| Summary of Balance Of Non-controlling Interests |
The changes in the balances of our non-controlling interests are as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | RPSFT | | Legacy Investors Partnerships | | Continuing Investors Partnerships | | Founder’s Equity(1) | | RP Holdings Class E Interests Holders | | Total | | December 31, 2022 | $ | (597) | | | $ | 1,527,887 | | | $ | 2,369,933 | | | $ | — | | | $ | — | | | $ | 3,897,223 | | | Contributions | — | | | 7,981 | | | 3,874 | | | — | | | — | | | 11,855 | | | Distributions | (4,437) | | | (363,635) | | | (119,649) | | | — | | | — | | | (487,721) | | | Other exchanges | — | | | — | | | (428,808) | | | — | | | — | | | (428,808) | | | Net income | 5,045 | | | 167,483 | | | 392,726 | | | — | | | — | | | 565,254 | | | Purchase of non-controlling interest in RPCT | (11) | | | — | | | — | | | — | | | — | | | (11) | | | December 31, 2023 | $ | — | | | $ | 1,339,716 | | | $ | 2,218,076 | | | $ | — | | | $ | — | | | $ | 3,557,792 | | | Contributions | — | | | 5,161 | | | 3,877 | | | — | | | — | | | 9,038 | | | Distributions | — | | | (351,474) | | | (125,158) | | | — | | | — | | | (476,632) | | | Other exchanges | — | | | — | | | (166,243) | | | — | | | — | | | (166,243) | | | Net income | — | | | 194,937 | | | 276,893 | | | — | | | — | | | 471,830 | | | December 31, 2024 | $ | — | | | $ | 1,188,340 | | | $ | 2,207,445 | | | $ | — | | | $ | — | | | $ | 3,395,785 | | | Contributions | — | | | 7,643 | | | 2,340 | | | — | | | — | | | 9,983 | | | Distributions | — | | | (345,188) | | | (119,683) | | | (60,243) | | | (16,148) | | | (541,262) | | | Other exchanges | — | | | — | | | (521,579) | | | — | | | 175,922 | | | (345,657) | | | Share-based compensation | — | | | — | | | — | | | — | | | 108,945 | | | 108,945 | | | Internalization | — | | | — | | | — | | | — | | | 57,000 | | | 57,000 | | | Net income | — | | | 232,524 | | | 231,260 | | | 60,243 | | | 29,218 | | | 553,245 | | | December 31, 2025 | $ | — | | | $ | 1,083,319 | | | $ | 1,799,783 | | | $ | — | | | $ | 354,937 | | | $ | 3,238,039 | |
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| Summary of Breakdown of Total EPAs |
The table presented below summarizes the breakdown of total EPAs earned in 2025 (in thousands): | | | | | | | | | | | | | Year Ended December 31, 2025 | | Location Recorded in Consolidated Financial Statements | Founder’s Equity(1) | $ | 60,243 | | | Net income attributable to non-controlling interests | Employee EPAs | 20,943 | | | Accrued compensation liabilities (reduction of Employee EPAs liability) | | Total | $ | 81,186 | | | | | | | | Form of Settlement | | | | Cash | $ | 42,585 | | | Distributions to continuing non-controlling interests (Founder’s Equity) Payments for Employee EPAs (Employee EPAs) | Shares(2) | $ | 38,601 | | | | | Total | $ | 81,186 | | | |
(1)Founder’s Equity includes $38.4 million for Mr. Legorreta’s retained EPAs encompassing all of the 2025 period and $21.8 million attributable to employees’ participation in the EPAs, which were considered part of Founder’s Equity prior to the closing of the Internalization. (2)Amount represents shares earned in 2025, substantially all of which were settled during the year except for $14.3 million payable as of December 31, 2025, which is expected to be settled in shares during the first quarter of 2026.
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