Partners Value Investments L.P. Announces Q3 2025 Interim Results
Executive Summary
- Partners Value Investments 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 movements and lower tax expense.
- Completed a ten‑for‑one unit split on August 8 2025; all per‑unit figures are presented on a post‑split basis.
- Adopted a new non‑IFRS performance measure – fully diluted NAV – beginning Q3 2025 to better reflect the value of Equity LP units.
Key Details
- Net Income: $27,142 K (Q3 2025) vs. $14,626 K (Q3 2024).
- Attributable to Equity Limited Partners: $24,730 K (up from $12,215 K).
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Attributable to Preferred Limited Partners: $2,412 K (virtually unchanged).
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Investment Income (Quarter):
- Dividends: $26.6 M vs. $24.1 M prior year.
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Other investment income: $5.1 M vs. $4.6 M prior year.
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Expenses (Quarter):
- Operating expenses: $(1.09 M) vs. $(1.24 M).
- Financing costs: $(2.56 M) vs. $(2.59 M).
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Retractable preferred share dividends: $(10.94 M) vs. $(10.11 M).
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Other Items (Quarter):
- Investment valuation gain: $10.22 M (up from $9.47 M).
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Foreign currency gain: $2.06 M (vs. a loss of $4.97 M YoY).
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Unit Split: Ten‑for‑one split effective August 8 2025; all unit counts and per‑unit values restated on a post‑split basis.
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NAV Change:
- Fully diluted NAV end‑period: $9,684.7 M (per unit $12.36).
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Increase driven by net income, other comprehensive income (+$1.56 B), warrant adjustments (+$15.2 M) and reduced fair value of non‑controlling interests.
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Equity Structure (as of Sept 30 2025):
- Total Equity LP units outstanding: 783.7 M (down from 814.7 M).
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Includes 697.6 M equity LP units, 26.1 M issuable for Partners Value Investments Inc. shares, and 60.0 M warrant‑derived units.
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Principal Investments:
- ~121 M Class A BN shares (≈8% of Brookfield Corp.) – market value $68.58/share (Sept 30 2025).
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~31 M Class A BAM shares (≈2% of Brookfield Asset Management) – market value $56.94/share (Sept 30 2025).
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Cash Position: Cash and cash equivalents increased to $349.4 M from $157.0 M year‑end 2024.
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Debt & Preferred Equity:
- Corporate borrowings: $215.2 M.
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Retractable preferred shares outstanding: $1,092.1 M.
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Warrant Consideration: Value of warrants to be exercised estimated at $129 M (Sept 30 2025).
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Forward‑Looking Statements: The release contains extensive forward‑looking information regarding market conditions, investment performance, and strategic actions; actual results may differ materially.