Oscar Health

Regulated subsidiaries held about 5.21 billion in cash and investments at June 30, 2025 and exceeded RBC minimums by roughly 579 million. That said, most of these assets are restricted to support insurance operations.

Parent-level flexibility improved with a 355 million 2.25 percent 2030 convertible issuance in September 2025. Total debt now includes the 7.25 percent 2031 convertible notes and the new 2030 notes.

We view near-term solvency risk as low, but capital intensity, regulatory constraints and working capital swing from risk adjustment reduce true financial flexibility.