| Schedule of debt |
| | | | | | | | | | | | | | | | | | | | Effective Rate | | | | | | | | | | | June 30, | | June 30, | | December 31, | | | Maturity Date | | Interest Rate Terms | | 2026 | | 2026 | | 2025 | Watersound Origins Crossings JV Loan (insured by HUD) | | April 2058 | | Fixed | | 5.0 | % | | $ | 51,005 | | $ | 51,328 | Pier Park Resort Hotel JV Loan | | April 2027 | | SOFR plus 2.1% (a) | | 3.7 | % | | | 49,261 | | | 49,817 | Mexico Beach Crossings JV Loan (insured by HUD) | | March 2064 | | Fixed | | 3.0 | % | | | 42,209 | | | 42,510 | PPN JV Loan | | October 2035 | | Fixed | | 6.1 | % | | | 39,683 | | | 39,922 | PPC JV Loan (insured by HUD) | | June 2060 | | Fixed | | 3.1 | % | | | 33,341 | | | 33,616 | Pearl Hotel Loan | | December 2032 | | Fixed | | 6.3 | % | | | 31,320 | | | 32,560 | North Bay Landing Loan (insured by HUD) | | March 2060 | | Fixed | | 5.9 | % | | | 27,493 | | | 27,619 | Watersound Camp Creek Loan | | December 2047 | | SOFR plus 2.1%, floor 2.6% | | 5.8 | % | | | 26,538 | | | 26,843 | PPC II JV Loan (insured by HUD) | | May 2057 | | Fixed | | 2.7 | % | | | 21,146 | | | 21,365 | Hotel Indigo Loan | | October 2028 | | SOFR plus 2.5%, floor 2.5% | | 6.1 | % | | | 18,607 | | | 19,024 | Breakfast Point Hotel Loan | | November 2042 | | Fixed (b) | | 6.0 | % | | | 13,718 | | | 14,978 | Lodge 30A JV Loan | | January 2028 | | Fixed | | 3.8 | % | | | 13,306 | | | 13,587 | Topsail Hotel Loan | | July 2027 | | SOFR plus 2.1%, floor 3.0% | | 5.8 | % | | | 4,454 | | | 11,215 | Community Development District debt | | May 2028-May 2039 | | Fixed | | 3.6 to 6.0 | % | | | 2,765 | | | 2,604 | Watersound Town Center Grocery Loan (c) | | N/A | | N/A | | N/A | | | | — | | | 4,682 | Airport Hotel Loan (c) | | N/A | | N/A | | N/A | | | | — | | | 3,227 | Beckrich Building III Loan (c) | | N/A | | N/A | | N/A | | | | — | | | 1,111 | Total principal outstanding | | | | | | | | | | 374,846 | | | 396,008 | Unamortized discount and debt issuance costs | | | | | | | | (4,522) | | | (4,849) | Total debt, net | | | | | | | | | $ | 370,324 | | $ | 391,159 |
| (a) | The Pier Park Resort Hotel JV entered into an interest rate swap that matures in April 2027 and fixed the variable rate on the notional amount of related debt, initially at $42.0 million, amortizing to $38.7 million at swap maturity, to a rate of 3.2%. See Note 5. Financial Instruments and Fair Value Measurements for additional information. |
| (b) | The Breakfast Point Hotel Loan interest rate is fixed through November 2027 and in December 2027 the rate will adjust to the 1-year constant maturity Treasury rate plus 3.3% from December 2027 through November 2042, with a minimum rate of 6.0% throughout the term of the loan. |
| (c) | In the first half of 2026, the loan was paid in full. |
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| Schedule of aggregate maturities of debt |
The aggregate maturities of debt subsequent to June 30, 2026, for the years ending December 31 are: | | | | 2026 | | $ | 4,471 | 2027 | | | 60,645 | 2028 | | | 36,364 | 2029 | | | 6,711 | 2030 | | | 6,855 | Thereafter | | | 259,800 | | | $ | 374,846 |
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