in one quarter. I'm so proud of them and proud of the entire CareTrust team across the board, accounting, asset management, finance, tax, legal, data, operations. Everyone is rowing hard together to make this year a three-peat of record performance. Q2 results achieved record investments in a quarter, record revenues, record FFO per share, and a healthy raise to guidance. built on a foundation of record operator lease coverage and operator quality care measures. Let me expand on that foundation just a little bit. We're stoked to see our operator quality care measures exceed the industry averages for overall star ratings, health inspections, quality measures, successful discharges, and readmission rates. Let me repeat that. Our operators outperform industry averages for overall star ratings, health inspections, quality measures, successful discharges, and readmission rates after they've had a chance to manage these buildings for at least four years. In my 2025 annual report letter, I discussed how mission critical it is for us to lease our properties to high quality operators and how we view the relationship between them and the value of our real estate investments. A quality operator is one who is driven by a mission, focuses their resources first on becoming the employer of choice, and through that becomes the quality care provider of choice in their market. Only after achieving sustained quality care outcomes can a provider and the real estate they operate achieve sustainable financial stability. We have seen this formula for success prove out over the last 25 years. A care trust operator is one who harmonizes mission-driven culture with the clinical and financial sophistication to adapt to an ever-changing environment. We apply those first principles to skilled nursing and senior housing alike. We invest for the long term. the price we pay and the operator we choose are intended to result in long-term quality care and as a result, compounding value creation. That solid operator foundation and orientation allows us to grow in a sustainable and accelerated way across our three growth engines. Year-to-date, we have already closed on approximately $1.5 billion and looking forward, the pipeline continues to reload and deal flow continues to be active and interesting across skilled nursing care homes and shop both in the us and the uk with the balance sheet as strong as it is the team stronger than ever before and the opportunity set expanded and great relationships with partners and new and existing high quality operators there has simply never been a more exciting time for care trust with that i'll hand it off to james for a report on investment act and the acquisition landscape. James.

Thanks, Dave. Good morning, everyone. During the second quarter, we closed on investments totaling approximately $900 million at a blended, stabilized yield of 8.9%. That capital was deployed across the full breadth of the platform. U.S. skilled nursing sale leasebacks with quality operators in multiple geographies, the continued expansion of our UK care homes platform, sourced and executed by our London-based team, further growth in our shop portfolio, and relationship-driven real estate loans, primarily to skilled nursing operators, closed either alongside asset acquisitions or in anticipation of them. And as Dave noted, we haven't slowed down since the quarter ended. Since June 30, we've closed on an additional approximately $308 million at a blended stabilized yield of approximately 7.8%. Headlining that activity was a 16-property UK care homes portfolio net lease to a new operator relationship for CareTrust joined by a two-community $65 million addition to our shop platform. Taken together, our 2026 investments now stand at approximately 1.5 billion dollars year to date breaking that down roughly 735 million dollars in u.s triple net skilled nursing and seniors housing approximately 397 million dollars in uk care homes approximately 240 million dollars in loans and approximately 81 million dollars in shop turning to what's ahead the pipeline sits at approximately 540 million dollars roughly two two-thirds skilled nursing, and one-third loans to strategic partners plus UK care homes. It's a healthy mix, some singles and doubles alongside mid-to-large portfolio opportunities. You'll note the immediate pipe doesn't include shop. That's really just a function of timing and discipline. The team continues to deepen relationships, including with high-performing operators, and we are confident these relationships will drive attractive on- and off-market opportunities that we expect to convert in future quarters and give us a long runway to scale that portfolio in both the U.S. and the U.K. And our usual reminder on methodology. The quoted pipe includes only deals we have a reasonable level of confidence we can lock up and close within the next 12 months, and it typically excludes larger portfolios still under review. Stepping back for a moment, what gives us real confidence is that all three of our growth engines are producing. In skilled nursing, deal flow remains deep and steady, with proprietary opportunities generated through longstanding relationships. In shock, even amid stiff competition and compressing cap rates, we're pursuing the right assets with the right operators and see a long runway to scale that portfolio in the quarters and years ahead. And in the UK, our London-based team has widened our aperture considerably. New operators, new sources of deal flow, and a pipeline that keeps building. Across all three, the team continues to surface attractive opportunities to deploy capital, and we like our position in each of these markets. That growth will stay grounded in the same fundamentals that have served us well, disciplined underwriting, durable operator partnerships, and a creative, collaborative approach to structuring. With that, I'll hand it to Derek to walk through the quarter's financial results.

Thank you, James. For the quarter, normalized FFO increased 44% over the prior year quarter to $119.7 million, and normalized FAD increased 43% to $118.5 million. On a per-share basis, normalized FFO was 51 cents, an increase of approximately 19% over the prior year quarter, and normalized FAD was also 51 cents, an increase of approximately 19% over the same period. In the second quarter, we raised approximately $364 million of gross proceeds from the settlement of outstanding equity forward contracts to fund investment activity in the quarter. Also in the quarter, we sold 14.4 million shares under forward equity contracts, raising $580.5 million of gross proceeds at a weighted average price of $40.23. And since quarter-end, we sold another 2.2 million shares on a forward basis for gross proceeds of $90.6 million at a weighted average price per share of $41.46. As of today, we have approximately 16.6 million shares remaining unsettled under forward sale agreements, representing approximately $671.4 million in gross proceeds available to fund future investment activity. In yesterday's earnings press release, we raised our full year 2026 guidance, reflecting our year-to-date investment activity, including the volume we've closed since quarter end. We're now projecting normalized FFO per share of $2.03 to $2.06, and normalized FAD per share of $2.01 to $2.04. At the midpoint, that represents growth of 16.2% in normalized FFO per share and approximately 15.1% in normalized FAD per share compared to full year 2025 results. Our updated guidance is based on a weighted average diluted share count of 233 million shares and includes the following key assumptions. First, no new investments, loans, or dispositions beyond those made year to date. Second, no new debt or equity issuances beyond those made year-to-date. Third, 2.5% inflation-based rent escalators under our long-term triple net leases. Fourth, $147 million of loans to be repaid throughout the year, of which approximately $104 million has been received so far to date. And fifth, no material change in the GBP to USD spot exchange rate. Additional guidance measures are detailed in the press release yesterday. Lastly, our liquidity continues to remain strong at approximately $1.4 billion as of today, including approximately $90 million of cash on hand, $605 million of availability under our $1.2 billion revolving credit facility, and approximately $671 million of unsettled equity forward contracts. In addition, we have roughly $785.8 million of capacity available under our ATM program. Net debt to annualized, normalized run rate EBITDA was 1.0 times at quarter end, well below our long-term target range, and our fixed charge coverage ratio was 9.9 times. We continue to have no scheduled debt maturities prior to 2028. With continued momentum and a reloaded investment pipeline. We have ample dry powder and multiple levers across our capital toolkit to keep funding our recent pace of investment activity. And with that, I'll turn it back to Dave. Thank you, Derek.

And thank you, James. And thank you, everybody. We're really grateful for everybody's interest and support. As I hope you can tell, we are super bullish on the care trust story and not just what we've achieved, but where we are headed. And with that, I would be happy to answer any of the questions that you might have at this time.

We will now begin the question and answer session. Please limit yourself to one question and one follow-up. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again.

We ask that you pick up your handset when asking a question to allow for optimum sound quality and if you are muted locally please remember to unmute your device your first question comes from john kilichowski with wells fargo please go ahead uh james maybe if i could start with you you gave some helpful color in the opening remarks uh especially about building out the the shop pipeline and it not being mentioned in the or shop not being mentioned the current pipeline could you talk a little bit more about building those relationships with operators and how that will eventually translate into volumes and how we should think about the cadence of that?

Yeah, sure. I mean, I think that it's hard to predict the cadence, John, because you're never really sure what's going to hit the market or what off-market is going to come. But I think that building relationships with these operators and managers, finding the ones you can use in different regions of the country or have proven track records there that have maybe experiences with other publics and their reporting in back office, just really allows you to more quickly pursue transactions that come up. It opens up the off-market pipeline as you develop relationships with them and really as you really start to develop frameworks with them of what your deal with them would look like, the terms on which you do it, and you get really all that kind of pre-baked so you can react quickly when the right deal in the right area comes up for you to work with that particular operator or manager. And I think the team's been a great job of developing a lot of those relationships and, you know, being ready really to continue and ramp up pursuing acquisitions in different parts of the country.

And then would you also mind talking about the portfolio deals outside of the quoted pipeline? You know, maybe you don't want to speak to specific deals, but can you talk about the composition of, of where you're, you know, seeing those opportunities or is it more Smith tilted? Are there shop portfolios out there that you're currently evaluating? I'm just kind of curious what the composition looks like more than anything.

Yeah. I mean, there's a few, you know, portfolios tinkering around out there. I would say there's one or two shop portfolios that are larger out there that we're reviewing to see how attractive they are and whether we want to pursue them. There's also, I'd say the same for, you know, a sniff and one or two in UK as well. So there's always a seemingly a couple of them floating around, but there are a couple of shop ones out there that we're looking at. But we'll see if they're really, you know, worth us pursuing or if we think that there's traction there. Got it. Thank you.

Your next question comes from Austin Werschmid with KeyBank Capital Markets. Please go ahead.

Thanks. Good morning out there. With respect to the care home portfolio investment in August, I think this might be one the largest purchases you've done in the UK since acquiring CARE REIT. But what I'm wondering is, how much should the scale impact pricing? And, you know, do you view this deal to open the door to potential future deals, given the new relationship there with the operator?

Yeah, I mean, the scale did impact the pricing a little bit. Austin, I would say that at 16 facilities, it doesn't, you know, deals that size and UK don't come around all the time. So there's definitely a teeny bit of a premium there. We definitely see it as a launching point with this operator. We feel like they've demonstrated in the past their ability to operate at scale and to operate well at scale. And this is really their first jump back in after selling their portfolio last year. So we definitely see it as a launching pad to grow with them in the future.

And then, you know, Dave, as you think about tenant and geographic concentration and, you know, kind of ensuring that, you know, you do have the right diversification balanced with, you know, partnering with the highest quality operators, consistent with the above average metrics that you highlight in your open remarks. I mean, how do you think about striking that right balance moving forward? work?

Well, I think one of our first principles as we started the company was that the underwriting always starts and ends with who is the operator going to be. And if we do not have what we think is a quality operator to match with a great opportunity, we're simply going to pass on that deal. We'd much rather take an A operator in a B market than settle for a mediocre operator in a great market. So that's just in our DNA. That's the discipline we have. And if we do have, which we do have, great operators, we don't mind concentration building with one or another because over time, the diversification and concentration sort of takes care of itself. Appreciate the thoughts. Thanks for the time. Thanks, Austin.

Your next question comes from Juan Sanabria with BMO Capital Markets. Please go ahead.

Hi, this is Robin Hanlon. I'm sitting at Juan.

I was curious if there are any opportunities to convert existing senior housing tenants to either shop in the us or uk you know we've we've certainly uh thought about that the challenge that we have in doing that is um is that our senior housing portfolio here in the us and in the uk covers rent really well and so there's there's very little motivation for the operators to walk away from that type of lease coverage. I think a lot of those conversions that have happened in our space have been kind of from a defensive posture where maybe things haven't been performing super well or there hasn't been really strong coverage. and so it was more of a defensive play to convert to to shop so because ours covers so well there's less opportunity to do that and um however you know as we look forward everything's on the table but i think more likely for us shop will be coming from being on offense and identifying find great assets that we really want to own and have operations responsibility for with great partners.

And as a follow-up, I wanted to ask on where things stand with PAX today. What's the willingness to move forward? What have the discussions been sort of year to date?

Yeah, so we're really pleased to see PAX's performance this year. happy to see them back to normal filing cadence, really happy to see their investments in compliance, and happy to see them back on the growth path. We haven't done anything with PACs for a while, but that's not for lack of trying. We have looked at some deals with them, and we'd be happy to grow with them again if the opportunity presents itself.

Your next question comes from Michael Goldsmith with UBS. Please go ahead.

Good morning. Thanks a lot for taking my question. James, in your prepared remarks when talking about the UK, I think you talked about widening the aperture. So maybe you can provide a little bit more color of what you meant specifically by that?

Sure. I think what I mean by that is that I think the team there has done a great job of going beyond just seeing marketed deals, but also using operator relationships and other relationships they have or that we've formed to bring more pipeline or sources of deals than just the traditionally marketed deals. I think also that as you start to look at maybe structures beyond just the TripleNet. They've done a great job of starting to form relationships for us to start looking at deals like that that might work in other structures like a shop if something presented itself. So I think, Michael, that's pretty much what I mean, just opening the way in which deals come to us beyond just traditionally marketed deals and thus really increasing the chances we get more opportunities.

Got it. And maybe just to follow up on John's question earlier about the you know, shop in the pipeline, you know, I think you cited timing and discipline. So, like, obviously, like, how do you, like, you can only take advantage of the opportunities that you see at the same time you are trying to maintain a certain level of discipline around, you know, what you're seeing, but then also, you know, right, like, the underlying strength of the business is so strong and and you know it feels like everyone's outperforming their own underwriting so how do you kind of manage that across the portfolio and your opportunities that that you're seeing it and making sure that you're in on the right deals and then also and making sure you're not missing out on things but also um but also not just acquiring just for

the sake of acquiring yeah i mean it's a tough balance i would say but i you know i think what we try to do is we try to really look at deals and pick our spots, right? And we try to find those opportunities where we feel like there's real confidence that we have that this can get to an IRR that we really want to pursue and we'll stretch to try to go get it. But on the other hand, we don't feel a huge compulsion to have to stretch to do a deal that doesn't make sense for us. We're finding opportunities to put money to work and really good deals on the SNF side and in the UK care home side. And so when it comes to shop, we're going to continue developing developing relationships, continue to look at and underwrite a lot of deals. We're going to continue to pick our spots with the right partners, operators, and stretch to try to go get those opportunities, but not go beyond what we feel is, you know, wise or prudent, just in the name of growth. So I think we work really hard to try to pick those spots, knowing that we don't have to do a deal to grow when we've got opportunities with SNFs and care homes.

Thank you very much. good luck in the back half thanks michael your next question comes from michael carroll with rbc capital markets please go ahead yep thanks uh james just with the increased um private market interest in the healthcare real estate space in general i mean how has that impacted acquisition cap rates i mean have you seen cap rates just broadly drift lower and is there any one property type, are you seeing that more apparent? I know I think in the past you highlight it, there's probably the most competition in the shop space, but what have you seen on the SNF space and maybe the UK care home space?

I mean, yeah, shop is pretty well, you know, out there. There's a lot more private market entrance right now. Cap rates are compressing as a result. You've got more competitive processes. I think in the SNF world, we don't see too much of that really at all. I think you see the same players that there's been over the past several years same buyer pool i think really competing for the deals and so you know portfolio deals and sniffs larger deals you know you maybe see a little teeny bit of compression and cap rates but overall you still see the same where they've been it's just really uh having relationships that help you source more off market because there is more off market than listed in the sniff world and in the uk i think you do see a slow influx of additional players on the private entrance side, for sure. I don't think we've seen it impact dramatically, the competitive process. But I would say you see an uptick in buyer entrance, but I haven't seen it really have that much of an impact at all on cap rates or bidding up processes.

Great. And then I guess Derek or Dave, can you talk about the the purchase options i know that you have a few um meaning your tenants can potentially um acquire one of your current assets i know there was a window that opened up for one specific smaller purchase option and there's a few that's coming up here over the next few quarters or so i mean how should we think about that or do you think that those could potentially be executed on or is that just an option out there that will just kind of expire eventually hey mike you know we do expect and kind of bake in that there there's a high likelihood that those will be exercised of course until we get the notices of exercise you know it's always uncertain and people's capital

needs and plans change all the time but I think we're you know we're constantly in discussion with those tenants that have options it's a good relationship it's collaborative and it's not the end of the world if they exercise we always look to do deals down the road with them in the future but you know as of right now we put a high likelihood that those would be exercised.

Okay great thank you. Thanks Mike.

Your next question comes from Pharrell Granath with Bank of America please go ahead.

Hey good morning thanks for taking my questions. My first one is on the composition of your financing receivables. I know that that can also refer to your sales leaseback. So curious if what percentage of that is potentially SNFs, given that SNFs has been a smaller proportion of your acquisition pipeline as outright purchases.

Yeah, hey, Farrell, it's Derek. It's almost 100% SNF. These are really exciting, compelling sale leaseback opportunities. You know, the bulk of the financing receivables have purchase options that are eight, nine years out. And there's a lot of uncertainty in the meantime about those exercises. We view them more in substance as an owned triple net. But for accounting purposes, it falls within the financing receivable bucket. But these are really high quality assets in the skilled nursing space.

Okay, thank you. And then also, just given the growing debate around the path of Fed policy, I'm curious how you're thinking about your cost of capital and especially being able to leverage either your balance sheet or also continue to lean into your equity, if there's any updated thoughts.

Yeah, you know, we prepare for all uncertainties, and I think it's a benefit of having relatively low leverage. It gives us the optionality depending upon Fed policy and other macro factors. So we really like carrying a little balance on the revolver. It's competitive for us. We really like the price of our equity right now. We've got the optionality to do something longer term or a term loan. All those are on the table. We're looking at the full toolkit. And for right now, looking at the pipeline, we've got earmarked probably the settlement of our equity forwards. and then some. And so I think we've given ourselves some runway to maneuver and be flexible depending upon how those macro conditions continue to unfold. But right now, we're really just pricing it out and watching those rates daily and trying to, you know, be opportunistic about it.

Okay. Thank you so much.

Your next question comes from Rich Anderson with Cantor Fitzgerald. Please go ahead.

Hey, thanks. Good morning. So there's one pretty clear disconnect going on in your world, and that is you guys are not finding many in the way of shop transactions, and I know you're working hard at it, but some of your peers are, it's raining shop, you know, and so you're not going to talk about their process, but and you're you're the one with the best cost of capital in the group so um i guess um it it all doesn't sort of ring clear to me um except for the fact that you know you're going to be very disciplined and all that but when you're on the ground looking at deals that you're competing with i mean how far off are you missing from the ultimate winner uh is it coming down to pricing

you know what what is it that's causing yours to be such a slow out of the gate process and shop whereas others are really moving quite fast well maybe james can give a little bit of more vibrant color to the the specific question on you know how how far off are we versus the competition but i would say one of the main uh differences between us and some of our peers is you know, we have not, we view shop as a long-term complementary growth engine to the care trust story. I think some of our peers have really pivoted and gone all in on shop. And with that type of publicized strategic change, there's quite a bit of motivation on their side to put money to work and show that they're executing on that new strategy. Whereas we have, I think, the luxury of being opportunistic across all three and if we have the ability to put double digit ffo per share growth by by maintaining that discipline and being opportunistic across all three i we really prefer that approach than kind of putting ourselves in a corner, per se, to have to do a ton of shop to show that we're executing on a particular strategy. I think that's high level, why it appears that we've been more measured in our deployment of shop capital. But I wouldn't be surprised either, Rich, if we did do a large shop portfolio deal in the future. For us, that can happen because there are portfolios out there that I think will eventually check all the boxes for us.

Okay. And James, any comment on where you're missing?

Yeah. I mean, look, if you're missing, you're almost always missing on price, right, Rich? And so when we look at it and we look at a deal and we say, look, what do we feel like the projections are here. What's the IRR going to be? What's the return? What's the risk adjusted return? And you start getting facilities that are portfolios that are in the mid-90s occupancy that are stable, where the pricing is going to a mid to low five cap. And you start looking at that versus a plethora of SNF and other opportunities that are going to be in the nines or high eights. And you start looking at the risk adjusted return and you think, you know, maybe it's wiser to put some allocated capital to where we have most opportunities with a better risk-adjusted return for us if the pricing is just going to be too risky for us and not get the returns that we're looking for. So that's really what process that you go through. Yeah.

Okay. And then last quickly for me, Dave, maybe for you, like, what do you like about skilled nursing business? And I asked that question a little tongue in cheek, but you're obviously making a spread on your investments, but if for some reason the acquisition environment suddenly screeched to a halt, you'd be stuck with a 2% growth platform in U.S. skilled nursing. So assuming I'm right about that, what is the draw to skilled nursing as an industry for you? And I'm not suggesting it's right or wrong.

I'm just asking the question, you know your perspective on it uh we've got we've got a long as you know me i i personally and we as a company have a long uh relationship and history uh in skilled nursing that's that's where we come from back in the the ensign days in 1999 when when ensign started so we know and love this business. We view it as a vital part of the health care continuum in the country. We see it as too important to fail. We saw that during the pandemic. and we see as the demographics continue to blow up over the next you know 25 years that it will continue to be a really important part of of the the healthcare continuum not only that because our our history is so deep with skilled nursing I think we do, as our lease coverage and track record demonstrates, I think we do a really good job of identifying the best operators out there who can do it the right way, providing high-quality care, and to James's earlier point, what it does is it produces really high risk-adjusted returns for us compared to just about any other asset class.

I do like that too important to fail comment. So thank you for that. Appreciate it.

Your next question comes from Alec Feigen with Bayer. Please go ahead.

Hey, thanks for taking my question. Are there any portfolio initiatives that you're working on with SNF operators? large or small what do you i'm not sure what you're asking what do you mean portfolio initiatives so there's been some um there's been some other of your peers working on some pretty large portfolio initiatives either replacing operators doing changes to leases extending leases is there any of that uh going on in your portfolio oh um no i mean And there's always there's always some there's always scrutiny right on the on the portfolio.

But as you look in the SOP, you see just really, really healthy lease coverage. But even with that, there's the asset management, portfolio management team here is always looking to improve and take assets from maybe weakening hands to stronger hands. But there's nothing that's currently underway that would impact, you know, guidance or our results at all.

Nothing of significance. got it thank you that's it for me you bet have a good one your next question comes from addie rogers with raymond james please go ahead hey guys good morning it's dave i um i know dave that there's always uh headlines and risks from a regulatory standpoint out there but i'm wondering maybe to ask that question a different way are you seeing anything in the acquisition pipeline that either the operators are bringing you or you're, you know, increasingly turning down where there's more risk and vice versa? Are there asset types or areas where you're now feeling there's less risk that are opening up opportunities? And I don't know if that's more rehab, less, you know, skilled, whatever the case might be. Are you seeing any shift within the mix in kind of the skilled nursing business that's giving you this opportunity to continue to acquire so well?

No, Dave, I characterize the skilled nursing environment right now as stable. I think from a regulatory standpoint, from a reimbursement standpoint, there have definitely been previous periods of time that have been more choppy. But right now, I'd say it's really stable. I think the operators and we feel comfortable with it, and there's quite an appetite to grow in today's environment.

And then maybe one follow-up. It's pretty small, but the loan-to-own that closed in the third quarter, one, any details about that small asset? And then maybe a bigger question around that is, is that instructive or could that be instructive of any way where you might get more assets back that you'd want to own more quickly?

Dave, are you talking about the Q3? Yeah. I mean, that's really a function of, I think, what you're talking about is in the UK, sometimes some of the parts of the transactions have to be structured a little differently as kind of a loan to own to facilitate closing while licensure is being received. So we anticipate that would turn into real estate in the next six to 12 months. For instance, we closed a transaction last fall that was under this loan to own, and just recently they got the licensure and converted it into the real estate. So that's really what that is. It's just a function to help facilitate closing earlier while you're waiting for licensure.

Great. Thank you.

Your next question comes from Michael Stroyak with Green Street. Please go ahead.

Thanks, and good morning. It sounds like loans are a decent chunk of the pipeline. Can you just talk about the strategic rationale of these particular loans and if we should expect loans to continue to be a meaningful part of external growth moving forward?

Yeah, I mean, there's always a purpose behind the loans, Michael, really. It's that, you know, they're either going to be done alongside asset acquisitions or in contemplation of. So whether it's a purchase option or an agreement that real estate deals will follow, It's really a way for us to unlock the door to future real estate acquisitions with that particular borrower or operator. And so those relationships, that cycle has been a very virtuous one for us. It's been very successful for us in the past and been a driver of a lot of the growth that's happened over the last couple of years in a cycle that with the right operators and the right properties that will continue to feed, It's never going to become anywhere close to the primary business, but it'll be, you know, fluctuate quarter to quarter. But when those opportunities arise and we see real estate in the future, it's a cycle will feed.

And maybe one on the most recent shop deal, I guess, where do you ultimately see that mid 6% yield stabilizing at? And what's the time frame that you guys are assuming there?

Yeah, I mean, I think it's those two are pretty stable assets. I think that we see a lot of opportunity for – they're well-positioned for rate growth. They're well-positioned for some OPEX savings. One of the facilities has some expansion potential that we're actively, you know, looking at. So we definitely see, you know, a low double-digit IRR return there. And I think really, you know, we would look at margin expansion from the low 30s to the high 30s in the next two to three years.

Got it. Thanks for the time.

Your next question comes from Jyoti Yadav with Mizuno. Please go ahead.

Yeah, thank you for taking my question. This is Jody on for Vikram. So you guys mentioned record coverage. Can you talk about perhaps the potential for rent resets, like over time or at expirations?

Yeah, I think in the supplemental, we show the maturity of our rents starting, I think, in 2031. So that's when the conversation kind of begins. The lease coverage is so strong overall that as we get there in 2031 and beyond, there will certainly be opportunities to reset those rents to to more market rates but it's a few years off got it that's all for me thank you so much there are no further questions at this time i will now turn the call back to dave sedgwick with closing remarks well thank you everybody for your your time and interest really just want to take a second to again acknowledge the amazing team here at care trust and thank them for the hard work. Thank you for our operators as well, setting the high standard of quality care out there that allows us to continue to expand our and their missions. Hope everybody has a great weekend.

This concludes today's call. Thank you for attending. You may now disconnect.