v3.26.1
Deferred Revenue
 6 Months Ended
Jun. 30, 2026
Revenues [Abstract]  
Deferred Revenue Deferred Revenue
The following table summarizes the Company’s deferred revenue (in thousands):
June 30,
2026		December 31,
2025
Non-refundable entrance fees$695,511 $669,528 
Other deferred revenue3,734 3,479 
Deferred revenue$699,245 $673,007 
The opening and closing balances of non-refundable entrance fees were as follows (in thousands):
Closing balance - December 31, 2024$615,723 
Additions(1)
152,717 
Amortization(2)
(98,912)
Closing balance - December 31, 2025$669,528 
Additions(1)
75,631 
Acquisitions5,362 
Amortization(2)
(55,010)
Closing balance - June 30, 2026$695,511 
_______________________________________
(1)During the three months June 30, 2026, the Company collected non-refundable entrance fees of $41 million. During the three and six months ended June 30, 2025, the Company collected non-refundable entrance fees of $43 million and $71 million, respectively.
(2)Amortization of non-refundable entrance fees is included within resident fees and services on the Combined and Consolidated Statements of Operations. During the three months ended June 30, 2026, the Company recognized amortization of $28 million. During the three and six months ended June 30, 2025, the Company recognized amortization of $24 million and $48 million, respectively.
As of each of June 30, 2026 and December 31, 2025, the weighted average remaining length of stay based on the unamortized non-refundable entrance fee balance of the Company’s in-place residents was 8 years.
Entrance Fee Receivables
For certain residents that qualify, the Company may offer to provide a deferral of the upfront cash entrance fee requirements so that they are able to move into a community while still continuing the process of selling their previous home. These entrance fee receivables are due upon sale of the resident’s previous home. The following table summarizes the Company’s entrance fee receivables, which are recognized in other assets on the Combined and Consolidated Balance Sheets (in thousands):
Closing balance - December 31, 2024$61,273 
Current year deferrals provided99,960 
Receipts applied to entrance fee commitments(87,857)
Closing balance - December 31, 2025$73,376 
Current year deferrals provided53,160 
Receipts applied to entrance fee commitments(55,273)
Closing balance - June 30, 2026$71,263 
Revenue Recognition
Disaggregation of Resident Fees and Services Revenue
The following table disaggregates the Company’s resident fees and services according to whether such revenue relates to amortization of non-refundable entrance fees, room and rents, or ancillary and other services (in thousands):
Three Months Ended June 30,
20262025
AmountPercent of TotalAmountPercent of Total
Room and rents$169,15678 %$111,73775 %
Non-refundable entrance fee amortization27,80813 %23,65216 %
Ancillary and other services19,4929 %13,4669 %
Resident fees and services$216,456100%$148,855100%

Six Months Ended June 30,
20262025
AmountPercent of TotalAmountPercent of Total
Room and rents$333,52380 %$232,14778 %
Non-refundable entrance fee amortization55,01013 %47,65816 %
Ancillary and other services28,2687 %17,9776 %
Resident fees and services$416,801100%$297,782100%
Room and rents and non-refundable entrance fee amortization are recognized over time, or approximately one month and expected stay of the resident, respectively. Ancillary and other services are recognized at a point in time, as services are delivered.
Accounts Receivable, net
The opening and closing balances of accounts receivable, net were as follows (in thousands):
Closing balance - December 31, 2025$19,431 
Closing balance - June 30, 202624,076 
Change$4,645 
The following is a summary of the Company’s adjustments to allowances for credit losses (in thousands):
Opening balance - December 31, 2024$2,243 
Additional allowance2,269 
Write-offs, recoveries, and other adjustments(2,494)
Closing balance - December 31, 2025$2,018 
Opening balance - December 31, 2025$2,018 
Additional allowance2,219 
Write-offs, recoveries, and other adjustments(714)
Closing balance - June 30, 2026$3,523