TORONTO, May 17, 2024 (GLOBE NEWSWIRE) -- Partners Value Investments Inc. ((the "Company", TSX:PVF, PVF.PR.V)) announced today its financial results for the three months ended March 31, 2024. All amounts are stated in U.S. dollars. The Company recorded a net loss of $175 million for the three months ended March 31, 2024, compared to net income of $242 million in the prior year quarter. The net loss was primarily due to current period remeasurement losses of $214 million associated with the retractable shares, compared to remeasurement gains of $226 million in the prior year quarter. 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 depreciation or appreciation 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 quarter, the Partnership unit price increased by $3.11 compared to a decrease of $3.40 in the prior year quarter. Excluding retractable share and warrant liability remeasurement gains and dividends paid on retractable shares, Adjusted Earnings for the Company was $34 million for the three months ended March 31, 2024, compared to Adjusted Earnings of $11 million in the prior year quarter. Adjusted Earnings were higher in the current quarter as a result of foreign currency gains and tax recoveries. As at March 31, 2024, the market prices of a Brookfield Corporation (TSX:BN) and Brookfield Asset Management Ltd. ((the "Manager", TSX:BAM) share were $41.87 and $42.02, respectively. As at May 16, 2024, the market prices of a BN and BAM share were $44.64 and $39.97, respectively. Consolidated Statements of Operations (Unaudited)For the three months ended March 31(Thousands, US dollars)           2024       2023   Investment income             Dividends   $ 26,685     $ 22,395   Other investment income     4,035       3,216         30,720       25,611   Expenses             Operating expenses     (2,150 )     (409 ) Financing costs     (8,179 )     (8,334 ) Retractable preferred share dividends     (8,240 )     (8,792 )       (18,569 )     (17,535 ) Other items             Investment valuation gains