Equity

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Equity

Equity

Share Repurchases and Retirements.

Activity related to the repurchase and retirement of shares is as follows:

Repurchase and retirement description	Three Months Ended March 31, 2026
Shares repurchased under the August 2025 Repurchase Program	118,867
Shares repurchased under the March 2026 Repurchase Program	21,061
Shares retired under the Settlement Agreements with former doctor owners of under construction hospitals	60,516
Total shares repurchased and retired	200,444

August 2025 Repurchase Program. On August 14, 2025, the Board authorized a stock repurchase program (the "August 2025 Repurchase Program") of up to $25.0 million of the Company’s common stock over the subsequent six months. During the period ended March 31, 2026, the Company repurchased 118,867 shares of common stock under the Repurchase Program in open market transactions at a weighted-average price of $168.65 for an aggregate price of $20.0 million, inclusive of transaction costs. The purchases completed the August 2025 Repurchase Program.

March 2026 Repurchase Program. On March 4, 2026, the Board authorized a second stock repurchase program (the "March 2026 Repurchase Program") of up to $25.0 million of the Company's common stock over the subsequent six months. Pursuant to the Repurchase Program, the Company may repurchase, from time to time, up to an aggregate of $25.0 million of its outstanding shares of common stock, exclusive of any fees, commissions or other expenses related to such repurchases. The March 2026 Repurchase Program permits the Company to repurchase shares of common stock at any time or from time to time at management’s discretion in open market transactions made in accordance with the provisions of Rule 10b-18 and/or Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, privately negotiated transactions or by other means in accordance with applicable securities laws. The Repurchase Program authorization does not obligate the Company to acquire any shares of its common stock and may be amended, suspended or discontinued at any time.

During the three months ended March 31, 2026, the Company repurchased 21,061 shares of common stock under the Repurchase Program in open market transactions at a weighted-average price of $92.96 for an aggregate price of $2.0 million, inclusive of transaction costs. At March 31, 2026, we had approximately $23.0 million available under the March 2026 Repurchase Program.

Settlement Agreements with certain Former Doctor Owners of Under Construction Hospitals. During the three months ended March 31, 2026, the Company entered into agreements with certain former doctor owners to settle existing disputes and, in connection with the settlements, retire a portion of the shares issuable to satisfy obligations for under-construction and ramping hospitals. See Note 11 – Stock-based Compensation for discussion of additional issuances of stock for Under Construction Hospitals, an obligation within the Contribution Agreements. During the three months ended March 31, 2026, the Company retired 60,516 shares of common stock at an aggregate value of $9.7 million.

Common Stock Warrants. Warrant activity is as follows:

	Warrants Outstanding	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (years)
Warrants outstanding at December 31, 2024	207,338	$	113.78	3.68
Warrants issued	—	—
Warrants exercised	—	—
Warrants expired	(3,701)	1,000.50
Warrants outstanding at March 31, 2025	203,637	$	97.68	3.76
Warrants outstanding at December 31, 2025	144,620	$	110.54	2.90
Warrants issued	—	—
Warrants exercised	—	—
Warrants expired	(1,922)	600.00
Warrants outstanding at March 31, 2026	142,698	$	103.94	2.70

Warrants outstanding as of March 31, 2026 consisted of:

Expiration Date	Number Outstanding	Number Exercisable	Exercise Price
July 31, 2026	16,888	16,888	232.50
May 31, 2027	30,674	30,674	262.50
September 30, 2029	16,501	16,501	30.00
October 31, 2029	57,250	57,250	30.00
November 30, 2029	5,167	5,167	30.00
December 31, 2029	16,218	16,218	30.00
Total	142,698	142,698