The Partnership recorded net income of $27.1 million for the quarter ended September 30, 2025, compared to $14.6 million in the prior year quarter. The increase in income was primarily due to higher investment valuations gains, favorable foreign currency movements as a result of the depreciation of the Canadian dollar against the U.S. dollar and lower tax expense as compared to the prior year quarter. Income of $24.7 million was attributable to the Equity Limited Partners, and income of $2.4 million was attributable to Preferred Limited Partners.
On August 8, 2025, the Partnership completed a ten-for-one unit split of the outstanding equity units of the Partnership ("Unit Split"). All unit count and per-unit disclosures are presented on a post-split basis.
As at September 30, 2025, the market prices of a Brookfield Corporation (("BN", TSX:BN) and Brookfield Asset Management Ltd. (("BAM", TSX:BAM) share were $68.58 and $56.94, respectively. As at November 13, 2025, the market prices of a BN and BAM share were $43.78 and $51.87, respectively. On October 9, 2025, BN completed a three-for-two stock split. The BN share price as at September 30, 2025 adjusted for the stock split would be $45.72.
Consolidated Statements of Operations
(Unaudited)For the periods ended September 30,(Thousands, US dollars)
Three months ended
Nine months ended
2025
2024
2025
2024
Investment income
Dividends
$
26,631
$
24,061
$
79,431
$
71,517
Other investment income
5,053
4,646
18,682
12,841
31,684
28,707
98,113
84,358
Expenses
Operating expenses
(1,087
)
(1,238
)
(3,487
)
(4,976
)
Financing costs
(2,558
)
(2,589
)
(7,476
)
(7,615
)
Retractable preferred share dividends
(10,939
)
(10,107
)
(32,547
)
(30,066
)
17,100
14,773
54,603
41,701
Other items
Investment valuation gain
10,223
9,469
16,217
10,836
Amortization of deferred financing costs
(958
)
(873
)
(3,116
)
