Partners Value Split

What Partners Value Split does

Partners Value Split Corp. (TSX: PVS; previously BNN Split Corp. and BAM Split Corp.) is a Canadian investment fund incorporated in Ontario and headquartered at Brookfield Place, Toronto. The fund's principal investment objective is to hold Class A shares of Brookfield Corporation (NYSE: BN) and Brookfield Asset Management Ltd. (NYSE: BAM). Through a split-share capital structure, the company has issued seventeen series of senior preferred shares (currently Series 10 through 17, tickers PVS.PR.H through PVS.PR.V on the TSX Venture Exchange) at C$25.00 or US$25.00 per share, paying quarterly fixed cumulative preferential dividends at annualized yields of 4.4% to 5.50%. Capital shares, held entirely by BAM Investments Corp., mirror the number of preferred shares outstanding and grant their holders participation in any capital appreciation of the underlying Brookfield Shares.

The business model is a recurring public-offering and dividend-distribution engine rather than an operating company in the traditional sense. Cash flow is generated almost entirely through dividend payments on the BN and BAM holdings, which fund the company's quarterly preferred-share dividend obligations; any excess can be distributed to capital shareholders or reinvested. Public preferred share offerings are placed via bought-deal syndicates led by the major Canadian banks (Scotia Capital, CIBC, RBC Capital Markets, TD Securities), typically sized between C$100M and C$200M (or US$100M to US$125M for the newer USD series), with proceeds used to fund shareholder distributions, redeem maturing series, and add to the Brookfield position. Distribution to investors occurs via transfer agents (TSX Trust Company, Canadian Stock Transfer Company Inc.) and through the TSX listing.

The company serves retail and institutional investors seeking yield-oriented exposure to Brookfield with a defined preferred-income layer and an embedded leveraged optionality on Brookfield Shares via capital shares. Its single-counterparty risk is extreme at the underlying-asset level: two issuers (BN and BAM) supply essentially all of the dividend stream, while preferred shareholders are the de facto customers on the revenue-collecting side, with no customer logos, no enterprise sales motion, and no technology product. The entity has 51-100 employees, no operating subsidiaries, no patents, and no technology platform; all administrative, governance, and capital-markets functions are supported by the Brookfield-affiliated ecosystem of investment manager, underwriters, and transfer agents.

Name

Partners Value Split

Legal name

Partners Value Split Corp.

Website

https://partnersvaluesplit.com

Company type

Public

Founded year

2004

Operating status

Operating

Headcount range

51–100 employees

Short description

Partners Value Split Corp. is a Toronto-based split-share investment fund (TSX: PVS) that holds Class A shares of Brookfield Corporation and Brookfield Asset Management Ltd., issuing C$25 / US$25 preferred shares (Series 10-17) with quarterly fixed dividends at 4.4-5.50% yields, distributed to retail and institutional investors.

Ownership category

akta.pro rank

Product category

Split-Share Investment Fund

NAICS

Other Investment Pools and Funds (5259), Other Financial Vehicles (52599), Investment Banking and Securities Intermediation (523150)

akta.pro primary industry

Convertible & Hybrid Credit (Converts/Preferreds/CoCos) (FSAHAGAG)

akta.pro secondary industries

Stock Splits, Consolidations & Capital Reorganizations (FSACAKAF), Spin-offs, Split-ups & Carve-outs (FSAHACAH)

Keywords

• Split-share investment fund
• Preferred share offerings
• Capital appreciation shares
• Quarterly dividend securities
• Brookfield holdings fund

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Personnel, Others

Revenue model

1. Dividend Income from Brookfield Holdings: The company generates cash flow through dividend payments on its portfolio of Brookfield Corporation (BN) and Brookfield Asset Management Ltd. (BAM) Class A shares. These dividends fund quarterly fixed cumulative preferential dividends for preferred shareholders and provide capital appreciation participation for capital shareholders.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

Partners Value Split Corp. is a publicly listed split-share investment fund whose principal investment objective is to hold Class A shares of Brookfield Corporation (NYSE:BN) and Brookfield Asset Management Ltd. (NYSE:BAM). The company issues senior preferred shares (multiple series currently active from Series 10 through Series 17) that pay quarterly fixed cumulative preferential dividends funded by dividends from Brookfield holdings, alongside capital shares that allow holders to participate in any capital appreciation of the underlying Brookfield Shares. Senior preferred shares are publicly traded on the TSX Venture Exchange.

Product overview

Partners Value Split Corp. is an investment fund structured as a split-share company that holds Brookfield Corporation (BN) and Brookfield Asset Management Ltd. (BAM) Class A shares. The company issues preferred shares (currently Series 10-17 across TSX tickers PVS.PR.H through PVS.PR.V) that pay quarterly fixed cumulative preferential dividends funded by Brookfield dividend income, and capital shares that allow holders to participate in capital appreciation of the Brookfield holdings. The company's senior preferred shares are publicly traded on the TSX Venture Exchange.

Differentiator

Problem solved

Functional benefit

Products and services

• Class AA Preferred Shares, Series 10 TSX-listed preferred shares under ticker PVS.PR.H, issued at C$25.00 per share, paying a quarterly dividend of C$0.2938 with a 4.70% annualized yield, redeemable on February 28, 2027. Targeted at investors seeking quarterly fixed cumulative preferential dividends from Brookfield holdings.
• Class AA Preferred Shares, Series 12 TSX-listed preferred shares under ticker PVS.PR.J, issued at C$25.00 per share, paying a quarterly dividend of C$0.2750 with a 4.4% annualized yield, redeemable on February 29, 2028. Targeted at income-oriented investors.
• Class AA Preferred Shares, Series 13 TSX-listed preferred shares under ticker PVS.PR.K, issued at C$25.00 per share, paying a quarterly dividend of C$0.278125 with a 4.45% annualized yield, redeemable on May 31, 2029. Targeted at income-oriented investors.
• Class AA Preferred Shares, Series 14 TSX-listed preferred shares under ticker PVS.PR.L, issued at C$25.00 per share, paying a quarterly dividend of C$0.34375 with a 5.50% annualized yield, redeemable on June 30, 2030. Targeted at income-oriented investors.
• Class AA Preferred Shares, Series 15 TSX-listed preferred shares under ticker PVS.PR.M, issued at C$25.00 per share, paying a quarterly dividend of C$0.321875 with a 5.15% annualized yield, redeemable on March 31, 2031. Targeted at income-oriented investors.
• Class AA Preferred Shares, Series 16 TSX-listed preferred shares under ticker PVS.PR.U, issued at US$25.00 per share, paying a quarterly dividend of US$0.3375 with a 5.40% annualized yield, redeemable on March 31, 2032. US-dollar denominated series for cross-border North American investors.
• Class AA Preferred Shares, Series 17 TSX-listed preferred shares under ticker PVS.PR.V, issued at US$25.00 per share, paying a quarterly dividend of US$0.328125 with a 5.25% annualized yield, redeemable on January 31, 2033. US-dollar denominated series.
• Capital Shares Capital shares that provide holders the opportunity to participate in any capital appreciation of the underlying Brookfield Shares. The number of capital shares outstanding equals the number of preferred shares outstanding, and all capital shares are held by BAM Investments Corp. (with Partners Value Investments Inc. holding additional capital shares to maintain equal preferred and capital share counts).

Quantifiable outcome

• Quarterly dividend payments funded by Brookfield dividends

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered major and supporting.

• Major Canadian Bank Underwriters (Scotia Capital, CIBC, RBC, TD Securities)majorChannel Partner/ Reseller/ Distributor · 5 November 2025Syndicate of underwriters led by major Canadian banks managing public offerings of Class AA Preferred Shares. Responsible for bought deal distributions and marketing of securities to investors.
• Canadian Stock Transfer Company Inc.supportingImplementation/ SI/ Consulting PartnerTransfer agent and registrar for the company. Handles shareholder inquiries, dividends, address changes, and lost certificates. Located in Montreal, QC with contact information available for shareholder services.
• TSX Trust CompanysupportingImplementation/ SI/ Consulting PartnerProvides transfer agent services for preferred shares listed on TSX. Located at 301-100 Adelaide St. W, Toronto, Ontario.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Mulvihill Capital Management: Canadian manager of split-share, income, and yield-focused investment funds. Operates in the same split-share/closed-end fund category as Partners Value Split and serves a comparable retail yield-seeking investor base.
• Brompton Funds: Manager of multiple Canadian split-share and income corporations (e.g., Brompton Oil Split, Brompton Lifeco Split, Brompton Split Banc). Brompton is a broader incumbent in the split-share/income fund category that Partners Value Split competes against for investor capital.
• Middlefield Group: Canadian asset manager sponsoring a suite of split-share corporations and income-focused funds (e.g., Middlefield Healthcare & Life Sciences Split Corp). Directly comparable as a sponsor of split-share products targeting income-oriented Canadian investors.

Others

• Brookfield Asset Management Ltd. Primary underlying investment held by Partners Value Split Corp. While not a direct competitor, BAM is the central economic driver of the vehicle and the manager (Brookfield Investment Management) is the operating sponsor, making it the most relevant ecosystem peer.
• Brookfield Corporation: The other primary underlying investment held by Partners Value Split Corp. Although not a competing product, BN is the corporate parent of the manager and a key dividend source, making it the most relevant ecosystem peer for the vehicle's economics.

Direct peers

• Dividend Growth Split Corp. Canadian split-share corporation that holds a portfolio of dividend-growth equities and issues preferred and class A shares. Direct structural analog to Partners Value Split, with similar leverage-to-equity design and yield-oriented mandate.
• Canadian Banc Corp. Canadian split-share corporation that invests in a concentrated portfolio of bank common shares and issues preferred and class A shares. Same split-share structure, similar single-sector concentration, and same yield-oriented investor base as Partners Value Split.
• BAM Investments Corp. Sole holder of Partners Value Split's capital shares and a Brookfield-affiliated publicly listed investment vehicle providing leveraged exposure to Brookfield Class A Shares. Closely linked economic profile and shared Brookfield ecosystem make it a directly comparable investment vehicle.
• Split Share Corp. A Canadian closed-end split-share corporation that issues preferred and capital shares and is externally managed. It is the closest structural analog to Partners Value Split Corp. in the Canadian market, with the same split-share security design.

Emerging players

• Counter Diluted Funds (Counter Asset Management): Canadian manager focused on split-share and income investment funds. Competes in the same category as Partners Value Split for retail yield-seeking capital and uses comparable preferred/capital share structures.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Partners Value Split