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 consolidated balance sheets. The following presents the rights of the redemption minority interest of the respective acquired entities.

During the year ended December 31, 2024, the Company redeemed the remaining interest in Altius with insignificant cash impact and increased its ownership interest to 100%.

During the year ended December 31, 2025, the Company purchased the remaining interest in 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%.

During the year ended December 31, 2024, the Company purchased additional interest in VTS’s ownership for $9.5 million. As a result of the transactions that occurred in 2024, the Company’s ownership interest in VTS increased from 69.7% to 84.0%.

During the year ended December 31, 2025, the Company purchased the remaining interest in 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%.

During the year ended December 31, 2024, the Company acquired the remaining interest in SMI for an immaterial amount of cash and Voyager Common stock.


	Altius		XO		VTS		SMI		Total
Balance at December 31, 2023	$	(885)	$	22,014	$	20,046	$	1,582	$	42,757
Net income (loss) attributable to redeemable noncontrolling interests	2		(37)		335		(34)		266
Redemptions of redeemable noncontrolling interests	883		(435)		(9,492)		(1,548)		(10,592)
Balance at December 31, 2024	$	—	$	21,542	$	10,889	$	—	$	32,431
Net income (loss) attributable to redeemable noncontrolling interests	—		(302)		87		—		(215)
Redemptions of redeemable noncontrolling interests	—		(21,240)		(10,976)		—		(32,216)
Balance at December 31, 2025	$	—	$	—	$	—	$	—	$	—