Pender Growth Fund Provides Financial Highlights and Company Updates

Executive Summary

• Pender Growth Fund Inc. reported a net loss of $248,441 for Q3 2025 versus a net income of $5.8 M in the same quarter last year.
• Shareholders’ equity rose modestly to $123.1 M (up $27,456) despite share repurchases of $1.68 M under its Normal Course Issuer Bid (NCIB).
• The fund’s investment portfolio remained weighted 60.8% public and 39.2% private companies; MER increased to 2.55% for the quarter.

Key Details

• Net loss: $248,441 for the three months ended September 30 2025.
• Net loss per Class C share: $0.04 (previous year’s net income per share was $0.80).
• Shareholders’ equity: $123,108,963 as of September 30 2025, up $27,456 from December 31 2024.
• Equity per share: $17.57 (up from $17.25 a year earlier).
• Shares outstanding: 7,005,729 (down 127,500 shares due to NCIB repurchases).
• NCIB activity: Shares repurchased total $1,679,248; NCIB renewed on Feb 20 2025 with capacity to purchase up to 587,342 shares (≈10% of public float) through Feb 19 2026.
• Portfolio composition: 60.8% public companies, 39.2% private companies; net assets: 60.3% publicly listed, 38.8% private unlisted, 0.9% cash/other.
• Management Expense Ratio (MER): 2.55% for Q3 2025, a 0.16‑percentage‑point increase from 2.39% in Q3 2024.
• Performance (based on shareholders’ equity): Class C return – 0.0% Q3 2025; 1‑year 16.3%; 3‑year 18.9%; 5‑year 28.4%; since inception 20.4%.
• Market commentary: Public equity markets posted record highs in Q3 2025 (TSX up 12.7%, TSX Small Cap up 20.9%; S&P 500 up 10.5% CAD). Global M&A activity rose 28% YoY to $2.6 trillion, though transaction count fell 7%.

Notable Quotes

• No direct CEO/President quotes were included in the release.