v3.26.3
Debt (Tables)
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Debt
The Company's debt consisted of the following as of September 30, 2026 and December 31, 2025 (dollars in thousands):
Balance Outstanding as of
Interest Rate at September 30, 2026
Maturity DateSeptember 30, 2026December 31, 2025
Unsecured revolving credit facilities
Senior unsecured credit facility—
(1)(2)
October 2028$— $— 
PHL unsecured credit facility—
(1)
October 2028— — 
Unsecured revolving credit facilities$— $— 
Unsecured term loans
Term Loan 2027—
(3)
October 2027— 360,000 
Term Loan 20285.06%
(1)
January 2028356,652 356,652 
Term Loan 20294.83%
(1)
January 2029185,217 185,217 
Term Loan 20315.14%
(1)(3)
February 2031360,000 — 
Unsecured term loans principal$901,869 $901,869 
Convertible senior notes
Convertible Notes 20261.75%
(5)
December 2026350,000 350,000 
Convertible Notes 20301.63%January 2030400,000 400,000 
Convertible senior notes principal$750,000 $750,000 
Unsecured senior notes principal6.38%October 2029$400,000 $400,000 
Mortgage loans
Margaritaville Hollywood Beach Resort—
(4)
September 2026— 40,000 
Estancia La Jolla Hotel & Spa5.07%September 202851,479 53,395 
Mortgage loans principal$51,479 $93,395 
Total debt principal$2,103,348 $2,145,264 
Unamortized debt premium and deferred financing costs, net(21,579)(21,172)
Debt, net$2,081,769 $2,124,092 
______________________
(1)    Borrowings bear interest at floating rates. Interest rate at September 30, 2026 gives effect to interest rate hedges.
(2)    The Company has the option to extend the maturity date for up to two six-month periods, subject to certain terms and conditions and payment of an extension fee.
(3)    In February 2026, the Company extended the maturity date of Term Loan 2027 to February 2031 (the extended loan is referred to as Term Loan 2031).
(4)    In February 2026, the Company paid down the remaining loan balance.
(5)    The Company intends to repay the Convertible Notes 2026 at maturity with cash on hand and borrowings under the delayed draw option of Term Loan 2031.
Schedule of Components of Interest Expense
The components of the Company's interest expense consisted of the following for the three and nine months ended September 30, 2026 and 2025 (in thousands):
For the three months ended
September 30,		For the nine months ended
September 30,
2026202520262025
Unsecured revolving credit facilities$565 $508 $1,650 $1,507 
Unsecured term loans11,601 11,010 34,265 32,937 
Convertible senior notes3,156 3,282 9,469 9,845 
Unsecured senior notes
6,375 6,404 19,125 19,001 
Mortgage loans672 3,219 2,336 9,573 
Amortization of debt (premium) and deferred financing costs, and (gain) loss on debt extinguishment2,602 (5,204)8,363 (1,383)
Other978 961 3,111 3,115 
Total interest expense$25,949 $20,180 $78,319 $74,595 
Schedule of Future Minimum Principal Payments
As of September 30, 2026, the future minimum principal payments for the Company's debt are as follows (in thousands):
2026$350,586 
20272,439 
2028405,106 
2029585,217 
2030400,000 
Thereafter360,000 
Total debt principal payments$2,103,348 
Unamortized debt premium and deferred financing costs, net(21,579)
Debt, net$2,081,769 
Schedule of Interest Rate Swaps
The Company's interest rate swaps at September 30, 2026 and December 31, 2025 consisted of the following, by maturity date (dollars in thousands):
Aggregate Notional Value as of
Hedge TypeInterest Rate Range (SOFR)MaturitySeptember 30, 2026December 31, 2025
Swap-cash flow
3.02% - 3.03%
October 2026$200,000 $200,000 
Swap-cash flow
3.29%
October 2027165,000 165,000 
Swap-cash flow
3.34%
November 2027200,000 200,000 
Swap-cash flow
3.28% - 3.29%
March 2028200,000 — 
Swap-cash flow
3.54% - 3.55%
May 2028100,000 100,000 
Total$865,000 $665,000