General Atlantic, which held an indirect 10% interest in Alignment Healthcare, executed an open-market disposition of 11,119,494 shares on December 12, 2025, generating proceeds of $206.5 million. This transaction represented a 45.2% reduction of its prior indirect holding, leaving 13,476,585 shares valued at approximately $261 million under affiliated entities’ ownership. The shares were sold at $18.57 each, roughly 4.1% below the closing market reference of $19.36, consistent with the firm’s systematic large-scale sell patterns observed since September 2025. No direct holdings were altered, underscoring that all activity occurred through indirect structures detailed in the SEC Form 4 filing.

Alignment Healthcare delivered a third-quarter 2025 revenue of $993.7 million, up 43.5% year-over-year, surpassing the high end of its guidance, and reported net membership growth of 31%, reaching approximately 275,300 members as of January 1, 2026. The company reaffirmed its full-year 2025 targets across revenue, adjusted gross profit, membership and adjusted EBITDA, and projected health plan membership between 290,000 and 296,000 by year end 2026—implying growth of 24% to 27% over the midpoint of 2025 guidance. While analyst consensus anticipates adjusted EBITDA near $145 million for 2026, forecasts from the Centers for Medicare & Medicaid Services indicate a modest contraction in overall Medicare Advantage enrollment to 48% next year, suggesting investors should balance continued operational momentum against broader market headwinds.