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Debt | 9 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
Debt | Debt Long-term debt balances, including associated interest rates and maturities consists of the following (in thousands):
|  |  | Weighted average interest rate |  | September 30, 2025 |  | December 31, 2024
| Maturity Date |  | September 30, 2025 |  | December 31, 2024 |  |
Senior secured revolving credit facility | 2027 |  | 6.9% |  | 7.3% |  | $ | 86,050 |  |  | $ | 60,000 |
Fixed rate mortgage notes payable | 2026 to 2045 |  | 4.6% |  | 4.6% |  | 386,784 |  |  | 400,229 |
Variable rate mortgage notes payable (1) | 2026 to 2029 |  | 6.7% |  | 6.5% |  | 189,611 |  |  | 171,530 |
Notes payable - consolidated VIE | 2026 to 2027 |  | 7.0% |  | 7.2% |  | 21,690 |  |  | 21,690 |
Notes payable - insurance | 2025 to 2026 |  | 5.6% |  | 6.9% |  | 3,993 |  |  | 1,707 |
Total debt |  |  |  |  |  |  | 688,128 |  |  | 655,156 |
Deferred loan costs, net |  |  |  |  |  |  | 3,711 |  |  | 3,766 |
Total debt, net of deferred loan costs |  |  |  |  |  |  | 684,417 |  |  | 651,390 |
Current portion of debt |  |  |  |  |  |  | 21,009 |  |  | 15,486 |
Long-term debt, net |  |  |  |  |  |  | $ | 663,408 |  |  | $ | 635,904 |
(1) See “Note 14–Fair Value Measurements” for interest rate cap agreements on variable rate mortgage notes payable. The following schedule summarizes our debt payable as of September 30, 2025 (in thousands):
Principal payments due in: |
2025 | $ | 3,751 |
2026 | 22,398 |
2027 | 98,647 |
2028 | 134,395 |
2029 | 408,561 |
Thereafter | 20,376 |
Total debt, excluding deferred loan costs | $ | 688,128 |
As of September 30, 2025, our fixed rate mortgage notes bore interest rates ranging from 3.0% t o 6.3%. O ur variable rate mortgage notes and Credit Facility (as defined below) are based on th e Secured Overnight Financing Rate (“SOFR”) plus an applicable margin. As of September 30, 2025, the one-month SOFR was 4.2% and the applicable margins ranged from 0.0% to 2.7%. As of September 30, 2025, we had property and equipment with a net carrying value of $570.3 million that was secured by outstanding notes payable. In addition, as of September 30, 2025, we had property and equipment with a net carrying value of $158.6 million secured by the Credit Facility (as defined below). As of September 30, 2025, we had a fixed rate mortgage note with a carrying value of $13.1 million associated with a property held for sale. 2025 Ally Term Loan On August 7, 2025, the Company entered into a senior secured term loan of $137.0 million (“2025 Ally Term Loan”) with Ally Bank (“Ally”) with a closing fee of 0.75%, or $1.0 million. The 2025 Ally Term Loan amended and restated the Company’s then-existing term loan with Ally, dated as of March 10, 2022, as amended. The amendment resulted in the removal of one lender from the loan commitment. Following this amendment, only one member remains under the facility. The 2025 Ally Term Loan allowed for an initial term loan advance on the closing date of $122.0 million secured by 19 communities, which included 18 communities under the then-existing Ally term loan agreement, as well as the Alpharetta community acquired in June 2025. Two additional draws of $7.5 million each will become available subject to achieving certain debt yields and debt service coverages ratios. The 2025 Ally Term Loan has a 36-month maturity date and a variable interest rate of one-month SOFR plus a 2.65% margin (subject to a performance-based stepdown to a 2.45% margin). As of September 30, 2025, the Company has $122.0 million outstanding under the 2025 Ally Term Loan, which has a maturity date of August 2028. The Company has the ability to request an increase in the term loan up to $40.0 million to finance additional properties subject to lender due diligence and review. 2025 Mortgage Loan On May 30, 2025, the Company acquired one senior living community located in Tarpon Springs, Florida. The Company mortgaged the property with a $9.0 million interest-only loan due in 36 months, plus two 12-month extensions at the Company’s option subject to meeting certain financial conditions. The interest rate is based on SOFR plus applicable margins ranging from 0.0% to 3.0%. Senior Secured Revolving Credit Facility During 2024, the Company entered into a credit agreement with BMO Bank, N.A. and Royal Bank of Canada for a senior secured revolving credit facility (the “Credit Facility”). The Credit Facility has a borrowing capacity of up to $150.0 million, a term of three years, a leverage-based pricing matrix between SOFR plus 2.10% margin and SOFR plus 2.60% margin and is fully recourse to Sonida Senior Living, Inc. and its applicable subsidiaries. The borrowing base by which borrowing availability under the Credit Facility is determined is generally based upon the value of the senior living communities that secure the Company’s obligations under the Credit Facility. As of September 30, 2025, $86.1 million of borrowings were outstanding under the Credit Facility at a weighted average interest rate of 6.9%, which was secured by 14 of the Company’s senior living communities. During the three months ended September 30, 2025, the Company borrowed $15.6 million under the Credit Facility, at a weighted average interest rate of 6.9%, and repaid $4.5 million of borrowings on August 26, 2025. As of September 30, 2025, we had an additional borrowing capacity of up to $40.9 million under our Credit Facility. Notes Payable - Consolidated VIE As of September 30, 2025, the Company had $21.7 million of mortgage debt outstanding related to the Palatine JVs. The mortgages have a weighted average interest rate of 7.0% and terms ranging from 2026 through 2027. The Company has guaranteed $3.1 million of the Palatine JV mortgages. In addition, one of the affiliates in the Palatine JVs entered into a SOFR-based interest rate cap (“IRC”) to reduce exposure to the variable interest rate fluctuations associated with one of the mortgages at a cost of $0.1 million. Notes Payable - Insurance As of September 30, 2025, the Company had three finance agreements for certain insurance policies totaling $4.0 million, with weighted average fixed interest rate of 5.6%, and principal being repaid over nine and ten month terms. Deferred Loan Costs As of September 30, 2025 and December 31, 2024, the Company had gross deferred loan costs of $12.5 million and $11.4 million, respectively, related to notes payable. Accumulated amortization was $8.8 million and $7.6 million as of September 30, 2025 and December 31, 2024, respectively. Financial Covenants Certain of the Company's debt agreements contain restrictions and financial covenants, which require the Company to maintain prescribed minimum liquidity, net worth, and shareholders' equity levels and debt service ratios, and require the Company not to exceed prescribed leverage ratios, in each case on a consolidated, portfolio-wide, multi-community, single-community, and/or entity basis. In addition, the Company's debt agreements generally contain non-financial covenants, such as those requiring the Company to comply with Medicaid provider requirements and maintain insurance coverage. The Company's failure to comply with applicable covenants could constitute an event of default under the applicable debt agreements. Many of the Company's debt agreements contain cross-default provisions so that a default under one of these instruments could cause a default under other debt agreements (including with other lenders). Furthermore, the Company's mortgage debt is secured by its communities and, in certain cases, a guaranty by the Company and/or one or more of its subsidiaries. As of September 30, 2025, the Company was in compliance with the financial covenants of its debt agreements.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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