Annual report [Section 13 and 15(d), not S-K Item 405]

Redeemable Non-Controlling Interests

v3.25.0.1
Redeemable Non-Controlling Interests
 12 Months Ended
Dec. 31, 2024
Equity, Attributable to Parent [Abstract]  
Redeemable Non-Controlling Interests REDEEMABLE NON-CONTROLLING INTERESTS
Our subsidiaries with membership interests in the investment funds we formed have the right to elect to require the non-controlling interest holder to sell all of its membership units to our subsidiaries, a call option. Our investment funds also include rights for the non-controlling interest holder to elect to require our subsidiaries to purchase all of the non-controlling membership interests in the fund, a put option.
In December 2024 we finalized our purchase of the investor’s membership interests of two investment funds for $3,186 in cash and reclassified the remaining redeemable non-controlling interest balance of $37,269 to paid-in capital to reflect the additional contribution from us to our wholly-owned subsidiaries.
Therefore, we have one investment fund remaining and the following table sets forth information about the call and put options for our investment fund outstanding as of December 31, 2024:
Call Option Put Option
Investment Fund Number Formation Date Start Date End Date Purchase Price Start Date End Date Purchase Price
1 December 2019 March 2026 September 2026 (1) September 2026 September 2027 (2)
(1) Purchase price is equal to the greater of (i) the fair market value of such interests at the time the option is exercised or (ii) 5% of the investors’ contributed capital balance at the time the option is exercisable. The call options are exercisable beginning on the date that specified conditions are met for each respective fund. These dates are estimate and subject to change based on last funding date.
(2) Purchase price is the lessor of fair market value at the time the option is exercised and the sum of (i) 5% of the investors’ contributed capital balance at the time the option is exercisable, and (ii) the fair market value of any unpaid tax law change losses incurred by the investor in connection with the exercise of the put option.
The call options are exercisable beginning on the date that specified conditions are met for the fund.
Because the put options represent redemption features that are not solely within our control, the non-controlling interest in this fund is presented outside of permanent equity. Redeemable non-controlling interests are reported using the greater of their carrying value (which is impacted by attribution under the HLBV method) or their estimated redemption value at each reporting period. At both December 31, 2024 and 2023, redeemable non-controlling interests were reported in the accompanying consolidated balance sheets at their carrying values, as the carrying value at each reporting period was greater than the estimated redemption value.