Pennant Group provides home health, hospice, and senior living services across 16 U.S. states, operating 172 home health and hospice agencies and 63 senior living communities. Home health and hospice is Pennant's core business, generating roughly 77% of revenue. Home health sends nurses, therapists, and aides into patients' homes as a lower-cost alternative to hospitals or skilled nursing facilities. Hospice provides comfort-focused care for terminally ill patients, also primarily in the home. Senior living — assisted living, independent living, and memory care — makes up the remaining 23% of revenue. Medicare is the dominant payer in home health and hospice, while senior living is primarily private pay. Pennant's defining operating characteristic is its locally driven "cluster model," where individual agency and community leaders make key decisions rather than a central corporate office, supported by a shared services center for IT, compliance, HR, and finance. Pennant grows through organic census and occupancy gains, acquisitions of underperforming operations, and joint ventures with health systems to expand referral pipelines. The pace of acquisitions is explicitly constrained by Pennant's internal leadership pipeline — the company runs a formal CEO-in-Training program and will only acquire operations where trained leaders are ready to deploy. Labor is the primary cost driver, representing roughly 68% of total expenses. Pennant's largest acquisition to date was a 54-location purchase in Tennessee, Georgia, and Alabama for $146.5M in October 2025.