The Company recorded net loss of $3.8 billion for the year ended December 31, 2024, compared to $333 million in the prior year. The decrease in income was primarily attributable to the current year remeasurement losses associated with the retractable shares and warrant liabilities, partially offset by higher investment income and valuation gains as well as foreign currency gains compared to 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 L.P. (the "Partnership") unit price as the exchangeable shares are recognized at fair value based on the quoted price of the Partnership's Equity LP units. During the year, the Partnership unit price increased by $51.79 compared to $4.96 in the prior year.
Excluding retractable share and warrant liability remeasurement gains and dividends paid on retractable shares, Adjusted Earnings for the Company was $122 million for the year ended December 31, 2024, compared to $27 million in the prior year. Adjusted Earnings were higher in the current year as a result of higher investment income and valuation gains as well as foreign currency gains.
As at December 31, 2024, the market prices of a Brookfield Corporation ((the "Corporation", TSX:BN) and Brookfield Asset Management Ltd. ((the "Manager", TSX:BAM) share were $57.45 and $54.19, respectively. As at March 28, 2025, the market prices of a BN and BAM share were $51.85 and $48.50, respectively.
Consolidated Statements of Operations
For the years ended December 31(Thousands, US dollars)
2024
2023
Investment income
Dividends
$
108,428
$
96,269
Other investment income
18,607
11,802
127,035
108,071
Expenses
Operating expenses
(5,553
)
(5,843
)
Financing costs
(38,777
)
(35,210
)
Retractable preferred share dividends
(33,399
)
(35,456
)
(77,729
)
