Partners Value Split Corp. Announces 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 reported that the net asset value per unit was $128.34 as of June 30, 2024. All figures are in U.S. dollars.
Income and Financial Performance Overview
During the six-month period ending June 30, 2024, the income available for distribution reached $42 million, an increase from $37 million the previous year. This growth in dividend income was primarily due to higher dividend rates established by Brookfield Corporation (the “Corporation”, NYSE/TSX: BN) and Brookfield Asset Management Inc. (the “Manager”, NYSE/TSX: BAM). However, net comprehensive income dropped to $160 million compared to the prior period, mainly because of reduced unrealized mark-to-market gains associated with the share prices of both the Corporation and the Manager. For this period, the fair value of a Corporation share rose to $41.54 from $40.12 as of December 31, 2023, while the fair value of a Manager share fell to $38.05 from $40.17.
What is Net Asset Value?
The net asset value per unit consists of one preferred share and one capital share. This value is updated monthly on our official website.
Comprehensive Income Statements
Key Income Metrics
Upon reviewing the detailed metrics, the dividend income for this period totaled $41,864k, compared to $35,883k the previous year. Other investment income was reported at $695k, down from $1,207k in the prior period.
Overall income, encompassing all categories, reached $42,559k, up from $37,090k previously. Management fees for the period amounted to $(18)k, while administrative expenses were $(169)k.
Distribution Metrics Overview
The financial outlook for distributions included payments made on senior preferred shares and debentures, totaling $(15,827)k.
Importantly, the income available for distribution to junior preferred and capital shares was a robust $26,545k.
Investment Portfolio Insights
As of June 30, 2024, the Company held 120 million Class A Limited Voting Shares of the Corporation and 30 million Class A Limited Voting Shares of the Manager. These holdings generate substantial cash flow through regular dividend payments, which support quarterly fixed cumulative preferential dividends for preferred shareholders. Additionally, capital shareholders can benefit from the capital appreciation of Brookfield shares.
Company Overview and Strategic Vision
Brookfield Corporation is dedicated to leveraging its capital in a value-driven manner while compounding it over the long term. The company's strategic focus is on three core areas: asset management, insurance solutions, and various operating businesses. Brookfield Asset Management Ltd. has established itself as a prominent global alternative asset manager, overseeing nearly $1 trillion in assets across diverse sectors, including real estate, infrastructure, renewable power, transition strategies, private equity, and credit.
Contact Information
If you have any questions, please contact 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?
The income available for distribution amounted to $42 million for the six-month period that ended on June 30, 2024.
3. Why did the net comprehensive income decrease compared to last year?
The net comprehensive income decreased mainly due to lower unrealized mark-to-market gains on shares of the Corporation and the 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 the dividend payments generated from its investments in the Corporation and the Manager.
