004-Trilogy_Investor-Booklet-September-Final-NC (1)

20 25

COMPANY OVERVIEW

2 ND QUARTER

TABLE OF CONTENTS

Letter from our CEO

Vision, Mission, & Values

The Trilogy Difference

Products and Services

Our Footprint

Trilogy Management Services

The Best Place We've Ever Belonged

Gold Standard in Clinical Excellence

Operating Metrics

Portfolio Metrics

Occupancy Trends

Asset Re-Investments

New Projects

Management Team

Important Contacts

Disclaimers

For over 25 years, Trilogy has been on a mission —to be the Best Healthcare Company in the Midwest, the best place our 16,350 employees have ever belonged, and always be the gold standard of clinical excellence in long term care. It’s been an incredible journey since 1997 —one that’s taken us to 5 states with 124 campuses— but our mission has always remained the same. Our values of compassion, honesty, respect, and above all else, service to others, are what makes the Trilogy experience stand out among the rest. From the moment you enter our doors, you’ll feel it. Whether it’s Live A Dream adventures (pictured right) or our exceptional culinary services, you can count on us to serve residents, family members, communities, and investors according to those values.

25+ YEARS IN HEALTHCARE

24 YEARS WITH TRILOGY HEALTH SERVICES

That’s our promise to you—and it’s one we’re proud to stand behind.

BEST HEALTHCARE COMPANY IN THE MIDWEST

BEST PLACE OUR EMPLOYEES HAVE EVER BELONGED

GOLD STANDARD FOR CLINICAL EXCELLENCE IN LONG-TERM CARE

THE TRILOGY DIFFERENCE FLYWHEEL TO SUCCESS

We align our entire organization around delivering a remarkable employee experience. Through servant leadership, we focus on consistent and well-trained staff who are engaged and want to be the best. Our customers receive better care leading to best-in-market reputations which in turn drives higher occupancy. Higher occupancy and better payor mix lead to financial success, which allows us to reinvest in our employees and our campuses.

TRILOGY SERVICES SPAN THE

TRILOGY HEALTH SERVICES 124 Senior Care Campuses: Each including Senior Living and Skilled Nursing Care settings

SENIOR CARE CONTINUUM

SENIOR LIVING - Assisted Living

Since 1997, we’ve dedicated ourselves to being the Best Healthcare Company in the Midwest by providing exceptional, comprehensive care to seniors in every community we serve. We operate throughout Kentucky, Indiana, Ohio, Michigan, and Wisconsin and have designed our communities to offer a full range of services, from independent and assisted living, to skilled nursing and rehabilitative services. At Trilogy Health Services, our 180+ Trilogy Service Standards showcase our compassionate commitment to excellence in customer service. Along with these service standards, our culture, values, and commitment to utilizing no staffing agencies define The Trilogy Difference. We provide excellence in customer service to each employee, the communities in which we serve, and every resident that calls us home.

- Independent Living - Memory Care

SKILLED NURSING - Short-term care - Long-term care

- Skilled Memory Care - Dialysis

SYNCHRONY HEALTH SERVICES Synchrony is a Trilogy-owned ancillary provider of post-acute care. SERVICES INCLUDE - Long-Term Care Pharmacy - Rehabilitation - Maintenance & Employee Pharmacy

OUR MIDWEST FOCUS

Trilogy clusters its health campuses and ancillary businesses in demographically attractive, non-urban, and suburban communities in five Midwestern states, easing the burden on staffing and management.

Muskegon ego

Belmont

Cent 4

Byron Center

Romeo

East Lansing

Hudsonville

Macomb

Novi

Campus Counts: IN – 67 KY – 16 MI – 14 OH – 27 WI – 2

Scio Township

Portage

South Bend

Sylvania

Monclova

Bowling Green

Warsaw

Kendallville

Lowell

Tin n

Wabash

Westeld

New Albany

Hilliard

Crawfordsville

Gahanna

Carmel Car

Pickerington

Avon

Miami Twsp

Lancaster

Mooresville

Hamilton o Harrison son 6

Union Township

# of campuses clustered in the market

La 10

La Grange

Shelbyville

Corydon

Winchester

Mt. Washington

Bardstown

Harrodsburg

Danville

TRILOGY MANAGEMENT SERVICES Although we own most of our portfolio, we also partner with third-party owners, bringing our operational expertise to their properties.

Over our 25-year history, we have done it all: • Grand openings & ground-up construction • Replacing existing operator/lessee • Turn-around and repositioning • Stabilized campuses

The benefits of a large-scale operator, with the service of a small firm. BENEFITS INCLUDE: • No staffing agencies. Period. • Reduce your expenses through economies of scale for food & supplies • Centralized payor contract negotiations • Better employee benefits through larger employee pool

Comprehensive solutions for every aspect of your Skilled Nursing or Senior Housing property: • Clinical • Culinary • Environmental Services • Sales & Marketing • Maintenance • Accounting & Financial Reporting

• Actionable financials delivered in a timely and detailed fashion

Trilogy is an employee first organization, understanding that if we are the best place any of our employees have ever belonged, they will provide the clinical care required to propel us to the Best Healthcare Company in the Midwest. Our employee first culture begins with servant leadership. Each member of the Trilogy team is driven to serve, not only our residents, but also each other. Trilogy focuses on providing employees with development opportunities and an environment where they want to succeed. THE BEST PLACE WE’VE EVER BELONGED

WE TAKE CARE OF OUR EMPLOYEES BY OFFERING:

5 Comprehensive total rewards package

5 Quarterly wage increases

5 Growth pathways with premium pay through Apprenticeship and Mentorship Programs

5 Generous paid parental leave

5 Employee Resource Groups: Women in Leadership, Veteran and Military Families and Pride 5 Scholarships and emergency assistance through our Trilogy Foundation

BEST WORKPLACES FOR AGING SERVICES 4 TH YEAR IN A ROW RANKED 4 TH 2022 Fortune Magazine’s

All employees are Trilogy! 100% NO AGENCY STAFFING

2024 Recognized by Newsweek as being one of America’s Greatest Workplaces for Women, Diversity & Well-Being.

SINCE 2022 35

ADMINISTRATOR IN TRAINING GRADUATES

We grow from within by empowering our employees to become licensed administrators.

EMERGENCY ASSISTANCE In 2024, the Trilogy Health Services Foundation provided a total of $981,567 for 1,730 employee requests of experiencing financial hardship. SCHOLARSHIPS The Trilogy Health Services Foundation provided 284 scholarships to qualifying Trilogy and Synchrony employees and their dependents in 2024. CARE SHELF PROGRAM Food pantries available to employees at every Trilogy location. In 2024, the Trilogy Health Services Foundation committed $442,910 to fight food insecurity. LIVE A DREAM PROGRAM Live a Dream is a program in which the Foundation financially assists residents in fulfilling their bucket list dreams.

Established in 2009, the mission of the Trilogy Health Services Foundation is to improve the lives of Trilogy Health Services employees so that they may reach their full potential through education, financial stability, and healthy living, which creates memorable moments for our residents. Our vision is to provide resources for Trilogy Health Services employees and residents to take them WELL into the future. THE FOUNDATION HAS PROVIDED $6.5 MILLION IN EMERGENCY ASSISTANCE AND HAS AWARDED $10.3 MILLION+ IN EDUCATION ASSISTANCE AND SCHOLARSHIPS

SUSAN’S SAVINGS FIRST TIME HOME BUYER’S PROGRAM

Helping employees purchase their first home, by creating a savings plan and matching 2-1 in funds up to $7,000 at closing.

EMPLOYEE HARDSHIPS

# AWARDED

428

Car Payments/Repairs

311

Misc. Circumstances

297

Utility Shut-Offs

275

Home Eviction

114

Non-Life Threatening Medical Crisis

Life Threatening Medical Crisis

Food Assistance

Domestic Violence

Death of Immediate Family Member

Catastrophic Loss of Property

TOTAL

1,739

BRONZE & SILVER QUALITY AWARD RECIPIENTS

The AHCA/NCAL National Quality Award Program is a progressive, three-step process that encourages the continuous learning, development, and execution of integrated quality systems to achieve performance excellence. Each progressive step requires a more detailed and comprehensive demonstration of quality integration and performance. The criteria for

Since 2024, 117 Trilogy campuses have won awards; 60 Silver and 57 Bronze

The company’s focus on no agency staffing and clinical quality are key drivers of our success in these awards, and more importantly, in resident care.

each step are based on the Baldridge Performance Excellence Program.

Our residents are 4% less likely to return to the hospital than the industry average. 11.8 % SNF HOSPITAL READMISSION RATE

GOLD STANDARD IN CLINICAL EXCELLENCE Providing exceptional clinical care is at the forefront of everything we do, and it shows. Trilogy maintains a higher CMS star rating than our competitive set; having received multiple AHCA/NCAL National Quality Awards. We are proud to be a trusted source of care for a wide range of clinically complex patients, and our teams are extensively trained to provide exceptional support for the unique needs of individuals with diverse medical conditions.

that help ensure consistent and thoughtful care delivery. 180 + QUALITY & SERVICE STANDARDS

Our campuses have 36% more clinical staff than the industry average. 24hr ON-STAFF CLINICAL CARE

CMS 5 STAR RATING

68% OF TRILOGY CAMPUSES ARE RATED 4 STAR & ABOVE

4.0

3.8 3.9

3.7

3.5

3.2

2.7

2.6

2.5

2.1 2.2

2.0

OPERATING METRICS

130

14,000

12,920

12,657

12,892

12,824

12,362

125

126

124

125

12,000

122

120

11,916

10,258

10,000

10,678

115

9,880

8,000

110

105

6,000

100

101

4,000

2,000

CAMPUSES

TOTAL BEDS/UNITS

73% PRIVATE ROOMS

PORTFOLIO METRICS

5 %

9 %

34 %

32 %

57 %

Q2 2025 BED MIX

2015 BED MIX

63 %

SNF

AL/ALZ

<1 %

19 %

25 %

36 %

Q2 2025 CENSUS BY PAYOR MIX

Q2 2025 REVENUE BY PAYOR MIX

39 %

55 %

24 %

Private

Medicaid

Medicare

Managed Care/Ins

OCCUPANCY TREND SAME STORE VS. INDUSTRY

Trilogy Same Store Occupancy %

NIC Industry %

Our strong reputation, exceptional team, uncompromising quality of care, thoughtfully designed communities, and private room availability set Trilogy apart as a trusted leader in the industry.

90.1

89.9

Trilogy Same Store Occupancy %

NIC Industry %

Trilogy Same Store Occupancy %

88.8 NIC Industry %

89.0

88.9

88.6

88.0

SNF SAME STORE OCCUPANCY %

87.5 87.7

87.2

86.8 86.8 87.0

90.1

89.9

90.1

89.9

88.8

89.0

88.9

88.8

88.6 86.1 86.2 86.2 89.0

88.9

88.0

88.6

85.7 85.8

88.0

85.2 85.2 85.4

87.5 87.7

87.2

85.0

87.5 87.7

87.2

84.6 84.7

86.8 86.8 87.0 84.3 84.5

86.8 86.8 87.0

86.1 86.2 86.2

85.7 85.8

Jun 24

Jul 24

Aug 24

Sep 24

85.0 Oct 24

Nov 24

Dec 24

Jan 25

Feb 25

Mar 25

Apr 25

May 25

Jun 25

85.7 85.8

85.2 85.2 85.4

84.6 84.7 85.0

84.3 84.5

84.6 84.7

84.3 84.5

Jun 24

Jul 24

Aug 24

Sep 24

Oct 24

Nov 24

Dec 24

Jan 25

Feb 25

Mar 25

Apr 25

May 25

Jun 25

Jun 24

Jul 24

Aug 24

Sep 24

Oct 24

Nov 24

Dec 24

Jan 25

Feb 25

Mar 25

Apr 25

May 25

Jun 25

AL SAME STORE OCCUPANCY %

89.9

90.5 89.9

89.7

88.6

89.4 89.4

89.3

89.0

88.9

88.7 88.6

88.1

87.7 87.9 88.0

87.5 87.5 87.5 87.6

87.3

89.9

90.5 89.9

86.7 86.9 86.9 90.5 89.9

89.7

89.9

88.6

86.3

89.7

89.4 89.4

89.3

88.6

89.3

89.0

88.9

89.4 89.4

89.3

88.7 88.6 89.3

89.0

88.9

88.7 88.6

88.1

87.7 87.9 88.0 88.1

87.5 87.5 87.5 87.6

87.7 87.9 88.0

87.3 Oct 24

Jun 24

Jul 24

Aug 24

Sep 24

Nov 24

Dec 24

Jan 25

Feb 25

Mar 25

Apr 25

May 25

Jun 25

87.5 87.5 87.5 87.6

86.7 86.9 86.9 87.3

86.3 86.7 86.9 86.9

86.3

Jun 24

Jul 24

Aug 24

Sep 24

Oct 24

Nov 24

Dec 24

Jan 25

Feb 25

Mar 25

Apr 25

May 25

Jun 25

Jun 24

Jul 24

Aug 24

Sep 24

Oct 24

Nov 24

Dec 24

Jan 25

Feb 25

Mar 25

Apr 25

May 25

Jun 25

ASSET RE-INVESTMENT

2025 Planned CapEx contains a substantial reinvestment in our campuses through service line additions, refurbishments, capital lite projects, and routine maintenance. The largest distribution of these funds is focused on assets between 5–15 years of age allowing the Trilogy portfolio to be refurbished and renovated at the right time. These timely investments pay off as shown by the graphs below. When we renovate, occupancy grows.

CAPITAL LITE OCCUPANCY GROWTH

MONTHS OPEN

WILLARD, OH AL LEGACY

100%

LOUISVILLE, KY AL LEGACY

100%

OTTAWA, OH SNF LEGACY

100%

LIMA, OH SNF LEGACY GENOA, OH AL LEGACY LOUISVILLE, KY SNF LEGACY LOUISVILLE, KY STROKE UNIT

100%

NEW CAMPUS OCCUPANCY GROWTH

MONTHS UNTIL STABILIZATION MIAMI TOWNSHIP, OH MT. WASHINGTON, KY HARRISON, OH BELMONT, MI LA GRANGE, KY HAMILTON, OH GAHANNA, OH HILLIARD, OH BYRON CENTER, MI BOWLING GREEN, OH LIBERTY TOWNSHIP, OH

68% 83% 89% 95% 91% 92% 92% 92% 92% 92% 92% 68% 67% 54%

MUSKGEON LANCASTER HUDSONVILLE

CAMPUS ADDITION OCCUPANCY GROWTH

MONTHS UNTIL STABILIZATION

100% Corydon, IN Patio Homes OCCUPANCY

100% OCCUPANCY Englewood, OH Patio Homes

100% OCCUPANCY Willard, OH Patio Homes

OCCUPANCY 94.1% Monclova, OH Patio Homes

3 MONTHS

LIBERTY TOWNSHIP

BOWLING GREEN

FUTURE DEVELOPMENT Trilogy is dedicated to the growth of our portfolio through new campus additions and future opportunities. This is achieved through our in-house development team that is responsible for feasibility studies and market planning, licensure, architecture, construction and trades, as well as overall project management.

22 FUTURE

CAMPUSES OR ADDITIONS

BOARD APPROVED NEW FUTURE CAMPUSES:

jan 2024

2025

jul

aug

sep

jan

feb

mar

nov dec

apr

may jun

oct

feb

mar

jul

aug

sep

apr

may jun

oct

nov dec

WASHINGTON, IN Patio Homes

HARRODSBURG, KY Patio Homes Phase 1

LANCASTER, OH New Campus

BOWLING GREEN, OH New Campus

SYLVANIA, OH Patio Home Addition

HUDSONVILLE, MI New Campus

NEW ALBANY DMK Mgmt

MUSKEGON, MI New Campus

HARRODSBURG, KY Patio Homes Phase 2

BEDFORD, IN SNF Wing Addition

KOKOMO, IN Patio Homes

OTTAWA, OH Patio Homes

2026

SCIO TOWNSHIP, MI New Campus

TIFFIN, OH AL Wing Addition

MOORESVILLE, IN AL Addition

LAGRANGE, KY Patio Homes

WARSAW, IN Legacy

JASPER, IN SNF Wing Addition

NOBLESVILLE, IN Patio Homes

LOWELL, IN Patio Homes & Legacy

HARRISON, OH Patio Homes

GREENFIELD, IN Patio Home Addition

LAFAYETTE, IN Patio Homes

PORTAGE, MI New Campus

TIFFIN, OH Patio Homes

HOLLY, MI New Campus

NEW ALBANY, IN SNF Wing Addition

MUSKEGON

LANCASTER

TELL CITY

BEFORE AFTER

PREMIER MANAGEMENT TEAM WITH PROVEN OPERATING TRACK RECORD

DAVID DAVIS President & Chief Financial Officer

TODD MEHAFFEY Chief Operating Officer

LEIGH ANN BARNEY Chief Executive Officer

STACI WOODS Chief Growth & Experience Officer

KATY WANE Chief Compliance & Ethics Officer

CRISTINA PIETROWSKI Chief Legal Officer

REISE OFFICER Chief Information Officer

RHONDA DEMPSEY Chief Nursing Officer

ANDREW MCNAMARA Chief Medical Officer

At Trilogy, we don’t just provide senior care, we provide great experiences for seniors. We take quality of life to mean actually living life to its fullest, and our programs are designed to help seniors do just that. From Independent and Assisted Living, to Skilled Nursing and Rehabilitation, we provide services that help our residents live the highest quality of life possible.

CONTACT INFORMATION

Leigh Ann Barney CEO 502-412-5847 LeighAnn.Barney@trilogyhs.com David Davis President & CFO 502-412-5847 David.Davis@trilogyhs.com Greg Conner SVP and Treasurer 502-412-5847 Greg.Conner@trilogyhs.com

DISCLAIMERS

SCAN TO ACCESS ONLINE

or visit trilogyhs.com/trilogy-financial-overview

DISCLAIMERS

FORWARD-LOOKING STATEMENTS Certain statements contained in this presentation, including statements relating to Trilogy Investors, LLC’s (the ”Company,” “its,” “we,” “our,” “us,” or “AHR”) expectations regarding its portfolio growth, interest expense savings, balance sheet, net income (loss), FFO, NFFO, total portfolio Same- Store NOI growth, segment-level Same-Store NOI growth, occupancy, NOI growth, revenue growth, and margin expansion may be considered 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. The Company intends for all such forward-looking statements to be covered by the applicable safe harbor provisions for forward-looking statements contained in those acts. Such forward-looking statements generally can be identified by the use of forward- looking terminology such as “may,” “will,” “can,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue,” “possible,” “initiatives,” “focus,” “seek,” “objective,” “goal,” “strategy,” “plan,” “potential,” “potentially,” “preparing,” “projected,” “future,” “long-term,” “once,” “should,” “could,” “would,” “might,” “uncertainty,” or other similar words. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. Any such forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which the Company operates and beliefs of, and assumptions made by, the Company's management and involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied therein, including, without limitation, risks disclosed in the Company’s periodic reports as filed with the Securities and Exchange Commission (“SEC”). Except as required by law, the Company does not undertake any obligation to update or revise any forward-looking statements contained in this presentation. NON-GAAP MEASURES The Company’s reported results are presented in accordance with GAAP. The Company also discloses the following non-GAAP financial measures: EBITDA, Adjusted EBITDA, NAREIT FFO, NFFO, NOI and Same-Store NOI. The Company believes these non-GAAP financial measures are useful supplemental measures of its operating performance and used by investors and analysts to compare the operating performance of the Company between periods and to other REITs or companies on a consistent basis without having to

account for differences caused by unanticipated and/or incalculable items. Definitions of the non-GAAP financial measures used herein and reconciliations to the most directly comparable financial measure calculated in accordance with GAAP can be found at the end of this earnings release. See below for further information regarding the Company's non-GAAP financial measures. EBITDA and Adjusted EBITDA Management uses earnings before interest, taxes, depreciation and amortization (“EBITDA”) and Adjusted EBITDA to facilitate internal and external comparisons to our historical operating results and in making operating decisions. EBITDA and Adjusted EBITDA are widely used by investors, lenders, credit and equity analysts in the valuation, comparison, and investment recommendations of companies. Additionally, EBITDA and Adjusted EBITDA are utilized by our Board of Directors to evaluate management. Neither EBITDA nor Adjusted EBITDA represents net income (loss) or cash flows provided from operating activities as determined in accordance with GAAP and should not be considered as alternative measures of profitability or liquidity. Finally, EBITDA and Adjusted EBITDA may not be comparable to similarly entitled items reported by other REITs or other companies. Funds from Operations (FFO) and Normalized Funds from Operations (NFFO) We believe that the use of FFO, which excludes the impact of real estate-related depreciation and amortization and impairments, provides a further understanding of our operating performance to investors, industry analysts and our management, and when compared year over year, reflects the impact on our operations from trends in occupancy rates, rental rates, operating costs, general and administrative expenses and interest costs, which may not be immediately apparent from net income (loss). However, FFO and NFFO should not be construed to be (i) more relevant or accurate than the current GAAP methodology in calculating net income (loss) as an indicator of our operating performance, (ii) more relevant or accurate than GAAP cash flows from operations as an indicator of our liquidity or (iii) indicative of funds available to fund our cash needs, including our ability to make distributions to our stockholders. The method utilized to evaluate the value and performance of real estate under GAAP should be construed as a more relevant measure of operational performance and considered

more prominently than the non-GAAP FFO and NFFO measures and the adjustments to GAAP in calculating FFO and NFFO. Presentation of this information is intended to provide useful information to investors, industry analysts and management as they compare the operating performance metrics used by the REIT industry, although it should be noted that some REITs may use different methods of calculating funds from operations and normalized funds from operations, so comparisons with such REITs may not be meaningful. NET OPERATING INCOME We believe that NOI, Cash NOI, Pro-Rata Cash NOI and Same-Store NOI are appropriate supplemental performance measures to reflect the performance of our operating assets because NOI, Cash NOI, Pro-Rata Cash NOI and Same-Store NOI exclude certain items that are not associated with the operations of the properties. We believe that NOI, Cash NOI, Pro-Rata Cash NOI and Same- Store NOI are widely accepted measures of comparative operating performance in the real estate community. However, our use of the terms NOI, Cash NOI, Pro-Rata Cash NOI and Same- Store NOI may not be comparable to that of other real estate companies as they may have different methodologies for computing these amounts. NOI, Cash NOI, Pro-Rata Cash NOI and Same- Store NOI are not equivalent to our net income (loss) as determined under GAAP and may not be a useful measure in measuring operational income or cash flows. Furthermore, NOI, Cash NOI, Pro- Rata Cash NOI and Same-Store NOI should not be considered as alternatives to net income (loss) as an indication of our operating performance or as an alternative to cash flows from operations as an indication of our liquidity. NOI, Cash NOI, Pro-Rata Cash NOI and Same-Store NOI should not be construed to be more relevant or accurate than the GAAP methodology in calculating net income (loss). NOI, Cash NOI, Pro-Rata Cash NOI and Same-Store NOI should be reviewed in conjunction with other measurements as an indication of our performance.

303 N. Hurstbourne Parkway, Suite 200 | Louisville, KY 40222 502-412-5847 | Fax: 502-412-0407 | trilogyhs.com

COMPANY UPDATES_AUGUST_2025

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