Good day, ladies and gentlemen, and thank you for standing by. Welcome to GSV Capital’s Fourth Quarter and Annual 2018 Earnings Call Conference. During today’s presentation, all parties will be in listen-only mode. Following the presentation, the conference will be opened for questions. This call is being recorded today, Thursday, March 14, 2019. I will now turn the conference over to Jackson Stone with GSV Capital. Please go ahead.

Thank you for joining us on today’s call. I’m joined today by the President and Chief Executive Officer of GSV Capital, Mark Klein; and Senior Vice President and Controller, Allison Green. Please note that a slide presentation that corresponds to today’s 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, www.gsvcap.com. A replay information is included in our press release issued earlier today. This call is a property of GSV Capital Corp, 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 our website at gsvcap.com or the SEC’s website at sec.gov. Now I would like to turn the call over to Mark Klein.

Thank you, Jackson. We are pleased to share the results of GSV Capital’s fourth quarter 2018. First, I will review the recent quarter including key initiatives we are executing to enhance shareholder value. Then I will provide an update on key developments in the portfolio. To conclude, I’ll hand the call over to Allison Green for a brief financial overview and then we will open the call for questions. Let’s start with Slide 3. At the end of the fourth quarter, which was the worst quarter for the NASDAQ since the financial crisis in 2008, net asset value was $9.89 per share down from $10.58 per share in the third quarter and up from $9.64 per share in the fourth quarter last year. Net asset value totaled approximately $195 million compared to $213 million in the third quarter. The companies in our portfolio continue to demonstrate strong growth and we anticipate that the growth will be rewarded by public and private investors in the coming months. Accordingly, we are excited by both the near-term and the long-term drivers of our NAV. As announced today, our board of directors has agreed with GSV Asset Management to transition GSV Capital to an internally managed fund structure. At this stage in our development, given our unique portfolio of equity investments and established position in the market, we determined that it was in the best interest of our shareholders to eliminate the expense of the asset manager. This significant change to internally manage GSV Capital is consistent with our commitment to increase shareholder value through shareholder initiatives. In the past two years, we have implemented our share repurchase program under which we’ve retired nearly 11% of our shares outstanding. Additionally, we reduced operating expenses, which declined 33% year-over-year in the fourth quarter, not including…

Thank you, Mark. I’d like to follow Mark’s update with a more detailed review of our financial results as well as an update on our share repurchase program, our expense reduction initiative and our current liquidity position. We are pleased to report that we ended the quarter with an NAV per share of $9.89. A breakdown of the decrease in NAV during the quarter is shown on Slide 9, which is consistent with our financial reporting. In sum, the $0.69 per share decrease in NAV during the fourth quarter was driven by approximately $1.13 per share of net unrealized depreciation of our portfolio investment. This decrease was offset most notably by a $0.27 per share increase from the reversal of a tax liability on unrealized appreciation of investments as the five-year built-in gain-measurement period for our IRS RIC status recently ended. Additionally, we noted other offsetting increases to our NAV per share during the quarter, including $0.08 per share of net accretion from our share repurchase program, $0.08 per share of net investment income and $0.01 per share of net realized gain on investments. Please refer to Slide 10 as I review the share repurchase program for the quarter. During the fourth quarter, the company repurchased 412,308 shares of GSV Capital common stock under the share repurchase program for approximately $2.8 million. Based on corporate trading restrictions, we did not repurchase any shares subsequent to year-end. As we’ve communicated during our third quarter earnings call, our board authorized an additional $5 million expansion of the current share repurchase program to an aggregate of $20 million, which leaves approximately $4.8 million for further repurchases under the program. Since inception of the share repurchase program in August 2017, to date, we have repurchased nearly 11% of the then-outstanding shares of GSV Capital…

Thank you. [Operator Instructions] We’ll take our first question from Alex Paris.

Hello, can you hear me?

Hi, Alex.

Hi. I’m stuck in Denver as a result of the bomb cyclone, so I did not get the press release prior to the call. I’ll look at it as a follow-up, but I did want to kind of dive a little bit further into this plan to internally manage the fund structure, and we can have a follow-up call as well. But I guess just a little additional color, how did we get to this point? Obviously, there’s going to be an operating cost reduction. Who will manage the fund internally on a go-forward basis? Just any additional color you can give me there.

Sure, Alex, and thank you. Hopefully, [indiscernible] when you’re out there. A couple of things. As you are well aware, over the last couple of years, we have continued to try and create shareholder initiatives that significantly reduce the cost structure of our entity and – as that goes to the direct benefit to our shareholders and whether be it share repurchases or fee reductions or fee forfeitures, et cetera. I know you’re well aware of that. Obviously, internalizing a manager has significant implications on an income basis as the expense base is to our investors, both from a management fee basis and obviously an incentive fee basis. Those are quite material, and they’re directly to the benefit of the shareholders. Over the last year, we have done a great deal internally to put ourselves in the position to do this. We have brought in a couple of investment professionals, several other financial professionals that were not here even a year ago. And we feel that we’re in a very good position to continue to manage the fund. We do have an ongoing arrangement with GSVAM and Mike Moe to continue for some period of time as we transition. But we’re quite comfortable with the team that we have in place, and we’ll continue to add quality members of our team to continue to drive investment performance to our shareholders.

Great. So when does this take effect? Is it retroactively effective to January 1 or does it happen later this year?

It’s effective as of a couple of days ago.

Okay. So there’d be some sort of incentive fee paid for the first 2.5 months of 2000 – no?

No, Alex. The entire – and we can talk further, but the entire incentive fee that was accrued at year-end is eliminated. So that’s a direct benefit to the shareholders.

Great. So we can talk more about that after the call. So the ongoing relationship with Michael Moe, obviously, a value-added relationship, will continue through a transition. How long do you foresee that transition – transitionary period?

We provided for 18 months.

Okay. And then, is a name change of GSV Capital sort of…

We’re going to remain – we will remain – the intent is to remain as GSV Capital.

Okay, because again, I think that name has a lot of value, which goes certainly with other VC investors and the VC debt company looking at who’s going to be their shareholders, so I’m glad to hear that.

Well, thank you. If you don’t mind, Alex, let me let some other folks ask some questions, and I’ll try you back after the call if you’re going to be stuck in the airport for a little bit.

Sure, thanks. That’ll be fine. Thank you very much and looking forward to better performance going forward, especially with the IPOs and – of Lyft and ultimately Palantir.

Thank you very much. Greatly appreciated, Alex.

We’ll take our next question from Jon Hickman with Ladenburg.

Hey, Jon.

Hey. So from an IR point of view, who’s the contact?

Allison Green.

Okay. As – my other question was asked and answered, though.

Okay, super. I’m around if you want to catch up later or tomorrow, just feel free to give mea call.

Okay, thank you.

All right. Thank you very much.

We’ll take our next question from Nick Brown with Zazove Associates.

Hi, thanks for taking my questions. Just have a couple of questions on the topic of the delayed 10-K. Did you issue any sort of 8-K? Or is that mentioned anywhere in the press release that you’re not going to be able to file that on time? And then second, if you’re just in the process of evaluating certain issues related to that. I mean how can you be confident that’s not going to affect your reported financials?

Sure and thank you for the question. We have – we’re mentioning it now, okay. It’s not in our press release. We will mention it on filing on Tuesday. We are comfortable – we really can’t speak in any detail at all about it, but we’re comfortable that the results will be as Allison discussed that there will be no change in our financials.

Okay, thank you.

Thank you very much.

At this time, there are no further questions. I’d like to turn the call back over to Mark Klein for any additional or closing remarks.

Thank you all very much. This is an exciting new chapter for GSV Capital. We appreciate all your support, and would welcome an opportunity to speak to any of you if you want to speak after the call or in the foreseeable future. Thank you all very much.

Thank you for your participation. You may now disconnect.