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Pinetree Capital (PNP) investor relations material
Pinetree Capital Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Reported a net loss of $19,002 for Q1 2026, compared to net income of $10,676 in Q1 2025.
Book value per share (BVPS) declined 22% to $7.31 as of March 31, 2026, from $9.33 at December 31, 2025.
Significant net investment losses of $19,400 in Q1 2026, versus gains of $11,068 in Q1 2025.
Financial highlights
Total assets decreased to $70,509 as of March 31, 2026, from $89,394 at December 31, 2025.
Equity dropped to $68,584 from $87,586 over the same period.
Expenses for Q1 2026 were $526, up from $347 in Q4 2025.
Earnings (loss) per share for Q1 2026 was $(2.02), compared to $1.14 in Q1 2025.
Other income rose to $924 in Q1 2026, up from $41 in Q1 2025, mainly from dividends.
Outlook and guidance
Since quarter-end, a major investment received a takeover offer at a significant premium, resulting in a meaningful increase in BVPS as of the report date.
Forward-looking statements caution about significant risks and uncertainties affecting future results.
- Book value per share climbed 22% YTD, despite a Q2 net loss of $970,000.PNP
Q2 20246 Mar 2026 - Q3 2024 delivered strong net income and book value growth, with a new CIO appointed.PNP
Q3 20246 Mar 2026 - Book value per share grew 13% year-over-year, but net income and gains fell sharply.PNP
Q4 20254 Mar 2026 - Book value per share rose 14% year-to-date, despite lower Q3 net income and investment gains.PNP
Q3 202519 Nov 2025 - Book value per share rose 12% YTD, but Q2 2025 ended with a net loss and higher investment losses.PNP
Q2 202528 Jul 2025 - Book value per share jumped 14% to $9.41, but market volatility is pressuring gains.PNP
Q1 20256 Jun 2025 - Net income and book value per share soared in 2024 on robust investment gains.PNP
Q4 20245 Jun 2025
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