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)

6 Months Ended

Jun. 30, 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.



	June 30, 2026		December 31, 2025
	(in thousands)
ASSETS
Cash	$	6,637	$	4,776
Clinic fees, insurance and other receivables	608		785

Prepaid expenses and other current assets	11		487
Property and equipment, net	40		32
Intangible assets, net	605		660
Other long-term assets	1,414		1,433

TOTAL ASSETS	$	9,315	$	8,173
LIABILITIES AND MEMBERS’ DEFICIT
Accounts payable	$	344	$	394
Accrued expenses and other current liabilities	365		241
Accrued payroll	640		887
Claims payable	4,316		4,199
Other long-term liabilities	901		922
Due to consolidated entities of P3	47,525		46,774
TOTAL LIABILITIES	54,091		53,417
MEMBERS’ DEFICIT	(44,776)		(45,244)
TOTAL LIABILITIES AND MEMBERS’ DEFICIT	$	9,315	$	8,173


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(in thousands)
Revenue	$	5,916	$	5,395	$	12,473	$	13,554
Expense	6,354		4,525		11,799		12,679
Net income	$	(438)	$	870	$	674	$	875

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


	June 30, 2026
	(in thousands)
ASSETS
Cash	$	272
Clinic fees, insurance and other receivables	13
Health plan receivable	13,585
Prepaid expenses and other current assets	169

Intangible assets, net	958
Goodwill	4,990

Due from consolidated entities of P3	$	1,039
TOTAL ASSETS	$	21,026
LIABILITIES AND MEMBERS’ EQUITY
Accounts payable	$	59
Accrued expenses and other current liabilities	14,969

Claims payable	6,132


TOTAL LIABILITIES	21,160


MEMBERS’ DEFICIT	(134)
TOTAL LIABILITIES AND MEMBERS’ DEFICIT	$	21,026


	Three Months Ended June 30,		Six Months Ended June 30,
	2026			2026
	(in thousands)
Revenue	$	80,300		$	187,563
Expense	83,234			188,696
Net income	$	(2,934)		$	(1,133)

- 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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