SuRo Capital Corp (SSSS) 2011 Q4 法說會逐字稿

Good day, ladies and gentlemen, and thank you for standing by. Welcome to the GSV Capital Fourth Quarter and Fiscal Year 2011 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 conference is being recorded today, Monday, March 12, 2012, and I'd now like to turn the conference over to Jennifer Jarman of the Blue Shirt Group. Please, go ahead.

Thank you, Operator. Thanks for joining us on today's call. I'm joined today by Michael Moe, GSV's Founder and CEO, and Steve Bard, the Company's Chief Financial Officer. Today's call and webcast are being recorded. An audio replay of the conference call will be available for seven days.

This conference call is being webcast on our website at www.gsvcap.com. Replay information is included in our press release that was released after the market close. Please note that this call is the property of GSV Capital Corp. Any unauthorized rebroadcast of this call in any form is strictly prohibited.

I would also like to call your attention to the customary disclosure in our press release today 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, condition, or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in our filings with the SEC. We do not undertake to update our forward-looking statements unless required to do so by law. To obtain copies of our latest SEC filings, please visit our website at www.gsvcap.com.

With that said, I will turn the call over to Michael.

Thank you very much, and thank you for joining us this afternoon. GSV Capital closed 2011 with tremendous momentum. We invested in 21 companies since our IPO last April, including meaningful positions in leading VC-backed private companies such as Facebook, Twitter, Dropbox, Chegg, and GILT Groupe. Additionally, two of our investments, Groupon and Zynga, went public in the fourth quarter.

I'm going to give you an update about our investment and corporate activity, both for the fourth quarter as well as early into 2012, then I'm going to turn it over to our CFO, Steve Bard, who is going to give you an overview of the financial data.

As a brief reminder to those who may not be as familiar with GSV Capital, we are the first publicly traded fund to invest in leading VC-backed private companies. We provide liquidity and capital for private companies and access to these leading, rapidly growing companies to public investors.

What we see as the fundamental value proposition that we're providing, is historically public investors could participate in rapidly growing, smaller companies with huge potential. As often, they went public earlier in their life cycle and the future success accrued to public investors.

With private companies staying private much longer and, importantly, the acceleration of value creation from companies going from idea to billions of dollars of value at unprecedented speed, it creates a compelling opportunity for us to provide liquidity to these private companies, as well as access to public investors.

Our objective is to invest in the fastest growing, top private companies in the world. What's enabled us to do so efficient and effective as we have to date is really the fact that we are deeply embedded in the silicon valley ecosystem of longstanding relationships with leading venture capitalists, key private companies, and other key professionals that makes this all work.

To help us execute against our vision, we have raised $172 million of net proceeds to-date, $46 million net in our IPO last April, $30 million in September, and then the $96 million secondary we did in February.

Our strategy is to look at the 2000-plus VC-backed private companies with $100 million of market value or greater, and then what we do is analyze the megatrends that are impacting the growth sectors of the economy that create tailwinds of opportunity such as globalization, Internet, knowledge economy, freemium models, network effects, convergence, and so forth.

From there, we focus on five primary investment themes that we believe are the most powerful to create tailwinds of growth opportunities. These five themes are socially mobile, education technology, cloud computing services, Internet commerce, as well as green technology. To-date, if you look at the investments we've made, 42% of our investments are in the socially mobile theme, 25% are Internet commerce, 20% education technology, 8% cloud computing services, and 5% in green technology.

When we look at what we've been able to do from our IPO to December 31, we've invested approximately $65 million into 21 companies. Our largest holdings are in Facebook and Twitter, as well as during the fourth quarter we made 11 investments, three into existing portfolio companies -- Twitter, Facebook, and Kno, as well as eight new investments including Dropbox, ZocDoc, and DreamBox. We're very excited about the composition of the portfolio we've been able to create, the growth rates and fundamentals, and the forward-looking opportunity.

In the fourth quarter, two of our investments went public -- Groupon and Zynga. Silver Spring, another portfolio company, filed to go public last summer. As everybody is aware, Facebook filed to be public in February.

As I mentioned, in February we completed a $96 million secondary offering. The reason we did this offering is we see an unprecedented opportunity to invest in leading private companies and having sufficient capital is critical for us to deliver against the potential we see.

Our strategy with this fresh capital is to add to existing positions in our portfolio where we see we have the greatest potential, as well as invest selectively in new companies. The flow of opportunities that we're seeing to-date is very robust; however, we're very careful to be disciplined on both price and our 4P formula of people, product, potential, and predictability.

From our IPO until December 31 -- so with that, I think the key part that I'd like to stress is we've had a lot of attention that's been provided to us since our IPO in the investments that we've made. From this, it's really accelerated the activity that we've seen and has complemented our network very nicely. We're seeing opportunities that we think are extraordinary, and we believe could have a very positive impact on the fund and for our shareholders.

And so, without anymore comment from me right now, and I'll look forward to your questions, I'm going to turn it over to Steve, who will review the financial results with you.

Thanks, Michael. This is Steve Bard, again, GSV Capital CFO, and I'll quickly review the financials. As of December 31, the total value of our portfolio of investments was $64.1 million. That compares to $41.4 million as of September 30. Net assets as of December 31 were $71.5 million, which translates to a net asset value per share of $12.95. Again, a December 31 NAV of $12.95. That compares to net assets of $73.2 million, or $13.26 per share, as of September 30.

As Michael mentioned earlier, during the quarter we originated about $23.5 million in investments in eight new and three existing portfolio companies. That's excluding transaction costs. And since our inception through 12/31, we've invested a total of about $65 million in 21 companies.

Investment income, which is comprised of accrued interest in our loan investments as well as money market dividends, was about $109,000, which translates to $0.02 per share for the fourth quarter. And that compares with investment income of about $53,000, or $0.02 per share, for the third quarter of 2011.

Net investment loss for ongoing operating expenses for the fourth quarter was $678,000, translating to $0.12 per share, and that compares with a net investment loss of about $680,000, or $0.20 per share, for the third quarter of 2011.

The net change in unrealized depreciation, which is comprised of transaction costs, of finder's fees, legal expenses, and escrow fees associated with acquiring portfolio investments, as well as the valuation discount for Groupon, was approximately $1 million, or $0.19 per share, for the fourth quarter. And that compares with about $494,000, or $0.14 per share, for the third quarter of 2011.

Because we made our portfolio investments recently, our Board of Directors has determined that with the exception of Groupon and SharesPost, we would value our investments at December 31 at the respective purchase prices, excluding any fees and expenses incurred in connection with those acquisitions.

That all results in a net decrease in net assets resulting from operations for the fourth quarter of about $1.7 million, or $0.31 per share, and that compares with $1.2 million, or $0.34 per share, for the third quarter 2011. We ended the quarter with about $400,000 in cash and, as Michael mentioned, subsequent to year end we completed a secondary offering resulting in net proceeds of $96.2 million.

With that said, I'll now turn the call over to the operator to start the Q&A session. Operator?

Ladies and gentlemen, we will begin the question-and-answer session at this time.

(Operator Instructions)

Our first question comes from the line of Jon Hickman with Ladenburg Thalmann. Please, go ahead.

Hello. How are you guys?

Great, thank you.

Hi, Jon.

I've got a couple of questions. Steve, just an accounting question. If you were to book a gain sometime in the future on one of your holdings, what line item -- where would that show up?

That would be a capital gain. And, Jon, as you know, there's a 20% incentive fee after an 8% hurdle, but we would pay that out as a gain -- as a dividend. The Board would declare an annual distribution, and that would show up as a realized gain on the -- that's the line item. It would appear as a realized gain.

A realized gain, okay. Then, can you give us -- it wasn't in the press release and you haven't talked about it, but can you update us on what might have happened since you did the $96 million in the equity raise, as far as new position?

Sure. Well, sure. We have -- bounding very fast here. We, on a weekly basis, go through our priority list of companies that we are trying to add to or acquire positions in. As you're aware, and I think others are aware, from the time that we sign a contract to the time we close is a minimum of 30 days and could be 45 to 60 days.

And so, we haven't announced or closed any transactions in the -- just under a month since we did our secondary, but we've been very active. We're very pleased, as I mentioned in my remarks, about opportunities that we're seeing and gaining access to. We're also very pleased of investments we were able to complete in the fourth quarter. Notably, we think Dropbox is a very special company to go along with some other special companies that we own.

And one of the key things for us, from just how this works, is the hardest thing, particularly in the very most exclusive companies, is to get on the cap table. So we feel once we get on the cap table and we become an approved shareholder, it allows us to accumulate more shares in these leading companies. And generally speaking, companies are pretty restrictive in terms of who they allow to be shareholders. And so we're very pleased by that and, as I said, we feel like we're in a very good position.

Is it getting easier to get on the cap table?

Well, for us what's helpful is the fact that one, we -- to start with -- to begin with is we're known in the community. We either know the company, or the investors in the company will basically be references on our behalf.

What's helped us recently is when you look at our portfolio and you see meaningful positions in the best companies -- Facebook and Twitter and Dropbox and Chegg and ZocDoc. And a company looks at that and they say, boy, that looks like a pretty good company to be held with. And so, I think our reputation and the quality of our portfolio has helped us that much more to accomplish our objectives.

Okay. Thanks. I'll get in queue.

Thank you.

Thank you. And our next question comes from the line of Carter Mansbach with Jupiter Wealth Strategies. Please, go ahead.

Good afternoon, guys. How are you?

Good, thank you.

Okay. So can you give me a little more color on understanding when you have a company that does become public, like the Zynga, Groupon, what exactly is the lock-up and how did you manage -- if you are free to sell? How do you manage it? Is it a percentage of your portfolio -- like, let's say it goes up 30%, so you need to trim some? How do you manage it, and is there a lock-up?

In almost every case, there is a six-month lock-up. What our view is, is that it's our fiduciary responsibility to make a judgment when the lock-up is done, whether we should sell immediately, sell a portion and hold some, or let it ride some.

Now, the fact of the matter is we understand that our shareholders, generally speaking, have invested in our fund to participate in private company growth and that when a company is public it's something that they can do on their own. So, we will be looking to create an exit as soon as we believe it's appropriate.

That said, we'll make a judgment, and if we feel like it's in our shareholders best interest to let it ride because of the kind of potential that we seeing in a time period that we think is appropriate, we'll make that decision.

Okay. Excellent. And lastly, is there -- when these money raises happens and you do these secondaries, do you have a timeframe or a formula for when and how? Like, do you expect to do anymore secondaries any time in the future?

I think it's likely in the future that there would be a secondary; however, what I'd say is -- and to put some perspective or context around this -- the September fundraising that we did that ended up being $30 million, which we did in a market environment that was very difficult, so we were proud to get money raised period, that was about a third of the amount that we were looking to raise at that time.

This recent offering of $100 million was capital that we felt we could deploy very efficiently and effectively. We want to make our investors money. We want to seek our stock price rise in accordance with the value that's going on the underlying assets of the portfolio. And then, if we believe it's in our shareholders' interest and investors want to give us more capital to make investments that hopefully can generate greater returns, we'll make that decision at that time.

But we don't have -- we certainly don't have any immediate plans to be doing another secondary, but we'll make that call over time, what we think is in the best interest of our shareholders.

Hey, listen. I think you guys are doing a great job and thank you for your time.

Thank you.

Thanks, Carter.

Thank you. And we have a question from the line of Ralph Gindi with Bluestar Alliance. Please, go ahead.

Hi. Good afternoon, guys.

Good afternoon.

Good afternoon.

I have two questions for you. The first question was regarding future capital needs. Have you guys considered putting leverage on the Company going forward instead of a secondary? And the second question was regarding future companies going public, similar to what is going on now with Facebook. Do you see any of the other companies you are invested in potentially doing a public offering this year?

Yes. So, first on the question of leverage. We certainly appreciate being able to get capital without creating dilution. We don't believe leverage, generally speaking, for the kind of companies that we're investing in is appropriate, and we've said as much. The Warren Buffett adage, that if you're smart enough you don't need leverage and if you're not smart enough you really don't need leverage, we think is good to keep in context.

But unlike most BDCs that are investing in higher assets, we're investing in growth companies, and we feel like the growth -- the fundamentals and the growth in the portfolio will drive stock price if we're good at selecting great businesses with tremendous fundamentals and the 4Ps that we're looking for.

So, we're very sensitive to protecting our shareholders and creating long-term value for our shareholders, and we appreciate how leverage can be appropriate for many strategies, but we don't believe for us it's the right -- it's the appropriate thing to do.

As it relates to the companies going public in our portfolio, the good news about, I think, the strategy that we have is that we are focused primarily on companies that, if they chose, have the growth and size that could go public. In the good old days, many of these companies would have gone public already.

And so, I think it's really -- mostly a function of the timing in terms of how the market is responding to a sector, a specific company, what the window is for IPOs and so forth. And we certainly believe that beyond Facebook there's companies that are likely to be public here in 2012, and certainly 2012 and 2013.

All right, thank you.

Thank you.

(Operator Instructions)

Our next question comes from the line of Mike Mundo with Mundo FS. Please, go ahead.

How are you doing, guys?

Hi, Mike. How are you?

I'm doing well, thank you. I just want to clarify. On the announcement it says follow-up investments on Facebook and Twitter, are those considered from the last filing? Because when I looked at -- you still have that 350,000 shares of Facebook. You didn't add any new Facebook stock or Twitter stock in the last -- since that last raise, have you?

Since the raise, no. Since the fourth quarter, no. Those were purchases in the fourth quarter and they were reflected in the secondary that we did in February.

Okay.

In terms of completed purchases. Correct.

And how will they now, because it still shows about 14% of the overall holding of the portfolio? Have those numbers decreased a lot now since the new secondary deal?

Yes, in terms -- well, yes, because we've raised $96 million of cash. Back to sort of the way that this works, is that once you -- and during the process of the secondary, we waited to get that done to commence the purchasing of shares that we're looking to buy. So since the secondary, we haven't announced any completed transactions. And like I said, 30 days minimum from time of contract to close, and typically it's 30 to 60 days.

So, we've been active. We're expecting to be able to reflect our activity to our shareholders in the market in within this next two, three, four weeks.

All right. Thank you. Keep it up. Thanks.

Thank you.

Thanks, Mike.

Thanks.

Thank you. And our next question comes from the line of [Paul Abate] with Aegis Capital. Please, go ahead. And, sir, your line is open. Please check if you have your mute button on, sir.

Okay. Michael, hi, this is Paul Abate from Aegis. Great job with the Company.

Thanks, Paul.

Michael, are you concerned about the competition? I noticed there's a few other companies out there now that are involved in the same space, notably SVVC, and there's others that are coming into our office and looking to expand on what you originally have started. I know you're the first to get into this sector or this element, but are you concerned at all with the confusion of more and more companies doing it in the future?

No, we're not. I think it's -- we believe that our strategy has merit. The fact that others are now copying it or jumping in the pool, we expect it, frankly. What is important to us, and that we think is hard to replicate, we do believe the network of -- the fact that we are located in the heart of silicon valley, the fact that we have relationships here that go back decades, the fact that we're a known brand with this ecosystem all is extraordinarily important to us and it's something that's going to be difficult for some -- I'd argue, almost anybody -- to replicate.

We also think the fact that we were the first and we have received some notoriety for this, the fact is in the conversations I have in the community here in silicon valley, people have taken notice of what we're doing. I guess I wouldn't hear if it was not favorable, but the favorable comments that we get in terms of why this strategy makes so much sense is very rewarding. So people are very aware.

And when you're the leader, we appreciate you've got to keep your leader -- every day we have to continue to earn, to be that leader. But when you're the leader there's a lot of advantages that accrue to you, and we intend to not give up that leadership through our focus and the work that we do and the reputation that we continue to have.

So, I think it shows that we're on to something, but this market opportunity is very substantial. So, thank you.

All right. Okay, thank you.

Thank you. And our next question comes from the line of [Thorsen Rockwell] with [Obsidian] Financial Group. Please, go ahead.

All right. Good afternoon. My question is just since there's a little more visibility now through SharesPost on what contracts are being priced and at what price, do you guys think you'll ever get to a point where you're reporting net asset value on a little more regular basis?

A couple -- three things. One, we look at -- what we do is we want to be as conservative as possible. We don't want to be moving the net asset value up and down in kind of a not thoughtful way. And so, it's important that we operate with kind of a fundamentally conservative nature. That said, I believe it's in our shareholders' interest and important to us to provide as much transparency to our portfolio as we can.

We've started the very beginnings of this with our website at GSV capital. And admittedly, it's nowhere near what we'd like it to be, over time to provide investors kind of real-time information about what's going on with the individual portfolio. Because even with more transparency and if SharesPost and SecondMarket, if the accountants and the third-party valuation services deemed that there was enough of an active market that it would be appropriate to mark those holdings based on that activity, that would be fine.

But even with that [activity] going on, because of the underlying growth of our portfolio, if we're doing our job right, meaning we're investing in the best private companies in the world who are growing, the growth rate of our portfolio is well over 100% revenue growth year-over-year. The net asset value should lag and over time substantially lag what the intrinsic value of the portfolio is.

And so, part of what we have to do as a public company, as we evolve, is to provide as much information and transparency so investors can see, well, here's the net asset value, which, generally speaking, is going to be held on the books at cost, but here's what the true value of individual holdings is. And so, we aspire to be able to make that information as readily available to our shareholders and potential shareholders as we can.

Thank you. Great [site], by the way, I really like it.

Thank you.

Thank you. And we have a question from the line of Brandon Pflaum with Joseph Gunnar & Company. Please, go ahead. And, sir, your line is open.

And we have a question from the line of Casey Alexander with Gilford Securities. Please go ahead.

Hi. I have two questions. One is there are several reliable independent valuation firms, why wouldn't you hire an independent valuation firm to help you value your portfolio rather than valuing it at cost? It seems to me that at cost it's almost certainly guaranteed to be the wrong price. And in this age of transparency, it would seem to me that you would want to get the right price.

Well, first of all, what we're doing, we're operating to provide not only conservative, but the most appropriate information to shareholders. As you may not be aware, but we've fully disclosed, we use a third-party valuation firm, WTAS, which is actually one of the largest, if not the largest, outside valuation firms in the world. It's a spinout out of Accenture.

And so, every quarter they go through the individual holdings to see if there's a reason to make a change. Generally speaking, what the rules say, and I think, again, it's the most conservative way, but if there's not -- what are the things that will change the valuation that we hold on our books?

One, obviously, a company goes public; now you have a liquid market. That's one change. A second change could be if there's a material financing done and at a valuation either greater or less than where we hold -- with credible outside investors and so forth. If that's materially different, an adjustment could be made.

A third potential, although to-date the view of the outside valuation firm is that there's not enough activity, but if there was an active private marketplace, as arguably there was in Facebook, or there was in Facebook before it filed that would be sufficient information to make an adjustment up or down.

And then, obviously, if there's other -- something else and it's not (inaudible) but those are the three primary occurrences that, by the rules, would cause an adjustment. Our goal is not to do anything other than one, operate in accordance with the appropriate standards, but as I mentioned to the previous caller, is that we want to provide as much information and transparency to what's going on to allow investors to make a decision about what they think the real value is and we think that's in everybody's interest.

Okay, fair enough. Your two companies that have gone public are Groupon and Zynga?

Correct.

Okay. What was your acquisition price per share versus what was the IPO price per share, and what's the current price per share of those holdings?

In Groupon's case, we own Groupon at $25.00 and change. We made that purchase in June of last summer, and the current price is $16.74. That's reflected --

What was the IPO price?

$20.00 -- it traded up and then today it's at $16.74. Zynga is a structured vehicle that we created, which protected us on the downside, but allowed us to participate in the upside. Zynga, the IPO price was $9.00. The current price is $13.76 and our purchase price is well below that.

And then, again, as I said, it's different vehicle. We'd be happy to go into more details about how that works, but it basically was created to protect our downside, but let us realize upside.

Okay, thank you.

Thank you. And we have a question from the line of [Dan Phil] with National Securities. Please, go ahead.

Hey, Mike, great job picking up Dropbox, by the way. But my question to you is I just didn't understand what happened the day before and the day of the secondary. Can you explain the doubling of the size of the secondary? We were indicated it was supposed to be 3 million shares and then all of a sudden the next day we come in it was 6 million shares. If you can explain what happened there.

Sure, the best I can. Effectively what we did was we went out essentially overnight, not having a great visibility at all because we didn't want to go out fully blown secondary because we didn't want shares to be going up and down and being manipulated. And so, we really didn't have visibility in terms of what the demand was.

When we actually went out that night of the secondary, we found we had substantial demand, but the demand was specifically at a price -- the book was at a price that was below where the stock was trading. And so, the decision is kind of what to do with that.

And I guess my experience is that the market spoke to us. The market spoke that here's where both institutional and individual investors had an interest and that was reflected. And so it was pretty substantial interest, but it was at a $15.00 level. So, we decided that that was the best thing to do.

Obviously -- go ahead.

I'm sorry. What was the criteria for the $15.00 level? Was that due to net asset value? Was fees involved? Or, if you can explain.

Sure. Well, it was -- net asset value, obviously, was -- the stated net asset value was well below that. But it was really, when we went out and there was a range -- our lead underwriter and others, but basically reflected to us what they thought the range was, which was a pretty broad range. But, again, we went on an overnight basis, so it's an imperfect science. You're basically making your best guess.

After we went out, after the market closed, they came back to me with the information, which was, look, here's the interest and we'll show you specifically who's and what, but the interest, the circle around that $15.00 level. And so, obviously --

So, you grabbed the money.

A couple of things -- we want to get the best price possible, obviously. We also feel like the markets spoke to us in terms of what a broad group of investors was reflecting in terms of where their interest was at. And clearly, we believe that the opportunity for our shareholders in the intermediate and long-term is going to be benefited by having appropriate capital.

And certainly, what we've seen since executing -- completing the secondary in just under a month ago, is that was a good strategy because the opportunities that we're seeing we're very excited about and we believe will benefit our shareholders in a material way over time. And so it's our job, when we're entrusted with this capital that we do great things with it, and that's what we're working on doing.

A last question, if you don't mind. I know you have visions for this particular fund that you created. And I'm not asking you when or if you're going to do another raise, but what's your vision in terms of size for GSVC?

It's something that we've got to take one step at a time. I think what we've seen here is the trend that we believe we were in front of that we thought was pretty significant, what's clear is it is very significant. And we need enough snow to ski, but we don't want an avalanche.

We also appreciate the people that -- our shareholders. It's our job, to the best that we can, to do smart things in our activity that creates a stock price that moves up and creates great return. The best way I know how to do that is to make smart investments where the underlying assets are growing and creating value, and we'll make decisions as appropriate in terms of if it makes sense for our shareholders to bring in additional capital.

I do want to make the point that we did -- the fact that when we went to market in February, went to market in September, the September raise -- and we wanted -- we felt it was -- we had bad market timing. We filed a deal at the end of July; it took two months in to go through review. And by the time we came out, things were more difficult in the marketplace.

And so, instead of raising $100 million, we raised $30 million, which, by the way, was the right thing to do to raise that $30 million because it allowed us to get some great positions, as you saw, like Dropbox, like adding to our positions in Twitter and Facebook. But it wasn't nearly the capital that we felt was appropriate for the opportunities, so this $100 million helps us materially. As I said, we're very pleased both with what we were able to do and will be able to do with it right now.

Thank you. And we have a question from the line of Jon Hickman with Ladenburg Thalmann. Please, go ahead.

Hi. Steve, if I could just ask a couple of follow-up questions. So, what's the fully diluted share count at the end of the quarter? Was it 5.5 million?

Correct.

Okay. And you added six point --?

6.9 million.

6.9 million shares --

Right, so there are currently 12,420,100 shares outstanding.

12 million, 400 and --. Say that again?

12,420,100 shares outstanding.

Okay. And then -- so if we added in the cash, we could get a new updated NAV. Right?

You could back of the envelope it, sure.

Okay. And then you said that you would, hopefully in the next couple, three weeks, be able to update us on some of the activity that's taken place since the financing?

Yes. So, here's our policy. We will announce any material investment that we close. And then, if it's not material -- and material we define as kind of a 5% or greater position. If it's not material, what we'll do is aggregate investments and announce them all at once.

Just because we don't want to be making an announcement every four days; we think that that is not the right thing to do. But we also feel like if an investment is a material investment, and we define that to 5% or greater, we should announce that as soon as we're able. So that's the general policy.

As I've said several times, we haven't -- we're working really hard here. We're very excited about what we're doing and what we see and we're getting things done. And so, the timing of when that will be announced will be a function of when we're able to close. Everything that we're working on, I don't believe we've had anything that we've signed that we haven't closed, but things happen and I'm sure there will be situations where we're in process and something happens and that can happen.

But generally speaking, Jon, we have a bunch of activities, so we expect that over the next two to three to four weeks we'll have some more things to talk about.

Okay. And one last question, Steve. You said that everything in the portfolio was valued at cost except the Groupon and SharesPost?

Correct.

And what was the value for SharesPost?

Go ahead, Steve. The value of SharesPost actually went up a little bit, and the reason it went up is it reflected some warrants that we received in conjunction with our investment.

Okay.

That other folks did not receive in a subsequent financing.

Okay. Okay. Thank you.

Thanks, Jon.

Gentlemen, that concludes the call for today. Thank you very much for your participation. You may now disconnect.

Thanks so much.

Thanks, everybody.