DHC · CIK 0001075415
What Diversified Healthcare Trust told the SEC could break it.
2 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
A limited set so far, we surface every cited disclosure we’ve extracted for DHC. More may follow as additional filings are processed.
In its own words
What could break it.
Supplier concentration
- senior-living operator/manager concentrationhigh
DHC has no employees and relies on third-party managers to operate substantially all functions at its senior living communities; its operators are concentrated — Sinceri Senior Living (30.8%), Discovery Senior Living (23.7%), Tutera (8.9%), Charter (7.0%) and Phoenix (5.7%) of gross real estate value — so operator underperformance or failure directly impairs DHC's results.
“Sinceri Senior Living, Discovery Senior Living, Tutera Senior Living, Charter Senior Living and Phoenix Senior Living represented 30.8%, 23.7%, 8.9%, 7.0% and 5.7%, respectively, of our gross real estate value as of December 31, 2025. We rely on our third party managers to perform substantially all operational functions at our senior living communities.”
SEC filing →As of 2026
Regulatory & policy
- Medicare/Medicaid SNF reimbursementlow
A portion of DHC's senior-living residents-fees revenue comes from Medicare and Medicaid programs ($104.6M of $1.31B total residents fees in 2025, plus private/other third-party-payer SNF services of $167.7M), exposing that revenue to CMS reimbursement-rate and program changes.
“Private pay and other third party payer SNF services 167,709 171,741 146,767 Medicare and Medicaid programs 104,624 100,341 89,613 Total residents fees and services $ 1,312,655”
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its suppliers
“DHC (Nasdaq: DHC) owns medical office and life science properties, senior living communities and other healthcare related properties. As of September 30, 2025, DHC owned 335 properties located in 34 states and the District of Columbia.”
Cited →Discovery Senior Living
“Sinceri Senior Living, Discovery Senior Living, Tutera Senior Living, Charter Senior Living and Phoenix Senior Living represented 30.8%, 23.7%, 8.9%, 7.0% and 5.7%, respectively, of our gross real estate value as of December 31, 2025.”
Cited →Sinceri Senior Living
“Sinceri Senior Living, Discovery Senior Living, Tutera Senior Living, Charter Senior Living and Phoenix Senior Living represented 30.8%, 23.7%, 8.9%, 7.0% and 5.7%, respectively, of our gross real estate value as of December 31, 2025.”
Cited →
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