Good day, ladies and gentlemen, and thank you for standing by. Welcome to the GSV Capital's third-quarter 2015 earnings conference call. [Operator Instructions] This call is being recorded today, Thursday, November 5, 2015. I will now turn the conference over to Mr. Nick Franco, Vice President of Strategic Communications. Please go ahead, sir.

Thank you for joining us on today's call. I'm joined today by GSP Chairman, CEO, and Chief Investment Officer Michael Moe, and Chief Financial Officer, William 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 broadcast live on our website, GSVCap.com. Replay information is included in our press release issued earlier 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 today's earnings press release regarding forward-looking information. Statements made in today's conference call and webcast may constitute forward-looking statements which relate to future events or our 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 or the SEC's website at SEC.gov. Now I'd like to turn the call over to Michael Moe.

Thank you, Nick, and good afternoon. We're delighted to share the results of a strong quarter for GSV Capital, including achieving our highest per share NAV since inception for the third consecutive quarter in a row. We're also pleased to announce that our Board of Directors has declared a dividend in the amount of $2.76 per share, comprised of approximately 50% cash and 50% common stock and payable on December 31, 2015, to the Company's stockholders of record as of the close of business on November 16, 2015. To learn more, you can refer to our press release filed as an exhibit to our Form 8-K. First I'll review our portfolio as of September 30, 2015; then I'll highlight some recent developments and update you on several investments. I'll then turn it over to Chief Financial Officer, Bill Tanona, who will provide a brief financial overview, discuss our dividend distribution plans, and lastly open it up for questions. Let's start with slides 3 and 4. As of September 30, 2015, our net assets were approximately $312.5 million or $16.17 per share. This is an increase from the previous NAV per share high last quarter of $15.72, and $14.80 at December 31, 2014. A notable highlights from GSV's portfolio activity during the quarter was the sale of our total position in 2U at an average net price of $35.77 per share, recognizing approximately $37.2 million of net realized gains, which resulted in a 65.1% IRR. 2U is a leader in digital education and was GSV's second-largest position at the end of the second quarter. We also sold 375,000 shares of SugarCRM at an average net price of $5.00 per share, recognizing approximately $500,000 in realized gains, which resulted in a 17.8% IRR. We will continue to monetize our public and private…

Thank you, Michael. Today I will be providing you with a brief financial overview, an update on our current liquidity position, and an update on our dividend distribution plans. Now, would you please turn to slide 12 for the financials as of September 30, 2015? As Michael previously mentioned, our NAV per share increased by $0.45 or 2.9% quarter-over-quarter to a record high of $16.17 per share. As you can see in slide 12, a breakdown of the increase in NAV is shown that is consistent with our financial reporting. In sum, the increase was driven by $0.27 per share of combined net realized gains and unrealized losses; $0.50 per share of a net tax benefit; with these items partially offset by $0.32 per share of net operating expenses. As a result of our change in tax status to a RIC from a C Corporation, we reversed the accrued benefits and provisions for taxes from previous periods, which resulted in a provision for taxes on net investment loss, a benefit for taxes on net realized gains, and a provision for taxes on unrealized depreciation of investments for the quarter ended September 30, 2015, all of which is depicted on slide 12. Our liquid assets ended the quarter at approximately $105.2 million, consisting of: $56.8 million of cash; $18 million of unused borrowings under our credit facility; and $30.3 million of public securities not subject to lockup agreements, of which approximately $200,000 are subject to periodic sales restrictions. Of our cash balance, slightly over $26 million is earmarked for our recently announced cash distribution. Now turn to slide 13 for an update on our RIC status and dividend distribution plans. As previously announced we have elected to be treated as a RIC under subchapter M of the Internal Revenue Code for…

[Operator Instructions] We’ll go ahead and take our first question from Andy Ellner with JMP Securities.

Good afternoon and thank you for taking my questions. I wanted to start off by congratulating you guys on recently receiving RIC and for declaring your first dividend. As the largest holding in your portfolio, can you walk us through the thought process of monetizing portions of your investment in Palantir to provide further distributions to shareholders?

Sure. Palantir has been a great portfolio holding of ours for a long time, and we have taken the opportunity of both the increased value that Palantir shares have been given by investors and the fact that Palantir has some liquidity in the private market to monetize those positions periodically. We're very, very bullish on the outlook for Palantir as a company. We would expect that if the value of the shares appreciate we'll continue to look to monetize the position, just as good portfolio management. So, 15% of the portfolio today – just over 15% of the portfolio today is in Palantir. We'd look at that as a full position and, again, I think what we'd be looking to do if in fact the share price continues to rise, we'll look forward to monetizing those positions at attractive returns for our shareholders.

Thank you. And we will go ahead and take our next question. [Operator Instructions] And we will go ahead and take our next question from Jon Hickman with Ladenburg Thalmann. Please go ahead your line is open.

Hi, Michael, could you – are there other investors in GSVlabs besides you guys?

Yes. The only other material investor is Red Eagle Ventures, which is Dave Pottruck, who is the former CEO of Charles Schwab and Company. I think the – I don't know; I'll give you a little more background on GSVlabs. Unusual for our general strategy with GSV Capital, GSVlabs was a startup. The objective really is to get it to a place that we think it can bring in attractive partners to not only grow it in Silicon Valley but really to grow around the world. We've found there is a significant amount of interest in GSVlabs in different markets, and so we'd expect over the next 12 months with GSVlabs you will see a couple things. One, I think you'll see us bring in additional outside investors; and secondly, I think you'll see GSVlabs go beyond Silicon Valley.

Thank you. [Operator Instructions] And we will go ahead and take a follow-up question from Andy Ellner with JMP Securities. Please go ahead. Your line is open.

Thanks. I'd like to get your thoughts on the outlook for the education sector, as the for-profit sector continues to have issues. Where does the ed tech fit into your views for the allocation of new capital among your growth themes?

Sure. I think what you alluded to is, if you look at in the public markets, it's predominantly made up of post-secondary [indiscernible] college institutions like University of Phoenix, Apollo Group, or DeVry. Because of increased regulatory pressures and so forth that's been a challenged group over the last five, six years. That's not an area that we have an interest in. What we're really looking at in terms of opportunity is the education technology area. Really what gets us most excited is companies that are delivering significant what we call return on education, significant educational outcomes, but are able to get rapid scale. Which – education everybody appreciates is a large industry, second largest to healthcare. But historically it hasn't brought opportunities where you could see the kind of hypergrowth and scale that you see maybe in other industries. With 3 billion people on the Internet, 2 billion smartphones, you're now starting to see models where you're seeing what I call these weapons of mass instruction: companies that are able to go from idea to reaching millions and tens of millions of people very quickly. One of those companies we referenced on this call, Coursera, has 16 million students on its platform. It's not degree focused; it's certificate focused. It's basically people learning to get the knowledge or skills to give them the next opportunity. That company is growing very, very quickly; and again it doesn't have the issues with regulation that the for-profit degree-oriented companies have. So that's an example of that. So in terms of our outlook or our allocation to this space, we obviously just monetized our entire position in 2U with attractive returns. We do think there's going to be some huge important companies that are created there. We're also careful, as we see great opportunities in other sectors, to make sure that we are balanced in terms of the investments that we're making. So, education technology today is our second-largest sector behind Big Data and cloud computing. If we see opportunities that we think are attractive there, we could start a new position. But I think we're comfortable that we have great representation where we're at. And as we look at priorities today, as we speak, our top priorities in terms of new investments are probably not in that space.

Thank you. That does conclude our question-and-answer session for the day. I will now hand it back over to our speakers for any additional or closing remarks.

Yes, the only closing remarks I have is again we very much appreciate your interest in GSV Capital. We think we're making tremendous amount of progress here. We're very pleased with how the portfolio is doing overall in terms of fundamentals. We think that – we know that enterprise value drives – or growth drives enterprise value, and we think ultimately that will be reflected in our share price. So we're going to continue to focus very hard to create great investment returns, which we think will have a great positive impact on our stock. We'll continue to look forward to questions that you have and ways that we can provide better insight into what we're doing here. So we look forward to our next-quarter call to talk with you all, but we also hope we have an opportunity between now and then to have some interaction. Thank you again, and we'll keep it rolling. Thanks.