Permanent supportive housing (PSH) programs have been shown to increase housing retention for "hard to house" individuals and been used to address veteran homelessness. Departures from PSH (referred to as "exits") can represent a positive outcome for some veterans, while others may return to homelessness. This study analyzed administrative and primary data to identify individual- and institutional-level factors associated with veterans' returns to homelessness following exits from a PSH program. Findings suggest that a number of factors increase the risk of a return to homelessness, including admissions to inpatient substance abuse and behavioral health treatment programs and emergency department visits both pre- and post-exit. Targeted interventions may reduce the likelihood of subsequent homelessness.