Partners Value Split Corp. Announces 2025 Annual Results

Executive Summary

• Partners Value Split Corp. reported FY 2025 income available for distribution of US$94 million, up from US$85 million in FY 2024, driven by higher dividend rates from Brookfield Corporation (BN) and Brookfield Asset Management (BAM).
• Net comprehensive income fell sharply to US$1.35 billion from US$2.61 billion year‑over‑year due to lower unrealized gains on BN and BAM holdings.
• The company holds significant stakes in BN (≈8% interest, 179 M Class A shares) and BAM (≈2% interest, 25 M Class A shares), which continue to fund preferential dividend payments to preferred shareholders.

Key Details

• Income Available for Distribution: US$94 M (FY 2025) vs. US$85 M (FY 2024).
• Dividend Income: US$93,203 K (2025) vs. US$83,728 K (2024).
• Other Investment Income: US$1,537 K (2025) vs. US$1,265 K (2024).
• Management Fees Expense: US$(17 K) (2025) vs. US$(18 K) (2024).
• Administrative & Other Expenses: US$(372 K) (2025) vs. US$(352 K) (2024).
• Distributions Paid on Senior Preferred Shares & Debentures: US$(34,308 K) (2025) vs. US$(31,011 K) (2024).
• Net Comprehensive Income: US$1,349,050 K (2025) down from US$2,614,496 K (2024).
• Comprehensive Income per Unit: US$25.44 (2025) vs. US$53.64 (2024).
• Units Outstanding: 53.0 million weighted average (2025), up from 48.7 million (2024).
• Quarterly Distribution Rates (Senior Preferred Shares – Class AA):
• Series 10‑14: CAD 0.2938–0.3438 (unchanged YoY)
• New USD series 16‑17 introduced at USD 0.3375 and USD 0.3281 respectively.
• Brookfield Holdings (as of Dec 31 2025):
• BN: 179 M Class A Limited Voting shares (~8% interest).
• BAM: 25 M Class A Limited Voting shares (~2% interest).
• Market Prices (Dec 31 2025 vs. Mar 25 2026):
• BN: US$45.89 → US$39.91
• BAM: US$52.39 → US$43.69

Notable Quotes

(No direct quotes were provided in the release.)