Pinetree Capital (PNP) Q3 2025 earnings summary

Executive summary

• Net income for Q3 2025 was $1,983,000, down from $4,824,000 in Q3 2024, with earnings per share of $0.21 compared to $0.51 year-over-year.

• Book value per share increased to $9.45 as of September 30, 2025, up from $8.28 at December 31, 2024, a 14% rise.

Financial highlights

• Net investment gains for Q3 2025 were $1,854,000, compared to $4,966,000 in Q3 2024.

• Other income for Q3 2025 totaled $544,000, up from $37,000 in Q3 2024, mainly from dividends and interest.

• Total assets reached $90,069,000 as of September 30, 2025, up from $78,270,000 at December 31, 2024.

• Equity increased to $88,674,000 as of September 30, 2025, from $77,699,000 at December 31, 2024.

Key financial ratios and metrics

• Book value per share (BVPS) rose to $9.45 at September 30, 2025, from $8.28 at December 31, 2024.

• Investments at fair value represented 92% of book value at September 30, 2025, compared to 94% at December 31, 2024.

• Expenses for the twelve months ended September 30, 2025 were $1,716,000, or 1.9% of book value, up from $664,000 or 1.1% of book value for the prior year period.