Partners Value Investments L.P. Announces Q2 2025 Interim Results

Partners Value Investments L.P.

TORONTO, Aug. 15, 2025 (GLOBE NEWSWIRE) -- Partners Value Investments L.P. (the “Partnership”, TSX: PVF.UN TSX: PVF.PR.U) announced today its financial results for the six months ended June 30, 2025. All amounts are stated in U.S. dollars.

The Partnership recorded a net loss of $6.2 million for the quarter ended June 30, 2025, compared to net income of $21.6 million in the prior year quarter. The decrease in income was primarily due to unfavorable foreign currency movements as a result of the appreciation of the Canadian dollar against the U.S. dollar and higher tax recoveries recorded in the prior year quarter, partially offset by higher dividend and investment income compared to the prior year quarter. A loss of $8.6 million was attributable to the Equity Limited Partners, and income of $2.4 million was attributable to Preferred Limited Partners.

On August 8, 2025, the Partnership completed a ten-for-one unit split of the outstanding equity units of the Partnership (“Unit Split”). All unit count and per-unit disclosures are presented on a post-split basis.

As at June 30, 2025, the market prices of a Brookfield Corporation (“BN”, NYSE/TSX: BN) and Brookfield Asset Management Ltd. (“BAM”, NYSE/TSX: BAM) share were $61.85 and $55.28, respectively. As at August 14, 2025, the market prices of a BN and BAM share were $65.60 and $62.11, respectively.

Consolidated Statements of Operations

For the period ended June 30, Unaudited
(Thousands, US dollars) Three months ended Six months ended 2025 2024 2025 2024 Investment income Dividends $ 26,241 $ 23,429 $ 52,800 $ 47,456 Other investment income 6,450 4,160 13,629 8,195 32,691 27,589 66,429 55,651 Expenses Operating expenses (1,048 ) (1,301 ) (2,400 ) (3,738 ) Financing costs (2,501 ) (2,545 ) (4,918 ) (5,026 ) Retractable preferred share dividends (11,567 ) (10,223 ) (21,608 ) (19,959 ) 17,575 13,520 37,503 26,928 Other items Investment valuation (loss) gain (1,218 ) 443 5,994 1,367 Amortization of deferred financing costs (1,246 ) (871 ) (2,158 ) (1,755 ) Foreign currency (loss) gain (19,757 ) 5,398 (19,881 ) 14,297 Current tax (expense) recovery (2,186 ) (1,742 ) (2,547 ) 6,327 Deferred tax recovery (expense) 650 4,865 (452 ) 707 Net (loss) income $ (6,182 ) $ 21,613 $ 18,459 $ 47,871

The information in the following table shows the changes in net book value:

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For the period ended June 30
(Thousands, except per unit amounts) Three months ended Six months ended Total Per Unit1 Total Per Unit1 Net book value, beginning of period2 $ 7,566,844 $ 9.63 $ 8,375,682 $ 10.28 Net (loss) income3 (8,599 ) 13,621 Other comprehensive income3 1,433,827 605,380 Adjustment for impact of warrants2 19,208 19,035 Equity LP repurchases (911 ) (3,349 ) Net book value, end of period4 $ 9,010,369 $ 11.47 $ 9,010,369 $ 11.47

Adjusted to reflect the ten-for-one unit split effective August 8, 2025. Calculated on a fully diluted basis. Net book value is a non‐IFRS measure used by management to measure the value of an Equity LP unit on a fully diluted basis. It is equal to total equity less General Partner equity, Preferred Limited Partners’ equity, non-controlling interests’ equity plus the value of consideration to be received on exercising of warrants, which as at June 30, 2025, was $133 million (December 31, 2024 – $114 million), and includes the impact of foreign currency movements. Attributable to Equity Limited Partners. At the end of the period, the diluted Equity LP units outstanding were 785,500,170 (December 31, 2024 – 814,746,100); this includes 25,873,510 (December 31, 2024 – 56,406,000) Equity LP units exchangeable on a one-for-one basis with shares of a non-wholly owned subsidiary, and units issued through the exercise of all outstanding warrants; including 585,938 (December 31, 2024 – 585,938) warrants held by partially-owned subsidiaries of the Partnership.

Financial Profile

The Partnership’s principal investments are its interest in approximately 121 million Class A Limited Voting Shares of BN and approximately 31 million Class A Limited Voting Shares of BAM. This represents approximately an 8% interest in BN and a 2% interest in BAM as at June 30, 2025. In addition, the Partnership owns a diversified investment portfolio of marketable securities and private fund interests.

The information in the following table has been extracted from the Partnership’s Consolidated Statements of Financial Position:

Consolidated Statements of Financial Position

(Unaudited)
As at
(Thousands, US dollars) June 30,
2025 December 31,
2024 Assets Cash and cash equivalents $ 200,841 $ 156,977 Accounts receivable and other assets 56,005 48,924 Investment in Brookfield Corporation1 7,482,044 6,949,656 Investment in Brookfield Asset Management Ltd.2 1,703,095 1,669,488 Investment in Brookfield Wealth Solutions Ltd.3 507,435 471,787 Other investments carried at fair value 379,591 343,090 $ 10,329,011 $ 9,639,922 Liabilities and equity Accounts payable and other liabilities $ 29,264 $ 42,055 Corporate borrowings 220,076 208,168 Preferred shares4 1,009,633 939,057 Deferred tax liabilities 11,715 7,933 $ 1,270,688 $ 1,197,213 Equity Equity Limited Partners 8,877,291 8,261,639 Preferred Limited Partners 152,002 152,040 Non-controlling interests 29,030 29,030 9,058,323 8,442,709 $ 10,329,011 $ 9,639,922

The investment in Brookfield Corporation consists of 121 million BN shares with a quoted market value of $61.85 per share as at June 30, 2025 (December 31, 2024 – $57.45). The investment in Brookfield Asset Management Ltd. consists of 31 million BAM shares with a quoted market value of $55.28 per share as at June 30, 2025 (December 31, 2024 – $54.19). Brookfield Wealth Solutions Ltd. (“BWS”) Class A shares are exchangeable into BN Class A shares on a one-for-one basis. Represents $786 million of retractable preferred shares less $12 million of unamortized issue costs as at June 30, 2025 (December 31, 2024 – $712 million less $9 million) and $236 million of three series of preferred shares (December 31, 2024 – $236 million).

For further information, contact Investor Relations at [email protected].

Notice to Readers

The Partnership is not making any offer or invitation of any kind by communication of this news release and under no circumstance is it to be construed as a prospectus or an advertisement.

This news release contains “forward-looking information” and “forward-looking statements” within the meaning of Canadian provincial securities laws and any applicable Canadian securities regulations (collectively, “forward-looking statements”). Forward-looking statements include statements that are predictive in nature, depend upon or refer to future results, events or conditions, and include, but are not limited to, statements which reflect management’s current estimates, beliefs and assumptions regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies, capital management and outlook of the Partnership, as well as the outlook for North American and international economies for the current fiscal year and subsequent periods, and which are in turn based on management’s experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. The estimates, beliefs and assumptions of the Partnership are inherently subject to significant business, economic, competitive and other uncertainties and contingencies regarding future events and as such, are subject to change. Forward-looking statements are typically identified by words such as “expect”, “anticipate”, “believe”, “foresee”, “could”, “estimate”, “goal”, “intend”, “plan”, “seek”, “strive”, “will”, “may” and “should” and similar expressions.

Although the Partnership believes that such forward-looking statements are based upon reasonable estimates, beliefs and assumptions, actual results may differ materially from the forward-looking statements. Factors that could cause actual results to differ materially from those contemplated or implied by forward‐looking statements and information include, but are not limited to: the financial performance of Brookfield Corporation, the impact or unanticipated impact of general economic, political and market factors; the behavior of financial markets, including fluctuations in interest and foreign exchanges rates and heightened inflationary pressures; limitations on the liquidity of our investments; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; strategic actions including acquisitions and dispositions; changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); the effect of applying future accounting changes; business competition; operational and reputational risks; technological change; changes in government regulation and legislation; changes in tax laws; risks associated with the use of financial leverage; catastrophic events, such as earthquakes, hurricanes and epidemics/pandemics; the possible impact of international conflicts and other developments including terrorist acts and cyberterrorism; and other risks and factors detailed from time to time in the Partnership’s documents filed with the securities regulators in Canada.

We caution that the foregoing list of important factors that may affect future results is not exhaustive and other factors could also adversely affect future results. Readers are urged to consider these risks, as well as other uncertainties, factors and assumptions carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements, which are based only on information available to us as of the date of this news release and such other date specified herein. Except as required by law, the Partnership undertakes no obligation to publicly update or revise any forward-looking statements, whether written or oral, that may be as a result of new information, future events or otherwise.

Past performance is not indicative nor a guarantee of future results. There can be no assurance that comparable results will be achieved in the future, that future investments will be similar to historic investments discussed herein, that targeted returns, or growth objectives will be met or investment objectives will be achieved (because of economic conditions, the availability of appropriate opportunities or otherwise).