Pinetree's book value per share at $9.33 as of Dec. 31

Executive Summary

• Pinetree Capital Ltd. released its audited financial results for the year ended December 31, 2025, reporting a Book Value Per Share (BVPS) increase of 13% year-over-year.
• The company reported net investment losses for the fourth quarter of 2025, contrasting with significant gains in the same period the prior year, driven by declines in the value of investments in the software and technology sector.
• The release also announced the appointment of Henry Rachfalowski to the board of directors.

Key Details

• Equity and BVPS:
  • Total equity as of Dec. 31, 2025: $87,586 (in thousands).
  • Total equity as of Dec. 31, 2024: $77,699 (in thousands).
  • BVPS increased from $8.28 (Dec. 31, 2024) to $9.33 (Dec. 31, 2025), an increase of $1.05 or 13%.
  • BVPS declined approximately 1% compared to the prior quarter.
• Expenses:
  • Expenses for the 12 months ended Dec. 31, 2025: $1,640 (in thousands), representing 1.9% of equity.
  • Expenses for the 12 months ended Dec. 31, 2024: $939 (in thousands), representing 1.2% of equity.
  • Expenses include foreign exchange fluctuations on non-Canadian dollar cash balances.
• Investment Performance (Three Months Ended Dec. 31, 2025):
  • Net investment losses: $523 (in thousands).
  • Comparison: Net investment gains of $17,788 (in thousands) for the three months ended Dec. 31, 2024.
  • Drivers: Net realized gains on investments and net change in unrealized gains.
• Other Income (Three Months Ended Dec. 31, 2025):
  • Total other income: $77 (in thousands).
  • Breakdown: Dividend income of $68 and interest income of $9.
  • Comparison: Total other income of $25 (in thousands) for the three months ended Dec. 31, 2024 (comprising $15 dividend income and $10 interest income).
• Director Appointment:
  • Henry Rachfalowski appointed to the board of directors.
  • Background: 30+ years at Metropolitan Life, Canada Life, and Manulife; 5 years at OMERS overseeing private debt and equity investments (1992–1997).
  • Education: LLB and MBA from the University of Western Ontario.

Notable Quotes

• "Since the end of the period, the software and technology sector has continued to face headwinds and the value of several of Pinetree's investments has continued to decline."