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 | | | | March 31, 2025 | | December 31, 2024 | | | | | (in thousands) | | Noncontrolling interests attributable to joint ventures formed for water-related services | | $ | 898 | | $ | (1,570) | | Noncontrolling interests attributable to holders of Class B common stock | | | 122,973 | | | 123,584 | | Total noncontrolling interests | | $ | 123,871 | | $ | 122,014 | |
During the Current Quarter, the Company received a $2.9 million cash contribution from a noncontrolling interest for business development. 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: | | | | | | | | | | Three months ended March 31, | | | | 2025 | | 2024 | | | | | (in thousands) | | Net income attributable to Select Water Solutions, Inc. | | $ | 8,239 | | $ | 3,625 | | Transfers from noncontrolling interests: | | | | | | | | Increase in additional paid-in capital as a result of restricted stock issuance, net of forfeitures | | | 768 | | | 1,085 | | Increase in additional paid-in capital as a result of vested PSUs | | | 406 | | | 311 | | Increase in additional paid-in capital as a result of the repurchase of SES Holdings LLC Units | | | 502 | | | 103 | | Change to equity from net income attributable to Select Water Solutions, Inc. and transfers from noncontrolling interests | | $ | 9,915 | | $ | 5,124 | |
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