v3.26.1
Segment Disclosures
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Disclosures Segment Disclosures
The Company has one operating segment 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 Company’s reportable segment are the same as those described in Note 2 to the combined financial statements for the fiscal year ended December 31, 2025 included in the Registration Statement, 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 and six months ended June 30, 2026 and 2025 (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Resident fees and services$216,456 $148,855 $416,801 $297,782 
Compensation and property management(100,605)(72,083)(191,613)(142,465)
Food(9,870)(6,782)(18,568)(13,225)
Real estate taxes(6,566)(4,324)(13,046)(8,832)
Repairs and maintenance(7,719)(4,873)(14,371)(9,719)
Utilities(8,701)(5,719)(16,846)(11,382)
Other segment items(1)
(25,325)(18,006)(48,940)(36,802)
Depreciation and amortization(56,473)(31,191)(107,871)(63,990)
General and administrative(1,334)(2,382)(4,292)(5,514)
General and administrative - related party management fee(2,472)— (2,800)— 
Interest expense(350)(949)(701)(1,897)
Transaction costs(4,278)— (22,788)— 
Gain (loss) on sales of real estate, net3,884 — 3,884 — 
Gain (loss) upon change of control, net— — 46,270 — 
Gain (loss) on debt extinguishments— — (403)— 
Other income (expense), net16,465 (4,029)17,281 (6,409)
Income tax benefit (expense)1,746 (2,096)624 (4,687)
Equity income (loss) from unconsolidated joint venture— 1,009 111 2,460 
Net income (loss)$14,858 $(2,570)$42,732 $(4,680)
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(1)Other segment items include: (i) cleaning and supplies, (ii) insurance, (iii) marketing, and (iv) other expenses.