Related Party Transactions |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Related Party Transactions [Abstract] | |
| Related party transactions | 14. Related party transactions
Other current assets
The Company has a short-term advance to fund working capital to FCG for $5.3 million and $1.0 million as of June 30, 2026 and December 31, 2025, respectively. Related party loans
The Company has two financing agreements with Infinite Acquisitions with a total outstanding balance of $7.6 million and $5.0 million as of June 30, 2026 and December 31, 2025, respectively. The Company has financing agreement with Katmandu Ventures, LLC (“Katmandu Ventures”) with a total outstanding balance of $0.6 million as of June 30, 2026. The loan was due on May 16, 2025 and the Company is in negotiations to amend the loan. There was a total outstanding balance of $1.1 million as of December 31, 2025, which was inclusive of a second financing agreement that was repaid in full during February 2026. See “Note 6 – Long-term debt and borrowing arrangements” for additional information. Services provided to equity method investments Destinations Operations recognizes management and incentive fees from the Company’s equity method investments. Intercompany Services Agreement between FCG and the Company There were accounts receivable balances of $3.2 million and $1.6 million outstanding as of June 30, 2026 and December 31, 2025, respectively, primarily related to the Intercompany Services Agreement. The Company recognizes related party revenue for corporate shared service support provided to FCG and PDP. Total related party revenues from services provided to our equity method investments were $2.1 million and $1.7 million for the three months ended June 30, 2026 and 2025, respectively. Of the total related party revenues from services provided to our equity method investments, the Company recognized $2.0 million and $1.6 million revenue related to services provided to FCG for the three months ended June 30, 2026 and 2025, respectively. Total related party revenues from services provided to our equity method investments were $4.1 million and $3.4 million for the six months ended June 30, 2026 and 2025, respectively. Of the total related party revenues from services provided to our equity method investments, the Company recognized $3.9 million and $3.2 million revenue related to services provided to FCG for the six months ended June 30, 2026 and 2025, respectively. FCG also provides marketing, research and development, and other services to FBG. The Company owes FCG $0.1 million related to these services as of both June 30, 2026, and December 31, 2025. The Company and FCG have also incurred reimbursable costs on behalf of each other. The Company had $0.7 million and $0.6 million in accounts receivable from FCG related to reimbursable costs as of June 30, 2026 and December 31, 2025, respectively. Equity method investment financing Scott Demerau, the Executive Chairman and his wife are investors of the lender that provided $2.75 million financing to a third party buyer of land sold by FCG in February 2026. |