$17.89

-0.09 (-0.50%)

Weekly Expected Move ±3.8%

$17 $17 $18 $19 $19

NYSE · Real Estate · REIT - Healthcare Facilities · Tech Score Neutral · Power 48 · $6.2B mcap · 340M float · 1.20% daily turnover · Short 37% of daily vol

Credit Risk of going bust: not rated, financial company (lending is its business) Bonds: $112.1M held by 120 funds, 84 bp over Treasuries → details ▾

Not rated: lending and leverage are a financial company's business, which the model misreads.
Bond figures are fund-reported marks (SEC N-PORT) as of Jul 2026. How these are computed.

Revenue Segmentation

By Product / Service

Revenue by Segment (5-Year Trend)

Income Trends

Revenue

$1.2B -6.9% ▼

5Y CAGR: +18.8%

Gross Profit

-$396M +28.6% ▲

Operating Income

$95M +160.7% ▲

Net Income

-$246M +62.4% ▲

EPS (Diluted)

$-0.71 +60.8% ▲

EBITDA

$520M +95.0% ▲

5Y CAGR: +10.0%

Profit Margins

Year-over-Year Growth

View Full Income Statement

Line Item	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	$525M	$919M	$1.3B	$1.2B	$1.2B
YoY Growth	+7.0%	+74.4%	+44.1%	-5.6%	-6.9%
Cost of Revenue	$212M	$344M	$500M	$473M	$1.6B
Gross Profit	$312M	$575M	$826M	$776M	-$396M
Gross Margin	59.5%	62.6%	62.3%	62.1%	-33.6%
R&D Expenses	$0	$0	$0	$0	$0
SG&A Expenses	$34M	$53M	$58M	$83M	$0
Operating Expenses	$227M	$492M	$772M	$739M	-$491M
Operating Income	$86M	$83M	$54M	$37M	$95M
Operating Margin	16.3%	9.0%	4.1%	2.9%	8.0%
Interest Expense	$53M	$148M	$248M	$237M	$205M
Income Before Tax	$67M	$41M	-$282M	-$664M	-$249M
Tax Expense	$0	$0	$0	$0	$0
Net Income	$67M	$41M	-$278M	-$654M	-$246M
Net Margin	12.7%	4.5%	-21.0%	-52.4%	-20.8%
EPS (Diluted)	$0.05	$-0.28	$-0.74	$-1.81	$-0.71
EBITDA	$326M	$667M	$742M	$296M	$520M
Shares Outstanding	277M	380M	379M	366M	350M

Line Item	FY2024 Q3	FY2024 Q4	FY2025 Q1	FY2025 Q2	FY2025 Q3	FY2025 Q4	FY2026 Q1	FY2026 Q2
Revenue	$315M	$291M	$299M	$298M	$298M	$286M	$279M	$282M
Cost of Revenue	$120M	$114M	$115M	$110M	$389M	$366M	$100M	$100M
Gross Profit	$195M	$176M	$184M	$188M	-$91M	-$79M	$179M	$181M
Gross Margin	61.9%	60.6%	61.5%	63.1%	-30.7%	-27.7%	64.1%	64.4%
R&D Expenses	$0	$0	$0	$0	$0	$0	$0	$0
SG&A Expenses	$20M	$34M	$14M	$23M	$0	$0	$17M	$14M
Operating Expenses	$183M	$175M	$164M	$171M	-$116M	-$114M	$146M	$14M
Operating Income	$12M	$813K	$20M	$16M	$25M	$34M	$33M	$167M
Operating Margin	3.8%	0.3%	6.5%	5.5%	8.3%	12.0%	11.7%	59.3%
Interest Expense	$59M	$57M	$58M	$53M	$54M	$42M	$42M	$43M
Income Before Tax	-$95M	-$108M	-$45M	-$160M	-$59M	$15M	$21K	-$44M
Tax Expense	$0	$0	$0	$0	$0	$0	$0	$0
Net Income	-$93M	-$107M	-$45M	-$158M	-$58M	$14M	-$56K	-$44M
Net Margin	-29.5%	-36.8%	-15.0%	-53.1%	-19.4%	5.0%	-0.0%	-15.4%
EPS (Diluted)	$-0.26	$-0.31	$-0.13	$-0.45	$-0.17	$0.04	$-0.00	$-0.13
EBITDA	$175M	$121M	$171M	$52M	$133M	$184M	$183M	$179M
Shares Outstanding	359M	352M	350M	350M	350M	350M	347M	342M

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