Partners Value Investments Inc. Announces Q2 2025 Interim Results

Executive Summary

• Partners Value Investments Inc. reported financial results for the six months ended June 30, 2025, highlighting a significant net loss for the most recent quarter driven by mark-to-market accounting adjustments on financial liabilities.
• The Company recorded a net loss of $135 million for the three months ended June 30, 2025, a sharp reversal from the $94 million net income reported in the same period of the prior year.
• The primary driver of the quarterly loss was a $247 million remeasurement loss on retractable common shares, linked to the appreciation of the underlying Partnership unit price, partially offset by gains on warrant liabilities.

Key Details

• Quarterly Net Loss: $135 million for the three months ended June 30, 2025 (vs. $94 million net income in Q2 2024).
• Six-Month Net Income: $836.7 million for the six months ended June 30, 2025 (vs. $80.7 million net loss in the same period of 2024).
• Remeasurement Losses (Retractable Shares): $247 million loss in Q2 2025 (vs. $95 million gain in Q2 2024), driven by a $3.39 increase in the Partners Value Investments L.P. unit price.
• Remeasurement Gains (Warrants): $119 million gain in Q2 2025 (vs. $21 million loss in Q2 2024).
• Remeasurement Gains (Exchangeable Shares): $21 million gain in Q2 2025 (not recognized in prior year).
• Adjusted Losses: $21 million for Q2 2025 (vs. $29 million Adjusted Earnings in Q2 2024), excluding remeasurement items and dividends.
• Investment Income: $36.3 million for Q2 2025 (vs. $31.2 million in Q2 2024), comprising $29.8 million in dividends and $6.5 million in other investment income.
• Expenses: Total expenses of $15.2 million for Q2 2025, including $10.2 million in financing costs and $9.9 million in preferred share dividends.
• Portfolio Holdings (as of June 30, 2025):
  • Brookfield Corporation (BN): 121 million Class A Limited Voting Shares (~8% interest), valued at $7.48 billion ($61.85/share).
  • Brookfield Asset Management (BAM): ~31 million Class A Limited Voting Shares (~2% interest), valued at $1.70 billion ($55.28/share).
  • Brookfield Wealth Solutions (BWS): $507.3 million in exchangeable shares.
• Balance Sheet Highlights (June 30, 2025):
  • Total Assets: $10.66 billion.
  • Cash and Cash Equivalents: $200.8 million.
  • Corporate Borrowings: $220.1 million.
  • Retractable Common Shares (Liability): $6.61 billion.
  • Preferred Shares (Liability): $773.6 million.
  • Warrant Liability: $404.5 million.
• Market Price Updates: As of August 14, 2025, BN shares traded at $65.60 and BAM shares at $62.11.

Notable Quotes

• No direct quotes from the CEO or President were included in the provided text.