Investments in unconsolidated affiliates recorded using the equity method of accounting as of March 31, 2026 and December 31, 2025 consisted of the following:


	Ownership at March 31, 2026		March 31, 2026		December 31, 2025
			(In millions)
BKFC	44.5	%	$	142.4	$	147.3
JANA Partners	50.0	%	140.3		141.1
CSI	6.4	%	101.2		101.2
Watkins	49.1	%	74.5		73.2
Alight	7.7	%	71.6		73.8
JANA Fund	2.9	%	48.9		50.2
Other	various		55.6		56.7
Total			$	634.5	$	643.5

Equity in earnings (losses) of unconsolidated affiliates for the three months ended March 31, 2026 and 2025 consisted of the following:


	Three Months Ended March 31,
	2026		2025
	(In millions)
BKFC	$	(4.4)	$	(10.4)
JANA Partners	0.4		2.4
CSI	—		15.7
Watkins	2.8		(4.7)
Alight	(2.1)		(1.9)
JANA Fund	(1.3)		—
Other	(1.2)		(3.0)
Total	$	(5.8)	$	(1.9)

Based on quoted market prices, the fair value of our ownership in Alight common stock was $23.5 million as of March 31, 2026. Summarized statement of operations information for Alight for the relevant dates and time periods included in Equity in (losses) earnings of unconsolidated affiliates in our Condensed Consolidated Statements of Operations is presented below.


	Three Months Ended March 31,
	2026		2025
	(In millions)
Total revenues	$	534.0	$	548.0
Depreciation and amortization	104.0		101.0

Interest expense	24.0		22.0
Gross profit	156.0		171.0
Net loss from continuing operations	(19.0)		(17.0)
Net loss from discontinued operations	—		(8.0)

Net loss attributable to Alight	(19.0)		(25.0)

Summarized statement of operation information for Black Knight Football for the relevant dates and time periods included in Equity in (losses) earnings of unconsolidated affiliates in our Condensed Consolidated Statements of Operations is presented below. We report our equity in the earnings or loss of BKFC on a three-month lag. Accordingly, our net earnings (loss) for the three months ended March 31, 2026 and 2025 includes our equity in Black Knight Football’s earnings (losses) for the three months ended December 31, 2025 and 2024, respectively.


	Three months ended December 31,
	2025		2024
	(In millions)
Total revenues	$	78.0	$	71.3
Depreciation and amortization	31.4		27.2
Interest expense	7.5		4.3
Operating loss	(15.2)		(13.1)
Losses of unconsolidated affiliates	(3.6)		(5.4)
Net loss attributable to BKFC	(17.7)		(21.4)

Summarized statement of operation information for JANA Partners for the relevant dates and time periods included in Equity in (losses) earnings of unconsolidated affiliates in our Condensed Consolidated Statements of Operations is presented below. We account for our ownership interest in JANA Partners as an unconsolidated affiliate using the equity method of accounting and record our ratable share of JANA's net income or loss on a three-month lag. Accordingly, our net earnings (loss) for the three months ended March 31, 2026 and 2025 includes our equity in JANA’s earnings (losses) for the three months ended December 31, 2025 and 2024, respectively.

Recognized (losses) gains, net on the Condensed Consolidated Statements of Operations consisted of the following losses on equity securities for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
	2026		2025
	(In millions)
Net losses recognized during the period on equity securities	$	(0.3)	$	(10.3)
Less: net gains (losses) recognized during the period on equity securities sold, transferred or disposed during the period	—		—
Unrealized losses recognized during the reporting period on equity securities held at the reporting date	$	(0.3)	$	(10.3)

We account for our investments in AmeriLife and certain other ownership interests at cost adjusted for any impairment or changes resulting from observable price changes in orderly market transactions. As of March 31, 2026 and December 31, 2025, we have $148.3 million and $147.3 million, respectively, recorded for such investments, which is included in Equity securities, without a readily determinable fair value on our Condensed Consolidated Balance Sheets. During the three months ended March 31, 2026 and 2025, we have not recorded any material upward or downward adjustments to these investments due to price changes or impairments.