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Unconsolidated Affiliates
 6 Months Ended
Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Unconsolidated Affiliates

Note 4—Unconsolidated Affiliates

Investments in unconsolidated affiliates are as follows (in millions):

 

 

 

 

June 30, 2024

 

 

December 31, 2023

 

 

 

Ownership Percentage

 

Carrying Value

 

 

Excess carrying value of investment over proportionate share of net assets

 

 

Carrying Value

 

 

Excess carrying value of investment over proportionate share of net assets

 

Orbit Private Investments L.P.

 

9.8%

 

$

202.2

 

 

$

—

 

 

$

211.6

 

 

$

—

 

International Financial Data Services L.P.

 

50.0%

 

 

70.4

 

 

 

29.7

 

 

 

68.3

 

 

 

31.4

 

Broadway Square Partners, LLP

 

50.0%

 

 

52.9

 

 

 

29.1

 

 

 

53.4

 

 

 

29.5

 

Pershing Road Development Company, LLC

 

50.0%

 

 

9.8

 

 

 

54.2

 

 

 

10.0

 

 

 

55.4

 

Other unconsolidated affiliates

 

 

 

 

1.8

 

 

 

—

 

 

 

1.9

 

 

 

—

 

Total

 

 

 

$

337.1

 

 

$

113.0

 

 

$

345.2

 

 

$

116.3

 

 

Investments in unconsolidated affiliates are accounted for under the equity method of accounting. We record our proportionate share of the results of the unconsolidated affiliates and amortization expense related to basis differences in Equity in earnings of unconsolidated affiliates, net on the Condensed Consolidated Statements of Comprehensive Income.

 

Equity in earnings of unconsolidated affiliates, net are as follows (in millions):

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Orbit Private Investments L.P.

 

$

16.2

 

 

$

7.6

 

 

$

17.4

 

 

$

12.4

 

International Financial Data Services L.P.

 

 

1.5

 

 

 

1.4

 

 

 

3.0

 

 

 

2.5

 

Pershing Road Development Company, LLC

 

 

(0.2

)

 

 

(0.7

)

 

 

(0.3

)

 

 

(0.9

)

Broadway Square Partners, LLP

 

 

(0.2

)

 

 

(0.1

)

 

 

(0.5

)

 

 

—

 

Other unconsolidated affiliates

 

 

—

 

 

 

1.2

 

 

 

—

 

 

 

1.1

 

Total

 

$

17.3

 

 

$

9.4

 

 

$

19.6

 

 

$

15.1

 

 

During the three months ended June 30, 2024, we received a distribution of $26.9 million from our unconsolidated affiliate, Orbit Private Investments L.P. which reduced our investment in the affiliate. We recorded the distribution as a $2.4 million operating cash inflow and a $24.5 million investing cash inflow in our condensed consolidated statements of cash flows due to the nature of the distribution.