Partners Value Investments L.P. Announces Q2 2025 Interim Results

Executive Summary

• Partners Value Investments L.P. reported financial results for the six months ended June 30, 2025, including a net loss attributable to Equity Limited Partners and significant changes in net book value.
• The Partnership completed a ten-for-one unit split of its outstanding equity units on August 8, 2025, with all per-unit disclosures presented on a post-split basis.
• The Partnership holds approximately 8% interest in Brookfield Corporation (BN) and 2% interest in Brookfield Asset Management Ltd. (BAM), with total assets reaching $10.3 billion as of June 30, 2025.

Key Details

• Net Loss (Six Months Ended June 30, 2025): The Partnership recorded a net loss of $6.2 million for the quarter ended June 30, 2025, compared to net income of $21.6 million in the prior year quarter.
• Attributable Income/Loss: A loss of $8.6 million was attributable to the Equity Limited Partners, while income of $2.4 million was attributable to Preferred Limited Partners.
• Investment Income: Dividend income was $52.8 million and other investment income was $13.6 million for the six-month period (vs. $47.5 million and $8.2 million respectively in the prior year).
• Expenses: Operating expenses were $2.4 million and financing costs were $4.9 million for the six-month period. Retractable preferred share dividends totaled $21.6 million.
• Foreign Currency Impact: Unfavorable foreign currency movements resulted in a loss of $19.9 million for the six-month period, primarily due to the appreciation of the Canadian dollar against the U.S. dollar.
• Net Book Value (NBV): The net book value per unit (fully diluted) stood at $11.47 as of June 30, 2025, up from $10.28 at the beginning of the period. Total net book value was $9,010,369 thousand.
• Unit Split: A ten-for-one unit split was completed on August 8, 2025. Diluted Equity LP units outstanding were 785,500,170 as of June 30, 2025.
• Principal Investments:
  • Brookfield Corporation (BN): Approximately 121 million Class A Limited Voting Shares (~8% interest). Market value per share was $61.85 as of June 30, 2025.
  • Brookfield Asset Management Ltd. (BAM): Approximately 31 million Class A Limited Voting Shares (~2% interest). Market value per share was $55.28 as of June 30, 2025.
  • Brookfield Wealth Solutions Ltd. (BWS): Investment valued at $507,435 thousand; Class A shares are exchangeable into BN Class A shares on a one-for-one basis.
• Balance Sheet Highlights (As of June 30, 2025):
  • Total Assets: $10,329,011 thousand.
  • Cash and Cash Equivalents: $200,841 thousand.
  • Corporate Borrowings: $220,076 thousand.
  • Preferred Shares: $1,009,633 thousand (net of unamortized issue costs).
  • Equity Limited Partners: $8,877,291 thousand.
• Warrants: The value of consideration to be received on exercising warrants was $133 million as of June 30, 2025 (vs. $114 million at December 31, 2024).