Partners Value Investments Signals Confidence with Renewed Unit Buyback

TORONTO, Dec. 30, 2025 – In a move that signals strong confidence in its own valuation, Partners Value Investments L.P. announced today it has received approval to renew its Normal Course Issuer Bids (NCIBs), authorizing the repurchase of a significant number of its publicly traded units. The investment partnership, whose value is intrinsically tied to its substantial holdings in Brookfield Corporation and Brookfield Asset Management Ltd., is positioning the buyback as a strategic use of funds at a time when management believes its units are trading at a discount.

The renewed program, effective from January 5, 2026, to January 4, 2027, permits the partnership to purchase up to 35,256,779 of its non-voting equity limited partnership units and up to 938,005 of its non-voting Class A preferred limited partnership units. These figures represent approximately 5% of the currently outstanding units in each class, a common threshold for such programs on the TSX Venture Exchange, where the firm is listed.

A Strategic Bet on Undervaluation

The core rationale behind the decision was explicitly stated by the partnership: it believes that, from time to time, the market price of its securities may not adequately reflect their underlying value. By stepping into the market to buy its own units, management is sending a clear message to investors that it considers them a bargain. This action is often interpreted by the market as a bullish signal, suggesting that those with the most intimate knowledge of the company see untapped value.

Any units acquired under the NCIBs will be cancelled, not held in treasury. This is a crucial detail for unitholders. The cancellation of units reduces the total number of units outstanding, which in turn increases the ownership stake of the remaining unitholders. This can have an accretive effect on key financial metrics such as net asset value per unit and earnings per unit, effectively concentrating value among the remaining investor base. Purchases will be conducted through the facilities of the TSX Venture Exchange and other Canadian trading systems at prevailing market prices.

As of December 18, 2025, there were 705,135,593 Equity LP Units and 18,760,112 Preferred LP Units outstanding, providing a substantial pool from which the repurchases can be made over the coming year.

The Brookfield Connection: Understanding the Assets

To fully grasp the significance of this buyback, it is essential to understand the structure of Partners Value Investments L.P. It is not a traditional operating company but an investment partnership whose primary objective is capital appreciation. Its fortunes are overwhelmingly linked to its core holdings in two major global entities: Brookfield Corporation and Brookfield Asset Management Ltd.

As of its most recent disclosures, the partnership held a significant interest in both, representing a concentrated bet on the continued success of the Brookfield ecosystem, a global leader in alternative asset management. The value of Partners Value Investments' units, therefore, largely reflects the public market value of these holdings, minus its own liabilities. When its unit price disconnects from the net asset value of these underlying investments, management sees an opportunity.

Investors tracking the partnership should also note recent corporate actions that affect per-unit calculations. The partnership itself executed a ten-for-one split of its Equity LP Units on August 8, 2025, to improve trading liquidity. Furthermore, one of its key holdings, Brookfield Corporation, completed a three-for-two stock split on October 9, 2025. These adjustments are critical for accurately comparing historical and current unit prices and valuations.

A Consistent Capital Allocation Playbook

This renewal is not an isolated event but rather a continuation of a long-standing capital management strategy. The partnership's prior NCIB, which commenced in January 2025, is set to expire on January 2, 2026. Under that program, it was an active buyer of its own equity units.

As of December 18, 2025, the firm had repurchased a total of 839,400 Equity LP Units. These purchases were made both before and after its unit split, with a calculated post-split average price of $15.89 per unit. The activity demonstrates a tangible commitment to the buyback strategy. Interestingly, no Preferred LP Units were repurchased under the prior bid, which may suggest management perceived the equity units as being more significantly undervalued during that period.

Further reinforcing its commitment is the implementation of an automatic purchase plan with its designated broker. This is a sophisticated mechanism that allows the partnership to continue repurchasing units even during its own internal trading blackout periods, which typically precede earnings announcements. The plan ensures that the buyback program can operate with consistency and discipline, removing the day-to-day discretion of management during sensitive periods and executing a predetermined strategy, thereby navigating insider trading rules while maintaining a market presence.

Implications for the Prudent Investor

For current and prospective investors, a Normal Course Issuer Bid serves multiple functions. Primarily, it can provide a source of buying pressure and potential price support for the units in the open market. By creating additional demand, the program can enhance liquidity and potentially dampen volatility.

Beyond the direct market mechanics, the renewal is a powerful form of corporate communication. In an environment where companies can choose to reinvest in operations, pay down debt, or issue dividends, choosing to spend capital on repurchasing units is a decisive vote of confidence in the company's own future and its current market price. While the forward-looking statements accompanying the announcement rightly caution about market risks and economic uncertainties, the action itself speaks volumes.

The partnership's strategy is clear: leverage its financial position to capitalize on perceived market inefficiencies. By systematically reducing its unit count, Partners Value Investments L.P. aims to enhance long-term value for its unitholders, aligning its capital allocation directly with its core value-investing philosophy.