Quarterly report pursuant to Section 13 or 15(d)

Redeemable Non-Controlling Interests

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Redeemable Non-Controlling Interests
 6 Months Ended
Jun. 30, 2023
Noncontrolling Interest [Abstract]  
Redeemable Non-Controlling Interest
Note 10: 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:
June 30, 2024 December 31, 2023
Units (in thousands) Ownership % Units (in thousands) Ownership %
P3 Health Partners Inc.’s ownership of Common Units
161,762 45.2  % 116,588 37.2  %
Non-controlling interest holders’ ownership of Common Units
195,957 54.8  196,569 62.8 
Total Common Units 357,719 100.0  % 313,157 100.0  %
During the six months ended June 30, 2024 and 2023, there were an aggregate of 0.6 million shares and 3.4 million shares, respectively, 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”).
As of June 30, 2024, there was no remeasurement adjustment recorded as the fair value of redeemable non-controlling interest (i.e., based on the five-day volume-weighted average price of a share of Class A common stock) was less than the carrying value. As of June 30, 2023, there was a $330.6 million remeasurement adjustment recorded as the fair value of redeemable non-controlling interest was greater than the carrying value. The offset of the fair value adjustment was recorded to additional paid in capital.