| Summary of Balance of Non-controlling Interests |
The changes in the balances of our non-controlling interests are as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Legacy Investors Partnerships | | Continuing Investors Partnerships | | Founder’s Equity | | RP Holdings Class E Interests Holders | | Total | | March 31, 2026 | $ | 1,054,352 | | | $ | 1,630,360 | | | $ | — | | | $ | 363,575 | | | $ | 3,048,287 | | | Contributions | 1,030 | | | — | | | — | | | — | | | 1,030 | | | Distributions | (93,329) | | | (24,848) | | | (7,933) | | | (5,644) | | | (131,754) | | | Other exchanges | — | | | (24,977) | | | — | | | (35,136) | | | (60,113) | | | Share-based compensation | — | | | — | | | — | | | 31,922 | | | 31,922 | | | Net income | 50,500 | | | 4,220 | | | 7,933 | | | 950 | | | 63,603 | | | June 30, 2026 | $ | 1,012,553 | | | $ | 1,584,755 | | | $ | — | | | $ | 355,667 | | | $ | 2,952,975 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Legacy Investors Partnerships | | Continuing Investors Partnerships | | Founder’s Equity | | RP Holdings Class E Interests Holders | | Total | | March 31, 2025 | $ | 1,168,548 | | | $ | 1,931,462 | | | $ | — | | | $ | — | | | $ | 3,100,010 | | | Contributions | 4,050 | | | 1,248 | | | — | | | — | | | 5,298 | | | Distributions | (97,517) | | | (33,052) | | | (963) | | | (5,397) | | | (136,929) | | | Other exchanges | — | | | (208,523) | | | — | | | 233,665 | | | 25,142 | | | Internalization | — | | | — | | | — | | | 57,000 | | | 57,000 | | | Share-based compensation | — | | | — | | | — | | | 44,050 | | | 44,050 | | | Net income | 48,943 | | | 9,671 | | | 963 | | | 882 | | | 60,459 | | | June 30, 2025 | $ | 1,124,024 | | | $ | 1,700,806 | | | $ | — | | | $ | 330,200 | | | $ | 3,155,030 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Legacy Investors Partnerships | | Continuing Investors Partnerships | | Founder’s Equity | | RP Holdings Class E Interests Holders | | Total | | December 31, 2025 | $ | 1,083,319 | | | $ | 1,799,783 | | | $ | — | | | $ | 354,937 | | | $ | 3,238,039 | | | Contributions | 1,030 | | | — | | | — | | | — | | | 1,030 | | | Distributions | (185,509) | | | (50,271) | | | (23,827) | | | (11,356) | | | (270,963) | | | Other exchanges | — | | | (247,026) | | | — | | | (68,912) | | | (315,938) | | | Share-based compensation | — | | | — | | | — | | | 63,638 | | | 63,638 | | | Net income | 113,713 | | | 82,269 | | | 23,827 | | | 17,360 | | | 237,169 | | | June 30, 2026 | $ | 1,012,553 | | | $ | 1,584,755 | | | $ | — | | | $ | 355,667 | | | $ | 2,952,975 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Legacy Investors Partnerships | | Continuing Investors Partnerships | | Founder’s Equity(1) | | RP Holdings Class E Interests Holders | | Total | | December 31, 2024 | $ | 1,188,340 | | | $ | 2,207,445 | | | $ | — | | | $ | — | | | $ | 3,395,785 | | | Contributions | 5,314 | | | 2,237 | | | — | | | — | | | 7,551 | | | Distributions | (195,422) | | | (65,114) | | | (42,440) | | | (5,397) | | | (308,373) | | | Other exchanges | — | | | (530,191) | | | — | | | 233,665 | | | (296,526) | | | Internalization | — | | | — | | | — | | | 57,000 | | | 57,000 | | | Share-based compensation | — | | | — | | | — | | | 44,050 | | | 44,050 | | | Net income | 125,792 | | | 86,429 | | | 42,440 | | | 882 | | | 255,543 | | | June 30, 2025 | $ | 1,124,024 | | | $ | 1,700,806 | | | $ | — | | | $ | 330,200 | | | $ | 3,155,030 | |
(1)Amounts represent the entirety of the EPAs prior to the Internalization and only the Founder’s Equity portion after the Internalization.
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| Summary of Deferred Compensation Share-Based Payment Liability |
The table below summarizes the components of total EPAs earned (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the Three Months Ended June 30, | | For the Six Months Ended June 30, | | Location Recorded in
Condensed Consolidated Financial Statements | | 2026 | | 2025 | | 2026 | | 2025 | | Founder’s Equity(1) | $ | 7,933 | | | $ | 963 | | | $ | 23,827 | | | $ | 42,440 | | | Net income attributable to non-controlling interests | | Employee EPAs | 8,796 | | | 1,068 | | | 26,420 | | | 1,068 | | | Accrued compensation liabilities (reduction of Employee EPAs liability) | | Total | $ | 16,729 | | | $ | 2,031 | | | $ | 50,247 | | | $ | 43,508 | | | | | | | | | | | | | | | Form of Settlement | | | | | | | | | | | Cash | $ | 8,651 | | | $ | 329 | | | $ | 27,092 | | | $ | 22,101 | | | Distributions to continuing non-controlling interests (Founder’s Equity) Payments for Employee EPAs (Employee EPAs) | Shares(2) | 8,078 | | | 1,702 | | | 23,155 | | | 21,407 | | | | | Total | $ | 16,729 | | | $ | 2,031 | | | $ | 50,247 | | | $ | 43,508 | | | |
(1)For the first six months of 2025, Founder’s Equity includes $20.6 million for Mr. Legorreta’s retained EPAs 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)Amounts represent shares earned during the respective quarter that are payable at each quarter end. As of June 30, 2026, $8.1 million is expected to be settled in shares in the third quarter of 2026. As of June 30, 2025, $1.7 million was settled in shares in the third quarter of 2025.
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