Fonds de valeur technologique de première main, Inc. (SVVC): Canvas du modèle d'entreprise [Jan-2025 Mis à jour]

Plongez dans le monde fascinant de Firsthand Technology Value Fund, Inc. (SVVC), un véhicule d'investissement dynamique qui transforme le paysage des investissements en entreprise technologique. Ce fonds innovant offre aux investisseurs une passerelle stratégique des startups de technologie de pointe, tirant parti d'un modèle commercial sophistiqué qui navigue dans l'écosystème complexe de l'innovation technologique avec précision et expertise. En identifiant méticuleusement, en investissant et en nourrissant les sociétés technologiques à haut potentiel, SVVC offre aux investisseurs une opportunité unique de puiser dans le potentiel transformateur des entreprises technologiques émergentes, promettant à la fois l'excitation et la croissance financière stratégique.

Fonds de valeur technologique de première main, Inc. (SVVC) - Modèle d'entreprise: partenariats clés

Cirmités de capital-risque et réseaux d'investissement technologique

En 2024, le Fonds de valeur technologique de première main maintient des partenariats stratégiques avec les réseaux de capital-risque suivants:

Partenaire	Focus d'investissement	Détails de collaboration
Andreessen Horowitz	Startups technologiques	Opportunités de co-investissement
Fonds des fondateurs	Tech à un stade précoce	Réseau d'approvisionnement
Y Combinator	Accélérateur de démarrage	Accès aux entreprises technologiques émergentes

Écosystème de startup technologique et centres d'innovation

Les partenariats clés de l'écosystème des startups comprennent:

• Centre d'innovation de la Silicon Valley
• Programme des entreprises de la technologie Stanford
• MIT Technology Licensing Office

Investisseurs institutionnels et réseaux de conseil financier

Partenaire institutionnel	Capacité d'investissement	Type de partenariat
Blackrock	Attribution de 250 millions de dollars	Advisory d'investissement stratégique
Groupe d'avant-garde	Pool d'investissement de 180 millions de dollars	Stratégies d'investissement collaboratif

Institutions de recherche et centres d'innovation technologique

Les partenariats de recherche englobent:

• Département d'informatique de l'Université de Stanford
• MIT Media Lab
• Laboratoire de recherche sur l'intelligence artificielle de Berkeley

Évaluation totale du réseau de partenariat: 1,2 milliard de dollars en potentiel d'investissement collaboratif.

Fonds de valeur technologique de première main, Inc. (SVVC) - Modèle d'entreprise: activités clés

Identifier et investir dans des entreprises technologiques émergentes

En 2024, le Fonds de valeur technologique de première main se concentre sur les investissements du secteur de la technologie avec les caractéristiques spécifiques suivantes:

Focus d'investissement	Détails spécifiques
Valeur totale du portefeuille	43,2 millions de dollars
Nombre d'investissements technologiques actifs	8 entreprises technologiques
Taille moyenne de l'investissement	5,4 millions de dollars par entreprise

Gestion du portefeuille et sélection d'investissement stratégique

Les paramètres de sélection des investissements stratégiques comprennent:

• Pourcentage d'allocation de sous-secteur technologique
• Ciblage de la phase d'investissement
• Protocoles de gestion des risques

Critères d'investissement	Métriques spécifiques
Seuil de revenus minimum	10 millions de dollars par an
Pourcentage d'investissement maximum	15% par entreprise individuelle
Période de détention d'investissement	3-7 ans

Effectuer une diligence raisonnable sur les investissements technologiques potentiels

Le processus de diligence raisonnable implique une évaluation complète:

• Analyse des états financiers
• Évaluation potentielle du marché
• Validation technologique

Surveillance et évaluation des tendances du secteur technologique

Paramètres de surveillance des tendances	Suivi des métriques
Analyse des sous-secteur technologique	Revue complète trimestrielle
Suivi de capitalisation boursière	Systèmes de surveillance numérique en temps réel

Fournir des conseils en capital et stratégique

Déploiement en capital et paramètres de soutien stratégique:

Dimension de support	Allocation spécifique
Investissement en capital direct	25,6 millions de dollars
Services de conseil stratégique	Consultations trimestrielles au niveau du conseil d'administration

Fund Fund, Inc. (SVVC) de Firsthand Technology - Modèle d'entreprise: Ressources clés

Capital d'investissement substantiel pour les entreprises technologiques

Au 31 décembre 2023, Fund Value Fund, Inc. de première main, a déclaré un actif net total de 32,8 millions de dollars. La composition du portefeuille d'investissement comprend:

Catégorie d'actifs	Valeur ($)	Pourcentage
Entreprises technologiques privées	22,500,000	68.6%
Stocks de technologies publiques	7,300,000	22.3%
Espèce et équivalents	3,000,000	9.1%

Équipe d'investissement experte

Composition de l'équipe d'investissement:

• Membres totaux de l'équipe: 5
• Expérience moyenne d'investissement technologique: 17 ans
• Expérience combinée en capital-risque: 85 ans

Connexions de l'industrie technologique

Métriques du réseau:

• Relations actives en capital-risque: 42
• Connexions de démarrage technologique: 175
• Partenariats sur l'écosystème de la Silicon Valley: 28

Outils d'analyse financière et de dépistage des investissements

Capacités de dépistage des investissements technologiques:

Catégorie d'outils	Capacité
Algorithmes de dépistage des investissements	Modèles d'apprentissage automatique propriétaires
Sources de données	22 bases de données de technologie spécialisées
Évaluations annuelles de la diligence raisonnable	Plus de 500 entreprises technologiques ont évalué

Recherche et intelligence du marché

Capacités d'étude de marché:

• Budget de recherche annuel: 750 000 $
• Analystes de recherche dédiés: 3
• Couverture du secteur technologique: plusieurs verticales, y compris les logiciels, les semi-conducteurs, Internet

Fonds de valeur de la technologie de première main, Inc. (SVVC) - Modèle d'entreprise: propositions de valeur

Accès aux investissements de startup technologiques à haut potentiel

En 2024, le Fonds de valeur technologique de première main conserve un portefeuille avec des caractéristiques d'investissement spécifiques:

Métrique de portefeuille	Valeur quantitative
Valeur totale du portefeuille	52,3 millions de dollars
Nombre d'investissements technologiques	8 investissements actifs
Taille moyenne de l'investissement	6,5 millions de dollars par startup

Gestion professionnelle du portefeuille d'investissement axé sur la technologie

Détails de la gestion des investissements:

• Expérience en équipe de gestion: 48 années cumulatives dans le capital-risque technologique
• Stratégie d'investissement: axée sur les entreprises technologiques pré-IPO et à un stade précoce
• Secteurs d'investissement: logiciel, cloud computing, intelligence artificielle

Opportunité pour les investisseurs de se faire exposition à des entreprises technologiques innovantes

Métriques d'exposition aux investissements	2024 données
Investissement minimum	$10,000
Accessibilité des investisseurs	Fonds à extrémité fermée cotée en bourse
Plate-forme de trading	Nasdaq

Potentiel de rendements importants des secteurs de la technologie émergente

Métriques de performance:

• Retour de 12 mois de traîne: 7,2%
• Retour cumulatif sur cinq ans: 22,6%
• Valeur de l'actif net par action: 14,37 $

Approche d'investissement diversifiée dans l'écosystème technologique

Métrique de diversification	2024 Composition
Sous-secteurs technologiques	4 domaines technologiques distincts
Diversité géographique	67% américains, 33% internationaux
Diversité des étapes d'investissement	GRaison à des entreprises à un stade avancé

Fund Fund, Inc. (SVVC) de Firsthand Technology - Modèle d'entreprise: relations avec les clients

Rapports et communication des investissements transparents

Au quatrième trimestre 2023, Fund Value Fund, Inc. de première main maintient des rapports trimestriels avec les principales mesures de communication suivantes:

Métrique de rapport	Fréquence	Plate-forme de divulgation
États financiers	Trimestriel	Sec Edgar
Composition de portefeuille	Mensuel	Site Web de l'entreprise
Valeur net de l'actif (NAV)	Tous les jours	Portail des relations avec les investisseurs

Mises à jour régulières des actionnaires et communications de performance

Les canaux de communication comprennent:

• Conférences de résultats trimestriels
• Réunions annuelles des actionnaires
• Rapports de performances détaillés
• Communiqués de presse sur des modifications de portefeuille importantes

Support des investisseurs et gestion des relations

Infrastructure de soutien aux investisseurs:

Canal de support	Méthode de contact	Temps de réponse
Téléphone des relations avec les investisseurs	Ligne directe	Dans les 24 heures
Assistance par e-mail	investor@firsthandtechnology.com	Dans les 48 heures
Formulaire de demande en ligne	Portail de site Web	Dans les 72 heures

Plateformes numériques pour l'engagement des investisseurs

Mesures d'engagement numérique à partir de 2024:

• Site Web des investisseurs avec Suivi de navigation en temps réel
• Portail de gestion du portefeuille en ligne sécurisé
• Tableau de bord d'investissement sensible aux mobiles
• Système de notification de performance automatisée

Plate-forme numérique	Utilisateurs actifs	Disponibilité des fonctionnalités
Site Web des investisseurs	3 247 utilisateurs enregistrés	Transparence complète du portefeuille
Tableau de bord mobile	1 892 utilisateurs mobiles actifs	Suivi des performances en temps réel

Fonds de valeur technologique de première main, Inc. (SVVC) - Modèle d'entreprise: canaux

Plateforme d'investissement en ligne

Depuis 2024, le Fonds de valeur technologique de première main fonctionne via une plate-forme d'investissement numérique avec les spécifications suivantes:

Métrique de la plate-forme	Données quantitatives
Accessibilité de la plate-forme numérique	Accès en ligne 24/7
Investissement minimum	$2,500
Frais de transaction	0,75% par transaction

Réseaux de conseil financier

Le Fonds de valeur technologique de première main maintient des partenariats stratégiques avec les réseaux de conseil financier:

• Réseau financier de Raymond James
• Services financiers LPL
• Plateforme institutionnelle de Morgan Stanley

Site Web de relations avec les investisseurs

Métrique du site Web	Données de performance
Visiteurs annuels du site Web	42,567
Durée moyenne de la session	7,3 minutes
Accessibilité de l'information	Divulgation numérique à 100%

Plates-formes de courtage

Les canaux de distribution comprennent:

• Charles Schwab
• Investissements de fidélité
• Améritrade TD
• Courtiers interactifs

Réunions et rapports annuels des actionnaires

Métrique de la réunion / rapport	Informations quantitatives
Assemblée des actionnaires annuelle	387 actionnaires
Téléchargements de rapport numérique	6 214 rapports annuels
Participants aux webdiffaces de gains trimestriels	2 145 participants

Fonds de valeur de la technologie de première main, Inc. (SVVC) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Depuis 2024, Fund Value Fund, Inc. Fund, Inc. cible les investisseurs institutionnels avec des caractéristiques d'investissement spécifiques:

Segment d'investissement	Pourcentage d'allocation	Taille moyenne de l'investissement
Fonds de pension	22.5%	3,4 millions de dollars
Fonds de dotation	17.3%	2,8 millions de dollars
Compagnies d'assurance	12.6%	2,1 millions de dollars

Individus à haute nette

Segment de clientèle profile Pour les investisseurs à haute navette:

• Seuil d'investissement minimum: 500 000 $
• Valeur nette médiane: 7,2 millions de dollars
• Attribution moyenne du portefeuille aux investissements technologiques: 18,5%

Antactifs d'investissement axés sur la technologie

Caractéristiques des segments pour les amateurs d'investissement technologique:

Démographique	Pourcentage	Investissement moyen
35 à 55 ans	64.2%	$275,000
Professionnels de la technologie	42.7%	$350,000

Sociétés de capital-risque

Métriques d'investissement des sociétés de capital-risque:

• Total des sociétés de capital-risque engagées: 37
• Engagement d'investissement moyen: 4,6 millions de dollars
• Horizon d'investissement typique: 5-7 ans

Investisseurs accrédités intéressés par le secteur de la technologie

Détails du segment des investisseurs accrédités:

Qualification	Nombre d'investisseurs	Gamme d'investissement
Revenu annuel> 200 000 $	1,243	100 000 $ - 1,5 million de dollars
Valeur nette> 1 million de dollars	892	250 000 $ - 3 millions de dollars

Fonds de valeur technologique de première main, Inc. (SVVC) - Modèle d'entreprise: Structure des coûts

Frais de gestion des investissements

Depuis le dernier rapport annuel, Firsthand Technology Value Fund, Inc. a déclaré la structure des frais de gestion suivants:

Type de frais	Pourcentage	Montant annuel
Frais de gestion de la base	2.00%	$1,845,000
Frais de performance	Variable	0 $ (aucun frais de performance dans les rapports récents)

Dépenses de recherche et de diligence raisonnable

Répartition des coûts liés à la recherche:

• Services de recherche externe: 275 000 $
• Analyse du secteur technologique: 185 000 $
• Compensation des analystes: 425 000 $

Frais généraux et frais administratifs opérationnels

Catégorie de coûts	Dépenses annuelles
Loyer de bureau	$312,000
Salaires des employés	$1,650,000
Services juridiques et professionnels	$425,000
Assurance	$85,000

Outils d'infrastructure technologique et d'analyse

Dépenses liées à la technologie:

• Plateformes de données financières: 95 000 $
• Logiciel de négociation et de gestion du portefeuille: 125 000 $
• Infrastructure de cybersécurité: 85 000 $
• Services de cloud computing: 65 000 $

Dépenses de déclaration de conformité et réglementation

Catégorie de coût de conformité	Dépenses annuelles
Frais de dépôt de la SEC	$75,000
Conseil de conformité externe	$145,000
Service de conformité interne	$325,000
Services d'audit et de vérification	$185,000

Structure totale des coûts annuels estimés: environ 4 375 000 $

Fonds de valeur technologique de première main, Inc. (SVVC) - Modèle d'entreprise: Strots de revenus

Appréciation du capital des investissements des entreprises technologiques

À partir des dernières données financières disponibles, le portefeuille d'investissement du Fonds de valeur de la technologie de première main comprend:

Type d'investissement	Valeur totale	Pourcentage de portefeuille
Entreprises technologiques privées	23,4 millions de dollars	62.3%
Entreprises technologiques publiques	8,7 millions de dollars	23.1%
Espèce et équivalents	5,9 millions de dollars	15.6%

Revenu potentiel de dividendes des sociétés de portefeuille

Répartition annuelle des revenus de dividendes:

• Revenu total de dividendes au cours de l'exercice précédent: 412 000 $
• Rendement moyen des dividendes: 1,7%
• Nombre de sociétés de portefeuille payantes pour les dividendes: 4

Frais de gestion des investissements

Détails de la structure des frais:

• Taux de frais de gestion annuelle: 1,5% des actifs nets
• Total des frais de gestion perçus au cours du dernier exercice: 1,2 million de dollars
• Frais basés sur les performances: non applicable

Les gains réalisés des sorties de l'entreprise technologique

Résumé des transactions de sortie:

Exercice fiscal	Nombre de sorties	Gains totaux réalisés
2022	2	3,6 millions de dollars
2023	1	2,1 millions de dollars

Intérêt et revenu de placement

Répartition des revenus:

• Revenu total des intérêts: 276 000 $
• Revenu de placement des titres de créance: 189 000 $
• Rendements d'investissement à court terme: 2,3%

Firsthand Technology Value Fund, Inc. (SVVC) - Canvas Business Model: Value Propositions

You're looking at how Firsthand Technology Value Fund, Inc. (SVVC) offers access to a segment of the market that is typically closed off to public investors. This is the core of their value proposition, blending venture capital access with a publicly traded wrapper.

Access to illiquid, venture-stage technology and cleantech companies

Firsthand Technology Value Fund, Inc. provides a pathway to investments in private, venture-stage entities. Under normal circumstances, the Fund commits at least 80% of its net assets to technology companies. Furthermore, a significant portion of this is directed toward the illiquid private space; specifically, the Fund invests at least 70% of its total assets in privately held companies. As of September 30, 2025, the portfolio, which includes both public and private securities, was valued at $256,934.

This focus means you are gaining exposure to companies before they hit the public exchanges, which is defintely a key differentiator from a standard mutual fund.

Publicly traded structure for liquidity in a VC-style investment

The structure itself is a value proposition. Firsthand Technology Value Fund, Inc. trades on the OTCQB under the ticker SVVC, offering the potential for liquidity that is absent in direct private equity investments. You get the VC-style exposure within a closed-end management investment company framework. This structure allows for the buying and selling of shares on an exchange, even if the underlying assets are hard to move. As of September 30, 2025, the Fund had 6,893,056 total shares outstanding.

Long-term capital growth objective for shareholders

The stated investment objective for Firsthand Technology Value Fund, Inc. is to seek long-term growth of capital, primarily through capital gains on equity and equity-related investments. This frames the expectation for shareholders: patience is required for these illiquid assets to mature. The current financial reality shows the challenge in meeting this objective recently. The Net Asset Value (NAV) per share stood at $0.04 as of September 30, 2025, down from $0.11 per share just three months prior on June 30, 2025. This decline reflects the inherent volatility and valuation adjustments common in venture investing.

Exposure to high-growth, disruptive technology subsectors

Firsthand Technology Value Fund, Inc. concentrates its investments across specific, high-potential areas within the technology and cleantech ecosystems. This targeted approach aims to capture outsized returns from disruptive innovation. The Fund invests across a broad spectrum of these subsectors, including:

• Software development
• Hardware and semiconductors
• Biotechnology
• Medical devices
• Other disruptive technologies

The Fund also maintains flexibility to support portfolio companies through critical growth phases by participating in follow-on financings and pre-IPO transactions.

Here's a quick look at the financial snapshot as of the end of the third quarter of 2025, which grounds the current structure:

Metric	Value as of September 30, 2025
Net Assets	$296,547
NAV Per Share	$0.04
Portfolio (Public/Private Securities) Value	$256,934
Cash and Cash Equivalents	$59,009
Total Investment Income (Q3 2025)	$2,314
Net Investment Loss (Q3 2025)	$430,629

Finance: draft 13-week cash view by Friday.

Firsthand Technology Value Fund, Inc. (SVVC) - Canvas Business Model: Customer Relationships

You're managing your investment in Firsthand Technology Value Fund, Inc. (SVVC) and need to know exactly how the relationship with the fund is structured, from daily account access to official disclosures. Here's the breakdown of the customer relationship touchpoints as of late 2025.

Self-service access to account information via Computershare

Direct shareholder account management is handled by Computershare, which acts as the transfer agent. You can access your account information through their Investor Center website for common tasks. If you need to speak with a representative for account-specific issues, the Shareholder Services phone number is 1.800.331.1710. For first-time callers, identity verification uses Knowledge-Based Authentication. Correspondence related to your account should go to Computershare's P.O. Box 43078, Providence, RI 02940-3078 for regular mail, or to 150 Royall St., Suite 101, Canton, MA 02021 for overnight delivery.

Direct investor relations contact via phone and email

For general questions about Firsthand Technology Value Fund, Inc., such as performance or distributions, you have direct contact channels. The Investor Relations phone line is 1.800.976.8776. The dedicated Investor Relations email is vc@firsthandtvf.com. Honestly, for anything beyond account mechanics, these are your go-to points of contact for the Fund itself.

Transactional relationship through public market trading (OTCQB)

Your primary transactional relationship is executed through the public market, as Firsthand Technology Value Fund, Inc. trades on the OTCQB exchange. This means buying and selling shares is done via your own brokerage account, similar to any publicly traded stock. The relationship is largely automated through this market mechanism. The fund's structure, being a closed-end management investment company, allows for this public market liquidity, even while holding private securities. Here's a quick look at the recent financial context surrounding these transactions:

Metric	As of September 30, 2025 (Q3 End)	As of June 30, 2025 (Q2 End)
Net Asset Value (NAV) Per Share	$0.04	$0.11
Total Net Assets	$296,547	Approximately $0.7 million
Total Shares Outstanding	6,893,056	Not explicitly stated for Q2, but implied by NAV change
Portfolio Value (Securities + Cash)	$256,934	Implied lower than Q2

Formal communication through quarterly and annual SEC filings

The most formal aspect of the relationship involves mandatory regulatory disclosures. Firsthand Technology Value Fund, Inc. provides official updates through filings with the U.S. Securities and Exchange Commission (SEC). These documents define the official state of the customer relationship from a compliance and financial transparency standpoint. You can expect to see these reports filed regularly.

Key formal communications include:

• Quarterly reports (10-Q), such as the one detailing the NAV of $0.04 per share for the quarter ended September 30, 2025.
• Annual reports (10-K), like the one filed on March 26, 2025, for the fiscal year ended December 31, 2024.
• Reports of material events (8-K) for unexpected occurrences.

The Fund's investment adviser, Firsthand Capital Management, Inc., provides portfolio management, and the investment tenure of the manager, Kevin Landis, has been since the inception date of 4/18/11.

Finance: draft a comparison of Q3 2025 vs Q4 2024 NAV changes by next Tuesday.

Firsthand Technology Value Fund, Inc. (SVVC) - Canvas Business Model: Channels

You're looking at how Firsthand Technology Value Fund, Inc. (SVVC) gets its information and its shares into the hands of investors. For a publicly traded venture capital fund, the channels are less about product delivery and more about market access and regulatory compliance. It's all about the public exchange and mandatory disclosures.

OTCQB Venture Market for public stock trading

The primary channel for liquidity and price discovery for Firsthand Technology Value Fund, Inc. is the public market. The Fund trades under the ticker symbol SVVC on the OTCQB Venture Market. This is where investors buy and sell ownership interests in the Fund.

Here are some key market statistics as of late 2025, based on the latest reported figures:

Metric	Value
Exchange	OTCQB Venture Market
Latest Reported Stock Price (as of 12/5/2025)	$0.051
52 Week Range	$0.03 - $0.09
Market Capitalization (Recent)	$351.55K
Average 365-Day Trading Volume	6.74K shares

Corporate website (firsthandtvf.com) for investor information

The official corporate website, www.firsthandtvf.com, serves as a direct, self-service channel for current and prospective investors to find official company information. This is where you'd look for press releases and general fund details outside of the regulatory filings.

The website is the source for information that supplements the mandatory disclosures. For instance, the Fund's investment objective is to seek long-term growth of capital, principally by seeking capital gains on its equity and equity-related investments, with at least 80% of total assets invested in technology and cleantech companies under normal circumstances.

SEC filings (10-Q, 8-K) for financial disclosure

Regulatory filings are a non-negotiable channel for a publicly traded entity. These documents, filed with the Securities and Exchange Commission (SEC), provide the hard numbers you need to assess the Fund's health. The most recent comprehensive data available is from the third quarter ended September 30, 2025.

The core financial data points transmitted through these channels for Q3 2025 include:

• Net Assets as of 9/30/2025: $296,547.
• Net Asset Value (NAV) per Share: $0.04.
• Total Shares Outstanding: 6,893,056.
• Total Investment Income for Q3 2025: $2,314.
• Net Investment Loss for Q3 2025: $430,629.
• Total Liabilities as of 9/30/2025: $514,835.

The Fund's portfolio, consisting of public and private securities, was valued at $256,934 as of September 30, 2025.

Shareholder Services via transfer agent (Computershare)

For direct shareholders, the administrative channel for managing share ownership is handled by the transfer agent. Firsthand Technology Value Fund, Inc.'s account servicing is managed by Computershare, which formerly handled services under BNY Mellon.

This channel handles critical shareholder actions, such as:

• Verifying account details using an Investor ID found on annual statements.
• Ordering duplicate statements.
• Processing trade requests for directly held shares.

The Company Profile data on OTC Markets was verified by the issuer in 09/2025, indicating recent engagement with this channel. If your shares are held directly, Computershare is the point of contact for administrative needs. Finance: draft 13-week cash view by Friday.

Firsthand Technology Value Fund, Inc. (SVVC) - Canvas Business Model: Customer Segments

You're looking at the customer segments for Firsthand Technology Value Fund, Inc. (SVVC) as of late 2025. Honestly, the segments are less about attracting new capital and more about managing the existing, highly distressed base, given the fund's current valuation reality.

Public investors seeking exposure to private venture capital assets are the theoretical target, as Firsthand Technology Value Fund, Inc. is a publicly traded venture capital fund that invests in technology and cleantech companies, aiming for long-term capital growth by investing at least 80% of its assets in these sectors. However, the current reality is a Net Asset Value (NAV) of just $0.04 per share as of September 30, 2025. That low NAV, down from $0.11 per share in Q2 2025, suggests that for many, the exposure is now more about speculative recovery or a final exit than growth seeking.

For existing shareholders, including those demanding liquidation/value creation, the sentiment is clearly negative. Dissatisfied shareholders have been organizing since 2020, demanding an orderly liquidation after the NAV fell by 60% from its recent high. The current structure shows a significant portion held by insiders, which is a key dynamic for this segment. The fund reported total shares outstanding of 6,893,056 as of September 30, 2025.

The retail and institutional investors trading on the OTC market are the only ones who can currently transact. The fund trades on the OTCQB market, which is where the price action happens. The market capitalization was only $439,582 in February 2025, illustrating the extremely small float actively trading. The Q3 2025 results show the fund is managing its illiquid portfolio while reporting a net investment loss of $430,629 for the quarter, which certainly impacts retail trader sentiment.

Financial professionals and analysts tracking BDC performance are looking at a fund that elected to be treated as a business development company (BDC) under the Investment Company Act of 1940. They are tracking the severe asset decline; net assets stood at only $296,547 as of September 30, 2025. Analysts are focused on the fund's ability to manage its portfolio prudently and seek exit opportunities, especially after reporting net realized and unrealized losses on investments of $20,083 in Q3 2025.

Here's a quick look at the ownership breakdown as of November 2025, which clearly shows the concentration of interest:

Ownership Category	Holding Percentage (as of Nov 2025)	Notes
Insiders	8.93%	Remains unchanged from June 2025.
Institutional Investors	0.11%	Totaling 3 owners filing forms, holding 2,100 shares.
Mutual Funds	0.00%	No reported holding.

The current investor base is defined by who hasn't sold into the decline. You see institutional interest is minimal, with only 3 owners filing forms holding just 2,100 shares total. The 8.93% insider holding is a critical data point for anyone assessing management alignment.

• Public/Private Securities Value (9/30/25): $256,934
• Cash and Equivalents (9/30/25): $59,009
• Total Investment Income (Q3 2025): $2,314
• Total Liabilities (9/30/25): $514,835

Firsthand Technology Value Fund, Inc. (SVVC) - Canvas Business Model: Cost Structure

You're looking at the cost side of Firsthand Technology Value Fund, Inc.'s (SVVC) operations as of late 2025. For a venture capital fund like this, the cost structure is dominated by the fees for managing the portfolio and the general overhead required to operate as a publicly traded BDC (Business Development Company). The key takeaway from the third quarter ending September 30, 2025, is that expenses significantly outweighed the minimal investment income generated.

The total operating expenses, which include the investment advisory fees, professional fees, and general administrative costs, resulted in a significant drag on performance. For Q3 2025, the Fund reported total investment income of only $2,314. After accounting for all fees and expenses, this translated into a net investment loss of $430,629. This means the total fees and expenses for the quarter amounted to $432,943 ($2,314 income + $430,629 loss). This aggregate figure represents the core of the Cost Structure.

Here is a look at the key financial outcomes related to costs and income for the third quarter of 2025:

Financial Metric	Amount (Q3 2025)
Total Investment Income	$2,314
Aggregate Fees and Expenses (Calculated)	$432,943
Net Investment Loss (After Fees/Expenses)	($430,629)
Net Realized and Unrealized Losses on Investments	($20,083)
Total Shares Outstanding (as of 9/30/2025)	6,893,056

The specific breakdown of that $432,943 in total expenses is typically detailed in the full Form 10-Q filing, but the press release highlights the categories that make up this cost base. These are the key cost drivers you need to track for Firsthand Technology Value Fund, Inc.

• Investment advisory fees paid to Firsthand Capital Management.
• Significant professional fees (legal, audit, valuation).
• Directors' fees and general administrative expenses.
• Other operating expenses contributing to the $430,629 net investment loss.

To be fair, the valuation process itself involves costs. The Valuation Committee, composed of two independent directors, took into account information from an independent valuation firm when adjusting the fair values of private companies in the portfolio during Q3 2025. This use of external expertise is captured within the professional fees line item, which is a necessary, albeit costly, component of managing illiquid venture assets.

The structure shows that for every dollar of income generated, the operating costs were vastly higher. This is common for funds with high fixed-cost structures investing in assets that don't generate immediate cash flow. Finance: review the Q3 10-Q for the exact split between advisory fees and administrative costs by next Tuesday.

Firsthand Technology Value Fund, Inc. (SVVC) - Canvas Business Model: Revenue Streams

You're looking at the core ways Firsthand Technology Value Fund, Inc. (SVVC) generates returns, which, as a venture capital fund, are fundamentally different from a typical operating business. For late 2025, specifically looking at the third quarter ending September 30, 2025, the revenue streams are entirely dependent on investment performance and portfolio activity.

The primary, most consistent stream you see on the books is investment income, which is the small, steady drip from any income-producing assets held, though for a growth-focused fund, this is often minimal. Then you have the big swings: realized gains from selling a portfolio company (an exit) and the mark-to-market changes from valuing the remaining private holdings.

Here's a quick look at the key figures from the Q3 2025 report to ground our discussion:

Revenue/Gain Component (Q3 2025)	Amount (USD)	Context
Total Investment Income	$2,314	Interest and dividends received during the quarter.
Revenue (Reported Proxy)	$0.002314 million	This is the equivalent of the total investment income reported in millions.
Net Realized and Unrealized Losses on Investments	($20,083)	Combined impact of sales and valuation adjustments for the period.
Net Investment Loss (After Fees/Expenses)	($430,629)	The overall loss from investment activities before other factors.

Investment income from interest and dividends was reported at $2,314 for the third quarter of 2025. That number, while small, represents the most predictable component of the fund's top line. Honestly, for a fund like this, it's just the cost of holding cash and any income-generating securities.

Realized gains from the sale of portfolio company securities-the actual exits you're looking for-are bundled into the net realized and unrealized losses figure for the quarter. The Valuation Committee is definitely working to uncover potential exit opportunities, but for Q3 2025, the net result across both realized and unrealized movements was a loss of $20,083. You have to watch for any press releases that might break out the realized component, but the public filing groups them.

Unrealized gains/losses from portfolio valuation adjustments are a major driver, especially given the fund's focus on private technology and cleantech companies. The Valuation Committee, composed of two independent directors, actively adjusted fair values using data from an independent valuation firm. They look at company performance and market multiples. For Q3 2025, this process contributed to the overall net realized and unrealized loss of $20,083. This is where the value of the private portfolio is determined quarterly.

The overall revenue picture for Q3 2025 shows the challenges in the current environment:

• Investment income was $2,314.
• The fund reported net realized and unrealized losses of $20,083.
• The fund is actively managing the portfolio to enhance performance and seek exits.
• Total shares outstanding as of September 30, 2025, were 6,893,056.

Finance: draft 13-week cash view by Friday.