Good day ladies and gentlemen and thank you for standing by. Welcome to GSV Capital's Third Quarter 2016 Earnings Conference Call. During today's presentation all parties will be in a listen-only mode. Following the presentation the conference will be open for questions. This call is being recorded today, Monday, November 7, 2016. I would now like to turn the conference over to Nicholas Franco of GSV Capital, please go ahead sir.

Thank you for joining us on today's call. I'm joined today by GSV Chairman and CEO, 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 investor relations, 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 future our 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 our 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. We're pleased to share the results of GSV Capital's third-quarter ended September 30, 2016. First, I will review the macro dynamics that are creating opportunities for GSV Capital and then I will review our portfolio at September 30, 2016 and update you on notable investments. I will then turn the call over to Chief Financial Officer, Bill Tanona, who will provided a brief financial overview and lastly, open up the call for questions. Let's start with Slides 3 through 5. On Tuesday, Americans finally go to the polls to elect the 45th President of the United States. Leadership always matters, but we are in particularly rough waters and the decisions by the captain of the ship can have Titanic type implications. On one side of the coin unemployment is less than 5% and 15.5 million jobs have been created since February 2010. On the other side of the coin job growth has not kept up with even population growth. 17.5 million people added new during the same time period and there are 14 million people who have dropped out of the workforce. So really unemployment is closer to 10%. Today GDP per capita in the United States, the best measure for standard of living is $56,000 per person in the United States, that's the good news. The bad news is the median family income has been flat for 40 years and countries like Singapore and Ireland have soared past the United States in GDP per capita in the past 10 years. GDP growth hasn't even been above 3% in about eight years and corporate profit growth is negative for the past 12 months. The stock market reflects the confidence investors have in the future and, not surprisingly, stocks are behaving like many of us feel, nervous. Year…

Thank you Michael. Today I will briefly provide a financial overview followed by an update on our current liquidity position. Now turn to slide 12 in the slide deck for financials as of September 30, 2016. We ended the quarter with an NAV per share of $10.08, a quarter over quarter breakdown of the changes in NAV s shown on slide 12 that is consistent with our financial reporting. In sum the $0.14 per share decline in NAV was driven by a $0.19 per share of net investment losses, $0.06 per share in unrealized depreciation and $0.04 of dividends per share. These items were partially offset by $0.12 per share of net realized gains and a $0.02 per share benefit from taxes on unrealized appreciation of investments primarily coming from some of our blocker entities. As previously announced on August 3, GSV Capital's Board of Directors declared a per share cash dividend of $0.04 which was paid on August 24 to the Company's stockholders, of record, as of the close of business on August 16, 2016. During the third quarter of 2016 we had approximately $18.7 million of net proceeds and $2.7 million in net realized gains. Notable highlights from GSV's portfolio activity included the monetization of a portion of our position in Lyft at the average net price of $24 per share, recognizing approximately $2.4 million of net realized gains resulting in a 43% IRR. In addition we completed the exit of our position in Twitter with the sale of 800,600 shares of common stock at an average price of $18.21 per share recognizing approximately $300,000 of net realized gains in the quarter. Subsequent to third quarter end, through November 7 we sold 25,159 shares of upward global at an average net price of $4.31 per share resulting in a total liquidation of our upward position which resulted in approximately $78,000 of net realized losses in the fourth quarter. Our liquid assets ended the quarter at approximately $37.8 million, consisting of approximately $11.4 million of cash, $18 million of unused borrowings under our credit facility, and a $8.4 million of public securities not subject to lockup agreements, none of which were subject to periodic sales restrictions. We appreciate our stockholders support in GSV capital and will continue to strive to add value to our shareholders. That now concludes my comments and we would like to thank you for our interest. We will turn the call back over to the operator who will start the Q&A session.

[Operator Instructions] And we do have a question from Merrill Ross with Wunderlich.

This question is really broader and about the industry and venture capital industry as a whole. One company reported concerns that some sponsors were bailing out, if you will, or wavering is more accurate, in their support of some of their early stage companies. Are you seeing signs of this? I don't think it's systemic, I did find it to be of concern.

If you wouldn't mind giving me a little more flavor for the context in terms of what the question is, go ahead.

[indiscernible] indicated that some sponsors were abandoning some of their portfolio companies because rather putting in another $2 million they are just letting it go. [Multiple Speakers] long time to get to an exit.

I think when you look at the operating procedure of venture capital firms it is really a hit driven business and one of the disciplines that you see is that if a company is not on track to recognize its potential, often you see less of a, if you will, in future rounds. Again I think the typical MO for most venture capital firms is to continue to support and feed their winners and the businesses that are on track or when they have invested, they had one thesis and as things played, things didn't develop the way they had expected then you see less support. That's not to say that they wouldn't put in a pro rata or some support, but typically you see them bulk up their investments in the companies that are really looking like they could basically create the greatest returns.

[Operator Instructions] We'll take our next question from Alan Head with Wedbush.

Michael could you give us some color on Upwork Global, what you saw in it going in and what made the decision to get out?

In terms of the investment, there is a megatrend going on in the future of work which is basically more and more free-agent workers. And in particular, Upwork focuses on creating a marketplace for technology workers and corporations that -- a need to augment their employees with other technical talent. So the trend and the theme that we are investing in, we think is very significant. In the case of Upwork, one, we had a pretty modest position. After we made investment, there was basically a merger between the two leading players in the market with the team that we had been confident and then no longer remained. And we have an overall strategy at GSV Capital which we have really been focused on over the last 12 month which is concentrating our capital and focus on fewer positions where we think we both have a greater level of confidence and we think can create better returns. While we have this barbell of 46 positions you can expect the number of positions that we have to go down overtime where you're going to see a more concentrated position, say the top 20, 30 companies as opposed to 46. So, with Upwork, again, we had a modest position, some things changed there. Again, I think the long term Outlook could be good but as we focus on adding more to the companies that we're really concentrated on, it makes sense with our overall strategy. So, if you look at the listing of portfolio holdings, one of the things that you can expect over the next 12 months is a continuation of us effectively looking to liquidate these positions so we have a more concentrated portfolio. We think that is going to create better returns for our shareholders.

[Operator Instructions] At this time I'd like to call the turn the call back over to our speakers for any additional or closing remarks.

I appreciate people tuning in this afternoon. We do believe, we are very optimistic about the Outlook for our portfolio and we think the corresponding impact for GSV Capital stock. And so we appreciate your interest support and we're going to be working very hard to deliver the kind of returns people expect. With that, go vote. Thank you.

Thank you that does conclude today's conference thank you for your participation, you may now disconnect.