Good day, ladies and gentlemen, and thank you for standing by. Welcome to the GSV Capital Second Quarter 2018 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. [Operator Instructions]. This call is being recorded today, Wednesday, August 8, 2018. I will now turn the conference over to Ben Fife of GSV Capital. Please go ahead.

Thank you for joining us on today's call. I'm joined today by the Chairman of GSV Capital’s Board of Directors, Michael Moe, and Senior Vice President and Controller, Allison Green. 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 www.gsvcap.com. Replay information is included in our press release, issued earlier today. This call is the 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 Michael Moe.

Thank you, Ben. We are pleased to share the results of GSV Capital’s second quarter 2018. First, I will review the recent quarter, including key initiatives we are executing to enhance shareholder value. Then I will provide update on key developments in the portfolio. To conclude, I’ll hand the call over to Allison Green for brief financial overview and then we’ll open the call for questions. Let’s start with slides 3 – 8. At the end of the second quarter, Net assets totaled approximately $217 million, or $10.46 per share. This is up from approximately $210 million, or $9.99 per share, at the end of the first quarter, and $202 million, or $9.11 per share at the same time last year. As I’ve emphasized to varying degrees on previous earnings calls, we are focused on three core areas to drive GSV Capital performance and investor returns. First, we continue to increase the size per position and reduce the number of companies in our investment portfolio. At the end of the Second Quarter, GSV Capital had positions in 28 portfolio companies, compared to 38 a year ago. Our top five positions account for approximately 62% of the portfolio at fair value, excluding treasuries. For context, that’s about the same weighting as GSV Capital’s top 10 positions at the same time last year, which accounted for just 63% of the portfolio. To put the evolution of the GSV Capital portfolio into perspective, the combined fair value of our top five positions as of June 30, 2018 was $134 million. That’s almost equal to GSV Capital’s total market capitalization, which is approximately $145 million today. We believe this dynamic emphasizes a significant risk-reward opportunity for investors as our stock currently trades at a discount of about 35% to NAV. With recent public listings…

Thank you, Michael. I'd like to follow Michael's update with a more detailed financial overview of our results as well as an update on our Share Repurchase Program, our expense reduction initiatives and our current liquidity position. We are pleased to report that we ended the quarter with an N.A.V. per share of $10.46. A breakdown of the change in N.A.V. during the quarter is shown on Slide 9, which is consistent with our financial reporting. In sum, the $0.47 per share increase in N.A.V. during the second quarter was driven by $0.52 per share of net unrealized appreciation of investments inclusive of related tax benefit, $0.16 per share of net realized gain on investment and $0.05 per share of net accretion from our Share Repurchase Program. These increases are partially offset by $0.26 per share of net investment or operating loss. Our management team continues to be focused on optimizing the company's current expense base, and we have implemented a number of key expense reduction initiatives that we believe will benefit our shareholders, including the previously announced permanent reduction in the management fee to 1.75%, and GSV Asset Management’s waiver in February 2018 of $5 million in accrued, but unpaid, incentive fees. Due to the upcoming maturity of our 5.25% Convertible Debt, GSV Capital is currently carrying a larger cash balance than it would in the ordinary course of business. GSV Asset Management will continue to waive its base management fee on any cash balances until the convertible senior notes due on September 15, 2018 mature. In addition to the management fee and incentive fee waivers. We continue to be focused on reducing our expenses. Our expenses related to costs under the Administration Agreement declined about 12% compared to the second quarter in 2017. This follows a 26% reduction…

Thank you [Operator Instructions] Our first question comes from Robert Bloom who is a Private Investor.

Yes, thank you for taking my call. Good quarter. I am wondering if it’s possible for shares to be distributed to shareholders of GSVC, if they would opt to receive shares instead of having them sold outright?

Hi, Robert. I am not sure if I completely understand the question. Is the question, if and when we have a dividend that you receive shares as opposed to cash? Is that the question?

[Operator Instructions]

And also if you decide to, for example, liquidate your remaining Spotify shares if shareholders of GSV Capital could opt to receive the shares themselves.

Okay, so thanks for the question Robert. As it relates to the kind of the specific distribution in companies that we monetize such as Spotify, we monetize that position. No, we can’t distribute shares in Spotify [specifically] [ph]. But when we have a distribution for the gains that we have we can have done it in cash and in GSV Capital shares and the mechanics of that are something that – we worked through and historically what we did is give people options. I don’t know if there’s any – Allison or [indiscernible] if you are on the phone, if you have anything to add to add to that.

I do not.

Great thank you.

[Operator Instructions] There are currently no questions in the queue.

Okay great, well listen, we’re obviously very pleased with the quarter’s results. We’re very confident in terms of the strategies that we’ve articulated and what we are executing against. And we look forward to having an opportunity between now and the next quarter to talk to anybody that would like to engage with questions that we have or suggestions. But again we’re very bullish on what’s going on at GSV Capital. So, thank you very much for tuning in for this quarter. And we look forward to talking to you in the future. Thank you.

Bye.

Thank you ladies and gentlemen. This concludes today’s teleconference. You may now disconnect.