v3.26.3
Commitments and Contingent Liabilities (Tables)
 9 Months Ended
Sep. 30, 2026
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Assets and Liabilities
The following table details the balance and location in our Balance Sheet of the ground and use sub-leases as of September 30, 2026 and December 31, 2025:
(In thousands)September 30, 2026December 31, 2025
Other assets (operating lease and sub-leases right-of-use assets)$48,483 $53,945 
Other liabilities (operating lease and sub-lease liabilities)48,215 53,654 
Other assets (sales-type sub-leases, net) (1)
830,895 838,936 
Other liabilities (finance sub-lease liabilities)860,599 862,845 
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(1) As of September 30, 2026 and December 31, 2025, sales-type sub-leases are net of $29.7 million and $23.9 million of allowance for credit losses, respectively. Refer to Note 5 – Allowance for Credit Losses for further details.
Schedule of Rent Expense
Total rental expense for operating lease commitments and total rental income and rental expense for operating and finance sub-lease commitments and contractual rent expense under these agreements were as follows:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(In thousands)2026202520262025
Operating leases
Rental expense (1)
$635 $632 $1,897 $1,890 
Contractual rent703 260 2,101 846 
Operating sub-leases
Rental income and expense (2)
1,812 1,801 5,436 5,363 
Contractual rent1,760 1,704 5,237 5,033 
Finance sub-leases
Rental income and expense (2)
15,932 15,968 47,832 47,908 
Contractual rent17,746 17,751 49,409 49,400 
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(1) Total rental expense is included in Golf expenses and General and administrative expenses in our Statement of Operations.
(2) Total rental income and rental expense for operating and finance sub-lease commitments are presented gross and included in Other income and Other expenses in our Statement of Operations.
Schedule of Future Minimum Rental Payments for Operating Leases
The future minimum lease commitments relating to the base lease rent portion of noncancelable operating leases and ground and use sub-leases at September 30, 2026 are as follows:
($ In thousands)Operating Lease CommitmentsOperating Sub-Lease CommitmentsFinancing Sub-Lease Commitments
2026 (remaining)$694 $1,777 $15,822 
20271,921 7,208 65,206 
20282,813 6,470 65,267 
20291,921 5,743 65,820 
20302,916 2,436 65,993 
20312,997 1,876 65,993 
Thereafter14,912 6,804 2,560,672 
Total minimum lease commitments$28,174 $32,314 $2,904,773 
Discounting factor7,800 4,473 2,044,174 
Lease liability$20,374 $27,841 $860,599 
Discount rates (1)
5.3% – 7.0%
2.6% – 5.8%
5.6% – 8.3%
Weighted average remaining lease term10.4 years6.2 years50.1 years
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(1) The discount rates for the leases were determined based on the yield of our then current secured borrowings, adjusted to match borrowings of similar terms.
Schedule of Finance Lease, Liability, Maturity
The future minimum lease commitments relating to the base lease rent portion of noncancelable operating leases and ground and use sub-leases at September 30, 2026 are as follows:
($ In thousands)Operating Lease CommitmentsOperating Sub-Lease CommitmentsFinancing Sub-Lease Commitments
2026 (remaining)$694 $1,777 $15,822 
20271,921 7,208 65,206 
20282,813 6,470 65,267 
20291,921 5,743 65,820 
20302,916 2,436 65,993 
20312,997 1,876 65,993 
Thereafter14,912 6,804 2,560,672 
Total minimum lease commitments$28,174 $32,314 $2,904,773 
Discounting factor7,800 4,473 2,044,174 
Lease liability$20,374 $27,841 $860,599 
Discount rates (1)
5.3% – 7.0%
2.6% – 5.8%
5.6% – 8.3%
Weighted average remaining lease term10.4 years6.2 years50.1 years
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(1) The discount rates for the leases were determined based on the yield of our then current secured borrowings, adjusted to match borrowings of similar terms.