Partners Value Investments L.P. Announces Q3 2025 Interim Results
Executive Summary
- Partners Value Investments L.P. reported net income of $27.1 M for Q3 2025, up from $14.6 M a year earlier, driven by higher investment valuation gains, favorable CAD/USD currency movement and lower tax expense.
- The partnership completed a ten‑for‑one unit split on August 8 2025; all per‑unit figures are presented post‑split.
- Fully diluted NAV increased to $9.68 B (US) at period end, or $12.36 per unit, reflecting investment performance and warrant considerations.
Key Details
- Net Income: $27.1 M (Q3 2025) vs. $14.6 M (Q3 2024).
- Attributable to Equity LPs: $24.73 M
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Attributable to Preferred LPs: $2.41 M
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Investment Income (Three‑month):
- Dividends: $26,631 K
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Other investment income: $5,053 K
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Expenses (Three‑month):
- Operating expenses: $(1,087) K
- Financing costs: $(2,558) K
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Retractable preferred share dividends: $(10,939) K
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Other Items (Three‑month):
- Investment valuation gain: $10,223 K
- Foreign currency gain: $2,056 K
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Current tax recovery: $735 K
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Unit Split: Ten‑for‑one split effective August 8 2025; all unit counts and per‑unit amounts adjusted accordingly.
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Fully Diluted NAV (Period End):
- Total: $9,684.7 M
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Per Unit: $12.36
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NAV Drivers:
- Net income contribution: $24.73 K (Q3) / $38.35 K (nine‑month)
- Other comprehensive income: $956.8 K (quarter) / $1,562.2 K (nine‑month)
- Warrants consideration added: $15.2 M (nine‑month)
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Equity LP repurchases: $(4.9 M) (quarter) / $(8.3 M) (nine‑month)
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Investment Portfolio Highlights:
- ~121 M Class A BN shares (~8% of Brookfield Corp.) valued at $68.58 per share (Sept 30 2025).
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~31 M Class A BAM shares (~2% of Brookfield Asset Management) valued at $56.94 per share (Sept 30 2025).
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Corporate Actions:
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BN completed a three‑for‑two stock split on Oct 9 2025; adjusted BN price for Q3 2025 is $45.72.
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Balance Sheet Highlights (Unaudited, Sept 30 2025):
- Cash & cash equivalents: $349.4 M (up from $157.0 M Dec 31 2024)
- Investment in BN: $8.30 B; Investment in BAM: $1.75 B
- Corporate borrowings: $215.2 M
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Preferred shares (retractable): $1,092.1 M
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Equity Structure (Units Outstanding, Fully Diluted): 783.7 M units total, comprising:
- 697.6 M Equity LP units
- 26.1 M issuable for Partners Value Investments Inc. shares
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60.0 M from assumed exercise of warrants
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Non‑IFRS Measure Change: Beginning Q3 2025, NAV is reported on a fully diluted basis rather than net book value.
Notable Quotes
(No direct quotes were provided in the release.)