The Partnership recorded net income of $31 million for the three months ended March 31, 2026, compared to $25 million in the prior year quarter. The increase in income was primarily driven by foreign currency translation gains and higher investment income, partially offset by valuation losses on our investment portfolio. Net income of $29 million was attributable to the Equity Limited Partners, and net income of $2 million was attributable to Preferred Limited Partners.
As at March 31, 2026, the market prices of a Brookfield Corporation (("BN", TSX:BN) and a Brookfield Asset Management Ltd. (("BAM", TSX:BAM) share were $40.47 and $44.45, respectively. As at May 14, 2026, the market prices of a BN and BAM share were $47.53 and $49.42, respectively.
Consolidated Statements of Operations
For the three months ended March 31,(Thousands, US Dollars)
2026
2025
Investment income
Dividends
$
29,512
$
26,559
Other investment income
8,489
7,179
38,001
33,738
Expenses
Operating expenses
(1,185
)
(1,352
)
Financing costs
(2,850
)
(2,417
)
Preferred share dividends
(12,925
)
(10,041
)
(16,960
)
(13,810
)
Other items
Investment valuation gains (losses)
(2,753
)
7,212
Amortization of deferred financing costs
(1,019
)
(912
)
Foreign currency gains (losses)
14,176
(124
)
Current taxes (expense) recovery
(736
)
(361
)
Deferred taxes (expense) recovery
230
(1,102
)
Net income (loss)
$
30,939
$
24,641
Net income (loss) attributable to:
Equity Limited Partners
$
28,523
$
22,220
Preferred Limited Partners
2,416
2,421
$
30,939
$
24,641
Fully diluted NAV, a non-IFRS measure, is equal to total equity less General Partner equity, Preferred Limited Partners equity, carrying value of non-controlling interests, an adjustment for the fair value of non-controlling interests and deferred financing costs, plus the value of consideration to be received from the assumed exercise of outstanding warrants.
The following table presents the changes in fully diluted NAV for the three months ended March 31, 2026 and 2025:
