CareTrust REIT is a healthcare-focused REIT that owns and leases skilled nursing facilities (SNFs) and senior housing communities to independent operators under long-term triple-net leases, where tenants bear all operating costs. CareTrust's portfolio totals 410 properties across 32 U.S. states and the U.K., with roughly 37,900 beds and units. SNFs account for about 74% of property revenue, with senior housing making up most of the remainder. Ensign, a publicly traded SNF operator, is CareTrust's largest tenant at 23% of annualized rental income. Beyond owned properties, CareTrust holds roughly $881M in mortgage loans, mezzanine loans, and preferred equity, which management views primarily as a relationship-building tool to source future acquisitions rather than a standalone business. CareTrust's FFO growth is driven by deploying capital into new acquisitions at accretive yields — the company targets roughly 9%+ on U.S. SNFs and 8.5%+ on U.K. care homes — and the spread between those yields and CareTrust's cost of capital is the core driver of per-share accretion. CareTrust entered the U.K. in May 2025 via the acquisition of Care REIT, adding 131 care homes, and the U.K. now represents about one-third of its near-term acquisition pipeline. CareTrust also recently launched a SHOP platform, where it participates directly in operating results rather than collecting fixed rent. CareTrust maintains very low leverage and focuses on small-to-midsize regional operators that larger healthcare REITs tend to underserve.