SVVC — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-05-14

• our business prospects and the prospects of our 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 current global economic conditions, including those caused by inflation, an elevated interest rate environment and geopolitical events;

• 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;

• ● 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 environ…

• ● 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;

Text removed vs the prior filing · source: 10-Q · 2025-11-14

• our business prospects and the prospects of our prospective portfolio companies;

• our ability to operate as a business development company and a regulated investment company;

• Operating expenses totaled approximately $432,943 during the three months ended September 30, 2025, and $391,753 during the three months ended September 30, 2024.

• The greater level of net investment loss for the three months ended September 30, 2025, as compared to the three months ended September 30, 2024, is primarily attributable to higher professional fees in the period ended September 30, 2025, liquidation of Hera Systems convertible notes in 2024, and t…

• The following information is a comparison for the nine months ended September 30, 2025 and September 30, 2024

Text added vs the prior filing · source: 10-Q · 2026-05-14

• As of 3/31/2026, the Fund was engaged in multiple legal proceedings as described below.

• The Fund believes that the allegations in the operative complaint lack merit and has filed an answer denying all wrongdoing. The Fund intends to vigorously defend itself. The parties have exchanged documents and written discovery responses. Some depositions have been taken and others will occur duri…

• Star Equity Fund L.P. v. Firsthand Capital Management, Inc., et al.

• On February 28, 2025, Star Equity Fund, L.P., an investor in Firsthand Technology Value Fund, filed a lawsuit against the Fund, Firsthand Capital Management Company, and various individual defendants. The lawsuit asserts derivative claims on behalf of the Fund. Specifically, it asserts counts agains…

• On September 18, 2025, the Fund and the Management Company filed motions to dismiss Star Equity’s Complaint. In response, Star Equity voluntarily dismissed its direct and derivative breach of fiduciary duty claim, its direct and derivative breach of contract claim, and its aiding and abetting the br…

Text removed vs the prior filing · source: 10-Q · 2025-11-14

• 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 Firs…

Text added vs the prior filing · source: 10-Q · 2026-05-14

• In addition to the other information set forth in this report, you should carefully consider the risk factor discussed below and the risk factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which could materially affect our business, financial condition and/or oper…

• 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 …