12. Related Party Transactions

Net patient service revenue, Related Party

The Company provides diagnostic imaging services and radiology services to its JV centers, which are operated through unconsolidated affiliates and, which include CIS, BTDI, SCLTDI and IH-USRS as co-owners. Based on service agreements with these entities, the Company recorded patient revenue of $8.3 million and $8.1 million related to these services during the three months ended March 31, 2026 and 2025, respectively, which is included in Net patient service revenue, related party on the condensed consolidated statements of operations and comprehensive income (loss). The Company has a receivable from JV centers in the amount of $1.9 million and $2.8 million as of March 31, 2026 and December 31, 2025, respectively, which is included in Accounts receivable, related party on the condensed consolidated balance sheets.

Management fee revenue and other, Related Party

The Company provides management and administrative services based on management service agreements including staff and administrative support to its JV centers, which are operated through investments in unconsolidated affiliates. A large portion of this revenue relates to JV centers operated through BTDI, for which the Company recorded revenue of $35.5 million and $34.0 million related to these services during the three months ended March 31, 2026 and 2025, respectively, which is included in Management fee and other revenue, related party on the condensed consolidated statements of operations and comprehensive income (loss). The Company has a receivable from BTDI in the amount of $8.8 million and $9.1 million as of March 31, 2026 and December 31, 2025, respectively, which is included in Accounts receivable, related party on the condensed consolidated balance sheets.

For all other JV centers, the Company recorded management fees of $14.1 million and $12.8 million, which is included in Management fee and other revenue, related party on the condensed consolidated statements of operations and comprehensive income (loss) during the three months ended March 31, 2026 and 2025, respectively. The Company has a receivable from these JV centers in the amount of $5.2 million and $6.4 million as of March 31, 2026 and December 31, 2025, respectively, which is included in Accounts receivable, related party on the condensed consolidated balance sheets.

The Company also provides management services and administrative services based on management service agreements to Atrium Health and its subsidiaries (“Atrium”), which is an investor in Lumexa Imaging and, before the completion of the Company’s IPO, had the right to appoint one LII manager to Holdings LLC’s board of managers, thus resulting in a related party relationship. Atrium Health does not have the right to appoint any directors to the Company’s board of directors and is no longer considered a related party subsequent to the Company’s IPO. Atrium is an investor, along with LII, in CIS. The revenue for such services earned from Atrium was $0.6 million during the three months ended March 31, 2025 and is included in Management fee and other revenue, related party on the condensed consolidated statements of operations and comprehensive income (loss). Atrium owed the Company $0.6 million at December 31, 2025, for such services, which are included in Accounts receivable, related party on the condensed consolidated balance sheets.

Unsecured Debt