Tier 1$7.15M
Parent revenue ≥$50M or named institutional PE sponsor
57 buildings · 69% of NOI
Named institutional PE sponsors. Guarantors include Warburg Pincus, Linden Capital, Morgan Stanley Private Credit, Compass Group, Health Enterprise Partners, BlackRock, and Chicago Pacific Founders. Aggregate Tier 1 parent revenue exceeds $2.5 billion.
Tier 2$1.31M
Parent revenue $25M–$50M, corporate financials on file
8 buildings · 13% of NOI
Multi-site operators with corporate financials on file. Strong rent coverage ratios and corporate guarantees.
Tier 3$1.83M
Practice-level financials only, parent revenue <$25M
19 buildings · 18% of NOI
Practice-level financials only. Real estate fundamentals and sub-65% LTV are the primary credit anchor. Zero delinquencies across all Tier 3 assets since acquisition.