REDEEMABLE NONCONTROLLING INTERESTS

11 Months Ended

Sep. 30, 2025

Redeemable noncontrolling interests related to joint ventures are held by the respective noncontrolling interest owners. The holders of these interests share in the profits and losses of these entities on a pro-rata basis with the Company. However, certain noncontrolling interest owners have the right to put all or a portion of those noncontrolling interests to the Company at a formulaic price after a set period of time, specific to each agreement.

On May 30, 2025, the Company redeemed the remaining 20% ownership interest in one of its noncontrolling interests, increasing ownership from 80% to 100% in an all-cash transaction for $38.7 million.

Redeemable noncontrolling interests are reflected in the consolidated balance sheets at redemption value. The following table provides the rollforward of the redeemable noncontrolling interest for the years ended September 30, 2025 (11-month) and October 31, 2024:


(in millions)	Redeemable Noncontrolling Interest
Balance as of October 31, 2023	$	125.3
Current period mark to redemption value	(1.0)

Acquisition of redeemable shareholder interest	2.0
Redeemable noncontrolling interest share of income	8.5
Dividends to redeemable noncontrolling interest and other	(4.9)
Balance as of October 31, 2024	129.9
Current period mark to redemption value	4.6
Repurchase of redeemable shareholder interest	(40.9)

Redeemable noncontrolling interest share of income	6.6
Dividends to redeemable noncontrolling interest and other	(7.9)
Balance as of September 30, 2025	$	92.3