Here are 1-2 brief analogies for Sonida Senior Living (SNDA):

• Like a Marriott for seniors, offering long-term residential living and comprehensive care services.
• Similar to an Equity Residential apartment complex, but exclusively for seniors and providing integrated assisted living and memory care.

• Independent Living: Offers active seniors a maintenance-free lifestyle within a community setting, including amenities and social activities.
• Assisted Living: Provides personalized support with daily activities, such as bathing, dressing, medication management, and healthcare coordination.
• Memory Care: Delivers specialized programs and secure environments tailored to residents with Alzheimer's disease or other forms of dementia.

Sonida Senior Living (SNDA) primarily sells its services directly to individuals rather than to other companies. The company serves the following categories of customers:

1. Independent Living Residents: Active seniors who desire an independent lifestyle with amenities and services like dining, housekeeping, transportation, and social activities, without requiring daily assistance with personal care.
2. Assisted Living Residents: Individuals who require assistance with activities of daily living (ADLs) such as bathing, dressing, medication management, and mobility, while still maintaining a degree of independence and engaging in community life.
3. Memory Care Residents: Individuals living with Alzheimer's disease or other forms of dementia who benefit from specialized, secure environments and programs designed to meet their unique cognitive and safety needs, with a focus on dignity and quality of life.

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Brandon Ribar President and CEO
Brandon Ribar has served as President and CEO of Sonida Senior Living since September 2022, and is also a member of the company's board of directors. He previously held the role of Chief Operating Officer for the company, which he joined in September 2019. With over 15 years of experience in healthcare and real estate, he has managed large portfolios and implemented strategic initiatives. Before joining Sonida, Ribar was Senior Vice President of Operations at Golden Living, where he oversaw 305 skilled nursing and assisted living centers with 20,000 employees across 21 states. He also served as Golden Living's Senior Vice President of Operational Finance and Strategy. Notably, Ribar was Vice President of healthcare investments at Fillmore Capital Partners, a real estate private equity firm with over $5 billion in assets under management, where he was responsible for sourcing, underwriting, negotiating, and closing healthcare investments for the firm's investment funds. His work at Sonida has included involvement in portfolio divestitures, a recapitalization transaction, and debt refinancing.

Kevin Detz Chief Financial Officer
Kevin Detz joined Sonida Senior Living as Chief Financial Officer in 2022, where he is responsible for leading the company's financial management and corporate strategy. He brings over 20 years of experience in financial accountability and efficiency for global operation companies and financial services organizations. Prior to Sonida, Detz spent eight years at Aimbridge Hospitality, a global hotel management company, serving in various leadership roles including Executive Vice President and Operational Chief Financial Officer. During his time at Aimbridge, he transformed back-office services into a profitable professional services platform and reorganized corporate treasury and finance functions to improve forecasting and liquidity visibility. He also played a key role in six acquisitions and integration activities as Senior Vice President and Chief Accounting Officer. Earlier in his career, Detz was a Vice President and Controller at Goldman Sachs & Co., overseeing the accounting for $4 billion in hospitality assets (270 hotels) within the Real Estate Management Division. He also worked as an audit manager for Ernst & Young.

Max Levy Chief Investment Officer
Max Levy is the Chief Investment Officer at Sonida Senior Living, responsible for leading the company's sourcing strategy and its investment and capital allocation processes. Before joining Sonida in 2024, Levy was a principal at Conversant Capital for four years. Conversant Capital is a provider of flexible capital solutions to real estate platforms and companies. At Conversant, he led significant investments in various sectors, including healthcare real estate, across both public and private markets. During his tenure at Conversant, he also served on Sonida's board of directors.

Tabitha Obenour Chief Clinical Officer
Tabitha Obenour joined Sonida Senior Living in 2023 as Chief Clinical Officer. In this role, she leads the company's clinical platform, focusing on refining, developing, and monitoring clinical systems and ensuring regulatory compliance. Obenour has over 20 years of experience in clinical and nursing leadership, with comprehensive expertise in clinical risk management, regulatory compliance, talent development, and strategic partnerships. Previously, she spent four years at Enlivant, another senior living provider.

Tim Cober Chief Accounting Officer
Tim Cober has been the Chief Accounting Officer at Sonida Senior Living since 2022. He oversees all accounting functions and plays a crucial role in the company's long-range strategic planning. Cober is an experienced accounting and finance executive with a proven track record of leading large teams through organizational changes to improve internal processes and systems. His expertise includes business acumen in mergers, acquisitions, and portfolio optimization. Prior to joining Sonida, he served as Vice President of Accounting for Spire Hospitality, a national third-party hospitality management company.

The primary clear emerging threat for Sonida Senior Living (SNDA) stems from the accelerating trend and technological advancements supporting "Aging in Place." This phenomenon involves seniors opting to remain in their homes for as long as possible, rather than moving into assisted living or nursing facilities. This trend is bolstered by:

• Technological Innovations: Advances in remote monitoring, telehealth services, smart home technologies, and personal emergency response systems make it increasingly feasible and safer for seniors to live independently with support.
• Expanded Home Healthcare Services: A growing ecosystem of professional home healthcare providers offers a wide range of services, from basic assistance to skilled nursing care, directly in the senior's home.
• Consumer Preference: A strong and consistent preference among seniors to stay in familiar surroundings and maintain independence for longer.
• Cost Considerations: For many, the cumulative cost of in-home care, especially when coupled with existing home ownership, can be more financially viable than the escalating costs of residential senior living facilities.

This trend directly threatens the occupancy rates and demand for traditional senior living communities like those operated by SNDA, creating a disruptive alternative similar to how Netflix challenged Blockbuster by offering a different model for content consumption.

Share Issuance

• Sonida Senior Living arranged $110 million of equity for 4,113,688 new shares at $26.74 per share to fund a portion of the cash consideration for the merger with CNL Healthcare Properties.
• Silk Partners agreed to invest $10,000,011.28 for 373,972 shares of common stock in a private placement at $26.74 per share, also in connection with the CNL Healthcare Properties merger.
• As part of the strategic merger with CNL Healthcare Properties, approximately $800 million of Sonida common stock is expected to be issued to CHP shareholders.

Inbound Investments

• Conversant Capital and Silk Partners committed to acquiring newly issued shares of Sonida common equity totaling $110 million at $26.74 per share to help finance the merger with CNL Healthcare Properties.
• Silk Partners specifically agreed to invest $10,000,011.28 for 373,972 shares of common stock in a private placement.

Outbound Investments

• Sonida Senior Living announced a definitive merger agreement to acquire 100% of the outstanding common stock of CNL Healthcare Properties, Inc., in a stock and cash transaction valued at approximately $1.8 billion, expected to close in late Q1 or early Q2 2026.
• During 2024, Sonida added 20 communities to its investment portfolio, increasing its senior living units by 30%.
• In 2025, Sonida closed three asset acquisitions in Florida, Georgia, and Texas, including a senior living community in Texas for approximately $15.6 million, and two other communities in the Atlanta and Tampa MSAs for $11 million each.

Capital Expenditures

• In the last 12 months, Sonida Senior Living reported capital expenditures of -$30.60 million.
• The company plans to invest additional capital to complete an aesthetic refresh to common areas and amenity spaces in the newly acquired Dallas-Fort Worth community over the coming year.