Pinetree Capital (PNP) Q1 2026 earnings summary

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.