On November 3, 2017, we acquired the controlling interest (54.5% of the common stock) in Esja, a private corporation in Reykjavik, Iceland. Subsequent to additional capital contributions, our equity ownership increased to 56.4%, which is our current equity ownership as of September 30, 2025. Through Esja and its wholly-owned subsidiary, we operate the Flyover Iceland attraction.

The minority Esja shareholders had the right to sell (or “put”) their Esja shares to us based on a multiple of 5.0x EBITDA as calculated on the trailing 12 months from the most recently completed quarter before the put option exercise. The put option was only exercisable after August 2022 (the “Reference Date”), and in the event the Flyover Iceland attraction had earned a minimum of €3.25 million in unadjusted EBITDA during the most recent fiscal year and during the trailing 12-month period prior to exercise (the “Put Option Condition”). The put option was exercisable during a period of 12 months following the Reference Date (the “Option Period”) if the Put Option Condition had been met. If the Put Option Condition had not been met during the first Option Period, the Reference Date was extended for an additional 12 months up to three times. If the Flyover Iceland attraction had not achieved the Put Option Condition by December 31, 2024, the put option would expire. As of December 31, 2024, the Flyover Iceland attraction did not achieve the Put Option Condition and such option expired. The redeemable noncontrolling interest owned by Esja was reclassified to non-redeemable noncontrolling interest and is presented within stockholders’ equity in the Condensed Consolidated Balance Sheets.

The noncontrolling interest’s carrying value was determined by the fair value of the noncontrolling interest as of the acquisition date and the noncontrolling interest’s share of the subsequent net income or loss. This value was benchmarked against the redemption value of the sellers’ put option. The carrying value was adjusted to the redemption value, provided that it did not fall below the initial carrying value, as determined by the purchase price allocation. We made a policy election to reflect any changes caused by such an adjustment to retained earnings (accumulated deficit), rather than to current earnings (loss).

Non-redeemable noncontrolling interest represents the portion of equity in a subsidiary that is not attributable, directly or indirectly, to us. Our non-redeemable noncontrolling interest relates to the equity ownership interest that we do not own. Changes in the non-redeemable noncontrolling interest consisted of the following:


(in thousands)	Glacier Park, Inc. (1)			Brewster (2)			Sky Lagoon			Flyover Iceland			Total
Balance as of December 31, 2024	$	19,998		$	54,923		$	12,563		$	3,379		$	90,863
Net income (loss) attributable to non-redeemable noncontrolling interest		1,917			5,977			6,602			(379	)		14,117
Purchase of noncontrolling interest		(21,931	)		—			—			—			(21,931	)
Distributions to noncontrolling interest		—			—			(5,436	)		—			(5,436	)
Unrealized foreign currency translation adjustments		16			1,721			1,841			433			4,011
Balance as of September 30, 2025	$	—		$	62,621		$	15,570		$	3,433		$	81,624
Equity ownership interest that we do not own as of September 30, 2025		—			40.0	%		49.0	%		43.6	%

(1)

During the three and nine months ended September 30, 2025, we purchased the remaining 20% equity ownership share of Glacier Park, Inc. that was held by a noncontrolling interest for $13.0 million. As a result, the difference between the balance of the noncontrolling interest at the time of purchase and the cash paid was recorded as an increase to additional capital on our Condensed Consolidated Balance Sheet.

(2)

Includes Mountain Park Lodges and the Golden Skybridge at Brewster, part of the Banff Jasper Collection.