Pender Growth Fund Provides Financial Highlights and Company Updates

Executive Summary

• Pender Growth Fund Inc. reported a net loss of $4.88 M for FY 2025, a swing from a $55.47 M profit in FY 2024.
• Shareholders’ equity fell by $7.68 M to $115.40 M, driven primarily by the loss and partially offset by share repurchases under its NCIB.
• The Fund launched a new Normal Course Issuer Bid on Feb 20 2026, authorizing purchases of up to 585,681 shares (≈10% of float) through Feb 19 2027.

Key Details

• Net loss: $4,879,423 for the year ended Dec 31 2025 (vs. net income of $55,473,592 in 2024).
• Loss per Class C share: $0.69 (vs. earnings of $7.61 per share in 2024).
• Shareholders’ equity: Decreased by $7,677,183 to $115,404,324 as of Dec 31 2025 (down from $123,081,507).
• Shares outstanding: 6,933,229 at year‑end (down 200,000 shares due to NCIB repurchases).
• MER (pre‑performance fees): 2.44% for FY 2025, a reduction of 0.21 percentage points from 2024.
• Portfolio composition (as of Dec 31 2025): 55.5% public companies, 44.5% private; net asset value split 52.8% public, 42.3% private, 4.9% cash/other.
• Performance (based on shareholders’ equity): –5.3% over the last 3 months; –3.5% YTD; +21.5% over 3 years; +22.3% over 5 years; +19.6% since inception.
• Key portfolio event: General Fusion Inc. entered a definitive business combination agreement in Jan 2026, targeting a Nasdaq listing with completion expected mid‑2026—potential value realization for Pender Growth Fund shareholders.
• NCIB update (Feb 20 2026): New program permits purchase of up to 585,681 shares (≈10% of public float) over a one‑year period ending Feb 19 2027.

Notable Quotes

(No direct quotes were provided in the release.)