An anonymous director reports

PARTNERS VALUE INVESTMENTS INC. ANNOUNCES 2023 ANNUAL RESULTS

Partners Value Investments LP's Partners Value Investments Inc. has released its financial results for the year ended Dec. 31, 2023. All amounts are stated in U.S. dollars.

The company recorded a net loss of $333-million for the year ended Dec. 31, 2023, compared with net income of $1.9-billion in the prior year. The decrease in income was primarily attributable to the absence of a one-time special distribution received from Brookfield Corp. in the prior year and current-year remeasurement losses associated with the retractable shares and warrant liabilities, as well as lower foreign currency gains and tax recoveries compared with the prior year. 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 appreciation or depreciation of the Partners Value Investments unit price as the exchangeable shares are recognized at fair value based on the quoted price of the partnership's equity limited partnership units. During the year, the partnership unit price increased by $4.96 compared with a decrease of $8.09 in the prior year. The financial results reflect the impact of the reorganization finalized on Nov. 24, 2023.

Excluding retractable share and warrant liability remeasurement gains and dividends paid on retractable shares, adjusted earnings for the company were $27-million for the year ended Dec. 31, 2023, compared with adjusted earnings of $121-million in the prior year. Adjusted earnings were lower in the current year as a result of lower foreign currency gains and tax recoveries.

As at Dec. 31, 2023, the market prices of a Brookfield and Brookfield Asset Management Ltd. share were $40.12 and $40.17, respectively. As at March 27, 2024, the market prices of a BN and BAM share were $41.58 and $41.80, respectively.

Financial profile

The company's principal investments are its interest in 121 million Class A limited voting shares of the corporation and approximately 31 million Class A limited voting shares of the manager. This represents an approximately 8-per-cent interest in the corporation and an 8-per-cent interest in the manager as at Dec. 31, 2023. In addition, the company owns a diversified investment portfolio of marketable securities and private fund interests.

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