Redeemable Noncontrolling Interests

9 Months Ended

Sep. 30, 2019

Redeemable noncontrolling interests represent third-party investor equity in the Company's CIP and minority interests held in a consolidated affiliate. Minority interests held in an affiliate are subject to holder put rights and Company call rights at established multiples of earnings before interest, taxes, depreciation and amortization and, as such, are considered redeemable at other than fair value. They are exercisable at pre-established intervals (between four and seven years from their July 2018 issuance or upon certain conditions such as retirement). The put and call rights are not legally detachable or separately exercisable and are deemed to be embedded in the related noncontrolling interests. The Company, in purchasing affiliate equity, has the option to settle in cash or shares of common stock and is entitled to the cash flow associated with any purchased equity. Minority interests held in an affiliate are generally recorded at estimated redemption value within redeemable noncontrolling

interests on the Company's condensed consolidated balance sheets, and changes in estimated redemption value of these interests are recorded in the Company’s condensed consolidated statements of operations within noncontrolling interests. In addition, under certain circumstances, the Company may issue or sell equity interests of the affiliate to employees or partners of the affiliate.

Redeemable noncontrolling interests for the nine months ended September 30, 2019 included the following amounts:



($ in thousands)	CIP		Affiliate Noncontrolling Interests			Total
Balances at December 31, 2018	$	2,384	$	55,097		$	57,481
Net income (loss) attributable to noncontrolling interests	774		2,492			3,266
Net subscriptions (redemptions) and other	35,316		(4,453		)	30,863
Balances at September 30, 2019	$	38,474	$	53,136		$	91,610