When is NCI classified as mezzanine equity, and what are the implications?

NCI may be classified outside permanent equity, often called mezzanine equity, when redemption features or put rights create an obligation that is not purely discretionary. The implication is that the minority interest may behave more like a financial claim than ordinary equity. In valuation and credit analysis, redeemable NCI may be treated as debt-like or separately adjusted in the EV bridge.