# EDGAR Filing Document

**Accession Number:** 0001043000
**File Stem:** 0001043000-26-000016
**Filing Date:** 2026-5
**Character Count:** 142092
**Document Hash:** f3f82988e4d0f60c59d618537fa741d9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001043000-26-000016.hdr.sgml**: 20260511

**ACCESSION NUMBER**: 0001043000-26-000016

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 56

**CONFORMED PERIOD OF REPORT**: 20260511

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260511

**DATE AS OF CHANGE**: 20260511

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SONIDA SENIOR LIVING, INC.
- **CENTRAL INDEX KEY:** 0001043000
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-NURSING & PERSONAL CARE FACILITIES [8050]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 752678809
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-13445
- **FILM NUMBER:** 26960882

**BUSINESS ADDRESS:**
- **STREET 1:** 14755 PRESTON ROAD
- **STREET 2:** SUITE 810
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75254
- **BUSINESS PHONE:** 9727705600

**MAIL ADDRESS:**
- **STREET 1:** 14755 PRESTON ROAD
- **STREET 2:** SUITE 810
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75254

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CAPITAL SENIOR LIVING CORP
- **DATE OF NAME CHANGE:** 19970724

?xml version='1.0' encoding='ASCII'? snda-20260511

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

**FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d)**

**OF THE SECURITIES EXCHANGE ACT OF 1934**

**Date of Report (Date of earliest event reported) May 11, 2026**

_________________________________

**Sonida Senior Living, Inc.**

**(Exact name of registrant as specified in its charter)**

_________________________________

**Delaware**

**(State or other jurisdiction of incorporation)** 

---

| | | |
|:---|:---|:---|
| **1-13445** | **1-13445** | **75-2678809** |
| **(Commission File Number)** | **(Commission File Number)** | **(IRS Employer Identification No.)** |
| **14755 Preston Road** | **14755 Preston Road** | |
| **Suite 810** | **Suite 810** | |
| **Dallas,** | **Texas** | **75254** |
| **(Address of principal executive offices)** | **(Address of principal executive offices)** | **(Zip Code)** |

---

**(972) 770-5600**

**(Registrant's telephone number, including area code)**

**(Former name or former address, if changed since last report)**

_________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<u>see</u> General Instruction A.2. below):

☒ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

□ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

□ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

□ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading**<br>**symbol(s)** | **Name of each exchange**<br>**on which registered** |
| **Common Stock, par value $0.01 per share** | **SNDA** | **New York Stock Exchange** |

---

------

**Item 2.02 Results of Operations and Financial Condition.**

On May 11, 2026, Sonida Senior Living, Inc. (the "Company") announced its financial results for the first quarter ended March 31, 2026 by issuing a press release. The full text of the press release issued in connection with the announcement is attached hereto as Exhibit 99.1.

The information being furnished under Item 2.02 and Exhibit 99.1 shall not be deemed "filed" for purposes of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as may be expressly set forth by specific reference in such a filing. The press release contains, and may implicate, forward-looking statements regarding the Company and includes cautionary statements identifying important factors that could cause actual results to differ materially from those anticipated.

**Item 8.01**&nbsp;&nbsp;&nbsp;&nbsp;**Other Events**

Attached hereto as Exhibit 99.2 is the investor presentation used in connection with the Company's webcast and is incorporated herein in its entirety by reference.

**Item 9.01**&nbsp;&nbsp;&nbsp;&nbsp;**Financial Statements and Exhibits.**

(d)Exhibits.

---

| | |
|:---|:---|
| \*99.1 | <u>[Press Release dated](snda-20260331xex991.htm)[May](snda-20260331xex991.htm)[11](snda-20260331xex991.htm)[, 202](snda-20260331xex991.htm)[6](snda-20260331xex991.htm)</u> |
| \*99.2 | <u>[Sonida Senior Living, Inc. Investor Presentatio](sndaq12026presentation_m.htm)[n](sndaq12026presentation_m.htm)</u> |
| 104 | Cover Page Interactive Date File-formatted as Inline XBRL. |

---

\*These exhibits to this Current Report on Form 8-K are not being filed but are being furnished pursuant to Item 9.01.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Date: May 11, 2026 | Sonida Senior Living, Inc. | Sonida Senior Living, Inc. |
|  | By: | /s/ KEVIN J. DETZ |
|  | Name: | Kevin J. Detz |
|  | Title: | Executive Vice President and Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

 **Sonida Senior Living Announces First Quarter 2026 Results**

DALLAS, Texas – May 11, 2026 – Sonida Senior Living, Inc. (the "Company," "Sonida," "we," "our," or "us") (NYSE: SNDA), a leading owner, operator and investor of senior housing communities, today announced its results for the first quarter ended March 31, 2026.

"The first quarter of 2026 marks the beginning of a new phase of evolution for Sonida. With our operating foundation firmly in place, we are entering Phase 3 — Compounding, with clear momentum and a focused strategy for creating long-term value. Our same-store portfolio delivered strong pro forma results in the quarter, with occupancy expanding 220 basis points year-over-year and community NOI increasing 14% with 170 basis points of margin expansion. As we scale across a larger, more integrated portfolio, tools like SPIN, our Sonida Performance Insight Navigator, are becoming central to how our community teams deliver high-quality care, manage resources efficiently, and drive sustainable NOI growth over time.

Alongside our operational progress, we recently introduced a refined capital allocation framework, prioritizing our highest-conviction opportunities, pursuing disciplined external growth, and maintaining balance sheet flexibility, all in service of compounding value deliberately and delivering durable, compelling long-term returns for our shareholders," said Brandon Ribar, President and CEO.

***CHP Merger***

As previously announced, on March 11, 2026, the Company completed the acquisition of CNL Healthcare Properties, Inc. ("CHP"), a public non-traded real estate investment trust which owned a national portfolio of 69 high-quality senior housing communities, pursuant to the definitive merger agreement (the "Merger Agreement"), by and among the Company, CHP and its affiliates (the "CHP Merger"). Under the terms of the Merger Agreement, the Company acquired 100% of the outstanding common stock of CHP in a stock and cash transaction valued at approximately $1.8 billion, with approximately 66% of the consideration paid in the form of newly issued Sonida Common Stock and approximately 34% paid in cash. Specifically, each share of CHP common stock was converted into $2.32 in cash and 0.1318 shares of Sonida common stock, which was determined by dividing (a) $4.58 by (b) the volume weighted average price ("VWAP") of Sonida common stock during a measurement period prior to closing of the transaction was $35.93 and subject to a collar of 15% below the transaction reference price for the Sonida common stock of $26.74 (the "Transaction Reference Price") and 30% above the Transaction Reference Price.

***First Quarter 2026*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* Resident revenue increased $29.1 million, or 36.7%, comparing Q1 2026 to Q1 2025 driven by the CHP Merger.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pro forma<sup>1</sup> weighted average occupancy at-share for the Company's Same-Store Portfolio increased 220 basis points to 87.2% in Q1 2026 from 85.0% in Q1 2025<sup>2</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net loss attributable to Sonida shareholders for Q1 2026 was $41.2 million, as compared to $12.5 million for Q1 2025. This increase is primarily due to a $25.5 million increase in transaction, transition and restructuring costs in connection with the CHP Merger.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Q1 2026 Adjusted EBITDA and Pro forma Adjusted EBITDA, at-share, non-GAAP measures, were $21.5 million and $48.0 million, respectively, as compared to $13.6 million and $43.8 million, respectively, in Q1 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Results for the Company's Same-Store Portfolio communities were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Q1 2026 vs. Q1 2025<sup>1</sup>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Pro forma Revenue Per Available Unit ("RevPAR") increased 780 basis points to $4,601.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Pro forma Revenue Per Occupied Unit ("RevPOR") increased 500 basis points to $5,274.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Q1 2026 Community Net Operating Income, at-share and pro forma community Net Operating Income, at-share, non-GAAP measures, were $26.0 million and $48.0 million, respectively, as compared to $19.0 million and $42.1 million, respectively, for Q1 2025.<sup>3</sup> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Q1 2026 Community Net Operating Income Margin, at-share and pro forma community Net Operating Income Margin, at-share, non-GAAP measures, were 28.9% and 31.2% as compared to 28.5% and 29.5%, respectively, for Q1 2025.<sup>3</sup>

<sup>1</sup> References in this release to "pro forma" give effect to the Company's acquisition of CHP as if it occurred on the first day of the periods presented. These numbers are estimates based on ranges and subject to revision. The pro forma numbers presented in this discussion are based on the midpoint of the estimated range. See "CHP Adjusted Pro Forma Financial Measures" on page 13 of this release for further discussion.

<sup>2</sup> Please see "Definitions" on page 9 of this release for the definitions of Same-Store Community Portfolio, RevPAR, and RevPOR.

<sup>3</sup> Please see pages 9-12 of this release for reconciliations of non-GAAP financial measures.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Q1 2026 vs. Q4 2025<sup>1</sup>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Pro forma RevPAR increased 230 basis points to $4,601.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Pro forma RevPOR increased 220 basis points to $5,274.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Q1 2026 Community Net Operating Income, at-share and pro forma community Net Operating Income, at-share, a non-GAAP measure, were $26.0 million and $48.0 million, respectively, as compared to $20.7 million and $44.6 million, respectively, for Q4 2025.<sup>3</sup> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Q1 2026 Community Net Operating Income Margin, at-share and pro forma community Net Operating Income Margin, at-share, a non-GAAP measure, were 28.9% and 31.2% as compared to 29.2% and 29.7%, respectively, for Q4 2025.<sup>3</sup>

***CHP Merger Capitalization***

As previously announced, on March 10, 2026, the Company entered into a bridge loan agreement to provide for $270 million of bridge debt financing (the "Bridge Facility"). In addition, the Company incurred aggregate borrowings of $245 million under its revolving credit facility ("Revolving Credit Facility") and $525 million under its permanent term loans facility (the "Term Loans"). The Company's Revolving Credit Facility has a leverage-based pricing matrix of Secured Overnight Financing Rate ("SOFR") plus 1.35% margin and SOFR plus 2.00% margin, and a matures on March 10, 2030. The Term Loans are comprised of two equal tranches: a three-year tranche that matures March 10, 2029 and a five-year tranche that matures March 10, 2031. The Term Loans are subject to a leverage-based pricing matrix between SOFR plus 1.30% margin and SOFR plus 1.95% margin. The proceeds of the Bridge Facility, together with the proceeds of the Term Loans and the Revolving Credit Facility, were used to fund a portion of the cash consideration paid to the holders of common stock of CHP pursuant to the Merger Agreement, to repay certain existing unsecured senior indebtedness of CHP, to pay certain fees and expenses incurred in connection with the foregoing, to refinance the borrowings under the Company's then existing revolving credit facility, and for general corporate purposes. The Bridge Facility will mature on March 9, 2027. The Bridge Facility is subject to a leverage-based pricing matrix between SOFR plus 1.35% margin and SOFR plus 2.00% margin; provided that the margin applicable to the Bridge Facility will increase by 0.25% on each date that is 90, 180 and 270 days after March 10, 2026. The Company entered into a SOFR-based interest rate cap ("IRC") to reduce exposure to the variable interest rate fluctuations associated with the Bridge Facility. The IRC has a total cost of $35 thousand, an aggregate notional amount of $270 million, a 12-month term and a cap rate of 4.25%. The Bridge Facility is expected to be replaced through property-level financing prior to its maturity. The Company entered into a SOFR-based IRC to reduce exposure to the variable interest rate fluctuations associated with the Term Loans. The IRC has a total cost of $0.6 million, an aggregate notional amount of $262.5 million, a 36-month term and a cap rate of 4.50%.

On March 30, 2026, the Company incurred an additional $25 million in permanent term loans under the Term Loans facility, and on March 31, 2026, incurred an additional $25 million on the Revolving Credit Facility when it added an incremental lender into the two debt facilities. On March 31, 2026 the Company repaid $50 million of loans outstanding under the Bridge Facility. As a result of the transaction, as of March 31, 2026 the Term Loans increased to $550 million in permanent term loans in two equal tranches, the Revolving Credit Facility increased to a commitment of $430 million, and the Bridge Facility decreased to $220 million.

On May 7, 2026, the Company added an incremental lender to its Revolving Credit Facility and Term Loans facility, increasing each by $25 million. The funds were used on May 7, 2026 to repay $50 million of loans outstanding under the Bridge Facility. As a result of the transaction, as of May 7, 2026, the Term Loans increased to $575 million in permanent term loans in two equal tranches, the Revolving Credit Facility increased to a commitment of $455 million, and the Bridge Facility decreased to $170 million.

In addition, to provide cash funding for the CHP Merger, entities affiliated with Conversant Capital, LLC and Silk Partners LP, two of the Company's largest shareholders, funded an aggregate amount of $110 million, less $1.2 million in issuance costs, in exchange for the issuance of 4,113,688 of Sonida Common Stock on March 11, 2026 in a private placement pursuant to Section 4(a)(2) of the Securities Act at a price per share equal to the Transaction Reference Price of $26.74, in accordance with certain investment agreements.

***____________________________________________________________***

<sup>1</sup> References in this release to "pro forma" give effect to the Company's acquisition of CHP as if it occurred on the first day of the periods presented. These numbers are estimates based on ranges and subject to revision. The pro forma numbers presented in this discussion are based on the midpoint of the estimated range. See "CHP Adjusted Pro Forma Financial Measures" on page 13 of this release for further discussion.

<sup>3</sup> Please see pages 9-12 of this release for reconciliations of non-GAAP financial measures.

------

**SONIDA SENIOR LIVING, INC.** 

**SUMMARY OF CONSOLIDATED FINANCIAL RESULTS** 

**THREE MONTHS ENDED March 31, 2026**

**(in thousands)**

**<u>Results of Operations</u>**

***Three months ended March 31, 2026 as compared to three months ended March 31, 2025***

***Revenues***

Resident revenue for the three months ended March 31, 2026 was $108.4 million as compared to $79.3 million for the three months ended March 31, 2025, representing an increase of $29.1 million, or 36.7%. The increase in resident revenue was primarily attributable to an additional 54 senior housing operating properties ("SHOP") communities acquired in connection with the CHP Merger, and to a lesser extent, increases in occupancy and average rent rates on the remaining owned communities.

Rental income of $1.7 million for the three months ended March 31, 2026 was derived from the 15 triple-net ("NNN") senior housing communities that were acquired in connection with the CHP Merger.

***Expenses***

Operating expenses for the three months ended March 31, 2026 were $82.7 million as compared to $60.4 million for the three months ended March 31, 2025, representing an increase of $22.3 million, or 36.8%. The increase was primarily attributable to an increase in operating expenses related to the 54 additional SHOP communities acquired during 2026.

General and administrative expenses for the three months ended March 31, 2026 were $10.5 million as compared to $8.5 million for the three months ended March 31, 2025, representing an increase of $2.0 million. The increase was primarily due to a result of an increase in stock-based compensation of $1.4 million combined with an increase in labor and employee related expenses of $0.8 million to support the Company's growth initiatives, partially offset by a $0.2 million decrease in other expenses.

Transaction, transition and restructuring costs were $26.1 million and $0.6 million for the three months ended March 31, 2026 and 2025, respectively. The costs incurred during this quarter primarily include legal, audit, banking and other costs to support the Company's recent debt and restructuring activities in connection with the CHP Merger.

Interest expense for the three months ended March 31, 2026 was $12.8 million as compared to $9.4 million for the three months ended March 31, 2025, representing an increase of $3.4 million, which was primarily due to the incremental borrowings associated with the financing of the CHP Merger.

Other income (expense), net for the three months ended March 31, 2026 increased $1.1 million as compared to the three months ended March 31, 2025, primarily driven by $0.6 million in other income for recognized gross employee retention credits received from Coronavirus Aid, Relief, and Economic Security Act funding for businesses that had certain employee costs and were affected by the coronavirus pandemic.

As a result of the foregoing factors, the Company reported net loss attributable to Sonida shareholders of $41.2 million and $12.5 million for the three months ended March 31, 2026 and March 31, 2025, respectively.

------

**<u>Liquidity and Capital Resources</u>** 

On May 7, 2026, the Company added an incremental lender to its Revolving Credit Facility and Term Loans facility, increasing each by $25 million and incurring $0.4 million in lender fees. The funds were used on May 7, 2026 to repay $50 million of loans outstanding under our Bridge Facility. As a result of the transaction, as of May 7, 2026, the Term Loans increased to $575 million in term loans in two equal tranches, the Revolving Credit Facility increased to a commitment of $455 million (with $278 borrowed thereunder), and the Bridge Facility decreased to $170 million.

*Cash Flows*

The table below presents a summary of the Company's net cash provided by (used in) operating, investing, and financing activities (in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | |
| | **2026** | **2025** |<br>**Change** |
| Net cash provided by (used in) operating activities | $(35889) | $3823 | $(39712) |
| Net cash used in investing activities | (923335) | (7945) | (915390) |
| Net cash provided by (used in) financing activities | 1029176 | (2548) | 1031724 |
| Increase (decrease) in cash and cash equivalents | $69952 | $(6670) | $76622 |

---

In addition to approximately $84.3 million of unrestricted cash as of March 31, 2026, our future liquidity will depend in part upon our operating performance, which will be affected by prevailing economic conditions, and financial, business and other factors, some of which are beyond our control. Principal sources of liquidity are expected to be cash flows from operations, borrowings under our Revolving Credit Facility, proceeds from debt financings, refinancings or loan modifications, and proceeds from equity offerings. These transactions are expected to provide additional financial flexibility to us and increase our liquidity position. On March 11, 2026, the holders of all of the outstanding shares of Series A Preferred Stock converted all of such shares to shares of our common stock. As a result, no shares of Series A Preferred Stock remained outstanding, and no further dividends will be payable.

The Company, from time to time, considers and evaluates financial and capital raising transactions related to its portfolio, including debt financings and refinancings, purchases and sales of assets, equity offerings and other transactions. There can be no assurance that the Company will continue to generate cash flows at or above current levels, or that the Company will be able to obtain the capital necessary to meet the Company's short- and long-term capital requirements.

We will need to refinance all or a portion of our indebtedness on or before maturity, including the $170 million Bridge Facility (inclusive of our recent financing above) that will mature in March 2027. We expect to repay the Bridge Facility in 2026 with the net proceeds of additional financing transactions secured by certain of the CHP properties, including any property-level agency or mortgage financing. We cannot assure you that we will be able to refinance any of our indebtedness on attractive terms on or before maturity or on commercially reasonable terms or at all.

Recent changes in the current economic environment, and other future changes, could result in decreases in the fair value of assets, slowing of transactions, and the tightening of liquidity and credit markets. These impacts could make securing debt or refinancings for the Company or buyers of the Company's properties more difficult or on terms not acceptable to the Company. The Company's actual liquidity and capital funding requirements depend on numerous factors, including its operating results, its capital expenditures for community investment, and general economic conditions, as well as other factors described in "Item 1A. Risk Factors" of our 2025 Annual Report on Form 10-K filed with the SEC on March 12, 2026.

**<u>Conference Call Information</u>** 

The Company will host a conference call with senior management to discuss the Company's financial results for the three months ended March 31, 2026 on Monday May 11, 2026, at 11:00 a.m. Eastern Time. To participate, dial 833-461-5787 (or +1 585-542-9983 for international callers), meeting ID 375340529. A link to the simultaneous webcast of the teleconference will be available at: https://events.q4inc.com/attendee/375340529. The webcast will be available for replay for 12 months on the Company's investor relations website and a transcript of the call will be posted shortly after the conference call ends.

------

**<u>About the Company</u>**

Dallas-based Sonida Senior Living, Inc., is one of the largest, pure-play owner-operators and investors in U.S. senior living communities, with a focus on independent living, assisted living and memory care communities and services for senior adults. The Company provides compassionate, resident-centric services and care as well as engaging programming at the senior housing communities we operate. As of March 31, 2026, the Company owns, manages or is invested in 165 senior housing communities with over 16,400 total units across 35 states, including 153 owned senior housing communities (inclusive of 54 managed by third-party property managers, 15 leased pursuant to triple-net leases, three owned through a joint venture investment in a consolidated entity and four owned through a joint venture investment in an unconsolidated entity) and 12 communities that the Company manages on behalf of a third-party.

**<u>Safe Harbor</u>**

This release contains forward-looking statements which are subject to certain risks and uncertainties that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements, including, among others, the risks, uncertainties and factors set forth under "Item. 1A. Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the Securities and Exchange Commission (the "SEC") on March 12, 2026, and also include the following: the Company's disclosure of adjusted pro forma financial ranges giving effect to the CHP Merger, including that final results may differ from the disclosed estimates, the Company's ability to generate sufficient cash flows from operations, proceeds from equity issuances and debt financings, and proceeds from the sale of assets to satisfy its short and long-term debt obligations and to fund the Company's acquisitions and capital improvement projects to expand, redevelop, and/or reposition its senior living communities; increased competition for, or a shortage of, skilled workers, including due to general labor market conditions, along with wage pressures resulting from such increased competition, low unemployment levels, use of contract labor, minimum wage increases and/or changes in immigration or overtime laws; elevated market interest rates that increase the cost of certain of our debt obligations; the Company's ability to obtain additional capital on terms acceptable to it; the Company's ability to extend or refinance its existing debt as such debt matures, in particular, the Company's ability to refinance its Bridge Facility on the terms and within the timeline expected, or at all; the Company's compliance with its debt agreements, including certain financial covenants and the risk of cross-default in the event such non-compliance occurs; the Company's ability to complete acquisitions and dispositions upon favorable terms or at all, including the possibility that the expected benefits and the Company's projections related to such acquisitions may not materialize as expected; litigation relating to the CHP Merger that has been or could be instituted against CHP, the Company and our respective directors; our ability to integrate our business with CHP successfully, and to achieve the anticipated benefits; the possibility that companies that the Company has acquired (including CHP) or may acquire could have undiscovered liabilities, or that companies or assets that the Company has acquired (including CHP) or may acquire could involve other unexpected costs or may strain the Company's management capabilities; potential adverse reactions or changes to business relationships resulting from the CHP Merger; the risk of oversupply and increased competition in the markets which the Company operates; the Company's ability to maintain internal controls over financial reporting; the cost and difficulty of complying with applicable licensure, legislative oversight, or regulatory changes; risks associated with current global economic conditions and general economic factors such as elevated labor costs due to shortages of medical and non-medical staff, competition in the labor market, increased costs of salaries, wages and benefits, and immigration laws, the consumer price index, commodity costs, fuel and other energy costs, supply chain disruptions, increased insurance costs, tariffs, elevated interest rates and tax rates; the impact from or the potential emergence and effects of a future epidemic, pandemic, outbreak of infectious disease or other health crisis; the Company's ability to maintain the security and functionality of its information systems, to prevent a cybersecurity attack or breach, and to comply with applicable privacy and consumer protection laws, including HIPAA; and changes in accounting principles and interpretations.

For information about Sonida Senior Living, visit <u>www.sonidaseniorliving.com</u> or connect with the Company on Facebook, X or LinkedIn.

**Investor Relations** 

Megan Caldwell

VP, Investor Relations

<u>megan.caldwell@sonidaliving.com</u> 

<u>ir@sonidaliving.com</u>

Jason Finkelstein

<u>jfinkelstein@sonidaliving.com</u>

------

**Sonida Senior Living, Inc.**

**Condensed Consolidated Statements of Operations (Unaudited)**

**(in thousands, except per share data)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| | **2026** | **2025** |
| &nbsp;&nbsp;**Revenues:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resident revenue | $108427 | $79255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rental income | 1695 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fee income | 1145 | 1061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Managed community reimbursement revenue | 11365 | 11607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 122632 | 91923 |
| &nbsp;&nbsp;**Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating expense | 82676 | 60414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative expense | 10463 | 8472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transaction, transition and restructuring costs | 26094 | 610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 19960 | 13686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Managed community reimbursement expense | 11365 | 11607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Third-party property management fees | 1048 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total expenses** | 151606 | 94789 |
| &nbsp;&nbsp;**Other income (expense):** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 219 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (12833) | (9446) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss from equity method investment | (208) | (330) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income (expense), net | 554 | (550) |
| &nbsp;&nbsp;**Loss before provision for income taxes** | (41242) | (12950) |
| &nbsp;&nbsp;Provision for income taxes | (208) | (75) |
| &nbsp;&nbsp;**Net loss** | (41450) | (13025) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Net loss attributable to noncontrolling interests | 222 | 496 |
| &nbsp;&nbsp;**Net loss attributable to Sonida shareholders** | (41228) | (12529) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends on Series A convertible preferred stock | (1093) | (1409) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deemed dividend on induced conversion of Series A convertible preferred stock | (19069) |  |
| &nbsp;&nbsp;**Net loss attributable to common shareholders** | $(61390) | $(13938) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted average common shares outstanding — basic | 25694 | 18047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted average common shares outstanding — diluted | 25694 | 18047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic net loss per common share | $(2.39) | $(0.77) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted net loss per common share | $(2.39) | $(0.77) |

---

------

**Sonida Senior Living, Inc.**

**Condensed Consolidated Balance Sheets** 

**(in thousands, except per share amounts)**

---

| | | |
|:---|:---|:---|
| | **March 31,<br>2026** | **December 31,<br>2025** |
|  | *(unaudited)* |  |
| **Assets:** |  |  |
| **Current assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $84284 | $11008 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 15940 | 19264 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net of allowance for credit losses of $5.1 million and $2.6 million, respectively | 26002 | 18611 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 10824 | 6373 |
| &nbsp;&nbsp;&nbsp;&nbsp;Assets held for sale | 9459 | 9453 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative assets | 182 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred issuance costs |  | 13163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current assets** | 146691 | 77880 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property and equipment, net | 2201292 | 736188 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment in unconsolidated entity | 8581 | 8789 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible assets, net | 197555 | 19743 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 63950 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets, net | 9152 | 2245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** <sup>(a)</sup> | $2627221 | $844845 |
| **Liabilities:** |  |  |
| **Current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $18177 | $4705 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 66423 | 71663 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of debt, net of deferred loan costs | 218673 | 7291 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income | 13104 | 7275 |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal and state income taxes payable | 1232 | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liabilities held for sale | 13619 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 2435 | 379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current liabilities** | 333663 | 105134 |
| Long-term debt, net of deferred loan costs | 1403684 | 682450 |
| Other long-term liabilities | 856 | 1006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** <sup>(a)</sup> | 1738203 | 788590 |
| Commitments and contingencies |  |  |
| **Redeemable preferred stock:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A convertible preferred stock, $0.01 par value; none authorized, none issued and outstanding as of March 31, 2026 and 41 shares authorized, 41 shares issued and outstanding as of December 31, 2025 |  | 51249 |
| **Equity:** |  |  |
| &nbsp;&nbsp;**Sonida's shareholders' equity (deficit):** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, $0.01 par value:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized shares - 15,000 as of March 31, 2026 and December 31, 2025; none issued or outstanding, except Series A convertible preferred stock as noted above as of December 31, 2025 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.01 par value: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized shares - 100,000 as of March 31, 2026 and 30,000 as of December 31, 2025; 47,359 and 18,770 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively | 474 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 1416615 | 490804 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained deficit | (532231) | (491003) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Sonida shareholders' equity (deficit)** | 884858 | (11) |
| &nbsp;&nbsp;**Noncontrolling interest:** | 4160 | 5017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total equity** | 889018 | 5006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities, redeemable preferred stock and equity** | $2627221 | $844845 |

---

(a) The condensed consolidated balance sheets include the following amounts related to our consolidated Variable Interest Entity (VIE): $1.4 million and $1.8 million of Cash and cash equivalents; $2.1 million and $2.0 million of Restricted cash; $0.3 million and $0.4 million of Accounts receivable, net; and $29.3 million and $28.8 million of Property and equipment, net; $2.3 million and $2.8 million of Intangible assets, net; $1.1 million and $1.0 million of Accounts payable; $0.7 million and $0.7 million of Accrued expenses; $0.3 million and $0.3 million of Deferred income; $19.9 million and $21.5 million of Debt, net of deferred loan costs; and $0.1 million and $0.1 million of Other long-term liabilities, in each case, as of March 31, 2026 and December 31, 2025, respectively.

------

**Sonida Senior Living, Inc.**

**Condensed Consolidated Statements of Cash Flows (Unaudited)**

**(in thousands)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| **Cash flows from operating activities:** |  |  |
| Net loss | $(41450) | $(13025) |
| Adjustments to reconcile net loss to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 19960 | 13686 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred loan costs | 765 | 421 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on derivative instruments, net | (393) | 490 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss from equity method investment | 208 | 330 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses | 1041 | 695 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash stock-based compensation expense | 2396 | 973 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-cash items | 114 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities, net of business acquisition: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | (2535) | 1807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 1686 | 805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets, net | (421) | (62) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | (1865) | (3476) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal and state income taxes payable | 202 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income | (15666) | 1043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer deposits | 69 | (112) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by (used in) operating activities** | (35889) | 3823 |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of new businesses, net of cash acquired | (913002) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of investment in unconsolidated entity |  | 392 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of noncontrolling interest | (3577) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures | (6756) | (8337) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in investing activities** | (923335) | (7945) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock, net of issuance costs | 108780 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of debt | 1102500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments of debt | (159013) | (918) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to noncontrolling investors in joint ventures |  | (132) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of derivative assets | (1202) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A convertible preferred induced conversion consideration and closing costs | (5125) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends paid on Series A convertible preferred stock | (1093) | (1409) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred loan costs paid | (15175) | (38) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financing costs | (496) | (51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by (used in) financing activities** | 1029176 | (2548) |
| Increase (decrease) in cash and cash equivalents and restricted cash | 69952 | (6670) |
| Cash, cash equivalents, and restricted cash at beginning of period | 30272 | 39087 |
| **Cash, cash equivalents, and restricted cash at end of period** | $100224 | $32417 |

---

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**DEFINITIONS** 

**RevPAR**, or average monthly revenue per available unit, is defined by the Company as resident revenue for the period, divided by the weighted average number of available units in the corresponding portfolio for the period, divided by the number of months in the period. The RevPAR calculation does not include rental income.

**RevPOR**, or average monthly revenue per occupied unit, is defined by the Company as resident revenue for the period, divided by the weighted average number of occupied units in the corresponding portfolio for the period, divided by the number of months in the period. RevPOR is a significant driver of our senior housing revenue performance.

**Same-Store Portfolio** is defined by the Company as SHOP communities that are wholly or partially owned, and operational for the full year in each year beginning as of January 1st of the prior year. Our management uses Same-Store Portfolio operating results and data for decision making and components of executive compensation, and we believe such results and data provide useful information to investors, because it enables comparisons of revenue, expense, and other operating measures for a consistent portfolio over time without giving effect to the impacts of communities that were not consolidated and operational for the comparison periods, communities acquired or disposed during the comparison periods (or planned for disposition).

**Non Same-Store Portfolio** is defined by the Company as SHOP communities that are wholly or partially owned and either (i) not operational or not owned for the full year in each year beginning as of January 1st of the prior year or (ii) have undergone or are undergoing strategic repositioning as a result of significant changes in the business model, care offerings, and/or capital re-investment plans, that in each case, have disrupted, or are expected to disrupt, normal course operations. These communities will be included in the Same-Store Portfolio once operating under normal course operating structures for the full year in each year beginning as of January 1st of the prior year.

**Senior Housing Operating Properties (SHOP)** "Senior Housing" is defined as residential real estate assets designed to accommodate the needs of senior residents, including but not limited to independent living, assisted living, and memory care facilities. Within this category, "Senior Housing Operating Properties" (SHOP) refers exclusively to those properties in which the Company, directly or through third-party management agreements, maintains operational control and bears the associated risks and rewards of ownership, including but not limited to occupancy, revenue generation, and operating expenses. For the avoidance of doubt, this definition expressly excludes senior housing properties subject to triple net lease ("NNN") agreements. Under such agreements, operational responsibilities, including property management, operating expenses, and financial performance, are borne solely by the lessee, and the Company's involvement is limited to receiving fixed rental payments. As such, NNN Portfolio assets are not included within the scope of the SHOP portfolio.

**NNN Portfolio** is defined by the Company as wholly owned seniors housing properties that are leased to third-party tenants under triple-net or similar lease structures, where the tenant bears all or substantially all of the costs (including cost for real estate taxes, utilities, insurance and ordinary repairs). Sonida is not involved in property management.

**NON-GAAP FINANCIAL MEASURES** 

This earnings release contains the financial measures (1) Net Operating Income, (2) Net Operating Income Margin, (3) Adjusted EBITDA, and (4) Same-store amounts for these metrics, each of which is not calculated in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"). Presentations of these non-GAAP financial measures are intended to aid investors in better understanding the factors and trends affecting the Company's performance and liquidity. However, investors should not consider these non-GAAP financial measures as a substitute for financial measures determined in accordance with GAAP, including net income (loss), income (loss) from operations, net cash provided by (used in) operating activities, or revenue. Investors are cautioned that amounts presented in accordance with the Company's definitions of these non-GAAP financial measures may not be comparable to similar measures disclosed by other companies because not all companies calculate non-GAAP measures in the same manner. Investors are urged to review the reconciliations of these non-GAAP financial measures from the most comparable financial measures determined in accordance with GAAP, which are included below.

The Company believes that presentation of Net Operating Income and Net Operating Income Margin as performance measures is useful to investors because such measures are some of the metrics used by the Company's management to evaluate the performance of the Company's owned portfolio of communities, to review the Company's comparable historic and prospective core operating performance of the Company's owned communities, and to make day-to-day operating decisions. The Company also believes that the presentation of such non-GAAP financial measures and Adjusted EBITDA is useful to investors because such measures provide an assessment of operational factors that management can impact in the short-term, primarily revenues and the controllable cost structure of the organization, by eliminating items related to the Company's

------

financing and capital structure and other items that management does not consider as part of the Company's underlying core operating performance and that management believes impact the comparability of performance between periods.

Net Operating Income and Net Operating Income Margin have material limitations as performance measures, including the exclusion of general and administrative expenses that are necessary to operate the Company and oversee its communities. Furthermore, such non-GAAP financial measures and Adjusted EBITDA exclude (i) interest that is necessary to operate the Company's business under its current financing and capital structure, and (ii) depreciation, amortization, and impairment charges that may represent the wear and tear and/or reduction in value of the Company's communities and other assets and may be indicative of future needs for capital expenditures. The Company may also incur income/expense similar to those for which adjustments may be made and such income/expense may significantly affect the Company's operating results.

**Net Operating Income and Net Operating Income Margin (Unaudited)** 

Net Operating Income and Net Operating Income Margin are non-GAAP performance measures that the Company defines as net income (loss) excluding: general and administrative expenses (inclusive of stock-based compensation expense), interest income, interest expense, other income (expense), provision for income taxes, management fees, and further adjusted to exclude income/expense associated with non-cash, non-operational, transactional, or organizational restructuring items that management does not consider as part of the Company's underlying core operating performance and that management believes impact the comparability of performance between periods. For the periods presented herein, such other items include depreciation and amortization expense, transaction, transition and restructuring costs, impairment of long-lived assets, loss from equity method investment, casualty loss, non-recurring settlement fees, non-income tax, and non-property tax. Net Operating Income Margin is calculated by dividing Net Operating Income by resident revenue. The Company presents these non-GAAP measures on a consolidated community and same-store community basis.

The following table presents a reconciliation of the Non-GAAP Financial Measures of Net Operating Income and Net Operating Income Margin, in each case, on a consolidated community and same-store community basis to the most directly comparable GAAP financial measure of net income (loss) for the periods indicated:

------

---

| | | | |
|:---|:---|:---|:---|
| **(Dollars in thousands)** | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** | **Three Months Ended December 31,** |
|  | **2026** | **2025** | **2025** |
| **Same-Store community Net Operating Income, at-share** <sup>(1)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss | $(41450) | $(13025) | $(30146) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative expense | 10463 | 8472 | 11121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transaction, transition and restructuring costs | 26094 | 610 | 8986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Third-party management fees | 1048 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 19960 | 13686 | 14809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-lived asset impairment |  |  | 7792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | (219) | (242) | (481) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 12833 | 9446 | 10008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss from equity method investment | 208 | 330 | 283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other (income) expense, net  | (554) | 550 | (1337) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | 208 | 75 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fee income | (1145) | (1061) | (1090) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses <sup>(2)</sup> | 1313 | 1300 | 1323 |
| **Consolidated community Net Operating Income** | **28759** | **20141** | **21344** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Operating Income attributable to unconsolidated investments<sup>(3)</sup> | 685 | 504 | 623 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Operating Income attributable to noncontrolling interests<sup>(4)</sup> | (517) | (193) | (387) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Operating Income for Non Same-Store communities <sup>(1)</sup> | (2947) | (1416) | (879) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Same-Store community Net Operating Income, at-share** | **25980** | **19036** | **20701** |
| **Resident revenue** | **108427** | **79255** | **86260** |
| &nbsp;&nbsp;&nbsp;&nbsp;Resident revenue attributable to unconsolidated investments<sup>(3)</sup> | 2595 | 2287 | 2409 |
| &nbsp;&nbsp;&nbsp;&nbsp;Resident revenue attributable to noncontrolling interests<sup>(4)</sup> | (2067) | (1607) | (1945) |
| &nbsp;&nbsp;&nbsp;&nbsp;Resident revenue for Non Same-Store communities <sup>(1)</sup> | (18934) | (13043) | (15931) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Same-Store SHOP resident revenue, at-share** | $**90021** | $**66892** | $**70793** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Same-Store SHOP Net Operating Income Margin, at-share** | **28.9%** | **28.5%** | **29.2%** |

---

<sup>(1)</sup> Q1 2026 excludes 27 Non Same-Store consolidated communities. Q1 2025 excludes 13 Non Same-Store consolidated communities. Q4 2025 excludes 16 Non Same-Store consolidated communities.

<sup>(2)</sup> Includes casualty loss, non-recurring settlement fees, income tax and personal property tax.

<sup>(3)</sup> Sonida's interests in joint ventures in which we are the minority partner.

<sup>(4)</sup> Minority partners' interests in joint ventures where Sonida is the majority partner.

------

**ADJUSTED EBITDA (UNAUDITED)**

Adjusted EBITDA is a non-GAAP performance measure that the Company defines as net income (loss) excluding: depreciation and amortization expense, interest income, interest expense, other expense/income, provision for income taxes; and further adjusted to exclude income/expense associated with non-cash, non-operational, transactional, or organizational restructuring items that management does not consider as part of the Company's underlying core operating performance and that management believes impact the comparability of performance between periods. For the periods presented herein, such other items include stock-based compensation expense, provision for credit losses, long-lived asset impairment, casualty losses, and transaction, transition and restructuring costs.

The following table presents a reconciliation of the Non-GAAP Financial Measures of Adjusted EBITDA and Adjusted EBITDA, at-share pro forma to the most directly comparable GAAP financial measure of net loss for the periods indicated:

---

| | | | |
|:---|:---|:---|:---|
| **(In thousands)** | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** | **Three Months Ended<br>December 31,** |
|  | **2026** | **2025** | **2025** |
| **Adjusted EBITDA** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss | $(41450) | $(13025) | $(30146) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 19960 | 13686 | 14809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 2396 | 973 | 1426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses | 1041 | 695 | 1062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | (219) | (242) | (481) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 12833 | 9446 | 10008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-lived asset impairment |  |  | 7792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other (income) expense, net  | (554) | 550 | (1337) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | 208 | 75 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Casualty losses <sup>(1)</sup> | 1220 | 775 | 748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transaction, transition and restructuring costs <sup>(2)</sup> | 26094 | 632 | 8986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Adjusted EBITDA** | $**21529** | $**13565** | $**12943** |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interest <sup>(3)</sup> | (382) | (88) | (252) |
| &nbsp;&nbsp;&nbsp;&nbsp;Pro rata adjusted EBITDA for unconsolidated joint venture <sup>(4)</sup> | 759 | 719 | 735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Adjusted EBITDA, at-share** <sup>(5)</sup> | $**21906** | $**14196** | $**13426** |

---

<sup>(1)</sup> Casualty losses relate to non-recurring insured claims for unexpected events.

<sup>(2)</sup> Transaction, transition and restructuring costs relate to legal and professional fees incurred for transactions, restructuring projects, or related projects, and other.

<sup>(3)</sup> Minority partners' interests in joint ventures where Sonida is the majority partner.

<sup>(4)</sup> Sonida's interests in joint ventures in which we are the minority partner.

<sup>(5)</sup> At-share applies to Sonida's ownership share in JVs. KZ JV acquisition (Sonida's 32.71% ownership share) and Palatine JV acquisition (Sonida's 51% ownership share).

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**CHP ADJUSTED PRO FORMA FINANCIAL MEASURES**

Certain measures presented during our earnings call and in this earnings release have been further adjusted below to effect to the CHP Merger as if it was consummated on the first day of the period presented, as we believe such adjustment provides investors with useful information about the combined business. These pro forma adjustments have been calculated based on CHP's internal management accounts and reporting. We believe that the adjustments represent a reasonable estimate for CHP's business for the relevant periods; however, there can be no assurance that the combined business would have achieved the same results if we had acquired CHP at the beginning of such periods.

Our pro forma financial statements for the year ended December 31, 2025 and three months ended March 31, 2026 are not yet complete. The preliminary estimates presented below were prepared by, and are the responsibility of, the Company's management, based upon a number of assumptions. We have provided ranges, rather than specific amounts, for the preliminary results described below primarily because our pro forma financial statements are not complete, and the calculations are subject to revision as we integrate CHP into our accounting and control systems. Such revisions may be significant. We may identify items that would require us to make adjustments to the preliminary set forth below.

This preliminary estimated financial data should not be viewed as a substitute for consolidated financial statements prepared in accordance with United States generally accepted accounting principles ("GAAP") or our pro forma financial statements prepared in accordance with Article 11 of Regulation S-X. The Company plans to file pro forma financial statements for the year ended December 31, 2025 and March 31, 2026 on a Form 8-K within the month of May. Our independent registered public accounting firm has not audited, reviewed, compiled, or applied agreed-upon procedures with respect to the ranges below and does not express an opinion or any other form of assurance with respect thereto.

The Company is not able to provide a reconciliation of the CHP adjustments to their most directly comparable GAAP financial measures without unreasonable efforts due to the timing of and visibility into the underlying data used to conform to the presentation of the Company and its filing peers.

For the three months ended March 31, 2026, we estimate that CHP would have contributed between $21.0 million and $23.0 million, $22.5 million and $25.0 million, and $60.5 million and $67.0 million to our reported community net operating income, Adjusted EBITDA, and resident revenue, respectively.

For the three months ended March 31, 2025, we estimate that CHP would have contributed between $22.0 million and $24.0 million, $21.5 million and $24.0 million, and $72.0 million and $80.0 million to our reported community net operating income, Adjusted EBITDA, and resident revenue, respectively.

For the three months ended December 31, 2025, we estimate that CHP would have contributed between $22.5 million and $25.0 million, $22.5 million and $25.0 million, and $75.5 million and $83.5 million to our reported community net operating income, Adjusted EBITDA, and resident revenue, respectively.

## Exhibit 99.2

![](sndaq12026presentation_m001.jpg)

SNDA NYSE Listed Investor Presentation First Quarter 2026 May 11, 2026 The Ashton at Anderson

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![](sndaq12026presentation_m002.jpg)

Pro Forma Financial Measures and Forward-Looking Statements 2 CHP ADJUSTED PRO FORMA FINANCIAL MEASURES As further described in the Company's Current Report on Form 8-K filed with the SEC on March 11, 2026, the Company completed its previously announced acquisition of CNL Healthcare Properties, Inc. ("CHP") through a series of steps ending with a forward merger of CHP with and into a subsidiary of the Company (the "CHP Merger" or "Merger"), with such subsidiary surviving the CHP Merger, as a result of which the Company now indirectly owns all of the assets of CHP. Certain measures presented in this investor presentation that are labeled as "pro forma" have been adjusted to effect to the CHP Merger as if it was consummated on the first day of the applicable period presented, as we believe such adjustment provides investors with useful information about the combined business. These pro forma adjustments have been calculated based on CHP's internal management accounts and reporting. We believe that the adjustments represent a reasonable estimate for CHP's business for the relevant periods; however, these are unreviewed estimates and there can be no assurance that the combined business would have achieved the same results if we had acquired CHP at the beginning of such periods. The pro forma numbers presented in this investor presentation are based on the midpoint of the estimated range. See "CHP Adjusted Pro Forma Financial Measures" on page A-9 of the appendix section of this investor presentation for risks related to these estimates. FORWARD-LOOKING STATEMENTS This investor presentation contains forward-looking statements which are subject to certain risks and uncertainties that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements, including, among others, the risks, uncertainties and factors set forth under "Item. 1A. Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the Securities and Exchange Commission (the "SEC") on March 12, 2026, and also include the following: the Company's disclosure of adjusted pro forma financial ranges giving effect to the CHP Merger, including that final results may differ from the disclosed estimates; the Company's ability to generate sufficient cash flows from operations, proceeds from equity issuances and debt financings, and proceeds from the sale of assets to satisfy its short and long-term debt obligations and to fund the Company's acquisitions and capital improvement projects to expand, redevelop, and/or reposition its senior living communities; increased competition for, or a shortage of, skilled workers, including due to general labor market conditions, along with wage pressures resulting from such increased competition, low unemployment levels, use of contract labor, minimum wage increases and/or changes in immigration or overtime laws; elevated market interest rates that increase the cost of certain of our debt obligations; the Company's ability to obtain additional capital on terms acceptable to it; the Company's ability to extend or refinance its existing debt as such debt matures, in particular, the Company's ability to refinance its Bridge Loan on the terms and within the timeline expected, or at all; the Company's compliance with its debt agreements, including certain financial covenants and the risk of cross-default in the event such non-compliance occurs; the Company's ability to complete acquisitions and dispositions upon favorable terms or at all, including the possibility that the expected benefits and the Company's projections related to such acquisitions (including CHP) may not materialize as expected; litigation relating to the CHP Merger that has been or could be instituted against CHP, the Company and our respective directors; our ability to integrate our business with CHP successfully, and to achieve the anticipated benefits; the possibility that companies that the Company has acquired (including CHP) or may acquire could have undiscovered liabilities, or that companies or assets that the Company has acquired (including CHP) or may acquire could involve other unexpected costs or may strain the Company's management capabilities; potential adverse reactions or changes to business relationships resulting from the CHP Merger; the risk of oversupply and increased competition in the markets which the Company operates; the Company's ability to maintain internal controls over financial reporting; the cost and difficulty of complying with applicable licensure, legislative oversight, or regulatory changes; risks associated with current global economic conditions and general economic factors such as elevated labor costs due to shortages of medical and non-medical staff, competition in the labor market, increased costs of salaries, wages and benefits, and immigration laws, the consumer price index, commodity costs, fuel and other energy costs, supply chain disruptions, increased insurance costs, tariffs, elevated interest rates and tax rates; the impact from or the potential emergence and effects of a future epidemic, pandemic, outbreak of infectious disease or other health crisis; the Company's ability to maintain the security and functionality of its information systems, to prevent a cybersecurity attack or breach, and to comply with applicable privacy and consumer protection laws, including HIPAA; and changes in accounting principles and interpretations. We caution you that the risks, uncertainties and other factors referenced above may not contain all of the risks, uncertainties and other factors that are important to you. In addition, we cannot assure you that we will realize the results, benefits or outcomes that we expect or anticipate or, even if substantially realized, that they will result in the consequences or affect us or our business in the way expected. All forward-looking statements are expressly qualified in their entirety by the cautionary statements set forth above. Forward-looking statements speak only as of the date of they are made, and the Company does not undertake or assume any obligation to update publicly any of these statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable law.

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Executive Summary 3Heritage at The Plains at Parish Homestead

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4 Leading Pure-Play Publicly Traded U.S. Senior Housing Company Owner and operator of Independent Living (IL), Assisted Living (AL) and Memory Care (MC) communities Sonida operating platform and regionally focused densification strategy designed to drive higher yields and shareholder returns: • Owner-operator model converts operational improvement into higher NOI and returns • Proprietary analytics SPIN (Sonida Performance Insight Navigator) empowers operators with real-time operational data and insights. This includes enabling data-driven pricing and labor management, driving margin expansion • Quick integration of tuck-in acquisitions accelerates stabilization and payback • Regional density enhances cash flow durability through scale and local market expertise Focus on organic growth through continuous community operational improvements and excellence as well as disciplined inorganic accretive growth through acquisitions Experienced leadership with robust integration experience, strong capital allocation track record, and continued alignment with shareholders $3.4B Enterprise Value 93.4% Private Pay 153 Owned Properties (No Operating Leases) ~14,700 Owned Units (No Operating Leases) 100% Senior Housing Note: All metrics are at-share. (1) Market Cap component as of May 8, 2026. (2) Source: ASHA Top 50 Owners 2025.. (3) Includes 84 Senior Housing Operating Properties or SHOP (including JVs); excludes 12 properties managed for third-party owners. CHP portfolio includes 54 SHOP and 15 owned, triple-net ("NNN") properties leased (as landlord) to third-party tenants; excludes one vacant land parcel. See definitions in the appendix at the end of this presentation. 8th Largest Senior Housing Owner(2) (3)(3) Company Overview C-Corp structure allows flexibility and control over cash flow re-investment towards highest return opportunities (1) Watercrest at Mansfield Mansfield, TX Raider Ranch Raider Ranch, TX Addison of Gwinnett Park Gwinnett Park, GA

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5 Pro Forma Q1 2026 Financial Summary(1) and Recent Highlights Figures rounded to the nearest tenth and numbers presented may vary to numbers presented in the appendix due to rounding. (1) All figures based on pro forma Q1 2026 and Q1 2025 results which includes CHP portfolio performance as of January 1 for each year. (2) Same-Store Portfolio includes acquisitions at Sonida's respective at-share ownership: Stone JV acquisition (32.71% ownership share) and Palatine JV acquisition (51% ownership share. See appendix at the end of this presentation for definition. (3) See appendix at the end of this presentation for definition. (4) RevPOR and Weighted Average Occupancy are KPIs. See appendix at the end of this presentation for definitions. (5) Community Net Operating Income ("NOI"), Community NOI Margin and Adjusted EBITDA are non-GAAP financial measures. See reconciliation of non-GAAP financial measures in appendix tables at the end of this presentation. (6) Reflects total senior housing investments made by Sonida since January 1, 2024, including the acquisition of CNL Healthcare Properties, Inc., which closed on March 11, 2026. (7) Based on Q1 2026 annualized NOI. YoY Same-Store SHOP Portfolio(1)(2)(3) +5.0% RevPOR(4) 87.2% +220 bps Weighted Average Occupancy(4) +14.0% Community NOI(5) YoY Total SHOP Portfolio(1)(3) +70 bps Community NOI Margin Growth(5) $51.3M Community NOI(5) $45.8M Adj. EBITDA(5) H I G H L I G H T S $2B+ Invested since 2024(6) +92 Communities acquired since 2024 (from 61 to 153 communities) 11.5% Stabilized Yield on 2024 acquisition cohort(7) Community NOI Margin(5) 31.2% +170 bps +8.5% Resident Revenue Growth

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6 Key Updates Across the Platform (1) NOI Margin is a non-GAAP financial measures. See reconciliation of non-GAAP financial measures in appendix tables at the end of this presentation. (2) Market Cap component as of May 8, 2026. (3) Source: ASHA Top 50 Owners 2025. Based on number of units for the combined company post CHP merger. Accelerating same-store growth, on-track integration, and capital strategy defined Same-Store Operating Performance Continued and accelerating growth • Delivered strong year-over-year growth across our Same-Store Portfolio, highlighted by continued occupancy expansion, sustained pricing power, and meaningful NOI Margin(1) improvement • Continued strong leasing outcomes in Q1 extending into early Q2 — underpinned by digital marketing initiatives driving qualified lead flow and conversion • Legacy CHP and Sonida communities each delivered strong Q1 results, reflecting consistent execution across both cohorts within the Same-Store Portfolio CNL Integration Update Integration underway and on track • CHP merger closed March 11, 2026; created a $3.4B pure-play senior housing operator(2) and the 8th largest owner of U.S. senior living assets(3) • Labor profile stable for six consecutive months • $16–$20M year-one G&A synergy target on track; financial systems and reporting integrated; additional synergy opportunities are being identified • Sonida has three scheduled integration phases: • Phase 1 launched May 4th, transitioning six communities to the Sonida operating platform • Phases 2 and 3 are planned for Summer 2026 • The total CHP portfolio includes 69 senior housing communities (54 SHOP + 15 NNN) Capital Allocation Plans Shareholder letter published April 2026 • Published disciplined capital allocation strategy anchored in three core principles: (1) enhance portfolio quality through disciplined investment and asset recycling, (2) deploy capital only where returns materially exceed cost of capital, and (3) maintain risk- adjusted execution with balance sheet discipline • Introduced the Sonida Performance Insight Navigator (SPIN), a proprietary data analytics platform that enables real-time, data-driven decision-making across pricing, labor efficiency, and margin optimization Building pipeline & active disposition program • Sourcing accretive acquisitions targeting double-digit unlevered returns • Active disposition program recycling non-core assets

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Overview 7The Ashton on Dorsey

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Built to Operate, Positioned to Scale (1) NOI and NOI Margin are non-GAAP financial measure. See appendix at the end of this presentation for reconciliations of non-GAAP financial measures. (2) Market Cap component as of May 8, 2026. (3) Weighted Average Occupancy is a KPI. See appendix at the end of this presentation for definitions. A proven operational playbook, executed across every phase of Sonida's growth 8 N O W Phase 3 Compounding 2026 and beyond Phase 3 begins with scale. A $3.4B pure-play seniors living platform(2), a proven operational foundation, and the most compelling senior housing investment backdrop in a generation 1. Sustain operational momentum SPIN-driven analytics, decentralized ownership culture, and continued margin expansion through rate growth and labor discipline +220 bps Pro Forma Q1'26 Same-Store Weighted Avergae Occupancy YoY growth(3) >50% Pro Forma Q1'26 incremental NOI Margin on a sequential basis(1) 2. Deploy capital accretively Double-digit unlevered returns, geographic clustering, and strict per-share FCF and NAV accretion discipline 3. Scale national platform Incremental NOI Margins >50%(1) on a sequential basis, demonstrating the earnings power of a scaled national platform as revenue growth flows through to NOI(1) 4. Optimize balance sheet Target mid-6x leverage; selective asset recycling to concentrate in highest-growth markets • Occupancy trough 75%; NOI Margin(1) (3.6%) • In Q4 2021 Conversant Capital leads $155M recapitalization • New leadership; balance sheet restructured • Organic NOI(1) & occupancy growth; $130M equity raise • $296M acquisitions; SPIN platform introduced • Closed CNL Healthcare Properties acquisition creating $3.4B pure-play senior housing owner- operator(2) • Target mid-6x leverage; asset recycling Phase 1 — Survival 2020 – 2021 Phase 2 — Stabilization 2022 – 2025 Phase 3 — Compounding ► 2026+ Revised Capital Allocation Framework: Sonida plans to deploy its growth platform to drive de-leveraging, accretive acquisitions, and selective asset recycling

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Sonida Phase 3 Brings Scale and Opportunity Sonida is a scaled, pure-play, high-growth and differentiated senior housing platform primed to capitalize on long-term sector tailwinds 9 (1) Based on ASHA Top 50 Owners 2025. Market Leadership and Platform Scale 8th largest U.S. senior housing owner with ~14,700 owned units(1) Upscale senior housing portfolio clustered around key regional markets with strong underlying growth metrics Speed, control and flexibility to pursue value-add strategies in existing portfolio Meaningful Long-Term Upside and Financial Benefits Immediately deleveraging transaction strengthened balance sheet and improved free cash flow conversion Future upside from operating cost synergies and economies of scale in regional management structures Capital Advantages and Capacity for Growth Increased equity market capitalization, liquidity and access to capital C-Corp structure allows flexibility and control over cash flow re-investment towards highest internal and external return opportunities Accumulated Net Operating Losses (NOLs) allow carry forward losses to offset future taxable income, reducing future tax liabilities

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MC 16% IL 34% AL 49% SNF 1% 40% 5%14% 21% 20%Midwest Northeast West South Southeast National Portfolio with Meaningful Regional Density Leading pure-play senior housing player with balanced diversification in demographically attractive key geographies 10 Managed for Third-Party Owner 75+ Population Growth (Next 5 Yrs) Median Home Value ($k) Combined SHOP Portfolio (1) 25% $371k U.S. National Average 22% $374k SHOP NNN SHOP + NNN Sonida's SHOP portfolio is concentrated in markets projected to outpace the national average for 75+ population growth by ~300 basis points over the next five years, positioning the portfolio at the intersection of demographic demand and operational scale. (1) Weighted average for Sonida SHOP portfolio based on units (at-share). Data provided by NIC MAP Vision. Demographics data is current as of January 1, 2026

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Top-Tier Scale in U.S. Senior Housing # Company Properties Units 1 1,067 112,641 2 756 73,570 3 376 32,448 4 180 24,542 5 224 24,173 6 171 17,660 7 146 16,084 8 153 14,696 9 109 14,296 10 18 12,731(3) (1) (Private) (Private) (Private) (Private) (2) 8th largest U.S. senior housing owner Mid- to Upper-7x Leverage 7.4% 2026E G&A and 3rd Party Mgmt. Fees (as a % of Total Revenue) ~62%(4) Run-rate 2026E Normalized FFO per share accretion $1.8B / $1.1B(5) Market Cap. / Free Float 11 >$60M / Year Annual FCF(6) (1) Based on 84 owned Sonida properties (excludes managed properties) and CHP's 69 properties (excludes 1 vacant land parcel). (2) Based on Sonida Available Units for 84 owned assets at share (excludes managed properties) plus total CHP units. (3) Includes the Erickson Senior Living CCRCs. Sonida Pro Forma Run-Rate Source: ASHA Top 50 Owners 2025. These are targets and are for illustrative purposes only. These targets should not be read as guarantees of future performance, results or outcomes and may not necessarily be accurate indications of the times at, or by which, if at all, such performance, results or outcomes will be achieved. (4) This estimate is presented for illustrative purposes only and reflects various assumptions. Normalized FFO per share is a non-GAAP financial measure (see appendix at the end of this presentation for more information). (5) As of May 8, 2026. (6) Estimated free cash flow based on Normalized FFO to common shareholders less recurring capital expenditures.

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SPIN: Sonida Performance Insight Navigator 12 Where SPIN Creates Measurable Operating Advantage Proprietary operating infrastructure that provides comprehensive real-time data, analytics, and operating KPIs to facilitate quicker and smarter community-level decision making Data-Driven Pricing & Labor Efficiency Converts real-time rate and staffing data into NOI margin — reducing labor cost as a percentage of revenue while protecting occupancy yield Resident Satisfaction & Employee Engagement Translates leading satisfaction and retention indicators into forward revenue visibility as high engagement predicts lower turnover costs and stronger occupancy trends Decentralized Decision-Making at Scale Owner-operator accountability at the community level drives faster response to market conditions, reducing performance drag across the portfolio Scalable Foundation for Portfolio Growth Each acquisition added to SPIN reduces time-to-performance with standardized data infrastructure compressing integration timelines, protecting NOI from day one • Integrates resident care, workforce, and operational data into a single real-time framework giving community leaders the visibility to act decisively as occupancy and acuity evolve • Optimizes labor to acuity, compressing the cost structure at the community level • Decentralizes decision-making without sacrificing accountability, enabling local leaders to drive NOI performance without bureaucratic lag • Scales with the portfolio — 153 communities generate richer data over time, sharpening rate-setting, accelerating acquisition integration, and compounding margin improvement SPIN Converts Operational Intelligence Into Revenue and Margin Growth

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Deep and Experienced Leadership Team 13 Brandon Ribar President & Chief Executive Officer Kevin Detz Chief Financial Officer Max Levy Chief Investment Officer Tabitha Bailey Chief Legal Officer Brandon has more than 20 years of experience managing large portfolios and implementing key strategic initiatives in health care and real estate businesses. Prior to becoming CEO in September 2022, Brandon served as Sonida's COO. Kevin has more than 20 years of experience instilling financial accountability, scalability and labor efficiencies for global operating companies and financial services organizations. He has a proven track record of integrating operating companies through M&A. Max was a principal at Conversant Capital (prior to joining Sonida in 2024), where he led major investments across several sectors, including health care real state, in both public and private markets. During his time at Conversant, he served on Sonida's board of directors. Tabitha has deep public and private company experience, having aided the successful growth of multiple companies and having led the negotiations and closings of numerous complex deals. Executive management team has extensive experience and executed on key initiatives to scale the operating platform and grow its asset base Strengthened governance and strategic alignment at Board level with key Director additions Appointment of Michael Simanovsky (Managing Partner, Conversant Capital) as Chairman, strengthening leadership and capital allocation initiatives Appointment of Sam Levinson (Managing Partner, Silk Partners), Sonida's second largest shareholder, effective April 27, 2026, providing additional real estate and public board experience Appointment of two new, highly experienced board members from CHP including Stephen Mauldin, former CEO, President and Vice Chairman of CHP, ensuring clear continuity and a unified strategic vision

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Financial Performance & Highlights 14The Waterford at Levis Commons

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2026 Total Portfolio Composition 15 (1) Includes Sonida's respective at-share ownership of certain acquisitions: Stone JV acquisition (32.71% ownership share) and Palatine JV acquisition (51% ownership share). (2) See appendix at the end of this presentation for full definitions. Non Same-Store(2) SHOP Communities that are wholly or partially owned, and acquired in the current or prior year or not fully operational in both years NNN Wholly owned seniors housing properties that are leased to third-party tenants under triple-net or similar lease structures, where the tenant bears all or substantially all of the costs (including cost for real estate taxes, utilities, insurance and ordinary repairs). Sonida is not involved in property management. 15 Communities 1,301 Units Same-Store (1)(2) SHOP Communities that are consolidated, wholly or partially owned, and operational for the full year in each year beginning as of January 1st of the prior year 111 Communities 11,139 Units 27 Communities 2,256 Units • Undergone or are undergoing significant changes in the business model or care offerings • Significant capital re-investment plans • Held-for-sale • 2025 acquisition cohort Lease Expiry 13 Communities – May 2030 1 Community – August 2031 1 Community – July 2032 Multiple levers for operational upside

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Q1 2026 Financial Comparisons: Pro Forma Same-Store Portfolio(1) 16 Pro forma results. Figures rounded to the nearest tenth and numbers presented may vary to numbers presented in the appendix due to rounding. (1) Same-Store Portfolio includes operating results and data for 111 consolidated communities and includes acquisitions at Sonida's respective at-share ownership: Stone JV acquisition (32.71% ownership share) and Palatine JV acquisition (51% ownership share). See appendix at the end of this presentation for definition. (2) RevPAR, RevPOR and Weighted Average Occupancy are KPIs (see appendix at the end of this presentation for definitions). Same-Store Community NOI and Same-Store Community NOI Margin are non-GAAP financial measures. See reconciliation of non-GAAP financial measures in appendix tables at the end of this presentation. (3) Adjusted Operating Expenses is non-GAAP financial measure which excludes professional fees, settlement expense, income tax, personal property tax, casualty loss, and other expenses (corporate operating expenses not allocated to the communities). $ in millions, except RevPAR and RevPOR Pro Forma Q1'26 (includes CHP as of January 1) Pro Forma Q1'25 (includes CHP as of January 1) Change 87.2% 85.0% +220 bps $4,601 $4,270 7.8% $5,274 $5,022 5.0% $153.8 $142.9 7.6% $105.8 $100.8 5.0% $48.0 $42.1 14.0% 31.2% 29.5% +170 bps Community NOI +14.0% or +$5.9M(2) Community NOI Margin 31.2% (+170 bps)(2)

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Q1 2026 Financial Comparisons: Pro Forma Total Portfolio(1) 17 Pro forma results. Figures rounded to the nearest tenth and numbers presented may vary to numbers presented in the appendix due to rounding. (1) Total Portfolio is at-share. See appendix at the end of this presentation for definition. (2) Reflects the weighted average number of units for the Same- Store and Non Same-Store Portfolios for the period. (3) RevPAR, RevPOR and Weighted Average Occupancy are KPIs (see appendix at the end of this presentation for definitions). NOI and NOI Margin are non-GAAP financial measures. See reconciliation of non-GAAP financial measures in appendix tables at the end of this presentation. (4) Adjusted Operating Expenses is a non-GAAP financial measure which excludes exclude professional fees, settlement expense, income tax, personal property tax, casualty loss, and other expenses (corporate operating expenses not allocated to the communities). $ in millions, except RevPAR and RevPOR Pro Forma Q1'26 (includes CHP as of January 1) Pro Forma Q1'25 (includes CHP as of January 1) Change 13,396 13,102 +294 85.7% 84.7% +100 bps $4,555 $4,294 6.1% $5,316 $5,068 4.9% $183.1 $168.8 8.5% $131.7 $122.7 7.3% $51.4 $46.1 11.3% 28.1% 27.3% +80 bps Community NOI Margin of 28.0% (+70 bps)(3) with subset of Total SHOP Portfolio continuing to stabilize occupancy and NOI post-acquisition i illi s, xc t v v ' (i l f) ' (i l f) , 5 , 3 . . , , . , , . . . . .8 . .4 .3 . . .0 . 7 $7.1 $6.8 4.4% $58.4 $52.9 10.4%

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$4,590 $4,711 $4,754 $4,844 $5,022 $5,123 $5,138 $5,163 $5,274 $3,000 $3,500 $4,000 $4,500 $5,000 $5,500 Q1' 24 Q2' 24 Q3' 24 Q4' 24 Q1' 25 Q2' 25 Q3' 25 Q4' 25 Q1' 26 Same-Store Pro Forma Revenue Highlights(1) Q1 2024 - Q1 2026 results include pro forma financial results for CHP communities. RevPOR is a KPI (see appendix at the end of this presentation for definition). (1) Same-Store Portfolio includes acquisitions at Sonida's respective at-share ownership: Stone JV acquisition (32.71% ownership share) and Palatine JV acquisition (51% ownership share). See appendix at the end of this presentation for definition. (2) Includes Private Pay and Medicaid base rent only. RevPOR YoY Rate Changes(2) RevPOR QoQ Rent Trend(2) 2025 2024 18 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 +14.9% Care Level Q1'26 Q1'25 Difference % Change Independent Living 3,575$3,361$214$6.4% Assisted Living 5,690$5,513$177$3.2% Memory Care 7,305$7,011$294$4.2% Blended Total 5,274$5,022$252$5.0% Other Highlights (YoY) • Q1 2026 resident lease renewal rate average increase of 6.5% • Underlying RevPOR growth remain strong as occupancy continues to ramp • Private Rent Revenue: +7.7% • Level of Care: +11.4% • Discounts & Concessions: -4.5%

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$3,194 $3,180 $3,248 $3,320 $3,398 $3,428 $3,462 $3,476 $3,461 -0.4% 2.1% 2.2% 2.4% 0.9% 1.0% 0.4% -0.4% -1.0% -0.5% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% $3,000 $3,050 $3,100 $3,150 $3,200 $3,250 $3,300 $3,350 $3,400 $3,450 $3,500 Q1' 24 Q2' 24 Q3' 24 Q4' 24 Q1' 25 Q2' 25 Q3' 25 Q4' 25 Q1' 26 EXPOR Q0Q Same-Store Cost Discipline Drives Continued Stability(1) 19 Q1 2024 - Q1 2026 results include pro forma financial results for CHP communities. (1) Same-Store Community Portfolio includes pro forma operating results and data for 111 communities and includes acquisitions at Sonida's respective at-share ownership: Stone JV acquisition (32.71% ownership share) and Palatine JV acquisition (51% ownership share). See appendix at the end of this presentation for definitions. (2) Excludes benefits. (3) ExpPOR is a KPI. See appendix at the end of this presentation for definitions. Labor Costs Trend as a Percent of Revenue (2)(3) Category Q1'26 Q1'25 Difference Direct Labor 32.3% 33.3% 1.0% Contract Labor 0.5% 0.5% 0.0% Other Labor 8.2% 8.2% 0.0% Total 41.0% 42.0% 1.0% 42.6% 41.2% 42.3% 42.5% 42.0% 41.7% 41.9% 41.9% 41.0% 40.0% 40.5% 41.0% 41.5% 42.0% 42.5% 43.0% $0.0M $10.0M $20.0M $30.0M $40.0M $50.0M $60.0M $70.0M Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Direct Labor Contract Labor Other Labor % of Revenue Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 ExpPOR (2)(3) Category Q1'26 Q1'25 Difference % Change RevPOR 5,274$5,022$252$5.0% ExPOR 3,461$3,398$63$1.8% Spread 1,813$1,624$189$320 bps Labor costs as a percent of revenue declined 100 bps year-over-year to 41.0% — a portfolio low — while the RevPOR-to-ExpPOR spread expanded 320 bps, reflecting the compounding benefit of revenue growth and sustained cost discipline () ()

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Debt Maturities – Consolidated Communities Enhanced Balance Sheet Positioned for Future Growth 20 Debt Summary ($ in millions) ($ in millions) As of March 31, 2026 Enterprise Value(in millions, except Stock Price) (1) The Bridge Loan, 3-Year Term Loan A, 5-Year Term Loan A, and Secured Revolving Credit Facility (the "Permanent Facilities") feature a leverage based applicable margin of SOFR + 130-195 on the two aforementioned Term Loans and SOFR + 135-200 for the Bridge Loan and Revolving Credit Facility. (2) Loan rates reflect designated Term SOFR Administrator rate published March 31, 2026 plus margin. (3) On March 30th, 2026, the Company completed an expansion of its existing Permanent Facilities under the accordion feature of its Credit Agreement. This consisted of a $50M commitment from Customer's Bank that was split across the three Permanent Facilities in the following manner: $12.5M to 3-Year Term Loan A, $12.5M to 5-year Term Loan A, and $25M to the Secured Revolving Credit Facility. The funds were immediately drawn and used to reduce the remaining Bridge Loan obligations by $50M. (4) Revolving credit facility rate calculated based on weighted daily average of outstanding borrowings for the preceding quarter. (5) On March 31st, 2026, the Company acquired the remaining 49% partnership interest in one consolidated joint venture (Decatur community), resulting in an $860k incremental addition to the Company's floating rate mortgage debt. The obligation was paid off in full on April 20th, 2026 and the community is presently unencumbered. (6) Represents $13M in fixed rate mortgage at 4.25% interest in connection with one community classified as held-for-sale as of March 31, 2026. On January 1, 2026 the Company and lender entered into the Second Omnibus Amendment, resulting in a revised payment schedule in lieu of principal and interest payments alongside an amended maturity date of June 30, 2026. On April 7th, 2026, the Company entered into a non-binding PSA with one prospective buyer and a targeted close in early June 2026. (7) Includes $220M in Bridge Loan financing drawn at completion of CHP merger. Excludes incremental $50M loan that was funded on May 7, 2026. The loan was split evenly between the 3- and 5-Year Term Loan A and used to pay down the Bridge Loan dollar for dollar. The Company is actively in negotiations to replace this with alternative funding sources and does not anticipate holding beyond 90 days, , although no assurances can be given that the Company will be able to refinance this Bridge Loan within such time period, or not at all. Amounts may vary due to rounding. Floating rates calculated based on the lower of monthly lender statements or capped interest rate where applicable. Year Amortization Paydown Maturity Total - Year 2026 ($2.4) ($3.0) ($1.7) ($7.1) 2027(7) ($3.2) ($3.0) ($240.0) ($246.2) 2028 ($3.4) - ($131.0) ($134.4) 2029 ($0.1) - ($683.5) ($683.6) 2030 ($0.1) - ($270.0) ($270.1) Thereafter - - ($295.2) ($295.2) Totals ($9.2) ($6.0) ($1,621.4) ($1,636.6) Debt Debt Outstanding Interest Rate Fixed Rate Agency 366.5$4.59% Floating Rate Agency 49.2 6.26% Fixed Rate Mortgage 18.3 3.00% Fixed Rate Financing - Insurance and Other 0.6 5.60% Bridge Loan (1)(2)(3)(7) 220.0 5.66% 3-Year Term Loan A (1)(2)(3) 275.0 5.61% 5-Year Term Loan A (1)(2)(3) 275.0 5.61% Secured Revolving Credit Facility (1)(3)(4) 270.0 5.96% Floating Rate Mortgage (5) 142.2 5.92% Consolidated JV Debt (5) 19.9 6.59% Total Consolidated Debt / Wtd. Average 1,636.6$5.48% Unconsolidated JV 11.2 7.30% Non-Controlling Interest Consolidated JV (5) (9.8) 6.59% Total Debt / Wtd. Average At Share 1,638.0$5.48% Fixed Mortgage Notes Classified as Held For Sale (6) 13.0 - Closing Stock Price 32.25$ Common Shares Outstanding 47.4 Market Capitalization 1,527.3$ Consolidated Debt 1,636.6 Add: Pro-rata Unconsolidated Debt 11.2 Add: Notes Payable - Held for Sale 13.0 Less: Assets Held for Sale (9.5) Less: Cash and Cash Equivalents (84.7) Net Debt 1,566.7$ Add: Noncontrolling Interest 4.2 Enterprise Value 3,098.2$

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21Dogwood Forest Capital Allocation Strategy

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Disciplined Capital Allocation Plan 22 Enhance portfolio quality and strategic positioning Invest in high-quality assets and geographies that strengthen the long-term durability, competitive positioning, and operating leverage of the portfolio, while recycling capital out of lower-growth or non-core assets 1 Drive accretive per-share value creation Deploy capital only where investments are accretive to free cash flow and NAV per share, underwriting to attractive total returns that materially exceed our cost of capital 2 Maintain disciplined, risk-adjusted execution Pursue opportunities with identifiable operational upside and appropriate incremental return for complexity, while maintaining balance sheet discipline and strong execution 3 Sonida's capital allocation philosophy is anchored in three core investment principles Since January 1, 2024, Sonida has made over $2 billion of senior housing investments and grown from 61 communities to 153 communities

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X X X X Operations-Driven Growth Expands Acquisition Capacity 23 Operational execution can drive excess returns for reinvestment, increase asset value and expand Sonida's acquisition capacity over time Strengthen cost of capital Demonstrated operational execution and per-share value creation support premium valuation, attracting favorable equity capital and expanding capacity for accretive deployment 1 Source attractive acquisitions Pursue opportunities with operational upside, strategic fit, and disciplined underwriting — winning deals on operational capabilities and creative structuring. Our framework is return-driven, not category-driven, and we will pursue stabilized assets when price, structure, and fit meet our return thresholds 2 Drive operating improvement SPIN-driven analytics and decentralized ownership culture enhance NOI, margins, and portfolio performance to generate excess returns 3 Reinvest and create value Reinvestment in assets and the platform supports cash flow growth and increases portfolio value 5 Sonida Growth Flywheel Disciplined acquisitions and operating improvement can create a reinforcing cycle of stronger cash flow, higher value creation and greater strategic flexibility Platform Delivers High ROIC Higher earnings and value creation resulting from unique operating model 4

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Differentiated Buyer Primed to Capitalize on Multiyear Opportunity 24 A convergence of industry dynamics and platform advantages positions Sonida to acquire and compound value at scale A Fragmented and Evolving Industry Sonida is Built to Win Limited institutional operators • Many local operators lack the resources to invest in technologies and platforms that support both scale and operational excellence Anticipated early innings of multi-year senior housing recovery • Favorable industry tailwinds (aging population and low supply) driving positive net absorption and rate growth Creative financing and structuring Operating model Deal networking • Flexibility of C-Corp and Owner/Operator/Investor model allows for tailoring investment structures depending on deal profile • Local / regional teams cultivate relationships and reputation • Access to opportunities driven by both capital and operational needs • Operating model unlocks greater asset performance through economies of scale synergies Scale Compounds the Advantage Over Time Each acquisition strengthens the network • Broadening deal flow, deepening operator relationships, and improving our ability to optimize performance across a larger and more diversified asset base Growing regional density • Increases availability for operational synergies in network dense locations; develops visibility into off-market opportunities and strengthens our reputation as solutions- oriented counter-party SPIN platform • Our operating infrastructure become more powerful as more communities contribute data, improving decision- making and performance benchmarking across the portfolio Uniquely positioned for broad range of opportunities • Sonida occupies distinct positioning in the market as a large operator with a significant balance sheet, able to provide both operational and capital solutions across different markets and investment structures

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Senior Housing Entering Multi-Year Demand Acceleration 25 Data sourced from Oxford Economics, US Census and NIC MAP Visible demographic-driven demand acceleration while supply troughs 80+ Demographic Growth Rates Senior Housing Units Under Construction – Primary & Secondary Markets 36.5%+ growth of ~4M people to ~18.8M through 2030 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000 55,000 60,000 65,000 70,000 75,000 Unit Starts Period Average Q1'16 Q1'26 Absorption, Inventory Growth and Occupancy – Primary & Secondary Markets O ccupancy % In ve nt or y an d Ab so rp tio n Q1'16 Q1'26 Q1'26 New Construction Down 65% from Peak Driving Occupancy Growth and Strong Net Absorption 3.7% 3.3% 3.1% 7.3% 5.3% 4.8% 4.4%7.1% 10.5% 18.5% 24.8% 30.8% 36.5% 0% 10% 20% 30% 40% 2024 2025 2026 2027 2028 2029 2030 80+ Pop. YoY Increase 80+ Pop. % Increase vs. 2023 Absorption OccupancyInventory Growth 70.0% 75.0% 80.0% 85.0% 90.0% 95.0% -30,000 -20,000 -10,000 0 10,000 20,000 30,000 Q1'26 vs Q1'24 Occupancy +420 bps

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Capital Allocation Priorities 26 How do we prioritize capital deployment? This sequencing reflects where we believe capital can generate the most consistent and attractive returns, while preserving flexibility for the opportunities ahead Capital is deployed first into highest-conviction internal value creation, then toward accretive external opportunities, while preserving balance sheet flexibility to support sustained growth Optimize Existing Portfolio • Selective capex: Invest behind highest-return renovations and asset-level initiatives • Asset recycling: Selectively divest non-core or lower-growth assets to concentrate the portfolio in highest-quality markets and communities with durable long- term NOI growth potential Accretive External Growth • High-return acquisitions: Pursue transactions that meet or exceed return thresholds through value- add initiatives, enhanced rate growth, expense savings and other operating levers • Top MSA densification: Cluster around priority markets to scale local operating leverage • Platform-led integration: Leverage Sonida's operating platform to accelerate NOI growth Balance Sheet Management • Near-term leverage goal of mid- 6x: Longer-term target of an even lower leverage level that allows Company to play offense through any future market volatility(1) • Flexible funding: Use opportunistic equity issuance and flexibility from RCF to fund growth • Capital recycling: Continuously redeploy proceeds from asset sales into higher-return uses of capital, maintaining balance sheet efficiency and preserving capacity for future growth (1) This presentation includes long-term targets, which are for illustrative purposes only. These long-term targets should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by which, if at all, such performance or results will be achieved.

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Target Acquisition Profile Sonida targets assets in attractive markets where portfolio quality, durable demand, and operational execution can drive long-term NOI growth • Double-digit unlevered return targets • Basis and underwriting designed to support per-share value creation • High-quality assets that support efficient operations and resident demand • Discount to replacement cost • Avoid assets at risk of functional obsolescence • Multi-service (IL / AL / MC) with opportunity to grow occupancy and margin • Multiple levers for operational upside • Dense markets with favorable supply-demand dynamics • Regional clustering opportunities that enhance scale and market positioning Return Profile Operating Profile Asset Profile Target Markets Screening emphasis: Opportunities must meet return thresholds while aligning with Sonida's portfolio quality standards, market demand criteria, and regional clustering strategy 27

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2024 Acquisition Cohort: Trending Ahead of Plan(1) 28 (1) Subset of the 2024 acquisition cohort. Excludes The Wellington at North Bend Crossing – Vista, December 31, 2024 acquisition in Cincinnati, OH, which was not in operation at closing. Community never opened due to foreclosure on the construction borrower but was opened by Sonida in July 2025. (2) Aggregate purchase price at 100% share including capex and other funding costs. Includes Stone JV acquisition ($21.3 million gross purchase price of four assets at Sonida 32.71% ownership share) and Palatine JV acquisition ($17.5 million gross purchase price of four assets at Sonida's 51% ownership share). (3) At-share (4) Weighted Average Occupancy is a KPI (see appendix at the end of this presentation for definitions). NOI and NOI Margin are non-GAAP financial measures (see reconciliation of non-GAAP financial measures in appendix tables at the end of this presentation). Cohort ahead of underwriting at approximately 11.5% yield-on-cost based on pro forma Q1 2026 annualized NOI The Thesis The Result Communities across key markets The cohort spans Ohio, Texas, Florida among others — a mix of JV and wholly-owned structures demonstrating the breadth and scalability of the acquisition strategy. Representative Assets Performance dimensions improved Q1'26 vs. Dec '24(3) Since acquisition, the cohort has posted meaningful gains across NOI margin, absolute NOI, and occupancy — all ahead of the Company's original underwriting timeline. +1,619 bps NOI Margin(4) +190.3% NOI growth(4) +1,123 bps Weighted Average Occupancy(4) Q1 2026 annualized vs. December 2024 annualized Acquire, stabilize, and generate outsized returns In 2024, Sonida acquired 19 distressed and underperforming assets at an attractive basis — underwritten to a 10%+ stabilized yield-on-cost over an 18–24 month horizon(1). The playbook was straightforward: improve occupancy, tighten operations, and unlock NOI margin. Today, those assets are tracking ahead of plan. 19 assets $107M$145M Joint Ventures Wholly-Owned 11 assets8 assets Summit Corners Macedonia, OH Waterford of Round Rock (Palatine JV) Round Rock, TX The Ashton at Anderson (Stone JV) Cincinnati, OH The Addison of St. Johns (Palm Portfolio) St. Augustine, FL (2) Aggregate purchase price

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CHP Integration Update 29Park Place at Winghaven

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Meaningful Synergy Opportunity 30 Cost Category Annual Run- Rate Savings Progress Status External Advisor Fees Elimination of external investment management costs $13M Completed Corporate G&A Savings (Net) Reduction in duplicative accounting, tax and public company costs, net of incremental retained personnel $3M - $7M On track for 2026 Year-One Run-Rate Estimate (% of Target G&A) $16M - $20M (70 – 85%) On track for 2026 CHP-related cost synergies include near-term G&A savings and longer-term optimization across a $500+ million combined cost structure Source: Company management. (1) Figures based on 2026 estimates and include corporate G&A net of stock-based comp, non-recurring transaction expenses and Sonida management fee income on 13 managed properties on behalf of third-party owners. (2) Assumes $18M synergies based on midpoint of estimated G&A cost savings ($16M - $20M). (3) Based on total revenues including rental income from owned triple net properties. Corporate G&A and management costs ($M)(1) Initial synergies (modeled as year one run-rate) Future potential savings (unmodeled) Sonida identified additional cost savings and operating leverage opportunities across the combined company, illustrating a pathway from integration actions to scalable, recurring margin and free cash flow benefits 3rd-Party Mgmt. Fees 8.9% 10.4% 9.7% 7.4%% of Total Revenues(3) G&A$23 $56 $38$33 $19 $19 $19 Sonida CHP Total (Pre-Synergies) Pro Forma(2) $75 $57 $42 Labor Optimization Operating & Purchasing Scale Regional Infrastructure Efficiency Internalization of Management Addressable labor costs of CHP portfolio: ~$175M Addressable food and insurance costs of CHP portfolio: ~$25M Shared regional infrastructure and scale Target internalized range (3-3.5% vs. 5%) of in-place management agreements (~$19M)

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Phased Integration Strategy for Stability and Long-Term Value Creation A deliberate, milestone-driven integration plan designed to ensure operational continuity, minimize disruption, and unlock synergies over time 31 These integration milestones are subject to timing and should not be read as guarantees of future performance, results or outcomes and may not necessarily be accurate indications of the times at, or by which, if at all, such performance, results or outcomes will be achieved. Pre-Closing Closing / First 90 Days Year 1 Long-Term • Finalized integration and key retention plans • Developed draft strategy for operator approach based on initial discussions with operators • Integrate financial systems, reporting and asset management • Effectuate G&A savings through Day 1 elimination of CHP Advisor Fee • Retained access to all CHP employees for 90 days • Achieve full run-rate corporate synergies and size opportunities for future synergies • Prune outlier non-core assets (from both CHP and Sonida portfolios) • Hired 6 of 17 CHP employees for permanent roles with Sonida (all non C-suite) to support portfolio stabilization and combined company • Realize additional synergies through scale and uniformity • Positioned for further external growth using scaled operating platform

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Appendix – Supplemental Information 32

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Net Operating Income Reconciliation Definitions A-6 Non-GAAP Financial Measures A-7 33 Pro Forma Same-Store Community-Level Portfolio ProfileA-4 A-2/3 A-1 A-5 Pro Forma Operating Highlights Pro Forma Community NOI Adjusted EBITDA ReconciliationA-8 Sonida Investment Portfolio - Market FundamentalsA-10 **Table of Contents** CHP Adjusted Pro Forma Financial MeasuresA-9

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Definitions Available Units is defined by the Company as all units that are part of the Total Portfolio, excluding those that were out of service for the named period. Available Units is used in the calculation of RevPAR and Weighted Average Occupancy. ExpPOR, or average monthly expenses per occupied unit, is defined by the Company as operating expenses for the period, divided by the weighted average number of occupied units in the corresponding portfolio for the period, divided by the number of months in the period. NNN Portfolio is defined by the Company as wholly owned seniors housing properties that are leased to third-party tenants under triple-net or similar lease structures, where the tenant bears all or substantially all of the costs (including cost for real estate taxes, utilities, insurance and ordinary repairs). Sonida is not involved in property management. Non Same-Store Portfolio is defined by the Company as SHOP communities that are wholly or partially owned and either (i) not operational or not owned for the full year in each year beginning as of January 1st of the prior year or (ii) have undergone or are undergoing strategic repositioning as a result of significant changes in the business model, care offerings, and/or capital re-investment plans, that in each case, have disrupted, or are expected to disrupt, normal course operations. These communities will be included in the Same-Store Portfolio once operating under normal course operating structures for the full year in each year beginning as of January 1st of the prior year. RevPAR, or average monthly revenue per Available Unit, is defined by the Company as resident revenue for the period, divided by the weighted average number of Available Units in the corresponding portfolio for the period, divided by the number of months in the period. The RevPAR calculation does not include rental income. RevPOR, or average monthly revenue per occupied unit, is defined by the Company as resident revenue for the period, divided by the weighted average number of occupied units in the corresponding portfolio for the period, divided by the number of months in the period. Our management uses RevPOR for decision making, and we believe the measure provides useful information to investors, because it reflects the average amount of resident revenue we derive from an occupied unit per month without factoring occupancy rates. RevPOR is a significant driver of our senior housing revenue performance. Same-Store Portfolio is defined by the Company as SHOP communities that are wholly or partially owned, and operational for the full year in each year beginning as of January 1st of the prior year. Our management uses Same-Store Portfolio operating results and data for decision making and components of executive compensation, and we believe such results and data provide useful information to investors, because it enables comparisons of revenue, expense, and other operating measures for a consistent portfolio over time without giving effect to the impacts of communities that were not consolidated and operational for the comparison periods, communities acquired or disposed during the comparison periods (or planned for disposition). Senior Housing / Senior Housing Operating Properties (SHOP): "Senior Housing" is defined as residential real estate assets designed to accommodate the needs of senior residents, including but not limited to independent living, assisted living, and memory care facilities. Within this category, "Senior Housing Operating Properties" (SHOP) refers exclusively to those properties in which the Company, directly or through third- party management agreements, maintains operational control and bears the associated risks and rewards of ownership, including but not limited to occupancy, revenue generation, and operating expenses. For the avoidance of doubt, this definition expressly excludes senior housing properties subject to triple net lease ("NNN") agreements. Under such agreements, operational responsibilities, including property management, operating expenses, and financial performance, are borne solely by the lessee, and the Company's involvement is limited to receiving fixed rental payments. As such, NNN Portfolio assets are not included within the scope of the Total SHOP Portfolio. Total SHOP Portfolio is defined by the Company as the combination of the Same-Store Portfolio and the Non Same-Store Portfolio. Total Portfolio is defined by the Company as the combination of all communities in the Total SHOP Portfolio and the NNN Portfolio. Excludes managed communities. Total Units is defined by the Company as all units that are part of the Total Portfolio, including those that were out of service for the named period. Weighted Average Occupancy reflects the percentage of units at our owned communities being utilized by residents over a reporting period. We measure occupancy rates on both a consolidated community portfolio basis and a Same-Store Portfolio basis. Our management uses Weighted Average Occupancy for decision making and components of executive compensation, and we believe the measure provides useful information to investors, because it is a significant driver of our resident revenue performance. A-1

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Non-GAAP Financial Measures A-2 This investor presentation contains the financial measures (1) Net Operating Income ("NOI"), (2) Net Operating Income Margin, (3) Adjusted EBITDA, (4) Adjusted Operating Expenses, (5) Normalized FFO per share, (6) Same-Store and (7) Non Same-Store amounts for certain of these metrics, each of which is not calculated in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"). Presentations of these non-GAAP financial measures are intended to aid investors in better understanding the factors and trends affecting the Company's performance and liquidity. However, investors should not consider these non-GAAP financial measures as a substitute for financial measures determined in accordance with GAAP, including net income (loss), income (loss) from operations, net cash provided by (used in) operating activities, or revenue. Investors are cautioned that amounts presented in accordance with the Company's definitions of these non-GAAP financial measures may not be comparable to similar measures disclosed by other companies because not all companies calculate non-GAAP measures in the same manner. Investors are urged to review the reconciliations of these non-GAAP financial measures from the most comparable financial measures determined in accordance with GAAP, which are included below. Net Operating Income and Net Operating Income Margin are non-GAAP performance measures that the Company defines as net income (loss) excluding: general and administrative expenses (inclusive of stock-based compensation expense), interest income, interest expense, other income (expense), provision for income taxes, management fee income, and further adjusted to exclude income/expense associated with non-cash, non-operational, transactional, or organizational restructuring items that management does not consider as part of the Company's underlying core operating performance and that management believes impact the comparability of performance between periods. For the periods presented herein, such other items include depreciation and amortization expense, transaction, transition and restructuring costs, impairment of assets held for sale, gain on extinguishment of debt, loss from equity method investment, casualty loss, non-recurring settlement fees, non-income tax, and non-property tax. Net Operating Income Margin is calculated by dividing Net Operating Income by resident revenue. The Company presents these non-GAAP measures on a consolidated community, Same-Store and Non Same-Store basis. The Company also presents these non- GAAP measures on a pro forma basis to give effect to the acquisition of CHP as if it occurred on the first day of the periods presented. Adjusted EBITDA is a non-GAAP performance measure that the Company defines as net income (loss) excluding: depreciation and amortization expense, interest income, interest expense, other expense/income, provision for income taxes; and further adjusted to exclude income/expense associated with non-cash, non-operational, transactional, or organizational restructuring items that management does not consider as part of the Company's underlying core operating performance and that management believes impact the comparability of performance between periods. For the periods presented herein, such other items include stock- based compensation expense, provision for credit losses, long-lived asset impairment, casualty losses, and transaction, transition and restructuring costs. The Company also presents Adjusted EBITDA at-share on a pro forma basis to give effect to the acquisition of CHP as of it occurred on the first day of the periods presented. Adjusted Operating Expenses is a non-GAAP performance measure that the Company defines as operating expenses excluding professional fees, settlement expense, income tax, personal property tax, casualty gains and losses, and other expenses (corporate operating expenses not allocated to the communities). The Company believes that presentation of Net Operating Income and Net Operating Income Margin as performance measures is useful to investors because such measures are some of the metrics used by the Company's management to evaluate the performance of the Company's owned portfolio of communities, to review the Company's comparable historic and prospective core operating performance of the Company's owned communities, and to make day-today operating decisions. The Company also believes that the presentation of such non-GAAP financial measures and Adjusted EBITDA is useful to investors because such measures provide an assessment of operational factors that management can impact in the short-term, primarily revenues and the controllable cost structure of the organization, by eliminating items related to the Company's financing and capital structure and other items that management does not consider as part of the Company's underlying core operating performance and that management believes impact the comparability of performance between periods.

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Non-GAAP Financial Measures, cont. A-3 Net Operating Income, Net Operating Income Margin, and Adjusted Operating Expenses have material limitations as performance measures, including the exclusion of general and administrative expenses that are necessary to operate the Company and oversee its communities. Furthermore, such non-GAAP financial measures and Adjusted EBITDA exclude (i) interest that is necessary to operate the Company's business under its current financing and capital structure, and (ii) depreciation, amortization, and impairment charges that may represent the wear and tear and/or reduction in value of the Company's communities and other assets and may be indicative of future needs for capital expenditures. The Company may also incur income/expense similar to those for which adjustments may be made and such income/expense may significantly affect the Company's operating results. Normalized FFO attributable to common stockholders ("Normalized FFO") is a non-GAAP performance measure that the Company defines as net income (loss) attributable to common shareholders plus real estate related depreciation and amortization, plus share of real estate related depreciation and amortization from unconsolidated entities, less non-controlling interests' share of real estate related depreciation and amortization, plus gains (losses) from the sale of depreciable real estate assets less taxes associated with real estate dispositions; plus (less) long-lived impairment of real estate, plus transaction, transition and restructuring costs, conversion costs, casualty losses, debt modification costs, gains / losses on derivatives, gains / losses on extinguishment of debt and other non-recurring credits or expenses. Normalized FFO per share is calculated by dividing Normalized FFO by total common shares outstanding. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. However, since real estate values historically have risen or fallen with market conditions, many industry investors deem presentations of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. For that reason, the Company considers Normalized FFO and Normalized FFO per share to be appropriate supplemental measures of operating performance. The Company believes that the presentation of Normalized FFO and Normalized FFO per share are useful measures for investors' understanding and comparing our operating results because, by excluding gains and losses related to sales of previously depreciated operating real estate assets, impairment losses on depreciable real estate and real estate asset depreciation and amortization (which can differ across owners of similar assets in similar condition based on historical cost accounting and useful life estimates), Normalized FFO and Normalized FFO per share allow investors, analysts and Company management to compare the Company's operating performance across periods on a consistent basis. .

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1 Level 24% 2 Levels 59% 3 Levels 17%95+ 19% 90-94.9 20% 85-89.9 16% 80-84.9 17% 75-79.9 8% 65-74.9 13% <65 7% AL/MC 49 IL/AL/MC 19 IL/AL 16 AL 14 IL 12 MC 195+ 19% 90-94.9 33% 85-89.9 20% 80-84.9 8% 75-79.9 9% 65-74.9 6% <65 5% Pro Forma Same-Store Community-Level Portfolio Profile(1) Q1 2024 - Q1 2026 results include pro forma financial results for CHP communities. (1) Same-Store Portfolio includes Sonida's respective at-share ownership of certain acquisitions: Stone JV acquisition (32.71% ownership share) and Palatine JV acquisition (51% ownership share). (2) Weighted Average Occupancy is a KPI (see appendix at the end of this presentation for definitions). 83.8 84.0 84.5 84.8 85.0 85.4 86.3 87.1 87.2 84.4 85.1 85.6 85.3 86.0 86.6 87.7 87.9 88.4 80.0 81.0 82.0 83.0 84.0 85.0 86.0 87.0 88.0 89.0 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Weighted Average Spot % of Same-Store Portfolio in 90-95%+ Occupancy Range: +1,300 bps Q1'26 Weighted Average Occupancy Distribution by % of Communities(2) Quarterly Occupancy (in %) Q1'25 Weighted Average Occupancy Distribution by % of Communities(2) Acuity Service Mix Distribution by # of Communities Multi-Acuity Level Distribution by % of Communities A-4

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Pro Forma Operating Highlights A-5 Note: Dollars in '000s except for RevPOR and RevPAR. Numbers may vary due to rounding. (1) Q1 - Q4 2025 and Q1 2026 results include pro forma financial results for CHP communities. (2) At-share applies to Sonida's ownership share in JVs. KZ JV acquisition (Sonida's 32.71% ownership share) and Palatine JV acquisition (Sonida's 51% ownership share). (3) Pro forma results of the Company's SHOP portfolio. Excludes managed communities. (4) Pro forma results of the Company's SHOP portfolio and the NNN lease portfolio. Excludes managed communities. 2025 2026 Q1 Q2 Q3 Q4 FY 2025 Q1 Same-Store At-Share(1)(2)(3) Resident Revenue 142,853$146,353$148,351$150,385$587,942$153,758$ Community NOI 42,131$44,036$43,967$44,621$174,755$48,000$ Community NOI Margin 29.5% 30.1% 29.6% 29.7% 29.7% 31.2% Units available 11,152 11,152 11,148 11,146 11,149 11,139 Weighted Average Occupancy 85.0% 85.4% 86.3% 87.1% 86.0% 87.2% RevPOR 5,022$5,123$5,138$5,163$5,112$5,274$ RevPAR 4,270$4,375$4,436$4,497$4,394$4,601$ Non Same-Store(1)(3) Resident Revenue 25,936$26,480$28,496$29,601$110,513$29,310$ Community NOI 3,919$4,095$3,200$3,617$14,831$3,338$ Community NOI Margin 15.1% 15.5% 11.2% 12.2% 13.4% 11.4% Units available 1,950 1,980 2,117 2,251 2,075 2,256 Weighted Average Occupancy 83.0% 82.3% 81.8% 79.5% 81.6% 78.1% RevPOR 5,339$5,419$5,487$5,514$5,442$5,547$ RevPAR 4,434$4,459$4,486$4,383$4,439$4,331$ Total Portfolio At-Share(1)(2) Resident Revenue(3) 168,789$172,833$176,847$179,986$698,455$183,068$ Community NOI(3) 46,050$48,131$47,167$48,238$189,586$51,338$ Community NOI Margin(3) 27.3% 27.8% 26.7% 26.8% 27.1% 28.0% NNN Lease Income 6,834$7,002$7,551$7,080$28,467$7,090$ Total Portfolio NOI(4) 52,884$55,133$54,718$55,318$218,053$58,428$ Units available(3) 13,102 13,131 13,266 13,397 13,224 13,395 Weighted Average Occupancy(3) 84.7% 84.9% 85.6% 85.8% 85.3% 85.7% RevPOR(3) 5,068$5,166$5,191$5,217$5,161$5,316$ RevPAR(3) 4,294$4,387$4,444$4,478$4,401$4,555$

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A-6 Pro Forma Community NOI (7) Includes Sonida's at-share ownership in JVs. KZ JV acquisition (Sonida 32.71% ownership share) and Palatine JV acquisition (Sonida 51% ownership share). (8) Excludes managed communities. (9) Excludes 146 Owned Units that are out of service. Total Units 16,706 Owned Units (7)(8) 14,842 Available Units (7)(8)(9) 14,696 Portfolio Unit Build Note: Dollars in 000s. Numbers may vary due to rounding. (1) Q1 - Q4 2025 and Q1 2026 results include pro forma financial results for CHP communities. (2) Includes certain at-share adjustments: KZ JV acquisition (Sonida's 32.71% ownership share) and Palatine JV acquisition (Sonida's 51% ownership share) (3) Includes Second Person and Level of Care fees. (4) Includes benefits, overtime, payroll taxes and related labor costs, excluding contract labor. (5) Pro forma results of the Company's SHOP portfolio. Excludes managed communities. (6) Pro forma results of the Company's SHOP portfolio and the NNN lease portfolio. Excludes managed communities. (as of March 31, 2026)2025 2026 Q1 Q2 Q3 Q4 FY 2025 Q1 Resident Revenue(1)(2) Independent Living(3) 36,485$37,219$37,242$37,539$148,485$38,214$ Assisted Living(3) 76,464 78,102 78,949 80,439 313,954 82,343 Memory Care(3) 26,084 27,203 28,125 28,337 109,749 29,170 Community Fees 1,639 1,630 1,597 1,804 6,670 1,747 Other Income 2,181 2,199 2,438 2,266 9,084 2,284 Total Same-Store Community Resident Revenue 142,853 146,353 148,351 150,385 587,942 153,758 Resident Revenue for Non Same-Store Communities 25,936 26,480 28,496 29,601 110,513 29,310 Total Resident Revenue, At-Share 168,789$172,833$176,847$179,986$698,455$183,068$ Adjusted Operating Expenses(1)(2) Total Labor And Related Expenses(4) 63,390$64,530$66,397$66,797$261,114$67,179$ Contract Labor 732 874 246 676 2,528 735 Food 6,269 6,689 6,951 7,082 26,991 6,671 Utilities 5,934 5,110 5,875 5,463 22,382 6,247 Real Estate Taxes 5,446 5,213 5,417 5,545 21,621 5,456 Advertising And Promotions 3,244 3,489 3,500 3,543 13,776 3,650 Insurance 2,728 2,816 2,829 2,806 11,179 2,684 Supplies 2,466 2,555 2,519 2,708 10,248 2,611 Service Contracts 2,349 2,268 2,411 2,438 9,466 2,413 All Other Operating Expenses 8,164 8,773 8,239 8,706 33,882 8,112 Total Same-Store Adjusted Operating Expense 100,722 102,317 104,384 105,764 413,187 105,758 Operating Expenses for Non Same-Store Communities 22,017 22,385 25,296 25,984 95,682 25,972 Total Adjusted Operating Expenses, At-Share 122,739$124,702$129,680$131,748$508,869$131,730$ Net Operating Income(1)(2) Same-Store Community NOI(5) 42,131$44,036$43,967$44,621$174,755$48,000$ Same-Store Community NOI Margin(5) 29.5% 30.1% 29.6% 29.7% 29.7% 31.2% Non Same-Store Community NOI(5) 3,919$4,095$3,200$3,617$14,831$3,338$ Non Same-Store Community NOI Margin(5) 15.1% 15.5% 11.2% 12.2% 13.4% 11.4% Total Community NOI, At-Share(5) 46,050$48,131$47,167$48,238$189,586$51,338$ NNN Lease Income 6,834 7,002 7,551 7,080 28,467 7,090 Total Portfolio NOI, At-Share(6) 52,884$55,133$54,718$55,318$218,053$58,428$

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A-7 Net Operating Income Reconciliation Note: Dollars in 000s. Numbers may vary due to rounding. At-share applies to Sonida's ownership share in JVs. KZ JV acquisition (Sonida's 32.71% ownership share) and Palatine JV acquisition (Sonida's 51% ownership share). (1) Transaction, transition and restructuring costs relate to legal and professional fees incurred for transactions, restructure projects or related projects. (2) Other expenses includes casualty gains and losses, non-recurring settlement fees, income tax and personal property tax, and other expenses. 2025 2026 Q1 Q2 Q3 Q4 FY 2025 Q1 Net loss (13,025)$(1,973)$(27,348)$(30,146)$(72,492)$(41,450)$ General and administrative expense 8,472 9,729 10,529 11,121 39,851 10,463 Transaction, transition and restructuring costs(1) 610 461 6,174 8,986 16,231 26,094 Depreciation and amortization expense 13,686 13,646 14,627 14,809 56,768 19,960 Third-party property management fees - - - - - 1,048 Long-lived asset impairment - - 4,733 7,792 12,525 - Interest income (242) (986) (394) (481) (2,103) (219) Interest expense 9,446 9,271 9,910 10,008 38,635 12,833 Loss from equity method investment 330 383 374 283 1,370 208 Other income (expense), net 550 (9,063) 1,902 (1,337) (7,948) (554) Provision for income tax 75 91 88 76 330 208 Management fee income (1,061) (1,134) (1,146) (1,090) (4,431) (1,145) Other expenses(2) 1,300 811 1,315 1,323 4,749 1,313 Community NOI 20,141$21,236$20,764$21,344$83,485$28,759$ Noncontrolling Interest (193) (274) (366) (387) (1,220) (517) Pro Rata NOI for Unconsolidated Joint Venture 504 504 610 623 2,241 685 Community NOI, At-Share 20,452$21,466$21,008$21,580$84,506$28,927$

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A-8 Adjusted EBITDA Reconciliation Note: Dollars in 000s. Numbers may vary due to rounding. At-share applies to Sonida's ownership share in JVs. KZ JV acquisition (Sonida's 32.71% ownership share) and Palatine JV acquisition (Sonida's 51% ownership share). (1) Casualty losses relate to non-recurring insured claims for unexpected events. (2) Transaction, transition and restructuring costs relate to legal and professional fees incurred for transactions, restructure projects or related projects, and other. 2025 2026 Q1 Q2 Q3 Q4 FY 2025 Q1 Adjusted EBITDA Net loss (13,025) (1,973) (27,348) (30,146) (72,492) (41,450) Depreciation and amortization expense 13,686 13,646 14,627 14,809 56,768 19,960 Stock-based compensation expense 973 1,226 1,424 1,426 5,049 2,396 Provision for credit losses 695 745 827 1,062 3,329 1,041 Interest income (242) (986) (394) (481) (2,103) (219) Interest expense 9,446 9,271 9,910 10,008 38,635 12,833 Long-lived asset impairment - - 4,733 7,792 12,525 - Other (income) expense, net 550 (9,063) 1,902 (1,337) (7,948) (554) Provision for income taxes 75 91 88 76 330 208 Casualty losses(1) 775 697 1,216 748 3,436 1,220 Transaction, transition and restructuring(2) 632 439 6,174 8,986 16,231 26,094 Adjusted EBITDA 13,565 14,093 13,159 12,943 53,760 21,529 Noncontrolling Interest (88) (173) (205) (252) (718) (382) Pro Rata Adjusted EBITDA for Unconsolidated Joint Venture 719 736 844 735 3,034 759 Adjusted EBITDA, At-Share 14,196 14,656 13,798 13,426 56,076 21,906

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A-9 CHP Adjusted Pro Forma Financial Measures Our pro forma financial statements for the year ended December 31, 2025 and three months ended March 31, 2026 are not yet complete. The preliminary estimates presented below were prepared by, and are the responsibility of, the Company's management, based upon a number of assumptions. We have provided estimated ranges, rather than specific amounts, for the preliminary results described below. The pro forma numbers presented in this investor presentation are based on the midpoint of the estimated ranges. We utilized estimated ranges because our pro forma financial statements are not complete, and the calculations are subject to revision as we integrate CHP into our accounting and control systems. Such revisions may be significant. We may identify items that would require us to make adjustments to the preliminary set forth below. This preliminary estimated financial data should not be viewed as a substitute for consolidated financial statements prepared in accordance with United States generally accepted accounting principles ("GAAP") or our pro forma financial statements prepared in accordance with Article 11 of Regulation S-X. The Company plans to file pro forma financial statements for the year ended December 31, 2025 and March 31, 2026 on a Form 8-K within the month of May. Our independent registered public accounting firm has not audited, reviewed, compiled, or applied agreed-upon procedures with respect to the ranges below and does not express an opinion or any other form of assurance with respect thereto. The Company is not able to provide a reconciliation of the CHP adjustments to their most directly comparable GAAP financial measures without unreasonable efforts due to the timing of and visibility into the underlying data used to conform to the presentation of the Company and its filing peers. For the three months ended March 31, 2026, we estimate that CHP would have contributed between $21.3 million and $23.5 million, $22.5 million and $25.0 million, and $70.4 million and $77.8 million to our reported community net operating income at-share, Adjusted EBITDA at-share, and resident revenue at-share, respectively. For the three months ended March 31, 2025, we estimate that CHP would have contributed between $24.3 million and $26.9 million, $21.5 million and $24.0 million, and $84.4 million and $93.3 million to our reported community net operating income at-share, Adjusted EBITDA at-share, and resident revenue at-share, respectively. For the three months ended December 31, 2025, we estimate that CHP would have contributed between $25.3 million and $28.0 million, $22.5 million and $25.0 million, and $88.6 million and $97.9 million to our reported community net operating income at-share, Adjusted EBITDA at-share, and resident revenue at-share, respectively.

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A-10 Sonida Investment Portfolio - Market Fundamentals Primary Markets (44%) Secondary Markets (37%) Tertiary Markets (19%) Market Type Classification(4) Note: Dollars in 000s. Numbers may vary due to rounding. Data provided by NIC MAP Vision. Demographics data is current as of January 1, 2026. NIC MAP Vision Seniors Housing Inventory data is current as of the Q1 2026 Market Fundamentals update. (1) Includes independent living, assisted living, and memory care units in stand-alone and continuum communities. (2) Adult child reflects population between the ages of 45-64. (3) Based on an average of a 10-mile radius of SSL site. (4) 140 Metropolitan Statistical Area ("MSA") across the country are classified by NIC MAP Vision into three market classes based on the Total Population. Demographics data in this report is current as of January 1, 2025. The largest of these markets are the Primary Markets, where NIC MAP has been tracking data since Q4 2005. These are sometimes referred to as the MAP31 as there are 31 of these markets. The next largest are the Secondary Markets, where NIC MAP has been tracking data since 1Q2008. These markets are the next 68 largest markets. Finally, additional Markets are 41 markets located in close proximity to the 99 Primary and Secondary Markets and help to fill gaps between these Primary and Secondary Markets. NIC MAP has tracked data in Additional Markets since Q1 2015. State Communities Existing Under Construction % Increase Total 75+ Adult Child(3) 75+ Adult Child(3) Median HH Income Median Home Value Unemployment % Total 75+ Adult Child2 75+ Adult Child(3) Median HH Income Median Home Value Unemployment % All/Wtd Avg 138 2,698 49 +1.8% +3.3% +24.8% +2.5% 7.8% 23.7% $87,619 $371,189 4.2% +3.4% +23.9% +2.0% 7.9% 24.0% $83,626 $349,049 4.2% TX 30 3,365 59 +1.8% +6.3% +29.1% +9.2% 5.7% 22.9% $87,554 $359,025 - +6.5% +28.4% +8.2% 6.0% 23.3% $84,821 $316,919 4.7% OH 14 2,765 40 +1.4% +0.6% +21.4% (2.9%) 8.6% 23.9% $79,416 $282,019 4.3% +0.6% +21.2% (2.7%) 8.4% 24.1% $76,620 $255,337 4.2% IN 12 1,907 49 +2.6% +2.0% +24.4% +0.5% 7.2% 23.5% $81,025 $285,463 4.5% +1.6% +22.5% (1.0%) 7.7% 23.8% $78,842 $266,749 3.8% FL 11 1,739 81 +4.7% +8.5% +29.8% +4.2% 10.5% 24.4% $90,183 $408,788 4.3% +7.5% +24.4% +3.7% 10.7% 25.1% $82,328 $407,634 4.3% OR 9 4,123 51 +1.2% +0.6% +21.3% +2.6% 8.5% 23.7% $92,294 $569,039 4.6% +0.4% +20.3% +1.6% 8.9% 24.3% $89,583 $552,596 4.5% WI 9 1,732 24 +1.4% +0.6% +21.3% (4.5%) 9.0% 25.0% $83,339 $310,669 2.9% +1.0% +22.4% (2.9%) 8.5% 24.6% $84,914 $327,857 2.9% GA 7 4,813 60 +1.2% +3.1% +27.3% +4.0% 5.6% 26.2% $110,250 $537,050 3.4% +3.7% +25.8% +2.4% 6.8% 24.7% $83,553 $367,413 4.6% SC 6 1,130 4 +0.3% +5.7% +26.2% +2.4% 9.3% 23.6% $79,266 $361,048 5.2% +6.1% +27.4% +2.2% 8.7% 24.4% $74,731 $294,063 4.5% IA 5 168 - - +1.2% +18.7% (3.2%) 9.6% 23.2% $86,114 $268,629 3.8% +1.5% +19.6% (1.2%) 8.5% 23.2% $80,102 $252,597 2.9% MO 4 2,858 44 +1.5% +2.0% +22.2% +1.7% 7.8% 23.6% $80,765 $282,571 4.4% +1.5% +21.3% (1.1%) 8.3% 23.8% $76,754 $270,067 3.7% WA 4 2,855 24 +0.8% +2.2% +25.3% +3.6% 7.6% 24.3% $100,708 $561,365 4.4% +3.1% +24.2% +4.9% 7.6% 23.8% $106,667 $628,861 4.6% MD 3 5,341 97 +1.8% +1.9% +21.6% +2.7% 7.8% 23.9% $95,669 $396,062 4.3% +1.4% +20.8% (0.4%) 7.9% 25.3% $109,265 $479,412 4.3% MI 3 571 9 +1.5% +0.2% +21.3% (3.4%) 8.8% 22.3% $69,891 $242,630 4.9% +0.6% +21.5% (3.9%) 8.6% 24.5% $78,324 $271,354 4.9% ID 2 2,055 74 +3.6% +6.4% +28.1% +10.2% 7.1% 22.7% $92,720 $538,185 3.4% +6.5% +28.4% +6.7% 7.7% 22.8% $85,227 $491,111 3.4% IL 2 3,649 157 +4.3% +1.4% +22.8% (0.1%) 7.3% 26.9% $124,816 $400,092 3.7% - +19.4% (1.0%) 8.0% 24.7% $89,161 $297,801 5.2% MN 2 7,697 82 +1.1% +1.5% +21.9% +3.1% 7.2% 23.5% $103,253 $376,940 5.1% +1.5% +20.6% +0.4% 8.0% 23.9% $94,261 $371,212 3.4% AL 1 62 - - +0.7% +20.3% (6.1%) 9.1% 24.1% $64,792 $176,667 3.0% +2.2% +22.6% (1.8%) 8.3% 24.2% $68,981 $237,607 4.3% AZ 1 296 - - +2.9% +16.4% (8.9%) 14.5% 23.9% $71,638 $412,963 4.3% +5.0% +21.3% +3.8% 9.2% 23.1% $87,057 $430,233 4.5% KY 1 4,308 6 +0.1% +2.8% +23.4% +1.9% 8.7% 24.3% $88,971 $372,263 2.9% +1.8% +23.4% (2.2%) 8.0% 24.5% $68,280 $247,685 4.4% MA 1 2,062 - - - +21.0% (3.0%) 8.5% 24.1% $74,670 $339,053 3.4% +1.8% +21.2% (0.2%) 8.5% 24.9% $112,656 $644,958 4.4% MS 1 1,584 - - (0.6%) +22.4% (1.0%) 7.5% 24.0% $70,411 $287,342 5.2% (0.2%) +20.3% (3.7%) 7.9% 23.9% $62,500 $195,370 5.1% MT 1 1,683 - - +2.9% +23.2% +5.3% 8.6% 22.5% $79,124 $398,605 3.8% +3.2% +25.0% +1.8% 9.0% 23.3% $79,255 $475,490 3.0% NC 1 474 - - +5.4% +20.4% (6.2%) 14.3% 26.2% $70,474 $385,776 4.4% +5.1% +25.8% +2.4% 7.9% 24.8% $78,017 $339,796 4.3% NE 1 3,397 - - +4.7% +26.4% +7.1% 6.6% 23.8% $115,689 $387,742 4.4% +2.2% +21.3% +1.5% 7.7% 22.5% $82,622 $283,333 2.6% NM 1 2,302 - - +0.2% +22.2% +2.4% 9.0% 24.0% $81,336 $357,946 4.3% +0.4% +20.0% (0.8%) 9.1% 22.9% $67,788 $286,618 5.3% NV 1 1,145 - - +3.3% +28.5% +4.1% 7.3% 23.1% $90,402 $484,817 4.9% +4.7% +25.9% +5.2% 7.9% 24.8% $88,955 $473,790 5.6% NY 1 231 - - +1.0% +17.9% (5.3%) 9.0% 18.4% $77,174 $226,522 3.4% +0.2% +18.1% (2.3%) 8.7% 24.8% $92,016 $484,848 5.7% OK 1 3,838 - - +3.4% +24.2% +6.5% 6.7% 21.7% $78,571 $319,492 3.7% +2.7% +22.6% +2.3% 7.5% 22.8% $69,118 $240,741 4.7% TN 1 2,859 196 +6.9% (0.7%) +21.4% (3.7%) 7.2% 25.1% $104,494 $416,272 5.1% +3.9% +25.7% +0.8% 7.8% 24.5% $74,746 $349,533 4.1% UT 1 1,531 - - +4.3% +27.1% +10.9% 4.8% 21.5% $113,083 $536,523 3.0% +6.0% +27.7% +11.3% 5.3% 20.9% $103,846 $567,661 3.3% VA 1 3,464 449 +13.0% (0.5%) +21.2% +1.3% 6.8% 22.0% $85,129 $372,414 4.3% +1.9% +21.0% +0.5% 7.8% 24.7% $97,514 $452,193 3.8% Demographics Sonida SHOP Portfolio Unit Inventory(1) Statistics - 10 mile radius Statistics - State 10 mile radius of the Company Population Growth % of Population Demographics Population Growth % of Population

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