Non-Controlling Interest

3 Months Ended

Mar. 31, 2026

Non-controlling interest represents the portion of our consolidated net assets that are not wholly owned and therefore not attributable to GATX. Non-controlling interest was established in December 2025 as a result of the creation and funding of the GABX joint venture. In 2025, Brookfield contributed $899.0 million of equity to GABX for its share of ownership. On January 1, 2026, GABX acquired approximately 101,000 railcars for $4.2 billion from Wells Fargo. As of March 31, 2026, the non-controlling interest represents Brookfield's 70% ownership in GABX.

GATX has the right to acquire up to 100% of GABX through a series of annual call options that allow GATX to purchase a percentage of Brookfield's equity every year for up to 25 years, beginning in June 2026. The value of the call options is embedded within the non-controlling interest, rather than bifurcated and accounted for separately, as we have determined that the call options are clearly and closely related to the non-controlling interest.

The following table shows the change in non-controlling interest (in millions):


	Three Months Ended March 31
	2026		2025
Balance at beginning of the period	$	884.6	$	—
Net loss attributable to non-controlling interest	(6.4)		—
Other comprehensive loss attributable to non-controlling interest	(0.1)		—
Balance at end of the period	$	878.1	$	—