i3 Verticals, Inc. is the sole managing member of i3 Verticals, LLC, and as a result, consolidates the financial results of i3 Verticals, LLC and reports a non-controlling interest representing the Common Units of i3 Verticals, LLC held by the Continuing Equity Owners. Changes in i3 Verticals, Inc.’s ownership interest in i3 Verticals, LLC while i3 Verticals, Inc. retains its controlling interest in i3 Verticals, LLC will be accounted for as equity transactions. As such, future redemptions or direct exchanges of Common Units of i3 Verticals, LLC by the Continuing Equity Owners will result in a change in ownership and reduce or increase the amount recorded as non-controlling interest and increase or decrease additional paid-in capital when i3 Verticals, LLC has positive or negative net assets, respectively.

As of June 30, 2026 and 2025, respectively, i3 Verticals, Inc. owned 18,241,855 and 23,780,915 of i3 Verticals, LLC's Common Units, representing a 68.5% and 73.8% economic ownership interest in i3 Verticals, LLC.

The following table summarizes the impact on equity due to changes in the Company's ownership interest in i3 Verticals, LLC:


	Nine Months Ended June 30,
	2026		2025
Net income attributable to non-controlling interest	$	3,372	$	7,518
Transfers from non-controlling interests:
Distributions to non-controlling interest holders	122		(347)
Redemption of common units in i3 Verticals, LLC	—		(17,070)
Recapitalization from contribution to i3 Verticals, LLC	—		5,689
Allocation of equity from non-controlling interests	(11,851)		(3,588)
Net transfers from non-controlling interests	(11,729)		(15,316)
Change from net income attributable to non-controlling interests and net transfers from non-controlling interests	$	(8,357)	$	(7,798)

See Note 12 for information regarding certain recapitalization actions the Company and i3 Verticals, LLC effected during the nine months ended June 30, 2025 in order to reduce excess cash held at the Company as a result of its “Up-C” structure, which adjusted the Company’s and the Continuing Equity Owners’ respective ownership interests in i3 Verticals, LLC.