General Discussion Topics, page-96365

JB ... its called "economic interest"
1. PLL owns 25% of the equity in the JV (SYQ) as you've noted - which owns 100% of NAL
2. PLL owns ~14% of the equity interest in SYA
3. If for example SYQ had $400M of surplus cash to distribute, then $100M goes to PLL and $300M goes to SYA
4. If SYA decided to pay a dividend to its equity owners, say $300M for example, then they would pay $42M to PLL (14% of $300M)

So if we just consider that that dividend was the only cash generating asset (which is currently is), then PLL has received a total of $142M out of the $400M that the NAL asset generated.

142/400 = 35.5% ... so PLL has an effective 35.5% economic interest.

Make sense?