Partners Value Investments L.P. Announces Q1 2023 Interim Results.

TORONTO: Partners Value Investments L.P. (the "Partnership", TSX: PVF.UN TSX:PVF.PR.U) announced today its financial results for the three months ended March 31, 2023. All amounts are stated in US dollars.

The Partnership generated net income of $7 million for the quarter ended March 31, 2023, compared to $10 million in the prior year quarter. The decrease in income was primarily driven by lower investment valuation gains on the trading portfolio offset by higher other investment income as a result of higher interest income and lower tax expenses during the period. Income of $5.5 million was attributable to the Equity Limited Partners and income of $1.7 million was attributable to Preferred Limited Partners.

As at March 31, 2023, the market prices of a Brookfield Corporation (the "Corporation", NYSE/TSX: BN) and Brookfield Asset Management Ltd. (the "Manager", NYSE/TSX: BAM) share were $32.59 and $32.72, respectively. As at May 23, 2023, the market prices of a BN and BAM share were $31.41 and $31.63, respectively.

Consolidated Statements of Operations

For the three months ended March 31, Unaudited

(Thousands, US dollars, except per share amounts)

2023

2022

Investment income

Dividends

$

19,607

$

19,144

Other investment income

3,216

896

22,823

20,040

Expenses

Operating expenses

(584

)

(865

)

Financing costs

(2,300

)

(2,467

)

Retractable preferred share dividends

(10,316

)

(8,413

)

(13,200

)

(11,745

)

Other items

Investment valuation gains

2,242

16,683

Amortization of deferred financing costs

(842

)

(766

)

Current tax expense

(407

)

(20,290

)

Deferred tax (expense) recovery

(1,358

)

11,544

Foreign currency losses

(2,004

)

(5,487

)

Net income

$

7,254

$

9,979

The information in the following table shows the changes in net book value:

For the three months ended March 31

(Thousands, except per unit amounts)

2023

2022

Total

Per Unit

To...