v3.26.1
Segment Disclosures
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Segment Reporting [Abstract]    
Segment Disclosures

NOTE 16.    Segment Disclosures

​

The Company has one operating segment, senior housing, based on how its Chief Operating Decision Maker (“CODM”), the President and Chief Executive Officer, assesses performance and allocates resources. The Company’s reportable segment, as determined in accordance with ASC 280, Segment Reporting, is the same as its operating segment. The accounting policies of the senior housing segment are the same as those described in Note 2 to the combined and consolidated financial statements for the fiscal year ended December 31, 2025, as updated by Note 2 herein.

The CODM evaluates performance based on net income (loss) as reported on the Company’s Combined and Consolidated Statements of Operations as it provides a comprehensive indication of overall results of operations.

The Company conducts its business on a consolidated basis in one operating segment and therefore, has one reportable segment. Asset information is not used by the CODM to assess performance.

The following table presents significant segment expenses and net income (loss) for the three months ended March 31, 2026 and 2025 (in thousands):

​

​

​

​

​

​

​

​

​

  ​ ​ ​

Three Months Ended March 31,

​

  ​ ​ ​

2026

  ​ ​ ​

2025

Resident fees and services

​

$

200,345

​

$

148,927

Compensation and property management

​

 

(91,008)

​

 

(70,381)

Food

​

 

(8,698)

​

 

(6,442)

Real estate taxes

​

 

(6,444)

​

 

(4,501)

Repairs and maintenance

​

 

(6,651)

​

 

(4,846)

Utilities

​

 

(8,145)

​

 

(5,663)

Other segment items(1)

​

 

(23,652)

​

 

(18,805)

Depreciation and amortization

​

 

(51,398)

​

 

(32,799)

General and administrative

​

 

(2,958)

​

 

(3,132)

General and administrative - related party management fee

​

 

(328)

​

 

—

Interest expense

​

 

(351)

​

 

(948)

Transaction costs

​

 

(18,510)

​

 

—

Gain (loss) upon change of control, net

​

 

46,270

​

 

—

Gain (loss) on debt extinguishments

​

 

(403)

​

 

—

Other income (expense), net

​

 

816

​

 

(2,380)

Income tax benefit (expense)

​

 

(1,122)

​

 

(2,591)

Equity income (loss) from unconsolidated joint venture

​

 

111

​

 

1,451

Net income (loss)

​

$

27,874

​

$

(2,110)

(1)Other segment items include: (i) cleaning and supplies, (ii) insurance, (iii) marketing, and (iv) other expenses.

NOTE 13.    Segment Disclosures

The Company has one operating segment, senior housing, based on how its CODM, the President and Chief Executive Officer, assesses performance and allocates resources. The Company’s reportable segment, as determined in accordance with ASC 280, Segment Reporting, is the same as its operating segment. The accounting policies of the senior housing segment are the same as those described in the Company’s Summary of Significant Accounting Policies (see Note 2).

The CODM evaluates performance based on net income (loss) as reported on the Company’s Combined and Consolidated Statements of Operations as it provides a comprehensive indication of overall results of operations.

Segment assets consist of real estate assets and intangible assets. Non-segment assets consist of corporate non-segment assets. Corporate non-segment assets consist primarily of corporate assets, including cash and cash equivalents, restricted cash, accounts receivable, and other assets. Reportable segment asset information is not provided to the CODM as the CODM does not use segment asset information to evaluate the business and allocate resources.

The following table presents significant segment expenses and net income (loss) for the years ended December 31, 2025 and 2024 (in thousands):

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

  ​ ​ ​

2025

  ​ ​ ​

2024

Resident fees and services

​

$

603,989

​

$

568,475

Compensation and property management

​

 

(287,758)

​

 

(278,881)

Food

​

 

(27,263)

​

 

(26,513)

Real estate taxes

​

 

(15,937)

​

 

(15,472)

Repairs and maintenance

​

 

(20,212)

​

 

(18,373)

Utilities

​

 

(23,602)

​

 

(22,309)

Other segment items(1)

​

 

(74,151)

​

 

(68,895)

Depreciation and amortization

​

 

(126,356)

​

 

(137,186)

General and administrative

​

 

(10,549)

​

 

(11,921)

Interest expense

​

 

(3,797)

​

 

(3,942)

Transaction costs

​

 

(1,607)

​

 

—

Gain (loss) on sales of real estate, net

​

 

—

​

 

(16,413)

Other income (expense), net

​

 

863

​

 

(32,417)

Income tax benefit (expense)

​

 

(11,339)

​

 

11,490

Equity income (loss) from unconsolidated joint venture

​

 

4,068

​

 

1,894

Net income (loss)

​

$

6,349

​

$

(50,463)

(1)Other segment items include: (i) cleaning and supplies, (ii) insurance, (iii) marketing, and (iv) other expenses.