Affiliate equity interests are allocated income in a manner that is consistent with the structured partnership interests in

place at the respective Affiliate. The Company’s consolidated Affiliates generally pay quarterly distributions to Affiliate equity

holders. Distributions paid to non-controlling interest Affiliate equity holders were $206.5 million and $205.5 million for the

The Company periodically purchases Affiliate equity from and issues Affiliate equity to the Company’s consolidated

Affiliate partners and other parties under agreements that provide the Company a conditional right to call and Affiliate equity

holders the conditional right to put their Affiliate equity interests to the Company at certain intervals. The Company has the

right to settle a portion of these purchases in shares of its common stock. For Affiliates accounted for under the equity method,

the Company does not typically have such put and call arrangements. For the nine months ended September 30, 2024 and

2025, the amount of cash paid for purchases was $60.4 million and $51.8 million, respectively. For the nine months ended

September 30, 2024 and 2025, the total amount of cash received for issuances was $6.3 million and $1.8 million, respectively.

Sales and purchases of Affiliate equity generally occur at fair value; however, the Company also grants Affiliate equity to

its consolidated Affiliate partners and other parties as a form of compensation. If the equity is issued for consideration below

the fair value of the equity, or purchased for consideration above the fair value of the equity, the difference is recorded as


	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
	2024	2025	2024	2025
Controlling interest	$2.4	$39.1	$15.6	$91.2
Non-controlling interests	9.7	4.6	30.9	23.1
Total	$12.1	$43.7	$46.5	$114.3

In the second quarter of 2025, the terms of certain equity awards at an Affiliate were modified. The modification included

a mandatory repurchase provision upon termination of employment that changed the awards classification from equity to

liability and as a result, the Company recorded incremental Affiliate equity compensation expense of $30.5 million attributable

The Company records amounts receivable from, and payable to, Affiliate equity holders in connection with the transfer of

Affiliate equity interests that have not settled at the end of the period. The total receivable was $7.9 million and $7.1 million as

of December 31, 2024 and September 30, 2025, respectively, and was included in Other assets. The total payable was $54.8

million and $235.2 million as of December 31, 2024 and September 30, 2025, respectively, and was included in Other

The Company periodically acquires interests from, and transfers interests to, Affiliate equity holders. Because these

transactions do not result in a change of control, any gain or loss related to these transactions is recorded to Additional paid-in

capital, which increases or decreases the controlling interest’s equity. No gain or loss related to these transactions is recorded in

While the Company presents the current redemption value of Affiliate equity within Redeemable non-controlling interests,

with changes in the current redemption value increasing or decreasing the controlling interest’s equity over time, the following

table presents the cumulative effect that ownership changes had on the controlling interest’s equity related only to Affiliate


	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
	2024	2025	2024	2025
Net income (controlling interest)	$123.6	$212.4	$349.5	$369.0
Decrease in controlling interest paid-in capital from Affiliate equity issuances	—	(4.4)	(2.6)	(4.1)
Decrease in controlling interest paid-in capital from Affiliate equity purchases	(0.5)	(45.1)	(22.9)	(36.5)
Net income (controlling interest) including the net impact of Affiliate equity transactions	$123.1	$162.9	$324.0	$328.4