CareTrust REIT, Inc. 10-Q

Item 1. Financial Statements. CARETRUST REIT, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts) (Unaudited) March 31, 2026 December 31, 2025 Assets: Real estate investments, net $ 3,876,643 $ 3,709,576 Financing receivable, at fair value (including accrued interest of $ 1,261 as of March 31, 2026 and $ 913 as of December 31, 2025) 92,541 92,193 Other real estate related investments, net (including accrued interest of $ 7,610 as of March 31, 2026 and $ 5,759 as of December 31, 2025) 931,546 899,262 Cash and cash equivalents 223,207 198,042 Accounts and other receivables 14,465 10,368 Prepaid expenses and other assets, net 90,859 230,427 Deferred financing costs, net 7,874 8,568 Total assets $ 5,237,135 $ 5,148,436 Liabilities and Equity: Senior unsecured notes payable, net $ 398,038 $ 397,816 Senior unsecured term loan, net 496,608 496,404 Accounts payable, accrued liabilities and deferred rent liabilities 100,073 120,442 Dividends and distributions payable 88,547 74,806 Total liabilities 1,083,266 1,089,468 Commitments and contingencies (Note 15) Redeemable noncontrolling interests 15,705 18,156 Equity: Preferred stock, $ 0.01 par value; 100,000,000 shares authorized, no shares issued and outstanding as of March 31, 2026 and December 31, 2025 — — Common stock, $ 0.01 par value; 500,000,000 shares authorized, 226,531,431 and 222,746,343 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively 2,265 2,227 Additional paid-in capital 4,638,336 4,518,977 Cumulative distributions in excess of earnings ( 500,038 ) ( 491,796 ) Accumulated other comprehensive (loss) income ( 8,967 ) 5,872 Total stockholders’ equity 4,131,596 4,035,280 Noncontrolling interests 6,568 5,532 Total equity 4,138,164 4,040,812 Total liabilities and equity $ 5,237,135 $ 5,148,436 See accompanying notes to condensed consolidated financial statements. 1 Table of Contents CARETRUST REIT, INC. CONDENSED CONSOLIDATED INCOME STATEMENTS (in thousands, except per share amounts) (Unaudited) For the Three Months Ended March 31, 2026 2025 Revenues: Rental income $ 114,196 $ 71,646 Resident fees and services 3,852 — Interest income from financing receivable 2,778 2,807 Interest income from other real estate related investments and other income 21,957 22,168 Total revenues 142,783 96,621 Expenses: Depreciation and amortization 29,430 17,841 Interest expense 11,242 6,669 Property taxes and insurance 2,453 2,065 Senior housing operating expenses 3,106 — Transaction costs 207 888 Property operating expenses 296 105 General and administrative 14,337 9,023 Total expenses 61,071 36,591 Other income: Gain on sale of real estate, net — 3,876 Unrealized gain on other real estate related investments, net 7 1,287 Gain on foreign currency transactions, net 57 — Total other income 64 5,163 Income before income tax expense 81,776 65,193 Income tax expense ( 2,271 ) — Net income 79,505 65,193 Net loss attributable to noncontrolling interests ( 705 ) ( 609 ) Net income attributable to CareTrust REIT, Inc. $ 80,210 $ 65,802 Earnings per common share attributable to CareTrust REIT, Inc: Basic $ 0.36 $ 0.35 Diluted $ 0.36 $ 0.35 Weighted-average number of common shares: Basic 223,014 187,152 Diluted 223,955 187,416 See accompanying notes to condensed consolidated financial statements. 2 Table of Contents CARETRUST REIT, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in thousands) (Unaudited) For the Three Months Ended March 31, 2026 2025 Net income $ 79,505 $ 65,193 Other comprehensive income (loss): Foreign currency translation ( 18,380 ) — Cash flow hedges 3,541 — Total other comprehensive loss ( 14,839 ) — Total comprehensive income 64,666 65,193 Total comprehensive loss attributable to noncontrolling interests ( 705 ) ( 609 ) Comprehensive income attributable to CareTrust REIT, Inc. $ 65,371 $ 65,802 See accompanying notes to condensed consolidated financial statements. 3 Table of Contents CARETRUST REIT, INC. CONDENSED CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS (in thousands, except share and per share amounts) (Unaudited) Common Stock Additional Paid-in Capital Cumulative Distributions in Excess of Earnings Accumulated Other Comprehensive Income Total Stockholders’ Equity Noncontrolling Interests Total Equity Redeemable Noncontrolling Interests Shares Amount Balance at December 31, 2025 222,746,343 $ 2,227 $ 4,518,977 $ ( 491,796 ) $ 5,872 $ 4,035,280 $ 5,532 $ 4,040,812 $ 18,156 Issuance of common stock, net 3,500,000 35 127,869 — — 127,904 — 127,904 — Vesting of stock-based compensation awards, net of shares withheld for employee taxes 285,088 3 ( 10,493 ) — — ( 10,490 ) — ( 10,490 ) — Amortization of stock-based compensation — — 1,983 — — 1,983 1,465 3,448 — Common dividends ($ 0.39 per share) — — — ( 88,452 ) — ( 88,452 ) — ( 88,452 ) — Distributions to noncontrolling interests — — — — — — ( 486 ) ( 486 ) ( 1,814 ) Contributions from noncontrolling interests — — — — — — 125 125 — Net income (loss) — — — 80,210 — 80,210 ( 68 ) 80,142 ( 637 ) Other comprehensive loss — — — — ( 14,839 ) ( 14,839 ) — ( 14,839 ) — Balance at March 31, 2026 226,531,431 $ 2,265 $ 4,638,336 $ ( 500,038 ) $ ( 8,967 ) $ 4,131,596 $ 6,568 $ 4,138,164 $ 15,705 See accompanying notes to condensed consolidated financial statements. 4 Table of Contents CARETRUST REIT, INC. CONDENSED CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS (in thousands, except share and per share amounts) (Unaudited) Common Stock Additional Paid-in Capital Cumulative Distributions in Excess of Earnings Accumulated Other Comprehensive Income Total Stockholders’ Equity Noncontrolling Interests Total Equity Redeemable Noncontrolling Interests Shares Amount Balance at December 31, 2024 186,993,010 $ 1,870 $ 3,439,117 $ ( 532,570 ) $ — $ 2,908,417 $ 2,723 $ 2,911,140 $ 18,243 Issuance of common stock, net 553,023 6 15,556 — — 15,562 — 15,562 — Vesting of stock-based compensation awards, net of shares withheld for employee taxes 123,915 1 ( 3,326 ) — — ( 3,325 ) — ( 3,325 ) — Amortization of stock-based compensation — — 3,909 — — 3,909 — 3,909 — Common dividends ($ 0.335 per share) — — — ( 63,053 ) — ( 63,053 ) — ( 63,053 ) — Distributions to noncontrolling interests — — — — — — ( 2 ) ( 2 ) ( 900 ) Contributions from noncontrolling interests — — — — — — 642 642 768 Net income (loss) — — — 65,802 — 65,802 106 65,908 ( 715 ) Balance at March 31, 2025 187,669,948 $ 1,877 $ 3,455,256 $ ( 529,821 ) $ — $ 2,927,312 $ 3,469 $ 2,930,781 $ 17,396 See accompanying notes to condensed consolidated financial statements. 5 Table of Contents CARETRUST REIT, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (Unaudited) For the Three Months Ended March 31, 2026 2025 Cash flows from operating activities: Net income $ 79,505 $ 65,193 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization (including below-market ground leases) 29,472 17,865 Amortization of deferred financing costs 1,120 914 Unrealized gain on other real estate related investments, net ( 7 ) ( 1,287 ) Amortization of stock-based compensation 3,448 3,909 Straight-line rental income ( 3,843 ) 7 Amortization of lease incentives 49 49 Amortization of above and below market leases 1 ( 926 ) Noncash interest income ( 2,082 ) ( 1,904 ) Gain on sale of real estate, net — ( 3,876 ) Change in operating assets and liabilities: Accounts and other receivables ( 512 ) ( 788 ) Prepaid expenses and other assets, net ( 1,486 ) ( 3,451 ) Accounts payable, accrued liabilities and deferred rent liabilities ( 15,300 ) ( 4,323 ) Net cash provided by operating activities 90,365 71,382 Cash flows from investing activities: Acquisitions of real estate, net of deposits applied ( 71,727 ) ( 40,162 ) Purchases of equipment, furniture and fixtures and improvements to real estate ( 3,160 ) ( 2,276 ) Investment in real estate related investments and other loans receivable ( 30,549 ) ( 6,389 ) Principal payments received on real estate related investments and other loans receivable 340 4,582 Escrow deposits for potential acquisitions of real estate ( 153 ) ( 36,066 ) Net proceeds from sales of real estate — 44,401 Net cash used in investing activities ( 105,249 ) ( 35,910 ) Cash flows from financing activities: Proceeds from the issuance of common stock, net 127,904 15,562 Borrowings under unsecured revolving credit facility — 425,000 Payments on deferred financing costs — ( 141 ) Net-settle adjustment on restricted stock ( 10,490 ) ( 3,325 ) Dividends paid on common stock ( 74,805 ) ( 54,388 ) Contributions from noncontrolling interests 125 1,410 Distributions to noncontrolling interests ( 2,204 ) ( 902 ) Net cash provided by financing activities 40,530 383,216 Effect of foreign currency translation on cash and cash equivalents ( 481 ) — Net increase in cash and cash equivalents 25,165 418,688 Cash and cash equivalents as of the beginning of period 198,042 213,822 Cash and cash equivalents as of the end of period $ 223,207 $ 632,510 Supplemental disclosures of cash flow information: Interest paid $ 6,238 $ 450 Supplemental schedule of noncash investing and financing activities: Increase in dividends and distributions payable $ 13,741 $ 8,665 Accrued costs payable related to acquisitions of real estate $ 487 $ — See accompanying notes to condensed consolidated financial statements. 6 Table of Contents CARETRUST REIT, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Unaudited) 1. ORGANIZATION Description of Business— CareTrust REIT, Inc.’s (“CareTrust REIT” or the “Company”, “we” or “our”) primary business consists of acquiring, financing, developing and owning real property to be leased to third-party tenants in the healthcare sector located in the United States (“U.S.”) and the United Kingdom (“U.K.”). The Company has elected to be taxed as a real estate investment trust (“REIT”) for federal income tax purposes and is structured as an umbrella partnership REIT under which all of the Company’s assets are owned directly or indirectly by, and all of the Company’s operations are conducted directly or indirectly through, its operating subsidiary, CTR Partnership, L.P. (the “Operating Partnership”). As of March 31, 2026, the Company owned, directly or indirectly in consolidated joint ventures, and leased to independent operators 417 skilled nursing facilities (each, a “SNF”), senior housing communities and other properties consisting of 38,512 operational beds and units located in 32 states and the U.K. with the highest concentration of properties by rental income located in California, the U.K., Texas and Tennessee. As of March 31, 2026, the Company also had other real estate related investments consisting of four preferred equity investments, 17 real estate secured loans receivable, and five mezzanine loans receivable with a carrying value of $ 931.5 million and one financing receivable with a carrying value of $ 92.5 million. During the fourth quarter of 2025, the Company began utilizing the structure authorized by the REIT Investment Diversification and Empowerment Act of 2007 (commonly referred to as “RIDEA”) as permitted by the Housing and Economic Recovery Act of 2008 in connection with the establishment of a senior housing operating portfolio (“SHOP”). As of March 31, 2026, the Company also owned, indirectly in consolidated joint ventures, the properties and operations of three senior housing communities consisting of 270 units in Texas that are operated on behalf of the Company by independent managers pursuant to the terms of separate management agreements under the Company’s SHOP platform. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation —The accompanying condensed consolidated financial statements of the Company were prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and Article 10 of Regulation S-X. Accordingly, the condensed consolidated financial statements do not include all of the disclosures required by GAAP for a complete set of annual audited financial statements. The condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025. In the opinion of management, all adjustments which are of a normal and recurring nature and considered necessary for a fair presentation of the results of the interim periods presented have been included. The results of operations for the interim periods are not necessarily indicative of results for the full year. The accompanying condensed consolidated financial statements of the Company include the accounts of CareTrust REIT, its wholly-owned subsidiaries, and variable interest entities (“VIEs”) over which the Company exercises control. All intercompany transactions and account balances within the Company have been eliminated, and net earnings are reduced by the portion of net earnings attributable to noncontrolling interests. Recent Accounting Pronouncements Not Yet Adopted— On November 4, 2024, the Financial Accounting Standards Board issued Accounting Standards Updates (“ASU”) 2024-03, which requires disaggregated disclosures of income statement expenses for public business entities. The ASU requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. The ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is still evaluating its adoption timeline and the impact on its disclosures. 7 Table of Contents CARETRUST REIT, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Unaudited) 3. REAL ESTATE INVESTMENTS, NET The following table summarizes the Company’s investment in owned properties, and properties held in consolidated joint ventures, held for use as of March 31, 2026 and December 31, 2025 (dollars in thousands): March 31, 2026 December 31, 2025 Land $ 641,351 $ 632,466 Buildings and improvements 3,642,157 3,457,879 Integral equipment, furniture and fixtures 136,958 134,544 Identified intangible assets 48,912 48,332 Real estate investments 4,469,378 4,273,221 Accumulated depreciation and amortization (1) ( 592,735 ) ( 563,645 ) Real estate investments, net $ 3,876,643 $ 3,709,576 (1) As of March 31, 2026 and December 31, 2025, accumulated depreciation and amortization included $ 2.6 million and $ 1.5 million, respectively, of accumulated amortization related to lease intangibles. The lease intangibles are amortized over the term of each related lease. As of March 31, 2026, all of the Company's owned facilities were leased to various operators under triple-net leases. All of the triple-net leases contain annual escalators based on the percentage change in the Consumer Price Index (“CPI”) or Retail Price Index (“RPI”) (but not less than zero), some of which are subject to a floor and/or cap, or fixed rent escalators. In addition, three properties are managed on behalf of the Company by a third-party operator pursuant to a management agreement. As of March 31, 2026, the Company’s total future contractual minimum rental income for all of its operating leases, excluding operating expense reimbursements, was as follows (dollars in thousands): Year Amount 2026 (nine months remaining) $ 322,286 2027 439,167 2028 444,740 2029 447,853 2030 450,132 2031 440,235 Thereafter 3,289,078 Total $ 5,833,491 8 Table of Contents CARETRUST REIT, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Unaudited) Tenant Purchase Options Certain of the Company’s tenants hold purchase options allowing them to acquire properties they currently lease from the Company. A summary of these purchase options is presented below (dollars in thousands): Asset Type Properties Lease Expiration Option Period Open Date Option Type (1) Current Cash Rent (2) SNF 2 October 2032 03/05/2027 (3) B 3,468 (8) SNF 2 May 2034 06/01/2026 (4) B 3,064 (9) SNF 1 November 2034 12/01/2027 (5) A 1,125 SNF 6 November 2039 12/01/2027 (6) B 10,503 SNF 1 August 2040 09/01/2028 (7) B 741 (1) Option type includes: A - Fixed base price. B - Fixed capitalization rate on lease revenue. (2) Based on annualized cash revenue for contracts in place as of March 31, 2026. (3) Option window is open for six months from the option period open date. (4) Option window is open for nine months from the option period open date. (5) Option window is open until the expiration of the lease term. (6) Lease agreement provides for the purchase of one to two properties in each window over four option windows, for a total of six properties. Each option window opens at the beginning of each of lease years four, five, six, and seven beginning December 1, 2027 and is open for one year . (7) Option window is open for 24 months from the option period open date. (8) Option provides for purchase of any two of the three properties. The current cash rent shown is an average of the range of $ 3.3 million to $ 3.6 million. (9) Option provides for purchase of any one of five properties in the first option window and another one of five properties in the second option window beginning June 1, 2027. The current cash rent shown is an average of the range of $ 2.7 million to $ 3.5 million. Provided the operator exercises its option to extend the term of the master lease, beginning on June 1, 2035 and ending nine months thereafter, the operator will have an option for all properties then remaining in the master lease. Rental Income The following table summarizes components of the Company’s rental income (dollars in thousands): For the Three Months Ended March 31, Rental Income 2026 2025 Contractual rent due (1) $ 110,403 $ 70,776 Straight-line rent 3,843 ( 7 ) Amortization of lease incentives ( 49 ) ( 49 ) Amortization of above and below-market lease intangibles ( 1 ) 926 Total $ 114,196 $ 71,646 (1) Includes initial cash rent and tenant operating expense reimbursements, as adjusted for applicable rental escalators and rent increases due to capital expenditures funded by the Company. For tenants on a cash basis, this represents the lesser of the amount that would be recognized on a straight-line basis or cash that has been received. Tenant operating expense reimbursements for the three months ended March 31, 2026 and 2025 were $ 2.4 million and $ 2.3 million, respectively. 9 Table of Contents CARETRUST REIT, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Unaudited) Recent Real Estate Acquisitions The following table summarizes the Company’s real estate acquisitions for the three months ended March 31, 2026 (dollars in thousands): Type of Property Purchase Price (1) Number of Properties Number of Beds/Units (2) Skilled nursing triple-net $ 141,205 6 532 Senior housing triple-net 70,724 4 358 Total $ 211,929 10 890 (1) Purchase price includes capitalized acquisition costs. (2) The number of beds/units includes operating beds at the acquisition date. Lease Amendments and Terminations Amended Kalesta Lease. On February 28, 2025, the Company acquired one senior housing community. In connection with the acquisition, the Company amended its existing triple-net master lease with affiliates of Kalesta Healthcare, LLC (“Kalesta”) to include the senior housing community and extend the initial lease term. The Kalesta master lease, as amended, had a remaining term at the date of amendment of approximately 15 years. Annual cash rent under the amended Kalesta master lease increased by approximately $ 1.9 million. Ridgeline Lease Termination and NC Jaybird Lease. Effective December 31, 2024, the Company terminated its master lease with affiliates of Ridgeline Properties, LLC (“Ridgeline”). The Company entered into a new master lease (the “NC Jaybird Lease”) with affiliates of Jaybird Senior Living, Inc. (“Jaybird”) with respect to two senior housing communities in North Carolina previously leased to Ridgeline. The NC Jaybird Lease commenced on January 1, 2025 with an initial term of approximately 12 years, featuring two five-year renewal options and CPI-based rent escalators. Under the NC Jaybird Lease, Jaybird will receive three months of abated rent, followed by 15 months of rent calculated as a percentage of the tenants’ gross revenue. Subsequently, the next 12 months will have a fixed annual cash rent amount of $ 0.8 million increasing annually based on CPI. Annual cash rent under the terminated master lease for the two senior housing communities in North Carolina was $ 0.8 million. 4. IMPAIRMENT OF REAL ESTATE INVESTMENTS, ASSETS HELD FOR SALE AND ASSET SALES Impairment of Real Estate Investments Held for Sale During the three months ended March 31, 2026 and 2025, the Company did not recognize any impairment. As of March 31, 2026, there were no properties classified as held for sale. Asset Sales and Held for Sale Reclassifications There were no asset sales during the three months ended March 31, 2026. The following table summarizes the Company’s asset sales for the three months ended March 31, 2025 (dollars in thousands): Number of properties (1) 5 Net sales proceeds $ 44,401 Net carrying value 40,525 Net gain on sale $ 3,876 (1) One non-operational previously impaired property sold during the three months ended March 31, 2025 was not classified as held for sale as of December 31, 2024. 10 Table of Contents CARETRUST REIT, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Unaudited) The following table summarizes the Company’s assets held for sale activity for the three months ended March 31, 2025 (dollars in thousands): Net Carrying Value Number of Facilities December 31, 2024 $ 57,261 10 Assets sold ( 40,525 ) ( 4 ) March 31, 2025 $ 16,736 6 11 Table of Contents CARETRUST REIT, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Unaudited) 5. OTHER REAL ESTATE RELATED AND OTHER INVESTMENTS As of March 31, 2026 and December 31, 2025, the Company’s other real estate related investments, inclusive of accrued interest, consisted of the following (dollars in thousands): Property Count and Type (8) As of March 31, 2026 As of December 31, 2025 Loans Receivable, at Fair Value: SNF Senior housing Principal Balance as of March 31, 2026 Fair Value as of March 31, 2026 (1) Principal Balance as of December 31, 2025 Fair Value as of December 31, 2025 (1) Weighted Average Contractual Interest Rate (2), (3) Weighted Average Contractual Interest Rate (2), (3) Maturity Date Mortgage secured loans receivable (4) 60 21 $ 723,014 $ 742,440 $ 719,314 $ 736,474 8.8 % 8.8 % 6/1/2026 - 9/30/2039 Mezzanine loans receivable (4) 31 2 56,970 56,460 56,976 56,476 12.1 % 12.1 % 7/25/2027 - 12/31/2034 Total $ 779,984 $ 798,900 $ 776,290 $ 792,950 Loans Receivable, at Amortized Cost: U.K. Care Homes Principal Balance as of March 31, 2026 Book Value as of March 31, 2026 (5) Principal Balance as of December 31, 2025 Book Value as of December 31, 2025 Weighted Average Effective Interest Rate Weighted Average Effective Interest Rate Maturity Date Mortgage secured loans receivable 2 $ 46,956 $ 48,061 $ 20,888 $ 21,728 7.6 % 6.1 % 9/21/2026 - 1/19/2027 $ 46,956 $ 48,061 $ 20,888 $ 21,728 Principal Balance as of March 31, 2026 Book Value as of March 31, 2026 Principal Balance as of December 31, 2025 Book Value as of December 31, 2025 Weighted Average Contractual Interest Rate Weighted Average Effective Interest Rate Maturity Date Preferred equity $ 83,782 $ 84,585 $ 83,782 $ 84,585 11.5 % 11.5 % N/A Total $ 83,782 $ 84,585 $ 83,782 $ 84,585 Financing Receivable, at Fair Value: SNF Senior housing Principal Balance as of March 31, 2026 Fair Value as of March 31, 2026 (6) Principal Balance as of December 31, 2025 Fair Value as of December 31, 2025 (6) Weighted Average Effective Interest Rate (7) Weighted Average Effective Interest Rate (7) Maturity Date Financing receivable 35 6 $ 91,280 $ 92,541 $ 91,280 $ 92,193 12.0 % 12.0 % 11/30/2039 Total $ 91,280 $ 92,541 $ 91,280 $ 92,193 (1) Fair value of mortgage secured loans receivable includes $ 5.3 million and $ 3.9 million of accrued interest as of March 31, 2026 and December 31, 2025, respectively. Fair value of mezzanine loans receivable includes $ 0.6 million of accrued interest as of March 31, 2026 and December 31, 2025. (2) Rates are net of subservicing fee, if applicable. (3) One mortgage secured loan receivable and one mezzanine loan receivable use term secured overnight financing rate (“SOFR”), which are subject to a floor for certain of the loans. Term SOFR used as of March 31, 2026 was 3.66 %. (4) If the Company also has extended mezzanine financing to an affiliate of the borrower under a mortgage loan receivable, the applicable property counts are included in both respective totals. (5) Book value of loan receivable, at amortized cost, includes $ 0.2 million and $ 0.4 million of unamortized loan costs, net as of March 31, 2026 and December 31, 2025, respectively. (6) Fair value of financing receivable includes $ 1.3 million and $ 0.9 million of accrued interest as of March 31, 2026 and December 31, 2025, respectively. (7) The Company leased these properties back to the seller under a 15-year contract, with two five-year renewal options. The agreement provides for an initial contractual cash yield of 11.0 % for the first three years , with annual CPI-based escalators beginning in year four, subject to a 3 % cap. The agreement provides for deferred payments equal to 2.0 % of the contractual cash yield in the first year and 0.5 % of the contractual cash yield in the second year. The agreement also provides for purchase options. At the time the seller-lessee exercises its purchase options, option proceeds will be used to repay any outstanding deferred payments as well as additional payments such that the Company receives a contractual cash yield of 12.5 % on its gross investment in the applicable properties through the option exercise date. If any deferred amounts remain unpaid, beginning in year eight, the deferred amounts are to be repaid in 24 equal monthly payments. (8) Property count and type are as of March 31, 2026. 12 Table of Contents CARETRUST REIT, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Unaudited) The following table summarizes the Company’s other real estate related investments activity for the three months ended March 31, 2026 and 2025 (dollars in thousands): Three Months Ended March 31, 2026 2025 Origination of other real estate related investments $ 30,549 $ 6,389 Accrued interest, net 1,851 1,280 Unrealized gain on other real estate related investments, net 7 1,287 Amortization of fees ( 118 ) — Payments of other real estate related investments ( 6 ) ( 4,360 ) Net change in other real estate related investments $ 32,283 $ 4,596 2026 Other Real Estate Related Investment Transactions The following table summarizes the Company’s other real estate related investments from January 1, 2026 through March 31, 2026 (dollars in thousands): Investment Type Investment Effective Interest Rate Number of Properties Maturity Date Accounting Policy Mortgage secured loan receivable (1) $ 26,849 8.7 % 1 1/19/2027 Amortized Cost Mortgage secured loan receivable 3,700 8.6 % — (2) 5/31/2035 Fair Value Option Total $ 30,549 8.7 % 1 (1) Loans originated in British Pound (“GBP”) are converted at the spot rate on date of investment. (2) Includes an additional funding on an existing mortgage secured loan receivable. 2025 Other Real Estate Related Investment Transactions The following table summarizes the Company’s other real estate related investments from January 1, 2025 through March 31, 2025 (dollars in thousands): Investment Type Investment Effective Interest Rate Number of Properties (1) Maturity Date Accounting Policy Mezzanine loan receivable $ 6,389 13.0 % — 12/31/2034 Fair Value Option Total $ 6,389 13.0 % — (1) Includes an additional funding on an existing mezzanine loan receivable. In February 2025, the Company received a partial prepayment on one mortgage loan in the amount of $ 4.4 million in connection with the borrower’s election to release one skilled nursing facility from the loan. In April 2025, the remaining outstanding balance of $ 2.9 million was paid off. 13 Table of Contents CARETRUST REIT, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Unaudited) Financing Receivable On December 5, 2024, the Company invested $ 95.7 million, exclusive of transaction costs, to acquire a portfolio of 46 properties in Illinois in a sale and leaseback transaction with a skilled nursing operator. In connection with the transaction, the Company entered into a new triple-net master lease with the skilled nursing operator and provided the operator with options to repurchase the properties, structured over multiple tranches, with various option window start dates, beginning December 1, 2024, and open through the remainder of the 15 -year term. As such, the Company determined that the sale and leaseback transaction met the accounting criteria to be presented as a financing receivable on its condensed consolidated balance sheets and recorded interest income from financing receivable on its condensed consolidated income statements. Interest income is based on an imputed interest rate over the term of the applicable financing arrangement and as a result the interest recognized in any particular period will not equal the cash payments from the agreement in that period. During the three months ended December 31, 2025, the operator exercised one of its purchase options with respect to three facilities, reducing the outstanding principal of the financing receivable by approximately $ 4.4 million. Cash received from the financing receivable was $ 2.4 million and $ 2.2 million during the three months ended March 31, 2026 and 2025, respectively. The Company elected the fair value option for the financing receivable. Other Loans Receivables As of March 31, 2026 and December 31, 2025, the Company’s other loans receivable, which are included in prepaid expenses and other assets, net on the Company’s condensed consolidated balance sheets, consisted of the following (dollars in thousands): As of March 31, 2026 As of December 31, 2025 Investment Principal Balance as of March 31, 2026 Book Value as of March 31, 2026 Principal Balance as of December 31, 2025 Book Value as of December 31, 2025 Weighted Average Contractual Interest Rate Weighted Average Contractual Interest Rate Maturity Date Other loans receivable $ 29,022 $ 29,878 $ 29,509 $ 30,217 8.4 % 8.4 % 6/1/2026 - 12/31/2030 Expected credit loss — ( 6,994 ) — ( 6,994 ) Total $ 29,022 $ 22,884 $ 29,509 $ 23,223 The following table summarizes the Company’s other loans receivable activity for the three months ended March 31, 2026 and 2025 (dollars in thousands): Three Months Ended March 31, 2026 2025 Principal payments $ ( 333 ) $ ( 222 ) Accrued interest, net 148 32 Foreign currency translation ( 154 ) — Net change in other loans receivable $ ( 339 ) $ ( 190 ) Expected credit losses and recoveries are recorded in provision for loan losses, net in the condensed consolidated income statements. During both the three months ended March 31, 2026 and 2025, the Company had no additional expected credit loss and did not consider any loan receivable investments to be impaired. 14 Table of Contents CARETRUST REIT, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Unaudited) The following table sum marizes the interest and other income recognized from the other real estate related investments, other loans receivable and other investments during the three months ended March 31, 2026 and 2025 (dollars in thousands): For the Three Months Ended March 31, Investment 2026 2025 Mortgage secured loans receivable $ 16,658 $ 14,388 Mezzanine loans receivable 1,724 2,821 Preferred equity investments 2,399 1,497 Other loans receivable 521 334 Financing receivable 2,778 2,807 Other (1) 655 3,128 Total $ 24,735 $ 24,975 (1) Other income is comprised of interest income on money market funds and escrow deposits. 6. DERIVATIVES AND HEDGING The Company estimates the fair value of derivative instruments, including its interest rate caps, swaps and foreign currency forwards, using the assistance of a third party using inputs that are observable in the market, which include forward yield curves and other relevant information. As of March 31, 2026, the Company has one foreign currency forward contract with £ 7.7 million in notional value, which is designated as a cash flow hedge. The Company entered into cash flow hedges to hedge the foreign currency risk of intercompany loans denominated in GBP. As of March 31, 2026, the Company has two interest rate swaps with a notional amount of $ 250.0 million each, to hedge the variable cash flows associated with the Term Loan Facility (as defined below). The interest rate swaps convert the Term Loan Facility’s Term SOFR rate to an effective fixed interest rate of 3.5 %. The Company’s objective in using interest rate derivatives is to change variable interest rates to fixed interest rates by using interest rate swaps. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the term of the agreements without exchange of the underlying notional amount. The following table summarizes the terms and fair values of the Company’s derivative financial instruments as of March 31, 2026: Derivative Notional Amount (in thousands) Maturity or Settlement Date Index Strike Rate Fair Value as of March 31, 2026 (in thousands) Fair Value as of December 31, 2025 (in thousands) Cash flow hedge £ 7,741 June 2026 GBP-USD exchange rate $ 1.34 $ 98 $ ( 67 ) Interest rate swap $ 250,000 June 2028 USD-SOFR 3.5 % 112 ( 1,543 ) Interest rate swap $ 250,000 June 2028 USD-SOFR 3.5 % 111 ( 1,543 ) 15 Table of Contents CARETRUST REIT, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Unaudited) The table below presents the effect of cash flow hedge accounting on accumulated other comprehensive income (loss) for the three months ended March 31, 2026 (dollars in thousands): For the three months ended March 31, 2026 Gain recognized in Other Comprehensive Income (Loss) Gain reclassified from Accumulated Other Comprehensive Income (Loss) into Income Income Statement Location Cash flow hedge $ 289 $ ( 57 ) Gain on foreign currency transactions, net Interest rate swap 3,505 ( 196 ) Interest expense $ 3,794 $ ( 253 ) The Company estimates that an additional $ 0.6 million will be reclassified from accumulated other comprehensive income as a net decrease to interest expense and $ 0.1 million will be reclassified from accumulated other comprehensive income to gain on foreign currency transactions over the next 12 months. 7. FAIR VALUE MEASUREMENTS The Company determines fair value based on quoted prices when available or through the use of alternative approaches, such as discounting the expected cash flows using market interest rates commensurate with the credit quality and duration of the investment. GAAP guidance defines three levels of inputs that may be used to measure fair value: Level 1 – Quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date. Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability. Level 3 – Unobservable inputs reflect the entity’s own assumptions about the assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques. The determination of where an asset or liability falls in the hierarchy requires significant judgment and considers factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company evaluates its hierarchy disclosures each quarter and, depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. Changes in the type of inputs may result in a reclassification for certain assets. The Company does not expect that changes in classifications between levels will be frequent. 16 Table of Contents CARETRUST REIT, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Unaudited) Items Measured at Fair Value on a Recurring Basis The following table presents information about the Company’s assets and liabilities measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025, aggregated by the level in the fair value hierarchy within which those instruments fall (dollars in thousands): Level 1 Level 2 Level 3 Balance as of March 31, 2026 Assets: Mortgage secured loans receivable $ — $ — $ 742,440 $ 742,440 Mezzanine loans receivable — — 56,460 56,460 Financing receivable — — 92,541 92,541 Cash flow hedges — 321 — 321 Total assets $ — $ 321 $ 891,441 $ 891,762 Level 1 Level 2 Level 3 Balance as of December 31, 2025 Assets: Mortgage secured loans receivable $ — $ — $ 736,474 $ 736,474 Mezzanine loans receivable — — 56,476 56,476 Financing receivable — — 92,193 92,193 Total assets $ — $ — $ 885,143 $ 885,143 Liabilities: Cash flow hedges $ — $ 3,220 $ — $ 3,220 Total liabilities $ — $ 3,220 $ — $ 3,220 The following table details the Company’s assets measured at fair value on a recurring basis using Level 3 inputs (dollars in thousands): Investments in Real Estate Secured Loans Investments in Mezzanine Loans Investment in Financing Receivable Balance as of December 31, 2025 $ 736,474 $ 56,476 $ 92,193 Originations 3,700 — — Accrued interest, net 1,441 — 348 Unrealized gain (loss), net 825 ( 10 ) — Payments — ( 6 ) — Balance as of March 31, 2026 $ 742,440 $ 56,460 $ 92,541 Real estate secured and mezzanine loans receivable, at fair value: The fair value of the secured and mezzanine loans receivable were estimated using an internal valuation model that considered the expected future cash flows of the investment, the underlying collateral value, market interest rates and other credit enhancements. As such, the Company classifies each instrument as Level 3 due to the significant unobservable inputs used in determining market interest rates for investments with similar terms. During the three months ended March 31, 2026, the Company recorded a net unrealized gain of $ 0.8 million on its secured and mezzanine loans receivable, to bring the interest rates in line with market rates. Future changes in market interest rates or collateral value could materially impact the estimated discounted cash flows that are used to determine the fair value of the secured and mezzanine loans receivable. During the three months ended March 31, 2025, the Company recorded a net unrealized gain of $ 1.3 million on its secured and mezzanine loans receivable, to bring the interest rates in line with market rates. As of March 31, 2026 and December 31, 2025, the Company did no t have any loans that were 90 days or more past due. 17 Table of Contents CARETRUST REIT, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Unaudited) The following table shows the quantitative information about unobservable inputs related to the Level 3 fair value measurements comprising the investments in secured and mezzanine loans receivable as of March 31, 2026: Type Book Value as of March 31, 2026 Valuation Technique Unobservable Inputs Range Mortgage secured loans receivable $ 742,440 Discounted cash flow Discount Rate 7 % - 13 % Mezzanine loans receivable 56,460 Discounted cash flow Discount Rate 10 % - 13 % Derivative instruments: The Company estimates the fair value of derivative instruments, including its swaps and foreign currency forwards, using the assistance of a third party using inputs that are observable in the market, which include forward yield curves and other relevant information. Financing receivable: The fair value was determined using a widely accepted valuation technique, discounted cash flow analysis, on the expected cash flows. The discount rate used to value the future cash inflows of the financing receivable at March 31, 2026 was 12 %. For the three months ended March 31, 2026, there were no classification changes in assets and liabilities with Level 3 inputs in the fair value hierarchy. Items Disclosed at Fair Value Considerable judgment is necessary to estimate the fair value disclosure of financial instruments. The estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments. A summary of the face value, carrying amount and fair value of the Company’s preferred equity investments and the Notes (as defined in Note 8, Debt, below) as of March 31, 2026 and December 31, 2025 is as follows (dollars in thousands): March 31, 2026 December 31, 2025 Level Face Value Carrying Amount Fair Value Face Value Carrying Amount Fair Value Financial assets: Preferred equity investments 3 $ 83,782 $ 84,585 $ 84,585 $ 83,782 $ 84,585 $ 84,585 Financial liabilities: Senior unsecured notes payable 2 $ 400,000 $ 398,038 $ 385,500 $ 400,000 $ 397,816 $ 394,216 Cash and cash equivalents, accounts and other receivables, accounts payable, and accrued liabilities: The carrying values for these instruments approximate their fair values due to the short-term nature of these instruments. Preferred equity investments: The fair values of the preferred equity investments were estimated using a discounted cash flow model that considered the expected future cash flows of the investments, the underlying collateral value, market interest rates and other credit enhancements. The Company utilized discount rates ranging from 11 % to 15 % in its fair value calculations. As such, the Company classifies these instruments as Level 3. Loans receivable, at amortized cost: The carrying value of the loans receivable at amortized cost approximates fair value due to the short-term nature of these instruments. Senior unsecured notes payable: The fair value of the Notes (as defined below) was determined using third-party quotes derived from orderly trades. Unsecured revolving credit facility and senior unsecured term loan: The fair values approximate their carrying values as the interest rates are variable and approximate prevailing market interest rates and spreads for similar debt arrangements. 18 Table of Contents CARETRUST REIT, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Unaudited) 8. DEBT The following table summarizes the balance of the Company’s indebtedness as of March 31, 2026 and December 31, 2025 (dollars in thousands): March 31, 2026 December 31, 2025 Principal Amount Deferred Loan Fees Carrying Amount Principal Amount Deferred Loan Fees Carrying Amount Senior unsecured notes payable $ 400,000 $ ( 1,962 ) $ 398,038 $ 400,000 $ ( 2,184 ) $ 397,816 Senior unsecured term loan 500,000 ( 3,392 ) 496,608 500,000 ( 3,596 ) 496,404 $ 900,000 $ ( 5,354 ) $ 894,646 $ 900,000 $ ( 5,780 ) $ 894,220 Senior Unsecured Notes Payable 2028 Senior Notes. On June 17, 2021, the Operating Partnership, and its wholly owned subsidiary, CareTrust Capital Corp. (together with the Operating Partnership, the “Issuers”), completed a private offering of $ 400.0 million aggregate principal amount of 3.875 % Senior Notes due 2028 (the “Notes”) to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A and to non-U.S. persons outside the United States in reliance on Regulation S under the Securities Act of 1933, as amended. The Notes were issued at par, resulting in gross proceeds of $ 400.0 million and net proceeds of approximately $ 393.8 million after deducting underwriting fees and other offering expenses. The Notes mature on June 30, 2028. The Notes accrue interest at a rate of 3.875 % per annum payable semiannually in arrears on June 30 and December 30 of each year, commencing on December 30, 2021. The Issuers may redeem some or all of the Notes at any time prior to March 30, 2028 at a price equal to 100 % of the principal amount of the Notes redeemed plus accrued and unpaid interest on the Notes, if any, to, but not including, the redemption date, plus a “make-whole” premium. At any time on or after March 30, 2028, the Issuers may redeem some or all of the Notes at a redemption price equal to 100 % of the principal amount of the Notes redeemed plus accrued interest on the Notes, if any, to, but not including, the redemption date. If certain changes of control of the Company occur, the Issuers will be required to make an offer to holders of the Notes to repurchase their Notes at a price of 101 % of their principal amount plus accrued and unpaid interest, if any, to, but not including, the repurchase date. The obligations under the Notes are fully and unconditionally guaranteed, jointly and severally, on an unsecured basis, by the Company and all of CareTrust’s existing and future subsidiaries (other than the Issuers) that guarantee obligations under the Third Amended Credit Agreement (as defined below); provided, however, that such guarantees are subject to automatic release under certain customary circumstances. The indenture governing the Notes contains customary covenants such as limiting the ability of the Company and its restricted subsidiaries to: incur or guarantee additional indebtedness; incur or guarantee secured indebtedness; pay dividends or distributions on, or redeem or repurchase, capital stock; make certain investments or other restricted payments; sell assets; enter into transactions with affiliates; merge or consolidate or sell all or substantially all of their assets; and create restrictions on the ability of the Issuers and their restricted subsidiaries to pay dividends or other amounts to the Issuers. The indenture governing the Notes also requires the Company and its restricted subsidiaries to maintain a specified ratio of unencumbered assets to unsecured indebtedness. These covenants are subject to a number of important and significant limitations, qualifications and exceptions. The indenture governing the Notes also contains customary events of default. As of March 31, 2026, the Company was in compliance with all applicable financial covenants under the indenture governing the Notes. 19 Table of Contents CARETRUST REIT, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Unaudited) Unsecured Revolving Credit Facility and Term Loan On December 18, 2024, the Operating Partnership, as the borrower, the Company, as guarantor, CareTrust GP, LLC, and certain of the Operating Partnership’s wholly owned subsidiaries, entered into a third amended and restated credit and guaranty agreement with KeyBank National Association, as administrative agent, an issuing bank and swingline lender (as amended from time to time, the “Third Amended Credit Agreement”). The Third Amended Credit Agreement, which amended and restated the Second Amended Credit Agreement (as defined below) provides for an upsized unsecured revolving credit facility (the “Third Amended Revolving Facility”) with revolving commitments in an aggregate principal amount of $ 1.2 billion, including a letter of credit subfacility for 10 % of the then available revolving commitments and a swingline loan subfacility for 10 % of the then available revolving commitments. Future borrowings under the Third Amended Revolving Facility will be used for working capital purposes, for capital expenditures, to fund acquisitions and for general corporate purposes. On May 30, 2025, the Operating Partnership entered into a first amendment to the Third Amended Credit Agreement (the “First Amendment to the Third Amended Credit Agreement”). The First Amendment to the Third Amended Credit Agreement provides for an unsecured term loan facility (the “Term Loan Facility”) with term loan commitments in an aggregate principal amount of $ 500.0 million in addition to the Third Amended Revolving Facility. On January 14, 2026, the Operating Partnership entered into a second amendment to the Third Amended Credit Agreement (the “Second Amendment to the Third Amended Credit Agreement”). The Second Amendment to the Third Amended Credit Agreement amended the definition of Permitted Encumbrances to include liens on assets located in the U.K. or on equity interests of any person owning such assets, in each case, securing intercompany loans. The interest rates applicable to loans under the Third Amended Revolving Facility are, at the Operating Partnership’s option, equal to either a base rate plus a margin ranging from 0.05 % to 0.55 % per annum or Term SOFR or Daily Simple SOFR (each as defined in the Third Amended Credit Agreement) plus a margin ranging from 1.05 % to 1.55 % per annum based on the debt to asset value ratio of the Company and its consolidated subsidiaries (subject to decrease at the Operating Partnership’s election if the Company obtains certain specified investment grade ratings on its senior long-term unsecured debt). In addition, the Operating Partnership will pay a facility fee on the revolving commitments under the Third Amended Revolving Facility ranging from 0.15 % to 0.35 % per annum, based on the debt to asset value ratio of the Company and its consolidated subsidiaries (unless the Company obtains certain specified investment grade ratings on its senior long-term unsecured debt and the Operating Partnership elects to decrease the applicable margin as described above, in which case the Operating Partnership will pay a facility fee on the revolving commitments ranging from 0.125 % to 0.30 % per annum based on the credit ratings of the Company’s senior long-term unsecured debt). The interest rates applicable to loans under the Term Loan Facility are, at the Operating Partnership’s option, equal to either a base rate plus a margin ranging from 0.10 % to 0.80 % per annum or Term SOFR or Daily Simple SOFR plus a margin ranging from 1.10 % to 1.80 % per annum based on the debt to asset value ratio of the Company and its consolidated subsidiaries (subject to decrease at the Operating Partnership’s election if the Company obtains certain specified investment grade ratings on its senior long-term unsecured debt). The First Amendment to the Third Amended Credit Agreement removed the SOFR credit spread adjustment applicable to loans under the Third Amended Revolving Facility bearing interest at Term SOFR or Daily Simple SOFR. As of March 31, 2026, the Operating Partnership had $ 500.0 million of borrowings outstanding under the Term Loan Facility and no borrowings outstanding under the Third Amended Revolving Facility. The Third Amended Revolving Facility has a maturity date of February 9, 2029, and includes, at the sole discretion of the Operating Partnership, two six-month extension options. The Term Loan Facility has a maturity date of May 30, 2030. The Third Amended Revolving Facility is guaranteed, jointly and severally, by the Company and its wholly owned subsidiaries that are party to the Third Amended Credit Agreement (other than the Operating Partnership). The Third Amended Credit Agreement contains customary covenants that, among other things, restrict, subject to certain exceptions, the ability of the Company and its subsidiaries to grant liens on their assets, incur indebtedness, sell assets, make investments, engage in acquisitions, mergers or consolidations, amend organizational documents and pay certain dividends and other restricted payments. The Third Amended Credit Agreement requires the Company to comply with financial maintenance covenants to be tested quarterly, consisting of a maximum debt to asset value ratio, a minimum fixed charge coverage ratio, a minimum tangible net worth, a maximum secured debt to asset value ratio, a maximum unsecured debt to unencumbered properties asset value ratio and a minimum unsecured interest coverage ratio. The Third Amended Credit Agreement also contains certain customary events of default, including the failure to make timely payments under the Third Amended Revolving Facility or other material indebtedness, the failure to satisfy certain covenants (including the financial maintenance covenants), the occurrence of change of control and specified events of bankruptcy and insolvency. 20 Table of Contents CARETRUST REIT, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Unaudited) As of March 31, 2026, the Company was in compliance with all applicable financial covenants under the Third Amended Credit Agreement. Schedule of Debt Maturities The following is a schedule of maturities for the Company’s outstanding debt as of March 31, 2026 (dollars in thousands): Term Loan Senior Unsecured Notes Total 2026 $ — $ — $ — 2027 — — — 2028 — 400,000 400,000 2029 — — — 2030 500,000 — 500,000 Thereafter — — — Total Debt $ 500,000 $ 400,000 $ 900,000 9. EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS Common Stock At-The-Market Offering —On February 17, 2026, the Company entered into a new equity distribution agreement to issue and sell, from time to time, up to $ 1.0 billion in aggregate offering price of its common stock through an “at-the-market” equity offering program (the “New ATM Program”) and terminated its previous $ 750.0 million “at-the-market” equity offering program (together, with all previous at-the-market equity offering programs, the “Previous ATM Programs” and together with the New ATM Program, the “ATM Program”). In addition to the issuance and sale of shares of its common stock, the ATM Program also provides for the ability to enter into one or more forward sales agreements (each, an “ATM forward contract”) with sales agents for the sale of the Company’s shares of common stock under the ATM Program. In the event the Company enters into an ATM forward contract to sell shares of common stock pursuant to the ATM Program, the Company would expect to fully physically settle forward equity sales by delivery of shares of common stock to the forward purchaser and receive cash proceeds upon one or more settlement dates, which are typically a one-year term, at the Company’s discretion, prior to the final settlement date, at which time the Company would expect to receive aggregate net cash proceeds at settlement equal to the number of shares sold on a forward basis multiplied by the relevant forward price per share. The weighted average forward sale price that the Company would expect to receive upon physical settlement would be subject to adjustment for (i) a floating interest rate factor equal to a specified daily rate less a spread, (ii) the forward purchaser’s stock borrowing costs and (iii) scheduled dividends through the settlement. As of March 31, 2026, 9.5 million shares remained unsettled under forward contracts, representing approximately $ 363.6 million in gross proceeds. The following table summarizes the ATM Program activity (or activity under any predecessor at-the-market equity offering programs) for the three months ended March 31, 2026 and 2025 (in thousands, except per share amounts): For the Three Months Ended March 31, 2026 March 31, 2025 Number of shares 3,500 553 Average sales price per share $ 37.00 $ 28.87 Gross proceeds (1) $ 129,500 $ 15,964 (1) Total gross proceeds is before $ 1.0 million and $ 0.2 million of commissions paid to the sales agents and forward adjustments during the three months ended March 31, 2026 and 2025, respectively, under the ATM Program. As of March 31, 2026, the Company had $ 879.0 million available for future issuances under the New ATM Program. 21 Table of Contents CARETRUST REIT, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Unaudited) Dividends on Common Stock — The following table summarizes the cash dividends per share of common stock declared by the Company’s board of directors for the first three months of 2026 (dollars in thousands, except per share amounts): For the Three Months Ended March 31, 2026 Dividends declared per share $ 0.39 Dividends payment date April 15, 2026 Dividends payable as of record date $ 88,452 Dividends record date March 31, 2026 Redeemable Noncontrolling Interests Arrangements with noncontrolling interest holders are assessed for appropriate balance sheet classification based on the redemption and other rights held by the noncontrolling interest holder. Two of the Company’s noncontrolling interest holders have the ability to put their equity interests to the Company during specified option exercise periods, subject to certain conditions. The put options are payable in cash and subject to changes in redemption value. Accordingly, the Company records the redeemable noncontrolling interests outside of permanent equity. The redeemable noncontrolling interests are adjusted for additional contributions and distributions and the proportionate share of the net earnings or losses. When the redemption of the noncontrolling interests becomes probable, the Company will record the redeemable noncontrolling interests at the greater of their carrying amounts or redemption values at the end of each reporting period by making an election either to accrete changes in the redemption values of the redeemable noncontrolling interests over the period from the date it is probable of exercise to the earliest redemption date or to recognize the entire adjustment on the date redemption becomes probable. In addition to the rights of the redeemable noncontrolling interest holders, the Company has the ability to call the interests of the noncontrolling interest holders during specified option exercise periods. As of March 31, 2026, the redeemable noncontrolling interests did not meet the conditions for redemption. 10. STOCK-BASED COMPENSATION All stock-based awards are subject to the terms of the CareTrust REIT, Inc. and CTR Partnership, L.P. Incentive Award Plan (the “Plan”). The Plan provides for the granting of stock-based compensation, including stock options, restricted stock, performance awards, restricted stock units, relative total stockholder return based stock awards, LTIP Units (as defined below) and other incentive awards to officers, employees and directors in connection with their employment with or services provided to the Company. Under the Plan, 5,000,000 shares have been authorized for awards. Restricted Stock Awards and Units Prior to 2026, the board of directors granted restricted stock awards (“RSAs”) and, beginning in 2026, the board of directors granted restricted stock units (“RSUs”). Under the Plan, RSAs and RSUs that are not TSR Units (as defined below) granted to employees of the Company typically vest in equal annual installments over a three year period. The board of directors granted RSAs to certain employees of the Company in 2025 (“2025 RSAs”) which vested in one installment over one year . RSAs granted to non-employee members of the board of directors (“Board Awards”) prior to 2026 vest in full on the earlier to occur of the Company’s next Annual Meeting of Stockholders or one year . Beginning in 2026, RSUs granted to non-employee members of the board vest in full on the one year anniversary of the grant date. Relative total shareholder return units (“TSR Units”) granted since 2021 are subject to both time and market based conditions and cliff vest after a three-year period. The amount of such market awards that will ultimately vest is dependent on the Company’s total shareholder return (“TSR”) performance relative to a custom TSR peer group consisting of other publicly traded healthcare REITs and will range from 0 % to 200 % of the TSR Units initially granted. RSAs, RSUs and Board Awards are valued on the date of grant based on the closing price of the Company’s common stock, while the TSR Units are valued on the date of grant using a Monte Carlo valuation model. The vesting of certain awards may accelerate, as defined in the grant agreement, upon retirement, a change in control or other events. 22 Table of Contents CARETRUST REIT, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Unaudited) LTIP Units On December 11, 2025, the Company, as the special limited partner of the Operating Partnership, and CareTrust GP, LLC, as the general partner of the Operating Partnership, entered into the Second Amended and Restated Agreement of Limited Partnership of the Operating Partnership (the “Amended Operating Partnership Agreement”). The amendments set forth in the Amended Operating Partnership Agreement established a new general class of units of limited partnership in the Operating Partnership designated as “LTIP Units” and designated four specific sub-classes of LTIP Units, including “Basic LTIP Units” and “Performance LTIP Units”, as defined and further set forth in the Amended Operating Partnership Agreement. LTIP Units are structured in a manner intended to qualify as “profits interests” for U.S. federal income tax purposes, which means they cannot have any value on the date of grant were the Operating Partnership to be liquidated on that date. As profits interests, LTIP Units only have value, other than with respect to the right to receive distributions, if the value of the assets of the Operating Partnership increases between the time of issuance of the LTIP Units and the date of a book-up event for partnership tax purposes. Pursuant to an LTIP Unit program adopted by the Board in December 2025, each executive officer and certain other employees as well as members of the Board may elect to receive their annual Company equity awards in the form of Basic LTIP Units or Performance LTIPs, as applicable. Basic LTIP Units granted under the Plan generally vest in equal annual installments over a period of three years or, in the case of Basic LTIP Units awarded to members of the Board, on the first anniversary of their grant date. The Performance LTIP Units are scheduled to cliff vest at the end of a three-year period subject to a market-based performance condition tied to the Company’s TSR performance relative to a custom peer group consisting of other publicly traded healthcare REITs over the three-year period. The Performance LTIP Units are granted at the maximum potential payout, inclusive of expected distributions during the performance period. The number of units that ultimately vest can vary from 0 % to 100 % of target, and any difference from the original grant is forfeited. The fair value of the time-based Basic LTIP Units is determined based on the closing market price of the Company’s shares on the grant date less a discount for post-vesting restrictions, liquidity risk, and uncertainty of the time-based Basic LTIP Units reaching parity with the value of the Company’s common stock. The fair value of market-based Performance LTIP Units is determined based on the Monte Carlo valuation model using the same assumptions as TSR Units described above less a discount for post-vesting restrictions, liquidity risk, and uncertainty of the Performance LTIP Units reaching parity with the value of the Company’s common stock and the vesting terms of the awards. The total grant date fair value of LTIP Units granted during the three months ended March 31, 2026 was $ 16.4 million. The following table summarizes the RSUs and LTIP Unit grants during the three months ended March 31, 2026 : RSUs LTIP Units Shares Weighted Average Share Price Units Weighted Average Grant Date Fair Value per Unit Granted 93,171 $ 38.72 786,870 $ 20.81 The following table summarizes the stock-based compensation expense recognized for the periods presented (dollars in thousands): For the Three Months Ended March 31, 2026 2025 Stock-based compensation expense $ 3,448 $ 3,909 As of March 31, 2026, there was $ 25.2 million of unamortized stock-based compensation expense related to the unvested RSAs, RSUs, TSR Units and LTIP Units, which is expected to be recognized over a weighted average period of approximately 2.1 years. 23 Table of Contents CARETRUST REIT, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Unaudited) 11. INCOME TAXES The Company elected to be taxed as a REIT for U.S. federal income tax purposes beginning with the taxable year ended December 31, 2014. To maintain REIT status, the Company must meet a number of organizational and operational requirements, including a requirement to distribute at least 90% of its REIT taxable income, determined without regard to the dividends paid deduction and excluding any net capital gains. In addition, the Company is required to meet certain asset and income tests. As a REIT, the Company generally will not be subject to corporate level federal income tax on taxable income that it distributes to its stockholders. The Company also elected to treat certain of its consolidated subsidiaries as taxable REIT subsidiaries (“TRS”), which are subject to federal, state and foreign income taxes. In addition, as a result of our investments in the U.K., the Company is subject to income taxes under the laws of the U.K. REITs generally are not subject to U.S. federal income taxes on that portion of REIT taxable income or capital gain that is distributed to stockholders. For the three months ended March 31, 2026, as a result of ownership of investments in a TRS and the U.K., the Company was subject to federal, state and foreign income taxes under the respective tax laws of these jurisdictions. The following table summarizes pretax income and income tax expense by geography for continuing operations for the period presented (dollars in thousands): For the Three Months Ended March 31, 2026 Pretax income Income tax expense Domestic $ 77,244 $ 111 Foreign 4,532 2,160 Total $ 81,776 $ 2,271 The income tax expense for the three months ended March 31, 2026 was primarily due to income from foreign jurisdictions that are subject to withholding taxes. Each TRS and foreign entity subject to income taxes is a tax paying component for purposes of classifying deferred tax assets and liabilities. As of March 31, 2026 and December 31, 2025, deferred tax assets totaled zero and $ 0.1 million, respectively, and deferred tax liabilities totaled $ 7.6 million and $ 5.6 million, respectively. 24 Table of Contents CARETRUST REIT, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Unaudited) 12. EARNINGS PER COMMON SHARE The following table presents the calculation of basic and diluted earnings per common share attributable to CareTrust REIT, Inc. (“EPS”) for the Company’s common stock for the three months ended March 31, 2026 and 2025, and reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS (dollars and shares in thousands, except per share amounts): For the Three Months Ended March 31, 2026 2025 Numerator: Net income attributable to CareTrust REIT, Inc. $ 80,210 $ 65,802 Less: Net income allocated to participating securities ( 105 ) ( 183 ) Numerator for basic and diluted earnings available to common stockholders $ 80,105 $ 65,619 Denominator: Weighted-average basic common shares outstanding 223,014 187,152 Dilutive potential common shares - TSR Units 465 264 Dilutive potential common shares - forward equity agreements 476 — Weighted-average diluted common shares outstanding 223,955 187,416 Earnings per common share attributable to CareTrust REIT, Inc., basic $ 0.36 $ 0.35 Earnings per common share attributable to CareTrust REIT, Inc., diluted $ 0.36 $ 0.35 Antidilutive unvested RSAs and RSUs excluded from the computation 299 545 13. SEGMENT REPORTING The chief operating decision maker (“CODM”) is the President and Chief Executive Officer. The Company represents a single reportable segment, based on how its CODM evaluates the business and allocates resources. The CODM assesses performance for the Company and decides how to allocate resources based on consolidated net income that is also reported on the condensed consolidated income statements. The CODM does not review segment assets at a different asset level or category than the amounts disclosed in the condensed consolidated balance sheets. The CODM uses net income to evaluate the performance of the Company in deciding whether to reinvest profits into the Company. 25 Table of Contents CARETRUST REIT, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Unaudited) The CODM evaluates performance based on net income, as follows (in thousands): For the Three Months Ended March 31, 2026 2025 Revenues: Rental income $ 114,196 $ 71,646 Resident fees and services 3,852 — Interest income from financing receivable 2,778 2,807 Interest income from other real estate related investments and other income 21,957 22,168 Total revenues 142,783 96,621 Expenses: Depreciation and amortization 29,430 17,841 Interest expense 11,242 6,669 Property taxes and insurance 2,453 2,065 Senior housing operating expenses 3,106 — Transaction costs 207 888 Property operating expenses 296 105 Cash compensation 3,579 2,090 Incentive compensation 4,084 1,225 Share-based compensation 3,448 3,909 Professional services 1,528 876 Taxes and insurance 233 218 Other expenses (1) 1,465 705 General and administrative 14,337 9,023 Total expenses 61,071 36,591 Other income: Gain on sale of real estate, net — 3,876 Unrealized gain on other real estate related investments, net 7 1,287 Gain on foreign currency transactions, net 57 — Total other income 64 5,163 Income before income tax expense 81,776 65,193 Income tax expense ( 2,271 ) — Net income 79,505 65,193 Net loss attributable to noncontrolling interests ( 705 ) ( 609 ) Net income attributable to CareTrust REIT, Inc. $ 80,210 $ 65,802 (1) Other expenses include certain overhead expenses. 14. VARIABLE INTEREST ENTITIES VIEs for Which the Company is the Primary Beneficiary Noncontrolling Interests —The Company consolidates the Operating Partnership, a VIE in which the Company is considered the primary beneficiary. The Company has the power to direct the activities of the Operating Partnership that most significantly affect the Operating Partnership’s performance, and through its interest in the Operating Partnership, has both the right to receive benefits from and the obligation to absorb losses of the Operating Partnership. 26 Table of Contents CARETRUST REIT, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Unaudited) The Company has entered into ventures with unrelated third parties to own real estate and has concluded that such ventures are VIEs. As the Company exercises power over and receives economic benefits from the VIEs, the Company is considered the primary beneficiary and consolidates the VIEs. Total assets and total liabilities on the Company's condensed consolidated balance sheets include VIE assets and liabilities, excluding those of the Operating Partnership, as follows (dollars in thousands): March 31, 2026 December 31, 2025 Assets: Real estate investments, net $ 816,443 $ 822,457 Cash and cash equivalents 12,659 12,806 Accounts and other receivables 238 78 Prepaid and other assets 5,485 5,961 Total assets $ 834,825 $ 841,302 Liabilities: Accounts payable, accrued liabilities and deferred rent liabilities $ 4,670 $ 4,856 Total liabilities $ 4,670 $ 4,856 VIEs for Which the Company is not the Primary Beneficiary The Company is not required to consolidate VIEs in which it has concluded it does not have a controlling financial interest, and thus is not the primary beneficiary. In such cases, the Company does not exercise power over and/or does not have potentially significant economic exposure from the VIEs. The Company’s investment in the unconsolidated VIEs are carried in other real estate related investments on the condensed consolidated balance sheets and include two mortgage secured loans issued by the VIEs. The fair value of the Company’s investment in the unconsolidated VIEs were £ 35.5 million and £ 15.5 million at March 31, 2026 and December 31, 2025, respectively. The Company’s maximum exposure to loss from the unconsolidated VIEs were £ 35.5 million and £ 15.5 million at March 31, 2026 and December 31, 2025, respectively. 15. COMMITMENTS AND CONTINGENCIES The Company and its subsidiaries are and may become from time to time a party to various claims and lawsuits arising in the ordinary course of business, which are not individually or in the aggregate anticipated to have a material adverse effect on the Company’s results of operations, financial condition or cash flows. Claims and lawsuits may include matters involving general or professional liability asserted against the Company’s tenants, which are the responsibility of the Company’s tenants and for which the Company is entitled to be indemnified by its tenants under the insurance and indemnification provisions in the applicable leases. In the normal course of business, the Company enters into various commitments, typically consisting of funding of capital expenditures and short-term working capital loans to existing tenants while they await licensure and certification or are conducting turnaround work in one or more of the Company’s properties. Capital expenditures for each property leased under the Company’s triple-net leases are generally the responsibility of the tenant, except for the properties leased under certain master lease agreements, with certain subsidiaries of Ensign and Pennant, under which the tenant will have an option to require the Company to finance certain capital expenditures up to an aggregate of 20 % of the Company’s initial investment in such property, subject to a corresponding rent increase at the time of funding. For the Company’s other triple-net master leases, the tenants also have the option to request capital expenditure funding that would generally be subject to a corresponding rent increase at the time of funding, which are subject to tenant compliance with the conditions to the Company’s approval and funding of their requests. The Company has also provided select tenants with strategic capital for property upkeep and modernization. The Company’s Tenant Code of Conduct and Corporate Responsibility policy (the “Tenant ESG Program”) provides eligible triple-net tenants of the Company with monetary inducements to make sustainable improvements to the Company’s properties. Incentive options include a wide variety of opportunities for tenants to upgrade everything from energy and environmental systems to water-saving landscaping and more. The Company’s board of directors has authorized annual allocations of up to $ 500,000 to fund the Tenant ESG Program. 27 Table of Contents CARETRUST REIT, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Unaudited) The table below summarizes the Company’s existing, known commitments and contingencies as of March 31, 2026 (in thousands): Remaining Commitment Capital expenditures (1) $ 5,593 Mortgage loans 66 Other loans receivable (2) 11,751 Earn-out obligations (3) 45,145 $ 62,555 (1) As of March 31, 2026, the Company had committed to fund expansions, construction, capital improvements and environmental, social and governance incentives at certain triple-net leased properties totaling $ 5.6 million, of which $ 4.1 million is subject to rent increase at the time of funding. (2) Represents non-real estate secured loan commitments. (3) Includes earn‑out obligations of up to $ 42.5 million related to acquisitions completed in 2024 and 2025. This consists of (i) up to $ 10.0 million under a purchase and sale agreement for one SNF in Virginia acquired in 2024, with the earn‑out payable upon the operator’s achievement of specified performance thresholds from October 2025 through October 2026, and (ii) up to $ 32.5 million under a purchase and sale agreement for five skilled nursing facilities in Virginia, North Carolina, and Maryland acquired in 2025, with the earn‑out payable upon the operator’s achievement of specified performance thresholds from December 2026 through December 2028. 16. CONCENTRATION OF RISK Concentrations of credit risk arise when one or more tenants, operators, or obligors related to the Company’s investments are engaged in similar business activities or activities in the same geographic region, or have similar economic features that would cause their ability to meet contractual obligations, including those to the Company, to be similarly affected by changes in economic conditions. Major operator or borrower concentration – The Company has operators and borrowers from which it derived 10% or more of its revenue for the three months ended March 31, 2026 and 2025. The following table sets forth information regarding the Company’s major operators as of March 31, 2026 and 2025: Percentage of Total Revenue Operator/Borrower Three Months Ended March 31, 2026 (1) Ensign (2) 17 % March 31, 2025 (1) Ensign (2) 21 % PACS (2) 11 % (1) Based on the Company’s rental income, resident fees and services, and interest income on financing receivable and other real estate related investments, exclusive of operating expense reimbursements. (2) Ensign and the PACS Group, Inc. (“PACS”) are subject to the registration and reporting requirements of the U.S. Securities and Exchange Commission (the “SEC”) and are required to file with the SEC annual reports containing audited financial information and quarterly reports containing unaudited financial information. Ensign and PACS’s financial statements, as filed with the SEC, can be found at http://www.sec.gov. The Company has not verified this information through an independent investigation or otherwise. 28 Table of Contents CARETRUST REIT, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Unaudited) Major geographic concentration – The following table provides information regarding the Company’s concentrations with respect to certain geographies from which the Company derived 10% or more of its revenue for the three months ended March 31, 2026 and 2025: Percentage of Total Revenue Geography Three Months Ended March 31, 2026 (1) CA 17 % U.K. 17 % TX 11 % March 31, 2025 (1) CA 23 % TX 12 % TN 12 % (1) Based on the Company’s rental income, resident fees and services, and interest income on financing receivable and other real estate related investments, exclusive of operating expense reimbursements. 17. SUBSEQUENT EVENTS Recent Acquisitions and Investments On April 1, 2026, the Company acquired a senior housing community in California for $ 76.2 million, which includes estimated capitalized acquisition costs. In connection with the acquisition of the property, the Company amended an existing master lease with a senior housing operator. The amended master lease has a remaining term of 8.5 years, with two five-year renewal options. Annual cash rent under the amended lease increased by approximately $ 6.3 million. On April 1, 2026, the Company extended a mortgage loan of $ 42.6 million. The mortgage loan is secured by five SNFs located in the Midwest and bears interest at a rate of 8.75 % during the first year of the loan and 9.25 % thereafter. The mortgage loan is set to mature on April 1, 2032, and includes a put and call option, subject to certain conditions, to purchase the real estate. On April 16, 2026, the Company acquired four care homes in the U.K. for approximately £ 42.6 million, which includes estimated capitalized acquisition costs. In connection with the acquisition of the properties, the Company entered into new leases with a new operator of the Company. The leases have a term of 21 years and RPI‑based rent escalators, subject to a floor of 2 % and a ceiling of 4 %. Annual cash rent under the leases is £ 3.7 million. On April 17, 2026, the Company invested $ 380.3 million, which includes estimated transaction costs, in 15 SNFs in California through a sale and leaseback transaction. The Company leased the properties back to affiliates of the seller and provided the seller-lessee with options to repurchase no more than five properties in each of three option windows, beginning in year nine. The master lease has a term of 15 years, with three five-year renewal options and fixed rent escalators. Annual cash rent under the lease is $ 33.0 million. In connection with the transaction, on April 17, 2026, the Company extended a mortgage loan of $ 20.0 million to affiliates of the seller. The mortgage loan is secured by a SNF located in California. The loan has a five-year term that is fully amortized at a rate of 8.65 %. On April 20, 2026, the Company amended and restated the loan agreement to add an additional $ 35.0 million of principal at the existing terms, secured by two additional skilled nursing facilities in Washington. The mortgage loan matures April 30, 2031. In addition, on April 20, 2026, the Company extended a mortgage loan of $ 108.0 million to affiliates of the seller. The mortgage loan is secured by six SNFs, located in California and Washington, and bears interest at a rate of 9.50 %. The mortgage loan is set to mature on April 30, 2027. On May 1, 2026, the Company invested $ 87.3 million, which includes estimated transaction costs, in a portfolio of six SNFs and a senior housing community in the Midwest through a sale and leaseback transaction. The Company leased the properties back to affiliates of the seller and provided the seller-lessee with an option to repurchase the properties during the first six months of the 11 th lease year of the master lease. The master lease has a term of 15 years, with four five-year renewal options and CPI-based rent escalators. Annual cash rent under the lease is $ 8.0 million. 29 Table of Contents CARETRUST REIT, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Unaudited) On May 1, 2026, the Company contributed $ 16.1 million to joint ventures that acquired one senior housing community located in Arizona for $ 16.4 million, which includes estimated capitalized acquisition costs. In exchange, the Company holds 98 % of the equity interests in the joint ventures. The joint venture partner contributed the remaining $ 0.3 million of the total investment in exchange for 2 % of the equity interests in the joint ventures. The community will be operated by a third-party manager under the SHOP platform. In addition to the transactions listed above, subsequent to March 31, 2026, the Company also completed the following transactions: • Invested $ 17.5 million in mortgage loans to existing borrowers at interest rates ranging from 8.5 % to 13.9 %. • Invested $ 20.1 million to acquire one SNF which has been added to an existing master lease increasing annual cash rent by $ 1.8 million. • Exercised a call option to acquire a senior housing community in exchange for settling a £ 6.0 million loan receivable and £ 2.7 million of additional cash consideration. Financing Activity Subsequent to March 31, 2026, the Company borrowed $ 350.0 million net on the Third Amended Revolving Facility to fund recent acquisitions. In addition, the Company settled the outstanding forward contracts under the ATM Program for 9.5 million shares and gross proceeds of approximately $ 363.6 million. 30 Table of Contents