Fair Value of Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Assets Carried at Fair Value Categorized by Level of Inputs

The table below presents certain of our assets carried at fair value at June 30, 2026, categorized by the level of inputs, as defined in the fair value hierarchy under GAAP, used in the valuation of each asset.


			Fair Value at Reporting Date Using
Description	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Non-recurring Fair Value Measurement Assets:
Assets of properties held for sale (1) (2)	$	113,745	$	—	$	112,961	$	784

(1)We recorded impairment charges totaling $208,368 during the six months ended June 30, 2026, to reduce the carrying value of 13 hotels and two net lease properties owned as of June 30, 2026 in our condensed consolidated balance sheet to their estimated fair value, less estimated costs to sell of $3,230, based on negotiated sales prices with third party buyers (Level 2 inputs as defined in the fair value hierarchy under GAAP).

(2)We recorded impairment charges totaling $202 during the six months ended June 30, 2026, to reduce the carrying value of four net lease properties owned as of June 30, 2026 in our condensed consolidated balance sheet to their estimated fair value, less estimated costs to sell of $76, based on brokers’ opinions of values (Level 3 inputs as defined in the fair value hierarchy under GAAP).

Schedule of Fair Values of Financial Instruments

At June 30, 2026 and December 31, 2025, the fair values of these financial instruments approximated their carrying values in our condensed consolidated balance sheets due to their short-term nature or floating interest rates, except as follows:


	June 30, 2026				December 31, 2025
	Carrying Value (1)		Fair Value		Carrying Value (1)		Fair Value





Senior Unsecured Notes, due 2027 at 4.95%	$	—	$	—	$	399,164	$	401,716
Senior Guaranteed Unsecured Notes, due 2027 at 5.50%	—		—		447,858		442,985
Senior Secured Notes, due 2027 at zero coupon	522,798		537,926		501,256		524,263
Net Lease Mortgage Notes, due 2028 at 5.60%	583,455		593,952		578,368		598,113
Senior Unsecured Notes, due 2028 at 3.95%	398,210		388,008		397,645		377,596
Senior Guaranteed Unsecured Notes, due 2029 at 8.375%	—		—		686,738		703,780
Senior Unsecured Notes, due 2029 at 4.95%	422,449		400,367		422,056		368,382
Senior Unsecured Notes, due 2030 at 4.375%	395,880		360,984		395,318		338,932
Net Lease Mortgage Notes, due 2031 at 5.96%	722,042		724,432		—		—
Senior Secured Notes, due 2031 at 8.625%	978,139		1,053,450		976,121		1,050,370
Senior Guaranteed Unsecured Notes, due 2032 at 8.875%	486,064		514,780		484,904		493,225
Total financial liabilities	$	4,509,037	$	4,573,899	$	5,289,428	$	5,299,362

(1)Carrying value includes unamortized discounts, premiums and certain debt issuance costs.