Good day, ladies and gentlemen, thank you for standing by. Welcome to the GSV Capital's third quarter 2018 earnings conference Call. [Operator Instructions] This call is being recorded today Wednesday, November 7, 2018. I will now turn the conference over to Ben Fife. Please go ahead, sir.

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'd like to turn the call over to Michael Moe.

Thank you, Ben. Good afternoon, everybody. We are pleased to share results of GSV Capital's third quarter 2018. First, I'll review the recent quarter, including key initiatives that we are executing to enhance shareholder value. Then I will provide update on the key developments in the portfolio. To conclude, I'll hand the call over to Allison Green for a brief financial overview, and then we'll open up the call for questions. Let's start with Slide 3. At the end of the third quarter, net asset value is $10.58 per share, up from $10.46 per share in the second quarter and up from $9.69 per share in the third quarter last year. Net asset value totaled approximately $213 million, compared to $217 million in the second quarter. We anticipate that the strong growth of our portfolio companies that have been exhibited will drive NAV in the coming months, and we're optimistic about the future of our portfolio, as we've been in recent memory. As I've emphasized to varying degrees on previous earnings calls, we are focused on three core areas to drive GSV Capital's performance and investor returns. First, we have continued to execute key initiatives to systematically enhance shareholder value. In 2017, GSV Capital's board authorized a $10 million discretionary open market share repurchase program, and in May, the board authorized a $5 million expansion of this program, to an aggregate of $15 million. To date, we have repurchased approximately $14.2 million in shares of common stock under the program, including $4.1 million in the third quarter of 2018 and an additional $1.8 million subsequent to quarter end. We've retired nearly 11% of shares outstanding since the repurchase program was announced on August 8, 2017. We are pleased to announce today that our board has authorized a $5 million expansion…

Thank you, Michael. I'd like to follow Michael's update with a more detailed review of our financial 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 NAV per share of $10.58. A breakdown of the increase in NAVs during the quarter is shown on Slide 8, which is consistent with our financial reporting. In sum, the $0.12 per share increase in NAV during the third quarter was driven by approximately $0.70 per share of net unrealized appreciation of our portfolio investments, inclusive of a related tax benefit, and $0.10 per share of net accretion from our share repurchase program. These increases are partially offset by $0.19 per share of net investment, or operating loss, and $0.49 per share of net realized loss on investments. Please refer to Slide 9 as I review the share repurchase program for the quarter. During the third quarter, the company repurchased 575,958 shares of GSV Capital common stock under the share repurchase program, for approximately $4.1 million. Subsequent to quarter end through today, an additional 259,954 shares were repurchased for approximately $1.8 million. To echo Michael's announcement earlier, our board has authorized a $5 million expansion of the current share repurchase program to an aggregate of $20 million, which leaves approximately $5.8 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 common stock. We believe the share repurchase program complements the shareholder-centric adjustments we have made to our fee structure over the past year. In addition to the share repurchase program, our management team continues to be focused on optimizing…

[Operator Instructions] And we'll take our first question from Owen Libby with Wells Fargo.

So just really on the liquidity, the fair value of Spotify is $42.6 million and Dropbox is $23.5 million. You said that there was $66 million in liquid securities, including those two holdings, right?

Yes.

So are you going to tap the $12 million credit line to expand the buyback program, or where is that cash coming from?

No, we have, we believe, at the current time plenty of liquidity to execute against the buyback program. And frankly, we're also looking to actively -- we're actively involved with investment diligence and potential investments. So we have -- we have plenty of liquidity for the near term to do the different things, including the buyback, if we proceed.

[Operator Instructions] And there are no further questions on the line at this time. I'll return the program to Michael Moe for any closing or continued remarks.

We are very pleased with how GSV Capital is positioned going forward. We are working very hard, both in terms of sourcing and evaluating investment opportunities that we think are consistent with what will create the greatest performance, and we're working very hard to have our stock reflect what we think is going on with the portfolio, which we're very excited about. So thank you for your interest and time. We'd be pleased to hear from you for any follow-up questions, and we'll keep rolling. Thank you very much.

This does conclude today's program. Thank you for your participation, and you may disconnect at any time.