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SAN JOSE, Calif., March 28, 2024 (GLOBE NEWSWIRE) -- Firsthand Technology Value Fund, Inc. (OTCQB: SVVC) (the “Fund”), a publicly traded venture capital fund that invests in technology and cleantech companies, announced today its financial results for the fiscal year ended December 31, 2023.
As of December 31, 2023, the Fund’s net assets were approximately $1.3 million, or $0.18 per share, compared with net assets of approximately $30.6 million, or $4.44 per share as of December 31, 2022. As of December 31, 2023, the Fund’s portfolio included public and private securities valued at approximately $8.7 million, or $1.27 per share, which includes approximately $0.01 per share in cash and cash equivalents.
Portfolio Summary (as of 12/31/23)
| Investment | Fair Value1, | Fair Value per Share1,2 | |
| Equity/Debt Investments | $8.66 million | $1.26 | |
| Cash/Cash Equivalents | $0.07 million | $0.01 | |
| Other Assets | $0.07 million | $0.01 | |
| Total Assets | $8.81 million | $1.28 | |
| Total Liabilities | $7.55 million | $1.10 | |
| Net Assets | $1.26 million | $0.18 | |
| 1 Numbers may not sum due to rounding. | |||
During the fourth quarter of 2023, the Valuation Committee, which was composed of two directors, adjusted the fair values of the private companies in our portfolio. In arriving at these determinations and consistent with the Fund’s valuation procedures, and ASC 820, the Valuation Committee took into account information from an independent valuation firm and considered many factors, including the performance of the portfolio companies, recent transactions in the companies’ securities, as well as the impact of changes in market multiples within certain sectors.
Effective September 30, 2023, the Fund has entered into a fee waiver agreement with its investment adviser, Firsthand Capital Management, Inc. (“FCM”). Pursuant to the terms of this agreement, FCM has 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 between the Fund and FCM, and (2) waive $2.5 million of base management fee that has been accrued but unpaid as of September 30, 2023, subject to recoupment to the extent permitted under the fee waiver agreement.
For the year ended December 31, 2023, the Fund reported a total investment income of approximately $0.1 million. After fees and expenses, including the aforementioned fee waiver, the Fund reported net investment income of approximately $1.1 million. The Fund reported net realized and unrealized losses on investments of approximately $30.4 million for the year.