v3.25.1
Unconsolidated Affiliates
3 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Unconsolidated Affiliates

Note 4—Unconsolidated Affiliates

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

 

 

 

 

March 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%

 

$

204.3

 

 

$

 

 

$

203.9

 

 

$

 

International Financial Data Services L.P.

 

50.0%

 

 

62.3

 

 

 

27.2

 

 

 

60.2

 

 

 

28.0

 

Broadway Square Partners, LLP

 

50.0%

 

 

51.9

 

 

 

28.4

 

 

 

52.2

 

 

 

28.6

 

Pershing Road Development Company, LLC

 

50.0%

 

 

10.3

 

 

 

52.4

 

 

 

10.1

 

 

 

53.0

 

Other unconsolidated affiliates

 

 

 

 

1.9

 

 

 

 

 

 

2.0

 

 

 

 

Total

 

 

 

$

330.7

 

 

$

108.0

 

 

$

328.4

 

 

$

109.6

 

 

(1)
Ownership percentage is as of March 31, 2025 and December 31, 2024.

 

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 March 31,

 

 

 

2025

 

 

2024

 

 

 

 

 

 

 

 

Orbit Private Investments L.P.

 

$

0.4

 

 

$

1.2

 

International Financial Data Services L.P.

 

 

2.2

 

 

 

1.5

 

Broadway Square Partners, LLP

 

 

(0.4

)

 

 

(0.3

)

Pershing Road Development Company, LLC

 

 

0.1

 

 

 

(0.1

)

Total

 

$

2.3

 

 

$

2.3