CHCT 10-K & 10-Q changes, risk factors and insider trading
Community Healthcare Trust Inc · NYSE · Real Estate Investment Trusts · CIK 1631569 · All filings on SEC.gov
At a glance
What changed in the latest 10-K
Risk Factors
New heading “Changes to U.S. tariff and import/export regulations may have an adverse effect on our business, financial condition and results of operations.”
Largest changes
The capital and credit markets have experiencedsee in full comparisonextremevolatility and disruption as a result oftheinflation,conflictchangesbetweeninRussiainterest rates, supply chain disruptions, labor conditions, tariffs andUkraine,globalthetradeconflict in the Middle East,tensions, andtheinternationalrecent rise in inflation, as well as the resulting governmental policies.conflicts. We believe that such volatility and disruption are likely to continue into the foreseeable future. Market volatility and disruption could hinder our ability to obtain new debt financing or refinance our maturing debt on favorable terms or at all or to raise debt and equity capital.
“Changes to U.S. tariff and import/export regulations may have an adverse effect on our business, financial condition and results of operations.”see in full comparison
“Inflation, both real or anticipated, could adversely affect the economy and the costs of labor, goods and services to our tenants. While inflation has shown signs of moderating, it remains uncertain whether substantial inflation in the United States will be sustained over an extended period of time. Increased operating costs resulting from inflation could have an adverse impact on our tenants if increases in their operating expenses exceed increases in their revenue, which may adversely affect our tenants’ ability to pay rent or other obligations owed to us. …”see in full comparison
“Inflation, both real or anticipated, could adversely affect the economy and the costs of labor, goods and services to our tenants. While inflation has shown signs of moderating, it remains uncertain whether substantial inflation in the United States will be sustained over an extended period of time. Increased operating costs resulting from inflation could have an adverse impact on our tenants if increases in their operating expenses exceed increases in their revenue, which may adversely affect our tenants’ ability to pay rent or other obligations owed to us. …”see in full comparison
“The use of Artificial Intelligence (“AI”) in health care continues to increase and evolve. …”see in full comparison
“For example, in June 2023, one of our tenants, GenesisCare and certain of its affiliates ("GenesisCare") filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code. Two of GenesisCare's leases with the Company's subsidiaries were rejected pursuant to requests to reject such leases that were approved by the U.S. Bankruptcy Court for the Southern District of Texas during 2023.”see in full comparison
Full comparison: every changed paragraph (29)
Inflation, both real or anticipated, could adversely affect the economy and the costs of labor, goods and services to our tenants. While inflation has shown signs of moderating, it remains uncertain whether substantial inflation in the United States will be sustained over an extended period of time. Increased operating costs resulting from inflation could have an adverse impact on our tenants if increases in their operating expenses exceed increases in their revenue, which may adversely affect our tenants’ ability to pay rent or other obligations owed to us. In response to inflationary pressures, the Federal Reserve raised the benchmark federal funds rate in 2022 and 2023, which led to increases in interest rates in the credit markets. Although the Federal Reserve lowered the benchmark federal funds rate in September 2024 and November 2024, it may raise the federal funds rate in the future, which would likely lead to higher interest rates in the credit markets and the possibility of slowing economic growth. Increases in interest rates will increase interest cost on existing variable rate debt, including our Credit Facility. Such increases in the cost of capital could adversely impact our ability to finance operations and acquire properties. Increased interest rates may also result in less liquid property markets, limiting our ability to sell existing assets.
Inflation, both real or anticipated, could adversely affect the economy and the costs of labor, goods and services to our tenants. While inflation has shown signs of moderating, it remains uncertain whether substantial inflation in the United States will be sustained over an extended period of time. Increased operating costs resulting from inflation could have an adverse impact on our tenants if increases in their operating expenses exceed increases in their revenue, which may adversely affect our tenants’ ability to pay rent or other obligations owed to us. In response to inflationary pressures, the Federal Reserve raised the benchmark federal funds rate in 2022 and 2023, which led to increases in interest rates in the credit markets. Although the Federal Reserve lowered the benchmark federal funds rate in 2024 and 2025, it may raise the federal funds rate in the future, which would likely lead to higher interest rates in the credit markets and the possibility of slowing economic growth. Increases in interest rates will increase interest cost on existing variable rate debt, including our Credit Facility. Such increases in the cost of capital could adversely impact our ability to finance operations and acquire properties. Increased interest rates may also result in less liquid property markets, limiting our ability to sell existing assets.
Changes to U.S. tariff and import/export regulations may have an adverse effect on our business, financial condition and results of operations.
There have been significant changes, and continue to be ongoing discussion and commentary regarding potential significant changes to U.S. trade policies, treaties and tariffs, creating significant uncertainty about the future relationship between the United States and other countries with respect to trade policies, treaties and tariffs. These developments, or the perception that any of them could occur, may have a material adverse effect on global economic conditions and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the United States. Any of these factors could depress economic activity and have a material adverse effect on our business, financial condition, results of operations, and the market price of our common stock.
Our success depends, to a significant extent, on the continued services of Mr. David H. Dupuy, our Chief Executive Officer and President, Mr. William G. Monroe IV, our Executive Vice President and Chief Financial Officer, and Ms. Leigh Ann Stach, our Executive Vice President and Chief Accounting Officer, and Mr. Timothy L. Meyer, our Executive Vice President, Asset Management.Officer. Each executive officer has significant experience in the healthcare and/or real estate industry and has developed significant relationships with various healthcare providers and real estate brokers throughout the United States. Our ability to continue to acquire and develop healthcare properties in off-market or lightly marketed transactions depends upon the significant relationships that our senior management team has developed over many years. The loss of services of our senior management or other key employees for any reason or for any amount of time could significantly delay or prevent the achievement of our strategic objectives and negatively impact our business, financial condition, results of operations, and stock price.
Although we have entered into employment agreements with Messrs. Dupuy, MonroeDupuy and MeyerMonroe and Ms. Stach, we cannot provide any assurance that any of them will remain employed by us. Our ability to retain our executive officers, or to attract suitable replacements should any member of the senior management team leave, is dependent on the competitive nature of the employment market. The loss of services of, or the failure to successfully integrate one or more new members of, our senior management team could adversely affect our business and our prospects.
Certain of our tenants have filed for bankruptcy in the past resulting in the rejection of leases with the Company's subsidiaries, and our tenants may file for bankruptcy in the future. Any bankruptcy filings by or relating to one of our tenants could bar all efforts by us to collect pre-bankruptcy debts from that tenant or seize its property, unless we receive an order permitting us to do so from a bankruptcy court, which we may be unable to obtain. A tenant bankruptcy could also delay our efforts to collect past due balances under the relevant leases and could ultimately preclude full collection of these sums. Furthermore, if a tenant rejects the lease while in bankruptcy, we would have only a general unsecured claim for pre-petition damages. Any unsecured claim that we hold may be paid only to the extent that funds are available and only in the same percentage as is paid to all other holders of unsecured claims. It is possible that we may recover substantially less than the full value of any unsecured claims that we hold, if any, which may have a material adverse effect on our business, financial condition and results of operations, our ability to make distributions to our stockholders and the market price of our common stock. Furthermore, dealing with a tenant bankruptcy or other default may divert management’s attention and cause us to incur substantial legal and other costs, which could adversely affect our ability to execute our business strategies, financial condition, and results of operations, as well as our ability to make distributions to our stockholders and the market price of our common stock.
For example, in June 2023, one of our tenants, GenesisCare and certain of its affiliates ("GenesisCare") filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code. Two of GenesisCare's leases with the Company's subsidiaries were rejected pursuant to requests to reject such leases that were approved by the U.S. Bankruptcy Court for the Southern District of Texas during 2023.
Some legislatures, government agencies and listing exchanges have mandated or proposed, and others may in the future further mandate, certain ESG disclosure or performance. For example, California has enacted laws and regulations regarding disclosure of climate-related risks and greenhouse gas emissions, each of which is expected to impose meaningful compliance burdens on in-scope companies deemed to be doing business in California. While we are still assessing the impact of these requirements, additional reporting obligations could cause us to incur increased costs. There is also some indication that ESG and sustainability goals are becoming more controversial, as some governmental entities and certain investor constituencies question the appropriateness or object to ESG and sustainability initiatives. We may face reputational damage or regulatory scrutiny in the event our corporate responsibility initiatives or objectives do not meet the standards or expectations of shareholders, prospective investors, lawmakers, listing exchanges or other constituencies. Failure to comply with ESG-related laws, exchange policies or stakeholder expectations could materially and adversely impact the value of our stock and related cost of capital, and limit our ability to fund future growth.
A large percentage of our annualized rent is provided by properties that are located in Texas, Illinois,Texas and Ohio,Florida and changes in these markets may materially adversely impact our business and financial condition.
Of our investments in 200198 properties, the properties located in Texas, Illinois,Texas and OhioFlorida provide, in the aggregate, approximately 38.4%26.7% of our annualized rent as of December 31, 2024.2025. As a result of this geographic concentration, we are particularly exposed to downturns in the economies of those states or other changes in such states’ respective real estate market conditions. Any material change in the current payment programs or regulatory, economic, environmental or competitive conditions in these states could have a disproportionate effect on our overall business results. In the event of negative economic or other changes in these markets, our business, financial condition and results of operations, our ability to make distributions to our stockholders and the market price of our common stock may be materially and adversely affected.
The capital and credit markets have experienced extreme volatility and disruption as a result of theinflation, conflictchanges betweenin Russiainterest rates, supply chain disruptions, labor conditions, tariffs and Ukraine,global thetrade conflict in the Middle East,tensions, and theinternational recent rise in inflation, as well as the resulting governmental policies.conflicts. We believe that such volatility and disruption are likely to continue into the foreseeable future. Market volatility and disruption could hinder our ability to obtain new debt financing or refinance our maturing debt on favorable terms or at all or to raise debt and equity capital.
For example, during 2025 and 2024, the Company recorded credit loss reserves on its notes receivable with a geriatric inpatient behavioral hospital borrower/tenant totaling approximately $8.7 million and $11 million, respectively, fully reserving the notes and interest with this borrower/tenant.
During the second quarter of 2024, the Company recorded an $11 million credit loss reserve on the notes receivable with a tenant where collectibility was not reasonably assured. The tenant/borrower has experienced challenges with patient census and employee staffing, which has impacted cash flows from operations and the consistency of rent and interest payments to the Company. Changes in cash flows of the business, changes in market data, such as market multiples, and other relevant data may drive a change in the estimated value of the underlying collateral.
While the Biden Administration supported the Affordable Care Act and various institutions designed to support increased access to care, the Trump Administration's immediate actions to rescind various Biden Administration initiatives through its January 20, 2025 "Initial Rescission of Harmful Executive Orders and Actions" mayand through changes included in the July 2025 One Big Beautiful Bill Act of 2025 signal its intent to reignitecontinue efforts to repeal the ACA or otherwise continue to limit it in material ways.
Sources of revenue for our tenants typically include Medicare, Medicaid, private insurance payers and health maintenance organizations. Healthcare providers continue to face increased government and private payer pressure to control or reduce healthcare costs and significant reductions in healthcare reimbursement, including reduced reimbursements and changes to payment methodologies under the Affordable Care Act.methodologies. In some cases, private insurers rely upon all or portions of the Medicare payment systems to determine payment rates which may result in decreased reimbursement from private insurers. TheWhile the Affordable Care Act and associated regulations continuecontinued to encourage increasing enrollment in plans offered by private insurers who choose to participate in state-run exchanges, but potential changes by the Trump Administration affecting Medicaid enrollment and payments, and the availability of lower cost, lower coverage plans creates uncertainty around private insurer costs and, thereby, payment rates to providers.
The use of Artificial Intelligence (“AI”) in health care continues to increase and evolve. While there currently is no Federal law governing the use of AI in health care or otherwise, several states and Federal agencies use existing regulations to govern the use of AI and enforce related privacy violations, and it is possible that governing legislation and regulations may be forthcoming given that President Trump has issued multiple AI-related Executive Orders, including an AI Action Plan on July 23, 2025 through Executive Order, “Promoting the Export of the American AI Technology Stock,” and a December 11, 2025 Executive Order, “Ensuring a National Policy Framework for Artificial Intelligence.”
As with privacy and security laws, we cannot predict the ultimate result of proposals to govern and regulate AI and any related enforcement actions, or the potential costs any compliance obligations may have on us or on our tenants. Violation of any applicable AI-related laws or regulations could adversely affect the expenses of our tenants and their ability to meet their financial obligations to us, which in turn could have a material adverse effect on our business, financial condition and results of operating our ability to pay distributions to our stockholders and the market price of our common stock.
Under Delaware law, a general partner of a Delaware limited partnership has fiduciary duties of loyalty and care to the partnership and its limited partners and must discharge its duties and exercise its rights as general partner consistent with the obligation of good faith and fair dealing. Our partnership agreement provides that, in the event of a conflict between the interests of our operating partnership or any limited partner, on the one hand, and the company or our stockholders, on the other hand, we, as the general partner of our operating partnership, may give priority to the separate interests of the company or our stockholders (including with respect to tax consequences). Further, any action or failure to act on our part or on the part of our directors that gives priority to the interests of the company or our stockholders and does not result in a violation of our partnership agreement does not violate the duty of loyalty or any other duty that we, in our capacity as the general partner of our operating partnership, owe to our operating partnership and its limited partners or violate the obligation of good faith and fair dealing.
Further, any action or failure to act on our part or on the part of our directors that gives priority to the interests of the company or our stockholders and does not result in a violation of our partnership agreement does not violate the duty of loyalty or any other duty that we, in our capacity as the general partner of our operating partnership, owe to our operating partnership and its limited partners or violate the obligation of good faith and fair dealing.
At December 31, 2024,2025, our debt to total capitalization ratio (debt plus stockholders' equity plus accumulated depreciation) was approximately 40.3%.42.9%. Our current financing policypolicy, as amended in 2026, prohibits aggregate debt (secured or unsecured) in excess of 40%45% of the Company's total capitalization, except for short-term transitory periods. However, this debt limitation policy can be changed by our board of directors without stockholder approval and there are no provisions in our bylaws that limit our ability to incur indebtedness. We could alter the balance between our total outstanding indebtedness and the value of our properties at any time. If we become more highly leveraged, the resulting increase in outstanding debt could adversely affect our ability to make debt service payments, to pay our anticipated distributions and to make the distributions required to qualify as a REIT. The occurrence of any of the foregoing risks could adversely affect our business, financial condition and results of operations, our ability to make distributions to our stockholders and the market price of our common stock.
The Company may enter into swap agreements from time to time that may not effectively reduce its exposure to changes in interest rates. As of December 31, 2024,2025, the Company had 15 outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk for notional amounts totaling $350.0 million.million, of which $75.0 million is scheduled to expire in March 2026. Upon expiration of the swaps, the underlying indebtedness will be subject to variable interest rates. To the extent the variable rate under our Credit Facility exceeds the fixed rate under our expiring swaps, our interest expense will increase. The Company may enter into additional swap agreements in the future to manage some of its exposure to interest rate volatility.volatility; Thesehowever, there can be no assurance that we will be able to do so on favorable terms, or at all. Even if we are able to enter into replacement swap agreementsagreements, involveprevailing risks,market suchconditions asmay theresult riskin less favorable fixed rates that counterparties may fail to honor their obligationsthose under theseour arrangements.expiring In addition, these arrangements may not be effective in reducing the Company's exposure to changes in interest rates and no hedging activity can completely insulate us from the risks associated with changes in interest rates. Moreover, interest rate hedging could fail to protect us or adversely affect us because, among other things:swaps.
These swap agreements involve additional risks, such as the risk that counterparties may fail to honor their obligations under these arrangements. In addition, these arrangements may not be effective in reducing the Company's exposure to changes in interest rates and no hedging activity can completely insulate us from the risks associated with changes in interest rates. Moreover, interest rate hedging could fail to protect us or adversely affect us because, among other things:
Our organization and proposed method of operation have enabled us to meet the requirements for qualification and taxation as a REIT commencing with our taxable year ended December 31, 2015. However, we cannot assure you that we will remain qualified as a REIT. Qualification as a REIT involves the application of highly technical and complex Code provisions for which there are only limited judicial and administrative interpretations. The complexity of these provisions and of the applicable Treasury regulations that have been promulgated under the Code, or the Treasury Regulations, is greater in the case of a REIT that, like us, holds its assets through a partnership. The determination of various factual matters and circumstances not entirely within our control may affect our ability to qualify as a REIT. In order to qualify as a REIT, we must satisfy a number of requirements, including requirements regarding the ownership of our stock, the composition of our assets and the composition and sources of our income. In addition, we must distribute to stockholders annually at least 90% of our REIT taxable income, determined without regard to the dividends paid deduction and excluding net capital gains. Legislation, new Treasury Regulations, administrative interpretations or court decisions may materially and adversely affect our ability to qualify as a REIT for U.S. federal income tax purposes.
We have two TRSs, and in the future, may form other TRSs for various reasons, including for the purpose of leasing “qualified healthcare properties” from us pursuant to the provisions of the REIT Investment Diversification and Empowerment Act of 2007, or RIDEA, although we currently have no intention of investing in companies that provide healthcare services structured to comply with RIDEA. Overall, for tax years beginning after December 31, 2025, no more than 20%25% of the value of a REIT’s assets may consist of stock or securities of one or more TRSs. The Code also imposes a 100% excise tax on certain transactions between a TRS and its parent REIT that are not conducted on an arm’s-length basis. We will monitor the value of our respective investments in our TRSs for the purpose of ensuring compliance with the TRS ownership limitation and will structure any future transactions with any TRS on terms that we believe are arm’s length to avoid incurring the 100% excise tax described above. However, there can be no assurance that we will be able to comply with such TRS ownership limitation or to avoid application of the 100% excise tax.
The maximum tax rate applicable to “qualified dividend income” payable to U.S. stockholders that are taxed at individual rates is 20%. Dividends payable by REITs, however, generally are not eligible for the reduced rates on qualified dividend income. The more favorable rates applicable to regular corporate qualified dividends could cause investors who are taxed at individual rates to perceive investments in REITs to be relatively less attractive than investments in the stocks of non-REIT corporations that pay dividends, which could adversely affect the value of the shares of REITs, including our common stock. However, for tax years beginning after December 31, 2017, but before January 1, 2026, certain stockholders may be able to deduct up to 20% of "qualified REIT dividends" pursuant to Section 199A of the Code subject to certain limitations set forth in the Code.
Distributions to tax-exempt stockholders may be classified as unrelated business taxtaxable income.
In general, neither ordinary nor capital gain distributions with respect to our common stock, nor gain from the sale of our common stock, should constitute unrelated business taxtaxable income, or UBTI, to a tax-exempt stockholder. However, under certain limited circumstances, income and gain recognized by certain tax-exempt stockholders could be treated, in whole or in part, as UBTI.
Any sales of a substantial number of shares of our common stock, or the perception that those sales might occur, may cause the market price of our common stock to decline. After the expiration of any applicable transfer restrictions imposed by our 2024 Incentive Plan, restricted stock purchaseaward agreements or lockupsecurities agreements with us,laws, our executive officers and directors will have the ability to sell all of any portion of the applicable common stock which could cause the market price of our common stock to decline.
Management's Discussion & Analysis (MD&A)
New heading “Credit Loss on Loans and Interest Receivables”
New heading “Accelerated Amortization of Restricted Stock and Restricted Stock Units”
New heading “Year Ended December 31, 2025 Compared to December 31, 2024”
New heading “Gains on the sales of depreciable real estate assets, net of losses and impairments”
New heading “Asset Disposition”
Removed heading “Assets Held for Sale”
Removed heading “Executive Compensation”
Removed heading “Deferred income tax expense”
Removed heading “Year Ended December 31, 2023 Compared to December 31, 2022”
Removed heading “Financing Policy”
Largest changes
“Gains on the sales of depreciable real estate assets, net of losses and impairments”see in full comparison
“•A reduction in rental income of $1.1 million due mainly to lease terminations, including two Genesis Care leases with the Company that were rejected in 2023 as part of the Genesis Care bankruptcy.”see in full comparison
“Accelerated Amortization of Restricted Stock and Restricted Stock Units”see in full comparison
“•Accelerated amortization of lease intangibles on the two GenesisCare properties where the leases were rejected in their 2023 bankruptcy resulted in a decrease of approximately $1.5 million.”see in full comparison
Full comparison: every changed paragraph (124)
During the year ended December 31, 2024,2025, the Company acquired ninethree real estate properties for an aggregate purchase price of approximately $72.1$64.5 million. Upon acquisition, the properties, totaling approximately 261,000113,000 square feet, were 99.3%100.0% leased in the aggregate with lease expirations through 2039.2040.
Real estate dispositions and Assets Held for Sale
During the year ended December 31, 2024,2025, the Company disposed of twofive properties in Texas and a land parcel adjacent to a property in Georgia.properties. The Company received net proceeds of approximately $2.3$32.9 million, including $0.7 million where cash was received subsequent to December 31, 2025, and recognized ana immaterialnet gain in the aggregate on thesales, dispositions.net of losses and impairments, totaling approximately $11.6 million.
Additionally, during the second quarter of 2025, the Company amended an operating lease on a property that resulted in a sales-type lease. As such, the Company reclassified the net book value of the real estate totaling $3.7 million to a net lease investment in other assets on the Condensed Consolidated Balance Sheet and recognized a gain on sale totaling approximately $1.3 million (see Sales-type leases in Note 3 – Real Estate Leases in the Consolidated Financial Statements for more details).
The Company has one property with a carrying balance of $5.3 million classified as held for sale at December 31, 2025. During the year ended December 31, 2025, the Company recorded impairment charges of $1.1 million on this property. See Note 4 – Real Estate Acquisitions, Dispositions, and Assets Held for Sale in the Consolidated Financial Statements for more details.
The Company has entered into a definitive purchase agreement for a residential treatment campus consisting of five buildings with an expected purchase price of approximately $9.5 million and an expected return of 9.5%. The Company expects to close on this investment during the first quarter of 2025; however, the Company cannot provide assurance as to the timing of when, or whether, the transaction will actually close.
The Company also has sevenfive properties under definitive purchase agreements, to be acquired after completion and occupancy, for an aggregate expected purchase price of approximately $169.5$122.5 million. The Company's expected returns on these investments are approximately 9.1% to 9.75%. The Company anticipates closing on one of these properties in the first quarter of 20252026 with the remainder throughout 2025, 2026 and 2027; however, the Company cannot provide assurance as to the timing of when, or whether, these transactions will actually close.
Assets Held for Sale
The Company has two properties with an aggregate carrying balance of $6.8 million classified as held for sale. See Note 4 – Real Estate Acquisitions, Disposition, and Assets Held for Sale in the Consolidated Financial Statements for more details.
As of December 31, 2024,2025, our real estate portfolio was approximately 90.9%90.6% leased, excluding the real estate assetsasset held for sale. During the year ended December 31, 2024,2025, we had expiring or terminated leases related to approximately 551,000712,000 square feet, and we leased or renewed leases related to approximately 517,000683,000 square feet.
Certain of the Company's leases provide the lessee with a purchase option or a right of first refusal to purchase the leased property. The purchase option provisions generally allow the lessee to purchase the leased property at fair value or at an amount greater than the Company's gross investment in the leased property at the time of the purchase. The Company had an aggregate gross investment of approximately $31.5$42.0 million in nine13 real estate properties as of December 31, 20242025 that were subject to exercisable purchase options.
Inflation has significantly increased during the past couple ofseveral years and a prolonged period of high and persistent inflation could cause an increase in our expenses, capital expenditures, and cost of our variable-rate borrowings which could have a material impact on our financial position or results of operations. Many of our lease agreements contain provisions designed to mitigate the adverse impact of inflation, including annual rent increases based on stated increases or CPI increases. In response to inflationary pressures, the Federal Reserve began raisingraised interest rates in 2022.2022 Thoughand these2023, higherhowever, the Federal Reserve lowered interest rates havein just2024 begunand to2025, decline,and thesemay higherprovide additional rate changes during 2026. Higher interest rates may adversely impact real estate asset values and increase our interest expense on our variable-rate borrowings under our revolving credit facility.
Credit Loss on Loans and Interest Receivables
During the second quarter of 2025, the Company recorded reserves, fully reserving its notes and interest with a geriatric inpatient behavioral hospital tenant, totaling approximately $8.7 million on its notes and approximately $1.7 million of interest receivables. See Note 1 – Summary of Significant Accounting Policies and Note 10 – Other Assets, net to the Condensed Consolidated Financial Statements for more details on these reserves.
Accelerated Amortization of Restricted Stock and Restricted Stock Units
The Company's former Executive Vice President, Asset Management was terminated effective May 31, 2025. In accordance with his employment agreement, his unvested restricted shares totaling 198,015 shares vested and his unvested restricted stock units totaling 18,275 units vested at target upon termination. As such, upon termination and vesting of these shares, the Company accelerated the unamortized remaining balance of his deferred compensation at May 31, 2025 and recognized $4.6 million of amortization expense. Also, the Company recognized severance and transition expense totaling approximately $1.3 million.
At December 31, 2025, the Company had fixed the $275.0 million outstanding under the Term Loans and $75.0 million of its Revolving Credit Facility which had an aggregate fixed weighted average interest rate under the swaps of approximately 4.7% and 3.8%, respectively. These swaps that fix the interest rates on the Revolving Credit Facility mature in March 2026. If the Company does not enter into new interest rate swaps, the interest on this $75.0 million will be under a floating rate. The floating rate for the unhedged portion of the Revolving Credit Facility at December 31, 2025 was approximately 5.4%. See Note 5 – Debt, net and Note 6 – Derivative Financial Instruments for more details on the Company's debt and interest rate swaps.
During the first quarter of 2024, two interest rates swaps related to Term Loans matured and were replaced with two previously forward-starting swaps. Also, during the fourth quarter of 2024, the Company amended its Credit Facility to (i) increase the Revolving Credit Facility commitments, (ii) decrease pricing on the Revolving Credit Facility, (iii) extend maturity of the Revolving Credit Facility, and (iv) repay the $75.0 million A-3 Term loan with proceeds from the Revolving Credit Facility. Also, with the repayment of the A-3 Term loan, the interest rate swaps that previously hedged the A-3 Term Loan were reassigned to hedge $75.0 million of the Revolving Credit Facility through the swaps maturity date in 2026. During the fourth quarter of 2024, the Company's leverage ratio increased resulting in higher pricing on the Term Loans based on the pricing grid in our Credit Facility.
Executive Compensation
The Alignment of Interest Program was amended by the Board in the first quarter of 2024 to establish a maximum elective deferral percentage amount of 50% (previously 100%) of compensation allowed to be deferred and applied to the acquisition of restricted stock for certain participants in the program, and limit the duration of the restriction period election depending on each individual's retirement eligibility date. These changes were effective beginning January 1, 2024 for salary and other compensation deferrals and are effective for the annual bonus deferrals for the bonus period beginning July 1, 2024.
Further, in the first quarter of 2024, the also Board approved and adopted a new long-term incentive compensation structure for its executive officers, which includes the issuance of time-based RSUs and performance-based RSUs with three-year forward-looking performance targets. Historically, the Company had granted long-term incentive awards to its executive officers comprised of restricted stock that vested in eight years, based on backward-looking performance metrics. See Note 9 – Stock Incentive Plans for more details.
The Company's consolidated results of operations for 20242025 compared to 20232024 were significantly impacted by acquisitions and other capital improvements in our real estate,acquisitions, including depreciation and amortization on our real estate portfolio, asset dispositions, leasing activities, collectibility of lease payments, interestnotes receivable and notesrelated receivable,interest, interest expense, and general and administrative expenses, including the impact of changes to executive compensation programsseverance and the accelerated amortization of stock-based compensation upon the passing oftermination our former CEOExecutive Vice President, Asset Management in 2023, and interest expense.2025.
Year Ended December 31, 2025 Compared to December 31, 2024
Rental income increased approximately $6.8 million, or 5.9%, for the year ended December 31, 2025 compared to the same period in 2024 due mainly to the following:
•Income on properties acquired during 2025 and 2024 increased rental income by approximately $5.4 million;
•Rental income related to tenants on cash basis increased by approximately $0.9 million for the twelve months ended December 31, 2025 as compared to the same period in 2024, mainly due to the non-cash write-off of straight-line rent in 2024 for the geriatric inpatient behavioral hospital tenant accrued prior to 2024; partially offset by
•Properties sold during 2025 and 2024 resulted in a decrease in rental income of approximately $1.1 million, including $0.4 million related to a lease that was converted from an operating lease to a sales-type lease in 2025;
•A net decrease in the allowance for doubtful accounts for 2025 compared to 2024 totaling approximately $0.2 million; and
•The remaining $1.8 million net increase resulted from annual rent increases, net leasing activities, including the rent commencement of leases previously under construction and various other items.
Other operating interest decreased approximately $1.4 million, or 112.8%, for the year ended December 31, 2025 compared to the same period in 2024 due mainly to the following:
•A reduction in interest totaling $1.5 million due to reserving interest on notes in 2025 with a geriatric behavioral hospital borrower/tenant in six properties, net of cash collections differences in 2025 compared to 2024 for that borrower/tenant;
•An increase in interest of approximately $0.4 million from interest on a new note entered into during 2024, as well as interest on a financing and sales-type leases.
Property operating expenses increased approximately $0.8 million, or 3.5%, for the year ended December 31, 2025 compared to the same period in 2024 due mainly to the following:
•Property operating expenses on properties acquired during 2025 and 2024 resulted in an increase of approximately $0.4 million;
•Utilities expenses (on a same store basis) increased approximately $0.3 million;
•Landscaping expenses, including snow plow expenses, (on a same store basis) increased approximately $0.2 million; and
•Property insurance expenses (on a same store basis) increased approximately $0.1 million; offset partially by
•A reduction of expenses totaling approximately $0.2 million due to properties sold during 2025 and 2024.
General and administrative expenses increased approximately $6.0 million, or 31.7%, for the year ended December 31, 2025 compared to the same period in 2024 due mainly to the following:
•On May 31, 2025, the Company terminated its former Executive Vice President of Asset Management. Upon termination, unvested shares of restricted stock and restricted stock units vested in accordance with the terms of his employment agreement, and the Company accelerated the unamortized remaining balance of deferred compensation and recognized approximately $4.6 million of non-cash amortization expense. Additionally, the Company recognized approximately $1.3 million of severance and transition-related expenses; and
•Compensation expense increased approximately $0.5 million for the twelve months ended December 31, 2025 compared to the same period in 2024, partially related to a $0.3 million increase to non-cash amortization of stock-based compensation; offset partially by
•A decrease in professional fees of $0.3 million for the twelve months ended December 31, 2025 compared to the same period in 2024.
Depreciation and amortization expense increased approximately $0.8 million, or 1.8%, for the year ended December 31, 2025 compared to the same period in 2024 due mainly to the following:
•Depreciation and amortization related to properties acquired during 2025 and 2024 accounted for an increase of approximately $1.8 million;
•Tenant improvements and other capital expenditures resulted in an increase of approximately $2.0 million; partially offset by
•Properties that were sold or classified as held for sale during 2024 and 2025 resulted in a decrease of approximately $0.4 million;
•Fully amortized land and building improvements resulted in a decrease of approximately $0.7 million; and
•Real estate intangible assets acquired prior to 2024 that became fully depreciated resulted in a decrease of approximately $1.9 million;
Gains on the sales of depreciable real estate assets, net of losses and impairments
Gains on the sales of depreciable real estate assets, net of losses and impairments increased by approximately $11.9 million for the year ended December 31, 2025 compared to the same period in 2024. This increase was due mainly to the following:
•During 2025, the Company sold five properties and recognized a net gain on sale, net of losses, totaling approximately $11.6 million;
•During 2025, the Company amended a lease with a tenant and converted it from an operating lease to a sales-type lease. The Company recognized a gain on sale of the real estate totaling approximately $1.3 million;
•As of December 31, 2025, the Company had a property classified as held for sale and recorded impairments on the property during 2025 at the lower of its net book value and fair value less estimated cost to sell of approximately $1.1 million; and
•During 2024, the Company sold two properties and a land parcel and recognized losses, net of gains, totaling approximately $0.1 million.
Interest expense increased approximately $3.3 million, or 13.8%, for the year ended December 31, 2025 compared to the same period in 2024. Contractual interest due under the Credit Facility increased $3.4 million due to: (i) a pricing grid increase on hedged debt in the fourth quarter of 2024 due to increased leverage ratio, and (ii) a higher weighted average balance on the Revolving Credit Facility in 2025 compared to 2024. See Note 5 – Debt, net to the Consolidated Financial Statements. Also, a mortgage note payable on a property was repaid during 2024, which results in a decrease to interest expense of $0.1 million in 2025 compared to 2024.
Credit loss reserves totaling $8.7 million and $11.0 million, respectively, were recorded during 2025 and 2024, related to notes receivable with a geriatric inpatient behavioral hospital borrower/tenant, fully reserving these notes in 2025. See Note 10 – Other Assets, net in the Consolidated Financial Statements for more details on these notes and the credit loss reserves.
Interest and other income decreased approximately $0.5 million for the year ended December 31, 2025 compared to the same period in 2024. Interest and other income for 2024 included an undistributed allowance for tenant improvements totaling $0.3 million for a lease that expired and $0.2 million of earnest money on a terminated contract for a property held for sale.
Rental income increased approximately $5.9 million, or 5.4%, for the year ended December 31, 2024 compared to the same period in 2023 due mainly to the following:
•Income on properties acquired during 2024 and 2023 increased rental income by approximately $11.0 million; partially offset by
•A reduction in rental income related to tenants on cash basis during 2024 and 2023 totaling approximately $4.0 million (including $0.7 million of straight-line rent); and
What changed in the latest 10-Q
Risk Factors
In addition to the other information set forth in our Quarterly Reports on Form 10-Q for the current year, an investor should consider the risk factors included in our Annual Report on Form 10-K for the year ended December 31, 2025 and other reports that may be filed by the Company. There were no material changes in the risk factors presented in the Company's Annual Report on Form 10-K for the year ended December 31, 2025.
No wording changes found in this section.
Full comparison: every changed paragraph (0)
Management's Discussion & Analysis (MD&A)
New heading “Gains on sale, net of loss and impairment of real estate assets”
New heading “Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025”
New heading “Gains on sale, net of loss and impairment of real estate assets”
New heading “Interest expense”
Largest changes
“Gains on sale, net of loss and impairment of real estate assets”see in full comparison
“Gains on sale, net of loss and impairment of real estate assets”see in full comparison
“Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025”see in full comparison
“•During the three months ended June 30, 2025, the Company amended an expired lease with a tenant which converted it from an operating lease to a sales-type lease. The Company recognized a gain on sale of the real estate totaling approximately $1.3 million. Also during the three months ended June 30, 2025, the Company sold a property and recognized a gain on the sale of approximately $0.2 million. …”see in full comparison
“•During the three months ended June 30, 2025, the Company amended an expired lease with a tenant which converted it from an operating lease to a sales-type lease. The Company recognized a gain on sale of the real estate totaling approximately $1.3 million. Also during the three months ended June 30, 2025, the Company sold a property and recognized a gain on the sale of approximately $0.2 million. …”see in full comparison
Full comparison: every changed paragraph (82)
This report and other materials that Community Healthcare Trust Incorporated (the "Company") has filed or may file with the Securities and Exchange Commission, as well as information included in oral statements or other written statements made, or to be made, by management of the Company, contain, or will contain, statements that are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identifiable by use of forward-looking terminology such as “believes”, “expects”, “may”, "will',will”, “should”, “seeks”, “approximately”, “intends”, “plans”, “estimates”, “anticipates” or other similar words or expressions, including the negative thereof. Forward-looking statements are based on certain assumptions and can include future expectations, future plans and strategies, financial and operating projections or other forward-looking information. Such forward-looking statements reflect management’s current beliefs and are based on information currently available to management. Because forward-looking statements relate to future events, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Company’s control. Thus, the Company’s actual results and financial condition may differ materially from those indicated in such forward-looking statements. Some factors that might cause such a difference include the following: general volatility of the capital markets and the market price of the Company’s common stock, changes in the Company’s business strategy, availability, terms and deployment of capital, the Company’s ability to refinance existing indebtedness at or prior to maturity on favorable terms, or at all, changes in the real estate industry in general, interest rates or the general economy, adverse developments related to the healthcare industry, changes in governmental regulations, the degree and nature of the Company’s competition, the ability to consummate acquisitions under contract, catastrophic or extreme weather and other natural events and the physical effects of climate change, the occurrence of cyber incidents, effects on global and national markets as well as businesses resulting from increased inflation, changes in interest rates, supply chain disruptions, labor conditions, prolonged government shutdown or budgetary reductions or impasses, tariffs and global trade tensions, and/or conflicts in Ukraine and the Middle East, and other factors described in the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, and the Company’s other filings with the Securities and Exchange Commission from time to time. Readers are therefore cautioned not to place undue reliance on the forward-looking statements contained herein which speak only as of the date hereof. The Company intends these forward-looking statements to speak only as of the time of this report and the Company undertakes no obligation to update forward-looking statements, whether as a result of new information, future developments, or otherwise, except as may be required by law.
During the first three monthsquarter of 2026, the Company acquired one inpatient rehabilitation facility totaling approximately 37,00037,151 square feet for an aggregate purchase price and cash consideration of approximately $28.5 million. The property was 100.0% leased with a lease expiration in 2044. The acquisition was funded with net proceeds from the Company's Revolving Credit Facility and from asset sales. See Note 4 – Real Estate Acquisition, Disposition, and Asset Held for Sale to the Condensed Consolidated Financial Statements for more details on this acquisition.
The Company has four properties under definitive purchase agreements, to be acquired after completion and occupancy, for an aggregate expected purchase price of approximately $99.0 million. The Company anticipates closing on one of these properties throughoutin the third quarter of 2026 and another in the fourth quarter of 2026 and the remaining two properties in 2027; however, the Company cannot provide assurance as to the timing of when, or whether, these transactions will actually close. The Company expects to fund these acquisitions with cash from operations, with net proceeds from equity or debt issuances, with the Company's Revolving Credit Facility, or from asset sales.
During the second quarter of 2026, the Company sold a property, received net proceeds of approximately $0.4 million, and recorded a $46,000 gain on sale. During the first quarter of 2026, the Company disposed ofsold a building in Florida, classified as an asset held for sale,property, received net proceeds of approximately $5.2 million, and recognizedrecorded ana immaterial$46,000 loss on sale. During the sale.first Thequarter of 2026, the Company also received net cash proceeds of approximately $0.7 million for a property disposed of during the fourth quarter of 2025. The net proceeds were used to repay outstanding balances on the Company's Revolving Credit Facility.
As of MarchJune 31,30, 2026, our real estate portfolio was approximately 89.8% leased. During the first threesix months of 2026, we had expiring or terminated leases related to approximately 176,000388,000 square feet, and we leased or renewed leases relating to approximately 136,000342,000 square feet.
Certain of the Company's leases provide the lessee with a purchase option or a right of first refusal to purchase the leased property. The purchase option provisions generally allow the lessee to purchase the leased property at fair value or at an amount greater than the Company's gross investment in the leased property at the time of the purchase. At MarchJune 31,30, 2026, the Company had an aggregate gross investment of approximately $42.0$38.2 million in 1311 real estate properties with purchase options exercisableoutstanding at MarchJune 31,30, 2026 that had not been exercised.
On March 29, 2026, the Company's interest rate swaps that had fixed the interest rate at a weighted average rate of approximately 3.8% on $75.0 million of its Revolving Credit Facility balance matured. The Company has not enteredreplaced into newthese interest rate swapsswaps, to fix theso interest rate on the $75.0 million,million andis it will benow under athe Revolving Credit Facility floating rate. The floating rate for the Revolving Credit Facility at MarchJune 31,30, 2026 was approximately 5.3%. See Note 5 – Debt, net and Note 6 – Derivative Financial Instruments for more details on the Company's debt and interest rate swaps.debt.
The Company's results of operations for the three and six months ended MarchJune 31,30, 2026 compared to the same period in 2025 were impacted by real estate acquisitions and dispositions, and interest expense, as well as other items discussed in more detail below.
Three Months Ended MarchJune 31,30, 2026 Compared to Three Months Ended MarchJune 31,30, 2025
Rental income increased approximately $1.5$0.8 million, or 5.2%,2.8%, for the three months ended MarchJune 31,30, 2026 compared to the same period in 2025 due mainly to the following:
•Acquisitions of properties during 2025 and 2026 resulted in an increase in rental income of approximately $2.1$2.3 million in 2026 compared to 2025; offset partially by
•A decrease in rental income of approximately $0.3 million and non-cash straight line rent of approximately $0.6 million related to a tenant placed on cash basis during the three months ended June 30, 2026; and
•Rental income related to the geriatric behavioral hospital tenant resulted in an increase in revenues of approximately $0.2 million for the three months ended March 31, 2026 as compared to the same period in 2025; offset partially by
•In the second quarter of 2025, the Company extended a lease with a tenant upon its expiration which converted it from an operating lease to a sales-type lease, resulting in a decrease in rental revenue of approximately $0.1 million for the three months ended March 31, 2026 compared to the same period in 2025; and
•The remaining $0.1 million decreasenet increase resulted from netvarious other items, including leasing activities.
Other operating interest decreasedincreased approximately $0.1$1.3 million for the three months ended MarchJune 31,30, 2026 compared to the same period in 2025 due mainly to athe loan maturity in 2025.following:
•During the three months ended June 30, 2025, the Company reversed interest receivables due from a geriatric behavioral hospital tenant totaling approximately $1.6 million, net of cash collections; offset partially by
•Interest income recognized during the three months of June 30, 2025 totaling approximately $0.2 million related to a loan that was repaid in June 2025.
Property operating expenses increased approximately $0.3 million, or 4.5%,5.0%, for the three months ended MarchJune 31,30, 2026 compared to the same period in 2025 due mainly to the following:
•Property tax expense resulted in an increase of approximately $0.2 million;
•UtilitiesLeasing expensescommission amortization increased approximately $0.1$0.2 million; and
•LandscapingRepairs expenses,and including snow plowmaintenance expenses increased approximately $0.1 million; andmillion.
•A reduction of expenses totaling approximately $0.1 million due to properties sold during 2026 and 2025.
DepreciationGeneral and amortizationadministrative expenseexpenses decreased by approximately $0.3$5.7 million, or 2.6%,53.7%, for the three months ended MarchJune 31,30, 2026 compared to the same period in 2025 impacteddue bymainly the followingto:
•During the second quarter of 2025, upon termination of a former executive officer, in accordance with the terms of his employment agreement, the Company accelerated the unamortized remaining balance of deferred compensation and recognized approximately $4.6 million of non-cash amortization expense. Additionally, the Company recognized approximately $1.3 million of severance and transition-related expenses; offset partially by
•Non-cash amortization of other stock-based compensation increased approximately $0.2 million for the three months ended June 30, 2026 compared to the same period in 2025.
•Depreciation and amortization expense decreased by approximately $0.1 million, or 1.3%, for the three months ended June 30, 2026 compared to the same period in 2025 impacted by the following:
Gains on sale, net of loss and impairment of real estate assets
Gains on sale, net of loss and impairment of real estate assets decreased by approximately $0.6 million for the three months ended June 30, 2026 compared to the same period in 2025. This decrease was due mainly to the following:
•During the three months ended June 30, 2025, the Company amended an expired lease with a tenant which converted it from an operating lease to a sales-type lease. The Company recognized a gain on sale of the real estate totaling approximately $1.3 million. Also during the three months ended June 30, 2025, the Company sold a property and recognized a gain on the sale of approximately $0.2 million. Further, during the three months ended June 30, 2025, the Company recorded an impairment on a property classified as held for sale at the lower of the net book value and fair value less estimated cost to sell of approximately $0.9 million, based on a contract to sell the property.
Interest expense increased approximately $0.4$0.8 million, or 7.0%,12.7%, for the three months ended MarchJune 31,30, 2026 compared to the same period in 2025 due mainly to an increase in the weighted average balance on the Revolving Credit Facility.Facility and the maturity of two interest rate swaps on $75 million of the Revolving Credit Facility in March 2026, which were not replaced.
A credit loss reserve totaling $8.7 million was recorded during the three months ended June 30, 2025 related to notes receivable with a geriatric inpatient behavioral hospital tenant, fully reserving these notes in 2025. See Note 10 – Other Assets, net for more details on these notes and the credit loss reserve.
Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025
Revenues
Rental income increased approximately $2.4 million, or 4.0%, for the six months ended June 30, 2026 compared to the same period in 2025 due mainly to the following:
•Acquisitions of properties during 2025 and 2026 resulted in an increase in rental income of approximately $4.5 million in 2026 compared to 2025; offset partially by
•A decrease in rental income of approximately $0.3 million and non-cash straight line rent of approximately $0.6 million related to a tenant placed on cash basis during the six months ended June 30, 2026;
•Dispositions of properties sold during 2025 and 2026 resulted in a decrease in rental income of approximately $1.4 million; and
•The remaining $0.2 million net increase resulted from various other items, including leasing activities.
Other operating interest increased $1.2 million for the six months ended June 30, 2026 compared to the same period in 2025 due mainly to the following:
•During the six months ended June 30, 2025, the Company reversed interest receivables due from geriatric behavioral hospital tenant totaling approximately $1.5 million, net of cash collections; offset partially by
•Interest income recognized during the six months ended June 30, 2025 totaling approximately $0.3 million related to a loan that was repaid in June 2025.
Expenses
Property operating expenses increased approximately $0.6 million, or 4.7%, for the six months ended June 30, 2026 compared to the same period in 2025, due mainly to:
•Property operating expenses increased approximately $0.2 million due to leasing commission amortization, $0.2 million due to real estate taxes, $0.1 million due to utilities, $0.1 million due to repairs and maintenance costs, $0.1 million due to HOA/condo fees and $0.1 million due to landscaping costs (including snow plow); offset partially by
•A reduction of approximately $0.2 million in expenses due to properties sold during 2025 and 2026.
General and administrative expenses decreased approximately $5.7 million, or 36.2%, for the six months ended June 30, 2026 compared to the same period in 2025 due mainly to:
•During the second quarter of 2025, upon termination of a former executive officer, in accordance with the terms of his employment agreement, the Company accelerated the unamortized remaining balance of deferred compensation and recognized approximately $4.6 million of non-cash amortization expense. Additionally, the Company recognized approximately $1.3 million of severance and transition-related expenses; offset partially by
•Non-cash amortization of other stock-based compensation increased approximately $0.2 million for the six months ended June 30, 2026 compared to the same period in 2025.
Depreciation and amortization expense decreased approximately $0.4 million, or 2.0%, for the six months ended June 30, 2026 compared to the same period in 2025. This decrease was comprised mainly of the following:
•Acquisitions of real estate in 2025 and 2026 resulted in an increase of approximately $0.8 million;
•Tenant improvements and other capital expenditures resulted in an increase of approximately $0.5 million; partially offset by
•Fully amortized real estate lease intangibles which generally have a shorter depreciable life than a building resulted in a decrease of approximately $1.4 million; and
•Properties that were sold during 2025 and 2026 resulted in a decrease of approximately $0.3 million.
Gains on sale, net of loss and impairment of real estate assets
Gains on sale, net of loss and impairment of real estate assets decreased by approximately $0.6 million for the six months ended June 30, 2026 compared to the same period in 2025. This decrease was due mainly to the following:
•During the three months ended June 30, 2025, the Company amended an expired lease with a tenant which converted it from an operating lease to a sales-type lease. The Company recognized a gain on sale of the real estate totaling approximately $1.3 million. Also during the three months ended June 30, 2025, the Company sold a property and recognized a gain on the sale of approximately $0.2 million. Further, during the three months ended June 30, 2025, the Company recorded an impairment on a property classified as held for sale at the lower of the net book value and fair value less estimated cost to sell of approximately $0.9 million, based on a contract to sell the property.
A credit loss reserve totaling $8.7 million was recorded during the six months ended June 30, 2025 related to notes receivable with a geriatric inpatient behavioral hospital tenant, fully reserving these notes in 2025. See Note 10 – Other Assets, net for more details on these notes and the credit loss reserve.
Interest expense
Interest expense increased approximately $1.3 million, or 9.9%, for the six months ended June 30, 2026 compared to the same period in 2025 due mainly to an increase in the weighted average balance on the Revolving Credit Facility and the maturity of two interest rate swaps on $75 million of the Revolving Credit Facility in March 2026, which were not replaced.
CHCT insider buying and selling (Form 4)
Since 2026-04-11, insiders reported open-market purchases in 2 Form 4 filings (2 insiders, 2 trade dates, 18,000 shares, about $273.0K) and open-market sales in 0 filings. Net open-market shares: 18,000 (purchases minus sales); net value about $273.0K.Totals add up every open-market (code P and S) line in those filings, using the prices reported in the filings. Awards, option exercises, tax withholding and gifts are listed below but not counted.
| Trade date | Insider | Transaction | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-08-18 | Stach Leigh Ann |
Grant/award | 14,810 | $15.46 | $229.0K |
| 2026-08-18 | Monroe William G. Iv |
Grant/award | 27,573 | $15.46 | $426.3K |
| 2026-08-18 | Dupuy David H. |
Grant/award | 26,853 | $15.46 | $415.1K |
| 2026-08-14 | Stach Leigh Ann |
Shares withheld for tax | 4,983 | $16.14 | $80.4K |
| 2026-08-14 | Dupuy David H. |
Open-market purchase | 10,000 | $15.13 | $151.3K |
| 2026-08-11 | Hensley Robert Z |
Open-market purchase | 8,000 | $15.21 | $121.7K |
| 2026-07-30 | Stach Leigh Ann |
Grant/award | 8,589 | — | — |
| 2026-07-30 | Monroe William G. Iv |
Grant/award | 10,163 | — | — |
| 2026-07-30 | Dupuy David H. |
Grant/award | 15,573 | — | — |
| 2026-06-30 | Monroe William G. Iv |
Shares withheld for tax | 1,630 | $17.83 | $29.1K |
| 2026-06-30 | Stach Leigh Ann |
Shares withheld for tax | 1,435 | $17.83 | $25.6K |
| 2026-06-30 | Dupuy David H. |
Shares withheld for tax | 2,556 | $17.83 | $45.6K |
| 2026-05-21 | Hensley Robert Z |
Grant/award | 6,036 | $17.23 | $104.0K |
| 2026-05-21 | Gardner Alan |
Grant/award | 7,661 | $17.23 | $132.0K |
| 2026-05-21 | Cotman Cathrine |
Grant/award | 6,036 | $17.23 | $104.0K |
| 2026-05-21 | Gulmi Claire M |
Grant/award | 7,661 | $17.23 | $132.0K |
| 2026-05-21 | Van Horn R. Lawrence |
Grant/award | 7,661 | $17.23 | $132.0K |
| 2026-05-07 | Gulmi Claire M |
Grant/award | 6,222 | — | — |
| 2026-05-07 | Cotman Cathrine |
Grant/award | 6,222 | — | — |
| 2026-05-07 | Hensley Robert Z |
Grant/award | 6,222 | — | — |
| 2026-05-07 | Gardner Alan |
Grant/award | 6,222 | — | — |
| 2026-05-07 | Van Horn R. Lawrence |
Grant/award | 6,222 | — | — |
Well-known investors holding CHCT (13F)
| Investor | Quarter | Shares | Reported value | % of their 13F | Change vs prior quarter |
|---|---|---|---|---|---|
| Two Sigma Investments | 2026-06-30 | 577,354 | $10.6M | 0.01% | Added 4% |
| AQR Capital Management (Cliff Asness) | 2026-06-30 | 443,896 | $8.1M | 0.0% | Added 45% |
| Millennium Management (Israel Englander) | 2026-06-30 | 428,486 | $7.8M | 0.01% | Added 49% |
| Davis Selected Advisers (Chris Davis) | 2026-06-30 | 322,890 | $5.9M | 0.03% | Reduced 2% |
| Renaissance Technologies | 2026-06-30 | 14,900 | $272.4K | 0.0% | Reduced 49% |