Quarterly report [Sections 13 or 15(d)]

Redeemable Non-Controlling Interests

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Redeemable Non-Controlling Interests
 6 Months Ended
Jun. 30, 2024
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, 2025 December 31, 2024
Units (in thousands) Ownership % Units (in thousands) Ownership %
P3 Health Partners Inc.’s ownership of Common Units
3,268 45.5  % 3,257 45.4  %
Non-controlling interest holders’ ownership of Common Units
3,919 54.5  3,919 54.6 
Total Common Units 7,187 100.0  % 7,176 100.0  %
All periods presented in the table above have been retroactively adjusted to reflect the 1-for-50 reverse stock split effected on April 11, 2025. See Note 3 “Significant Accounting Policies” for further information.
During the six months ended June 30, 2024, the Company issued an aggregate of 12,247 shares of Class A common stock to P3 LLC members, as adjusted for the reverse stock split, 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 Company Agreement (the “P3 LLC A&R LLC Agreement”). No similar exchanges or redemptions occurred during the six months ended June 30, 2025.
As of June 30, 2025 and 2024, there was no fair value adjustment to redeemable non-controlling interest recorded as the fair value of redeemable non-controlling interest was greater than the carrying value.