The agreement eliminates the put option that previously allowed investors to force Humana to buy out their shares. While Humana will now record a liability at fair value on its balance sheet, the company anticipates an overall reduction in total liabilities compared to the previous arrangement with WCAS. This shift stabilizes Humana’s long-term capital obligations regarding the clinics.

Under the updated terms, CenterWell gains the right to begin purchasing clinics from the venture starting in 2028. Should the company fail to acquire the full portfolio by the end of 2033, BlackRock retains the right to trigger a sale process for the remaining assets. Despite these structural changes, Humana reaffirmed its financial outlook, maintaining a guidance of at least $9 in adjusted earnings per common share for the fiscal year ending December 31.