Sonida: All maturities will be extended to December 2026 or beyond

Key elements of the subsequent loan modification will include: All Sonida (SNDA) maturities will be extended to December 2026 or beyond. All contractually required principal payments under the 37 Fannie Mae (FNMA) loans will be deferred for three years or waived until maturity, resulting in $33M of cash savings through maturity. Sonida will receive near-term interest rate reduction on all 37 assets, resulting in $6.1M in cash interest savings over the next 12 months. The Company expects the loan modification to be finalized by September 30 per the terms of the forbearance agreement. In consideration for the loan modification, Sonida will provide a second $5M payment on June 1, 2024, to be applied against the existing loan balances. In connection with the completion of the Fannie Mae forbearance and the Conversant equity commitment, Ally Bank (ALLY) has agreed to temporarily reduce the minimum liquidity requirement under its $88.1M facility for 18 months subject to certain conditions that the Company expects to meet.