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TORONTO, May 20, 2025 (GLOBE NEWSWIRE) — Partners Value Investments Inc. (the “Company”, TSX: PVF.WT, PVF.PR.V, PVF.A) announced today its financial results for the three months ended March 31, 2025. All amounts are stated in U.S. dollars.
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The Company recorded net income of $972 million for the three months ended March 31, 2025, compared to a net loss of $175 million in the prior year quarter. The increase in income was primarily due to current period remeasurement gains of $953 million associated with the retractable common shares compared to remeasurement losses of $214 million in the prior year quarter. The Company’s retractable common shares are classified as liabilities due to their cash retraction feature. The remeasurement gains or losses in a given period are driven by the respective depreciation or appreciation of the Partnership unit price as the retractable shares are recognized at fair value based on the quoted price of the Partnership’s Equity LP units. During the quarter, the Partnership unit price decreased by $13.71 compared to an increase of $3.11 in the prior year quarter.
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Excluding retractable share and warrant liability remeasurement gains and losses, and dividends paid on retractable shares, Adjusted Earnings for the Company was $30 million for the three months ended March 31, 2025, compared to Adjusted Earnings of $34 million in the prior year quarter. Adjusted Earnings were lower in the current quarter as higher investment income and valuations gains were more than offset by the absence of foreign currency gains and tax recoveries recognized in the prior year quarter.
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As at March 31, 2025, the market prices of a Brookfield Corporation (“BN”, NYSE/TSX: BN) and Brookfield Asset Management Ltd. (“BAM”, NYSE/TSX: BAM) share were $52.41 and $48.45, respectively. As at May 20, 2025, the market prices of a BN and BAM share were $58.98 and $58.82, respectively.
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Consolidated Statements of Operations
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| (Unaudited) For the three months ended March 31 (Thousands, US dollars) | |||||||||||||||
| 2025 | 2024 | ||||||||||||||
| Investment income | |||||||||||||||
| Dividends | $ | 30,125 | $ | 26,685 | |||||||||||
| Other investment income | 7,177 | 4,035 | |||||||||||||
| 37,302 | 30,720 | ||||||||||||||
| Expenses | |||||||||||||||
| Operating expenses | (1,131 | ) | (2,150 | ) | |||||||||||
| Financing costs | (10,062 | ) | (8,179 | ) | |||||||||||
| Retractable preferred share dividends | (8,380 | ) | (8,240 | ) | |||||||||||
| (19,573 | ) | (18,569 | ) | ||||||||||||
| Other items | |||||||||||||||
| Investment valuation gains | 7,212 | 924 | |||||||||||||
| Retractable share remeasurement gains (losses) | 952,569 | (213,630 | ) | ||||||||||||
| Warrant liability remeasurement (losses) gains | (3,267 | ) | 9,926 | ||||||||||||
| Amortization of deferred financing costs | (912 | ) | (884 | ) | |||||||||||
| Foreign currency gain | 115 | 12,453 | |||||||||||||
| Current tax (expense) recovery | (361 | ) | 8,069 | ||||||||||||
| Deferred tax expense | (1,102 | ) | (4,158 | ) | |||||||||||
| Net income (loss) | $ | 971,983 | $ | (175,149 | ) | ||||||||||
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Financial Profile
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The Company’s principal investments are its interest in 121 million Class A Limited Voting Shares of BN and approximately 31 million Class A Limited Voting Shares of BAM. This represents approximately an 8% interest in BN and a 2% interest in BAM as at March 31, 2025. In addition, the Company owns a diversified investment portfolio of marketable securities and private fund interests.
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The information in the following table has been extracted from the Company’s Consolidated Statements of Financial Position:
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Consolidated Statements of Financial Position
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| (Unaudited) As at (Thousands, US dollars) | March 31, 2025 | December 31, 2024 | |||||||
| Assets | |||||||||
| Cash and cash equivalents | $ | 308,044 | $ | 156,952 | |||||
| Accounts receivable and other assets | 77,882 | 69,776 | |||||||
| Investment in Brookfield Corporation 1 | 6,339,885 | 6,949,656 | |||||||
| Investment in Brookfield Asset Management Ltd.2 | 1,492,635 | 1,669,488 | |||||||
| Investment in Brookfield Wealth Solutions Ltd.3 | 428,460 | 471,651 | |||||||
| Other investments carried at fair value | 655,069 | 669,397 | |||||||
| $ | 9,301,975 | $ | 9,986,920 | ||||||
| Liabilities and Equity | |||||||||
| Accounts payable and other liabilities | $ | 44,964 | $ | 42,824 | |||||
| Corporate borrowings | 208,094 | 208,168 | |||||||
| Preferred shares4 | 838,560 | 703,044 | |||||||
| Retractable common shares | 6,360,356 | 7,312,467 | |||||||
| Exchangeable shares | 282,186 | — | |||||||
| Warrant liability | 497,252 | 494,710 | |||||||
| Deferred tax liability | 9,469 | 7,933 | |||||||
| 8,240,881 | 8,769,146 | ||||||||
| Equity | |||||||||
| Accumulated deficit | (6,130,077 | ) | (6,821,786 | ) | |||||
| Accumulated other comprehensive income | 7,181,112 | 8,027,580 | |||||||
| Non-controlling interests | 10,059 | 11,980 | |||||||
| $ | 9,301,975 | $ | 9,986,920 | ||||||
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