Partners Value Split Corp. Announces 2025 Semi-Annual Results

Executive Summary

• Partners Value Split Corp. reported its Net Asset Value (NAV) per unit as $157.55 as of June 30, 2025.
• The company reported a significant increase in income available for distribution for the six-month period ended June 30, 2025, rising to $48 million from $42 million in the prior year, driven by increased dividend rates from Brookfield Corporation and Brookfield Asset Management.
• Net comprehensive income surged to $533 million (up from $159.8 million in the prior period), primarily attributed to higher unrealized mark-to-market gains on holdings in BN and BAM shares.

Key Details

• Net Asset Value (NAV): $157.55 per unit as at June 30, 2025.
• Income Available for Distribution (Six Months Ended June 30, 2025): $48 million (specifically $48,259 thousand), compared to $42 million ($42,372 thousand) in the prior year.
• Net Comprehensive Income: $533 million ($532,511 thousand) for the six months ended June 30, 2025, compared to $159.8 million ($159,772 thousand) in the prior year.
• Comprehensive Income Per Unit: $9.66 for the six months ended June 30, 2025, compared to $3.29 in the prior year.
• Investment Holdings:
  • Owned 120 million Class A Limited Voting shares of Brookfield Corporation (BN), representing approximately an 8% interest.
  • Owned 30 million Class A Limited Voting shares of Brookfield Asset Management Ltd. (BAM), representing approximately a 2% interest.
• Fair Value of Underlying Assets (as at June 30, 2025):
  • BN Share: $61.85 (up from $57.45 as at December 31, 2024).
  • BAM Share: $55.28 (up from $54.19 as at December 31, 2024).
• Change in Unrealized Value of Investments: $558.7 million for the six months ended June 30, 2025, compared to $106.5 million in the prior year.
• Unrealized and Realized Foreign Exchange Loss: $(55.5) million for the six months ended June 30, 2025, compared to a gain of $28.4 million in the prior year.
• Quarterly Distribution Rates (Senior Preferred Shares - C$):
  • Class AA, Series 9: 0.3063
  • Class AA, Series 10: 0.2938
  • Class AA, Series 12: 0.2750
  • Class AA, Series 13: 0.2781
  • Class AA, Series 14: 0.3438
  • Class AA, Series 15: 0.3219
• Income Statement Highlights (Six Months Ended June 30, 2025):
  • Dividend Income: $47.7 million.
  • Other Investment Income: $0.8 million.
  • Total Income: $48.5 million.
  • Total Expenses: $(0.2) million (Management fees: $(17) thousand; Administrative: $(217) thousand).
  • Distributions Paid on Senior Preferred Shares and Debentures: $(16.9) million.
  • Income Available for Distribution to Junior Preferred and Capital Shares: $31.4 million.