The Ensign Group, Inc.

The Ensign Group, Inc. (Ensign), founded in 1999, is a holding company with independent subsidiaries that provide skilled nursing, senior living, and rehabilitative services across 17 states. The company also engages in other ancillary businesses, including mobile diagnostics and medical transportation. As part of its investment strategy, Ensign acquires, leases, and owns healthcare real estate to support the post-acute care continuum. For the year ended December 31, 2025, approximately 95.6% of Ensign's revenue was generated from its skilled nursing facilities. The remaining revenue primarily came from real estate properties, senior living services, and other ancillary services. As of December 31, 2025, Ensign offered skilled nursing, senior living, and rehabilitative care services through 373 skilled nursing and senior living facilities. Of these, 253 facilities are operated under long-term lease arrangements, with options to purchase 8 of those 253 facilities. The company's real estate portfolio comprises 158 owned real estate properties. This includes 120 facilities operated and managed by Ensign, 38 operations leased to and run by third-party operators, and the Service Center's California location. One of the 38 third-party operations is a senior living operation located on the same real estate property as a skilled nursing operation that Ensign owns and operates. Ensign views healthcare services primarily as a local business.