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Partners Value Split Corp. (TSX:PVS) has reported its semi-annual results for the period ending June 30, 2024. The company announced a net asset value per unit of $128.34 as of the end of June, reflecting a robust performance in its investment portfolio. All figures are in U.S. dollars.
For the six months ended June 30, 2024, Partners Value Split Corp. recorded income available for distribution amounting to $42 million, up from $37 million in the same period last year. This increase was largely driven by higher dividend income, attributed to a rise in the dividend rates from Brookfield Corporation (the “Corporation”, NYSE/TSX: BN) and Brookfield Asset Management Inc. (the “Manager”, NYSE/TSX: BAM).
Despite the increase in dividend income, the Company reported a net comprehensive income of $160 million, which represents a decrease compared to the previous period. This decline was primarily due to lower unrealized mark-to-market gains on shares of the Corporation and Manager. As of June 30, 2024, the fair value per share of the Corporation stood at $41.54, up from $40.12 at the end of 2023. In contrast, the fair value per share of the Manager was $38.05, down from $40.17 at year-end 2023.
As of June 30, 2024, the Company’s holdings included 120 million Class A Limited Voting shares of the Corporation and 30 million Class A Limited Voting shares of the Manager. These investments generate the cash flow necessary for funding the quarterly fixed cumulative preferential dividends for the Company’s preferred shareholders. Additionally, they provide the holders of the Company’s capital shares with the potential for capital appreciation linked to the performance of Brookfield’s shares.
Brookfield Corporation continues to focus on capital deployment based on value and long-term compounding. Its capital is allocated across three core areas: asset management, insurance solutions, and operating businesses. Brookfield Asset Management Ltd., a global leader in alternative asset management, oversees approximately $1 trillion in assets, spanning real estate, infrastructure, renewable power, transition, private equity, and credit.
Partners Value Split Corp. remains well-positioned to leverage its investments in Brookfield entities, offering its shareholders both steady income and growth opportunities tied to the performance of these leading firms.
