In April, Ziegler Credit Surveillance released its 2026 CCRC Default Study. This study focuses on not-for-profit CCRCs that have issued public market bond debt since 1990. We examined this pool of debt for payment defaults on the bonds — technical covenants like coverage or liquidity violations are not included. Recent default trends are very positive — there was only one new payment default early on in 2025, with none in 2026 so far. We are also monitoring far fewer providers at risk than usual. A link to download the report is contained in this Z-News edition.