P3 Health Partners Inc. Quarterly report [Sections 13 or 15(d)]

Quarterly report [Sections 13 or 15(d)]

Variable Interest Entities (Tables)

Variable Interest Entities (Tables)

3 Months Ended

Mar. 31, 2026

Summary of balance sheet and income statement of VIEs

Since P3 LLC represents substantially all the assets and liabilities of the Company, the following tables provide a summary of the assets, liabilities, and operating performance of only the Network VIEs held at the P3 LLC level.



	March 31, 2026		December 31, 2025
	(in thousands)
ASSETS
Cash	$	6,578	$	4,776
Clinic fees, insurance and other receivables	130		785

Prepaid expenses and other current assets	424		487
Property and equipment, net	32		32
Intangible assets, net	633		660
Other long-term assets	1,424		1,433

TOTAL ASSETS	$	9,221	$	8,173
LIABILITIES AND MEMBERS’ DEFICIT
Accounts payable	$	448	$	394
Accrued expenses and other current liabilities	568		241
Accrued payroll	756		887
Claims payable	4,378		4,199
Other long-term liabilities	916		922
Due to consolidated entities of P3	46,492		46,774
TOTAL LIABILITIES	53,558		53,417
MEMBERS’ DEFICIT	(44,337)		(45,244)
TOTAL LIABILITIES AND MEMBERS’ DEFICIT	$	9,221	$	8,173


	Three Months Ended March 31,
	2026		2025
	(in thousands)
Revenue	$	6,557	$	8,159
Expense	5,445		8,154
Net income	$	1,112	$	5

The following tables provide a summary of the assets, liabilities, and operating performance of the MSO and CPC ACO:


	March 31, 2026
	(in thousands)
ASSETS
Cash	$	708
Clinic fees, insurance and other receivables	1,558
Health plan receivable	8,890
Prepaid expenses and other current assets	253

Intangible assets, net	1,054
Goodwill	4,990


TOTAL ASSETS	$	17,453
LIABILITIES AND MEMBERS’ EQUITY

Accrued expenses and other current liabilities	$	9,875

Claims payable	4,100

Due to consolidated entities of P3	677
TOTAL LIABILITIES	14,652
Non-controlling interest	1,360
Retained earnings	1,441
MEMBERS’ EQUITY	2,801
TOTAL LIABILITIES AND MEMBERS’ EQUITY	$	17,453


	Three Months Ended March 31,
	2026
	(in thousands)
Revenue	$	107,263
Expense	105,462
Net income	$	1,801

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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