What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-08-10 compared with 2026-05-07 · 105 added, 75 removed, 361 unchanged (33% of the section changed)

31 unchanged sentences

Operating lease obligations, less current portion 1,090,497 1,123,539

Line of credit 23,000 —

Deferred tax liability 10,103 6,316

1 unchanged sentence

Total liabilities 5,929,437 5,995,620

Preferred stock, $ 0.01 par value, 50,000,000 shares authorized at March 31, 2026 and December 31, 2025;

Preferred stock, $ 0.01 par value, 50,000,000 shares authorized at June 30, 2026 and December 31, 2025;

no shares issued and outstanding

Common stock, $ 0.01 par value, 400,000,000 shares authorized at March 31, 2026 and December 31, 2025;

249,316,153 and 248,274,011 shares issued and 238,788,628 and 237,746,486 shares outstanding as of March 31, 2026 and December 31, 2025, respectively (including 28,929 unvested restricted shares as of March 31, 2026 and December 31, 2025)

Common stock, $ 0.01 par value, 400,000,000 shares authorized at June 30, 2026 and December 31, 2025;

249,344,777 and 248,274,011 shares issued and 238,817,252 and 237,746,486 shares outstanding as of June 30, 2026 and December 31, 2025, respectively (including 28,929 unvested restricted shares as of December 31, 2025)

Additional paid-in-capital 4,357,469 4,358,077

Treasury stock, at cost;

10,527,525 shares at March 31, 2026 and December 31, 2025

10,527,525 shares at June 30, 2026 and December 31, 2025

( 102,774 ) ( 102,774 )

10 unchanged sentences

Three Months Ended

June 30, Six Months Ended

2026 2025 2026 2025

Resident fees $ 708,482 $ 775,614 $ 1,430,938 $ 1,553,068

26 unchanged sentences

common stockholders $ 23,268 $ ( 43,024 ) $ 16,376 $ ( 108,003 )

Basic and diluted net income (loss) per share attributable to Brookdale Senior Living Inc.

Net income (loss) per share attributable to Brookdale Senior Living Inc.

common stockholders:

Weighted average shares used in computing basic and diluted net income (loss) per share 238,112 230,678

Basic $ 0.10 $ ( 0.18 ) $ 0.07 $ ( 0.46 )

Diluted $ 0.10 $ ( 0.18 ) $ 0.07 $ ( 0.46 )

Weighted average common shares outstanding:

Basic 239,134 234,737 238,625 232,719

Diluted 243,892 234,737 241,146 232,719

See accompanying notes to condensed consolidated financial statements.

3 unchanged sentences

Three Months Ended

June 30, Six Months Ended

2026 2025 2026 2025

Total equity (deficit), balance at beginning of period $ ( 54,571 ) $ 148,135 $ ( 43,377 ) $ 213,905

38 unchanged sentences

(Unaudited, in thousands)

Three Months Ended March 31,

Six Months Ended June 30,

Cash Flows from Operating Activities

31 unchanged sentences

Repayment of debt and financing lease obligations ( 440,708 ) ( 95,351 )

Proceeds from line of credit 23,000 —

Payment of financing costs, net of related payables ( 16,107 ) ( 6,708 )

13 unchanged sentences

The Company's senior living communities and its comprehensive network help to provide seniors with care, connection, and services in an environment that feels like home.

As of March 31, 2026, the Company owned 363 communities, leased 176 communities, and managed 29 communities.

As of June 30, 2026, the Company owned 359 communities, leased 176 communities, and managed 6 communities.

Summary of Significant Accounting Policies

17 unchanged sentences

Resident fee revenue by payor source is as follows.

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

Private pay 94.7 % 93.9 % 94.5 % 93.9 %

7 unchanged sentences

Amounts of revenue that are collected from residents in advance are recognized as deferred revenue until the performance obligations are satisfied.

The Company had total deferred revenue (included within refundable fees and deferred revenue within the condensed consolidated balance sheets) of $ 51.7 million and $ 51.3 million, including $ 29.8 million and $ 29.1 million of monthly resident fees billed and received in advance, as of March 31, 2026 and December 31, 2025, respectively.

For the three months ended March 31, 2026 and 2025, the Company recognized $ 39.4 million and $ 40.7 million, respectively, of revenue that was included in the deferred revenue balance as of January 1, 2026 and 2025, respectively.

The Company had total deferred revenue (included within refundable fees and deferred revenue within the condensed consolidated balance sheets) of $ 51.6 million and $ 51.3 million, including $ 29.2 million and $ 29.1 million of monthly resident fees billed and received in advance, as of June 30, 2026 and December 31, 2025, respectively.

For the six months ended June 30, 2026 and 2025, the Company recognized $ 46.3 million and $ 48.4 million, respectively, of revenue that was included in the deferred revenue balance as of January 1, 2026 and 2025, respectively.

Property, Plant and Equipment and Leasehold Intangibles, Net

As of March 31, 2026 and December 31, 2025, net property, plant and equipment and leasehold intangibles consisted of the following.

(in thousands) March 31, 2026 December 31, 2025

As of June 30, 2026 and December 31, 2025, net property, plant and equipment and leasehold intangibles consisted of the following.

(in thousands) June 30, 2026 December 31, 2025

Land $ 540,109 $ 544,824

8 unchanged sentences

Long-lived assets with definite useful lives are depreciated or amortized on a straight-line basis over their estimated useful lives (or, in certain cases, the shorter of their estimated useful lives or the lease term) and are tested for impairment whenever indicators of impairment arise.

The Company recognized depreciation and amortization expense on its property, plant and equipment and leasehold intangibles of $ 73.5 million and $ 91.0 million for the three months ended March 31, 2026 and 2025, respectively.

The Company recognized $ 6.1 million and $ 1.8 million for the three months ended March 31, 2026 and 2025, respectively, of non-cash impairment charges in its operating results for its property, plant and equipment and leasehold intangibles assets.

As of March 31, 2026, eight communities in the Assisted Living and Memory Care segment and one community in the CCRCs segment were classified as held for sale, resulting in $ 75.2 million of net property, plant and equipment and leasehold

intangibles assets being recognized as assets held for sale within the condensed consolidated balance sheet.

Subsequent to March 31, 2026, the Company completed the sale of three owned communities for cash proceeds of $ 88 million, net of transaction costs.

The Company recognized depreciation and amortization expense on its property, plant and equipment and leasehold intangibles of $ 71.1 million and $ 92.9 million for the three months ended June 30, 2026 and 2025, respectively, and $ 144.6 million and $ 183.8 million for the six months ended June 30, 2026, and 2025, respectively.

The Company recognized $ 3.9 million and $ 0.6 million for the three months ended June 30, 2026 and 2025, respectively, and $ 10.0 million and $ 2.4 million for the six months ended June 30, 2026 and 2025, respectively, of non-cash impairment charges in its operating results for its property, plant and equipment and leasehold intangibles assets.

As of June 30, 2026, 10 communities in the Assisted Living and Memory Care segment were classified as held for sale, resulting in $ 24.1 million of net property, plant and equipment and leasehold intangibles assets being recognized as assets held for sale within the condensed consolidated balance sheet.

Subsequent to June 30, 2026, the Company completed the sale of three owned communities for proceeds of $ 2.5 million, net of transaction costs.

The closings of the sales of the additional communities are subject to the satisfaction of various closing conditions, including (where applicable) the receipt of regulatory approvals.

1 unchanged sentence

Long-term debt consists of the following.

(in thousands) March 31, 2026 December 31, 2025

(in thousands) June 30, 2026 December 31, 2025

Fixed-rate mortgage notes payable due 2027 through 2036;

weighted average interest rate of 4.91 % and 4.88 % as of March 31, 2026 and December 31, 2025, respectively

weighted average interest rate of 4.99 % and 4.88 % as of June 30, 2026 and December 31, 2025, respectively

$ 2,911,432 $ 2,897,275

Variable-rate mortgage notes payable due 2028 through 2031;

weighted average interest rate of 6.07 % and 6.18 % as of March 31, 2026 and December 31, 2025, respectively

weighted average interest rate of 6.04 % and 6.18 % as of June 30, 2026 and December 31, 2025, respectively

1,001,400 1,048,308

Convertible notes payable due October 2026;

interest rate of 2.00 % as of both March 31, 2026 and December 31, 2025

interest rate of 2.00 % as of both June 30, 2026 and December 31, 2025

23,297 23,297

Convertible notes payable due October 2029;

interest rate of 3.50 % as of both March 31, 2026 and December 31, 2025

interest rate of 3.50 % as of both June 30, 2026 and December 31, 2025

369,445 369,445

Notes payable for insurance premium financing due 2026;

interest rate of 5.40 % as of March 31, 2026

interest rate of 5.40 % as of June 30, 2026

Deferred financing costs, net ( 45,272 ) ( 45,828 )

2 unchanged sentences

Total long-term debt, less current portion $ 4,201,685 $ 4,215,005

As of March 31, 2026, the current portion of long-term debt within the Company's condensed consolidated financial statements includes $ 6.2 million of mortgage notes payable secured by assets held for sale.

As of March 31, 2026, 89.3 %, or $ 3.9 billion, of the Company's total debt obligations represented non-recourse property-level mortgage financings.

As of March 31, 2026, $ 1.4 million of letters of credit and no cash borrowings were outstanding under the Company's $ 100.0 million secured credit facility.

The Company also had separate letter of credit facilities providing up to $ 68.0 million of letters of credit as of March 31, 2026 under which $ 59.2 million had been issued as of that date.

On March 31, 2026, the Company obtained an aggregate $ 184.9 million of debt on 7 communities and repaid $ 190.6 million of outstanding mortgage debt secured by 11 communities previously scheduled to mature in March 2027.

The principal amounts of the new loans are secured by non-recourse first mortgages, bear interest at a fixed rate of 5.38 %, are interest only for the first two years , and mature in April 2033.

The $ 23.0 million of borrowings outstanding on the revolving credit facility as of June 30, 2026 are excluded from the table above and are further described below.

As of June 30, 2026, 88.9 %, or $ 3.9 billion, of the Company's total debt obligations represented non-recourse property-level mortgage financings.

Credit Facilities

In June 2026, the Company amended its revolving credit agreement with Capital One, National Association acting as administrative agent, lead arranger, and lender and the other lenders from time to time parties thereto.

The amended agreement provides an expanded commitment of up to $ 200.0 million, which can be drawn in cash or as letters of credit.

The credit facility matures in April 2029, and the Company has options to extend the facility for two additional one-year terms, subject to the satisfaction of certain conditions.

Amounts drawn under the facility bear interest at the Secured Overnight Financing Rate (" SOFR ") plus an applicable margin ranging from 2.25 % to 2.50 % based upon the percentage of the total commitment drawn.

Additionally, a quarterly commitment fee of 0.25 % to 0.35 % per annum is applicable based upon the percentage of the total commitment drawn.

The revolving credit facility is currently secured by first priority mortgages and negative pledges on certain of the Company’s communities.

Available capacity under the facility will vary from time to time based upon certain calculations related to the appraised value and performance of the communities securing the credit facility and the variable interest rate of the credit facility.

As of June 30, 2026, $ 23.0 million of borrowings and $ 1.4 million of letters of credit were outstanding under the Company's $ 200.0 million secured credit facility.

The Company also had separate letter of credit facilities providing up to $ 68.0 million of letters of credit as of June 30, 2026 under which $ 54.1 million had been issued as of that date.

2026 Mortgage Financings

In July 2026, the Company obtained $ 248.9 million of debt secured by non-recourse first mortgages on 45 communities, which also continue to secure $ 518.5 million of additional outstanding mortgages with maturities in 2031 and 2032.

The $ 248.9 million loan bears interest at a fixed rate of 6.16 % and matures in 2031.

At the closing, the Company repaid $ 244.1 million of debt under the mortgage facility, which was scheduled to mature in 2027, using proceeds from the loan.

In June 2026, the Company obtained an aggregate of $ 188.0 million of debt and repaid $ 199.9 million of outstanding mortgage debt secured by 22 communities previously scheduled to mature in 2027.

The principal amounts of the new loans are secured by non-recourse first mortgages on 13 communities, bear interest at a fixed rate of 5.97 %, are interest only for the first five years , and mature in July 2036.

In March 2026, the Company obtained an aggregate $ 184.9 million of debt and repaid $ 190.6 million of outstanding mortgage debt secured by 11 communities previously scheduled to mature in 2027.

The principal amounts of the new loans are secured by non-recourse first mortgages on 7 communities, bear interest at a fixed rate of 5.38 %, are interest only for the first two years , and mature in April 2033.

Financial Covenants

4 unchanged sentences

Furthermore, the Company's mortgage debt is secured by its communities and, in certain cases, a guaranty by the Company and/or one or more of its subsidiaries.

As of March 31, 2026, the Company is in compliance with the financial covenants of its debt agreements.

As of March 31, 2026, the Company operated 176 communities under long-term leases ( 167 operating leases and 9 financing leases).

As of June 30, 2026, the Company is in compliance with the financial covenants of its debt agreements.

As of June 30, 2026, the Company operated 176 communities under long-term leases ( 167 operating leases and 9 financing leases).

The substantial majority of the Company's lease arrangements are structured as master leases.

11 unchanged sentences

Furthermore, the Company's leases are secured by its communities and, in certain cases, a guaranty by the Company and/or one or more of its subsidiaries.

As of March 31, 2026, the Company is in compliance with the financial covenants of its long-term lease agreements.

As of June 30, 2026, the Company is in compliance with the financial covenants of its long-term lease agreements.

Subsequent to June 30, 2026, the Company entered into an agreement to acquire 17 communities that are currently leased by the Company for a purchase price of approximately $ 157.0 million plus transaction costs.

The Company expects to complete the acquisition transaction in the fourth quarter of 2026, subject to the satisfaction of customary closing conditions for real estate transactions.

The Company expects to fund the acquisition of the 17 communities through proceeds from non-recourse mortgage financing and cash on hand.

The Company has been and is currently involved in litigation and claims incidental to the conduct of its business, which it believes are generally comparable to other companies in the senior living and healthcare industries.

In addition, the Company has been and currently is involved in putative class action litigation regarding staffing at the Company's communities and compliance with consumer protection laws and the Americans with Disabilities Act (and similar state laws).

In addition, the Company has been and currently is involved in putative class action litigation, including litigation regarding staffing at the Company's communities and compliance with consumer protection laws and the Americans with Disabilities Act (and similar state laws).

Certain claims and lawsuits allege large damage amounts, seek injunctive relief, and may require (and have required) significant costs to defend and resolve.

The Company took a charge for this litigation of $ 7.0 million for the year ended December 31, 2024, representing its estimate of the Company’s ultimate cost to resolve such litigation, net of estimated probable insurance recoveries.

The final outcome of the pending class action litigation is dependent on many factors that are difficult to predict.

Accordingly the Company’s ultimate cost related to these matters may be materially different than the amount of the Company’s current estimate and accruals.

The Company continues to vigorously defend against the pending putative class action litigation.

The Company maintains general liability, professional liability, excess liability, and other insurance policies in amounts and with coverage and deductibles the Company believes are appropriate, based on the nature and risks of its business, historical experience, availability, and industry standards.

As a result, the Company maintains general liability, professional liability, excess liability, and other insurance policies in amounts and with coverage and deductibles the Company believes are appropriate, based on the nature and risks of its business, historical experience, availability, and industry standards.

The Company's current policies provide for deductibles for each claim and contain various exclusions from coverage.

6 unchanged sentences

In addition, states' Attorneys General vigorously enforce consumer protection laws as those laws relate to the senior living industry.

An adverse outcome of government scrutiny may result in citations, sanctions, other criminal or civil fines and penalties, the refund of overpayments, payment suspensions,

termination of participation in Medicare and Medicaid programs, and damage to the Company's business reputation.

An adverse outcome of government scrutiny may result in citations, sanctions, other criminal or civil fines and penalties, the refund of overpayments, payment suspensions, termination of participation in Medicare and Medicaid programs, and damage to the Company's business reputation.

The Company's costs to respond to and defend any such audits, reviews, and investigations may be significant.

3 unchanged sentences

Three months ended March 31, 2026 1,529 $ 16.30 $ 24,934

Three months ended June 30, 2026 17 $ 13.95 $ 241

Earnings Per Share

1 unchanged sentence

Prior to June 30, 2025, the potentially dilutive common stock equivalents for the Company also included warrants and prepaid stock purchase contracts.

As of March 31, 2026, $ 23.3 million in aggregate principal amount of the Company's 2.00 % convertible senior notes due 2026 (the "2026 Notes") remain outstanding and the maximum number of shares issuable upon settlement of the 2026 Notes is 3.9 million (after giving effect to 1.0 million additional shares that would be issuable upon conversion in connection with the occurrence of certain corporate or other events).

As of March 31, 2026, $ 369.4 million in aggregate principal amount of the Company’s 3.50 % convertible senior notes due 2029 (the “2029 Notes”) remain outstanding and the maximum number of shares issuable upon settlement of the 2029 Notes is 55.0 million (after giving effect to 13.9 million additional shares that would be issuable upon conversion in connection with the occurrence of certain corporate or other events).

As of June 30, 2026, $ 23.3 million in aggregate principal amount of the Company's 2.00 % convertible senior notes due 2026 (the "2026 Notes") remain outstanding and the maximum number of shares issuable upon settlement of the 2026 Notes is 3.9 million (after giving effect to 1.0 million additional shares that would be issuable upon conversion in connection with the occurrence of certain corporate or other events).

As of June 30, 2026, $ 369.4 million in aggregate principal amount of the Company’s 3.50 % convertible senior notes due 2029 (the “2029 Notes”) remain outstanding and the maximum number of

shares issuable upon settlement of the 2029 Notes is 55.0 million (after giving effect to 13.9 million additional shares that would be issuable upon conversion in connection with the occurrence of certain corporate or other events).

Basic earnings per share ("EPS") is calculated by dividing net income (loss) by the weighted average number of shares of common stock outstanding, after giving effect to the weighted average minimum number of shares issuable upon settlement of the Company's previously outstanding prepaid stock purchase contracts.

The following table summarizes the computation of basic weighted average shares presented in the condensed consolidated statements of operations.

Three Months Ended March 31,

(in thousands) 2026 2025

Weighted average common shares outstanding 238,112 201,042

Weighted average minimum shares issuable under purchase contracts — 29,636

Weighted average shares outstanding - basic 238,112 230,678

The weighted average number of shares outstanding for the basic earnings per share calculation for the six months ended June 30, 2025 includes 14.7 million weighted average shares pursuant to the previously outstanding prepaid stock purchase contracts.

Diluted EPS includes the components of basic EPS and also gives effect to dilutive common stock equivalents.

Diluted EPS reflects the potential dilution that could occur if securities or other instruments that are convertible into common stock were exercised or could result in the issuance of common stock.

For the purposes of computing diluted EPS, weighted average shares outstanding do not include potentially dilutive securities that are anti-dilutive under the treasury stock method or if-converted method, and performance-based equity awards are included based on the attainment of the applicable performance metrics as of the end of the reporting period.

The Company has the following potentially outstanding shares of common stock, which were excluded from the computation of diluted net income (loss) per share attributable to common stockholders in both periods as a result of the net loss.

As of March 31,

(in millions) 2026 2025

2026 Notes at initial conversion rate 2.9 2.9

Incremental shares issuable upon certain events for 2026 Notes 1.0 1.0

2029 Notes at initial conversion rate 41.1 41.1

Incremental shares issuable upon certain events for 2029 Notes 13.9 13.9

Warrants — 5.6

As a result of the net loss for the three and six months ended June 30, 2025, all potentially outstanding shares of common stock were antidilutive for the period and were not included in the computation of diluted weighted average shares outstanding.

The following table reconciles the computations of basic and diluted earnings per share amounts presented in the condensed consolidated statements of operations.

Three Months Ended Six Months Ended

(in thousands, except for per share amounts) June 30, 2026 June 30, 2026

Net income attributable to common stockholders - basic $ 23,268 $ 16,376

2026 Notes - interest expense, net of tax 153 —

Net income attributable to common stockholders - diluted $ 23,421 $ 16,376

Weighted average shares outstanding - basic 239,134 238,625

Effect of dilutive securities

Restricted stock and restricted stock units 1,882 2,521

Total 62.9 70.7

The difference between the Company's effective tax rate for the three months ended March 31, 2026 and 2025 was primarily due to an increase in tax expense from the change in valuation allowance relative to the tax benefit recorded on operational losses during the three months ended March 31, 2026.

The Company recorded an aggregate deferred federal, state, and local tax benefit of $ 8.1 million for the three months ended March 31, 2026, which was partially offset by an increase to the valuation allowance of $ 7.1 million.

The Company recorded an aggregate deferred federal, state, and local tax benefit of $ 15.9 million for the three months ended March 31, 2025, which was partially offset by an increase to the valuation allowance of $ 14.7 million.

2026 Notes 2,876 —

Weighted average shares outstanding - diluted 243,892 241,146

Net income per share attributable to common stockholders - basic $ 0.10 $ 0.07

Net income per share attributable to common stockholders - diluted $ 0.10 $ 0.07

Shares issuable upon settlement of the 2029 Notes were not included in the computation of diluted EPS as the shares were not dilutive under the if-converted method.

The additional shares that would be issuable upon conversion of the 2026 Notes or 2029 Notes in connection with the occurrence of certain corporate or other events were also not included in the computation of diluted EPS.

Additionally, as of June 30, 2026, the Company had 0.6 million potentially outstanding shares of common stock pursuant to performance-based equity awards that were not included in the computation of diluted EPS.

The difference between the Company's effective tax rate for the three and six months ended June 30, 2026 and 2025 was primarily attributable to an increase in tax expense recorded on operating income, partially offset by the impact of a reduction in the valuation allowance recorded during the three and six months ended June 30, 2026.

The Company recorded an aggregate deferred federal, state, and local tax expense of $ 23.5 million for the three months ended June 30, 2026, which was partially offset by a decrease to the valuation allowance of $ 18.7 million.

The Company recorded an aggregate deferred federal, state, and local tax expense of $ 15.4 million for the six months ended June 30, 2026, which was partially offset by a decrease to the valuation allowance of $ 11.6 million.

The Company recorded an aggregate deferred federal, state, and local tax benefit of $ 9.1 million for the three months ended June 30, 2025, which was partially offset by an increase to the valuation allowance of $ 8.3 million.

The Company recorded an aggregate deferred federal, state, and local tax benefit of $ 24.9 million for the six months ended June 30, 2025, which was partially offset by an increase to the valuation allowance of $ 23.0 million.

The Company evaluates its deferred tax assets each quarter to determine if a valuation allowance is required based on whether it is more likely than not that some portion of the deferred tax asset would not be realized.

The Company's valuation allowance as of March 31, 2026 and December 31, 2025 was $ 585.3 million and $ 578.2 million, respectively.

The increase in the valuation allowance for the three months ended March 31, 2026 and 2025 is the result of current operating losses during the three months ended March 31, 2026 and 2025 and by the anticipated reversal of future tax liabilities offset by future tax deductions.

The Company recorded interest charges related to its tax contingency reserve for cash tax positions for the three months ended March 31, 2026 and 2025 which are included in income tax expense or benefit for the period.

As of March 31, 2026, tax returns for years 2021 through 2024 are subject to future examination by tax authorities.

The Company's valuation allowance as of June 30, 2026 and December 31, 2025 was $ 566.6 million and $ 578.2 million, respectively.

The decrease to the valuation allowance for the six months ended June 30, 2026 is the result of current operating income during the six months ended June 30, 2026 and the anticipated reversal of future tax liabilities offset by future tax deductions.

The increase in the valuation allowance for the six months ended June 30, 2025 is the result of current operating losses during the six months ended June 30, 2025 and the anticipated reversal of future tax liabilities offset by future tax deductions.

The Company recorded interest charges related to its tax contingency reserve for cash tax positions for the three and six months ended June 30, 2026 and 2025 which are included in income tax expense or benefit for the period.

As of June 30, 2026, tax returns for years 2021 through 2024 are subject to future examination by tax authorities.

In addition, the net operating losses from prior years are subject to adjustment under examination.

Supplemental Disclosure of Cash Flow Information

Three Months Ended

Six Months Ended

(in thousands) 2026 2025

21 unchanged sentences

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sums to the total of the same such amounts shown in the condensed consolidated statements of cash flows.

(in thousands) March 31, 2026 December 31, 2025

(in thousands) June 30, 2026 December 31, 2025

Reconciliation of cash, cash equivalents, and restricted cash:

7 unchanged sentences

The Company estimates the fair value of its convertible senior notes based on valuations provided by third-party pricing services.

The Company had outstanding mortgage notes payable with a carrying amount of approximately $ 3.9 billion as of both March 31, 2026 and December 31, 2025.

Fair value of the mortgage notes payable approximates the carrying amount as of both March 31, 2026 and December 31, 2025.

The Company had outstanding mortgage notes payable with a carrying amount of approximately $ 3.9 billion as of both June 30, 2026 and December 31, 2025.

Fair value of the mortgage notes payable approximates the carrying amount as of both June 30, 2026 and December 31, 2025.

The Company's fair value of the mortgage notes payable disclosure is classified within Level 2 of the valuation hierarchy.

The carrying amount for the $ 23.3 million principal amount of outstanding 2026 Notes was $ 23.2 million, net of deferred financing costs, as of both March 31, 2026 and December 31, 2025.

The estimated fair value of the 2026 Notes was approximately $ 40.0 million and $ 32.0 million as of March 31, 2026 and December 31, 2025, respectively (Level 2).

The carrying amount for the $ 369.4 million principal amount of outstanding 2029 Notes was $ 359.0 million and $ 358.3 million, net of deferred financing costs, as of March 31, 2026 and December 31, 2025, respectively.

The estimated fair value of the 2029 Notes was approximately $ 611.0 million and $ 516.0 million as of March 31, 2026 and December 31, 2025, respectively (Level 2).

The carrying amount for the $ 23.3 million principal amount of outstanding 2026 Notes was $ 23.3 million and $ 23.2 million, net of deferred financing costs, as of June 30, 2026 and December 31, 2025, respectively.

The estimated fair value of the 2026 Notes was approximately $ 46.0 million and $ 32.0 million as of June 30, 2026 and December 31, 2025, respectively (Level 2).

The carrying amount for the $ 369.4 million principal amount of outstanding 2029 Notes was $ 359.8 million and $ 358.3 million, net of deferred financing costs, as of June 30, 2026 and December 31, 2025, respectively.

The estimated fair value of the 2029 Notes was approximately $ 705.0 million and $ 516.0 million as of June 30, 2026 and December 31, 2025, respectively (Level 2).

Segment Information

18 unchanged sentences

Three Months Ended

June 30, Six Months Ended

(in thousands) 2026 2025 2026 2025

35 unchanged sentences

The Company does not report total assets by segment because this is not a metric used by the CODM to allocate resources or evaluate segment performance.

The Company's total carrying amount of goodwill is included on the Independent Living segment and was $ 27.3 million as of both March 31, 2026 and December 31, 2025.

The Company's total carrying amount of goodwill is included on the Independent Living segment and was $ 27.3 million as of both June 30, 2026 and December 31, 2025.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements