Pinetree Capital (PNP) Q4 2025 earnings summary

Executive summary

• Book value per share (BVPS) increased 13% year-over-year to $9.33 as of December 31, 2025, from $8.28 at the end of 2024.

• Net income for 2025 was $9,887, down from $32,327 in 2024, with EPS of $1.05 compared to $3.45 the prior year.

• Net investment gains for 2025 were $10,415, a significant decrease from $32,892 in 2024.

• Appointment of Henry Rachfalowski to the board of directors, bringing extensive investment experience.

Financial highlights

• Total assets at year-end 2025 were $89,394, up from $78,270 at year-end 2024.

• Equity increased to $87,586 at December 31, 2025, from $77,699 a year earlier.

• Quarterly expenses for Q4 2025 were $347, representing 0.4% of BV.

• Total expenses for 2025 were $1,640, or 1.9% of equity, up from $939 (1.2% of equity) in 2024.

• Net investment losses of $523 in Q4 2025, compared to gains of $17,788 in Q4 2024.

Outlook and guidance

• Software and technology sector headwinds have continued post-period, impacting the value of several investments.

• Forward-looking statements caution significant risks and uncertainties may affect future results.