Partners Value Investments L.P. Announces 2025 Annual Results
Executive Summary
- Partners Value Investments L.P. reported FY 2025 net income of $69.1 M, down from $73.8 M in FY 2024, primarily due to foreign‑currency translation losses.
- Fully diluted NAV increased to $9.59 B (US) at year‑end 2025, up from $7.92 B in 2024, reflecting investment gains and warrant valuation adjustments.
- Cash and cash equivalents more than doubled to $376.5 M, driven by proceeds from financing activities and investment activity.
Key Details
- Net Income (FY 2025): $69,081 K
- Equity Limited Partners: $59,415 K
- Preferred Limited Partners: $9,666 K
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Comparative Net Income (FY 2024): $73,826 K
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Revenue‑related items:
- Dividends received: $105.5 M (up from $95.1 M)
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Other investment income: $27.7 M (up from $18.6 M)
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Expenses (FY 2025):
- Operating expenses: $(4,468) K
- Financing costs: $(10,004) K
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Preferred share dividends: $(43,779) K
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Other items:
- Investment valuation gains: $20,091 K (vs. $5,703 K in FY 2024)
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Foreign‑currency loss: $(15,727) K (vs. gain of $25,519 K in FY 2024)
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Fully Diluted NAV:
- Beginning FY 2025: $7.92 B ($10.44 per unit)
- End FY 2025: $9.59 B ($12.23 per unit)
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Net increase driven by net income, other comprehensive income (+$1.46 B), warrant consideration (+$130 M), and favorable changes in non‑controlling interests.
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Equity Units Outstanding (fully diluted): 783.5 M units at year‑end 2025 (up from 758.3 M in FY 2024).
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Cash & Cash Equivalents: $376.5 M (FY 2025) vs. $157.0 M (FY 2024).
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Investments – Brookfield Shares (as of Dec 31, 2025):
- BN Class A Limited Voting Shares: ~181 M shares (~8% interest), market price $45.89 per share.
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BAM Class A Limited Voting Shares: ~31 M shares (~2% interest), market price $52.39 per share.
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Balance Sheet Highlights (FY 2025):
- Total assets: $11.33 B (up from $9.64 B)
- Preferred shares equity: $1.115 B (up from $0.939 B)
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Corporate borrowings: $218.3 M (slightly higher than FY 2024).
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Key footnotes:
- Ten‑for‑one unit split effective Aug 8, 2025.
- BN and BWS completed a three‑for‑two stock split on Oct 9, 2025; share counts adjusted accordingly.
- Consideration to be received on warrant exercise valued at $130 M as of Dec 31, 2025 (up from $114 M).
Notable Quotes
No direct CEO/President quotes were included in the release.