Executive Summary

Jej Assets LP has established itself as a leading player in Arkansas’ skilled nursing facility sector, tied with Alexark1 LLC as the largest owner with 33 facilities each, according to the most recent Centers for Medicare & Medicaid Services (CMS) data from January 2025. The limited partnership operates exclusively in Arkansas and solely within the skilled nursing facility sector. The company’s ownership structure reveals varying levels of control across its portfolio, with 100% indirect ownership interest in 21 facilities, 40% limited partnership interest in seven facilities, and 40% indirect ownership in one facility.

Ownership Structure and Leadership

Jej Assets LP is structured as a limited partnership with John Ponthie and Sharlot Ponthie serving as limited partners, while JEJ Management, LLC (solely owned by John Ponthie) acts as the general partner. The partnership, along with the Ponthies, holds direct or indirect ownership stakes in at least 90% of homes affiliated with Southern Administrative Services.

John Ponthie appears to be the key individual in Jej Assets LP‘s operations. Beyond his role as limited partner and sole member of the general partner JEJ Management, LLC, he is also the sole member of AlexArkl, LLC (the general partner of 4PT1 Ops Holding, LP). Ponthie is listed as having indirect ownership interest and/or managerial control in several nursing homes.

Geographic Footprint

Jej Assets LP has strategically positioned its facilities across Arkansas, with operations in 31 different cities. The highest concentration is in Little Rock and Malvern, with two facilities each. The remaining 29 facilities are distributed throughout the state in cities including Arkadelphia, Benton, Conway, Hot Springs, and Rogers.

Facility Performance

Facilities affiliated with Jej Assets LP demonstrate slightly above-average quality performance, with an average overall CMS rating of 2.93 stars compared to the Arkansas state average of 2.86 stars for skilled nursing facilities. Several Jej Assets LP facilities have achieved exceptional quality ratings, including:

• Summit Health & Rehabilitation: 5-star overall rating (5-star health inspection, 5-star quality measures, 4-star staffing)
• Wentworth LLC: 5-star overall rating (4-star health inspection, 5-star quality measures, 4-star staffing)
• Texarkana SNF Operations: 5-star overall rating (4-star health inspection, 5-star quality measures, 3-star staffing)
• Courtyard Rehabilitation and Health: 5-star overall rating (4-star health inspection, 5-star quality measures, 3-star staffing)

Competitive Landscape

The Arkansas skilled nursing market features several significant players beyond Jej Assets LP. Alexark1 LLC matches Jej Assets LP with 33 facilities, while 4P2T1 Ops Holding LP is affiliated with 32 facilities. Jej Management LLC, a related entity operates 30 facilities, followed by RHC Operations Inc (15 facilities) and ZCS AR Opco LLC (14 facilities). Other notable competitors include Eagle Health Systems Inc (10 facilities) and several entities with nine facilities each.

Regulatory Environment Impact

Arkansas updated its “Rules for Nursing Homes,” with the latest version effective November 1, 2024. The state maintains Certificate of Need (CON) laws, which require state approval before expanding capacity. These regulations can limit new construction and potentially increase the value of existing facilities, contributing to the market consolidation observed in ownership patterns.

In August 2022, Arkansas updated its Medicaid reimbursement methodology for skilled nursing facilities. The system is now cost-based and facility-specific, consisting of four major components: direct care, indirect care, administrative/operating costs, and property costs. The direct care component rebases annually with an applied inflation index, while the state has implemented a minimum occupancy percentage that started at 60% for the SFY 2022 cost reporting period and is scheduled to increase to a maximum of 75%.