Partners Value Investments Inc. Announces Q3 2025 Interim Results

Executive Summary

• Partners Value Investments Inc. reported financial results for the nine months ended September 30, 2025, posting a significant net loss driven by mark-to-market remeasurement losses on financial liabilities.
• Adjusted Earnings for the three months ended September 30, 2025, rose to $46 million from $17 million in the prior year quarter, supported by higher investment valuation gains and favorable foreign currency movements.
• The Company holds approximately 8% of Brookfield Corporation (BN) and 2% of Brookfield Asset Management Ltd. (BAM), with total assets reaching $11.6 billion as of September 30, 2025.

Key Details

• Net Loss (Three Months Ended Sept 30, 2025): $2.2 billion, compared to a net loss of $1.2 billion in the prior year quarter.
• Net Loss (Nine Months Ended Sept 30, 2025): $1.35 billion, compared to a net loss of $1.27 billion in the prior year period.
• Adjusted Earnings (Three Months Ended Sept 30, 2025): $46 million, up from $17 million in the prior year quarter.
• Adjusted Earnings (Nine Months Ended Sept 30, 2025): $55.3 million, down from $80.2 million in the prior year period.
• Primary Drivers of Net Loss:
  • Remeasurement losses on retractable common shares: $1.9 billion (current quarter) vs. $1.1 billion (prior year).
  • Remeasurement losses on warrants: $252 million (current quarter) vs. $114 million (prior year).
  • Remeasurement losses on exchangeable shares: $76 million (current quarter) vs. $nil (prior year).
• Investment Portfolio Holdings (as of Sept 30, 2025):
  • Brookfield Corporation (BN): 121 million Class A Limited Voting Shares (approx. 8% interest). Market value per share: $68.58. Total investment value: $8.3 billion.
  • Brookfield Asset Management Ltd. (BAM): 26 million Class A Limited Voting Shares (approx. 2% interest). Market value per share: $56.94. Total investment value: $1.47 billion.
  • Brookfield Wealth Solutions Ltd. (BWS): Investment value of $482.5 million.
  • Other Investments: $929.5 million.
• Balance Sheet Highlights (Sept 30, 2025):
  • Total Assets: $11.61 billion (up from $9.99 billion at Dec 31, 2024).
  • Cash and Cash Equivalents: $349.4 million (up from $157.0 million at Dec 31, 2024).
  • Corporate Borrowings: $215.2 million.
  • Preferred Shares: $856.1 million.
  • Retractable Common Shares: $8.28 billion.
  • Exchangeable Shares: $337.7 million.
  • Warrant Liability: $640.3 million.
• Corporate Actions:
  • Brookfield Corporation completed a three-for-two stock split on October 9, 2025, increasing the Company's BN shareholding to 181 million shares.
  • Adjusted Earnings definition excludes remeasurement gains/losses on retractable shares, exchangeable shares, and warrant liabilities, as well as dividends paid on retractable shares.