Financial Instruments and Fair Value Measurements

Schedule of assets and liabilities measured at fair value on a recurring basis related to interest rate swap agreements designated as cash flow hedges

Fixed

Notional

Fair

Location in

Effective

Maturity

Interest

Amount as of

Derivative Asset Fair Value

Value

Consolidated

Description

Date

Rate

June 30, 2025

December 31, 2024

Level

Balance Sheets

In Millions

In Thousands

Pier Park Resort Hotel JV Loan^(a)

December 2022

April 2027

3.2%

$

40.3

$

1,691

$

2,560

2

Other assets

Pier Park TPS JV Loan^(b)

January 2021

January 2026

5.2%

$

13.0

$

56

$

108

2

Accounts payable and other liabilities

(a)	See Note 8. Debt, Net for additional information.

(b)

Interest rate swap was entered into by the Pier Park TPS JV, which is unconsolidated and accounted for using the equity method. The derivative asset has been recorded at the Company’s proportionate share of its estimated fair value. The Company’s proportionate share of the gain or loss on the derivative instrument is reported as a component of other comprehensive (loss) income and reclassified into equity in income from unconsolidated joint ventures in the period during which the hedged transaction affects earnings. See Note 4. Joint Ventures and Note 17. Commitments and Contingencies for additional information.

Schedule of carrying amount and estimated fair value of financial instruments measured on nonrecurring basis


	June 30, 2025					December 31, 2024
	Carrying		Estimated			Carrying		Estimated
	value		Fair value		Level	value		Fair value		Level
Investments held by SPEs:
Time deposit	$	200,000	$	200,000	3	$	200,000	$	200,000	3
U.S. Treasury Bills	$	2,774	$	2,750	1	$	3,143	$	3,078	1

Senior Notes held by SPE	$	178,650	$	182,875	3	$	178,484	$	178,473	3

Debt
Fixed-rate debt	$	282,451	$	234,688	2	$	258,135	$	206,775	2
Variable-rate debt		149,970		149,970	2		184,581		184,581	2
Total debt	$	432,421	$	384,658		$	442,716	$	391,356