v3.26.1
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The following table presents resident revenue, community operating expense and community net operating income by reportable segment (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
 Total segment revenue– resident revenue$188,023 $81,845 $296,450 $161,100 
Community operating expense:
Labor85,678 39,331 138,050 77,630 
Food8,367 3,839 13,193 7,267 
Utilities6,325 3,525 11,517 7,526 
Other community operating expense (1)
31,513 13,914 50,479 27,300 
Total community operating expense131,883 60,609 213,239 119,723 
Total community net operating income$56,140 $21,236 $83,211 $41,377 
__________
(1) Includes community maintenance, software expense, supplies, insurance, real estate taxes, marketing expense, and other overhead expense.
Reconciliation of Revenue from Segments to Consolidated
A reconciliation of segment revenue to consolidated total revenues is as follows (in thousands):

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Segment revenue– resident revenue$188,023 $81,845 $296,450 $161,100 
All other non-segment revenue:
Rental income7,506 — 9,201 — 
Management fee income1,185 1,134 2,330 2,195 
Managed community reimbursement revenue10,934 10,546 22,299 22,153 
Total revenues$207,648 $93,525 $330,280 $185,448 
Reconciliation of Operating Profit (Loss) from Segments to Consolidated
A reconciliation of segment net operating income to the Company’s condensed consolidated statements of operations is as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Segment net operating income$56,140 $21,236 $83,211 $41,377 
Rental income7,506 — 9,201 — 
Management fee income1,185 1,134 2,330 2,195 
Other operating expenses (3,147)(811)(4,467)(2,111)
General and administrative expense(14,351)(9,729)(24,814)(18,201)
Transaction, transition and restructuring costs(4,775)(461)(30,869)(1,071)
Depreciation and amortization expense(43,183)(13,646)(63,143)(27,332)
Third-party property management fees(4,836)— (5,884)— 
Interest income321 986 540 1,228 
Interest expense(22,508)(9,271)(35,341)(18,717)
Gain on extinguishment of debt, net3,871 — 3,871 — 
Loss from equity method investment(604)(383)(812)(713)
Other income (expense), net(15)9,063 539 8,513 
Provision for income taxes(325)(91)(533)(166)
Net loss$(24,721)$(1,973)$(66,171)$(14,998)