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• Marriott for senior living communities.
• A specialized residential property and care provider, exclusively for seniors.

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• Independent Living Services: Provides residential communities for seniors who desire an active lifestyle with convenient services and amenities.
• Assisted Living Services: Offers housing, personal care, and assistance with daily activities for seniors needing some support.
• Memory Care Services: Delivers specialized care environments and programs for residents living with Alzheimer's and other forms of dementia.
• Skilled Nursing Services: Provides comprehensive medical care and rehabilitation services for residents with advanced healthcare needs, often within CCRC settings.
• Community Management Services: Manages senior living properties on behalf of other owners.

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Brookdale Senior Living (BKD) primarily sells its services to individuals.

The company serves the following categories of customers:

• Independent Living Residents: Middle to upper-income seniors who are largely self-sufficient but seek a community environment with access to services and amenities, often including some level of assisted living support.
• Assisted Living and Memory Care Residents: Individuals who require 24-hour assistance with activities of daily living, or those living with Alzheimer's disease and other dementias who need specialized memory care services and a secure environment.
• Continuing Care Retirement Community (CCRC) Residents: Seniors who desire a full spectrum of living arrangements and care levels, including independent living, assisted living, memory care, and skilled nursing, all within a single community to accommodate their evolving needs over time.

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Nick Stengle, Chief Executive Officer

Nick Stengle joined Brookdale in October 2025 as Chief Executive Officer. He brings extensive leadership and operational experience in the senior living, healthcare, and hospitality industries. Previously, he served nearly three years as President and Chief Operating Officer of Gentiva, a leading provider of hospice, palliative, and home health services. Prior to Gentiva, he was Executive Vice President and Chief Operating Officer for Kindred at Home, Gentiva's predecessor company, and also served as EVP and Chief Operating Officer for Sunrise Senior Living, a senior living services provider. Earlier in his career, Mr. Stengle was a member of the portfolio operations team at global investment firm TPG Capital. He also held various leadership positions during his 11 years in the United States Air Force, including Top Gun Instructor Pilot and Combat Fighter Pilot.

Dawn L. Kussow, Executive Vice President – Chief Financial Officer

Dawn L. Kussow joined Brookdale in March 2007 and has served as Executive Vice President and Chief Financial Officer since February 2023. She was also appointed to the Office of the CEO from April 2025 to October 2025 and served as Interim Chief Financial Officer from August 2022 to October 2022. Her previous roles at Brookdale include Senior Vice President and Chief Accounting Officer, and Vice President and Corporate Controller. Before joining Brookdale, Ms. Kussow served as Director of Financial Reporting for AON Hewitt and as Senior Manager for Deloitte & Touche, LLP. She is a Certified Public Accountant.

Mary Sue Patchett, Executive Vice President – Chief Operating Officer

Mary Sue Patchett rejoined Brookdale in August 2025 and has served as Executive Vice President – Chief Operating Officer since December 2025. She previously held various senior leadership positions at Brookdale from 2011 until her retirement in 2021, including Executive Vice President of Strategic Operations. Prior to her time at Brookdale, Ms. Patchett served as Chief Operating Officer at Horizon Bay and also owned and operated Patchett & Associates, Inc., a management consulting firm for senior housing and healthcare companies.

Jaclyn Pritchett, Executive Vice President – Human Resources

Jaclyn Pritchett joined Brookdale in 2016 and has served as Executive Vice President – Human Resources since March 2022. Her previous roles at Brookdale include Senior Vice President – Human Resources, Senior Vice President – HR Field Operations and Talent Management, and Vice President of HR Field Operations.

Chad C. White, Executive Vice President, General Counsel and Secretary

Chad C. White joined Brookdale in February 2007 and has served as Executive Vice President since January 2018, General Counsel since March 2017, and Secretary since March 2013.

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Here are the key risks to Brookdale Senior Living (BKD):

1. Labor Shortages and Rising Operational Costs: Brookdale Senior Living faces significant challenges from persistent labor shortages and increasing operational expenses, particularly wage rates for staff. Labor can account for a substantial portion of operating costs, and the difficulty in hiring and retaining qualified staff directly impacts the quality of care and financial margins. This issue has been exacerbated by inflation, with healthcare support occupations seeing a notable rise in wages. The use of staffing algorithms by Brookdale has also been cited as contributing to understaffing in some communities, leading to concerns about the adequacy of care provided to residents.
2. Regulatory Scrutiny, Litigation Risks, and Reputational Damage: The senior living industry is heavily regulated, and Brookdale is exposed to stringent scrutiny, audits, and potential investigations. The company has faced, and continues to face, litigation related to staffing levels, quality of care, and compliance with consumer protection laws. Notably, Brookdale settled a lawsuit for $3.25 million for allegedly misrepresenting the quality of care by over-reporting nursing staffing hours to CMS, resulting in undeserved high star ratings and endangering residents. Further investigations and lawsuits have highlighted claims of chronic understaffing and neglect due to overreliance on staffing algorithms, posing significant risks to the company's reputation and financial stability.
3. High Debt Levels and Profitability Challenges: Brookdale Senior Living has consistently reported financial concerns, including net losses and a strained balance sheet. The company's liabilities significantly outweigh its cash and short-term receivables, indicating a heavy debt load. Analysts have forecasted negative Earnings Per Share (EPS) for the near future, and Brookdale's balance sheet shows a high debt-to-equity ratio and a low Altman Z-Score, suggesting substantial leverage and potential financial distress. Despite efforts to improve occupancy rates, persistent losses and high capital needs remain critical constraints on financial flexibility.

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The addressable market for Brookdale Senior Living's main products and services is the U.S. senior living market, which encompasses Independent Living, Assisted Living, Memory Care, and Continuing Care Retirement Communities (CCRCs).

The overall U.S. senior living market was valued at approximately USD 943.90 billion in 2025 and is projected to reach USD 1.33 trillion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 4.47% from 2026 to 2033.

Below is a breakdown of the addressable markets for Brookdale's main products and services within the U.S. region:

• Independent Living: The active adults 55+ community segment, which includes independent living, held the largest share of the U.S. senior living market, accounting for 70.03% of revenue in 2025. Based on the overall U.S. senior living market value of USD 943.90 billion in 2025, the approximate market size for this segment would be around USD 661.0 billion. The independent living segment is also projected to account for a 32.2% share of the senior living market in 2025.
• Assisted Living: The U.S. assisted living facility market was valued at USD 103.5 billion in 2024 and is predicted to reach USD 182.3 billion by 2034, growing at a CAGR of 5.9% during the forecast period.
• Memory Care: The U.S. memory care market size was valued at USD 6.3 billion in 2023 and is expected to grow to USD 10.2 billion by 2032, exhibiting a CAGR of 5.6% from 2024 to 2032. Another estimate places the U.S. memory care market size at USD 8.15 billion in 2025, projected to reach USD 13.79 billion by 2035 with a CAGR of 5.4%.
• Continuing Care Retirement Communities (CCRCs): The broader retirement communities market in the U.S., which includes CCRCs, was estimated at USD 488.7 billion in 2024. In 2025, there were over 1,900 CCRCs operating in the United States, collectively housing approximately 623,000 residents.

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Brookdale Senior Living (BKD) is expected to drive future revenue growth over the next 2-3 years through several key strategies and favorable market dynamics:

1. Occupancy Growth and Increased Demand: Brookdale anticipates continued growth in its occupancy rates, driven by favorable demographic trends, as the aging population increases demand for senior living solutions. The company reported a consolidated weighted average occupancy of 82.4% in December 2025, a 310 basis point increase year-over-year. Management expects demand in the senior living market to continue to outpace supply, providing opportunities to further increase occupancy. This is particularly relevant as the oldest baby boomers turn 80 in 2026, a significant demographic benchmark for the senior housing market.
2. Revenue Per Available Unit (RevPAR) Expansion and Pricing Strategy: The company is focused on increasing its Revenue Per Available Unit (RevPAR) through strategic pricing initiatives. Brookdale projects RevPAR growth of 8% to 9% for 2026. This growth is supported by a unified and centralized pricing strategy that aims to optimize revenue management based on unit type and demand. Higher year-over-year annual resident rate increases are also expected for 2026 compared to 2025.
3. Strategic Portfolio Optimization and Acquisitions: Brookdale is actively optimizing its real estate portfolio to enhance long-term value and operational control. The company is increasing its direct ownership of real estate assets, aiming for over 75% of its consolidated unit count to be owned by the end of 2025. This includes a three-portfolio acquisition plan completed by February 2025, totaling 41 communities and 2,789 units. Additionally, the company is strategically divesting underperforming assets, with a projected decrease in community count to 517 by mid-2026, optimizing resource allocation and enhancing operational efficiency.
4. Expansion of the HealthPlus Program: Brookdale is rapidly expanding its HealthPlus program, a care coordination initiative focused on preventative care and chronic condition management. The program was set to grow to 129 communities by the end of 2024, up from approximately 50 earlier in the year. This expansion is aimed at positioning Brookdale for a future where a significant number of seniors will be on Medicare Advantage plans and aligns with the broader shift towards value-based care models, potentially strengthening partnerships with healthcare providers.

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Capital Allocation Decisions for Brookdale Senior Living (BKD)

Share Repurchases

• No information regarding specific share repurchases or authorized future share repurchases by Brookdale Senior Living Inc. was available in the provided sources over the last 3-5 years.

Share Issuance

• No specific dollar amount of shares issued by Brookdale Senior Living Inc. was available in the provided sources over the last 3-5 years.

Inbound Investments

• Mason Capital Management acquired 1,109,977 shares of Brookdale Senior Living in February 2026, with an estimated transaction value of $10.91 million.
• CenterBook Partners LP acquired a new stake of 257,554 shares in Brookdale Senior Living in Q3 2025, valued at approximately $2.18 million.
• GSA Capital Partners LLP purchased a new position in shares of Brookdale Senior Living in Q3 2025 valued at $725,000.

Outbound Investments

• In 2025, Brookdale Senior Living purchased 30 previously leased communities from Diversified Healthcare Trust and Welltower for a combined $310 million, funded through mortgage financings and cash.

Capital Expenditures

• Brookdale Senior Living's total non-development capital expenditures for 2025 were $170.7 million, primarily reinvested into capital projects within its communities.
• For 2026, the company projects non-development capital investment to be approximately $175 million to $195 million.
• The primary focus of these capital expenditures is to improve community facilities and services, with a shift towards larger, market-focused projects aimed at boosting occupancy and net operating income.