The Partnership recorded net income of $69 million for the year ended December 31, 2025, compared to $74 million in the prior year. The decrease in income was primarily driven by foreign currency translation losses, partially offset by higher investment income and valuation gains. Net income of $59 million was attributable to the Equity Limited Partners, and net income of $10 million was attributable to Preferred Limited Partners.
As at December 31, 2025, the market prices of a Brookfield Corporation (("BN", TSX:BN) and Brookfield Asset Management Ltd. (("BAM", TSX:BAM) share were $45.89 and $52.39, respectively. As at March 25, 2026, the market prices of a BN and BAM share were $39.91 and $43.69, respectively.
Consolidated Statements of Operations For the years ended December 31(Thousands, US dollars)
2025
2024
Investment income
Dividends
$
105,549
$
95,071
Other investment income
27,719
18,609
133,268
113,680
Expenses
Operating expenses
(4,468
)
(6,552
)
Financing costs
(10,004
)
(10,136
)
Preferred share dividends
(43,779
)
(39,879
)
(58,251
)
(56,567
)
Other items
Investment valuation gains (losses)
20,091
5,703
Amortization of deferred financing costs
(4,217
)
(3,506
)
Foreign currency gains (losses)
(15,727
)
25,519
Current taxes expense
(3,154
)
(3,514
)
Deferred taxes expense
(2,929
)
(7,489
)
Net income
$
69,081
$
73,826
Net income attributable to:
Equity Limited Partners
$
59,415
$
65,054
Preferred Limited Partners
9,666
8,772
