Pinetree Capital Ltd Announces Unaudited Financial Results For The Period Ended June 30, 2025

Executive Summary

• Pinetree Capital Ltd. reported unaudited financial results for the three months ended June 30, 2025, showing a net loss of $1,684,000 compared to a net loss of $970,000 in the same period of 2024.
• The company's Book Value Per Share (BVPS) increased to $9.24 as of June 30, 2025, up from $8.28 at the end of 2024, representing a 12% year-to-date increase.
• Total assets rose to $87,820,000, with equity investments at fair value comprising 95% of book value ($82,127,000).

Key Details

• Net Income/Loss: Net loss for the three months ended June 30, 2025, was $1,684,000 (2024: $970,000 loss).
• Earnings Per Share: Loss per share (basic & fully diluted) was $(0.18) for Q2 2025, compared to $(0.10) for Q2 2024.
• Investment Performance: Net investment losses were $1,985,000 for Q2 2025 (vs. $980,000 loss in Q2 2024), driven by net realized gains and changes in unrealized gains/losses.
• Other Income: Totalled $1,072,000 for Q2 2025 (vs. $173,000 in Q2 2024), primarily consisting of dividend income of $1,063,000 and interest income of $9,000.
• Expenses: Operating expenses for Q2 2025 were $367,000 (vs. $159,000 in Q2 2024). Trailing twelve-month expenses were $1,379,000 (1.6% of BV), compared to $676,000 (1.2% of BV) for the prior year period.
• Balance Sheet Highlights:
  • Total Assets: $87,820,000 (Dec 31, 2024: $78,270,000).
  • Total Liabilities: $1,129,000 (Dec 31, 2024: $571,000).
  • Total Equity: $86,691,000 (Dec 31, 2024: $77,699,000).
  • Book Value Per Share (BVPS): $9.24 (Dec 31, 2024: $8.28).
  • Shares Outstanding: 9,387,000 (unchanged).
• Investment Portfolio: Equity investments at fair value totaled $82,127,000 as of June 30, 2025, representing 95% of book value (Dec 31, 2024: $73,077,000 or 94% of book value).