Non-controlling interest represents the portion of our consolidated net assets that are not wholly owned and therefore not attributable to GATX. Non-controlling interest was established in December 2025 as a result of the creation and funding of the GABX joint venture. In 2025, Brookfield contributed $899.0 million of equity to GABX for a 70% share of ownership in the joint venture. On January 1, 2026, GABX acquired approximately 101,000 railcars for $4.2 billion from Wells Fargo.

GATX has the right to acquire up to 100% of the ownership of GABX through a series of annual call options that allow GATX to purchase a percentage of Brookfield's ownership interest every year for up to 25 years, beginning in June 2026. The value of the call options is embedded within the non-controlling interest, rather than bifurcated and accounted for separately, as we have determined that the call options are clearly and closely related to the non-controlling interest. On June 30, 2026, GATX exercised its first call option for $66.2 million, resulting in GATX increasing its overall ownership of GABX from 30% to 33.5% and Brookfield's overall ownership decreasing from 70% to 66.5%. As of June 30, 2026, the non-controlling interest represents Brookfield's 66.5% ownership in GABX.


	Three Months Ended June 30				Six Months Ended June 30
	2026		2025		2026		2025
Balance at beginning of the period	$	878.1	$	—	$	884.6	$	—
Impact of GABX call option exercise (1)	(42.8)		—		(42.8)		—
Distributions to non-controlling interest	(49.9)		—		(49.9)		—
Net income attributable to non-controlling interest	7.6		—		1.2		—
Other comprehensive income attributable to non-controlling interest (2)	12.5		—		12.4		—
Balance at end of the period	$	805.5	$	—	$	805.5	$	—