The Company has invested in several entities in the healthcare industry similar to the Care Partners, Care Delivery and Care Enablement segments. The Company holds a range of 25% – 51% equity interest in these investments that are accounted for under the equity method, as the Company has the ability to exercise significant influence, but not control over operations. For the three and nine months ended September 30, 2025, the Company recognized income from equity method investments of $1.0 million and $0.5 million, respectively, within the accompanying condensed consolidated statements of income. For the three and nine months ended September 30, 2024, the Company recorded income from equity method investments of $1.4 million and $2.9 million, respectively, within the accompanying condensed consolidated statements of income. Equity method investments are subject to impairment evaluation. No impairment loss was recorded related to equity method investments for the three and nine months ended September 30, 2025 and 2024.

The following tables summarize the Company’s equity method investments as of September 30, 2025 and December 31, 2024 (dollars in thousands):


	% of Ownership	September 30, 2025		December 31, 2024
LaSalle Medical Associates – IPA line of business	25%	$	14,169	$	13,128
CAIPA MSO, LLC	30%		—		14,612
I Health, Inc.	25%		—		6,077
Other(1)	25% – 51%		4,293		5,502
		$	18,462	$	39,319

(1)

Other consists of smaller equity method investments.

The Company records its investments in certain non-consolidated VIEs within investments in other entities – equity method in the accompanying condensed consolidated balance sheets. These entities were determined to be VIEs but are not consolidated. Despite providing financial support to these entities, the Company lacks a controlling financial interest and is not the primary beneficiary. Thus, these VIEs are accounted for under the equity method of accounting. As of September 30, 2025, the Company’s maximum exposure to loss was $2.0 million, which represents the carrying value of the Company’s investments in the non-consolidated VIEs.

On July 1, 2025, the Company paid cash to acquire an additional 37.5% equity interest in I Health by exercising the I Health Call Option (see Note 3 — “Business Combinations and Goodwill”). As of September 30, 2025, the Company held a 62.5% equity interest in I Health, and became the primary beneficiary with majority controlling interest. As such, as of September 30, 2025, I Health was a consolidated entity of the Company and no longer an equity method investment.

On July 31, 2025, a wholly owned subsidiary of the Company sold its 30% ownership in CAIPA MSO, LLC for a cash payment of $15.1 million.

The Company accounts for certain equity investments using the cost basis, adjusted for observable price changes and impairments, when there is no readily determinable fair value. Observable price changes and impairments are recognized in net income. As of both September 30, 2025, and December 31, 2024, our investments in privately held entities were $8.9 million,

for which a fair value is not readily determinable and we do not have significant influence. During the nine months ended September 30, 2025 and 2024, there were no observable price changes to these investments.