PACS PACS Group Inc.

$PACS hard to know what thing or combination of things is currently holding this back. I remain bullish on the next 6-18 months based on what we know. 1) It is possible that the market does not love either or both of the large deals PACS has announced… both are a departure from the historical strategy of buying highly distressed assets and rehabbing them. 2) Investors may not like PACS taking on more debt during a hate hiking cycle. IMO they should be quite insulated from rate hikes given their business model. Even after these deals close, PACS still will carry a very modest debt load for its cash flow characteristics. 3) Perhaps some investors sold out ahead of what they now view as a more near-term answer on settlement with the government / what $ impact it has. 4) Perhaps topline growth remains a concern, and PACS forward multiple is compressing to reflect a business investors believe is worth 10-12x instead of 13-15x. 5) Mgmt selling is expected, but not doing us any favors.

PACS Group appointed Patrick J. Murphy as Chief Legal Officer and Corporate Secretary, effective Sept. 21, 2026, marking a change in leadership for the post-acute care provider’s legal department. Murphy succeeds John Mitchell, who retired from the role on Sept. 18 and will remain with the company as a consultant during the transition. Murphy joins PACS from King & Spalding, where he was a partner in the Special Matters Practice Group, and brings more than 20 years of senior legal experience across the private and public sectors. His background includes nearly 15 years as Global Chief Litigation Counsel for GE Healthcare, five years in General Electric’s Corporate Litigation Group, and service as Senior Vice President and Global Chief Litigation Counsel at Fresenius Medical Care. His public-sector experience includes roles as Chief Counsel for the Crime and Technology Unit of the U.S. Senate Judiciary Committee Majority Staff and Deputy General Counsel of the FBI. $PACS