Unconsolidated Affiliates

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Note 4—Unconsolidated Affiliates

Investments in unconsolidated affiliates are as follows (in millions):


		September 30, 2025				December 31, 2024
	Ownership Percentage (1)	Carrying Value		Excess carrying value of investment over proportionate share of net assets		Carrying Value		Excess carrying value of investment over proportionate share of net assets
Orbit Private Investments L.P.	9.8%	$	202.2	$	—	$	203.9	$	—
International Financial Data Services L.P.	50.0%		67.8		25.5		60.2		28.0
Broadway Square Partners, LLP	50.0%		51.6		28.0		52.2		28.6
Pershing Road Development Company, LLC	50.0%		10.2		51.2		10.1		53.0
Other unconsolidated affiliates			1.8		—		2.0		—
Total		$	333.6	$	104.7	$	328.4	$	109.6

(1)

Ownership percentage is as of September 30, 2025 and December 31, 2024.

Investments in unconsolidated affiliates are accounted for under the equity method of accounting. We record our proportionate share of the results of the unconsolidated affiliates and amortization expense related to basis differences in equity in earnings of unconsolidated affiliates, net on the unaudited condensed consolidated statements of comprehensive income. During the nine months ended September 30, 2025, we invested an additional $9.7 million in Orbit Private Investment L.P.

Equity in earnings of unconsolidated affiliates, net are as follows (in millions):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024

Orbit Private Investments L.P.	$	(11.5	)	$	(0.3	)	$	(11.4	)	$	17.1
International Financial Data Services L.P.		0.1			1.3			4.5			4.3
Broadway Square Partners, LLP		(0.3	)		0.2			(0.7	)		(0.1	)
Pershing Road Development Company, LLC		0.3			(0.2	)		0.1			(0.7	)
Other unconsolidated affiliates		(0.2	)		0.1			(0.2	)		0.1
Total	$	(11.6	)	$	1.1		$	(7.7	)	$	20.7

SS&C Technologies Holdings Inc 10-Q