| Schedule of Redeemable Noncontrolling Interests |
A summary of the Company’s redeemable noncontrolling interests on its consolidated balance sheets is set forth below: | | | | | | | | | | | | | | | | | | | | | | | | | | At September 30, 2026 | | At December 31, 2025 | | | Redeemable noncontrolling interest - DaVinci (1) | $ | 3,572,046 | | | $ | 3,701,637 | | | | Redeemable noncontrolling interest - Vermeer | 1,940,347 | | | 1,922,431 | | | | Redeemable noncontrolling interest - Medici | 1,512,633 | | | 1,398,166 | | | | Redeemable noncontrolling interest - Fontana | 408,734 | | | 579,858 | | | | Redeemable noncontrolling interests | $ | 7,433,760 | | | $ | 7,602,092 | | | | | | | | |
(1)Represents the portion of DaVinci’s total shareholders’ equity owned by third-party investors of $3.5 billion (December 31, 2025 - $3.7 billion), plus consolidation adjustments of $114.8 million (December 31, 2025 - $Nil), of which $84.8 million reflects the cumulative effect at January 1, 2026. A summary of the Company’s redeemable noncontrolling interests on its consolidated statements of operations is set forth below: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended | | Nine months ended | | | | September 30,
2026 | | September 30,
2025 | | September 30,
2026 | | September 30,
2025 | | | Redeemable noncontrolling interest - DaVinci (1) | $ | 75,569 | | | $ | 243,464 | | | $ | 437,586 | | | $ | 349,476 | | | | Redeemable noncontrolling interest - Vermeer | 51,434 | | | 70,981 | | | 167,916 | | | 21,326 | | | | Redeemable noncontrolling interest - Medici | 67,021 | | | 79,573 | | | 113,141 | | | 133,729 | | | | Redeemable noncontrolling interest - Fontana | (43,324) | | | 21,182 | | | (30,232) | | | 43,756 | | | | Net income (loss) attributable to redeemable noncontrolling interests | $ | 150,700 | | | $ | 415,200 | | | $ | 688,411 | | | $ | 548,287 | | | | | | | | | | | | |
(1)Represents the portion of DaVinci’s earnings owned by third-party investors, net of consolidation adjustments of $10.5 million and $30.0 million for the three and nine months ended September 30, 2026 (2025 - $Nil and $Nil). The activity in redeemable noncontrolling interest – DaVinci is detailed in the table below: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended | | Nine months ended | | | | September 30,
2026 | | September 30,
2025 | | September 30,
2026 | | September 30,
2025 | | | Beginning balance | $ | 3,496,477 | | | $ | 3,210,791 | | | $ | 3,701,637 | | | $ | 3,061,708 | | | | Redemption of shares from redeemable noncontrolling interest, net of adjustments | — | | | — | | | (649,164) | | | (26,929) | | | | Sale of shares to redeemable noncontrolling interest, net of adjustments | — | | | — | | | — | | | 70,000 | | | | Net income (loss) attributable to redeemable noncontrolling interest, net of consolidation adjustments | 75,569 | | | 243,464 | | | 519,573 | | | 349,476 | | | | | | | | | | | | | | Ending balance | $ | 3,572,046 | | | $ | 3,454,255 | | | $ | 3,572,046 | | | $ | 3,454,255 | | | | | | | | | | | | |
The activity in redeemable noncontrolling interest – Medici is detailed in the table below: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended | | Nine months ended | | | | September 30,
2026 | | September 30,
2025 | | September 30,
2026 | | September 30,
2025 | | | Beginning balance | $ | 1,444,350 | | | $ | 1,532,990 | | | $ | 1,398,166 | | | $ | 1,646,745 | | | | Redemption of shares from redeemable noncontrolling interest, net of adjustments | (1,338) | | | (7,143) | | | (47,274) | | | (302,672) | | | | Sale of shares to redeemable noncontrolling interest | 2,600 | | | 17,895 | | | 48,600 | | | 160,827 | | | | Net income (loss) attributable to redeemable noncontrolling interest | 67,021 | | | 79,573 | | | 113,141 | | | 133,729 | | | | Dividends on common shares | — | | | — | | | — | | | (15,314) | | | | | | | | | | | | | | Ending balance | $ | 1,512,633 | | | $ | 1,623,315 | | | $ | 1,512,633 | | | $ | 1,623,315 | | | | | | | | | | | | |
The activity in redeemable noncontrolling interest – Fontana is detailed in the table below: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended | | Nine months ended | | | | September 30,
2026 | | September 30,
2025 | | September 30,
2026 | | September 30,
2025 | | | Beginning balance | $ | 513,613 | | | $ | 549,124 | | | $ | 579,858 | | | $ | 469,439 | | | | Redemption of limited partner interest from redeemable noncontrolling interest | (61,555) | | | — | | | (140,892) | | | (72,044) | | | | Sale of limited partner interest to redeemable noncontrolling interest | — | | | — | | | — | | | 129,155 | | | | Net income (loss) attributable to redeemable noncontrolling interest | (43,324) | | | 21,182 | | | (30,232) | | | 43,756 | | | | | | | | | | | | | | Ending balance | $ | 408,734 | | | $ | 570,306 | | | $ | 408,734 | | | $ | 570,306 | | | | | | | | | | | | |
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