| Schedule of Debt |
The Company's debt consisted of the following as of March 31, 2026 and December 31, 2025 (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Balance Outstanding as of | | | | Interest Rate at March 31, 2026 | | Maturity Date | | March 31, 2026 | | December 31, 2025 | | | Unsecured revolving credit facilities | | | | | | | | | | Senior unsecured credit facility | — | (1)(2) | October 2028 | | $ | — | | | $ | — | | | | PHL unsecured credit facility | — | (1) | October 2028 | | — | | | — | | | | Unsecured revolving credit facilities | | | | | $ | — | | | $ | — | | | | Unsecured term loans | | | | | | | | | | Term Loan 2027 | — | (3) | October 2027 | | — | | | 360,000 | | | | Term Loan 2028 | 5.15% | (1) | January 2028 | | 356,652 | | | 356,652 | | | | Term Loan 2029 | 4.91% | (1) | January 2029 | | 185,217 | | | 185,217 | | | | Term Loan 2031 | 5.23% | (1)(3) | February 2031 | | 360,000 | | | — | | | | Unsecured term loans principal | | | | | $ | 901,869 | | | $ | 901,869 | | | | Convertible senior notes | | | | | | | | | | Convertible Notes 2026 | 1.75% | | December 2026 | | 350,000 | | | 350,000 | | | | Convertible Notes 2030 | 1.63% | | January 2030 | | 400,000 | | | 400,000 | | | | Convertible senior notes principal | | | | | $ | 750,000 | | | $ | 750,000 | | | | Unsecured senior notes principal | 6.38% | | October 2029 | | $ | 400,000 | | | $ | 400,000 | | | | Mortgage loans | | | | | | | | | | Margaritaville Hollywood Beach Resort | — | (4) | September 2026 | | — | | | 40,000 | | | | Estancia La Jolla Hotel & Spa | 5.07% | | September 2028 | | 52,634 | | | 53,395 | | | | Mortgage loans principal | | | | | $ | 52,634 | | | $ | 93,395 | | | | Total debt principal | | | | | $ | 2,104,503 | | | $ | 2,145,264 | | | | Unamortized debt premium and deferred financing costs, net | | | | | (25,169) | | | (21,172) | | | | Debt, net | | | | | $ | 2,079,334 | | | $ | 2,124,092 | | |
______________________ (1) Borrowings bear interest at floating rates. Interest rate at March 31, 2026 gives effect to interest rate hedges. (2) The Company has the option to extend the maturity date for up to two six-month periods, subject to certain terms and conditions and payment of an extension fee. (3) In February 2026, the Company extended the maturity date of Term Loan 2027 to February 2031 (the extended loan is referred to as Term Loan 2031). (4) In February 2026, the Company paid down the remaining loan balance.
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| Schedule of Components of Interest Expense |
The components of the Company's interest expense consisted of the following for the three months ended March 31, 2026 and 2025 (in thousands): | | | | | | | | | | | | | | | | | | | For the three months ended
March 31, | | | | | | 2026 | | 2025 | | Unsecured revolving credit facilities | | | | | $ | 527 | | | $ | 497 | | | Unsecured term loans | | | | | 10,963 | | | 10,971 | | | Convertible senior notes | | | | | 3,156 | | | 3,281 | | Unsecured senior notes | | | | | 6,375 | | | 6,192 | | | Mortgage loans | | | | | 992 | | | 3,163 | | | Amortization of debt (premium), deferred financing fees and loss on debt extinguishment | | | | | 3,171 | | | 1,910 | | | Other | | | | | 1,130 | | | 1,119 | | | Total interest expense | | | | | $ | 26,314 | | | $ | 27,133 | |
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| Schedule of Future Minimum Principal Payments |
As of March 31, 2026, the future minimum principal payments for the Company's debt are as follows (in thousands): | | | | | | | 2026 | $ | 351,740 | | | 2027 | 2,440 | | | 2028 | 405,106 | | | 2029 | 585,217 | | | 2030 | 400,000 | | | Thereafter | 360,000 | | | Total debt principal payments | $ | 2,104,503 | | | Unamortized debt premium and deferred financing costs, net | (25,169) | | | | | Debt, net | $ | 2,079,334 | |
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| Schedule of Interest Rate Swaps |
The Company's interest rate swaps at March 31, 2026 and December 31, 2025 consisted of the following, by maturity date (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Aggregate Notional Value as of | | Hedge Type | | Interest Rate Range (SOFR) | | Maturity | | March 31, 2026 | | December 31, 2025 | | Swap-cash flow | | 3.02% - 3.03% | | October 2026 | | $ | 200,000 | | | $ | 200,000 | | | Swap-cash flow | | 3.29% | | October 2027 | | 165,000 | | | 165,000 | | | Swap-cash flow | | 3.34% | | November 2027 | | 200,000 | | | 200,000 | | | Swap-cash flow | | 3.28% - 3.29% | | March 2028 | | 200,000 | | | — | | | Swap-cash flow | | 3.54% - 3.55% | | May 2028 | | 100,000 | | | 100,000 | | | Total | | | | | | $ | 865,000 | | | $ | 665,000 | |
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