
	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Loss from discontinued operations, net - Park Holidays Sale	$	(1,067.2)	$	(62.2)	$	(1,091.9)	$	(63.6)
Income from discontinued operations, net - Safe Harbor Sale	—		1,422.5		—		1,404.0
Income / (loss) from discontinued operations, net	$	(1,067.2)	$	1,360.3	$	(1,091.9)	$	1,340.4

In May 2026, we entered into the Park Holidays Sale, which represents a strategic shift in operations that is expected to have a major effect on our operations and financial results. Accordingly, the results of the UK business and assets and liabilities included in the Park Holidays Sale have been reclassified as held for sale and discontinued operations for all periods presented herein. As of June 30, 2026, we determined that the fair value of the UK business, including costs to sell, was lower than its carrying value. Prior to the second quarter of 2026, the UK business was managed and evaluated on a held-and-used basis. Although management routinely evaluates strategic alternatives and capital allocation opportunities across its portfolio, including opportunities related to its UK operations, no definitive decision had been made to sell the business and we continued to invest in the growth and expansion of the business up until the announcement of the Park Holidays Sale. Accordingly, during the three months ended June 30, 2026, we recorded a non-cash valuation allowance charge of $1.1 billion against the assets held for sale to reduce the carrying value of the UK business to its estimated fair value less costs to sell. The fair value was estimated using the expected sale price as negotiated with the buyer, a market participant assumption and Level 2 fair value input. Costs to sell included estimated incremental, direct costs incurred to transact the Park Holidays Sale. The Loss from classification to held for sale was recorded within Income / (loss) from discontinued operations, net on our Condensed Consolidated Statements of Operations.


	June 30, 2026		December 31, 2025
Assets
Land	$	1,689.3	$	1,692.7
Land improvements and buildings	613.0		587.6
Furniture, fixtures and equipment	93.7		95.5
Investment property	2,396.0		2,375.8
Accumulated depreciation	(89.7)		(92.6)
Investment property, net	2,306.3		2,283.2
Cash, cash equivalents and restricted cash	33.5		29.4
Inventory of manufactured homes	53.2		58.2
Notes and other receivables, net	23.7		69.2
Other intangible assets, net	61.3		64.8
Other assets, net	45.9		46.7
Valuation allowance to adjust assets to estimated fair value, less costs to sell	(1,077.2)		—
Total assets attributable to discontinued operations, net	$	1,446.7	$	2,551.5
Liabilities
Advanced reservation deposits and rent	$	103.7	$	130.0
Accrued expenses and accounts payable	69.7		49.8
Other liabilities	255.5		247.4
Total liabilities attributable to discontinued operations, net	$	428.9	$	427.2


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Revenues
Real property	$	53.0	$	51.3	$	90.7	$	84.5
Home sales	53.1		58.3		94.7		96.8
Ancillary	17.0		16.6		21.8		20.8
Interest, brokerage commissions and other, net	1.4		1.4		1.8		1.5
Total Revenues	124.5		127.6		209.0		203.6
Expenses
Property operating and maintenance	26.6		26.9		51.6		49.1
Real estate tax	2.3		2.2		4.5		4.1
Home costs and selling	37.4		41.8		68.7		69.9
Ancillary	14.9		15.4		22.5		22.1
General and administrative(1)	24.7		10.6		35.6		20.6

Depreciation and amortization	7.8		10.1		18.9		19.1
Asset impairments	—		132.7		—		132.7
Interest	0.2		3.8		0.2		7.4
Total Expenses	113.9		243.5		202.0		325.0
Income / (Loss) Before Other Items	10.6		(115.9)		7.0		(121.4)
Loss on disposition of properties, net	(0.8)		—		(1.7)		(0.3)
Other income / (expense), net	0.2		25.0		(12.1)		25.0
Loss on foreign currency exchanges	(0.1)		—		(0.7)		—
Loss from classification to held for sale(1)	(1,077.2)		—		(1,077.2)		—
Loss from Discontinued Operations, before income taxes	(1,067.3)		(90.9)		(1,084.7)		(96.7)
Current tax expense	(2.5)		(3.5)		(3.3)		(4.2)
Deferred tax benefit / (expense)	2.6		32.2		(3.9)		37.3
Loss from Discontinued Operations	$	(1,067.2)	$	(62.2)	$	(1,091.9)	$	(63.6)

(1) Includes legal and advisory fees, employee separation costs, and other transaction costs of $78.7 million associated with the Park Holidays Sale during the three months ended June 30, 2026; $14.9 million of which is recorded in General and administrative and $63.8 million of which is recorded in Loss from classification to held for sale within Income / (loss) from discontinued operations, net.

During the three months ended June 30, 2025, we completed the initial closing of the Safe Harbor Sale, which generated pre-tax cash proceeds of $5.25 billion, net of transaction costs. In connection with the initial closing, and the closing of several delayed consent Safe Harbor subsidiaries, we recorded a gain on sale of $1.4 billion, within Income / (loss) from discontinued operations, net. On August 29, 2025, we completed the final closing of all remaining delayed consent subsidiaries and fully divested our investment in the Safe Harbor business. As of December 31, 2025, there were no assets or liabilities classified as discontinued operations pertaining to Safe Harbor. The following table sets forth a summary of the operating results of Safe Harbor included within Income from discontinued operations, net (in millions):


	Three Months Ended June 30,		Six Months Ended June 30,
	2025		2025
Revenues
Real property	$	40.0	$	143.1
Service, retail, dining, and entertainment	54.8		163.1
Interest, brokerage commissions and other, net	0.3		1.6
Total Revenues	95.1		307.8
Expenses
Property operating and maintenance	14.8		52.2
Real estate tax	2.1		7.9
Service, retail, dining and entertainment	50.0		153.9
General and administrative	2.3		18.4


Transaction costs(1)	48.0		62.6
Depreciation, amortization and loss on disposal of assets	(0.3)		36.1
Asset impairments	0.2		2.3
Total Expenses	117.1		333.4
Loss Before Other Items	(22.0)		(25.6)
Gain on disposition of properties, net	1,445.0		1,445.0
Other expense, net(2)	(0.2)		(14.8)
Income from discontinued operations, before income taxes	1,422.8		1,404.6
Current tax expense	(0.3)		(0.6)
Income from discontinued operations, net	$	1,422.5	$	1,404.0

(2) During the three months ended March 31, 2025, we recorded a contingent consideration expense of $14.6 million related to a tax protection agreement that we entered into with former owners of certain marina properties at the time of acquisition. The tax protection agreement stipulated that we indemnify those owners for certain tax obligations incurred related to the sale of certain marina properties. As a result of the Safe Harbor Sale, we concluded that our tax liability to the former owners was probable of being realized and estimable.