GEO sells ICE centers for $950 million, keeps running them, repays notes

GEO builds and runs secure facilities in four countries. Federal agencies paid 67% of its revenue in 2025. [R02][R02] Press release, About The GEO Groupspecializing in design, financing, development, and support services for secure facilities, processing centers, and community reentry centers in the United States, Australia, South Africa, and the United KingdomGEO Group press release on the Adelanto sale and buyback increase, Exhibit 99.1 to Form 8-K, October 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526413085/d212275dex991.htm [T01][T01] Form 10-K, business concentrationVarious agencies of the U.S. Federal Government: 67 % 62 % 63 %GEO Group annual report on Form 10-K for 2025, filed February 25, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526071747/geo-20251231.htm Most contracts pay a daily rate for each person held. Some pay a fixed amount for a set number of beds, even when beds are empty. [T02][T02] Form 10-K, risk factorsmost of our revenues are generated under facility management contracts which provide for per diem payments based upon daily occupancyGEO Group annual report on Form 10-K for 2025, filed February 25, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526071747/geo-20251231.htm [T03][T03] Form 10-K, risk factorsSeveral of these contracts provide fixed-price payments that cover a portion, or all of our fixed costs based on a guaranteed minimum level of occupancy regardless of the actual level of occupancy.GEO Group annual report on Form 10-K for 2025, filed February 25, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526071747/geo-20251231.htm GEO competes with CoreCivic and other firms, and with agencies that want to run their own sites. [T04][T04] Form 10-K, competitionWe compete directly with the public sector, where governmental agencies responsible for the operation of secure services, processing services, community-based services and reentry facilities are often seeking to retain projectsGEO Group annual report on Form 10-K for 2025, filed February 25, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526071747/geo-20251231.htm [T05][T05] Form 10-K, competitionincluding, but not limited to: Core Civic; Management and Training CorporationGEO Group annual report on Form 10-K for 2025, filed February 25, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526071747/geo-20251231.htm

The government has been spending heavily on detention. In February, Reuters reported that ICE planned to spend $38.3 billion this year on detention centers. [W06][W06] Reuters, February 13, 2026ICE plans to spend $38.3 billion this year on centers for detention, processingReuters · Read October 7, 2026Open source ↗https://www.reuters.com/world/us/ice-spend-383-billion-detention-centers-across-us-document-shows-2026-02-13/ Homeland Security also bought warehouses to hold people. It later paused new warehouse buys while it reviewed contracts signed under the former secretary. [W07][W07] AP News, April 2026The Department of Homeland Security is pausing the purchase of new warehouses intended to house immigrantsAP News · Read October 7, 2026Open source ↗https://apnews.com/article/mullin-noem-immigration-ice-warehouse-detention-warhouses-0141f54a48a47b1a6753aeaecc1b640b In August, GEO called this an unprecedented opportunity. It said it was talking with ICE about selling several sites while it kept running them. [Q28][Q28] Form 10-Q, OutlookWe are preparing for what we believe is an unprecedented opportunity to help the federal government meet its expanded immigration enforcement priorities.GEO Group quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526337932/geo-20260630.htm [Q21][Q21] Form 10-Q, OutlookWe have also been in discussions with ICE regarding the potential sale of multiple facilities, subject to mutual agreement on price and our continued management of those facilities under long-term support services contracts.GEO Group quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526337932/geo-20260630.htm

GEO's largest rival went first. In July, CoreCivic sold two California centers to Homeland Security for $1.5 billion. In August it sold two more for $734.0 million, and about $182.2 million of that went to income taxes. [W01][W01] CoreCivic release, July 6, 2026for an aggregate gross sales price of $1.5 billion, including $732.6 million for the California City Facility and $739.2 million for the Otay Mesa FacilityGlobeNewswire (CoreCivic) · Read October 7, 2026Open source ↗https://www.globenewswire.com/news-release/2026/07/06/3322378/0/en/CoreCivic-Sells-Two-Detention-Facilities.html [W05][W05] CoreCivic release, August 5, 2026for an aggregate gross sales price of $734.0 millionGlobeNewswire (CoreCivic) · Read October 7, 2026Open source ↗https://www.globenewswire.com/news-release/2026/08/05/3339261/0/en/CoreCivic-Sells-Two-Additional-Detention-Facilities.html [W09][W09] CoreCivic release, August 5, 2026After federal and state income taxes of approximately $182.2 million and transaction costsGlobeNewswire (CoreCivic) · Read October 7, 2026Open source ↗https://www.globenewswire.com/news-release/2026/08/05/3339261/0/en/CoreCivic-Sells-Two-Additional-Detention-Facilities.html The July deals paid about $371,000 a bed for one center and about $286,000 a bed for the other. CoreCivic said its contracts to run them may change to reflect the new owner. [W01][W01] CoreCivic release, July 6, 2026for an aggregate gross sales price of $1.5 billion, including $732.6 million for the California City Facility and $739.2 million for the Otay Mesa FacilityGlobeNewswire (CoreCivic) · Read October 7, 2026Open source ↗https://www.globenewswire.com/news-release/2026/07/06/3322378/0/en/CoreCivic-Sells-Two-Detention-Facilities.html [W02][W02] CoreCivic release, July 6, 2026its 2,560-bed California City Detention FacilityGlobeNewswire (CoreCivic) · Read October 7, 2026Open source ↗https://www.globenewswire.com/news-release/2026/07/06/3322378/0/en/CoreCivic-Sells-Two-Detention-Facilities.html [W03][W03] CoreCivic release, July 6, 2026its 1,994-bed Otay Mesa Detention CenterGlobeNewswire (CoreCivic) · Read October 7, 2026Open source ↗https://www.globenewswire.com/news-release/2026/07/06/3322378/0/en/CoreCivic-Sells-Two-Detention-Facilities.html [W04][W04] CoreCivic release, July 6, 2026although the terms of the management contracts may be modified to reflect the change in ownershipGlobeNewswire (CoreCivic) · Read October 7, 2026Open source ↗https://www.globenewswire.com/news-release/2026/07/06/3322378/0/en/CoreCivic-Sells-Two-Detention-Facilities.html

ICE signed a 15-year contract with GEO for the main Adelanto center on December 19, 2019. A court deal later let that center fill up again. [T07][T07] Form 10-K, businessICE and GEO entered into a 15-year contract on December 19, 2019, for the provision of secure residential housing and support services at the Adelanto CenterGEO Group annual report on Form 10-K for 2025, filed February 25, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526071747/geo-20251231.htm [T08][T08] Form 10-K, businesswhich allows for immediate full intake at its company-owned, 1,940-bed Adelanto ICE Processing Center in CaliforniaGEO Group annual report on Form 10-K for 2025, filed February 25, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526071747/geo-20251231.htm GEO said then that a full center could add up to about $31 million a year of revenue. That was an added amount, not the center's total. [W08][W08] GEO release, June 10, 2025At full occupancy, the Adelanto Center contract would be expected to generate up to approximately $31 million in additional incremental annualized revenues for GEOBusiness Wire (The GEO Group) · Read October 7, 2026Open source ↗https://www.businesswire.com/news/home/20250609270298/en/The-GEO-Group-Provides-Update-on-Recent-Court-Settlement-Allowing-for-Immediate-Full-Intake-at-Company-Owned-1940-Bed-Adelanto-ICE-Processing-Center-in-California

The buyer is the federal government, through Homeland Security, and it paid $950 million at closing. The only changes allowed are small closing-day adjustments, such as splitting the year's property taxes. [K01][K01] Form 8-K, Item 1.01entered into a Purchase and Sale Agreement (the “Adelanto Complex Purchase Agreement”) with the United States of America and its assigns, by and through the Department of Homeland SecurityGEO Group Form 8-K on the sale of the Adelanto ICE processing center complex and a larger buyback, filed October 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526413085/d212275d8k.htm [K02][K02] Form 8-K, Item 1.01and certain related assets and property for an aggregate purchase price of $950,000,000GEO Group Form 8-K on the sale of the Adelanto ICE processing center complex and a larger buyback, filed October 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526413085/d212275d8k.htm [A01][A01] Purchase agreement, section 2shall be paid at the Closing (as defined in Section 12.1 below) by wire transfer or immediately available funds, subject to any prorations, adjustments, and credits madePurchase and Sale Agreement between GEO Group and the United States, through the Department of Homeland Security, Exhibit 10.1 to Form 8-K, dated October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526413085/d212275dex101.htm [A06][A06] Purchase agreement, section 4payable for the fiscal year in which the Closing occurs shall be prorated as of the Closing DatePurchase and Sale Agreement between GEO Group and the United States, through the Department of Homeland Security, Exhibit 10.1 to Form 8-K, dated October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526413085/d212275dex101.htm The deal was signed and closed on the same day, so nothing is left to close. The price works out to about $359,000 a bed. [K03][K03] Form 8-K, Item 1.01The sale of the Adelanto Complex was completed concurrently with the parties’ entry into the Adelanto Complex Purchase Agreement.GEO Group Form 8-K on the sale of the Adelanto ICE processing center complex and a larger buyback, filed October 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526413085/d212275d8k.htm [R01][R01] Press release headlineCOMPRISED OF THREE FACILITIES TOTALING 2,644 BEDS FOR $950 MILLIONGEO Group press release on the Adelanto sale and buyback increase, Exhibit 99.1 to Form 8-K, October 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526413085/d212275dex991.htm [K02][K02] Form 8-K, Item 1.01and certain related assets and property for an aggregate purchase price of $950,000,000GEO Group Form 8-K on the sale of the Adelanto ICE processing center complex and a larger buyback, filed October 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526413085/d212275d8k.htm GEO sold the property as is, and its promises to the buyer last one year. It also had to clear all mortgages on the property at closing. [A02][A02] Purchase agreement, section 9.4the sale of the Property will be made in an “AS IS” conditionPurchase and Sale Agreement between GEO Group and the United States, through the Department of Homeland Security, Exhibit 10.1 to Form 8-K, dated October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526413085/d212275dex101.htm [A03][A03] Purchase agreement, section 9.3shall survive the Closing for a period of one (1) year and shall not be merged with the execution and delivery of the Deed and other closing documents hereunderPurchase and Sale Agreement between GEO Group and the United States, through the Department of Homeland Security, Exhibit 10.1 to Form 8-K, dated October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526413085/d212275dex101.htm [A07][A07] Purchase agreement, title sectionSeller shall be obligated to eliminate prior to or as of the Closing all mortgagesPurchase and Sale Agreement between GEO Group and the United States, through the Department of Homeland Security, Exhibit 10.1 to Form 8-K, dated October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526413085/d212275dex101.htm

GEO expects to keep about $705 million after taxes, fees and costs. So about $245 million, or about 26% of the price, goes to taxes and costs. [K02][K02] Form 8-K, Item 1.01and certain related assets and property for an aggregate purchase price of $950,000,000GEO Group Form 8-K on the sale of the Adelanto ICE processing center complex and a larger buyback, filed October 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526413085/d212275d8k.htm [K04][K04] Form 8-K, Item 1.01After federal and state taxes and transaction fees and expenses, the Company anticipates receiving approximately $705 million in net proceeds from the sale of the Adelanto Complex.GEO Group Form 8-K on the sale of the Adelanto ICE processing center complex and a larger buyback, filed October 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526413085/d212275d8k.htm The October 5 filing said the cash would go to debt, buybacks and other needs. The board also raised the buyback limit by $750 million to $1.25 billion. [K05][K05] Form 8-K, Item 1.01The Company intends to use the net proceeds from the sale of the Adelanto Complex along with cashflow from operations to reduce the Company’s debt, repurchase shares of the Company’s common stock, and for other general corporate purposes.GEO Group Form 8-K on the sale of the Adelanto ICE processing center complex and a larger buyback, filed October 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526413085/d212275d8k.htm [R04][R04] Press releaseGEO’s Board of Directors has increased the Company’s share repurchase authorization, which is effective through December 31, 2029, by $750 million to $1.25 billion.GEO Group press release on the Adelanto sale and buyback increase, Exhibit 99.1 to Form 8-K, October 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526413085/d212275dex991.htm On October 6, GEO said about $678 million will pay off all of its 8.625% notes due 2029. That leaves about $27 million, so buybacks will mostly come from future cash or borrowing. [X09][X09] GEO release, October 6, 2026Oct. 6, 2026FT.com company announcements (The GEO Group release via Business Wire) · Read October 7, 2026Open source ↗https://markets.ft.com/data/announce/detail?dockey=600-202610060655BIZWIRE_USPRX____20261005_BW771266-1 [X01][X01] GEO release, October 6, 2026has delivered a notice of redemption for all of the $650,000,000 in outstanding aggregate principal amount of its 8.625% Senior Secured Notes due 2029FT.com company announcements (The GEO Group release via Business Wire) · Read October 7, 2026Open source ↗https://markets.ft.com/data/announce/detail?dockey=600-202610060655BIZWIRE_USPRX____20261005_BW771266-1 [X02][X02] GEO release, October 6, 2026The redemption price for the 2029 Senior Secured Notes will be equal to $1,043.13 per $1,000.00 original principal amount, or approximately $678 millionFT.com company announcements (The GEO Group release via Business Wire) · Read October 7, 2026Open source ↗https://markets.ft.com/data/announce/detail?dockey=600-202610060655BIZWIRE_USPRX____20261005_BW771266-1 [X08][X08] GEO release, October 6, 2026using the net proceeds from its recently announced asset salesFT.com company announcements (The GEO Group release via Business Wire) · Read October 7, 2026Open source ↗https://markets.ft.com/data/announce/detail?dockey=600-202610060655BIZWIRE_USPRX____20261005_BW771266-1 [K04][K04] Form 8-K, Item 1.01After federal and state taxes and transaction fees and expenses, the Company anticipates receiving approximately $705 million in net proceeds from the sale of the Adelanto Complex.GEO Group Form 8-K on the sale of the Adelanto ICE processing center complex and a larger buyback, filed October 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526413085/d212275d8k.htm

In return, GEO gives up the buildings and will now run sites its customer owns. Its annual report calls these managed-only contracts. [K14][K14] Form 8-K, Item 1.01The Company expects to continue providing support services for the Adelanto West Facility, the Adelanto East Facility, and the Desert View Facility under the Company’s existing contract with U.S. Immigration and Customs Enforcement (“ICE”)GEO Group Form 8-K on the sale of the Adelanto ICE processing center complex and a larger buyback, filed October 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526413085/d212275d8k.htm [T14][T14] Form 10-K, revenue recognitionThe primary exception is that GEO does not own or lease the facility. The facility is owned by the customer.GEO Group annual report on Form 10-K for 2025, filed February 25, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526071747/geo-20251231.htm The current contract term ends December 19, 2029. A five-year option runs to December 19, 2034. [K06][K06] Form 8-K, Item 1.01which has a full term effective through December 19, 2034, inclusive of the current term ending December 19, 2029, and a five-year option periodGEO Group Form 8-K on the sale of the Adelanto ICE processing center complex and a larger buyback, filed October 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526413085/d212275d8k.htm ICE can end the contract for convenience, without any fault by GEO, or if the money for it is not approved. GEO says it cannot promise to keep running the centers. Its annual report warns that selling assets may cut earnings, revenue or cash flow. [K07][K07] Form 8-K, Item 1.01ICE has the ability to terminate the existing contract for non-appropriation of funds or for convenience and as a result, the Company can provide no assurance that it will continue to manage those facilities in the futureGEO Group Form 8-K on the sale of the Adelanto ICE processing center complex and a larger buyback, filed October 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526413085/d212275d8k.htm [T06][T06] Form 10-K, risk factorsA disposition of any assets or businesses may result in decreased earnings, revenue, or cash flow.GEO Group annual report on Form 10-K for 2025, filed February 25, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526071747/geo-20251231.htm

The sale does not end an old lawsuit. People held at Adelanto since December 19, 2014, say GEO broke California's minimum wage laws. [Q22][Q22] Form 10-Q, legal proceedingsThe California court has certified a class of individuals who have been civilly detained at the Company's Adelanto Facility from December 19, 2014, until the date of final judgment.GEO Group quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526337932/geo-20260630.htm [Q32][Q32] Form 10-Q, legal proceedingsThe California lawsuit alleges violations of the state’s minimum wage lawsGEO Group quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526337932/geo-20260630.htm That case waits on a similar case in Washington, where GEO has set aside about $37.6 million. On May 18, 2026, the Supreme Court asked for the government's views on GEO's appeal there. [Q23][Q23] Form 10-Q, legal proceedingsOn March 31, 2022, the court entered a stay until the Ninth Circuit rules on the State of Washington lawsuitsGEO Group quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526337932/geo-20260630.htm [Q24][Q24] Form 10-Q, legal proceedingsthe Company accrued a reserve of approximately $ 37.6 millionGEO Group quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526337932/geo-20260630.htm [Q25][Q25] Form 10-Q, legal proceedingsOn May 18, 2026, the Supreme Court requested the views of the United States Solicitor General.GEO Group quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526337932/geo-20260630.htm A proposed California bill would also tax 50% of private detention operators' gross receipts, from January 1, 2027, if it becomes law. [T15][T15] Form 10-K, risk factorswould impose an annual tax equal to 50% of the gross receipts of private detention facility operators beginning on January 1, 2027, if enacted into lawGEO Group annual report on Form 10-K for 2025, filed February 25, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526071747/geo-20251231.htm

At June 30, GEO had about $55 million of cash and about $1.54 billion of debt. Its net debt, meaning debt minus cash, was about $1.5 billion. [E01][E01] Second quarter release, balance sheetwe had approximately $55 million in cash and cash equivalents and approximately $1.54 billion in total debt, resulting in total net debt of approximately $1.5 billion and total net leverage below 3 times Adjusted EBITDA for the trailing 12 monthsGEO Group second quarter 2026 results release, Exhibit 99.1 to Form 8-K, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526336562/d118675dex991.htm It owed $248.9 million on its bank credit line and $650 million on 8.625% notes due 2029. It also owed $625 million on 10.250% unsecured notes due 2031. [Q02][Q02] Form 10-Q, note on debtAs of June 30, 2026, the Company had $ 248.9 million in borrowings under its revolverGEO Group quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526337932/geo-20260630.htm [Q04][Q04] Form 10-Q, debt table8.625 % Secured Notes due 2029 Notes Due in 2029 650,000GEO Group quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526337932/geo-20260630.htm [Q05][Q05] Form 10-Q, debt table10.250 % Unsecured Notes due 2031 Notes Due in 2031 625,000GEO Group quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526337932/geo-20260630.htm The bank line and the 2029 notes were secured debt. That means their lenders held first claim on nearly all of GEO's assets, and they are repaid before other lenders and shareholders. [Q12][Q12] Form 10-Q, note on debtsecured by first-priority liens on substantially all of their assetsGEO Group quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526337932/geo-20260630.htm [Q33][Q33] Form 10-Q, Secured NotesThe Secured Notes and the Secured Note Guarantees are secured on a first-priority basis by the same collateralGEO Group quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526337932/geo-20260630.htm

The day after the sale filing, GEO gave notice that it will pay off all of the 2029 notes on October 15. It will pay about $678 million from the sale cash. After that, the bank line is its only large secured debt. [X01][X01] GEO release, October 6, 2026has delivered a notice of redemption for all of the $650,000,000 in outstanding aggregate principal amount of its 8.625% Senior Secured Notes due 2029FT.com company announcements (The GEO Group release via Business Wire) · Read October 7, 2026Open source ↗https://markets.ft.com/data/announce/detail?dockey=600-202610060655BIZWIRE_USPRX____20261005_BW771266-1 [X02][X02] GEO release, October 6, 2026The redemption price for the 2029 Senior Secured Notes will be equal to $1,043.13 per $1,000.00 original principal amount, or approximately $678 millionFT.com company announcements (The GEO Group release via Business Wire) · Read October 7, 2026Open source ↗https://markets.ft.com/data/announce/detail?dockey=600-202610060655BIZWIRE_USPRX____20261005_BW771266-1 [X07][X07] GEO release, October 6, 2026The redemption of the 2029 Senior Secured Notes will occur on October 15, 2026FT.com company announcements (The GEO Group release via Business Wire) · Read October 7, 2026Open source ↗https://markets.ft.com/data/announce/detail?dockey=600-202610060655BIZWIRE_USPRX____20261005_BW771266-1 [X08][X08] GEO release, October 6, 2026using the net proceeds from its recently announced asset salesFT.com company announcements (The GEO Group release via Business Wire) · Read October 7, 2026Open source ↗https://markets.ft.com/data/announce/detail?dockey=600-202610060655BIZWIRE_USPRX____20261005_BW771266-1 [X03][X03] GEO release, October 6, 2026Upon the funding of the redemption price, the Indenture governing the 2029 Senior Secured Notes will be discharged.FT.com company announcements (The GEO Group release via Business Wire) · Read October 7, 2026Open source ↗https://markets.ft.com/data/announce/detail?dockey=600-202610060655BIZWIRE_USPRX____20261005_BW771266-1 Paying early costs about $28 million more than the notes' face value. In return it removes about $56 million a year of interest. GEO had planned on net interest of about $145 million for 2026. [X01][X01] GEO release, October 6, 2026has delivered a notice of redemption for all of the $650,000,000 in outstanding aggregate principal amount of its 8.625% Senior Secured Notes due 2029FT.com company announcements (The GEO Group release via Business Wire) · Read October 7, 2026Open source ↗https://markets.ft.com/data/announce/detail?dockey=600-202610060655BIZWIRE_USPRX____20261005_BW771266-1 [X02][X02] GEO release, October 6, 2026The redemption price for the 2029 Senior Secured Notes will be equal to $1,043.13 per $1,000.00 original principal amount, or approximately $678 millionFT.com company announcements (The GEO Group release via Business Wire) · Read October 7, 2026Open source ↗https://markets.ft.com/data/announce/detail?dockey=600-202610060655BIZWIRE_USPRX____20261005_BW771266-1 [E17][E17] Second quarter release, 2026 outlook tableNet Interest Expense 145,000 145,500GEO Group second quarter 2026 results release, Exhibit 99.1 to Form 8-K, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526336562/d118675dex991.htm The same day, GEO extended its $550 million bank line to July 14, 2031. It can pay off the 2031 notes at set prices from April 15, 2027. Before that it would owe an extra make-whole payment. [X04][X04] GEO release, October 6, 2026to extend the maturity of its $550 million Revolving Credit Facility to July 14, 2031FT.com company announcements (The GEO Group release via Business Wire) · Read October 7, 2026Open source ↗https://markets.ft.com/data/announce/detail?dockey=600-202610060655BIZWIRE_USPRX____20261005_BW771266-1 [Q07][Q07] Form 10-Q, Unsecured NotesOn or after April 15, 2027, the Company may redeem all or a part of the Unsecured NotesGEO Group quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526337932/geo-20260630.htm [Q35][Q35] Form 10-Q, Unsecured Notesat a redemption price equal to 100 % of the principal amount of the Unsecured Notes (which includes Additional Notes, if any), plus the Applicable Premium (as defined in the 2031 Indenture)GEO Group quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526337932/geo-20260630.htm

GEO judges its debt against adjusted EBITDA. That is profit before interest, taxes, depreciation and amortization, with some costs added back, such as stock pay and losses on asset sales. [E13][E13] Second quarter release, non-GAAP measuresEBITDA is defined as net income adjusted by adding provisions for income tax, interest expense, net of interest income, and depreciation and amortization.GEO Group second quarter 2026 results release, Exhibit 99.1 to Form 8-K, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526336562/d118675dex991.htm [E14][E14] Second quarter release, non-GAAP measuresAdjusted EBITDA is defined as EBITDA adjusted for loss on asset divestitures/impairment, pre-tax, net loss attributable to non-controlling interests, stock-based compensation expenses, pre-tax, litigation costs and settlements, pre-tax, start-up expenses, pre-tax, transaction fees, pre-taxGEO Group second quarter 2026 results release, Exhibit 99.1 to Form 8-K, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526336562/d118675dex991.htm On that basis GEO earned about $519 million in the 12 months to June. So its net debt was about 2.9 times that profit, which fits the below 3 times it reported. [T09][T09] Form 10-K, Adjusted EBITDA reconciliationAdjusted EBITDA $ 464,418GEO Group annual report on Form 10-K for 2025, filed February 25, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526071747/geo-20251231.htm [E06][E06] Second quarter releaseWe reported Adjusted EBITDA for the first six months of 2026 of $273.4 million, compared to $218.4 million for the first six months of 2025GEO Group second quarter 2026 results release, Exhibit 99.1 to Form 8-K, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526336562/d118675dex991.htm [E01][E01] Second quarter release, balance sheetwe had approximately $55 million in cash and cash equivalents and approximately $1.54 billion in total debt, resulting in total net debt of approximately $1.5 billion and total net leverage below 3 times Adjusted EBITDA for the trailing 12 monthsGEO Group second quarter 2026 results release, Exhibit 99.1 to Form 8-K, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526336562/d118675dex991.htm Plain EBITDA was higher, but it held a $232.4 million gain on a 2025 prison sale. Without that gain, the ratio was about 3.3 times. [T10][T10] Form 10-K, Adjusted EBITDA reconciliationEBITDA 632,823 436,793GEO Group annual report on Form 10-K for 2025, filed February 25, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526071747/geo-20251231.htm [Q15][Q15] Form 10-Q, EBITDA reconciliationEBITDA $ 136,091 $ 112,565 $ 260,098 $ 206,743GEO Group quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526337932/geo-20260630.htm [T11][T11] Form 10-K, Adjusted EBITDA reconciliation(Gain) loss on asset divestitures, pre-tax (232,381 )GEO Group annual report on Form 10-K for 2025, filed February 25, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526071747/geo-20251231.htm [T12][T12] Form 10-K, asset salefor a sale price of $312 million. The sale resulted in a gain of approximately $228 million.GEO Group annual report on Form 10-K for 2025, filed February 25, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526071747/geo-20251231.htm [E01][E01] Second quarter release, balance sheetwe had approximately $55 million in cash and cash equivalents and approximately $1.54 billion in total debt, resulting in total net debt of approximately $1.5 billion and total net leverage below 3 times Adjusted EBITDA for the trailing 12 monthsGEO Group second quarter 2026 results release, Exhibit 99.1 to Form 8-K, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526336562/d118675dex991.htm

After the payoff, and keeping the other $27 million, net debt falls to about $820 million. That is about 1.6 times the $519 million of trailing profit, before any profit lost at Adelanto. [E01][E01] Second quarter release, balance sheetwe had approximately $55 million in cash and cash equivalents and approximately $1.54 billion in total debt, resulting in total net debt of approximately $1.5 billion and total net leverage below 3 times Adjusted EBITDA for the trailing 12 monthsGEO Group second quarter 2026 results release, Exhibit 99.1 to Form 8-K, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526336562/d118675dex991.htm [X01][X01] GEO release, October 6, 2026has delivered a notice of redemption for all of the $650,000,000 in outstanding aggregate principal amount of its 8.625% Senior Secured Notes due 2029FT.com company announcements (The GEO Group release via Business Wire) · Read October 7, 2026Open source ↗https://markets.ft.com/data/announce/detail?dockey=600-202610060655BIZWIRE_USPRX____20261005_BW771266-1 [X02][X02] GEO release, October 6, 2026The redemption price for the 2029 Senior Secured Notes will be equal to $1,043.13 per $1,000.00 original principal amount, or approximately $678 millionFT.com company announcements (The GEO Group release via Business Wire) · Read October 7, 2026Open source ↗https://markets.ft.com/data/announce/detail?dockey=600-202610060655BIZWIRE_USPRX____20261005_BW771266-1 [K04][K04] Form 8-K, Item 1.01After federal and state taxes and transaction fees and expenses, the Company anticipates receiving approximately $705 million in net proceeds from the sale of the Adelanto Complex.GEO Group Form 8-K on the sale of the Adelanto ICE processing center complex and a larger buyback, filed October 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526413085/d212275d8k.htm [T09][T09] Form 10-K, Adjusted EBITDA reconciliationAdjusted EBITDA $ 464,418GEO Group annual report on Form 10-K for 2025, filed February 25, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526071747/geo-20251231.htm [E06][E06] Second quarter releaseWe reported Adjusted EBITDA for the first six months of 2026 of $273.4 million, compared to $218.4 million for the first six months of 2025GEO Group second quarter 2026 results release, Exhibit 99.1 to Form 8-K, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526336562/d118675dex991.htm We expect total debt to end 2026 under $1 billion. June's $1.54 billion minus the $650 million of notes is about $890 million. So GEO would have to add a lot of new debt, most likely for buybacks, to go over. [E01][E01] Second quarter release, balance sheetwe had approximately $55 million in cash and cash equivalents and approximately $1.54 billion in total debt, resulting in total net debt of approximately $1.5 billion and total net leverage below 3 times Adjusted EBITDA for the trailing 12 monthsGEO Group second quarter 2026 results release, Exhibit 99.1 to Form 8-K, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526336562/d118675dex991.htm [X01][X01] GEO release, October 6, 2026has delivered a notice of redemption for all of the $650,000,000 in outstanding aggregate principal amount of its 8.625% Senior Secured Notes due 2029FT.com company announcements (The GEO Group release via Business Wire) · Read October 7, 2026Open source ↗https://markets.ft.com/data/announce/detail?dockey=600-202610060655BIZWIRE_USPRX____20261005_BW771266-1 In the second quarter, operating income of $101.7 million covered interest of $38.6 million about 2.6 times. [Q13][Q13] Form 10-Q, income statementOperating income 101,703 71,973 191,002 132,957GEO Group quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526337932/geo-20260630.htm [Q14][Q14] Form 10-Q, income statementInterest expense ( 38,556 ) ( 41,907 )GEO Group quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526337932/geo-20260630.htm

After the payoff, GEO may buy back as much stock as it likes while its leverage, as the bank deal defines it, stays at or below 2.25 times. The 2031 notes allow the same up to 2.00 times. [X05][X05] GEO release, October 6, 2026GEO will be permitted to make unlimited restricted payments, including share repurchases, under the Amended Credit Agreement, to the extent the Company’s total leverage ratio (as defined therein) calculated on a pro forma basis after giving effect to such restricted payment would be equal to or less than 2.25 to 1.00FT.com company announcements (The GEO Group release via Business Wire) · Read October 7, 2026Open source ↗https://markets.ft.com/data/announce/detail?dockey=600-202610060655BIZWIRE_USPRX____20261005_BW771266-1 [X06][X06] GEO release, October 6, 2026calculated on a pro forma basis after giving effect to such restricted payment would be equal to or less than 2.00 to 1.00FT.com company announcements (The GEO Group release via Business Wire) · Read October 7, 2026Open source ↗https://markets.ft.com/data/announce/detail?dockey=600-202610060655BIZWIRE_USPRX____20261005_BW771266-1 At 2.00 times the low end of GEO's profit goal, debt could reach about $1.1 billion. That is roughly $280 million more than its net debt after the payoff, though the notes measure leverage their own way. [X06][X06] GEO release, October 6, 2026calculated on a pro forma basis after giving effect to such restricted payment would be equal to or less than 2.00 to 1.00FT.com company announcements (The GEO Group release via Business Wire) · Read October 7, 2026Open source ↗https://markets.ft.com/data/announce/detail?dockey=600-202610060655BIZWIRE_USPRX____20261005_BW771266-1 [E02][E02] Second quarter release, guidanceWe increased our full year 2026 Adjusted EBITDA guidance to a range of $550 million to $560 million.GEO Group second quarter 2026 results release, Exhibit 99.1 to Form 8-K, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526336562/d118675dex991.htm [E01][E01] Second quarter release, balance sheetwe had approximately $55 million in cash and cash equivalents and approximately $1.54 billion in total debt, resulting in total net debt of approximately $1.5 billion and total net leverage below 3 times Adjusted EBITDA for the trailing 12 monthsGEO Group second quarter 2026 results release, Exhibit 99.1 to Form 8-K, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526336562/d118675dex991.htm [X01][X01] GEO release, October 6, 2026has delivered a notice of redemption for all of the $650,000,000 in outstanding aggregate principal amount of its 8.625% Senior Secured Notes due 2029FT.com company announcements (The GEO Group release via Business Wire) · Read October 7, 2026Open source ↗https://markets.ft.com/data/announce/detail?dockey=600-202610060655BIZWIRE_USPRX____20261005_BW771266-1 [X02][X02] GEO release, October 6, 2026The redemption price for the 2029 Senior Secured Notes will be equal to $1,043.13 per $1,000.00 original principal amount, or approximately $678 millionFT.com company announcements (The GEO Group release via Business Wire) · Read October 7, 2026Open source ↗https://markets.ft.com/data/announce/detail?dockey=600-202610060655BIZWIRE_USPRX____20261005_BW771266-1 [K04][K04] Form 8-K, Item 1.01After federal and state taxes and transaction fees and expenses, the Company anticipates receiving approximately $705 million in net proceeds from the sale of the Adelanto Complex.GEO Group Form 8-K on the sale of the Adelanto ICE processing center complex and a larger buyback, filed October 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526413085/d212275d8k.htm GEO met its bank tests at June 30, 2026. It has paid no dividend since it dropped its real estate trust status in 2021. [Q34][Q34] Form 10-Q, note on debtThe Company was in compliance with its debt covenants at June 30, 2026GEO Group quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526337932/geo-20260630.htm [T13][T13] Form 10-K, dividendsIn connection with terminating GEO's REIT status in 2021, the Board also voted unanimously to discontinue our quarterly dividend payments and prioritize allocating GEO's free cash flow to reduce debtGEO Group annual report on Form 10-K for 2025, filed February 25, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526071747/geo-20251231.htm

At June 30 GEO also had about $244.1 million of unused room on its credit line. A $14.9 million New Mexico tax bill is due by the end of October 2026. [Q10][Q10] Form 10-Q, note on debtwhich left approximately $ 244.1 million in additional borrowing capacity under the revolverGEO Group quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526337932/geo-20260630.htm [Q36][Q36] Form 10-Q, other assessmentthe Company received a notice of assessment for $ 14.9 million, which is due by the end of October 2026GEO Group quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526337932/geo-20260630.htm

GEO's latest share count was 131,619,584. Staff and directors also held options on about 1.5 million shares and about 2.5 million restricted shares, which can add to the count over time. [Q01][Q01] Form 10-Q, cover131,619,584 shares of common stock outstandingGEO Group quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526337932/geo-20260630.htm [Q16][Q16] Form 10-Q, stock optionsOptions outstanding at June 30, 2026 1,517 $ 18.31GEO Group quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526337932/geo-20260630.htm [Q17][Q17] Form 10-Q, restricted stockRestricted stock outstanding at June 30, 2026 2,457 $ 16.12GEO Group quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526337932/geo-20260630.htm Through June 30, GEO bought back 10,097,801 shares at an average of $17.57. Its last buys, in May, cost $22.91. [Q19][Q19] Form 10-Q, Part II Item 2As of June 30, 2026, we have repurchased 10,097,801 of our common shares at an aggregate cost of $177.8 million, or an average price of $17.57.GEO Group quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526337932/geo-20260630.htm [Q20][Q20] Form 10-Q, Part II Item 2May 1, 2026 to May 31, 2026 1,599,101 $ 22.91GEO Group quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526337932/geo-20260630.htm At $32.36, each share now costs about 84% more than that average. No stock split shows in the filings since then, so these prices compare directly. About $1.07 billion of the buyback limit is open, less any buys since June, or about 25% of the stock's value. [P03][P03] IEX closing pricesGEO closed at $32.36 on October 5, 2026 (IEX)IEX closing prices for GEO, CXW and SPY, September 15 to October 5, 2026Open source ↗https://iextrading.com/trading/market-data/ [Q19][Q19] Form 10-Q, Part II Item 2As of June 30, 2026, we have repurchased 10,097,801 of our common shares at an aggregate cost of $177.8 million, or an average price of $17.57.GEO Group quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526337932/geo-20260630.htm [E05][E05] Second quarter release, buybacksleaving approximately $323 million of repurchase authorization available under the share repurchase programGEO Group second quarter 2026 results release, Exhibit 99.1 to Form 8-K, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526336562/d118675dex991.htm [R04][R04] Press releaseGEO’s Board of Directors has increased the Company’s share repurchase authorization, which is effective through December 31, 2029, by $750 million to $1.25 billion.GEO Group press release on the Adelanto sale and buyback increase, Exhibit 99.1 to Form 8-K, October 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526413085/d212275dex991.htm [Q01][Q01] Form 10-Q, cover131,619,584 shares of common stock outstandingGEO Group quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526337932/geo-20260630.htm

In August and September, two officers and a director sold 32,297 shares in all, at about $31 to $32 each. GEO had already disclosed its talks with ICE in its quarterly report. [F01][F01] Form 4, Table ICommon Stock 09/11/2026 S 11,797 D $ 31.455Form 4 for Matthew Albence, senior vice president, client relations, filed September 15, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526392157/xslF345X06/ownership.xml [F02][F02] Form 4, Table ICommon Stock 08/20/2026 S 10,000 D $ 31.686Form 4 for Matthew Albence, senior vice president, client relations, filed August 24, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526363854/xslF345X06/ownership.xml [F03][F03] Form 4, Table ICommon Stock 08/21/2026 S 7,000 D $ 32Form 4 for Ronald A. Brack, chief accounting officer, filed August 25, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526365133/xslF345X06/ownership.xml [F04][F04] Form 4, Table ICommon Stock 08/13/2026 S 3,500 D $ 31.305Form 4 for Lindsay L. Koren, director, filed August 17, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526354019/xslF345X06/ownership.xml [Q21][Q21] Form 10-Q, OutlookWe have also been in discussions with ICE regarding the potential sale of multiple facilities, subject to mutual agreement on price and our continued management of those facilities under long-term support services contracts.GEO Group quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526337932/geo-20260630.htm

GEO rose 3.2% on October 5, to $32.36. CoreCivic rose 0.8%, and SPY, a fund of big American stocks, rose 0.7%. [P02][P02] IEX closing pricesGEO closed at $31.35 on October 2, 2026 (IEX)IEX closing prices for GEO, CXW and SPY, September 15 to October 5, 2026Open source ↗https://iextrading.com/trading/market-data/ [P03][P03] IEX closing pricesGEO closed at $32.36 on October 5, 2026 (IEX)IEX closing prices for GEO, CXW and SPY, September 15 to October 5, 2026Open source ↗https://iextrading.com/trading/market-data/ [P04][P04] IEX closing pricesCXW closed at $33.43 on October 2, 2026 (IEX)IEX closing prices for GEO, CXW and SPY, September 15 to October 5, 2026Open source ↗https://iextrading.com/trading/market-data/ [P05][P05] IEX closing pricesCXW closed at $33.705 on October 5, 2026 (IEX)IEX closing prices for GEO, CXW and SPY, September 15 to October 5, 2026Open source ↗https://iextrading.com/trading/market-data/ [P06][P06] IEX closing pricesSPY closed at $769.72 on October 2, 2026 (IEX)IEX closing prices for GEO, CXW and SPY, September 15 to October 5, 2026Open source ↗https://iextrading.com/trading/market-data/ [P07][P07] IEX closing pricesSPY closed at $774.75 on October 5, 2026 (IEX)IEX closing prices for GEO, CXW and SPY, September 15 to October 5, 2026Open source ↗https://iextrading.com/trading/market-data/ GEO had closed at $31.245 on September 15 and $31.35 on October 2, so it moved little before the news. [P01][P01] IEX closing pricesGEO closed at $31.245 on September 15, 2026 (IEX)IEX closing prices for GEO, CXW and SPY, September 15 to October 5, 2026Open source ↗https://iextrading.com/trading/market-data/ [P02][P02] IEX closing pricesGEO closed at $31.35 on October 2, 2026 (IEX)IEX closing prices for GEO, CXW and SPY, September 15 to October 5, 2026Open source ↗https://iextrading.com/trading/market-data/

At $32.36, GEO's shares are worth about $4.26 billion. With about $1.5 billion of net debt, the whole company is worth about $5.76 billion. [Q01][Q01] Form 10-Q, cover131,619,584 shares of common stock outstandingGEO Group quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526337932/geo-20260630.htm [P03][P03] IEX closing pricesGEO closed at $32.36 on October 5, 2026 (IEX)IEX closing prices for GEO, CXW and SPY, September 15 to October 5, 2026Open source ↗https://iextrading.com/trading/market-data/ [E01][E01] Second quarter release, balance sheetwe had approximately $55 million in cash and cash equivalents and approximately $1.54 billion in total debt, resulting in total net debt of approximately $1.5 billion and total net leverage below 3 times Adjusted EBITDA for the trailing 12 monthsGEO Group second quarter 2026 results release, Exhibit 99.1 to Form 8-K, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526336562/d118675dex991.htm That is about 10.5 times the low end of its 2026 profit goal of $550 million to $560 million. The $950 million price is about 16% of that total. [Q01][Q01] Form 10-Q, cover131,619,584 shares of common stock outstandingGEO Group quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526337932/geo-20260630.htm [P03][P03] IEX closing pricesGEO closed at $32.36 on October 5, 2026 (IEX)IEX closing prices for GEO, CXW and SPY, September 15 to October 5, 2026Open source ↗https://iextrading.com/trading/market-data/ [E01][E01] Second quarter release, balance sheetwe had approximately $55 million in cash and cash equivalents and approximately $1.54 billion in total debt, resulting in total net debt of approximately $1.5 billion and total net leverage below 3 times Adjusted EBITDA for the trailing 12 monthsGEO Group second quarter 2026 results release, Exhibit 99.1 to Form 8-K, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526336562/d118675dex991.htm [E02][E02] Second quarter release, guidanceWe increased our full year 2026 Adjusted EBITDA guidance to a range of $550 million to $560 million.GEO Group second quarter 2026 results release, Exhibit 99.1 to Form 8-K, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526336562/d118675dex991.htm [K02][K02] Form 8-K, Item 1.01and certain related assets and property for an aggregate purchase price of $950,000,000GEO Group Form 8-K on the sale of the Adelanto ICE processing center complex and a larger buyback, filed October 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526413085/d212275d8k.htm

In August, before the sale, GEO aimed for 2026 revenue of $2.95 billion to $3.05 billion. It aimed for adjusted EBITDA of $550 million to $560 million. [E03][E03] Second quarter release, guidanceor $1.27 to $1.32 per diluted share on annual revenues of $2.95 billion to $3.05 billionGEO Group second quarter 2026 results release, Exhibit 99.1 to Form 8-K, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526336562/d118675dex991.htm [E02][E02] Second quarter release, guidanceWe increased our full year 2026 Adjusted EBITDA guidance to a range of $550 million to $560 million.GEO Group second quarter 2026 results release, Exhibit 99.1 to Form 8-K, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526336562/d118675dex991.htm It expects two new ICE contracts to add about $85 million and $80 million of yearly revenue, with full profit in early 2027. Its 2026 goals leave them out, and two Florida contracts start on July 1, 2027. [E07][E07] Second quarter release, operationsThe Big Horn Facility support services contract is expected to generate approximately $85 million in annual revenues in the first full year of operations.GEO Group second quarter 2026 results release, Exhibit 99.1 to Form 8-K, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526336562/d118675dex991.htm [E08][E08] Second quarter release, operationsThe Rivers Facility support services contract is expected to generate approximately $80 million in annual revenues in the first full year of operations.GEO Group second quarter 2026 results release, Exhibit 99.1 to Form 8-K, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526336562/d118675dex991.htm [E15][E15] Second quarter release, operationswith both facilities expected to achieve normalized operations and earnings contribution in early 2027GEO Group second quarter 2026 results release, Exhibit 99.1 to Form 8-K, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526336562/d118675dex991.htm [E16][E16] Second quarter release, guidanceOur updated guidance does not include any earnings contribution from our new Big Horn and Rivers ICE contractsGEO Group second quarter 2026 results release, Exhibit 99.1 to Form 8-K, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526336562/d118675dex991.htm [E18][E18] Second quarter release, guidanceare now expected to transition to GEO on July 1, 2027GEO Group second quarter 2026 results release, Exhibit 99.1 to Form 8-K, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526336562/d118675dex991.htm In the second quarter, revenue rose 15% to $732.1 million. Net income was $47.5 million. [E09][E09] Second quarter releaseFor the second quarter 2026, we reported total revenues of $732.1 million compared to $636.2 million for the second quarter 2025, reflecting a 15 percent increase.GEO Group second quarter 2026 results release, Exhibit 99.1 to Form 8-K, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526336562/d118675dex991.htm [E10][E10] Second quarter releasenet income attributable to GEO Operations of $47.5 million, or $0.36 per diluted shareGEO Group second quarter 2026 results release, Exhibit 99.1 to Form 8-K, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526336562/d118675dex991.htm

In the first half, cash from operations was $236.5 million and spending on assets was $42.3 million, which left about $194 million. [Q26][Q26] Form 10-Q, cash flow statementNet cash provided by operating activities 236,474 110,393GEO Group quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526337932/geo-20260630.htm [Q27][Q27] Form 10-Q, cash flow statementCapital expenditures ( 42,325 ) ( 67,582 )GEO Group quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526337932/geo-20260630.htm A $68.9 million drop in receivables, from the timing of billings and collections, helped that total. In all of 2025, cash from operations was only $72.6 million. [Q37][Q37] Form 10-Q, liquidityAccounts receivable, prepaid expenses and other assets decreased in total by $68.9 million, representing a positive impact on cash. The decrease was primarily driven by the timing of billings and collections.GEO Group quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526337932/geo-20260630.htm [T16][T16] Form 10-K, cash flowNet cash provided by operating activities in 2025 and 2024 was $72.6 million and $242.2 million, respectively.GEO Group annual report on Form 10-K for 2025, filed February 25, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526071747/geo-20251231.htm The sale closed in the fourth quarter, so those results should show a gain on it, of a size GEO has not given. They should also show a loss of at least the $28 million payoff premium. Adjusted EBITDA removes gains and losses on asset sales. [K12][K12] Form 8-K, Item 1.01On October 2, 2026, The GEO Group, Inc.GEO Group Form 8-K on the sale of the Adelanto ICE processing center complex and a larger buyback, filed October 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526413085/d212275d8k.htm [X01][X01] GEO release, October 6, 2026has delivered a notice of redemption for all of the $650,000,000 in outstanding aggregate principal amount of its 8.625% Senior Secured Notes due 2029FT.com company announcements (The GEO Group release via Business Wire) · Read October 7, 2026Open source ↗https://markets.ft.com/data/announce/detail?dockey=600-202610060655BIZWIRE_USPRX____20261005_BW771266-1 [X02][X02] GEO release, October 6, 2026The redemption price for the 2029 Senior Secured Notes will be equal to $1,043.13 per $1,000.00 original principal amount, or approximately $678 millionFT.com company announcements (The GEO Group release via Business Wire) · Read October 7, 2026Open source ↗https://markets.ft.com/data/announce/detail?dockey=600-202610060655BIZWIRE_USPRX____20261005_BW771266-1 [T17][T17] Form 10-K, non-GAAP measuresAdjusted EBITDA is defined as EBITDA adjusted for net loss (gain) on asset divestitures, pre-taxGEO Group annual report on Form 10-K for 2025, filed February 25, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526071747/geo-20251231.htm

The bull case is that GEO turned three buildings into cash at about $359,000 a bed and kept the work inside them. It is using about $678 million of that cash on its 8.625% notes, cutting interest by about $56 million a year. [K02][K02] Form 8-K, Item 1.01and certain related assets and property for an aggregate purchase price of $950,000,000GEO Group Form 8-K on the sale of the Adelanto ICE processing center complex and a larger buyback, filed October 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526413085/d212275d8k.htm [R01][R01] Press release headlineCOMPRISED OF THREE FACILITIES TOTALING 2,644 BEDS FOR $950 MILLIONGEO Group press release on the Adelanto sale and buyback increase, Exhibit 99.1 to Form 8-K, October 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526413085/d212275dex991.htm [K14][K14] Form 8-K, Item 1.01The Company expects to continue providing support services for the Adelanto West Facility, the Adelanto East Facility, and the Desert View Facility under the Company’s existing contract with U.S. Immigration and Customs Enforcement (“ICE”)GEO Group Form 8-K on the sale of the Adelanto ICE processing center complex and a larger buyback, filed October 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526413085/d212275d8k.htm [X01][X01] GEO release, October 6, 2026has delivered a notice of redemption for all of the $650,000,000 in outstanding aggregate principal amount of its 8.625% Senior Secured Notes due 2029FT.com company announcements (The GEO Group release via Business Wire) · Read October 7, 2026Open source ↗https://markets.ft.com/data/announce/detail?dockey=600-202610060655BIZWIRE_USPRX____20261005_BW771266-1 [X02][X02] GEO release, October 6, 2026The redemption price for the 2029 Senior Secured Notes will be equal to $1,043.13 per $1,000.00 original principal amount, or approximately $678 millionFT.com company announcements (The GEO Group release via Business Wire) · Read October 7, 2026Open source ↗https://markets.ft.com/data/announce/detail?dockey=600-202610060655BIZWIRE_USPRX____20261005_BW771266-1 GEO also says it is talking with ICE about selling more sites while it keeps running them. [K08][K08] Form 8-K, Item 1.01the Company remains engaged in an active process for the sale of multiple other company-owned facilities to ICE, subject to mutual agreement on price and the Company’s continued management of those facilities under long-term support services contractsGEO Group Form 8-K on the sale of the Adelanto ICE processing center complex and a larger buyback, filed October 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526413085/d212275d8k.htm

The bear case starts with control. ICE now owns the buildings, so if it cancels the contract or lets it lapse in 2029, GEO's role there ends. [K07][K07] Form 8-K, Item 1.01ICE has the ability to terminate the existing contract for non-appropriation of funds or for convenience and as a result, the Company can provide no assurance that it will continue to manage those facilities in the futureGEO Group Form 8-K on the sale of the Adelanto ICE processing center complex and a larger buyback, filed October 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526413085/d212275d8k.htm [K06][K06] Form 8-K, Item 1.01which has a full term effective through December 19, 2034, inclusive of the current term ending December 19, 2029, and a five-year option periodGEO Group Form 8-K on the sale of the Adelanto ICE processing center complex and a larger buyback, filed October 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526413085/d212275d8k.htm GEO itself warns that asset sales may cut earnings, revenue or cash flow. About $245 million of the price also goes to taxes and costs. [T06][T06] Form 10-K, risk factorsA disposition of any assets or businesses may result in decreased earnings, revenue, or cash flow.GEO Group annual report on Form 10-K for 2025, filed February 25, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526071747/geo-20251231.htm [K02][K02] Form 8-K, Item 1.01and certain related assets and property for an aggregate purchase price of $950,000,000GEO Group Form 8-K on the sale of the Adelanto ICE processing center complex and a larger buyback, filed October 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526413085/d212275d8k.htm [K04][K04] Form 8-K, Item 1.01After federal and state taxes and transaction fees and expenses, the Company anticipates receiving approximately $705 million in net proceeds from the sale of the Adelanto Complex.GEO Group Form 8-K on the sale of the Adelanto ICE processing center complex and a larger buyback, filed October 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526413085/d212275d8k.htm Buybacks at $32.36 cost about 84% more a share than GEO's earlier average, and with the cash going to the notes, they will mostly need future cash or new borrowing. More sales are not agreed, and GEO says they may not happen. [P03][P03] IEX closing pricesGEO closed at $32.36 on October 5, 2026 (IEX)IEX closing prices for GEO, CXW and SPY, September 15 to October 5, 2026Open source ↗https://iextrading.com/trading/market-data/ [Q19][Q19] Form 10-Q, Part II Item 2As of June 30, 2026, we have repurchased 10,097,801 of our common shares at an aggregate cost of $177.8 million, or an average price of $17.57.GEO Group quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526337932/geo-20260630.htm [X08][X08] GEO release, October 6, 2026using the net proceeds from its recently announced asset salesFT.com company announcements (The GEO Group release via Business Wire) · Read October 7, 2026Open source ↗https://markets.ft.com/data/announce/detail?dockey=600-202610060655BIZWIRE_USPRX____20261005_BW771266-1 [K09][K09] Form 8-K, Item 1.01At this time, there is no definitive agreement in place nor a precise timeline for the closing of any additional transactions, and the Company can provide no assurance that any additional transactions will occur.GEO Group Form 8-K on the sale of the Adelanto ICE processing center complex and a larger buyback, filed October 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526413085/d212275d8k.htm

This case is wrong if GEO's third-quarter results, likely in early November 2026, or its fourth-quarter results, likely in mid-February 2027, show ICE paying less at Adelanto. Last year those results came on November 6, 2025, and February 12, 2026. [Y01][Y01] GEO notice, October 1, 2025will release its third quarter 2025 financial results on Thursday, November 6, 2025 before the market opensBusiness Wire (The GEO Group) · Read October 7, 2026Open source ↗https://www.businesswire.com/news/home/20250930396678/en/The-GEO-Group-Announces-Date-for-Third-Quarter-2025-Earnings-Release-and-Conference-Call [Y02][Y02] GEO notice, January 2026will release its fourth quarter 2025 financial results on Thursday, February 12, 2026 before the market opensBusiness Wire (The GEO Group) · Read October 7, 2026Open source ↗https://www.businesswire.com/news/home/20260116836325/en/The-GEO-Group-Announces-Date-for-Fourth-Quarter-2025-Earnings-Release-and-Conference-Call It is also wrong if ICE moves to replace GEO before December 19, 2029, or if no further sale is announced by the fourth-quarter results in February 2027, since GEO says no deal or timeline exists yet. [K06][K06] Form 8-K, Item 1.01which has a full term effective through December 19, 2034, inclusive of the current term ending December 19, 2029, and a five-year option periodGEO Group Form 8-K on the sale of the Adelanto ICE processing center complex and a larger buyback, filed October 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526413085/d212275d8k.htm [K09][K09] Form 8-K, Item 1.01At this time, there is no definitive agreement in place nor a precise timeline for the closing of any additional transactions, and the Company can provide no assurance that any additional transactions will occur.GEO Group Form 8-K on the sale of the Adelanto ICE processing center complex and a larger buyback, filed October 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526413085/d212275d8k.htm And it is wrong if buybacks push leverage up toward the 2.25 times and 2.00 times limits, which those quarterly reports will show. [X05][X05] GEO release, October 6, 2026GEO will be permitted to make unlimited restricted payments, including share repurchases, under the Amended Credit Agreement, to the extent the Company’s total leverage ratio (as defined therein) calculated on a pro forma basis after giving effect to such restricted payment would be equal to or less than 2.25 to 1.00FT.com company announcements (The GEO Group release via Business Wire) · Read October 7, 2026Open source ↗https://markets.ft.com/data/announce/detail?dockey=600-202610060655BIZWIRE_USPRX____20261005_BW771266-1 [X06][X06] GEO release, October 6, 2026calculated on a pro forma basis after giving effect to such restricted payment would be equal to or less than 2.00 to 1.00FT.com company announcements (The GEO Group release via Business Wire) · Read October 7, 2026Open source ↗https://markets.ft.com/data/announce/detail?dockey=600-202610060655BIZWIRE_USPRX____20261005_BW771266-1

The first dates to watch are October 15, 2026, when the notes are paid, and the end of October 2026, when the New Mexico tax is due. [X07][X07] GEO release, October 6, 2026The redemption of the 2029 Senior Secured Notes will occur on October 15, 2026FT.com company announcements (The GEO Group release via Business Wire) · Read October 7, 2026Open source ↗https://markets.ft.com/data/announce/detail?dockey=600-202610060655BIZWIRE_USPRX____20261005_BW771266-1 [Q36][Q36] Form 10-Q, other assessmentthe Company received a notice of assessment for $ 14.9 million, which is due by the end of October 2026GEO Group quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526337932/geo-20260630.htm The third-quarter report is likely in early November 2026, though GEO has not set the date, and last year's came on November 6, 2025. That report gives the first look at the sale gain and at what ICE pays. [Y01][Y01] GEO notice, October 1, 2025will release its third quarter 2025 financial results on Thursday, November 6, 2025 before the market opensBusiness Wire (The GEO Group) · Read October 7, 2026Open source ↗https://www.businesswire.com/news/home/20250930396678/en/The-GEO-Group-Announces-Date-for-Third-Quarter-2025-Earnings-Release-and-Conference-Call

In early 2027 the Big Horn and Rivers contracts should reach full profit, and the 2031 notes can be called at set prices from April 15, 2027. Two Florida contracts start on July 1, 2027, and the current Adelanto term ends on December 19, 2029. [E15][E15] Second quarter release, operationswith both facilities expected to achieve normalized operations and earnings contribution in early 2027GEO Group second quarter 2026 results release, Exhibit 99.1 to Form 8-K, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526336562/d118675dex991.htm [Q07][Q07] Form 10-Q, Unsecured NotesOn or after April 15, 2027, the Company may redeem all or a part of the Unsecured NotesGEO Group quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526337932/geo-20260630.htm [E18][E18] Second quarter release, guidanceare now expected to transition to GEO on July 1, 2027GEO Group second quarter 2026 results release, Exhibit 99.1 to Form 8-K, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526336562/d118675dex991.htm [K06][K06] Form 8-K, Item 1.01which has a full term effective through December 19, 2034, inclusive of the current term ending December 19, 2029, and a five-year option periodGEO Group Form 8-K on the sale of the Adelanto ICE processing center complex and a larger buyback, filed October 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526413085/d212275d8k.htm The Supreme Court may also act on GEO's Washington appeal, after asking for the government's views on May 18, 2026. [Q25][Q25] Form 10-Q, legal proceedingsOn May 18, 2026, the Supreme Court requested the views of the United States Solicitor General.GEO Group quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526337932/geo-20260630.htm

Whether ICE will pay GEO less to run the three centers now that ICE owns them. GEO's filings do not say. [K14][K14] Form 8-K, Item 1.01The Company expects to continue providing support services for the Adelanto West Facility, the Adelanto East Facility, and the Desert View Facility under the Company’s existing contract with U.S. Immigration and Customs Enforcement (“ICE”)GEO Group Form 8-K on the sale of the Adelanto ICE processing center complex and a larger buyback, filed October 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526413085/d212275d8k.htm

How much revenue and profit the three centers brought GEO each year, so the price cannot be set against their earnings. [K02][K02] Form 8-K, Item 1.01and certain related assets and property for an aggregate purchase price of $950,000,000GEO Group Form 8-K on the sale of the Adelanto ICE processing center complex and a larger buyback, filed October 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526413085/d212275d8k.htm

What the centers were worth on GEO's books, and the size of the gain it will report on the sale.

How the roughly $245 million splits between taxes and fees, such as the broker's fee GEO owes CBRE. The October 5 filing does not split it. [K04][K04] Form 8-K, Item 1.01After federal and state taxes and transaction fees and expenses, the Company anticipates receiving approximately $705 million in net proceeds from the sale of the Adelanto Complex.GEO Group Form 8-K on the sale of the Adelanto ICE processing center complex and a larger buyback, filed October 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526413085/d212275d8k.htm [A08][A08] Purchase agreement, section 14.1.2except CBRE (the “Broker”)Purchase and Sale Agreement between GEO Group and the United States, through the Department of Homeland Security, Exhibit 10.1 to Form 8-K, dated October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526413085/d212275dex101.htm

When GEO pays the taxes on the sale. That affects how much cash it holds at the end of 2026. [K04][K04] Form 8-K, Item 1.01After federal and state taxes and transaction fees and expenses, the Company anticipates receiving approximately $705 million in net proceeds from the sale of the Adelanto Complex.GEO Group Form 8-K on the sale of the Adelanto ICE processing center complex and a larger buyback, filed October 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526413085/d212275d8k.htm

How many shares GEO has bought since June 30, and how much of its future cash flow and credit line it will spend on buybacks.

Whether GEO will update its 2026 goals for the sale, the lower interest and the lost Adelanto profit, and when. [E02][E02] Second quarter release, guidanceWe increased our full year 2026 Adjusted EBITDA guidance to a range of $550 million to $560 million.GEO Group second quarter 2026 results release, Exhibit 99.1 to Form 8-K, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526336562/d118675dex991.htm

Which other facilities GEO might sell to ICE, at what price and when. [K09][K09] Form 8-K, Item 1.01At this time, there is no definitive agreement in place nor a precise timeline for the closing of any additional transactions, and the Company can provide no assurance that any additional transactions will occur.GEO Group Form 8-K on the sale of the Adelanto ICE processing center complex and a larger buyback, filed October 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526413085/d212275d8k.htm

Whether federal ownership changes how California laws, including the Adelanto wage case and the proposed tax bill, apply to GEO's work there. [T15][T15] Form 10-K, risk factorswould impose an annual tax equal to 50% of the gross receipts of private detention facility operators beginning on January 1, 2027, if enacted into lawGEO Group annual report on Form 10-K for 2025, filed February 25, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526071747/geo-20251231.htm

Whether the Adelanto centers had been pledged to GEO's lenders before the sale. [A07][A07] Purchase agreement, title sectionSeller shall be obligated to eliminate prior to or as of the Closing all mortgagesPurchase and Sale Agreement between GEO Group and the United States, through the Department of Homeland Security, Exhibit 10.1 to Form 8-K, dated October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/923796/000119312526413085/d212275dex101.htm

Whether the insider sales were made under prearranged selling plans.

GEO's one-year price range, and how CoreCivic's stock moved on its sale days. Our price data starts in mid-September.

How many GEO shares are sold short. Our sources do not report it.