0001834376-26-000022 | 10-Q | XBRL Viewer

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Leases - Schedule of Components of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026	Mar. 31, 2025
Component of Lease Cost
Operating lease cost	$ 1,526	$ 6	$ 4,580	$ 1,566
Amortization of leased assets	1,184	1,352	3,681	3,961
Interest on lease liabilities	200	0	670	0
Variable lease cost	0	0	0	4
Short-term lease cost	35	81	128	146
Total lease expense	$ 2,945	$ 1,439	$ 9,059	$ 5,677

Summary of Significant Accounting Policies

9 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

The Company described its significant accounting policies in Note 2, “Summary of Significant Accounting Policies” of the Notes to Consolidated Financial Statements in its Annual Report on Form 10-K for the year ended June 30, 2025 (“2025 10-K”). There were no significant changes to those accounting policies during the nine months ended March 31, 2026.

Basis of Preparation and Principles of Consolidation

The unaudited interim condensed consolidated financial statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to such regulations. These financial statements have been prepared on a basis consistent with the accounting principles applied for the fiscal year ended June 30, 2025. In the opinion of management, all adjustments (consisting of all normal and recurring adjustments) considered necessary for a fair presentation have been included. The condensed consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries and variable interest entities (“VIEs”) for which it is the primary beneficiary and entities for which it is the controlling general partner. All intercompany accounts and transactions have been eliminated in consolidation.

The Company does not have any components of comprehensive income (loss) and comprehensive income (loss) is equal to net income (loss) reported in the statements of operations for all periods presented.

Property and Equipment

Property and equipment were comprised of the following as of March 31, 2026 and June 30, 2025:


dollars in thousands	Estimated Useful Lives	March 31, 2026		June 30, 2025
Land	N/A	$	10,738	$	10,738
Buildings and leasehold improvements	10 - 40 years	146,024		143,923
Software	3 - 5 years	32,178		31,776
Equipment and vehicles	3 - 7 years	73,028		72,370
Construction in progress	N/A	13,035		8,000
		275,003		266,807
Less: accumulated depreciation and amortization		(109,651)		(98,763)
Total property and equipment, net		$	165,352	$	168,044

Depreciation of $4.7 million and $5.2 million was recorded during the three months ended March 31, 2026 and 2025, respectively. Depreciation of $14.3 million and $15.6 million was recorded during the nine months ended March 31, 2026 and 2025, respectively.

Recently Adopted Accounting Pronouncements

None.

Recent Accounting Pronouncements Not Yet Adopted

Income Taxes

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires additional disclosures related to rate reconciliation, income taxes paid, and other disclosures. ASU 2023-09 requires public companies to annually (i) disclose specific categories in the rate reconciliation and (ii) provide additional information for reconciling items that meet a quantitative threshold. Additionally, ASU 2023-09 requires public companies to annually disclose the amount of income taxes paid, disaggregated by federal, state, and foreign taxes, as well as the amount of income taxes paid by individual jurisdiction. The provisions of ASU 2023-09 are effective for annual periods beginning after December 15, 2024. The Company plans to adopt ASU 2023-09 in the Company's annual consolidated financial statements for the year ending June 30, 2026, and will include the required disclosures.

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40). ASU 2024-03 requires that each interim and annual reporting period, an entity disclose more information about the components of certain expense captions that are currently disclosed in the financial statements. As revised by ASU 2025-01, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures, the provisions of ASU 2024-03 are effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the effects this guidance will have on its consolidated financial statements.

Interim Reporting

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which clarifies the applicability of the interim reporting guidance, the types of interim reporting, and the form and content of interim financial statements in accordance with U.S. GAAP. Per the FASB, the amendment does not intend to change the fundamental nature of interim reporting or expand or reduce current interim disclosure requirements but rather provide clarity and improve navigability of the existing interim reporting requirements. The update will be effective for interim

reporting periods within annual reporting periods beginning after December 15, 2027. The Company is assessing the effect of this update on its condensed consolidated financial statements and related disclosures.

The Company does not expect that any other recently issued accounting guidance will have a significant effect on its condensed consolidated financial statements.

Business	9 Months Ended
Business	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business	Business InnovAge Holding Corp. and its subsidiaries (“InnovAge” or the "Company") are headquartered in Denver, Colorado. The purpose of the Company’s participant-centered care delivery approach is to improve the quality of care the Company’s participants receive, while keeping them in their homes for as long as safely possible. Through the Company’s Program of All-Inclusive Care for the Elderly (“PACE”), the Company fulfills a broad range of medical and ancillary services for seniors, including in-center services such as primary care, physical therapy, occupational therapy, speech therapy, dental services, mental health and psychiatric services, meals, and activities; transportation to and from the PACE center and third-party medical appointments; and care management, including pharmacy services. The Company manages its business as one reportable segment, PACE. As of March 31, 2026, the Company served approximately 8,050 PACE participants, making it the largest PACE provider in the United States of America (the “U.S.”) based upon participants served, and operated 20 PACE centers across California, Colorado, Florida, New Mexico, Pennsylvania and Virginia. PACE is a fully-capitated managed care program, which serves the frail elderly, and predominantly dual-eligible, population in a community-based service model. The Company defines dual-eligible seniors as individuals who are 55+ and qualify for benefits under both Medicare and Medicaid. InnovAge provides all needed healthcare services through an all-inclusive, coordinated model of care, and the Company is at risk for 100% of healthcare costs incurred with respect to the care of its participants. PACE programs receive capitation payments directly from Medicare Parts C and D, Medicaid, Veterans Administration (“VA”), and private pay sources. Additionally, under the Medicare Prescription Drug Plan, the Centers for Medicare and Medicaid Services (“CMS”) share part of the risk for providing prescription medication to the Company’s participants. The Company’s common stock is traded on the Nasdaq Stock Market LLC under the ticker symbol “INNV”.

Earnings per Share - Narrative (Details) - shares	3 Months Ended		9 Months Ended
Earnings per Share - Narrative (Details) - shares	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026	Mar. 31, 2025
Earnings Per Share [Abstract]
Anti-dilutive shares excluded from diluted EPS calculation (in shares)	1,472,256	222,469	1,692,764	389,531

Leases - Schedule of Weighted-Average Lease Terms and Discount Rates (Details)	Mar. 31, 2026	Mar. 31, 2025
Weighted average remaining lease term:
Operating leases	6 years 10 months 24 days	7 years
Finance leases	2 years 4 months 24 days	3 years 2 months 12 days
Weighted average discount rate:
Operating leases	7.02%	6.90%
Finance leases	7.73%	7.69%

Leases

9 Months Ended

Mar. 31, 2026

Leases [Abstract]

Leases

The Company leases certain property and equipment under various third-party operating and finance lease agreements. The Company determines if an arrangement is or contains a lease at the lease inception date by evaluating whether the arrangement conveys the right to use an identified asset and whether the Company obtains substantially all of the economic benefits from and has the ability to direct the use of the asset. The leases are noncancelable and expire on various terms from 2026 through 2039. The Company determines if an arrangement is a lease upon commencement of the contract. If an arrangement is determined to be a long-term lease (greater than 12 months), the Company recognizes an ROU asset and lease liability based on the present value of the future minimum lease payments over the lease term at the commencement date. As most of the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The Company's lease terms may also include options to extend or terminate the lease when it is reasonably certain that the Company will exercise those options. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term.

The Company has elected to apply the short-term lease exception for contracts that have a lease term of twelve months or less and do not include an option to purchase the underlying asset. Therefore, the Company does not recognize a ROU asset or lease liability for such contracts. The Company recognizes short-term lease payments as expense on a straight-line basis over the lease term. Variable lease payments that do not depend on an index or rate are recognized as expense. Certain leases include escalations based on inflation indexes and fair market value adjustments. Operating lease liabilities are calculated using the prevailing index or rate at lease commencement for such leases.

The following table presents the components of the Company's ROU assets and their classification in the Company's condensed consolidated balance sheets as of:


Component of Lease Balances	Balance Sheet Line Items	March 31, 2026		June 30, 2025
in thousands
Assets:
Operating lease assets	Operating lease assets	$	23,667	$	26,901
Finance lease assets	Property and equipment, net	10,049		13,403
Total leased assets		$	33,716	$	40,304

The following table presents the components of the Company's lease cost and the classification of such costs in the Company's condensed consolidated statements of operations for the three and nine months ended March 31:


		Three Months Ended March 31,				Nine Months Ended March 31,
Component of Lease Cost	Statements of Operations Line Items	2026		2025		2026		2025
in thousands
Operating lease cost	Cost of care excluding depreciation and amortization and Corporate, general and administrative	$	1,526	$	6	$	4,580	$	1,566
Finance lease expense:
Amortization of leased assets	Depreciation and amortization	1,184		1,352		3,681		3,961
Interest on lease liabilities	Interest expense, net	200		—		670		—
Variable lease cost	Cost of care excluding depreciation and amortization and Corporate, general and administrative	—		—		—		4
Short-term lease cost	Cost of care excluding depreciation and amortization and Corporate, general and administrative	35		81		128		146
Total lease expense		$	2,945	$	1,439	$	9,059	$	5,677

The following table includes the weighted-average lease terms and discount rates for operating and finance leases as of March 31:


Weighted average remaining lease term:	March 31, 2026	March 31, 2025
Operating leases	6.9 years	7.0 years
Finance leases	2.4 years	3.2 years


Weighted average discount rate:	March 31, 2026		March 31, 2025
Operating leases	7.02	%	6.90	%
Finance leases	7.73	%	7.69	%

The following table includes the future maturities of lease payments for operating leases and finance leases for periods subsequent to March 31, 2026:


in thousands	Operating Lease		Finance Lease		Total
Amount remaining in 2026	$	1,571	$	1,534	$	3,105
2027	5,999		5,424		11,423
2028	5,218		3,300		8,518
2029	4,362		1,250		5,612
2030	4,123		527		4,650
Thereafter	10,421		222		10,643
Total lease payments	31,694		12,257		43,951
Less liability accretion / imputed interest	(6,419)		(1,654)		(8,073)
Total lease liabilities	25,275		10,603		35,878
Less: Current lease liabilities	4,647		5,154		9,801
Total long-term lease liabilities	$	20,628	$	5,449	$	26,077

Leases

The following table presents the components of the Company's ROU assets and their classification in the Company's condensed consolidated balance sheets as of:


Component of Lease Balances	Balance Sheet Line Items	March 31, 2026		June 30, 2025
in thousands
Assets:
Operating lease assets	Operating lease assets	$	23,667	$	26,901
Finance lease assets	Property and equipment, net	10,049		13,403
Total leased assets		$	33,716	$	40,304


		Three Months Ended March 31,				Nine Months Ended March 31,
Component of Lease Cost	Statements of Operations Line Items	2026		2025		2026		2025
in thousands
Operating lease cost	Cost of care excluding depreciation and amortization and Corporate, general and administrative	$	1,526	$	6	$	4,580	$	1,566
Finance lease expense:
Amortization of leased assets	Depreciation and amortization	1,184		1,352		3,681		3,961
Interest on lease liabilities	Interest expense, net	200		—		670		—
Variable lease cost	Cost of care excluding depreciation and amortization and Corporate, general and administrative	—		—		—		4
Short-term lease cost	Cost of care excluding depreciation and amortization and Corporate, general and administrative	35		81		128		146
Total lease expense		$	2,945	$	1,439	$	9,059	$	5,677

The following table includes the weighted-average lease terms and discount rates for operating and finance leases as of March 31:


Weighted average remaining lease term:	March 31, 2026	March 31, 2025
Operating leases	6.9 years	7.0 years
Finance leases	2.4 years	3.2 years


Weighted average discount rate:	March 31, 2026		March 31, 2025
Operating leases	7.02	%	6.90	%
Finance leases	7.73	%	7.69	%

The following table includes the future maturities of lease payments for operating leases and finance leases for periods subsequent to March 31, 2026:


in thousands	Operating Lease		Finance Lease		Total
Amount remaining in 2026	$	1,571	$	1,534	$	3,105
2027	5,999		5,424		11,423
2028	5,218		3,300		8,518
2029	4,362		1,250		5,612
2030	4,123		527		4,650
Thereafter	10,421		222		10,643
Total lease payments	31,694		12,257		43,951
Less liability accretion / imputed interest	(6,419)		(1,654)		(8,073)
Total lease liabilities	25,275		10,603		35,878
Less: Current lease liabilities	4,647		5,154		9,801
Total long-term lease liabilities	$	20,628	$	5,449	$	26,077

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Schedule of Property and Equipment

Property and equipment were comprised of the following as of March 31, 2026 and June 30, 2025:


dollars in thousands	Estimated Useful Lives	March 31, 2026		June 30, 2025
Land	N/A	$	10,738	$	10,738
Buildings and leasehold improvements	10 - 40 years	146,024		143,923
Software	3 - 5 years	32,178		31,776
Equipment and vehicles	3 - 7 years	73,028		72,370
Construction in progress	N/A	13,035		8,000
		275,003		266,807
Less: accumulated depreciation and amortization		(109,651)		(98,763)
Total property and equipment, net		$	165,352	$	168,044

Long-Term Debt (Tables)

9 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Long-term debt consisted of the following at March 31, 2026 and June 30, 2025:


	March 31, 2026		June 30, 2025
	in thousands
Senior secured borrowings:
Term Loan Facility	$	49,446	$	60,000
Revolving Credit Facility	9,368		—
Total debt	58,814		60,000
Less: unamortized debt issuance costs	846		286
Less: current maturities	2,536		2,250
Noncurrent maturities	$	55,432	$	57,464

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Redeemable noncontrolling interest, fair value	$ 26,115	$ 27,595	$ 25,010	$ 22,100	$ 21,611	$ 22,200

Business (Details)	6 Months Ended	9 Months Ended
Business (Details)	Mar. 31, 2026 segment	Mar. 31, 2026 segment participant center
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments \| segment	1	1
Number of PACE participants \| participant		8,050
Number of PACE centers \| center		20
Percentage of obligation for health care costs		100.00%

Revenue Recognition - Schedule of Concentration of Receivables (Details) - Accounts Receivable - Customer Concentration Risk	9 Months Ended	12 Months Ended
	Mar. 31, 2026	Jun. 30, 2025
Revenue Recognition
Risk percentage	100.00%	100.00%
Medicaid
Revenue Recognition
Risk percentage	86.00%	76.00%
Medicare
Revenue Recognition
Risk percentage	12.00%	21.00%
Private pay and other
Revenue Recognition
Risk percentage	2.00%	3.00%

Summary of Significant Accounting Policies - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Jun. 30, 2025
Summary of Significant Accounting Policies
Property and equipment, gross	$ 275,003	$ 266,807
Less: accumulated depreciation and amortization	(109,651)	(98,763)
Total property and equipment, net	165,352	168,044
Land
Summary of Significant Accounting Policies
Property and equipment, gross	10,738	10,738
Buildings and leasehold improvements
Summary of Significant Accounting Policies
Property and equipment, gross	$ 146,024	143,923
Buildings and leasehold improvements \| Minimum
Summary of Significant Accounting Policies
Estimated Useful Lives	10 years
Buildings and leasehold improvements \| Maximum
Summary of Significant Accounting Policies
Estimated Useful Lives	40 years
Software
Summary of Significant Accounting Policies
Property and equipment, gross	$ 32,178	31,776
Software \| Minimum
Summary of Significant Accounting Policies
Estimated Useful Lives	3 years
Software \| Maximum
Summary of Significant Accounting Policies
Estimated Useful Lives	5 years
Equipment and vehicles
Summary of Significant Accounting Policies
Property and equipment, gross	$ 73,028	72,370
Equipment and vehicles \| Minimum
Summary of Significant Accounting Policies
Estimated Useful Lives	3 years
Equipment and vehicles \| Maximum
Summary of Significant Accounting Policies
Estimated Useful Lives	7 years
Construction in progress
Summary of Significant Accounting Policies
Property and equipment, gross	$ 13,035	$ 8,000

Investments (Details) - USD ($) $ in Thousands				3 Months Ended	9 Months Ended	12 Months Ended
Investments (Details) - USD ($) $ in Thousands	Aug. 15, 2025	May 28, 2024	Mar. 18, 2019	Sep. 30, 2025	Mar. 31, 2026	Jun. 30, 2025	Jun. 30, 2021
Debt and Equity Securities, FV-NI [Line Items]
Cash contributed					$ 95,536	$ 64,129
Loss on assets held for sale				$ 100		4,500
Payments to acquire interest in joint venture			$ 9,000
Land			4,200
Redeemable noncontrolling interest, fair value					$ 26,100	$ 25,000
InnovAge Sacramento
Debt and Equity Securities, FV-NI [Line Items]
Additional membership interest (as percent)							0.10%
Variable Interest Entity, Not Primary Beneficiary
Debt and Equity Securities, FV-NI [Line Items]
Payments to acquire interest in joint venture							$ 100
Variable Interest Entity, Not Primary Beneficiary \| Adventist Health System/West Joint Venture
Debt and Equity Securities, FV-NI [Line Items]
Payments to acquire interest in joint venture			5,800
Variable Interest Entity, Not Primary Beneficiary \| Eskaton
Debt and Equity Securities, FV-NI [Line Items]
Payments to acquire interest in joint venture			$ 3,000
Variable Interest Entity, Primary Beneficiary
Debt and Equity Securities, FV-NI [Line Items]
Partnership interest (as percent)					0.01%
InnovAge Florida PACE – Orlando
Debt and Equity Securities, FV-NI [Line Items]
Cash contributions		$ 26,100
Controlling membership interest (as percent)		90.00%
InnovAge Florida PACE – Orlando \| Variable Interest Entity, Not Primary Beneficiary
Debt and Equity Securities, FV-NI [Line Items]
Cash contributed		$ 2,900
Membership interest (as percent)		10.00%
InnovAge Florida PACE II – Tampa
Debt and Equity Securities, FV-NI [Line Items]
Cash contributions	$ 28,800
Controlling membership interest (as percent)	90.00%
InnovAge Florida PACE II – Tampa \| Variable Interest Entity, Not Primary Beneficiary
Debt and Equity Securities, FV-NI [Line Items]
Cash contributed	$ 3,200
Membership interest (as percent)	10.00%
InnovAge Sacramento
Debt and Equity Securities, FV-NI [Line Items]
Membership interest (as percent)			59.90%
InnovAge Sacramento \| Variable Interest Entity, Not Primary Beneficiary \| Adventist Health System/West Joint Venture
Debt and Equity Securities, FV-NI [Line Items]
Membership interest (as percent)			26.40%
InnovAge Sacramento \| Variable Interest Entity, Not Primary Beneficiary \| Eskaton
Debt and Equity Securities, FV-NI [Line Items]
Membership interest (as percent)			13.70%

Leases - Schedule of Components of ROU Assets and their Classification (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Jun. 30, 2025
Assets:
Operating lease assets	$ 23,667	$ 26,901
Finance lease assets	$ 10,049	$ 13,403
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization
Total leased assets	$ 33,716	$ 40,304

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026	Mar. 31, 2025	Jun. 30, 2025
Income Tax Disclosure [Abstract]
Income tax expense	$ 167	$ 72	$ 1,065	$ 509
Effective tax rate (as percent)	(0.60%)	(0.70%)	(11.30%)	(1.70%)
Valuation allowance	$ 22,800		$ 22,800		$ 23,000

Segment Reporting - Schedule of Operating Results (Details) $ in Thousands	3 Months Ended		6 Months Ended	9 Months Ended
	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	Mar. 31, 2026 segment	Mar. 31, 2026 USD ($) segment	Mar. 31, 2025 USD ($)
Segment Reporting [Line Items]
Total revenues	$ 251,943	$ 218,142		$ 727,756	$ 632,282
External provider costs	113,247	107,896		334,106	322,983
Cost of care, excluding depreciation and amortization	77,676	69,499		228,448	196,947
Center-Level Contribution Margin	61,020	40,747		165,202	112,352
Sales and marketing	8,744	6,922		24,428	21,117
Corporate, general and administrative	76,531	38,597		133,412	94,235
Depreciation and amortization	4,824	5,386		14,786	16,116
Impairments and loss on assets held for sale	0	0		104	8,495
Operating Loss	(29,079)	(10,158)		(7,528)	(27,611)
Other expense	(694)	(903)		(1,873)	(2,214)
Loss Before Income Taxes	(29,773)	(11,061)		$ (9,401)	(29,825)
Number of reportable segments \| segment			1	1
PACE
Segment Reporting [Line Items]
Total revenues	251,943	217,898		$ 727,499	631,545
External provider costs	113,247	107,896		334,106	322,983
Cost of care, excluding depreciation and amortization	77,676	69,372		228,315	196,522
Center-Level Contribution Margin	61,020	40,630		165,078	112,040
Depreciation and amortization	4,824	5,279		14,785	15,779
Number of reportable segments \| segment			1
All other
Segment Reporting [Line Items]
Total revenues	0	244		257	737
External provider costs	0	0		0	0
Cost of care, excluding depreciation and amortization	0	127		133	425
Center-Level Contribution Margin	0	117		124	312
Depreciation and amortization	0	107		1	337
Capitation revenue
Segment Reporting [Line Items]
Total revenues	251,502	217,819		726,873	631,293
Capitation revenue \| PACE
Segment Reporting [Line Items]
Total revenues	251,502	217,819		726,873	631,293
Capitation revenue \| All other
Segment Reporting [Line Items]
Total revenues	0	0		0	0
Other service revenue
Segment Reporting [Line Items]
Total revenues	441	323		883	989
Other service revenue \| PACE
Segment Reporting [Line Items]
Total revenues	441	79		626	252
Other service revenue \| All other
Segment Reporting [Line Items]
Total revenues	$ 0	$ 244		$ 257	$ 737

Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Jun. 30, 2025
Debt Instrument [Line Items]
Total debt	$ 58,814	$ 60,000
Less: unamortized debt issuance costs	846	286
Less: current maturities	2,536	2,250
Noncurrent maturities	55,432	57,464
Revolving Credit Facility
Debt Instrument [Line Items]
Total debt	9,368	0
Term Loan Facility
Debt Instrument [Line Items]
Total debt	$ 49,446	$ 60,000

Goodwill and Intangible Assets - Narrative (Details)	3 Months Ended		9 Months Ended
Goodwill and Intangible Assets - Narrative (Details)	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	Mar. 31, 2026 USD ($) reporting_unit	Mar. 31, 2025 USD ($)	Jun. 30, 2025 USD ($)
Intangible Asset, Goodwill and Other [Abstract]
Goodwill	$ 142,046,000		$ 142,046,000		$ 142,046,000
Number of reporting units \| reporting_unit			2
Goodwill impairment			$ 0	$ 0
Intangible asset amortization expense	$ 200,000	$ 200,000	500,000	500,000
Intangible asset impairments			$ 0	$ 0

Stock-based Compensation - Schedule of Performance-Based Vesting Stock Option Activity (Details) - Stock options - performance based $ / shares in Units, $ in Millions	9 Months Ended
	Mar. 31, 2026 USD ($) $ / shares shares
Number of awards
Outstanding balance, beginning (in shares) \| shares	776,299
Granted (in shares) \| shares	0
Forfeited (in shares) \| shares	0
Vested (in shares) \| shares	0
Outstanding balance, ending (in shares) \| shares	776,299
Weighted average grant-date fair value per share
Outstanding balance, beginning (in dollars per share) \| $ / shares	$ 3.08
Granted (in dollars per share) \| $ / shares	0
Forfeited (in dollars per share) \| $ / shares	0
Vested (in dollars per share) \| $ / shares	0
Outstanding balance, ending (in dollars per share) \| $ / shares	$ 3.08
Unrecognized compensation cost \| $	$ 0.1
Weighted-average period (in years)	9 months 18 days

Stock-based Compensation - Profits Interests (Details) - USD ($) $ in Millions	9 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Common Class B
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Profits interests granted (in shares)	6,808,447	650,000
Profits Interests Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Dividend yield	0.00%
Unrecognized compensation cost	$ 9.4
Time Vesting Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Profits interests granted (in shares)	2,269,482
Unrecognized compensation cost	$ 3.6
Weighted-average period (in years)	2 years 6 months
Performance Vesting Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Profits interests granted (in shares)	4,538,965
Unrecognized compensation cost	$ 5.8
2020 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Profits interests granted (in shares)	22,681,284
Maximum \| 2020 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares authorized (in shares)	16,162,177

Stock-based Compensation - Schedule of Restricted Stock Units Activity (Details) $ / shares in Units, $ in Thousands	9 Months Ended
	Mar. 31, 2026 USD ($) $ / shares shares
Restricted stock units - time based
Number of awards
Outstanding balance, beginning (in shares) \| shares	1,427,992
Granted (in shares) \| shares	2,085,890
Forfeited (in shares) \| shares	(687,759)
Vested (in shares) \| shares	(377,679)
Outstanding balance, ending (in shares) \| shares	2,448,444
Weighted average grant-date fair value per share
Outstanding balance, beginning (in dollars per share) \| $ / shares	$ 11.92
Granted (in dollars per share) \| $ / shares	4.36
Forfeited (in dollars per share) \| $ / shares	4.62
Vested (in dollars per share) \| $ / shares	5.40
Outstanding balance, ending (in dollars per share) \| $ / shares	$ 4.59
Unrecognized compensation cost \| $	$ 10,400
Weighted-average period (in years)	1 year 8 months 12 days
Restricted stock units - performance based
Number of awards
Outstanding balance, beginning (in shares) \| shares	258,767
Granted (in shares) \| shares	0
Forfeited (in shares) \| shares	0
Vested (in shares) \| shares	0
Outstanding balance, ending (in shares) \| shares	258,767
Weighted average grant-date fair value per share
Outstanding balance, beginning (in dollars per share) \| $ / shares	$ 5.18
Granted (in dollars per share) \| $ / shares	0
Forfeited (in dollars per share) \| $ / shares	0
Vested (in dollars per share) \| $ / shares	0
Outstanding balance, ending (in dollars per share) \| $ / shares	$ 5.18
Unrecognized compensation cost \| $	$ 50
Weighted-average period (in years)	9 months 18 days

Commitments and Contingencies (Details) - USD ($) $ in Millions	Mar. 11, 2026	Mar. 31, 2026
Loss Contingencies [Line Items]
Litigation accrual, current		$ 34.4
Grane Rx Services Agreement
Loss Contingencies [Line Items]
Litigation settlement, amount awarded to other party	$ 16.3

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Professional Liability The Company pays fixed premiums for annual professional liability insurance coverage under a claims-made policy. Under such policy, only claims made and reported to the insurer are covered during the policy term, regardless of when the incident giving rise to the claim occurred. The Company records claim liabilities and expected recoveries, if any, at gross amounts. The Company is not currently aware of any unasserted claims or unreported incidents that are expected to exceed medical malpractice insurance coverage limits. Litigation From time to time, the Company is involved in various legal proceedings and subject to claims. The Company regularly evaluates the status of claims and legal proceedings in which it is involved in order to assess whether a loss is probable or there is a reasonable possibility that a loss may have been incurred, and to determine whether accruals are appropriate. The Company expenses legal costs as such costs are incurred. Civil Investigative Demands In July 2021, the Company received a civil investigative demand from the Attorney General for the State of Colorado under the Colorado Medicaid False Claims Act. The demand requested information and documents regarding Medicaid billing, patient services and referrals in connection with the Company’s PACE program in Colorado. In February 2022, the Company received a civil investigative demand from the Department of Justice (“DOJ”) under the Federal False Claims Act on similar subject matter. The demand requested information and documents regarding audits, billing, orders tracking, and quality and timeliness of patient services in connection with the Company’s PACE programs in the states where the Company operated as of 2022 (California, Colorado, New Mexico, Pennsylvania, and Virginia). In December 2022 and December 2025, the Company received supplemental civil investigative demands requesting supplemental information on the same matters. In October 2024, the Company received a civil investigative demand from the DOJ under the Federal False Claims Act on a similar subject matter. The demand requested information and documents regarding the Company's relationship as a PACE provider with residential care facilities in California, Colorado, Virginia and New Mexico, related housing costs, and enrollment practices. The Company and the DOJ are discussing potential resolutions regarding these matters, and the discussions remain subject to ongoing governmental consideration. During the third quarter of fiscal 2026, the Company recorded an estimated liability related to these matters. At this time, the Company is unable to provide assurance regarding the amount of any potential loss in excess of the estimated amount or to guarantee the outcome of the discussions with the DOJ. Stockholder Lawsuit On April 20, 2022, the Board received a books and records demand pursuant to Section 220 of the Delaware General Corporation Law from a purported stockholder of the Company, Brian Hall. On May 15, 2023, Mr. Hall filed a lawsuit in the Delaware Court of Chancery asserting derivative claims for breach of fiduciary duty against certain of the Company’s current and former officers and directors generally relating to alleged failures by the defendants to take remedial actions to address the matters that resulted in sanctions by CMS at certain of the Company’s centers, and alleged misstatements in the Company’s public filings relating to those matters. On May 4, 2026, the parties entered into a settlement agreement to resolve the action. The settlement agreement provides for, among other things, a monetary payment to the Company and an award of plaintiff's attorneys' fees, which will be fully funded by insurance proceeds, as well as the adoption by the Company of certain corporate governance enhancements. The agreement is subject to court approval. The Company cannot predict when or whether the court will approve the agreement. Other Matters On June 17, 2025, Grane Supply, Inc, d/b/a Grane Rx (“Grane Rx”), the Company’s former pharmacy services vendor, filed an amended demand for arbitration before the American Arbitration Association asserting claims for breach of contract and breach of confidentiality in connection with the Company’s non-renewal and termination of its services agreements with Grane Rx resulting from a discrete Company operational initiative. Grane Rx’s demand sought various forms of relief, including compensatory damages and injunctive relief. In December 2025, Grane Rx withdrew the breach of confidentiality claim from the arbitration forum. On December 9, 2025, Grane Rx filed a separate case in the Delaware Court of Chancery alleging that the Company breached certain confidentiality obligations and asserting claims for misappropriation of trade secrets. Grane Rx's demand sought various forms of relief, including compensatory damages, disgorgement of certain payments, and payment of a royalty to Grane Rx. On March 11, 2026, the parties entered into a settlement agreement wherein the Company agreed to pay $16.3 million to Grane Rx and received releases and dismissals with prejudice of all claims in the arbitration and the Delaware Court of Chancery case, and the cases are closed. Litigation Accrual As of March 31, 2026, the accrual for all litigation matters was approximately $34.4 million and is included in accounts payable and accrued expenses in the Company's condensed consolidated balance sheet. The results of legal proceedings and claims are inherently unpredictable and uncertain and their actual outcome could differ materially from amounts accrued. The outcomes of legal proceedings and claims could be material to the Company’s operating results for any particular period, depending in part, upon the operating results of such period. Regardless of the outcome, litigation has the potential to have an adverse impact on us due to any related defense and settlement costs, diversion of management resources, and other factors.

Cover - shares	9 Months Ended
Cover - shares	Mar. 31, 2026	Apr. 30, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-40159
Entity Registrant Name	InnovAge Holding Corp.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-0710819
Entity Address, Address Line One	8950 E. Lowry Boulevard
Entity Address, City or Town	Denver
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80230
City Area Code	844
Local Phone Number	803-8745
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	INNV
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		135,736,393
Entity Central Index Key	0001834376
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q3
Amendment Flag	false

Leases - Schedule of Future Maturities of Lease Payments for Operating and Finance Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Jun. 30, 2025
Operating Lease
Amount remaining in 2026	$ 1,571
2027	5,999
2028	5,218
2029	4,362
2030	4,123
Thereafter	10,421
Total lease payments	31,694
Less liability accretion / imputed interest	(6,419)
Total lease liabilities	25,275
Less: Current lease liabilities	4,647	$ 4,682
Total long-term lease liabilities	20,628	23,918
Finance Lease
Amount remaining in 2026	1,534
2027	5,424
2028	3,300
2029	1,250
2030	527
Thereafter	222
Total lease payments	12,257
Less liability accretion / imputed interest	(1,654)
Total lease liabilities	10,603
Less: Current lease liabilities	5,154	5,234
Total long-term lease liabilities	5,449	$ 7,535
Total
Amount remaining in 2026	3,105
2027	11,423
2028	8,518
2029	5,612
2030	4,650
Thereafter	10,643
Total lease payments	43,951
Less liability accretion / imputed interest	(8,073)
Total lease liabilities	35,878
Less: Current lease liabilities	9,801
Total long-term lease liabilities	$ 26,077

Income Taxes	9 Months Ended
Income Taxes	Mar. 31, 2026
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company recorded an income tax expense of $0.2 million and $0.1 million for the three months ended March 31, 2026 and 2025, respectively. This represents an effective tax rate of (0.6)% and (0.7)% for the three months ended March 31, 2026 and 2025, respectively. The Company recorded an income tax expense of $1.1 million and $0.5 million for the nine months ended March 31, 2026 and 2025, respectively. This represents an effective tax rate of (11.3)% and (1.7)% for the nine months ended March 31, 2026 and 2025, respectively. The effective rate for the three and nine months ended March 31, 2026 was different from the federal statutory rate primarily due to the Company’s book income offset partially by disallowed officers’ compensation under Section 162(m) of the Internal Revenue Code (“IRC”), disallowed stock options related to the profit interest units, exclusion of income and losses from entities not subject to tax, lobbying expenses, the impact of the One Big Beautiful Bill Act ("OBBBA"), and the decrease in the Company's valuation allowance against net operating losses which occurred during the three and nine month periods ended March 31, 2026. The Company assesses the valuation allowance recorded against deferred tax assets at each reporting date. The determination of whether a valuation allowance for deferred tax assets is appropriate requires the evaluation of positive and negative evidence that can be objectively verified. Consideration must be given to all sources of taxable income available to realize deferred tax assets, including, as applicable, the future reversal of existing temporary differences, future taxable income forecasts exclusive of the reversal of temporary differences and carryforwards, taxable income in carryback years and tax planning strategies. In estimating income taxes, the Company assesses the relative merits and risks of the appropriate income tax treatment of transactions taking into account statutory, judicial, and regulatory guidance. As of March 31, 2026, the Company determined that it is not “more likely than not” that the deferred tax assets associated with certain state net operating losses will be realized and as such continues to maintain a valuation allowance against these state deferred tax assets. The Company also determined it is not "more likely than not" that the deferred tax assets associated with certain federal net operating losses will be realized and as such has included a valuation allowance against these federal deferred tax assets. The Company has provided $22.8 million at March 31, 2026 and $23.0 million at June 30, 2025, as a valuation allowance against its deferred tax assets for federal and state net operating losses and state 163(j) interest expense limitations where there is not sufficient positive evidence to substantiate that these deferred tax assets will be realized at a more-likely-than-not level of assurance.

Long-Term Debt - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Jun. 29, 2015	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026	Mar. 31, 2025	Aug. 08, 2025	Jun. 30, 2025	Mar. 08, 2021
Debt Instrument [Line Items]
Outstanding borrowings		$ 58,814		$ 58,814			$ 60,000
Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding borrowings		9,368		9,368			0
Term Loan Facility
Debt Instrument [Line Items]
Outstanding borrowings		49,446		49,446			$ 60,000
Convertible Debt
Debt Instrument [Line Items]
Interest rate (as percent)	6.68%
Monthly principal and interest payments	$ 20
Credit Agreement \| Revolving Credit Facility
Debt Instrument [Line Items]
Loan amount								$ 100,000
Letters of credit, issued amount		6,200		$ 6,200
Revolving credit facility fee (as percent)				0.50%
Outstanding borrowings		9,400		$ 9,400
Remaining borrowing capacity		84,400		84,400
Amortization of deferred financing costs		$ 100	$ 100	$ 500	$ 300
Credit Agreement \| Term Loan Facility
Debt Instrument [Line Items]
Loan amount								$ 75,000
Percentage of aggregate outstanding principal amount				1.25%
Interest rate (as percent)		6.17%		6.17%
Term Loan Facility \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Loan amount						$ 50,700

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Fair Value Measurements - Schedule of Short-Term Investments Measured and Accounted for Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Jun. 30, 2025
Fair values, Assets Measured on a Recurring Basis
Amortized Cost	$ 43,180	$ 41,367
Fair Value	43,052	41,775
Short- term Investments	43,052	41,775
Mutual funds
Fair values, Assets Measured on a Recurring Basis
Amortized Cost	43,180	41,367
Fair Value	43,052	41,775
Short- term Investments	$ 43,052	$ 41,775

Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Jun. 30, 2025
Intangible Asset, Including Goodwill, after Accumulated Amortization [Abstract]
Definite-lived intangible assets	$ 6,600	$ 6,600
Indefinite-lived intangible assets	2,000	2,000
Total intangible assets	8,600	8,600
Accumulated amortization	(5,217)	(4,723)
Balance as of end of period	$ 3,383	$ 3,877

Segment Reporting - Narrative (Details)	3 Months Ended	6 Months Ended	9 Months Ended
Segment Reporting - Narrative (Details)	Sep. 30, 2025 segment	Mar. 31, 2026 segment division	Mar. 31, 2026 segment
Segment Reporting [Line Items]
Number of operating segments	3	2
Number of reportable segments		1	1
PACE
Segment Reporting [Line Items]
Number of geographic divisions \| division		2
Number of reportable segments		1

Stock-based Compensation - Schedule of Monte Carlo Option Pricing Model (Details) - Profits interests units	9 Months Ended
	Mar. 31, 2026 $ / shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility	69.00%
Expected life (years) - time vesting units	2 years 3 months 18 days
Interest rate	3.50%
Dividend yield	0.00%
Weighted-average fair value (in dollars per share)	$ 1.06
Fair value of underlying stock (in dollars per share)	$ 3.68

Stock-based Compensation - Schedule of Profits Interests Activity (Details)	9 Months Ended
	Mar. 31, 2026 $ / shares shares
Time-based unit awards
Number of units
Outstanding balance, beginning (in shares) \| shares	1,178,196
Granted (in shares) \| shares	2,269,482
Forfeited (in shares) \| shares	(243,750)
Vested (in shares) \| shares	(357,963)
Outstanding balance, ending (in shares) \| shares	2,845,965
Weighted average grant date fair value
Outstanding balance, beginning (in dollars per share) \| $ / shares	$ 7.12
Granted (in dollars per share) \| $ / shares	1.06
Forfeited (in dollars per share) \| $ / shares	1.43
Vested (in dollars per share) \| $ / shares	1.87
Outstanding balance, ending (in dollars per share) \| $ / shares	$ 3.44
Performance-based unit awards
Number of units
Outstanding balance, beginning (in shares) \| shares	1,696,671
Granted (in shares) \| shares	4,538,965
Forfeited (in shares) \| shares	(424,309)
Vested (in shares) \| shares	0
Outstanding balance, ending (in shares) \| shares	5,811,327
Weighted average grant date fair value
Outstanding balance, beginning (in dollars per share) \| $ / shares	$ 1.44
Granted (in dollars per share) \| $ / shares	0.86
Forfeited (in dollars per share) \| $ / shares	1.30
Vested (in dollars per share) \| $ / shares	0
Outstanding balance, ending (in dollars per share) \| $ / shares	$ 1.00

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Jun. 30, 2025
Current Assets
Cash and cash equivalents	$ 95,536	$ 64,129
Short-term investments	43,052	41,775
Restricted cash	10	11
Accounts receivable	28,584	36,373
Prepaid expenses	32,045	24,472
Income tax receivable	3,387	3,310
Assets held for sale	0	6,038
Total current assets	202,614	176,108
Noncurrent Assets
Property and equipment, net	165,352	168,044
Operating lease assets	23,667	26,901
Deposits and other	10,332	9,875
Goodwill	142,046	142,046
Other intangible assets, net	3,383	3,877
Total noncurrent assets	344,780	350,743
Total assets	547,394	526,851
Current Liabilities
Accounts payable and accrued expenses	105,590	76,750
Reported and estimated claims	61,366	58,971
Due to Medicaid and Medicare	16,320	14,382
Current portion of long-term debt	2,536	2,250
Current portion of finance lease obligations	5,154	5,234
Current portion of operating lease obligations	4,647	4,682
Liabilities held for sale	0	2,538
Deferred revenue	275	0
Total current liabilities	195,888	164,807
Noncurrent Liabilities
Deferred tax liability, net	9,282	8,761
Finance lease obligations	5,449	7,535
Operating lease obligations	20,628	23,918
Other noncurrent liabilities	1,821	1,458
Long-term debt, net of debt issuance costs	55,432	57,464
Total liabilities	288,500	263,943
Commitments and Contingencies (See Note 9)
Redeemable Noncontrolling Interests (See Note 4)	26,115	25,010
Stockholders’ Equity
Common stock, $0.001 par value; 500,000,000 authorized as of March 31, 2026 and June 30, 2025; 137,174,126 issued and 135,711,147 outstanding as of March 31, 2026 and 136,903,271 issued and 135,440,292 outstanding as of June 30, 2025	137	137
Treasury stock at cost, 1,462,979 shares as of March 31, 2026 and June 30, 2025	(7,500)	(7,500)
Additional paid-in capital	348,264	343,378
Retained deficit	(111,871)	(101,047)
Total InnovAge Holding Corp.	229,030	234,968
Noncontrolling interests	3,749	2,930
Total stockholders’ equity	232,779	237,898
Total liabilities and stockholders’ equity	$ 547,394	$ 526,851

Subsequent Events	9 Months Ended
Subsequent Events	Mar. 31, 2026
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated subsequent events through May 8, 2026, the date on which the condensed consolidated financial statements were issued and noted there were none, except as disclosed in Note 9, "Commitments and Contingencies."

Acquisitions - Schedule of Finalized Allocation of Purchase Price to Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands			9 Months Ended
	Mar. 31, 2026	Jan. 02, 2025	Mar. 31, 2026	Mar. 31, 2025	Jun. 30, 2025
Business Combination [Line Items]
Cash Consideration			$ 0	$ 4,774
Goodwill	$ 142,046		142,046		$ 142,046
Tabula Rasa HealthCare Group, Inc.
Business Combination [Line Items]
Cash Consideration	4,774	$ 4,774
Total Consideration	4,774	4,774
Prepaid expenses	1,503	1,503	1,503
Property and equipment, net	1,158	1,158	1,158
Operating lease assets	1,053	1,053	1,053
Goodwill	2,097	2,097	2,097
Deposits and other	16	16	16
Current portion of operating lease obligation	(115)	(115)	(115)
Noncurrent portion of operating lease obligation	(938)	(938)	(938)
Fair value of assets and liabilities	$ 4,774	$ 4,774	$ 4,774

Acquisitions - Narrative (Details) - USD ($)			9 Months Ended
Acquisitions - Narrative (Details) - USD ($)	Mar. 31, 2026	Jan. 02, 2025	Mar. 31, 2026	Mar. 31, 2025
Business Combination [Line Items]
Total purchase price			$ 0	$ 4,774,000
Tabula Rasa HealthCare Group, Inc.
Business Combination [Line Items]
Total purchase price	$ 4,774,000	$ 4,774,000
Goodwill expected to be deductible for income tax purposes		$ 0

Investments	9 Months Ended
Investments	Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]
Investments	Investments Consolidated Entities Controlling Interest InnovAge Florida PACE – Orlando On May 28, 2024, the Company entered into a joint venture agreement with Orlando Health (“OHI”) to develop and manage PACE centers to serve communities in Orlando, Florida. In connection with the joint venture, the Company contributed an aggregate of $26.1 million for its controlling membership interest of 90%. OHI contributed $2.9 million in cash for its 10% interest. As a result, the joint venture’s results are consolidated in the Company’s condensed consolidated financial statements. InnovAge Florida PACE II – Tampa On August 15, 2025, the Company entered into a joint venture agreement with Tampa General Hospital to develop the Company’s PACE center serving the communities in Tampa, Florida. In connection with the joint venture, the Company contributed an aggregate of $28.8 million for its controlling interest of 90%. Tampa General Hospital contributed $3.2 million in cash for its 10% interest. As a result, this joint venture’s results are consolidated in the Company’s consolidated financial statements from the date of this joint venture agreement and forward. Noncontrolling Interest Senior Housing The Company’s operations included a 0.01% partnership interest in InnovAge Senior Housing Thornton, LLC (“SH1”), which was organized to develop, construct, own, maintain, and operate certain apartment complexes intended for rental to low-income elderly individuals aged 62 or older. SH1 is a Variable Interest Entity. The Company was the primary beneficiary of SH1 and consolidated SH1 as it had the power to direct the activities that were most significant to SH1 and had an obligation to absorb losses or the right to receive benefits from SH1. The most significant activity of SH1 was the operation of the senior housing facility. The Company provided a subordinated loan to SH1 and provided a guarantee for a convertible term loan held by SH1. On June 30, 2025, the Company entered into an agreement to sell the Company’s managing member interest in SH1 and vacant land adjacent to SH1 senior housing property. As a result, the Company reported the associated assets and liabilities as Assets held for sale and Liabilities held for sale in the Company’s consolidated balance sheets as of June 30, 2025. The Company recorded the Assets held for sale, net of Liabilities held for sale at the fair value, less cost to sell, and as a result recorded a $4.5 million loss on assets held for sale for the year ended June 30, 2025. On September 11, 2025, the Company closed on the sale of the Company’s managing member interest in SH1 and the adjacent vacant land and recorded an additional loss on assets held for sale of $0.1 million for the three months ended September 30, 2025. Redeemable Noncontrolling Interest InnovAge Sacramento On March 18, 2019, in connection with the formation of InnovAge Sacramento, the joint venture with Adventist Health System/West (“Adventist”) and Eskaton Properties, Incorporated (“Eskaton”), the Company contributed $9.0 million in cash and land valued at $4.2 million for a 59.9% membership interest in the joint venture. Adventist contributed $5.8 million in cash and Eskaton contributed $3.0 million in cash for membership interests of 26.4% and 13.7%, respectively. In fiscal year 2021, the Company made an additional contribution of $0.1 million and obtained an additional 0.1% membership interest in the joint venture, which resulted in the Company obtaining control and consolidating InnovAge Sacramento as of January 1, 2021. The InnovAge California PACE-Sacramento LLC Limited Liability Company Agreement (the “JV Agreement”) includes numerous provisions whereby, if certain conditions are met, the joint venture may be required to purchase, at fair market value, certain members’ interests or certain members may be required to purchase, at fair market value, the interests of certain other members. The Company’s investment in InnovAge Sacramento includes a put right for the noncontrolling interest holders to require the Company to repurchase the interest of the noncontrolling interest holders at fair value, after the initial term of the management services agreement in 2028. As of March 31, 2026, none of the conditions specified in the JV Agreement had been met. Accordingly, these put rights held by the noncontrolling interests of the joint venture are required to be presented as temporary equity and are recorded as redeemable noncontrolling interests on the Company's condensed consolidated balance sheets. As of March 31, 2026 and June 30, 2025, the Company's redeemable noncontrolling interest was recorded at a fair value of $26.1 million and $25.0 million, respectively.