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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 March 31, 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 March 31, 2025
Common Stock, $0.001 par value per share	6,893,056

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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

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PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Firsthand Technology Value Fund, Inc.

Consolidated Statements of Assets and Liabilities

	AS OF MARCH 31, 2025 (UNAUDITED)			AS OF DECEMBER 31, 2024
ASSETS
Investment securities:
Unaffiliated investments at acquisition cost	$	1,453,187	*	$	1,745,224	*
Affiliated investments at acquisition cost		662,235			662,235
Controlled investments at acquisition cost		114,315,039			114,275,039
Total acquisition cost	$	116,430,461		$	116,682,498
Unaffiliated investments at market value	$	453,187	*	$	745,224	*
Affiliated investments at market value		208,132			260,497
Controlled investments at market value		36,850			54,753
Total Market value (Note 6)		698,169			1,060,474
Foreign currency at value (cost $2,629 and $2,629)		2,536			2,512
Receivable for securities sold		325,000			325,000
Receivable from dividends and interest		1,764			2,871
Other assets		464,166			404,756
Total Assets		1,491,635			1,795,613
LIABILITIES
Due to Custodian		167,478			127,478
Payable to affiliates (Note 2)		34,584			27,587
Deferred directors’ fees payable (Note 2)		137,689			214,172
Consulting fee payable		9,000			—
Accrued taxes		86,654			139,154
Accrued expenses and other payables		219,009			226,543
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)		(175,940,394	)		(175,716,936	)
NET ASSETS	$	837,221		$	1,060,679

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)	$	0.12		$	0.15

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

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Firsthand Technology Value Fund, Inc.

Consolidated Statements of Operations (Unaudited)

	FOR THE THREE MONTHS ENDED
	MARCH 31, 2025			MARCH 31, 2024
INVESTMENT INCOME
Unaffiliated interest	$	5,965		$	2,045
Affiliated/controlled interest		—			30,000
TOTAL INVESTMENT INCOME		5,965			32,045

EXPENSES
Investment advisory fees (Note 4)		7,378			33,703
Administration fees		29,091			29,026
Custody fees		3,302			1,043
Transfer agent fees		5,530			5,404
Registration and filing fees		3,087			8,813
Professional fees		54,330			67,815
Printing fees		500			21,037
Directors’ fees		12,500			—
Deferred Directors' fees (Note 2)		(45,922	)		36,113
Compliance fees		27,206			27,509
Miscellaneous fees		22,181			19,813
TOTAL GROSS EXPENSES		119,183			250,276
Less Waiver and/or reimbursement (Note 4)		—			(3,033,703	)
TOTAL NET EXPENSES		119,183			(2,783,427	)
NET INVESTMENT INCOME/(LOSS)		(113,218	)		2,815,472
Net Realized and Unrealized (Loss) on Investments:
Net realized (losses) from security transactions on:
Affiliated/controlled		—			—
Net realized gain (Losses)		—			—
Net change in unrealized (depreciation) on:
Affiliated/controlled investments and foreign currency		(110,240	)		(3,907,923	)
Net change in unrealized (depreciation)		(110,240	)		(3,907,923	)
Net Realized and Unrealized (Loss) on Investments		(110,240	)		(3,907,923	)
Net Decrease In Net Assets Resulting From Operations	$	(223,458	)	$	(1,092,451	)
Net Decrease In Net Assets Per Share Resulting From Operations (1)	$	(0.03	)	$	(0.16	)


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

See accompanying notes to financial statements

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Firsthand Technology Value Fund, Inc.

Consolidated Statements of Cash Flows (Unaudited)

	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	$	(223,458	)	$	(1,092,451	)
Proceeds from disposition of investments		—			100,000
Net purchases/sales from short-term investments		292,065			30,114
(Increase)/decrease in dividends, interest, and reclaims receivable		1,107			(2,260	)
Increase (decrease) in due to Custodian		—			277
Increase (decrease) in payable to affiliates		6,997			(3,000,076	)
(Increase)/decrease in other assets		(59,410	)		25,275
Increase (decrease) in accrued expenses and other payables		(127,517	)		31,077
Net unrealized (appreciation) depreciation from investments		110,240			3,907,923
Net cash provided by (used in) operating activities		24			(121	)

CASH FLOWS FROM FINANCING ACTIVITIES
Net cash provided by financing activities		—			—

Net increase (decrease) in cash		24			(121	)
Cash and foreign currency - beginning of period		2,512			2,765
Cash and foreign currency - end of period	$	2,536		$	2,644

See accompanying notes to financial statements

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Firsthand Technology Value Fund, Inc.

Consolidated Statements of Changes in Net Assets (Unaudited)

	FOR THE THREE MONTHS ENDED MARCH 31, 2025			FOR THE THREE MONTHS ENDED MARCH 31, 2024
FROM OPERATIONS:
Net investment (loss) income	$	(113,218	)	$	2,815,472
Net change in unrealized (depreciation) on investments		(110,240	)		(3,907,923	)
Net decrease in net assets from operations		(223,458	)		(1,092,451	)

TOTAL DECREASE IN NET ASSETS		(223,458	)		(1,092,451	)

NET ASSETS:
Beginning of period		1,060,679			1,260,371
End of period	$	837,221		$	167,920

COMMON STOCK ACTIVITY:
Shares purchased		—			—
Shares repurchased		—			—
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

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Firsthand Technology Value Fund, Inc.

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

	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	$	0.15		$	0.18		$	4.44		$	13.75		$	14.82		$	17.70
Income from investment operations:
Net investment income (loss), before deferred taxes⁽¹⁾		(0.02	)		0.27			0.16			(1.81	)		0.44			0.09
Net realized and unrealized losses on investments, before deferred taxes		(0.01	)		(0.30	)		(4.42	)		(7.50	)		(1.51	)		(2.30	)
Tax expense		—			—			—			—			—			(1.13	)
Net realized and unrealized losses on investments, after deferred taxes		(0.01	)		(0.30	)		(4.42	)		(7.50	)		(1.51	)		(3.43	)
Total from investment operations		(0.03	)		(0.03	)		(4.26	)		(9.31	)		(1.07	)		(3.34	)
Distributions from:
Realized capital gains		—			—			—			—			—			—
Anti-dilutive effect from capital share transactions		—			—			—			—			—			0.46
Net asset value at end of period	$	0.12		$	0.15		$	0.18		$	4.44		$	13.75		$	14.82
Market value at end of period	$	0.06		$	0.06		$	0.30		$	0.95		$	4.01		$	4.47
Total Return
Based on Net Asset Value		(20.00	)%^(A)		(16.67	)%		(95.95	)%		(67.71	)%		(7.22	)%		(16.27	)%
Based on Market Value		—	^(A)		(80.00	)%		(68.42	)%		(76.31	)%		(10.29	)%		(30.48	)%
Net assets at end of period (millions)	$	0.8		$	1.1		$	1.3		$	30.6		$	94.8		$	102.1
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

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Firsthand Technology Value Fund, Inc.

Consolidated Schedule of Investments

March 31, 2025 (UNAUDITED)

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

See accompanying notes to financial statements

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Firsthand Technology Value Fund, Inc.

Consolidated Schedule of Investments – continued

March 31, 2025 (UNAUDITED)

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)	12/31/2025		15	%	3/8/2020		400,000	$	400,000	$	123
	Convertible Note ^(1)(2)(4)(6)	12/31/2025		15	%	4/20/2021		1,000,000		1,000,000		307
	Convertible Note ^(1)(2)(4)(6)	12/31/2025		15	%	4/6/2022		350,000		350,000		107
	Convertible Note ^(1)(2)(4)(6)	12/31/2025		15	%	6/10/2021		500,000		500,000		154
	Convertible Note ^(1)(2)(4)(6)	12/31/2025		15	%	6/10/2022		700,000		700,000		215
	Convertible Note ^(1)(2)(4)(6)	12/31/2025		15	%	7/12/2019		1,300,000		1,300,000		400
	Convertible Note ^(1)(2)(4)(6)	12/31/2025		15	%	7/16/2021		500,000		500,000		154
	Convertible Note ^(1)(2)(4)(6)	12/31/2025		15	%	7/31/2020		500,000		500,000		154
	Convertible Note ^(1)(2)(4)(6)	12/31/2025		15	%	8/28/2020		750,000		750,000		230
	Convertible Note ^(1)(2)(4)(6)	12/31/2025		15	%	9/22/2021		500,000		500,000		154
	Preferred Stock - Series C ^*(1)(2)(4)					7/12/2013		26,856,187		26,299,939		0
	Term Note ^(1)(2)(4)(6)	12/31/2025		8	%	2/10/2017		2,000,000		2,000,000		615
	Term Note ^(1)(2)(4)(6)	12/31/2025		8	%	2/28/2014		3,000,000		3,000,000		923
												8,554

See accompanying notes to financial statements

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Firsthand Technology Value Fund, Inc.

Consolidated Schedule of Investments – continued

March 31, 2025 (UNAUDITED)

PORTFOLIO COMPANY (% OF NET ASSETS) AND INDUSTRY	TYPE OF INVESTMENT	MATURITY	INTEREST RATE			ACQUISITION DATE			SHARES/PAR VALUE ($)		COST BASIS		VALUE
LYNCEAN TECHNOLOGIES, INC. (0.0%) Semiconductor Equipment	Preferred Stock - Series B ^*(1)(4)							7/3/2018		869,792	$	1,000,000	$	0

REVASUM, INC. (0.0%) Semiconductor Equipment	CDIs ^*(2)(4)					11/14/2016	-	10/3/2022		39,774,889		9,268,218		0

UCT COATINGS, INC. (24.9%) Advanced Materials	Common Stock ^*(1)(3)(4)							4/18/2011		1,500,000		662,235		208,132

WRIGHTSPEED, INC.
(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	%			1/10/2023		100,000		100,000		0
	Convertible Note ^(1)(2)(4)(6)	6/30/2025		12	%			10/20/2021		1,000,000		1,000,000		0
	Convertible Note ^(1)(2)(4)(6)	6/30/2025		12	%			10/21/2022		135,000		135,000		0
	Convertible Note ^(1)(2)(4)(6)	6/30/2025		12	%			10/23/2020		1,050,000		1,050,000		0
	Convertible Note ^(1)(2)(4)(6)	6/30/2025		12	%			10/5/2021		700,000		700,000		0
	Convertible Note ^(1)(2)(4)(6)	6/30/2025		12	%			11/11/2020		400,000		400,000		0
	Convertible Note ^(1)(2)(4)(6)	6/30/2025		12	%			11/14/2022		165,000		165,000		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	%			12/11/2020		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

March 31, 2025 (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)
	Convertible Note ^(1)(2)(4)(6)	6/30/2025		12	%	12/28/2021		1,000,000	$	1,000,000	$	0
	Convertible Note ^(1)(2)(4)(6)	6/30/2025		12	%	12/9/2022		125,000		125,000		0
	Convertible Note ^(1)(2)(4)(6)	6/30/2025		12	%	2/23/2021		1,400,000		1,400,000		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		185,000		185,000		0
	Convertible Note ^(1)(2)(4)(6)	6/30/2025		12	%	4/12/2021		1,200,000		1,200,000		0
	Convertible Note ^(1)(2)(4)(6)	6/30/2025		12	%	4/14/2022		65,000		65,000		0
	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
	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

March 31, 2025 (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)

Convertible Note ^(1)(2)(4)(6)

6/30/2025

9/22/2021

300,000

Preferred Stock - Series AA ^*(1)(2)(4)

6/7/2019

7/20/2020

60,733,693

17,355,887

INVESTMENT COMPANY
(54.1%)

Fidelity Investments Money Market Treasury Portfolio - Class I ⁽⁵⁾

Various

453,187

453,187

TOTAL INVESTMENTS
(Cost $116,430,461)
— 83.4%

698,169

OTHER ASSETS IN EXCESS OF LIABILITIES — 16.6%

139,052

NET ASSETS — 100.0%

837,221

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

DECEMBER 31, 2024

PORTFOLIO COMPANY (% OF NET ASSETS) AND INDUSTRY	TYPE OF INVESTMENT	MATURITY	INTEREST RATE			ACQUISITION DATE			SHARES/PAR VALUE ($)		COST BASIS		VALUE
EQX CAPITAL, INC.
(2.8%) 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		29,466
														29,466

INTRAOP MEDICAL CORP.
(2.4%) Medical Devices	Convertible Note ^(1)(2)(4)(6)	12/31/2025		15	%			10/11/2019		500,000		500,000		454
	Convertible Note ^(1)(2)(4)(6)	12/31/2025		15	%			10/22/2021		1,000,000		1,000,000		909
	Convertible Note ^(1)(2)(4)(6)	12/31/2025		15	%			10/29/2019		500,000		500,000		454
	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

See accompanying notes to financial statements

Table of Contents

Firsthand Technology Value Fund, Inc.

Consolidated Schedule of Investments - continued

DECEMBER 31, 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)	12/31/2025		15	%	3/8/2020		400,000	$	400,000	$	364
	Convertible Note ^(1)(2)(4)(6)	12/31/2025		15	%	4/20/2021		1,000,000		1,000,000		909
	Convertible Note ^(1)(2)(4)(6)	12/31/2025		15	%	4/6/2022		350,000		350,000		318
	Convertible Note ^(1)(2)(4)(6)	12/31/2025		15	%	6/10/2021		500,000		500,000		455
	Convertible Note ^(1)(2)(4)(6)	12/31/2025		15	%	6/10/2022		700,000		700,000		636
	Convertible Note ^(1)(2)(4)(6)	12/31/2025		15	%	7/12/2019		1,300,000		1,300,000		1,182
	Convertible Note ^(1)(2)(4)(6)	12/31/2025		15	%	7/16/2021		500,000		500,000		455
	Convertible Note ^(1)(2)(4)(6)	12/31/2025		15	%	7/31/2020		500,000		500,000		455
	Convertible Note ^(1)(2)(4)(6)	12/31/2025				8/28/2020		750,000		750,000		682
	Convertible Note ^(1)(2)(4)(6)	12/31/2025		15	%	9/22/2021		500,000		500,000		455
	Preferred Stock - Series C ^*(1)(2)(4)					7/12/2013		26,856,187		26,299,939		0
	Term Note ^(1)(2)(4)(6)	12/31/2025		8	%	2/10/2017		2,000,000		2,000,000		1,818
	Term Note ^(1)(2)(4)(6)	12/31/2025		8	%	2/28/2014		3,000,000		3,000,000		2,728
												25,287

See accompanying notes to financial statements

Table of Contents

Firsthand Technology Value Fund, Inc.

Consolidated Schedule of Investments - continued

DECEMBER 31, 2024

PORTFOLIO COMPANY (% OF NET ASSETS) AND INDUSTRY	TYPE OF INVESTMENT	MATURITY DATE	INTEREST RATE			ACQUISITION DATE			SHARES/PAR VALUE ($)		COST BASIS		VALUE
LYNCEAN TECHNOLOGIES, INC. (0.0%) Semiconductor Equipment	Preferred Stock - Series B ^*(1)(4)							7/3/2018		869,792	$	1,000,000	$	0

REVASUM, INC. (0.0%) Semiconductor Equipment	CDIs ^*(2)(4)					11/14/2016	-	10/3/2022		39,774,889		9,268,218		0

UCT COATINGS, INC. (24.5%) Advanced Materials	Common Stock ^*(1)(3)(4)							4/18/2011		1,500,000		662,235		260,497

WRIGHTSPEED, INC.
(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	%			1/10/2023		100,000		100,000		0
	Convertible Note ^(1)(2)(4)(6)	6/30/2025		12	%			10/20/2021		1,000,000		1,000,000		0
	Convertible Note ^(1)(2)(4)(6)	6/30/2025		12	%			10/21/2022		135,000		135,000		0
	Convertible Note ^(1)(2)(4)(6)	6/30/2025		12	%			10/23/2020		1,050,000		1,050,000		0
	Convertible Note ^(1)(2)(4)(6)	6/30/2025		12	%			10/5/2021		700,000		700,000		0
	Convertible Note ^(1)(2)(4)(6)	6/30/2025		12	%			11/11/2020		400,000		400,000		0
	Convertible Note ^(1)(2)(4)(6)	6/30/2025		12	%			11/14/2022		165,000		165,000		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, 2024

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)	6/30/2025		12	%	12/28/2021		1,000,000	$	1,000,000	$	0
	Convertible Note ^(1)(2)(4)(6)	6/30/2025		12	%	12/9/2022		125,000		125,000		0
	Convertible Note ^(1)(2)(4)(6)	6/30/2025		12	%	2/23/2021		1,400,000		1,400,000		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		185,000		185,000		0
	Convertible Note ^(1)(2)(4)(6)	6/30/2025		12	%	4/12/2021		1,200,000		1,200,000		0
	Convertible Note ^(1)(2)(4)(6)	6/30/2025		12	%	4/14/2022		65,000		65,000		0
	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

See accompanying notes to financial statements

Table of Contents

Firsthand Technology Value Fund, Inc.

Consolidated Schedule of Investments - continued

DECEMBER 31, 2024

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)

6/30/2025

9/22/2021

300,000

Preferred Stock - Series AA ^*(1)(2)(4)

6/7/2019

7/20/2020

60,733,693

17,355,887

INVESTMENT COMPANY
(70.3%)

Fidelity Investments Money Market Treasury Portfolio - Class I ⁽⁵⁾

Various

745,224

745,224

TOTAL INVESTMENTS
(Cost $116,682,498)
— 100.0%

1,060,474

OTHER ASSETS IN EXCESS OF LIABILITIES — 0.0%

205

NET ASSETS — 100.0%

1,060,679

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.

Notes to Consolidated Financial Statements

March 31, 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.

Table of Contents

Firsthand Technology Value Fund, Inc.

Notes to Consolidated Financial Statements – continued

MARCH 31, 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 March 31, 2025, our financial statements include venture capital investments valued at approximately $0.2 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’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 March 31, 2025, we held $244,982, in restricted securities. At December 31, 2024, we held $315,250. 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.

Table of Contents

Firsthand Technology Value Fund, Inc.

Notes to Consolidated Financial Statements – continued

MARCH 31, 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 March 31, 2025, each of the Fund's eligible directors has deferred 50% of their 2024 and 2025 compensation to the earlier of January 1, 2026, and January 1, 2027, respectively, or their separation of service from the Fund.

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Firsthand Technology Value Fund, Inc.

Notes to Consolidated Financial Statements – continued

MARCH 31, 2025 (UNAUDITED)

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 designee pursuant to Rule 2a-5 under the 1940 Act. Those valuations are determined in accordance with the Valuation Procedures used by FCM, subject to oversight by the Board and 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.

FCM has engaged an independent valuation firm to provide it with valuation assistance with respect to certain of our portfolio investments. FCM intends to continue to engage an independent valuation firm to provide assistance regarding determination of the fair value of select portfolio investments each quarter. The scope of the services rendered by the independent valuation firm is at the discretion of FCM as the valuation designee.

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Notes to Consolidated Financial Statements – continued

MARCH 31, 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, 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 March 31, 2025, there were no incentive fee adjustments.

Effective September 30, 2023, the Company entered into a fee waiver agreement with FCM (the “Fee Waiver Agreement”). Pursuant to the terms of the Fee Waiver Agreement, FCM 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 entered into a fee waiver agreement with FCM (the “Fee Waiver Agreement”). Pursuant to the terms of the Fee Waiver Agreement, FCM agreed to waive $3.0 million of base management fee that has been accrued but remains unpaid as of March 31, 2024. Any accrued base management fee waived may be recouped by FCM within ten years.

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Firsthand Technology Value Fund, Inc.

Notes to Consolidated Financial Statements – continued

MARCH 31, 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. 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

MARCH 31, 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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Firsthand Technology Value Fund, Inc.

Notes to Consolidated Financial Statements – continued

MARCH 31, 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 March 31, 2025:

ASSETS	LEVEL 1 QUOTED PRICES		LEVEL 2 OTHER SIGNIFICANT OBSERVABLE INPUTS		LEVEL 3 SIGNIFICANT OBSERVABLE INPUTS
Common Stocks
Advanced Materials	$	—	$	—	$	208,132
Total Common Stocks		—		—		208,132
Preferred Stocks
Equipment Leasing		—		—		28,296
Total Preferred Stocks		—		—		28,296
Convertible and Non-Convertible Notes
Medical Devices		—		—		8,554
Total Convertible and Non-Convertible Notes		—		—		8,554
Mutual Funds		453,187		—		—
Total	$	453,187	$	—	$	244,982

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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Firsthand Technology Value Fund, Inc.

Notes to Consolidated Financial Statements – continued

MARCH 31, 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 12/31/24		NET PURCHASES/ CONVERSIONS		NET SALES/ CONVERSIONS		NET REALIZED GAINS/ (LOSSES)		NET UNREALIZED APPRECIATION (DEPRECIATION) ⁽¹⁾			TRANSFERS IN (OUT) OF LEVEL 3		BALANCE AS OF 03/31/25
Common Stocks
Advanced Materials	$	260,497	$	—	$	—	$	—	$	(52,365	)	$	—	$	208,132
Total Common Stocks		260,497		—		—		—		(52,365	)		—		208,132
Preferred Stocks
Equipment Leasing		29,466		—		—		—		(1,170	)		—		28,296
Total Preferred Stocks		29,466		—		—		—		(1,170	)		—		28,296
Convertible and Non-Convertible Notes
Medical Devices		25,287		—		—		—		(16,733	)		—		8,554
Total Convertible and Non-Convertible Notes		25,287		—		—		—		(16,733	)		—		8,554
Total	$	315,250	$	—	$	—	$	—	$	(70,268	)	$	—	$	244,982

(1)	The net change in unrealized appreciation (depreciation) from Level 3 instruments held as of March 31, 2025* was $(70,268).*

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Firsthand Technology Value Fund, Inc.

Notes to Consolidated Financial Statements – continued

MARCH 31, 2025 (UNAUDITED)

The table below represents quantitative disclosure about significant unobservable inputs for Level 3 fair value measurements at March 31, 2025:

	FAIR VALUE AT 03/31/25		VALUATION TECHNIQUES	UNOBSERVABLE INPUTS	RANGE (WEIGHTED AVG.)⁽¹⁾
Direct venture capital investments: Advanced Materials	$	0.2M	Market Comparable Companies Option Pricing Model	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%)
Direct venture capital investments: Automotive	$	0.0M	Liquidation Value	Market Value of Invested Capital⁽²⁾	$0 ($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%)
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%)
Direct venture capital investments: Semiconductor Equipment	$	0.0M	Recent Transactions	Equity Proceeds from Private Transactions⁽²⁾	$0 ($0)

(1)

Weighted average is calculated by 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 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.

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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Firsthand Technology Value Fund, Inc.

Notes to Consolidated Financial Statements – continued

MARCH 31, 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 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 March 31, 2025.

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

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, 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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Notes to Consolidated Financial Statements – continued

MARCH 31, 2025 (UNAUDITED)

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

	AMOUNT
Deferred tax assets:
Net operating loss carryforward	$	3,243,806
Capital loss carryforward		8,449,388
Net unrealized losses (gains) on investment securities		32,351,042
Total deferred tax assets, net		44,044,236
Valuation allowance		(44,044,236	)
Net	$	—

For the year ended December 31, 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 March 31, 2025 and 2024 were as follows:

	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 March 31, 2025, is the result of changes in the deferred tax assets and related valuation allowance account. At March 31, 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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Firsthand Technology Value Fund, Inc.

Notes to Consolidated Financial Statements – continued

MARCH 31, 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, 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, 2024, the Company had net operating loss carryforwards for federal and state of income tax purposes of $11,593,301, which may be carried forward indefinitely.

As of December 31, 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
12/31/25		7,516,642
12/31/27		3,129,665
12/31/28		7,864,982
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 March 31, 2025.

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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Firsthand Technology Value Fund, Inc.

Notes to Consolidated Financial Statements – continued

MARCH 31, 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 December 31, 2020, the Fund had 6,893,056 shares outstanding.

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Notes to Consolidated Financial Statements – continued

MARCH 31, 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, 2024, through March 31, 2025, is noted below:

AFFILIATE/CONTROLLED INVESTMENTS*	VALUE AT 12/31/24		PURCHASE/ MERGER		INTEREST		SALES/ MATURITY/ EXPIRATION		REALIZED GAIN (LOSS)		CHANGE IN APPRECIATION/ DEPRECIATION			VALUE 3/31/25		SHARES HELD AT 3/31/25
Equipment Leasing
EQX Capital, Inc. Common Stock*	$	—	$	—	$	—	$	—	$	—	$	—		$	—		100,000
EQX Capital, Inc. Series A Preferred Stock*		29,466		—		—		—		—		(1,170	)		28,296		1,930,000
Total Equipment Leasing	$	29,466	$	—	$	—	$	—	$	—	$	(1,170	)	$	28,296
Medical Devices
IntraOp Medical Corp. Convertible Note*		9,966		—		—		—		—		(6,593	)		3,373		10,961,129
IntraOp Medical Corp. Convertible Note*		1,182		—		—		—		—		(782	)		400		1,300,000
IntraOp Medical Corp. Convertible Note*		454		—		—		—		—		(300	)		154		500,000
IntraOp Medical Corp. Convertible Note*		454		—		—		—		—		(300	)		154		500,000
IntraOp Medical Corp. Convertible Note*		2,728		—		—		—		—		(1,805	)		923		3,000,000
IntraOp Medical Corp. Convertible Note*		909		—		—		—		—		(602	)		307		1,000,000
IntraOp Medical Corp. Convertible Note*		364		—		—		—		—		(241	)		123		400,000
IntraOp Medical Corp. Convertible Note*		455		—		—		—		—		(301	)		154		500,000
IntraOp Medical Corp. Convertible Note*		682		—		—		—		—		(452	)		230		750,000
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*		909		—		—		—		—		(602	)		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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Notes to Consolidated Financial Statements – continued

MARCH 31, 2025 (UNAUDITED)

AFFILIATE/CONTROLLED INVESTMENTS*	VALUE AT 12/31/24		PURCHASE/ MERGER		INTEREST		SALES/ MATURITY/ EXPIRATION		REALIZED GAIN (LOSS)		CHANGE IN APPRECIATION/ DEPRECIATION			VALUE 3/31/25		SHARES HELD AT 3/31/25
IntraOp Medical Corp. Term Note*	$	1,818	$	—	$	—	$	—	$	—	$	(1,203	)	$	615		2,000,000
Total Medical Devices	$	25,287	$	—	$	—	$	—	$	—	$	(16,733	)	$	8,554
Semiconductor Equipment
Revasum, Inc. CDI*(1)		—		—		—		—		—		—			—		39,774,889
Total Semiconductor Equipment	$	—	$	—	$	—	$	—	$	—	$	—		$	—
Advanced Materials
UCT Coatings, Inc. Common Stock		260,497		—		—		—		—		(52,365	)	$	208,132		1,500,000
Total Advanced Materials	$	260,497	$	—	$	—	$	—	$	—	$	(52,365	)	$	208,132
Automotive
Wrightspeed, Inc. Convertible Note*		—		—		—		—		—		—			—		40,000
Wrightspeed, Inc. Common Stock*		—		—		—		—		—		—			—		69,102
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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Firsthand Technology Value Fund, Inc.

Notes to Consolidated Financial Statements – continued

MARCH 31, 2025 (UNAUDITED)

AFFILIATE/CONTROLLED INVESTMENTS*	VALUE AT 12/31/24		PURCHASE/ MERGER		INTEREST		SALES/ MATURITY/ EXPIRATION		REALIZED GAIN (LOSS)		CHANGE IN APPRECIATION/ DEPRECIATION		VALUE 3/31/25		SHARES HELD AT 3/31/25
Wrightspeed, Inc. Convertible Note*	$	—	$	—	$	—	$	—	$	—	$	—	$	—		4,929,015
Wrightspeed, Inc. Convertible Note*		—		—

Firsthand Technology Value Fund, Inc. 10-Q