| Schedule of deferred revenue |
The following table summarizes the Company’s deferred revenue (in thousands): | | | | | | | | | | | | | | | | June 30, | | December 31, | | | 2026 | | 2025 | Non-refundable entrance fees | | $ | 695,511 | | $ | 669,528 | Other deferred revenue | | | 3,734 | | | 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 | Acquisitions | | | 5,362 | 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. |
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 provided | | | 99,960 | Receipts applied to entrance fee commitments | | | (87,857) | Closing balance - December 31, 2025 | | $ | 73,376 | Current year deferrals provided | | | 53,160 | Receipts applied to entrance fee commitments | | | (55,273) | Closing balance - June 30, 2026 | | $ | 71,263 |
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The following table summarizes the Company’s deferred revenue (in thousands): | | | | | | | | | | | | | | | | December 31, | | | 2025 | | 2024 | Non-refundable entrance fees | | $ | 669,528 | | $ | 615,723 | Other deferred revenue | | | 3,479 | | | 1,031 | Deferred revenue | | $ | 673,007 | | $ | 616,754 |
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| Schedule of entrance fee receivables |
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The opening and closing balances of non-refundable entrance fees were as follows (in thousands): | | | | | | | | Opening balance – December 31, 2023 | | $ | 562,026 | Additions | | | 142,692 | Amortization(1) | | | (88,995) | Closing balance – December 31, 2024 | | $ | 615,723 | Additions | | | 152,717 | Amortization(1) | | | (98,912) | Closing balance – December 31, 2025 | | $ | 669,528 |
| (1) | Amortization of non-refundable entrance fees is included within resident fees and services on the Combined and Consolidated Statements of Operations. |
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): | | | | | | | | Opening balance – December 31, 2023 | | $ | 42,733 | Current year deferrals provided | | | 91,508 | Receipts applied to entrance fee commitments | | | (72,968) | Closing balance – December 31, 2024 | | $ | 61,273 | Current year deferrals provided | | | 99,960 | Receipts applied to entrance fee commitments | | | (87,857) | Closing balance – December 31, 2025 | | $ | 73,376 |
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