Good day, ladies and gentlemen, and thank you for standing by. Welcome to the GSV Capital Corp.'s Third Quarter 2017 Earnings Conference Call. [Operator Instructions]. This call is being recorded today, Wednesday, November 8, 2017. I will now turn the conference over to Nicholas Franco, Vice President at GSV Capital. Please go ahead.

Thank you for joining us on today's call. I'm joined today by GSV Capital Executive Chairman, 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 GSV-C-A-P.com, 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 would just 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 our financial condition. These statements are not guarantees of our future performance or future financial condition or results. It 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, and good afternoon. We're pleased to share results of GSV Capital's third quarter 2017. First, I will review the recent quarter, including the several key initiatives that we're undertaking to enhance shareholder value. And I'll also discuss notable developments in the portfolio, including GSV Capital's top positions. I'll then turn the call over to Chief Financial Officer, Bill Tanona, to go into greater detail on some of GSV's initiatives and to provide an in-depth financial update. Bill will also provide a summary of the transactions we completed in Q3 and subsequent to quarter end. At the end, we'll open up the call for questions. As we've known over the last 2 earnings calls, the GSV Capital team is laser focused on specific proactive steps to enhance shareholder value, as we continue to concentrate the portfolio around blue-chip venture-backed companies with a line-of-sight to an IPO liquidity event. As part of ongoing expense reduction efforts, GSV Asset Management has agreed to voluntarily waive its management fee by 25 basis points in 2018. This is consistent with the fee waiver offered in 2017. On a related front, management and Board of Directors will review GSV Capital's incentive fee formula with the objective to better align shareholder and management interest. We anticipate implementing revised incentive fee formula prior to announcing our financial results for the fiscal year ending December 31, 2017. As of today, GSV Capital has nearly completed the $5 million discretionary share repurchase program announced in conjunction with the company's second quarter earnings report. GSV Capital's Board of Directors has authorized an expansion of the repurchase program to an aggregate of $10 million, and an extension through to November 6, 2018, whichever comes first. Finally, we are evaluating options to address GSV Capital's convertible debt outstanding. This activity…

Thanks, Michael. Today, I'll provide a financial overview of our results, followed by an update on our share repurchase program, comments on our expense-reduction initiatives and our current liquidity position. Please turn to Slide 7. We ended the quarter with an NAV per share of $9.69. A breakdown of the change in NAV during the quarter is shown on Slide 7, that is consistent with our financial reporting. In sum, the $0.58 per share increase in NAV during the third quarter was driven by $0.71 per share of net change in unrealized appreciation of investments, $0.05 per share of net realized gains, $0.12 per share of accretion from our share repurchase program, all of which was partially offset by $0.30 per share of net investment losses or operating expenses. As we announced on August 8, 2017, GSV Capital's Board of Directors authorized a $5 million discretionary share repurchase program. During the third quarter, the company repurchased 574,109 shares of GSV Capital common stock for $2.8 million. After quarter end and through November 7, the company repurchased an additional approximate 300,000 shares of GSV Capital common stock for $1.7 million. As Michael mentioned, our Board of Directors has authorized an expansion of the repurchase program to an aggregate of $10 million and an extension through November 6, 2018, whichever comes first. This leaves us with approximately $5.5 million in aggregate amount of shares that may be purchased under the program after considering repurchases subsequent to quarter end. Moving on to expense reduction initiatives. Management recognizes that our operating expenses diminish our net asset value and reduce our overall NAV performance. As a result, we have been focused on opportunities for us to reduce our overall operating expenses. Year-to-date, our overall operating expenses, excluding the incentive fees, have declined 18% or $2.8…

It doesn't appear that there's any questions. So again, we very much appreciate our shareholder support, and we're working very hard to create value for GSV Capital and we're very bullish on how we are positioned and the opportunities in front of us, and we look forward to making a lot of progress between now and year-end in 2018. So thank you very much. Anybody has any questions, we'll follow up with in our offices. Thank you.

And that does conclude today's conference. We thank you for your participation.