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Unconsolidated Affiliates | 12 Months Ended
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Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract] |
Unconsolidated Affiliates | Note 7—Unconsolidated Affiliates Investments in unconsolidated affiliates are as follows (in millions):
|  |  |  | December 31, 2025 |  |  | December 31, 2024 |
|  | Ownership Percentage (1) |  | 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% |  | $ | 202.9 |  |  | $ | — |  |  | $ | 203.9 |  |  | $ | — |
Broadway Square Partners, LLP |  | 50.0% |  |  | 51.2 |  |  |  | 27.8 |  |  |  | 52.2 |  |  |  | 28.6 |
International Financial Data Services L.P. |  | 50.0% |  |  | 41.4 |  |  |  | 24.6 |  |  |  | 60.2 |  |  |  | 28.0 |
Pershing Road Development Company, LLC |  | 50.0% |  |  | 10.3 |  |  |  | 50.6 |  |  |  | 10.1 |  |  |  | 53.0 |
Other unconsolidated affiliates |  |  |  |  | 1.9 |  |  |  | — |  |  |  | 2.0 |  |  |  | — |
Total |  |  |  | $ | 307.7 |  |  | $ | 103.0 |  |  | $ | 328.4 |  |  | $ | 109.6 |
(1) Ownership percentage is as of December 31, 2025 and December 31, 2024. Investments in unconsolidated affiliates are accounted for under the equity method of accounting. The total investment in unconsolidated affiliates, including basis differences, is included in unconsolidated affiliates on the Consolidated Balance Sheets. 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 Consolidated Statements of Comprehensive Income. Equity in earnings of unconsolidated affiliates is as follows (in millions):
|  | Year Ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Orbit Private Investments L.P. |  | $ | (10.6 | ) |  | $ | 19.1 |  |  | $ | 96.3 |
Broadway Square Partners, LLP |  |  | (1.0 | ) |  |  | (1.1 | ) |  |  | (0.4 | )
International Financial Data Services L.P. |  |  | 2.5 |  |  |  | 5.2 |  |  |  | 3.8 |
Pershing Road Development Company, LLC |  |  | 0.1 |  |  |  | 0.1 |  |  |  | (0.6 | )
Other unconsolidated affiliates |  |  | (0.3 | ) |  |  | 1.1 |  |  |  | 0.9 |
Total |  | $ | (9.3 | ) |  | $ | 24.4 |  |  | $ | 100.0 |
We have a 9.8% ownership interest in Orbit Private Investments L.P. (“Orbit Private Investments”), which is a provider of shareholder and pension technology. International Financial Data Services L.P. (“IFDS L.P.”) is a 50% owned joint venture with State Street Corporation with operations in Canada. P ershing Road Development Company, LLC (“PRDC LLC”) is a 50% owned special-purpose entity formed to develop and lease office space to the U.S. government. Broadway Square Partners, LLP (“Broadway Square Partners”) is a 50% owned real estate joint venture formed to purchase, finance and engage in leasing activities with us and unrelated third parties. The difference between the amount at which each of IFDS L.P., PRDC LLC and Broadway Square Partners is carried and the amount of underlying equity in net assets, will be amortized as a component of equity in earnings of unconsolidated affilia tes over approximately 15 years, 28 years and 40 years, respectively. The following tables summarize related party transactions and balances outstanding with our related parties, which is primarily comprised of transactions with our unconsolidated affiliates (in millions):
|  | Year Ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Operating revenues from related parties |  | $ | 66.4 |  |  | $ | 59.2 |  |  | $ | 60.5 |
Amounts paid to related parties (1) |  |  | 38.0 |  |  |  | 48.4 |  |  |  | 46.3 |
Distributions received from related parties, net |  |  | 23.1 |  |  |  | 38.4 |  |  |  | 20.9 |
|  | December 31, |
|  | 2025 |  |  | 2024 |
Outstanding advances/loans to related parties |  | $ | 1.9 |  |  | $ | 1.9 |
Trade accounts receivable from related parties |  |  | 11.1 |  |  |  | 10.0 |
Total amounts receivable from related parties |  | $ | 13.0 |  |  | $ | 11.9 |
Amounts payable to related parties |  | $ | 0.6 |  |  | $ | 2.5 |
(1) Excludes amounts paid to our unconsolidated joint ventures related to loans, advancements and other capital investments. Operating revenues from related parties were primarily generated from services provided for the use of our proprietary software and software development services. Payments to our related parties include transfer agency subcontracting services performed by IFDS L.P. and payments to other unconsolidated real estate joint ventures for rent and other facility costs. During the year ended December 31, 2025, we invested $9.7 million in Orbit Private Investment L.P. and received a distribution of net assets of $21.6 million from IFDS L.P. During the year ended December 31, 2024, we received a distribution of $26.9 million from 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 consolidated statements of cash flows due to the nature of the distribution. For the years ended December 31, 2024 and 2023, distributions received includes $10.5 million and $22.5 million, respectively, return on investment related to our investments in IFDS L.P. and the Kansas City Downtown Hotel Group, L.L.C.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 740 -SubTopic 323 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478156/740-323-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org/323/tableOfContent + Details
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