0001495584 Firsthand Technology Value Fund, Inc. false --12-31 Q3 2024 2,629 2,629 0.001 0.001 100,000,000 100,000,000 244,111 80,000 55,356 234,126 97,793 88,812 19,472 391,753 11,686,668 1 11,686,668 7,864,998 11,525,341 9,689,744 22,473,661 7,864,982 337.39 7.21 4.11 3.12 3.10 2.84 — — — — 8.02 9.91 337.39 7.21 4.11 3.12 11.12 12.75 337.39 7.21 4.11 3.12 3.10 2.80 352.51 8.13 20.96 2.94 0.64 3.93 — — — — — 0.33 352.51 8.13 20.96 2.94 0.64 3.60 0 1 15 16 13 18 2.2 June 10, 2016 June 10, 2016 November 7, 2016 3.1 December 31, 2024 October 11, 2019 December 31, 2024 October 22, 2021 December 31, 2024 October 29, 2019 December 31, 2024 October 6, 2021 December 31, 2024 November 12, 2021 December 31, 2024 November 29, 2021 December 31, 2024 December 31, 2018 December 31, 2024 February 27, 2020 December 31, 2024 February 28, 2022 December 31, 2024 March 25, 2020 December 31, 2024 March 30, 2022 December 31, 2024 March 8, 2020 December 31, 2024 April 20, 2021 December 31, 2024 April 6, 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Per share results are calculated based on weighted average shares outstanding for each period. Fair Value Level 3 security (28.0% of net assets). Amount includes the incentive fee. For the year ended December 31, 2019, the ratio of the incentive fee to average net assets was (5.64)%. Deferred tax benefit estimate for the ratio calculation is derived from net investment income (loss) only. Security whose interest accrues until maturity however, based on September 30, 2024 valuation no such interest accrued during period ended September 30, 2024. An increase in the input would result in a decrease in the security’s valuation; a decrease in the input would result in an increase in the security’s valuation. CDI: CHESS Depositary Interests Annualized. Controlled investments. Restricted security. Fair Value is determined by or under the direction of the Company’s Board of Directors (see Note 3). At September 30, 2024, we held $433,078 (or 28.0% of net assets) in restricted securities (see Note 2). Primary exposure is equity risk. Deferred tax expense estimate is derived from net investment income (loss), and realized and unrealized gains (losses). Includes warrants whose primary risk exposure is equity contracts. Non-income producing security. The net change in unrealized appreciation (depreciation) from Level 3 instruments held as of June 30, 2024 was $983,364. Calculated using average shares outstanding. Restricted security. Fair Value is determined by or under the direction of the Company’s Board of Directors (see Note 3). At June 30, 2024, we held $5,661,236 (or 556.2% of net assets) in restricted securities (see Note 2). Security whose interest accrues until maturity however, based on June 30, 2024 valuation no such interest accrued during period ended June 30, 2024. Includes Fidelity Investment Money Market Treasury Portfolio - Class I, which invests primarily in U.S. Treasury securities. The yields as of 06/30/24 and 12/31/23 were 5.19% and 5.23%, respectively. Please see https://fundresearch.fidelity.com/mutual-funds/summary/316175504 for additional information Fair Value Level 3 security (556.2% of net assets). An increase in the input would result in an increase in the security’s valuation; a decrease in the input would result in a decrease in the security’s valuation. Affiliated issuer. The Fidelity Investments Money Market Treasury Portfolio invests primarily in U.S. Treasury securities. Weighted average is calculated by weighting the significant unobservable input by the relative fair value of each investment in the category The deferred tax expense and tax benefit are based on average net assets. Controlled Investments. Restricted security. Fair Value is determined by or under the direction of the Company’s Board of Directors (See note 3). At December 31, 2023, we held $4,797,872 (or 380.7% of net assets) in restricted securities (see Note 2). As restated to reflect the removal of parenthetical notation to appropriately present ratio as deferred tax expense. 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CDI: CHESS Depositary Interests Annualized. Controlled investments. Restricted security. Fair Value is determined in good faith by Firsthand Capital Management, Inc. ("FCM" or the "Advisor") as the valuation designee under Rule 2a-5 under the 1940 Act, subject to oversight by the Board (see Note 3). At March 31, 2025, we held $244,982 (or 29.3% of net assets) in restricted securities (see Note 2). As restated to reflect the removal of parenthetical notation to appropriately present ratio as tax expense. Non-income producing security. Calculated using average shares outstanding. An increase in the inputs would result in a decrease in the securities valuation; a decrease in the input would result in an increase in the security's valuation. Weighted average is calculated by weighing the significant unobservable input by the relative fair value of each investment in the category. Per share results are calculated based on weighted average shares outstanding for each period. An increase in the input would result in an increase in the security’s valuation; a decrease in the input would result in a decrease in the security’s valuation. Security whose interest accrues until maturity however, based on December 31, 2024 valuation no such interest accrued during period ended December 31, 2024. The net change in unrealized appreciation (depreciation) from Level 3 instruments held as of March 31, 2025 was $(70,268). Tax expense estimate is derived from net investment income (loss), and realized and unrealized gains (losses). Fair Value Level 3 security (29.7% of net assets) Affiliated issuer. The Fidelity Investments Money Market Treasury Portfolio invests primarily in U.S. Treasury securities. Security whose interest accrues until maturity however, based on March 31, 2025 valuation no such interest accrued during period ended March 31, 2025. Controlled Investments. Restricted security. Fair Value is determined by in good faith by Firsthand Capital Management, Inc. ("FCM" or the "Advisor") as the valuation designee under Rule 2a-5 under the 1940 Act, subject to oversight by the Board (see Note 3). At December 31, 2024, we held $315,250 (or 29.7% of net assets) in restricted securities (see Note 2). Includes Fidelity Investment Money Market Treasury Portfolio - Class I, which invests primarily in U.S. Treasury securities. The yields as of 03/31/25 and 12/31/24 were 4.20% and 4.34%, respectively. Please see https://fundresearch.fidelity.com/mutual-funds/summary/316175504 for additional information. The tax expense and tax benefit are based on average net assets. Fair Value Level 3 security (29.7% of net assets). As of December 31, 2023, the Fund used Liquidation Value and Market Comparable Companies approaches to value certain investments. As of December 31, 2024, the Fund discontinued these approaches in certain cases in which more reliable indications of value were developed. 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U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q

☑	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period of ~~September~~March 3031, ~~2024~~2025

☐	TRANSITION QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 333-168195

FIRSTHAND TECHNOLOGY VALUE FUND, INC.

(Exact Name of Registrant as Specified in Charter)

Maryland
(State or Other Jurisdiction of
Incorporation or Organization)

27-3008946
(I.R.S. Employer
Identification No)

150 Almaden Boulevard, Suite 1250
San Jose, California
(Address of Principal Executive Offices)

95113
(Zip Code)

Telephone Number, Including Area Code: (408) 886-7096

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common	SVVC	OTCQB

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☑ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

☐ Large Accelerated Filer

☑ Non-accelerated Filer

☐ Accelerated Filer

☐ Smaller Reporting Company

☑ Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☑ No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class	Outstanding at ~~September~~March 3031, ~~2024~~2025
Common Stock, $0.001 par value per share	6,893,056

Table of Contents

~~TABLE~~If OFan ~~CONTENTS~~emerging ~~PART~~growth I.company, ~~FINANCIAL~~indicate ~~INFORMATION~~by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1. Financial Statements	2
Consolidated Statements of Assets and Liabilities as of September 30, 2024 (Unaudited) and December 31, 2023	2
Consolidated Statements of Operations (Unaudited) for the Three and Nine Months Ended September 30, 2024, and September 30, 2023	3
Consolidated Statements of Cash Flows (Unaudited) for the Three and Nine Months Ended September 30, 2024, and September 30, 2023	4
Consolidated Statements of Changes in Net Assets (Unaudited) for the Three and Nine Months Ended September 30, 2024, and September 30, 2023	5
Selected Per Share Data and Ratios for the Nine Months Ended September 30, 2024 (Unaudited) (Consolidated), for the Year Ended December 31, 2023 (Consolidated), for the Year Ended December 31, 2022 (Consolidated), for the Year Ended December 31, 2021 (Consolidated), for the Year Ended December 31, 2020 (Consolidated), and for the Year Ended December 31, 2019 (Consolidated)	6
Consolidated Schedule of Investments as of September 30, 2024 (Unaudited) and for the Year Ended December 31, 2023	8
Notes to Consolidated Financial Statements (Unaudited)	21
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	40
Item 3. Quantitative and Qualitative Disclosures About Market Risk	40
Item 4. Controls and Procedures	51
PART II. OTHER INFORMATION	52
Item 1. Legal Proceedings	52
Item 1A. Risk Factors	52
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	52
Item 3. Defaults Upon Senior Securities	52
Item 4. Mine Safety Disclosures	52
Item 5. Other Information	52
Item 6. Exhibits	54
SIGNATURES	55

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). ☐Yes ☒ No

The aggregate market value of the Common Stock held by non-affiliates of the registrant as of December 31, 2024 was approximately $290 thousand (computed using the closing price of $0.06 per share of Common Stock on December 31, 2024, as reported by OTC Markets Group.

As of March 1, 2025, Firsthand Technology Value Fund had 6,893,056 shares of common stock, par value $0.001 per share, outstanding.

Table of Contents

TABLE OF CONTENTS
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Statements of Assets and Liabilities as of March 31, 2025 (Unaudited) and December 31, 2024	2
Consolidated Statements of Operations (Unaudited) for the Three Months Ended March 31, 2025, and March 31, 2024	3
Consolidated Statements of Cash Flows (Unaudited) for the Three Months Ended March 31, 2025, and March 31, 2024	4
Consolidated Statements of Changes in Net Assets (Unaudited) for the Three Months Ended March 31, 2025, and March 31, 2024	5
Selected Per Share Data and Ratios for the Three Months Ended March 31, 2025 (Unaudited) (Consolidated), for the Year Ended December 31, 2024 (Consolidated), for the Year Ended December 31, 2023 (Consolidated), for the Year Ended December 31, 2022 (Consolidated), for the Year Ended December 31, 2021 (Consolidated), and for the Year Ended December 31, 2020 (Consolidated)	6
Consolidated Schedule of Investments as of March 31, 2025 (Unaudited) and for the Year Ended December 31, 2024	7
Notes to Consolidated Financial Statements (Unaudited)	17
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	35
Item 3. Quantitative and Qualitative Disclosures About Market Risk	40
Item 4. Controls and Procedures	42
PART II. OTHER INFORMATION	43
Item 1. Legal Proceedings	43
Item 1A. Risk Factors	43
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	43
Item 3. Defaults Upon Senior Securities	43
Item 4. Mine Safety Disclosures	43
Item 5. Other Information	43
Item 6. Exhibits	46
SIGNATURES	47

Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Firsthand Technology Value Fund, Inc.

Consolidated Statements of Assets and Liabilities

	AS OF SEPTEMBER 30, 2024 (UNAUDITED)			AS OF DECEMBER 31, 2023
	AS OF MARCH 31, 2025 (UNAUDITED)			AS OF DECEMBER 31, 2024
ASSETS
Investment securities:
Unaffiliated investments at acquisition cost	$	1,~~998~~453,~~082~~187	*	$	1,~~173~~745,~~502~~224	*
Affiliated investments at acquisition cost		662,235			662,235
Controlled investments at acquisition cost		114,315,039			~~132~~114,~~131~~275,~~932~~039
Total acquisition cost	$	116,~~975~~430,~~356~~461		$	~~133~~116,~~967~~682,~~669~~498
Unaffiliated investments at market value	$	~~998~~453,~~082~~187	*	$	~~173~~745,~~502~~224	*
Affiliated investments at market value		~~351~~208,~~834~~132			~~299~~260,~~932~~497
Controlled investments at market value		8136,~~244~~850			854,~~260,345~~753
Total Market value (Note 6)		1698,~~431,160~~169			81,~~733~~060,~~779~~474	**
Foreign currency at value (cost $2,629 and $2,629)		2,~~806~~536			2,~~765~~512
Receivable for securities sold		325,000			—325,000
Receivable from dividends and interest		151,~~471~~764			82,~~161~~871
Other assets		~~439~~464,~~385~~166			63404,~~649~~756
Total Assets		21,~~213~~491,~~822~~635			81,~~808~~795,~~354~~613
LIABILITIES
Due to Custodian		~~158~~167,~~804~~478			—127,478
Payable to affiliates (Note 4)		54,845			7,183,782
Payable to affiliates (Note 2)		34,584			27,587
Directors’ fees payable (Note 2)		212,504			13,891
Deferred directors’ fees payable (Note 2)		137,689			214,172
Consulting fee payable		419,000			~~43,000~~—
Accrued expenses and other payables		202,522			307,310
Accrued taxes		86,654			139,154
Total Liabilities		669,675			7,547,983
Accrued expenses and other payables		219,009			226,543
NET ASSETS	$	1,544,147		$	1,260,371
Total Liabilities		654,414			734,934
NET ASSETS	$	837,221		$	1,060,679
Net Assets consist of:
Common Stock, par value $0.001 per share 100,000,000 shares authorized	$	6,893		$	6,893
Paid-in-capital		176,770,722			176,770,722
Total distributable earnings (loss)		(175,~~233~~940,~~468~~394	)		(175,~~517~~716,~~244~~936	)
NET ASSETS	$	1837,~~544,147~~221		$	1,~~260~~060,~~371~~679
Shares of Common Stock outstanding		7,016,432			7,016,432
Shares of Treasury Stock outstanding		(123,376	)		(123,376	)
Total Shares of Common Stock outstanding		6,893,056			6,893,056
Net asset value per share (Note 2)	$	0.2212		$	0.1815

*	Includes Fidelity Investment Money Market Treasury Portfolio - Class I, which invests primarily in U.S. Treasury securities. The yields as of 09/30/24 and 12/31/23 were 4.83% and 5.23%, respectively. Please see https://fundresearch.fidelity.com/mutual-funds/summary/316175504 for additional information.
**	Includes warrants whose primary risk exposure is equity contracts.

Includes Fidelity Investment Money Market Treasury Portfolio - Class I, which invests primarily in U.S. Treasury securities. The yields as of 03/31/25 and 12/31/24 were 4.20% and 4.34%, respectively. Please see https://fundresearch.fidelity.com/mutual-funds/summary/316175504 for additional information.

See accompanying notes to financial statements

Table of Contents

Firsthand Technology Value Fund, Inc.

Consolidated Statements of Operations (Unaudited)

	FOR THE THREE MONTHS ENDED						~~FOR THE NINE MONTHS ENDED~~
	SEPTEMBER 30, 2024			SEPTEMBER 30, 2023			SEPTEMBER 30, 2024			SEPTEMBER 30, 2023
	MARCH 31, 2025			MARCH 31, 2024
INVESTMENT INCOME (LOSS)
INVESTMENT INCOME
Unaffiliated interest	$	155,~~456~~965		$	92,~~985~~045		$	~~17,793~~		$	~~33,456~~
Affiliated/controlled interest		~~20,336~~—			~~(244~~30,~~111~~000	)		~~80,000~~			~~55,356~~
TOTAL INVESTMENT INCOME (LOSS)		35,792			(234,126	)		97,793			88,812
TOTAL INVESTMENT INCOME		5,965			32,045
EXPENSES
Investment advisory fees (Note 4)		197,~~472~~378			7333,~~300~~703			~~79,128~~			~~412,843~~
Administration fees		2629,~~911~~091			29,~~739~~026			~~86,156~~			~~87,243~~
Custody fees		~~629~~3,302			~~(11~~1,043	)		~~2,264~~			~~6,589~~
Transfer agent fees		85,~~525~~530			65,~~381~~404			~~19,878~~			~~26,892~~
Registration and filing fees		~~(14~~3,~~037~~087	)		8,~~897~~813			~~3,590~~			~~26,402~~
Professional fees		~~194~~54,~~475~~330			8767,~~623~~815			~~351,579~~			~~249,932~~
Printing fees		~~(40,075~~500	)		~~106~~21,~~912~~037			~~2,000~~			~~207,383~~
Directors' fees		169,445			36,000			211,112			58,086
Directors’ fees		12,500			—
Compliance fees		27,811			29,938			82,828			88,838
Deferred Directors' fees (Note 2)		(45,922	)		36,113
Miscellaneous fees		18,069			21,708			57,686			64,409
Compliance fees		27,206			27,509
TOTAL GROSS EXPENSES		411,225			400,487			896,221			1,228,617
Miscellaneous fees		22,181			19,813
Less Waiver and/or reimbursement (Note 4)		(19,472	)		(2,500,000	)		(3,079,128	)		(2,500,000	)
TOTAL GROSS EXPENSES		119,183			250,276
TOTAL NET EXPENSES		391,753			(2,099,513	)		(2,182,907	)		(1,271,383	)
Less Waiver and/or reimbursement (Note 4)		—			(3,033,703	)
NET INVESTMENT INCOME/(LOSS)		(355,961	)		1,865,387			2,280,700			1,360,195
TOTAL NET EXPENSES		119,183			(2,783,427	)
Net Realized and Unrealized Gain (Loss) on Investments:
NET INVESTMENT INCOME/(LOSS)		(113,218	)		2,815,472
Net realized gains (losses) from security transactions on:
Net Realized and Unrealized (Loss) on Investments:
Affiliated/controlled		(11,686,668	)		(1	)		(11,686,668	)		(7,864,998	)
Net realized (losses) from security transactions on:
Foreign currency		—			—			—			16
Affiliated/controlled		—			—
Net realized gains (losses)		(11,686,668	)		(1	)		(11,686,668	)		(7,864,982	)
Net realized gain (Losses)		—			—
Net change in unrealized appreciation (depreciation) on:
Net change in unrealized (depreciation) on:
Affiliated/controlled investments and foreign currency		12(110,~~733,580~~240	)		(113,~~525~~907,~~341~~923	)		~~9,689,744~~			~~(22,473,661~~	)
Affiliated/controlled warrants investments (1)		(164,724	)		(758,405	)		—			(950,447	)
Net change in unrealized (depreciation)		(110,240	)		(3,907,923	)
Net change in unrealized appreciation (depreciation)		12,568,856			(12,283,746	)		9,689,744			(23,424,108	)
Net Realized and Unrealized (Loss) on Investments		(110,240	)		(3,907,923	)
Net Realized and Unrealized Gain (Loss) on Investments		882,188			(12,283,747	)		(1,996,924	)		(31,289,090	)
Net Decrease In Net Assets Resulting From Operations	$	(223,458	)	$	(1,092,451	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	526,227		$	(10,418,360	)	$	283,776		$	(29,928,895	)
Net Decrease In Net Assets Per Share Resulting From Operations (1)	$	(0.03	)	$	(0.16	)
Net Increase (Decrease) In Net Assets Per Share Resulting From Operations (2)	$	0.08		$	(1.51	)	$	0.04		$	(4.34	)

(1) ~~Primary~~Per ~~exposure~~share isresults ~~equity~~are ~~risk~~calculated based on weighted average shares outstanding for each period.

(2) Per share results are calculated based on weighted average shares outstanding for each period.

See accompanying notes to financial statements

Table of Contents

Firsthand Technology Value Fund, Inc.

Consolidated Statements of Cash Flows (Unaudited)

	FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2024			FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2023			FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024			FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023
	FOR THE THREE MONTHS ENDED MARCH 31, 2025			FOR THE THREE MONTHS ENDED MARCH 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net increase (decrease) in Net Assets resulting from operations	$	~~526~~(223,~~227~~458	)	$	(101,~~418~~092,~~360~~451	)	$	~~283,776~~		$	~~(29,928,895~~	)
Adjustments to reconcile net increase (decrease) in Net Assets derived from operations to net cash provided by (used in) operating activities
Proceeds from disposition of investments		—			100,000
Purchases of investments		(2,441	)		(40,000	)		(2,441	)		(140,000	)
Net purchases/sales from short-term investments		292,065			30,114
Proceeds from disposition of investments		6,112,667			—			6,232,667			498,425
(Increase)/decrease in dividends, interest, and reclaims receivable		1,107			(2,260	)
Net purchases/sales from short-term investments		(982,512	)		261,419			(924,531	)		366,692
Increase (decrease) in due to Custodian		—			277
Increase (decrease) in dividends, interest, and reclaims receivable		(5,701	)		271,564			(7,310	)		6,668
Increase (decrease) in payable to affiliates		6,997			(3,000,076	)
Increase (decrease) in due to Custodian		148,804			—			158,804			—
(Increase)/decrease in other assets		(59,410	)		25,275
Increase (decrease) in receivable in investment sold		(325,000	)		—			(325,000	)		—
Increase (decrease) in accrued expenses and other payables		(127,517	)		31,077
Increase (decrease) in payable to affiliates		(4,161,172	)		(2,396,761	)		(7,128,937	)		(1,998,318	)
Net unrealized (appreciation) depreciation from investments		110,240			3,907,923
Increase (decrease) in other assets		(427,135	)		26,513			(375,736	)		43,376
Net cash provided by (used in) operating activities		24			(121	)
Increase (decrease) in accrued expenses and other payables		(1,450	)		11,711			91,825			(137,833	)
CASH FLOWS FROM FINANCING ACTIVITIES
Net realized gain (loss) from investments		11,686,668			(13	)		11,686,668			7,864,982
Net cash provided by financing activities		—			—
Net unrealized appreciation (depreciation) from investments		(12,568,856	)		12,283,833			(9,689,744	)		23,424,108	)
Net increase (decrease) in cash		24			(121	)
Net cash provided by (used in) operating activities		99			(94	)		41			(795	)
Cash and foreign currency - beginning of period		2,512			2,765
CASH FLOWS FROM FINANCING ACTIVITIES
Cash and foreign currency - end of period	$	2,536		$	2,644
Net cash provided by financing activities		—			—			—			—
Net increase (decrease) in cash		99			(94	)		41			(795	)
Cash and foreign currency - beginning of period		2,707			2,703			2,765			3,404
Cash and foreign currency - end of period		2,806		$	2,609		$	2,806			2,609

See accompanying notes to financial statements

Table of Contents

Firsthand Technology Value Fund, Inc.

Consolidated Statements of Changes in Net Assets (Unaudited)

	FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2024			FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2023			FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024			FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023
	FOR THE THREE MONTHS ENDED MARCH 31, 2025			FOR THE THREE MONTHS ENDED MARCH 31, 2024
FROM OPERATIONS:
Net investment income (loss)	$	(355,961	)		1,865,387		$	2,280,700		$	1,360,195
Net investment (loss) income	$	(113,218	)	$	2,815,472
Net realized gain (loss) from security transactions and foreign currency		(11,686,668	)		(1	)		(11,686,668	)		(7,864,982	)
Net change in unrealized (depreciation) on investments		(110,240	)		(3,907,923	)
Net change in unrealized appreciation (depreciation) on investments		12,568,856			(12,283,746	)		9,689,744			(23,424,108	)
Net decrease in net assets from operations		(223,458	)		(1,092,451	)
Net increase (decrease) in net assets from operations		526,227			(10,418,360	)		283,776			(29,928,895	)
TOTAL DECREASE IN NET ASSETS		(223,458	)		(1,092,451	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		526,227			(10,418,360	)		283,776			(29,928,895	)
NET ASSETS:
NET ASSETS:
Beginning of period		1,060,679			1,260,371
Beginning of period		1,017,920			11,099,056			1,260,371			30,609,591
End of period	$	837,221		$	167,920
End of period	$	1,544,147		$	680,696		$	1,544,147		$	680,696
COMMON STOCK ACTIVITY:
COMMON STOCK ACTIVITY:
Shares purchased		—			—
Shares outstanding, beginning of period		6,893,056			6,893,056			6,893,056			6,893,056
Shares repurchased		—			—
Shares outstanding, end of period		6,893,056			6,893,056			6,893,056			6,893,056
Net increase in shares oustanding		—			—
Shares outstanding, beginning of period		6,893,056			6,893,056
Shares outstanding, end of period		6,893,056			6,893,056

See accompanying notes to financial statements

Table of Contents

Firsthand Technology Value Fund, Inc.

Consolidated Financial Highlights
Selected per share data and ratios for a share outstanding throughout each period

	FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024 (Unaudited)			FOR THE YEAR ENDED DECEMBER 31, 2023			FOR THE YEAR ENDED DECEMBER 31, 2022			FOR THE YEAR ENDED DECEMBER 31, 2021				FOR THE YEAR ENDED DECEMBER 31, 2020			FOR THE YEAR ENDED DECEMBER 31, 2019
	FOR THE THREE MONTHS ENDED MARCH 31, 2025 (Unaudited)			FOR THE YEAR ENDED DECEMBER 31, 2024			FOR THE YEAR ENDED DECEMBER 31, 2023			FOR THE YEAR ENDED DECEMBER 31, 2022			FOR THE YEAR ENDED DECEMBER 31, 2021			FOR THE YEAR ENDED DECEMBER 31, 2020
Net asset value at beginning of period	$	0.1815		$	40.4418		$	134.7544		$	1413.8275		$	$14.82	~~17.70~~	$	$17.70	~~26.69~~
Income from investment operations:
Net investment income (loss), before deferred taxes		0.33	(1)		0.16	(1)		(1.81	)(1)		0.44	(1)			0.09	(1)		0.90	%
Net investment income (loss), before deferred taxes(1)		(0.02	)		0.27			0.16			(1.81	)		0.44			0.09
Deferred tax benefit		—			—			—			—				—			(0.08	)
Net realized and unrealized losses on investments, before deferred taxes		(0.01	)		(0.30	)		(4.42	)		(7.50	)		(1.51	)		(2.30	)
Net investment gain (losses)		0.33			0.16			(1.81	)		0.44				0.09			0.82
Tax expense		—			—			—			—			—			(1.13	)
Net realized and unrealized losses on investments, before deferred taxes		(0.29	)		(4.42	)		(7.50	)		(1.51	)			(2.30	)		(12.15	)
Net realized and unrealized losses on investments, after deferred taxes		(0.01	)		(0.30	)		(4.42	)		(7.50	)		(1.51	)		(3.43	)
Deferred tax expense		—			—			—			—				(1.13	)		2.34
Total from investment operations		(0.03	)		(0.03	)		(4.26	)		(9.31	)		(1.07	)		(3.34	)
Net realized and unrealized losses on investments, after deferred taxes		(0.29	)		(4.42	)		(7.50	)		(1.51	)			(3.43	)		(9.81	)
Distributions from:
Total from investment operations		0.04			(4.26	)		(9.31	)		(1.07	)			(3.34	)		(8.99	)
Realized capital gains		—			—			—			—			—			—
Distributions from:
Anti-dilutive effect from capital share transactions		—			—			—			—			—			0.46
Realized capital gains		—			—			—			—				—			—
Net asset value at end of period	$	0.12		$	0.15		$	0.18		$	4.44		$	13.75		$	14.82
Anti-dilutive effect from capital share transactions		—			—			—			—				0.46			—
Market value at end of period	$	0.06		$	0.06		$	0.30		$	0.95		$	4.01		$	4.47
Net asset value at end of period	$	0.22		$	0.18		$	4.44		$	13.75			$	14.82		$	17.70
Total Return
Market value at end of period	$	0.07		$	0.30		$	0.95		$	4.01			$	4.47		$	6.43
Based on Net Asset Value		(20.00	)%(A)		(16.67	)%		(95.95	)%		(67.71	)%		(7.22	)%		(16.27	)%
Total Return
Based on Market Value		—	(A)		(80.00	)%		(68.42	)%		(76.31	)%		(10.29	)%		(30.48	)%
Based on Net Asset Value		22.22	%(A)		(95.95	)%		(67.71	)%		(7.22	)%			(16.27	)%		(33.68	)%
Net assets at end of period (millions)	$	0.8		$	1.1		$	1.3		$	30.6		$	94.8		$	102.1
Based on Market Value		(76.67	)%(A)		(68.42	)%		(76.31	)%		(10.29	)%			(30.48	)%		(42.59	)%
Ratio of total expenses to average net assets:
Before tax (benefit) expense		50.94	%(B)		(195.48	)%		(7.21	)%		4.11	%		3.12	%		3.10	%
Tax expense(2)(3)		—			14.28	%		—			—			—			8.02	%(4)
Total expenses		50.94	%(B)		(181.20	)%		(7.21	)%		4.11	%		3.12	%		11.12	%
Total expenses, excluding incentive fees and deferred tax expense		50.94	%(B)		(195.48	)%		(7.21	)%		4.11	%		3.12	%		3.10	%
Total expenses, excluding incentive fees and deferred tax expense and fee waiver		50.94	%(B)		121.49			11.91	%		4.11	%		3.12	%		3.10	%
Ratio of net investment income (loss) to average net assets:
Net investment income (loss)		(48.39	)%(B)		206.76			8.13	%		(20.96	)%		2.94	%		0.64	%
Net investment income (loss) before fee waiver		(48.39	)%(B)		(110.22	)%		(10.99	)%		(20.96	)%		2.94	%		0.64	%
Portfolio turnover rate		0	%(A)		0	%		1	%		15	%		16	%		13	%

(1)	Calculated using average shares outstanding.
(2)	Tax expense estimate is derived from net investment income (loss), and realized and unrealized gains (losses).
(3)	The tax expense and tax benefit are based on average net assets.
(4)	As restated to reflect the removal of parenthetical notation to appropriately present ratio as tax expense.
(A)	Not Annualized.
(B)	Annualized.

See accompanying notes to financial statements

Table of Contents

Firsthand Technology Value Fund, Inc.

Consolidated ~~Financial~~Schedule ~~Highlights~~of -Investments ~~continued Selected per share data and ratios for a share outstanding throughout each period~~

	FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024 (Unaudited)			FOR THE YEAR ENDED DECEMBER 31, 2023			FOR THE YEAR ENDED DECEMBER 31, 2022			FOR THE YEAR ENDED DECEMBER 31, 2021			FOR THE YEAR ENDED DECEMBER 31, 2020			FOR THE YEAR ENDED DECEMBER 31, 2019
Net assets at end of period (millions)	$	1.5		$	1.3		$	30.6		$	94.8		$	102.1		$	127.1
Ratio of total expenses to average net assets:
Before tax (benefit)/expense		(337.39	)%(B)		(7.21	)%		4.11	%		3.12	%		3.10	%		(2.84	)%(2)
Deferred tax (benefit)/expense(3)(4)		—			—			—			—			8.02	%(5)		(9.91	)%
Total expenses		(337.39	)%(B)		(7.21	)%		4.11	%		3.12	%		11.12	%		(12.75	)%(2)
Total expenses, excluding incentive fees and deferred tax expense		(337.39	)%(B)		(7.21	)%		4.11	%		3.12	%		3.10	%		2.80	%
Total expenses, excluding incentive fees and deferred tax expense and fee waiver		138.52	%(B)		11.91	%		4.11	%		3.12	%		3.10	%		2.80	%
Ratio of net investment income (loss) to average net assets:
Before tax benefit		352.51	%(B)		8.13	%		(20.96	)%		2.94	%		0.64	%		3.93	%(2)
Deferred tax benefit (4)(6)		—			—			—			—			—			(0.33	)%
Net investment income (loss)		352.51	%(B)		8.13	%		(20.96	)%		2.94	%		0.64	%		3.60	%
Net investment income (loss) before fee waiver		(123.41	)%(B)		(10.99	)%		(20.96	)%		2.94	%		0.64	%		3.60	%
Portfolio turnover rate		0	%(A)		1	%		15	%		16	%		13	%		18	%

March 31, 2025 (UNAUDITED)

(1) Calculated using average shares outstanding.

PORTFOLIO COMPANY (% OF NET ASSETS) AND INDUSTRY	TYPE OF INVESTMENT	MATURITY	INTEREST RATE			ACQUISITION DATE			SHARES/PAR VALUE ($)		COST BASIS		VALUE
EQX CAPITAL, INC.
(3.4%) Equipment Leasing	Common Stock ^*(1)(2)(4)							6/10/2016		100,000	$	20,000	$	0
	Preferred Stock - Series A ^*(1)(2)(4)					6/10/2016	-	11/7/2016		1,930,000		1,930,000		28,296
														28,296

INTRAOP MEDICAL CORP.
(1.0%) Medical Devices	Convertible Note ^(1)(2)(4)(6)	12/31/2025		15	%			10/11/2019		500,000		500,000		154
	Convertible Note ^(1)(2)(4)(6)	12/31/2025		15	%			10/22/2021		1,000,000		1,000,000		307
	Convertible Note ^(1)(2)(4)(6)	12/31/2025		15	%			10/29/2019		500,000		500,000		154
	Convertible Note ^(1)(2)(4)(6)	12/31/2025		15	%			10/6/2021		500,000		500,000		154
	Convertible Note ^(1)(2)(4)(6)	12/31/2025		15	%			11/12/2021		500,000		500,000		154
	Convertible Note ^(1)(2)(4)(6)	12/31/2025		15	%			11/29/2021		500,000		500,000		154
	Convertible Note ^(1)(2)(4)(6)	12/31/2025		15	%			12/31/2018		10,961,129		10,961,129		3,373
	Convertible Note ^(1)(2)(4)(6)	12/31/2025		15	%			2/27/2020		1,000,000		1,000,000		307
	Convertible Note ^(1)(2)(4)(6)	12/31/2025		15	%			2/28/2022		200,000		200,000		61
	Convertible Note ^(1)(2)(4)(6)	12/31/2025		15	%			3/25/2020		500,000		500,000		154
	Convertible Note ^(1)(2)(4)(6)	12/31/2025		15	%			3/30/2022		150,000		150,000		46

(2) Amount includes the incentive fee. For the year ended December 31, 2019, the ratio of the incentive fee to average net assets was (5.64)%.

(3) Deferred tax expense estimate is derived from net investment income (loss), and realized and unrealized gains (losses).

(4) The deferred tax expense and tax benefit are based on average net assets.

(5) As restated to reflect the removal of parenthetical notation to appropriately present ratio as deferred tax expense.

(6) Deferred tax benefit estimate for the ratio calculation is derived from net investment income (loss) only.

(A) Not Annualized.

(B) Annualized.

See accompanying notes to financial statements

Table of Contents

Firsthand Technology Value Fund, Inc.

Consolidated Schedule of Investments – continued

March ~~SEPTEMBER 30~~31, ~~2024~~2025 (UNAUDITED)

PORTFOLIO COMPANY (% OF NET ASSETS) AND INDUSTRY	TYPE OF INVESTMENT	MATURITY	INTEREST RATE			ACQUISITION DATE	~~ACQUISITION DATE~~	SHARES/PAR VALUE ($)		~~SHARES/PAR VALUE ($)~~	COST BASIS		~~COST BASIS~~	VALUE		~~VALUE~~
EQX CAPITAL, INC.
INTRAOP MEDICAL CORP. (continued)
(2.2%) Equipment Leasing	Common Stock *(1)(2)(4)						6/10/2016				100,000		$	20,000		$	0
	Convertible Note (1)(2)(4)(6)	12/31/2025		15	%	3/8/2020			400,000		$	400,000		$	123
	Preferred Stock - Series A *(1)(2)(4)						6/10/2016	-	11/7/2016		1,930,000			1,930,000			33,938
	Convertible Note (1)(2)(4)(6)	12/31/2025		15	%	4/20/2021			1,000,000			1,000,000			307
																	33,938
	Convertible Note (1)(2)(4)(6)	12/31/2025		15	%	4/6/2022			350,000			350,000			107
INTRAOP MEDICAL CORP.
	Convertible Note (1)(2)(4)(6)	12/31/2025		15	%	6/10/2021			500,000			500,000			154
(3.1%) Medical Devices	Convertible Note (1)(2)(4)(6)	12/31/2024		15	%		10/11/2019				500,000			500,000			851
	Convertible Note (1)(2)(4)(6)	12/31/2025		15	%	6/10/2022			700,000			700,000			215
	Convertible Note (1)(2)(4)(6)	12/31/~~2024~~2025		15	%	7/12/2019	~~10/22/2021~~		1,300,000		~~1,000,000~~	1,300,000		~~1,000,000~~	400		~~1,701~~
	Convertible Note (1)(2)(4)(6)	12/31/~~2024~~2025		15	%	7/16/2021	~~10/29/2019~~		500,000		~~500,000~~	500,000		~~500,000~~	154		~~851~~
	Convertible Note (1)(2)(4)(6)	12/31/~~2024~~2025		15	%	7/31/2020	~~10/6/2021~~		500,000		~~500,000~~	500,000		~~500,000~~	154		~~850~~
	Convertible Note (1)(2)(4)(6)	12/31/~~2024~~2025		15	%	8/28/2020	~~11/12/2021~~		750,000		~~500,000~~	750,000		~~500,000~~	230		~~850~~
	Convertible Note (1)(2)(4)(6)	12/31/~~2024~~2025		15	%	9/22/2021	~~11/29/2021~~		500,000		~~500,000~~	500,000		~~500,000~~	154		~~850~~
	Convertible Note (1)(2)(4)(6)	12/31/2024		15	%		12/31/2018				10,961,129			10,961,129			18,645
	Preferred Stock - Series C *(1)(2)(4)					7/12/2013			26,856,187			26,299,939			0
	Convertible Note (1)(2)(4)(6)	12/31/2024		15	%		2/27/2020				1,000,000			1,000,000			1,701
	Term Note (1)(2)(4)(6)	12/31/2025		8	%	2/10/2017			2,000,000			2,000,000			615
	Convertible Note (1)(2)(4)(6)	12/31/2024		15	%		2/28/2022				200,000			200,000			340
	Term Note (1)(2)(4)(6)	12/31/2025		8	%	2/28/2014			3,000,000			3,000,000			923
	Convertible Note (1)(2)(4)(6)	12/31/2024		15	%		3/25/2020				500,000			500,000			851
															8,554
	Convertible Note (1)(2)(4)(6)	12/31/2024		15	%		3/30/2022				150,000			150,000			255

See accompanying notes to financial statements

Table of Contents

Firsthand Technology Value Fund, Inc.

Consolidated Schedule of Investments – continued

~~SEPTEMBER~~March 3031, ~~2024~~2025 (UNAUDITED)

PORTFOLIO COMPANY (% OF NET ASSETS) AND INDUSTRY	TYPE OF INVESTMENT	MATURITY	INTEREST RATE			ACQUISITION DATE		~~SHARES/PAR VALUE ($)~~		SHARES/PAR VALUE ($)		~~COST BASIS~~		COST BASIS		~~VALUE~~		VALUE
INTRAOP MEDICAL CORP. (continued)
LYNCEAN TECHNOLOGIES, INC. (0.0%) Semiconductor Equipment	Preferred Stock - Series B *(1)(4)							7/3/2018			869,792			$	1,000,000			$	0
	Convertible Note (1)(2)(4)(6)	12/31/2024		15	%	3/8/2020			400,000			$	400,000			$	680
REVASUM, INC. (0.0%) Semiconductor Equipment	CDIs *(2)(4)					11/14/2016	-	10/3/2022			39,774,889				9,268,218				0
	Convertible Note (1)(2)(4)(6)	12/31/2024		15	%	4/20/2021			1,000,000				1,000,000				1,701
UCT COATINGS, INC. (24.9%) Advanced Materials	Common Stock *(1)(3)(4)							4/18/2011			1,500,000				662,235				208,132
	Convertible Note (1)(2)(4)(6)	12/31/2024		15	%	4/6/2022			350,000				350,000				595
WRIGHTSPEED, INC.
	Convertible Note (1)(2)(4)(6)	12/31/2024		15	%	6/10/2021			500,000				500,000				851
(0.0%) Automotive	Common Stock *(1)(2)(4)							6/7/2019			69,102				7,460,851				0
	Convertible Note (1)(2)(4)(6)	126/3130/~~2024~~2025		1512	%	~~6/10/2022~~		1/10/2023	~~700,000~~		100,000		~~700,000~~		100,000		~~1,191~~		0
	Convertible Note (1)(2)(4)(6)	126/3130/~~2024~~2025		1512	%	~~7/12/2019~~		10/20/2021	~~1,300,000~~		1,000,000		~~1,300,000~~		1,000,000		~~2,211~~		0
	Convertible Note (1)(2)(4)(6)	126/3130/~~2024~~2025		1512	%	~~7/16/2021~~		10/21/2022	~~500,000~~		135,000		~~500,000~~		135,000		~~850~~		0
	Convertible Note (1)(2)(4)(6)	126/3130/~~2024~~2025		1512	%	~~7/31/2020~~		10/23/2020	~~500,000~~		1,050,000		~~500,000~~		1,050,000		~~851~~		0
	Convertible Note (1)(2)(4)(6)	126/3130/~~2024~~2025		1512	%	~~8/28/2020~~		10/5/2021	~~750,000~~		700,000		~~750,000~~		700,000		~~1,276~~		0
	Convertible Note (1)(2)(4)(6)	126/3130/~~2024~~2025		1512	%	~~9/22/2021~~		11/11/2020	~~500,000~~		400,000		~~500,000~~		400,000		~~850~~		0
	Preferred Stock - Series C *(1)(2)(4)					7/12/2013			26,856,187				26,299,939				0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%			11/14/2022			165,000				165,000				0
	Term Note (1)(2)(4)(6)	12/31/2024		8	%	2/10/2017			2,000,000				2,000,000				3,402
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%			11/23/2021			1,000,000				1,000,000				0
	Term Note (1)(2)(4)(6)	12/31/2024		8	%	2/28/2014			3,000,000				3,000,000				5,103
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%			11/24/2020			375,000				375,000				0
																	47,306
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%			12/11/2020			400,000				400,000				0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%			12/23/2020			2,000,000				2,000,000				0

See accompanying notes to financial statements

Table of Contents

Firsthand Technology Value Fund, Inc.

Consolidated Schedule of Investments – continued

~~SEPTEMBER~~March 3031, ~~2024~~2025 (UNAUDITED)

PORTFOLIO COMPANY (% OF NET ASSETS) AND INDUSTRY	TYPE OF INVESTMENT	MATURITY	INTEREST RATE			ACQUISITION DATE	~~ACQUISITION DATE~~	SHARES/PAR VALUE ($)		~~SHARES/PAR VALUE ($)~~	COST BASIS		~~COST BASIS~~	VALUE		~~VALUE~~
LYNCEAN TECHNOLOGIES, INC. (0.0%) Semiconductor Equipment	Preferred Stock - Series B *(1)(4)						7/3/2018				869,792		$	1,000,000		$	0
WRIGHTSPEED, INC. (continued)
REVASUM, INC. (0.0%) Semiconductor Equipment	CDIs *(2)(4)						11/14/2016	-	10/3/2022		39,774,889			9,268,218			0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	12/28/2021			1,000,000		$	1,000,000		$	0
UCT COATINGS, INC. (22.8%) Advanced Materials	Common Stock *(1)(3)(4)						4/18/2011				1,500,000			662,235			351,834
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	12/9/2022			125,000			125,000			0
WRIGHTSPEED, INC.
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	2/23/2021			1,400,000			1,400,000			0
(0.0%) Automotive	Common Stock *(1)(2)(4)						6/7/2019				69,102			7,460,851			0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	2/23/2022			200,000			200,000			0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	3/11/2022	~~1/10/2023~~		185,000		~~100,000~~	185,000		~~100,000~~	0		0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	4/12/2021	~~10/20/2021~~		1,200,000		~~1,000,000~~	1,200,000		~~1,000,000~~	0		0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	4/14/2022	~~10/21/2022~~		65,000		~~135,000~~	65,000		~~135,000~~	0		0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	5/10/2022	~~10/23/2020~~		250,000		~~1,050,000~~	250,000		~~1,050,000~~	0		0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	5/18/2021	~~10/5/2021~~		1,000,000		~~700,000~~	1,000,000		~~700,000~~	0		0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	5/26/2022	~~11/11/2020~~		250,000		~~400,000~~	250,000		~~400,000~~	0		0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	6/10/2022	~~11/14/2022~~		250,000		~~165,000~~	250,000		~~165,000~~	0		0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	6/22/2021	~~11/23/2021~~		1,000,000		~~1,000,000~~	1,000,000		~~1,000,000~~	0		0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	6/28/2022	~~11/24/2020~~		250,000		~~375,000~~	250,000		~~375,000~~	0		0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	6/7/2019	~~12/11/2020~~		4,929,015		~~400,000~~	4,929,015		~~400,000~~	0		0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	7/13/2022	~~12/23/2020~~		250,000		~~2,000,000~~	250,000		~~2,000,000~~	0		0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	7/26/2021			1,000,000			1,000,000			0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	7/28/2022			250,000			250,000			0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	8/12/2020			750,000			750,000			0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	8/12/2022			250,000			250,000			0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	8/19/2021			1,000,000			1,000,000			0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	9/10/2022			900,000			900,000			0
	Convertible Note (1)(2)(4)(6)	6/30/2025		18	%	7/5/2023			40,000			40,000			0

See accompanying notes to financial statements

Table of Contents

Firsthand Technology Value Fund, Inc.

Consolidated Schedule of Investments – continued

~~SEPTEMBER~~March 3031, ~~2024~~2025 (UNAUDITED)

PORTFOLIO COMPANY (% OF NET ASSETS) AND INDUSTRY	TYPE OF INVESTMENT	MATURITY	INTEREST RATE			ACQUISITION DATE		~~SHARES/PAR VALUE ($)~~		SHARES/PAR VALUE ($)		~~COST BASIS~~		COST BASIS		~~VALUE~~		VALUE
WRIGHTSPEED, INC. (continued)
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	~~12/28/2021~~		9/22/2021	~~1,000,000~~		300,000	$	~~1,000,000~~	$	300,000	$	0	$	0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	12/9/2022			125,000				125,000				0
	Preferred Stock - Series AA *(1)(2)(4)					6/7/2019	-	7/20/2020			60,733,693				17,355,887				0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	2/23/2021			1,400,000				1,400,000				0
																			0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	2/23/2022			200,000				200,000				0
INVESTMENT COMPANY (54.1%)	Fidelity Investments Money Market Treasury Portfolio - Class I (5)							Various			453,187				453,187				453,187
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	3/11/2022			185,000				185,000				0
TOTAL INVESTMENTS (Cost $116,430,461) — 83.4%																			698,169
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	4/12/2021			1,200,000				1,200,000				0
OTHER ASSETS IN EXCESS OF LIABILITIES — 16.6%																			139,052
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	4/14/2022			65,000				65,000				0
NET ASSETS — 100.0%																		$	837,221
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	5/10/2022			250,000				250,000				0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	5/18/2021			1,000,000				1,000,000				0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	5/26/2022			250,000				250,000				0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	6/10/2022			250,000				250,000				0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	6/22/2021			1,000,000				1,000,000				0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	6/28/2022			250,000				250,000				0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	6/7/2019			4,929,015				4,929,015				0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	7/13/2022			250,000				250,000				0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	7/26/2021			1,000,000				1,000,000				0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	7/28/2022			250,000				250,000				0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	8/12/2020			750,000				750,000				0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	8/12/2022			250,000				250,000				0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	8/19/2021			1,000,000				1,000,000				0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	9/10/2022			900,000				900,000				0

All investments except the Fidelity Investments Money Market Portfolio are considered qualifying investments.

CDI:	CHESS Depositary Interests.

*	Non-income producing security.
(1)	Restricted security. Fair Value is determined in good faith by Firsthand Capital Management, Inc. ("FCM" or the "Advisor") as the valuation designee under Rule 2a-5 under the 1940 Act, subject to oversight by the Board (see Note 3). At March 31, 2025, we held $244,982 (or 29.3% of net assets) in restricted securities (see Note 2).
(2)	Controlled investments.
(3)	Affiliated issuer.
(4)	Fair Value Level 3 security (29.3% of net assets).
(5)	The Fidelity Investments Money Market Treasury Portfolio invests primarily in U.S. Treasury securities.
(6)	Security whose interest accrues until maturity however, based on March 31, 2025 valuation no such interest accrued during period ended March 31, 2025.

See accompanying notes to financial statements

Table of Contents

Firsthand Technology Value Fund, Inc.

Consolidated Schedule of Investments –- continued

~~SEPTEMBER~~ 30DECEMBER 31, 2024 ~~(UNAUDITED)~~

PORTFOLIO COMPANY (% OF NET ASSETS) AND INDUSTRY	TYPE OF INVESTMENT	MATURITY	INTEREST RATE			ACQUISITION DATE			SHARES/PAR VALUE ($)		COST BASIS		VALUE
WRIGHTSPEED, INC. (continued)
EQX CAPITAL, INC.
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	9/22/2021				300,000	$	300,000	$	0
(2.8%) Equipment Leasing	Common Stock *(1)(2)(4)							6/10/2016		100,000	$	20,000	$	0
	Convertible Note (1)(2)(4)(6)	6/30/2025		18	%	7/25/2023				40,000		40,000		0
	Preferred Stock - Series A *(1)(2)(4)					6/10/2016	-	11/7/2016		1,930,000		1,930,000		29,466
	Preferred Stock - Series AA *(1)(2)(4)					6/7/2019	-	7/20/2020		60,733,693		17,355,887		0
														29,466
														0
INTRAOP MEDICAL CORP.
INVESTMENT COMPANY (64.6%)	Fidelity Investments Money Market Treasury Portfolio - Class I (5)					Various				998,082		998,082		998,082
(2.4%) Medical Devices	Convertible Note (1)(2)(4)(6)	12/31/2025		15	%			10/11/2019		500,000		500,000		454
TOTAL INVESTMENTS (Cost $116,975,356) — 92.7%														1,431,160
	Convertible Note (1)(2)(4)(6)	12/31/2025		15	%			10/22/2021		1,000,000		1,000,000		909
OTHER ASSETS IN EXCESS OF LIABILITIES — 7.3%														112,987
	Convertible Note (1)(2)(4)(6)	12/31/2025		15	%			10/29/2019		500,000		500,000		454
NET ASSETS — 100.0%													$	1,544,147
	Convertible Note (1)(2)(4)(6)	12/31/2025		15	%			10/6/2021		500,000		500,000		455
	Convertible Note (1)(2)(4)(6)	12/31/2025		15	%			11/12/2021		500,000		500,000		455
	Convertible Note (1)(2)(4)(6)	12/31/2025		15	%			11/29/2021		500,000		500,000		455
	Convertible Note (1)(2)(4)(6)	12/31/2025		15	%			12/31/2018		10,961,129		10,961,129		9,966
	Convertible Note (1)(2)(4)(6)	12/31/2025		15	%			2/27/2020		1,000,000		1,000,000		909
	Convertible Note (1)(2)(4)(6)	12/31/2025		15	%			2/28/2022		200,000		200,000		182
	Convertible Note (1)(2)(4)(6)	12/31/2025		15	%			3/25/2020		500,000		500,000		455
	Convertible Note (1)(2)(4)(6)	12/31/2025		15	%			3/30/2022		150,000		150,000		136

All investments except the Fidelity Investments Money Market Portfolio are considered qualifying investments.

CDI: CHESS Depositary Interests.

*	Non-income producing security.
(1)	Restricted security. Fair Value is determined by or under the direction of the Company’s Board of Directors (see Note 3). At September 30, 2024, we held $433,078 (or 28.0% of net assets) in restricted securities (see Note 2).
(2)	Controlled investments.
(3)	Affiliated issuer.
(4)	Fair Value Level 3 security (28.0% of net assets).
(5)	The Fidelity Investments Money Market Treasury Portfolio invests primarily in U.S. Treasury securities.
(6)	Security whose interest accrues until maturity however, based on September 30, 2024 valuation no such interest accrued during period ended September 30, 2024.

See accompanying notes to financial statements

Table of Contents

Firsthand Technology Value Fund, Inc.

Consolidated Schedule of Investments - continued

DECEMBER 31, ~~2023~~2024

PORTFOLIO COMPANY (% OF NET ASSETS) AND INDUSTRY	TYPE OF INVESTMENT	MATURITY	INTEREST RATE			ACQUISITION DATE	SHARES/PAR VALUE ($)			COST BASIS	~~SHARES/PAR VALUE ($)~~		VALUE	~~COST BASIS~~		~~VALUE~~
EQX CAPITAL, INC. (8.8)% Equipment Leasing	Common Stock *(1)(2)(4)					6/10/2016						100,000		$	20,000	$	55
INTRAOP MEDICAL CORP. (continued)
	Preferred Stock - Series A *(1)(2)(4)					6/10/2016		-	11/7/2016			1,950,000			1,950,000		110,172
	Convertible Note (1)(2)(4)(6)	12/31/2025		15	%	3/8/2020		400,000		$	400,000		$	364
																	110,227
	Convertible Note (1)(2)(4)(6)	12/31/2025		15	%	4/20/2021		1,000,000			1,000,000			909
HERA SYSTEMS, INC. (333.2%) Aerospace	Convertible Note (1)(2)(4)	12/31/2024		10	%	12/29/2022						1,200,000			1,200,000		768,317
	Convertible Note (1)(2)(4)(6)	12/31/2025		15	%	4/6/2022		350,000			350,000			318
	Convertible Note (1)(2)(4)(6)	12/31/~~2024~~2025		1015	%	126/2910/~~2022~~2021		500,000			500,000	~~5,359,791~~		455	~~5,359,791~~		~~3,431,683~~
	Preferred Stock - Series A *(1)(2)(4)					9/18/2015						3,642,324			2,000,000		0
	Convertible Note (1)(2)(4)(6)	12/31/2025		15	%	6/10/2022		700,000			700,000			636
	Preferred Stock - Series B *(1)(2)(4)					8/7/2017		-	2/1/2019			7,039,203			6,587,102		0
	Convertible Note (1)(2)(4)(6)	12/31/2025		15	%	7/12/2019		1,300,000			1,300,000			1,182
	Preferred Stock - Series C *(1)(2)(4)					8/7/2019		-	2/12/2020			2,650,000			2,650,000		0
	Convertible Note (1)(2)(4)(6)	12/31/2025		15	%	7/16/2021		500,000			500,000			455
	Preferred Stock Warrants - Series B *(1)(2)(4)					7/9/2018		-	9/4/2018			12,250,000			0		0
	Convertible Note (1)(2)(4)(6)	12/31/2025		15	%	7/31/2020		500,000			500,000			455
	Preferred Stock Warrants - Series B *(1)(2)(4)					2/1/2019						5,250,000			0		0
	Convertible Note (1)(2)(4)(6)	12/31/2025				8/28/2020		750,000			750,000			682
	Preferred Stock Warrants - Series B *(1)(2)(4)					8/7/2017						6,214,922			0		0
	Convertible Note (1)(2)(4)(6)	12/31/2025		15	%	9/22/2021		500,000			500,000			455
	Preferred Stock Warrants - Series B *(1)(2)(4)					9/28/2017						700,000			0		0
	Preferred Stock - Series C *(1)(2)(4)					7/12/2013		26,856,187			26,299,939			0
																	4,200,000
	Term Note (1)(2)(4)(6)	12/31/2025		8	%	2/10/2017		2,000,000			2,000,000			1,818
INTRAOP MEDICAL CORP. (7.0)% Medical Devices	Convertible Note (1)(2)(4)(6)	12/31/2024		15	%	12/31/2018						10,961,129			10,961,129		34,570
	Term Note (1)(2)(4)(6)	12/31/2025		8	%	2/28/2014		3,000,000			3,000,000			2,728
	Convertible Note (1)(2)(4)(6)	12/31/2024		15	%	7/12/2019						1,300,000			1,300,000		4,100
														25,287
	Convertible Note (1)(2)(4)(6)	12/31/2024		15	%	10/11/2019						500,000			500,000		1,577

See accompanying notes to financial statements

Table of Contents

Firsthand Technology Value Fund, Inc.

Consolidated Schedule of Investments - continued

DECEMBER 31, ~~2023~~2024

PORTFOLIO COMPANY (% OF NET ASSETS) AND INDUSTRY	TYPE OF INVESTMENT	MATURITY DATE	INTEREST RATE			ACQUISITION DATE		~~SHARES/PAR VALUE ($)~~		SHARES/PAR VALUE ($)		~~COST BASIS~~		COST BASIS		~~VALUE~~		VALUE
INTRAOP MEDICAL CORP. (continued)	Convertible Note (1)(2)(4)(6)	12/31/2024		15	%	10/29/2019			500,000			$	500,000			$	1,577
LYNCEAN TECHNOLOGIES, INC. (0.0%) Semiconductor Equipment	Preferred Stock - Series B *(1)(4)							7/3/2018			869,792			$	1,000,000			$	0
	Convertible Note (1)(2)(4)(6)	12/31/2024		15	%	2/27/2020			1,000,000				1,000,000				3,154
REVASUM, INC. (0.0%) Semiconductor Equipment	CDIs *(2)(4)					11/14/2016	-	10/3/2022			39,774,889				9,268,218				0
	Convertible Note (1)(2)(4)(6)	12/31/2024		15	%	3/25/2020			500,000				500,000				1,577
UCT COATINGS, INC. (24.5%) Advanced Materials	Common Stock *(1)(3)(4)							4/18/2011			1,500,000				662,235				260,497
	Convertible Note (1)(2)(4)(6)	12/31/2024		15	%	5/8/2020			400,000				400,000				1,261
WRIGHTSPEED, INC.
	Convertible Note (1)(2)(4)(6)	12/31/2024		15	%	7/31/2020			500,000				500,000				1,577
(0.0%) Automotive	Common Stock *(1)(2)(4)							6/7/2019			69,102				7,460,851				0
	Convertible Note (1)(2)(4)(6)	126/3130/~~2024~~2025		1512	%	~~7/28/2020~~		1/10/2023	~~750,000~~		100,000		~~750,000~~		100,000		~~2,365~~		0
	Convertible Note (1)(2)(4)(6)	126/3130/~~2024~~2025		1512	%	~~4/20/2021~~		10/20/2021	~~1,000,000~~		1,000,000		~~1,000,000~~		1,000,000		~~3,154~~		0
	Convertible Note (1)(2)(4)(6)	126/3130/~~2024~~2025		1512	%	~~6/10/2021~~		10/21/2022	~~500,000~~		135,000		~~500,000~~		135,000		~~1,577~~		0
	Convertible Note (1)(2)(4)(6)	126/3130/~~2024~~2025		1512	%	~~7/16/2021~~		10/23/2020	~~500,000~~		1,050,000		~~500,000~~		1,050,000		~~1,577~~		0
	Convertible Note (1)(2)(4)(6)	126/3130/~~2024~~2025		1512	%	~~9/22/2021~~		10/5/2021	~~500,000~~		700,000		~~500,000~~		700,000		~~1,577~~		0
	Convertible Note (1)(2)(4)(6)	126/3130/~~2024~~2025		1512	%	~~10/6/2021~~		11/11/2020	~~500,000~~		400,000		~~500,000~~		400,000		~~1,577~~		0
	Convertible Note (1)(2)(4)(6)	126/3130/~~2024~~2025		1512	%	~~10/22/2021~~		11/14/2022	~~1,000,000~~		165,000		~~1,000,000~~		165,000		~~3,154~~		0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%			11/23/2021			1,000,000				1,000,000				0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%			11/24/2020			375,000				375,000				0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%			12/23/2020			2,000,000				2,000,000				0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%			12/11/2020			400,000				400,000				0

See accompanying notes to financial statements

Table of Contents

Firsthand Technology Value Fund, Inc.

Consolidated Schedule of Investments - continued

DECEMBER 31, ~~2023~~2024

PORTFOLIO COMPANY (% OF NET ASSETS) AND INDUSTRY	TYPE OF INVESTMENT	MATURITY	INTEREST RATE			ACQUISITION DATE	SHARES/PAR VALUE ($)		COST BASIS		VALUE
INTRAOP MEDICAL CORP. (continued)	Convertible Note (1)(2)(4)(6)	12/31/2024		15	%	11/12/2021		500,000	$	500,000	$	1,577
WRIGHTSPEED, INC. (continued)
	Convertible Note (1)(2)(4)(6)	126/3130/~~2024~~2025		1512	%	1112/2928/2021		~~500~~1,000,000	$	~~500~~1,000,000	$	~~1,577~~0
	Convertible Note (1)(2)(4)(6)	126/3130/~~2024~~2025		1512	%	212/289/2022		~~200~~125,000		~~200~~125,000		~~631~~0
	Convertible Note (1)(2)(4)(6)	126/3130/~~2024~~2025		1512	%	32/3023/~~2022~~2021		~~150~~1,400,000		~~150~~1,400,000		~~473~~0
	Convertible Note (1)(2)(4)(6)	126/3130/~~2024~~2025		1512	%	42/623/2022		~~350~~200,000		~~350~~200,000		~~1,104~~0
	Convertible Note (1)(2)(4)(6)	126/3130/~~2024~~2025		1512	%	63/1011/2022		~~700~~185,000		~~700~~185,000		~~2,208~~0
	Preferred Stock - Series C *(1)(2)(4)					7/12/2013		26,856,187		26,299,938		0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	4/12/2021		1,200,000		1,200,000		0
	Term Note Matures (1)(2)(4)(6)	12/31/2024		8	%	2/28/2014		3,000,000		3,000,000		9,461
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	4/14/2022		65,000		65,000		0
	Term Note Matures (1)(2)(4)(6)	12/31/2024		8	%	2/10/2017		2,000,000		2,000,000		6,308
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	5/10/2022		250,000		250,000		0
												87,713
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	5/18/2021		1,000,000		1,000,000		0
KYMA, INC. (7.9)% Advanced Materials	Convertible Note (1)(4)	3/30/2024		10	%	3/1//2019		100,000		100,000		100,000
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	5/26/2022		250,000		250,000		0
LYNCEAN TECHNOLOGIES, INC. (0.0)%	Preferred Stock - Series B *(1)(4)					7/3/2018		869,792		1,000,000		0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	6/10/2022		250,000		250,000		0
Semiconductor Equipment
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	6/22/2021		1,000,000		1,000,000		0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	6/28/2022		250,000		250,000		0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	6/7/2019		4,929,015		4,929,015		0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	7/13/2022		250,000		250,000		0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	7/26/2021		1,000,000		1,000,000		0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	7/28/2022		250,000		250,000		0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	8/12/2020		750,000		750,000		0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	8/12/2022		250,000		250,000		0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	8/19/2021		1,000,000		1,000,000		0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	9/10/2022		900,000		900,000		0

See accompanying notes to financial statements

Table of Contents

Firsthand Technology Value Fund, Inc.

Consolidated Schedule of Investments - continued

DECEMBER 31, ~~2023~~2024

PORTFOLIO COMPANY (% OF NET ASSETS) AND INDUSTRY	TYPE OF INVESTMENT	MATURITY	INTEREST RATE			ACQUISITION DATE				SHARES/PAR VALUE ($)		~~SHARES/PAR VALUE ($)~~	COST BASIS		~~COST BASIS~~	VALUE		~~VALUE~~
REVASUM, INC. (306.5%) Semiconductor Equipment	CDIs *(2)					11/14/2016			-		10/3/2022		39,774,889		$	9,268,219		$	3,862,405
WRIGHTSPEED, INC. (continued)
UCT COATINGS, INC. (23.8%)	Common Stock *(1)(3)(4)					4/18/2011							1,500,000			662,235			299,932
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%			9/22/2021			300,000		$	300,000		$	0
Advanced Materials
	Preferred Stock - Series AA *(1)(2)(4)					6/7/2019	-	7/20/2020			60,733,693			17,355,887			0
WRIGHTSPEED, INC. (0.0%)	Common Stock *(1)(2)(4)					4/11/2013			-		5/6/2019		69,102			7,460,851			0
																	0
Automotive	Convertible Note (1)(2)(4)(6)	6/30/2024		12	%	6/7/2019							4,929,015			4,929,015			0
INVESTMENT COMPANY (70.3%)	Fidelity Investments Money Market Treasury Portfolio - Class I (5)							Various			745,224			745,224			745,224
	Convertible Note (1)(2)(4)(6)	6/30/2024		12	%	8/12/2020							750,000			750,000			0
TOTAL INVESTMENTS (Cost $116,682,498) — 100.0%																	1,060,474
	Convertible Note (1)(2)(4)(6)	6/30/2024		12	%	9/10/2020							900,000			900,000			0
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.0%																	205
	Convertible Note (1)(2)(4)(6)	6/30/2024		12	%	10/13/2020							1,050,000			1,050,000			0
NET ASSETS — 100.0%																$	1,060,679
	Convertible Note (1)(2)(4)(6)	6/30/2024		12	%	11/11/2020							400,000			400,000			0
	Convertible Note (1)(2)(4)(6)	6/30/2024		12	%	11/24/2020							375,000			375,000			0
	Convertible Note (1)(2)(4)(6)	6/30/2024		12	%	12/11/2020							400,000			400,000			0
	Convertible Note (1)(2)(4)(6)	6/30/2024		12	%	12/23/2020							2,000,000			2,000,000			0

All investments except the Fidelity Investments Money Market Portfolio are considered qualifying investments.

CDI: CHESS Depositary Interests.

*	Non-income producing security.
(1)	Restricted security. Fair Value is determined by in good faith by Firsthand Capital Management, Inc. ("FCM" or the "Advisor") as the valuation designee under Rule 2a-5 under the 1940 Act, subject to oversight by the Board (see Note 3). At December 31, 2024, we held $315,250 (or 29.7% of net assets) in restricted securities (see Note 2).
(2)	Controlled investments.
(3)	Affiliated issuer.
(4)	Fair Value Level 3 security (29.7% of net assets).
(5)	The Fidelity Investments Money Market Treasury Portfolio invests primarily in U.S. Treasury securities.
(6)	Security whose interest accrues until maturity however, based on December 31, 2024 valuation no such interest accrued during period ended December 31, 2024.

See accompanying notes to financial statements

Table of Contents

Firsthand Technology Value Fund, Inc.

Consolidated Schedule of Investments - continued

DECEMBER 31, 2023

PORTFOLIO COMPANY (% OF NET ASSETS) AND INDUSTRY	TYPE OF INVESTMENT	MATURITY	INTEREST RATE			ACQUISITION DATE	SHARES/PAR VALUE ($)		COST BASIS		VALUE
WRIGHTSPEED, INC. (continued)	Convertible Note (1)(2)(4)(6)	6/30/2024		12	%	2/23/2021		1,400,000		1,400,000		0
	Convertible Note (1)(2)(4)(6)	6/30/2024		12	%	4/12/2021		1,200,000		1,200,000		0
	Convertible Note (1)(2)(4)(6)	6/30/2024		12	%	5/18/2021		1,000,000		1,000,000		0
	Convertible Note (1)(2)(4)(6)	6/30/2024		12	%	6/22/2021		1,000,000		1,000,000		0
	Convertible Note (1)(2)(4)(6)	6/30/2024		12	%	7/26/2021		1,000,000		1,000,000		0
	Convertible Note (1)(2)(4)(6)	6/30/2024		12	%	8/19/2021		1,000,000		1,000,000		0
	Convertible Note (1)(2)(4)(6)	6/30/2024		12	%	9/22/2021		300,000		300,000		0

See accompanying notes to financial statements

Table of Contents

Firsthand Technology Value Fund, Inc.

Consolidated Schedule of Investments - continued

DECEMBER 31, 2023

PORTFOLIO COMPANY (% OF NET ASSETS) AND INDUSTRY	TYPE OF INVESTMENT	MATURITY	INTEREST RATE			ACQUISITION DATE	SHARES/PAR VALUE ($)		COST BASIS		VALUE
WRIGHTSPEED, INC. (continued)	Convertible Note (1)(2)(4)(6)	6/30/2024		12	%	10/5/2021		700,000	$	700,000	$	0
	Convertible Note (1)(2)(4)(6)	6/30/2024		12	%	10/20/2021		1,000,000		1,000,000		0
	Convertible Note (1)(2)(4)(6)	6/30/2024		12	%	11/23/2021		1,000,000		1,000,000		0
	Convertible Note (1)(2)(4)(6)	6/30/2024		12	%	12/28/2021		1,000,000		1,000,000		0
	Convertible Note (1)(2)(4)(6)	6/30/2024		12	%	2/23/2022		200,000		200,000		0
	Convertible Note (1)(2)(4)(6)	6/30/2024		12	%	3/11/2022		185,000		185,000		0
	Convertible Note (1)(2)(4)(6)	6/30/2024		12	%	4/14/2022		65,000		65,000		0
	Convertible Note (1)(2)(4)(6)	6/30/2024		12	%	5/10/2022		250,000		250,000		0
	Convertible Note (1)(2)(4)(6)	6/30/2024		12	%	5/26/2022		250,000		250,000		0
	Convertible Note (1)(2)(4)(6)	6/30/2024		12	%	6/10/2022		250,000		250,000		0
	Convertible Note (1)(2)(4)(6)	6/30/2024		12	%	6/28/2022		250,000		250,000		0
	Convertible Note (1)(2)(4)(6)	6/30/2024		12	%	7/13/2022		250,000		250,000		0

See accompanying notes to financial statements

Table of Contents

Firsthand Technology Value Fund, Inc.

Consolidated Schedule of Investments - continued

DECEMBER 31, 2023

PORTFOLIO COMPANY (% OF NET ASSETS) AND INDUSTRY	TYPE OF INVESTMENT	MATURITY	INTEREST RATE			ACQUISITION DATE			SHARES/PAR VALUE ($)		COST BASIS		VALUE
WRIGHTSPEED, INC. (continued)	Convertible Note (1)(2)(4)(6)	6/30/2024		12	%	7/28/2022				250,000	$	250,000	$	0
	Convertible Note (1)(2)(4)(6)	6/30/2024		12	%	8/12/2022				250,000		250,000		0
	Convertible Note (1)(2)(4)(6)	6/30/2024		12	%	10/21/2022				135,000		135,000		0
	Convertible Note (1)(2)(4)(6)	6/30/2024		12	%	11/14/2022				165,000		165,000		0
	Convertible Note (1)(2)(4)(6)	6/30/2024		12	%	12/9/2022				125,000		125,000		0
	Preferred Stock - Series AA *(1)(2)(4)					6/7/2019	-	7/20/2020		60,733,693		17,355,887		0
	Preferred Stock Warrants - Series AA *(1)(2)(4)					6/7/2019				609,756		0		0
														0

See accompanying notes to financial statements

Table of Contents

Firsthand Technology Value Fund, Inc.

Consolidated Schedule of Investments - continued

DECEMBER 31, 2023

PORTFOLIO COMPANY (% OF NET ASSETS) AND INDUSTRY	TYPE OF INVESTMENT	ACQUISITION DATE	PAR VALUE ($)		COST BASIS		VALUE
INVESTMENT COMPANY (5.8%)	Fidelity Investments Money Market Treasury Portfolio - Class I (5)	Various		73,502	$	73,502	$	73,502
TOTAL INVESTMENTS (Cost $133,967,669) — 693.0%							$	8,733,779
LIABILITIES IN EXCESS OF OTHER ASSETS — (593.0)%								(7,473,408	)
NET ASSETS — 100.0%							$	1,260,371

All investments except the Fidelity Investments Money Market Portfolio are considered qualifying investments.

CDI: CHESS Depositary Interest.

* Non-income producing security.

(1) Restricted security. Fair Value is determined by or under the direction of the Company’s Board of Directors (See note 3). At December 31, 2023, we held $4,797,872 (or 380.7% of net assets) in restricted securities (see Note 2).

(2) Controlled investments.

(3) Affiliated issuer.

(4) Fair Value Level 3 security. (380.7% of net assets).

(5) The Fidelity Investments Money Market Treasury Portfolio invests primarily in U.S. Treasury securities.

(6) Security whose interest accrues until maturity however, based on December 31, 2023 valuation no such interest accrued during year ended December 31, 2023.

See accompanying notes to financial statements

Table of Contents

Firsthand Technology Value Fund, Inc.

Notes to Consolidated Financial Statements

~~SEPTEMBER~~March 3031, ~~2024~~2025 (UNAUDITED)

NOTE 1. THE COMPANY

Firsthand Technology Value Fund, Inc. (the “Company,” the “Fund,” “us,” “our,” and “we”), is a Maryland corporation and an externally managed, non-diversified, closed-end management investment company that has elected to be treated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). The Company acquired its initial portfolio of securities through the reorganization of Firsthand Technology Value Fund, a series of Firsthand Funds, into the Company. The reorganization was completed on April 15, 2011. The Company commenced operations on April 18th, 2011. Under normal circumstances, the Company will invest at least 80% of its assets for investment purposes in technology companies, which are considered to be those companies that derive at least 50% of their revenues from products and/ or services within the information technology sector or the “cleantech” sector. Information technology companies include, but are not limited to, those focused on computer hardware, software, telecommunications, networking, Internet, and consumer electronics. While there is no standard definition of cleantech, it is generally regarded as including goods and services designed to harness renewable energy and materials, eliminate emissions and waste, and reduce the use of natural resources. In addition, under normal circumstances we will invest at least 70% of our assets in privately held companies and in public companies with market capitalizations less than $250 million. Our portfolio is primarily composed of equity and equity derivative securities of technology and cleantech companies (as defined above). These investments generally range between $1 million and $10 million each, although the investment size will vary proportionately with the size of the Company’s capital base. The Company’s shares as of September 30. 2023 were listed on the NASDAQ Global Market under the symbol “SVVC.” Subsequent to September 30, on October 6, 2023, the Company notified NASDAQ of the fund’s intention to voluntarily delist. As of the date these financial statements were issued the Company’s shares are quoted on the OTCQB market under the symbol “SVVC.” Firsthand Capital Management, Inc., which was previously known as SiVest Group, Inc. (“FCM” or the “Advisor”), serves as the investment adviser to the Company.

The Company is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946.

CONSOLIDATION OF SUBSIDIARIES. On May 8, 2015, the Board of Directors of the Company approved the formation of a fully owned and controlled subsidiary (as defined by the 1940 Act) of the Company named Firsthand Venture Investors (“FVI”), a California general partnership formed on March 30, 2015. After the close of business on June 30, 2015, the Company contributed substantially all of its assets to FVI in return for a controlling general partner ownership interest in FVI. The transaction was completed on July 1, 2015. Under this structure, we have all or substantially all of our investment activities conducted through our fully owned subsidiary, FVI.

During the fiscal years ended December 31, 2016 and 2017, with the approval of its Board of Directors, the Company organized three separate fully owned and controlled subsidiaries (as defined by the 1940 Act). Each subsidiary was a Cayman Islands corporation and the financial statements of each subsidiary were reported on a consolidated basis with the Company. Each subsidiary was formed for the purpose of holding one or more investments made by the Company, and was treated as a controlled foreign corporation under the Internal Revenue Code not separately subject to U.S. federal income tax. FVI was treated as the sole U.S. shareholder of each subsidiary.

The Board of Directors of the Company approved the liquidation of those three Cayman subsidiaries on November 2, 2018. That liquidation was completed on December 27, 2018.

2117

Table of Contents

Firsthand Technology Value Fund, Inc.

Notes to Consolidated Financial Statements – continued

~~SEPTEMBER~~MARCH 3031, ~~2024~~2025 (UNAUDITED)

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies followed in the preparation of the Company’s financial statements included in this report:

BASIS OF PRESENTATION. The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) pursuant to the requirements on Form 10-K. ASC 946, Financial Services—Investment Companies (“ASC 946”), and Articles 6, 10 and 12 of Regulation S-X. In the opinion of management, all adjustments, which are of a normal recurring nature, considered necessary for the fair presentation of the financial statements for the periods presented, have been included.

Under the 1940 Act, ASC 946, and the regulations pursuant to Article 6 of Regulation S-X, we are precluded from consolidating any entity other than another investment company or an operating company which provides substantially all of its services to benefit us. Consequentially, as of December 31, 2018, the Company consolidated some special purpose entities. These special purpose entities only hold investments of the Company and have no other significant asset and liabilities. All significant intercompany transactions and balances have been eliminated in consolidation.

USE OF ESTIMATES. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

PORTFOLIO INVESTMENT VALUATIONS. Investments are stated at “value” as defined in the 1940 Act and in the applicable regulations of the Securities and Exchange Commission and in accordance with GAAP. Value, as defined in Section 2(a)(41) of the 1940 Act, is (i) the market value of those securities for which a market quotation is readily available and (ii) the fair value as determined in good faith by the Advisor as the valuation designee appointed by the Board of Directors, and subject to oversight by the Board of Directors. On ~~September~~March 3031, ~~2024~~2025, our financial statements include venture capital investments valued at approximately $0.4 2 million. The fair values of our venture capital investments were also determined by the Advisor as the valuation designee. Upon sale of these investments, the values that are ultimately realized may be different from what is presently estimated. The difference could be material. Also see note 6 regarding the fair value of the ~~company~~Company’s investments.

CASH AND CASH EQUIVALENTS. The Company considers liquid assets deposited with a bank, investments in money market funds, and certain short-term debt instruments with maturities of three months or less to be cash equivalents. These investments represent amounts held with financial institutions that are readily accessible to pay our expenses or purchase investments. Cash and cash equivalents are valued at cost plus accrued interest, which approximates market value.

RESTRICTED SECURITIES. At ~~September~~March 3031, ~~2024~~2025, we held $~~433~~244,~~078~~982, in restricted securities. At December 31, ~~2023~~2024, we held $4315,~~797,872~~250. in restricted securities.

INCOME RECOGNITION. Dividend income is recorded on the ex-dividend date. Interest income is accrued as earned. Discounts and premiums on securities purchased are amortized over the lives of the respective securities. Other non-cash dividends are recognized as investment income at the fair value of the property received. When debt securities are determined to be non-income producing, the Company ceases accruing interest and writes off any previously accrued interest. These write-offs are recorded as an adjustment to interest income.

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Notes to Consolidated Financial Statements – continued

~~SEPTEMBER~~MARCH 3031, ~~2024~~2025 (UNAUDITED)

SHARE VALUATION. The net asset value (“NAV”) per share of the Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash or other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding of the Fund, rounded to the nearest cent.

REALIZED GAIN OR LOSS AND UNREALIZED APPRECIATION OR DEPRECIATION OF PORTFOLIO INVESTMENTS. A realized gain or loss is recognized when an investment is disposed of and is computed as the difference between the Company’s cost basis in the investment at the disposition date and the net proceeds received from such disposition. Realized gains and losses are calculated on a specific identification basis. Unrealized appreciation or depreciation is computed as the difference between the fair value of the investment and the cost basis of such investment.

INCOME TAXES. The Company provides for state and federal corporate income tax, as appropriate, because it is regarded as a corporation under Subchapter C of the Code. The Company recognizes interest and penalties in income tax expense.

FOREIGN CURRENCY TRANSLATION. The accounting records of the Company are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the foreign exchange rate on the date of valuation. The Company does not isolate that portion of the results of operation resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. The Company’s investments in foreign securities may involve certain risks, including without limitation: foreign exchange restrictions, expropriation, taxation or other political, social, or economic risks, all of which could affect the market and/or credit risk of the investment. In addition, changes in the relationship of foreign currencies to the U.S. dollar can significantly affect the value of these investments and therefore the earnings of the Company.

SECURITIES TRANSACTIONS. Securities transactions are accounted for on the date the transaction for the purchase or sale of the securities is entered into by the Company (i.e., trade date).

CONCENTRATION OF CREDIT RISK. The Company places its cash and cash equivalents with financial institutions and, at times, cash held in checking accounts may exceed the Federal Deposit Insurance Corporation insured limit.

OPTIONS. The Company is subject to equity price risk in the normal course of pursuing its investment objectives and may enter into options written to hedge against changes in the value of equities. The Company may purchase put and call options to attempt to provide protection against adverse price effects from anticipated changes in prevailing prices of securities or stock indices. The Company may also write put and call options. When the Company writes an option, an amount equal to the premium received by the Company is recorded as a liability and is subsequently adjusted to the current fair value of the option written.

Premiums received from writing options that expire unexercised are treated by the Company on the expiration date as realized gains from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or, if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining whether the Company has realized a gain or loss. The Company as writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

DEFERRED COMPENSATION. On December 26, 2022, the Company adopted a deferred compensation plan (the "Plan") for its eligible directors which allows such directors to defer some or all of their fees for services as Directors to the Fund. Under the terms of the Plan, deferred compensation withheld is notionally invested in the Fund's common stock using the net asset value per share on the date such compensation would have otherwise been payable. The amounts deferred are booked as a liability on the Company's balance sheet, and the value of that liabilty will track the net asset value of the Company's common stock, as if it were invested in that common stock. The payment due to eligible participants is valued using the net asset value of the fund at the time the payment is due. As of ~~September~~March 3031, ~~2024~~2025, each of the Fund's eligible directors has deferred 50% of their ~~2023~~ 2024 and ~~2024~~ 2025 compensation to the earlier of January 1, ~~2025~~2026, and January 1, ~~2026~~2027, respectively, or their separation of service from the Fund.

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Notes to Consolidated Financial Statements – continued

~~SEPTEMBER~~MARCH 3031, ~~2024~~2025 (UNAUDITED)

The average monthly volume of the Company’s derivatives during the nine months ended September 30, 2024 is as follows:

		PURCHASED OPTIONS (CONTRACTS)				WARRANTS (NOTIONAL VALUE)				WRITTEN OPTIONS (CONTRACTS)
Firsthand Technology Value Fund, Inc.			—				16,472				—

NOTE 3. BUSINESS RISKS AND UNCERTAINTIES

We invest a substantial portion of our assets in privately-held companies, the securities of which are inherently illiquid. We also seek to invest in small publicly-traded companies that we believe have exceptional growth potential and to make opportunistic investments in publicly-traded companies, both large and small. In the case of investments in small publicly-traded companies, although these companies are publicly traded, their stock may not trade at high volumes, and prices can be volatile, which may restrict our ability to sell our positions. We may also be subject to contractual restrictions or securities law limits on our ability to sell portfolio holdings because of, for example, our affiliation with a portfolio company or the relative size of our holding in a company. These privately held and publicly traded businesses tend to lack management depth, have limited or no history of operations and typically have not attained profitability. Because of the speculative nature of our investments and the lack of public markets for privately held investments, there is greater risk of loss than is the case with traditional investment securities.

We do not choose investments based on a strategy of diversification. We also do not rebalance the portfolio should one of our portfolio companies increase in value substantially relative to the rest of the portfolio. Therefore, the value of our portfolio may be more vulnerable to events affecting a single sector, industry or portfolio company and, therefore, may be subject to greater volatility than a company that follows a diversification strategy.

Because there is typically no public or readily-ascertainable market for our interests in the small privately-held companies in which we invest, FCM as the Board’s valuation ofdesignee ~~those~~pursuant ~~securities~~to isRule ~~determined~~2a-5 inunder ~~good faith by~~ the ~~Valuation~~1940 ~~Committee,~~Act. ~~comprised~~Those ofvaluations ~~all members of the Board who~~ are ~~not~~determined ~~“interested~~in ~~persons”~~accordance ofwith the ~~Company,~~Valuation asProcedures ~~such~~used ~~term~~by isFCM, ~~defined~~subject into ~~Section~~oversight ~~2(a)(19)~~by of the ~~1940~~Board ~~Act, in accordance with our Valuation Procedures~~ and is are subject to significant estimates and judgments. The determined value of the securities in our portfolio may differ significantly from the values that would be placed on these securities if a ready market for the securities existed. Any changes in valuation are recorded in our Statement of Operations as “Net increase (decrease) in unrealized appreciation on investments.” Changes in valuation of any of our investments in privately-held companies from one period to another may be volatile.

~~The~~FCM ~~Board~~ has engaged an independent valuation firm to provide it with valuation assistance with respect to certain of our portfolio investments. ~~The~~FCM ~~Company~~ intends to continue to engage an independent valuation firm to provide ~~us with~~ assistance regarding ~~our~~ determination of the fair value of select portfolio investments each quarter ~~unless directed by the Board to cancel such valuation services~~. The scope of the services rendered by anthe independent valuation firm is at the discretion of ~~the~~FCM ~~Board.~~as ~~The Board is ultimately and solely responsible for determining~~ the ~~fair~~valuation ~~value of the Company’s investments in good faith~~designee.

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Notes to Consolidated Financial Statements – continued

~~SEPTEMBER~~MARCH 3031, ~~2024~~2025 (UNAUDITED)

With respect to investments for which market quotations are not readily available or when such market quotations are deemed not to represent fair value, the Board has approved a multi-step valuation process to be followed each quarter, as described below:

(1)

each quarter the valuation process begins with each portfolio company or investment being initially valued by the Advisor’s Valuation Committee or the independent valuation firm;

(2)

the Valuation Committee of the Board on a quarterly basis reviews the preliminary valuation of the Advisor’s Valuation Committee and that of the independent valuation firms and makes the fair value determination, in good faith, based on the valuation recommendations of the Advisor’s Valuation Committee and the independent valuation firms; and

(3)

at each quarterly Board meeting, the Board considers the valuations recommended by the Advisor’s Valuation Committee and the independent valuation firms that were previously submitted to the Valuation Committee of the Board and ratifies the fair value determinations made by the Valuation Committee of the Board.

NOTE 4. INVESTMENT MANAGEMENT FEE

The Company has entered into an investment management agreement (the “Investment Management Agreement”) with FCM pursuant to which the Company will pay FCM a fee for providing investment management services consisting of two components—a base management fee and an incentive fee.

The base management fee will be calculated at an annual rate of 2.00% of our gross assets. For services rendered under the Investment Management Agreement, the base management fee will be payable quarterly in arrears. The base management fee will be calculated based on the average of (1) the value of our gross assets at the end of the current calendar quarter and (2) the value of the Company’s gross assets at the end of the preceding calendar quarter; and will be appropriately adjusted for any share issuances or repurchases during the current calendar quarter. Base management fees for any partial month or quarter will be pro-rated.

The incentive fee is determined and payable in arrears as of the end of each calendar year (or upon termination of the Investment Management Agreement, as of the termination date), commencing on April 15, 2011, and equals 20% of the Company’s realized capital gains, if any, on a cumulative basis from inception through the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fees, provided that the incentive fee determined as of December 31, ~~2022~~2025, will be calculated for a period of shorter than twelve calendar months to take into account any realized gains computed net of all realized capital losses and unrealized capital depreciation from inception. For the three months ended ~~September~~March 3031, ~~2024~~2025, there were no incentive fee adjustments.

Effective September 30, 2023, the Company ~~has~~ entered into a fee waiver agreement with FCM (the “Fee Waiver Agreement”). Pursuant to the terms of the Fee Waiver Agreement, FCM ~~agrees~~agreed to (1) waive future accruals of the base management fee starting October 1, 2023, through December 31, 2024, with future recoupment to the extent permitted by the Investment Management Agreement, and (2) waive $2.5 million of base management fee that has been accrued but unpaid prior to but unpaid as of September 30, 2023. Any accrued base management fee waived under section (2) may be recouped by FCM within ten years.

Effective March 31, 2024, the Company ~~has~~ entered into a fee waiver agreement with FCM (the “Fee Waiver Agreement”). Pursuant to the terms of the Fee Waiver Agreement, FCM ~~agrees~~agreed to waive $3.0 million of base management fee that has been accrued but ~~unpaid~~remains ~~prior to but~~ unpaid as of March 31, 2024. Any accrued base management fee waived may be recouped by FCM within ten years.

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Notes to Consolidated Financial Statements – continued

~~SEPTEMBER~~MARCH 3031, ~~2024~~2025 (UNAUDITED)

NOTE 5. DEBT

The Company currently has no plan to use leverage and does not have any significant outstanding debt obligations (other than normal operating expense accruals).

NOTE 6. FAIR VALUE

Securities traded on stock exchanges, or quoted by NASDAQ, are valued according to the NASDAQ Stock Market, Inc. (“NASDAQ”) official closing price, if applicable, or at their last reported sale price as of the close of trading on the New York Stock Exchange (“NYSE”) (normally 4:00 P.M. Eastern Time). If a security is not traded that day, the security will be valued at its most recent bid price.

Securities traded in the over-the-counter market, but not quoted by NASDAQ, are valued at the last sale price (or, if the last sale price is not readily available, at the most recent closing bid price as quoted by brokers that make markets in the securities) at the close of trading on the NYSE.

Securities traded both in the over-the-counter market and on a stock exchange are valued according to the broadest and most representative market.

Securities and other assets that do not have market quotations readily available are valued at their fair value as determined by FCM, as the Board’s valuation designee under SEC rule 2a-5 of the 1940 Act. Those valuations are determined in accordance with the Valuation Procedures used by FCM, subject to oversight by the Board.

In pricing illiquid, privately placed securities, FCM, as the valuation designee, is responsible for (1) determining overall valuation guidelines and (2) ensuring that the investments of the Company are valued within the prescribed guidelines.

FCM and the Board receive information and recommendations from an independent valuation firm.

The values assigned to these investments are based on available information and do not necessarily represent amounts that might ultimately be realized when that investment is sold, as such amounts depend on future circumstances and cannot reasonably be determined until the individual investments are actually liquidated or become readily marketable.

APPROACHES TO DETERMINING FAIR VALUE. GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). In effect, GAAP applies fair value terminology to all valuations whereas the 1940 Act applies market value terminology to readily marketable assets and fair value terminology to other assets.

The main approaches to measuring fair value utilized are the market approach, the income approach, and the asset-based approach. The choice of which approach to use in a particular situation depends on the specific facts and circumstances associated with the company, as well as the purpose for which the valuation analysis is being conducted. ~~Firsthand~~FCM and the independent valuation firm rely primarily on the market approach. We also considered the income and asset-based approaches in our analysis because certain of the portfolio companies do not have substantial operating earnings relative to the value of their underlying assets.

Market Approach (M): The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. For example, the market approach often uses market multiples derived from a set of comparables. Multiples might lie in ranges with a different multiple for each comparable. The selection of where within the range each appropriate multiple falls requires the use of judgment in considering factors specific to the measurement (qualitative and quantitative).

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Notes to Consolidated Financial Statements – continued

~~SEPTEMBER~~MARCH 3031, ~~2024~~2025 (UNAUDITED)

Income Approach (I): The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present value amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. Those valuation techniques include present value techniques; option-pricing models, such as the Black-Scholes-Merton formula (a closed-form model) and a binomial model (a lattice model), which incorporate present value techniques; and the multi-period excess earnings method, which is used to measure the fair value of certain assets.

Asset-Based Approach (A): The asset-based approach examines the value of a company’s assets net of its liabilities to derive a value for the equity holders.

FAIR VALUE MEASUREMENT. In accordance with the guidance from the Financial Accounting Standards Board on fair value measurements and disclosures under GAAP, the Company discloses the fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements).

The guidance establishes three levels of the fair value hierarchy as follows:

Level 1 -

Unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the date of measurement.

Level 2 -

Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument in an inactive market, prices for similar instruments in an active or inactive market, interest rates, prepayment speeds, credit risks, yield curves, default rates, and similar data.

Level 3 -

Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Company’s own assumptions about the assumptions a market participant would use in valuing the asset or liability based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

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Notes to Consolidated Financial Statements – continued

~~SEPTEMBER~~MARCH 3031, ~~2024~~2025 (UNAUDITED)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the Company’s net assets as of ~~September~~March 3031, ~~2024~~2025:

ASSETS

LEVEL 1 QUOTED PRICES

LEVEL 2 OTHER SIGNIFICANT OBSERVABLE INPUTS

LEVEL 3 SIGNIFICANT ~~UNOBSERVABLE~~OBSERVABLE INPUTS

Common Stocks

Advanced Materials

—

~~351~~208,~~834~~132

Total Common Stocks

—

~~351~~208,~~834~~132

Preferred Stocks

Equipment Leasing

—

3328,~~938~~296

Total Preferred Stocks

—

3328,~~938~~296

Convertible and Non-Convertible Notes

Medical Devices

—

478,~~306~~554

Total Convertible and Non-Convertible Notes

—

478,~~306~~554

Mutual Funds

~~998~~453,~~082~~187

—

Total

~~998~~453,~~082~~187

—

~~433~~244,~~078~~982

At the end of each calendar quarter, management evaluates the Level 2 and Level 3 assets and liabilities for changes in liquidity, including but not limited to: whether a broker is willing to execute at the quoted price, the depth and consistency of prices from third party services, and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the Level 1 and Level 2 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.

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Notes to Consolidated Financial Statements – continued

~~SEPTEMBER~~MARCH 3031, ~~2024~~2025 (UNAUDITED)

Following is a reconciliation of Level 3 assets (at either the beginning or the ending of the period) for which significant unobservable inputs were used to determine fair value.

INVESTMENTS AT FAIR VALUE USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)	BALANCE AS OF 12/31/2324		NET PURCHASES/ CONVERSIONS		NET SALES/ CONVERSIONS			NET REALIZED GAINS/ (LOSSES)			NET UNREALIZED APPRECIATION (DEPRECIATION) (1)			TRANSFERS IN (OUT) OF LEVEL 3		BALANCE AS OF 0903/3031/~~2024~~25
Common Stocks
Advanced Materials	$	~~299~~260,~~932~~497	$	—	$	—		$	—		$	51(52,~~902~~365	)	$	—	$	~~351~~208,~~834~~132
Equipment Leasing		55		—		—			—			(55	)		—		—
Total Common Stocks		260,497		—		—			—			(52,365	)		—		208,132
Semiconductor Equipment		—		—		—			—			(3,862,405	)		3,862,405		—
Total Common Stocks		299,987		—		—			—			(3,810,558	)		3,862,405		351,834
Preferred Stocks
Aerospace		—		2,441		(156,405	)		(11,083,138	)		11,237,102			—		—
Equipment Leasing		29,466		—		—			—			(1,170	)		—		28,296
Equipment Leasing		110,172		—		(20,000	)		—			(56,234	)		—		33,938
Total Preferred Stocks		29,466		—		—			—			(1,170	)		—		28,296
Total Preferred Stocks		110,172		2,441		(176,405	)		(11,083,138	)		11,180,868			—		33,938
Convertible and Non-Convertible Notes
Advanced Materials		100,000		—		(100,000	)		—			—			—		—
Medical Devices		25,287		—		—			—			(16,733	)		—		8,554
Aerospace		4,200,000		—		(5,956,261	)		(603,530	)		2,359,791			—		—
Total Convertible and Non-Convertible Notes		25,287		—		—			—			(16,733	)		—		8,554
Medical Devices		87,713		—		—			—			(40,407	)		—		47,306
Total	$	315,250	$	—	$	—		$	—		$	(70,268	)	$	—	$	244,982
Total Convertible and Non-Convertible Notes		4,387,713		—		(6,056,261	)		(603,530	)		2,319,384			—		47,306
Total	$	4,797,872	$	2,441	$	(6,232,666	)	$	(11,686,668	)	$	9,689,694		$	3,862,405		433,078

(1) The net change in unrealized appreciation (depreciation) from Level 3 instruments held as of ~~September~~March 3031, ~~2024~~2025 was $(4470,~~794~~268).

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Notes to Consolidated Financial Statements – continued

~~SEPTEMBER~~MARCH 3031, ~~2024~~2025 (UNAUDITED)

The table below represents quantitative disclosure about significant unobservable inputs for Level 3 fair value measurements at ~~September~~March 3031, ~~2024~~2025:

	FAIR VALUE AT 9/30/2024		VALUATION TECHNIQUES(1)	UNOBSERVABLE INPUTS		RANGE (WEIGHTED AVG.)(1)
	FAIR VALUE AT 03/31/25		VALUATION TECHNIQUES	UNOBSERVABLE INPUTS	RANGE (WEIGHTED AVG.)(1)
Direct venture capital investments: Advanced Materials	$	0.4M2M	Market Comparable Companies Option Pricing Model	~~Revenue~~Reverse Multiple(2) Years to Maturity(2) Volatility(2) Risk-Free Rate(2) Discount for Lack of Marketability(3)	0.8x – 1.0x (0.9x) 5 years (5 years) 50.0% (50%) 3.96% (3.96%) 22.8% (22.8%)	~~0.8x – 1.0x (1.0x)~~
			Option Pricing Model	Years to Maturity(2)		5 years (5 years)
Direct venture capital investments: Automotive	$	0.0M	Liquidation Value	Market Value of Invested Capital(2)	$0 ($0)
				Volatility(2)			50.0%	(50.0%)
Direct venture capital investments: Equipment Leasing	$	0.0M	Cash Value Option Pricing Model	Years to Maturity(2) Volatility(2) Risk-Free Rate(2)	5 years (5 years) 50.0% (50.0%) 3.96% (3.96%)
				Risk-Free Rate(2)			4.33%	(4.33%)
Direct venture capital investments: Medical Devices	$	0.0M	Cash Value Market Comparable Companies Market Comparable Transactions	Years to Maturity(2) Revenue Multiple(2) Risk Free Rate(2) Going Concern Probability(1) Volatility(2)	3 years (3 years) 0.6x – 0.8x (0.8x) 3.89% (3.89%) 10% (10%) 55% (55%)
				Discount for Lack of			22.8%	(22.8%)
Direct venture capital investments: Semiconductor Equipment	$	0.0M	Recent Transactions	Equity Proceeds from Private Transactions(2)	$0 ($0)
				Marketability(3)
Direct venture capital investments: Automotive	$	0.0M	Liquidation Value	Market Value of Invested Capital		$0 ($0)
Direct venture capital investments: Equipment Leasing	$	0.0M	Cash Value	Years to Maturity(2)		5 years (5 years)
			Option Pricing Model	Volatility(2)			50.0%	(50.0%)
				Risk-Free Rate(2)			4.33%	(4.33%)
Direct venture capital investments: Medical Devices	$	0.0M	Market Comparable Companies	Revenue Multiple(2)		1.7x – 1.8x (1.8x)
			Market Comparable Transactions	Risk-Free Rate(2)			4.52%	(4.52%)
				Going Concern Probability(2)			10%	(10%)
Direct venture capital investments: Semiconductor Equipment	$	0.0M	Recent Transaction	Equity Proceeds from Private Transaction			0%	(0%)

(1) Weighted average is calculated by ~~weighting~~weighing the significant unobservable input by the relative fair value of each investment in the category.

(2)

An increase in the input would result in an increase in the security’s valuation; a decrease in the input would result in a decrease in the security’s valuation.

(3) An increase in the ~~input~~inputs would result in a decrease in the ~~security’s~~securities valuation; a decrease in the input would result in an increase in the security’'s valuation.

(1) Weighted average is calculated by weighting the significant unobservable input by the relative fair value of each investment in the category

(2) An increase in the input would result in an increase in the security’s valuation; a decrease in the input would result in a decrease in the security’s valuation.

(3) An increase in the input would result in a decrease in the security’s valuation; a decrease in the input would result in an increase in the security’s valuation.

Changes in any of our unobservable inputs, individually, may change the fair value of certain of the Company’s investments.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period. Additionally, the fair value of the Company’s investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that the Company may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If the Company was required to liquidate a portfolio investment in a forced or liquidation sale, it could realize significantly less than the value at which the Company has recorded it.

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Notes to Consolidated Financial Statements – continued

~~SEPTEMBER~~MARCH 3031, ~~2024~~2025 (UNAUDITED)

In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned.

NOTE 7. FEDERAL INCOME TAXES

Beginning in 2018, we were no longer able to qualify as a RIC under Subchapter M of the Code. The increase in value that resulted from the initial public offerings (IPOs) of Pivotal Systems and Revasum meant that we were no longer able to satisfy the diversification requirements for qualification as a RIC. As a result of this change, we were taxed as a corporation for our fiscal year ended December 31, 2018, and will continue to be taxed in that manner for future fiscal years, paying federal and applicable state corporate taxes on our taxable income, unless and until we are able to once again qualify as a RIC, based on changes in the composition of our portfolio. Consequently, at the close of each fiscal quarter beginning with the quarter ended June 30, 2018, we will record a deferred tax liability for any net realized gains and net ordinary income for the year-to-date period plus net unrealized gains as of the end of the quarter.

The reorganization described in Note 1 (the formation of FVI as a fully owned subsidiary for investment activities) was structured to avoid any adverse tax consequences for the Company and its shareholders. For the fiscal years which the Company ~~operates~~ operated as a RIC, we believe Company’s engaging in investment activities through FVI did not, in our view, jeopardize the Company’s ability to continue to qualify as a RIC under the Code at that time when the Company was eligible to be treated as a RIC.

The following information is based upon the U.S. federal income tax cost of portfolio investments as of ~~September~~March 3031, ~~2024~~2025.

	FEDERAL INCOME TAX COST:
Gross unrealized appreciation	$	—
Gross unrealized depreciation		(115,~~544~~732,~~196~~292	)
Net unrealized depreciation	$	(115,~~544~~732,~~196~~292	)
Federal income tax cost, Investments	$	116,~~975~~430,~~356~~461

The Company did not qualify as a regulated investment company pursuant to Subchapter M of the Internal Revenue Code, therefore it is taxed as a corporation. As a corporation, the Company is obligated to pay federal and state income tax on taxable income. The Company’s net deferred tax asset balance has a full valuation allowance based on management’s estimate of future realization of such assets. The Company is currently using an estimated tax rate of 21% for Federal and 6.98% for state taxes.

The Company’s income tax provision consists of the following as of December 31, ~~2023~~2024:

Deferred tax (expense)/benefit
Federal	$	—
State		—
Total deferred tax (expense)/benefit	$	—

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Such temporary differences are principally: (i) taxes on unrealized gains/(losses), which are attributable to the temporary difference between fair market value and tax basis, and (ii) the net tax benefit of accumulated net operating losses and capital loss carryforwards. Deferred tax assets and liabilities are measured using effective tax rates expected to apply to taxable income in the years such temporary differences are realized or otherwise settled.

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Components of the Company’s deferred tax assets and liabilities as of December 31, ~~2023~~2024 are as follows:

	AMOUNT
Deferred tax assets:
Net operating loss carryforward	$	3,~~465~~243,~~923~~806
Capital loss carryforward		98,~~161~~449,~~034~~388
Net unrealized losses (gains) on investment securities		3532,~~040~~351,~~442~~042
Total deferred tax assets, net		4744,~~667~~044,~~399~~236
Valuation allowance		(4744,~~667~~044,~~399~~236	)
Net	$	—

For the year ended December 31, ~~2023~~2024, the Company had an effective tax rate of 0% and a statutory tax rate of 21% (27.98% with state income tax) with the difference being attributable to changes in the components of the deferred tax assets and the valuation allowance account.

The effective tax rate and statutory federal income tax rate for the three-month periods ended ~~September~~March 3031, ~~2024~~2025 and ~~2023~~2024 were as follows:

	THREE MONTHS ENDED SEPTEMBER 30, 2024		THREE MONTHS ENDED SEPTEMBER 30, 2023
	THREE MONTHS ENDED MARCH 31, 2025		THREE MONTHS ENDED MARCH 31, 2024
Effective tax rate		0%		0%
Statutory federal income tax rate		21%		21%

The variance in the effective tax rate and statutory federal income tax rate for the three-month period ended ~~September~~March 3031, ~~2024~~2025, is the result of changes in the deferred tax assets and related valuation allowance account. At ~~September~~March 3031, ~~2024~~2025, the Company has established a full valuation allowance on its net deferred tax assets.

To the extent the Company has a deferred tax asset or if a portion of the deferred tax liability is offset by a tax asset resulting from net operating losses, consideration is given to whether or not a valuation allowance is required against the deferred tax asset amount. A valuation allowance is required if, based on the evaluation criterion provided by Accounting Standard Codification (“ASC”) 740, Income Taxes (ASC 740), it is more-likely-than-not that some portion or all of the deferred tax asset will not be realized. Among the factors considered in assessing the Company’s valuation allowance are: the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of the statutory carryforward periods, and the associated risks that operating and capital loss carryforwards may expire unused. Based on the Company’s assessment, it has determined that in the future it is more likely than not that the Company will not generate the necessary appropriate character of income within the carryforward periods to realize its deferred tax assets, and as such, has placed a full allowance on the deferred tax assets.

From time to time, and as new information becomes available, the Company will modify its forecasts, estimates or assumptions regarding its deferred tax liability or asset.

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~~SEPTEMBER~~MARCH 3031, ~~2024~~2025 (UNAUDITED)

Modifications of the Company’s estimates or assumptions regarding its deferred tax liability and/or asset balances and any applicable valuation allowance, changes in generally accepted accounting principles or related guidance or interpretations thereof, limitations imposed on net operating losses (if any), and changes in applicable tax law could result in increases or decreases in the Company’s NAV, which could be material. Such changes could have a material impact on the Company’s NAV and results of operations with respect to the Company’s shareholders in the period it is recorded, even though the shareholders at such time might not have held shares in the Company at the time the deferred tax asset or liability had been established.

The Company’s policy is to classify interest and penalties associated with underpayment of federal and state income taxes, if any, as income tax expense on its Statement of Operations. As of December 31, ~~2023~~2024, the Company did not have any interest or penalties associated with the underpayment of any income taxes.

The Company files income tax returns in the U.S. federal jurisdiction and California. The Company has reviewed all major jurisdictions and concluded that there is no significant impact on the Company’s net assets and no tax liability resulting from unrecognized tax benefits relating to uncertain tax positions expected to be taken on its tax returns. Furthermore, management of the Company is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next 12 months.

As of December 31, ~~2023~~2024, the Company had net operating loss carryforwards for federal and state of income tax purposes of $1211,~~387~~593,~~144~~301, which may be carried forward indefinitely.

As of December 31, ~~2023~~2024, the Company had net capital loss carryforwards for federal and state income tax purposes, which may be carried forward for 5 years, as follows:

EXPIRATION DATE	AMOUNT
12/31/24	$	14,230,073
12/31/25		7,516,642
12/31/27		3,129,665
12/31/28		7,864,982
Total	$	32,741,362
12/31/29		11,686,668
Total	$	30,197,957

NOTE 8. INVESTMENT TRANSACTIONS

Investment transactions (excluding short-term investments) were as follows for the quarter ended ~~September~~March 3031, ~~2024~~2025.

PURCHASES AND SALES
Purchase of investment securities	$	2,441
Proceeds from sales and maturities of investment securities	$	(6,232,667	)

PURCHASES AND SALES
Purchase of investment securities	$	—
Proceeds from sales and maturities of investment securities	$	—

NOTE 9. SHARE BUYBACKS

SHARE BUYBACKS. On April 26, 2016, the Board of Directors of the Fund approved a discretionary share repurchase plan (the “Plan”). Pursuant to the Plan, the Fund was authorized to purchase in the open market up to $2 million worth of its common stock. The Plan allowed the Fund to acquire its own shares at certain thresholds below its NAV per share, in accordance with the guidelines specified in Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The intent of the Plan was to increase NAV per share and thereby enhance shareholder value. The Fund completed the repurchase plan in September 2016, having repurchased and retired a total of 272,008 shares of stock, at a total cost of approximately $2 million.

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~~SEPTEMBER~~MARCH 3031, ~~2024~~2025 (UNAUDITED)

On November 10, 2017, the Board of Directors of the Fund approved a discretionary share purchase plan (the “Plan”). Pursuant to the Plan, the Fund was authorized to purchase in the open market up to $2 million worth of its common stock. The Plan allowed the Fund to acquire its own shares in accordance with the guidelines specified in Rule 10b-18 of the Exchange Act. The intent of the Plan was to increase NAV per share and thereby enhance shareholder value. As of December 31, 2017, the Fund had repurchased and retired 128,551 shares of stock at a total cost of approximately $1.1 million. The Fund had 7,302,146 shares outstanding as of December 31, 2017.

On August 31, 2018, the Fund announced a plan to repurchase up to $2 million worth of SVVC stock in the open market by March 31, 2019. The Fund completed this open market repurchase plan on October 24, 2018. Through that date, the Fund repurchased 123,376 shares at an average price of $16.21 per share, for total consideration of $2.0 million. As of December 31, 2018, the Fund had 7,178,770 shares outstanding.

TENDER OFFERS. On December 22, 2014, pursuant to our agreement with a shareholder, the Fund commenced a tender offer to purchase up to $20 million of its issued and outstanding common shares for cash at a price per share equal to 95% of the Company’s NAV per share determined as of the close of ordinary trading on the NASDAQ Global Market on December 31, 2014 ($23.2702 per share). The tender offer, which expired on January 22, 2015 at 12:00 midnight, New York City time, was oversubscribed. Because the number of shares tendered exceeded the maximum amount of its offer, the Fund purchased shares from tendering shareholders on a pro-rata basis based on the number of shares properly tendered. Of the 5,044,728 shares properly tendered, the Fund purchased 859,468 shares of common stock pursuant to the tender offer.

On December 16, 2019, the Fund announced the commencement of a “modified Dutch auction” tender offer to purchase up to $2 million of its common stock at a price per share not less than $6.00 and not greater than $8.00, in $0.10 increments. The tender offer expired on February 14, 2020, and resulted in the purchase by the Fund of 285,714 shares of common stock at a price of $7.00 per share. As of ~~March~~December 31, 2020, the Fund had 6,893,056 shares outstanding.

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~~SEPTEMBER~~MARCH 3031, ~~2024~~2025 (UNAUDITED)

NOTE 10. INVESTMENTS IN AFFILIATES AND CONTROLLED INVESTMENTS

Under the 1940 Act, the Company is required to identify investments where it owns greater than 5% (but less than 25%) of the portfolio company’s outstanding voting shares as an affiliate of the Company. Also, under the 1940 Act, the Company is required to identify investments where it owns greater than 25% of the portfolio company’s outstanding voting shares as a controlled investment of the Company. A summary of the Company’s investments in affiliates and controlled investments for the period from December 31, ~~2023~~2024, through ~~September~~March 3031, ~~2024~~2025, is noted below:

AFFILIATE/CONTROLLED INVESTMENTS*	VALUE AT 12/31/2324		PURCHASE/ MERGER		INTEREST		SALES/ MATURITY/ EXPIRATION			REALIZED GAIN (LOSS)			CHANGE IN APPRECIATION/ DEPRECIATION			VALUE 93/3031/~~2024~~25		SHARES HELD AT 93/3031/~~2024~~25
Equipment Leasing
EQX Capital, Inc. Common Stock*	$	55—	$	—	$	—	$	—		$	—		$	~~(55~~—	)	$	—		100,000
EQX Capital, Inc. Series A Preferred Stock*		~~110~~29,~~172~~466		—		—		~~(20,000~~—	)		—			(561,~~234~~170	)		3328,~~938~~296		1,930,000
Total Equipment Leasing	$	~~110~~29,~~227~~466	$	—	$	—	$	—		$	—		$	(561,~~289~~170	)	$	3328,~~938~~296
Aerospace
Hera Systems, Inc. Convertible Note*		3,431,683		—		—		(4,866,666	)		(493,125	)		1,928,108			—		—
Hera Systems, Inc. Convertible Note*		768,317		—		80,000		(1,089,594	)		(110,406	)		431,683			—		—
Hera Systems, Inc. Series A Preferred*		—		—		—		(4	)		(1,999,996	)		2,000,000			—		—
Hera Systems, Inc. Series B Preferred*		—		2,441		—		(144,249	)		(6,445,294	)		6,587,102			—		—
Hera Systems, Inc. Series B Warrants*		—		—		—		—			—			—			—		—
Hera Systems, Inc. Series B Warrants*		—		—		—		—			—			—			—		—
Hera Systems, Inc. Series B Warrants*		—		—		—		—			—			—			—		—
Hera Systems, Inc. Series B Warrants*		—		—		—		—			—			—			—		—
Hera Systems, Inc. Series C Preferred*		—		—		—		(12,153	)		(2,637,847	)		2,650,000			—		—
Total Aerospace	$	4,200,000			$	80,000				$	(11,686,668	)	$	13,596,893		$	—
Medical Devices
IntraOp Medical Corp. Convertible Note*		349,~~570~~966		—		—		—			—			(156,~~925~~593	)		183,~~645~~373		10,961,129
IntraOp Medical Corp. Convertible Note*		41,~~100~~182		—		—		—			—			(~~1,889~~782	)		~~2,211~~400		1,300,000
IntraOp Medical Corp. Convertible Note*		~~1,577~~454		—		—		—			—			(~~726~~300	)		~~851~~154		500,000
IntraOp Medical Corp. Convertible Note*		~~1,577~~454		—		—		—			—			(~~726~~300	)		~~851~~154		500,000
IntraOp Medical Corp. Convertible Note*		92,~~461~~728		—		—		—			—			(41,~~358~~805	)		~~5,103~~923		3,000,000
IntraOp Medical Corp. Convertible Note*		~~3,154~~909		—		—		—			—			(~~1,453~~602	)		~~1,701~~307		1,000,000
IntraOp Medical Corp. Convertible Note*		~~1,261~~364		—		—		—			—			(~~581~~241	)		~~680~~123		400,000
IntraOp Medical Corp. Convertible Note*		~~1,577~~455		—		—		—			—			(~~726~~301	)		~~851~~154		500,000
IntraOp Medical Corp. Convertible Note*		~~2,365~~682		—		—		—			—			(~~1,089~~452	)		~~1,276~~230		750,000
IntraOp Medical Corp. Convertible Note*		~~1,577~~455		—		—		—			—			(~~726~~301	)		~~851~~154		500,000
IntraOp Medical Corp. Convertible Note*		~~1,577~~455		—		—		—			—			(~~727~~301	)		~~850~~154		500,000
IntraOp Medical Corp. Convertible Note*		~~1,577~~455		—		—		—			—			(~~727~~301	)		~~850~~154		500,000
IntraOp Medical Corp. Convertible Note*		~~3,154~~909		—		—		—			—			(~~1,453~~602	)		~~1,701~~307		1,000,000
IntraOp Medical Corp. Convertible Note*		455		—		—		—			—			(301	)		154		500,000
IntraOp Medical Corp. Convertible Note*		909		—		—		—			—			(602	)		307		1,000,000
IntraOp Medical Corp. Convertible Note*		455		—		—		—			—			(301	)		154		500,000
IntraOp Medical Corp. Convertible Note*		455		—		—		—			—			(301	)		154		500,000
IntraOp Medical Corp. Convertible Note*		455		—		—		—			—			(301	)		154		500,000
IntraOp Medical Corp. Convertible Note*		182		—		—		—			—			(121	)		61		200,000
IntraOp Medical Corp. Convertible Note*		636		—		—		—			—			(421	)		215		700,000
IntraOp Medical Corp. Convertible Note*		136		—		—		—			—			(90	)		46		150,000
IntraOp Medical Corp. Convertible Note*		318		—		—		—			—			(211	)		107		350,000
IntraOp Medical Corp. Series C Preferred*		—		—		—		—			—			—			—		26,856,187

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~~SEPTEMBER~~MARCH 3031, ~~2024~~2025 (UNAUDITED)

AFFILIATE/CONTROLLED INVESTMENTS*	VALUE AT 12/31/2324		PURCHASE/ MERGER		INTEREST		SALES/ MATURITY/ EXPIRATION		REALIZED GAIN (LOSS)		CHANGE IN APPRECIATION/ DEPRECIATION			VALUE 93/3031/~~2024~~25		SHARES HELD AT 93/3031/~~2024~~25
IntraOp Medical Corp. Convertible Note*	$	1,577	$	—	$	—	$	—	$	—	$	(727	)	$	850		500,000
IntraOp Medical Corp. Term Note*	$	1,818	$	—	$	—	$	—	$	—	$	(1,203	)	$	615		2,000,000
IntraOp Medical Corp. Convertible Note*		3,154		—		—		—		—		(1,453	)		1,701		1,000,000
Total Medical Devices	$	25,287	$	—	$	—	$	—	$	—	$	(16,733	)	$	8,554
IntraOp Medical Corp. Convertible Note*		1,577		—		—		—		—		(727	)		850		500,000
IntraOp Medical Corp. Convertible Note*		1,577		—		—		—		—		(726	)		851		500,000
IntraOp Medical Corp. Convertible Note*		1,577		—		—		—		—		(727	)		850		500,000
IntraOp Medical Corp. Convertible Note*		631		—		—		—		—		(291	)		340		200,000
IntraOp Medical Corp. Convertible Note*		2,208		—		—		—		—		(1,017	)		1,191		700,000
IntraOp Medical Corp. Convertible Note*		473		—		—		—		—		(218	)		255		150,000
IntraOp Medical Corp. Convertible Note*		1,104		—		—		—		—		(509	)		595		350,000
IntraOp Medical Corp. Series C Preferred*		—		—		—		—		—		—			—		26,856,187
IntraOp Medical Corp. Term Note*		6,308		—		—		—		—		(2,906	)		3,402		2,000,000
Total Medical Devices	$	87,713			$	—			$	—	$	(40,407	)	$	47,306
Semiconductor Equipment
Revasum, Inc. CDI*(1)		~~3,862,405~~—		—		—		—		—		~~(3,862,405~~—	)		—		39,774,889
Total Semiconductor Equipment	$	~~3,862,405~~—	$	—	$	—	$	—	$	—	$	~~(3,862,405~~—	)	$	—
Advanced Materials
UCT Coatings, Inc. Common Stock		~~299~~260,~~932~~497		—		—		—		—		51(52,~~902~~365	)	$	~~351~~208,~~834~~132		1,500,000
Total Advanced Materials	$	~~299~~260,~~932~~497	$	—	$	—	$	—	$	—	$	51(52,~~902~~365	)	$	~~351~~208,~~834~~132
Automotive
Wrightspeed, Inc. Convertible Note*		—		—		—		—		—		—			—		40,000
Wrightspeed, Inc. Common Stock*		—		—		—		—		—		—			—		69,102
Wrightspeed, Inc. Convertible Note*		—		—		—		—		—		—			—		200,000
Wrightspeed, Inc. Convertible Note*		—		—		—		—		—		—			—		250,000
Wrightspeed, Inc. Convertible Note*		—		—		—		—		—		—			—		100,000
Wrightspeed, Inc. Convertible Note*		—		—		—		—		—		—			—		125,000
Wrightspeed, Inc. Convertible Note*		—		—		—		—		—		—			—		165,000
Wrightspeed, Inc. Convertible Note*		—		—		—		—		—		—			—		135,000
Wrightspeed, Inc. Convertible Note*		—		—		—		—		—		—			—		250,000
Wrightspeed, Inc. Convertible Note*		—		—		—		—		—		—			—		250,000
Wrightspeed, Inc. Convertible Note*		—		—		—		—		—		—			—		250,000
Wrightspeed, Inc. Convertible Note*		—		—		—		—		—		—			—		1,000,000
Wrightspeed, Inc. Convertible Note*		—		—		—		—		—		—			—		250,000
Wrightspeed, Inc. Convertible Note*		—		—		—		—		—		—			—		250,000
Wrightspeed, Inc. Convertible Note*		—		—		—		—		—		—			—		250,000
Wrightspeed, Inc. Convertible Note*		—		—		—		—		—		—			—		65,000
Wrightspeed, Inc. Convertible Note*		—		—		—		—		—		—			—		185,000
Wrightspeed, Inc. Convertible Note*		—		—		—		—		—		—			—		200,000
Wrightspeed, Inc. Convertible Note*		—		—		—		—		—		—			—		700,000
Wrightspeed, Inc. Convertible Note*		—		—		—		—		—		—			—		100,000
Wrightspeed, Inc. Convertible Note*		—		—		—		—		—		—			—		250,000
Wrightspeed, Inc. Convertible Note*		—		—		—		—		—		—			—		1,000,000
Wrightspeed, Inc. Convertible Note*		—		—		—		—		—		—			—		1,000,000

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~~SEPTEMBER~~MARCH 3031, ~~2024~~2025 (UNAUDITED)

AFFILIATE/CONTROLLED INVESTMENTS*	VALUE AT 12/31/2324		PURCHASE/ MERGER		INTEREST		SALES/ MATURITY/ EXPIRATION		REALIZED GAIN (LOSS)		CHANGE IN APPRECIATION/ DEPRECIATION			VALUE 93/3031/~~2024~~25		SHARES HELD AT 93/3031/~~2024~~25
Wrightspeed, Inc. Convertible Note*	$	—	$	—	$	—	$	—	$	—	$	—		$	—		~~700~~4,~~000~~929,015
Wrightspeed, Inc. Convertible Note*		—		—		—		—		—		—			—		~~250~~750,000
Wrightspeed, Inc. Convertible Note*		—		—		—		—		—		—			—		~~250~~900,000
Wrightspeed, Inc. Convertible Note*		—		—		—		—		—		—			—		~~250~~375,000
Wrightspeed, Inc. Convertible Note*		—		—		—		—		—		—			—		65400,000
Wrightspeed, Inc. Convertible Note*		—		—		—		—		—		—			—		~~185~~1,050,000
Wrightspeed, Inc. Convertible Note*		—		—		—		—		—		—			—		1,000,000
Wrightspeed, Inc. Convertible Note*		—		—		—		—		—		—			—		1,000,000
Wrightspeed, Inc. Convertible Note*		—		—		—		—		—		—			—		1,000,000
Wrightspeed, Inc. Convertible Note*		—		—		—		—		—		—			—		300,000
Wrightspeed, Inc. Convertible Note*		—		—		—		—		—		—			—		400,000
Wrightspeed, Inc. Convertible Note*		—		—		—		—		—		—			—		2,000,000
Wrightspeed, Inc. Convertible Note*		—		—		—		—		—		—			—		1,400,000
Wrightspeed, Inc. Convertible Note*		—		—		—		—		—		—			—		1,200,000
Wrightspeed, Inc. Convertible Note*		—		—		—		—		—		—			—		1,~~000~~400,000
Wrightspeed, Inc. Convertible Note*		—		—		—		—		—		—			—		~~250~~2,000,000
Wrightspeed, Inc. Convertible Note*		—		—		—		—		—		—			—		1,000,000
Wrightspeed, Inc. Convertible Note*		—		—		—		—		—		—			—		1,050,000
Wrightspeed, Inc. Convertible Note*		—		—		—		—		—		—			—		400,000
Wrightspeed, Inc. Convertible Note*		—		—		—		—		—		—			—		~~375~~300,000
Wrightspeed, Inc. Convertible Note*		—		—		—		—		—		—			—		900,000
Wrightspeed, Inc. Convertible Note*		—		—		—		—		—		—			—		750,000
Wrightspeed, Inc. Convertible Note*		—		—		—		—		—		—			—		4,929,015
Wrightspeed, Inc. Convertible Note*		—		—		—		—		—		—			—		1,000,000
Wrightspeed, Inc. Convertible Note*		—		—		—		—		—		—			—		40,000
Wrightspeed, Inc. Series AA Preferred*		—		—		—		—		—		—			—		60,733,693
Total Automotive	$	—	$	—	$	—	$	—	$	—	$	—		$	—
Total Affiliates and Controlled Investments	$	315,250	$	—	$	—	$	—	$	—	$	(70,268	)	$	244,982
Total Affiliates	$	260,497	$	—	$	—	$	—	$	—	$	(52,365	)	$	208,132
Total Controlled Investments	$	54,753	$	—	$	—	$	—	$	—	$	(17,903	)	$	36,850

*	Controlled Investments.

(1)	CDI: CHESS Depositary Interests

As of March 31, 2025, Kevin Landis, the Company’s Chairman, President and Chief Executive Officer, represented the Company and sat on the boards of directors of EQX Capital, Inc., IntraOp Medical Corp.; Revasum, Inc.; and Wrightspeed, Inc. As of March 31, 2025, Mr. Landis served as interim CEO at IntraOp Medical Corp. and Wrightspeed, Inc. Serving as a director or officer of portfolio companies may cause conflicts of interest. The Advisor has adopted various procedures to ensure that the Company will not be unfavorably affected by these potential conflicts.

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Firsthand Technology Value Fund, Inc.

Notes to Consolidated Financial Statements – continued

~~SEPTEMBER~~MARCH 3031, ~~2024~~2025 (UNAUDITED)

AFFILIATE/CONTROLLED INVESTMENTS*	VALUE AT 12/31/23		PURCHASE/ MERGER		INTEREST		SALES/ MATURITY/ EXPIRATION			REALIZED GAIN (LOSS)			CHANGE IN APPRECIATION/ DEPRECIATION		VALUE 9/30/2024		SHARES HELD AT 9/30/2024
Wrightspeed, Inc. Series AA Preferred*	$	—	$	—	$	—	$	—		$	—		$	—	$	—		60,733,695
Total Automotive	$	—			$	—				$	—		$	—	$	—
Total Affiliates and Controlled Investments	$	8,560,277	$	2,441	$	80,000	$	(6,132,666	)	$	(11,686,668	)	$	9,689,694	$	433,078
Total Affiliates		299,932				—					—			51,902		351,834
Total Controlled Investments	$	8,260,345	$	2,441	$	80,000	$	(6,132,666	)	$	( 11,686,668	)	$	9,637,792	$	81,244

NOTE 11. MARKET DISRUPTION AND GEOPOLITICAL RISKS

*The ~~Controlled~~increasing ~~Investments~~interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. The Company's portfolio companies may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, trade disputes, supply chain disruptions, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, cybersecurity events, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, territorial invasions and global economic sanctions implemented in response, natural disasters, social and political discord or debt crises and downgrades, global pandemics and public health crises, among others, may result in market volatility and may have long-term effects on both the U.S. and global financial markets. For example, military conflicts and wars, such as Russia's invasion of Ukraine and the war among Israel, Hamas and other militant groups in the Middle East, have caused and could continue to cause market disruptions in the regions and globally. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value the Company's portfolio.

~~(1)~~Therefore, ~~CDI:~~the ~~CHESS~~Company ~~Depositary~~could ~~Interests~~lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes may be negatively affected. Changes in market conditions and interest rates can have the same impact on all types of securities and instruments. In times of severe market disruptions, you could lose your entire investment.

AsNOTE ~~of September 30, 2024, Kevin Landis, the Company’s Chairman, President and Chief Executive Officer, represented the Company and sat on the boards of directors of EQX Capital, Inc~~12., IntraOp Medical Corp.; Revasum, Inc.; and Wrightspeed, Inc. As of September 30, 2024, Mr. Landis served as interim CEO at IntraOp Medical Corp. and Wrightspeed, Inc. Serving as a director or officer of portfolio companies may cause conflicts of interest. The Advisor has adopted various procedures to ensure that the Company will not be unfavorably affected by these potential conflicts. LITIGATION

38 On February 28, 2025, Star Equity Fund, LP (“Star Equity”) filed a complaint in the United States District Court for the District of Maryland, docketed as case no. 1:25-cv-00677-SAG, against Firsthand Capital Management, Inc., Scalar, LLC, current and former members of the board of directors of Firsthand Technology Value Fund, Inc. (the “Fund”), and an officer of the Fund as defendants. The complaint also names the Fund as a nominal defendant. The complaint alleges putative class action claims against the defendants for violations of federal securities laws for alleged false or misleading statements relating to the valuation of the Fund’s assets, and it also purports to allege derivative claims against defendants for breaches of fiduciary duties and breach of contract related to management of the Fund and its assets. In connection with the derivative claims, the complaint names the Fund as a nominal defendant. Although purporting to assert the derivative claims on behalf of the Fund, Star Equity did not make a pre-suit demand on the Fund’s board of directors to initiate litigation over those claims. The Fund believes that the allegations in the complaint lack merit and intends to vigorously defend this action. The Fund has certain indemnification obligations to certain defendants. Defense costs for the Fund, despite the Fund’s having in place an applicable liability insurance policy, may be significant and therefore could have an impact on the Fund’s financial condition that cannot now be determined. On September 5, 2023, VestedCap, LLC (“VestedCap”) filed a complaint in Superior Court for the State of California. The case is venued in Santa Clara County (Case No. 23-CV-422238.) As originally filed, the lawsuit asserted claims against one of the Fund’s portfolio companies, IntraOp Medical Corporation. VestedCap also named Kevin Landis as a co-defendant. In the original complaint, VestedCap asserted claims for breach of contract, fraud and deceit, conversion, unjust enrichment, and judicial foreclosure. IntraOp and Kevin Landis denied all claims against them. On January 22, 2025, VestedCap amended its complaint and added the Fund as an additional co-defendant. In the amended complaint, VestedCap has asserted the following claims against the Fund: wire fraud, violations of the RICO Act, fraud and deceit, conversion, and declaratory relief. VestedCap has also asserted that the Fund is the alter ego of co-defendants IntraOp Medical Corporation and Kevin Landis and therefore should be a party to the case. The Fund believes that the allegations in the complaint lack merit and intends to vigorously defend this action. Defense costs for the Fund, despite the Fund’s having in place an applicable liability insurance policy, may be significant and therefore could have an impact on the Fund’s financial condition that cannot now be determined.

~~Table~~NOTE of13. ~~Contents~~ SUBSEQUENT EVENTS

Firsthand Technology Value Fund, Inc.

Notes to Consolidated Financial Statements – continued

SEPTEMBER 30, 2024 (UNAUDITED)

Certain local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, or other events could have a significant impact on a security or instrument. Since 2020, the novel strain of coronavirus (COVID-19) has negatively affected the worldwide economy, as well as the economies of individual countries, the financial health of individual companies and the market in general in significant and unforeseen ways. Following Russia’s large-scale invasion of Ukraine, the President of the United States signed an Executive Order in February 2022 prohibiting U.S. persons from entering transactions with the Central Bank of Russia and Executive Orders in March 2022 prohibiting U.S. persons from importing oil and gas from Russia as well as other popular Russian exports, such as diamonds, seafood and vodka. The duration of the coronavirus outbreak and the Russian-Ukraine conflict could adversely affect the Company’s performance. The ultimate impact of COVID-19 and Russia invasion on the financial performance of the Company’s investments is not reasonably estimable at this time.

NOTE 12. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Company through the date the financial statements were issued and Management has evaluated the impact of all subsequent events on the Company through the date the financial statements were issued and determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

FORWARD-LOOKING STATEMENTS

The matters discussed in this report, as well as in future oral and written statements by management of the Company, include forward-looking statements based on current management expectations that involve substantial risks and uncertainties which could cause actual results to differ materially from the results expressed in, or implied by, these forward-looking statements. Forward-looking statements related to future events or our future financial performance. We generally identify forward-looking statements by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” or “continue” or the negative of these terms or other similar words. Important assumptions include our ability to originate new investments and to achieve certain margins and levels of profitability and the availability of additional capital. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this report should not be regarded as a representation by us that our plans or objectives will be achieved. The forward-looking statements contained in this report include, without limitations, statements as to:

●	our future operating results;

● our business prospects and the prospects of our ~~prospective~~portfolio companies and the impact of any potential economic downturn, which could impair our portfolio companies’ ability to continue to operate and could lead to the loss of some or all of our investments in such portfolio companies;

● the impact of investments that we expect to make; ● the impact of current global economic conditions, including those caused by inflation, an elevated interest rate environment and geopolitical events;

●	the impact of a protracted decline in the liquidity of the credit markets on our business;

●	our informal relationships with third parties;

●	the expected market for venture capital investments and our addressable market;

●	the dependence of our future success on the general economy and its impact on the industries in which we invest;

●	our ability to access the equity market;

●	the ability of our portfolio companies to achieve their objectives;

●	our expected financings and investments;

●	our regulatory structure and tax status;

● our ability to operate as a business development company and a regulated investment company ("RIC") and the fact that, beginning in 2018, we were no longer able to qualify as a RIC under Subchapter M of the Code;

●	the adequacy of our cash resources and working capital;

●	the timing of cash flows, if any, from the operation of our portfolio companies;

●	the timing, form, and amount of any dividend distributions;

● impact of fluctuation of interest rates on our business; ● changes or potential disruptions in our operations and the operations of our portfolio companies, the economy, financial markets or political environment, including those caused by tariffs and trade disputes with other countries, supply chain issues, inflation and an elevated interest rate environment; ● risks associated with possible disruption in our operations, the operations of our portfolio companies or the economy generally due to terrorism, war or other geopolitical conflict, natural disasters, pandemics or cybersecurity incidents;

●	valuation of any investments in portfolio companies particularly those having no liquid trading market; and

●	our ability to recover unrealized losses.

You should not place undue reliance on these forward-looking statements. The forward-looking statements made in this report relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statement to reflect events or circumstances occurring after the date of this report.

The following discussion should be read in conjunction with our consolidated financial statements and related notes and other financial information appearing elsewhere in this prospectus. In addition to historical information, the following discussion and other parts of this prospectus contain forward-looking information that involves risks and uncertainties. Our actual results could differ materially from those anticipated by such forward-looking information due to the factors discussed under “Risk Factors” and “Forward-Looking Statements” appearing elsewhere herein.

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OVERVIEW

We are an externally managed, closed-end, non-diversified management investment company organized as a Maryland corporation that has elected to be treated as a BDC under the 1940 Act. As such, we are required to comply with certain regulatory requirements. For instance, we generally have to invest at least 70% of our total assets in “qualifying assets,” including securities of private or micro-cap public U.S. companies, cash, cash equivalents, U.S. government securities and high-quality debt investments that mature in one year or less. In addition, for tax purposes we are treated as a corporation and are subject to federal and state taxes on our income. FCM serves as our investment adviser and manages the investment process on a daily basis.

Our investment objective is to seek long-term growth of capital, principally by seeking capital gains on our equity and equity-related investments. There can be no assurance that we will achieve our investment objective. Under normal circumstances, we invest at least 80% of our net assets for investment purposes in technology companies. We consider technology companies to be those companies that derive at least 50% of their revenues from products and/or services within the information technology sector or in the “cleantech” sector. Information technology companies include, but are not limited to, those focused on computer hardware, software, telecommunications, networking, Internet, and consumer electronics. While there is no standard definition of cleantech, it is generally regarded as including goods and services designed to harness renewable energy and materials, eliminate emissions and waste, and reduce the use of natural resources. In addition, under normal circumstances we invest at least 70% of our total assets in privately held companies and public companies with market capitalizations of less than $250 million. Our portfolio is primarily composed of equity and equity derivative securities of technology and cleantech companies (as defined above). These investments generally range between $1 million and $10 million each, although the investment size will vary proportionately with the size of our capital base. We acquire our investments through direct investments in private companies, negotiations with selling shareholders, and in organized secondary marketplaces for private securities.

While our primary focus is to invest in illiquid private technology and cleantech companies, we also may invest in micro-cap publicly traded companies. In addition, we may invest up to 30 percent of the portfolio in opportunistic investments that do not constitute the private companies and micro-cap public companies described above. These other investments may include investments in securities of public companies that are actively traded or in actively traded derivative securities such as options on securities or security indices. These other investments may also include investments in high-yield bonds, distressed debt, or securities of public companies that are actively traded and securities of companies located outside of the United States. Our investment activities are managed by FCM.

PORTFOLIO COMPOSITION

We make investments in securities of both public and private companies. Our portfolio investments consist principally of equity and equity-like securities, including common and preferred stock, warrants for the purchase of common and preferred stock, and convertible and term notes. The fair value of our investment portfolio was approximately $10.47 million as of ~~September~~March 3031, ~~2024~~2025, as compared to approximately $81.71 million as of December 31, ~~2023~~2024.

The following table summarizes the fair value of our investment portfolio by industry sector as of ~~September~~March 3031, ~~2024~~2025, and December 31, ~~2023~~2024.

	September 30, 2024		December 31, 2023
	March 31, 2025		December 31, 2024
Exchange-Traded/Money Market Funds		6454.61%		570.83%
Advanced Materials		2224.89%		3124.75%
Other Assets/(Liabilities)		716.36%		~~(593~~0.0)%
Medical Devices		3.1.0%		72.04%
Equipment Leasing		23.24%		82.8%
Aerospace		0.0%		333.2%
Semiconductor Equipment		0.0%		0.0%
Semiconductor Equipment		0.0%		306.5%
Automotive		0.0%		0.0%
Intellectual Property		0.0%		0.0%
Net Assets		100.0%		100.0%

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MATURITY OF PRIVATE COMPANIES IN THE CURRENT PORTFOLIO

The Fund invests in private companies at various stages of maturity. As our portfolio companies mature, they move from the “early (development) stage” to the “middle (revenue) stage” and then to the “late stage.” We expect that this continuous progression may create a pipeline of potential exit opportunities through initial public offerings (IPOs) or acquisitions. Of course, some companies do not progress. The illustration below describes typical characteristics of companies at each stage of maturity and where we believe our current portfolio companies fit within these categories. We expect some of our portfolio companies to transition between stages of maturity over time. The transition may be forward if the company is maturing and is successfully executing its business plan or may be backward if the company is not successfully executing its business plan or decides to change its business plan substantially from its original plan.

EARLY STAGE MIDDLE STAGE LATE STAGE Developing product or service for market, high level of research and development, little or no revenue. Established product, customers, business model; limited revenues. Appreciable revenue; may be break-even or profitable; IPO or acquisition candidate.

RESULTS OF OPERATIONS

Comparison of the three months ended ~~September~~March 3031, ~~2024~~2025 to the three months ended ~~September~~March 3031, ~~2023~~2024.

INVESTMENT INCOME

For the three months ended ~~September~~March 3031, ~~2024~~2025, we had investment income of $355,~~792~~ 965 primarily attributable to interest accrued on ~~convertible/term note investments with Hera Systems and~~ money market funds.

For the three months ended ~~September~~March 3031, ~~2023~~2024, we had investment ~~loss~~ income of $~~(234~~32,~~126)~~ 045 primarily attributable to interest accrued on convertible/term note investments with Hera Systems.

The ~~higher~~lower level of investment income in the three months ended ~~September~~March 3031, ~~2024~~2025, compared to the three months ended ~~September~~March 3031, ~~2023~~2024, was due to decline in accrued interest ~~on current notes was due to a downward adjustment to accrued interest taken during the quarter ended September 30, 2023~~.

OPERATING EXPENSES

Operating expenses totaled approximately $~~391~~119,~~753~~ 183 during the three months ended ~~September~~March 3031, ~~2024~~2025, and $(2,~~099~~783,~~513~~427) during the three months ended ~~September~~March 3031, ~~2023~~2024.

42 Significant components of net operating expenses for the three months ended March 31, 2025 were management fee expense of $7,378 (see Note 4), professional fees (audit, legal, and consulting) of $54,330, director fees of $12,500, administration fees of $29,091, and compliance fees $27,206.

~~Table~~Significant components of ~~Contents~~ net operating expenses for the three months ended March 31, 2024, were a management fee waiver of $(3,000,000), and professional fees (audit, legal, and consulting) of $67,815.

~~Significant~~The ~~components~~higher level of net operating expenses for the three months ended ~~September~~ended 30March 31, ~~2024~~2025, ~~were management~~compared ~~fee~~to ~~expense~~the ~~waiver of~~three ~~$19,472 (see~~months ~~Note~~ended ~~4), professional~~March ~~fees (audit~~31, ~~legal~~2024, ~~and~~is ~~consulting)~~primarily attributed to the waiver of ~~$194,475,~~management ~~director~~ fees ofin ~~$169,445~~March ~~and~~2024 ~~compliance~~(see ~~fees~~Note ~~$27,811~~4).

Significant components of net operating expenses for the three months ended September 30, 2023, were a management fee waiver of $(2,500,000), printing fees of $106,912 and professional fees (audit, legal, and consulting) of $87,623.

The higher level of net operating expenses for the three months ended ended September 30, 2024, compared to the three months ended September 30, 2023, is primarily attributed to the waiver of management fees in September 2023 (see Note 4).

NET INVESTMENT INCOME/(LOSS)

The net investment income/(loss) before taxes was $(~~355~~113,~~961~~218) for the three months ended ~~September~~March 3031, ~~2024~~2025, and $12,~~865~~815,~~387~~ 472 for the three months ended ~~September~~March 3031, ~~2023~~2024.

The ~~lower level of~~ net investment income/(loss ) for the three months ended ~~September~~March 3031, ~~2024~~2025, as compared to net investment gain for the three months ended ~~September~~March 3031, ~~2023~~2024, is primarily attributed to decrease in management fees and the waiver of management fees (see Note 4).

~~NET INVESTMENT REALIZED GAINS AND LOSSES AND UNREALIZED APPRECIATION AND DEPRECIATION~~ 37

A summary of the net realized and unrealized gains and losses on investments for the three-month period ended September 30, 2024, and September 30, 2023, is shown below.

	Three Months Ended September 30, 2024
Realized gains	$	(11,686,668	)
Net change in unrealized depreciation on investments		12,568,856
Net realized and unrealized gains on investments	$	882,188

	As of September 30, 2024
Gross unrealized appreciation on portfolio investments	$	—
Gross unrealized depreciation on portfolio investments		(115,544,196	)
Net unrealized depreciation on portfolio investments	$	(115,544,196	)

	Three Months Ended September 30, 2023
Realized gains	$	(1	)
Net change in unrealized depreciation on investments		(12,283,746	)
Net realized and unrealized losses on investments	$	(12,283,747	)

	As of September 30, 2023
Gross unrealized appreciation on portfolio investments	$	—
Gross unrealized depreciation on portfolio investments		(126,091,989	)
Net unrealized depreciation on portfolio investments	$	(126,091,989	)

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During the three months ended September 30, 2024, we recognized net realized losses of $11,686,668.

During the three months ended September 30, 2024, net unrealized depreciation on total investments increased by $12,568,856. The change in net unrealized appreciation and depreciation of our private investments is based on portfolio asset valuations determined in good faith by our Board of Directors. This change in net unrealized depreciation was primarily attributable to the sale of Hera Systems.

During the three months ended September 30, 2023, we recognized net realized losses of approximately $1.

NET INCREASE/(DECREASE) IN ASSETS RESULTING FROM OPERATIONS AND CHANGE IN NET ASSETS PER SHARE

For the three months ended September 30, 2024, the net increase in net assets resulting from operations (net of deferred taxes) totaled $526,227 and basic and fully diluted net change in net assets per share for the three months ended September 30, 2024, was $0.08.

For the three months ended September 30, 2023, the net decrease in net assets resulting from operations (net of deferred taxes) totaled $(10,418,360) and basic and fully diluted net change in net assets per share for the three months ended September 30, 2023, was $(1.51).

The increase in net assets resulting from operations for the three months ended September 30, 2024, as compared to the three months ended September 30, 2023, is due primarily to a decline in net realized and unrealized losses.

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The following information is a comparison for the nine months ended September 30, 2024 and September 30, 2023

INVESTMENT INCOME

For the nine months ended September 30, 2024, we had investment income of $97,793 primarily attributable to interest accrued on convertible/term note investments with Hera Systems.

For the nine months ended September 30, 2023, we had investment income of $88,812 primarily attributable to interest accrued on convertible/term note investments with Hera Systems.

The higher level of investment income in the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023, was due to an increase in accrued interest on current notes.

OPERATING EXPENSES

Operating expenses totaled approximately $(2,182,907) during the nine months ended September 30, 2024, and $(1,271,383) during the nine months ended September 30, 2023.

Significant components of net operating expenses for the nine months ended September 30, 2024 were a management fee waiver of $(3,079,128) (see Note 4), and professional fees (audit, legal, and consulting) of $351,579 and director fees of $211,112.

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Significant components of net operating expenses for the nine months ended September 30, 2023, were a management fee waiver of $(2,500,000), professional fees (audit, legal, and consulting) of $249,832 and printing fees of $207,383.

The lower level of net operating expenses for the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023, is primarily attributable to a larger management fee waiver in 2024 (see Note 4).

NET INVESTMENT INCOME/(LOSS)

The net investment income/(loss) before taxes was $2,280,700 for the nine months ended September 30, 2024, and $1,360,195 for the nine months ended September 30, 2023.

The greater net investment income in the nine months ended September 30, 2024, compared to the net investment income in the nine months ended September 30, 2023, is primarily due to the management fee waiver (see Note 4)

NET INVESTMENT REALIZED GAINS AND LOSSES AND UNREALIZED APPRECIATION AND DEPRECIATION

A summary of the net realized and unrealized gains and ~~loss~~losses on investments for the ~~nine~~three-month ~~periods~~period ended ~~September~~March 3031, ~~2024~~2025, and ~~September~~March 3031, ~~2023~~2024, is shown below.

	Nine Months Ended September 30, 2024
	Three Months Ended March 31, 2025
Realized gains	$	(11,686,668	)
Realized losses	$	—
Net change in unrealized depreciation on investments		9(110,~~689,744~~240	)
Net realized and unrealized gains/(losses) on investments	$	(1,996,924	)
Net realized and unrealized losses on investments	$	(110,240	)

	As of September 30, 2024
	As of March 31, 2025
Gross unrealized appreciation on portfolio investments	$	—
Gross unrealized depreciation on portfolio investments		(115,~~544~~732,~~196~~292	)
Net unrealized depreciation on portfolio investments	$	(115,~~544~~732,~~196~~292	)

	Nine Months Ended September 30, 2023
	Three Months Ended March 31, 2024
Realized gains	$	~~(7,864,982~~—	)
Net change in unrealized depreciation on investments		(233.907,~~424,108~~923	)
Net realized and unrealized gains/(losses) on investments	$	(31,289,090	)
Net realized and unrealized losses on investments	$	(3,907,923	)

	As of September 30, 2023
	As of March 31, 2024
Gross unrealized appreciation on portfolio investments	$	—
Gross unrealized depreciation on portfolio investments		(~~126~~129,~~091~~141,~~989~~664	)
Net unrealized depreciation on portfolio investments	$	(~~126~~129,~~091~~141,~~989~~664	)

During the ~~nine~~ three months ended ~~September~~March 3031, ~~2024~~2025, we recognized ~~$(11,868,668)~~no in net realized gain/(losses).

During the ~~nine~~ three months ended ~~September~~March 3031, ~~2024~~2025, net unrealized depreciation on total investments decreased by $9110,~~689,744~~240. The change in net unrealized appreciation and depreciation of our private investments is based on portfolio asset valuations determined in good faith by ~~our Board of Directors. This change in net unrealized depreciation was primarily attributable to a increase in~~ the ~~fair~~valuation ~~value of our portfolio companies, notably Hera~~designee.

46 During the three months ended March 31, 2024, we recognized no net realized gains/(losses).

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During the nine months ended September 30, 2023, we recognized net realized losses of approximately $(7,864,982) from the sale of investments.

NET INCREASE/(DECREASE) IN ASSETS RESULTING FROM OPERATIONS AND CHANGE IN NET ASSETS PER SHARE

For the ~~nine~~ three months ended ~~September~~March 3031, ~~2024~~2025, the net ~~increase~~decrease in net assets resulting from operations (net of deferred taxes) totaled $~~283~~(223,~~776~~ 458) and basic and fully diluted net change in net assets per share for the ~~nine~~ three months ended ~~September~~March 3031, ~~2024~~2025, was $(0.0403).

For the ~~nine~~ three months ended ~~September~~March 3031, ~~2023~~2024, the net decrease in net assets resulting from operations (net of deferred taxes) totaled $(291,~~928~~092,~~895~~451) and basic and fully diluted net change in net assets per share for the ~~nine~~ three months ended ~~September~~March 3031, ~~2023~~2024, was $(40.3416).

The smaller ~~increase~~decline in net assets resulting from operations for the ~~nine~~ three months ended ~~September~~March 3031, ~~2024~~2025, as compared to the ~~net decrease in net assets for the~~three ~~nine~~ months ended ~~September~~March 3031, ~~2023~~2024, is due primarily to ana ~~increase~~decline in net realized and unrealized ~~gains (~~losses).

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DISTRIBUTION POLICY

Our board of directors will determine the timing and amount, if any, of our distributions. We are not required to pay any minimum level of distributions of our income or capital gains.

CONTRACTUAL OBLIGATIONS

The Fund does not have any Contractual Obligations that meet the requirements for disclosure under Item 303 of Regulation S-K.

OFF-BALANCE SHEET ARRANGEMENTS

The Fund does not have any Off-Balance Sheet Arrangements.

CRITICAL ACCOUNTING POLICIES

This discussion of our financial condition and results of operations is based upon our financial statements, which are prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP. The preparation of these financial statements will require management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ. In addition to the discussion below, we will describe our critical accounting policies in the notes to our future financial statements.

Valuation of Portfolio Investments

As a business development company, we generally invest in illiquid equity and equity derivatives of securities of venture capital stage technology companies. Under written procedures established by our board of directors, securities traded on stock exchanges, or quoted by NASDAQ, are valued according to the NASDAQ Stock Market, Inc. (“NASDAQ”) official closing price, if applicable, or at their last reported sale price as of the close of trading on the New York Stock Exchange (“NYSE”) (normally 4:00 P.M. Eastern Time). If a security is not traded that day, the security will be valued at its most recent bid price. Securities traded in the over-the-counter market, but not quoted by NASDAQ, are valued at the last sale price (or, if the last sale price is not readily available, at the most recent closing bid price as quoted by brokers that make markets in the securities) at the close of trading on the NYSE. Securities traded both in the over-the-counter market and on a stock exchange are valued according to the broadest and most representative market. We obtain these market values from an independent pricing service or at the mean between the bid and ask prices obtained from at least two brokers or dealers (if available, otherwise by a principal market maker or a primary market dealer). In addition, a large percentage of our portfolio investments are in the form of securities that are not publicly traded. The fair value of securities and other investments that are not publicly traded may not be readily determinable. We value these securities quarterly at fair value as determined in good faith by FCM ~~our~~as ~~board~~the ofvaluation ~~directors.~~designee, ~~Our~~subject ~~board~~to oversight by our Board of ~~directors~~Directors. FCM may use the services of a nationally recognized independent valuation firm to aid it in determining the fair value of these securities.

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The methods for valuing these securities may include: fundamental analysis (sales, income, or earnings multiples, etc.), discounts from market prices of similar securities, purchase price of securities, subsequent private transactions in the security or related securities, or discounts applied to the nature and duration of restrictions on the disposition of the securities, as well as a combination of these and other factors. Because such valuations, and particularly valuations of private securities and private companies, are inherently uncertain, may fluctuate over short periods of time, and may be based on estimates, ~~our~~FCM's determinations of fair value may differ materially from the values that would have been used if a ready market for these securities existed. Our net asset value could be adversely affected if ~~our~~FCM's determinations regarding the fair value of our investments were materially higher than the values that we ultimately realize upon the disposal of such securities.

Revenue Recognition

We record interest or dividend income on an accrual basis to the extent that we expect to collect such amounts. We do not accrue as a receivable interest on loans and debt securities if we have reason to doubt our ability to collect such interest. Loan origination fees, original issue discount, and market discount are capitalized, and we amortize any such amounts as interest income. Upon the prepayment of a loan or debt security, any unamortized loan origination is recorded as interest income. We will record prepayment premiums on loans and debt securities as interest income when we receive such amounts.

Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation

We measure realized gains or losses by the difference between the net proceeds from the repayment or sale and the cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized. Net change in unrealized appreciation or depreciation reflects the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized.

Recently Issued Accounting Standards

From time to time, new accounting pronouncements are issued by the FASB or other standards setting bodies that are adopted by us as of the specified effective date. We believe that the impact of recently issued standards that are not yet effective will not have a material impact on our financial statements upon effectiveness.

Inflation

Inflation has not had a significant effect on our results of operations in any of the reporting periods presented herein. However, our portfolio companies have experienced, and may in the future experience, the impacts of inflation on their operating results.

SUBSEQUENT EVENTS

Subsequent to the close of the fiscal quarter on ~~September~~March 3031, ~~2024~~2025, and through the date of the issuance of the financial statements included herein, there have been no material events related to our portfolio of investments. Since that date, there have been no purchases or sales of securities by the Fund.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

The Company’s business activities contain elements of risk. We consider the principal types of market risk to be valuation risk and small company investment risk.

VALUATION RISK

Value, as defined in Section 2(a)(41) of the 1940 Act, is (i) the market price for those securities for which market quotations are readily available and (ii) fair value as determined in good faith by, the orFCM ~~under~~as ~~the~~our ~~direction~~valuation ~~of,~~designee ~~the~~pursuant ~~Board~~to ofRule ~~Directors~~2a-5 under the 1940 Act for all other assets.

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Because there is typically no public market for our interests in the small privately-held companies in which we invest, the valuation of the securities in that portion of our portfolio is determined in good faith by FCM ~~our~~as ~~Board of Directors with~~ the ~~assistance~~valuation ~~of our Valuation Committee~~designee, ~~comprised~~subject ofto ~~the~~oversight ~~independent members of~~ by our Board of Directors, in accordance with our Valuation Procedures. In addition, ~~the~~FCM ~~Board of Directors~~ may use the services of a nationally recognized independent valuation firm to aid it in determining the fair value of some of these securities. In the absence of a readily ascertainable market value, the determined value of our portfolio of securities may differ significantly from the values that would be placed on the portfolio if a ready market for such securities existed. Determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment, although ~~our~~FCM's valuation policy is intended to provide a consistent basis for determining fair value of the portfolio investments. The methods for valuing these securities may include: fundamental analysis (sales, income, or earnings multiples, etc.), discounts from market prices of similar securities, purchase price of securities, subsequent private transactions in the security or related securities, or discounts applied to the nature and duration of restrictions on the disposition of the securities, as well as a combination of these and other factors. Because such valuations, and particularly valuations of private securities and private companies, are inherently uncertain, may fluctuate over short periods of time, and may be based on estimates, ~~our~~FCM's determinations of fair value may differ materially from the values that would have been used if a ready market for these securities existed.

Furthermore, changes in valuation of any of our investments in privately-held companies from one period to another may be volatile.

Investments in privately held, immature companies are inherently more volatile than investments in more mature businesses. Such immature businesses are inherently fragile and easily affected by both internal and external forces.

Our portfolio companies can lose much or all of their value suddenly in response to an internal or external adverse event. Conversely, these immature businesses can gain suddenly in value in response to an internal or external positive development.

The values assigned to our assets are based on available information and do not necessarily represent amounts that might ultimately be realized, as these amounts depend on future circumstances and cannot be reasonably determined until the individual investments are actually liquidated or become readily marketable. Upon sale of investments, the values that are ultimately realized may be different from what is presently estimated. This difference could be material.

PRIVATELY PLACED SMALL COMPANIES RISK

The Company invests in small companies, and its investments in these companies are considered speculative in nature. The Company’s investments often include securities that are subject to legal or contractual restrictions on resale that adversely affect the liquidity and marketability of such securities. As a result, the Company is subject to risk of loss which may prevent our shareholders from achieving price appreciation, dividend distributions and return of capital.

WE CURRENTLY HOLD A PORTION OF OUR ASSETS IN CASH

As of ~~September~~March 3031, ~~2024~~2025, a portion of the Company’s assets was invested in cash and/or cash equivalents, which are expected to earn low yields. Given the current low interest rate environment, to the extent the management fee and other operating expenses exceed interest income on the cash holdings of the Company, the Company may experience losses. Furthermore, the investment advisory fee payable by us will not be reduced while our assets are invested in cash-equivalent securities.

In some cases, particularly for primary transactions, it is to our advantage to hold sufficient cash reserve so that we can make additional subsequent investments in these companies in order to (a) avoid having our earlier investments become diluted in future dilutive financings, (b) invest additional capital into existing portfolio companies in case additional investments are necessary, and/or (c) exercise warrants, options, or convertible securities that were acquired as part of the earlier transactions. For this reason, in the case of primary transactions (as opposed to secondary transactions where we do not buy the securities from the issuing companies but instead from existing stockholders), we typically reserve cash in an amount at least equal to our initial investment for such follow-on opportunities. Cash reserves held with respect to a particular investment should, therefore, decline as it is held longer, and will typically not be needed once that portfolio company becomes public or we determine it is no longer in our best interest to make investments in such portfolio company.

We may from time to time liquidate various investments. We are required to distribute substantially all of our net realized gains to stockholders on an annual basis and, therefore, will generally hold the proceeds of liquidated investments in cash pending its distribution.

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ITEM 4. CONTROLS AND PROCEDURES.

(a) Evaluation of Disclosure Controls and Procedures

As of the end of the period covered by this Quarterly Report on Form 10-Q, our management, with the participation of our Chief Executive Officer and Chief Financial Officer, conducted an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)). Based upon this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure.

(b) Changes in Internal Control Over Financial Reporting There have been no changes in our internal control over financial reporting, as defined in Rule 13a-15(f) under the Exchange Act, that occurred during the fiscal quarter ended ~~September~~March 3031, ~~2024~~2025, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.

On February 28, 2025, Star Equity Fund, LP (“Star Equity”) filed a complaint in the United States District Court for the District of Maryland, docketed as case no. 1:25-cv-00677-SAG, against Firsthand Capital Management, Inc., Scalar, LLC, current and former members of the board of directors of Firsthand Technology Value Fund, Inc. (the “Fund”), and an officer of the Fund as defendants. The complaint also names the Fund as a nominal defendant. The complaint alleges putative class action claims against the defendants for violations of federal securities laws for alleged false or misleading statements relating to the valuation of the Fund’s assets, and it also purports to allege derivative claims against defendants for breaches of fiduciary duties and breach of contract related to management of the Fund and its assets. In connection with the derivative claims, the complaint names the Fund as a nominal defendant. Although purporting to assert the derivative claims on behalf of the Fund, Star Equity did not make a pre-suit demand on the Fund’s board of directors to initiate litigation over those claims. The Fund believes that the allegations in the complaint lack merit and intends to vigorously defend this action. The Fund has certain indemnification obligations to certain defendants. Defense costs for the Fund, despite the Fund’s having in place an applicable liability insurance policy, may be significant and therefore could have an impact on the Fund’s financial condition that cannot now be determined.

On September 5, 2023, VestedCap, LLC (“VestedCap”) filed a complaint in Superior Court for the State of California. The case is venued in Santa Clara County (Case No. 23-CV-422238.) As originally filed, the lawsuit asserted claims against one of the Fund’s portfolio companies, IntraOp Medical Corporation. VestedCap also named Kevin Landis as a co-defendant. In the original complaint, VestedCap asserted claims for breach of contract, fraud and deceit, conversion, unjust enrichment, and judicial foreclosure. IntraOp and Kevin Landis denied all claims against them.

On January 22, 2025, VestedCap amended its complaint and added the Fund as an additional co-defendant. In the amended complaint, VestedCap has asserted the following claims against the Fund: wire fraud, violations of the RICO Act, fraud and deceit, conversion, and declaratory relief. VestedCap has also asserted that the Fund is the alter ego of co-defendants IntraOp Medical Corporation and Kevin Landis and therefore should be a party to the case. The Fund believes that the allegations in the complaint lack merit and intends to vigorously defend this action. Defense costs for the Fund, despite the Fund’s having in place an applicable liability insurance policy, may be significant and therefore could have an impact on the Fund’s financial condition that cannot now be determined.

ITEM 1A. RISK FACTORS.

~~There~~In ~~have~~addition ~~been~~to nothe ~~material~~other ~~changes~~information ~~from~~set forth in this report, you should carefully consider the risk ~~factors~~factor asdiscussed ~~previously~~below ~~disclosed~~and the risk factors in our Annual Report on Form 10-K for the ~~period~~fiscal year ended December 31, ~~2023~~2024, inwhich ~~response~~could materially affect our business, financial condition and/or operating results. Additional risks and uncertainties not currently known to ~~Item~~us 1Aor ofthat ~~Part~~we 1currently ofdeem ~~Form~~to ~~10-K~~be immaterial also may materially and adversely affect our business, financial condition and/or operating results.

CHANGES TO U.S. TARIFF AND IMPORT/EXPORT REGULATIONS MAY HAVE A NEGATIVE EFFECT ON OUR PORTFOLIO COMPANIES AND, IN TURN, ON OUR PERFORMANCE.
There have been significant changes to United States trade policies, treaties and tariffs, and in the future there may be additional significant changes. These and any future developments, and continued uncertainty surrounding trade policies, treaties and tariffs, may have a material adverse effect on global economic conditions, inflation and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the United States. Any of these factors could depress economic activity and restrict our portfolio companies' access to suppliers or customers, increase their supply-chain costs and expenses and could have material adverse effects on our business, financial condition and results of operations.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

None

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

None

ITEM 4. MINE SAFETY DISCLOSURES.

Not Applicable

ITEM 5. OTHER INFORMATION.

INVESTMENT MANAGEMENT AGREEMENT APPROVAL DISCLOSURE (UNAUDITED)

At a meeting held on August 119, ~~2013~~2024, the Board of Directors (the “Board”) of the Company approved the continuation of the Company’s Investment Management Agreement (the “Agreement”) with Firsthand Capital Management, Inc. (the “Adviser”) for an additional one-year period through August 31, ~~2024~~2025.

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During the course of each year and in connection with their consideration of the continuation of the Agreement, the Board received various materials from the Adviser, including (i) information on the advisory personnel of the Adviser; (ii) information on the internal compliance procedures of the Adviser; (iii) comparative information showing how the Company’s fees and expenses compare to other business development companies that follow investment strategies similar to those of the Company; (iv) information regarding brokerage and portfolio transactions; (vi) comparative information showing how the Company’s performance compares to other business development companies that follow investment strategies similar to those of the Company; and (vii) information on any material legal proceedings or regulatory audits or investigations affecting the Company or the Adviser.

After receiving and reviewing these materials, the Board, at a meeting called for such purpose (the “Meeting”), discussed the terms of the Agreement. The Meeting was held by video pursuant to an order issued on June 19, 2020 by the Securities and Exchange Commission, providing that business development companies are temporarily exempt from certain in-person board approval requirements, including with respect to the renewal of investment management agreements, due to conflicts related to the coronavirus. Representatives from the Adviser attended the Meeting and presented additional oral and written information to the Board to assist in its considerations. The Directors who are not parties to the Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any such party (the “Independent Directors”) also met in executive session to further discuss the terms of the Agreement and the information provided by the Adviser.

Discussed below are certain of the factors considered by the Board in continuing the Agreement. This discussion is not intended to be all-inclusive. The Board, including the Independent Directors, reviewed a variety of factors and considered a significant amount of information, including information received on an ongoing basis at Board and committee meetings and in various discussions with senior management of the Adviser relating specifically to the Adviser and the Agreement. The approval determination was made on the basis of each Director’s business judgment after consideration of all the information taken as a whole. Individual Directors may have given different weight to certain factors and assigned various degrees of materiality to information received in connection with the contract review process.

Taking all of the information and deliberations into account, the Independent Directors reviewed various factors presented to them, the detailed information provided by the Adviser at the Meeting and at other times throughout the year, and other relevant information and the following factors, none of which was dispositive in their decision whether to approve the Agreement:

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Nature, Extent and Quality of Services

The Board received and considered various data and information regarding the nature, extent and quality of services provided to the Company by the Adviser. The most recent Form ADV for the Adviser was provided to the Board, as were written and oral responses of the Adviser to an information request submitted by independent legal counsel on behalf of the Independent Directors. The Board reviewed these responses, which included among other things, information about the background and experience of the investment personnel of the Adviser primarily responsible for day-to-day portfolio management of the Company. The Board also reviewed the Adviser’s overall ability to continue to manage and administer the Company as well as to oversee the service providers to the Company.

The Board evaluated the ability of the Adviser, considering its financial condition, resources, reputation and other attributes, to attract and retain highly qualified investment professionals, including research, advisory, supervisory and administrative personnel. In this regard, the Board considered information regarding the structure of the Adviser’s compensation program for its personnel involved in the management and administration of the Company, including incentive and retirement plans.

The Board considered the effectiveness of policies of the Company in achieving the best execution of portfolio transactions, whether and to what extent “soft dollar” benefits are used, the extent to which efforts are made to recapture transaction costs and the controls applicable to brokerage allocation procedures. The Board recognized that the Company’s investment transactions generally are privately negotiated by the Adviser in complex transactions rather than executed through a broker in a traditional exchange transaction. The Board reviewed the policies of the Adviser regarding the allocation of portfolio investment opportunities among the Company and other clients. The Board noted that the Adviser does not use “traditional soft-dollar” arrangements, where soft-dollar credits are generated based on the level of trades and then used for products or services from third parties. The Board also noted that the Adviser, from time to time, entered into arrangements where it received research (including invitations to conferences) from broker-dealers that the Adviser used to execute client trades, and that from time to time the Adviser had retained specialized technology consultants or other experts, at the expense of the Company with approval of the Board, for the purpose of evaluating some aspect of a prospective or existing portfolio holding. The Board also considered that the Adviser had outsourced the trading function to achieve certain operating efficiencies.

The Board also considered the market for the Company’s stock and the challenges associated with the Company’s raising additional capital under current market conditions.

In addition, the Board received and reviewed information on SEC and other inquiries, examinations and proceedings relating to the Company and the Adviser. The Board considered the investment and legal compliance programs of the Adviser, including its implementation of enhanced compliance policies and procedures in response to SEC rule changes and other regulatory initiatives, and the level of compliance attained by the Adviser.

Based on the above factors, together with those referenced below, the Board, including a majority of the Independent Directors, concluded that it was generally satisfied with the nature, extent and quality of the investment advisory services provided to the Company by the Adviser.

Company Performance

The Board considered the Company’s NAV performance and common stock performance results over the past year and since its inception on April 18, 2011. It also considered these results in comparison to the NAV performance results of the Company compared to relevant benchmark indices and comparable funds. The Board referenced the presentation regarding performance that had occurred earlier in the meeting. The Board noted that for the 12-month period ended June 30, 2024, the Fund’s NAV had fallen 91% while its stock price fell 96%. The Directors were reminded that in the third quarter of 2023, the Fund suffered substantial setbacks involving IntraOp and Wrightspeed that led to write downs of most or all of the value of our securities of those two issuers. Later, in the second quarter of 2024, Revasum failed, and its assets were foreclosed upon by its senior creditor and subsequently sold, leaving no proceeds for equity holders such as SVVC. In all, between June 30, 2023, and June 30, 2024, the Fund’s gross assets declined from approximately $21 million to approximately $6 million due to the terminal failures of these three portfolio companies. The Board also considered the Advisor’s attempts to improve shareholder value (and related practical constraints). In addition, the Board also reviewed FCM’s efforts in working with the Board to explore the practicality of liquidation of the Company versus alternatives to liquidation of the Company. Specifically, the Board received an update from the Adviser during an executive session regarding the proposed transaction to merge the Fund with an operating company in the medical device field. The Board learned that the counterparty had chosen to abandon negotiations in favor of a competing transaction. The Board also reviewed the current state of affairs and options to move forward.

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Investment Advisory Fee Rate and Other Expenses

The Board reviewed and considered the proposed contractual management fee rate and incentive fee payable by the Company to the Adviser for investment advisory services (“Advisory Fee Rate”). Additionally, the Board received and considered information comparing the Advisory Fee Rate and the total expense ratio of the Company with those of other funds in an appropriate peer universe. The Board noted that the Company’s advisory fee structure was comparable to that of funds in the business development company comparison group, and given that many funds in the comparison group utilized leverage in their investment strategies, the Company’s effective Advisory Fee Rate for holders of its common stock was lower than its peers. The Board also noted that the Advisor, in an effort to support the Company and help it to preserve cash, has not collected its accrued management fees for a number of years. In addition, the Adviser has also been paying for certain Company expenses to further help the Company to preserve cash.

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Effective September 30, 2023, the Company has entered into a fee waiver agreement with FCM (the “Fee Waiver Agreement”). Pursuant to the terms of the Fee Waiver Agreement, FCM agrees to (1) waive future accruals of the base management fee starting October 1, 2023, through December 31, 2024, and (2) waive $2.5 million of base management fees that have been accrued but unpaid as of September 30, 2023. Effective March 31, 2024, the Company has entered into a fee waiver agreement with FCM (the “Fee Waiver Agreement”). Pursuant to the terms of the Fee Waiver Agreement, FCM agrees to waive $3.0 million of base management fees that have been accrued but unpaid as of March 31, 2024.

Profitability

The Board received and considered a profitability analysis of the Adviser with respect to the Company. The Board concluded that, in light of the costs of providing investment management and other services to the Company, the profits and other ancillary benefits that the Adviser received with regard to providing these services were not excessive.

Economies of Scale

The Board received and considered information regarding whether there have been economies of scale with respect to the management of the Company, whether the Company has appropriately benefited from any economies of scale, and whether there is potential for realization of any further economies of scale with respect to the Company. The consensus was that the Company is not large enough at this time to produce material economies of scale.

Information About Services to Other Clients

The Board also received and considered information about the services and fee rates offered by the Adviser to its other clients, namely Firsthand Technology Opportunities Fund and Firsthand Alternative Energy Fund, two registered investment companies also managed by the Adviser. The Board concluded that the Advisory Fee Rate charged by the Adviser to the Company was not comparable to other clients of the Adviser given the substantial differences in the services provided and the investment strategy employed. Where rates offered to those two clients were lower, the Board concluded that the costs associated with managing and operating a registered closed-end business development company when compared with a registered investment company provided a justification for a higher fee rate, notwithstanding a fee that contains a performance component.

Other Benefits to the Adviser

The Board received and considered information regarding potential “fall-out” or ancillary benefits to the Adviser as a result of its relationship with the Company. Such benefits could include, among others, benefits directly attributable to the relationship of the Adviser with the Company (such as “soft dollar” benefits) and benefits potentially derived from an increase in the business of the Adviser as a result of its relationship with the Company (such as the ability to market to shareholders other financial products offered by the Adviser).

Other Factors and Broader Review

Throughout the year, the Board regularly reviews and assesses the quality of the services that the Company receives from the Adviser. In this regard, the Board reviews reports of the Adviser in each of its quarterly meetings, which include, among other things, a detailed portfolio review and detailed fund performance reports. In addition, the Board interviews the portfolio manager of the Company at various times throughout the year.

Conclusion

After considering the aforementioned factors and based on its deliberations and evaluation of the information provided to it, the Board concluded that re-approval of the Company’s Investment Management Agreement was in the best interest of the Company and its shareholders.

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ITEM 6. EXHIBITS.

EXHIBIT NUMBER	Description
3.1	Registrant’s Articles of Amendment and Restatement are incorporated by reference to Exhibit (a)(2) of Pre-Effective Amendment No. 1 to the Registrant’s Registration Statement on Form N-2 (File No. 333-168195) as filed with the Securities and Exchange Commission on September 24, 2010.
3.2	Certificate of Correction to Registrant’s Articles of Amendment and Restatement is incorporated by reference to Exhibit (a)(2) of the Registrant’s Registration Statement on Form N-2 (File No. 333-179606) as filed with the Securities and Exchange Commission on February 21, 2012.
3.3	Registrant’s Amended and Restated Bylaws is incorporated by reference to Exhibit 3.1 to the Registrant’s Form 8-K as filed with the Securities and Exchange Commission on October 29, 2019.
10.1	Registrant’s Dividend Reinvestment Plan is incorporated by reference to Exhibit (e) of Pre-Effective Amendment to the Registrant’s Registration Statement on Form N-2 (File No. 333-168195) as filed with the Securities and Exchange Commission on September 24, 2010.
10.2	Form of Investment Management Agreement between Registrant and SiVest Group, Inc. (now known as Firsthand Capital Management, Inc.) is incorporated by reference to Exhibit (g) of Pre-Effective Amendment to the Registrant’s Registration Statement on Form N-2 (File No. 333-168195) as filed with the Securities and Exchange Commission on September 24, 2010.
10.3	Fee Waiver Agreement effective September 30, 2023, is incorporated by reference to Exhibit 10 of the Registrant's Form 10-Q for the quarter ended September 30, 2023 as filed with the Securities and Exchange Commission on November 14, 2023.
10.4	Fee Waiver Agreement effective March 31, 2024 is incorporated by reference to Exhibit 10 of the Registrant's Form 10-Q for the quarter ended March 31, 2024 as filed with the Securities and Exchange Commission on May 14, 2024.
10.5	Form of Custodian Services Agreement between Registrant and PFPC Trust Company is incorporated by reference to Exhibit (j) of Pre-Effective Amendment to the Registrant’s Registration Statement on Form N-2 (File No. 333-168195) as filed with the Securities and Exchange Commission on September 24, 2010.
10.6	Form of Administration and Accounting Agreement between Registrant and BNY Mellon Investment Servicing (US), Inc. is incorporated by reference to Exhibit (k)(1) of Pre-Effective Amendment to the Registrant’s Registration Statement on Form N-2 (File No. 333-168195) as filed with the Securities and Exchange Commission on September 24, 2010.
10.6.1	Form of Amendment to Administration and Accounting Agreement between Registrant and BNY Mellon Investment Servicing (US), Inc. as filed with the Securities and Exchange Commission on March 18, 2019.
10.7	Notice of Assignment dated February 9, 2011 by PFPC Trust Company assigning Custodian Services Agreement is incorporated by reference to Exhibit (j)(2) of the Registrant’s Registration Statement on Form N-2 (File No. 333-179606) as filed with the Securities and Exchange Commission on February 21, 2012.
10.8	Form of Transfer Agency Services Agreement between Registrant and BNY Mellon Investment Servicing (US), Inc. is incorporated by reference to Exhibit (k)(2) of Pre-Effective Amendment to the Registrant’s Registration Statement on Form N-2 (File No. 333-168195) as filed with the Securities and Exchange Commission on September 24, 2010.
31.1	Chief Executive Officer Certification Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Chief Financial Officer Certification Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.	Chief Executive Officer and Chief Financial Officer Certification Pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.	The following financial information from Firsthand Technology Vale Fund’s Quarterly Report on Form 10-Q for the quarter ended ~~September~~March 3031, ~~2024~~2025, formatted in iXBRL (Inline Extensible Business Reporting Language): (i) Consolidated Statements of Income for the three and ~~nine~~three months ended ~~September~~March 3031, ~~2024~~2025 and ~~September~~March 3031, ~~2023~~2024; (ii) Consolidated Statements of Comprehensive Income for the three and ~~nine~~three months ended ~~September~~March 3031, ~~2024~~2025 and ~~September~~March 3031, ~~2023~~2024; (iii) Consolidated Balance Sheets as of ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024; (iv) Consolidated Statements of Cash Flows for the ~~nine~~three months ended ~~September~~March 3031, ~~2024~~2025 and ~~September~~March 3031, ~~2023~~2024; and (v) Notes to Consolidated Financial Statements.
104.	Cover Page Interactive Data File (the cover page XBRL tags are embedded within the iXBRL document and included in Exhibit 101).

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SIGNATURES

Pursuant to the requirements of the Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

FIRSTHAND TECHNOLOGY VALUE FUND, INC. (Registrant) Dated: ~~November~~May 1415, ~~2024~~2025 Kevin Landis Chief Executive Officer and Chief Financial Officer

EXHIBIT INDEX

EXHIBIT NUMBER	Description
31.1	Chief Executive Officer Certification Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Chief Financial Officer Certification Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.	Chief Executive Officer and Chief Financial Officer Certification Pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.	The following financial information from Firsthand Technology Vale Fund’s Quarterly Report on Form 10-Q for the quarter ended ~~September~~March 3031, ~~2024~~2025, formatted in iXBRL (Inline Extensible Business Reporting Language): (i) Consolidated Statements of Income for the three and ~~nine~~three months ended ~~September~~March 3031, ~~2024~~2025 and ~~September~~March 3031, ~~2023~~2024; (ii) Consolidated Statements of Comprehensive Income for the three and ~~nine~~three months ended ~~September~~March 3031, ~~2024~~2025 and ~~September~~March 3031, ~~2023~~2024; (iii) Consolidated Balance Sheets as of ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024; (iv) Consolidated Statements of Cash Flows for the ~~nine~~three months ended ~~September~~March 3031, ~~2024~~2025 and ~~September~~March 3031, ~~2023~~2024; and (v) Notes to Consolidated Financial Statements.
104.	Cover Page Interactive Data File (the cover page XBRL tags are embedded within the iXBRL document and included in Exhibit 101).

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Filing Compare · Firsthand Technology Value Fund, Inc.