$HUM · HUMANA INC

Humana filed an 8-K disclosing a new joint venture with BlackRock-managed funds to replace existing CenterWell Senior Primary Care JVs with WCAS. BlackRock will acquire WCAS's equity stake valued at approximately $2.8 billion. The new structure eliminates the put option held by WCAS, which Humana expects will significantly reduce balance-sheet liabilities. Humana also affirmed its FY 2026 adjusted EPS guidance of at least $9.00.

Extended-hours trading shows HUM at $436.50, up 0.69% from the regular-session close of $433.50, suggesting a modestly positive initial reaction to the balance-sheet cleanup and affirmed guidance.

Removing the put-option liability while retaining a clinic buyback option starting in 2028 improves Humana's balance-sheet efficiency and signals maturation of its CenterWell asset.

Managed-care peers have increasingly used JV structures to fund provider assets off-balance-sheet; Humana's removal of a put option while retaining a clinic purchase option starting in 2028 improves capital efficiency versus the legacy WCAS arrangement.

The transaction is subject to state and federal regulatory approvals and customary closing conditions; failure to close could leave the existing put-liability structure in place. BlackRock receives minimum return protections via a derivative instrument that introduces fair-value volatility on Humana