Good day, ladies and gentlemen, and thank you for standing by. Welcome to the GSV Capital Fourth Quarter 2014 Earnings Conference Call. During today's presentation, all parties will be in a listen-only mode. Following the presentation, the conference will be opened for questions. [Operator Instructions] This call is being recorded today, Thursday, March 12, 2015. I'll now turn the conference over to Nick Franco of GSV Capital. Please go ahead.

Thank you for joining us on today’s call. I’m joined today by GSV Chairman, CEO and Chief Investment Officer Michael Moe; and Chief Financial Officer Bill Tanona. Please note that a slide presentation that corresponds to today’s prepared remarks by management is available on our website at www.gsvcap.com under Investors, Events & Presentations. Today’s call is being recorded and broadcasted live on our website www.gsvcap.com. Replay information is included in our press release that was issued today. This call is the property of GSV Capital Corporation and the unauthorized reproduction of this call in any form is strictly prohibited. I’d also like to call your attention to customary disclosures in our press release today regarding our forward-looking information. Statements made in today’s conference call and webcast may constitute forward-looking statements, which relate to future events or future performance or financial condition. These statements are not guarantees of our future performance, or future financial condition or results and involve a number of risks, estimates and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including but not limited to those described from time to time in the company’s filings with the SEC. Management does not undertake to update such forward-looking statements unless required to do so by law. To obtain copies of GSV Capital’s latest SEC filings, please visit the website at gsvcap.com. Now with that, I would like to turn the call over to Michael Moe.

Thank you, Nick, and good afternoon everybody. We’re delighted to have the opportunity to share with you what we believe was a very good fourth quarter with strong momentum in our portfolio and some exciting new investments. First I'll review our portfolio as of December 31, 2014 and then I'll highlight some recent developments and update you on some of the investments that we made recently. I’ll then turn it over to Chief Financial Officer, Bill Tanona who will briefly provide a financial overview and then open it up for questions. So let’s start with slide three. As of December 31, 2014, our net assets were $285.9 million or $14.80 per share. This is 2.5% decrease from our NAV as of September 30, of $15.17 per share. Twitter, GSV's largest position currently 15.5% of the total portfolio value declined in stock price over the course of the fourth quarter, from $51.58 per share on September 30, 2014 to $35.87 per share on December 31, 2014. The net effect of this resulted in a decrease in net assets of $9.8 million, or approximately $0.51 per share during the quarter. Subsequent to quarter end, Twitter's stock has increased to $47.07 per share today. Now let's turn to Slide 4. We realized $6.1 million of net realized gains in Q4. This came from a small part of our position in Palantir and IRR of 34% and liquidating our entire position in TrueCar at our IRR of 33%. The trending of our Palantir position of 6.1 million shares in no way reflects the diminishing view of Palantir's prospects quite the contrary, but we think it was prudent to take some profits while we retail a large position of approximately $45.5 million, which is 12.3% of our total portfolio. We believe Palantir has tremendous potential…

Thanks Michael. Michael already covered our portfolio of investment in great detail. I'll have you turned to Slide 12 just to give you a brief overview in terms of our change in NAV year-over-year. Year-over-year our NAV declined by $0.11, that was driven by net investment losses, net of $0.66, net realized gains net of taxes of $0.73 and net unrealized depreciation net of taxes of $0.18. I am going to spend a little bit time talking about both our current liquidity and the status of our A51 e-application. I will brief on both. Our liquid assets ended the quarter at $93 million consisting of $3.5 million of cash and $89 million of public securities now subject to lock-up agreements. At the end of the quarter, our credit facility totaled $18 million, but as of yesterday our credit facilities stood at $16 million. I want to spend a couple of minutes to give everybody an update on our pending RIC status which I know is obviously important to all of our investors. In December, we resubmitted our A51E application to the SEC to be certified as a RIC or Registered Investment Company. To date we've not received any feedback from the SEC regarding the application. We continue to believe that such feedback will come in the coming weeks. It is our understanding that the commission is treating our application as a new application instead of as a resubmission because of the significant changes we made to it and therefore they have more time to review and provide comments and feedback which is why we think it's taking longer than we originally anticipated. As you're aware from last quarter back in September of last year we filed our 2013 tax return as a RIC. As any of you are aware, we're…

And we will take our first question from Jeff Houston with Barrington Research.

Hi Michael, Bill and Nick thanks for taking my questions.

Hi Jeff.

Hi guys. Michael, you mentioned that there is over 78 Unicorns private companies with over $1 billion market cap. Could you talk about some of the factors that are causing companies to stay private longer? And then a follow-up to that is also as we -- it’s great to see exits of Palantir and TrueCar. How should we think about the portfolio exiting post IPO in the public markets versus, while they’re still private and maybe we should look for maybe a equal mix of those going forward or are you talking more of that 33% to 34% rate of return?

Great number of definitions, as it relates to Unicorns, it really is the primary catalyst for us starting GSV Capital, because we had witnessed this dramatic change that has taken place in the capital markets over the past dozen years, which has resulted in VC backed private companies going from an average getting monetization of that within three to four years to 14 years last year. So the reasons why that has happened many people have experienced in a significant way, which is everything from Sarbanes-Oxley, which makes it much more expensive for a small company to be public. Decimalization of trading, which has resulted in making it more difficult to support small ill-liquid stocks because there is just not enough trading or commissions to right research to make a market. And so forth you had while asset under management from mutual funds has exploded. You actually had a reduction in the number of funds. In other words you had more money managed by fewer people and so to efficiently deploy that capital just typically has resulted in growing larger market cap. There’s 100 reasons why you’ve seen this phenomenon of private company staying private longer but the gene is not going back in the bottle. And so if investors, public investors want to participate in the dramatic growth and the value creation that’s going on, you either have to figure a way the investment private companies or investment company like GSV Capital. And that’s again we think this Unicorn phenomena is a confirmation of why we’re doing what we’re doing. There’s also something that I think is really important, which is this innovation economy is really accelerating and why it’s accelerating is you had digital tracks have delayed over the past 50 years including Netscape went public 21 years…

And we’ll take our next question from Blake Harper with Wunderlich Securities.

Yeah, thanks first one for Bill, is there any deadline that you have as far as being tax and C Corporation that you would have to pay that or can you just delay that indefinitely until you get clarification there on the RIC status?

Yeah, as far as paying taxes, we wouldn’t have had to pay any taxes as a result. So it’s not like we owe the IRS any money as a result of us filing as a RIC. Clearly we’d love to have a decision sooner rather than later for purposes across the Board in terms of capital deployment and such. So obviously we’re eager to get into some type of correspondence with the SEC to ultimately get this 851E application resolved in the foreseeable future, but just to be clear, we did not owe taxes in the tax year. However, but just to be clear too, we have accrued for taxes for our unrealized gains but we're continuing to accrue that's baked into the NAV. However, as far as paying actual cash taxes we do not owe any taxes to the IRS.

And we’ll take our next question from Ed Woo with Ascendiant Capital.

Yeah thanks for taking my question. Michael what are you seeing out there in Silicon Valley? Have you seen any major changes in themes or valuation on investment objective?

Yeah I think there’s a continuation of innovation and growth and I think it's really exciting. I think when you look at some of the new ways that I think are getting attention and I think are exciting include virtual reality. Virtual reality has been something people have been talking about for 20 years, but the technology is now finally here once you see commercialization and some really exciting opportunities from that. Robotics has been an area that has showed some real momentum and I think Google made something like six acquisitions of robotics companies last year. But I think you will start to see just really interesting technologies being developed around that and of course that goes into the driver of those cars and the drones and so forth. So I think it’s -- that whole area is relatively new and giving more and more attention. I think we’re just on the forefront of some areas that we’ve been involved with. Big Data and Data Science it is incredible to me to see the activity that’s going on and the businesses that are being created. Business Analytics and Data Analytics of course has been around for some time. But you're seeing Morse Law continue to impact the power and software and the ability for data scientists to create gigantic solutions and ROI for businesses and the security issues and everything else. I think data science, you're going to see some really important companies be developed from and so I think those would be a couple of observations.

And we’ll take our next question from Hannah Kim with JMP Securities.

Hi thanks for taking my questions. I’m calling in for in for Chris York I just wanted to touch on the recent financing that’s received and according to Wall Street Journal, I think the new investors are valuing at a much higher valuation right now. And I think it’s valued at more than $2.5 billion. Just wanted to have a better understanding of how will this impact your mark for the preferred equity investment in your portfolio for Q1? Will it be fully reflected or will there be some sort of discount that you will be using?

Hannah, just to be clear you’re talking about Lyft is that?

Yeah Lyft.

Yes so -- and we want to the both accurate in terms of how we answer that as well as not disclose something that we're not allowed to disclose. I think it's fair to say the reporting that's been done on the Wall Street Journal about the live valuation, the one thing that we know that I think it’s okay to confirm that it's up nicely from where we made our investment a year ago. It won't be -- but that investment will not be reflected as of December of 31. It's not in the current numbers that we reflected in the March 31 numbers. So Lyft is a company that has got great momentum and we think yes, I think you should expect that there will be a value increase in how we carry our Lyft investment on our books.

And we'll take our next question from Jon Hickman with Ladenburg.

Hi Mike, I want to go back to the Unicorn, can you talk about the market that's developing for people for those Unicorn companies that are not public, but there is obviously transactions going on, because you were able to sell your position in Palantir etcetera. So where is that coming from, like can you talk about who the buyers are?

Yeah I think it's something that we have fully expected frankly. I would expect, I would have expected to happen faster than it has just because there is certain obvious opportunity, if you're a growth investor and historically you're public growth investor. If you wanted to participate in that activity, you got to figure ways to do it privately. I think what a lot of public investors have found is a lot more difficult to do than just buying private. Shares, but I think also the reality is the opportunity is such that more and more are trying to find ways to get involved. Certainly as you have more larger companies with more stock available, it makes it that much more realistic for institutional investors to participate and so you're seeing a variety of hedge funds and mutual funds and family offices that are increasingly putting their toe in the waters whereas to say. And again for us we think that that's great because it just gives us more options for selling securities if we thought it was in our best interest and from a sourcing standpoint, frankly our sourcing is coming much more directly from existing employees, early shareholders and so forth and not so much in the marketplaces where the institutional investors are kind of starting to experiment if you will. But the market is evolving. I think it's again -- I think it's a positive thing, for us I think it's a positive thing for the private company ecosystem and it's a natural result of the fact that it's just not as attractive to be a public company today as it once was and so if there is other options you're going to seek private company just continues to stay private until it just becomes really inevitable.

At this time, there are no further questions over the phone lines. I would now like to turn the conference back to management for any additional or closing remarks.

Yeah, the only additional comment I'll provide is that we are very excited about what's going on at GSV Capital and what's going out at their portfolio companies. We're going to continue to work really hard for our shareholders to deliver value, which is going to be driven by the returns on investments we're making and so we'll look forward to having any follow-up questions and going to continue to be very, very active in terms of find ways to optimize our portfolio. So thank you very much for your interest and support and we look forward to following up with you in the future.