Stock $ — $ 1,397,853 $ — $ — $ (9,999,999 ) $ 9,305,597 $ 703,451 0.33 % Warrants Corporate Education CUX, Inc. (d/b/a CorpU) –Preferred warrants, Series D, Strike Price $4.59, Expiration Date 2/14/2020 16,903 $ — $ 19,946 $ — $ — $ — $ (19,946 ) $ — — % Digital Media Platform OzyMedia, Inc.–Common Warrants, Strike Price $0.01, Expiration Date 4/9/2028 295,565 — — — — — — — — % Total Warrants $ — $ 19,946 $ — $ — $ — $ (19,946 ) $ — — % Common Stock Online Education Curious.com, Inc.–Common shares 1,135,944 $ — $ — $ — $ — $ — $ — $ — — % Total Common Stock $ — $ — $ — $ — $ — $ — $ — — % $ — $ 5,931,863 $ 680 $ — $ (12,334,831 ) $ 9,022,649 $ 2,620,361 1.23 %
* | All portfolio investments are non-income-producing, unless otherwise identified. Equity investments are subject to lock-up restrictions upon their IPO. Preferred dividends are generally only payable when declared and paid by the portfolio company's board of directors. Unless otherwise noted, all investments were pledged as collateral under the Credit Facility. The Company’s and GSV Asset |
** | Indicates assets that GSV Capital Corp. believes do not represent “qualifying assets” under Section 55(a) of the 1940 Act. |
*** | Investment is income-producing. |
(1) | “Affiliate |
(2) |
(3) | As of March 31, 2019, the investments noted had been placed on non-accrual status. |
(4) | GSV Capital Corp.’s |
(5) |
Interest will accrue daily on the unpaid principal balance of the note. Interest began compounding annually on November 26, 2015. Accrued interest is not payable until the earlier of (a) the closing of a subsequent equity offering by CUX, Inc. (d/b/a CorpU), or (b) the maturity of the |
(6) |
(7) | The |
Type/Industry/Portfolio Company/Investment | Principal/ Quantity | Interest, Fees, or Dividends Credited in Income | Fair Value at December 31, 2015 | Transfer from Control Investment to Non-Control/ Non-Affiliate Investment | Corporate Action | Purchases | Sales | Realized Gains/ (Losses) | Unrealized Gains/ (Losses) | Fair Value at December 31, 2016 | Percentage of Net Assets | Principal/ Quantity | Interest, Fees, or Dividends Credited in Income | Fair Value at December 31, 2017 | Purchases, Capitalized Fees, Interest and Amortization | Sales | Realized Gains/(Losses) | Unrealized Gains/(Losses) | December 31, 2018 | Percentage of Net Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CONTROLLED INVESTMENTS*(2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Global Innovation Platform | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Convertible Promissory Note 8% Due 07/31/2017*** | 500,000 | $ | 16,889 | $ | — | $ | — | $ | 425,620 | $ | 31,972 | $ | — | $ | — | $ | (29,692 | ) | $ | 427,900 | 0.22 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Convertible Promissory Note 8% Due 06/30/16*** | — | 48,248 | — | — | (500,000 | ) | 500,000 | — | — | — | — | 0.00 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Promissory Note 10% Due 11/23/2016*** | — | 26,000 | — | — | — | 500,000 | (500,000 | ) | — | — | — | 0.00 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Unsecured Promissory Note 12% Due 05/29/2017*** | 526,000 | 10,862 | — | — | — | 501,802 | — | — | $ | (5,077 | ) | 496,725 | 0.26 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NestGSV, Inc. (d/b/a GSV Labs, Inc.)–Convertible Promissory Note 12% Due 12/31/2019***(10) | $ | 936,525 | $ | 57,466 | $ | 560,199 | $ | 392,437 | $ | — | $ | — | $ | (16,111 | ) | $ | 936,525 | 0.48 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NestGSV, Inc. (d/b/a GSV Labs, Inc.)–Unsecured Promissory Note 12% Due 1/15/2018***(8) | $ | — | 2,369 | 592,129 | — | (592,129 | ) | (680 | ) | 680 | — | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Global Innovation Platform | 101,999 | — | — | (74,380 | ) | 1,533,774 | (500,000 | ) | — | (34,769 | ) | 924,625 | 0.48 | % | 59,835 | 1,152,328 | 392,437 | (592,129 | ) | (680 | ) | (15,431 | ) | 936,525 | 0.48 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Debt Investments | $ | 101,999 | $ | — | $ | — | $ | (74,380 | ) | $ | 1,533,774 | $ | (500,000 | ) | $ | — | $ | (34,769 | ) | $ | 924,625 | 0.48 | % | $ | 59,835 | $ | 1,152,328 | $ | 392,437 | $ | (592,129 | ) | $ | (680 | ) | $ | (15,431 | ) | $ | 936,525 | 0.48 | % | |||||||||||||||||||||||||||||||||||||
Preferred Stock | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Clean Technology | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.) – Preferred shares, Class A | 14,300,000 | — | 6,250,000 | — | — | — | — | — | (1,940,222 | ) | 4,309,778 | 2.24 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.)–Preferred shares, Class A***(12) | 14,300,000 | $ | 625,000 | $ | 1,069,862 | $ | — | $ | — | $ | — | $ | (319,664 | ) | $ | 750,198 | 0.38 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Global Innovation Platform | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NestGSV, Inc. (d/b/a GSV Labs, Inc.)–Preferred stock Series A-4 | 3,720,424 | — | 5,390,842 | — | — | — | (430,289 | ) | 4,960,553 | 2.54 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NestGSV, Inc. (d/b/a GSV Labs, Inc.)–Preferred stock Series A-3 | 1,561,625 | — | 1,885,644 | — | — | — | (150,510 | ) | 1,735,134 | 0.89 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NestGSV, Inc. (d/b/a GSV Labs, Inc.)–Preferred stock Series A-2 | 450,001 | — | 326,022 | — | — | — | (26,022 | ) | 300,000 | 0.15 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NestGSV, Inc. (d/b/a GSV Labs, Inc.)–Preferred stock Series A-1 | 1,000,000 | — | 543,370 | — | — | — | (43,371 | ) | 499,999 | 0.26 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Global Innovation Platform | — | 8,145,878 | — | — | — | (650,192 | ) | 7,495,686 | 3.84 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interactive Learning | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
StormWind, LLC–Preferred shares, Series C 8%(3) | 2,779,134 | — | 7,223,904 | — | — | — | (28,933 | ) | 7,194,971 | 3.68 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
StormWind, LLC–Preferred shares, Series B 8%(3) | 3,279,629 | — | 5,804,472 | — | — | — | (34,144 | ) | 5,770,328 | 2.95 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
StormWind, LLC–Preferred shares, Series A 8%(3) | 366,666 | — | 425,342 | — | — | — | (3,817 | ) | 421,525 | 0.22 | % |
Schedule of Investments In and Advances To Affiliates | ||||||||||||||||||||||||||||||||||||||||||||
Type/Industry/Portfolio Company/Investment | Principal/ Quantity | Interest, Fees, or Dividends Credited in Income | Fair Value at December 31, 2015 | Transfer from Control Investment to Non-Control/ Non-Affiliate Investment | Corporate Action | Purchases | Sales | Realized Gains/ (Losses) | Unrealized Gains/ (Losses) | Fair Value at December 31, 2016 | Percentage of Net Assets | |||||||||||||||||||||||||||||||||
Global Innovation Platform | ||||||||||||||||||||||||||||||||||||||||||||
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Preferred shares, Series D | — | $ | — | $ | 4,960,565 | $ | — | $ | (4,904,498 | ) | $ | — | $ | — | $ | — | $ | (56,067 | ) | $ | — | 0.00 | % | |||||||||||||||||||||
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Preferred shares, Series C | — | — | 1,733,404 | — | (2,005,730 | ) | — | — | — | 272,326 | — | 0.00 | % | |||||||||||||||||||||||||||||||
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Preferred shares, Series B | — | — | — | — | (605,500 | ) | — | — | — | 605,500 | — | 0.00 | % | |||||||||||||||||||||||||||||||
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Preferred shares, Series A | — | — | — | — | (1,021,778 | ) | — | — | — | 1,021,778 | — | 0.00 | % | |||||||||||||||||||||||||||||||
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Preferred stock Series A-4 | 3,720,424 | — | — | — | 4,904,498 | — | — | — | (2,188,588 | ) | 2,715,910 | 1.41 | % | |||||||||||||||||||||||||||||||
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Preferred stock Series A-3 | 1,561,625 | — | — | — | 2,005,730 | — | — | — | (1,053,139 | ) | 952,591 | 0.50 | % | |||||||||||||||||||||||||||||||
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Preferred stock Series A-2 | 450,001 | — | — | — | 605,500 | — | — | — | (439,000 | ) | 166,500 | 0.09 | % | |||||||||||||||||||||||||||||||
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Preferred stock Series A-1 | 1,000,000 | — | — | — | 1,021,778 | — | — | — | (751,778 | ) | 270,000 | 0.14 | % | |||||||||||||||||||||||||||||||
Total Global Innovation Platform | — | 6,693,969 | — | — | — | — | — | (2,588,968 | ) | 4,105,001 | 2.14 | % | ||||||||||||||||||||||||||||||||
Interactive Learning | — | |||||||||||||||||||||||||||||||||||||||||||
StormWind, LLC – Preferred shares, Series C(4) | 2,779,134 | $ | — | $ | 4,599,718 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 51,120 | $ | 4,650,838 | 2.42% |
Total Interactive Learning — 13,453,718 — — — (66,894 ) 13,386,824 6.85 % Total Preferred Stock $ 625,000 $ 22,669,458 $ — $ — $ — $ (1,036,750 ) $ 21,632,708 11.07 % Warrants Global Innovation Platform 187,500 $ — $ 1,875 $ — $ — $ — $ 24,375 $ 26,250 0.01 % 500,000 — 160,000 — — — (15,000 ) 145,000 0.07 % NestGSV, Inc. (d/b/a GSV Labs, Inc.)–Preferred Warrant Series A-4, Strike Price $1.33, Expiration Date 7/18/2021 250,000 — 102,500 — — — (32,500 ) 70,000 0.04 % NestGSV, Inc. (d/b/a GSV Labs, Inc.)–Preferred Warrant Series B, Strike Price $2.31, Expiration Date 11/29/2021 100,000 — 41,000 — — — (40,444 ) 556 0.00 % NestGSV, Inc. (d/b/a GSV Labs, Inc.)–Preferred Warrant Series B, Strike Price $2.31, Expiration Date 5/29/2022 125,000 — 80,000 — — — (79,306 ) 694 0.00 % 250,000 — — 5,080 — — (80 ) 5,000 0.00 % Total Global Innovation Platform — 385,375 5,080 — — (142,955 ) 247,500 0.12 % Total Warrants $ — $ 385,375 $ 5,080 $ — $ — $ (142,955 ) $ 247,500 0.12 % Common Stock Clean Technology SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.)–Common shares 100,000 $ — $ — $ — $ — $ — $ — $ — — % Global Innovation Platform NestGSV, Inc. (d/b/a GSV Labs, Inc.)–Common shares 200,000 — — — — — — — — % Total Common Stock $ — $ — $ — $ — $ — $ — $ — — % $ 684,835 $ 24,207,161 $ 397,517 $ (592,129 ) $ (680 ) $ (1,195,135 ) $ 22,816,733 11.68 % Debt Investments Corporate Education
Schedule of Investments In and Advances To Affiliates | ||||||||||||||||||||||||||||||||||||||||||||
Type/Industry/Portfolio Company/Investment | Principal/ Quantity | Interest, Fees, or Dividends Credited in Income | Fair Value at December 31, 2015 | Transfer from Control Investment to Non-Control/ Non-Affiliate Investment | Corporate Action | Purchases | Sales | Realized Gains/ (Losses) | Unrealized Gains/ (Losses) | Fair Value at December 31, 2016 | Percentage of Net Assets | |||||||||||||||||||||||||||||||||
StormWind, LLC – Preferred shares, Series B(4) | 3,279,629 | $ | — | $ | 4,633,228 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (162,825 | ) | $ | 4,470,403 | 2.33 | % | ||||||||||||||||||||||
StormWind, LLC – Preferred shares, Series A (4) | 366,666 | — | 518,000 | — | — | — | — | — | (18,204 | ) | 499,796 | 0.26 | % | |||||||||||||||||||||||||||||||
Total Interactive Learning | — | 9,750,946 | — | — | — | — | — | (129,909 | ) | 9,621,037 | 5.01 | % | ||||||||||||||||||||||||||||||||
Total Preferred Stock | $ | — | $ | 22,694,915 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (4,659,099 | ) | $ | 18,035,816 | 9.39 | % | |||||||||||||||||||||||
Warrants | ||||||||||||||||||||||||||||||||||||||||||||
Global Innovation Platform | ||||||||||||||||||||||||||||||||||||||||||||
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Preferred Warrant Series A-4 – Strike Price $1.33333, Expiration Date 10/6/2019 | 500,000 | — | — | — | — | — | — | — | 40,000 | 40,000 | 0.02 | % | ||||||||||||||||||||||||||||||||
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Preferred Warrant Series A-4 – Strike Price $1.33333, Expiration Date 7/18/2021 | 250,000 | — | — | — | 74,380 | — | — | — | (51,880 | ) | 22,500 | 0.01 | % | |||||||||||||||||||||||||||||||
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Preferred Warrant Series A-4 – Strike Price $1.33333, Expiration Date 11/29/2021 | 100,000 | — | — | — | — | 29,275 | — | — | (20,275 | ) | 9,000 | 0.00 | % | |||||||||||||||||||||||||||||||
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Preferred Warrant Series A-3 – Strike Price $1.33333, Expiration Date 4/4/2019 | 187,500 | — | — | — | — | — | — | — | 5,625 | 5,625 | 0.00% |
$ 1,360,489 $ 104,256 $ 1,259,712 $ 102,257 $ — $ — $ (1,480 ) $ 1,360,489 0.70 % Digital Media Platform $ 2,102,384 268,104 1,067,639 133,031 (30,647 ) — 1,983,552 3,153,575 1.61 % $ — 2,384 — 100,000 (100,000 ) — — — — % Total Digital Media Platform 270,488 1,067,639 233,031 (130,647 ) — 1,983,552 3,153,575 1.61 % Social Cognitive Learning $ 2,327,727 207,069 1,120,329 212,254 — — (1,332,583 ) — — % Total Debt Investments $ 581,813 $ 3,447,680 $ 547,542 $ (130,647 ) $ — $ 649,489 $ 4,514,064 2.31 % Preferred Stock Corporate Education CUX, Inc. (d/b/a CorpU)–Convertible preferred shares, Series D 6% 169,033 $ — $ 989,489 $ — $ — $ — $ (111,484 ) $ 878,005 0.45 % CUX, Inc. (d/b/a CorpU) -Convertible preferred shares, Series C 8% 615,763 — 480,184 — — — (480,184 ) — — % Total Corporate Education — 1,469,673 — — — (591,668 ) 878,005 0.45 % Social Cognitive Learning Declara, Inc.–Preferred shares, Series A 8% 10,716,390 — 382,678 — — — (382,678 ) — — % Education Media Platform EdSurge, Inc.–Preferred shares, Series A-1 378,788 — 500,000 — — — (250,000 ) 250,000 0.13 % EdSurge, Inc.–Preferred shares, Series A 494,365 — 581,917 — — — (312,069 ) 269,848 0.14 % Total Education Media Platform — 1,081,917 — — — (562,069 ) 519,848 0.27 % Knowledge Networks Maven Research, Inc.–Preferred shares, Series C 318,979 — 501,240 — — — (501,240 ) — — % Maven Research, Inc.–Preferred shares, Series B 49,505 — 50,000 — — — (50,000 ) — — % Total Knowledge Networks — 551,240 — — — (551,240 ) — — % Digital Media Platform OzyMedia, Inc.–Preferred shares, Series B 6% 922,509 — 2,367,022 — — — (2,367,022 ) — — % OzyMedia, Inc.–Preferred shares, Series A 6% 1,090,909 — 1,419,810 — — — (1,419,810 ) — — % OzyMedia, Inc.–Preferred shares, Series Seed 6% 500,000 — 236,635 — — — (236,635 ) — — % Total Digital Media Platform — 4,023,467 — — — (4,023,467 ) — — %
Schedule of Investments In and Advances To Affiliates | ||||||||||||||||||||||||||||||||||||||||||||
Type/Industry/Portfolio Company/Investment | Principal/ Quantity | Interest, Fees, or Dividends Credited in Income | Fair Value at December 31, 2015 | Transfer from Control Investment to Non-Control/ Non-Affiliate Investment | Corporate Action | Purchases | Sales | Realized Gains/ (Losses) | Unrealized Gains/ (Losses) | Fair Value at December 31, 2016 | Percentage of Net Assets | |||||||||||||||||||||||||||||||||
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Preferred warrants, Series D – $1.33 Strike Price, Expiration Date 10/6/2019 | — | $ | — | $ | 145,000 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (145,000 | ) | $ | — | 0.00 | % | ||||||||||||||||||||||
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Preferred warrants, Series C – $1.33 Strike Price, Expiration Date 4/4/2019 | — | — | 31,875 | — | — | — | — | — | (31,875 | ) | — | 0.00 | % | |||||||||||||||||||||||||||||||
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Preferred warrants Series D – Strike Price $1.33, Expiration Date 7/18/2021 | — | — | — | — | — | — | — | — | — | — | 0.00 | % | ||||||||||||||||||||||||||||||||
Total Global Innovation Platform | — | 176,875 | — | 74,380 | 29,275 | — | — | (203,405 | ) | 77,125 | 0.03 | % | ||||||||||||||||||||||||||||||||
Total Warrants | $ | — | $ | 176,875 | $ | — | $ | 74,380 | $ | 29,275 | $ | — | $ | — | $ | (203,405 | ) | $ | 77,125 | 0.03 | % | |||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||||||||||||||||||||||||
Global Innovation Platform | ||||||||||||||||||||||||||||||||||||||||||||
NestGSV, Inc. (d/b/a GSV Labs, Inc.) – Common shares | 200,000 | — | — | — | — | — | — | — | — | — | 0.00 | % | ||||||||||||||||||||||||||||||||
Clean Technology | ||||||||||||||||||||||||||||||||||||||||||||
SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.) – Common shares | 100,000 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | 0.00 | % | |||||||||||||||||||||||
Total Common Stock | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | 0.00 | % | ||||||||||||||||||||||||
TOTAL CONTROLLED INVESTMENTS*(2) | $ | 101,999 | $ | 22,871,790 | $ | — | $ | — | $ | 1,563,049 | $ | (500,000 | ) | $ | — | $ | (4,897,273 | ) | $ | 19,037,566 | 9.90% |
Schedule of Investments In and Advances To Affiliates | ||||||||||||||||||||||||||||||||||||||||||||
Type/Industry/Portfolio Company/Investment | Principal/ Quantity | Interest, Fees, or Dividends Credited in Income | Fair Value at December 31, 2015 | Transfer from Control Investment to Non-Control/ Non-Affiliate Investment | Corporate Action | Purchases | Sales | Realized Gains/ (Losses) | Unrealized Gains/ (Losses) | Fair Value at December 31, 2016 | Percentage of Net Assets | |||||||||||||||||||||||||||||||||
NON-CONTROLLED/AFFILIATE INVESTMENTS*(1) | ||||||||||||||||||||||||||||||||||||||||||||
Debt Investments | ||||||||||||||||||||||||||||||||||||||||||||
Corporate Education | ||||||||||||||||||||||||||||||||||||||||||||
CUX, Inc. (d/b/a CorpU) – Senior Subordinated Convertible Promissory Note 8% Due 11/26/2018***(5) | 1,166,400 | $ | 87,318 | $ | 1,080,000 | $ | — | $ | — | $ | 86,400 | $ | — | $ | — | $ | — | $ | 1,166,400 | 0.61 | % | |||||||||||||||||||||||
Digital Media Platform | ||||||||||||||||||||||||||||||||||||||||||||
Ozy Media, Inc. – Convertible Promissory Note 5%, Due 02/28/2018*** | 2,000,000 | 33,700 | — | — | — | 2,000,000 | — | — | — | 2,000,000 | 1.04 | % | ||||||||||||||||||||||||||||||||
Social Cognitive Learning | ||||||||||||||||||||||||||||||||||||||||||||
Declara, Inc. – Convertible Promissory Note 9% Due 6/30/2017*** | 2,120,658 | 120,523 | 2,000,000 | — | — | 120,658 | — | — | 706,362 | 2,827,020 | 1.47 | % | ||||||||||||||||||||||||||||||||
Sports Analytics | ||||||||||||||||||||||||||||||||||||||||||||
Circle Media (f/k/a S3 Digital Corp. (d/b/a S3i)) – Promissory Note, 12%, 11/17/2017*** | 25,000 | 3,304 | 25,000 | — | — | 736 | — | — | 808 | 26,544 | 0.01 | % | ||||||||||||||||||||||||||||||||
Business Education | ||||||||||||||||||||||||||||||||||||||||||||
Fullbridge, Inc. – Convertible Promissory Note, 10% Due 3/2/2016(8) | — | (85,829 | ) | 1,020,859 | (354,075 | ) | — | 400 | — | — | (667,184 | ) | — | 0.00 | % | |||||||||||||||||||||||||||||
Fullbridge, Inc. – Convertible Promissory Note, 10% Due 3/14/2017(8) | — | — | — | (935,849 | ) | — | 1,000,000 | — | — | (64,151 | ) | — | 0.00 | % | ||||||||||||||||||||||||||||||
Total Business Education | (85,829 | ) | 1,020,859 | (1,289,924 | ) | — | 1,000,400 | — | — | (731,335 | ) | — | 0.00 | % | ||||||||||||||||||||||||||||||
Total Debt Investments | $ | 159,016 | $ | 4,125,859 | $ | (1,289,924 | ) | $ | — | $ | 3,208,194 | $ | — | $ | — | $ | (24,165 | ) | $ | 6,019,964 | 3.13% |
Total Preferred Stock | $ | — | $ | 7,508,975 | $ | — | $ | — | $ | — | $ | (6,111,122 | ) | $ | 1,397,854 | 0.72 | % | ||||||||||||||||||
Warrants | |||||||||||||||||||||||||||||||||||
Corporate Education | |||||||||||||||||||||||||||||||||||
CUX, Inc. (d/b/a CorpU) –Preferred warrants, Series D, Strike Price $4.59, Expiration Date 2/14/2020(5) | 16,903 | $ | — | $ | 2,366 | $ | — | $ | — | $ | — | $ | 17,580 | $ | 19,946 | 0.01 | % | ||||||||||||||||||
Digital Media Platform | |||||||||||||||||||||||||||||||||||
OzyMedia, Inc.–Common Warrants, Strike Price $0.01, Expiration Date 4/9/2028(7) | 295,565 | — | — | 30,647 | — | — | (30,647 | ) | — | — | % | ||||||||||||||||||||||||
Total Warrants | | $ | — | $ | 2,366 | $ | 30,647 | $ | — | $ | — | $ | (13,067 | ) | $ | 19,946 | 0.01 | % | |||||||||||||||||
Common Stock | |||||||||||||||||||||||||||||||||||
Online Education | |||||||||||||||||||||||||||||||||||
Curious.com, Inc.–Common shares(11) | 1,135,944 | $ | — | $ | 5,514,077 | $ | — | $ | — | $ | — | $ | (5,514,077 | ) | $ | — | — | % | |||||||||||||||||
Total Common Stock | $ | — | $ | 5,514,077 | $ | — | $ | — | $ | — | $ | (5,514,077 | ) | $ | — | — | % | ||||||||||||||||||
TOTAL NON-CONTROLLED/AFFILIATE INVESTMENTS*(1) | | $ | 581,813 | $ | 16,473,098 | $ | 578,189 | $ | (130,647 | ) | $ | — | $ | (10,988,777 | ) | $ | 5,931,863 | 3.04 | % |
Schedule of Investments In and Advances To Affiliates | ||||||||||||||||||||||||||||||||||||||||||||
Type/Industry/Portfolio Company/Investment | Principal/ Quantity | Interest, Fees, or Dividends Credited in Income | Fair Value at December 31, 2015 | Transfer from Control Investment to Non-Control/ Non-Affiliate Investment | Corporate Action | Purchases | Sales | Realized Gains/ (Losses) | Unrealized Gains/ (Losses) | Fair Value at December 31, 2016 | Percentage of Net Assets | |||||||||||||||||||||||||||||||||
Preferred Stock | ||||||||||||||||||||||||||||||||||||||||||||
Corporate Education | ||||||||||||||||||||||||||||||||||||||||||||
CUX, Inc. (d/b/a CorpU) – Convertible preferred shares, Series D | 169,033 | $ | — | $ | 775,861 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 775,861 | 0.40 | % | |||||||||||||||||||||||
CUX, Inc. (d/b/a CorpU) – Convertible preferred shares, Series C | 615,763 | — | 1,959,127 | — | — | — | — | — | (45,643 | ) | 1,913,484 | 1.00 | % | |||||||||||||||||||||||||||||||
Total Corporate Education | — | 2,734,988 | — | — | — | — | — | (45,643 | ) | 2,689,345 | 1.40 | % | ||||||||||||||||||||||||||||||||
Globally-Focused Private School | ||||||||||||||||||||||||||||||||||||||||||||
Whittle Schools, LLC – Preferred shares, Series B(3) | 3,000,000 | $ | — | $ | 3,000,000 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,000,000 | 1.56 | % | |||||||||||||||||||||||
Online Education | ||||||||||||||||||||||||||||||||||||||||||||
Curious.com Inc. – Preferred shares, Series B | 3,407,834 | — | 9,996,311 | — | — | 2,000,003 | — | — | (2,011,360 | ) | 9,984,954 | 5.20 | % | |||||||||||||||||||||||||||||||
Sports Analytics | ||||||||||||||||||||||||||||||||||||||||||||
Circle Media (f/k/a S3 Digital Corp. (d/b/a S3i)) – Preferred shares, Series A | 1,864,495 | — | 1,156,175 | — | — | — | — | — | (671,406 | ) | 484,769 | 0.26 | % | |||||||||||||||||||||||||||||||
Social Cognitive Learning | ||||||||||||||||||||||||||||||||||||||||||||
Declara, Inc. – Preferred shares, Series A | 10,716,390 | — | 9,999,999 | — | — | — | — | — | (5,213,345 | ) | 4,786,654 | 2.49 | % | |||||||||||||||||||||||||||||||
Education Media Platform | ||||||||||||||||||||||||||||||||||||||||||||
EdSurge, Inc. – Preferred shares, Series A-1 | 378,788 | — | 500,000 | — | — | 400 | — | — | (400 | ) | 500,000 | 0.26 | % | |||||||||||||||||||||||||||||||
EdSurge, Inc. – Preferred shares, Series A | 494,365 | — | 524,867 | — | — | — | — | — | 63,427 | 588,294 | 0.31 | % | ||||||||||||||||||||||||||||||||
Total Education Media Platform | — | 1,024,867 | — | — | 400 | — | — | 63,027 | 1,088,294 | 0.57% |
Schedule of Investments In and Advances To Affiliates | ||||||||||||||||||||||||||||||||||||||||||||
Type/Industry/Portfolio Company/Investment | Principal/ Quantity | Interest, Fees, or Dividends Credited in Income | Fair Value at December 31, 2015 | Transfer from Control Investment to Non-Control/ Non-Affiliate Investment | Corporate Action | Purchases | Sales | Realized Gains/ (Losses) | Unrealized Gains/ (Losses) | Fair Value at December 31, 2016 | Percentage of Net Assets | |||||||||||||||||||||||||||||||||
Education Technology | ||||||||||||||||||||||||||||||||||||||||||||
Global Education Learning (Holdings) Ltd. – Preferred shares, Series A ** | 2,126,475 | $ | — | $ | — | $ | — | $ | — | $ | 120 | $ | — | $ | — | $ | (120 | ) | $ | — | 0.00 | % | ||||||||||||||||||||||
Knowledge Networks | ||||||||||||||||||||||||||||||||||||||||||||
Maven Research, Inc. – Preferred shares, Series C | 318,979 | — | 1,999,998 | — | — | — | — | — | — | 1,999,998 | 1.04 | % | ||||||||||||||||||||||||||||||||
Maven Research, Inc. – Preferred shares, Series B | 49,505 | — | 249,691 | — | — | — | — | — | (25,928 | ) | 223,763 | 0.12 | % | |||||||||||||||||||||||||||||||
Total Knowledge Networks | — | 2,249,689 | — | — | — | — | — | (25,928 | ) | 2,223,761 | 1.16 | % | ||||||||||||||||||||||||||||||||
Digital Media Platform | ||||||||||||||||||||||||||||||||||||||||||||
Ozy Media, Inc. – Preferred shares, Series B | 922,509 | — | 4,690,178 | — | — | — | — | — | 309,821 | 4,999,999 | 2.60 | % | ||||||||||||||||||||||||||||||||
Ozy Media, Inc. – Preferred shares, Series A | 1,090,909 | — | 3,907,004 | — | — | — | — | — | (907,004 | ) | 3,000,000 | 1.56 | % | |||||||||||||||||||||||||||||||
Ozy Media, Inc. – Preferred shares, Series Seed | 500,000 | — | 1,531,812 | — | — | — | — | — | (921,812 | ) | 610,000 | 0.32 | % | |||||||||||||||||||||||||||||||
Total Digital Media Platform | — | 10,128,994 | — | — | — | — | — | (1,518,995 | ) | 8,609,999 | 4.48 | % | ||||||||||||||||||||||||||||||||
Social Media | ||||||||||||||||||||||||||||||||||||||||||||
AlwaysOn, Inc. – Preferred shares, Series A-1 | 4,465,925 | — | 133,978 | — | — | — | — | — | (133,978 | ) | — | 0.00 | % | |||||||||||||||||||||||||||||||
AlwaysOn, Inc. – Preferred shares, Series A | 1,066,626 | — | 191,993 | — | — | — | — | — | (191,993 | ) | — | 0.00 | % | |||||||||||||||||||||||||||||||
Total Social Media | — | 325,971 | — | — | — | — | — | (325,971 | ) | — | 0.00 | % | ||||||||||||||||||||||||||||||||
Business Education | ||||||||||||||||||||||||||||||||||||||||||||
Fullbridge, Inc. – Preferred shares, Series D(8) | — | — | 3,111,714 | — | — | 1,040 | — | — | (3,112,754 | ) | — | 0.00 | % | |||||||||||||||||||||||||||||||
Fullbridge, Inc. – Preferred shares, Series C(8) | — | — | 1,625,001 | — | — | — | — | — | (1,625,001 | ) | — | 0.00% |
Schedule of Investments In and Advances To Affiliates | ||||||||||||||||||||||||||||||||||||||||||||
Type/Industry/Portfolio Company/Investment | Principal/ Quantity | Interest, Fees, or Dividends Credited in Income | Fair Value at December 31, 2015 | Transfer from Control Investment to Non-Control/ Non-Affiliate Investment | Corporate Action | Purchases | Sales | Realized Gains/ (Losses) | Unrealized Gains/ (Losses) | Fair Value at December 31, 2016 | Percentage of Net Assets | |||||||||||||||||||||||||||||||||
Total Business Education | $ | — | $ | 4,736,715 | $ | — | $ | — | $ | 1,040 | $ | — | $ | — | $ | (4,737,755 | ) | $ | — | 0.00 | % | |||||||||||||||||||||||
Cash Payment Network | ||||||||||||||||||||||||||||||||||||||||||||
Handle Financial, Inc. (f/k/a PayNearMe, Inc.) – Preferred shares, Series E(8) | — | $ | — | $ | 13,974,887 | $ | (13,974,887 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | 0.00 | % | ||||||||||||||||||||||
Total Preferred Stock | $ | — | $ | 59,328,596 | $ | (13,974,887 | ) | $ | — | $ | 2,001,563 | $ | — | $ | — | $ | (14,487,496 | ) | $ | 32,867,776 | 17.11 | % | ||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||||||||||||||||||||||||
Big Data Consulting | ||||||||||||||||||||||||||||||||||||||||||||
Strategic Data Command, LLC – Common shares(7) | 2,400,000 | — | 1,001,650 | — | — | — | — | — | 1,050,905 | 2,052,555 | 1.07 | % | ||||||||||||||||||||||||||||||||
Globally-Focused Private School | ||||||||||||||||||||||||||||||||||||||||||||
Whittle Schools, LLC – Common shares(3) | 229 | — | 1,500,000 | — | — | — | — | — | — | 1,500,000 | 0.78 | % | ||||||||||||||||||||||||||||||||
Consumer Health Technology | ||||||||||||||||||||||||||||||||||||||||||||
Orchestra One, Inc. (f/k/a Learnist Inc.) – Common shares (6) | 57,026 | — | 4,364 | (4,364 | ) | — | — | — | — | — | — | 0.00 | % | |||||||||||||||||||||||||||||||
Total Common Stock | $ | — | $ | 2,506,014 | $ | (4,364 | ) | $ | — | $ | — | $ | — | $ | — | $ | 1,050,905 | $ | 3,552,555 | 1.85 | % | |||||||||||||||||||||||
Warrants | ||||||||||||||||||||||||||||||||||||||||||||
Sports Analytics | ||||||||||||||||||||||||||||||||||||||||||||
Circle Media (f/k/a S3 Digital Corp. (d/b/a S3i)) – Preferred warrants, $1.17 Strike Price, Expiration Date 11/18/2022 | 5,360 | — | 429 | — | — | — | — | — | (429 | ) | — | 0.00 | % | |||||||||||||||||||||||||||||||
Circle Media (f/k/a S3 Digital Corp. (d/b/a S3i)) – Preferred warrants, $1.17 Strike Price, Expiration Date 8/29/2021 | 175,815 | — | 14,065 | — | — | — | — | — | (14,065 | ) | — | 0.00% |
Schedule of Investments In and Advances To Affiliates | ||||||||||||||||||||||||||||||||||||||||||||
Type/Industry/Portfolio Company/Investment | Principal/ Quantity | Interest, Fees, or Dividends Credited in Income | Fair Value at December 31, 2015 | Transfer from Control Investment to Non-Control/ Non-Affiliate Investment | Corporate Action | Purchases | Sales | Realized Gains/ (Losses) | Unrealized Gains/ (Losses) | Fair Value at December 31, 2016 | Percentage of Net Assets | |||||||||||||||||||||||||||||||||
Circle Media (f/k/a S3 Digital Corp. (d/b/a S3i)) – Preferred warrants, $1.17 Strike Price, Expiration Date 6/26/2021 | 38,594 | $ | — | $ | 3,088 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (3,088 | ) | $ | — | 0.00 | % | ||||||||||||||||||||||
Circle Media (f/k/a S3 Digital Corp. (d/b/a S3i)) – Preferred warrants, $1.17 Strike Price, Expiration Date 9/30/2020 | 160,806 | — | 12,864 | — | — | — | — | — | (12,864 | ) | — | 0.00 | % | |||||||||||||||||||||||||||||||
Circle Media (f/k/a S3 Digital Corp. (d/b/a S3i)) – Preferred warrants, $1.00 Strike Price, Expiration Date 11/21/2017 | 500,000 | — | 55,000 | — | — | — | — | — | (55,000 | ) | — | 0.00 | % | |||||||||||||||||||||||||||||||
Total Sports Analytics | — | 85,446 | — | — | — | — | — | (85,446 | ) | — | 0.00 | % | ||||||||||||||||||||||||||||||||
Corporate Education | ||||||||||||||||||||||||||||||||||||||||||||
CUX, Inc. (d/b/a CorpU) – Preferred warrants, $4.59 Strike Price, Expiration Date 2/25/2018 | 16,903 | — | 10,142 | — | — | — | — | — | (5,747 | ) | 4,395 | 0.00 | % | |||||||||||||||||||||||||||||||
Social Media | ||||||||||||||||||||||||||||||||||||||||||||
AlwaysOn, Inc. – Preferred warrants Series A, $1.00 Strike Price, Expiration Date 1/9/2017 | 109,375 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | 0.00% |
Schedule of Investments In and Advances To Affiliates | ||||||||||||||||||||||||||||||||||||||||||||
Type/Industry/Portfolio Company/Investment | Principal/ Quantity | Interest, Fees, or Dividends Credited in Income | Fair Value at December 31, 2015 | Transfer from Control Investment to Non-Control/ Non-Affiliate Investment | Corporate Action | Purchases | Sales | Realized Gains/ (Losses) | Unrealized Gains/ (Losses) | Fair Value at December 31, 2016 | Percentage of Net Assets | |||||||||||||||||||||||||||||||||
Business Education | ||||||||||||||||||||||||||||||||||||||||||||
Fullbridge, Inc. – Common warrants, $0.91 Strike Price, Expiration Date 3/2/2020(8) | — | $ | — | $ | 2,831 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (2,831 | ) | $ | — | 0.00 | % | ||||||||||||||||||||||
Fullbridge, Inc. – Common warrants, $0.91 Strike Price, Expiration Date 3/22/2020(8) | — | — | 1,862 | — | — | — | — | — | (1,862 | ) | — | 0.00 | % | |||||||||||||||||||||||||||||||
Fullbridge, Inc. – Common warrants, $0.91 Strike Price, Expiration Date 5/16/2019(8) | — | — | 1,923 | — | — | — | — | — | (1,923 | ) | — | 0.00 | % | |||||||||||||||||||||||||||||||
Fullbridge, Inc. – Common warrants, $0.91 Strike Price, Expiration Date 4/3/2019(8) | — | — | 4,121 | — | — | — | — | — | (4,121 | ) | — | 0.00 | % | |||||||||||||||||||||||||||||||
Fullbridge, Inc. – Common warrants, $0.91 Strike Price, Expiration Date 10/10/2018(8) | — | — | 824 | — | — | — | — | — | (824 | ) | — | 0.00 | % | |||||||||||||||||||||||||||||||
Fullbridge, Inc. – Common warrants, $0.91 Strike Price, Expiration Date 12/11/2018(8) | — | — | 824 | — | — | — | — | — | (824 | ) | — | 0.00 | % | |||||||||||||||||||||||||||||||
Fullbridge, Inc. – Common warrants, $0.91 Strike Price, Expiration Date 2/18/2019(8) | — | — | 7,143 | — | — | — | — | — | (7,143 | ) | — | 0.00 | % | |||||||||||||||||||||||||||||||
Total Business Education | — | 19,528 | — | — | — | — | — | (19,528 | ) | — | 0.00 | % | ||||||||||||||||||||||||||||||||
Total Warrants | $ | — | $ | 115,116 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (110,721 | ) | $ | 4,395 | 0.00% |
Schedule of Investments In and Advances To Affiliates | ||||||||||||||||||||||||||||||||||||||||||||
Type/Industry/Portfolio Company/Investment | Principal/ Quantity | Interest, Fees, or Dividends Credited in Income | Fair Value at December 31, 2015 | Transfer from Control Investment to Non-Control/ Non-Affiliate Investment | Corporate Action | Purchases | Sales | Realized Gains/ (Losses) | Unrealized Gains/ (Losses) | Fair Value at December 31, 2016 | Percentage of Net Assets | |||||||||||||||||||||||||||||||||
TOTAL NON-CONTROLLED/ AFFILIATE INVESTMENTS*(1) | $ | 159,016 | $ | 66,075,585 | $ | (15,269,175 | ) | $ | — | $ | 5,209,757 | $ | — | $ | — | $ | (13,571,477 | ) | $ | 42,444,690 | 22.09 | % |
* | All portfolio investments are non-income-producing, unless otherwise identified. Equity investments are subject to lock-up restrictions upon their IPO. Preferred dividends are generally only payable when declared and paid by the portfolio company's board of directors. Unless otherwise noted, all investments were pledged as collateral under the Credit Facility. The Company’s and GSV Asset |
** | Indicates assets that GSV Capital Corp. believes do not represent “qualifying assets” under Section 55(a) of the 1940 Act. |
*** | Investment is income-producing. |
(1) | “Affiliate |
(2) |
(3) | GSV Capital Corp.’s |
(4) | Interest will accrue daily on the unpaid principal balance of the note. Interest began compounding annually on November 26, 2015. Accrued interest is not payable until the earlier of (a) the closing of a subsequent equity offering by CUX, Inc. (d/b/a CorpU), or (b) the maturity of the |
(5) | On February 23, 2018, CUX, Inc. (d/b/a CorpU) agreed to extend the maturity of the GSV Capital Corp. |
(6) | On January 31, 2018, the maturity date of the convertible promissory note to Declara, Inc. was extended an additional three months to April 30, 2018 and the interest rate on the convertible promissory note increased to 12% per annum (including 365 days for the purposes of accrual). On January 31, 2018 the convertible promissory note to Declara Inc. was placed on non-accrual status. On April 30, 2018, the Company deemed this investment to be in default based on Declara Inc.'s financial position. |
(7) | Effective April 9, 2018, the term of Ozy Media Inc.'s notes were extended through the issuance of a new convertible promissory note, which extended the maturity date of the existing notes to October 31, 2018 and then to December 31, 2018 once certain conditions were satisfied. Effective August 17, 2018, Ozy Media Inc. executed an additional debt amendment, which expanded its borrowing limit. In consideration for amending and restating the existing notes, the Company was issued warrants exercisable for 295,565 shares of Ozy Media Inc.'s common stock. Subsequent to the year-ended December 31, 2018, Ozy Media Inc.'s obligations under its financing arrangements with the Company became past due. |
(8) | On January 12, 2018, the unsecured promissory note to NestGSV, Inc. (d/b/a GSV Labs, Inc.) was repaid, with interest. |
(9) | As of December 31, 2018, the investments noted had been placed on non-accrual status. |
(10) | Effective July 31, 2018, GSV Capital Corp agreed to extend the Convertible Promissory Note to NestGSV, Inc. (d/b/a GSV Labs, Inc.) until December 31, 2018, with a new interest rate of 12%. Previously accrued interest will be capitalized into the principal of the extended note. On December 31, 2018, GSV Capital Corp extended the maturity of the Convertible Promissory Note to December 31, 2019, compounded the previously accrued and then-outstanding interest and invested an additional $300,000. The Convertible Promissory Note continues to accrue interest at 12%. In consideration for the extension and additional investment, the 500,000 Series A-3 Preferred Warrants due April 4, 2019 and the 187,500 Series A-4 Preferred Warrants due October 6, 2019, were extended to April 4, 2021 and October 6, 2021, respectively. The Company also received an additional 250,000 Series B Preferred Warrants due December 31, 2023. |
(11) | On June 8, 2018, Curious.com, Inc. completed a recapitalization and issued new Series C preferred shares. In connection with the offering, GSV Capital Corp.'s 3,407,834 Series B preferred shares were converted into common shares. Additionally, a 1:3 reverse stock split was declared on the now common shares. |
(12) | The SPBRX, INC. (f/k/a |
by GSV Capital Corp. |
was approximately $4.8 million.
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Earnings/(loss) per common share – basic: | ||||||||||||||||
Net increase/(decrease) in net assets resulting from operations | $ | 10,071,004 | $ | (2,273,339 | ) | $ | 20,051,965 | $ | (43,503,968 | ) | ||||||
Weighted-average common shares – basic | 22,000,571 | 22,181,003 | 22,120,198 | 22,181,003 | ||||||||||||
Earnings/(loss) per common share – basic: | $ | 0.46 | $ | (0.10 | ) | $ | 0.91 | $ | (1.96 | ) | ||||||
Earnings/(loss) per common share – diluted: | ||||||||||||||||
Net increase/(decrease) in net assets resulting from operations, before adjustments | $ | 10,071,004 | $ | (2,273,339 | ) | $ | 20,051,965 | $ | (43,503,968 | ) | ||||||
Adjustments for interest on Convertible Senior Notes and deferred debt issuance costs | 1,124,917 | — | 3,366,801 | — | ||||||||||||
Net increase/(decrease) in net assets resulting from operations, as adjusted | 11,195,921 | (2,273,339 | ) | 23,418,766 | (43,503,968 | ) | ||||||||||
Weighted-average common shares outstanding – basic | 22,000,571 | 22,181,003 | 22,120,198 | 22,181,003 | ||||||||||||
Adjustments for dilutive effect of Convertible Senior Notes(1) | 5,751,815 | — | 5,751,815 | — | ||||||||||||
Weighted-average common shares outstanding – diluted | 27,752,386 | 22,181,003 | 27,872,013 | 22,181,003 | ||||||||||||
Earnings/(loss) per common share – diluted | $ | 0.40 | $ | (0.10 | ) | $ | 0.84 | $ | (1.96 | ) |
| Three Months Ended March 31, | ||||||
| 2019 | 2018 | |||||
Earnings per common share–basic: | |||||||
Net increase in net assets resulting from operations | $ | 17,159,613 | $ | 6,966,296 | |||
Weighted-average common shares–basic | 19,762,647 | 21,150,662 | |||||
Earnings per common share–basic | $ | 0.87 | $ | 0.33 | |||
Earnings per common share–diluted: | |||||||
Net increase in net assets resulting from operations | $ | 17,159,613 | $ | 6,966,296 | |||
Adjustment for interest and amortization on 5.25% Convertible Senior Notes due 2018(1) | — | 1,050,668 | |||||
Adjustment for interest and amortization on 4.75% Convertible Senior Notes due 2023(1) | 566,017 | 18,738 | |||||
Net increase in net assets resulting from operations, as adjusted | $ | 17,725,630 | $ | 8,035,702 | |||
Adjustment for dilutive effect of 5.25% Convertible Senior Notes due 2018(1) | — | 5,355,697 | |||||
Adjustment for dilutive effect of 4.75% Convertible Senior Notes due 2023(1) | 3,731,344 | 207,297 | |||||
Weighted-average common shares outstanding–diluted | 23,493,991 | 26,713,656 | |||||
Earnings per common share–diluted | $ | 0.75 | $ | 0.30 |
The Company is currently not subject to any material legal proceedings, nor, to its knowledge, is any material legal proceeding threatened against it.
rights under contracts with its portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, the Company does not expect that these proceedings will have a material effect upon its business, financial condition or results of operations.
Three Months Ended September 30, 2017 | Three Months Ended September 30, 2016 | |||||||
Per Basic Share Data: | ||||||||
Net asset value at beginning of period | $ | 9.11 | (1) | $ | 10.22 | (1) | ||
Net investment loss | (0.30 | )(1) | (0.19 | )(1) | ||||
Realized gain | 0.05 | (1) | 0.12 | (1) | ||||
Change in unrealized appreciation/(depreciation) | 0.71 | (1) | (0.06 | )(1) | ||||
Benefit from taxes on unrealized depreciation of investments | — | (1) | 0.02 | (1) | ||||
Dividends distributed | — | (0.04 | ) | |||||
Repurchase of common stock | 0.12 | (1) | — | |||||
Net asset value at end of period | $ | 9.69 | (1) | $ | 10.08 | (1) | ||
Per share market value at end of period | $ | 5.41 | $ | 4.72 | ||||
Total return based on market value | 24.65 | %(2) | (5.23 | )%(2) | ||||
Total return based on net asset value | 6.37 | %(2) | (0.59 | )%(2) | ||||
Shares outstanding at end of period | 21,606,894 | 22,181,003 | ||||||
Ratios/Supplemental Data: | ||||||||
Net assets at end of period | $ | 209,379,965 | $ | 223,619,737 | ||||
Average net assets | $ | 201,557,182 | $ | 226,900,410 | ||||
Ratio of gross operating expenses to average net assets(3) | 13.73 | % | 7.53 | % | ||||
Ratio of net income tax provisions to average net assets(3) | (0.05 | )% | (0.96 | )% | ||||
Ratio of operating expenses to average net assets(3) | 13.68 | % | 6.57 | % | ||||
Ratio of management fee waiver to average net assets(3) | (0.34 | )% | — | % | ||||
Ratio of net operating expenses to average net assets(3) | 13.34 | % | 6.57 | % | ||||
Ratio of net investment loss to average net assets(3) | (13.04 | )% | (7.38 | )% | ||||
Portfolio Turnover Ratio | 0.00 | % | 0.82 | % |
Nine Months Ended September 30, 2017 | Nine Months Ended September 30, 2016 | |||||||
Per Basic Share Data: | ||||||||
Net asset value at beginning of period | $ | 8.66 | (1) | $ | 12.08 | (1) | ||
Net investment loss | (0.78 | )(1) | (0.23 | )(1) | ||||
Realized loss | (1.10 | )(1) | (0.10 | )(1) | ||||
Change in unrealized appreciation/(depreciation) | 2.79 | (1) | (1.65 | )(1) | ||||
Benefit from taxes on unrealized depreciation of investments | — | (1) | 0.02 | (1) | ||||
Dividends distributed | — | (0.04 | ) | |||||
Repurchase of common stock | 0.12 | (1) | — | |||||
Net asset value at end of period | $ | 9.69 | (1) | $ | 10.08 | (1) | ||
Per share market value at end of period | $ | 5.41 | $ | 4.72 | ||||
Total return based on market value | 7.55 | %(2) | (28.03 | )%(2) | ||||
Total return based on net asset value | 11.89 | %(2) | (15.90 | )%(2) | ||||
Shares outstanding at end of period | 21,606,894 | 22,181,003 | ||||||
Ratios/Supplemental Data: | ||||||||
Net assets at end of period | $ | 209,379,965 | $ | 223,619,737 | ||||
Average net assets | $ | 196,478,030 | $ | 250,723,620 | ||||
Ratio of gross operating expenses to average net assets(3) | 12.74 | % | 2.80 | % | ||||
Ratio of net income tax provisions to average net assets(3) | (0.02 | )% | (0.29 | )% | ||||
Ratio of operating expenses to average net assets(3) | 12.72 | % | 2.51 | % | ||||
Ratio of management fee waiver to average net assets(3) | (0.36 | )% | — | % | ||||
Ratio of net operating expenses to average net assets(3) | 12.36 | % | 2.51 | % | ||||
Ratio of net investment loss to average net assets(3) | (11.78 | )% | (2.72 | )% | ||||
Portfolio Turnover Ratio | 0.00 | % | 4.05 | % |
| Three Months Ended March 31, | |||||||
2019 | 2018 | |||||||
Per Basic Share Data | (Unaudited) | (Unaudited) | ||||||
Net asset value at beginning of the year | $ | 9.89 | $ | 9.64 | ||||
Net investment income(1) | 0.03 | — | ||||||
Net realized loss on investments(1) | (0.21 | ) | (0.04 | ) | ||||
Realized loss on partial repurchase of 5.25% Convertible Senior Notes due 2018(1) | — | (0.02 | ) | |||||
Net change in unrealized appreciation/(depreciation) of investments(1) | 1.05 | 0.38 | ||||||
Provision for taxes on unrealized appreciation of investments(1) | (0.01 | ) | — | |||||
Repurchase of common stock(1) | — | 0.03 | ||||||
Net asset value at end of period | $ | 10.75 | $ | 9.99 | ||||
Per share market value at end of period | $ | 7.58 | $ | 7.54 | ||||
Total return based on market value(2) | 45.21 | % | 38.35 | % | ||||
Total return based on net asset value(2) | 8.70 | % | 3.62 | % | ||||
Shares outstanding at end of period | 19,762,647 | 21,066,538 | ||||||
Ratios/Supplemental Data: | ||||||||
Net assets at end of period | $ | 212,537,772 | $ | 210,487,734 | ||||
Average net assets | $ | 194,819,568 | $ | 204,070,345 | ||||
Ratio of gross operating expenses to average net assets(3) | 4.15 | % | 10.14 | % | ||||
Ratio of incentive fee waiver to average net assets | — | % | (2.45 | )% | ||||
Ratio of management fee waiver to average net assets | — | % | (0.31 | )% | ||||
Ratio of income tax provision to average net assets | 0.05 | % | — | % | ||||
Ratio of net operating expenses to average net assets(3) | 4.20 | % | 7.38 | % | ||||
Ratio of net investment loss to average net assets(3) | 1.29 | % | 0.02 | % | ||||
Portfolio Turnover Ratio | 4.85 | % | 0.11 | % |
(1) |
(2) | 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 |
(3) | Financial Highlights for periods of less than one year are annualized and the ratios of operating expenses to average net assets and net investment loss to average net assets are adjusted accordingly. Non-recurring expenses, including the $5.0 million accrued incentive fee forfeiture pursuant to the Waiver Agreement, are not annualized. For |
ended December 31, 2015.
As of January 1, 2014, the Company had net unrealized built-in gains. It did not incur a built-in-gains tax for the 2014 tax year due to the fact that there were sufficient net capital loss carryforwards to completely offset recognized built-in gains as well as available net operating losses.
five-year recognition period ended on December 31, 2018.
The Company and the GSVC Holdings identified their major tax jurisdictions as U.S. federal and California and may be subject to the taxing authorities’ examination for the tax years 2013 – 20162015–2018 and 2012 – 2016,2014–2018, respectively.
The Further, the Company and the GSVC Holdings accrue all interest and penalties related to uncertain tax positions as incurred. As of September 30, 2017,March 31, 2019, there were no material interest or penalties incurred related to uncertain tax positions.
due 2018
September 30, 2017 | December 31, 2016 | |||||||
(Unaudited) | ||||||||
Aggregate principal amount of Convertible Senior Notes | $ | 69,000,000 | $ | 69,000,000 | ||||
Unamortized embedded derivative discount | (149,721 | ) | (261,099 | ) | ||||
Direct deduction of deferred debt issuance costs | (687,555 | ) | (1,226,103 | ) | ||||
Convertible Senior Notes | $ | 68,162,724 | $ | 67,512,798 |
| March 31, 2019 | December 31, 2018 | |||||
Aggregate principal amount of 4.75% Convertible Senior Notes due 2023 | $ | 40,000,000 | $ | 40,000,000 | |||
Direct deduction of deferred debt issuance costs | $ | (1,474,472 | ) | $ | (1,565,489 | ) | |
4.75% Convertible Senior Notes due 2023 Payable | $ | 38,525,528 | $ | 38,434,511 |
The For the period from the initial issuance of the 4.75% Convertible Senior Notes contained an interest make-whole payment provision pursuantdue 2023 to, which holders who converted their notes priorand including, March 27, 2019, in accordance to September 15, 2016, would receive,the agreement, the Company did not to incur any indebtedness other than certain permitted debt, including, without limitation, up to $12.0 million in addition to a number of sharesborrowings under the Credit Facility.
expired on September 15, 2016 rendering the embedded derivative with no value, however the original value of the embedded derivative of $700,000 continues to be amortized over the life of the Convertible Senior Notes.
The Credit FacilityMay 31, 2019 and bears interest at a per annum rate equal to the prime rate plus 3.50%. In addition, a facility fee of $60,000 was charged upon closing of the Credit Facility, and the Loan Agreement requires payment of a fee for unused amounts during the revolving period in an amount equal to 0.50% per annum of the average unused portion of the Credit Facility payable quarterly in arrears.
The Company entered into a Loan and Security Agreement, effective December 31, 2013 (the “SVB Loan Agreement”), with Silicon Valley Bank, pursuant to which Silicon Valley Bank agreed to provide the Company with an $18.0 million credit facility (the “SVB Credit Facility”). The SVB Credit Facility expired on December 31, 2016 in accordance with its terms. Under the SVB Credit Facility, the Company was permitted to borrow an amount equal to the lesser of $18.0 million or 20% of the Company’s then-current net asset value.
The SVB Credit Facility bore interest at a per annum rate equal to the greater of (i) the prime rate plus 4.75% or (ii) 8.0% on amounts drawn under the SVB Credit Facility based on a 360-day year. In addition, a fee of $180,000 per annum (1.0% of the $18.0 million revolving line of credit) was charged under the SVB Loan Agreement. Under the terms of the SVB Credit Facility, the Company was required to repay all
outstanding borrowings on the SVB Credit Facility so that there is at least one 30-day period every 12 months during which the Company has no balance outstanding. The Company made certain customary representations and warranties under the SVB Loan Agreement and was required to comply with various covenants, reporting requirements, and other customary requirements for similar credit facilities. The SVB Loan Agreement included usual and customary events of default for credit facilities of a similar nature, including, without limitation, nonpayment, misrepresentation of representations and warranties in a material respect, breach of covenant, cross-default to certain other indebtedness, bankruptcy, change of control, and the occurrence of a material adverse effect.
The SVB Credit Facility was secured by all of the Company’s property and assets, except for the Company’s assets pledged to secure certain obligations in connection with the Company’s issuance of the Convertible Senior Notes. Borrowing under the SVB Credit Facility was subject to the leverage restrictions contained in the 1940 Act. In addition, under the SVB Loan Agreement, the Company agreed not to incur certain additional permitted indebtedness in an aggregate amount exceeding 50% of the Company’s then-applicable net asset value.
For the three and nine months ended September 30, 2017,March 31, 2019, the Company had average borrowings outstanding under the Credit Facility of $782,609 and $351,648, respectively.$0. For the three and nine monthsyear ended September 30, 2016,December 31, 2018 the Company had average borrowings outstanding under the SVB Credit Facility of $266,304 and $140,511 respectively.
From October 1, 2017 through November 9, 2017,May 8, 2019, the Company sold investments of $16,755,417,$22,948,292, net of transaction costs, as shown in the following table:
Portfolio Company | Transaction Date | Shares Sold | Average Net Share Price(1) | Net Proceeds | Realized Gain | |||||||||||||||
Spotify Technology S. A | 10/13/2017 | 3,657 | $ | 3,800.00 | $ | 13,896,600 | $ | 8,683,977 | ||||||||||||
| ||||||||||||||||||||
Chegg, Inc. | 10/19/2017 | 100,028 | 15.69 | 1,569,003 | 383,098 | |||||||||||||||
Chegg, Inc. | 10/20/2017 | 82,164 | 15.70 | 1,289,814 | 315,700 | |||||||||||||||
182,192 | 15.69 | 2,858,817 | 698,798 | |||||||||||||||||
Total | $ | 16,755,417 | $ | 9,382,775 |
Portfolio Company | Transaction Date | Shares Sold | Average Net Share Price (1) | Net Proceeds | Realized Gain/(Loss)(2) | ||||||||||||
Spotify Technology S.A.(3) | Various | 150,360 | $ | 137.51 | $ | 20,676,287 | $ | 14,285,987 | |||||||||
Dropbox, Inc.(3) | Various | 95,800 | $ | 23.72 | 2,272,005 | 776,749 | |||||||||||
$ | 22,948,292 | $ | 15,062,736 |
(1) | The average net share price is the net share price realized after deducting all commissions and fees on the sale(s), if applicable. |
As announced on October 11, 2017, Vista Equity Partners (“Vista”), a leading investment firm focused on software, data, and technology-enabled businesses, announced that it has entered into a definitive agreement to make a majority investment in JAMF Holdings, Inc., one
(2) | Realized gain/(loss) does not include amounts held in escrow or any realized gain/(loss) incurred on the maturity of our U.S. Treasury investments. |
(3) | As of May 8, 2019, we held 0 remaining shares of Spotify Technology S.A. and 779,190 remaining shares of Dropbox, Inc.. |
purchase any investments.
rights by the seller or the Company. Equity investments made through the secondary market may involve making deposits in escrow accounts until the applicable closing conditions are satisfied, at which time the escrow accounts will close and such equity investments will be effectuated.
On October 17, 2017, Mark Flynn resigned from his positions as President of the Company and as a member of the Company’s board of directors, effective October 17, 2017. In connection with Mr. Flynn’s resignation, the Company’s board of directors reduced the number of directors that constitute the full boardProgram. Please refer to six (6) directors from seven (7) directors. Mr. Flynn will continue to provide services to GSV Asset Management pursuant to a consulting agreement with GSV Asset Management.
In addition, on October 17, 2017, the Company’s board of directors appointed William Tanona to serve as President of the Company, effective October 17, 2017, in order to fill the vacancy created by Mr. Flynn’s resignation as President of the Company. Mr. Tanona previously served, and continues to serve, as Chief Financial Officer, Treasurer and Corporate Secretary of the Company.
On November 7, 2017, the Company’s board of directors authorized an extension of, and an increase in the amount of shares of the Company’s common stock that may be repurchased under, the discretionary "Note 5—Share Repurchase Program, until the earlier of (i) November 6, 2018 or (ii) the repurchase of $10.0 million in aggregate amount of the Company’s common stock. UnderEquity Offerings and Related Expenses” for additional information on the Share Repurchase Program, the Company may repurchase its outstanding common stock in the open market provided that the Company compliesProgram.
Subsequent to quarter-end, GSV Asset Management voluntarily agreed to extend its waiver of a portion of the advisory fees payable by the Company to GSV Asset Management under the Advisory Agreement. Under the extension of the waiver, through December 31, 2018, the Company will pay GSV Asset Management a base management fee of 1.75%, a 0.25% reduction from the 2.0% base management fee payable under the Advisory Agreement. This waiver of a portion of the base management fee is not subject to recourse against or reimbursement by the Company.
Under Rule 6-03 ofSEC’s Regulation S-X and in accordance with GAAP, as an investment company, the Company is not permitted to consolidate any subsidiary or other entity that is not an investment company, including those in which the Company has a controlling interest. However,interest; however, the Company must disclose certain financial information related to any subsidiaries or other entities that are considered to be “significant subsidiaries” under the applicable rules of Regulation S-X.
During the three and nine months ended September 30, 2017 and 2016 As of March 31, 2019, the Company had investments in at least one investment in a portfolio company that qualified asconsidered to be a “significant subsidiary”significant subsidiary under the applicable rules ofSEC Regulation S-X. Accordingly,S-X Rule 10-01(b)(1) and Regulation S-X Rule 4-08(g). Below is summarized, unaudited, comparative financial information is presented below for ourthe Company’s unconsolidated significant subsidiaries for the three and nine months ended September 30, 2017 and 2016:
Income Statement Data for the Three Months Ended: | March 31, 2019 | March 31, 2018 | ||||||
Revenue | $ | 5,646,112 | $ | 5,279,160 | ||||
Gross profit | 3,662,432 | 4,277,717 | ||||||
Loss from operations | (1,759,289 | ) | (1,788,903 | ) | ||||
Total net loss including net loss attributable to non-controlling interest | (1,759,289 | ) | (1,788,903 | ) | ||||
Net loss attributable to non-controlling interest | — | — |
Income Statement Data for the Three Months Ended: | September 30, 2017 | September 30, 2016 | ||||||
Revenue | $ | 5,745,750 | $ | 5,995,846 | ||||
Gross profit | 4,623,687 | 4,717,151 | ||||||
Loss from operations | (729,028 | ) | (1,679,034 | ) | ||||
Total net income including net income attributable to non-controlling interest | — | — | ||||||
Net loss attributable to controlling interest | (729,028 | ) | (1,679,034 | ) |
Income Statement Data for the Nine Months Ended: | September 30, 2017 | September 30, 2016 | ||||||
Revenue | $ | 17,442,574 | $ | 16,599,214 | ||||
Gross profit | 14,229,837 | 13,043,312 | �� | |||||
Loss from operations | (2,128,030 | ) | (6,644,452 | ) | ||||
Total net income including net income attributable to non-controlling interest | — | — | ||||||
Net loss attributable to controlling interest | (2,128,030 | ) | (6,644,452 | ) |
statements
The following analysis of our financial condition and results of operations should be read in conjunction with our condensed consolidated financial statements and the related notes thereto contained elsewhere in this quarterly report on Form 10-Q.
The fair value, as of September 30, 2017,March 31, 2019, of all of our portfolio investments, excluding U.S. Treasury Bills and Strips,bills, was $289,776,082. Refer to “Note 1 — Nature of Operations and Significant Accounting Policies” to our condensed consolidated financial statements as of September 30, 2017 for further detail.
Portfolio Company | Investment | Transaction Date | Gross Payments | |||||
Neutron Holdings, Inc. (d/b/a/ Lime) | Preferred shares, Series D | 1/25/2019 | $ | 10,000,000 | ||||
Total | $ | 10,000,000 |
Portfolio Investment | Transaction Date | Shares Sold | Average Net Share Price (1) | Net Proceeds | Realized Gain/(Loss)(2) | |||||||||||
Declara, Inc.(3) | 3/11/2019 | — | — | — | (12,334,151 | ) | ||||||||||
Spotify Technology S.A.(4) | Various | 85,000 | 139.66 | 11,871,346 | 8,259,563 | |||||||||||
Total | $ | 11,871,346 | $ | (4,074,588 | ) |
(1) | The average net share price is the net share price realized after deducting all commissions and fees on the sale(s), if applicable. |
(2) | Realized gain/(loss) does not include amounts held in escrow or any realized gain/(loss) incurred on the maturity of our U.S. Treasury investments. |
(3) | On March 11, 2019, Declara, Inc. entered into a definitive agreement to be acquired by Declara Holdings, Inc., a subsidiary of Futuryng, Inc. Despite the existence of an earn-out provision, as a result of the transaction, the Company does not expect to receive any proceeds. The exit of Declara, Inc. included a 12% Convertible Promissory Note with a principal value of $2,334,152. |
(4) | The sale of Spotify Technology on March 28, 2019 settled subsequent to quarter end. As of March 31, 2019, we held 150,360 remaining shares of Spotify Technology S.A.. |
The table below summarizes the portfolio investments we sold or wrote-off during
Three Months Ended September 30, 2017 | Nine Months Ended September 30, 2017 | |||||||||||||||
Portfolio Company | Net Proceeds | Realized Gains/ (Losses)(1) | Net Proceeds | Realized Gains/ (Losses)(1) | ||||||||||||
AliphCom, Inc. (d/b/a Jawbone) | $ | — | $ | — | $ | — | $ | (793,152 | ) | |||||||
AlwaysOn, Inc. | — | — | — | (1,903,414 | ) | |||||||||||
Beamreach Solar, Inc. (f/k/a Solexel, Inc.) | — | — | — | (14,272,840 | ) | |||||||||||
Cricket Media (f/k/a ePals Corporation) | — | — | — | (2,448,959 | ) | |||||||||||
EarlyShares.com, Inc. | — | — | — | (312,438 | ) | |||||||||||
Orchestra One, Inc. (f/k/a Learnist, Inc.) | — | — | — | (4,959,614 | ) | |||||||||||
Global Education Learning (Holdings) Ltd. | — | — | — | (675,495 | ) | |||||||||||
Chegg, Inc. | 5,739,897 | 990,489 | 5,739,897 | 990,489 | ||||||||||||
Snap, Inc. | 4,033,360 | 31,090 | 4,033,360 | 31,090 | ||||||||||||
Total Sales | $ | 9,773,257 | $ | 1,021,579 | $ | 9,773,257 | $ | (24,344,333 | ) |
Portfolio Company | Investment | Transaction Date | Gross Payments | |||||
Ozy Media, Inc.(1) | Promissory Note 10% Due 2/12/2018 | 1/12/2018 | $ | 100,000 | ||||
Total | $ | 100,000 |
(1) | During the period, Ozy Media, Inc.’s obligations under its financing arrangements with the Company became past due. Effective April 9, 2018, the term of Ozy Media Inc.'s notes were extended through the issuance of a new convertible promissory note, which extended the maturity date of the existing notes to October 31, 2018, or December 31, 2018 if certain conditions are satisfied. In consideration for amending and restating the existing notes, the Company was issued warrants exercisable for a certain number of shares of Ozy Media Inc.'s common stock. |
Portfolio Investment | Transaction Date | Shares Sold | Average Net Share Price (1) | Net Proceeds | Realized Gain/(Loss)(4) | |||||||||||
Chegg, Inc. | 1/3/2018 | 1,897 | $ | 16.78 | $ | 31,831 | $ | 9,018 | ||||||||
Chegg, Inc. | 1/4/2018 | 9,103 | 16.79 | 152,799 | 43,327 | |||||||||||
Chegg, Inc. | 1/5/2018 | 36,212 | 16.78 | 607,623 | 172,139 | |||||||||||
Chegg, Inc. | 1/8/2018 | 15,888 | 16.86 | 267,905 | 76,837 | |||||||||||
Chegg, Inc. | 1/9/2018 | 36,900 | 16.78 | 619,356 | 175,598 | |||||||||||
Chegg, Inc. | 2/13/2018 | 200,000 | 19.31 | 3,861,271 | 1,457,883 | |||||||||||
Chegg, Inc. (2) | 2/20/2018 | 200,000 | 19.53 | 3,905,530 | 1,503,045 | |||||||||||
| 500,000 | 18.89 | 9,446,315 | 3,437,847 | ||||||||||||
NestGSV, Inc. (d/b/a GSV Labs, Inc.)(3) | 1/12/2018 | N/A | N/A | 592,129 | (680 | ) | ||||||||||
Avenues Global Holdings, LLC | 1/22/2018 | 10,014,270 | 0.59 | 5,923,795 | (4,228,059 | ) | ||||||||||
Total | $ | 15,962,239 | $ | (790,892 | ) |
(1) | The average net share price is the net share price realized after deducting all commissions and fees on the sale(s), if applicable. |
(2) | As of February 22, 2018, all remaining shares of Chegg, Inc. held by the Company had been sold. |
(3) | Represents repayment of the 12% Unsecured Promissory Note Due 1/15/2018 |
(4) | Realized gains/(losses) exclude any realized gains/(losses) incurred on the maturity of our |
The table below summarizes the portfolio investments we sold or wrote-off during
Three Months Ended September 30, 2016 | Nine Months Ended September 30, 2016 | |||||||||||||||
Portfolio Company | Net Proceeds | Realized Gains/ (Losses)(1) | Net Proceeds | Realized Gains/ (Losses)(1) | ||||||||||||
Bloom Energy Corporation | $ | — | $ | — | $ | 2,973,438 | $ | (882,162 | ) | |||||||
Gilt Groupe Holdings, Inc. | — | — | 427,270 | (6,167,164 | ) | |||||||||||
Lyft, Inc. | 4,080,000 | 2,351,752 | 7,651,890 | 4,430,220 | ||||||||||||
Twitter, Inc. | 14,578,469 | 306,603 | 14,578,469 | 306,603 | ||||||||||||
Total Sales | $ | 18,658,469 | $ | 2,658,355 | $ | 25,631,067 | $ | (2,312,503 | ) |
2018
September 30, 2017 | September 30, 2016 | |||||||||||||||
Total | Per Basic Share(1) | Total | Per Basic Share(1) | |||||||||||||
Total Investment Income | $ | 174,912 | $ | 0.01 | $ | 86,648 | $ | 0.00 | ||||||||
Interest income/(reversal of interest accrual) | (88 | ) | — | 86,648 | 0.00 | |||||||||||
Dividend income | 175,000 | 0.01 | — | |||||||||||||
Other income | — | — | — | |||||||||||||
Gross Operating Expenses | 6,975,539 | 0.32 | 4,308,303 | 0.19 | ||||||||||||
Management fee waiver | (174,666 | ) | (0.01 | ) | — | — | ||||||||||
Net Operating Expenses | 6,800,873 | 0.31 | 4,308,303 | 0.19 | ||||||||||||
Management fees | 1,397,332 | 0.06 | 1,625,963 | 0.07 | ||||||||||||
Incentive fees | 3,334,052 | 0.15 | 220,719 | 0.01 | ||||||||||||
Costs incurred under administration agreement | 472,413 | 0.02 | 627,444 | 0.03 | ||||||||||||
Directors’ fees | 86,250 | — | 86,250 | 0.00 | ||||||||||||
Professional fees | 353,933 | 0.02 | 416,353 | 0.02 | ||||||||||||
Interest expense | 1,207,548 | 0.05 | 1,189,736 | 0.05 | ||||||||||||
Tax expense | 4,889 | — | — | — | ||||||||||||
Other expenses | 119,122 | 0.01 | 141,838 | 0.01 | ||||||||||||
Net investment loss | (6,625,961 | ) | (0.30 | ) | (4,221,655 | ) | (0.19 | ) | ||||||||
Net realized gain on investments | 1,033,577 | 0.05 | 2,658,715 | 0.12 | ||||||||||||
Net change in unrealized appreciation/(depreciation) of investments | 15,636,683 | 0.71 | (1,261,709 | ) | (0.06 | ) | ||||||||||
Benefit from taxes on unrealized depreciation | 26,705 | — | 551,310 | 0.02 | ||||||||||||
Net increase/(decrease) in net assets resulting from operations | $ | 10,071,004 | $ | 0.46 | $ | (2,273,339 | ) | $ | (0.10 | ) |
For the Three Months Ended March 31, | |||||||
| 2019 | 2018 | |||||
Total Investment Income | $ | 227,250 | $ | 249,335 | |||
Interest income | 227,250 | 249,335 | |||||
Dividend income | — | — | |||||
Other income | — | — | |||||
Gross Operating Expenses | $ | (392,452 | ) | $ | 5,396,806 | ||
Incentive fee waiver | — | (5,000,000 | ) | ||||
Management fee waiver | — | (154,944 | ) | ||||
Net Operating Expenses | $ | (392,452 | ) | $ | 241,862 | ||
Management fees | 848,723 | 1,323,576 | |||||
Incentive fees | (4,660,472 | ) | 1,471,334 | ||||
Costs incurred under Administration Agreement | 306,084 | 424,145 | |||||
Directors’ fees | 86,250 | 86,250 | |||||
Professional fees | 2,061,922 | 339,898 | |||||
Interest expense | 604,168 | 1,140,063 | |||||
Income tax expense | 3,763 | 122,270 | |||||
Other expenses | 357,110 | 489,270 | |||||
Net Investment Income/(Loss) | $ | 619,702 | $ | 7,473 | |||
Net realized gain/(loss) on investments | (4,065,693 | ) | (776,725 | ) | |||
Realized loss on partial repurchase of 5.25% Convertible Senior Notes due 2018 | — | — | |||||
Net change in unrealized appreciation/(depreciation) of investments | 20,699,751 | 8,133,394 | |||||
Benefit from taxes on unrealized depreciation of investments | $ | (94,147 | ) | $ | — | ||
Net Increase in Net Assets Resulting from Operations | $ | 17,159,613 | $ | 6,966,296 |
Operating results for the nine months ended September 30, 2017 and 2016 are as follows:
September 30, 2017 | September 30, 2016 | |||||||||||||||
Total | Per Basic Share(1) | Total | Per Basic Share(1) | |||||||||||||
Total Investment Income | $ | 883,964 | $ | 0.04 | $ | 135,181 | $ | 0.01 | ||||||||
Interest income | 335,868 | 0.02 | 135,181 | 0.01 | ||||||||||||
Dividend income | 475,000 | 0.02 | — | — | ||||||||||||
Other income | 73,096 | — | — | — | ||||||||||||
Gross Operating Expenses | 18,727,464 | 0.85 | 5,261,869 | 0.24 | ||||||||||||
Management fee waiver | (526,366 | ) | (0.02 | ) | — | — | ||||||||||
Net Operating Expenses | 18,201,098 | 0.83 | 5,261,869 | 0.24 | ||||||||||||
Management fees | 4,210,932 | 0.19 | 5,324,186 | 0.24 | ||||||||||||
Incentive fees/(reversal of incentive fee accrual) | 7,482,185 | 0.34 | (7,805,089 | ) | (0.35 | ) | ||||||||||
Costs incurred under administration agreement | 1,453,007 | 0.07 | 1,926,085 | 0.09 | ||||||||||||
Directors’ fees | 242,230 | 0.01 | 258,750 | 0.01 | ||||||||||||
Professional fees | 1,318,931 | 0.06 | 1,441,856 | 0.07 | ||||||||||||
Interest expense | 3,489,381 | 0.16 | 3,557,225 | 0.16 | ||||||||||||
Tax expense | 51,379 | — | — | — | ||||||||||||
Other expenses | 479,419 | 0.02 | 558,856 | 0.03 | ||||||||||||
Net investment loss | (17,317,134 | ) | (0.78 | ) | (5,126,688 | ) | (0.23 | ) | ||||||||
Net realized loss on investments | (24,327,082 | ) | (1.10 | ) | (2,311,994 | ) | (0.10 | ) | ||||||||
Net change in unrealized appreciation/ | ||||||||||||||||
(depreciation) of Investments | 61,669,476 | 2.79 | (36,616,596 | ) | (1.65 | ) | ||||||||||
Benefit from taxes on unrealized depreciation | 26,705 | — | 551,310 | 0.02 | ||||||||||||
Net increase/(decrease) in net assets resulting from operations | $ | 20,051,965 | $ | 0.91 | $ | (43,503,968 | ) | $ | (1.96 | ) |
Investment income also increased to $883,964 for the nine months ended September 30, 2017, as compared to $135,181 for the nine months ended September 30, 2016. The increase was primarily due to increased dividend and interest income and, to a lesser extent, other income. The increase in dividend income resulted from $475,000 in dividend payments received from our investment in SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.) during the nine months ended September 30, 2017. Interest income increased as a result of our debt investments, in Ozy Media, Inc. and NestGSV, Inc. (d/b/a GSV Labs, Inc.). Additionally, we received $73,096 in proceeds from GILT Groupe Holdings,notably the sale of Declara, Inc., an investment we previously held that was soldduring the three months ended March 31, 2019, relative to Hudson’s Bay Co., the parent company of Saks Fifth Avenue, in January 2016.
September 30, 2017 as a resultterm of the unrealized appreciation of our portfolio investments in the aggregate during the period. The increase in operating expenses during the three months ended September 30, 2017,Investment Advisory Agreement, as compared to the three months ended September 30, 2016, was partially offset byMarch 31, 2018. Additionally, we incurred lower management fees due to lower average gross assets outstanding during the period prior to our Internalization. Our interest and GSV Asset Management’s voluntary 0.25% reduction to the base management fee payable under the Advisory Agreement, as well as a decrease in costs incurred under the Administration Agreement. The increase in operating expenses were also offset, to a lesser extent, by decreases in professional fees, which include legal, valuation, audit and consulting fees.
Total operating expenses (net of the management fee waiver) increased to $18,201,098credit facility expense for the ninethree months ended September 30, 2017, as compared to $5,261,869 for the nine months ended September 30, 2016, primarily due to a reversal of accrued incentive fees for the nine months ended September 30, 2016. We accrued incentive fees during the nine months ended September 30, 2017March 31, 2019 declined as a result of the unrealized appreciationextinguishment of our portfolio investmentsthe Convertible Senior Notes due September 15, 2018 in the aggregate during the period. The increase in total operating expenses during the nine months ended September 30, 2017 wasthird quarter of 2018. These decreases were partially offset by lower managementan increase in legal fees dueincurred in relation to lower average gross assets outstanding, GSV Asset Management’s voluntary 0.25% reduction to the base management fee payable under the Advisory Agreement, a decrease in costs incurred under the Administration Agreement, and a decrease in professional fees, which include legal, valuation, audit and consulting fees.
Income
For the nine months ended September 30, 2017, we recognized a net investment loss of $17,317,134, comparedprofessional fees related to a net investment loss of $5,126,688 for the nine months ended September 30, 2016. The increase in net investment loss resulted primarily from the accrual of incentive fees during the nine months ended September 30, 2017,our Internalization, as discussed above, partially offset by an increase in investment income.
For the nine months ended September 30, 2017, we recognized net realized losses of $24,327,082, compared to a net realized losses of $2,311,994 for the nine months ended September 30, 2016. The components of our net realized gains/losses on portfolio investments, excluding treasury investments, are reflected above, under “— Overview — Investments — (Portfolio Activity).”
Portfolio Company | Change in Unrealized Appreciation/ (Depreciation) for the Three Months Ended September 30, 2017 | |||
JAMF Holdings, Inc. | $ | 14,601,826 | ||
Spotify Technology S.A. | 5,250,385 | |||
StormWind, LLC | 4,743,771 | |||
Chegg, Inc. | 1,820,621 | |||
Dropbox, Inc. | 1,584,490 | |||
Ozy Media, Inc. | (1,036,364 | ) | ||
General Assembly Space, Inc. | (1,077,414 | ) | ||
Avenues Global Holdings, LLC | (1,358,960 | ) | ||
Maven Research, Inc. | (1,600,515 | ) | ||
Curious.com, Inc. | (2,973,142 | ) | ||
Declara, Inc. | (4,216,360 | ) | ||
Other(1) | (101,655 | ) | ||
Total | $ | 15,636,683 |
Portfolio Company | Net Change in Unrealized Appreciation/(Depreciation) For the Three Months Ended March 31, 2019 | |||
Declara, Inc.(1) | $ | 12,334,151 | ||
Course Hero, Inc. | 6,465,582 | |||
Lyft, Inc. | 6,465,404 | |||
Coursera, Inc. | 5,573,492 | |||
Enjoy Technology, Inc. | 3,624,952 | |||
Dropbox, Inc. | 1,198,736 | |||
Stormwind, LLC | (1,002,245 | ) | ||
Ozy Media, Inc. | (1,576,788 | ) | ||
CUX, Inc. (d/b/a CorpU) | (1,741,045 | ) | ||
Knewton, Inc. | (2,122,494 | ) | ||
Spotify Technology S.A.(2) | (2,231,608 | ) | ||
NestGSV, Inc. (d/b/a GSV Labs, Inc.) | (4,528,993 | ) | ||
Palantir Technologies, Inc. | (3,916,913 | ) | ||
Other(3) | 2,157,520 | |||
Total | $ | 20,699,751 |
Portfolio Company | Change in Unrealized Appreciation/ (Depreciation) for the Three Months Ended September 30, 2016 | |||
Palantir Technologies, Inc. | $ | (2,206,354 | ) | |
Lyft, Inc. | (1,478,090 | ) | ||
Chegg, Inc. | 2,472,035 | |||
Other(1) | (49,300 | ) | ||
Total | $ | (1,261,709 | ) |
For the nine months ended September 30, 2017, we had a net change in unrealized appreciation of investments of $61,669,476. For the nine months ended September 30, 2016, we had a net change in unrealized depreciation of $36,616,596. The following tables summarize, by portfolio company, the significant changes in unrealized appreciation/(depreciation) of our investment portfolio for each of the nine months ended September 30, 2017 and 2016:
Portfolio Company | Change in Unrealized Appreciation/ (Depreciation) for the Nine Months Ended September 30, 2017 | |||
JAMF Holdings, Inc. | $ | 21,321,024 | ||
Beamreach Solar, Inc. (f/k/a Solexel, Inc.)(1) | 14,272,843 | |||
Spotify Technology S.A. | 13,351,893 | |||
Chegg, Inc. | 7,628,129 | |||
Orchestra One, Inc. (f/k/a Learnist, Inc.)(1) | 4,959,614 | |||
StormWind, LLC | 4,743,772 | |||
NestGSV, Inc. (d/b/a GSV Labs, Inc.) | 4,019,767 | |||
Coursera, Inc. | 3,854,113 | |||
Dropbox, Inc. | 3,331,446 | |||
Cricket Media (f/k/a ePals Inc.)(1) | 2,448,959 | |||
AlwaysOn, Inc.(1) | 1,903,414 | |||
Aspiration Partners, Inc. | 1,451,623 | |||
Lyft, Inc. | 1,343,714 | |||
Ozy Media, Inc. | (1,146,364 | ) | ||
Avenues Global Holdings, LLC | (1,614,324 | ) | ||
Maven Research, Inc. | (1,673,885 | ) | ||
General Assembly Space, Inc. | (1,861,905 | ) | ||
SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.) | (2,942,585 | ) | ||
Curious.com, Inc. | (4,024,767 | ) | ||
Declara, Inc. | (4,609,294 | ) | ||
Palantir Technologies, Inc. | (5,008,564 | ) | ||
Other(2) | (79,147 | ) | ||
Total | $ | 61,669,476 |
Portfolio Company | Change in Unrealized Appreciation/ (Depreciation) for the Nine Months Ended September 30, 2016 | |||
Palantir Technologies, Inc. | $ | (13,338,122 | ) | |
Fullbridge, Inc. | (5,488,622 | ) | ||
Dataminr, Inc. | (5,102,507 | ) | ||
Twitter, Inc. | (4,254,018 | ) | ||
Dropbox, Inc. | (5,139,483 | ) | ||
Solexel, Inc. | (5,157,254 | ) | ||
JAMF Holdings, Inc. | 1,707,179 | |||
Lyft, Inc. | (3,253,734 | ) | ||
SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.) | (1,799,396 | ) | ||
SugarCRM, Inc. | (1,401,493 | ) | ||
Gilt Groupe Holdings, Inc. | 6,055,046 | |||
Other(2) | 555,808 | |||
Totals | $ | (36,616,596 | ) |
(1) | The change in unrealized appreciation for |
(2) |
(3) | “Other” represents investments (including U.S. Treasury |
For the three months ended September 30, 2017 and 2016, our net increase/(decrease) in net assets resulting from operations was $10,071,004 and $(2,273,339), respectively.
Portfolio Company | Net Change in Unrealized Appreciation/ (Depreciation) For the Three Months Ended March 31, 2018 | ||||
Dropbox, Inc. | 6,186,547 | ||||
NestGSV, Inc. (d/b/a GSV Labs, Inc.) | 5,749,829 | ||||
Avenues Global Holdings, LLC(2) | 4,243,435 | ||||
Lyft, Inc. | 2,113,462 | ||||
Course Hero, Inc. | 1,111,915 | ||||
Declara, Inc. | (1,027,830 | ) | |||
Lytro, Inc. | (1,100,464 | ) | |||
General Assembly Space, Inc. | (1,252,940 | ) | |||
Chegg, Inc.(2) | (2,151,532 | ) | |||
Curious.com, Inc. | (5,514,077 | ) | |||
Other(3) | (224,951 | ) | |||
Total | $ | 8,133,394 |
(1) | The change in unrealized appreciation for these investments resulted from writing off an investment that was previously reduced in value to zero. |
(2) | The change in unrealized appreciation/(depreciation) reflected for these investments resulted from the full or partial sale of the relevant investment, which resulted in the reversal of previously accrued unrealized appreciation/(depreciation), as applicable. |
(3) | “Other” represents investments (including U.S. Treasury bills) for which individual change in unrealized appreciation/(depreciation) was less than $1.0 million for the three months ended March 31, 2018. |
March 31, 2019.
Cash Reserves and Liquid Securities | September 30, 2017 | December 31, 2016 | ||||||
Cash | $ | 5,154,436 | $ | 8,332,634 | ||||
Amounts available for borrowing under the Credit Facility(1)(2) | 4,000,000 | — | ||||||
Securities of publicly traded portfolio companies: | ||||||||
Unrestricted securities(3) | 11,607,729 | 8,729,005 | ||||||
Subject to other sales restrictions | — | — | ||||||
Total securities of publicly traded portfolio companies | 11,607,729 | 8,729,005 | ||||||
Total Cash Reserves and Liquid Securities | $ | 20,762,165 | $ | 17,061,639 |
Cash Reserves and Liquid Securities | March 31, 2019 | December 31, 2018 | ||||||
Cash | $ | 24,997,482 | $ | 28,184,163 | ||||
Borrowing availability under the Credit Facility(1) | 12,000,000 | 12,000,000 | ||||||
Securities of publicly traded portfolio companies: | ||||||||
Unrestricted securities(2) | 39,944,750 | 44,589,406 | ||||||
Subject to other sales restrictions(3) | 22,075,716 | — | ||||||
Total securities of publicly traded portfolio companies | 62,020,466 | 44,589,406 | ||||||
Total Cash Reserves and Liquid Securities | $ | 99,017,948 | $ | 84,773,569 |
(1) | Subject to leverage and borrowing base restrictions and other requirements under the Credit |
“Unrestricted securities” represents common stock of our publicly traded companies that are not subject to any restrictions upon sale. We may incur losses if we liquidate these positions to pay operating expenses or fund new investments. As of March 31, 2019, this balance represents our shares of common stock in Spotify Technology S.A. and Dropbox, Inc. |
(3) | As of March 31, 2019, this balance represents our shares of common stock of Lyft, Inc. |
There were no sales of our equity or debt securities during the nine months ended September 30, 2017 or the year ended December 31, 2016.
On August 7, 2017, our board of directors authorized the $5.0 million discretionary open-market Share Repurchase Program under which we may repurchase shares of our common stock in the open market until the earlier of (i) August 6, 2018 or (ii) the repurchase of $5.0 million in aggregate amount of our common
stock. During each of the three and nine months ended September 30, 2017, we repurchased 574,109 shares of our common stock for approximately $2.8 million under the Share Repurchase Program. For more information on the Share Repurchase Program, see “Part II. Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.”
Payments Due By Period (dollars in millions) | ||||||||||||||||||||
Total | Less than 1 year | 1 – 3 years | 3 – 5 years | More than 5 years | ||||||||||||||||
Payable for securities purchased(1) | $ | 89.6 | $ | 89.6 | $ | — | $ | — | $ | — | ||||||||||
Credit facility payable(2)(3)(4) | 8.0 | 8.0 | — | — | — | |||||||||||||||
Convertible Senior Notes(5) | 69.0 | 69.0 | — | — | — | |||||||||||||||
Total | $ | 166.6 | $ | 166.6 | $ | — | $ | — | $ | — |
| Payments Due By Period (dollars in millions) | ||||||||||||||||||
| Total | Less than 1 year | 1–3 years | 3–5 years | More than 5 years | ||||||||||||||
Payable for securities purchased(1) | $ | 89.5 | $ | 89.5 | $ | — | $ | — | $ | — | |||||||||
Credit Facility payable(2)(3) | — | — | — | — | — | ||||||||||||||
Convertible Senior Notes(4) | 40.0 | — | — | 40.0 | — | ||||||||||||||
Total | $ | 129.5 | $ | 89.5 | $ | — | $ | 40.0 | $ | — |
(1) | “Payable for securities purchased” relates to the purchase of the U.S. Treasury |
The total unused amount available under the Credit Facility as of |
(3) | The weighted-average interest rate incurred under the Credit Facility was |
(4) | The balance shown for the |
Date Declared | Record Date | Payment Date | Amount Per Share | |||||||||
Fiscal 2015: | ||||||||||||
November 4, 2015(1) | November 16, 2015 | December 31, 2015 | $ | 2.76 | ||||||||
Fiscal 2016: | ||||||||||||
August 3, 2016(2) | August 16, 2016 | August 24, 2016 | 0.04 | |||||||||
Total | $ | 2.80 |
Date Declared | Record Date | Payment Date | Amount per Share | |||||
Fiscal Year 2015: | ||||||||
November 4, 2015(1) | November 16, 2015 | December 31, 2015 | $ | 2.76 | ||||
Fiscal Year 2016: | ||||||||
August 3, 2016(2) | August 16, 2016 | August 24, 2016 | 0.04 | |||||
Total | $ | 2.80 |
(1) | The distribution was paid in cash or shares of our common stock at the election of stockholders, although the total amount of cash distributed to all stockholders was limited to approximately 50% of the total distribution to be paid to all stockholders. As a result of stockholder elections, the distribution consisted of approximately 2,860,903 shares of common stock issued in lieu of cash, or approximately 14.8% of our outstanding shares prior to the distribution, as well as cash of $26,358,885. The number of shares of common stock comprising the stock portion was calculated based on a price of $9.425 per share, which equaled the average of the volume weighted-average trading price per share of our common stock on December 28, 29 and 30, 2015. None of the $2.76 per share distribution represented a return of capital. |
(2) | Of the total distribution of $887,240 on August 24, 2016, $820,753 represented a distribution from realized gains and $66,487 represented a return of capital. |
We intend to focus on making capital gains-based investments from which we will derive primarily capital gains. As a consequence, we do not anticipate that we will pay distributions on a quarterly basis or become a predictable distributor of distributions, and we expect that our distributions, if any, will be much less consistent than the distributions of other business development companiesBDCs that primarily make debt investments. If there are earnings or realized capital gains to be distributed, we intend to declare and pay a distribution at least annually. The amount of realized capital gains available for distribution to stockholders will be impacted by our tax status.
treatment as a RIC.
On September 17, 2013, we issued $69.0 million aggregate principal amount of Convertible Senior Notes (including $9.0 million aggregate principal amount issued pursuant to the exercise of the initial purchasers’ option to purchase additional Convertible Senior Notes), which bear interest at a fixed rate of 5.25% per year, are payable semi-annually and mature on September 15, 2018, unless previously repurchased or converted in accordance with their terms. We do not have the right to redeem the Convertible Senior Notes prior to maturity. As of September 30, 2017, the Convertible Senior Notes were convertible into shares of our common stock based on a conversion rate of 83.3596 shares of our common stock per $1,000 principal amount of the Convertible Senior Notes, which is equivalent to a conversion price of approximately $12.00 per share of common stock. Refer to “Note 9 — Debt Capital Activities” to our condensed consolidated financial statements as of September 30, 2017 for more information regarding the Convertible Senior Notes.
On May 31, 2017, we entered into the Loan Agreement with Western Alliance Bank, pursuant to which Western Alliance Bank agreed to provide us with the $12.0 million Credit Facility. The Credit Facility, among other things, matures on the later of (i) August 15, 2018 or (ii) thirty days prior to the due date of the Convertible Senior Notes, which mature on September 15, 2018. The Credit Facility bears interest at a per annum rate equal to the prime rate plus 3.50%. In addition, a facility fee of $60,000 was charged upon closing of the Credit Facility, and the Loan Agreement requires payment of a fee for unused amounts during the revolving period in an amount equal to 0.50% per annum of the average unused portion of the Credit Facility payable quarterly in arrears. Refer to “Note 9 — Debt Capital Activities” to our condensed consolidated financial statements as of September 30, 2017 for more information regarding the Credit Facility.
We are frequently in negotiations with various private companies with respect to investments in such companies. Investments in private companies are generally subject to satisfaction of applicable closing conditions. In the case of secondary market transactions, such closing conditions may include approval of the issuer, waiver or failure to exercise rights of first refusal by the issuer and/or its stockholders and termination rights by the seller or us. Equity investments made through the secondary market may involve making deposits in escrow accounts until the applicable closing conditions are satisfied, at which time the escrow accounts will close and such equity investments will be effectuated.
From October 1, 2017 through November 9, 2017, we repurchased 285,012 shares of our common stock pursuant to the Share Repurchase Program at an average price of $5.73 per share.
On November 7, 2017, our board of directors authorized an extension of, and an increase in the amount of shares of our common stock that may be purchased under, the discretionary Share Repurchase Program until the earlier of (i) November 6, 2018 or (ii) the repurchase of $10.0 million in aggregate amount of our common stock. Under the Share Repurchase Program, we may repurchase our outstanding common stock in the open market provided that we comply with the prohibitions under our insider trading policies and procedures and the applicable provisions of the 1940 Act and the Exchange Act.
On October 17, 2017, Mark Flynn resigned from his positions as our President and as a member of our board of directors, effective October 17, 2017. In connection with Mr. Flynn’s resignation, our board of directors reduced the number of directors that constitute the full board to six (6) directors from seven (7) directors. Mr. Flynn will continue to provide services to GSV Asset Management pursuant to a consulting agreement with GSV Asset Management.
In addition, on October 17, 2017, our board of directors appointed William Tanona to serve as our President, effective October 17, 2017, in order to fill the vacancy created by Mr. Flynn’s resignation as President. Mr. Tanona previously served, and continues to serve, as our Chief Financial Officer, Treasurer and Corporate Secretary.
Subsequent to quarter-end, GSV Asset Management voluntarily agreed to extend its waiver of a portion of the advisory fees payable by us to GSV Asset Management under the Advisory Agreement. Under the extension of the waiver, through December 31, 2018, we will pay GSV Asset Management a base management fee of 1.75%, a 0.25% reduction from the 2.0% base management fee payable under the Advisory Agreement. This waiver of a portion of the base management fee is not subject to recourse against or reimbursement by us.
Based on our September 30, 2017March 31, 2019 Condensed Consolidated Statement of Assets and Liabilities, the following table shows the various, incremental impact of changes in interest rates on our net income or loss related to the Credit Facility for the ninethree months ended September 30, 2017,March 31, 2019, assuming no changes in our investment income and borrowing structure.
Basis Point Change(1) | Interest Income | Interest Expense | Net Income/(Loss) | |||||||||
Up 300 Basis points | $ | — | $ | 270,000 | $ | (270,000 | ) | |||||
Up 200 Basis points | $ | — | $ | 180,000 | $ | (180,000 | ) | |||||
Up 100 Basis points | $ | — | $ | 90,000 | $ | (90,000 | ) | |||||
Down 100 Basis points | $ | — | $ | (90,000 | ) | $ | 90,000 | |||||
Down 200 Basis points | $ | — | $ | (180,000 | ) | $ | 180,000 | |||||
Down 300 Basis points | $ | — | $ | (270,000 | ) | $ | 270,000 |
Basis Point Change(1) | Interest Income | Interest Expense | Net Income/(Loss) | |||||||||
Up 300 Basis points | $ | — | $ | 90,000 | $ | (90,000 | ) | |||||
Up 200 Basis points | $ | — | $ | 60,000 | $ | (60,000 | ) | |||||
Up 100 Basis points | $ | — | $ | 30,000 | $ | (30,000 | ) | |||||
Down 100 Basis points | $ | — | $ | (30,000 | ) | $ | 30,000 | |||||
Down 200 Basis points | $ | — | $ | (60,000 | ) | $ | 60,000 | |||||
Down 300 Basis points | $ | — | $ | (90,000 | ) | $ | 90,000 |
(1) | Assumes we have borrowed $12.0 million under the Credit Facility for the |
Although we believe that this measure is indicative of our sensitivity to the above-referenced interest rate changes, it does not reflect potential changes in credit quality, size and composition of the assets on our statement of assets and liabilities and other business developmentsBDC’s that could affect net increase or decrease in net assets resulting from operations, or net income or loss.
Item 4 | Controls and Procedures |
Item 1. | Legal Proceedings |
Item 1A. | Risk Factors |
Information relating to
Period | Total Number of Shares Purchased(2) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Share Repurchase Program(4) | ||||||||||||
July 1 through July 31, 2017 | — | $ | — | — | $ | — | ||||||||||
August 1 through August 31, 2017 | 301,712 | 4.60 | 291,712 | 3,658,307 | ||||||||||||
September 1 through September 30, 2017 | 323,322 | 5.16 | 282,397 | $ | 2,199,190 | |||||||||||
Total | 625,034 | 574,109 | (3) |
(1) | On August 8, 2017, we announced the $5.0 million discretionary open-market Share Repurchase Program under which |
Subsequent to |
Program. As of |
Item 3. | Defaults Upon Senior Securities |
Item 4. | Mine Safety Disclosures |
Item 6. | Exhibits |
(1) | Previously filed in connection with Pre-Effective Amendment No. 2 to the Registrant’s Registration Statement on Form N-2 (File No. 333-171578) filed on March 30, 2011, and incorporated by reference herein. |
(2) | Previously filed in connection with the Registrant’s Current Report on Form 8-K (File No. 814-00852) filed on June 1, 2011, and incorporated by reference herein. |
(3) | Previously filed in connection with the Registrant’s Current Report on Form 8-K (File No. 814-00852) filed on March 14, 2019, and incorporated by reference herein. |
* | Filed herewith. |
GSV CAPITAL CORP. | |||
Date: | May 9, 2019 | By: | /s/ Mark D. Klein |
Mark D. Klein | |||
President and Chief Executive Officer | |||
(Principal Executive Officer) | |||
Date: | May 9, | By: | /s/ Allison Green |
| Allison Green | ||
Chief Financial Officer, Controller, Treasurer, and Corporate Secretary | |||
(Principal Financial and Accounting Officer) | |||
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