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Firsthand Technology Value Fund, Inc. (NASDAQ:SVVC) (the "Fund"), a publicly traded venture capital fund that invests in technology and cleantech companies, announced today its financial results for the third quarter ended September 30, 2022.
As of September 30, 2022, the Fund's net assets were approximately $38.4 million, or $5.58 per share, compared with net assets of approximately $49.8 million, or $7.22 per share as of June 30, 2022. As of September 30, 2022, the Fund's portfolio included public and private securities valued at approximately $46.6 million, or $6.76 per share, which includes approximately $0.17 per share in cash and cash equivalents.
Portfolio Summary (as of 9/30/22)
| Investment | Fair Value1, | Fair Value per Share1,2 |
|
| Equity/Debt Investments | $45.46 million | $6.60 | |
| Cash/Cash Equivalents | $1.15 million | $0.17 | |
| Other Assets | $1.20 million | $0.17 | |
| Total Assets | $47.81 million | $6.94 | |
| Total Liabilities | $9.37 million | $1.36 | |
| Net Assets | $38.43 million | $5.58 | |
| 1 Numbers may not sum due to rounding. 2 Total shares outstanding: 6,893,056. |
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During the third quarter of 2022, the Valuation Committee, which was composed of four independent 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.
For the three months ended September 30, 2022, the Fund reported a total investment loss of approximately $8.3 million. After fees and expenses, the Fund reported a net investment loss of approximately $8.8 million. The Fund reported net realized and unrealized losses on investments of approximately $2.5 million for the quarter.
Throughout the quarter, the Fund continued its efforts to manage its portfolio prudently, including working with its portfolio companies and their management teams to seek to enhance performance and uncover potential exit opportunities.
Posted In: SVVC
