For the years ended December 31, 2024 and 2023, the Company’s equity method investment balance consisted of the following (in thousands):


	% of Ownership	December 31, 2023		Initial Investment		Allocation of Net Income (Loss)			December 31, 2024
LaSalle Medical Associates – IPA Line of Business	25%	$	9,866	$	—	$	3,262		$	13,128
Pacific Medical Imaging & Oncology Center, Inc.	40%		1,691		—		(31	)		1,660
CAIPA MSO, LLC	30%		13,660		—		952			14,612
I Health, Inc.	25%		—		5,968		109			6,077
Other *	25% - 51%		557		3,126		159			3,842
		$	25,774	$	9,094	$	4,451		$	39,319

*Other consists of smaller equity method investments including those from the CHS acquisition.


	% of Ownership	December 31, 2022		Initial Investment		Allocation of Net Income (Loss)			Funding		Adjustment of Fair Value**		Distribution			December 31, 2023
LaSalle Medical Associates – IPA Line of Business	25%	$	5,684	$	—	$	4,182		$	—	$	—	$	—		$	9,866
Pacific Medical Imaging & Oncology Center, Inc.	40%		1,878		—		(187	)		—		—		—			1,691
531 W. College, LLC **	50%		17,281		—		(508	)		700		91		(17,564	)		—
One MSO, LLC **	50%		2,718		—		938			—		3,260		(6,916	)		—
CAIPA MSO, LLC	30%		12,738		—		922			—		—		—			13,660
Other *	25%		—		325		232			—		—		—			557
		$	40,299	$	325	$	5,579		$	700	$	3,351	$	(24,480	)	$	25,774

* Other consists of smaller equity method investments.

** Investments deemed Excluded Assets that are solely for the benefit of APC and its common shareholders. These Excluded Assets were spun-off on December 26, 2023 as part of the Spin-off (see Note 20—“Segments”).

On March 31, 2024, a wholly owned subsidiary of the Company acquired a 25% equity interest in I Health, Inc. (“I Health”), a management service organization. The Company accounts for its investment in I Health under the equity method of accounting as the Company has the ability to exercise significant influence, but not control over, I Health’s operations. The purchase agreement includes a call option that allows the Company to purchase an additional 25% equity interest on each of the first, second, and third anniversary of the purchase (“I Health Call Option”). The total purchase price for this arrangement was $9.9 million, consisting of $3.9 million in the form of a call option, and $6.0 million as the initial investment of the 25% equity interest. See Note 21—“Fair Value Measurements of Financial Instruments” for additional information about the I Health Call Option.

On October 4, 2024, the Company acquired 50%-51% equity interests in entities that operate similarly to the Care Partners segment through its acquisition of CHS (see Note 3—“Business Combinations, Asset Acquisitions, and Goodwill” for additional information about the CHS acquisition). These entities were determined to be VIEs but are not consolidated because CHS provides financial support to these entities but lacks a controlling financial interest and is not the primary beneficiary. Thus, these VIEs are accounted for under the equity method of accounting, The Company recognizes its share of the investee’s earnings or losses under the hypothetical-liquidation-at-book-value method. The Company’s initial investment in these entities was valued at $3.1 million. As of December 31, 2024, the Company’s maximum exposure to loss was $3.2 million which represents the carrying value of the Company’s investments in the non-consolidated VIEs. The Company records its investments in the non-consolidated VIEs within investments in other entities – equity method in the accompanying consolidated balance sheets.

Equity method investments are subject to impairment evaluation. There was no impairment loss recorded related to equity method investments for the years ended December 31, 2024, 2023, and 2022.

In May 2018, APC purchased 270,000 membership interests of MediPortal LLC, a New York limited liability company, for $0.4 million or $1.50 per membership interest, which represented approximately 2.8% ownership interest. In connection with the initial purchase, APC received a five-year warrant to purchase an additional 270,000 membership interests. A five-year option to purchase an additional 380,000 membership interests and a five-year warrant to purchase 480,000 membership interests were contingent upon the portal completion date. These warrants and options were not exercised and were expired as of December 31, 2023. As the membership interests do not have a readily determinable fair value and APC does not have the ability to exercise significant influence, and lacks control over the investee, this investment is measured at cost, adjusted for observable price changes and impairments, with changes recognized in net income. During the years ended December 31, 2024, 2023, and 2022 there were no observable price changes to APC’s investment.

In July 2019, Astrana Health Management, Inc. (“AHM”), a wholly owned subsidiary of the Company, and AchievaMed, Inc., a California corporation (“AchievaMed”), entered into an agreement in which AHM would purchase 50% of the aggregate shares of capital stock of AchievaMed over a period of time not to exceed five years. As a result of this transaction, AHM invested $0.5 million for a 10% interest. The related investment balance of $0.5 million is included in investments in privately held entities in the accompanying consolidated balance sheets as of December 31, 2024. As the membership interests do not have a readily determinable fair value and AHM does not have the ability to exercise significant influence, and lacks control, over the investee, this investment is accounted for using a measurement alternative, which allows the investment to be measured at cost, adjusted for observable price changes and impairments, with changes recognized in net income. During the years ended December 31, 2024, 2023, and 2022 there were no observable price changes to AHM’s investment.

In August 2022, the Company entered into a Simple Agreement for Future Equity (“SAFE”) with Third Way Health, Inc. (“Third Way Health”). Based on certain triggering events defined in the SAFE, the Company has rights to Third Way Health’s shares. The number of shares to be acquired will be calculated when the triggered event occurs. During the year ended December 31, 2024, the Company contributed an additional $2.5 million to the SAFE. As of December 31, 2024 and 2023, the related investment balance of $6.0 million and $3.5 million, respectively, is included in investments in privately held entities in the accompanying consolidated balance sheets. As the Company does not have a readily determinable fair value and does not have the ability to exercise significant influence, and lacks control, over the investee, this investment is accounted for using a measurement alternative, which allows the investment to be measured at cost, adjusted for observable price changes and impairments, with changes recognized in net income. During the years ended December 31, 2024, 2023, and 2022, there were no observable price changes to the Third Way Health investment.

On April 1, 2023, the Company entered into a SAFE with Seen Health, Inc. (“Seen Health”). Based on certain triggering events defined in the SAFE, the Company has rights to Seen Health’s shares. The number of shares to be acquired will be calculated when the triggering event occurs. As of December 31, 2024 and 2023, the related investment balance of $2.0 million, respectively, is included in investments in privately held entities in the accompanying consolidated balance sheets. As the Company does not have a readily determinable fair value and does not have the ability to exercise significant influence, and lacks control, over the investee, this investment is accounted for using a measurement alternative, which allows the investment to be measured at cost, adjusted for observable price changes and impairments, with changes recognized in net income. During the years ended December 31, 2024 and 2023, there were no observable price changes to the Seen Health investment.