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NONCONTROLLING INTERESTS | 6 Months Ended
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Jun. 30, 2026
NONCONTROLLING INTERESTS |
NONCONTROLLING INTERESTS | NOTE 14—NONCONTROLLING INTERESTS The Company’s noncontrolling interests fall into two categories as follows:
| ● | Noncontrolling interests attributable to joint ventures formed for water-related services.
| ● | Noncontrolling interests attributable to holders of Class B common stock.
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of | ​ | As of
​ | ​ ​ ​ | June 30, 2026 | ​ ​ ​ | December 31, 2025
​ | ​ | (in thousands)
Noncontrolling interests attributable to joint ventures formed for water-related services | ​ | $ | (3,757) | ​ | $ | (2,275)
Noncontrolling interests attributable to holders of Class B common stock | ​ | ​ | 91,926 | ​ |  | 123,726
Total noncontrolling interests | ​ | $ | 88,169 | ​ | $ | 121,451
​ During the Current Quarter, the Company received a $0.5 million cash contribution from a noncontrolling interest for ongoing operations. For all periods presented, there were changes in Select Inc.’s ownership interest in SES Holdings. The effects of the changes in Select Inc.’s ownership interest in SES Holdings are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Six months ended June 30,
​ | ​ ​ ​ | 2026 | ​ ​ ​ | 2025
​ | ​ | (in thousands)
Net income attributable to Select Water Solutions, Inc. | ​ | $ | 29,641 | ​ | $ | 18,886
Transfers from noncontrolling interests: | ​ | ​ | ​ | ​ |  | ​
Decrease in additional paid-in capital from reallocation to Class B holders in connection with underwritten offering | ​ | ​ | (8,283) | ​ | ​ | —
Increase in additional paid-in capital as a result of restricted stock issuance, net of forfeitures | ​ |  | 1,787 | ​ |  | 1,115
Increase in additional paid-in capital as a result of vested PSUs | ​ | ​ | 530 | ​ | ​ | 406
Increase in additional paid-in capital as a result of the repurchase of SES Holdings LLC Units | ​ |  | 904 | ​ |  | 507
Increase in additional paid-in capital as a result of exchanges of SES Holdings LLC Units (an equivalent number of shares of Class B Common Stock) for shares of Class A Common Stock | ​ | ​ | 40,513 | ​ | ​ | —
Change to equity from net income attributable to Select Water Solutions, Inc. and transfers from noncontrolling interests | ​ | $ | 65,092 | ​ | $ | 20,914
​ ​ Variable Interest Entity (“VIE”) ​ Noncontrolling interests deficit of $3.8 million as of June 30, 2026, relate to the Company’s approximate 50% ownership in a consolidated subsidiary formed in 2022 to provide water-related services in support of wildfire response efforts. The entity is considered a VIE and has been consolidated since formation, as the Company is deemed the primary beneficiary. In addition to its equity contributions, the Company had an outstanding loan balance of $4.5 million due from the subsidiary and an intercompany receivable of $3.2 million as of June 30, 2026; both amounts are eliminated in consolidation. While multiple partners contributed capital to the subsidiary, the Company provided approximately 50% of the total equity and voluntarily extended incremental funding despite no contractual obligation to do so. This discretionary financial support reinforces the Company’s ongoing involvement with the VIE and supports the conclusion that the Company is the primary beneficiary, as it reflects a demonstrated willingness to provide financial resources necessary to sustain the subsidiary’s operations. Since inception, the consolidated subsidiary has been included within the Company’s Water Services segment.

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- Definition The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/810/tableOfContent + Details
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