Annual report [Section 13 and 15(d), not S-K Item 405]

Variable Interest Entities - Narratives (Details)

v3.26.1
Variable Interest Entities - Narratives (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Variable Interest Entities    
Management service fee (as a percent) 2.00%  
Investment, Variable Interest Rate, Type [Extensible Enumeration] Prime Rate [Member]  
Variable Interest Entity    
TOTAL ASSETS [1] $ 656,641 $ 783,420
TOTAL LIABILITIES [1] 796,876 633,891
VIE    
Variable Interest Entity    
TOTAL ASSETS 8,173 9,256
TOTAL LIABILITIES 53,417 $ 55,180
VIE | P3 Commonwealth Innovation MSO, LLC    
Variable Interest Entity    
TOTAL ASSETS 6,100  
TOTAL LIABILITIES $ 5,100  
[1] The Company’s consolidated balance sheets include the assets and liabilities of its consolidated variable interest entities (“VIEs”). As discussed in Note 21 “Variable Interest Entities,” P3 LLC is itself a VIE. P3 LLC represents substantially all the assets and liabilities of the Company. As a result, the language and amounts below refer only to VIEs held at the P3 LLC level. The consolidated balance sheets include total assets that can be used only to settle obligations of P3 LLC’s consolidated VIEs totaling $8.2 million and $9.3 million as of December 31, 2025 and 2024, respectively, and total liabilities of P3 LLC’s consolidated VIEs for which creditors do not have recourse to the general credit of the Company totaled $6.6 million and $14.9 million as of December 31, 2025 and 2024, respectively. These VIE assets and liabilities do not include $46.8 million and $40.3 million of net amounts due to affiliates as of December 31, 2025 and 2024, respectively, as these are eliminated in consolidation and not presented within the consolidated balance sheets.
All periods presented have been retroactively adjusted to reflect the 1-for-50 reverse stock split effected on April 11, 2025.