UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _ to _

Commission File Number: 001-32641

BROOKDALE SENIOR LIVING INC.

(Exact name of registrant as specified in its charter)

Delaware	20-3068069
(State or other jurisdiction<br>of incorporation or organization)	(I.R.S. Employer Identification No.)		105 Westwood Place,	Suite 400	Brentwood,	Tennessee	37027
---	---	---	---	---
(Address of principal executive offices)				(Zip Code)

(Registrant's telephone number, including area code) (615) 221-2250

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 Par Value Per Share	BKD	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of August 5, 2025, 237,490,452 shares of the registrant's common stock, $0.01 par value, were outstanding (excluding restricted shares and restricted stock units).

BROOKDALE SENIOR LIVING INC.

		PAGE
PART I.	FINANCIAL INFORMATION
Item 1.	Financial Statements
	Condensed Consolidated Balance Sheets -
	As of June 30, 2025 (Unaudited) and December 31, 2024	4
	Condensed Consolidated Statements of Operations -
	Three and six months ended June 30, 2025 and 2024 (Unaudited)	5
	Condensed Consolidated Statements of Equity -
	Three and six months ended June 30, 2025 and 2024 (Unaudited)	6
	Condensed Consolidated Statements of Cash Flows -
	Six months ended June 30, 2025 and 2024 (Unaudited)	7
	Notes to Condensed Consolidated Financial Statements (Unaudited)	8
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	21
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	42
Item 4.	Controls and Procedures	43
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	43
Item 1A.	Risk Factors	43
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	44
Item 5.	Other Information	44
Item 6.	Exhibits	46
Signatures		47

Item 1. Financial Statements

BROOKDALE SENIOR LIVING INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except stock amounts)

	June 30,<br>2025		December 31,<br>2024
Assets	(Unaudited)
Current assets
Cash and cash equivalents	$	251,888	$	308,925
Marketable securities	—		19,879
Restricted cash	37,268		39,871
Accounts receivable, net	56,061		51,891
Assets held for sale	9,710		—
Prepaid expenses and other current assets, net	112,554		92,371
Total current assets	467,481		512,937
Property, plant and equipment and leasehold intangibles, net	4,499,987		4,594,401
Operating lease right-of-use assets	1,079,826		1,133,837
Restricted cash	34,406		31,044
Goodwill	27,321		27,321
Other assets, net	32,445		36,022
Total assets	$	6,141,466	$	6,335,562
Liabilities and Equity
Current liabilities
Current portion of long-term debt	$	59,238	$	40,779
Current portion of financing lease obligations	1,253		37,007
Current portion of operating lease obligations	91,914		111,104
Trade accounts payable	83,479		65,515
Accrued expenses	268,152		264,384
Refundable fees and deferred revenue	61,686		60,974
Total current liabilities	565,722		579,763
Long-term debt, less current portion	4,232,238		4,022,008
Financing lease obligations, less current portion	24,882		266,895
Operating lease obligations, less current portion	1,141,653		1,174,204
Deferred tax liability	7,698		9,604
Other liabilities	62,493		69,183
Total liabilities	6,034,686		6,121,657
Preferred stock, $0.01 par value, 50,000,000 shares authorized at June 30, 2025 and December 31, 2024; no shares issued and outstanding	—		—
Common stock, $0.01 par value, 400,000,000 shares authorized at June 30, 2025 and December 31, 2024; 247,982,005 and 210,547,351 shares issued and 237,454,480 and 200,019,826 shares outstanding (including 16,026 and 27,972 unvested restricted shares), respectively	2,480		2,105
Additional paid-in-capital	4,353,523		4,352,991
Treasury stock, at cost; 10,527,525 shares at June 30, 2025 and December 31, 2024	(102,774)		(102,774)
Accumulated deficit	(4,147,850)		(4,039,847)
Total Brookdale Senior Living Inc. stockholders' equity	105,379		212,475
Noncontrolling interest	1,401		1,430
Total equity	106,780		213,905
Total liabilities and equity	$	6,141,466	$	6,335,562

See accompanying notes to condensed consolidated financial statements.

BROOKDALE SENIOR LIVING INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited, in thousands, except per share data)

	Three Months Ended<br>June 30,				Six Months Ended<br>June 30,
	2025		2024		2025		2024
Resident fees	$	775,614	$	739,709	$	1,553,068	$	1,483,950
Management fees	2,623		2,616		5,243		5,234
Reimbursed costs incurred on behalf of managed communities	34,707		35,216		68,497		71,188
Total revenue	812,944		777,541		1,626,808		1,560,372
Facility operating expense (excluding facility depreciation and amortization of $88,180, $81,706, $174,389, and $161,610, respectively)	562,317		537,507		1,119,304		1,080,057
General and administrative expense (including non-cash stock-based compensation expense of $3,089, $3,975, $7,068, and $7,248, respectively)	54,973		46,664		102,847		92,396
Facility operating lease expense	52,653		50,964		105,527		102,460
Depreciation and amortization	92,853		88,028		183,829		174,155
Asset impairment	577		—		2,364		1,708
Loss (gain) on sale of communities, net	(43)		—		(43)		—
Costs incurred on behalf of managed communities	34,707		35,216		68,497		71,188
Income (loss) from operations	14,907		19,162		44,483		38,408
Interest income	2,919		4,714		6,567		9,492
Interest expense:
Debt	(57,648)		(53,778)		(112,307)		(107,234)
Financing lease obligations	(1,750)		(5,110)		(7,350)		(10,171)
Amortization of deferred financing costs	(3,712)		(2,334)		(7,342)		(4,591)
Change in fair value of derivatives	29		(345)		(1,113)		2,742
Gain (loss) on debt modification and extinguishment, net	(115)		—		(35,335)		—
Non-operating gain (loss) on sale of assets, net	—		199		—		903
Other non-operating income (loss)	2,060		199		3,418		3,537
Income (loss) before income taxes	(43,310)		(37,293)		(108,979)		(66,914)
Benefit (provision) for income taxes	271		(449)		947		(409)
Net income (loss)	(43,039)		(37,742)		(108,032)		(67,323)
Net (income) loss attributable to noncontrolling interest	15		15		29		30
Net income (loss) attributable to Brookdale Senior Living Inc. common stockholders	$	(43,024)	$	(37,727)	$	(108,003)	$	(67,293)
Basic and diluted net income (loss) per share attributable to Brookdale Senior Living Inc. common stockholders	$	(0.18)	$	(0.17)	$	(0.46)	$	(0.30)
Weighted average shares used in computing basic and diluted net income (loss) per share	234,737		226,789		232,719		226,340

See accompanying notes to condensed consolidated financial statements.

BROOKDALE SENIOR LIVING INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(Unaudited, in thousands)

	Three Months Ended<br>June 30,				Six Months Ended<br>June 30,
	2025		2024		2025		2024
Total equity, balance at beginning of period	$	148,135	$	375,448	$	213,905	$	405,153
Common stock:
Balance at beginning of period	$	2,445	$	2,035	$	2,105	$	1,988
Shares issued for settlement of prepaid stock purchase contracts	—		32		296		67
Shares issued for warrant exercise	31		9		57		9
Restricted stock and restricted stock units, net	6		1		31		19
Shares withheld for employee taxes	(2)		—		(9)		(6)
Balance at end of period	$	2,480	$	2,077	$	2,480	$	2,077
Additional paid-in-capital:
Balance at beginning of period	$	4,351,874	$	4,342,191	$	4,352,991	$	4,342,362
Compensation expense related to restricted stock grants	3,089		3,975		7,068		7,248
Shares issued for settlement of prepaid stock purchase contracts	—		(32)		(296)		(67)
Shares issued for warrant exercise	(31)		(9)		(57)		(9)
Restricted stock and restricted stock units, net	(6)		(1)		(31)		(19)
Shares withheld for employee taxes	(1,403)		(8)		(6,152)		(3,399)
Balance at end of period	$	4,353,523	$	4,346,116	$	4,353,523	$	4,346,116
Treasury stock:
Balance at beginning and end of period	$	(102,774)	$	(102,774)	$	(102,774)	$	(102,774)
Accumulated deficit:
Balance at beginning of period	$	(4,104,826)	$	(3,867,478)	$	(4,039,847)	$	(3,837,912)
Net income (loss) attributable to Brookdale Senior Living Inc. common stockholders	(43,024)		(37,727)		(108,003)		(67,293)
Balance at end of period	$	(4,147,850)	$	(3,905,205)	$	(4,147,850)	$	(3,905,205)
Noncontrolling interest:
Balance at beginning of period	$	1,416	$	1,474	$	1,430	$	1,489
Net income (loss) attributable to noncontrolling interest	(15)		(15)		(29)		(30)
Balance at end of period	$	1,401	$	1,459	$	1,401	$	1,459
Total equity, balance at end of period	$	106,780	$	341,673	$	106,780	$	341,673
Common stock share activity
Outstanding shares of common stock:
Balance at beginning of period	234,003		193,013		200,020		188,253
Shares issued for settlement of prepaid stock purchase contracts	—		3,152		29,636		6,709
Shares issued for warrant exercise	3,058		942		5,702		942
Restricted stock and restricted stock units, net	637		95		3,152		1,873
Shares withheld for employee taxes	(244)		(1)		(1,056)		(576)
Balance at end of period	237,454		197,201		237,454		197,201

See accompanying notes to condensed consolidated financial statements.

BROOKDALE SENIOR LIVING INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited, in thousands)

	Six Months Ended June 30,
	2025		2024
Cash Flows from Operating Activities
Net income (loss)	$	(108,032)	$	(67,323)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Loss (gain) on debt modification and extinguishment, net	35,335		—
Depreciation and amortization, net	191,171		178,746
Asset impairment	2,364		1,708
Deferred income tax (benefit) provision	(1,905)		(360)
Operating lease expense adjustment	(8,699)		(26,572)
Change in fair value of derivatives	1,113		(2,742)
Loss (gain) on sale of assets, net	(43)		(903)
Non-cash stock-based compensation expense	7,068		7,248
Property and casualty insurance income	(3,487)		(2,688)
Changes in operating assets and liabilities:
Accounts receivable, net	(4,169)		(1,390)
Prepaid expenses and other assets, net	(8,500)		(855)
Prepaid insurance premiums financed with notes payable	(15,094)		(15,702)
Trade accounts payable and accrued expenses	7,755		(14,380)
Refundable fees and deferred revenue	757		(1,563)
Operating lease assets and liabilities for lessor capital expenditure reimbursements	11,332		1,300
Net cash provided by operating activities	106,966		54,524
Cash Flows from Investing Activities
Purchase of marketable securities	—		(19,591)
Sale and maturities of marketable securities	20,000		30,000
Capital expenditures, net of related payables	(96,283)		(95,973)
Acquisition of assets	(311,028)		—
Proceeds from sale of assets, net	1,047		7,017
Property and casualty insurance proceeds	3,487		2,704
Change in lease acquisition deposits, net	5,000		—
Purchase of interest rate cap instruments	(2,681)		(8,513)
Proceeds from interest rate cap instruments	3,197		9,129
Other	107		(176)
Net cash provided by (used in) investing activities	(377,154)		(75,403)
Cash Flows from Financing Activities
Proceeds from debt	320,739		81,271
Repayment of debt and financing lease obligations	(95,351)		(41,077)
Payment of financing costs, net of related payables	(6,708)		(3,074)
Payments of employee taxes for withheld shares	(4,770)		(3,405)
Net cash provided by (used in) financing activities	213,910		33,715
Net increase (decrease) in cash, cash equivalents, and restricted cash	(56,278)		12,836
Cash, cash equivalents, and restricted cash at beginning of period	379,840		349,668
Cash, cash equivalents, and restricted cash at end of period	$	323,562	$	362,504

See accompanying notes to condensed consolidated financial statements.

BROOKDALE SENIOR LIVING INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Description of Business

Brookdale Senior Living Inc. together with its consolidated subsidiaries ("Brookdale" or the "Company") is an operator of 645 senior living communities throughout the United States. The Company is committed to its mission of enriching the lives of the people it serves with compassion, respect, excellence, and integrity. The Company operates and manages independent living, assisted living, memory care, and continuing care retirement communities ("CCRCs"). The Company's senior living communities and its comprehensive network help to provide seniors with care, connection, and services in an environment that feels like home. As of June 30, 2025, the Company owned 382 communities, representing a majority of the Company's community portfolio, leased 235 communities, and managed 28 communities.

Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP") and pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") for quarterly reports on Form 10-Q. In the opinion of management, these financial statements include all adjustments, which are of a normal and recurring nature, necessary to present fairly the financial position, results of operations, and cash flows of the Company for all periods presented. Certain information and footnote disclosures included in annual financial statements have been condensed or omitted. The Company believes that the disclosures included are adequate and provide a fair presentation of interim period results. Interim financial statements are not necessarily indicative of the financial position or operating results for an entire year. These interim financial statements should be read in conjunction with the audited financial statements and the notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 19, 2025.

Principles of Consolidation

The condensed consolidated financial statements include the accounts of Brookdale and its consolidated subsidiaries. The ownership interest of consolidated entities not wholly-owned by the Company are presented as noncontrolling interests in the accompanying unaudited condensed consolidated financial statements. Intercompany balances and transactions have been eliminated in consolidation, and net income (loss) is reduced by the portion of net income (loss) attributable to noncontrolling interests.

Use of Estimates

The preparation of the condensed consolidated financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Estimates are used for, but not limited to, revenue, asset impairments, self-insurance reserves, performance-based compensation, allowance for credit losses, depreciation and amortization, leasing transactions, income taxes, and other contingencies. Although these estimates are based on management's best knowledge of current events and actions that the Company may undertake in the future, actual results may differ from the original estimates.

Reclassifications

Certain prior period amounts have been reclassified to conform to the current financial statement presentation, with no effect on the Company's condensed consolidated financial position or results of operations.

Fair Value Measurements

Interest Rate Derivatives

The Company's derivative assets include interest rate cap and swap instruments that effectively manage the risk above certain interest rates for a portion of the Company's long-term variable rate debt. The Company has not designated the interest rate cap and swap instruments as hedging instruments and as such, changes in the fair value of the instruments are recognized in earnings in the period of the change. The interest rate derivative positions are valued using models developed by the respective

counterparty that use as their basis readily available observable market parameters (such as forward yield curves) and are classified within Level 2 of the valuation hierarchy. The Company considers the credit risk of its counterparties when evaluating the fair value of its derivatives.

The following table summarizes the Company's Secured Overnight Financing Rate ("SOFR") interest rate cap instruments as of June 30, 2025.

( in millions)
Notional balance	893.5
Weighted average fixed cap rate		%
Weighted average remaining term
Estimated asset fair value (included in other assets, net)	3.2

All values are in US Dollars.

As of December 31, 2024, the estimated fair value of the SOFR interest rate cap instruments was $4.1 million included in other assets, net.

The following table summarizes the Company's SOFR interest rate swap instrument as of June 30, 2025.

( in millions)
Notional balance	230.0
Fixed interest rate		%
Remaining term
Estimated fair value (included in other liabilities)	(1.1)

All values are in US Dollars.

As of December 31, 2024, the estimated fair value of the SOFR interest rate swap instrument was $(0.1) million included in other liabilities, net.

Long-term debt

The Company estimates the fair value of its debt primarily using a discounted cash flow analysis based upon the Company's current borrowing rate for debt with similar maturities and collateral securing the indebtedness. The Company estimates the fair value of its convertible senior notes based on valuations provided by third-party pricing services. The Company had outstanding long-term debt with a carrying amount of approximately $4.3 billion and $4.1 billion as of June 30, 2025 and December 31, 2024, respectively. Fair value of the long-term debt is approximately $4.2 billion and $3.8 billion as of June 30, 2025 and December 31, 2024, respectively. The Company's fair value of long-term debt disclosure is classified within Level 2 of the valuation hierarchy.

Revenue

Resident fee revenue by payor source is as follows.

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Private pay	93.9	%	94.1	%	93.9	%	94.0	%
Government reimbursement	4.8	%	4.6	%	4.8	%	4.6	%
Other third-party payor programs	1.3	%	1.3	%	1.3	%	1.4	%

Refer to Note 13 for disaggregation of revenue by reportable segment.

The payment terms and conditions within the Company's revenue-generating contracts vary by contract type and payor source, although terms generally include payment to be made within 30 days. Resident fee revenue for recurring and routine monthly services is generally billed monthly in advance under the Company's independent living, assisted living, and memory care residency agreements. Resident fee revenue for standalone or certain healthcare services is generally billed monthly in arrears. Additionally, certain of the Company's revenue-generating contracts include non-refundable fees that are generally billed and collected in advance or upon move-in of a resident under the Company's independent living, assisted living, and memory care residency agreements. Amounts of revenue that are collected from residents in advance are recognized as deferred revenue until the performance obligations are satisfied.

The Company had total deferred revenue (included within refundable fees and deferred revenue within the condensed consolidated balance sheets) of $54.8 million and $53.8 million, including $29.1 million and $29.4 million of monthly resident fees billed and received in advance, as of June 30, 2025 and December 31, 2024, respectively. For the six months ended June 30, 2025 and 2024, the Company recognized $48.4 million and $42.8 million, respectively, of revenue that was included in the deferred revenue balance as of January 1, 2025 and 2024, respectively.

Property, Plant and Equipment and Leasehold Intangibles, Net

As of June 30, 2025 and December 31, 2024, net property, plant and equipment and leasehold intangibles consisted of the following.

(in thousands)	June 30, 2025		December 31, 2024
Land	$	557,695	$	532,719
Buildings and improvements	5,980,404		5,667,855
Furniture and equipment	1,246,878		1,182,026
Resident in-place lease intangibles	279,000		281,041
Construction in progress	37,571		32,965
Assets under financing leases and leasehold improvements	910,253		1,245,791
Property, plant and equipment and leasehold intangibles	9,011,801		8,942,397
Accumulated depreciation and amortization	(4,511,814)		(4,347,996)
Property, plant and equipment and leasehold intangibles, net	$	4,499,987	$	4,594,401

Long-lived assets with definite useful lives are depreciated or amortized on a straight-line basis over their estimated useful lives (or, in certain cases, the shorter of their estimated useful lives or the lease term) and are tested for impairment whenever indicators of impairment arise. The Company recognized depreciation and amortization expense on its property, plant and equipment and leasehold intangibles of $92.9 million and $88.0 million for the three months ended June 30, 2025 and 2024, respectively, and $183.8 million and $174.2 million for the six months ended June 30, 2025 and 2024, respectively. The Company recognized $0.6 million for the three months ended June 30, 2025 of non-cash impairment charges in its operating results for its property, plant and equipment and leasehold intangibles assets and did not recognize any impairment charges for the three months ended June 30, 2024. The Company recognized $2.4 million and $1.7 million for the six months ended June 30, 2025 and 2024, respectively, of non-cash impairment charges in its operating results for its property, plant and equipment and leasehold intangibles assets.

As of June 30, 2025, 12 communities in the Assisted Living and Memory Care segment were classified as held for sale, resulting in $9.7 million of net property, plant and equipment and leasehold intangibles assets being recognized as assets held for sale within the condensed consolidated balance sheet. The closings of the sales of the communities are subject to the satisfaction of various closing conditions, including (where applicable) the receipt of regulatory approvals. There can be no assurance that the transactions will close or, if they do, when the actual closings will occur.

Debt

Long-term debt consists of the following.

(in thousands)	June 30, 2025		December 31, 2024
Fixed rate mortgage notes payable due 2026 through 2047; weighted average interest rate of 4.74% and 4.65% as of June 30, 2025 and December 31, 2024, respectively	$	2,713,084	$	2,599,028
Variable rate mortgage notes payable due 2026 through 2030; weighted average interest rate of 6.77% and 6.89% as of June 30, 2025 and December 31, 2024, respectively	1,216,769		1,110,642
Convertible notes payable due October 2026; interest rate of 2.00% as of both June 30, 2025 and December 31, 2024	23,297		23,297
Convertible notes payable due October 2029; interest rate of 3.50% as of both June 30, 2025 and December 31, 2024	369,445		369,445
Tangible equity units senior amortizing notes due 2025; interest rate of 10.25% as of both June 30, 2025 and December 31, 2024	1,530		9,449
Notes payable for insurance premium financing due 2025; interest rate of 6.16% as of June 30, 2025	13,704		—
Deferred financing costs, net	(46,353)		(49,074)
Total long-term debt	4,291,476		4,062,787
Current portion	59,238		40,779
Total long-term debt, less current portion	$	4,232,238	$	4,022,008

As of June 30, 2025, the long-term debt, less current portion within the Company's condensed consolidated balance sheet includes $98.9 million of mortgage debt scheduled to mature in January 2026 for which the Company has the unilateral option to extend the maturity for one year subject to the satisfaction of certain conditions.

As of June 30, 2025, 88.0%, or $3.8 billion, of the Company's total debt obligations represented non-recourse property-level mortgage financings.

As of June 30, 2025, $1.9 million of letters of credit and no cash borrowings were outstanding under the Company's $100.0 million secured credit facility. The Company also had separate letter of credit facilities providing up to $85.0 million of letters of credit as of June 30, 2025 under which $68.9 million had been issued as of that date.

2025 Mortgage Financings

In February 2025, the Company obtained an aggregate of $130.1 million of debt secured by non-recourse first priority mortgages on five communities. The debt bears interest at a fixed rate of 6.47%, is interest only for the first five years, and matures in March 2035.

In February 2025, the Company obtained $161.0 million of debt secured by first priority mortgages on 36 communities. The loan bears interest at a variable rate based on SOFR plus a margin of 300 basis points, and is interest only for the first year. The debt has an initial three-year term and two one-year extension options, exercisable subject to certain performance criteria, with a final maturity date, including extension options, of February 2030. At the time of closing, the Company repaid $50.0 million of outstanding mortgage debt on 11 communities, which held a final maturity date of February 2029.

Financial Covenants

Certain of the Company's debt documents contain restrictions and financial covenants, such as those requiring the Company to maintain prescribed minimum liquidity and net worth levels and debt service ratios, and requiring the Company not to exceed prescribed leverage ratios, in each case on a consolidated, portfolio-wide, multi-community, single-community, and/or entity basis. In addition, the Company's debt documents generally contain non-financial covenants, such as those requiring the Company to comply with Medicare or Medicaid provider requirements and maintain insurance coverage.

The Company's failure to comply with applicable covenants, subject to cure provisions in certain instances, could constitute an event of default under the applicable debt documents. Many of the Company's debt documents contain cross-default provisions so that a default under one of these instruments could cause a default under other debt and lease documents (including

documents with other lenders and lessors). Furthermore, the Company's mortgage debt is secured by its communities and, in certain cases, a guaranty by the Company and/or one or more of its subsidiaries.

As of June 30, 2025, the Company is in compliance with the financial covenants of its debt agreements.

Leases

As of June 30, 2025, the Company operated 235 communities under long-term leases (226 operating leases and 9 financing leases). The substantial majority of the Company's lease arrangements are structured as master leases. Under a master lease, numerous communities are leased through an indivisible lease. In certain cases, the Company guarantees the performance and lease payment obligations of its subsidiary lessees under the master leases. An event of default related to an individual property or limited number of properties within a master lease portfolio may result in a default on the entire master lease portfolio.

The leases relating to substantially all of the Company's leased communities are fixed rate leases with annual escalators that are fixed. The Company is responsible for all operating costs, including repairs and maintenance, property taxes, and insurance. The leases generally provide for renewal or extension options, or in certain cases, purchase options.

The community leases contain other customary terms, which may include assignment and change of control restrictions, maintenance and capital expenditure obligations, termination provisions and financial covenants, such as those requiring the Company to maintain prescribed minimum liquidity and net worth levels and lease coverage ratios, in each case on a consolidated, portfolio-wide, multi-community, single-community and/or entity basis. In addition, the Company's lease documents generally contain non-financial covenants, such as those requiring the Company to comply with Medicare or Medicaid provider requirements and maintain insurance coverage.

The Company's failure to comply with applicable covenants could constitute an event of default under the applicable lease documents. Many of the Company's lease documents contain cross-default provisions so that a default under one of these instruments could cause a default under other debt and lease documents (including documents with other lenders and lessors). Certain leases contain cure provisions, which generally allow the Company to post an additional lease security deposit if the required covenant is not met. Furthermore, the Company's leases are secured by its communities and, in certain cases, a guaranty by the Company and/or one or more of its subsidiaries.

As of June 30, 2025, the Company is in compliance with the financial covenants of its long-term lease agreements.

Lease right-of-use assets are reviewed for impairment whenever changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company did not recognize any such impairment charges for the three and six months ended June 30, 2025 and 2024.

A summary of operating and financing lease expense (including the respective presentation on the condensed consolidated statements of operations) and net cash outflows from leases is as follows.

	Three Months Ended<br>June 30,				Six Months Ended<br>June 30,
Operating Leases (in thousands)	2025		2024		2025		2024
Facility operating expense	$	2,075	$	2,176	$	4,134	$	4,096
Facility lease expense	52,653		50,964		105,527		102,460
Operating lease expense	54,728		53,140		109,661		106,556
Operating lease expense adjustment (1)	4,846		13,483		8,699		26,572
Changes in operating lease assets and liabilities for lessor capital expenditure reimbursements	(9,319)		(1,051)		(11,332)		(1,300)
Operating net cash outflows from operating leases	$	50,255	$	65,572	$	107,028	$	131,828

(1)Represents the difference between the amount of cash operating lease payments and the amount of operating lease expense.

	Three Months Ended<br>June 30,				Six Months Ended<br>June 30,
Financing Leases (in thousands)	2025		2024		2025		2024
Depreciation and amortization	$	709	$	2,898	$	3,234	$	5,770
Interest expense: financing lease obligations	1,750		5,110		7,350		10,171
Financing lease expense	$	2,459	$	8,008	$	10,584	$	15,941
Operating cash outflows from financing leases	$	1,750	$	5,110	$	7,350	$	10,171
Financing cash outflows from financing leases	297		265		586		527
Changes in financing lease assets and liabilities for lessor capital expenditure reimbursement	(5)		—		(5)		—
Total net cash outflows from financing leases	$	2,042	$	5,375	$	7,931	$	10,698

The aggregate amounts of future minimum lease payments (without giving effect to the potential early termination by Ventas, Inc. ("Ventas") of certain of the Company's community leases with maturity dates of December 31, 2025), including community, office, and equipment leases, recognized on the condensed consolidated balance sheet as of June 30, 2025 are as follows (in millions).

Year Ending December 31,	Operating Leases		Financing Leases
2025 (six months)	$	116.7	$	3.6
2026	182.9		7.2
2027	185.9		6.4
2028	183.4		6.3
2029	185.9		6.3
Thereafter	1,093.1		15.5
Total lease payments	1,947.9		45.3
Imputed interest and variable lease payments	(714.3)		(39.9)
Non-cash gain on future sale of property	—		20.7
Total lease obligations	$	1,233.6	$	26.1

Diversified Healthcare Trust Portfolio Acquisition

In September 2024, the Company entered into a definitive agreement to acquire 25 senior living communities that were leased by the Company from Diversified Healthcare Trust for a purchase price of $135.0 million. Effective February 27, 2025, the Company successfully closed the acquisition. The Company funded the acquisition of the 25 communities through proceeds from mortgage financings and cash on hand. Refer to Note 6 for information on the mortgage financing. Previously, these communities were held in a triple-net lease with annualized cash rent payments of $10.2 million and an initial maturity of December 31, 2032.

The leases for the 25 communities were previously classified as operating leases and were prospectively classified as financing leases subsequent to the amendment of the leasing arrangement through the date of acquisition.

Welltower Portfolio Acquisition

In September 2024, the Company entered into a definitive agreement to acquire five senior living communities that were leased by the Company from Welltower Inc. for a purchase price of $175.0 million. Effective February 27, 2025, the Company successfully closed the acquisition. The Company funded the acquisition of the five communities through proceeds from mortgage financings and cash on hand. Refer to Note 6 for information on the mortgage financing. Previously, these communities were held in a triple-net lease with annualized cash rent payments of $13.7 million and an initial maturity of December 31, 2024, which had been extended through the acquisition date.

The definitive agreement included the finalization of the purchase price under the provisions of a purchase option arrangement with a variable price component based upon the fair value of the assets. The leasing arrangements for three of these communities were accounted for as failed sale-leaseback transactions as the Company did not transfer control of the underlying assets under a sale and leaseback arrangement with a purchase option. For the three months ended March 31, 2025, the Company recognized a $32.8 million loss on extinguishment of the financing obligation for the amount by which the repurchase price exceeded the previously recognized financing obligation for such three communities.

Litigation

The Company has been and is currently involved in litigation and claims incidental to the conduct of its business, which it believes are generally comparable to other companies in the senior living and healthcare industries. In addition, the Company has been and currently is involved in putative class action litigation regarding staffing at the Company's communities and compliance with consumer protection laws and the Americans with Disabilities Act (and similar state laws). Certain claims and lawsuits allege large damage amounts, seek injunctive relief, and may require (and have required) significant costs to defend and resolve. The Company continues to vigorously defend against the putative class action cases. Based on the information that has been received as of the date hereof related to certain pending putative class action litigation discussed above, the Company recorded $7.0 million in litigation expense for the three months ended December 31, 2024, representing its current estimate of the Company’s ultimate cost to resolve such litigation, net of estimated probable insurance recoveries. The final outcome of the litigation is dependent on many factors that are difficult to predict. Accordingly the Company’s ultimate cost related to this matter may be materially different than the amount of the Company’s current estimate and accruals.

The Company maintains general liability, professional liability, excess liability, and other insurance policies in amounts and with coverage and deductibles the Company believes are appropriate, based on the nature and risks of its business, historical experience, availability, and industry standards. The Company's current policies provide for deductibles for each claim and contain various exclusions from coverage. The Company uses its wholly-owned captive insurance company for the purpose of insuring certain portions of its risk retention under its general and professional liability insurance programs. Accordingly, the Company is, in effect, self-insured for claims that are less than the deductible amounts, for claims that exceed the funding level of the Company's wholly-owned captive insurance company, and for claims or portions of claims that are not covered by such policies and/or exceed the policy limits.

The senior living and healthcare industries are continuously subject to scrutiny by governmental regulators, which could result in reviews, audits, investigations, enforcement actions, or litigation related to regulatory compliance matters. In addition, the Company is subject to various government reviews, audits, and investigations to verify compliance with Medicare and Medicaid programs and other applicable laws and regulations. The Centers for Medicare & Medicaid Services ("CMS") has engaged third-party firms to review claims data to evaluate appropriateness of billings. In addition to identifying overpayments, audit contractors can refer suspected violations to government authorities. In addition, states' Attorneys General vigorously enforce consumer protection laws as those laws relate to the senior living industry. An adverse outcome of government scrutiny may result in citations, sanctions, other criminal or civil fines and penalties, the refund of overpayments, payment suspensions, termination of participation in Medicare and Medicaid programs, and damage to the Company's business reputation. The Company's costs to respond to and defend any such audits, reviews, and investigations may be significant.

In June 2020, the Company and several current and former executive officers were named as defendants in a putative class action lawsuit alleging violations of the federal securities laws filed in the federal court for the Middle District of Tennessee. The lawsuit asserted that the defendants made material misstatements and omissions concerning the Company’s business, operational and compliance policies, compliance with applicable regulations and statutes, and staffing practices that caused the Company’s stock price to be artificially inflated between August 2016 and April 2020. The district court dismissed the lawsuit and entered judgment in favor of the defendants in September 2021, and the plaintiffs did not file an appeal.

Between October 2020 and June 2021, alleged stockholders of the Company filed several stockholder derivative lawsuits in the federal courts for the Middle District of Tennessee and the District of Delaware, which were subsequently transferred to the Middle District of Tennessee and consolidated into two lawsuits, styled Davis v. Baier et al., No. 3:20-cv-00929 (M.D. Tenn.) (the “Davis Action”) and Templin v. Baier et al., No. 3:21-cv-00373 (M.D. Tenn.) (the “Templin Action”). The complaints in the Davis Action and the Templin Action incorporated substantively similar allegations to the securities lawsuit previously described. In January 2024, the court dismissed the Davis Action and the plaintiffs subsequently filed an appeal in the United States Court of Appeals for the Sixth Circuit. On July 9, 2025, the court approved a settlement of the Templin Action and entered a judgment dismissing the case with prejudice. The appeal in the Davis Action was stayed pending the completion of the settlement approval proceedings in the Templin Action; the parties informed the Sixth Circuit that they anticipate moving to dismiss the appeal as moot in light of the settlement of the Templin Action.

Stock-Based Compensation

Grants of restricted stock units and stock awards under the Company's 2024 Omnibus Incentive Plan were as follows.

(in thousands, except for weighted average amounts)	Restricted Stock Unit and Stock Award Grants	Weighted Average Grant Date Fair Value		Total Grant Date Fair Value
Three months ended March 31, 2025	2,806	$	5.12	$	14,366
Three months ended June 30, 2025	175	$	6.29	$	1,100

Earnings Per Share

Potentially dilutive common stock equivalents for the Company include convertible senior notes, unvested restricted stock, and restricted stock units. Prior to June 30, 2025, the potentially dilutive common stock equivalents for the Company also included warrants and prepaid stock purchase contracts.

As of June 30, 2025, $23.3 million in aggregate principal amount of the Company's 2.00% convertible senior notes due 2026 (the "2026 Notes") remain outstanding and the maximum number of shares issuable upon settlement of the 2026 Notes is 3.9 million (after giving effect to 1.0 million additional shares that would be issuable upon conversion in connection with the occurrence of certain corporate or other events). As of June 30, 2025, $369.4 million in aggregate principal amount of the Company’s 3.50% convertible senior notes due 2029 (the “2029 Notes”) remain outstanding and the maximum number of shares issuable upon settlement of the 2029 Notes is 55.0 million (after giving effect to 13.9 million additional shares that would be issuable upon conversion in connection with the occurrence of certain corporate or other events).

On July 26, 2020, the Company issued to Ventas a warrant (the "Warrant") to purchase 16.3 million shares of the Company’s common stock, $0.01 par value per share, at a price per share of $3.00. During the six months ended June 30, 2025, the Company issued 5.7 million shares of common stock, upon the exercise of the Warrant by Ventas for the remaining 11.1 million shares, net of shares withheld to satisfy the aggregate exercise price. As of June 30, 2025, the Company had no outstanding warrants.

During the three months ended December 31, 2022, the Company issued 2,875,000 of its 7.00% tangible equity units (the "Units") at a public offering price of $50.00 per Unit for an aggregate offering of $143.8 million. Each Unit was comprised of a prepaid stock purchase contract and a senior amortizing note with an initial principal amount of $8.8996. In March 2025, the Company elected to exercise its right to settle the remaining outstanding 2,291,338 prepaid stock purchase contracts, pursuant to the early settlement right in the purchase contract agreement, and the Company delivered 29,636,386 shares of the Company's common stock upon settlement. As of June 30, 2025, the Company had no outstanding prepaid stock purchase contracts and $1.5 million payable in 2025 for the senior amortizing notes component of the Units.

Basic earnings per share ("EPS") is calculated by dividing net income (loss) by the weighted average number of shares of common stock outstanding, after giving effect to the weighted average minimum number of shares issuable upon settlement of the prepaid stock purchase contract component of the Units. The following table summarizes the computation of basic weighted average shares presented in the condensed consolidated statements of operations.

	Three Months Ended June 30,		Six Months Ended June 30,
(in thousands)	2025	2024	2025	2024
Weighted average common shares outstanding	234,737	194,788	217,983	192,425
Weighted average minimum shares issuable under purchase contracts	—	32,001	14,736	33,915
Weighted average shares outstanding - basic	234,737	226,789	232,719	226,340

Diluted EPS includes the components of basic EPS and also gives effect to dilutive common stock equivalents. Diluted EPS reflects the potential dilution that could occur if securities or other instruments that are convertible into common stock were exercised or could result in the issuance of common stock. For the purposes of computing diluted EPS, weighted average shares outstanding do not include potentially dilutive securities that are anti-dilutive under the treasury stock method or if-converted method, and performance-based equity awards are included based on the attainment of the applicable performance metrics as of the end of the reporting period. The Company has the following potentially outstanding shares of common stock, which were excluded from the computation of diluted net income (loss) per share attributable to common stockholders in both periods as a result of the net loss.


(in millions)	2025	2024
2026 Notes at initial conversion rate	2.9	28.4
Incremental shares issuable upon certain events for 2026 Notes	1.0	9.9
2029 Notes at initial conversion rate	41.1	—
Incremental shares issuable upon certain events for 2029 Notes	13.9	—
Warrants	—	14.6
Restricted stock and restricted stock units	4.5	6.5
Incremental shares issuable under purchase contracts	—	5.3
Total	63.4	64.7

Income Taxes

The difference between the Company's effective tax rate for the three and six months ended June 30, 2025 and 2024 was primarily due to an increase in the benefit recorded on operational losses during the three and six months ended June 30, 2025.

The Company recorded an aggregate deferred federal, state, and local tax benefit of $9.1 million for the three months ended June 30, 2025, which was partially offset by an increase to the valuation allowance of $8.3 million. The Company recorded an aggregate deferred federal, state, and local tax benefit of $24.9 million for the six months ended June 30, 2025, which was partially offset by an increase to the valuation allowance of $23.0 million. The Company recorded an aggregate deferred federal, state, and local tax benefit of $9.1 million for the three months ended June 30, 2024, which was offset by an increase to the valuation allowance of $9.2 million. The Company recorded an aggregate deferred federal, state, and local tax benefit of $16.7 million for the six months ended June 30, 2024, which was partially offset by an increase to the valuation allowance of $16.3 million.

The Company evaluates its deferred tax assets each quarter to determine if a valuation allowance is required based on whether it is more likely than not that some portion of the deferred tax asset would not be realized. The Company's valuation allowance as of June 30, 2025 and December 31, 2024 was $544.5 million and $521.5 million, respectively.

The increase in the valuation allowance for the six months ended June 30, 2025 and 2024 is the result of current operating losses during the six months ended June 30, 2025 and 2024 and by the anticipated reversal of future tax liabilities offset by future tax deductions.

The Company recorded interest charges related to its tax contingency reserve for cash tax positions for the three and six months ended June 30, 2025 and 2024 which are included in income tax expense or benefit for the period. As of June 30, 2025, tax returns for years 2020 through 2023 are subject to future examination by tax authorities. In addition, the net operating losses from prior years are subject to adjustment under examination.

Supplemental Disclosure of Cash Flow Information

	Six Months Ended<br>June 30,
(in thousands)	2025		2024
Supplemental Disclosure of Cash Flow Information:
Interest paid	$	117,100	$	117,143
Income taxes paid, net of (refunds)	$	1,256	$	1,213
Capital expenditures, net of related payables:
Capital expenditures - non-development, net	$	89,941	$	102,916
Capital expenditures - development, net	12		433
Capital expenditures - non-development - reimbursable from lessor	11,337		1,300
Trade accounts payable	(5,007)		(8,676)
Net cash paid	$	96,283	$	95,973
Acquisition of assets:
Property, plant and equipment and leasehold intangibles, net	$	1,028	$	—
Financing lease obligations	277,208		—
Loss on debt modification and extinguishment, net	32,792		—
Net cash paid	$	311,028	$	—
Proceeds from sale of assets, net:
Prepaid expenses and other assets, net	$	—	$	(362)
Property, plant and equipment and leasehold intangibles, net	(1,004)		(6,311)
Other liabilities	—		559
Non-operating loss (gain) on sale of assets, net	—		(903)
Loss (gain) on sale of communities, net	(43)		—
Net cash received	$	(1,047)	$	(7,017)

Restricted cash consists principally of escrow deposits for interest rate caps, real estate taxes, property insurance, capital expenditures, and debt service reserves required by certain lenders under mortgage debt agreements, deposits as security for self-insured retention risk under general and professional liability programs, property insurance programs, and workers' compensation programs, and regulatory reserves for certain CCRCs. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sums to the total of the same such amounts shown in the condensed consolidated statements of cash flows.

(in thousands)	June 30, 2025		December 31, 2024
Reconciliation of cash, cash equivalents, and restricted cash:
Cash and cash equivalents	$	251,888	$	308,925
Restricted cash - current	37,268		39,871
Restricted cash - non-current	34,406		31,044
Total cash, cash equivalents, and restricted cash	$	323,562	$	379,840

Segment Information

The Company has three reportable segments: Independent Living; Assisted Living and Memory Care; and CCRCs. Operating segments are defined as components of an enterprise that engage in business activities from which it may earn revenues and incur expenses; for which separate financial information is available; and whose operating results are regularly reviewed by the chief operating decision maker to assess the performance of the individual segment and make decisions about resources to be allocated to the segment.

Independent Living. The Company's Independent Living segment includes owned or leased communities that are primarily designed for middle to upper income seniors who desire to live in a residential setting that feels like home, without the efforts

of ownership. The majority of the Company's independent living communities consist of both independent and assisted living units in a single community, which allows residents to age-in-place by providing them with a broad continuum of senior independent and assisted living services to accommodate their changing needs.

Assisted Living and Memory Care. The Company's Assisted Living and Memory Care segment includes owned or leased communities that offer housing and 24-hour assistance with activities of daily living for the Company's residents. The Company's assisted living and memory care communities include both freestanding, multi-story communities, as well as smaller, freestanding, single story communities. The Company also provides memory care services at freestanding memory care communities that are specially designed for residents with Alzheimer's disease and other dementias.

CCRCs. The Company's CCRCs segment includes large owned or leased communities that offer a variety of living arrangements and services to accommodate a broad spectrum of physical ability and healthcare needs. Most of the Company's CCRCs have independent living, assisted living, memory care, and skilled nursing available on one campus.

All Other. All Other includes communities operated by the Company pursuant to management agreements. Under the management agreements for these communities, the Company receives management fees as well as reimbursement of expenses it incurs on behalf of the owners.

The following tables set forth selected segment financial data.

	Three Months Ended<br>June 30,				Six Months Ended<br>June 30,
(in thousands)	2025		2024		2025		2024
Revenue:(1)
Independent Living	$	158,135	$	149,542	$	315,252	$	298,490
Assisted Living and Memory Care	531,318		507,191		1,064,697		1,018,063
CCRCs	86,161		82,976		173,119		167,397
All Other	37,330		37,832		73,740		76,422
Total revenue	$	812,944	$	777,541	$	1,626,808	$	1,560,372
Community labor expenses:
Independent Living	$	60,114	$	56,627	$	118,398	$	113,767
Assisted Living and Memory Care	259,234		245,099		511,944		491,673
CCRCs	46,231		45,529		92,524		91,583
Other facility operating expenses:(2)
Independent Living	44,423		42,581		89,024		85,746
Assisted Living and Memory Care	129,377		125,937		260,493		252,777
CCRCs	22,938		21,734		46,921		44,511
Total facility operating expenses	$	562,317	$	537,507	$	1,119,304	$	1,080,057
Segment operating income:(3)
Independent Living	$	53,598	$	50,334	$	107,830	$	98,977
Assisted Living and Memory Care	142,707		136,155		292,260		273,613
CCRCs	16,992		15,713		33,674		31,303
All Other	2,623		2,616		5,243		5,234
Total segment operating income	215,920		204,818		439,007		409,127
General and administrative expense (including non-cash stock-based compensation expense)	54,973		46,664		102,847		92,396
Facility operating lease expense:
Independent Living	9,692		9,346		19,423		18,777
Assisted Living and Memory Care	39,424		37,787		79,006		75,695
CCRCs	3,248		3,090		6,520		6,215
Corporate and All Other	289		741		578		1,773
Depreciation and amortization:
Independent Living	26,494		22,861		52,331		44,904
Assisted Living and Memory Care	52,855		49,956		104,495		98,979
CCRCs	8,831		8,889		17,563		17,726
Corporate and All Other	4,673		6,322		9,440		12,546
Asset impairment:
Assisted Living and Memory Care	377		—		1,764		1,708
CCRCs	200		—		600		—
Loss (gain) on sale of communities, net	(43)		—		(43)		—
Income (loss) from operations	$	14,907	$	19,162	$	44,483	$	38,408
	Three Months Ended<br>June 30,				Six Months Ended<br>June 30,
---	---	---	---	---	---	---	---	---
(in thousands)	2025		2024		2025		2024
Interest expense:
Independent Living	$	15,614	$	16,179	$	31,202	$	32,365
Assisted Living and Memory Care	37,181		36,376		74,852		72,378
CCRCs	5,012		5,955		10,369		11,759
Corporate and All Other	5,274		3,057		11,689		2,752
Total interest expense	$	63,081	$	61,567	$	128,112	$	119,254
Capital expenditures:
Independent Living	$	12,571	$	12,251	$	22,841	$	24,971
Assisted Living and Memory Care	32,134		33,192		58,660		64,240
CCRCs	4,844		4,815		8,306		9,348
Corporate and All Other	8,592		3,333		11,483		6,090
Total capital expenditures	$	58,141	$	53,591	$	101,290	$	104,649
	As of
---	---	---	---	---
(in thousands)	June 30, 2025		December 31, 2024
Assets:
Independent Living(4)	$	1,210,872	$	1,252,736
Assisted Living and Memory Care	3,904,546		3,983,311
CCRCs	629,304		640,720
Corporate and All Other	396,744		458,795
Total assets	$	6,141,466	$	6,335,562

(1)All revenue is earned from external third parties in the United States.

(2)Other facility operating expenses is primarily comprised of costs for food, utilities, maintenance, real estate taxes, insurance, marketing, paid referral fees, and other costs of operating the Company's communities.

(3)Segment operating income is defined as segment revenues less segment facility operating expenses (excluding facility depreciation and amortization) and costs incurred on behalf of managed communities.

(4)The Company's total carrying amount of goodwill is included within the Independent Living segment and was $27.3 million as of both June 30, 2025 and December 31, 2024.

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

Certain statements in this Quarterly Report on Form 10-Q may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to various risks and uncertainties and include all statements that are not historical statements of fact and those regarding our intent, belief, or expectations. Forward-looking statements are generally identifiable by use of forward-looking terminology such as "may," "will," "should," "could," "would," "potential," "intend," "expect," "endeavor," "seek," "anticipate," "estimate," "believe," "project," "predict," "continue," "plan," "target," "annualized," or other similar words or expressions, and include statements regarding our expected financial and operational results. These forward-looking statements are based on certain assumptions and expectations, and our ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Although we believe that expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our assumptions or expectations will be attained and actual results and performance could differ materially from those projected. Factors which could have a material adverse effect on our operations and future prospects or which could cause events or circumstances to differ from the forward-looking statements include, but are not limited to, events which adversely affect the ability of seniors to afford resident fees, including downturns in the economy, housing market, consumer confidence, or the equity markets and unemployment among resident family members; the effects of senior housing construction and development, lower industry occupancy, and increased competition; conditions of housing markets, regulatory changes, acts of nature, and the effects of climate change in geographic areas where we are concentrated; terminations of our resident agreements and vacancies in the living spaces we lease; changes in reimbursement rates, methods, or timing under governmental reimbursement programs including the Medicare and Medicaid programs; failure to maintain the security and functionality of our information systems, to prevent a cybersecurity attack or breach, or to comply with applicable privacy and consumer protection laws, including HIPAA; our ability to complete our capital expenditures in accordance with our plans; our ability to identify and pursue development, investment, and acquisition opportunities and our ability to successfully integrate acquisitions; competition for the acquisition of assets; our ability to complete pending or expected disposition, acquisition, or other transactions on agreed upon terms or at all, including in respect of the satisfaction of closing conditions, the risk that regulatory approvals are not obtained or are subject to unanticipated conditions, and uncertainties as to the timing of closing, and our ability to identify and pursue any such opportunities in the future; risks related to the implementation of our strategy, including initiatives undertaken to execute on our strategic priorities and their effect on our results; any resurgence or variants of the COVID-19 pandemic; limits on our ability to use net operating loss carryovers to reduce future tax payments; delays in obtaining regulatory approvals; the risks associated with tariffs and the uncertain duration of trade conflicts; disruptions in the financial markets or decreases in the appraised values or performance of our communities that affect our ability to obtain financing or extend or refinance debt as it matures and our financing costs; our ability to generate sufficient cash flow to cover required interest, principal, and long-term lease payments and to fund our planned capital projects; the effect of any non-compliance with any of our debt or lease agreements (including the financial or other covenants contained therein), including the risk of lenders or lessors declaring a cross default in the event of our non-compliance with any such agreements and the risk of loss of our property securing leases and indebtedness due to any resulting lease terminations and foreclosure actions; the inability to renew, restructure, or extend leases, or exercise purchase options at or prior to the end of any existing lease term; the effect of our indebtedness and long-term leases on our liquidity and our ability to operate our business; increases in market interest rates that increase the costs of our debt obligations; our ability to obtain additional capital on terms acceptable to us; departures of key officers and potential disruption caused by changes in management; increased competition for, or a shortage of, associates, wage pressures resulting from increased competition, low unemployment levels, minimum wage increases and changes in overtime laws, and union activity; environmental contamination at any of our communities; failure to comply with existing environmental laws; an adverse determination or resolution of complaints filed against us, including putative class action complaints; negative publicity with respect to any lawsuits, claims, or other legal or regulatory proceedings; costs to respond to, and adverse determinations resulting from, government inquiries, reviews, audits, and investigations; the cost and difficulty of complying with increasing and evolving regulation, including new disclosure obligations; changes in, or our failure to comply with, employment-related laws and regulations; the risks associated with current global economic conditions and general economic factors on us or our business partners such as inflation, commodity costs, fuel and other energy costs, competition in the labor market, costs of salaries, wages, benefits, and insurance, interest rates, tax rates, tariffs, geopolitical tensions or conflicts, and uncertainty surrounding a new presidential administration, the impact of seasonal contagious illness or other contagious disease in the markets in which we operate; actions of activist stockholders; as well as other risks detailed from time to time in our filings with the Securities and Exchange Commission ("SEC"), including those set forth under "Item 1A. Risk Factors" contained in our Annual Report on Form 10-K for the year ended December 31, 2024 and "Part II, Item 1A. Risk Factors" of this Quarterly Report on Form 10-Q. When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements in such SEC filings. Readers are cautioned not to place undue reliance on any of these forward-looking statements, which reflect management's views as of the date of this Quarterly Report on Form 10-Q. We cannot guarantee future results, levels of activity, performance or achievements, and, except as required by law, we expressly

disclaim any obligation to release publicly any updates or revisions to any forward-looking statements contained in this Quarterly Report on Form 10-Q to reflect any change in our expectations with regard thereto or change in events, conditions, or circumstances on which any statement is based.

Unless otherwise specified, references to "Brookdale," "we," "us," "our," or "the Company" in this Quarterly Report on Form 10-Q mean Brookdale Senior Living Inc. together with its consolidated subsidiaries.

Overview

We are the nation's premier operator of senior living communities, operating and managing 645 communities in 41 states as of June 30, 2025, with the ability to serve approximately 58,000 residents. We offer our residents access to a broad continuum of services across the most attractive sectors of the senior living industry. We operate and manage independent living, assisted living, memory care, and continuing care retirement communities ("CCRCs"). As of June 30, 2025, we owned 382 communities (33,728 units), leased 235 communities (16,903 units), and managed 28 communities (4,256 units).

Our senior living communities and our comprehensive network help to provide seniors with care, connection, and services in an environment that feels like home. Our expertise in healthcare, hospitality, and real estate provides residents with opportunities to improve wellness, pursue passions, make new friends, and stay connected with loved ones. By providing residents with a range of service options as their needs change, we provide greater continuity of care, enabling seniors to age-in-place, which we believe enables them to maintain residency with us for a longer period of time. The ability of residents to age-in-place is also beneficial to our residents' families who are concerned with care decisions for their elderly relatives.

Community Transactions

In September 2024, we entered into a definitive agreement to acquire 25 senior living communities (875 units) that were leased by us from Diversified Healthcare Trust for a purchase price of $135.0 million. Effective February 27, 2025, we successfully closed the acquisition, which was funded with proceeds from mortgage financings and cash on hand. Previously, these communities were held in a triple-net lease with annualized cash rent payments of $10.2 million and an initial maturity of December 31, 2032.

In September 2024, we entered into a definitive agreement to acquire five senior living communities (686 units) that were leased by us from Welltower Inc. for a purchase price of $175.0 million. Effective February 27, 2025, we successfully closed the acquisition, which was funded through proceeds from mortgage financings and cash on hand. Previously, these communities were held in a triple-net lease with annualized cash rent payments of $13.7 million. For the three months ended March 31, 2025, we recognized a $32.8 million loss on extinguishment of the financing obligation for the amount by which the repurchase price exceeded the previously recognized financing obligation for three communities previously subject to sale-leaseback transactions.

In December 2024, we and certain of our subsidiaries, and Ventas, Inc. ("Ventas") and certain of its subsidiaries, amended the existing master lease arrangement pursuant to which we lease 120 communities (10,180 units). Beginning January 1, 2026, we will continue to lease 65 communities (4,055 units) and the remaining 55 communities (6,127 units) that are not renewed will either be sold by Ventas or transitioned, with such transitions commencing on or after September 1, 2025. Our same community portfolio excludes the 55 communities leased from Ventas with a lease maturity in 2025.

We have continued execution on our ongoing capital recycling program through which we have exited non-strategic or underperforming owned assets or leases. Such activities completed during the three months ended June 30, 2025 included the sale of one owned community (42 units) and the disposal of one community (172 units) through lease termination.

During the next twelve months, we expect to close on the disposition of 12 owned communities (272 units) classified as held for sale as of June 30, 2025. The closings of the sales of the communities are subject to the satisfaction of various closing conditions, including (where applicable) the receipt of regulatory approvals. There can be no assurance that the transactions will close or, if they do, when the actual closings will occur.

Results of Operations

The following discussion should be read in conjunction with our condensed consolidated financial statements and the related notes, which are included in "Item 1. Financial Statements" of this Quarterly Report on Form 10-Q. The results of operations for any particular period are not necessarily indicative of results for any future period.

We use the operating measures described below in connection with operating and managing our business and reporting our results of operations.

•Senior housing operating results and data presented on a same community basis reflect results and data of a consistent population of communities by excluding the impact of changes in the composition of our portfolio of communities. The operating results exclude natural disaster expense and related insurance recoveries. We define our same community portfolio as communities consolidated and operational for the full period in both comparison years. Consolidated communities excluded from the same community portfolio include communities acquired or disposed of since the beginning of the prior year, communities classified as assets held for sale, certain communities planned for disposition including through asset sales or lease terminations, certain communities that have undergone or are undergoing expansion, redevelopment, and repositioning projects, and certain communities that have experienced a casualty event that significantly impacts their operations. Our management uses same community operating results and data for decision making and components of executive compensation, and we believe such results and data provide useful information to investors, because it enables comparisons of revenue, expense, and other operating measures for a consistent portfolio over time without giving effect to the impacts of communities that were not consolidated and operational for the comparison periods, communities acquired or disposed during the comparison periods (or planned for disposition), and communities with results that are or likely will be impacted by completed or in-process development-related capital expenditure projects.

•RevPAR, or average monthly senior housing resident fee revenue per available unit, is defined as resident fee revenue for the corresponding portfolio for the period (excluding revenue for private duty services provided to seniors living outside of our communities), divided by the weighted average number of available units in the corresponding portfolio for the period, divided by the number of months in the period. We measure RevPAR at the consolidated level, as well as at the segment level with respect to our Independent Living, Assisted Living and Memory Care, and CCRCs segments. Our management uses RevPAR for decision making and components of executive compensation, and we believe the measure provides useful information to investors, because the measure is an indicator of senior housing resident fee revenue performance that reflects the impact of both senior housing occupancy and rate.

•RevPOR, or average monthly senior housing resident fee revenue per occupied unit, is defined as resident fee revenue for the corresponding portfolio for the period (excluding revenue for private duty services provided to seniors living outside of our communities), divided by the weighted average number of occupied units in the corresponding portfolio for the period, divided by the number of months in the period. We measure RevPOR at the consolidated level, as well as at the segment level with respect to our Independent Living, Assisted Living and Memory Care, and CCRCs segments. Our management uses RevPOR for decision making, and we believe the measure provides useful information to investors, because it reflects the average amount of senior housing resident fee revenue we derive from an occupied unit per month without factoring occupancy rates. RevPOR is a significant driver of our senior housing revenue performance.

•Weighted average occupancy reflects the percentage of units at our owned and leased communities being utilized by residents over a reporting period. We measure occupancy rates with respect to our Independent Living, Assisted Living and Memory Care, and CCRCs segments, and also measure this metric both on a consolidated senior housing and a same community basis. Our management uses weighted average occupancy, and we believe the measure provides useful information to investors, because it is a significant driver of our senior housing revenue performance.

This section includes the non-GAAP performance measure Adjusted EBITDA. See "Non-GAAP Financial Measures" below for our definition of the measure and other important information regarding such measure, including reconciliations to the most comparable measure in accordance with generally accepted accounting principles in the United States ("GAAP").

Comparison of Three Months Ended June 30, 2025 and 2024

Summary Operating Results

The following table summarizes our overall operating results for the three months ended June 30, 2025 and 2024.

	Three Months Ended<br>June 30,				Increase (Decrease)
(in thousands)	2025		2024		Amount		Percent
Resident fees	$	775,614	$	739,709	$	35,905	4.9	%
Facility operating expense	562,317		537,507		24,810		4.6	%
Net income (loss)	(43,039)		(37,742)		5,297		14.0	%
Adjusted EBITDA	117,050		97,816		19,234		19.7	%

The increase in resident fees was primarily attributable to a 4.8% increase in same community RevPAR, comprised of a 2.4% increase in same community RevPOR and a 190 basis point increase in same community weighted average occupancy.

The increase in facility operating expense was primarily attributable to a 4.8% increase in same community facility operating expense primarily resulting from increases in wage rates, repairs and maintenance expense, estimated incentive compensation expense, and advertising expense.

The increase in net loss was primarily attributable to the increase in facility operating expense, a $10.4 million increase in transaction, legal, and organizational restructuring costs, and an increase in depreciation and amortization expense, partially offset by the increase in resident fees.

The increase in Adjusted EBITDA was primarily attributable to the increase in resident fees and a decrease in cash facility operating lease payments, partially offset by the increase in facility operating expense.

Operating Results - Senior Housing Segments

The following table summarizes the consolidated operating results and data of our three senior housing segments (Independent Living, Assisted Living and Memory Care, and CCRCs) for the three months ended June 30, 2025 and 2024, including operating results and data on a same community basis. See management's discussion and analysis of the operating results on an individual segment basis on the following pages.

	Three Months Ended<br>June 30,						Increase (Decrease)
(in thousands, except communities, units, occupancy, RevPAR, and RevPOR)	2025			2024			Amount			Percent
Resident fees	$	775,614		$	739,709		$	35,905		4.9	%
Facility operating expense	$	562,317		$	537,507		$	24,810		4.6	%
Number of communities (period end)	617			619			(2)			(0.3)	%
Total average units	50,812			50,927			(115)			(0.2)	%
RevPAR	$	5,080		$	4,835		$	245		5.1	%
Weighted average occupancy	80.1		%	78.1		%	200		bps	n/a
RevPOR	$	6,343		$	6,193		$	150		2.4	%
Same Community Operating Results and Data
Resident fees	$	687,270		$	655,607		$	31,663		4.8	%
Facility operating expense	$	494,197		$	471,579		$	22,618		4.8	%
Number of communities	547			547			—			—	%
Total average units	44,094			44,090			4			—	%
RevPAR	$	5,195		$	4,957		$	238		4.8	%
Weighted average occupancy	80.7		%	78.8		%	190		bps	n/a
RevPOR	$	6,436		$	6,287		$	149		2.4	%

Independent Living Segment

The following table summarizes the operating results and data for our Independent Living segment for the three months ended June 30, 2025 and 2024, including operating results and data on a same community basis.

	Three Months Ended<br>June 30,						Increase (Decrease)
(in thousands, except communities, units, occupancy, RevPAR, and RevPOR)	2025			2024			Amount			Percent
Resident fees	$	158,135		$	149,542		$	8,593		5.7	%
Facility operating expense	$	104,537		$	99,208		$	5,329		5.4	%
Number of communities (period end)	68			68			—			—	%
Total average units	12,584			12,573			11			0.1	%
RevPAR	$	4,189		$	3,965		$	224		5.6	%
Weighted average occupancy	82.0		%	79.9		%	210		bps	n/a
RevPOR	$	5,109		$	4,959		$	150		3.0	%
Same Community Operating Results and Data
Resident fees	$	112,643		$	107,572		$	5,071		4.7	%
Facility operating expense	$	74,392		$	70,466		$	3,926		5.6	%
Number of communities	53			53			—			—	%
Total average units	9,137			9,134			3			—	%
RevPAR	$	4,109		$	3,926		$	183		4.7	%
Weighted average occupancy	83.0		%	81.7		%	130		bps	n/a
RevPOR	$	4,950		$	4,803		$	147		3.1	%

The increase in the segment's resident fees was primarily attributable to an increase in the segment's same community RevPAR, comprised of a 3.1% increase in same community RevPOR and a 130 basis point increase in same community weighted average occupancy. The increase in the segment's same community RevPOR was primarily the result of the current year annual rate increase.

The increase in the segment's facility operating expense was primarily attributable to an increase in the segment's same community facility operating expense primarily resulting from increases in wage rates, repairs and maintenance expense, estimated incentive compensation expense, and advertising expense.

Assisted Living and Memory Care Segment

The following table summarizes the operating results and data for our Assisted Living and Memory Care segment for the three months ended June 30, 2025 and 2024, including operating results and data on a same community basis.

	Three Months Ended<br>June 30,						Increase (Decrease)
(in thousands, except communities, units, occupancy, RevPAR, and RevPOR)	2025			2024			Amount			Percent
Resident fees	$	531,318		$	507,191		$	24,127		4.8	%
Facility operating expense	$	388,611		$	371,036		$	17,575		4.7	%
Number of communities (period end)	532			534			(2)			(0.4)	%
Total average units	33,494			33,622			(128)			(0.4)	%
RevPAR	$	5,276		$	5,018		$	258		5.1	%
Weighted average occupancy	79.6		%	77.6		%	200		bps	n/a
RevPOR	$	6,627		$	6,462		$	165		2.6	%
Same Community Operating Results and Data
Resident fees	$	493,918		$	470,308		$	23,610		5.0	%
Facility operating expense	$	355,353		$	338,274		$	17,079		5.0	%
Number of communities	478			478			—			—	%
Total average units	30,617			30,617			—			—	%
RevPAR	$	5,377		$	5,120		$	257		5.0	%
Weighted average occupancy	80.3		%	78.3		%	200		bps	n/a
RevPOR	$	6,700		$	6,540		$	160		2.4	%

The increase in the segment's resident fees was primarily attributable to an increase in the segment's same community RevPAR, comprised of a 200 basis point increase in same community weighted average occupancy and a 2.4% increase in same community RevPOR. The increase in the segment's same community RevPOR was primarily the result of the current year annual rate increase.

The increase in the segment's facility operating expense was primarily attributable to an increase in the segment's same community facility operating expense primarily resulting from increases in wage rates, estimated incentive compensation expense, repairs and maintenance expense, and advertising expense.

CCRCs Segment

The following table summarizes the operating results and data for our CCRCs segment for the three months ended June 30, 2025 and 2024, including operating results and data on a same community basis.

	Three Months Ended<br>June 30,						Increase (Decrease)
(in thousands, except communities, units, occupancy, RevPAR, and RevPOR)	2025			2024			Amount			Percent
Resident fees	$	86,161		$	82,976		$	3,185		3.8	%
Facility operating expense	$	69,169		$	67,263		$	1,906		2.8	%
Number of communities (period end)	17			17			—			—	%
Total average units	4,734			4,732			2			—	%
RevPAR	$	6,067		$	5,845		$	222		3.8	%
Weighted average occupancy	78.5		%	76.1		%	240		bps	n/a
RevPOR	$	7,729		$	7,685		$	44		0.6	%
Same Community Operating Results and Data
Resident fees	$	80,709		$	77,727		$	2,982		3.8	%
Facility operating expense	$	64,452		$	62,839		$	1,613		2.6	%
Number of communities	16			16			—			—	%
Total average units	4,340			4,339			1			—	%
RevPAR	$	6,199		$	5,971		$	228		3.8	%
Weighted average occupancy	79.2		%	76.6		%	260		bps	n/a
RevPOR	$	7,823		$	7,799		$	24		0.3	%

The increase in the segment's resident fees was primarily attributable to an increase in the segment's same community RevPAR, comprised of a 260 basis point increase in same community weighted average occupancy and a 0.3% increase in the segment's same community RevPOR. The increase in the segment's same community RevPOR was primarily the result of the current year annual rate increase, partially offset by lower skilled nursing revenue and an occupancy mix shift to more independent living residents.

Operating Results - Other Income and Expense Items

The following table summarizes other income and expense items in our operating results for the three months ended June 30, 2025 and 2024.

	Three Months Ended<br>June 30,				Increase (Decrease)
(in thousands)	2025		2024		Amount		Percent
Management fees	$	2,623	$	2,616	$	7	0.3	%
Reimbursed costs incurred on behalf of managed communities	34,707		35,216		(509)		(1.4)	%
Costs incurred on behalf of managed communities	34,707		35,216		(509)		(1.4)	%
General and administrative expense	54,973		46,664		8,309		17.8	%
Facility operating lease expense	52,653		50,964		1,689		3.3	%
Depreciation and amortization	92,853		88,028		4,825		5.5	%
Asset impairment	577		—		577		NM
Loss (gain) on sale of communities, net	(43)		—		43		NM
Interest income	2,919		4,714		(1,795)		(38.1)	%
Interest expense	63,081		61,567		1,514		2.5	%
Gain (loss) on debt modification and extinguishment, net	(115)		—		115		NM
Non-operating gain (loss) on sale of assets, net	—		199		(199)		(100.0)%
Other non-operating income (loss)	2,060		199		1,861		NM
Benefit (provision) for income taxes	271		(449)		720		NM

General and Administrative Expense. The increase in general and administrative expense was primarily attributable to $5.2 million of organizational restructuring costs related to our senior leadership change and $5.1 million of transaction costs for stockholder relations advisory matters in the current period. General and administrative expense includes transaction, legal, and organizational restructuring costs of $10.5 million and $0.1 million for the three months ended June 30, 2025 and 2024, respectively. Transaction costs include those directly related to acquisition, disposition, financing, and leasing activity and stockholder relations advisory matters, and are primarily comprised of legal, finance, consulting, professional fees, and other third-party costs. Legal costs include charges associated with putative class action litigation. Organizational restructuring costs include those related to our efforts to reduce general and administrative expense and our senior leadership changes, including severance costs.

Facility Operating Lease Expense. The increase in facility operating lease expense was primarily due to the extension of the operating lease for 65 communities.

Depreciation and Amortization. The increase in depreciation and amortization expense was primarily due to the acquisition of 36 communities previously subject to operating leases and the completion of capital expenditures at leased communities since the beginning of the prior year period.

Interest expense. The increase in interest expense was primarily due to debt obtained to finance the acquisition of 36 communities previously subject to operating leases subsequent to the prior year period.

Benefit (Provision) for Income Taxes. The difference between our effective tax rate for the three months ended June 30, 2025 and 2024 was primarily due to an increase in the benefit recorded on operating losses during the three months ended June 30, 2025. We recorded an aggregate deferred federal, state, and local tax benefit of $9.1 million for the three months ended June 30, 2025, which was partially offset by an increase in the valuation allowance of $8.3 million.

We evaluate our deferred tax assets each quarter to determine if a valuation allowance is required based on whether it is more likely than not that some portion of the deferred tax asset would not be realized. Our valuation allowance as of June 30, 2025 and December 31, 2024 was $544.5 million and $521.5 million, respectively.

Comparison of Six Months Ended June 30, 2025 and 2024

Summary Operating Results

The following table summarizes our overall operating results for the six months ended June 30, 2025 and 2024.

	Six Months Ended<br>June 30,				Increase (Decrease)
(in thousands)	2025		2024		Amount		Percent
Resident fees	$	1,553,068	$	1,483,950	$	69,118	4.7	%
Facility operating expense	1,119,304		1,080,057		39,247		3.6	%
Net income (loss)	(108,032)		(67,323)		40,709		60.5	%
Adjusted EBITDA	241,189		195,432		45,757		23.4	%

The increase in resident fees was primarily attributable to a 4.6% increase in same community RevPAR, comprised of a 2.6% increase in same community RevPOR and a 160 basis point increase in same community weighted average occupancy.

The increase in facility operating expense was primarily attributable to a 4.0% increase in same community facility operating expense, primarily resulting from increases in wage rates, repairs and maintenance expense, utilities expense, estimated incentive compensation expense, and advertising expense, partially offset by an additional day of expense in the prior year period due to the leap year.

The increase in net loss was primarily attributable to a $32.8 million loss on extinguishment of a financing obligation during the six months ended June 30, 2025 for the reacquisition of three communities previously subject to sale-leaseback transactions for the amount by which the repurchase price exceeded the previously recognized financing obligation for such three communities, the increase in facility operating expense, an $11.7 million increase in transaction, legal, and organizational restructuring costs, and an increase in depreciation and amortization expense, partially offset by the increase in resident fees.

Operating Results - Senior Housing Segments

The following table summarizes the operating results and data of our three senior housing segments (Independent Living, Assisted Living and Memory Care, and CCRCs) on a combined basis for the six months ended June 30, 2025 and 2024 including operating results and data on a same community basis. See management's discussion and analysis of the operating results on an individual segment basis on the following pages.

	Six Months Ended<br>June 30,						Increase (Decrease)
(in thousands, except communities, units, occupancy, RevPAR, and RevPOR)	2025			2024			Amount			Percent
Resident fees	$	1,553,068		$	1,483,950		$	69,118		4.7	%
Facility operating expense	$	1,119,304		$	1,080,057		$	39,247		3.6	%
Number of communities (period end)	617			619			(2)			(0.3)	%
Total average units	50,826			50,983			(157)			(0.3)	%
RevPAR	$	5,085		$	4,844		$	241		5.0	%
Weighted average occupancy	79.7		%	78.0		%	170		bps	n/a
RevPOR	$	6,379		$	6,211		$	168		2.7	%
Same Community Operating Results and Data
Resident fees	$	1,376,438		$	1,315,301		$	61,137		4.6	%
Facility operating expense	$	982,581		$	944,707		$	37,874		4.0	%
Number of communities	547			547			—			—	%
Total average units	44,094			44,088			6			—	%
RevPAR	$	5,203		$	4,972		$	231		4.6	%
Weighted average occupancy	80.4		%	78.8		%	160		bps	n/a
RevPOR	$	6,473		$	6,311		$	162		2.6	%

Independent Living Segment

The following table summarizes the operating results and data for our Independent Living segment for the six months ended June 30, 2025 and 2024, including operating results and data on a same community basis.

	Six Months Ended<br>June 30,						Increase (Decrease)
(in thousands, except communities, units, occupancy, RevPAR, and RevPOR)	2025			2024			Amount			Percent
Resident fees	$	315,252		$	298,490		$	16,762		5.6	%
Facility operating expense	$	207,422		$	199,513		$	7,909		4.0	%
Number of communities (period end)	68			68			—			—	%
Total average units	12,583			12,569			14			0.1	%
RevPAR	$	4,176		$	3,958		$	218		5.5	%
Weighted average occupancy	81.6		%	79.8		%	180		bps	n/a
RevPOR	$	5,118		$	4,961		$	157		3.2	%
Same Community Operating Results and Data
Resident fees	$	224,631		$	215,226		$	9,405		4.4	%
Facility operating expense	$	147,390		$	141,605		$	5,785		4.1	%
Number of communities	53			53			—			—	%
Total average units	9,137			9,133			4			—	%
RevPAR	$	4,097		$	3,927		$	170		4.3	%
Occupancy rate (weighted average)	82.7		%	81.7		%	100		bps	n/a
RevPOR	$	4,956		$	4,810		$	146		3.0	%

The increase in the segment's resident fees was primarily attributable to an increase in the segment's same community RevPAR, comprised of a 3.0% increase in same community RevPOR and a 100 basis point increase in same community weighted average occupancy. The increase in the segment's same community RevPOR was primarily the result of the current year annual rate increase.

The increase in the segment's facility operating expense was primarily attributable to an increase in the segment’s same community facility operating expense, primarily resulting from increases in wage rates, repairs and maintenance expense, and utilities expense, partially offset by an additional day of expense in the prior year due to the leap year.

Assisted Living and Memory Care Segment

The following table summarizes the operating results and data for our Assisted Living and Memory Care segment for the six months ended June 30, 2025 and 2024, including operating results and data on a same community basis.

	Six Months Ended<br>June 30,						Increase (Decrease)
(in thousands, except communities, units, occupancy, RevPAR, and RevPOR)	2025			2024			Amount			Percent
Resident fees	$	1,064,697		$	1,018,063		$	46,634		4.6	%
Facility operating expense	$	772,437		$	744,450		$	27,987		3.8	%
Number of communities (period end)	532			534			(2)			(0.4)	%
Total average units	33,509			33,682			(173)			(0.5)	%
RevPAR	$	5,284		$	5,027		$	257		5.1	%
Weighted average occupancy	79.2		%	77.6		%	160		bps	n/a
RevPOR	$	6,673		$	6,478		$	195		3.0	%
Same Community Operating Results and Data
Resident fees	$	989,667		$	943,266		$	46,401		4.9	%
Facility operating expense	$	705,226		$	676,447		$	28,779		4.3	%
Number of communities	478			478			—			—	%
Total average units	30,617			30,616			1			—	%
RevPAR	$	5,387		$	5,135		$	252		4.9	%
Weighted average occupancy	79.8		%	78.2		%	160		bps	n/a
RevPOR	$	6,747		$	6,564		$	183		2.8	%

The increase in the segment's resident fees was primarily attributable to an increase in the segment's same community RevPAR, comprised of a 2.8% increase in same community RevPOR and a 160 basis point increase in same community weighted average occupancy. The increase in the segment's same community RevPOR was primarily the result of the current year annual rate increase.

The increase in the segment's facility operating expense was primarily attributable to an increase in the segment's same community facility operating expense, primarily resulting from increases in wage rates, utilities expense, repairs and maintenance expense, and advertising expense, partially offset by an additional day of expense in the prior year due to the leap year. The segment's same community facility operating expense for the six months ended June 30, 2025 and 2024 excludes $1.2 million and $2.3 million, respectively, of natural disaster expense.

CCRCs Segment

The following table summarizes the operating results and data for our CCRCs segment for the six months ended June 30, 2025 and 2024, including operating results and data on a same community basis.

	Six Months Ended<br>June 30,						Increase (Decrease)
(in thousands, except communities, units, occupancy, RevPAR, and RevPOR)	2025			2024			Amount			Percent
Resident fees	$	173,119		$	167,397		$	5,722		3.4	%
Facility operating expense	$	139,445		$	136,094		$	3,351		2.5	%
Number of communities (period end)	17			17			—			—	%
Total average units	4,734			4,732			2			—	%
RevPAR	$	6,095		$	5,896		$	199		3.4	%
Weighted average occupancy	78.5		%	76.1		%	240		bps	n/a
RevPOR	$	7,765		$	7,750		$	15		0.2	%
Same Community Operating Results and Data
Resident fees	$	162,140		$	156,809		$	5,331		3.4	%
Facility operating expense	$	129,965		$	126,655		$	3,310		2.6	%
Number of communities	16			16			—			—	%
Total average units	4,340			4,339			1			—	%
RevPAR	$	6,227		$	6,024		$	203		3.4	%
Weighted average occupancy	79.2		%	76.7		%	250		bps	n/a
RevPOR	$	7,857		$	7,857		$	—		—	%

The increase in the segment's resident fees was primarily attributable to an increase in the segment's same community RevPAR, primarily resulting from a 250 basis point increase in same community weighted average occupancy. The segment's same community RevPOR did not change as the impact of the current year annual rate increase was offset by lower skilled nursing revenue and an occupancy mix shift to more independent living residents.

Operating Results - Other Income and Expense Items

The following table summarizes other income and expense items in our operating results for the six months ended June 30, 2025 and 2024.

	Six Months Ended<br>June 30,				Increase (Decrease)
(in thousands)	2025		2024		Amount		Percent
Management fees	$	5,243	$	5,234	$	9	0.2	%
Reimbursed costs incurred on behalf of managed communities	68,497		71,188		(2,691)		(3.8)	%
Costs incurred on behalf of managed communities	68,497		71,188		(2,691)		(3.8)	%
General and administrative expense	102,847		92,396		10,451		11.3	%
Facility operating lease expense	105,527		102,460		3,067		3.0	%
Depreciation and amortization	183,829		174,155		9,674		5.6	%
Asset impairment	2,364		1,708		656		38.4	%
Loss (gain) on sale of communities, net	(43)		—		43		NM
Interest income	6,567		9,492		(2,925)		(30.8)	%
Interest expense	128,112		119,254		8,858		7.4	%
Gain (loss) on debt modification and extinguishment, net	(35,335)		—		35,335		NM
Non-operating gain (loss) on sale of assets, net	—		903		(903)		(100.0)%
Other non-operating income (loss)	3,418		3,537		(119)		(3.4)	%
Benefit (provision) for income taxes	947		(409)		1,356		NM

Reimbursed Costs Incurred on Behalf of Managed Communities and Costs Incurred on Behalf of Managed Communities. The decrease in reimbursed costs and costs incurred on behalf of managed communities was primarily attributable to terminations of management agreements subsequent to the beginning of the prior year period, partially offset by an increase in community costs incurred for communities managed in both periods.

General and Administrative Expense. The increase in general and administrative expense was primarily attributable to $5.2 million of organizational restructuring costs related to our senior leadership change and $6.7 million of transaction costs for stockholder relations advisory matters in the current period. General and administrative expense includes transaction, legal, and organizational restructuring costs of $12.2 million and $0.5 million for the six months ended June 30, 2025 and 2024, respectively. Transaction costs include those directly related to acquisition, disposition, financing, and leasing activity and stockholder relations advisory matters, and are primarily comprised of legal, finance, consulting, professional fees, and other third-party costs. Legal costs include charges associated with putative class action litigation. Organizational restructuring costs include those related to our efforts to reduce general and administrative expense and our senior leadership changes, including severance costs.

Facility Operating Lease Expense. The increase in facility operating lease expense was primarily due to the extension of the operating lease for 65 communities.

Interest Expense. The increase in interest expense was primarily due to debt obtained to finance the acquisition of 36 communities previously subject to operating leases subsequent to the prior year period and an increase in the fair value of interest rate derivatives in the prior year period.

Gain (Loss) on Debt Modification and Extinguishment, Net. The increase in loss on debt modification and extinguishment, net was primarily due to a $32.8 million loss on extinguishment of a financing obligation during the current period for the reacquisition of three communities previously subject to sale-leaseback transactions.

Benefit (Provision) for Income Taxes. The difference between our effective tax rate for the six months ended June 30, 2025 and 2024 was primarily due to an increase in the benefit recorded on operating losses during the six months ended June 30, 2025.

We recorded an aggregate deferred federal, state, and local tax benefit of $24.9 million for the six months ended June 30, 2025, which was partially offset by an increase in the valuation allowance of $23.0 million. We recorded an aggregate deferred federal, state, and local tax benefit of $16.7 million for the six months ended June 30, 2024, which was partially offset by an increase to the valuation allowance of $16.3 million.

Liquidity and Capital Resources

This section includes the non-GAAP liquidity measure Adjusted Free Cash Flow. See "Non-GAAP Financial Measures" below for our definition of the measure and other important information regarding such measure, including reconciliations to the most comparable GAAP measure.

Liquidity

The following is a summary of cash flows from operating, investing, and financing activities, as reflected in the condensed consolidated statements of cash flows, and our Adjusted Free Cash Flow.

	Six Months Ended<br>June 30,				Increase (Decrease)
(in thousands)	2025		2024		Amount		Percent
Net cash provided by operating activities	$	106,966	$	54,524	$	52,442	96.2	%
Net cash provided by (used in) investing activities	(377,154)		(75,403)		301,751		NM
Net cash provided by (used in) financing activities	213,910		33,715		180,195		NM
Net increase (decrease) in cash, cash equivalents, and restricted cash	(56,278)		12,836		(69,114)		NM
Cash, cash equivalents, and restricted cash at beginning of period	379,840		349,668		30,172		8.6	%
Cash, cash equivalents, and restricted cash at end of period	$	323,562	$	362,504	$	(38,942)	(10.7)	%
Adjusted Free Cash Flow	$	23,688	$	(31,813)	$	55,501	NM

The increase in net cash provided by operating activities was primarily attributable to an increase in resident fees and a $10.0 million increase in lessor reimbursements for capital expenditures for operating leases compared to the prior year period, partially offset by an increase in facility operating expense compared to the prior year period.

The increase in net cash used in investing activities was primarily attributable to $311.0 million of cash paid for the acquisition of formerly leased communities in the current period.

The increase in net cash provided by financing activities was primarily attributable to a $239.5 million increase in debt proceeds compared to the prior year period, partially offset by a $54.3 million increase in repayment of debt and financing lease obligations compared to the prior year period.

The change in Adjusted Free Cash Flow was primarily attributable to the increase in net cash provided by operating activities.

Our principal sources of liquidity have historically been from:

•cash balances on hand, cash equivalents, and marketable securities;

•cash flows from operations;

•proceeds from our credit facilities;

•funds generated through unconsolidated venture arrangements;

•proceeds from mortgage financing or refinancing of various assets;

•funds raised in the debt or equity markets; and

•proceeds from the disposition of assets.

Over the longer-term, we expect to continue to fund our business through these principal sources of liquidity.

Over the near-term, we expect that our liquidity requirements will primarily arise from:

•working capital;

•operating costs such as labor costs, severance costs, general and administrative expense, and supply costs;

•debt, interest, and lease payments;

•investment in our healthcare and wellness initiatives;

•transaction consideration and related expenses;

•capital expenditures and improvements;

•cash collateral required to be posted in connection with our financial instruments and insurance programs; and

•other corporate initiatives (including information systems and other strategic projects).

We are highly leveraged and have significant debt and lease obligations. As of June 30, 2025, we had $4.3 billion of debt outstanding at a weighted average interest rate of 5.20%. As of such date, 88.0%, or $3.8 billion, of our total debt obligations represented non-recourse property-level mortgage financings.

As of June 30, 2025, we had $1.3 billion of operating and financing lease obligations, and for the twelve months ending June 30, 2026, we will be required to make approximately $215.0 million of cash lease payments in connection with our existing operating and financing leases (without giving effect to the potential early termination by Ventas of certain of our community leases with maturity dates of December 31, 2025).

Total liquidity of $350.0 million as of June 30, 2025 included $251.9 million of unrestricted cash and cash equivalents (excluding restricted cash of $71.7 million) and $98.1 million of availability on our secured credit facility (excluding $16.1 million of availability on our separate letter of credit facilities, which can be drawn only as letters of credit). Total liquidity as of June 30, 2025 decreased $39.3 million from total liquidity of $389.3 million as of December 31, 2024. The decrease was primarily attributable to cash paid for acquisitions, net of financing proceeds during the period, partially offset by a $37.6 million increase in availability on our secured credit facility and $23.7 million of Adjusted Free Cash Flow during the period.

As of June 30, 2025, our current liabilities exceeded current assets by $98.2 million. Included in our current liabilities is $93.2 million of the current portion of operating and financing lease obligations, for which the associated right-of-use assets are excluded from current assets on our condensed consolidated balance sheets. We currently estimate our historical principal sources of liquidity, primarily our cash flows from operations, together with cash balances on hand and cash equivalents, availability on our secured credit facility, and proceeds from financings and refinancings of various assets will be sufficient to fund our liquidity needs for at least the next 12 months. We continue to focus on increasing our RevPAR, maintaining appropriate expense discipline, continuing to refinance or exercise available extension options for maturing debt, continuing to evaluate our capital structure and the state of debt and equity markets, and monetizing non-strategic or underperforming owned assets. There is no assurance that financing will continue to be available on terms consistent with our expectations or at all, or that our efforts will be successful in monetizing certain assets or exercising extension options.

Our actual liquidity and capital funding requirements depend on numerous factors, including our operating results, our actual level of capital expenditures, general economic conditions, and the cost of capital, as well as other factors described in "Item 1A. Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission ("SEC") on February 19, 2025. Since the amount of mortgage financing available for our communities is generally dependent on their appraised values and performance, decreases in their appraised values, including due to adverse changes in real estate market conditions, or their performance, could result in available mortgage refinancing amounts that are less than the communities’ maturing indebtedness. In addition, our inability to satisfy underwriting criteria for individual communities may limit our access to our historical lending sources for such communities, including Fannie Mae and Freddie Mac. As of June 30, 2025, 9% of our owned communities were unencumbered by mortgage debt.

We have completed the refinancing of all of our mortgage debt maturities due in 2025. Our inability to obtain refinancing proceeds sufficient to cover 2026 and later maturing indebtedness could adversely impact our liquidity, and may cause us to seek additional alternative sources of financing, which may be less attractive or unavailable. Shortfalls in cash flows from estimated operating results or other principal sources of liquidity may have an adverse impact on our ability to fund our planned capital expenditures or to fund investments to support our strategy. In order to continue some of these activities at historical or planned levels, we may incur additional indebtedness or lease financing to provide additional funding. There can be no assurance that any such additional financing will be available or on terms that are acceptable to us.

Funding our planned capital expenditures or investments to support our strategy may require additional capital. We expect to continue to assess our financing alternatives periodically and access the capital markets opportunistically. If our existing resources are insufficient to satisfy our liquidity requirements, we may need to sell additional equity or debt securities. Any such sale of additional equity securities will dilute the percentage ownership of our existing stockholders, and we cannot be certain that additional public or private financing will be available in amounts or on terms acceptable to us, if at all. Any newly issued equity securities may have rights, preferences, or privileges senior to those of our common stock. If we are unable to raise additional funds or obtain them on terms acceptable to us, we may have to delay or abandon our plans.

Capital Expenditures

Our capital expenditures are comprised of community-level, corporate, and development capital expenditures. Community-level capital expenditures include maintenance expenditures (including routine maintenance of communities over $1,500 per occurrence), community renovations, unit upgrades (including unit turnovers over $500 per unit), and other major building infrastructure projects (including replacements of major building systems). Corporate capital expenditures include those for information technology systems and equipment and the remediation or replacement of assets as a result of casualty losses. Development capital expenditures include community expansions, major community redevelopment and repositioning projects, and the development of new communities.

The following table summarizes our capital expenditures for the six months ended June 30, 2025 for our consolidated business.

(in thousands)
Community-level capital expenditures, net(1)	$	76,218
Corporate capital expenditures, net	13,723
Non-development capital expenditures, net(2)	89,941
Development capital expenditures, net	12
Total capital expenditures, net	$	89,953

(1)Reflects the amount invested, net of lessor reimbursements of $11.3 million.

(2)Amount is included in Adjusted Free Cash Flow.

In the aggregate, we expect our full-year 2025 non-development capital expenditures, net of anticipated lessor reimbursements and property and casualty insurance proceeds, to be $175.0 million to $180.0 million. We anticipate that our 2025 capital expenditures will be funded from cash on hand, cash equivalents, cash flows from operations, and reimbursements from lessors.

Credit Facilities

In December 2023, we amended our revolving credit agreement with Capital One, National Association, as administrative agent and lender and the other lenders from time to time parties thereto. The amended agreement provides an expanded commitment amount of up to $100.0 million which can be drawn in cash or as letters of credit. The credit facility matures in January 2027, and we have the option to extend the facility for two additional terms of approximately one year each subject to the satisfaction of certain conditions. Amounts drawn under the facility will bear interest at the Secured Overnight Financing Rate ("SOFR") plus an applicable margin ranging from 2.5% to 3.0% based upon the percentage of the total commitment drawn. Additionally, a quarterly commitment fee of 0.25% per annum was applicable on the unused portion of the facility as of June 30, 2025. The revolving credit facility is currently secured by first priority mortgages and negative pledges on certain of our communities. Available capacity under the facility will vary from time to time based upon certain calculations related to the appraised value and performance of the communities securing the credit facility and the variable interest rate of the credit facility.

As of June 30, 2025, $1.9 million of letters of credit and no cash borrowings were outstanding under our $100.0 million secured credit facility and the facility had $98.1 million of availability. We also had separate letter of credit facilities providing up to $85.0 million of letters of credit as of June 30, 2025 under which $68.9 million had been issued as of that date.

Long-Term Leases

As of June 30, 2025, we operated 235 communities under long-term leases (226 operating leases and 9 financing leases). The substantial majority of our lease arrangements are structured as master leases. Under a master lease, numerous communities are leased through an indivisible lease. In certain cases, we guarantee the performance and lease payment obligations of our subsidiary lessees under the master leases. Due to the nature of such master leases, it is difficult to restructure the composition of our leased portfolios or economic terms of the leases without the consent of the applicable landlord. In addition, an event of default related to an individual property or limited number of properties within a master lease portfolio may result in a default on the entire master lease portfolio.

The leases relating to substantially all of our leased communities are fixed rate leases with annual escalators that are fixed. We are responsible for all operating costs, including repairs and maintenance, property taxes, and insurance. The lease terms generally provide for renewal or extension options, or in certain cases, purchase options.

The community leases contain other customary terms, which may include assignment and change of control restrictions, maintenance and capital expenditure obligations, termination provisions, and financial covenants, such as those requiring us to maintain prescribed minimum liquidity and net worth and lease coverage ratios. Our lease documents generally contain non-financial covenants, such as those requiring us to comply with Medicare or Medicaid provider requirements and maintain insurance coverage. Certain leases contain cure provisions, which generally allow us to post an additional lease security deposit if the required covenant is not met.

Certain of our master leases contain radius restrictions, which limit our ability to own, develop, or acquire new communities within a specified distance from certain existing communities covered by such agreements. These radius restrictions could negatively affect our ability to expand, develop, or acquire senior housing communities and operating companies.

For the six months ended June 30, 2025, our cash lease payments for our operating leases were $118.4 million and for our financing leases were $7.9 million. For the twelve months ending June 30, 2026, we will be required to make approximately $215.0 million of cash lease payments in connection with our existing operating and financing leases (without giving effect to the potential early termination by Ventas of certain of our community leases with maturity dates of December 31, 2025).

Debt and Lease Covenants

Certain of our long-term debt and lease documents contain restrictions and financial covenants, such as those requiring us to maintain prescribed minimum liquidity and net worth levels and debt service and lease coverage ratios, and requiring us not to exceed prescribed leverage ratios, in each case on a consolidated, portfolio-wide, multi-community, single-community, and/or entity basis. These covenants include a requirement contained in certain of our long-term debt documents for us to maintain liquidity of at least $130.0 million at each quarter-end determination date. As of June 30, 2025, our liquidity was $350.0 million.

In addition, our debt and lease documents generally contain non-financial covenants, such as those requiring us to comply with Medicare or Medicaid provider requirements and maintain insurance coverage. Our failure to comply with applicable covenants could constitute an event of default under the applicable debt or lease documents. Many of our debt and lease documents contain cross-default provisions so that a default under one of these instruments could cause a default under other debt and lease documents (including documents with other lenders and lessors).

Furthermore, our mortgage debt is secured by our communities and, in certain cases, our long-term debt and leases are secured by a guaranty by us and/or one or more of our subsidiaries. Therefore, if an event of default has occurred under any of our debt or lease documents, subject to cure provisions in certain instances, the respective lender or lessor would have the right to declare all the related outstanding amounts of indebtedness or cash lease obligations immediately due and payable, to foreclose on our mortgaged communities, to terminate our leasehold interests, to foreclose on other collateral securing the indebtedness and leases, to discontinue our operation of leased communities, and/or to pursue other remedies available to such lender or lessor. Further, an event of default could trigger cross-default provisions in our other debt and lease documents (including documents with other lenders or lessors). We cannot provide assurance that we would be able to pay the debt or lease obligations if they became due upon acceleration following an event of default.

As of June 30, 2025, we are in compliance with the financial covenants of our debt agreements and long-term leases.

Non-GAAP Financial Measures

This Quarterly Report on Form 10-Q contains the financial measures Adjusted EBITDA and Adjusted Free Cash Flow, which are not calculated in accordance with GAAP. Presentations of these non-GAAP financial measures are intended to aid investors in better understanding the factors and trends affecting our performance and liquidity. However, investors should not consider these non-GAAP financial measures as a substitute for financial measures determined in accordance with GAAP, including net income (loss), income (loss) from operations, or net cash provided by operating activities. We caution investors that amounts presented in accordance with our definitions of these non-GAAP financial measures may not be comparable to similar measures disclosed by other companies because not all companies calculate non-GAAP measures in the same manner. We urge investors to review the following reconciliations of these non-GAAP financial measures from the most comparable financial measures determined in accordance with GAAP.

Adjusted EBITDA

Adjusted EBITDA is a non-GAAP performance measure that we define as net income (loss) excluding: benefit/provision for income taxes, non-operating income/expense items, and depreciation and amortization; and further adjusted to exclude income/expense associated with non-cash, non-operational, transactional, legal, cost reduction, or organizational restructuring items that management does not consider as part of our underlying core operating performance and that management believes impact the comparability of performance between periods. For the periods presented herein, such other items include non-cash impairment charges, operating lease expense adjustment, non-cash stock-based compensation expense, gain/loss on sale of communities, and transaction, legal, and organizational restructuring costs. Transaction costs include those directly related to acquisition, disposition, financing, and leasing activity and stockholder relations advisory matters, and are primarily comprised of legal, finance, consulting, professional fees, and other third-party costs. Legal costs include charges associated with putative class action litigation. Organizational restructuring costs include those related to our efforts to reduce general and administrative expense and our senior leadership changes, including severance.

We believe that presentation of Adjusted EBITDA as a performance measure is useful to investors because (i) it is one of the metrics used by our management for budgeting and other planning purposes, to review our historic and prospective core operating performance, and to make day-to-day operating decisions; (ii) it provides an assessment of operational factors that management can impact in the short-term, namely revenues and the controllable cost structure of the organization, by eliminating items related to our financing and capital structure and other items that management does not consider as part of our underlying core operating performance and that management believes impact the comparability of performance between periods; (iii) we believe that this measure is used by research analysts and investors to evaluate our operating results and to value companies in our industry; and (iv) we use the measure for components of executive compensation.

Adjusted EBITDA has material limitations as a performance measure, including: (i) excluded interest and income tax are necessary to operate our business under our current financing and capital structure; (ii) excluded depreciation, amortization, and impairment charges may represent the wear and tear and/or reduction in value of our communities, goodwill, and other assets and may be indicative of future needs for capital expenditures; and (iii) we may incur income/expense similar to those for which adjustments are made, such as gain/loss on sale of assets, facility operating lease termination, or debt modification and extinguishment, non-cash stock-based compensation expense, and transaction, legal, and other costs, and such income/expense may significantly affect our operating results.

The table below reconciles Adjusted EBITDA from net income (loss).

	Three Months Ended<br>June 30,				Six Months Ended<br>June 30,
(in thousands)	2025		2024		2025		2024
Net income (loss)	$	(43,039)	$	(37,742)	$	(108,032)	$	(67,323)
Provision (benefit) for income taxes	(271)		449		(947)		409
Loss (gain) on debt modification and extinguishment, net	115		—		35,335		—
Non-operating loss (gain) on sale of assets, net	—		(199)		—		(903)
Other non-operating (income) loss	(2,060)		(199)		(3,418)		(3,537)
Interest expense	63,081		61,567		128,112		119,254
Interest income	(2,919)		(4,714)		(6,567)		(9,492)
Income (loss) from operations	14,907		19,162		44,483		38,408
Depreciation and amortization	92,853		88,028		183,829		174,155
Asset impairment	577		—		2,364		1,708
Loss (gain) on sale of communities, net	(43)		—		(43)		—
Operating lease expense adjustment	(4,846)		(13,483)		(8,699)		(26,572)
Non-cash stock-based compensation expense	3,089		3,975		7,068		7,248
Transaction, legal, and organizational restructuring costs	10,513		134		12,187		485
Adjusted EBITDA	$	117,050	$	97,816	$	241,189	$	195,432

Adjusted Free Cash Flow

Adjusted Free Cash Flow is a non-GAAP liquidity measure that we define as net cash provided by operating activities before: distributions from unconsolidated ventures from cumulative share of net earnings, changes in prepaid insurance premiums financed with notes payable, changes in operating lease assets and liabilities for lease termination, cash paid/received for gain/loss on facility operating lease termination, and lessor capital expenditure reimbursements under operating leases; plus: property and casualty insurance proceeds; less: non-development capital expenditures and payment of financing lease obligations. Non-development capital expenditures are comprised of corporate and community-level capital expenditures, including those related to maintenance, renovations, upgrades, and other major building infrastructure projects for our communities and is presented net of lessor reimbursements. Non-development capital expenditures do not include capital expenditures for: community expansions, major community redevelopment and repositioning projects, and the development of new communities.

We believe that presentation of Adjusted Free Cash Flow as a liquidity measure is useful to investors because (i) it is one of the metrics used by our management for budgeting and other planning purposes, to review our historic and prospective sources of operating liquidity, and to review our ability to service our outstanding indebtedness, pay dividends to stockholders, engage in share repurchases, and make capital expenditures, including development capital expenditures; and (ii) it provides an indicator to management to determine if adjustments to current spending decisions are needed.

Adjusted Free Cash Flow has material limitations as a liquidity measure, including: (i) it does not represent cash available for dividends, share repurchases, or discretionary expenditures since certain non-discretionary expenditures, including mandatory debt principal payments, are not reflected in this measure; (ii) the cash portion of non-recurring charges related to gain/loss on facility lease termination generally represent charges/gains that may significantly affect our liquidity; and (iii) the impact of timing of cash expenditures, including the timing of non-development capital expenditures, limits the usefulness of the measure for short-term comparisons.

The table below reconciles Adjusted Free Cash Flow from net cash provided by operating activities.

	Three Months Ended<br>June 30,				Six Months Ended<br>June 30,
(in thousands)	2025		2024		2025		2024
Net cash provided by operating activities	$	83,564	$	55,670	$	106,966	$	54,524
Net cash provided by (used in) investing activities	(50,399)		(68,457)		(377,154)		(75,403)
Net cash provided by (used in) financing activities	(25,759)		(20,375)		213,910		33,715
Net increase (decrease) in cash, cash equivalents, and restricted cash	$	7,406	$	(33,162)	$	(56,278)	$	12,836
Net cash provided by operating activities	$	83,564	$	55,670	$	106,966	$	54,524
Changes in prepaid insurance premiums financed with notes payable	(7,298)		(7,617)		15,094		15,702
Changes in assets and liabilities for lessor capital expenditure reimbursements under operating leases	(9,319)		(1,051)		(11,332)		(1,300)
Non-development capital expenditures, net	(48,814)		(52,325)		(89,941)		(102,916)
Property and casualty insurance proceeds	2,072		62		3,487		2,704
Payment of financing lease obligations	(297)		(265)		(586)		(527)
Adjusted Free Cash Flow	$	19,908	$	(5,526)	$	23,688	$	(31,813)

Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are subject to market risks from changes in interest rates charged on our credit facilities and other variable rate indebtedness. The impact on earnings and the value of our long-term debt are subject to change as a result of movements in market rates and prices. As of June 30, 2025, 71.8%, or $3.1 billion, of our long-term debt had a weighted average fixed interest rate of 4.58%. As of June 30, 2025, we had $1.2 billion of long-term variable rate debt, at a weighted average interest rate of 6.77%.

In the normal course of business, we enter into certain interest rate cap and swap agreements with major financial institutions to manage our risk above certain interest rates on variable rate debt. As of June 30, 2025, our $1.2 billion of outstanding long-term variable rate debt is indexed to SOFR plus a weighted average margin of 244 basis points. Accordingly, our annual interest expense related to long-term variable rate debt is directly affected by movements in SOFR. As of June 30, 2025, $1.1 billion, or 92%, of our long-term variable rate debt is subject to interest rate cap or swap agreements and $0.1 billion of our variable rate debt is not subject to any interest rate cap or swap agreements. For our SOFR interest rate cap and swap agreements, as of June 30, 2025, the weighted average fixed interest rate is 4.22% and the weighted average remaining term is 0.9 years. Many of our long-term variable rate debt instruments include provisions that obligate us to obtain additional interest rate cap agreements upon the maturity of the existing interest rate cap agreements. The costs of obtaining additional interest rate cap agreements may offset the benefits of our existing interest rate cap agreements.

The table below reflects the additional annual debt interest expense that would have resulted for the respective basis point increases in SOFR as of June 30, 2025.

Increase in Index<br><br>(in basis points)	Annual Interest Expense Increase (1)<br><br>(in millions)
100	$	3.6
200	5.0
500	8.9
1,000	13.9

(1)Amounts are after consideration of interest rate cap and swap agreements in place as of June 30, 2025.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Our management, under the supervision of and with the participation of our executive officers serving as our principal executive officers for purposes of our filings with the SEC (the "Principal Executive Officers") and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as such term is defined under Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended) as of the end of the period covered by this report. Based on such evaluation, our Principal Executive Officers and Chief Financial Officer each concluded that, as of June 30, 2025, our disclosure controls and procedures were effective.

Changes in Internal Control over Financial Reporting

We have begun deploying a new enterprise resource planning system (“ERP”) which replaces certain of our existing financial and operating systems. We have made changes to our internal control over financial reporting to address the related processes and systems. We will continue to evaluate any further changes in our internal control over financial reporting over the course of the implementation of the new ERP, which is scheduled to occur through the remainder of 2025. Other than the implementation, there has not been any change in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the quarter ended June 30, 2025 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

The information contained in Note 8 to the condensed consolidated financial statements contained in Part I, Item 1 of this Quarterly Report on Form 10-Q is incorporated herein by this reference.

Item 1A. Risk Factors

Other than as set forth below, there have been no material changes to the risk factors set forth in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024.

The transition of management or unexpected departure of our key officers could harm our business.

We are dependent on the efforts of our senior management. We have recently had turnover in the Company’s leadership with the departure of Lucinda M. Baier, the Company’s former President and Chief Executive Officer, on April 13, 2025. Following her departure, Denise W. Warren, the Chairman of our Board, assumed the role of Interim Chief Executive Officer while continuing to serve as Chairman. Our Board has initiated a search for our next Chief Executive Officer. Identifying and securing a new Chief Executive Officer and the process of onboarding a new Chief Executive Officer may take longer than expected and may require substantial time and effort by our Board and our other executives, which may disrupt our business. The transition of appointing a new Chief Executive Officer and any future changes in our management, the unforeseen loss or limited availability of the services of any of our executive leaders, or our inability to recruit and retain a new Chief Executive Officer or qualified other personnel in the future, could, at least temporarily, have an adverse effect on our business, results of operations, and financial condition and be negatively perceived in the capital markets.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

The following table contains information regarding purchases of our common stock made during the quarter ended June 30, 2025 by or on behalf of the Company or any ''affiliated purchaser,'' as defined by Rule 10b-18(a)(3) of the Exchange Act.

Period	Total<br>Number of<br>Shares<br>Purchased (1)	Average<br>Price Paid<br>per Share		Total Number of<br>Shares Purchased as Part of Publicly<br>Announced Plans<br>or Programs	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs ( in thousands) (2)
4/1/2025 - 4/30/2025	241,971	$	5.75	—
5/1/2025 - 5/31/2025	1,927	6.73		—	44,026
6/1/2025 - 6/30/2025	—	—		—	44,026
Total	243,898	$	5.76	—

All values are in US Dollars.

(1)Consists entirely of shares withheld to satisfy tax liabilities due upon the vesting of restricted stock units. The average price paid per share for such share withholding is based on the closing price per share on the vesting date of the restricted stock units or, if such date is not a trading day, the trading day immediately prior to such vesting date.

(2)In 2016, our Board of Directors approved a share repurchase program that authorizes us to purchase up to $100.0 million in the aggregate of our common stock. The share repurchase program is intended to be implemented through purchases made from time to time using a variety of methods, which may include open market purchases, privately negotiated transactions or block trades, or by any combination of such methods, in accordance with applicable insider trading and other securities laws and regulations. The size, scope and timing of any purchases will be based on business, market and other conditions and factors, including price, regulatory and contractual requirements, and capital availability. The repurchase program does not obligate us to acquire any particular amount of common stock and the program may be suspended, modified or discontinued at any time at our discretion without prior notice. Shares of stock repurchased under the program will be held as treasury shares. As of June 30, 2025, $44.0 million remained available under the repurchase program.

Item 5. Other Information

Insider Adoption or Termination of Trading Arrangements

During the fiscal quarter ended June 30, 2025, none of our directors or officers adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K. Subsequent to the end of the quarter ended June 30, 2025, on July 16, 2025, Lee S. Wielansky, a member of our Board of Directors, terminated his Rule 10b5-1 trading arrangement that was entered into on December 6, 2024.

Amended and Restated Tier I Severance Pay Policy

On August 5, 2025, the Compensation Committee of the Board of Directors of the Company approved an amendment and restatement of the Amended and Restated Tier I Severance Pay Policy, dated effective February 10, 2022 (as amended and restated, the “Restated Tier I Policy”). The Restated Tier I Policy provides for severance payments and benefits to eligible participants, including certain of the Company’s named executive officers. Amendments to the Restated Tier I Policy include, among other administrative and clarifying changes, the following:

•In the event an eligible participant terminates employment with “good reason” (as defined therein), other than within 18 months following a “change in control” (as defined therein), such participant will be entitled to receive, upon signing an effective waiver and release of claims and continuing to comply with all applicable restrictive covenants and the other provisions of the Restated Tier I Policy, the following severance payments and benefits (which are equivalent to the severance payments and benefits payable upon an eligible participant’s termination without “cause”): (i) 100% of base salary and target annual bonus payable over 12 months following separation, excluding from the calculation any additional compensation that was in effect expressly on an interim basis; (ii) in the event the eligible participant has been employed by the Company for at least three months of the year of termination, a pro-rated annual bonus for the year of termination to the extent earned, payable when such bonus would otherwise be due; and (iii) any accrued but unpaid salary, any annual bonus earned but unpaid for any previously completed

year, reimbursement of any business expenses properly incurred, and any benefits such participant may be entitled to under the Company’s benefits plans;

•For purposes of the definition of good reason, a material and significant reduction or adverse change with respect to the eligible participant’s compensation will be disregarded if (i) it applies to all eligible participants and (ii) does not occur following or in connection with a change in control, or if such reduction or change relates to any additional compensation that was in effect expressly on an interim basis;

•The definition of good reason will include a change in the eligible participant’s reporting relationship of two or more reporting levels, except for a change in reporting relationship that was in effect expressly on an interim basis; and

•Any amendment to the Restated Tier I Policy that would adversely affect the benefits that may be payable to an eligible participant cannot be effective for at least 24 months from the date of such amendment in the event the amendment is adopted on or after the date of a change in the individual serving as the Company’s Chief Executive Officer.

The remaining terms of the Restated Tier I Policy are as described in the Company’s definitive proxy statement filed with the SEC on May 14, 2025.

Item 6. Exhibits

Exhibit No.	Description
3.1	Amended and Restated Certificate of Incorporation of the Company, as amended (incorporated by reference to Exhibit 3.1 to the Company's Quarterly Report on Form 10-Q filed on November 5, 2019 (File No. 001-32641)).
3.2	Amended and Restated Bylaws of the Company dated October 29, 2019 (incorporated by reference to Exhibit 3.3 to the Company's Current Report on Form 8-K filed on October 29, 2019 (File No. 001-32641)).
4.1	Form of Certificate for common stock (incorporated by reference to Exhibit 4.1 to the Company's Registration Statement on Form S-1 (Amendment No. 3) filed on November 7, 2005 (File No. 333-127372)).
4.2	Description of the Company's securities (incorporated by reference to Exhibit 4.2 to the Company's Quarterly Report on Form 10-Q filed on May 9, 2023 (File No. 001-32641)).
4.3	Indenture, dated as of October 1, 2021, by and among the Company and American Stock Transfer & Trust Company, LLC, as trustee, governing the 2.00% Convertible Senior Notes due 2026 (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed on October 1, 2021 (File No. 001-32641)).
4.4	Form of 2.00% Convertible Senior Notes due 2026 (included in Exhibit 4.3).
4.5	Indenture, dated as of November 21, 2022, between the Company and American Stock Transfer & Trust Company, LLC, as trustee (incorporated by reference to Exhibit 4.4 to the Company’s Current Report on Form 8-K filed on November 22, 2022 (File No. 001-32641)).
4.6	First Supplemental Indenture, dated as of November 21, 2022, between the Company and American Stock Transfer & Trust Company, LLC, as trustee (incorporated by reference to Exhibit 4.5 to the Company’s Current Report on Form 8-K filed on November 22, 2022 (File No. 001-32641)).
4.7	Form of 10.25% Senior Amortizing Notes due 2025 (included in Exhibit 4.6).
4.8	Purchase Contract Agreement dated as of November 21, 2022, between the Company and American Stock Transfer & Trust Company, LLC, as purchase contract agent, as attorney-in-fact for holders of the purchase contracts referred to therein and as trustee under the indenture referred to therein (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed on November 22, 2022 (File No. 001-32641)).
4.9	Form of 7.00% Tangible Equity Units (included in Exhibit 4.8).
4.10	Form of Purchase Contracts (included in Exhibit 4.8).
4.11	Indenture, dated as of October 3, 2024, between the Company and Equiniti Trust Company, LLC, as trustee (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed on October 4, 2024 (File No. 001-32641)).
4.12	Form of 3.50% Convertible Senior Notes due 2029 (included in Exhibit 4.11).
10.1	Restricted Stock Unit Agreement under the Brookdale Senior Living Inc. 2024 Omnibus Incentive Plan dated as of April 27, 2025, by and between the Company and Denise W. Warren.
10.2	Amended and Restated Tier I Severance Pay Policy dated August 5, 2025.
31.1	Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.3	Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32	Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.SCH	Inline XBRL Taxonomy Extension Schema Document.
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104	The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, formatted in Inline XBRL (included in Exhibit 101).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BROOKDALE SENIOR LIVING INC.
(Registrant)
By:	/s/ Dawn L. Kussow
Name:	Dawn L. Kussow
Title:	Executive Vice President and Chief Financial Officer; member of the Office of the CEO (Authorized Officer, Principal Executive Officer and Principal Financial Officer)
Date:	August 7, 2025

Document

Exhibit 10.1

1.RESTRICTED STOCK UNIT AGREEMENT UNDER THE BROOKDALE SENIOR LIVING INC. 2024 OMNIBUS INCENTIVE PLAN

This Award Agreement, including the Addendum hereto (this “Agreement”), dated as of April 27, 2025 (the “Date of Grant”), is made by and between Brookdale Senior Living Inc., a Delaware corporation (the “Company”), and Denise W. Warren (the “Participant”). Capitalized terms not defined herein shall have the meaning ascribed to them in the Brookdale Senior Living Inc. 2024 Omnibus Incentive Plan (as amended and/or restated from time to time, the “Plan”). Where the context permits, references to the Company shall include any successor to the Company.

1.Grant of RSUs. The Company hereby grants to the Participant 158,730 restricted stock units (the “RSUs”) under the Plan, which shall be subject to all of the terms and conditions of this Agreement and the Plan.

2.Vesting.

(a)General. Subject to the provisions set forth below, the RSUs shall vest on the earlier of (i) April 27, 2026 or (ii) the start date of a new Chief Executive Officer of the Company (the “Vesting Date”).

(b)Following Termination of Employment. Except as otherwise provided in Section 2 of the Addendum, which is incorporated herein, upon termination of the Participant’s employment with the Company and its Subsidiaries and Affiliates for any reason, all unvested RSUs outstanding as of the date of such termination shall automatically and without notice terminate and be forfeited and neither the Participant nor any of the Participant’s successors, heirs, assigns, or personal representatives shall thereafter have any further rights or interests in such RSUs.

(c)Award Not Assumed Following Change in Control. Upon the occurrence of a Change in Control, if the outstanding RSUs are not assumed, continued or substituted with an award relating to a publicly-traded security of the acquirer (or the Company) on the same terms and conditions that were applicable to the outstanding RSUs immediately prior to the Change in Control, then all outstanding RSUs immediately prior to the Change in Control shall vest and be settled upon the consummation of the Change in Control.

3.Settlement of Restricted Stock Units. As soon as practicable following the Vesting Date (but in no event later than 30 days following the Vesting Date or such earlier time specified in this Agreement), the Company shall issue to the Participant the number of shares of Common Stock equal to the aggregate number of RSUs that have vested pursuant to this Agreement on such date and the Participant shall thereafter have all the rights of a stockholder of the Company with respect to such shares. Notwithstanding anything in this Agreement to the contrary, no fractional shares shall vest or be issuable under this Agreement, and any such fractional shares shall be rounded down to the next whole share; provided, that the Administrator may, in its sole discretion, provide a cash payment in lieu of any such fractional share.

4.Rights as a Stockholder. Section 4 of the Addendum is incorporated herein.

5.Adjustments. Pursuant to Section 5 of the Plan, in the event of a Change in Capitalization as described therein, the Administrator shall make such equitable changes or

adjustments, as it deems necessary or appropriate, in its discretion, to the number and kind of securities or other property (including cash) issued or issuable in respect of outstanding RSUs.

6.Certain Changes. The Administrator may accelerate the vesting dates or otherwise adjust any of the terms of the RSUs; provided that, subject to Section 5 of the Plan and Section 11(c) of the Addendum to this Agreement, no action under this Section shall adversely affect the Participant’s rights hereunder.

7.Notices. All notices and other communications under this Agreement shall be in writing and shall be given by facsimile or first class mail, certified or registered with return receipt requested, and shall be deemed to have been duly given three days after mailing or 24 hours after transmission by facsimile to the respective parties, as follows: (i) if to the Company, at Brookdale Senior Living Inc., 105 Westwood Place, Suite 400, Brentwood, TN 37027, Facsimile: (615) 564-8204, Attn: General Counsel and (ii) if to the Participant, using the contact information on file with the Company. Either party hereto may change such party’s address for notices by notice duly given pursuant hereto. Notwithstanding the foregoing, the Company may, in its sole discretion, decide to deliver any notice or other communications related to the RSUs, this Agreement or current or future participation in the Plan by electronic means. The Participant hereby consents to receive such notices and other communications by electronic delivery and agrees to participate in the Plan through an online or electronic system established and maintained by the Company or a third party designated by the Company (including the Company’s stock plan service provider’s website).

8.Taxes. The Participant has reviewed with the Participant’s own tax advisors the Federal, state, local and foreign tax consequences of the transactions contemplated by this Agreement. The Participant is relying solely on such advisors and not on any statements or representations of the Company or any of its agents. The Participant acknowledges and agrees that the Participant is responsible for the tax consequences associated with the award and vesting of the RSUs.

9.Withholding. The provisions of Section 9 of the Addendum to this Agreement are incorporated herein.

10.Failure to Enforce Not a Waiver. The failure of the Company to enforce at any time any provision of this Agreement shall in no way be construed to be a waiver of such provision or of any other provision hereof.

11.Restrictive Covenants. The provisions of Section 11 of the Addendum to this Agreement are incorporated herein.

12.Governing Law. This Agreement shall be governed by and construed according to the laws of the State of Delaware without regard to its principles of conflict of laws.

13.Incorporation of Plan. The Plan is hereby incorporated by reference and made a part hereof, and the RSUs and this Agreement shall be subject to all terms and conditions of the Plan.

14.Amendments; Construction. The Administrator may amend the terms of this Agreement prospectively or retroactively at any time, but no such amendment shall impair the rights of the Participant hereunder without the Participant’s consent. Headings to Sections of this

Agreement are intended for convenience of reference only, are not part of this Agreement and shall have no effect on the interpretation hereof.

15.Survival of Terms. This Agreement shall apply to and bind the Participant and the Company and their respective permitted assignees and transferees, heirs, legatees, executors, administrators and legal successors. The terms of Section 11 of the Addendum shall expressly survive the vesting and/or forfeiture of the RSUs and any expiration or termination of this Agreement.

16.Compliance with Stock Ownership and Retention Guidelines. The Participant hereby agrees to comply with the Company’s Stock Ownership and Retention Guidelines (as amended from time to time, the “Guidelines”), to the extent such Guidelines are applicable, or become applicable, to the Participant. The Participant further acknowledges that, if the Participant is not in compliance with such Guidelines (if applicable), the Administrator may refrain from issuing additional equity awards to the Participant and/or elect to pay the Participant’s annual bonus in the form of vested or unvested Common Stock.

17.Agreement Not a Contract for Services. Neither the Plan, the granting of the RSUs, this Agreement nor any other action taken pursuant to the Plan shall constitute or be evidence of any agreement or understanding, express or implied, that the Participant has a right to continue to provide Services as an officer, director, employee, consultant or advisor of the Company or any Subsidiary or Affiliate for any period of time or at any specific rate of compensation.

18.Restrictions. The RSUs may not be sold, transferred, pledged, assigned or otherwise encumbered or disposed of by the Participant, and any shares of Common Stock issuable with respect to the RSUs may not be sold, transferred, pledged, assigned or otherwise encumbered or disposed of until such shares of Common Stock have been issued to the Participant upon vesting of the RSUs in accordance with the terms of the Plan and this Agreement. Unless the Administrator determines otherwise, upon any attempt to transfer RSUs or any rights in respect of RSUs before the lapse of such restrictions, such RSUs, and all of the rights related thereto, shall be immediately forfeited by the Participant and transferred to, and reacquired by, the Company without consideration of any kind.

19.Authority of the Administrator. The Administrator shall have full authority to interpret and construe the terms of the Plan and this Agreement. The determination of the Administrator as to any such matter of interpretation or construction shall be final, binding and conclusive.

20.Severability. Should any provision of this Agreement be held by a court of competent jurisdiction to be unenforceable, or enforceable only if modified, such holding shall not affect the validity of the remainder of this Agreement, the balance of which shall continue to be binding upon the parties hereto with any such modification (if any) to become a part hereof and treated as though contained in this original Agreement. Moreover, if one or more of the provisions contained in this Agreement shall for any reason be held to be excessively broad as to scope, activity, subject or otherwise so as to be unenforceable, in lieu of severing such unenforceable provision, such provision or provisions shall be construed by the appropriate judicial body by limiting or reducing it or them, so as to be enforceable to the maximum extent compatible with the applicable law as it shall then appear, and such determination by such judicial body shall not affect the enforceability of such provision or provisions in any other jurisdiction.

21.Acceptance. The Participant hereby acknowledges receipt of a copy of the Plan and this Agreement. The Participant has read and understands the terms and provisions of the

Plan and this Agreement, and accepts the RSUs subject to all the terms and conditions of the Plan and this Agreement. The Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under this Agreement. By the Participant’s electronically accepting the award of the RSUs using an online or electronic system established and maintained by the Company or a third party designated by the Company (including the Company’s stock plan service provider’s website), the Participant agrees to be bound by the terms and conditions of the Plan and this Agreement. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same instrument. The Participant’s electronic acceptance of the award of the RSUs shall have the same validity and effect as a signature affixed to this Agreement by the Participant’s hand. The Participant understands their participation in the terms of the Plan and this Agreement through acceptance of RSUs is entirely voluntary, and is not a term and/or condition of Service but is instead an award granted on a discretionary basis to align the Participant's interests with those of the Company's stockholders and is an award that the Participant is free to decline at the Participant’s discretion.

22.Limitation on Rights; Extraordinary Item of Compensation. By accepting this Agreement and the grant of the RSUs contemplated hereunder, the Participant expressly acknowledges that (a) the Plan is established voluntarily by the Company, it is discretionary in nature and may be suspended or terminated by the Company at any time, to the extent permitted by the Plan; (b) the grant of RSUs is exceptional, voluntary, and occasional and does not create any contractual or other right to receive future grants of RSUs, or benefits in lieu of RSUs, even if RSUs have been granted in the past; (c) all determinations with respect to future grants of RSUs, if any, including the date of grant, the number of units granted and the applicable vesting terms, will be at the sole discretion of the Company; (d) the Participant’s participation in the Plan is voluntary; and (e) the future value of the underlying Shares is unknown and cannot be predicted with certainty. In addition, the Participant understands, acknowledges and agrees that the Participant will have no rights to compensation or damages related to RSU proceeds in consequence of the termination of the Participant’s Service for any reason whatsoever and whether or not in breach of contract, other than as set forth in the Plan or in this Agreement.

23.Section 409A. This Agreement shall be interpreted in such a manner that all provisions relating to the settlement of the RSUs are exempt from the requirements of Section 409A of the Code as “short-term deferrals” as described in Section 409A of the Code. Notwithstanding anything to the contrary in this Agreement or an accompanying election form executed by the Participant, if (i) on the date of the Participant’s Separation from Service with the Company the Participant is a “specified employee” (as such term is defined under Section 1.409A-1(i) of the Treasury Regulations promulgated under Section 409A of the Code) of the Company and (ii) any payments to be provided to the Participant pursuant to this Agreement are or may become subject to the additional tax under Section 409A(a)(1)(B) of the Code, or any other taxes or penalties imposed under Section 409A of the Code if provided at the time otherwise required under this Agreement, then such payments shall be delayed until the date that is six months after the date of the Participant’s separation from service from the Company, or if earlier, his or her death. Any payments delayed pursuant to this paragraph shall be made in a lump sum on the first day of the seventh month following the Participant’s separation from service, or if earlier, the Participant’s death. Each payment upon settlement of RSUs (and any related dividend or related dividend equivalent rights) constitutes a “separate payment” for purposes of Section 409A of the Code. Notwithstanding any other provision of this Agreement, if and to the extent that any payment under this Agreement constitutes non-qualified deferred compensation under Section 409A of the Code, and is payable upon (i) the Participant’s termination of Service, then such payment shall be made or provided to the Participant only upon a “separation from service” as defined for purposes of Section 409A of the Code, or (ii) a Change in Control, then such payment shall be made or provided to the Participant only upon a “change in the ownership”, a “change in effective control” or a “change in the ownership of a

substantial portion of the assets” of the applicable corporation as defined for purposes of Section 409A of the Code.

[signature page follows]

IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement as of the day and year first above written.

BROOKDALE SENIOR LIVING INC.

By: /s/ Chad C. White

Name: Chad C. White

Title: Executive Vice President, General Counsel

and Secretary

PARTICIPANT

/s/ Denise W. Warren

Denise W. Warren

ADDENDUM TO RESTRICTED STOCK UNIT AGREEMENT UNDER THE BROOKDALE SENIOR LIVING INC. 2024 OMNIBUS INCENTIVE PLAN

Section 2:

Notwithstanding Section 2(c) or anything in the Agreement to the contrary:

(i) In the event that the Participant’s employment is terminated (other than as described in subparagraph (ii)) (A) by death or (B) due to Disability, the RSUs shall vest effective upon the date of such termination and be settled within 30 days following such termination.

(ii) In the event that the Participant’s employment is terminated by the Company (or its successor) and its Subsidiaries and Affiliates without Cause on or after the effective date of a Change in Control but prior to twelve (12) months following such Change in Control, then any unvested RSUs outstanding upon the date of such termination shall vest effective upon the date of such termination and be settled within 30 days following such termination.

Section 4:

The Participant shall have no voting rights with respect to RSUs outstanding on any applicable record date. Any ordinary or extraordinary cash or stock dividend that may be declared and paid on the Common Stock with a record date on or after the Date of Grant and prior to the settlement date of the RSUs shall be deposited (in the same form as was payable to the holders of Common Stock) in an account and be paid upon, and subject to, the vesting and settlement of the RSUs. For the avoidance of doubt, the Participant shall not be entitled to payment of dividends or dividend equivalents with respect to an RSU unless and until the vesting and settlement of such RSU in accordance with this Agreement, and all such dividends or dividend equivalents with respect to any RSU shall forfeit upon the forfeiture of such RSU.

Section 9:

Delivery of shares of Common Stock is conditioned upon the Participant’s making arrangements satisfactory to the Administrator regarding payment of income and employment tax withholding requirements as set forth in Section 15 of the Plan; provided, however, that the Participant may elect, without the consent of the Company, to have the Company withhold from delivery of shares of Common Stock issuable upon the settlement of the RSUs such number of shares of Common Stock having a Fair Market Value not exceeding the applicable taxes to be withheld and applied to the tax obligations of the Participant as determined by the Company. In making its determination, the Company may calculate such amount by taking into account applicable withholding rates not exceeding the maximum individual statutory tax rates in the Participant’s applicable jurisdictions.

A-1

Section 11: Commitment to Avoid Detrimental Activities.

The Participant understands the Company has developed, and is continuing to develop, substantial relationships with actual and prospective officers, directors, employees, consultants, agents, customers, residents, patients, referral sources, clients, vendors, suppliers, investors, and equity and financing sources, associate and customer goodwill, and confidential and proprietary business information and trade secrets, which the Company and its Subsidiaries and Affiliates have the right to protect in order to safeguard their legitimate business interests. Any misappropriation of such relationships or goodwill, or any improper disclosure or use of the Company’s and its Subsidiaries’ and Affiliates’ confidential and proprietary business information and trade secrets would be highly detrimental to their business interests in that serious and substantial loss of business and pecuniary damages would result therefrom. The Participant also acknowledges and recognizes that an important purpose of this Agreement is to align the interests of the Participant with those of the Company’s stockholders and to ensure that the Participant does not engage in activity detrimental to the interests of the Company’s stockholders if the Participant is going to be allowed the opportunity to participate in the financial rewards that result from the RSUs and their relationship to the value of equity participation in the Company. In addition, the Participant acknowledges that an ancillary purpose consistent with protecting the interests of the stockholders arises with respect to the Participant because during the period of the Participant’s employment with the Company or any Subsidiary or Affiliate, the Participant shall have access to the Company’s Confidential Information (as defined below) and will meet and develop such relationships and goodwill. The Participant accordingly agrees to comply with the provisions of this Section 11 as a condition of receipt and retention of the RSUs provided for in this Agreement and their beneficial value. Nothing contained in this Section 11 shall limit any common law or statutory obligation that the Participant may have to the Company or any Subsidiary or Affiliate. For purposes of this Section 11, the “Company” refers to the Company and any incorporated or unincorporated affiliates of the Company, including any entity which becomes the Participant’s employer as a result of any reorganization or restructuring of the Company for any reason. The Company shall be entitled, in connection with its tax planning or other reasons, to terminate the Participant’s employment (which termination shall not be considered a termination for any purposes of this Agreement, any employment agreement, or otherwise) in connection with an invitation from another affiliate of the Company to accept employment with such affiliate in which case the terms and conditions hereof shall apply to the Participant’s employment relationship with such entity mutatis mutandis.

(a) Confidentiality. All books of account, records, systems, correspondence, documents, memoranda, manuals, email, electronic or magnetic recordings or data and any and all other data, or compilations of such data or information, in whatever form and any copies thereof, concerning or containing any reference to the works and business of the Company or any Subsidiary or Affiliate shall belong to the Company and shall be given up to the Company whenever the Company requires the Participant to do so, other than documents pertaining to the Participant’s individual compensation (such as pay stubs and benefit plan booklets). The Participant agrees that the Participant shall not at any time during the term of the Participant’s employment with the Company or any Subsidiary or Affiliate, or at any time thereafter, without

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the Company’s prior written consent, disclose to any individual, person or entity any Confidential Information, nor will the Participant use, store, transmit, upload, copy, or download any Confidential Information, except as necessary in the performance of their job duties for the Company.

“Confidential Information” means any item or compilation of information or data, in whatever form (tangible or intangible), related to the Company’s business that the Participant acquires or gains access to in the course of their employment with the Company that the Company has not authorized public disclosure of, and that is not readily available to the public or persons outside the Company through proper means. By way of example and not limitation, Confidential Information is understood to include: (1) any financing strategies and practices, pricing strategies, structures and methods, underlying pricing-related variables such as costs, volume discounting options, and profit margins; training and operational procedures, advertising, marketing, and sales information or methodologies or financial information, business forecasts and expansion plans; (2) information relating to the Company’s or any Subsidiary’s or Affiliate’s or any of their customers’, referral sources’ or clients’ practices, businesses, procedures, systems, plans or policies, client lists, or prospective client lists; (3) information relating to residents or patients and their contract terms; and (4) associate/personnel data, including contact information. Confidential Information shall be understood to include any and all Company trade secrets (as defined under applicable state or federal law), but an item need not be a trade secret to qualify as Confidential Information. An item of Confidential Information will ordinarily constitute a trade secret under state or federal law if (a) it derives independent economic value, actual or potential, from not being generally known to, and not being readily ascertainable by proper means by, other persons who can obtain economic value from its disclosure or use, and (b) it is the subject of efforts that are reasonable under the circumstances (or under federal law, using reasonable measures) to maintain its secrecy. Something is not acquired through proper means if acquired through theft, bribery, misrepresentation, breach or inducement of a breach of a duty to maintain secrecy by contract or otherwise, or espionage through electronic or other means. For purpose of clarity, it shall still be a violation of this Agreement for a non-management employee to wrongfully compete by sharing Confidential Information, which was obtained through the course of employment with the Company, with a competitor about other employees’ compensation and benefits for purposes of assisting such competitor in soliciting Company employees.

The Participant hereby confirms that all Confidential Information constitutes the Company’s exclusive property, and that all of the restrictions on the Participant’s activities contained in this Agreement and such other nondisclosure policies of the Company are required for the Company’s reasonable protection. Confidential Information shall not include any information that has otherwise been disclosed to the public not in violation of this Agreement. This confidentiality provision shall survive the termination of this Agreement and shall not be limited by any other confidentiality agreements entered into with the Company or any Subsidiary or Affiliate. Notwithstanding the foregoing, nothing in this Agreement (or any other Company policy or contract to which the Participant is or was subject) shall be construed to prohibit the Participant from communicating with any federal, state or local governmental agency or commission with oversight of the Company without notice to the Company, as provided for, protected under or warranted by applicable law. Further, the restrictions provided for in this

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Section 11(a) shall not be construed to prohibit the use of general knowledge and experience customarily relied upon in the Participant’s trade or profession that is not specific to the particular business matters of the Company (such as its business transactions, customers, residents, clients, or employees).

With respect to any Confidential Information that constitutes a “trade secret” pursuant to applicable law, the restrictions described above shall remain in force for so long as the particular information remains a trade secret or for the two (2) year period immediately following termination of the Participant’s employment for any reason, whichever is longer. With respect to any Confidential Information that does not constitute a “trade secret” pursuant to applicable law, the restrictions described above shall remain in force during the Participant’s employment and for the two (2) year period immediately following termination of such employment for any reason. Nothing in the foregoing shall be construed to permit the Participant to recreate records of Confidential Information from memory or retain copies of Confidential Information in any form after their employment or engagement with the Company ends. The Participant understands that they should have no records of this kind in their possession or control with which to refresh their memory after the Participant’s employment with the Company or any Subsidiary or Affiliate ends.

The Participant agrees that the Participant shall promptly disclose to the Company in writing all information and inventions generated, conceived or first reduced to practice by the Participant alone or in conjunction with others, during or after working hours, while in the employ of the Company or any Subsidiary or Affiliate (all of which is collectively referred to in this Agreement as “Proprietary Information”); provided, however, that such Proprietary Information shall not include (a) any information that has otherwise been disclosed to the public not in violation of this Agreement and (b) general business knowledge and work skills of the Participant, even if developed or improved by the Participant while in the employ of the Company or any Subsidiary of Affiliate. All such Proprietary Information shall be the exclusive property of the Company and is hereby assigned by the Participant to the Company. The Participant’s obligation relative to the disclosure to the Company of such Proprietary Information anticipated in this Section 11(a) shall continue beyond the Participant’s termination of employment and the Participant shall, at the Company’s expense, give the Company all assistance it reasonably requires to perfect, protect and use its right to the Proprietary Information.

DTSA Notice: The Defend Trade Secrets Act of 2016 (DTSA) provides that no individual will be held criminally or civilly liable under Federal or State trade secret law for the disclosure of a trade secret that: (i) is made in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and made solely for the purpose of reporting or investigating a suspected violation of law; or, (ii) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal so that it is not made public. It also provides that an individual who pursues a lawsuit for retaliation by an employer for reporting a suspected violation of the law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding if the individual files any document containing the trade secret under seal and does not disclose the trade secret except as permitted by court order.

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(b) Enforcement.

(1) The Participant acknowledges that compliance with all provisions, covenants and agreements set forth in this Agreement, and the duration, terms and geographical area thereof, are reasonable and necessary to protect the legitimate business interests of the Company and its Subsidiaries and Affiliates.

(2) The Participant acknowledges that a breach of the Participant’s obligations under this Section 11 may result in irreparable and continuing damage to the Company and/or its Subsidiaries and Affiliates for which there is no adequate remedy at law.

(3) The Participant acknowledges that the Participant’s education, experience and/or abilities are such that the enforcement of the restrictive covenants in this Agreement will not prevent the Participant from earning a living and will not cause any undue hardship upon the Participant. Further, the Participant acknowledges that the equity they receive under this Agreement is mutually agreed upon consideration that is adequate and sufficient to make the covenants in Section 11 immediately binding and enforceable against them.

(4) In the event of the violation by the Participant of any of the covenants contained in Section 11 the terms of each such covenant so violated shall be automatically extended from the date on which the Participant permanently ceases such violation for a period equal to the period in which the Participant was in breach of the covenant or for a period of twelve (12) months from the date of the entry by a court of competent jurisdiction of an order or judgment enforcing such covenant(s), whichever period is later.

(5) Each of the restrictive covenants contained in this Agreement is independent of any other contractual obligations of this Agreement or otherwise owed by the Participant to the Company and/or its Subsidiaries and Affiliates. Further, should the Participant be subject to an agreement with the Company containing confidentiality provisions, the covenants in this Agreement shall supplement (rather than supersede) the covenants in such other agreements (“Other Covenants”), and the Other Covenants shall remain in full force and effect. The existence of any claim or cause of action by the Participant against the Company and/or its Subsidiaries or Affiliates, whether based on this Agreement or otherwise, shall not create a defense to the enforcement by the Company and/or its Subsidiaries and Affiliates of any restrictive covenant contained in this Agreement.

(6) The Participant received a copy of this Agreement at least fourteen (14) days in advance of the date the Participant was expected to sign it. The Participant understands that the Company has advised them to use this time to consult with an attorney regarding this Agreement and that the Participant has a right to do so.

(7) Protected Conduct. Nothing in this Agreement prohibits the Participant from: (i) opposing an event or conduct that the Participant reasonably believes is a violation of law, including criminal conduct, discrimination, harassment, retaliation, a safety or health violation, or other unlawful employment practices (whether in the workplace or at a work-related

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event); or (ii) disclosing sexual assault or sexual harassment (in the workplace, at work-related events, between employees, or between an employer and an employee or otherwise); or (iii) reporting such an event or conduct to the Participant’s attorney, law enforcement, or the relevant law-enforcement agency (such as the Securities and Exchange Commission, Department of Labor, Occupational Safety and Health Administration, Equal Employment Opportunity Commission, or any equivalent state or local government agencies); or (iv) making any truthful statements or disclosures required by law or otherwise cooperating in an investigation conducted by any government agency (collectively referred to as “Protected Conduct”). Further, nothing requires notice to or approval from the Company before engaging in such Protected Conduct.

(1) It is intended that, in view of the nature of the Company’s and its Subsidiaries’ and Affiliates’ business, the restrictions contained in this Agreement are considered reasonable and necessary to protect the Company’s and its Subsidiaries’ and Affiliates’ legitimate business interests and that any violation of these restrictions would result in irreparable injury to the Company and/or its Subsidiaries and Affiliates. In the event of a breach (a “Covenant Breach”) or threatened breach by the Participant of any provision contained herein, the Company and its Subsidiaries and Affiliates may seek a temporary restraining order and injunctive relief without the posting of a bond. Nothing contained herein shall be construed as prohibiting the Company or its Subsidiaries or Affiliates from pursuing any other legal or equitable remedies available to it or them for any breach or threatened breach of these provisions, including, without limitation, recoupment and other remedies specified in the Agreement. In the event of a dispute regarding, arising out of, or in connection with the breach, enforcement or interpretation of this Agreement, including, without limitation, any action seeking injunctive relief, and provided that the Company is the prevailing party, the Company shall recover from the Participant all reasonable attorneys’ fees and costs incurred by the Company in connection therewith (“Attorneys’ Fees Remedy”). If under applicable law, the foregoing cannot be enforced without also giving the Participant the right to recover attorneys’ fees and costs if deemed the prevailing party, then the foregoing sentence shall not apply and both parties shall bear their own attorney’s fees and costs instead. The Company shall be deemed the prevailing party if it is awarded any part of the legal or equitable relief it seeks, irrespective of whether some of the relief it seeks is denied or modified.

(2) In the event of a Covenant Breach, the Company shall have the authority to (i) cancel all outstanding RSUs, whether vested or unvested; (ii) cancel all shares of Common Stock beneficially owned by the Participant that were issued in settlement of RSUs within 12 months on or prior, or at any time after, the date of the Participant’s termination of employment (“Cancellable Shares”); and (iii) recoup from the Participant any proceeds from the Participant’s sale, transfer or other disposition of Cancellable Shares. The Company is hereby authorized by the Participant, as the Participant’s attorney-in-fact, to execute all documents and undertake any required action on behalf of the Participant to transfer any Cancellable Shares back to the Company, after which the Participant shall not have any right, title, or interest of any kind to the Cancellable Shares. The Participant acknowledges and agrees that the Company has no obligation of any kind to the Participant with respect to the cancellation of RSUs or the

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Cancellable Shares, or the recoupment of proceeds from the disposition of Cancellable Shares, pursuant to this Section, including, but not limited to, reimbursement for any taxes previously paid by the Participant with respect to Cancellable Shares. This remedy shall be in addition to all other remedies, including those set forth in this Agreement and any other agreements between the parties.

(d) Company Intellectual Property. The Participant recognizes that all Works conceived, created, or reduced to practice by the Participant, alone or jointly with others, during the Participant’s employment related to the business of owning, operating, or managing senior living facilities or providing private duty healthcare or other services to patients or customers shall to the fullest extent permissible by law be considered the Company’s sole and exclusive property and “works made for hire” as defined in the U.S. Copyright Laws for purposes of United States law and the law of any other country adhering to the “works made for hire” or similar notion or doctrine, and will be considered the Company’s property from the moment of creation or conception forward for all purposes without the need for any further action or agreement by the Participant or the Company. If any such Works or portions thereof shall not be legally qualified as a works made for hire in the United States or elsewhere, or shall subsequently be held to not be a work made for hire or not the exclusive property of the Company, the Participant hereby assigns to the Company all of the Participant’s rights, title and interest, past, present, and future, to such Works. The Participant will not engage in any unauthorized publication or use of such Company Works, nor will the Participant use same to compete with or otherwise cause damage to the business interests of the Company. “Works” mean original works of authorship, including, but not limited to: literary works (including all written material), mask works, computer programs, formulas, tests, notes, data compilations, databases, artistic and graphic works (including designs, graphs, drawings, blueprints, and other works), recordings, models, photographs, slides, motion pictures, and audio visual works; whether copyrightable or not, and regardless of the form or manner in which documented or recorded.

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Document

Exhibit 10.2

BROOKDALE SENIOR LIVING INC.

AMENDED AND RESTATED TIER I SEVERANCE PAY POLICY

As amended and restated effective August 5, 2025

TABLE OF CONTENTS

Page

Section 1. Purpose of the Policy	1
Section 2. Eligible Employees	1
Section 3. Definitions	1
Section 4. Severance Pay and Severance Benefits	5
Section 5. Payment of Severance Pay and Severance Benefits	7
Section 6. Section 409A	8
Section 7. Waiver and Release	8
Section 8. Restrictive Covenants	9
Section 9. Policy Administration	10
Section 10. Claims Procedure	10
Section 11. Long-Term Incentive Awards	11
Section 12. 280G	11
Section 13. No Assignment	12
Section 14. No Employment Rights	12
Section 15. Policy Funding	12
Section 16. Survival of Policy Upon a Change in Control	13
Section 17. Applicable Law	13
Section 18. Severability	13
Section 19. Policy Year	13
Section 20. Amendment/Termination of Policy	14
Section 21. Recovery of Payments Made by Mistake	14
Section 22. Representations Contrary to the Policy	14
Section 23. ERISA	14
Section 24. Cooperation	15
Section 25. Miscellaneous Provisions	15
Section 26. No Duplication of Severance Pay or Benefits; Effect on Certain Prior Agreements	15

BROOKDALE SENIOR LIVING INC.

AMENDED AND RESTATED

TIER I SEVERANCE PAY POLICY

This Brookdale Senior Living Inc. Amended and Restated Tier I Severance Pay Policy (hereinafter, the “Policy”) is adopted by Brookdale Senior Living Inc. (the “Company”) effective as of the 5th day of August, 2025 upon approval by written resolution of the Compensation Committee (the “Committee”) of the Board of Directors (the “Board”) of the Company for the benefit of a select group of management and highly compensated employees of the Company who are eligible to participate as described herein.

This Policy amends and restates in its entirety that certain Amended and Restated Tier I Severance Pay Policy dated effective February 10, 2022.

Section 1. Purpose of the Policy

The purpose of the Policy is to ensure that all eligible employees are given assurance of a determinable amount of Severance Pay and/or Severance Benefits in the event of a Separation from Service under the conditions specified in this Policy.

Section 2. Eligible Employees

(a)The Policy is applicable to each of those employees of the Company and its Subsidiaries, other than the Company’s Chief Executive Officer, who is an officer of the Company and either: (i) holds a title of Executive Vice President or higher; or (ii) does not hold such a title but is designated by the Board or the Committee as eligible to participate in the Policy (in either case, an “Eligible Employee”).

(b)The Board or the Committee may from time to time designate officers for participation in the Policy as an Eligible Employee pursuant to Section 2(a)(ii), or, subject to Section 20 of the Policy, remove such previously designated officers from participation as an Eligible Employee, in each case by written resolution, which designation or removal shall be communicated to such officer(s).

Section 3. Definitions

(a)“Accrued Benefits” shall mean (i) any accrued but unpaid base salary as of a Separation from Service; (ii) any annual bonus earned but unpaid as of a Separation from Service for any previously completed year (payable on the date which the Eligible Employee’s annual bonus is due to be paid under the terms of the applicable bonus plan for such previously completed fiscal year); (iii) reimbursement for any business expenses properly incurred by the Eligible Employee prior to a Separation from Service; and (iv) vested benefits, if any, to which the Eligible Employee may be entitled under the Company's employee benefit plans as of a Separation from Service (including payout of any accrued paid time off (PTO) balance in accordance with the Company’s then applicable PTO policy).

(b)“Affiliate” shall mean an affiliate of the Company (or other referenced entity, as the case may be) as defined in Rule 12b-2 promulgated under Section 12 of the Exchange Act (the “Exchange Act”). For purposes of determining whether an Eligible Employee has had a Separation from Service, Section 1.409A-1(h)(3) of the Treasury Regulations shall determine whether an Affiliate is a “service recipient” under Code Section 409A.

(c)“Cause” shall mean and be limited to the following:

(i)conviction of, guilty plea concerning or confession of any felony;

(ii)any act of fraud, theft or embezzlement committed by the Eligible Employee in connection with the Company’s or its Subsidiaries’ business,

(iii)any material breach of any reasonable and lawful rule or directive of the Company;

(iv)the gross or willful neglect of duties or gross misconduct by the Eligible Employee; or

(v)the habitual use of drugs or habitual, excessive use of alcohol to the extent that any of such uses in the Board’s good faith determination materially interferes with the performance of the Eligible Employee’s duties to the Company.

(d)“Change in Control” shall be deemed to have occurred if:

(i)any Person is or becomes the beneficial owner (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company (not including in the securities beneficially owned by such Person any securities acquired directly from the Company or any of its Affiliates) representing fifty percent (50%) or more of the combined voting power of the Company’s then outstanding securities;

(ii)the following individuals cease for any reason to constitute a majority of the number of directors then serving on the Board: individuals who, on June 5, 2014, constitute the Board and any new director (other than a director whose initial assumption of office is in connection with an actual or threatened election contest, including, but not limited to, a consent solicitation, relating to the election of directors of the Company) whose appointment or election by the Board or nomination for election by the Company’s stockholders was approved or recommended by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors on June 5, 2014 or whose appointment, election or nomination for election was previously so approved or recommended;

(iii)there is consummated a merger or consolidation of the Company or any direct or indirect Subsidiary of the Company with any other corporation, other than a merger or consolidation immediately following which the individuals who comprise the Board immediately prior thereto constitute at least a majority of the Board of the entity surviving such merger or consolidation or, if the Company or the entity surviving such merger is then a subsidiary, the ultimate parent thereof; or

(iv)the stockholders of the Company approve a plan of complete liquidation or dissolution of the Company or there is consummated an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets, other than (a) a sale or disposition by the Company of all or substantially all of the Company’s assets to an entity, at least fifty percent (50%) of the combined voting power of the voting securities of which are owned by stockholders of the Company following the completion of such transaction in substantially the same proportions as their ownership of the Company immediately prior to such sale or (b) a sale or disposition of all or substantially all of the Company’s assets immediately following which the individuals who comprise the Board immediately prior thereto constitute at least a

majority of the board of directors of the entity to which such assets are sold or disposed or, if such entity is a subsidiary, the ultimate parent thereof.

Notwithstanding the foregoing, (i) a “Change in Control” shall not be deemed to have occurred by virtue of the consummation of any transaction or series of integrated transactions immediately following which the holders of the common stock of the Company immediately prior to such transaction or series of transactions continue to have substantially the same proportionate ownership in an entity which owns all or substantially all of the assets of the Company immediately following such transaction or series of transactions and (ii) for each amount due hereunder that constitutes deferred compensation under Section 409A of the Code, and solely to the extent required to avoid accelerated taxation and/or tax penalties under Section 409A of the Code, a Change in Control shall be deemed to have occurred under this Policy with respect to such amount only if a change in the ownership or effective control of the Company or a change in ownership of a substantial portion of the assets of the Company shall also be deemed to have occurred under Section 409A of the Code, subject to an increases in the percentages provided hereunder as those provided for in Treasury Regulation 1.409A-3(i)(5).

(e)“Claim” shall mean any request for Severance Pay under the Policy, which Claim shall be deemed to be made on the date of an Eligible Employee’s Separation from Service. Any claim for Severance Benefits shall be made and determined in accordance with the terms of the applicable health plan pursuant to which such benefits are provided.

(f)“Code” shall mean the Internal Revenue Code of 1986, as amended from time to time.

(g)“Disability” shall mean, as determined by the Board in good faith, of an Eligible Employee’s inability, due to disability or incapacity, to perform all of the Eligible Employee’s duties on a full-time basis for (i) periods aggregating one hundred eighty (180) days, whether or not continuous, in any continuous period of three hundred and sixty five (365) days or, (ii) where the Eligible Employee’s absence is adversely affecting the performance of the Company in a significant manner, periods greater than ninety (90) days and the Eligible Employee is unable to resume the Eligible Employee’s duties on a full time basis within ten (10) days of receipt of written notice of the Board’s determination under this clause (ii).

(h)“Good Reason” shall mean the occurrence, without the express prior written consent of an Eligible Employee, of any of the following circumstances, unless such circumstances are fully corrected by the Company within thirty (30) days following written notification by the Eligible Employee (which written notice must be delivered within ninety (90) days of the occurrence of such circumstances) that the Eligible Employee intends to terminate the Eligible Employee’s employment for one of the reasons set forth below:

(i)the failure by the Company to pay to the Eligible Employee any material portion of the Eligible Employee’s base salary or bonus within thirty (30) days of the date such compensation is due; or

(ii)the relocation of the Eligible Employee’s principal office at the Company to a location outside a fifty (50) mile radius from the Eligible Employee’s principal office location with the Company immediately prior to such relocation; or

(iii)a material and significant reduction or adverse change with respect to the Eligible Employee’s compensation; provided, that this clause (iii) shall be

disregarded so long as such reduction or change (a) applies to all Eligible Employees and (b) does not occur following (or in connection with) a Change in Control; provided further, that any additional compensation that was in effect for an Eligible Employee expressly on an interim basis immediately prior to such reduction or change shall be disregarded for purposes of this clause (iii); or

(iv)a material and significant reduction or adverse change with respect to the scope or nature of the Eligible Employee’s assigned duties or responsibilities in effect immediately prior to such assignment, or a change in the Eligible Employee’s reporting relationship of two (2) or more reporting levels from the reporting relationship in effect immediately prior to such change; provided, however, (a) that any additional duties and/or responsibilities that were in effect for an Eligible Employee expressly on an interim basis immediately prior to such assignment shall be disregarded for purposes of this clause (iv) and (b) that any reporting relationship that is assigned to the Eligible Employee expressly on an interim basis (such as when a vacancy occurs in the position of the Eligible Employee’s direct supervisor) shall be disregarded for purposes of this clause (iv).

The right to effect a Separation from Service for Good Reason must be exercised by an Eligible Employee within six (6) months following the initial existence of the condition that constitutes Good Reason, otherwise the right to a Separation from Service on the basis of that condition shall be deemed to have been waived.

(i)“Notice” shall mean any notice required under the Policy; which notice shall be in writing. Notice hereunder shall be deemed to have been given when delivered in person to the Company or an Eligible Employee; or actually received by the Company or an Eligible Employee after being transmitted by facsimile to the Company or an Eligible Employee; or, deposited in the United States mail, certified or registered, postage prepaid, return receipt requested, addressed to the Company or an Eligible Employee at their respective last known principal business address, and thereafter actually received by the Company or an Eligible Employee. The burden to prove timely delivery to and receipt by the other party shall be on the party giving notice.

(j)“Person” shall have the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof, except that such term shall not include (i) the Company, its Affiliates or any of their respective subsidiaries, (ii) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or any of its subsidiaries, (iii) an underwriter temporarily holding securities pursuant to an offering of such securities, or (iv) a corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company.

(k)“Policy Administrator” shall mean the Company, or the Person(s), committee or other group designated by the Company to serve as Policy Administrator.

(l)“Qualifying Separation from Service” shall mean the Eligible Employee’s Separation from Service with the Company either (i) initiated by the Company without Cause or (ii) as a result of the Eligible Employee’s voluntary Separation from Service for Good Reason. A Qualifying Separation from Service shall not include a Separation from Service initiated by the Company by reason of Cause, or as a result of the Eligible Employee’s voluntary resignation, retirement, death or Disability except as provided in Section 3(l)(ii) above.

(m)“Release” shall mean the Waiver and Release which an Eligible Employee is required to provide the Company in accordance with Section 7 of the Policy.

(n)“Separation from Service” shall mean an Eligible Employee’s cessation of services to the Company and/or its Subsidiaries and/or its Affiliates. For purposes of this Policy, an Eligible Employee is treated as continuing in employment with the Company while the Eligible Employee is on military leave, sick leave, or other bona fide leave of absence if the period of such leave does not exceed six (6) months, or if longer, so long as the Eligible Employee retains a right to reemployment with the Company under an applicable statute or by contract. A leave of absence shall constitute a bona fide leave of absence only if there is a reasonable expectation an Eligible Employee will return to perform services for the Company following such leave. If the period of leave exceeds six (6) months and an Eligible Employee does not retain a right to reemployment under an applicable statute or by contract, the Eligible Employee will be deemed to have a Separation from Service on the first date immediately following such six (6) month period. Notwithstanding the foregoing, if (i) a leave of absence is due to any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than six (6) months and (ii) such impairment causes an Eligible Employee to be unable to perform the duties of his or her position of employment or any substantially similar position of employment, then a twenty-nine (29) month period of absence shall be substituted for the six (6) month period described above. For purposes of this Policy, an Eligible Employee shall be deemed to have experienced a Separation from Service on any date the Eligible Employee’s level of bona fide services performed for the Company decreases to a level equal to twenty percent (20%) or less of the average level of services rendered by the Eligible Employee during the thirty-six (36) month period ending on such date or the full period of services rendered by the Eligible Employee for the Company if the Eligible Employee has been providing services to the Company for less than thirty-six (36) months as of such date. Whether a Separation from Service has occurred will be determined in accordance with Treasury Regulation 1.409A-1(h), or any successor thereto.

(o)“Subsidiary” shall mean any corporation or other entity in a chain of corporations or other entities (beginning with the Company and ending with the Subsidiary to which the service provider provides direct services on the date of grant of the Award) in which each corporation or other entity has a “controlling interest” in another corporation or other entity in the chain. For purposes of determining whether an Eligible Employee has had a Separation from Service, Section 1.409A-1(h)(3) of the Treasury Regulations shall determine whether a Subsidiary is a Service Recipient under Code Section 409A.

Section 4. Severance Pay and Severance Benefits

(a)Severance Pay. In the event that (i) an Eligible Employee’s employment is terminated as a result of a Qualifying Separation from Service and (ii) the Eligible Employee timely provides the Company with an enforceable Release in accordance with Sections 5 and 7 of the Policy which is acceptable to the Company in its sole discretion (and the Eligible Employee otherwise complies with the requirements of this Policy, including the requirements of Sections 8(a) and 8(b)), the Company shall pay to the Eligible Employee and provide the Eligible Employee the following Severance Pay:

(i)If Separation from Service by the Company without Cause or by an Eligible Employee with Good Reason (including an employee who was otherwise an Eligible Employee immediately before the occurrence of circumstances giving rise to Good Reason):

(1)One hundred percent (100%) of the sum of (x) the Eligible Employee’s annual salary at the current rate of base salary in effect at the Separation from Service (or, if greater, immediately before the occurrence of circumstances giving rise to Good Reason) and (y) the Eligible Employee’s target annual bonus for the year of Separation from Service (or, if greater, the target

annual bonus immediately before the occurrence of circumstances giving rise to Good Reason); provided, however, that any additional compensation that was in effect for an Eligible Employee expressly on an interim basis immediately prior to such Separation from Service shall be disregarded for purposes of the calculation of base salary or target annual bonus; and

(2)In the event that the Eligible Employee has been employed by the Company for at least three (3) months in the year of the Separation from Service, a portion of the Eligible Employee’s annual bonus (to the extent earned under the terms of the applicable bonus plan based on performance, but without regard to any requirement of continued employment) for the year of Separation from Service, pro-rated based on the number of days the Eligible Employee was employed by the Company during such year, payable on the date on which an Eligible Employee’s annual bonus is due to be paid under the terms of the applicable bonus plan with regard to the year of Separation from Service; and

(3)The Accrued Benefits.

(ii)If Separation from Service by the Company without Cause or by an Eligible Employee with Good Reason (including an employee who was otherwise an Eligible Employee immediately before the occurrence of circumstances giving rise to Good Reason) within eighteen (18) months following a Change in Control:

(1)One hundred and fifty percent (150%) of the sum of (x) the Eligible Employee’s annual salary at the current rate of base salary in effect at the Separation from Service (or, if greater, immediately before the occurrence of circumstances giving rise to Good Reason) and (y) the Eligible Employee’s target annual bonus for the year of Separation from Service (or, if greater, the target annual bonus immediately before the occurrence of circumstances giving rise to Good Reason); provided, however, that any additional compensation that was in effect for an Eligible Employee expressly on an interim basis immediately prior to such Separation from Service shall be disregarded for purposes of the calculation of base salary or target annual bonus; and

(2)A portion of the Eligible Employee’s target annual bonus for the year of Separation from Service, pro-rated based on the number of days the Eligible Employee was employed by the Company during such year; and

(3)The Accrued Benefits.

(b)Severance Benefits. In the event of a Qualifying Separation from Service, an Eligible Employee shall be eligible to elect COBRA continuation benefits pursuant to Section 4980B of the Code and Section 601, et. seq. of ERISA (“COBRA”) under the Company’s medical plan (including dependent coverage where applicable) in accordance with the terms of the applicable plan, as such plan may be amended from time to time (the “Severance Benefits”). If the Eligible Employee elects to continue health insurance coverage through COBRA, the Company will continue to pay for current coverage (minus the amount of the then-applicable employee contribution portion) through the conclusion of the severance pay period set forth in the first sentence of Section 5 for a Qualifying Separation from Service under Section 4(a)(i) or for eighteen (18) months following a Qualifying Separation from Service under Section 4(a)(ii) (exclusive of any tax consequences to the recipient(s) on resulting coverage or benefits) as if the Eligible Employee were still an active employee of the Company. For the avoidance of doubt, any Severance Benefits paid during any period following Eligible Employee’s Separation from Service shall run concurrently with the applicable COBRA continuation period and the Eligible

Employee shall be solely responsible for the full cost of any health premiums for the continuation of COBRA coverage which may extend past such period, if any. Notwithstanding the foregoing, the Eligible Employee’s Severance Benefits coverage shall end earlier than the foregoing applicable period as follows (A) the date of any material breach of the provisions of this Policy by the Eligible Employee, or (B) the date the Eligible Employee first becomes eligible for medical coverage under another plan, program or other arrangement of any type or description, without regard to whether the Eligible Employee neglects, refuses or otherwise fails to take any action required for enrollment in such other plan, program or other arrangement. The Eligible Employee shall provide Notice to the Company in writing within seven (7) days of becoming eligible for any such alternate coverage. For purposes of the payment of the Severance Benefits, the Company may treat the amounts paid by it for premiums as taxable to the Eligible Employee or make such payments (less any required withholding) directly to the Eligible Employee to the extent required to avoid adverse consequences to the Eligible Employee or the Company under either Section 105(h) of the Code, or the Patient Protection and Affordable Care Act of 2010 as amended, and/or the Health Care and Education Reconciliation Act of 2010, as amended (to the extent applicable) (collectively, the “PPACA”); provided, further, that the Company may modify or discontinue Severance Benefits to the extent reasonably necessary to avoid the imposition of any excise taxes on the Company for failure to comply with the nondiscrimination requirements of the PPACA (to the extent applicable).

Section 5. Payment of Severance Pay and Severance Benefits

Severance amounts under Section 4(a)(i)(1) will be paid to an Eligible Employee in equal periodic installments over twelve (12) months on the Company’s regular payroll dates, with the first of such payments commencing on the Severance Commencement Date (as defined below). Severance amounts under Sections 4(a)(ii)(1) and (2) will be paid to an Eligible Employee in a lump sum on the Severance Commencement Date. Severance amounts under Sections 4(a)(i)(3) and 4(a)(ii)(3) will be paid to an Eligible Employee in accordance with normal Company policy and payroll practices promptly following the Severance Commencement Date. For purposes of this Policy, “Severance Commencement Date” means the first payroll period commencing on or after the date the Release becomes effective and after expiration of the seven (7) day revocation period (as described in Section 7 hereof). Notwithstanding anything to the contrary in this Policy, payments of amounts under Section 4(a) (the “Severance Pay”) and continued provision of the Severance Benefits shall be conditioned on the Eligible Employee having signed and returned a Release and the seven (7) day revocation period (as described in Section 7 of the Policy) for the signed Release having expired, in all instances, within sixty (60) days of Eligible Employee’s termination date (the “Release Period”). If a signed Release is not returned, the Eligible Employee revokes the Release or the seven (7) day revocation period has not expired within the Release Period, the Eligible Employee shall forfeit all Severance Pay due hereunder and the right to any continued Severance Benefits (as of the date of revocation or the lapse of the Release Period, whichever is earlier). Notwithstanding the foregoing, if the Release Period begins in one calendar year (the “earlier year”) and ends in the subsequent calendar year, then in no event shall any payment under this Policy that is contingent upon the return and effectiveness of the Release be made in the earlier year and, if such payment is delayed under this sentence to the subsequent year (and is otherwise required to be made under this Policy), such payment shall be made as soon as administratively practicable in the subsequent year and the remaining payments shall continue as set forth in this Section 5, subject to the provisions of this Policy. All taxes and other deductions required by law, and any additional sums owing the Company shall

be deducted from any Severance Pay and/or Severance Benefits as determined by the Policy Administrator in its sole discretion and in accordance with Section 6 of the Policy. Any benefits that accrue under this Policy, if any, are net of any such amount other than taxes and other deductions required by law.

Section 6. Section 409A

It is intended that (i) each payment or installment of payments provided under this Policy is a separate “payment” for purposes of Code Section 409A and (ii) that the payments satisfy, to the greatest extent possible, the exemptions from the application of Code Section 409A including those exceptions provided under Treasury Regulations 1.409A-1(b)(4) (regarding short-term deferrals), 1.409A-1(b)(9)(iii) (regarding the two-times, two year exception), and 1.409A-1(b)(9)(v) (regarding reimbursements and other separation pay). Notwithstanding anything to the contrary in this Policy, if the Company determines (i) that on the date of an Eligible Employee’s Separation from Service or at such other time that the Company determines to be relevant, the Eligible Employee is a “specified employee” (as such term is defined under Treasury Regulation 1.409A-1(i)(1)) of the Company and (ii) that any payments to be provided to the Eligible Employee pursuant to this Policy are or may become subject to the additional tax under Code Section 409A(a)(1)(B) or any other taxes or penalties imposed under Code Section 409A (“Section 409A Taxes”) if provided at the time otherwise required under this Policy, then such payments shall be delayed until the date that is six (6) months after the date of the Eligible Employee’s Separation from Service with the Company, or if earlier, the Eligible Employee’s death. Any payments delayed pursuant to this Section 6 shall be made in a lump sum on the first day of the seventh month following the Eligible Employee’s Separation from Service or, if earlier, the Eligible Employee’s death.

Notwithstanding any other provision of this Policy to the contrary, in no event shall any payment under this Policy that constitutes “deferred compensation” for purposes of Code Section 409A and the Treasury Regulations promulgated thereunder be subject to offset (excluding any forfeiture of Severance Pay or Severance Benefits pursuant applicable sections of this Policy) by any other amount unless otherwise permitted by Code Section 409A.

Section 7. Waiver and Release

In order to receive the Severance Pay or to continue to receive the Severance Benefits available under the Policy, an Eligible Employee must execute and submit to the Policy Administrator a signed, enforceable Release which is acceptable to the Company in its sole discretion pursuant to the time periods of the applicable Release and within forty-five (45) days of receiving the Release. In the Release, the Eligible Employee will waive all claims or causes of action arising out of or related to his/her employment and the termination of his/her employment. Such Release shall be provided to an Eligible Employee within three (3) business days of the date of the Eligible Employee’s Qualifying Separation from Service.

An Eligible Employee may revoke his/her signed Release within seven (7) days of signing such Release, provided such revocation is made in accordance with the provisions for revocation set forth below. Any such revocation must be made in writing and must be received

by the Policy Administrator within such seven (7) day period. If an Eligible Employee timely revokes his/her Release he/she shall not be eligible to receive any Severance Pay or continue to receive Severance Benefits under the Policy effective on the date of such revocation. If an Eligible Employee timely submits a signed Release and does not exercise his/her right of revocation and/or the revocation period expires prior to the expiration of the Release Period, he/she shall be eligible to receive Severance Pay and continue to receive Severance Benefits under the Policy. Eligible Employees are encouraged to contact their personal attorney at their own expense to review the Release, if they so desire. An Eligible Employee’s acceptance and right to retention of Severance Pay and/or Severance Benefits are contingent upon the terms of the Policy and full compliance with the terms of the Release.

Section 8. Restrictive Covenants

(a)Eligible Employees must acknowledge in the Release that the restrictive covenants contained in any long-term incentive awards issued pursuant to the Company’s Omnibus Stock Incentive Plan, 2014 Omnibus Incentive Plan, 2024 Omnibus Incentive Plan or any predecessor or successor plan (the “Equity Plans”) and any and all other agreements between an Eligible Employee and the Company or to which an Eligible Employee is a party, relating to non-competition (as applicable), non-solicitation of employees, clients and others, non-disparagement and confidentiality will remain in force for the period specified therein and the Severance Pay that the Eligible Employee may be entitled to pursuant to this Policy is additional consideration for such restrictive covenants.

(b)In addition to the acknowledgments set forth in Section 8(a) of this Policy, in order to be eligible to receive Severance Pay and/or Severance Benefits under this Policy, an Eligible Employee must execute and deliver at or prior to the time of such Eligible Employee’s delivery of the signed, enforceable Release (or have previously executed and delivered) to the Company a signed, enforceable agreement containing a non-competition covenant which is acceptable to the Company. Such non-competition covenant will provide that the Eligible Employee agrees, during the period of his or her employment and, following the termination of such employment for any reason or for no reason, for a period of 12 months, that such Eligible Employee shall not directly or indirectly, either as a principal, agent, employee, employer, consultant, partner, shareholder of a closely held corporation or shareholder in excess of five percent of a publicly traded corporation, corporate officer or director, or in any other individual or representative capacity, engage or otherwise participate in any manner or fashion in any business that is a Competing Business.

(c)For purposes of this Section 8(b), “Competing Business” means a business (which shall include any sole proprietorship, partnership, limited partnership, limited liability partnership, limited liability company, corporation or other for-profit or not-for-profit business organization) (A) engaged in the business of owning, operating or managing senior living facilities within the United States or (B) that, itself or with its affiliates, provides private duty healthcare or other services to patients or customers within any state that the Company or its subsidiaries or affiliates provides now, or provides during the Eligible Employee’s employment, such private duty healthcare or other services to patients or customers, and that derives, together with its controlled affiliates or together with its affiliates, more than 10% of its and its controlled affiliates or 10% of its and its affiliates, respectively, revenue from the provision of private duty healthcare or other services to patients or customers.

(d)Not by way of limitation, a breach of such restrictive covenants by an Eligible Employee shall result in (i) the immediate and permanent cessation of payment of Severance Pay and the provision of Severance Benefits to such Eligible Employee, (ii) the obligation of the Eligible Employee to repay to the Company upon written demand ninety percent (90%) of the amount, cost or value of the Severance Pay and/or Severance Benefits previously paid or provided to the Eligible Employee, and (iii) the obligation of the Eligible Employee to pay to the Company its costs and expenses in enforcing this Section (including court costs, expenses and reasonable legal fees).

Section 9. Policy Administration

The Policy Administrator shall have the sole, absolute and final discretionary authority to determine eligibility for Policy benefits and to construe the terms of the Policy, including the making of factual determinations. The decisions of the Policy Administrator shall be final and conclusive with respect to all questions concerning the interpretation and administration of the Policy. The Policy Administrator may delegate to other persons responsibilities for performing certain of the duties of the Policy Administrator under the terms of the Policy and may seek such expert advice as the Policy Administrator deems reasonably necessary with respect to the Policy. The Policy Administrator shall be entitled to rely upon the information and advice furnished by such delegatees and experts, unless actually knowing such information and advice to be inaccurate or unlawful.

Section 10. Claims Procedure

(a)In General. An Eligible Employee may file a Claim for Severance Pay benefits with the Policy Administrator. The Policy Administrator will notify the claimant of any adverse benefit determination within a reasonable period of time, but in no event later than sixty (60) days after receipt of the Claim. The sixty (60) day period may be extended by an additional sixty (60) days for matters beyond the control of the Policy Administrator as long as the claimant is notified of the reasons for such extension and the time by which a decision will be rendered prior to the expiration of the initial sixty (60) day period. An adverse benefit determination by the Policy Administrator may be appealed as provided in this Section.

(b)Adverse Benefit Determination. The Policy Administrator will provide written or electronic notification of an adverse benefit determination within the timeframes set forth in Section 10(a) above. This notification will include: (i) the specific reasons for the adverse benefit determination; (ii) reference to the specific Policy provisions on which the determination was based; (iii) a description of any additional material or information necessary for the claimant to perfect the Claim, and an explanation of why such material or information is needed; (iv) a description of the Policy’s review procedures and the time limits applicable to such procedures; (v) a statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to the Claim other than documents which are attorney work product or which are subject to attorney-client privilege; and (vi) a statement of the claimant’s right to bring a civil action under Section 502(a) of ERISA.

(c)Appeals. Upon receipt of notification of an adverse benefit determination, the claimant shall have sixty (60) days from such date to file an appeal with the Policy Administrator. The claimant may submit written comments, documents, records and other information relating to the Claim. The review shall take into account all comments, documents, records, and other information submitted by the claimant relating to the Claim, without regard to whether such information was submitted or considered in the initial benefit determination. The

Policy Administrator will provide written or electronic notification to the claimant of its decision on appeal within a reasonable period of time, but in no event later than sixty (60) days after receipt of the appeal. This sixty (60) day period may be extended by an additional sixty (60) days for matters beyond the control of the Policy Administrator as long as the claimant is notified of the reasons for such extension and the time by which a decision will be rendered prior to the expiration of the initial sixty (60) day period. The Policy Administrator’s notification of its decision on appeal shall include the following:

(i)The specific reasons for the adverse appeal determination;

(ii)Reference to the specific Policy provisions on which the determination was based;

(iii)A statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to the Claim, other than documents which are attorney work product or which are subject to attorney-client privilege; and

(iv)A statement of the claimant’s right to bring a civil action under Section 502(a) of ERISA.

Section 11. Long-Term Incentive Awards

The terms of any grant agreements with respect to long-term incentive awards issued pursuant to the Equity Plans shall govern the treatment of such awards in the event of a Separation from Service and shall not be modified hereby.

Section 12. 280G

(a)Notwithstanding anything in this Policy to the contrary, in the event that any payment or benefit received or to be received by an Eligible Employee (including any payment or benefit received in connection with a “Change in Control” or the termination of an Eligible Employee’s employment or consultancy, whether pursuant to the terms of this Policy or any other plan, arrangement or agreement) (all such payments and benefits being hereinafter referred to as the “Total Payments”) would not be deductible (in whole or part) by the Company or any of its subsidiaries or Affiliates making such payment or providing such benefit as a result of Code Section 280G, then, to the extent necessary to make such portion of the Total Payments deductible (and after taking into account any reduction in the Total Payments provided by reason of Code Section 280G in such other plan, arrangement or agreement), the portion of the Total Payments that do not constitute deferred compensation within the meaning of Code Section 409A shall first be reduced (if necessary, to zero), and all other Total Payments shall thereafter be reduced (if necessary, to zero), in accordance with Code Section 409A.

(b)For purposes of this limitation, (i) no portion of the Total Payments the receipt or enjoyment of which an Eligible Employee shall have waived at such time and in such manner as not to constitute a “payment” within the meaning of Code Section 280G(b) shall be taken into account; (ii) no portion of the Total Payments shall be taken into account which, in the opinion of tax counsel (“Tax Counsel”) reasonably acceptable to an Eligible Employee and selected by the accounting firm which was, immediately prior to the Change in Control, the Company’s independent auditor (the “Auditor”), does not constitute a “parachute payment” within the meaning of Code Section 280G(b)(2), including by reason of Code Section 280G(b)(4)(A); (iii) the Severance Pay payable to an Eligible Employee pursuant to Section 4(a) hereof shall be reduced only to the extent necessary so that the Total Payments (other than those

referred to in clauses (i) or (ii) of this paragraph) in their entirety constitute reasonable compensation for services actually rendered within the meaning of Code Section 280G(b)(4)(B) or are otherwise not subject to disallowance as deductions by reason of Code Section 280G, in the opinion of Tax Counsel; and (iv) the value of any non-cash benefit or any deferred payment or benefit included in the Total Payments shall be determined by the Auditor in accordance with the principles of Code Sections 280G(d)(3) and (4).

(c)If it is established pursuant to a final determination of a court of competent jurisdiction or an Internal Revenue Service proceeding that, notwithstanding the good faith of an Eligible Employee and the Company in applying the terms of this Section 12, the Total Payments paid to or for an Eligible Employee’s benefit are in an amount that would result in any portion of such Total Payments being subject to the excise tax imposed by Code Section 4999 (the “Excise Tax”), then, if such repayment would result in (i) no portion of the remaining Total Payments being subject to the Excise Tax and (ii) a dollar-for-dollar reduction in the Eligible Employee’s taxable income and wages for purposes of federal, state and local income and employment taxes, the Eligible Employee shall have an obligation to pay the Company upon demand an amount equal to the sum of (x) the excess of the Total Payments paid to or for the Eligible Employee’s benefit over the Total Payments that could have been paid to or for the Eligible Employee’s benefit without any portion of such Total Payments being subject to the Excise Tax; and (y) interest on the amount set forth in clause (x) of this sentence at the rate provided in Code Section 1274(b)(2)(B) from the date of the Eligible Employee’s receipt of such excess until the date of such payment.

Section 13. No Assignment

Severance Pay and Severance Benefits payable to or to be provided under the Policy shall not be subject to anticipation, alienation, pledge, sale, transfer, assignment, garnishment, attachment, execution, encumbrance, levy, lien, or charge, and any attempt to cause such Severance Pay and/or Severance Benefits to be so subjected shall not be recognized, except to the extent required by law.

Section 14. No Employment Rights

The Policy is not a contract for employment and shall not confer employment rights upon any person. No person shall be entitled, by virtue of the Policy, to remain in the employ of the Company and nothing in the Policy shall restrict the right of the Company or its successor to terminate the employment of any Eligible Employee or other person at any time, with or without Cause.

Section 15. Policy Funding

The payments to an Eligible Employee hereunder shall be made from assets which shall continue, for all purposes, to be a part of the general, unrestricted assets of the Company. No person shall have nor acquire any interest in any such assets by virtue of the provisions of this Policy or any other agreement in connection with the Policy. The Company’s obligation hereunder shall be unfunded and unsecured. To the extent that the Eligible Employee acquires a right to receive payments from the Company under the provisions hereof, such right shall be no greater than the right of any unsecured general creditor of the Company. No such person shall have nor require any legal or equitable right, interest or claim in or to any property or assets of the Company.

Nothing contained in this Policy, and no action taken pursuant to its provisions by either party hereto, shall create, nor be construed to create, a trust of any kind or a fiduciary relationship between the Company and the Participant, his beneficiary, or any other person.

Section 16. Survival of Policy Upon a Change in Control

The Policy shall survive a Change in Control of the Company and shall be binding upon any successor entity that is the survivor, successor, reorganized, affiliated or purchaser organization resulting from a combination, restructuring, merger, functional reorganization, sale, affiliation or other reorganization of the Company. Upon the Change in Control of the Company, the successor entity shall assume the obligations and liabilities of the Policy. All Eligible Employees who were employed by the Company as of a Change in Control shall continue to be eligible to receive the Severance Pay and/or Severance Benefits available under the Policy and such Severance Pay and/or Severance Benefits shall be payable by the successor entity. Notwithstanding the foregoing provisions of this Section, following a Change in Control of the Company, nothing in the Policy shall preclude the successor entity from adopting its own new change in control severance plan for employees covering a subsequent change in control, provided, however, that any such new change in control severance plan shall not in any way change the ability of all Eligible Employees who were employed by the Company as of a Change in Control to continue to be eligible to receive the Severance Pay and/or Severance Benefits available under the Policy, except within the limitations of Section 20.

Section 17. Applicable Law

The Policy shall be governed and construed in accordance with ERISA and, in the event that any reference shall be made to State law, the internal laws of the State of Tennessee shall apply to the extent not preempted by ERISA. It is intended that the Policy meet an exception from, or comply with, applicable provisions of Code Section 409A and the Treasury Regulations promulgated thereunder and, to the extent such section or regulations apply, the Policy shall be construed and administered accordingly.

Section 18. Severability

Any provision of this Policy which is deemed by a court of competent jurisdiction to be invalid, illegal or unenforceable in any jurisdiction shall, as to that jurisdiction and subject to this paragraph be ineffective to the extent of such invalidity, illegality or unenforceability, without affecting in any way the remaining provisions hereof in such jurisdiction or rendering that or any other provisions of this Policy invalid, illegal, or unenforceable in any other jurisdiction. If any covenant should be deemed invalid, illegal or unenforceable by a court of competent jurisdiction because its scope is considered excessive, such covenant shall be modified so that the scope of the covenant is reduced only to the minimum extent necessary to render the modified covenant valid, legal and enforceable.

Section 19. Policy Year

The ERISA plan year of this Policy shall be the twelve-month period commencing on January 1 of each year.

Section 20. Amendment/Termination of Policy

With respect to amendments to clarify existing provisions of the Policy or to conform the Policy to the requirements of law, the Company reserves the right in its sole discretion to amend the Policy to the full extent permitted by and in accordance with Code Section 409A and the Treasury Regulations promulgated thereunder at any time, retroactively or otherwise, by written resolution of the Board or the Committee. Except as otherwise provided in this Section, the Company reserves the right in its sole discretion to amend or terminate the Policy, or to remove the designation of Eligible Employees in accordance with Section 2(b), at any time by written resolution of the Board or the Committee, provided, however, that (i) any such amendment, termination or removal of such designation which would reduce or otherwise adversely affect the benefits of an Eligible Employee who has previously incurred a Qualifying Separation from Service may not take effect as to the affected Eligible Employee without the written consent of the affected Eligible Employee, and (ii) any such amendment, termination or removal of such designation which would reduce or adversely affect the benefits which may be payable to an Eligible Employee who has not yet incurred a Qualifying Separation from Service at the time of the amendment shall be effective not sooner than (a) thirty (30) months from the date of such written resolution in the event the written resolution is adopted on or after the date of a Change in Control or (b) twenty-four (24) months from the date of such written resolution in the event the written resolution is adopted on or after the date of a change in the individual serving as the Company’s Chief Executive Officer, and (iii) any amounts paid in connection with such termination are paid in accordance with Section 1.409A-3(j)(4)(ix) of the Treasury Regulations.

Section 21. Recovery of Payments Made by Mistake

An Eligible Employee shall be required to return immediately to the Company any Severance Pay and/or Severance Benefits payment or portion thereof, made by a mistake of fact or law, to the extent permitted by Section 409A of the Code.

Section 22. Representations Contrary to the Policy

No employee, officer, or director of the Company has the authority to alter, vary, or modify the terms of the Policy except by means of an authorized written amendment to the Policy. No verbal or written representations contrary to the terms of the Policy and its written amendments shall be binding upon the Policy, the Policy Administrator, or the Company, nor may any such representation be relied upon by Eligible Employee.

Section 23. ERISA

To the extent this Policy is governed by ERISA, this Policy shall cover certain employees of the Company who are members of a “select group” of management or highly compensated employees within the meaning of Sections 201(2), 301(a)(3), and 401(a)(1) of ERISA. The Company shall have the authority to take any and all actions necessary or desirable in order for the Policy to satisfy the requirements set forth in ERISA and the regulations thereunder applicable to plans maintained for employees who are members of a select group of management or highly compensated employees.

Section 24. Cooperation

In order to be eligible to receive Severance Pay and/or Severance Benefits under this Policy, an Eligible Employee must fully cooperate with the Company, its attorneys, agents, representatives, and employees with respect to legal and business matters that are either known at the time of an Eligible Employee’s Separation from Service or that may later become known. Cooperation includes but is not limited to release of documents, review of documents, and attending depositions, hearings, and trials on reasonable notice.

Section 25. Miscellaneous Provisions

All pay and other benefits (except Severance Pay and Severance Benefits), payable to an Eligible Employee as of his/her date of Separation from Service with the Company according to the established policies, plans, and procedures of the Company shall be paid in accordance with the terms of those established policies, plans, and procedures. In addition, any benefit continuation or conversion rights which an eligible Employee has as of his/her date of Separation from Service with the Company according to the established policies, plans, and procedures of the Company shall be made available to him/her.

Section 26. No Duplication of Severance Pay or Benefits; Effect on Certain Prior Agreements

Except as set forth in this Section 26, this Policy supersedes, and no Eligible Employee entitled to participate in this Policy shall be entitled to any payments or benefits under, any other Company severance plans, programs, policies, or course of dealing covering Eligible Employees, both formal and informal, including the Company’s Amended and Restated Tier II Severance Pay Policy. Notwithstanding any other provision of the Policy, if an Eligible Employee is party to a Severance Pay Policy Letter Agreement dated as of August 6, 2010, the terms of such Severance Pay Policy Letter shall continue to modify the Policy as applied to such Eligible Employee; provided, however, that such Severance Pay Policy Letter Agreement shall not be interpreted to reduce the Severance Pay otherwise payable to such Eligible Employee under Section 4(a)(i) of the Policy for a Separation from Service by the Company without Cause, and the definition of “Good Reason” contained in the Severance Pay Policy, Tier I, effective as of August 6, 2010, shall apply in lieu of the definition of Good Reason contained herein.

BROOKDALE SENIOR LIVING INC.

By: /s/ Denise W. Warren Name: Denise W. Warren Title: Interim CEO and Chairman

Document

EXHIBIT 31.1

CERTIFICATION

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Denise W. Warren, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Brookdale Senior Living Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:	August 7, 2025	/s/ Denise W. Warren
		Denise W. Warren
		Interim Chief Executive Officer and Chairman and member of the Office of the CEO (Principal Executive Officer for SEC reporting purposes)

Document

EXHIBIT 31.2

CERTIFICATION

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Dawn L. Kussow, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Brookdale Senior Living Inc.;

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:	August 7, 2025	/s/ Dawn L. Kussow
		Dawn L. Kussow
		Executive Vice President and Chief Financial Officer and member of the Office of the CEO (Principal Executive Officer and Principal Financial Officer for SEC reporting purposes)

Document

EXHIBIT 31.3

CERTIFICATION

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Chad C. White, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Brookdale Senior Living Inc.;

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:	August 7, 2025	/s/ Chad C. White
		Chad C. White
		Executive Vice President, General Counsel and Secretary and member of the Office of the CEO (Principal Executive Officer for SEC reporting purposes)

Document

EXHIBIT 32

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED

PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Brookdale Senior Living Inc. (the "Company") for the period ended June 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), Denise W. Warren, as Interim Chief Executive Officer and Chairman of the Company, Dawn L. Kussow, as Executive Vice President and Chief Financial Officer of the Company, and Chad C. White, as Executive Vice President, General Counsel and Secretary of the Company, each hereby certifies, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Denise W. Warren

Name: Denise W. Warren

Title: Interim Chief Executive Officer and Chairman and member

of the Office of CEO (Principal Executive Officer for SEC

reporting purposes)

Date: August 7, 2025

/s/ Dawn L. Kussow

Name: Dawn L. Kussow

Title: Executive Vice President and Chief Financial Officer and

member of the Office of CEO (Principal Executive

Officer and Principal Financial Officer for SEC reporting

purposes)

Date: August 7, 2025

/s/ Chad. C White

Name: Chad C. White

Title: Executive Vice President, General Counsel and Secretary

and member of the Office of CEO (Principal Executive

Officer for SEC reporting purposes)

Date: August 7, 2025

10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

For the quarterly period ended June 30, 2025

For the transition period from _____________ to _____________

Commission File Number: 001-32641

BROOKDALE SENIOR LIVING INC.

TABLE OF CONTENTS

BROOKDALE SENIOR LIVING INC.

Item 1. Financial Statements

BROOKDALE SENIOR LIVING INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

See accompanying notes to condensed consolidated financial statements.

BROOKDALE SENIOR LIVING INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

See accompanying notes to condensed consolidated financial statements.

BROOKDALE SENIOR LIVING INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

See accompanying notes to condensed consolidated financial statements.

BROOKDALE SENIOR LIVING INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

See accompanying notes to condensed consolidated financial statements.

BROOKDALE SENIOR LIVING INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Basis of Presentation

Principles of Consolidation

Use of Estimates

Reclassifications

Interest Rate Derivatives

Long-term debt

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

Summary Operating Results

Operating Results - Senior Housing Segments

Independent Living Segment

Assisted Living and Memory Care Segment

CCRCs Segment

Operating Results - Other Income and Expense Items

Summary Operating Results

Operating Results - Senior Housing Segments

Independent Living Segment

Assisted Living and Memory Care Segment

CCRCs Segment

Operating Results - Other Income and Expense Items

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Changes in Internal Control over Financial Reporting

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

Item 1A. Risk Factors

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Item 5. Other Information

Insider Adoption or Termination of Trading Arrangements

Amended and Restated Tier I Severance Pay Policy

Item 6. Exhibits

SIGNATURES

For the transition period from _ to _