Good day, ladies and gentlemen and thank you for standing by. Welcome to the GSV Capital's Second 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 opened for questions. This call is being recorded today Thursday, August 4th, 2016. I will now turn the conference over to Nicholas Franco, Vice President of GSV Capital. Please go ahead.

Thank you. And 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 Investors, Events & 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 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 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 are pleased to share the results of GSV Capital's second quarter 2016. We're also delighted to announce the Board of Directors has declared a dividend in the amount of $0.04 per share payable on August 24, 2016 to our stockholders of record as the close of business in August 16th, 2016. To learn more, you can refer to our press release filed as an exhibit to our Form 8-K. First, I'm going to review the macro dynamics or creating opportunities for GSV Capital, then I'll review our portfolio as of June 30th, 2016 and update you our notable investments. I will then turn the call over to our Chief Financial Officer Bill Tanona, who will provide a brief financial overview and lastly open up the call for questions. Let us start with Slide 3 and 4. Okay. Despite the news, noise and predictions of apocalypse, we're starting to see some bullish signs from the growth economy. Since 2016, since its 2016 trough on February 11th, the NASDAQ composites up over 20%. Following Brexit lows in late June, NASDAQ has risen nearly 12% and for the year NASDAQ is up approximately 3%. At the same time, the IPO market is opening up with clue as June 23rd IPO acting as a starting gun. Effectively telling private technology companies coming in the water is fine. Totals trade up approximately 150% since it's price at $15 per share, while have been a paltry 52 US IPO's to-date, there have been 12 since twelves, included notable listings from technology companies like Line, Callan, which both placed above the range in top 27% 42% respectively. And so, that you've seen the drum beat over the last three or four weeks with nice momentum which is quite encouraging. Even though, we're entering…

Thank you, Michael. Today, I will briefly provide a financial overview followed by an update on our current liquidity position. If you please, now turn to Slide 12 for the financials as of June 30th, 2016. We ended the quarter with an NAV per share of $10.22. As you can see in the Slide 12, a quarter-over-quarter breakdown on the change in NAV is shown that is consistent with our financial reporting. In sum, the $0.74 per share decline in NAV was driven by net investment loss of $0.06 per share, net realized gains of $0.05 per share and net changes and unrealized depreciation of $0.72 per share. Notable highlights from GSV’s portfolio activity include the monetization of a portion of our position in left at an average net price of $23.67 per share, recognizing approximately $1.1 million of net realized gains, resulting in a 48.2% IRR. Subsequent to quarter end, we fully exited our position in Twitter at an average price of $18.21 per share, recognizing approximately $300,000 of net realized gains. We also made another partial monetization of our position in left, at $24 per share, recognizing approximately $1.4 million of net realized gains $1.4 million of net realized gains resulting in IRR of 43.9%. Our liquid assets at the end of the quarter were approximately $36.4 million consisting of approximately $2.5 million of cash, $14.5 million of unused borrowings under our credit facility and $19.5 million of public securities not yet subject to lock-up agreements, none of which were subject to any periodic sales restrictions. Now turn to Slide 13 for an update on our dividend distribution plans. As Michael indicated, on August 3rd, 2016, our Board of Directors declared a cash dividend on the outstanding shares of our common stock in the amount of $0.04 per share payable on August 24, 2016 to our stockholders of record as of the close of the business on August 16, 2016. That concludes my comments. I would like to thank you for your interest and support in GSV capital. Now I will turn the call over to the operator and we will start the Q&A session.

Thank you. [Operator Instructions] This time we will take a question from Jeff Houston with Northland Securities.

Hey Michael and Bill, thanks for taking my questions. It's great to see the dividend announce for the quarter. Can you provide some detail on why you decided to have a dividend this quarter and should we expect dividends on a quarterly basis or what is the kind of framework as you think about dividends going forward? Thank you.

Bill, you answer that question.

Yes, thanks Michael. So, Jeff I would say I wouldn't anticipate on us paying a quarterly dividend going forward. The dividend that the board announced was residual payment of distribution as a result of some of the realized gains that we had in 2015. And so, that residual we had to actually declare by September 15th of this year and so the board opted to declare that dividend on August 3rd and make that payable here on August 24th, so.

[Operator Instructions]

It sounds like there is no more questions. Operator, is that correct?

We do have some more questions that just queued up. We will now move to Myron Goldstein with equities.com.

Okay.

Yes hi, thank you for taking my question. When you said the fair values are, what are using as a basis for the survey as the last evaluation of the last offerings those companies have made or just give me some sense of where those are coming from?

Sure. It's a really important question because I think one of the things that has not well understood about GSV Capital is the process that we go through to value every security that in the quarter to that determines our net asset value or NAV. So, the process that we go through is every single security in the portfolio we adjust we capital go through every position and are using a process that looks at things like what's our financing that was done during the quarter when the terms are known. Was there a secondary transaction that was consummated during the quarter? As a company, revenues and business on track or not, if it's not that could mean it has an adjustment to NAV. The number of things that we have created in terms of the process to go through each security. That process is reviewed by Deloitte & Touche our auditor and so we do everything consistent with that. But in addition to that because it's obviously such a critical issue, our board our independent board hires, hired an evaluation firm called Andersen Tax, which is the largest evaluation firm in the world. They go through each position on a quarterly basis as well and they use similar techniques looking at financings, looking at the water fall analysis, looking at different things that give a reference point to what the fair value is for the quarter and where there is discrepancies between what we come up with the GSV Capital and what Andersen Tax comes up with. The independent board reviews that and makes the determination ultimately which they think is the correct the most appropriate value. And so and that's the process. So, we think it's a very rigorous process. It's private securities, so it's the information that's there sometimes is not as much as there would be obviously if it goes public but I think the process we go through is as I said it's an exhaustive process, it's a rigorous process and we think I believe that it's something that people would evaluate. They would be very pleased and comfortable with the way that we do things.

Thank you.

[Operator Instructions] It appears that's all the time we have for questions. I will turn it back over to Michael Moe for any additional or closing remarks.

Yes. So, thank you very much again for having tuned into our call. We are very bullish on what we are doing at GSV capital, very bullish on the portfolio and the fundamentals of the portfolio. And we are working very hard to add to have that be recognized by the public marketplace and so again we appreciate your interest and we look forward to follow-up questions you might have after the call. And we look forward to having a very good quarter to talk about in three months. So, thank you very much and have a great rest of the day.

Once again, this does concludes today's conference call. Thank you all for your participation.