VOLUME 37 | ISSUE 10
Inside the World of Senior Care Mergers, Acquisitions and Finance Since 1948
Q3 Surpasses 200 Deals OCTOBER 2025
The Market Is Set to Break Records in Q4
The M&A market is heating up and set to break
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records in 2025. Deal activity accelerated throughout the summer, and the third quarter ended with more than 200 deals. Q4 could top that. See article at right
Thoughts on NIC Everyone was cheerful in Austin at the NIC Fall Conference, buoyed by improving operations, falling capital costs and plenty of deals hitting the market. The “good deals” are still out there but may run out soon in some pockets. And
he NIC Fall conference in early September was filled with optimism from brokers, investors, operators and lenders (see “Thoughts on Fall NIC” to read about our takeaways). Last Fall NIC also carried a positive tone that had not been seen in some time, but that was largely fueled by the Federal Reserve’s 50-basis point rate cut just beforehand, the first since March 2020, more than four years earlier. However, the soaring optimism present at the Fall 2025 conference has been underpinned by three already active M&A quarters, with a gangbusters fourth quarter expected, plus an improved operating environment, according to market participants. Investors and operators are in growth mode and lenders are now well-positioned with the appetite to provide capital to both existing and new relationships. In the first few months of 2025, we were skeptical about whether this
what are the new entrants attracted to?
continued on page 25
See article at right
Skilled Nursing Acquisitions.............Page 8
Thoughts on Fall NIC
Seniors Housing Acquisitions..........Page 17
The Mood Was Overwhelmingly Positive in Austin
Agency Loans...................................Page 27 Conventional Loans.........................Page 29
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e have never been to such a universally positive industry event as the 2025 NIC Fall Conference in Austin, Texas. We were also hard-pressed to find any disagreement with that. It was well attended, with nearly 3,200 people there according to NIC, which is a post-pandemic record. Many new faces populated the crowds, coming from investment firms, lifecos and banks eager to learn more about the space. It helped that the 10-Year Treasury rate plunged to nearly 4.00% as the conference kicked off, and that the Federal Reserve’s meeting to cut rates was looming (and ultimately delivered on a 25-basis point cut). There was also a sea of green lanyards of capital providers eagerly searching for new deals. More sidelined lenders and their seniors housing originations teams have gotten word to put out capital. Stresses on the balance sheet from other industries continue to abate. More operators continued on page 2