Partners Value Investments L.P. Announces 2025 Annual Results

Executive Summary

• Partners Value Investments L.P. reported FY 2025 net income of $69 million, down from $74 million in FY 2024, primarily due to foreign currency translation losses.
• Fully diluted NAV increased to $9.59 billion ($12.23 per unit) at year‑end 2025 from $7.92 billion ($10.44 per unit) at end‑2024.
• Cash and cash equivalents more than doubled to $376.5 million, driven by investment activity and financing activities.

Key Details

• Net Income: $69,081 k (FY 2025) vs. $73,826 k (FY 2024).
• Attributable to Equity Limited Partners: $59,415 k (down from $65,054 k).
• Attributable to Preferred Limited Partners: $9,666 k (up from $8,772 k).
• Investment Income: Dividends $105.5 M (+11% YoY); Other investment income $27.7 M (+49%).
• Expenses: Operating expenses $4.47 M (down 32%); Financing costs $10.0 M (flat); Preferred share dividends $43.8 M (up 10%).
• Other Items: Investment valuation gains $20.1 M (vs. $5.7 M prior year); Foreign currency loss $15.7 M (vs. $25.5 M gain).
• Fully Diluted NAV: End‑period $9,585,442 k ($12.23 per unit), up from $7,919,063 k ($10.44 per unit) YoY.
• NAV increase driven by net income, comprehensive income (+$1.46 B), warrant consideration (+$130 M), and fair‑value adjustments to non‑controlling interests (+$147.9 k).
• Equity LP Units Outstanding: 783.5 M units (incl. 697.5 M equity units, 26.3 M issuable via share exchange, 59.7 M from warrant exercises).
• Cash & Cash Equivalents: $376,535 k at 12/31/2025 vs. $156,977 k at 12/31/2024.
• Investments in Brookfield Shares:
• BN: 181 M shares valued at $45.89 per share (Dec 31/2025).
• BAM: 31 M shares valued at $52.39 per share (Dec 31/2025).
• Preferred Share Capital: $1,114,878 k (up from $939,057 k).
• Corporate Borrowings: $218,259 k (increase of $10.1 M YoY).

Notable Quotes

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