Redeemable Noncontrolling Interests

9 Months Ended

Sep. 30, 2025

Redeemable noncontrolling interests

Minority interests held in a majority-owned investment management subsidiary 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 equity of the investment management subsidiary, 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. The minority interests 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, 2025 included the following amounts:


	Redeemable Noncontrolling Interests
(in thousands)	CIP		Investment Manager		Total
Balances at December 31, 2024	$	45,667	$	61,615	$	107,282

Net income (loss) attributable to noncontrolling interests	2,755		4,524		7,279
Changes in redemption value (1)	—		(7,157)		(7,157)
Total net income (loss) attributable to noncontrolling interests	2,755		(2,633)		122
Investment management subsidiary equity sales (purchases)	—		(15,849)		(15,849)
Net subscriptions (redemptions) and other	16,063		(4,427)		11,636

Balances at September 30, 2025	$	64,485	$	38,706	$	103,191

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