Redeemable Noncontrolling Interests

9 Months Ended

Sep. 30, 2024

Redeemable noncontrolling interests represent third-party investments in the Company's CIP and minority interests held in a consolidated affiliate. Minority interests held in the affiliate are subject to holder put rights and Company call rights at pre-established multiples of earnings before interest, taxes, depreciation and amortization and, as such, are considered redeemable at other than fair value. The rights are exercisable at pre-established intervals 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 the Company's common stock and is entitled to the cash flow associated with any purchased equity. These minority interests in the affiliate are recorded at estimated redemption value within redeemable noncontrolling interests on the Company's Condensed Consolidated Balance Sheets, and any changes in the estimated redemption value are recorded on the Condensed Consolidated Statements of Operations within noncontrolling interests.

Redeemable noncontrolling interests for the nine months ended September 30, 2024 included the following amounts:


(in thousands)	CIP		Affiliate Noncontrolling Interests		Total
Balances at December 31, 2023	$	30,643	$	74,226	$	104,869

Net income (loss) attributable to noncontrolling interests	3,683		5,522		9,205
Changes in redemption value (1)	—		15,217		15,217
Total net income (loss) attributable to noncontrolling interests	3,683		20,739		24,422
Affiliate equity sales (purchases)	—		(29,015)		(29,015)
Net subscriptions (redemptions) and other	4,771		(6,936)		(2,165)

Balances at September 30, 2024	$	39,097	$	59,014	$	98,111

(1) Relates to noncontrolling interests redeemable at other than fair value.