Joint Ventures

6 Months Ended

Jun. 30, 2026

4. Joint Ventures

The Company enters into JVs, from time to time, for the purpose of developing real estate and other business activities in which the Company may or may not have a controlling financial interest. GAAP requires consolidation of voting interest entities where the Company has a majority voting interest or control and VIEs in which an enterprise has a controlling financial interest and is the primary beneficiary. A controlling financial interest will have both of the following characteristics: (i) the power to direct the VIE activities that most significantly impact economic performance and (ii) the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company examines specific criteria and uses judgment when determining whether the Company is the

primary beneficiary and must consolidate a VIE. The Company continues to evaluate whether it is the primary beneficiary as needed when assessing reconsideration events. Investments in JVs in which the Company is not the primary beneficiary, or a voting interest entity where the Company does not have a majority voting interest or control, but has significant influence are unconsolidated and accounted for by the equity method of accounting.

The timing of cash flows for additional required capital contributions related to the Company’s JVs varies by agreement. Some of the Company’s consolidated and unconsolidated JVs have entered into financing agreements where the Company or its JV partners have provided guarantees. See Note 8. Debt, Net and Note 17. Commitments and Contingencies for additional information. The Company provides land, mitigation bank credits, impact and other fees and services to certain unconsolidated JVs and incurs expenses for leasing management services from the Company’s unconsolidated Watersound Management, LLC (“Watersound Management JV”), see Note 18. Related Party Transactions for additional information.

Consolidated Joint Ventures

Mexico Beach Crossings JV

Mexico Beach Crossings JV was formed in 2022, when the Company entered into a JV agreement to develop, manage and lease a 216-unit multi-family community in Mexico Beach, Florida. As of June 30, 2026 and December 31, 2025, the Company owned a 75.0% interest in the consolidated JV. The Company’s unconsolidated Watersound Management JV is responsible for the day-to-day activities of the community. The Company approves all major decisions, including project development, annual budgets and financing. The Company determined Mexico Beach Crossings JV is a voting interest entity as of June 30, 2026 and December 31, 2025.

The Lodge 30A JV

The Lodge 30A JV was formed in 2020, when the Company entered into a JV agreement to develop and operate an 85-room boutique hotel on Scenic County Highway 30A in Seagrove Beach, Florida. As of June 30, 2026 and December 31, 2025, the Company owned a 52.8% interest in the consolidated JV. A wholly-owned subsidiary of the Company manages the day-to-day operations of the hotel. The Company approves all major decisions, including project development, annual budgets and financing. The Company determined The Lodge 30A JV is a VIE and that the Company is the VIE’s primary beneficiary as of June 30, 2026 and December 31, 2025.

Pier Park Resort Hotel JV

Pier Park Resort Hotel JV was formed in 2020, when the Company entered into a JV agreement to develop and operate a 255-room Embassy Suites by Hilton hotel in the Pier Park area of Panama City Beach, Florida. As of June 30, 2026 and December 31, 2025, the Company owned a 70.0% interest in the consolidated JV. A wholly-owned subsidiary of the Company manages the day-to-day operations of the hotel. The Company has significant involvement in the project design and development, annual budgets and financing. The Company determined Pier Park Resort Hotel JV is a VIE and that the Company is the VIE’s primary beneficiary as of June 30, 2026 and December 31, 2025.

Pier Park Crossings Phase II JV

Pier Park Crossings Phase II JV was formed in 2019, when the Company entered into a JV agreement to develop, manage and lease a 120-unit multi-family community in the Pier Park area of Panama City Beach, Florida. As of June 30, 2026 and December 31, 2025, the Company owned a 75.0% interest in the consolidated JV. The Company’s unconsolidated Watersound Management JV is responsible for the day-to-day activities of the community. The Company approves all major decisions, including project development, annual budgets and financing. The Company determined Pier Park Crossings Phase II JV is a VIE and that the Company is the VIE’s primary beneficiary as of June 30, 2026 and December 31, 2025.

Watercrest JV

Watercrest JV was formed in 2019, when the Company entered into a JV agreement to develop and operate a 107-unit senior living community in Santa Rosa Beach, Florida. In September 2025, the Watercrest JV sold its senior living community property to a third-party and ceased operating activities. The Watercrest JV previously had a $0.8 million indemnity holdback withheld in connection with the sale, which was released in June 2026. As of June 30, 2026 and December 31, 2025, the Company owned an 87.0% interest in the consolidated JV.

Watersound Origins Crossings JV

Watersound Origins Crossings JV was formed in 2019, when the Company entered into a JV agreement to develop, manage and lease a 217-unit multi-family community near the entrance to the Watersound Origins residential community. As of June 30, 2026 and December 31, 2025, the Company owned a 75.0% interest in the consolidated JV. The Company’s unconsolidated Watersound Management JV is responsible for the day-to-day activities of the community. The Company approves all major decisions, including project development, annual budgets and financing. The Company determined Watersound Origins Crossings JV is a VIE and that the Company is the VIE’s primary beneficiary as of June 30, 2026 and December 31, 2025.

Pier Park Crossings JV

Pier Park Crossings JV was formed in 2017, when the Company entered into a JV agreement to develop, manage and lease a 240-unit multi-family community in the Pier Park area of Panama City Beach, Florida. As of June 30, 2026 and December 31, 2025, the Company owned a 75.0% interest in the consolidated JV. The Company’s unconsolidated Watersound Management JV is responsible for the day-to-day activities of the community. The Company approves all major decisions, including project development, annual budgets and financing. The Company determined Pier Park Crossings JV is a VIE and that the Company is the VIE’s primary beneficiary as of June 30, 2026 and December 31, 2025.

Pier Park North JV

During 2012, the Company entered into a JV agreement with a partner to develop a retail center at Pier Park North. As of June 30, 2026 and December 31, 2025, the Company owned a 90.0% interest in the consolidated JV. A wholly-owned subsidiary of the Company’s JV partner is responsible for the day-to-day activities of the retail center. The Company approves all major decisions, including project development, annual budgets and financing. The Company determined Pier Park North JV is a VIE and that the Company is the VIE’s primary beneficiary as of June 30, 2026 and December 31, 2025.

Unconsolidated Joint Ventures

Investment in unconsolidated joint ventures includes the Company’s investment accounted for using the equity method. The following table presents details of the Company’s investment in unconsolidated joint ventures and total outstanding debt of unconsolidated JVs:


		June 30,			December 31,
		2026			2025
Investment in unconsolidated joint ventures
Latitude Margaritaville Watersound JV ^(a)		$	56,068		$	51,648
Watersound Fountains Independent Living JV			2,836			3,159
Pier Park TPS JV^(b)			635			—
Pier Park RI JV			7,160			7,494
Busy Bee JV			2,292			2,502
Electric Cart Watersound JV			723			694
Watersound Management JV			560			555
Total investment in unconsolidated joint ventures		$	70,274		$	66,052

Outstanding debt principal of unconsolidated JVs
Latitude Margaritaville Watersound JV^(c)		$	—		$	—
Watersound Fountains Independent Living JV^(c)			41,027			41,195
Pier Park TPS JV^(c)			10,749			12,802
Pier Park RI JV			16,189			16,189
Busy Bee JV			4,849			5,025
Electric Cart Watersound JV ^(c)			4,424			4,485
Total outstanding debt principal of unconsolidated JVs		$	77,238		$	79,696

(a)

As of both June 30, 2026 and December 31, 2025, the Company’s investment in unconsolidated joint ventures includes intra-entity profit elimination of $0.5 million related to the sale of additional land to the JV, a pro-rata portion of which will be recognized as each home on the land is sold by the JV.

(b)

As of December 31, 2025, the Company’s investment in the unconsolidated joint venture was below zero due to cash distributions and non-cash depreciation and amortization expense. As of December 31, 2025, the Company’s investment in the unconsolidated joint venture is included within accounts payable and other liabilities on the condensed consolidated balance sheets. During the six months ended June 30, 2026, the Company and JV partner each made capital contributions of $1.1 million related to financing and operations of the JV.

(c)	See Note 17. Commitments and Contingencies for additional information related to outstanding debt.

The Company had approximately $22.3 million in cumulative undistributed earnings from its unconsolidated JVs included within investment in unconsolidated joint ventures as of June 30, 2026. During the six months ended June 30, 2026 and 2025, the Company received distributions from unconsolidated JVs totaling $7.0 million and $13.5 million, respectively. During the six months ended June 30, 2026 and 2025, the Company made capital contributions to certain unconsolidated JVs totaling $3.3 million and $2.1 million, respectively, related to operations and financing. The Company's maximum exposure to loss due to involvement with the unconsolidated JVs as of June 30, 2026 was $127.1 million, which includes the carrying amounts of the investments, guarantees and other receivables. See Note 17. Commitments and Contingencies for additional information related to debt guaranteed by the Company with respect to its involvement with unconsolidated JVs.

The following table presents details of the Company’s equity in income (loss) from unconsolidated JVs:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Equity in income (loss) from unconsolidated joint ventures
Latitude Margaritaville Watersound JV^(a)	$	4,986	$	8,435	$	10,039	$	21,135
Watersound Fountains Independent Living JV^(b)		(870)		(953)		(1,778)		(1,978)
Pier Park TPS JV		235		146		82		(127)
Pier Park RI JV^(c)		(46)		(162)		(434)		(1,262)
Busy Bee JV^(d)		81		39		(10)		(135)
Electric Cart Watersound JV		47		—		29		(5)
Watersound Management JV		41		42		71		77
Total equity in income from unconsolidated joint ventures	$	4,474	$	7,547	$	7,999	$	17,705

(a)

During the three months ended June 30, 2026 and 2025, the Latitude Margaritaville Watersound JV completed 86 and 137 home sale transactions, respectively. During the six months ended June 30, 2026 and 2025, the Latitude Margaritaville Watersound JV completed 169 and 329 home sale transactions, respectively.

(b)	The community is under lease-up.

(c)	The six months ended June 30, 2025, include start-up, depreciation and interest expenses for the project.

(d)	Includes changes in the fair value of derivatives related to interest rate swaps entered into by the Busy Bee JV.

Summarized balance sheets for the Company’s unconsolidated JVs are as follows:


	June 30, 2026
	Latitude Margaritaville Watersound JV			Watersound Fountains Independent Living JV		Pier Park TPS JV		Pier Park RI JV		Busy Bee JV		Electric Cart Watersound JV		Watersound Management JV		Total
ASSETS
Investment in real estate, net	$	93,104	^(a)	$	46,483	$	11,256	$	29,434	$	7,394	$	4,779	$	—	$	192,450
Cash and cash equivalents		39,248			812		798		1,133		822		745		111		43,669
Other assets		1,749			416		250		161		1,895		381		20		4,872
Total assets	$	134,101		$	47,711	$	12,304	$	30,728	$	10,111	$	5,905	$	131	$	240,991

LIABILITIES AND EQUITY
Debt, net	$	—		$	40,869	$	10,728	$	16,011	$	4,849	$	4,373	$	—	$	76,830
Accounts payable and other liabilities		33,037			925		305		397		690		115		—		35,469
Equity		101,064			5,917		1,271		14,320		4,572		1,417		131		128,692
Total liabilities and equity	$	134,101		$	47,711	$	12,304	$	30,728	$	10,111	$	5,905	$	131	$	240,991

(a)	Investment in real estate, net includes the initial land contributed to the Latitude Margaritaville Watersound JV at the Company’s historical cost basis and additional completed infrastructure improvements.


	December 31, 2025
	Latitude Margaritaville Watersound JV			Watersound Fountains Independent Living JV		Pier Park TPS JV			Pier Park RI JV		Busy Bee JV		Electric Cart Watersound JV		Watersound Management JV		Total
ASSETS
Investment in real estate, net	$	108,617	^(a)	$	47,929	$	11,469		$	30,773	$	7,643	$	4,904	$	—	$	211,335
Cash and cash equivalents		11,121			301		253			250		1,005		712		149		13,791
Other assets		1,089			189		182			246		1,701		529		25		3,961
Total assets	$	120,827		$	48,419	$	11,904		$	31,269	$	10,349	$	6,145	$	174	$	229,087

LIABILITIES AND EQUITY
Debt, net	$	—		$	41,037	$	12,802		$	15,965	$	5,025	$	4,430	$	—	$	79,259
Accounts payable and other liabilities		30,670			992		181			321		343		354		53		32,914
Equity (deficit)		90,157			6,390		(1,079)	^(b)		14,983		4,981		1,361		121		116,914
Total liabilities and equity	$	120,827		$	48,419	$	11,904		$	31,269	$	10,349	$	6,145	$	174	$	229,087

(a)	Investment in real estate includes the initial land contributed to the Latitude Margaritaville Watersound JV at the Company’s historical cost basis and additional completed infrastructure improvements.

(b)

Deficit includes cash distributions and non-cash depreciation and amortization expense. As of December 31, 2025, the Company and JV partner each contributed assets valued at $3.1 million to the JV, which included land, cash and mitigation credits. As of December 31, 2025, cash of $2.9 million had been distributed to each the Company and JV partner over the past several years.

Summarized statements of operations for the Company’s unconsolidated JVs are as follows:


	Three Months Ended June 30, 2026
	Latitude Margaritaville Watersound JV^(a)		Watersound Fountains Independent Living JV^(b)		Pier Park TPS JV		Pier Park RI JV		Busy Bee JV			Electric Cart Watersound JV		Watersound Management JV			Total
Total revenue	$	48,098	$	1,160	$	1,547	$	1,751	$	4,406		$	1,425	$	613	$	59,000
Expenses:
Cost of revenue^(c)		33,913		1,406		813		904		4,100			1,215		532		42,883
Other operating expenses^(c)		4,277		—		—		—		—			1		—		4,278
Depreciation and amortization^(d)		172		764		112		672		137			62		—		1,919
Total expenses		38,362		2,170		925		1,576		4,237			1,278		532		49,080
Operating income (loss)		9,736		(1,010)		622		175		169			147		81		9,920
Other (expense) income:
Interest expense		—		(619)		(156)		(267)		(33)			(61)		—		(1,136)
Other income, net		256		3		3		—		17	^(e)		6		—		285
Total other income (expense), net		256		(616)		(153)		(267)		(16)			(55)		—		(851)
Net income (loss)	$	9,992	$	(1,626)	$	469	$	(92)	$	153		$	92	$	81	$	9,069

(a)	The Latitude Margaritaville Watersound JV completed 86 home sale transactions during the three months ended June 30, 2026.

(b)	The community is under lease-up.

(c)	Excluding depreciation and amortization, shown separately above.

(d)	Depreciation is a non-cash, GAAP expense, which is amortized over an asset’s useful life.

(e)	Includes changes in the fair value of derivatives related to interest rate swaps entered into by the Busy Bee JV.


	Three Months Ended June 30, 2025
	Latitude Margaritaville Watersound JV^(a)		Watersound Fountains Independent Living JV^(b)		Pier Park TPS JV		Pier Park RI JV		Busy Bee JV			Electric Cart Watersound JV		Watersound Management JV		Total
Total revenue	$	79,878	$	801	$	1,566	$	1,750	$	4,206		$	1,103	$	617	$	89,921
Expenses:
Cost of revenue ^(c)		58,543		1,108		905		931		3,907			973		534		66,901
Other operating expenses^(c)		4,333		—		—		—		—			—		—		4,333
Depreciation and amortization ^(d)		155		753		196		691		139			63		—		1,997
Total expenses		63,031		1,861		1,101		1,622		4,046			1,036		534		73,231
Operating income (loss)		16,847		(1,060)		465		128		160			67		83		16,690
Other (expense) income:
Interest expense		—		(696)		(175)		(450)		(35)			(74)		—		(1,430)
Other income (expense), net		22		15		2		(1)		(60)	^(e)		7		—		(15)
Total other income (expense), net		22		(681)		(173)		(451)		(95)			(67)		—		(1,445)
Net income (loss)	$	16,869	$	(1,741)	$	292	$	(323)	$	65		$	—	$	83	$	15,245

(a)	The Latitude Margaritaville Watersound JV completed 137 home sale transactions during the three months ended June 30, 2025.

(b)	The community is under lease-up.

(c)	Excluding depreciation and amortization, shown separately above.

(d)	Depreciation is a non-cash, GAAP expense, which is amortized over an asset’s useful life.

(e)	Includes changes in the fair value of derivatives related to interest rate swaps entered into by the Busy Bee JV.


	Six Months Ended June 30, 2026
	Latitude Margaritaville Watersound JV^(a)		Watersound Fountains Independent Living JV ^(b)		Pier Park TPS JV		Pier Park RI JV		Busy Bee JV			Electric Cart Watersound JV		Watersound Management JV			Total
Total revenue	$	97,074	$	2,273	$	2,213	$	2,608	$	7,232		$	2,435	$	1,312	$	115,147
Expenses:
Cost of revenue ^(c)		68,530		2,852		1,415		1,633		6,917			2,142		1,169		84,658
Other operating expenses ^(c)		8,566		—		—		—		—			1		—		8,567
Depreciation and amortization^(d)		360		1,521		223		1,341		272			125		—		3,842
Total expenses		77,456		4,373		1,638		2,974		7,189			2,268		1,169		97,067
Operating income (loss)		19,618		(2,100)		575		(366)		43			167		143		18,080
Other (expense) income:
Interest expense		—		(1,237)		(416)		(497)		(65)			(122)		—		(2,337)
Other income, net		499		10		4		—		14	^(e)		11		—		538
Total other income (expense), net		499		(1,227)		(412)		(497)		(51)			(111)		—		(1,799)
Net income (loss)	$	20,117	$	(3,327)	$	163	$	(863)	$	(8)		$	56	$	143	$	16,281

(a)	The Latitude Margaritaville Watersound JV completed 169 home sale transactions during the six months ended June 30, 2026.

(b)	The community is under lease-up.

(c)	Excluding depreciation and amortization, shown separately above.

(d)	Depreciation is a non-cash, GAAP expense, which is amortized over an asset’s useful life.

(e)	Includes changes in the fair value of derivatives related to interest rate swaps entered into by the Busy Bee JV.


	Six Months Ended June 30, 2025
	Latitude Margaritaville Watersound JV^(a)		Watersound Fountains Independent Living JV^(b)		Pier Park TPS JV		Pier Park RI JV ^(c)		Busy Bee JV			Electric Cart Watersound JV		Watersound Management JV		Total
Total revenue	$	196,280	$	1,542	$	2,213	$	2,534	$	7,128		$	2,176	$	1,280	$	213,153
Expenses:
Cost of revenue^(d)		144,745		2,323		1,569		1,634		6,826			1,926		1,125		160,148
Other operating expenses^(d)		9,044		—		—		—		—			—		—		9,044
Depreciation and amortization^(e)		287		1,505		556		1,858		273			125		—		4,604
Total expenses		154,076		3,828		2,125		3,492		7,099			2,051		1,125		173,796
Operating income (loss)		42,204		(2,286)		88		(958)		29			125		155		39,357
Other (expense) income:
Interest expense		—		(1,383)		(344)		(861)		(69)			(147)		—		(2,804)
Other income (expense), net		65		20		2		(705)		(172)	^(f)		13		—		(777)
Total other income (expense), net		65		(1,363)		(342)		(1,566)		(241)			(134)		—		(3,581)
Net income (loss)	$	42,269	$	(3,649)	$	(254)	$	(2,524)	$	(212)		$	(9)	$	155	$	35,776

(a)	The Latitude Margaritaville Watersound JV completed 329 home sale transactions during the six months ended June 30, 2025.

(b)	The community is under lease-up.

(c)	Activity includes start-up, depreciation and interest expenses for the project.

(d)	Excluding depreciation and amortization, shown separately above.

(e)	Depreciation is a non-cash, GAAP expense, which is amortized over an asset’s useful life.

(f)	Includes changes in the fair value of derivatives related to interest rate swaps entered into by the Busy Bee JV.

Latitude Margaritaville Watersound JV

LMWS, LLC (“Latitude Margaritaville Watersound JV”) was formed in 2019, when the Company entered into a JV agreement to develop a 55+ active adult residential community in Bay County, Florida. As of June 30, 2026, the Latitude Margaritaville Watersound JV had 183 homes under contract and has completed 2,359 home sale transactions of the total estimated 3,700 homes planned in the community. As of June 30, 2026 and December 31, 2025, the Company owned a 50.0% interest in the JV. During the six months ended June 30, 2026 and 2025, the Company received $6.8 million and $13.4 million, respectively, of cash distributions from the JV. During the six months ended June 30, 2026, the Company and JV partner each made capital contributions of $0.6 million related to operations of the JV. During the six months ended June 30, 2025, the Company and JV partner did not make any capital contributions. The day-to-day activities of the JV are being managed through a board of managers, with each JV partner having equal voting rights. The Company has determined that Latitude Margaritaville Watersound JV is a VIE, but that the Company is not the primary beneficiary since it does not have the power to direct the activities that most significantly impact the economic performance of the JV. The Company’s investment in the Latitude Margaritaville Watersound JV is accounted for using the equity method. See Note 17. Commitments and Contingencies for additional information related to the guaranty by the Company. See Note 18. Related Party Transactions for additional information.

In December 2025, the Company sold an additional 34 acres of land to the Latitude Margaritaville Watersound JV with a contractual value of $1.2 million, which will be paid as each home is sold by the JV. The initial net present value of the additional land sale was $0.9 million and is included within other assets on the condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025. The Company also eliminated intra-entity profit of $0.5 million, included in investment in unconsolidated joint ventures on the condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025, a pro-rata portion of which will be recognized as each home on the land is sold by the JV.

As of June 30, 2026 and December 31, 2025, the Company’s investment in the unconsolidated Latitude Margaritaville Watersound JV was $56.1 million and $51.6 million, respectively, which includes the net present value of the initial land contribution, cash contributions, additional completed infrastructure improvements and equity in income,

less distributions and intra-entity profit elimination of the additional land sale. As of June 30, 2026, the Company completed $8.4 million of the $9.2 million total agreed upon infrastructure improvements. The Company’s unimproved initial land contribution and agreed upon infrastructure improvements are being distributed at an average of $10,000 per home, as each home is sold by the JV.

Watersound Fountains Independent Living JV

WOSL, LLC (“Watersound Fountains Independent Living JV”) was formed in 2021. The Company entered into a JV agreement to develop and manage a 148-unit independent senior living community located near the Watersound Origins residential community. As of June 30, 2026 and December 31, 2025, the Company owned a 53.8% interest in the JV. During the six months ended June 30, 2026 and 2025, the Company made capital contributions of $1.5 million and $2.1 million, respectively, and each member also made capital contributions based on their pro-rata ownership interest, related to operations of the JV. The Company’s partner is responsible for the day-to-day activities of the JV. The Company has determined that Watersound Fountains Independent Living JV is a VIE, but that the Company is not the primary beneficiary since it does not have the power to direct the activities that most significantly impact the economic performance of the JV. The Company’s investment in Watersound Fountains Independent Living JV is accounted for using the equity method. See Note 17. Commitments and Contingencies for additional information related to debt guaranteed by the Company.

Pier Park TPS JV

Pier Park TPS, LLC (“Pier Park TPS JV”) was formed in 2018. The Company entered into a JV agreement to develop and operate a 124-room hotel in Panama City Beach, Florida. As of June 30, 2026 and December 31, 2025, the Company owned a 50.0% interest in the JV. During the six months ended June 30, 2026, the Company and JV partner each made capital contributions of $1.1 million related to financing and operations of the JV. During the six months ended June 30, 2025, the Company and JV partner did not make any capital contributions to the JV. The Company’s partner is responsible for the day-to-day activities of the JV. The Company has determined that Pier Park TPS JV is a VIE, but that the Company is not the primary beneficiary since it does not have the power to direct the activities that most significantly impact the economic performance of the JV. The Company’s investment in Pier Park TPS JV is accounted for using the equity method. See Note 17. Commitments and Contingencies for additional information related to debt guaranteed by the Company.

Pier Park RI JV

Pier Park RI, LLC (“Pier Park RI JV”) was formed in 2022. The Company entered into a JV agreement to develop and operate a 121-room hotel in Panama City Beach, Florida. As of June 30, 2026 and December 31, 2025, the Company owned a 50.0% interest in the JV. During the six months ended June 30, 2026, the Company and JV partner each made capital contributions of $0.1 million related to operations of the JV. During the six months ended June 30, 2025, the Company and JV partner did not make any capital contributions to the JV. The Company’s partner is responsible for the day-to-day activities of the JV. The Company has determined that Pier Park RI JV is a VIE, but that the Company is not the primary beneficiary since it does not have the power to direct the activities that most significantly impact the economic performance of the JV. The Company’s investment in Pier Park RI JV is accounted for using the equity method.

In 2025, the JV refinanced into a $16.2 million loan (the “Pier Park RI JV Loan”). The Pier Park RI JV Loan bears interest at the Secured Overnight Financing Rate (“SOFR”) plus 2.1%, with a floor of 3.1%. The loan requires interest only payments through November 2026 and monthly payments of principal and interest thereafter, with a final balloon payment at maturity in December 2030. The loan is secured by real property and certain other security interests. The Company’s JV partner is the sole guarantor and receives a fee related to the guarantee from the Company based on the Company’s ownership percentage. As of both June 30, 2026 and December 31, 2025, $16.2 million was outstanding on the Pier Park RI JV Loan.

Busy Bee JV

SJBB, LLC (“Busy Bee JV”) was formed in 2019, when the Company entered into a JV agreement to develop and manage a Busy Bee branded fuel station and convenience store, which includes a Starbucks, in Panama City Beach, Florida. As of June 30, 2026 and December 31, 2025, the Company owned a 50.0% interest in the JV. During the six months ended June 30, 2026, the Company and JV partner each received $0.2 million of cash distributions from the JV. During the six months ended June 30, 2025, the Company and JV partner did not receive any cash distributions from the JV. The Company’s partner is responsible for the day-to-day activities of the JV. The Company has determined that Busy Bee JV is a VIE, but that the Company is not the primary beneficiary since it does not have the power to direct the activities that most significantly impact the economic performance of the JV. The Company’s investment in the Busy Bee JV is accounted for using the equity method.

In 2019, the JV entered into a $5.4 million construction loan (the “Busy Bee JV Construction Loan”) and a $1.2 million equipment loan (the “Busy Bee JV Equipment Loan”). The Busy Bee JV Construction Loan and the Busy Bee JV Equipment Loan bear interest at SOFR plus 1.6%. The Busy Bee JV Construction Loan provides for monthly principal and interest payments with a final balloon payment at maturity in November 2035. The Busy Bee JV Equipment Loan provides for monthly principal and interest payments through maturity in November 2027. The loans are secured by real and personal property and certain other security interests. The Company’s JV partner is the sole guarantor and receives a fee related to the guarantee from the Company based on the Company’s ownership percentage. The Busy Bee JV entered into an interest rate swap to hedge cash flows tied to changes in the underlying floating interest rate tied to SOFR for the Busy Bee JV Construction Loan and the Busy Bee JV Equipment Loan. The Busy Bee JV Construction Loan interest rate swap matures in November 2035 and fixed the variable rate debt, initially at $5.4 million amortizing to $2.8 million at swap maturity, to a rate of 2.7%. The Busy Bee JV Equipment Loan interest rate swap matures in November 2027 and fixed the variable rate debt, initially at $1.2 million to maturity, to a rate of 2.1%. As of June 30, 2026 and December 31, 2025, $4.6 million and $4.7 million, respectively, was outstanding on the Busy Bee JV Construction Loan. As of June 30, 2026 and December 31, 2025, $0.3 million and $0.4 million, respectively, was outstanding on the Busy Bee JV Equipment Loan.

Electric Cart Watersound JV

SJECC, LLC (“Electric Cart Watersound JV”) was formed in 2022, when the Company entered into a JV agreement to develop, manage and operate a golf cart and low speed vehicle “LSV” business at the Watersound West Bay Center adjacent to the Latitude Margaritaville Watersound residential community in Bay County, Florida. As of June 30, 2026 and December 31, 2025, the Company owned a 51.0% interest in the JV. The Company’s JV partner manages the day-to-day operations of the business. The Company has determined Electric Cart Watersound JV is a VIE, but that the Company is not the primary beneficiary since it does not have the power to direct the activities that most significantly impact the economic performance of the JV. The Company’s investment in Electric Cart Watersound JV is accounted for using the equity method.

As of both June 30, 2026 and December 31, 2025, the Electric Cart Watersound JV had $2.2 million of floorplan line of credit facilities to finance its golf cart and LSV inventory, which are secured by the JV. Borrowings under the line of credit facility bear interest at various rates based on the number of days outstanding after an interest free period ranging from two to six months. As of both June 30, 2026 and December 31, 2025, the JV had an outstanding principal balance of $0.2 million on these line of credit facilities. See Note 17. Commitments and Contingencies for additional information related to debt guaranteed by the Company.

Watersound Management JV

Watersound Management, LLC was formed in 2021, when the Company entered into a JV agreement to lease, manage and operate multi-family housing developments for which the JV is the exclusive renting and management agent. All activity of Watersound Management JV is related to multi-family housing developments owned by the Company or by consolidated JVs of the Company. As of June 30, 2026 and December 31, 2025, the Company owned a 50.0% interest in the JV. During each the six months ended June 30, 2026 and 2025, the Company and JV partner each received less than $0.1 million of cash distributions from the JV. The day-to-day activities of the JV are being managed

through a board of managers, with each JV partner having equal voting rights. The Company has determined that Watersound Management JV is a voting interest entity, but that the Company does not have a majority voting interest. The Company’s investment in Watersound Management JV is accounted for using the equity method. See Note 18. Related Party Transactions for additional information.