CII TerminalCare Infrastructure Intelligence · model v1.2
pilot · 57,911 facilities
LIVE SIGNALS
ENFAXIS HEALTHCARE LLCTX · 2026-08-04 · HHSC: ENFORCEMENT ACTION PENDENFSWIFT RESPONSE INCTX · 2026-07-31 · HHSC: ENFORCEMENT ACTION PENDENFRGV GUARDIANS OF CARE LLCTX · 2026-07-31 · HHSC: ENFORCEMENT ACTION PENDENFDOVE HOSPICE CARE LLCTX · 2026-07-28 · HHSC: ENFORCEMENT ACTION PENDENFHANDS OF GOLD HOME CARE LLCTX · 2026-07-24 · HHSC: closure noticeENFCHRIST HOME CARE LLCTX · 2026-07-24 · HHSC: closure noticeENFAMOR CURA PHC LLCTX · 2026-07-24 · HHSC: closure noticeENFKINDER HEALTHCARE SOLUTIONS LLCTX · 2026-07-20 · HHSC: closure noticeENFSUPREME TOUCH HEALTHCARE SERVICES LLCTX · 2026-07-20 · HHSC: closure noticeENFFACO HEALTHCARE SERVICES INCTX · 2026-07-20 · HHSC: closure noticeENFSAMNENAA CARE, INCTX · 2026-07-19 · HHSC: closure noticeENFINDEPENDENCE CARE OF TEXAS LLCTX · 2026-07-18 · HHSC: ENFORCEMENT ACTION PENDENFLA FAMILIA DEL PASO INCTX · 2026-07-10 · HHSC: closure noticeENFFRONTIDA HOSPICE CARE LLCTX · 2026-07-07 · HHSC: closure noticeMOVECrouse Community Center Inc+98.5NY · composite 0.0 → 98.5MOVEHOME INSTEAD-92.9FL · composite 98.3 → 5.4MOVEHOMEWELL CARE SERVICES-92.0FL · composite 98.3 → 6.3MOVEHOME INSTEAD-90.9FL · composite 97.2 → 6.3MOVEHOME HEART FLORIDA-90.3FL · composite 97.7 → 7.4MOVEVITALCARING GROUP-87.7FL · composite 98.1 → 10.4MOVESENIOR CARE SOLUTIONS-87.6FL · composite 90.6 → 3.0MOVERIGHT AT HOME-85.6FL · composite 93.8 → 8.2EXITSCANDINAVIAN HOME INC54.7%RI · p(termination 12m)EXITBEADLES NEW BEGINNINGS37.9%OK · p(termination 12m)EXITBlue Valley Lutheran Nursing Home36.5%NE · p(termination 12m)EXITPRESBYTERIAN HOME FOR CENTRAL NEW YORK INC35.1%NY · p(termination 12m)CHOWBEARTOOTH REHABILITATION AND NURSING LLC76.9%MT · p(sale 12m)CHOWStonehaven Senior Living39.4%CA · p(sale 12m)CHOWAvoyelles Manor Nursing Home31.6%LA · p(sale 12m)CHOWKIT CARSON NURSING & REHABILITATION CENTER30.5%CA · p(sale 12m)ENFAXIS HEALTHCARE LLCTX · 2026-08-04 · HHSC: ENFORCEMENT ACTION PENDENFSWIFT RESPONSE INCTX · 2026-07-31 · HHSC: ENFORCEMENT ACTION PENDENFRGV GUARDIANS OF CARE LLCTX · 2026-07-31 · HHSC: ENFORCEMENT ACTION PENDENFDOVE HOSPICE CARE LLCTX · 2026-07-28 · HHSC: ENFORCEMENT ACTION PENDENFHANDS OF GOLD HOME CARE LLCTX · 2026-07-24 · HHSC: closure noticeENFCHRIST HOME CARE LLCTX · 2026-07-24 · HHSC: closure noticeENFAMOR CURA PHC LLCTX · 2026-07-24 · HHSC: closure noticeENFKINDER HEALTHCARE SOLUTIONS LLCTX · 2026-07-20 · HHSC: closure noticeENFSUPREME TOUCH HEALTHCARE SERVICES LLCTX · 2026-07-20 · HHSC: closure noticeENFFACO HEALTHCARE SERVICES INCTX · 2026-07-20 · HHSC: closure noticeENFSAMNENAA CARE, INCTX · 2026-07-19 · HHSC: closure noticeENFINDEPENDENCE CARE OF TEXAS LLCTX · 2026-07-18 · HHSC: ENFORCEMENT ACTION PENDENFLA FAMILIA DEL PASO INCTX · 2026-07-10 · HHSC: closure noticeENFFRONTIDA HOSPICE CARE LLCTX · 2026-07-07 · HHSC: closure noticeMOVECrouse Community Center Inc+98.5NY · composite 0.0 → 98.5MOVEHOME INSTEAD-92.9FL · composite 98.3 → 5.4MOVEHOMEWELL CARE SERVICES-92.0FL · composite 98.3 → 6.3MOVEHOME INSTEAD-90.9FL · composite 97.2 → 6.3MOVEHOME HEART FLORIDA-90.3FL · composite 97.7 → 7.4MOVEVITALCARING GROUP-87.7FL · composite 98.1 → 10.4MOVESENIOR CARE SOLUTIONS-87.6FL · composite 90.6 → 3.0MOVERIGHT AT HOME-85.6FL · composite 93.8 → 8.2EXITSCANDINAVIAN HOME INC54.7%RI · p(termination 12m)EXITBEADLES NEW BEGINNINGS37.9%OK · p(termination 12m)EXITBlue Valley Lutheran Nursing Home36.5%NE · p(termination 12m)EXITPRESBYTERIAN HOME FOR CENTRAL NEW YORK INC35.1%NY · p(termination 12m)CHOWBEARTOOTH REHABILITATION AND NURSING LLC76.9%MT · p(sale 12m)CHOWStonehaven Senior Living39.4%CA · p(sale 12m)CHOWAvoyelles Manor Nursing Home31.6%LA · p(sale 12m)CHOWKIT CARSON NURSING & REHABILITATION CENTER30.5%CA · p(sale 12m)
AS OF 2026-08-04 21:25 UTC
Screener / 525314
C

Lake Mills Health Services

snfWI
901 MULBERRY ST, LAKE MILLS, WI 53551 · CCN 525314 · chain NORTH SHORE HEALTHCARE LLC
Composite
74.5 / 100 percentile
Peer group
snf n = 14,684
Evidence depth
deep
Certified beds
50
Model
v1.2
Reads as: riskier than 74.5% of the 14,684 facilities in the snf peer group. percentile within peer group, 100 = highest risk. Grade bands are fixed percentile cuts (F is the top 5% of peer risk), so a grade is a position, not an absolute level.

Composite explanation

5
ComponentPercentileRawWeightWeight shareContributionCounts
financial risk91.178.90.300.230821.02in index
billing conduct48.038.60.300.230811.08in index
regulatory risk41.330.30.300.23089.53in index
staffing risk48.448.40.250.19239.31in index
chow risk61.059.70.150.11547.04in index
weighted_contribution sums to pre_rank_index over rows where counts_toward_index is true. The composite is the facility's percentile position of that index within its peer group, so contributions explain the input, and the rank explains the score.

Component scores and registry models

16
Score typeScoreGradeModelStatusRegistry model notes
billing conduct38.6Bv0.1-pacpuf-snfdefault · in compositeR22. PAC PUF SNF 2023. PDPM coding intensity vs acuity, stay length, charge markup.
chow risk25.0Bv0.1-posdefault · in compositeChange-of-ownership footprint in the CMS Provider of Services file: control-family, legal-name and address deltas across quarterly snapshots, plus certification reset recency and Medicare tenure.
chow risk94.4Fv0.6default · in composite
financial risk78.9Dv0.5default · in compositeR18.
p adverse action 12m0.1v0.1default · in compositeR23/W4-3. Deterministic logistic p(Medicare termination within 12m), SNF only. Label = first POS termination date (any code: voluntary closure, involuntary termination, merger exit); facilities already terminated by the panel date are excluded, not counted as safe. Trained on panels 2024-07/2024-10/2025-01 (n=46,466, 283 positives), evaluated on the held-out later panel 2025-04 BEFORE shipping: AUC 0.971, top-decile lift 9.5x, top-decile capture 95.4% of the 65 terminations that followed. Separability is high because closures announce themselves in the data: collapsing occupancy is the strongest signal, and the learned NEGATIVE weight on 12m deficiency counts is the surveys-stop signature of a facility winding down, not a claim that clean inspections are dangerous. Same 15 as-of-date features and anti-leakage chassis as p_chow_12m; SFF entry rejected as a label (only one month of SFF history exists, so as-of transitions cannot be reconstructed). Score = probability x 100; grade NULL. Not in any composite.
p chow 12m0.2v0.1default · in compositeR22/W4-2. Deterministic logistic p(CHOW within 12m), SNF only. Trained on panels 2024-07/2024-10/2025-01 (n=50,700, 1,207 positives), evaluated on the held-out later panel 2025-04 BEFORE shipping: AUC 0.874, top-decile lift 5.0x (top 10% of predictions captured 49.6% of the CHOWs that actually closed in the next 12 months). Shipped coefficients are the evaluated ones; no post-holdout refit. Caveat: holdout positives (133) run below the training base rate because recent CHOWs surface in public records with a lag, so measured lift is conservative. Features are as-of-date public records: PBJ staffing level/trend/contract share (quarterly history to 2022Q1), deficiency and CMP counts (12m), ownership tenure and churn from CHOW-evidenced transactions, beds, occupancy, ownership type, chain size. Chain membership and ownership type are current-state (history not published). SFF and star ratings deliberately excluded (no as-of history). Notable learned direction: long ownership tenure RAISES sale odds and a recent prior CHOW lowers them. Score = probability x 100; grade is NULL because a probability is not a quality letter. Not in any composite.
regulatory risk30.3Bv0.3default · in compositeDeficiency-based, SNF population. Runs alongside v0.5-pos.
staffing risk48.4Cv0.3default · in compositeCost-report staffing, SNF population. Runs alongside v0.4-pos, which covers ICF/IID from POS.
financial risk92.1Fv0.1supersededPre-registry model iteration, superseded by a later financial_risk rebuild. Rows retained for audit per project convention (see regulatory_risk v0.4-pos); never consumed because v_cii_api_facility_score and the composite eligibility join both require status = default. Backfilled 2026-07-26 by alert triage on model_registry_integrity.
financial risk72.1Dv0.2supersededPre-registry model iteration, superseded by a later financial_risk rebuild. Rows retained for audit per project convention (see regulatory_risk v0.4-pos); never consumed because v_cii_api_facility_score and the composite eligibility join both require status = default. Backfilled 2026-07-26 by alert triage on model_registry_integrity.
financial risk62.2Cv0.3supersededPre-registry model iteration, superseded by a later financial_risk rebuild. Rows retained for audit per project convention (see regulatory_risk v0.4-pos); never consumed because v_cii_api_facility_score and the composite eligibility join both require status = default. Backfilled 2026-07-26 by alert triage on model_registry_integrity.
financial risk80.1Fv0.4supersededPre-registry model iteration, superseded by a later financial_risk rebuild. Rows retained for audit per project convention (see regulatory_risk v0.4-pos); never consumed because v_cii_api_facility_score and the composite eligibility join both require status = default. Backfilled 2026-07-26 by alert triage on model_registry_integrity.
regulatory risk30.1Bv0.1supersededPre-registry model iteration, superseded by a later regulatory_risk rebuild. Rows retained for audit per project convention (see regulatory_risk v0.4-pos); never consumed because v_cii_api_facility_score and the composite eligibility join both require status = default. Backfilled 2026-07-26 by alert triage on model_registry_integrity.
regulatory risk30.1Bv0.2supersededPre-registry model iteration, superseded by a later regulatory_risk rebuild. Rows retained for audit per project convention (see regulatory_risk v0.4-pos); never consumed because v_cii_api_facility_score and the composite eligibility join both require status = default. Backfilled 2026-07-26 by alert triage on model_registry_integrity.
staffing risk48.4Cv0.1supersededPre-registry model iteration, superseded by a later staffing_risk rebuild. Rows retained for audit per project convention (see regulatory_risk v0.4-pos); never consumed because v_cii_api_facility_score and the composite eligibility join both require status = default. Backfilled 2026-07-26 by alert triage on model_registry_integrity.
staffing risk48.4Cv0.2supersededPre-registry model iteration, superseded by a later staffing_risk rebuild. Rows retained for audit per project convention (see regulatory_risk v0.4-pos); never consumed because v_cii_api_facility_score and the composite eligibility join both require status = default. Backfilled 2026-07-26 by alert triage on model_registry_integrity.
Rows with counts_toward_composite false come from models that are addressable or retracted rather than default. They exist and may be informative, but they did not enter the published composite and must not be summed as though they had.

CHOW radar — 12-month sale probability

full board →
p(CHOW, 12m)
0.2%
model v0.1 · computed 2026-07-29
Percentile among SNFs
37.0
100 = most likely to sell
Holdout AUC
0.874
evaluated before shipping, never refit
DriverValuePull on odds
Never sold on record0.00-1.62
Current owner tenure (years)8.82-0.99
For-profit ownership1.00+0.69
Chain size (log)4.06+0.46
No PBJ staffing report0.00+0.42
Occupancy0.60+0.28
Ownership changes, last 5 years0.00+0.20
Deficiencies, last 12 months0.00-0.17
p_adverse_action_12m: probability the facility's Medicare participation terminates within 12 months (any POS termination code; already-terminated facilities are excluded, not scored safe). Deterministic logistic over as-of-date public records, SNF only. Holdout (2025-04 panel, evaluated before shipping): AUC 0.971, top-decile lift 9.5x. Closures announce themselves: collapsing occupancy dominates, and fewer recent surveys is a winding-down signature. inputs.features holds raw feature values, inputs.contributions each feature's standardized pull on the log-odds. Predictions never enter the composite. See /v1/models. | p_chow_12m: probability of a change of ownership within 12 months. Deterministic logistic over as-of-date public records, SNF only. Holdout (2025-04 panel, evaluated before shipping): AUC 0.874, top-decile lift 5.0x. inputs.features holds raw feature values, inputs.contributions each feature's standardized pull on the log-odds. Predictions never enter the composite. See /v1/models for full notes.

Distress radar — 12-month termination probability

full board →
p(termination, 12m)
0.1%
model v0.1 · computed 2026-07-29
Percentile among SNFs
44.6
100 = most likely to lose certification
Holdout AUC
0.971
top decile caught 95% of actual exits
DriverValuePull on odds
Deficiencies, last 12 months0.00+1.43
Chain size (log)4.06-1.16
For-profit ownership1.00-0.69
Occupancy0.60+0.62
No PBJ staffing report0.00+0.39
Never sold on record0.00-0.28
Fine amount, 12m (log)0.00+0.18
Current owner tenure (years)8.82-0.16
Probability the facility's Medicare participation ends within 12 months, from public records only. Red bars raise exit odds. A negative pull from deficiencies is the winding-down signature — surveys stop as a facility empties — not evidence that clean inspections are dangerous.

Staffing vs peers

16
2025Q4 HPRDThis facilityWI medianNational medianNational p25–p75
Total nurse3.313.603.282.90–3.77
RN1.340.640.390.25–0.58
Weekend total3.243.493.11
Weekday total3.343.653.35
QuarterDaysAvg censusTotal HPRDRNLPNCNAWeekendContract %
2025Q49230.13.311.340.161.803.241.0%
2025Q39228.63.351.350.221.773.164.0%
2025Q29128.53.341.160.361.833.167.7%
2025Q19025.73.041.050.181.813.021.1%
2024Q49221.03.221.120.261.853.320.0%
2024Q39220.63.161.070.211.883.191.1%
2024Q29121.73.081.030.201.853.070.0%
2024Q19123.92.921.000.161.752.841.4%
2023Q49219.93.261.020.222.023.273.0%
2023Q39222.92.940.910.201.832.6714.9%
2023Q29118.82.320.440.231.652.506.9%
2023Q19025.42.390.730.211.452.129.8%
2022Q49226.72.900.800.331.762.1820.5%
2022Q39226.62.700.820.221.662.0229.6%
2022Q29127.92.400.740.221.442.2332.5%
2022Q19024.23.110.840.391.872.9035.4%
HPRD is census-weighted: total hours over the quarter divided by total resident-days, not an average of daily ratios. Source is CMS Payroll-Based Journal daily records; only SNFs report PBJ, so other settings legitimately return zero rows.

Penalties

0
No penalties on record for this facility. Absence of a record here means the sources CII ingests contain none, not that none exists anywhere.

Deficiencies

18
C × 2D × 13E × 1F × 1J × 1
deficiencies by survey year
7422232425
SurveyTypeTagDeficiencyScopeCorrected
2025-07-03Health · complaintF0628Provide the required documentation or notification related to the resident's needs, appeal rights, or bed-hold policies.D2025-07-29
2025-07-03Health · complaintF0684Provide appropriate treatment and care according to orders, resident’s preferences and goals.D2025-07-29
2025-07-03Health · complaintF0686Provide appropriate pressure ulcer care and prevent new ulcers from developing.J2025-07-29
2025-07-03Health · complaintF0949Provide behavior health training consistent with the requirements and as determined by a facility assessment.F2025-07-29
2025-03-26HealthF0689Ensure that a nursing home area is free from accident hazards and provides adequate supervision to prevent accidents.D2025-04-14
2025-03-26HealthF0851Electronically submit to CMS complete and accurate direct care staffing information, based on payroll and other verifiable and auditable data.C2025-04-14
2025-03-26HealthF0880Provide and implement an infection prevention and control program.D2025-04-14
2024-02-08HealthF0758Implement gradual dose reductions(GDR) and non-pharmacological interventions, unless contraindicated, prior to initiating or instead of continuing psychotropic medication; and PRN orders for psychotropic medications are only used when the medication is necessary and PRN use is limited.D2024-03-08
2024-02-08HealthF0760Ensure that residents are free from significant medication errors.D2024-03-08
2024-02-08HealthF0882Designate a qualified infection preventionist to be responsible for the infection prevent and control program in the nursing home.E2024-03-08
2023-10-10Health · complaintF0563Honor the resident's right to receive visitors of his or her choosing, at the time of his or her choosing.D2023-11-09
2023-10-10Health · complaintF0755Provide pharmaceutical services to meet the needs of each resident and employ or obtain the services of a licensed pharmacist.D2023-11-09
2023-10-10Health · complaintF0880Provide and implement an infection prevention and control program.D2023-11-09
2022-10-17HealthF0572Give residents a notice of rights, rules, services and charges.C2022-11-11
2022-10-17HealthF0679Provide activities to meet all resident's needs.D2022-11-11
2022-10-17HealthF0686Provide appropriate pressure ulcer care and prevent new ulcers from developing.D2022-11-11
2022-10-17HealthF0689Ensure that a nursing home area is free from accident hazards and provides adequate supervision to prevent accidents.D2022-11-11
2022-10-17HealthF0695Provide safe and appropriate respiratory care for a resident when needed.D2022-11-11
scope_severity uses the CMS letter grid: A is least serious, L most. J, K and L are immediate jeopardy. Rows are the surveyor's findings of record, not the model's opinion.

Licensure actions

0
No licensure actions on record for this facility. Absence of a record here means the sources CII ingests contain none, not that none exists anywhere.

Ownership

8
OwnerRolePctFromStatusSource
NSHF OPERATIONS LLC5% OR GREATER DIRECT OWNERSHIP INTEREST100%2017-07-24currentpecos_ownership
MILLS, DAVID5% OR GREATER INDIRECT OWNERSHIP INTEREST20%2017-06-29currentpecos_ownership
BAUMANN, TROYCORPORATE DIRECTOR2017-06-29currentpecos_ownership
HOEHN, JEFFREYCORPORATE DIRECTOR2017-06-29currentpecos_ownership
NORTH SHORE HEALTHCARE LLCOPERATIONAL/MANAGERIAL CONTROL2017-10-01currentpecos_ownership
JEFFREY HOEHNCORPORATE DIRECTOR100%2017-06-29ended 2026-05-18pecos_ownership
TROY BAUMANNCORPORATE DIRECTOR100%2017-06-29ended 2026-05-18pecos_ownership
DAVID MILLS5% OR GREATER INDIRECT OWNERSHIP INTEREST20%2017-06-29ended 2026-05-18pecos_ownership
PECOS ownership and managing-control associations. Current edges have no end date in the source; historical edges are retained.

Transactions

1
Close datePriceBuyerSellerEvidence
2017-10-01NSH LAKE MILLS LLCFMG MULBERRY STREET WISCONSIN LLCchow

Comparable trades — WI snf

12
CloseFacilityPrice$/bedCap rateBedsBuyer
2025-05-28Complete Care at Hales Corners62HALES CORNERS CARE AND REHAB CENTER LLC
2025-05-28Complete Care at Care Age110CARE AGE OF BROOKFIELD CARE AND REHAB CENTER LLC
2025-04-24Edenbrook Sheboygan121SHEBOYGAN SNF OPERATIONS, LLC
2025-02-28Complete Care at Jefferson Meadows LLC102ST CLARE CARE AND REHAB CENTER LLC
2025-02-28Complete Care at Christian Home LLC50CHRISTIAN HOME CARE AND REHAB CENTER LLC
2025-02-01COLONIAL HEALTH SERVICES70NSH COLBY LLC
2024-12-14CAREVIEW HEALTH AND REHAB OF MINOCQUA72CAREVIEW HEALTH AND REHAB OF MINOCQUA, LLC
2024-11-01Wood Aven Health and Rehabilitation82RIVER HAWK HEALTHCARE LLC
2024-07-01Samaritan Nursing and Rehab131SAMARITAN NURSING AND REHAB LLC
2024-05-01DOVE HEALTHCARE - SPOONER50SPOONER REHABILITATION AND NURSING CENTER LLC
2024-04-16MIDDLE RIVER HEALTH AND REHABILITATION CENTER86MIDDLE RIVER REHABILITATION LLC
2024-01-25Serenity Spring Senior Living at Scandia Village50SISTER BAY SNF OPCO, LLC
Most recent same-state, same-setting trades. Most CHOW-derived trades carry no disclosed consideration, so price, $/bed, and cap rate show only where a sale price was resolved from a deed or filing — blanks are honest, not missing data.

Market rent context

32
GeoKindBRAmountAs ofSource
county 55055acs median gross0$6592024-12-31CENSUS_ACS5
county 55055fmr0$7972025-10-01HUD_USER_FMR
county 55055acs median gross1$8132024-12-31CENSUS_ACS5
county 55055fmr1$9172025-10-01HUD_USER_FMR
county 55055acs median gross2$1,0782024-12-31CENSUS_ACS5
county 55055fmr2$1,1562025-10-01HUD_USER_FMR
county 55055acs median gross3$1,3162024-12-31CENSUS_ACS5
county 55055fmr3$1,5302025-10-01HUD_USER_FMR
county 55055acs median gross4$1,3272024-12-31CENSUS_ACS5
county 55055fmr4$1,5362025-10-01HUD_USER_FMR
county 55055acs median gross5$1,4312024-12-31CENSUS_ACS5
county 55055acs median gross$1,0352024-12-31CENSUS_ACS5
county 55055acs recent mover gross$1,1232024-12-31CENSUS_ACS5
zcta 53551acs median gross1$1,1512024-12-31CENSUS_ACS5
zcta 53551acs median gross2$1,1912024-12-31CENSUS_ACS5
zcta 53551acs median gross3$1,1222024-12-31CENSUS_ACS5
zcta 53551acs median gross$1,2012024-12-31CENSUS_ACS5
zip 53551payment standard 1100$9242025-10-01HUD_USER_SAFMR
zip 53551payment standard 900$7562025-10-01HUD_USER_SAFMR
zip 53551safmr0$8402025-10-01HUD_USER_SAFMR
zip 53551payment standard 1101$1,0672025-10-01HUD_USER_SAFMR
zip 53551payment standard 901$8732025-10-01HUD_USER_SAFMR
zip 53551safmr1$9702025-10-01HUD_USER_SAFMR
zip 53551payment standard 1102$1,3422025-10-01HUD_USER_SAFMR
zip 53551payment standard 902$1,0982025-10-01HUD_USER_SAFMR
zip 53551safmr2$1,2202025-10-01HUD_USER_SAFMR
zip 53551payment standard 1103$1,7712025-10-01HUD_USER_SAFMR
zip 53551payment standard 903$1,4492025-10-01HUD_USER_SAFMR
zip 53551safmr3$1,6102025-10-01HUD_USER_SAFMR
zip 53551payment standard 1104$1,7822025-10-01HUD_USER_SAFMR
zip 53551payment standard 904$1,4582025-10-01HUD_USER_SAFMR
zip 53551safmr4$1,6202025-10-01HUD_USER_SAFMR
ACS median gross rents and HUD FMR/SAFMR for the facility's county and ZIP. Context for underwriting, not facility pricing.