Good day, ladies and gentlemen, and thank you for standing by. Welcome to GSV Capital’s First Quarter 2019 Earnings Conference Call. 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, Wednesday, May 8, 2019. I will now turn the conference over to Mr. Ben Fife. Please go ahead, sir.

Thank you for joining us on today’s call. I’m joined today by Chief Executive Officer of GSV Capital, Mark Klein; and Chief Financial Officer, 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. 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, Ben. We are pleased to share the results of GSV Capital's first quarter 2019. 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 portfolio. To conclude, I will hand the call over to Allison Green for a brief financial overview and then we will open up the call for questions. Let's start with slide 3. At the end of the first quarter, net asset value was $10.75 per share, up from $9.89 per share in the fourth quarter. Net asset value totaled approximately $213 million compared to $195 million in the fourth quarter. As our portfolio companies gained scale, they're increasingly attracting the attention of private investors. We expect this trend to continue and to contribute to the growth of our net asset value. Please turn to slide 4. As announced during our call, on March 14. We 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 interests of our shareholders to eliminate the expense of the asset manager. We are excited about this initiative and believe this will continue to create tangible near-term and long term value for shareholders, primarily an internal manage structure eliminates monthly management fees as reflected in our income statement and incentive fees previously accrued as a liability on our balance sheet. Based on the past performance of internally managed BDCs. The shareholder friendly nature of this structure has been rewarded in the public markets and we believe this change will help drive NAV and close the gap between share price and NAV. Additionally, this shift – shift…

Thank you, Mark. I would like to follow Mark's update with a more detailed review of our financial results as of March 31 and update on our transition to an internally managed BDC, our expense reduction initiative, our share repurchase program and our current liquidity position. We are pleased to report that we ended the first quarter with NAV per share of $10.75, a breakdown of the increase in NAV during the quarter as shown on slide 10 and is consistent with our financial reporting. In sum, the $0.86 per share increase in NAV during the first quarter was driven by approximately $1.05 per share of net unrealized depreciation on our portfolio investments. This increase was offset most notably by a $0.21 per share net realized loss on the sale or exit of investments, driven by our previously announced loss on Declara and offset by gains realized on sales of over a third of our Spotify acquisition as of March 31. From an operations perspective the internalization did result in an increase in one-time expenses. However those expenses were offset by the one-time reversal of the incentive fee accrual and resulted in a net increase to NAV of approximately $0.03 per share. As mentioned the most significant and impactful change during the first quarter and to date from a shareholder value perspective is the internalization of the management of GSV Capital. As an internally managed BDC we will have a significantly reduced cost structure. As a result of the termination of the investment advisory agreement on March 12, we will no longer pay monthly management fees as management is now employed directly by the BBC. Additionally, as of March 12, the $4.7 million accrual for potential incentive fees will no longer be a liability on GSV Capital's balance sheet. The…

Thank you. [Operator Instructions] And our first question comes from Cynthia Boyle with Wells Fargo Financial Network.

Hi. Congratulations on a great quarter and a very cogent presentation. The question, I have is what would you – have you anticipated or would you consider increasing your buyback to close the gap between the net asset value and the current market price which seems to be pretty big disconnect?

Thanks, Cindy. And thanks for listening to the call today and your kind words. As Allison stayed before, because of corporate blackout periods et cetera. We didn't have the opportunity either as the company or as insiders to be in the market for the last few months. We do have about $4.8 million in our buyback before we need to expand it. But we recognize that the stock is trading at a significant discount currently. Thanks.

Thank you. [Operator Instructions] Our next question comes from Jason Ringer with JSR Capital Partners.

Hi, there. Great quarter. I just had a quick question for you in terms of the way you think. I know you're concentrating more on fewer amount of – to top out the investments. You NAV seems to have gotten more volatile obviously. I mean, the only example, I can give you is last quarter to this quarter was down a bunch because the market correction last quarter and now you've bounced back. But like given you know since your 10% positions in some of these companies like lift where it's currently 25% below your mark. How do we think about that as investors going forward?

Well, a couple of things. Obviously, both Q4 and in Q1 were extremely volatile in the equities market, right, unusually so. I mean Q4 was probably I think one of the worst quarters since the financial crisis and obviously there was a significant rebound in Q1. So the sort of macro picture we can't really do an awful lot about those were unusual. We were fortunate not only to have companies in Q1 had the benefits versus some of the public names to have an increase in value. But we had things like the Coursera Financing et cetera that occurred that were also contributed to NAV. So I don't know that these two particular quarters were not just simply outliers, because of the volatility of the markets in general not specific to our specific portfolio companies. Hopefully that – that's responsive to your question.

Thank you. That concludes today's question-and-answer session. I would now like to turn the conference back to Mr. Mark Klein for closing remarks.

Well, all of us GSV Capital would like to thank all of you for taking the time to listen to our earnings call, and to be shareholders it's greatly appreciate appreciated. Thank you.

Thank you. This concludes today's conference. We thank you for your participation. You may now disconnect.