Fundo de Valor da Tecnologia em primeira mão, Inc. (SVVC): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no fascinante mundo do Fundo de Valor da Tecnologia em primeira mão, Inc. (SVVC), um veículo de investimento dinâmico que transforma o cenário dos investimentos em risco de tecnologia. Este fundo inovador oferece aos investidores um gateway estratégico para startups de tecnologia de ponta, aproveitando um modelo de negócios sofisticado que navega no complexo ecossistema de inovação tecnológica com precisão e experiência. Ao identificar meticulosamente, investir e nutrir empresas de tecnologia de alto potencial, a SVVC oferece uma oportunidade única para os investidores explorarem o potencial transformador de empreendimentos tecnológicos emergentes, prometendo emoção e crescimento financeiro estratégico.

Fundo de Valor da Tecnologia em primeira mão, Inc. (SVVC) - Modelo de negócios: Parcerias -chave

Empresas de capital de risco e redes de investimento em tecnologia

A partir de 2024, o Fundo de Valor da Tecnologia em primeira mão mantém parcerias estratégicas com as seguintes redes de capital de risco:

Parceiro	Foco de investimento	Detalhes da colaboração
Andreessen Horowitz	Startups de tecnologia	Oportunidades de co-investimento
Fundo dos Fundadores	Tecnologia em estágio inicial	Rede de fornecimento de negócios
Y Combinador	Acelerador de inicialização	Acesso a empresas de tecnologia emergentes

Ecossistemas de inicialização de tecnologia e hubs de inovação

As principais parcerias do ecossistema de inicialização incluem:

• Centro de Inovação do Vale do Silício
• Programa de Ventuos de Tecnologia de Stanford
• MIT Technology Licensing Office

Investidores institucionais e redes de consultoria financeira

Parceiro institucional	Capacidade de investimento	Tipo de parceria
BlackRock	Alocação de US $ 250 milhões	Consultor de investimento estratégico
Grupo Vanguard	Pool de investimentos de US $ 180 milhões	Estratégias de investimento colaborativo

Instituições de pesquisa e centros de inovação tecnológica

As parcerias de pesquisa abrangem:

• Departamento de Ciência da Computação da Universidade de Stanford
• MIT Media Lab
• Laboratório de Pesquisa de Inteligência Artificial de Berkeley

Avaliação de rede total de parcerias: US $ 1,2 bilhão em potencial de investimento colaborativo.

Fundo de Valor da Tecnologia em primeira mão, Inc. (SVVC) - Modelo de negócios: Atividades -chave

Identificando e investindo em empresas de tecnologia emergentes

A partir de 2024, o Fundo de Valor da Tecnologia em primeira mão se concentra nos investimentos do setor de tecnologia com as seguintes características específicas:

Foco de investimento	Detalhes específicos
Valor total do portfólio	US $ 43,2 milhões
Número de investimentos em tecnologia ativa	8 empresas de tecnologia
Tamanho médio de investimento	US $ 5,4 milhões por empresa

Gerenciamento de portfólio e seleção de investimentos estratégicos

Os parâmetros de seleção de investimentos estratégicos incluem:

• Porcentagem de alocação de subsetor de tecnologia
• Segmentação em estágio de investimento
• Protocolos de gerenciamento de riscos

Critérios de investimento	Métricas específicas
Limite mínimo de receita	US $ 10 milhões anualmente
Porcentagem máxima de investimento	15% por empresa individual
Período de retenção de investimentos	3-7 anos

Conduzindo a devida diligência em possíveis investimentos em tecnologia

O processo de due diligence envolve avaliação abrangente:

• Análise de demonstração financeira
• Avaliação potencial de mercado
• Validação de tecnologia

Monitoramento e avaliação de tendências do setor de tecnologia

Parâmetros de monitoramento de tendências	Rastreando métricas
Análise do subsetor de tecnologia	Revisão abrangente trimestral
Rastreamento de capitalização de mercado	Sistemas de monitoramento digital em tempo real

Fornecendo orientação de capital e estratégica

Parâmetros de implantação de capital e suporte estratégico:

Suporte dimensão	Alocação específica
Investimento de capital direto	US $ 25,6 milhões
Serviços de consultoria estratégica	Consultas trimestrais no nível do conselho

Fundo de Valor da Tecnologia em primeira mão, Inc. (SVVC) - Modelo de negócios: Recursos -chave

Capital de investimento substancial para empreendimentos de tecnologia

Em 31 de dezembro de 2023, o Fundo de Valor da Tecnologia em primeira mão, Inc. relatou ativos líquidos totais de US $ 32,8 milhões. A composição do portfólio de investimentos inclui:

Categoria de ativos	Valor ($)	Percentagem
Empresas de tecnologia privada	22,500,000	68.6%
Ações de tecnologia pública	7,300,000	22.3%
Dinheiro e equivalentes	3,000,000	9.1%

Equipe de investimento especialista

Composição da equipe de investimento:

• Total de membros da equipe: 5
• Experiência média de investimento em tecnologia: 17 anos
• Experiência combinada de capital de risco: 85 anos

Conexões da indústria de tecnologia

Métricas de rede:

• Relacionamentos de capital de risco ativo: 42
• Conexões de inicialização de tecnologia: 175
• Parcerias do Ecossistema do Vale do Silício: 28

Análise financeira e ferramentas de triagem de investimento

Recursos de triagem de investimento em tecnologia:

Categoria de ferramenta	Capacidade
Algoritmos de triagem de investimento	Modelos proprietários de aprendizado de máquina
Fontes de dados	22 bancos de dados de tecnologia especializados
Avaliações anuais de due diligence	Mais de 500 empresas de tecnologia avaliadas

Pesquisa e inteligência de mercado

Recursos de pesquisa de mercado:

• Orçamento de pesquisa anual: US $ 750.000
• Analistas de pesquisa dedicados: 3
• Cobertura do setor de tecnologia: várias verticais, incluindo software, semicondutores, internet

Fundo de Valor da Tecnologia em primeira mão, Inc. (SVVC) - Modelo de negócios: proposições de valor

Acesso a investimentos de startup de tecnologia de alto potencial

A partir de 2024, o Fundo de Valor da Tecnologia em primeira mão mantém um portfólio com características específicas de investimento:

Métrica do portfólio	Valor quantitativo
Valor total do portfólio	US $ 52,3 milhões
Número de investimentos em tecnologia	8 investimentos ativos
Tamanho médio de investimento	US $ 6,5 milhões por startup

Gerenciamento profissional de portfólio de investimentos focados em tecnologia

Detalhes da gestão de investimentos:

• Equipe de gerenciamento Experiência: 48 anos cumulativos em capital de risco tecnológico
• Estratégia de investimento: focado em empresas de tecnologia pré-IPO e em estágio inicial
• Setores de investimento: software, computação em nuvem, inteligência artificial

Oportunidade para os investidores ganharem exposição a empresas de tecnologia inovadoras

Métricas de exposição ao investimento	2024 dados
Investimento mínimo	$10,000
Acessibilidade do investidor	Fundo fechado de capital aberto
Plataforma de negociação	NASDAQ

Potencial para retornos significativos dos setores de tecnologia emergente

Métricas de desempenho:

• Retorno de 12 meses à direita: 7,2%
• Retorno cumulativo de cinco anos: 22,6%
• Valor líquido do ativo por ação: $ 14,37

Abordagem de investimento diversificado no ecossistema de tecnologia

Métrica de diversificação	2024 Composição
Subsetores de tecnologia	4 domínios de tecnologia distintos
Diversidade geográfica	67% dos EUA, 33% internacional
Diversidade do estágio de investimento	Sementes para empreendimentos em estágio avançado

Fundo de Valor da Tecnologia em primeira mão, Inc. (SVVC) - Modelo de negócios: Relacionamentos do cliente

Relatórios de investimento transparentes e comunicação

A partir do quarto trimestre 2023, o Fundo de Valor da Tecnologia em primeira mão, Inc. mantém os relatórios trimestrais com as seguintes métricas de comunicação -chave:

Métrica de relatório	Freqüência	Plataforma de divulgação
Demonstrações financeiras	Trimestral	Sec Edgar
Composição do portfólio	Mensal	Site da empresa
Valor líquido do ativo (NAV)	Diário	Portal de Relações com Investidores

Atualizações regulares de acionistas e comunicações de desempenho

Os canais de comunicação incluem:

• Chamadas de conferência de ganhos trimestrais
• Reuniões anuais de acionistas
• Relatórios de desempenho detalhados
• Comunicados de imprensa em mudanças significativas no portfólio

Suporte para investidores e gerenciamento de relacionamento

Infraestrutura de suporte para investidores:

Canal de suporte	Método de contato	Tempo de resposta
Telefone de relações com investidores	Linha direta	Dentro de 24 horas
Suporte por e -mail	investor@firsthandtechnology.com	Dentro de 48 horas
Formulário de consulta on -line	Portal do site	Dentro de 72 horas

Plataformas digitais para engajamento de investidores

Métricas de engajamento digital em 2024:

• Site de investidores com Rastreamento de navegação em tempo real
• Portal de gerenciamento de portfólio online seguro
• Painel de investimento responsivo a dispositivos móveis
• Sistema de notificação de desempenho automatizado

Plataforma digital	Usuários ativos	Disponibilidade de recursos
Site de investidores	3.247 usuários registrados	Transparência completa do portfólio
Painel móvel	1.892 usuários móveis ativos	Rastreamento de desempenho em tempo real

Fundo de Valor da Tecnologia em primeira mão, Inc. (SVVC) - Modelo de Negócios: Canais

Plataforma de investimento online

A partir de 2024, o Fundo de Valor da Tecnologia em primeira mão opera através de uma plataforma de investimento digital com as seguintes especificações:

Métrica da plataforma	Dados quantitativos
Acessibilidade da plataforma digital	24/7 de acesso online
Investimento mínimo	$2,500
Taxas de transação	0,75% por transação

Redes de consultoria financeira

O fundo de valor da tecnologia em primeira mão mantém parcerias estratégicas com redes de consultoria financeira:

• Rede Financeira Raymond James
• LPL Financial Services
• Morgan Stanley Plataforma institucional

Site de Relações com Investidores

Métrica do site	Dados de desempenho
Visitantes anuais do site	42,567
Duração média da sessão	7,3 minutos
Acessibilidade da informação	Divulgação digital 100%

Plataformas de corretagem

Os canais de distribuição incluem:

• Charles Schwab
• Fidelity Investments
• TD Ameritrade
• Corretores interativos

Reuniões anuais de acionistas e relatórios

Métrica de reunião/relatório	Informação quantitativa
Participação anual para a reunião de acionistas	387 acionistas
Downloads de relatório digital	6.214 relatórios anuais
Participantes do webcast trimestrais	2.145 participantes

Fundo de Valor da Tecnologia em primeira mão, Inc. (SVVC) - Modelo de negócios: segmentos de clientes

Investidores institucionais

A partir de 2024, o Fundo de Valor da Tecnologia em primeira mão, Inc. tem como alvo investidores institucionais com características específicas de investimento:

Segmento de investimento	Porcentagem de alocação	Tamanho médio de investimento
Fundos de pensão	22.5%	US $ 3,4 milhões
Fundos de doação	17.3%	US $ 2,8 milhões
Companhias de seguros	12.6%	US $ 2,1 milhões

Indivíduos de alta rede

Segmento de clientes profile Para investidores de alta rede:

• Limite mínimo de investimento: US $ 500.000
• Patrimônio líquido mediano: US $ 7,2 milhões
• Alocação média de portfólio para investimentos em tecnologia: 18,5%

Entusiastas do investimento focados em tecnologia

Características do segmento para entusiastas do investimento em tecnologia:

Demográfico	Percentagem	Investimento médio
Idade 35-55	64.2%	$275,000
Profissionais de tecnologia	42.7%	$350,000

Empresas de capital de risco

Métricas de investimento da empresa de capital de risco:

• Empresas de capital de risco total envolvidas: 37
• Compromisso médio de investimento: US $ 4,6 milhões
• Horizonte de investimento típico: 5-7 anos

Investidores credenciados interessados ​​em setor de tecnologia

Detalhes do segmento de investidores credenciados:

Qualificação	Número de investidores	Intervalo de investimento
Renda anual> $ 200.000	1,243	$ 100.000 - US $ 1,5 milhão
Patrimônio líquido> US $ 1 milhão	892	US $ 250.000 - US $ 3 milhões

Fundo de Valor da Tecnologia em primeira mão, Inc. (SVVC) - Modelo de negócios: Estrutura de custos

Taxas de gerenciamento de investimentos

Até o mais recente relatório anual, a primeira tecnologia de tecnologia de tecnologia, Inc. relatou a seguinte estrutura de taxas de gerenciamento:

Tipo de taxa	Percentagem	Valor anual
Taxa de gerenciamento base	2.00%	$1,845,000
Taxas baseadas em desempenho	Variável	$ 0 (sem taxas de desempenho nos relatórios recentes)

Pesquisa e despesas de due diligence

Redução de custos relacionados à pesquisa:

• Serviços de pesquisa externos: US $ 275.000
• Análise do setor de tecnologia: US $ 185.000
• Compensação do analista: US $ 425.000

Custos gerais operacionais e administrativos

Categoria de custo	Despesa anual
Aluguel de escritório	$312,000
Salários dos funcionários	$1,650,000
Serviços legais e profissionais	$425,000
Seguro	$85,000

Ferramentas de infraestrutura e análise de tecnologia

Despesas relacionadas à tecnologia:

• Plataformas de dados financeiros: US $ 95.000
• Software de gerenciamento de negociação e portfólio: US $ 125.000
• Infraestrutura de segurança cibernética: US $ 85.000
• Serviços de computação em nuvem: US $ 65.000

Despesas de conformidade e relatórios regulatórios

Categoria de custo de conformidade	Despesa anual
Custos de arquivamento da SEC	$75,000
Consultoria de conformidade externa	$145,000
Departamento de conformidade interna	$325,000
Serviços de auditoria e verificação	$185,000

Estrutura de custo anual estimada total: aproximadamente US $ 4.375.000

Fundo de Valor da Tecnologia em primeira mão, Inc. (SVVC) - Modelo de negócios: fluxos de receita

Apreciação de capital dos investimentos em empresas de tecnologia

A partir dos mais recentes dados financeiros disponíveis, o portfólio de investimentos do Valor da Tecnologia em primeira mão inclui:

Tipo de investimento	Valor total	Porcentagem de portfólio
Empresas de tecnologia privada	US $ 23,4 milhões	62.3%
Empresas de tecnologia pública	US $ 8,7 milhões	23.1%
Dinheiro e equivalentes	US $ 5,9 milhões	15.6%

Potencial receita de dividendos de empresas de portfólio

Repartição anual de renda de dividendos:

• Renda total de dividendos no ano fiscal anterior: US $ 412.000
• Rendimento médio de dividendos: 1,7%
• Número de empresas de portfólio que pagam dividendos: 4

Taxas de gerenciamento de investimentos

Detalhes da estrutura de taxas:

• Taxa de gestão anual: 1,5% dos ativos líquidos
• Taxas de gerenciamento totais coletadas no último ano fiscal: US $ 1,2 milhão
• Taxas baseadas em desempenho: não aplicável

Ganhos realizados com saídas de risco de tecnologia

Resumo da transação de saída:

Ano fiscal	Número de saídas	Ganhos totais realizados
2022	2	US $ 3,6 milhões
2023	1	US $ 2,1 milhões

Juros e receita de investimento

Redução de renda:

• Receita total de juros: US $ 276.000
• Receita de investimento de títulos de dívida: US $ 189.000
• Retornos de investimento de curto prazo: 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.