TABLE OF CONTENTS

|        |
|--------|
|        |
|   |

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| Maryland                                                   | 27-4443543 |
| (State of incorporation)                                   | (I.R.S. Employer Identification No.) |
| 2925 Woodside Road Woodside, CA                            | 94062 |
| (Address of principal executive offices)                   | (Zip Code) |
|                                                       |   |
| (650) 235-4769                                             |
| (Registrant’s telephone number, including area code) |

|                                                                                 |
|---------------------------------------------------------------------------------|
|                                                                                 |  |
| Large accelerated filer  ̈                                                  | Accelerated filer x |
| Non-accelerated filer  ̈ (Do not check if a smaller reporting company) | Smaller reporting company  ̈ |
| Emerging growth company  ̈                                                  | ​ |

|        |
|--------|
|        |
|   |

----

TABLE OF CONTENTS

|                                    |
|------------------------------------|
|                                    |  |  |
|                               |   | PAGE |
| PART I. FINANCIAL INFORMATION |   |
| Item 1.                       | Condensed Consolidated Financial Statements | 1 |
|                               | Condensed Consolidated Statements of Assets and Liabilities as of June 30, 2018 (Unaudited) and December 31, 2017 | 1 |
|                               | Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2018 and 2017 (Unaudited) | 2 |
|                               | Condensed Consolidated Statements of Changes in Net Assets for the Six Months Ended June 30, 2018 and 2017 (Unaudited) | 3 |
|                               | Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2018 and 2017 (Unaudited) | 4 |
|                               | Condensed Consolidated Schedule of Investments as of June 30, 2018 (Unaudited) | 5 |
|                               | Condensed Consolidated Schedule of Investments as of December 31, 2017 | 10 |
|                               | Notes to Condensed Consolidated Financial Statements as of June 30, 2018 (Unaudited) | 15 |
| Item 2.                       | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 54 |
| Item 3.                            | Quantitative and Qualitative Disclosures About Market Risk | 65 |
| Item 4.                            | Controls and Procedures | 66 |
| PART II. OTHER INFORMATION    |   |
| Item 1.                       | Legal Proceedings | 67 |
| Item 1A.                           | Risk Factors | 67 |
| Item 2.                            | Unregistered Sales of Equity Securities and Use of Proceeds | 68 |
| Item 3.                            | Defaults Upon Senior Securities | 69 |
| Item 4.                            | Mine Safety Disclosures | 69 |
| Item 5.                            | Other Information | 69 |
| Item 6.                            | Exhibits | 69 |
| Signatures                         | 70 |

----

TABLE OF CONTENTS

|                                                                                                                                  |
|----------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                  |  |  |  |  |  |  |  |
| ​                                                                                                                          | June 30, 2018 |   | December 31, 2017 |
| ASSETS                                                                                                                           | ​ |  |   | ​ |  |
| Investments at fair value:                                                                                                       | ​ |  |   | ​ |  |
| Non-controlled/non-affiliate investments (cost of $115,469,512 and $137,526,726, respectively)                                   | $ | 178,256,152 |  |   | $ | 179,908,234 |  |
| Non-controlled/affiliate investments (cost of $42,212,967 and $41,886,312, respectively)                                         | 8,170,787 |  |   | 16,473,098 |  |
| Controlled investments (cost of $22,568,505 and $23,161,314, respectively)                                                       | 29,839,622 |  |   | 24,207,161 |  |
| Total Portfolio Investments                                                                                                      | 216,266,561 |  |   | 220,588,493 |  |
| Investments in U.S. Treasury bills (cost of $99,973,483 and $99,985,833, respectively)                                           | 99,986,200 |  |   | 99,994,000 |  |
| Total Investments (cost of $280,224,467 and $302,560,185, respectively)                                                          | 316,252,761 |  |   | 320,582,493 |  |
| Cash                                                                                                                             | 93,485,576 |  |   | 59,838,600 |  |
| Due from controlled investments                                                                                                  | — |  |   | 840 |  |
| Escrow proceeds receivable                                                                                                       | 1,660,279 |  |   | 603,456 |  |
| Interest and dividends receivable                                                                                                | 285,783 |  |   | 35,141 |  |
| Prepaid expenses and other assets                                                                                                | 88,232 |  |   | 208,983 |  |
| Deferred financing costs                                                                                                         | 52,917 |  |   | 413,023 |  |
| Total Assets                                                                                                                     | 411,825,548 |  |   | 381,682,536 |  |
| LIABILITIES                                                                                                                      | ​ |  |   | ​ |  |
| Due to GSV Asset Management(1)                                                                                                   | 233,005 |  |   | 231,697 |  |
| Accounts payable and accrued expenses                                                                                            | 559,537 |  |   | 458,203 |  |
| Accrued incentive fees, net of waiver of incentive fees(1)                                                                       | 8,337,504 |  |   | 9,278,085 |  |
| Accrued management fees, net of waiver of management fees(1)                                                                     | 316,888 |  |   | 424,447 |  |
| Accrued interest payable                                                                                                         | 1,268,750 |  |   | 1,056,563 |  |
| Payable for securities purchased                                                                                                 | 89,615,630 |  |   | 89,485,825 |  |
| Deferred tax liability                                                                                                           | 6,247,915 |  |   | 7,602,301 |  |
| 5.25% Convertible Senior Notes due September 15, 2018(2)                                                                    | 49,849,273 |  |   | 68,382,549 |  |
| 4.75% Convertible Senior Notes due March 28, 2023(2)                                                                             | 38,248,433 |  |   | — |  |
| Total Liabilities                                                                                                                | 194,676,935 |  |   | 176,919,670 |  |
| Commitments and contingencies (Notes 7 and 10)                                                                                   | ​ |  |   | ​ |  |
| Net Assets                                                                                                                       | $ | 217,148,613 |  |   | $ | 204,762,866 |  |
| NET ASSETS                                                                                                                       | ​ |  |   | ​ |  |
| Common stock, par value $0.01 per share (100,000,000 authorized; 20,750,913 and 21,246,345 issued and outstanding, respectively) | $ | 207,509 |  |   | $ | 212,463 |  |
| Paid-in capital in excess of par                                                                                                 | 199,178,414 |  |   | 202,584,012 |  |
| Accumulated net investment loss                                                                                                  | (14,003,040 | ) |   | (8,593,717 | ) |
| Accumulated net realized gains on investments                                                                                    | 2,328,862 |  |   | 140,100 |  |
| Accumulated net unrealized appreciation of investments                                                                           | 29,436,868 |  |   | 10,420,008 |  |
| Net Assets                                                                                                                       | $ | 217,148,613 |  |   | $ | 204,762,866 |  |
| Net Asset Value Per Share                                                                                                        | $ | 10.46 |  |   | $ | 9.64 |  |

|     |                                                                                                                                           |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | This balance references a related-party transaction. Refer to “Note 3—Related-Party Arrangements” for more detail.  |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | As of June 30, 2018 and December 31, 2017, the 5.25% Convertible Senior Notes due September 15, 2018 had a face value of $49,982,000 and $69,000,000, respectively.  As of June 30, 2018 and December 31, 2017, the 4.75% Convertible Senior Notes due March 28, 2023 had a face value of $40,000,000 and $0, respectively. Refer to “Note 10—Debt Capital Activities” for a reconciliation of the carrying value to the face value. |

----

TABLE OF CONTENTS

|                                                                                |
|--------------------------------------------------------------------------------|
|                                                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| ​                                                                        | Three Months Ended June 30, |   | Six Months Ended June 30, |
|                                                                           | 2018 |   | 2017 |   | 2018 |   | 2017 |
| INVESTMENT INCOME                                                              | ​ |  |   | ​ |  |   | ​ |  |   |   |
| Non-controlled/non-affiliate investments:                                      | ​ |  |   | ​ |  |   | ​ |  |   |   |
| Interest income                                                                | $ | 8,932 |  |   | $ | 8,434 |  |   | $ | 10,612 |  |   | $ | 16,807 |  |
| Other income                                                                   | — |  |   | 73,096 |  |   | — |  |   | 73,096 |  |
| Non-controlled/affiliate investments:                                          | ​ |  |   | ​ |  |   | ​ |  |   |   |
| Interest income                                                                | 221,813 |  |   | 96,695 |  |   | 455,895 |  |   | 192,372 |  |
| Controlled investments:                                                        | ​ |  |   | ​ |  |   | ​ |  |   |   |
| Interest income                                                                | 11,328 |  |   | 67,368 |  |   | 24,901 |  |   | 126,777 |  |
| Dividend income                                                                | 350,000 |  |   | 125,000 |  |   | 350,000 |  |   | 300,000 |  |
| Total Investment Income                                                        | 592,073 |  |   | 370,593 |  |   | 841,408 |  |   | 709,052 |  |
| OPERATING EXPENSES                                                             | ​ |  |   | ​ |  |   | ​ |  |   |   |
| Management fees(1)                                                             | 1,286,066 |  |   | 1,359,180 |  |   | 2,609,642 |  |   | 2,813,600 |  |
| Incentive fees(1)                                                              | 2,588,085 |  |   | 2,430,825 |  |   | 4,059,419 |  |   | 4,148,133 |  |
| Costs incurred under Administration Agreement(1)                               | 397,113 |  |   | 449,110 |  |   | 821,258 |  |   | 980,594 |  |
| Directors’ fees                                                          | 86,250 |  |   | 73,063 |  |   | 172,500 |  |   | 155,980 |  |
| Professional fees                                                              | 326,798 |  |   | 702,808 |  |   | 666,696 |  |   | 964,998 |  |
| Interest expense                                                               | 1,473,695 |  |   | 1,155,060 |  |   | 2,613,758 |  |   | 2,281,833 |  |
| Income tax expense                                                             | 26,229 |  |   | 45,690 |  |   | 148,499 |  |   | 46,490 |  |
| Other expenses                                                                 | 160,036 |  |   | 207,716 |  |   | 649,306 |  |   | 360,297 |  |
| Total Operating Expenses                                                       | 6,344,272 |  |   | 6,423,452 |  |   | 11,741,078 |  |   | 11,751,925 |  |
| Management fee waiver(1)                                                       | (335,403 | ) |   | (169,898 | ) |   | (490,347 | ) |   | (351,700 | ) |
| Incentive fee waiver(1)                                                        | — |  |   | — |  |   | (5,000,000 | ) |   | — |  |
| Total operating expenses, net of waiver of management and incentive fees       | 6,008,869 |  |   | 6,253,554 |  |   | 6,250,731 |  |   | 11,400,225 |  |
| Net Investment Loss                                                            | (5,416,796 | ) |   | (5,882,961 | ) |   | (5,409,323 | ) |   | (10,691,173 | ) |
| Realized Gains/(Losses) on Investments:                                        | ​ |  |   | ​ |  |   | ​ |  |   |   |
| Non-controlled/non-affiliated investments                                      | 3,363,333 |  |   | 4,003 |  |   | 2,587,288 |  |   | (22,781,750 | ) |
| Controlled investments                                                         | — |  |   | (675,495 | ) |   | (680 | ) |   | (2,578,909 | ) |
| Net Realized Gains/(Losses) on Investments                                     | 3,363,333 |  |   | (671,492 | ) |   | 2,586,608 |  |   | (25,360,659 | ) |
| 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                                      | 10,555,021 |  |   | 15,403,432 |  |   | 20,409,685 |  |   | 45,564,382 |  |
| Non-controlled/affiliate investments                                           | (952,635 | ) |   | (1,687,511 | ) |   | (8,628,965 | ) |   | (260,843 | ) |
| Controlled investments                                                         | 270,209 |  |   | (963,393 | ) |   | 6,225,269 |  |   | 729,254 |  |
| Net Change in Unrealized Appreciation/(Depreciation) of Investments            | 9,872,595 |  |   | 12,752,528 |  |   | 18,005,989 |  |   | 46,032,793 |  |
| Benefit from taxes on unrealized depreciation of investments                   | 1,010,871 |  |   | — |  |   | 1,010,871 |  |   | — |  |
| Net Increase in Net Assets Resulting from Operations                           | $ | 8,830,003 |  |   | $ | 6,198,075 |  |   | $ | 15,796,299 |  |   | $ | 9,980,961 |  |
| Net Increase in Net Assets Resulting from Operations per Common Share:         | ​ |  |   | ​ |  |   | ​ |  |   |   |
| Basic                                                                          | $ | 0.42 |  |   | $ | 0.28 |  |   | $ | 0.75 |  |   | $ | 0.45 |  |
| Diluted(2)                                                                     | $ | 0.35 |  |   | $ | 0.26 |  |   | $ | 0.66 |  |   | $ | 0.44 |  |
| Weighted-Average Common Shares Outstanding                                     | ​ |  |   | ​ |  |   | ​ |  |   |   |
| Basic                                                                          | 20,968,850 |  |   | 22,181,003 |  |   | 21,059,254 |  |   | 22,181,003 |  |
| Diluted(2)                                                                     | 28,866,674 |  |   | 27,932,818 |  |   | 27,796,112 |  |   | 27,932,818 |  |

|     |                                                                                                                                      |
|-----|--------------------------------------------------------------------------------------------------------------------------------------|
| (1) | This balance references a related-party transaction. Refer to “Note 3—Related-Party Arrangements” for more detail. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                          |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | For the three and six months ended June 30, 2018 and 2017, 0 potentially dilutive common shares were excluded from the weighted-average common shares outstanding for diluted net increase in net assets resulting from operations per common share.  Refer to “Note 6—Net Increase in Net Assets Resulting from Operations per Common Share—Basic and Diluted” for further detail. |

----

TABLE OF CONTENTS

|                                                                                |
|--------------------------------------------------------------------------------|
|                                                                                |  |  |  |  |  |  |  |
| ​                                                                        | Six Months Ended June 30, 2018 |   | Six Months Ended June 30, 2017 |
| Change in Net Assets Resulting from Operations                                 | ​ |  |   | ​ |  |
| Net investment loss                                                            | $ | (5,409,323 | ) |   | $ | (10,691,173 | ) |
| Net realized gains/(losses) on investments                                     | 2,586,608 |  |   | (25,360,659 | ) |
| Realized loss on partial repurchase of 5.25% Convertible Senior Notes due 2018 | (397,846 | ) |   | — |  |
| Net change in unrealized appreciation of investments                      | 18,005,989 |  |   | 46,032,793 |  |
| Benefit from taxes on unrealized depreciation of investments                   | 1,010,871 |  |   | — |  |
| Net Increase in Net Assets Resulting from Operations                           | 15,796,299 |  |   | 9,980,961 |  |
| Change in Net Assets Resulting from Capital Transactions                       | ​ |  |   | ​ |  |
| Repurchases of common stock                                                    | (3,410,552 | ) |   | — |  |
| Net Decrease in Net Assets Resulting from Capital Transactions                 | (3,410,552 | ) |   | — |  |
| Total Increase in Net Assets                                                   | 12,385,747 |  |   | 9,980,961 |  |
| Net assets at beginning of year                                                | 204,762,866 |  |   | 192,128,810 |  |
| Net Assets at End of Period                                                    | $ | 217,148,613 |  |   | $ | 202,109,771 |  |
| Capital Share Activity                                                         | ​ |  |   | ​ |  |
| Shares outstanding at beginning of year                                        | 21,246,345 |  |   | 22,181,003 |  |
| Shares issued                                                                  | — |  |   | — |  |
| Shares repurchased                                                             | (495,432 | ) |   | — |  |
| Shares Outstanding at End of Period                                            | 20,750,913 |  |   | 22,181,003 |  |

----

TABLE OF CONTENTS

|                                                                                                                                       |
|---------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                       |  |  |  |  |  |  |  |
| ​                                                                                                                               | Six Months Ended June 30, 2018 |   | Six Months Ended June 30, 2017 |
| Cash Flows from Operating Activities                                                                                                  | ​ |  |   | ​ |  |
| Net increase in net assets resulting from operations                                                                                  | $ | 15,796,299 |  |   | $ | 9,980,961 |  |
| Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by/(used in) operating activities: | ​ |  |   | ​ |  |
| Net realized (gains)/losses on investments                                                                                            | (2,586,608 | ) |   | 25,360,659 |  |
| Net change in unrealized (appreciation)/depreciation of investments                                                                   | (18,005,989 | ) |   | (46,032,793 | ) |
| Deferred tax liability                                                                                                                | (1,354,386 | ) |   | — |  |
| Amortization of discount on 5.25% Convertible Senior Notes due 2018                                                                   | 359,444 |  |   | 430,633 |  |
| Amortization of discount on 4.75% Convertible Senior Notes due 2023                                                                   | 95,051 |  |   | — |  |
| Amortization of deferred financing costs                                                                                              | 41,172 |  |   | 6,824 |  |
| Write-off of deferred offering costs                                                                                                  | 325,248 |  |   | — |  |
| Amortization of fixed income security premiums and discounts                                                                          | (12,017 | ) |   | (73,873 | ) |
| Paid-in-kind-interest                                                                                                                 | (209,453 | ) |   | 52,483 |  |
| Purchases of investments in:                                                                                                          | ​ |  |   | ​ |  |
| Portfolio investments                                                                                                                 | (209,656 | ) |   | (280 | ) |
| U.S. Treasury bills                                                                                                                   | (199,943,927 | ) |   | (160,054,378 | ) |
| Proceeds from sales or maturity of investments in:                                                                                    | ​ |  |   | ​ |  |
| Portfolio investments                                                                                                                 | 25,297,380 |  |   | — |  |
| U.S. Treasury bills                                                                                                                   | 200,000,000 |  |   | 90,000,000 |  |
| Change in operating assets and liabilities:                                                                                           | ​ |  |   | ​ |  |
| Due from controlled investments                                                                                                       | 840 |  |   | — |  |
| Prepaid expenses and other assets                                                                                                     | 120,751 |  |   | 141,386 |  |
| Interest and dividends receivable                                                                                                     | (250,642 | ) |   | (244,154 | ) |
| Escrow proceeds receivable                                                                                                            | (1,056,823 | ) |   | — |  |
| Due to GSV Asset Management(1)                                                                                                        | 1,308 |  |   | (74,218 | ) |
| Payable for securities purchased                                                                                                      | 129,805 |  |   | 62,985,140 |  |
| Accounts payable and accrued expenses                                                                                                 | 101,334 |  |   | (92,553 | ) |
| Accrued incentive fees(1)                                                                                                             | (940,581 | ) |   | 4,148,133 |  |
| Accrued management fees(1)                                                                                                            | (107,559 | ) |   | (127,626 | ) |
| Accrued interest payable                                                                                                              | 212,187 |  |   | 5,166 |  |
| Net Cash Provided by/(Used in) Operating Activities                                                                                   | 17,803,179 |  |   | (13,588,490 | ) |
| Cash Flows from Financing Activities                                                                                                  | ​ |  |   | ​ |  |
| Proceeds from the issuance of 4.75% Convertible Senior Notes due 2023                                                                 | 40,000,000 |  |   | — |  |
| Deferred debt issuance costs                                                                                                          | (1,846,620 | ) |   | — |  |
| Repurchases of common stock                                                                                                           | (3,410,552 | ) |   | — |  |
| Repurchase of 5.25% Convertible Senior Notes due 2018                                                                                 | (19,290,565 | ) |   | — |  |
| Realized loss on partial repurchase of 5.25% Convertible Senior Notes due 2018                                                        | 397,846 |  |   | — |  |
| Borrowings under credit facility                                                                                                      | — |  |   | 8,000,000 |  |
| Deferred credit facility costs                                                                                                        | — |  |   | (100,313 | ) |
| Deferred offering costs                                                                                                               | (6,312 | ) |   | (41,261 | ) |
| Net Cash Provided by Financing Activities                                                                                             | 15,843,797 |  |   | 7,858,426 |  |
| Total Increase/(Decrease) in Cash Balance                                                                                             | 33,646,976 |  |   | (5,730,064 | ) |
| Cash Balance at Beginning of Year                                                                                                     | 59,838,600 |  |   | 8,332,634 |  |
| Cash Balance at End of Period                                                                                                         | $ | 93,485,576 |  |   | $ | 2,602,570 |  |
| Supplemental Information:                                                                                                             | ​ |  |   | ​ |  |
| Interest paid                                                                                                                         | $ | 1,891,542 |  |   | $ | 1,832,654 |  |
| Taxes paid                                                                                                                            | $ | 492,014 |  |   | $ | 46,490 |  |

|     |                                                                                                                                      |
|-----|--------------------------------------------------------------------------------------------------------------------------------------|
| (1) | This balance references a related-party transaction. Refer to “Note 3—Related-Party Arrangements” for more detail. |

----

TABLE OF CONTENTS

|                                               |
|-----------------------------------------------|
|                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Investments*                        |   | Headquarters/Industry |   | Shares/Principal |   | Cost |   | Fair Value |   | % of NetAssets |
| NON-CONTROLLED/NON-AFFILIATE                  |   |   |   |   |   |   |   |   |   |   |
| Spotify Technology S.A.**                     |   | Stockholm, Sweden |   |   |   |   |   |   |   |   |
| Common shares(3)(7)                           |   | On-Demand Music Streaming |   | 235,360 |  |   | $ | 10,002,084 |  |   | $ | 39,596,966 |  |   | 18.23 | % |
| Palantir Technologies, Inc.                   |   | Palo Alto, CA |   |   |   |   |   |   |   |   |
| Common shares, Class A                   |   | Data Analysis |   | 5,773,690 |  |   | 16,189,935 |  |   | 35,495,295 |  |   | 16.35 | % |
| Dropbox, Inc.**                               |   | San Francisco, CA |   |   |   |   |   |   |   |   |
| Common shares(3)(8)                           |   | Cloud Computing Services |   | 874,990 |  |   | 13,656,926 |  |   | 25,530,458 |  |   | 11.76 | % |
| Coursera, Inc.                                |   | Mountain View, CA |   |   |   |   |   |   |   |   |
| Preferred shares, Series B               |   | Online Education |   | 2,961,399 |  |   | 14,519,519 |  |   | 18,360,674 |  |   | 8.46 | % |
| Lyft, Inc.                                    |   | San Francisco, CA |   |   |   |   |   |   |   |   |
| Preferred shares, Series E               |   | On-Demand Transportation Services |   | 128,563 |  |   | 2,503,585 |  |   | 5,694,949 |  |   | 2.62 | % |
| Preferred shares, Series D               |   |   |   | 176,266 |  |   | 1,792,749 |  |   | 7,808,046 |  |   | 3.60 | % |
| Total                                         |   |   |   |   |   | 4,296,334 |  |   | 13,502,995 |  |   | 6.22 | % |
| Course Hero, Inc.                             |   | Redwood City, CA |   |   |   |   |   |   |   |   |
| Preferred shares, Series A               |   | Online Education |   | 2,145,509 |  |   | 5,000,001 |  |   | 11,298,854 |  |   | 5.20 | % |
| Parchment, Inc.                               |   | Scottsdale, AZ |   |   |   |   |   |   |   |   |
| Preferred shares, Series D               |   | E-Transcript Exchange |   | 3,200,512 |  |   | 4,000,982 |  |   | 5,867,338 |  |   | 2.70 | % |
| DreamBox Learning, Inc.                       |   | Bellevue, WA |   |   |   |   |   |   |   |   |
| Preferred shares, Series A-1             |   | Education Technology |   | 7,159,221 |  |   | 1,502,362 |  |   | 3,789,912 |  |   | 1.75 | % |
| Preferred shares, Series A               |   |   |   | 3,579,610 |  |   | 758,017 |  |   | 1,894,956 |  |   | 0.87 | % |
| Total                                         |   |   |   |   |   | 2,260,379 |  |   | 5,684,868 |  |   | 2.62 | % |
| A Place for Rover Inc. (f/k/a DogVacay, Inc.) |   | Seattle, WA |   |   |   |   |   |   |   |   |
| Common shares                                 |   | Peer-to-Peer Pet Services |   | 707,991 |  |   | 2,506,119 |  |   | 4,800,172 |  |   | 2.21 | % |
| Enjoy Technology, Inc.                        |   | Menlo Park, CA |   |   |   |   |   |   |   |   |
| Preferred shares, Series B               |   | On-Demand Commerce |   | 1,681,520 |  |   | 4,000,280 |  |   | 3,438,514 |  |   | 1.58 | % |
| Preferred shares, Series A               |   |   |   | 879,198 |  |   | 1,002,440 |  |   | 1,035,035 |  |   | 0.48 | % |
| Total                                         |   |   |   |   |   | 5,002,720 |  |   | 4,473,549 |  |   | 2.06 | % |
| SugarCRM, Inc.(13)                            |   | Cupertino, CA |   |   |   |   |   |   |   |   |
| Preferred shares, Series E               |   | Customer Relationship Manager |   | 373,134 |  |   | 1,500,723 |  |   | 1,813,267 |  |   | 0.84 | % |
| Common shares                                 |   |   |   | 1,524,799 |  |   | 5,477,236 |  |   | 1,265,583 |  |   | 0.58 | % |
| Total                                         |   |   |   |   |   | 6,977,959 |  |   | 3,078,850 |  |   | 1.42 | % |
| Knewton, Inc.                                 |   | New York, NY |   |   |   |   |   |   |   |   |
| Preferred shares, Series E               |   | Online Education |   | 375,985 |  |   | 4,999,999 |  |   | 3,061,682 |  |   | 1.41 | % |
| SharesPost, Inc.                              |   | San Francisco, CA |   |   |   |   |   |   |   |   |
| Preferred shares, Series B               |   | Online Marketplace Finance |   | 1,771,653 |  |   | 2,259,716 |  |   | 2,249,999 |  |   | 1.04 | % |
| Common shares(14)                             |   |   |   | 770,934 |  |   | 123,987 |  |   | 123,349 |  |   | 0.06 | % |
| Total                                         |   |   |   |   |   | 2,383,703 |  |   | 2,373,348 |  |   | 1.10 | % |
| Clever, Inc.                                  |   | San Francisco, CA |   |   |   |   |   |   |   |   |
| Preferred shares, Series B               |   | Education Software |   | 1,799,047 |  |   | 2,000,601 |  |   | 2,000,001 |  |   | 0.92 | % |
| Lytro, Inc.(12)                               |   | Mountain View, CA |   |   |   |   |   |   |   |   |
| Preferred shares, Series D               |   | Light Field Imaging Platform |   | 159,160 |  |   | 502,142 |  |   | 46,427 |  |   | 0.02 | % |
| Preferred shares, Series C-1             |   |   |   | 3,378,379 |  |   | 10,001,216 |  |   | 928,544 |  |   | 0.43 | % |
| Total                                         |   |   |   |   |   | 10,503,358 |  |   | 974,971 |  |   | 0.45 | % |
| Tynker (f/k/a Neuron Fuel, Inc.)              |   | Mountain View, CA |   |   |   |   |   |   |   |   |
| Preferred shares, Series A               |   | Computer Software |   | 534,162 |  |   | 309,310 |  |   | 791,361 |  |   | 0.36 | % |

----

TABLE OF CONTENTS

|                                                                              |
|------------------------------------------------------------------------------|
|                                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Investments*                                                       |   | Headquarters/Industry |   | Shares/Principal |   | Cost |   | Fair Value |   | % of NetAssets |
| Aspiration Partners, Inc.                                                    |   | Marina Del Rey, CA |   |   |   |   |   |   |   |   |
| Preferred shares, Series A                                              |   | Financial Services |   | 540,270 |  |   | 1,001,815 |  |   | 778,311 |  |   | 0.36 | % |
| 4C Insights (f/k/a The Echo Systems Corp.)                                   |   | Chicago, IL |   |   |   |   |   |   |   |   |
| Common shares                                                                |   | Social Data Platform |   | 436,219 |  |   | 1,436,404 |  |   | 586,459 |  |   | 0.27 | % |
| Fullbridge, Inc.                                                             |   | Cambridge, MA |   |   |   |   |   |   |   |   |
| Common shares                                                                |   | Business Education |   | 517,917 |  |   | 6,150,506 |  |   | — |  |   | — | % |
| Promissory Note 1.47% Due 11/9/2021(4)                                       |   |   |   | 2,270,458 |  |   | 2,270,858 |  |   | — |  |   | — | % |
| Total                                                                        |   |   |   |   |   | 8,421,364 |  |   | — |  |   | — | % |
|                                                                         |   |   |   |   |   |   |   |   |   |   |
| Total Non-controlled/Non-affiliate                                           |   |   |   |   |   | $ | 115,469,512 |  |   | $ | 178,256,152 |  |   | 82.09 | % |
|                                                                         |   |   |   |   |   |   |   |   |   |   |
| NON-CONTROLLED/AFFILIATE(1)                                                  |   |   |   |   |   |   |   |   |   |   |
| Ozy Media, Inc.                                                              |   | Mountain View, CA |   |   |   |   |   |   |   |   |
| Convertible Promissory Note 5% Due 10/31/2018(11)                            |   | Digital Media Platform |   | $ | 2,102,384 |  |   | 2,083,754 |  |   | 3,153,247 |  |   | 1.45 | % |
| Preferred shares, Series B                                              |   |   |   | 922,509 |  |   | 4,999,999 |  |   | 1,289,491 |  |   | 0.59 | % |
| Preferred shares, Series A                                              |   |   |   | 1,090,909 |  |   | 3,000,200 |  |   | 773,475 |  |   | 0.36 | % |
| Preferred shares, Series Seed                                           |   |   |   | 500,000 |  |   | 500,000 |  |   | 128,912 |  |   | 0.06 | % |
| Common Warrants, Strike Price $0.01, Expiration Date 4/9/2028(11)            |   |   |   | 34,483 |  |   | 30,647 |  |   | — |  |   | — | % |
| Total                                                                        |   |   |   |   |   | 10,614,600 |  |   | 5,345,125 |  |   | 2.46 | % |
| CUX, Inc. (d/b/a CorpU)                                                      |   | Philadelphia, PA |   |   |   |   |   |   |   |   |
| Senior Subordinated Convertible Promissory Note 8% Due 11/26/2018***(6)      |   | Corporate Education |   | $ | 1,259,712 |  |   | 1,259,712 |  |   | 1,259,712 |  |   | 0.58 | % |
| Convertible preferred shares, Series D                                  |   |   |   | 169,033 |  |   | 778,607 |  |   | 848,421 |  |   | 0.39 | % |
| Convertible preferred shares, Series C                                  |   |   |   | 615,763 |  |   | 2,006,077 |  |   | — |  |   | — | % |
| Preferred Warrants Series D, Strike Price $4.59, Expiration Date 8/1/2018(9) |   |   |   | 16,903 |  |   | — |  |   | 8,282 |  |   | 0.00 | % |
| Total                                                                        |   |   |   |   |   | 4,044,396 |  |   | 2,116,415 |  |   | 0.97 | % |
| EdSurge, Inc.                                                                |   | Burlingame, CA |   |   |   |   |   |   |   |   |
| Preferred shares, Series A-1                                            |   | Education Media Platform |   | 378,788 |  |   | 501,360 |  |   | 250,000 |  |   | 0.12 | % |
| Preferred shares, Series A                                              |   |   |   | 494,365 |  |   | 500,801 |  |   | 250,000 |  |   | 0.12 | % |
| Total                                                                        |   |   |   |   |   | 1,002,161 |  |   | 500,000 |  |   | 0.24 | % |
| Maven Research, Inc.                                                         |   | San Francisco, CA |   |   |   |   |   |   |   |   |
| Preferred shares, Series C                                              |   | Knowledge Networks |   | 318,979 |  |   | 2,000,447 |  |   | 190,267 |  |   | 0.09 | % |
| Preferred shares, Series B                                              |   |   |   | 49,505 |  |   | 217,206 |  |   | 18,980 |  |   | 0.01 | % |
| Total                                                                        |   |   |   |   |   | 2,217,653 |  |   | 209,247 |  |   | 0.10 | % |
| Curious.com, Inc.                                                            |   | Menlo Park, CA |   |   |   |   |   |   |   |   |
| Common shares(16)                                                            |   | Online Education |   | 3,407,834 |  |   | 12,000,006 |  |   | — |  |   | — | % |
| Declara, Inc.                                                                |   | Palo Alto, CA |   |   |   |   |   |   |   |   |
| Convertible Promissory Note 12% Due 4/30/2018(4)(10)                         |   | Social Cognitive Learning |   | $ | 2,327,727 |  |   | 2,334,152 |  |   | — |  |   | — | % |
| Preferred shares, Series A                                              |   |   |   | 10,716,390 |  |   | 9,999,999 |  |   | — |  |   | — | % |
| Total                                                                        |   |   |   |   |   | 12,334,151 |  |   | — |  |   | — | % |
|                                                                         |   |   |   |   |   |   |   |   |   |   |
| Total Non-controlled/Affiliate                                               |   |   |   |   |   | $ | 42,212,967 |  |   | $ | 8,170,787 |  |   | 3.76 | % |

----

TABLE OF CONTENTS

|                                                                                   |
|-----------------------------------------------------------------------------------|
|                                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Investments*                                                            |   | Headquarters/Industry |   | Shares/Principal |   | Cost |   | Fair Value |   | % of Net Assets |
| CONTROLLED(2)                                                                     |   |   |   |   |   |   |   |   |   |   |
| StormWind, LLC(5)                                                                 |   | Scottsdale, AZ |   |   |   |   |   |   |   |   |
| Preferred shares, Series C                                                   |   | Interactive Learning |   | 2,779,134 |  |   | 4,000,787 |  |   | 8,725,635 |  |   | 4.02 | % |
| Preferred shares, Series B                                                   |   |   |   | 3,279,629 |  |   | 2,019,687 |  |   | 6,000,048 |  |   | 2.76 | % |
| Preferred shares, Series A                                                   |   |   |   | 366,666 |  |   | 110,000 |  |   | 623,474 |  |   | 0.29 | % |
| Total                                                                             |   |   |   |   |   | 6,130,474 |  |   | 15,349,157 |  |   | 7.07 | % |
| NestGSV, Inc. (d/b/a GSV Labs, Inc.)                                              |   | Redwood City, CA |   |   |   |   |   |   |   |   |
| Convertible Promissory Note 8% Due 7/31/2018***(15)                               |   | Global Innovation Platform |   | $ | 560,199 |  |   | 564,079 |  |   | 560,199 |  |   | 0.26 | % |
| Preferred shares, Series A-4                                                 |   |   |   | 3,720,424 |  |   | 4,904,498 |  |   | 8,130,273 |  |   | 3.74 | % |
| Preferred shares, Series A-3                                                 |   |   |   | 1,561,625 |  |   | 2,005,730 |  |   | 2,843,860 |  |   | 1.31 | % |
| Preferred shares, Series A-2                                                 |   |   |   | 450,001 |  |   | 605,500 |  |   | 491,694 |  |   | 0.23 | % |
| Preferred shares, Series A-1                                                 |   |   |   | 1,000,000 |  |   | 1,021,778 |  |   | 819,491 |  |   | 0.38 | % |
| Common shares                                                                     |   |   |   | 200,000 |  |   | 1,000 |  |   | — |  |   | — | % |
| Preferred Warrants Series A-3, Strike Price $1.33, Expiration Date 4/4/2019  |   |   |   | 187,500 |  |   | — |  |   | 105,000 |  |   | 0.05 | % |
| Preferred Warrants Series A-4, Strike Price $1.33, Expiration Date 10/6/2019 |   |   |   | 500,000 |  |   | — |  |   | 470,000 |  |   | 0.22 | % |
| Preferred Warrants Series A-4, Strike Price $1.33, Expiration Date 7/18/2021 |   |   |   | 250,000 |  |   | 74,380 |  |   | 267,500 |  |   | 0.12 | % |
| Preferred Warrants Series B, Strike Price $2.31, Expiration Date 11/29/2021  |   |   |   | 100,000 |  |   | 29,275 |  |   | 9,000 |  |   | 0.00 | % |
| Preferred Warrant Series B, Strike Price $2.31, Expiration Date 5/29/2022    |   |   |   | 125,000 |  |   | 70,379 |  |   | 11,250 |  |   | 0.00 | % |
| Total                                                                             |   |   |   |   |   | 9,276,619 |  |   | 13,708,267 |  |   | 6.31 | % |
| SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.)                             |   | Woodside, CA |   |   |   |   |   |   |   |   |
| Preferred shares, Class A***(17)                                             |   | Clean Technology |   | 14,300,000 |  |   | 7,151,412 |  |   | 782,198 |  |   | 0.36 | % |
| Common shares                                                                     |   |   |   | 100,000 |  |   | 10,000 |  |   | — |  |   | — | % |
| Total                                                                             |   |   |   |   |   | 7,161,412 |  |   | 782,198 |  |   | 0.36 | % |
|                                                                              |   |   |   |   |   |   |   |   |   |   |
| Total Controlled                                                                  |   |   |   |   |   | $ | 22,568,505 |  |   | $ | 29,839,622 |  |   | 13.74 | % |
|                                                                              |   |   |   |   |   |   |   |   |   |   |
| Total Portfolio Investments                                                       |   |   |   |   |   | $ | 180,250,984 |  |   | $ | 216,266,561 |  |   | 99.59 | % |
|                                                                              |   |   |   |   |   |   |   |   |   |   |
| U.S. Treasury                                                                     |   |   |   |   |   |   |   |   |   |   |
| U.S. Treasury bills, 0%, due 7/5/2018***(3)                                       |   |   |   | $ | 100,000,000 |  |   | 99,973,483 |  |   | 99,986,200 |  |   | 46.05 | % |
|                                                                              |   |   |   |   |   |   |   |   |   |   |
| TOTAL INVESTMENTS                                                                 |   |   |   |   |   | $ | 280,224,467 |  |   | $ | 316,252,761 |  |   | 145.64 | % |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| * | 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”). The Company’s and GSV Asset Management’s officers and staff, as applicable, may serve on the board of directors of the Company’s portfolio investments. (Refer to “Note 3—Related-Party Arrangements”). All portfolio investments are considered Level 3 and valued using significant unobservable inputs, unless otherwise noted. (Refer to “Note 4—Investments at Fair Value”). All of the Company's portfolio investments are restricted as to resale, unless otherwise noted, and were valued at fair value as determined in good faith by the Company’s board of directors.  (Refer to "Note 2—Significant Accounting Policies—Investments at Fair Value"). |

|    |                                                                                                                                                                                                                                                                                                                                               |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ** | 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 investments as of June 30, 2018, 20.59% of its total investments are non-qualifying assets. |

|     |                                 |
|-----|---------------------------------|
| *** | Investment is income-producing. |

----

TABLE OF CONTENTS

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | “Affiliate Investments” are investments in those companies that are “Affiliated Companies” of GSV Capital Corp., as defined in the 1940 Act. In general, a company is deemed to be an “Affiliate” of GSV Capital Corp. if GSV Capital Corp. owns 5% or more of the voting securities (i.e., securities with the right to elect directors) of such company. For the Schedule of Investments In, and Advances To, Affiliates, as required by SEC Regulation S-X, Rule 12-14, refer to “Note 4—Investments at Fair Value”. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | “Control Investments” are investments in those companies that are “Controlled Companies” of GSV Capital Corp., as defined in the 1940 Act. In general, under the 1940 Act, the Company would “Control” a portfolio company if the Company owned more than 25% of its outstanding voting securities (i.e., securities with the right to elect directors) and/or had the power to exercise control over the management or policies of such portfolio company. For the Schedule of Investments In, and Advances To, Affiliates, as required by SEC Regulation S-X, Rule 12-14, refer to “Note 4—Investments at Fair Value”. |

|     |                                                                                              |
|-----|----------------------------------------------------------------------------------------------|
| (3) | Denotes an investment considered Level 1 or Level 2 and valued using observable inputs. |

|     |                                                                                   |
|-----|-----------------------------------------------------------------------------------|
| (4) | As of June 30, 2018, the investments noted had been placed on non-accrual status. |

|     |                                                                                                                                              |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------|
| (5) | GSV Capital Corp.’s investments in StormWind, LLC are held through GSV Capital Corp.'s wholly owned subsidiary, GSVC SW Holdings, Inc. |

|     |                                                                                                                                                                                                                                                                                                                                             |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (6) | 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 note (November 26, 2018). |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (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. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (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.  At June 30, 2018, GSV Capital Corp. valued Dropbox, Inc. based on its June 30, 2018 closing price, less a 10% liquidity discount, as the Company's shares of common stock in Dropbox, Inc. are restricted until September 19, 2018. |

|     |                                                                                                                                                                                                                                                                                                            |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (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. |

|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (10) | The maturity date of the convertible promissory note to Declara, Inc. was extended an additional three months to April 30, 2018. On January 31, 2018 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. |

|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (11) | 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 34,483 shares of Ozy Media Inc.'s common stock. |

|      |                                                                                                                                                                                                                                                                                                           |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (12) | On March 27, 2018, Lytro, Inc. announced that it was preparing to wind down the company over an unspecified period of time.  The fair value of GSV Capital Corp.'s investment in Lytro, Inc as of June 30, 2018 is equal to the amount GSV Capital Corp. expects to recover as a result of the wind down. |

----

TABLE OF CONTENTS

|      |                                                                                                                                                                                                                                                                                            |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (13) | On June 14, 2018, SugarCRM, Inc. entered into an agreement to be purchased by AKKR Candy Holdings, Inc. The fair value of GSV Capital Corp.'s investment in SugarCRM, Inc. as of June 30, 2018 is equal to the amount GSV Capital Corp. expects to recover as a result of the transaction. |

|      |                                                                                                                                                    |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------|
| (14) | On June 15, 2018 GSV Capital Corp. exercised its 770,934 warrants to purchase shares of SharePost, Inc.'s common stock, with a $0.13 strike price. |

|      |                                                                                                                                                                                                                                                                                        |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (15) | 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 new note. |

|      |                                                                                                                                                                                                                                       |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (16) | 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. |

|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (17) | 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 six months ended June 30, 2018, SPBRX, INC. declared, and GSV Capital Corp. received, an aggregate of $350,000 in cash distributions. GSV Capital Corp. does not anticipate that SPBRX, INC. will pay distributions on a quarterly or regular basis or become a predictable distributor of distributions. |

----

TABLE OF CONTENTS

|                                                                |
|----------------------------------------------------------------|
|                                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Investments*                                         |   | Headquarters/​Industry |   | Shares/​Principal |   | Cost |   | Fair Value |   | % of NetAssets |
| NON-CONTROLLED/NON-AFFILIATE                                   |   | ​ |   | ​ |  |   | ​ |  |   | ​ |  |   | ​ |  |
| Palantir Technologies, Inc.                                    |   | Palo Alto, CA |   |   |   |   |   |   |   |   |
| Common shares, Class A                                    |   | Data Analysis |   | 5,773,690 |  |   | $ | 16,189,935 |  |   | $ | 35,075,759 |  |   | 17.13 | % |
| Spotify Technology S.A.**                                      |   | Stockholm, Sweden |   |   |   |   |   |   |   |   |
| Common shares                                                  |   | On-Demand Music Streaming |   | 5,884 |  |   | 10,002,084 |  |   | 30,729,068 |  |   | 15.01 | % |
| Coursera, Inc.                                                 |   | Mountain View, CA |   |   |   |   |   |   |   |   |
| Preferred shares, Series B                                |   | Online Education |   | 2,961,399 |  |   | 14,519,519 |  |   | 18,360,674 |  |   | 8.97 | % |
| Dropbox, Inc.                                                  |   | San Francisco, CA |   |   |   |   |   |   |   |   |
| Preferred shares, Series A-1                              |   | Cloud Computing Services |   | 552,486 |  |   | 5,015,773 |  |   | 7,524,859 |  |   | 3.67 | % |
| Common shares                                                  |   |   |   | 760,000 |  |   | 8,641,153 |  |   | 10,350,837 |  |   | 5.06 | % |
| Total                                                          |   |   |   |   |   | 13,656,926 |  |   | 17,875,696 |  |   | 8.73 | % |
| General Assembly Space, Inc.                                   |   | New York, NY |   |   |   |   |   |   |   |   |
| Preferred shares, Series C                                |   | Online Education |   | 126,552 |  |   | 2,999,978 |  |   | 5,281,440 |  |   | 2.58 | % |
| Common shares                                                  |   |   |   | 133,213 |  |   | 2,999,983 |  |   | 5,559,426 |  |   | 2.72 | % |
| Total                                                          |   |   |   |   |   | 5,999,961 |  |   | 10,840,866 |  |   | 5.30 | % |
| Lyft, Inc.                                                     |   | San Francisco, CA |   |   |   |   |   |   |   |   |
| Preferred shares, Series E                                |   | On-Demand Transportation Services |   | 128,563 |  |   | 2,503,585 |  |   | 4,269,577 |  |   | 2.09 | % |
| Preferred shares, Series D                                |   |   |   | 176,266 |  |   | 1,792,749 |  |   | 5,853,938 |  |   | 2.86 | % |
| Total                                                          |   |   |   |   |   | 4,296,334 |  |   | 10,123,515 |  |   | 4.95 | % |
| Course Hero, Inc.                                              |   | Redwood City, CA |   |   |   |   |   |   |   |   |
| Preferred shares, Series A                                |   | Online Education |   | 2,145,509 |  |   | 5,000,001 |  |   | 10,041,426 |  |   | 4.90 | % |
| Chegg, Inc.**                                                  |   | Santa Clara, CA |   |   |   |   |   |   |   |   |
| Common shares(3)(11)                                           |   | Online Education Services |   | 500,000 |  |   | 6,008,468 |  |   | 8,160,000 |  |   | 3.99 | % |
| Avenues Global Holdings, LLC(4)                                |   | New York, NY |   |   |   |   |   |   |   |   |
| Preferred shares, Junior Preferred Stock                       |   | Globally-Focused Private School |   | 10,014,270 |  |   | 10,151,854 |  |   | 5,908,419 |  |   | 2.89 | % |
| Parchment, Inc.                                                |   | Scottsdale, AZ |   |   |   |   |   |   |   |   |
| Preferred shares, Series D                                |   | E-Transcript Exchange |   | 3,200,512 |  |   | 4,000,982 |  |   | 5,583,562 |  |   | 2.73 | % |
| Enjoy Technology, Inc.                                         |   | Menlo Park, CA |   |   |   |   |   |   |   |   |
| Preferred shares, Series B                                |   | On-Demand Commerce |   | 1,681,520 |  |   | 4,000,280 |  |   | 3,929,210 |  |   | 1.92 | % |
| Preferred shares, Series A                                |   |   |   | 879,198 |  |   | 1,002,440 |  |   | 1,190,998 |  |   | 0.58 | % |
| Total                                                          |   |   |   |   |   | 5,002,720 |  |   | 5,120,208 |  |   | 2.50 | % |
| Knewton, Inc.                                                  |   | New York, NY |   |   |   |   |   |   |   |   |
| Preferred shares, Series E                                |   | Online Education |   | 375,985 |  |   | 4,999,999 |  |   | 3,597,034 |  |   | 1.76 | % |
| SugarCRM, Inc.                                                 |   | Cupertino, CA |   |   |   |   |   |   |   |   |
| Preferred shares, Series E                                |   | Customer Relationship Manager |   | 373,134 |  |   | 1,500,522 |  |   | 1,838,912 |  |   | 0.90 | % |
| Common shares                                                  |   |   |   | 1,524,799 |  |   | 5,476,502 |  |   | 1,384,956 |  |   | 0.68 | % |
| Total                                                          |   |   |   |   |   | 6,977,024 |  |   | 3,223,868 |  |   | 1.58 | % |
| A Place for Rover Inc. (f/k/a DogVacay, Inc.)(7)               |   | Seattle, WA |   |   |   |   |   |   |   |   |
| Common shares                                                  |   | Peer-to-Peer Pet Services |   | 707,991 |  |   | 2,506,119 |  |   | 3,130,348 |  |   | 1.53 | % |
| SharesPost, Inc.                                               |   | San Francisco, CA |   |   |   |   |   |   |   |   |
| Preferred shares, Series B                                |   | Online Marketplace Finance |   | 1,771,653 |  |   | 2,259,716 |  |   | 2,249,999 |  |   | 1.10 | % |
| Common warrants, $0.13 Strike Price, Expiration Date 6/15/2018 |   |   |   | 770,934 |  |   | 23,128 |  |   | 46,256 |  |   | 0.02 | % |
| Total                                                          |   |   |   |   |   | 2,282,844 |  |   | 2,296,255 |  |   | 1.12 | % |

----

TABLE OF CONTENTS

|                                                                                               |
|-----------------------------------------------------------------------------------------------|
|                                                                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Investments*                                                                        |   | Headquarters/​Industry |   | Shares/​Principal |   | Cost |   | Fair Value |   | % of Net Assets |
| DreamBox Learning, Inc.                                                                       |   | Bellevue, WA |   |   |   |   |   |   |   |   |
| Preferred shares, Series A-1                                                             |   | Education Technology |   | 7,159,221 |  |   | $ | 1,502,362 |  |   | $ | 1,518,176 |  |   | 0.74 | % |
| Preferred shares, Series A                                                               |   |   |   | 3,579,610 |  |   | 758,017 |  |   | 759,088 |  |   | 0.37 | % |
| Total                                                                                         |   |   |   |   |   | 2,260,379 |  |   | 2,277,264 |  |   | 1.11 | % |
| Lytro, Inc.                                                                                   |   | Mountain View, CA |   |   |   |   |   |   |   |   |
| Preferred shares, Series D                                                               |   | Light Field Imaging Platform |   | 159,160 |  |   | 502,081 |  |   | 100,680 |  |   | 0.05 | % |
| Preferred shares, Series C-1                                                             |   |   |   | 3,378,379 |  |   | 10,000,002 |  |   | 2,013,587 |  |   | 0.98 | % |
| Total                                                                                         |   |   |   |   |   | 10,502,083 |  |   | 2,114,267 |  |   | 1.03 | % |
| Clever, Inc.                                                                                  |   | San Francisco, CA |   |   |   |   |   |   |   |   |
| Preferred shares, Series B                                                               |   | Education Software |   | 1,799,047 |  |   | 2,000,601 |  |   | 2,000,001 |  |   | 0.98 | % |
| Aspiration Partners, Inc.                                                                     |   | Marina Del Rey, CA |   |   |   |   |   |   |   |   |
| Preferred shares, Series A                                                               |   | Financial Services |   | 540,270 |  |   | 1,001,815 |  |   | 1,748,371 |  |   | 0.85 | % |
| Tynker (f/k/a Neuron Fuel, Inc.)                                                              |   | Mountain View, CA |   |   |   |   |   |   |   |   |
| Preferred shares, Series A                                                               |   | Computer Software |   | 534,162 |  |   | 309,310 |  |   | 791,361 |  |   | 0.39 | % |
| 4C Insights (f/k/a The Echo Systems Corp.)                                                    |   | Chicago, IL |   |   |   |   |   |   |   |   |
| Common shares                                                                                 |   | Social Data Platform |   | 436,219 |  |   | 1,436,404 |  |   | 593,702 |  |   | 0.29 | % |
| Fullbridge, Inc.                                                                              |   | Cambridge, MA |   |   |   |   |   |   |   |   |
| Common shares                                                                                 |   | Business Education |   | 517,917 |  |   | 6,150,506 |  |   | — |  |   | — | % |
| Promissory note 1.47%, Due 11/9/2021(12)                                                      |   |   |   | $ | 2,270,458 |  |   | 2,270,858 |  |   | 316,570 |  |   | 0.15 | % |
| Total                                                                                         |   |   |   |   |   | 8,421,364 |  |   | 316,570 |  |   | 0.15 | % |
| Total Non-controlled/Non-affiliate                                                            |   |   |   |   |   | $ | 137,526,726 |  |   | $ | 179,908,234 |  |   | 87.89 | % |
| NON-CONTROLLED/AFFILIATE(1)                                                                   |   |   |   |   |   |   |   |   |   |   |
| Curious.com, Inc.                                                                             |   | Menlo Park, CA |   |   |   |   |   |   |   |   |
| Preferred shares, Series B                                                               |   | Online Education |   | 3,407,834 |  |   | 12,000,006 |  |   | 5,514,077 |  |   | 2.69 | % |
| Ozy Media, Inc.                                                                               |   | Mountain View, CA |   |   |   |   |   |   |   |   |
| Convertible Promissory Note 5% Due2/28/2018***(14)                                            |   | Digital Media Platform |   | $ | 2,000,000 |  |   | 2,000,000 |  |   | 1,067,639 |  |   | 0.52 | % |
| Preferred shares, Series B                                                               |   |   |   | 922,509 |  |   | 4,999,999 |  |   | 2,367,022 |  |   | 1.16 | % |
| Preferred shares, Series A                                                               |   |   |   | 1,090,909 |  |   | 3,000,200 |  |   | 1,419,810 |  |   | 0.69 | % |
| Preferred shares, Series Seed                                                            |   |   |   | 500,000 |  |   | 500,000 |  |   | 236,635 |  |   | 0.12 | % |
| Total                                                                                         |   |   |   |   |   | 10,500,199 |  |   | 5,091,106 |  |   | 2.49 | % |
| CUX, Inc. (d/b/a CorpU)                                                                       |   | Philadelphia, PA |   |   |   |   |   |   |   |   |
| Senior Subordinated Convertible Promissory Note 8%, Due 11/26/2018***(6)                      |   | Corporate Education |   | $ | 1,259,712 |  |   | 1,259,712 |  |   | 1,259,712 |  |   | 0.62 | % |
| Convertible preferred shares, Series D                                                   |   |   |   | 169,033 |  |   | 778,607 |  |   | 989,489 |  |   | 0.48 | % |
| Convertible preferred shares, Series C                                                   |   |   |   | 615,763 |  |   | 2,006,077 |  |   | 480,184 |  |   | 0.23 | % |
| Preferred Warrants Series D–Strike Price $4.59–Expiration Date 2/25/2018(15) |   |   |   | 16,903 |  |   | — |  |   | 2,366 |  |   | 0.00 | % |
| Total                                                                                         |   |   |   |   |   | 4,044,396 |  |   | 2,731,751 |  |   | 1.33 | % |
| Declara, Inc.                                                                                 |   | Palo Alto, CA |   |   |   |   |   |   |   |   |
| Convertible Promissory Note 9% Due12/31/2017(10)(12)                                          |   | Social Cognitive Learning |   | $ | 2,120,658 |  |   | 2,121,898 |  |   | 1,120,329 |  |   | 0.55 | % |
| Preferred shares, Series A                                                               |   |   |   | 10,716,390 |  |   | 9,999,999 |  |   | 382,678 |  |   | 0.19 | % |
| Total                                                                                         |   |   |   |   |   | 12,121,897 |  |   | 1,503,007 |  |   | 0.74 | % |
| EdSurge, Inc.                                                                                 |   | 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 |  |   | 581,917 |  |   | 0.28 | % |
| Total                                                                                         |   |   |   |   |   | 1,002,161 |  |   | 1,081,917 |  |   | 0.52 | % |

----

TABLE OF CONTENTS

|                                                                                                |
|------------------------------------------------------------------------------------------------|
|                                                                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Investments*                                                                         |   | Headquarters/​Industry |   | Shares/​Principal |   | Cost |   | Fair Value |   | % of Net Assets |
| Maven Research, Inc.                                                                           |   | San Francisco, CA |   | ​ |  |   | ​ |  |   | ​ |  |   | ​ |  |
| Preferred shares, Series C                                                                |   | Knowledge Networks |   | 318,979 |  |   | $ | 2,000,447 |  |   | $ | 501,240 |  |   | 0.24 | % |
| Preferred shares, Series B                                                                |   | ​ |   | 49,505 |  |   | 217,206 |  |   | 50,000 |  |   | 0.02 | % |
| Total                                                                                          |   | ​ |   |   |   | 2,217,653 |  |   | 551,240 |  |   | 0.26 | % |
| Total Non-controlled/Affiliate                                                                 |   | ​ |   |   |   | $ | 41,886,312 |  |   | $ | 16,473,098 |  |   | 8.03 | % |
| CONTROLLED(2)                                                                                  |   | ​ |   |   |   |   |   |   |   |   |
| StormWind, LLC(5)                                                                              |   | Scottsdale, AZ |   |   |   |   |   |   |   |   |
| Preferred shares, Series C                                                                |   | Interactive Learning |   | 2,779,134 |  |   | 4,000,787 |  |   | 7,223,904 |  |   | 3.53 | % |
| Preferred shares, Series B                                                                |   | ​ |   | 3,279,629 |  |   | 2,019,687 |  |   | 5,804,472 |  |   | 2.83 | % |
| Preferred shares, Series A                                                                |   | ​ |   | 366,666 |  |   | 110,000 |  |   | 425,342 |  |   | 0.21 | % |
| Total                                                                                          |   | ​ |   |   |   | 6,130,474 |  |   | 13,453,718 |  |   | 6.57 | % |
| NestGSV, Inc. (d/b/a GSV Labs, Inc.)                                                           |   | Redwood City, CA |   |   |   |   |   |   |   |   |
| Convertible Promissory Note 8% Due7/31/2018***(9)                                              |   | Global Innovation Platform |   | $ | 560,199 |  |   | 564,079 |  |   | 560,199 |  |   | 0.27 | % |
| Unsecured Promissory Note 12% Due1/15/2018***(8)                                               |   | ​ |   | $ | 592,129 |  |   | 592,809 |  |   | 592,129 |  |   | 0.29 | % |
| Preferred shares, Series A-4                                                              |   | ​ |   | 3,720,424 |  |   | 4,904,498 |  |   | 5,390,842 |  |   | 2.63 | % |
| Preferred shares, Series A-3                                                              |   | ​ |   | 1,561,625 |  |   | 2,005,730 |  |   | 1,885,644 |  |   | 0.92 | % |
| Preferred shares, Series A-2                                                              |   | ​ |   | 450,001 |  |   | 605,500 |  |   | 326,022 |  |   | 0.16 | % |
| Preferred shares, Series A-1                                                              |   | ​ |   | 1,000,000 |  |   | 1,021,778 |  |   | 543,370 |  |   | 0.27 | % |
| Common shares                                                                                  |   | ​ |   | 200,000 |  |   | 1,000 |  |   | — |  |   | —% |  |
| Preferred Warrants Series A-3–Strike Price $1.33–Expiration Date 4/4/2019     |   | ​ |   | 187,500 |  |   | — |  |   | 1,875 |  |   | 0.00 | % |
| Preferred Warrants Series A-4–Strike Price $1.33–Expiration Date 10/6/2019    |   | ​ |   | 500,000 |  |   | — |  |   | 160,000 |  |   | 0.08 | % |
| Preferred Warrants Series A-4–Strike Price $1.33–Expiration Date 7/18/2021    |   | ​ |   | 250,000 |  |   | 74,380 |  |   | 102,500 |  |   | 0.05 | % |
| Preferred Warrants Series B–Strike Price $2.31–Expiration Date 11/29/2021(13) |   | ​ |   | 100,000 |  |   | 29,275 |  |   | 41,000 |  |   | 0.02 | % |
| Preferred Warrant Series B–Strike Price $2.31, Expiration Date 5/29/2022(8)         |   | ​ |   | 125,000 |  |   | 70,379 |  |   | 80,000 |  |   | 0.04 | % |
| Total                                                                                          |   | ​ |   |   |   | 9,869,428 |  |   | 9,683,581 |  |   | 4.73 | % |
| SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.)                                          |   | Woodside, CA |   |   |   |   |   |   |   |   |
| Preferred shares, Class A***                                                              |   | Clean Technology |   | 14,300,000 |  |   | 7,151,412 |  |   | 1,069,862 |  |   | 0.52 | % |
| Common shares                                                                                  |   | ​ |   | 100,000 |  |   | 10,000 |  |   | — |  |   | —% |  |
| Total                                                                                          |   | ​ |   |   |   | 7,161,412 |  |   | 1,069,862 |  |   | 0.52 | % |
| Total Controlled                                                                               |   | ​ |   |   |   | $ | 23,161,314 |  |   | $ | 24,207,161 |  |   | 11.82 | % |
| Total Portfolio Investments                                                                    |   | ​ |   |   |   | $ | 202,574,352 |  |   | $ | 220,588,493 |  |   | 107.74 | % |
| U.S. Treasury                                                                                  |   | ​ |   |   |   |   |   |   |   |   |
| U.S. Treasury bills, 0%, due 1/4/2018***(3)                                                    |   | ​ |   | $ | 100,000,000 |  |   | 99,985,833 |  |   | 99,994,000 |  |   | 48.83 | % |
| TOTAL INVESTMENTS                                                                              |   | ​ |   |   |   | $ | 302,560,185 |  |   | $ | 320,582,493 |  |   | 156.57 | % |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| * | 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”). The Company’s and GSV Asset Management’s officers and staff, as applicable, may serve on the board of directors of the Company’s portfolio investments. (Refer to “Note 3—Related-Party Arrangements”). All portfolio investments are considered Level 3 and valued using significant unobservable inputs, unless otherwise noted. (Refer to “Note 4—Investments at Fair Value”). All investments are restricted as to resale, unless otherwise noted, and were valued at fair value as determined in good faith by the Company’s board of directors.  |

----

TABLE OF CONTENTS

|    |                                                                                                                                                                                                                                                                                                                                                      |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ** | 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 portfolio as of December 31, 2017, 12.13% of its total investments are non-qualifying assets. |

|     |                                 |
|-----|---------------------------------|
| *** | Investment is income-producing. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Denotes an Affiliate Investment. “Affiliate Investments” are investments in those companies that are “Affiliated Companies” of GSV Capital Corp., as defined in the 1940 Act. In general, a company is deemed to be an “Affiliate” of GSV Capital Corp. if GSV Capital Corp. owns 5% or more of the voting securities (i.e., securities with the right to elect directors) of such company. For the Schedule of Investments In, and Advances To, Affiliates, as required by SEC Regulation S-X, Rule 12-14, refer to “Note 4—Investments at Fair Value”. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Denotes a Control Investment. “Control Investments” are investments in those companies that are “Controlled Companies” of GSV Capital Corp., as defined in the 1940 Act. In general, under the 1940 Act, the Company would “Control” a portfolio company if the Company owned more than 25% of its outstanding voting securities (i.e., securities with the right to elect directors) and/or had the power to exercise control over the management or policies of such portfolio company. For the Schedule of Investments In, and Advances To, Affiliates, as required by SEC Regulation S-X, Rule 12-14, refer to “Note 4—Investments at Fair Value”. |

|     |                                                                               |
|-----|-------------------------------------------------------------------------------|
| (3) | Denotes an investment considered Level 1 valued using observable inputs. |

|     |                                                                                                                                                                                                                                            |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | GSV Capital Corp.’s investment in Avenues Global Holdings, LLC is held through its wholly owned subsidiary, GSVC AV Holdings, Inc. In January 2018, GSV Capital Corp. sold its entire position in Avenues Global Holdings, LLC. |

|     |                                                                                                                            |
|-----|----------------------------------------------------------------------------------------------------------------------------|
| (5) | GSV Capital Corp.’s investment in StormWind, LLC is held through its wholly owned subsidiary, GSVC SW Holdings, Inc. |

|     |                                                                                                                                                                                                                                                                                                                                             |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (6) | 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 note (November 26, 2018). |

|     |                                                                                                                                                                                                                                                                                        |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (7) | On March 29, 2017, A Place for Rover, Inc. acquired DogVacay, Inc. and, pursuant to a plan of reorganization, the Company received common shares of A Place for Rover Inc. in exchange for the Company’s previously held Series B-1 preferred shares of DogVacay, Inc. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (8) | On May 29, 2017, the maturity date of the unsecured promissory note to NestGSV, Inc. (d/b/a GSV Labs, Inc.) was extended to November 29, 2017 in exchange for 125,000 Series B warrants. For accounting purposes, the extension of the maturity date was treated as an extinguishment of the existing note and creation of a new note. Refer to “Note 4—Investments at Fair Value.” On November 29, 2017, the maturity date of the unsecured promissory note to NestGSV, Inc. (d/b/a GSV Labs, Inc.) was extended to January 15, 2018. In January 2018, upon its maturity, NestGSV, Inc. (d/b/a GSV Labs, Inc.) repaid the unsecured promissory note, with interest. |

|     |                                                                                                                                                         |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------|
| (9) | On July 31, 2017, the maturity date of the convertible promissory note to NestGSV, Inc. (d/b/a GSV Labs, Inc.) was extended to July 31, 2018. |

|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (10) | On July 1, 2017, the maturity date of the convertible promissory note to Declara, Inc. was extended to December 31, 2017. The convertible promissory note was further extended until January 31, 2018. The maturity date of the convertible promissory note to Declara, Inc. was then subsequently extended an additional three months to April 30, 2018. On January 31, 2018 the interest rate on the convertible promissory note increased to 12% per annum (including 365 days for the purposes of accrual). |

|      |                                                                                                                                                                                                                                                                                                                                                                 |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (11) | On November 12, 2013, Chegg, Inc. priced its IPO. The lock-up agreement for the Company’s Chegg, Inc. common shares expired on May 11, 2014. As a result, the Company’s Chegg, Inc. common shares are considered unrestricted. As of February 22, 2018, all remaining shares of Chegg, Inc. held by GSV Capital Corp. had been sold. |

----

TABLE OF CONTENTS

|      |                                                                                            |
|------|--------------------------------------------------------------------------------------------|
| (12) | As of December 31, 2017, the investments noted had been placed on non-accrual status. |

|      |                                                                                                                                                                                                                                                                                                                                                      |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (13) | In the fourth quarter of 2017, NestGSV, Inc. (d/b/a GSV Labs, Inc.) met certain financing qualifications under the Company’s warrant agreement with NestGSV, Inc. (d/b/a GSV Labs, Inc.), and the Company’s Series A-4 warrants with a strike price of $1.33 converted to Series B warrants with a $2.31 strike price. |

|      |                                                                                                                                                                                                                                             |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (14) | Subsequent to period-end, Ozy Media, Inc.’s obligations under its financing arrangements with the Company became past due. The Company and Ozy Media are in the process of renegotiating the terms of the Company’s investment. |

|      |                                                                                                                                                      |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------|
| (15) | On February 23, 2018, CUX, Inc. (d/b/a CorpU) agreed to extend the maturity of the Company’s Series D warrants until August 1, 2018. |

----

TABLE OF CONTENTS

|                                                                                     |
|-------------------------------------------------------------------------------------|
|                                                                                     |  |  |  |  |  |  |
| Subsidiary                                                                          |   | Jurisdiction ofIncorporation |   | FormationDate |   | PercentageOwned |
| GCL                                                                                 |   | Delaware |   | April 13, 2012 |   | 100% |
| Subsidiaries below are referred to collectively, as the “GSVC Holdings” |   |   |   |   |   |   |
| GSVC AE Holdings, Inc. (“GAE”)                                          |   | Delaware |   | November 28, 2012 |   | 100% |
| GSVC AV Holdings, Inc. (“GAV”)                                          |   | Delaware |   | November 28, 2012 |   | 100% |
| GSVC NG Holdings, Inc. (“GNG”)                                          |   | Delaware |   | November 28, 2012 |   | 100% |
| GSVC SW Holdings, Inc. (“GSW”)                                          |   | Delaware |   | November 28, 2012 |   | 100% |
| GSVC WS Holdings, Inc. (“GWS”)                                          |   | Delaware |   | November 28, 2012 |   | 100% |
| GSVC SVDS Holdings, Inc. (“SVDS”)                                       |   | Delaware |   | August 13, 2013 |   | 100% |

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

|    |                                                                                                                                                                                                           |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 1. | The quarterly valuation process begins with each portfolio company or investment being initially valued by the investment professionals of GSV Asset Management responsible for the portfolio investment; |

|    |                                                                                                                  |
|----|------------------------------------------------------------------------------------------------------------------|
| 2. | Preliminary valuation conclusions are then documented and discussed with GSV Asset Management senior management; |

|    |                                                                                                                                                                                                                                                                                                           |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 3. | An independent third-party valuation firm is engaged by the Valuation Committee to conduct independent appraisals and review GSV Asset Management’s preliminary valuations and make its own independent assessment, for all investments for which there are no readily available market quotations; |

|    |                                                                                                                                                                                                                                                            |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 4. | The Valuation Committee discusses the valuations and recommends to the Company’s board of directors a fair value for each investment in the portfolio based on the input of GSV Asset Management and the independent third-party valuation firm; and |

|    |                                                                                                                                                                                              |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 5. | The Company’s board of directors then discusses the valuations recommended by the Valuation Committee and determines in good faith the fair value of each investment in the portfolio. |

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

|                                |
|--------------------------------|
|                                |  |  |  |  |  |  |  |
| ​                        | June 30, 2018 |   | December 31, 2017 |
| Deferred credit facility costs | $ | 52,917 |  |   | $ | 51,636 |  |
| Deferred offering costs        | — |  |   | 361,387 |  |
| Deferred Financing Costs       | $ | 52,917 |  |   | $ | 413,023 |  |

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

|                                     |
|-------------------------------------|
|                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| ​                             | June 30, 2018 |   | December 31, 2017 |
| ​                             | Cost |   | Fair Value |   | Percentage ofNet Assets |   | Cost |   | Fair Value |   | Percentage ofNet Assets |
| Private Portfolio Companies         | ​ |  |   | ​ |  |   | ​ |  |   | ​ |  |   | ​ |  |   | ​ |  |
| Common Stock                        | $ | 43,895,194 |  |   | $ | 42,270,859 |  |   | 19.5 | % |   | $ | 53,413,686 |  |   | $ | 86,824,096 |  |   | 42.4 | % |
| Preferred Stock                     | 103,979,544 |  |   | 103,024,088 |  |   | 47.4 | % |   | 134,145,680 |  |   | 120,253,822 |  |   | 58.7 | % |
| Debt Investments                    | 8,512,555 |  |   | 4,973,158 |  |   | 2.3 | % |   | 8,809,356 |  |   | 4,916,578 |  |   | 2.4 | % |
| Warrants                            | 204,681 |  |   | 871,032 |  |   | 0.4 | % |   | 197,162 |  |   | 433,997 |  |   | 0.2 | % |
| Private Portfolio Companies         | 156,591,974 |  |   | 151,139,137 |  |   | 69.6 | % |   | 196,565,884 |  |   | 212,428,493 |  |   | 103.7 | % |
| Publicly Traded Portfolio Companies |   |   |   |   |   |   |   |   |   |   |   |
| Common Stock                        | 23,659,010 |  |   | 65,127,424 |  |   | 30.0 | % |   | 6,008,468 |  |   | 8,160,000 |  |   | 4.0 | % |
| Total Portfolio Investments         | 180,250,984 |  |   | 216,266,561 |  |   | 99.6 | % |   | 202,574,352 |  |   | 220,588,493 |  |   | 107.7 | % |
| Non-Portfolio Investments           |   |   |   |   |   |   |   |   |   |   |   |
| U.S. Treasury bill                  | 99,973,483 |  |   | 99,986,200 |  |   | 46.0 | % |   | 99,985,833 |  |   | 99,994,000 |  |   | 48.8 | % |
| Total Investments                   | $ | 280,224,467 |  |   | $ | 316,252,761 |  |   | 145.6 | % |   | $ | 302,560,185 |  |   | $ | 320,582,493 |  |   | 156.5 | % |

|                      |
|----------------------|
|                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| ​              | As of June 30, 2018 |   | As of December 31, 2017 |
| ​              | Fair Value |   | Percentage ofPortfolio |   | Percentage ofNet Assets |   | Fair Value |   | Percentage ofPortfolio |   | Percentage ofNet Assets |
| Industry             | ​ |  |   | ​ |  |   | ​ |  |   | ​ |  |   | ​ |  |   | ​ |  |
| Education Technology | $ | 65,030,349 |  |   | 30.1 | % |   | 30.0 | % |   | $ | 90,658,640 |  |   | 41.1 | % |   | 44.3 | % |
| Big Data/Cloud       | 64,104,603 |  |   | 29.6 | % |   | 29.5 | % |   | 57,678,330 |  |   | 26.1 | % |   | 28.2 | % |
| Social/Mobile        | 46,503,521 |  |   | 21.5 | % |   | 21.4 | % |   | 38,528,143 |  |   | 17.5 | % |   | 18.8 | % |
| Marketplaces         | 39,845,890 |  |   | 18.4 | % |   | 18.3 | % |   | 32,653,518 |  |   | 14.8 | % |   | 15.9 | % |
| Sustainability       | 782,198 |  |   | 0.4 | % |   | 0.4 | % |   | 1,069,862 |  |   | 0.5 | % |   | 0.5 | % |
| Total                | $ | 216,266,561 |  |   | 100.0 | % |   | 99.6 | % |   | $ | 220,588,493 |  |   | 100.0 | % |   | 107.7 | % |

----

TABLE OF CONTENTS

|                   |
|-------------------|
|                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| ​           | As of June 30, 2018 |   | As of December 31, 2017 |
| ​           | Fair Value |   | Percentage ofPortfolio |   | Percentage ofNet Assets |   | Fair Value |   | Percentage ofPortfolio |   | Percentage ofNet Assets |
| Geographic Region | ​ |  |   | ​ |  |   | ​ |  |   | ​ |  |   | ​ |  |   | ​ |  |
| West              | $ | 170,905,039 |  |   | 79.0 | % |   | 78.7 | % |   | $ | 165,871,083 |  |   | 75.2 | % |   | 81.0 | % |
| Mid-west          | 586,459 |  |   | 0.3 | % |   | 0.3 | % |   | 593,702 |  |   | 0.3 | % |   | 0.3 | % |
| Northeast         | 5,178,097 |  |   | 2.4 | % |   | 2.4 | % |   | 23,394,640 |  |   | 10.6 | % |   | 11.4 | % |
| International     | 39,596,966 |  |   | 18.3 | % |   | 18.2 | % |   | 30,729,068 |  |   | 13.9 | % |   | 15.0 | % |
| Total             | $ | 216,266,561 |  |   | 100.0 | % |   | 99.6 | % |   | $ | 220,588,493 |  |   | 100.0 | % |   | 107.7 | % |

|                      |
|----------------------|
|                      |  |  |
| Industry Theme       |   | Industry |
| Education Technology |   | Business Education |
|                 |   | Computer Software |
|                 |   | Corporate Education |
|                 |   | Education Media Platform |
|                 |   | Education Software |
|                 |   | Education Technology |
|                 |   | E-Transcript Exchange |
|                 |   | Globally-Focused Private School |
|                 |   | Interactive Learning |
|                 |   | Online Education |
|                 |   | Online Education Services |
| Big Data/Cloud       |   | Cloud Computing Services |
|                 |   | Customer Relationship Manager |
|                 |   | Data Analysis |
|                 |   | Social Cognitive Learning |
| Marketplaces         |   | Financial Services |
|                 |   | Global Innovation Platform |
|                 |   | Knowledge Networks |
|                 |   | On-Demand Commerce |
|                 |   | On-Demand Transportation Services |
|                 |   | Online Marketplace Finance |
|                 |   | Peer-to-Peer Pet Services |
| Social/Mobile        |   | Digital Media Platform |
| ​              |   | Light Field Imaging Platform |
| ​              |   | On-Demand Music Streaming |
| ​              |   | Social Data Platform |
| Sustainability       |   | Clean Technology |

----

TABLE OF CONTENTS

|                                     |
|-------------------------------------|
|                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| ​                             | As of June 30, 2018 |
| ​                             | Quoted Prices inActive Markets forIdentical Securities(Level 1) |   | Significant OtherObservableInputs(Level 2) |   | SignificantUnobservableInputs(Level 3) |   | Total |
| Investments at Fair Value           |   |   | ​ |  |   | ​ |  |   | ​ |  |
| Private Portfolio Companies         |   |   | ​ |  |   | ​ |  |   | ​ |  |
| Common Stock                        | $ | — |  |   | $ | — |  |   | $ | 42,270,859 |  |   | $ | 42,270,859 |  |
| Preferred Stock                     | — |  |   | — |  |   | 103,024,088 |  |   | 103,024,088 |  |
| Debt Investments                    | — |  |   | — |  |   | 4,973,158 |  |   | 4,973,158 |  |
| Warrants                            | — |  |   | — |  |   | 871,032 |  |   | 871,032 |  |
| Private Portfolio Companies         | — |  |   | — |  |   | 151,139,137 |  |   | 151,139,137 |  |
| Publicly Traded Portfolio Companies |   |   |   |   |   |   |   |
| Common Stock                        | 39,596,966 |  |   | 25,530,458 |  |   | — |  |   | 65,127,424 |  |
| Total Portfolio Investments         | 39,596,966 |  |   | 25,530,458 |  |   | 151,139,137 |  |   | 216,266,561 |  |
| Non-Portfolio Investments           |   |   |   |   |   |   |   |
| U.S. Treasury bills                 | 99,986,200 |  |   | — |  |   | — |  |   | 99,986,200 |  |
| Total Investments at Fair Value     | $ | 139,583,166 |  |   | $ | 25,530,458 |  |   | $ | 151,139,137 |  |   | $ | 316,252,761 |  |

|                                     |
|-------------------------------------|
|                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| ​                             | As of December 31, 2017 |
| ​                             | Quoted Prices inActive Markets forIdentical Securities(Level 1) |   | Significant OtherObservableInputs(Level 2) |   | SignificantUnobservableInputs(Level 3) |   | Total |
| Investments at Fair Value           | ​ |  |   | ​ |  |   | ​ |  |   | ​ |  |
| Private Portfolio Companies         | ​ |  |   | ​ |  |   | ​ |  |   | ​ |  |
| Common Stock                        | $ | — |  |   | $ | — |  |   | $ | 86,824,096 |  |   | $ | 86,824,096 |  |
| Preferred Stock                     | — |  |   | — |  |   | 120,253,822 |  |   | 120,253,822 |  |
| Debt Investments                    | — |  |   | — |  |   | 4,916,578 |  |   | 4,916,578 |  |
| Warrants                            | — |  |   | — |  |   | 433,997 |  |   | 433,997 |  |
| Private Portfolio Companies         | — |  |   | — |  |   | 212,428,493 |  |   | 212,428,493 |  |
| Publicly Traded Portfolio Companies | ​ |  |   | ​ |  |   | ​ |  |   | ​ |  |
| Common Stock                        | 8,160,000 |  |   | — |  |   | — |  |   | 8,160,000 |  |
| Total Portfolio Investments         | 8,160,000 |  |   | — |  |   | 212,428,493 |  |   | 220,588,493 |  |
| Non-Portfolio Investments           | ​ |  |   | ​ |  |   | ​ |  |   | ​ |  |
| U.S. Treasury bills                 | 99,994,000 |  |   | — |  |   | — |  |   | 99,994,000 |  |
| Total Investments at Fair Value     | $ | 108,154,000 |  |   | $ | — |  |   | $ | 212,428,493 |  |   | $ | 320,582,493 |  |

----

TABLE OF CONTENTS

| As of June 30, 2018            |
|-------------------------------------|
|                                     |  |  |  |  |
| Asset                               | Fair Value | ValuationApproach/​Technique(1) | Unobservable Inputs(2) | Range(Weighted Average) |
| Common stock inprivate companies    | $42,270,859 | Market approach | Precedenttransactions | N/A |
| Revenue multiples                   | 1.42x - 2.02x (1.98x) |
| Liquidation value                   | N/A |
| Discounted cash flow(2)             | Discount rate | 12.0% (12.0%) |
| Preferred stock inprivate companies | $103,024,088 | Market approach | Precedenttransactions | 2.6x (2.6x) |
| Revenue multiples                   | 1.52x - 5.41x (3.59x) |
| Discounted cash flow(2)             | Discount rate | 12.0% (12.0%) |
| PWERM                               | Revenue multiples | 1.66x - 5.73x (3.46x) |
| Debt investments                    | $4,973,158 | Market approach | Revenue multiples | 1.42x - 2.32x (1.92x) |
| PWERM                               | Revenue multiples | 3.30x - 5.73x (3.42x) |
| Liquidation value                   | N/A |
| Warrants                            | $871,032 | Option pricing model | Term to expiration (Years) | 0.1-3.0 (1.9) |
| Volatility                          | 33.1%-38.6% (36.8%) |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | As of June 30, 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. |

----

TABLE OF CONTENTS

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (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 market approach utilizes market value (revenue and EBIT) multiples of publicly traded comparable companies and available precedent sales transactions of comparable companies. The Company carefully considers numerous factors when selecting the appropriate companies whose multiples are used to value its portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, relevant risk factors, as well as size, profitability and growth expectations. In general, precedent transactions include recent rounds of financing, recent purchases made by the Company, and tender offers. Refer to “Note 2—Significant Accounting Policies—Investments at Fair Value” for more detail. |

|                                     |
|-------------------------------------|
|                                     |  |  |  |  |
| As of December 31, 2017        |
| Asset                               | Fair Value | ValuationApproach/​Technique(1) | Unobservable Inputs(2) | Range(Weighted Average) |
| Common stock inprivate companies    | $86,824,096 | Market approach | Precedent transactions | N/A |
| Revenue multiples                   | 2.03x–7.08x (5.70x) |
| Liquidation value                   | N/A |
| DiscountedCash Flow(2)              | Discount rate | 12.0% (12.0)% |
| Long-term revenuegrowth             | 0.0% (0.0)% |
| Preferred stock inprivate companies | $120,253,822 | Market approach | Precedent transactions | N/A |
| Revenue multiples                   | 1.91x–7.08x (3.80x) |
| EBIT multiples                      | 27.8x (27.8x) |
| DiscountedCash Flow(2)              | Discount rate | 12.0% (12.0)% |
| Long-term revenuegrowth             | 0.0% (0.0)% |
| PWERM                               | Liquidation value | N/A |
| Revenue multiples                   | 2.28x–4.60x (3.23x) |
| Debt investments                    | $4,916,578 | Market approach | Liquidation value | N/A |
| PWERM                               | Revenue multiples | 3.04x–4.60x (3.84x) |
| Liquidation value                   | N/A |
| Warrants                            | $433,997 | Option pricing model | Term to expiration (Years) | 0.2-3.0 (2.2) |
| Volatility                          | 18.8%–51.6% (36.5)% |

----

TABLE OF CONTENTS

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | As of December 31, 2017, 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 market approach utilizes market value (revenue and EBIT) multiples of publicly traded comparable companies and available precedent sales transactions of comparable companies. The Company carefully considers numerous factors when selecting the appropriate companies whose multiples are used to value its portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, relevant risk factors, as well as size, profitability and growth expectations. In general, precedent transactions include recent rounds of financing, recent purchases made by the Company, and tender offers. Refer to “Note 2—Significant Accounting Policies—Investments at Fair Value” for more detail. |

|                                                                                                             |
|-------------------------------------------------------------------------------------------------------------|
|                                                                                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| ​                                                                                                     | Six Months Ended June 30, 2018 |
| ​                                                                                                     | CommonStock |   | PreferredStock |   | DebtInvestments |   | Warrants |   | Total |
| Assets:                                                                                                     | ​ |  |   | ​ |  |   | ​ |  |   | ​ |  |   | ​ |  |
| Fair Value as of December 31, 2017                                                                          | $ | 86,824,096 |  |   | $ | 120,253,822 |  |   | $ | 4,916,578 |  |   | $ | 433,997 |  |   | $ | 212,428,493 |  |
| Transfers out of Level 3(1)                                                                            | (41,707,506 | ) |   | (7,734,804 | ) |   | — |  |   | — |  |   | (49,442,310 | ) |
| Purchases, capitalized fees and interest                                                                    | 102,294 |  |   | 2,177 |  |   | 283,991 |  |   | 30,647 |  |   | 419,109 |  |
| Sales/Maturity of investments(2)                                                                            | (4,785,659 | ) |   | (10,470,159 | ) |   | (592,129 | ) |   | — |  |   | (15,847,947 | ) |
| Exercises and conversions(1)                                                                                | 5,537,205 |  |   | (5,514,077 | ) |   | — |  |   | (23,128 | ) |   | — |  |
| Amortization of fixed income security premiums and discounts                                                | — |  |   | — |  |   | 12,017 |  |   | — |  |   | 12,017 |  |
| Realized gains/(losses)                                                                                     | 1,784,975 |  |   | (2,682,375 | ) |   | (680 | ) |   | — |  |   | (898,080 | ) |
| Net change in unrealized appreciation/​(depreciation) included in earnings                            | (5,484,546 | ) |   | 9,169,504 |  |   | 353,381 |  |   | 429,516 |  |   | 4,467,855 |  |
| Fair Value as of June 30, 2018                                                                              | $ | 42,270,859 |  |   | $ | 103,024,088 |  |   | $ | 4,973,158 |  |   | $ | 871,032 |  |   | $ | 151,139,137 |  |
| Net change in unrealized appreciation/ (depreciation) of Level 3 investments still held as of June 30, 2018 | $ | (3,552,704 | ) |   | $ | 6,997,587 |  |   | $ | 352,701 |  |   | $ | 452,644 |  |   | $ | 4,250,228 |  |

|     |                                                                                                                                                            |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | During the six months ended June 30, 2018, the Company’s portfolio investments had the following corporate actions which are reflected above:​ |

|                         |
|-------------------------|
|                         |  |  |  |  |
| Portfolio Company       |   | Conversion from |   | Conversion to |
| Dropbox, Inc.           |   | Preferred shares, Series A-1 & Common shares |   | Public Common Shares (Level 2) |
| Spotify Technology S.A. |   | Common shares |   | Public Common Shares (Level 1) |
| Curious.com, Inc.       |   | Preferred shares, Series B |   | Common shares |

|     |                                                                                                                                                                             |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Sales of investments includes escrow proceeds receivable of approximately $1.5 million from the sale of the Company’s investments in General Assembly Space, Inc. |

----

TABLE OF CONTENTS

|                                                                                                                           |
|---------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| ​                                                                                                                   | For the Year Ended December 31, 2017 |
| ​                                                                                                                   | CommonStock |   | PreferredStock |   | DebtInvestments |   | 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 into Level 3                                                                                               | (2,184,565 | ) |   | (2,184,565 | ) |   | — |  |   | — |  |   | (4,369,130 | ) |
| Purchases, capitalized fees and interest                                                                                  | 60,649 |  |   | 126,824 |  |   | 226,449 |  |   | 70,379 |  |   | 484,301 |  |
| Sales of investments (2)                                                                                                  | (17,986,251 | ) |   | (45,369,628 | ) |   | (70,379 | ) |   | — |  |   | (63,426,258 | ) |
| Realized gains/(losses)                                                                                                   | (10,440,384 | ) |   | 9,433,159 |  |   | (335,688 | ) |   | (31,930 | ) |   | (1,374,843 | ) |
| Exercises, conversions and assignments (1)                                                                           | 2,506,119 |  |   | (2,506,119 | ) |   | — |  |   | — |  |   | — |  |
| Amortization of fixed income security premiums and discounts                                                              | — |  |   | — |  |   | 139,544 |  |   | — |  |   | 139,544 |  |
| Net change in unrealized depreciation included in earnings                                                                | 31,794,118 |  |   | (1,484,728 | ) |   | (2,865,296 | ) |   | 244,644 |  |   | 27,688,736 |  |
| Fair Value as of December 31, 2017                                                                                        | $ | 86,824,096 |  |   | $ | 120,253,822 |  |   | $ | 4,916,578 |  |   | $ | 433,997 |  |   | $ | 212,428,493 |  |
| Net change in unrealized appreciation/ (depreciation) of Level 3 investments still held as of December 31, 2017 | $ | 10,742,585 |  |   | $ | (12,221,603 | ) |   | $ | (3,170,869 | ) |   | $ | 212,714 |  |   | $ | (4,437,173 | ) |

|     |                                                                                                                                                    |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | During year ended December 31, 2017, the Company’s portfolio investments had the following corporate actions which are reflected above: |

|                                               |
|-----------------------------------------------|
|                                               |  |  |  |  |
| Portfolio Company                             |   | Transfer from |   | Transfer to |
| A Place for Rover Inc. (f/k/a DogVacay, Inc.) |   | Preferred shares, Series B-1 |   | Common shares |

|     |                                                                                                                                                                              |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Sales of investments includes escrow proceeds receivable of $603,456 from the sale of the Company’s investments in JAMF Holdings Inc. and Strategic Data Command, LLC. |

----

TABLE OF CONTENTS

| Schedule of Investments In, and Advances to, Affiliate                                            |
|---------------------------------------------------------------------------------------------------|
|                                                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Type/Industry/Portfolio Company/Investment                                                        |   | Principal/Quantity |   | Interest, Fees, orDividends Creditedin Income |   | Fair Value atDecember 31, 2017 |   | Purchases,Capitalized Fees,Interest andAmortization |   | Sales |   | RealizedGains/(Losses) |   | UnrealizedGains/(Losses) |   | Fair Value at June 30, 2018 |   | Percentageof NetAssets |
| CONTROLLED INVESTMENTS*(2)                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Debt Investments                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Global Innovation Platform                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| NestGSV, Inc. (d/b/a GSV Labs, Inc.)–Convertible Promissory Note 8% Due 7/31/2018***(10)    |   | $ | 560,199 |  |   | $ | 22,532 |  |   | $ | 560,199 |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | 560,199 |  |   | 0.26 | % |
| 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                                                                  |   |   |   | 24,901 |  |   | 1,152,328 |  |   | — |  |   | (592,129 | ) |   | (680 | ) |   | 680 |  |   | 560,199 |  |   | 0.26 | % |
| Total Debt Investments                                                                            |   |   |   | $ | 24,901 |  |   | $ | 1,152,328 |  |   | $ | — |  |   | $ | (592,129 | ) |   | $ | (680 | ) |   | $ | 680 |  |   | $ | 560,199 |  |   | 0.26 | % |
| Preferred Stock                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Clean Technology                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.)–Preferred shares, Class A***(12) |   | 14,300,000 |  |   | $ | 350,000 |  |   | $ | 1,069,862 |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | (287,664 | ) |   | $ | 782,198 |  |   | 0.36 | % |
| Global Innovation Platform                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| NestGSV, Inc. (d/b/a GSV Labs, Inc.)–Preferred stock Series A-4                        |   | 3,720,424 |  |   | — |  |   | 5,390,842 |  |   | — |  |   | — |  |   | — |  |   | 2,739,431 |  |   | 8,130,273 |  |   | 3.74 | % |
| NestGSV, Inc. (d/b/a GSV Labs, Inc.)–Preferred stock Series A-3                        |   | 1,561,625 |  |   | — |  |   | 1,885,644 |  |   | — |  |   | — |  |   | — |  |   | 958,216 |  |   | 2,843,860 |  |   | 1.31 | % |
| NestGSV, Inc. (d/b/a GSV Labs, Inc.)–Preferred stock Series A-2                        |   | 450,001 |  |   | — |  |   | 326,022 |  |   | — |  |   | — |  |   | — |  |   | 165,672 |  |   | 491,694 |  |   | 0.23 | % |
| NestGSV, Inc. (d/b/a GSV Labs, Inc.)–Preferred stock Series A-1                        |   | 1,000,000 |  |   | — |  |   | 543,370 |  |   | — |  |   | — |  |   | — |  |   | 276,121 |  |   | 819,491 |  |   | 0.38 | % |
| Total Global Innovation Platform                                                                  |   |   |   | — |  |   | 8,145,878 |  |   | — |  |   | — |  |   | — |  |   | 4,139,440 |  |   | 12,285,318 |  |   | 5.66 | % |

----

TABLE OF CONTENTS

| Schedule of Investments In, and Advances to, Affiliate                                                                      |
|-----------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Type/Industry/Portfolio Company/Investment                                                                                  |   | Principal/Quantity |   | Interest, Fees, orDividends Creditedin Income |   | Fair Value atDecember 31, 2017 |   | Purchases,Capitalized Fees,Interest andAmortization |   | Sales |   | RealizedGains/(Losses) |   | UnrealizedGains/(Losses) |   | Fair Value at June 30, 2018 |   | Percentageof NetAssets |
| Interactive Learning                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| StormWind, LLC–Preferred shares, Series C(3)                                                                     |   | 2,779,134 |  |   | — |  |   | 7,223,904 |  |   | — |  |   | — |  |   | — |  |   | 1,501,731 |  |   | 8,725,635 |  |   | 4.02 | % |
| StormWind, LLC–Preferred shares, Series B(3)                                                                     |   | 3,279,629 |  |   | — |  |   | 5,804,472 |  |   | — |  |   | — |  |   | — |  |   | 195,576 |  |   | 6,000,048 |  |   | 2.76 | % |
| StormWind, LLC–Preferred shares, Series A(3)                                                                     |   | 366,666 |  |   | — |  |   | 425,342 |  |   | — |  |   | — |  |   | — |  |   | 198,132 |  |   | 623,474 |  |   | 0.29 | % |
| Total Interactive Learning                                                                                                  |   |   |   | — |  |   | 13,453,718 |  |   | — |  |   | — |  |   | — |  |   | 1,895,439 |  |   | 15,349,157 |  |   | 7.07 | % |
| Total Preferred Stock                                                                                                       |   |   |   | $ | 350,000 |  |   | $ | 22,669,458 |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | 5,747,215 |  |   | $ | 28,416,673 |  |   | 13.09 | % |
| 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 |  |   | $ | — |  |   | $ | 1,875 |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | 103,125 |  |   | $ | 105,000 |  |   | 0.05 | % |
| NestGSV, Inc. (d/b/a GSV Labs, Inc.)–Preferred Warrant Series A-4, Strike Price $1.33, Expiration Date 10/6/2019 |   | 500,000 |  |   | — |  |   | 160,000 |  |   | — |  |   | — |  |   | — |  |   | 310,000 |  |   | 470,000 |  |   | 0.22 | % |
| 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 |  |   | — |  |   | — |  |   | — |  |   | 165,000 |  |   | 267,500 |  |   | 0.12 | % |
| 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 |  |   | — |  |   | — |  |   | — |  |   | (32,000 | ) |   | 9,000 |  |   | 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 |  |   | — |  |   | — |  |   | — |  |   | (68,750 | ) |   | 11,250 |  |   | 0.01 | % |
| Total Global Innovation Platform                                                                                            |   |   |   | — |  |   | 385,375 |  |   | — |  |   | — |  |   | — |  |   | 477,375 |  |   | 862,750 |  |   | 0.40 | % |
| Total Warrants                                                                                                              |   |   |   | $ | — |  |   | $ | 385,375 |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | 477,375 |  |   | $ | 862,750 |  |   | 0.40 | % |
| Common Stock                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Clean Technology                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.)–Common shares                                                   |   | 100,000 |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | — | % |

----

TABLE OF CONTENTS

| Schedule of Investments In, and Advances to, Affiliate                                                |
|-------------------------------------------------------------------------------------------------------|
|                                                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Type/Industry/Portfolio Company/Investment                                                            |   | Principal/Quantity |   | Interest, Fees, orDividends Creditedin Income |   | Fair Value atDecember 31, 2017 |   | Purchases,Capitalized Fees,Interest andAmortization |   | Sales |   | RealizedGains/(Losses) |   | UnrealizedGains/(Losses) |   | Fair Value at June 30, 2018 |   | Percentageof NetAssets |
| Global Innovation Platform                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| NestGSV, Inc. (d/b/a GSV Labs, Inc.)–Common shares                                              |   | 200,000 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — | % |
| Total Common Stock                                                                                    |   |   |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | — | % |
| TOTAL CONTROLLED INVESTMENTS*(2)                                                                      |   |   |   | $ | 374,901 |  |   | $ | 24,207,161 |  |   | $ | — |  |   | $ | (592,129 | ) |   | $ | (680 | ) |   | $ | 6,225,270 |  |   | $ | 29,839,622 |  |   | 13.74 | % |
| 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***(4) |   | $ | 1,259,712 |  |   | $ | 49,974 |  |   | $ | 1,259,712 |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | 1,259,712 |  |   | 0.58 | % |
| Digital Media Platform                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Ozy Media, Inc.–Convertible Promissory Note 5% Due 10/31/2018(7)                                |   | $ | 2,102,384 |  |   | 196,469 |  |   | 1,067,639 |  |   | 114,401 |  |   | (30,647 | ) |   | — |  |   | 2,001,854 |  |   | 3,153,247 |  |   | 1.45 | % |
| Ozy Media, Inc.–Promissory Note 10% Due 2/12/2018***(7)                                         |   | $ | — |  |   | 2,384 |  |   | — |  |   | 100,000 |  |   | (100,000 | ) |   | — |  |   | — |  |   | — |  |   | — | % |
| Total Digital Media Platform                                                                          |   |   |   | 198,853 |  |   | 1,067,639 |  |   | 214,401 |  |   | (130,647 | ) |   | — |  |   | 2,001,854 |  |   | 3,153,247 |  |   | 1.45 | % |
| Social Cognitive Learning                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Declara, Inc.–Convertible Promissory Note 12% Due 4/30/2018(6)(9)                               |   | $ | 2,327,727 |  |   | 207,069 |  |   | 1,120,329 |  |   | 212,254 |  |   | — |  |   | — |  |   | (1,332,583 | ) |   | — |  |   | — | % |
| Total Debt Investments                                                                                |   |   |   | $ | 455,896 |  |   | $ | 3,447,680 |  |   | $ | 426,655 |  |   | $ | (130,647 | ) |   | $ | — |  |   | $ | 669,271 |  |   | $ | 4,412,959 |  |   | 2.03 | % |
| Preferred Stock                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Corporate Education                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| CUX, Inc. (d/b/a CorpU)–Convertible preferred shares, Series D                             |   | 169,033 |  |   | $ | — |  |   | $ | 989,489 |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | (141,068 | ) |   | $ | 848,421 |  |   | 0.39 | % |
| CUX, Inc. (d/b/a CorpU) -Convertible preferred shares, Series C                                  |   | 615,763 |  |   | — |  |   | 480,184 |  |   | — |  |   | — |  |   | — |  |   | (480,184 | ) |   | — |  |   | — | % |
| Total Corporate Education                                                                             |   |   |   | — |  |   | 1,469,673 |  |   | — |  |   | — |  |   | — |  |   | (621,252 | ) |   | 848,421 |  |   | 0.39 | % |
| Social Cognitive Learning                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Declara, Inc.–Preferred shares, Series A                                                   |   | 10,716,390 |  |   | — |  |   | 382,678 |  |   | — |  |   | — |  |   | — |  |   | (382,678 | ) |   | — |  |   | — | % |

----

TABLE OF CONTENTS

| Schedule of Investments In, and Advances to, Affiliate                                                      |
|-------------------------------------------------------------------------------------------------------------|
|                                                                                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Type/Industry/Portfolio Company/Investment                                                                  |   | Principal/Quantity |   | Interest, Fees, orDividends Creditedin Income |   | Fair Value atDecember 31, 2017 |   | Purchases,Capitalized Fees,Interest andAmortization |   | Sales |   | RealizedGains/(Losses) |   | UnrealizedGains/(Losses) |   | Fair Value at June 30, 2018 |   | Percentageof NetAssets |
| Education Media Platform                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| EdSurge, Inc.–Preferred shares, Series A-1                                                       |   | 378,788 |  |   | — |  |   | 500,000 |  |   | — |  |   | — |  |   | — |  |   | (250,000 | ) |   | 250,000 |  |   | 0.12 | % |
| EdSurge, Inc.–Preferred shares, Series A                                                         |   | 494,365 |  |   | — |  |   | 581,917 |  |   | — |  |   | — |  |   | — |  |   | (331,917 | ) |   | 250,000 |  |   | 0.12 | % |
| Total Education Media Platform                                                                              |   |   |   | — |  |   | 1,081,917 |  |   | — |  |   | — |  |   | — |  |   | (581,917 | ) |   | 500,000 |  |   | 0.24 | % |
| Knowledge Networks                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Maven Research, Inc.–Preferred shares, Series C                                                  |   | 318,979 |  |   | — |  |   | 501,240 |  |   | — |  |   | — |  |   | — |  |   | (310,973 | ) |   | 190,267 |  |   | 0.09 | % |
| Maven Research, Inc.–Preferred shares, Series B                                                  |   | 49,505 |  |   | — |  |   | 50,000 |  |   | — |  |   | — |  |   | — |  |   | (31,020 | ) |   | 18,980 |  |   | 0.01 | % |
| Total Knowledge Networks                                                                                    |   |   |   | — |  |   | 551,240 |  |   | — |  |   | — |  |   | — |  |   | (341,993 | ) |   | 209,247 |  |   | 0.10 | % |
| Digital Media Platform                                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| OzyMedia, Inc.–Preferred shares, Series B                                                        |   | 922,509 |  |   | — |  |   | 2,367,022 |  |   | — |  |   | — |  |   | — |  |   | (1,077,531 | ) |   | 1,289,491 |  |   | 0.59 | % |
| OzyMedia, Inc.–Preferred shares, Series A                                                        |   | 1,090,909 |  |   | — |  |   | 1,419,810 |  |   | — |  |   | — |  |   | — |  |   | (646,335 | ) |   | 773,475 |  |   | 0.36 | % |
| OzyMedia, Inc.–Preferred shares, Series Seed                                                     |   | 500,000 |  |   | — |  |   | 236,635 |  |   | — |  |   | — |  |   | — |  |   | (107,723 | ) |   | 128,912 |  |   | 0.06 | % |
| Total Digital Media Platform                                                                                |   |   |   | — |  |   | 4,023,467 |  |   | — |  |   | — |  |   | — |  |   | (1,831,589 | ) |   | 2,191,878 |  |   | 1.01 | % |
| Total Preferred Stock                                                                                       |   |   |   | $ | — |  |   | $ | 7,508,975 |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | (3,759,429 | ) |   | $ | 3,749,546 |  |   | 1.73 | % |
| Warrants                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Corporate Education                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| CUX, Inc. (d/b/a CorpU) -Preferred warrants, Series D, Strike Price $4.59, Expiration Date 8/1/2018(5) |   | 16,903 |  |   | $ | — |  |   | $ | 2,366 |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | 5,916 |  |   | $ | 8,282 |  |   | 0.00 | % |
| Digital Media Platform                                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| OzyMedia, Inc.–Common Warrants, Strike Price $0.01, Expiration Date 4/9/2028(7)                       |   | 34,483 |  |   | — |  |   | — |  |   | 30,647 |  |   | — |  |   | — |  |   | (30,647 | ) |   | — |  |   | — | % |
| Total Warrants                                                                                              |   | ​ |  |   | $ | — |  |   | $ | 2,366 |  |   | $ | 30,647 |  |   | $ | — |  |   | $ | — |  |   | $ | (24,731 | ) |   | $ | 8,282 |  |   | 0.00 | % |
| Common Stock                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Online Education                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Curious.com, Inc.–Common shares(11)                                                                   |   | 3,407,834 |  |   | $ | — |  |   | $ | 5,514,077 |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | (5,514,077 | ) |   | $ | — |  |   | — | % |
| Total Common Stock                                                                                          |   |   |   | $ | — |  |   | $ | 5,514,077 |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | (5,514,077 | ) |   | $ | — |  |   | — | % |
| TOTAL NON-CONTROLLED/AFFILIATE INVESTMENTS*(1)                                                              |   | ​ |  |   | $ | 455,896 |  |   | $ | 16,473,098 |  |   | $ | 457,302 |  |   | $ | (130,647 | ) |   | $ | — |  |   | $ | (8,628,966 | ) |   | $ | 8,170,787 |  |   | 3.76 | % |

----

TABLE OF CONTENTS

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| * | All portfolio investments are non-income-producing, unless otherwise identified. Equity investments are subject to lock-up restrictions upon their IPO. Unless otherwise noted, all investments were pledged as collateral under the Credit Facility. The Company’s and GSV Asset Management’s officers and staff, as applicable, may serve on the board of directors of the Company’s portfolio investments. (Refer to “Note 3—Related-Party Arrangements”). All portfolio investments are considered Level 3 and valued using significant unobservable inputs, unless otherwise noted. (Refer to “Note 4—Investments at Fair Value”). All portfolio investments are considered Level 3 and valued using unobservable inputs, unless otherwise noted. All of the Company's portfolio investments are restricted as to resale, unless otherwise noted, and were valued at fair value as determined in good faith by the Company’s board of directors. (Refer to "Note 2—Significant Accounting Policies—Investments at Fair Value"). |

|    |                                                                                                                                             |
|----|---------------------------------------------------------------------------------------------------------------------------------------------|
| ** | 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 Investments” are investments in those companies that are “Affiliated Companies” of GSV Capital Corp., as defined in the 1940 Act. In general, a company is deemed to be an “Affiliate” of GSV Capital Corp. if GSV Capital Corp. owns 5% or more of the voting securities (i.e., securities with the right to elect directors) of such company. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | “Control Investments” are investments in those companies that are “Controlled Companies” of GSV Capital Corp., as defined in the 1940 Act. In general, under the 1940 Act, the Company would “Control” a portfolio company if the Company owned more than 25% of its outstanding voting securities (i.e., securities with the right to elect directors) and/or had the power to exercise control over the management or policies of such portfolio company. |

|     |                                                                                                                                              |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | GSV Capital Corp.’s investments in StormWind, LLC are held through GSV Capital Corp.'s wholly owned subsidiary, GSVC SW Holdings, Inc. |

|     |                                                                                                                                                                                                                                                                                                                                             |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (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 note (November 26, 2018). |

|     |                                                                                                                                                                                                                                                                                                             |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (5) | 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. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (6) | The maturity date of the convertible promissory note to Declara, Inc. was extended an additional three months to April 30, 2018. On January 31, 2018 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) | 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 34,483 shares of Ozy Media Inc.'s common stock. |

----

TABLE OF CONTENTS

|     |                                                                                                                            |
|-----|----------------------------------------------------------------------------------------------------------------------------|
| (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 June 30, 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 new note. |

|      |                                                                                                                                                                                                                                       |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (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. |

|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (12) |  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 six months ended June 30, 2018, SPBRX, INC. declared, and GSV Capital Corp. received, an aggregate of $350,000 in cash distributions. GSV Capital Corp. does not anticipate that SPBRX, INC. will pay distributions on a quarterly or regular basis or become a predictable distributor of distributions. |

----

TABLE OF CONTENTS

| Schedule of Investments In, and Advances to, Affiliates                                       |
|-----------------------------------------------------------------------------------------------|
|                                                                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Type/Industry/Portfolio Company/Investment                                                    |   | Principal/​Quantity |   | Interest, Fees, orDividends Creditedin Income |   | Fair Value atDecember 31, 2016 |   | Purchases,Capitalized Fees,Interest andAmortization |   | Sales |   | RealizedGains/(Losses) |   | UnrealizedGains/(Losses) |   | Fair Value atDecember 31, 2017 |   | Percentageof NetAssets |
| CONTROLLED INVESTMENTS*(2)                                                                    |   | ​ |  |   | ​ |  |   | ​ |  |   | ​ |  |   | ​ |  |   | ​ |  |   | ​ |  |   | ​ |  |   | ​ |  |
| Debt Investments                                                                              |   | ​ |  |   | ​ |  |   | ​ |  |   | ​ |  |   | ​ |  |   | ​ |  |   | ​ |  |   | ​ |  |   | ​ |  |
| Global Innovation Platform                                                                    |   | ​ |  |   | ​ |  |   | ​ |  |   | ​ |  |   | ​ |  |   | ​ |  |   | ​ |  |   | ​ |  |   | ​ |  |
| NestGSV, Inc. (d/b/a GSV Labs, Inc.)–Convertible Promissory Note 8% Due 7/31/2018***    |   | $ | 560,199 |  |   | $ | 88,604 |  |   | $ | 427,900 |  |   | $ | 106,490 |  |   | $ | — |  |   | $ | — |  |   | $ | 25,809 |  |   | $ | 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 |  |   | — |  |   | —% |  |
| NestGSV, Inc. (d/b/a GSV Labs, Inc.)–Unsecured Promissory Note 12% Due 1/15/2018***(4)  |   | $ | 592,129 |  |   | 111,089 |  |   | — |  |   | 592,809 |  |   | — |  |   | — |  |   | (680 | ) |   | 592,129 |  |   | 0.29 | % |
| Total Global Innovation Platform                                                              |   |   |   | 249,839 |  |   | 924,625 |  |   | 723,494 |  |   | (526,000 | ) |   | — |  |   | 30,209 |  |   | 1,152,328 |  |   | 0.56 | % |
| Total Debt Investments                                                                        |   |   |   | $ | 249,839 |  |   | $ | 924,625 |  |   | $ | 723,494 |  |   | $ | (526,000 | ) |   | $ | — |  |   | $ | 30,209 |  |   | $ | 1,152,328 |  |   | 0.56 | % |
| 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 |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | (3,239,916 | ) |   | $ | 1,069,862 |  |   | 0.52 | % |
| Global Innovation Platform                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| NestGSV, Inc. (d/b/a GSV Labs, Inc.)–Preferred stock Series A-4                    |   | 3,720,424 |  |   | — |  |   | 2,715,910 |  |   | — |  |   | — |  |   | — |  |   | 2,674,932 |  |   | 5,390,842 |  |   | 2.63 | % |
| NestGSV, Inc. (d/b/a GSV Labs, Inc.)–Preferred stock Series A-3                    |   | 1,561,625 |  |   | — |  |   | 952,591 |  |   | — |  |   | — |  |   | — |  |   | 933,053 |  |   | 1,885,644 |  |   | 0.92 | % |
| NestGSV, Inc. (d/b/a GSV Labs, Inc.)–Preferred stock Series A-2                    |   | 450,001 |  |   | — |  |   | 166,500 |  |   | — |  |   | — |  |   | — |  |   | 159,522 |  |   | 326,022 |  |   | 0.16 | % |
| NestGSV, Inc. (d/b/a GSV Labs, Inc.)–Preferred stock Series A-1                    |   | 1,000,000 |  |   | — |  |   | 270,000 |  |   | — |  |   | — |  |   | — |  |   | 273,370 |  |   | 543,370 |  |   | 0.27 | % |
| Total Global Innovation Platform                                                              |   | ​ |  |   | — |  |   | 4,105,001 |  |   | — |  |   | — |  |   | — |  |   | 4,040,877 |  |   | 8,145,878 |  |   | 3.98 | % |
| Interactive Learning                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| StormWind, LLC–Preferred shares, Series C(3)                                       |   | 2,779,134 |  |   | — |  |   | 4,650,838 |  |   | — |  |   | — |  |   | — |  |   | 2,573,066 |  |   | 7,223,904 |  |   | 3.53 | % |
| StormWind, LLC–Preferred shares, Series B(3)                                       |   | 3,279,629 |  |   | — |  |   | 4,470,403 |  |   | — |  |   | — |  |   | — |  |   | 1,334,069 |  |   | 5,804,472 |  |   | 2.83 | % |

----

TABLE OF CONTENTS

| Schedule of Investments In, and Advances to, Affiliates                                                                             |
|-------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Type/Industry/Portfolio Company/Investment                                                                                          |   | Principal/​Quantity |   | Interest, Fees, orDividends Creditedin Income |   | Fair Value atDecember 31, 2016 |   | Purchases,Capitalized Fees,Interest andAmortization |   | Sales |   | RealizedGains/(Losses) |   | UnrealizedGains/(Losses) |   | Fair Value atDecember 31, 2017 |   | Percentageof NetAssets |
| StormWind, LLC–Preferred shares, Series A(3)                                                                             |   | 366,666 |  |   | — |  |   | 499,796 |  |   | — |  |   | — |  |   | — |  |   | (74,454 | ) |   | 425,342 |  |   | 0.21 | % |
| Total Interactive Learning                                                                                                          |   | ​ |  |   | — |  |   | 9,621,037 |  |   | — |  |   | — |  |   | — |  |   | 3,832,681 |  |   | 13,453,718 |  |   | 6.57 | % |
| Total Preferred Stock                                                                                                               |   | ​ |  |   | $ | 475,000 |  |   | $ | 18,035,816 |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | 4,633,642 |  |   | $ | 22,669,458 |  |   | 11.07 | % |
| 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 |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | (3,750 | ) |   | $ | 1,875 |  |   | 0.00 | % |
| 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 |  |   | — |  |   | — |  |   | — |  |   | 120,000 |  |   | 160,000 |  |   | 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 |  |   | — |  |   | — |  |   | — |  |   | 80,000 |  |   | 102,500 |  |   | 0.05 | % |
| NestGSV, Inc. (d/b/a GSV Labs, Inc.)–Preferred Warrant Series B–Strike Price $2.31, Expiration Date 11/29/2021(11) |   | 100,000 |  |   | — |  |   | 9,000 |  |   | — |  |   | — |  |   | — |  |   | 32,000 |  |   | 41,000 |  |   | 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 |  |   | — |  |   | — |  |   | 9,621 |  |   | 80,000 |  |   | 0.04 | % |
| Total Global Innovation Platform                                                                                                    |   |   |   | — |  |   | 77,125 |  |   | 70,379 |  |   | — |  |   | — |  |   | 237,871 |  |   | 385,375 |  |   | 0.19 | % |
| Total Warrants                                                                                                                      |   |   |   | $ | — |  |   | $ | 77,125 |  |   | $ | 70,379 |  |   | $ | — |  |   | $ | — |  |   | $ | 237,871 |  |   | $ | 385,375 |  |   | 0.19 | % |
| 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                                                                                                                  |   |   |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | —% |  |
| TOTAL CONTROLLED INVESTMENTS*(2)                                                                                               |   |   |   | $ | 724,839 |  |   | $ | 19,037,566 |  |   | $ | 793,873 |  |   | $ | (526,000 | ) |   | $ | — |  |   | $ | 4,901,722 |  |   | $ | 24,207,161 |  |   | 11.82 | % |
|                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

TABLE OF CONTENTS

| Schedule of Investments In, and Advances to, Affiliates                                               |
|-------------------------------------------------------------------------------------------------------|
|                                                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Type/Industry/Portfolio Company/Investment                                                            |   | Principal/​Quantity |   | Interest, Fees, orDividends Creditedin Income |   | Fair Value atDecember 31, 2016 |   | Purchases,Capitalized Fees,Interest andAmortization |   | Sales |   | RealizedGains/(Losses) |   | UnrealizedGains/(Losses) |   | Fair Value atDecember 31, 2017 |   | Percentageof NetAssets |
| 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) |   | $ | 1,259,712 |  |   | $ | 93,772 |  |   | $ | 1,166,400 |  |   | $ | 93,312 |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | 1,259,712 |  |   | 0.62 | % |
| Digital Media Platform                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Ozy Media, Inc.–Convertible Promissory Note 5%, Due 2/28/2018***(12)                            |   | $ | 2,000,000 |  |   | (33,699 | ) |   | 2,000,000 |  |   | — |  |   | — |  |   | — |  |   | (932,361 | ) |   | 1,067,639 |  |   | 0.52 | % |
| Social Cognitive Learning                                                                             |   | ​ |  |   | ​ |  |   | ​ |  |   | ​ |  |   | ​ |  |   | ​ |  |   | ​ |  |   | ​ |  |   | ​ |  |
| Declara, Inc.–Convertible Promissory Note 9% Due 12/31/2017(8)                                  |   | $ | 2,120,658 |  |   | (523 | ) |   | 2,827,020 |  |   | 1,240 |  |   | — |  |   | — |  |   | (1,707,931 | ) |   | 1,120,329 |  |   | 0.55 | % |
| Sports Analytics                                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Circle Media (f/k/a S3 Digital Corp. (d/b/a S3i))–Promissory Note, 12%, 11/17/2017***(13)       |   | $ | — |  |   | (90 | ) |   | 26,544 |  |   | 3,569 |  |   | — |  |   | (30,408 | ) |   | 295 |  |   | — |  |   | —% |  |
| Total Debt Investments                                                                                |   |   |   | $ | 59,460 |  |   | $ | 6,019,964 |  |   | $ | 98,121 |  |   | $ | — |  |   | $ | (30,408 | ) |   | $ | (2,639,997 | ) |   | $ | 3,447,680 |  |   | 1.68 | % |
| Preferred Stock                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Corporate Education                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| CUX, Inc. (d/b/a CorpU)–Convertible preferred shares, Series D                             |   | 169,033 |  |   | $ | — |  |   | $ | 775,861 |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | 213,628 |  |   | $ | 989,489 |  |   | 0.48 | % |
| CUX, Inc. (d/b/a CorpU) -Convertible preferred shares, Series C                                  |   | 615,763 |  |   | — |  |   | 1,913,484 |  |   | — |  |   | — |  |   | — |  |   | (1,433,300 | ) |   | 480,184 |  |   | 0.23 | % |
| Total Corporate Education                                                                             |   |   |   | — |  |   | 2,689,345 |  |   | — |  |   | — |  |   | — |  |   | (1,219,672 | ) |   | 1,469,673 |  |   | 0.71 | % |
| Globally-Focused Private School                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Whittle Schools, LLC–Preferred shares, Series B(5)                                         |   | — |  |   | — |  |   | 3,000,000 |  |   | 119,299 |  |   | (3,000,000 | ) |   | (119,299 | ) |   | — |  |   | — |  |   | —% |  |
| Online Education                                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Curious.com, Inc.–Preferred shares, Series B                                               |   | 3,407,834 |  |   | — |  |   | 9,984,954 |  |   | — |  |   | — |  |   | — |  |   | (4,470,877 | ) |   | 5,514,077 |  |   | 2.69 | % |
| Sports Analytics                                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Circle Media (f/k/a S3 Digital Corp. (d/b/a S3i))–Preferred shares, Series A(13)           |   | — |  |   | — |  |   | 484,769 |  |   | — |  |   | — |  |   | (1,777,576 | ) |   | 1,292,807 |  |   | — |  |   | —% |  |

----

TABLE OF CONTENTS

| Schedule of Investments In, and Advances to, Affiliates                              |
|--------------------------------------------------------------------------------------|
|                                                                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Type/Industry/Portfolio Company/Investment                                           |   | Principal/​Quantity |   | Interest, Fees, orDividends Creditedin Income |   | Fair Value atDecember 31, 2016 |   | Purchases,Capitalized Fees,Interest andAmortization |   | Sales |   | RealizedGains/(Losses) |   | UnrealizedGains/(Losses) |   | Fair Value atDecember 31, 2017 |   | Percentageof NetAssets |
| Social Cognitive Learning                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Declara, Inc.–Preferred shares, Series A                                  |   | 10,716,390 |  |   | — |  |   | 4,786,654 |  |   | — |  |   | — |  |   | — |  |   | (4,403,976 | ) |   | 382,678 |  |   | 0.19 | % |
| 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 |  |   | — |  |   | — |  |   | — |  |   | (6,377 | ) |   | 581,917 |  |   | 0.28 | % |
| Total Education Media Platform                                                       |   |   |   | — |  |   | 1,088,294 |  |   | — |  |   | — |  |   | — |  |   | (6,377 | ) |   | 1,081,917 |  |   | 0.52 | % |
| Education Technology                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Global Education Learning (Holdings) Ltd.–Preferred shares, Series A**(9) |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | (675,495 | ) |   | 675,495 |  |   | — |  |   | —% |  |
| Knowledge Networks                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Maven Research, Inc.–Preferred shares, Series C                           |   | 318,979 |  |   | — |  |   | 1,999,998 |  |   | — |  |   | — |  |   | — |  |   | (1,498,758 | ) |   | 501,240 |  |   | 0.24 | % |
| Maven Research, Inc.–Preferred shares, Series B                           |   | 49,505 |  |   | — |  |   | 223,763 |  |   | — |  |   | — |  |   | — |  |   | (173,763 | ) |   | 50,000 |  |   | 0.02 | % |
| Total Knowledge Networks                                                             |   |   |   | — |  |   | 2,223,761 |  |   | — |  |   | — |  |   | — |  |   | (1,672,521 | ) |   | 551,240 |  |   | 0.26 | % |
| Digital Media Platform                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| OzyMedia, Inc.–Preferred shares, Series B                                 |   | 922,509 |  |   | — |  |   | 4,999,999 |  |   | — |  |   | — |  |   | — |  |   | (2,632,977 | ) |   | 2,367,022 |  |   | 1.16 | % |
| OzyMedia, Inc.–Preferred shares, Series A                                 |   | 1,090,909 |  |   | — |  |   | 3,000,000 |  |   | — |  |   | — |  |   | — |  |   | (1,580,190 | ) |   | 1,419,810 |  |   | 0.69 | % |
| OzyMedia, Inc.–Preferred shares, Series Seed                              |   | 500,000 |  |   | — |  |   | 610,000 |  |   | — |  |   | — |  |   | — |  |   | (373,365 | ) |   | 236,635 |  |   | 0.12 | % |
| Total Digital Media Platform                                                         |   |   |   | — |  |   | 8,609,999 |  |   | — |  |   | — |  |   | — |  |   | (4,586,532 | ) |   | 4,023,467 |  |   | 1.97 | % |
| Social Media                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| AlwaysOn, Inc.–Preferred shares, Series A-1(10)                           |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | (876,023 | ) |   | 876,023 |  |   | — |  |   | —% |  |
| AlwaysOn, Inc.–Preferred shares, Series A(10)                             |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | (1,027,391 | ) |   | 1,027,391 |  |   | — |  |   | —% |  |
| Total Social Media                                                                   |   |   |   | — |  |   | — |  |   | — |  |   | — |  |   | (1,903,414 | ) |   | 1,903,414 |  |   | — |  |   | —% |  |
| Total Preferred Stock                                                                |   |   |   | $ | — |  |   | $ | 32,867,776 |  |   | $ | 119,299 |  |   | $ | (3,000,000 | ) |   | $ | (4,475,784 | ) |   | $ | (12,488,239 | ) |   | $ | 13,023,052 |  |   | 6.36 | % |
| Common Stock                                                                         |   | ​ |  |   | ​ |  |   | ​ |  |   | ​ |  |   | ​ |  |   | ​ |  |   | ​ |  |   | ​ |  |   | ​ |  |
| Big Data Consulting                                                                  |   | ​ |  |   | ​ |  |   | ​ |  |   | ​ |  |   | ​ |  |   | ​ |  |   | ​ |  |   | ​ |  |   | ​ |  |
| Strategic Data Command, LLC–Common shares(7)                                   |   | — |  |   | $ | — |  |   | $ | 2,052,555 |  |   | $ | 1,000 |  |   | $ | (2,514,651 | ) |   | $ | 1,524,374 |  |   | $ | (1,063,278 | ) |   | $ | — |  |   | — | % |
| Globally-Focused Private School                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Whittle Schools, LLC–Common shares(5)                                          |   | — |  |   | — |  |   | 1,500,000 |  |   | 59,649 |  |   | (1,575,000 | ) |   | (61,746 | ) |   | 77,097 |  |   | — |  |   | — | % |
| Total Common Stock                                                                   |   |   |   | $ | — |  |   | $ | 3,552,555 |  |   | $ | 60,649 |  |   | $ | (4,089,651 | ) |   | $ | 1,462,628 |  |   | $ | (986,181 | ) |   | $ | — |  |   | — | % |

----

TABLE OF CONTENTS

| Schedule of Investments In, and Advances to, Affiliates                                                                        |
|--------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Type/Industry/Portfolio Company/Investment                                                                                     |   | Principal/​Quantity |   | Interest, Fees, orDividends Creditedin Income |   | Fair Value atDecember 31, 2016 |   | Purchases,Capitalized Fees,Interest andAmortization |   | Sales |   | RealizedGains/(Losses) |   | UnrealizedGains/(Losses) |   | Fair Value atDecember 31, 2017 |   | Percentageof NetAssets |
| 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(13) |   | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | (576 | ) |   | $ | 576 |  |   | $ | — |  |   | — | % |
| Circle Media (f/k/a S3 Digital Corp. (d/b/a S3i))–Preferred warrants, $1.17 Strike Price, Expiration Date 8/29/2021(13)  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — | % |
| Circle Media (f/k/a S3 Digital Corp. (d/b/a S3i))–Preferred warrants, $1.17 Strike Price, Expiration Date 6/26/2021(13)  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — | % |
| Circle Media (f/k/a S3 Digital Corp. (d/b/a S3i))–Preferred warrants, $1.17 Strike Price, Expiration Date 9/30/2020(13)  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — | % |
| Circle Media (f/k/a S3 Digital Corp. (d/b/a S3i))–Preferred warrants, $1.00 Strike Price, Expiration Date 11/21/2017(13) |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | (31,354 | ) |   | 31,354 |  |   | — |  |   | — | % |
| Total Sports Analytics                                                                                                         |   |   |   | — |  |   | — |  |   | — |  |   | — |  |   | (31,930 | ) |   | 31,930 |  |   | — |  |   | — | % |
| Corporate Education                                                                                                            |   | ​ |  |   | ​ |  |   | ​ |  |   | ​ |  |   | ​ |  |   | ​ |  |   | ​ |  |   | ​ |  |   | ​ |  |
| CUX, Inc. (d/b/a CorpU) -Preferred warrants, Series D, Strike Price $4.59, Expiration Date 2/25/2018                      |   | 16,903 |  |   | — |  |   | 4,395 |  |   | — |  |   | — |  |   | — |  |   | (2,029 | ) |   | 2,366 |  |   | — | % |
| Social Media                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| AlwaysOn, Inc.–Preferred Warrants Series A, $1.00 strike price, expire 1/9/2017 (10)                                |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — | % |
| Total Warrants                                                                                                                 |   |   |   | $ | — |  |   | $ | 4,395 |  |   | $ | — |  |   | $ | — |  |   | $ | (31,930 | ) |   | $ | 29,901 |  |   | $ | 2,366 |  |   | — | % |
| TOTAL NON-CONTROLLED/AFFILIATE INVESTMENTS*(1)                                                                                 |   |   |   | $ | 59,460 |  |   | $ | 42,444,690 |  |   | $ | 278,069 |  |   | $ | (7,089,651 | ) |   | $ | (3,075,494 | ) |   | $ | (16,084,516 | ) |   | $ | 16,473,098 |  |   | 8.04 | % |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| * | All portfolio investments are non-income-producing, unless otherwise identified. Equity investments are subject to lock-up restrictions upon their IPO. Unless otherwise noted, all investments were pledged as collateral under the Credit Facility. The Company’s and GSV Asset Management’s officers and staff, as applicable, may serve on the board of directors of the Company’s portfolio investments. All portfolio investments are considered Level 3 and valued using unobservable inputs, unless otherwise noted. All investments are restricted as to resale, unless otherwise noted, and were valued at fair value as determined in good faith by the Company’s board of directors. |

----

TABLE OF CONTENTS

|    |                                                                                                                                             |
|----|---------------------------------------------------------------------------------------------------------------------------------------------|
| ** | 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) | Denotes an Affiliate Investment. “Affiliate Investments” are investments in those companies that are “Affiliated Companies” of GSV Capital Corp., as defined in the 1940 Act. In general, a company is deemed to be an “Affiliate” of GSV Capital Corp. if GSV Capital Corp. owns 5% or more of the voting securities (i.e., securities with the right to elect directors) of such company. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Denotes a Control Investment. “Control Investments” are investments in those companies that are “Controlled Companies” of GSV Capital Corp., as defined in the 1940 Act. In general, under the 1940 Act, the Company would “Control” a portfolio company if the Company owned more than 25% of its outstanding voting securities (i.e., securities with the right to elect directors) and/or had the power to exercise control over the management or policies of such portfolio company. |

|     |                                                                                                                            |
|-----|----------------------------------------------------------------------------------------------------------------------------|
| (3) | GSV Capital Corp.’s investment in StormWind, LLC is held through its wholly owned subsidiary, GSVC SW Holdings, Inc. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | On May 29, 2017, the maturity date of the unsecured promissory note to NestGSV, Inc. (d/b/a GSV Labs, Inc.) was extended to November 29, 2017 in exchange for 125,000 Series B warrants. For accounting purposes, the extension of the maturity date was treated as an extinguishment of the existing note and creation of a new note. On November 29, 2017, the maturity date of the unsecured promissory note to NestGSV, Inc. (d/b/a GSV Labs, Inc.) was extended to January 15, 2018. On January 12, 2018, the unsecured promissory note to NestGSV, Inc. (d/b/a GSV Labs, Inc.) was repaid, with interest. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                          |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (5) | GSV Capital Corp.’s investment in Whittle Schools, LLC is held through its wholly-owned subsidiary, GSVC WS Holdings, Inc. Whittle Schools, LLC is an investment that is collateralized by Avenues Global Holdings, LLC, as well as the personal collateral of Chris Whittle, the former chairman of Avenues Global Holdings, LLC. In November 2017, the Company sold its entire position in Whittle Schools, LLC. |

|     |                                                                                                                                                                                                                                                                                                                                             |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (6) | 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 note (November 26, 2018). |

|     |                                                                                                                                                                                                                                  |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (7) | GSV Capital Corp.’s investment in Strategic Data Command, LLC is held through its wholly owned subsidiary, GSVC SVDS Holdings, Inc. In November 2017, the Company sold its entire position in Strategic Data Command, LLC. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (8) | On July 1, 2017, the maturity date of the convertible promissory note to Declara, Inc. was extended to December 31, 2017. The convertible promissory note to Declara, Inc. was further extended until January 31, 2018. The maturity date of the convertible promissory note to Declara, Inc. was then subsequently extended an additional three months to April 30, 2018. On January 31, 2018 the interest rate on the convertible promissory note increased to 12% per annum (including 365 days for the purposes of accrual). |

|     |                                                                                                                                          |
|-----|------------------------------------------------------------------------------------------------------------------------------------------|
| (9) | The Company wrote-off its investment in Global Education Learning (Holdings) Ltd. during the three months ended June 30, 2017. |

|      |                                                                                                                |
|------|----------------------------------------------------------------------------------------------------------------|
| (10) | The Company wrote-off its investment in AlwaysOn, Inc. during the three months ended March 31, 2017. |

----

TABLE OF CONTENTS

|      |                                                                                                                                                                                                                                                                                                                                             |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (11) | In the fourth quarter of 2017, NestGSV, Inc. (d/b/a GSV Labs, Inc.) met certain financing qualifications under the Company’s warrant agreement with NestGSV, Inc. (d/b/a GSV Labs, Inc.) and the Company’s Series A-4 warrants with a strike price of $1.33 converted to Series B warrants with a $2.31 strike price. |

|      |                                                                                                                                                                                                                                             |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (12) | Subsequent to period-end, Ozy Media, Inc.’s obligations under its financing arrangements with the Company became past due. The Company and Ozy Media are in the process of renegotiating the terms of the Company’s investment. |

|      |                                                                                                                                                 |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------|
| (13) | The Company wrote-off its investment in Circle Media (f/k/a S3 Digital Corp. (d/b/a S3i)) during the three months ended December 31, 2017. |

----

TABLE OF CONTENTS

|                                                                                     |
|-------------------------------------------------------------------------------------|
|                                                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| ​                                                                             | Three Months Ended June 30, |   | Six Months Ended June 30, |
| ​                                                                             | 2018 |   | 2017 |   | 2018 |   | 2017 |
| Earnings per common share–basic:                                              |   |   |   |   |   |   |   |
| Net increase in net assets resulting from operations                           | $ | 8,830,003 |  |   | $ | 6,198,075 |  |   | $ | 15,796,299 |  |   | $ | 9,980,961 |  |
| Weighted-average common shares–basic                                          | 20,968,850 |  |   | 22,181,003 |  |   | 21,059,254 |  |   | 22,181,003 |  |
| Earnings per common share–basic                                               | $ | 0.42 |  |   | $ | 0.28 |  |   | $ | 0.75 |  |   | $ | 0.45 |  |
| Earnings per common share–diluted:                                            |   |   |   |   |   |   |   |
| Net increase in net assets resulting from operations                           | $ | 8,830,003 |  |   | $ | 6,198,075 |  |   | $ | 15,796,299 |  |   | $ | 9,980,961 |  |
| Adjustment for interest and amortization on 5.25% Convertible Senior Notes due 2018 | 821,585 |  |   | 1,122,020 |  |   | 1,872,253 |  |   | 2,241,884 |  |
| Adjustment for interest and amortization on 4.75% Convertible Senior Notes due 2023 | 570,505 |  |   | — |  |   | 589,302 |  |   | — |  |
| Net increase in net assets resulting from operations, as adjusted                   | $ | 10,222,093 |  |   | $ | 7,320,095 |  |   | $ | 18,257,854 |  |   | $ | 12,222,845 |  |
| Adjustment for dilutive effect of 5.25% Convertible Senior Notes due 2018           | 4,166,480 |  |   | 5,751,815 |  |   | 4,757,803 |  |   | 5,751,815 |  |
| Adjustment for dilutive effect of 4.75% Convertible Senior Notes due 2023           | 3,731,344 |  |   | — |  |   | 1,979,055 |  |   | — |  |
| Weighted-average common shares outstanding–diluted                            | 28,866,674 |  |   | 27,932,818 |  |   | 27,796,112 |  |   | 27,932,818 |  |
| Earnings per common share–diluted                                             | $ | 0.35 |  |   | $ | 0.26 |  |   | $ | 0.66 |  |   | $ | 0.44 |  |

----

TABLE OF CONTENTS

|                                                                                   |
|-----------------------------------------------------------------------------------|
|                                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| ​                                                                           |   | Three Months Ended June 30, |   | Six Months Ended June 30, |
| Per Basic Share Data                                                              |   | 2018 |   | 2017 |   | 2018 |   | 2017 |
| Net asset value at beginning of period                                       |   | $ | 9.99 |  |   | $ | 8.83 |  |   | $ | 9.64 |  |   | $ | 8.66 |  |
| Net investment loss(1)                                                            |   | (0.26 | ) |   | (0.27 | ) |   | (0.26 | ) |   | (0.48 | ) |
| Net realized gain/(loss) on investments(1)                                        |   | 0.16 |  |   | (0.03 | ) |   | 0.12 |  |   | (1.14 | ) |
| 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)            |   | 0.47 |  |   | 0.57 |  |   | 0.86 |  |   | 2.08 |  |
| Benefit from taxes on unrealized depreciation of investments(1)                   |   | 0.05 |  |   | — |  |   | 0.05 |  |   | — |  |
| Repurchase of common stock(1)                                                     |   | 0.05 |  |   | — |  |   | 0.07 |  |   | — |  |
| Net asset value at end of period                                                  |   | $ | 10.46 |  |   | $ | 9.11 |  |   | $ | 10.46 |  |   | $ | 9.11 |  |
| Per share market value at end of period                                           |   | $ | 6.86 |  |   | $ | 4.34 |  |   | $ | 6.86 |  |   | $ | 4.34 |  |
| Total return based on market value(2)                                             |   | (9.02 | )% |   | (3.13 | )% |   | 25.87 |  % |   | (13.72 | )% |
| Total return based on net asset value(2)                                          |   | 4.69 |  % |   | 3.17 |  % |   | 8.53 |  % |   | 5.20 |  % |
| Shares outstanding at end of period                                               |   | 20,750,913 |  |   | 22,181,003 |  |   | 20,750,913 |  |   | 22,181,003 |  |
| Ratios/Supplemental Data:                                                         |   |   |   |   |   |   |   |   |
| Net assets at end of period                                                       |   | $ | 217,148,613 |  |   | $ | 202,109,771 |  |   | $ | 217,148,613 |  |   | $ | 202,109,771 |  |
| Average net assets                                                                |   | $ | 210,027,033 |  |   | $ | 196,335,041 |  |   | $ | 207,058,773 |  |   | $ | 193,899,415 |  |
| Ratio of gross operating expenses to average net assets(3)                        |   | 12.25 |  % |   | 13.12 |  % |   | 11.15 |  % |   | 12.22 |  % |
| Ratio of incentive fee waiver to average net assets(3)                            |   | — |  % |   | — |  % |   | (2.41 | )% |   | — |  % |
| Ratio of management fee waiver to average net assets(3)                           |   | (0.65 | )% |   | (0.34 | )% |   | (0.48 | )% |   | (0.36 | )% |
| Ratio of net operating expenses to average net assets(3)                          |   | 11.60 |  % |   | 12.78 |  % |   | 8.26 |  % |   | 11.86 |  % |
| Ratio of net investment loss to average net assets(3)                             |   | (10.46 | )% |   | (12.02 | )% |   | (5.30 | )% |   | (11.12 | )% |
| Portfolio Turnover Ratio                                                          |   | 0.05 |  % |   | — |  % |   | 0.10 |  % |   | — |  % |

|     |                                                                                 |
|-----|---------------------------------------------------------------------------------|
| (1) | Based on weighted-average number of shares outstanding for the relevant period. |

|     |                                                                                                                                                                                                                                                                                                                |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (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 year. Total return based on net asset value is based upon the change in net asset value per share between the opening and ending net asset values per share. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (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 the three and six months ended June 30, 2018, the Company excluded $0 and $352,667 of non-recurring expenses, respectively and did |

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

|                                                                       |
|-----------------------------------------------------------------------|
|                                                                       |  |  |  |  |  |  |  |
| ​                                                               | June 30, 2018 |   | December 31, 2017 |
| Aggregate principal amount of 5.25% Convertible Senior Notes due 2018 | $ | 49,982,000 |  |   | $ | 69,000,000 |  |
| Unamortized embedded derivative discount                              | (24,269 | ) |   | (111,143 | ) |
| Direct deduction of deferred debt issuance costs                      | (108,458 | ) |   | (506,308 | ) |
| 5.25% Convertible Senior Notes due 2018 Payable                       | $ | 49,849,273 |  |   | $ | 68,382,549 |  |

----

TABLE OF CONTENTS

|                                                                       |
|-----------------------------------------------------------------------|
|                                                                       |  |  |  |  |  |  |  |
| ​                                                               | June 30, 2018 |   | December 31, 2017 |
| Aggregate principal amount of 4.75% Convertible Senior Notes due 2023 | $ | 40,000,000 |  |   | $ | — |  |
| Direct deduction of deferred debt issuance costs                      | $ | (1,751,567 | ) |   | $ | — |  |
| 4.75% Convertible Senior Notes due 2023 Payable                       | $ | 38,248,433 |  |   | $ | — |  |

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

|                   |
|-------------------|
|                   |  |  |  |  |  |  |  |  |
| Portfolio Company |   | Transaction Date |   | Investments |   | Gross Payments |
| Knewton, Inc.     |   | 7/23/2018 |   | Unsecured Convertible Promissory Note 8% due 12/31/19 |   | $ | 134,405 |  |

|                   |
|-------------------|
|                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company |   | TransactionDate |   | Shares Sold |   | Average Net Share Price (1) |   | Net Proceeds(2) |   | Realized Gain/(Loss) |
| Lytro, Inc.       |   | 8/1/2018 |   | 3,537,539 |  |   | $ | 0.22 |  |   | $ | 791,596 |  |   | $ | (9,711,762 | ) |

|     |                                                                                                                                     |
|-----|-------------------------------------------------------------------------------------------------------------------------------------|
| (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) | Net proceeds does not reflect escrow amounts expected to be received from the sale of these investments. |

----

TABLE OF CONTENTS

|                                                                            |
|----------------------------------------------------------------------------|
|                                                                            |  |  |  |  |  |  |  |  |
| Income Statement Data for the Three Months Ended:                     |   | June 30, 2018 |   | June 30, 2017 |
| Revenue                                                                    |   | $ | 5,245,964 |  |   | $ | 5,643,716 |  |
| Gross profit                                                               |   | 3,907,598 |  |   | 4,480,824 |  |
| Loss from operations                                                       |   | (1,266,805 | ) |   | (805,219 | ) |
| Total net loss including net loss attributable to non-controlling interest |   | (1,266,805 | ) |   | (1,304,297 | ) |
| Net loss attributable to non-controlling interest                          |   | — |  |   | — |  |

|                                                                            |
|----------------------------------------------------------------------------|
|                                                                            |  |  |  |  |  |  |  |  |
| Income Statement Data for the Six Months Ended:                       |   | June 30, 2018 |   | June 30, 2017 |
| Revenue                                                                    |   | $ | 10,525,124 |  |   | $ | 11,624,198 |  |
| Gross profit                                                               |   | 8,185,315 |  |   | 9,591,580 |  |
| Loss from operations                                                       |   | (3,055,708 | ) |   | (555,607 | ) |
| Total net loss including net loss attributable to non-controlling interest |   | (3,055,708 | ) |   | (1,515,219 | ) |
| Net loss attributable to non-controlling interest                          |   | — |  |   | — |  |

----

TABLE OF CONTENTS

|         |                               |
|---------|-------------------------------|
| • | our future operating results; |

|         |                                                                      |
|---------|----------------------------------------------------------------------|
| • | our business prospects and the prospects of our portfolio companies; |

|         |                                                   |
|---------|---------------------------------------------------|
| • | the impact of investments that we expect to make; |

|         |                                                                    |
|---------|--------------------------------------------------------------------|
| • | our contractual arrangements and relationships with third parties; |

|         |                                                                                                                  |
|---------|------------------------------------------------------------------------------------------------------------------|
| • | the dependence of our future success on the general economy and its impact on the industries in which we invest; |

|         |                                                                     |
|---------|---------------------------------------------------------------------|
| • | the ability of our portfolio companies to achieve their objectives; |

|         |                                          |
|---------|------------------------------------------|
| • | our expected financings and investments; |

|         |                                                             |
|---------|-------------------------------------------------------------|
| • | the adequacy of our cash resources and working capital; and |

|         |                                                                                   |
|---------|-----------------------------------------------------------------------------------|
| • | the timing of cash flows, if any, from the operations of our portfolio companies. |

|         |                                                                                                                                                                                              |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | an economic downturn could impair our portfolio companies’ ability to continue to operate, which could lead to the loss of some or all of our investments in such portfolio companies; |

|         |                                                                                                                                                                                        |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | an economic downturn could disproportionately impact the market sectors in which a significant portion of our portfolio is concentrated, causing us to suffer losses in our portfolio; |

|         |                                                                                                                            |
|---------|----------------------------------------------------------------------------------------------------------------------------|
| • | a contraction of available credit and/or an inability to access the equity markets could impair our investment activities; |

|         |                                                                                                                                           |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------|
| • | interest rate volatility could adversely affect our results, particularly because we use leverage as part of our investment strategy; and |

|         |                                                                                                                                                                                                                          |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the risks, uncertainties and other factors we identify in the sections entitled “Risk Factors” in our quarterly reports on Form 10-Q, our annual report on Form 10-K, and in our other filings with the SEC. |

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

|                     |
|---------------------|
|                     |  |  |  |  |  |  |  |  |
| Portfolio Company   |   | Investment |   | Transaction Date |   | Gross Payments |
| Ozy Media, Inc.(1)  |   | Promissory Note 10% Due 2/12/2018 |   | 1/12/2018 |   | $ | 100,000 |  |
| SharesPost, Inc.(2) |   | Common shares |   | 6/15/2018 |   | $ | 100,221 |  |
| Total               |   |   |   |   |   | $ | 200,221 |  |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | During the period, Ozy Media, Inc.’s obligations under its financing arrangements with us 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, we were issued warrants exercisable for 34,483 shares of Ozy Media Inc.'s common stock. |

|     |                                                                                                                                     |
|-----|-------------------------------------------------------------------------------------------------------------------------------------|
| (2) | On June 15, 2018 we exercised our 770,934 warrants to purchase shares of SharePost, Inc.'s common stock, with a $0.13 strike price. |

----

TABLE OF CONTENTS

|                                         |
|-----------------------------------------|
|                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Investment                    |   | TransactionDate |   | 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 | ) |
| General Assembly Space, Inc.(5)         |   | 6/12/2018 |   | 259,765 |  |   | 35.92 |  |   | 7,820,191 |  |   | 3,330,660 |  |
| Total                                   |   |   |   |   |   |   |   | $ | 23,782,430 |  |   | $ | 2,539,768 |  |

|     |                                                                                                                                            |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------|
| (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 us had been sold. |

|     |                                                                         |
|-----|-------------------------------------------------------------------------|
| (3) | Represents repayment of the 12% Unsecured Promissory Note Due 1/15/2018 |

|     |                                                                                                                  |
|-----|------------------------------------------------------------------------------------------------------------------|
| (4) | Realized gain/(loss) exclude any realized gain/(loss) incurred on the maturity of our U.S. Treasury investments. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                             |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (5) | On April 16, 2018, Adecco Group, a Swiss staffing company, announced that it was acquiring technology education provider General Assembly Space, Inc. for $412.5 million, including debt financing.  We received approximately $7.8 million in net proceeds as a result of the transaction, with approximately $1.5 million of additional proceeds currently being held in escrow. We expect to receive the escrow in 2019. |

|                                             |
|---------------------------------------------|
|                                             |  |  |  |  |  |  |  |  |
| ​                                     |   | Six Months Ended June 30, 2017 |
| Portfolio Company                           |   | Net Proceeds |   | RealizedGain/(Loss)(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 | ) |
| Total Disposals                             |   | $ | — |  |   | $ | (25,365,912 | ) |

|     |                                                                                                                  |
|-----|------------------------------------------------------------------------------------------------------------------|
| (1) | Realized gain/(loss) exclude any realized gain/(loss) incurred on the maturity of our U.S. Treasury investments. |

----

TABLE OF CONTENTS

|                                                                                |
|--------------------------------------------------------------------------------|
|                                                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| ​                                                                        | Three Months Ended June 30, |   | Six Months Ended June 30, |
| ​                                                                        | 2018 |   | 2017 |   | 2018 |   | 2017 |
| Total Investment Income                                                        | $ | 592,073 |  |   | $ | 370,593 |  |   | $ | 841,408 |  |   | $ | 709,052 |  |
| Interest income                                                                | 242,073 |  |   | 172,497 |  |   | 491,408 |  |   | 335,956 |  |
| Dividend income                                                                | 350,000 |  |   | 125,000 |  |   | 350,000 |  |   | 300,000 |  |
| Other income                                                                   | — |  |   | — |  |   | — |  |   | — |  |
| Gross Operating Expenses                                                       | $ | 6,344,272 |  |   | $ | 6,423,452 |  |   | $ | 11,741,078 |  |   | $ | 11,751,925 |  |
| Incentive fee waiver                                                           | — |  |   | — |  |   | (5,000,000 | ) |   | — |  |
| Management fee waiver                                                          | (335,403 | ) |   | (169,898 | ) |   | (490,347 | ) |   | (351,700 | ) |
| Net Operating Expenses                                                         | $ | 6,008,869 |  |   | $ | 6,253,554 |  |   | $ | 6,250,731 |  |   | $ | 11,400,225 |  |
| Management fees                                                                | 1,286,066 |  |   | 1,359,180 |  |   | 2,609,642 |  |   | 2,813,600 |  |
| Incentive fees                                                                 | 2,588,085 |  |   | 2,430,825 |  |   | 4,059,419 |  |   | 4,148,133 |  |
| Costs incurred under Administration Agreement                                  | 397,113 |  |   | 449,110 |  |   | 821,258 |  |   | 980,594 |  |
| Directors’ fees                                                          | 86,250 |  |   | 73,063 |  |   | 172,500 |  |   | 155,980 |  |
| Professional fees                                                              | 326,798 |  |   | 702,808 |  |   | 666,696 |  |   | 964,998 |  |
| Interest expense                                                               | 1,473,695 |  |   | 1,155,060 |  |   | 2,613,758 |  |   | 2,281,833 |  |
| Income tax expense                                                             | 26,229 |  |   | 45,690 |  |   | 148,499 |  |   | 46,490 |  |
| Other expenses                                                                 | 160,036 |  |   | 207,716 |  |   | 649,306 |  |   | 360,297 |  |
| Net Investment Loss                                                            | $ | (5,416,796 | ) |   | $ | (5,882,961 | ) |   | $ | (5,409,323 | ) |   | $ | (10,691,173 | ) |
| Net realized gain/(loss) on investments                                        | 3,363,333 |  |   | (671,492 | ) |   | 2,586,608 |  |   | (25,360,659 | ) |
| Realized loss on partial repurchase of 5.25% Convertible Senior Notes due 2018 | — |  |   | — |  |   | (397,846 | ) |   | — |  |
| Net change in unrealized appreciation/(depreciation) of investments            | 9,872,595 |  |   | 12,752,528 |  |   | 18,005,989 |  |   | 46,032,793 |  |
| Benefit from taxes on unrealized depreciation of investments                   | $ | 1,010,871 |  |   | $ | — |  |   | $ | 1,010,871 |  |   | $ | — |  |
| Net increase in net assets resulting from operations                           | $ | 8,830,003 |  |   | $ | 6,198,075 |  |   | $ | 15,796,299 |  |   | $ | 9,980,961 |  |

----

TABLE OF CONTENTS

|                                               |
|-----------------------------------------------|
|                                               |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company                             |   | Net Change in Unrealized Appreciation/(Depreciation) For the Three Months Ended June 30, 2018 |   | Portfolio Company |   | Net Change in Unrealized Appreciation/(Depreciation) For the Three Months Ended June 30, 2017 |
| Spotify Technology S.A.                       |   | $ | 8,529,446 |  |   | Spotify Technology S.A. |   | $ | 7,426,444 |  |
| DreamBox Learning, Inc.                       |   | 3,419,118 |  |   | JAMF Holdings, Inc. |   | 5,686,017 |  |
| StormWind, LLC                                |   | 1,810,773 |  |   | Chegg, Inc. |   | 4,553,750 |  |
| A Place for Rover Inc. (f/k/a DogVacay, Inc.) |   | 1,523,225 |  |   | Coursera, Inc. |   | 3,853,586 |  |
| Dropbox, Inc.                                 |   | 1,468,215 |  |   | Aspiration Partners, Inc. |   | 2,028,453 |  |
| Lyft, Inc.                                    |   | 1,266,018 |  |   | NestGSV, Inc. (d/b/a GSV Labs, Inc.) |   | 1,684,264 |  |
| Aspiration Partners, Inc.                     |   | (1,087,750 | ) |   | Lyft Inc. |   | 1,116,346 |  |
| NestGSV, Inc. (d.b.a. GSV Labs, Inc.)         |   | (1,132,333 | ) |   | Snap Inc. (f/k/aSnapchat, Inc.) |   | (1,239,580 | ) |
| General Assembly Space, Inc.(1)               |   | (3,587,965 | ) |   | Dataminr, Inc. |   | (1,619,630 | ) |
|                                          |   |   |   | General Assembly Space, Inc. |   | (2,093,705 | ) |
|                                          |   |   |   | Palantir Technologies, Inc. |   | (2,097,042 | ) |
|                                          |   |   |   | Dropbox, Inc. |   | (2,124,877 | ) |
|                                          |   |   |   | SPBRX, INC. (f/k/a Sustainability Partners, Inc.) |   | (2,647,657 | ) |
| Other(2)                                      |   | (2,336,152 | ) |   | Other(2) |   | (1,773,841 | ) |
| Total                                         |   | $ | 9,872,595 |  |   | Total |   | $ | 12,752,528 |  |

----

TABLE OF CONTENTS

|     |                                                                                                                                                                                                                                                                     |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | 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. |

|     |                                                                                                                                                                                                                                   |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | “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 June 30, 2018 or 2017. |

|                                               |
|-----------------------------------------------|
|                                               |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company                             |   | Net Change in Unrealized Appreciation/(Depreciation) For the Six Months Ended June 30, 2018 |   | Portfolio Company |   | Net Change in Unrealized Appreciation/(Depreciation) For the Six Months Ended June 30, 2017 |
| Spotify Technology S.A.                       |   | 8,867,899 |  |   | Beamreach Solar, Inc. (f/k/a Solexel, Inc.)(1) |   | $ | 14,272,843 |  |
| Dropbox, Inc.                                 |   | 7,654,762 |  |   | Spotify Technology S.A. |   | 8,101,508 |  |
| NestGSV, Inc. (d.b.a. GSV Labs, Inc.)         |   | 4,617,495 |  |   | JAMF Holdings, Inc. |   | 6,719,198 |  |
| Avenues Global Holdings, LLC(2)               |   | 4,243,435 |  |   | Chegg, Inc. |   | 5,807,509 |  |
| DreamBox Learning, Inc.                       |   | 3,407,604 |  |   | Orchestra One, Inc. (f/k/a Learnist, Inc.)(1) |   | 4,959,614 |  |
| Lyft, Inc.                                    |   | 3,379,480 |  |   | Coursera, Inc. |   | 3,853,586 |  |
| StormWind, LLC                                |   | 1,895,438 |  |   | NestGSV, Inc. (d/b/a GSV Labs, Inc.) |   | 3,509,788 |  |
| A Place for Rover Inc. (f/k/a DogVacay, Inc.) |   | 1,669,824 |  |   | Cricket Media (f/k/a ePals, Inc.)(1) |   | 2,448,959 |  |
| Course Hero, Inc.                             |   | 1,257,428 |  |   | Aspiration Partners, Inc. |   | 2,044,661 |  |
| Lytro, Inc.                                   |   | (1,140,570 | ) |   | AlwaysOn, Inc.(1) |   | 1,903,414 |  |
| Declara Inc.                                  |   | (1,715,261 | ) |   | Dropbox, Inc. |   | 1,746,957 |  |
| Chegg, Inc.(2)                                |   | (2,151,532 | ) |   | Curious.com Inc. |   | (1,051,625 | ) |
| General Assembly Space, Inc.(2)               |   | (4,840,905 | ) |   | Dataminr, Inc. |   | (1,571,376 | ) |
| Curious.com Inc.                              |   | (5,514,077 | ) |   | SPBRX, INC. (f/k/a Sustainability Partners, Inc.) |   | (2,780,534 | ) |
|                                          |   |   |   | Palantir Technologies, Inc. |   | (4,532,388 | ) |
| Other(3)                                      |   | (3,625,031 | ) |   | Other(3) |   | 600,679 |  |
| Total                                         |   | $ | 18,005,989 |  |   | Total |   | $ | 46,032,793 |  |

|     |                                                                                                                                                   |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------|
| (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 six months ended June 30, 2018 or 2017. |

----

TABLE OF CONTENTS

|                                                         |
|---------------------------------------------------------|
|                                                         |  |  |  |  |  |  |  |  |
| Cash Reserves and Liquid Securities                     |   | June 30, 2018 |   | December 31, 2017 |
| Cash                                                    |   | $ | 93,485,576 |  |   | $ | 59,838,600 |  |
| Borrowing availability under the Credit Facility(1)     |   | 12,000,000 |  |   | 12,000,000 |  |
| Securities of publicly traded portfolio companies:      |   | ​ |  |   | ​ |  |
| Unrestricted securities(2)                              |   | 39,596,966 |  |   | 8,160,000 |  |
| Subject to other sales restrictions(3)                  |   | 25,530,458 |  |   | — |  |
| Total securities of publicly traded portfolio companies |   | 65,127,424 |  |   | 8,160,000 |  |
| Total Cash Reserves and Liquid Securities               |   | $ | 170,613,000 |  |   | $ | 79,998,600 |  |

|     |                                                                                                                                                                                                                                                                                                                         |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Subject to leverage and borrowing base restrictions and other requirements under the Credit Facility as of June 30, 2018 and December 31, 2017. Refer to “Note 10—Debt Capital Activities” to our condensed consolidated financial statements as of June 30, 2018 for details. |

|     |                                                                                                                                                                                                                                                                                                                                                                    |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | “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 June 30, 2018, this balance represents our shares of common stock of Spotify Technology S.A. |

|     |                                                                                                                                                                                               |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | As of June 30, 2018, this balance represents our shares of common stock of Dropbox, Inc.  The Company's shares of common stock in Dropbox, Inc. are restricted until September 19, 2018. |

|                                     |
|-------------------------------------|
|                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| ​                             | Payments Due By Period (dollars in millions) |
| ​                             | Total |   | Less than1 year |   | 1–3 years |   | 3–5 years |   | More than5 years |
| Payable for securities purchased(1) | $ | 89.6 |  |   | $ | 89.6 |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |
| Credit Facility payable(2)(3)       | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Convertible Senior Notes(4)         | 90.0 |  |   | 50.0 |  |   | — |  |   | 40.0 |  |   | — |  |
| Total                               | $ | 179.6 |  |   | $ | 139.6 |  |   | $ | — |  |   | $ | 40.0 |  |   | $ | — |  |

|     |                                                                                                                                                                                                                                                                                                                         |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | “Payable for securities purchased” relates to the purchase of the U.S. Treasury bill on margin. This balance was subsequently repaid on July 5, 2018, when the $100.0 million United States Treasury bill matured and the $10.5 million margin deposit that we posted as collateral was returned. |

|     |                                                                                                                  |
|-----|------------------------------------------------------------------------------------------------------------------|
| (2) | The total unused amount available under the Credit Facility as of June 30, 2018 was $12.0 million. |

----

TABLE OF CONTENTS

|     |                                                                                                                         |
|-----|-------------------------------------------------------------------------------------------------------------------------|
| (3) | The weighted-average interest rate incurred under the Credit Facility was 0.00% for the six months ended June 30, 2018. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | The balance shown for the "Convertible Senior Notes" reflects the principal balance payable to investors for both the 5.25% Convertible Senior Notes due 2018 and 4.75% Convertible Senior Notes due 2023 as of June 30, 2018. Refer to “Note 10—Debt Capital Activities” to our condensed consolidated financial statements as of June 30, 2018 for more information. |

----

TABLE OF CONTENTS

|                     |
|---------------------|
|                     |  |  |  |  |  |  |  |  |
| 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. |

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

|                       |
|-----------------------|
|                       |  |  |  |  |  |  |  |  |  |  |  |  |
| Basis Point Change(1) |   | InterestIncome |   | InterestExpense |   | NetIncome/(Loss) |
| Up 300 Basis points   |   | $ | — |  |   | $ | 180,000 |  |   | $ | 180,000 |  |
| Up 200 Basis points   |   | $ | — |  |   | $ | 120,000 |  |   | $ | 120,000 |  |
| Up 100 Basis points   |   | $ | — |  |   | $ | 60,000 |  |   | $ | 60,000 |  |
| Down 100 Basis points |   | $ | — |  |   | $ | (60,000 | ) |   | $ | (60,000 | ) |
| Down 200 Basis points |   | $ | — |  |   | $ | (120,000 | ) |   | $ | (120,000 | ) |
| Down 300 Basis points |   | $ | — |  |   | $ | (180,000 | ) |   | $ | (180,000 | ) |

|     |                                                                                                                                                                                                                                                                                                                          |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Assumes we have borrowed $12.0 million under the Credit Facility for the six months ended June 30, 2018. Our actual borrowings under the Credit Facility will vary based on our needs throughout the year. For the six months ended June 30, 2018, our actual average borrowings under the Credit Facility were $0. |

----

TABLE OF CONTENTS

|         |                         |
|---------|-------------------------|
| Item 4. | Controls and Procedures |

----

TABLE OF CONTENTS

|         |                          |
|---------|--------------------------|
| Item 1. | Legal Proceedings​ |

|          |              |
|----------|--------------|
| Item 1A. | Risk Factors |

----

TABLE OF CONTENTS

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Period                               |   | TotalNumber ofSharesPurchased(2) |   | AveragePrice PaidPer Share |   | Total Numberof SharesPurchased asPart of PubliclyAnnouncedPlans or Programs |   | ApproximateDollar Value ofShares that MayYet Be PurchasedUnder the ShareRepurchaseProgram(4) |
| January 1 through January 31, 2018   |   | — |  |   |   |   | — |  |   | $ | 5,066,123 |  |
| February 1 through February 28, 2018 |   | 179,807 |  |   | $ | 6.90 |  |   | 179,807 |  |   | 3,825,455 |  |
| March 1 through March 31, 2018       |   | — |  |   |   |   | — |  |   | 3,825,455 |  |
| April 1 through April 30, 2018       |   | — |  |   |   |   | — |  |   | 3,825,455 |  |
| May 1 through May 31, 2018           |   | 105,047 |  |   | 6.94 |  |   | 90,047 |  |   | 8,200,529 |  |
| June 1 through June 30, 2018(3)      |   | 227,006 |  |   | 6.84 |  |   | 225,578 |  |   | 6,655,571 |  |
| Total                                |   | 511,860 |  |   |   |   | 495,432 |  |   |   |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | On August 8, 2017, we announced the $5.0 million discretionary open-market Share Repurchase Program under which our board of directors authorized the repurchase of 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. 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 repurchased 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. On May 3, 2018, the Company’s board of directors authorized an additional $5.0 million increase in the amount of shares of our common stock that may be repurchased under the discretionary Share Repurchase Program until the earlier of (i) November 6, 2018 or (ii) the repurchase of $15.0 million in aggregate amount of our common stock.  The timing and number of shares to be repurchased will depend on a number of factors, including market conditions and alternative investment opportunities. The Share Repurchase Program may be suspended, terminated or modified at any time for any reason and does not obligate us to acquire any specific number of shares of our common stock. During the three months ended June 30, 2018, we repurchased 315,625 shares of our common stock for approximately $2.2 million under the Share Repurchase Program. |

|     |                                                                                                                                                                                              |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Includes purchases of our common stock made on the open market by or on behalf of any “affiliated purchaser,” as defined in Exchange Act Rule 10b-18(a)(3), of the Company. |

|     |                                                                                                                                                                                                                   |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | Subsequent to period-end, through August 8, 2018, we repurchased 230,623 additional shares of our common stock pursuant to the Share Repurchase Program for an aggregate purchase price of $1.6 million. |

|     |                                                                                                                                                         |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | As of August 8, 2018, the dollar value of shares that may yet be purchased by us under the Share Repurchase Program is approximately $5.0 million. |

----

TABLE OF CONTENTS

|         |                                 |
|---------|---------------------------------|
| Item 3. | Defaults Upon Senior Securities |

|         |                         |
|---------|-------------------------|
| Item 4. | Mine Safety Disclosures |

|         |                   |
|---------|-------------------|
| Item 5. | Other Information |

|         |          |
|---------|----------|
| Item 6. | Exhibits |

|      |
|------|
|      |  |
| 3.1  | Articles of Amendment and Restatement(1) |
| 3.2  | Articles of Amendment(2) |
| 3.3  | Bylaws(1) |
| 11.1 | Statement re Computation of Per Share Earnings (Included in the notes to the consolidated financial statements contained in this report)* |
| 31.1 | Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended* |
| 31.2 | Certification of Principal Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended* |
| 32.1 | Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002* |
| 32.2 | Certification of Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002* |

|     |                                                                                                                                                                                                                          |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (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. |

|   |                 |
|---|-----------------|
| * | Filed herewith. |

----

TABLE OF CONTENTS

|        |
|--------|
|        |  |  |
|   |   | GSV CAPITAL CORP. |

|                                                                                                           |
|-----------------------------------------------------------------------------------------------------------|
|                                                                                                           |  |  |
| Date: August 9, 2018                                                                                 | By: | /s/ Mark D. Klein​ |
| Mark D. KleinPresident and Chief Executive Officer(Principal Executive Officer)                           |
|                                                                                                      |   |   |
| Date: August 9, 2018                                                                                 | By: | /s/ Allison Green​ |
| Allison GreenSVP Finance, Controller, Treasurer and Secretary(Principal Financial and Accounting Officer) |