Fair Value of Assets and Liabilities (Tables)

9 Months Ended

Sep. 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 September 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)	$	62,018	$	—	$	61,018	$	1,000

(1)The Level 2 fair value measurements presented in the table included nine hotels and five net lease properties classified as held for sale as of September 30, 2026, and were based on negotiated sales prices with third-party buyers. During the nine months ended September 30, 2026, we recognized impairment charges of $180,175 to reduce the carrying value of these properties to their estimated fair value less costs to sell. Estimated costs to sell totaled $2,444.

(2)The Level 3 fair value measurements presented in the table included one net lease property classified as held for sale as of September 30, 2026, and was based on brokers’ opinions of values. During the nine months ended September 30, 2026, we recognized impairment charges of $166 to reduce the carrying value of this property to its estimated fair value less costs to sell. Estimated costs to sell was $50.

Schedule of Fair Values of Financial Instruments

At September 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:


	September 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	533,897		542,636		501,256		524,263
Net Lease Mortgage Notes, due 2028 at 5.60%	585,999		588,611		578,368		598,113
Senior Unsecured Notes, due 2028 at 3.95%	398,493		381,952		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%	422,645		384,872		422,056		368,382
Senior Unsecured Notes, due 2030 at 4.375%	396,161		351,224		395,318		338,932
Net Lease Mortgage Notes, due 2031 at 5.96%	722,450		703,138		—		—
Senior Secured Notes, due 2031 at 8.625%	979,148		1,022,830		976,121		1,050,370
Senior Guaranteed Unsecured Notes, due 2032 at 8.875%	486,645		491,450		484,904		493,225
Total financial liabilities	$	4,525,438	$	4,466,713	$	5,289,428	$	5,299,362

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