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REDEEMABLE NONCONTROLLING INTERESTS

3 Months Ended

Mar. 31, 2026

The Company acquired controlling interest in certain entities whose minority interest holders have the right, at certain times, to require the Company to acquire their ownership interest. As a result of these redemption features, the Company recorded the respective redeemable noncontrolling interests within temporary, or mezzanine, equity on the Company's condensed consolidated balance sheets.

XO Markets Holdings, Inc.

During the year ended December 31, 2025, the Company purchased the remaining interest in XO Markets Holdings, Inc. ("XO") for $3.6 million in cash and $1.4 million in Voyager equity in a swap of XO common shares for Voyager Common stock, to increase the ownership to 100.0%.

Valley Tech Systems, Inc.

During the year ended December 31, 2025, the Company purchased the remaining interest in Valley Tech Systems, Inc. ("VTS") for $7.0 million in cash and $3.3 million in Voyager equity in a swap of VTS common shares for Voyager Common stock, to increase the ownership to 100.0%.

The following table presents the changes in redeemable noncontrolling interest between December 31, 2024 to March 31, 2025:


	XO		VTS		Total
Balance at December 31, 2024	$	21,542	$	10,889	$	32,431
Net income (loss) attributable to redeemable noncontrolling interests	(136)		87		(49)
Redemptions of redeemable noncontrolling interests	(1,440)		(3,347)		(4,787)
Balance at March 31, 2025	$	19,966	$	7,629	$	27,595

As all of the noncontrolling interest was eliminated during the year ended December 31, 2025, there was no activity for the three months ended March 31, 2026.