Partners Value Split Corp. Unveils Semi-Annual Financials
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Partners Value Split Corp. Reports Semi-Annual Results for 2024
TORONTO, Aug. 19, 2024 — Partners Value Split Corp. (the “Company”, TSX: PVS.PR.F, PVS.PR.G, PVS.PR.H, PVS.PR.I, PVS.PR.J, PVS.PR.K) has announced that the net asset value per unit stood at $128.34 as of June 30, 2024. All figures are presented in U.S. dollars.
Income and Financial Performance
The income available for distribution over the six-month period ending June 30, 2024, reached $42 million, marking an increase from $37 million in the previous year. The rise in dividend income was largely attributed to an increase in dividend rates set by Brookfield Corporation (the “Corporation”, NYSE/TSX: BN) and Brookfield Asset Management Inc. (the “Manager”, NYSE/TSX: BAM). Despite this, net comprehensive income fell to $160 million compared to the preceding period, primarily due to lower unrealized mark-to-market gains related to the shares prices of the Corporation and the Manager. For the same period, the fair value of a Corporation share was $41.54, up from $40.12 as of December 31, 2023. Similarly, the fair value of a Manager share decreased to $38.05 from $40.17 over the same period.
Understanding Net Asset Value
The net asset value per unit comprises one preferred share and one capital share. This value is updated monthly on our official website.
Statements of Comprehensive Income
Key Income Metrics
In reviewing detailed metrics, the dividend income generated during this timeframe amounted to $41,864k, compared to $35,883k in the previous year. The other investment income recorded was $695k, down from $1,207k in the prior period.
Overall income, inclusive of all categories, reached a total of $42,559k against $37,090k previously. Management fees incurred for the period totaled $(18)k, while administrative costs were shown at $(169)k.
Distribution Metrics
For distributions, the financial outlook was characterized by distributions paid on senior preferred shares and debentures totaling $(15,827)k.
Notably, the income available for distribution to junior preferred and capital shares demonstrated a healthy figure of $26,545k.
Investment Portfolio Analysis
As of June 30, 2024, the Company owned 120 million Class A Limited Voting Shares of the Corporation and 30 million Class A Limited Voting Shares of the Manager. Collectively, these stakes serve to generate significant cash flow through regular dividend payments, which fund quarterly fixed cumulative preferential dividends for preferred shareholders. Additionally, holders of capital shares can engage in the capital appreciation of Brookfield shares.
Company Overview and Vision
Brookfield Corporation remains focused on leveraging its capital on a value-driven basis while compounding it over the long term. The company’s strategic allocations center around its three core areas: asset management, insurance solutions, and various operating businesses. Brookfield Asset Management Ltd. has distinguished itself as a leading global alternative asset manager, overseeing nearly $1 trillion in assets spread across multiple sectors, including real estate, infrastructure, renewable power, transition strategies, private equity, and credit.
Contact Information
For further inquiries, please reach out to Investor Relations at 416-643-7621.
Frequently Asked Questions
1. What is the net asset value per unit for Partners Value Split Corp.?
The net asset value per unit is reported at $128.34 as of June 30, 2024.
2. How much income was available for distribution in 2024?
Income available for distribution amounted to $42 million for the six-month period ended June 30, 2024.
3. Why did the net comprehensive income decrease compared to last year?
The net comprehensive income decreased primarily due to lower unrealized mark-to-market gains on shares of the Corporation and Manager.
4. What is the fair value of the Corporation and Manager shares?
The fair value of a Corporation share was $41.54, while the fair value of a Manager share was $38.05 as of June 30, 2024.
5. How does the Company fund dividends for its preferred shareholders?
The Company funds dividends for its preferred shareholders through dividend payments generated from its holdings in the Corporation and Manager.
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