Good day, ladies and gentlemen, and thank you for standing by. Welcome to GSV Capital's First Quarter 2017 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. This call is being recorded today, Tuesday, May 9, 2017. I would now like to turn the conference over to Mr. Nicholas Franco, Vice President 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 and 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, 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 are pleased to share the results of GSV Capital's first quarter 2017. First I'll review the recent quarter and share an update on our top positions as well as notable developments in the portfolio. Then I'll comment briefly on the market fundamentals that defines GSV Capital's opportunity moving forward. I'll then turn the call over to Chief Financial Officer, Bill Tanona who'll provide a brief financial overview. At the end, we'll open up the call for questions. Let's start with Slides 3 through 5. Net assets totaled approximately $196 million or $8.83 per share as of March 31, 2017 as compared to approximately $192 million or $8.66 per share as of December 31, 2016. One of our key highlight themes, education technology is a large commitment representing 36.6% of the total portfolio at fair value excluding Treasuries and in fact, making the call today from Salt Lake City, where we're holding our Eighth Annual ASU GSV Education Technology Summit where all our portfolio companies are at and presenting and just 30 minutes ago, Secretary of Education, Betsy DeVos gave a keynote speech. Addition to the education technology, cloud computing and Big Data is 34.2% of the portfolio, social and mobile 17.6%, marketplaces represents 10.1% and sustainability is 1.5%. As of March 31, 2017 GSV's top 10 positions account for approximately 60% of our total portfolio fair value. Our three largest investments Palantir, Spotify and Dropbox represent approximately 28% of the total portfolio of fair value excluding treasuries. While there may be fluctuations from quarter-to-quarter, we expect that GSV Capital's portfolio continues to consolidate we're on top positions and leading [ph] names move forward and we're also very pleased at the overall performance and fundamentals of the companies within our portfolio. I'm going to start with some…

Thanks Michael. Today I'll have a very brief comments providing a financial overview of our results followed by an update on our current liquidity position. Please turn to Slide 7, we ended the quarter with an NAV per share $8.83, a breakdown in the change of NAV during the quarter shown on Slide 7 that is consistent with our financial reporting. In sum, the $0.17 per share increased in NAV during the first quarter was driven by $1.50 per share of net changes in unrealized appreciations of investments followed by partially offset by $1.11 of net realized losses and $0.22 per share of net investment losses. Our liquid assets ended the quarter at approximately $17.2 million consisting of approximately $1.4 million of cash, $10 million of public securities not subject to lockup agreement and $5.9 million of public securities subject to a lockup agreement. Our shares in Snap Incorporated become freely tradable on July, 31, 2017. That's it for my comments. We appreciate our stockholders support at GSV Capital and we will continue to strive to add value for our stockholders. That concludes my comments and we'd like to thank you for your interest. Now I will turn it over to the operator to start the Q&A session.

[Operator Instructions] From Wells Fargo, we'll hear from Cynthia Boyle.

Hi, thanks for taking my call. Specifically at one point your board had approved stock buyback. There's actually two questions, this is part of the same question. I noticed you have filing that would allow you to potentially issue additional shares below NAV with the express approval of the majority of shareholders. Can you address this issue please?

Two different, but thanks from Cynthia. So as it relates to the stock buyback. We're looking at ways to enhance shareholder value clearly with the stock showing at a persistent significant discount to NAV. We're finding, one of things where we have more liquidity than we currently have would love to be doing that, it's obviously immediately accretive and a smart thing for us to do. But we have to get some liquidity before that tend [ph] to be achieved realistically. On the filing, I think again we're trying to create maximum flexibility for things that allow us to take advantage of opportunities for GSV shareholders. Issuing stock at NAV is technically something that we, it's something we can't do it without approval and so and just I don't think that's something that we anticipate doing, certainly not something that we're contemplating today. But just in terms of just things that we want to have maximum flexibility and multiple options as we continue to evolve the business. What I will say just from that standpoint, we're very, very encouraged first of all by those, by the companies that are in our portfolio today, if you look at our top positions they're doing extremely well and we're also encouraged as mentioned by the fact that, a number of them look like they can go public in the environment that we're in and where they're with their own business. So we think that can be helpful from a liquidity standpoint. We also think that's going to be helpful from a stock standpoint, but the filing is something that is there to again provide optionality for us, but there is no intent today to ask shareholders for - to get the majority to [indiscernible] we're just good housekeeping.

[Operator Instructions] ladies and gentlemen that does conclude today's presentation. We do appreciate everyone for your participation.