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Variable Interest Entities (VIEs) - Schedule of Assets and Liabilities, Variable Interest Entities (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Jun. 30, 2025
Dec. 31, 2024
Current assets        
Cash and cash equivalents $ 400,792 $ 429,474 $ 339,703  
Receivables, net (including amounts from related parties) 465,080 374,465    
Other receivables 24,113 26,385    
Prepaid expenses and other current assets 25,857 26,264    
Loans receivable 3,318 4,926    
Total current assets 919,160 863,313    
Non-current assets        
Property and equipment, net 62,567 57,332    
Intangible assets, net 243,312 270,968    
Goodwill 886,995 865,305    
Income taxes receivable, net of current portion 26,220 26,220    
Loans receivable, net of current portion 49,273 48,724    
Investments in other entities – equity method 27,805 25,637    
Operating lease right-of-use assets 39,194 35,738    
Other assets 27,554 25,424    
Total non-current assets 1,362,920 1,355,348    
Total assets [1] 2,282,080 2,218,661    
Current liabilities        
Accounts payable and accrued expenses 245,860 195,912    
Fiduciary accounts payable 3,771 3,524    
Medical liabilities 415,765 335,705 $ 287,691 $ 209,039
Income taxes payable 2,082 0    
Operating lease liabilities 8,938 7,809    
Other liabilities 17,375 24,458    
Total current liabilities 747,639 615,273    
Non-current liabilities        
Deferred tax liability 8,795 5,491    
Operating lease liabilities, net of current portion 33,975 31,552    
Other long-term liabilities 10,442 17,107    
Total non-current liabilities 935,862 1,045,054    
Total liabilities [1] 1,683,501 1,660,327    
Variable Interest Entity, Primary Beneficiary        
Current assets        
Cash and cash equivalents 199,454 202,164    
Other receivables 11,387 8,907    
Prepaid expenses and other current assets 10,946 12,946    
Loans receivable 762 753    
Amount due from affiliates [2] 25,050 58,265    
Total current assets 443,048 491,964    
Non-current assets        
Property and equipment, net 44,192 41,646    
Intangible assets, net 195,368 216,594    
Goodwill 545,674 524,751    
Income taxes receivable, net of current portion 12,405 12,405    
Loans receivable, net of current portion 111 194    
Investments in other entities – equity method 18,355 17,069    
Investment in affiliates [2] 284,623 152,155    
Operating lease right-of-use assets 29,687 26,499    
Other assets 5,154 3,692    
Total non-current assets 1,135,569 995,005    
Total assets 1,578,617 1,486,969    
Current liabilities        
Accounts payable and accrued expenses 127,107 108,309    
Fiduciary accounts payable 3,771 3,524    
Medical liabilities 173,017 198,919    
Income taxes payable 16,145 15,007    
Operating lease liabilities 6,426 5,473    
Other liabilities 4,601 6,505    
Total current liabilities 331,067 337,737    
Non-current liabilities        
Deferred tax liability 7,418 7,159    
Operating lease liabilities, net of current portion 26,571 24,241    
Other long-term liabilities 1,832 6,855    
Total non-current liabilities 35,821 38,255    
Total liabilities 366,888 375,992    
Variable Interest Entity, Primary Beneficiary | Related Party        
Current assets        
Receivables, net (including amounts from related parties) $ 195,449 $ 208,929    
[1] The Company’s condensed consolidated balance sheets include the assets and liabilities of its consolidated VIEs. The condensed consolidated balance sheets include (a) total assets of $1,268.9 million and $1,276.5 million as of June 30, 2026 and December 31, 2025, respectively, that can be used only to settle obligations of the Company’s consolidated VIEs and (b) total liabilities of the consolidated VIEs of $366.9 million and $376.0 million as of June 30, 2026 and December 31, 2025, respectively, for which creditors do not have recourse to the general credit of the Company, the VIE’s primary beneficiary. These VIE balances do not include $284.6 million of investment in affiliates and $25.1 million of amount due from affiliates as of June 30, 2026 and $152.2 million of investment in affiliates and $58.3 million of amount due from affiliates as of December 31, 2025, as these are eliminated upon consolidation and not presented within the condensed consolidated balance sheets. See Note 15 — “Variable Interest Entities (VIEs)” for further details.

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
[2] Investment in affiliates includes APC’s investment in Astrana. While such shares of Astrana’s common stock are legally issued to APC and outstanding, they are treated as treasury shares for accounting purposes and excluded from shares of common stock outstanding in the accompanying condensed consolidated financial statements. Amounts due to, or from, affiliates are receivables or payables with Astrana’s subsidiaries. As a result, these balances are eliminated upon consolidation and are not reflected on Astrana’s condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025.