Pinetree Capital (PNP) Q2 2024 earnings summary

Executive summary

• Book value per share (BVPS) increased 22% year-to-date, reaching $5.91 as of June 30, 2024, up from $4.83 at December 31, 2023.

• Equity rose to $55,515,000 as of June 30, 2024, compared to $45,372,000 at year-end 2023.

Financial highlights

• Net investment loss of $980,000 for Q2 2024, compared to a gain of $3,160,000 in Q2 2023.

• Net loss for Q2 2024 was $970,000, or $(0.10) per share, versus net income of $3,055,000, or $0.33 per share, in Q2 2023.

• Other income for Q2 2024 totaled $173,000, up slightly from $163,000 in Q2 2023.

• Total assets increased to $55,871,000 as of June 30, 2024, from $45,749,000 at December 31, 2023.

• Equity investments at fair value were $50,428,000 (91% of book value) as of June 30, 2024, up from $38,428,000 (85% of book value) at year-end 2023.

Key financial ratios and metrics

• Expenses for the twelve months ended June 30, 2024, were $676,000, or 1.2% of book value, down from $1,111,000 (2.6% of book value) for the prior twelve months.

• Quarterly expenses for Q2 2024 were $159,000, representing 0.3% of book value, consistent with recent quarters.