This Special Report updates last year’s annual report and describes the universe of CCRC-related municipal bond debt of borrowers who accessed the municipal bond market. We present our calculated default rates and discuss the historical outcomes and recoveries of defaulted CCRCs to measure and illustrate the financial impact on bondholders. Since our last publication we have recorded five new defaults; four in 2024 and one so far in 2025. Last year’s report recorded two new defaults.