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Variance Memo
Q3 2026 · Bridger Holdings · illustrative
Draft prepared by Vera from this quarter's flags — review and edit before finalizing.
Summary
Consolidated net income for Q3 2026 is $35.0M, −1.8% versus the reforecast. Two material items drive the variance and are detailed below; both were caught during the close and are reflected in the consolidated statements.
1. Marin Health Partners
EBITDA −9.0% vs reforecast. A payer-mix shift and two contracts repricing; above the 5% materiality threshold.
2. BH Direct Investments SPV
Intercompany mgmt-fee break $15k. The SPV books $320k; Bridger Holdings books $305k. Elimination co-signed at $320k with a noted receivable.
All other lines are within the 3% materiality threshold. No restatements. Reforecast baseline pulled Sep 30.