Quarterly report pursuant to Section 13 or 15(d)

Redeemable Non-Controlling Interests

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Redeemable Non-Controlling Interests
 3 Months Ended
Mar. 31, 2023
Noncontrolling Interest [Abstract]  
Redeemable Non-Controlling Interest
Non-controlling interest represents the portion of P3 LLC that the Company controls and consolidates but does not own (i.e., the Common Units held directly by equity holders other than the Company).
The ownership of the Common Units is summarized as follows:
March 31, 2024 December 31, 2023
Units (in thousands) Ownership % Units (in thousands) Ownership %
P3 Health Partners Inc.’s ownership of Common Units
119,409 37.8  % 116,588 37.2  %
Non-controlling interest holders’ ownership of Common Units
196,494 62.2  196,569 62.8 
Total Common Units 315,903 100.0  % 313,157 100.0  %
During the three months ended March 31, 2024, there were an aggregate of 0.1 million shares of Class A common stock issued to P3 LLC members in connection with such members’ redemptions of an equivalent number of Common Units and corresponding cancellation and retirement of an equivalent number of Class V common stock. Such retired shares of Class V common stock may not be reissued. The redemptions occurred pursuant to the terms of the P3 LLC Amended and Restated Limited Liability Agreement (the “P3 LLC A&R LLC Agreement”). There was no Common Unit exchange or redemption activity during the three months ended March 31, 2023.