Affiliate equity interests provide holders with an equity interest in one of the Company’s consolidated Affiliates, consistent

with the structured partnership interests in place at the respective Affiliate. Affiliate equity holders generally have a conditional

right to put their interests to the Company at certain intervals (between five years and 15 years from the date the equity interest

is received by the Affiliate equity holder or on an annual basis following an Affiliate equity holder’s departure). Prior to

becoming redeemable, the Company’s Affiliate equity is included in Non-controlling interests. Upon becoming redeemable,

these interests are reclassified to Redeemable non-controlling interests at their current redemption values. Changes in the

current redemption value are recorded to Additional paid-in capital. When the Company has an unconditional obligation to

purchase Affiliate equity interests, the interests are reclassified from Redeemable non-controlling interests to Other liabilities at

current fair value. Changes in fair value are recorded to Other expenses (net).

The following table presents the changes in Redeemable non-controlling interests:


		Redeemable Non-controlling Interests
Balance, as of December 31, 2025(1)		$246.8
Increase attributable to consolidated Affiliate-sponsored investment products		0.7
Transfers to Other liabilities		(25.9)
Changes in redemption value		48.6
Balance, as of June 30, 2026(1)		$270.2

(1)As of December 31, 2025 and June 30, 2026, Redeemable non-controlling interests includes consolidated Affiliate-

sponsored investment products primarily attributable to third-party investors of $32.2 million and $32.9 million,