Commitments and Contingent Liabilities (Tables)

6 Months Ended

Jun. 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 June 30, 2026 and December 31, 2025:

(In thousands)	June 30, 2026		December 31, 2025
Other assets (operating lease and sub-leases right-of-use assets)	$	50,336	$	53,945
Other liabilities (operating lease and sub-lease liabilities)	50,061		53,654
Other assets (sales-type sub-leases, net) (1)	835,416		838,936
Other liabilities (finance sub-lease liabilities)	862,458		862,845

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(1) As of June 30, 2026 and December 31, 2025, sales-type sub-leases are net of $27.0 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 June 30,				Six Months Ended June 30,
(In thousands)	2026		2025		2026		2025
Operating leases
Rental expense (1)	$	635	$	632	$	1,262	$	1,258
Contractual rent	703		332		1,398		586
Operating sub-leases
Rental income and expense (2)	1,812		1,781		3,624		3,562
Contractual rent	1,744		1,679		3,477		3,329
Finance sub-leases
Rental income and expense (2)	15,949		15,978		31,900		31,940
Contractual rent	15,830		15,830		31,663		31,649

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(1) Total rental expense is included in golf operations 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 June 30, 2026 are as follows:

($ In thousands)	Operating Lease Commitments		Operating Sub-Lease Commitments		Financing Sub-Lease Commitments
2026 (remaining)	$	1,386	$	3,537	$	33,564
2027	1,921		7,208		65,209
2028	2,813		6,470		65,270
2029	1,921		5,743		65,823
2030	2,916		2,436		65,997
2031	2,998		1,876		65,997
Thereafter	14,912		6,804		2,560,798
Total minimum lease commitments	$	28,867	$	34,074	$	2,922,658
Discounting factor	8,112		4,768		2,060,200
Lease liability	$	20,755	$	29,306	$	862,458
Discount rates (1)	5.3% – 7.0%		2.6% – 5.8%		5.6% – 8.3%
Weighted average remaining lease term	10.6 years		6.3 years		50.3 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 June 30, 2026 are as follows:

($ In thousands)	Operating Lease Commitments		Operating Sub-Lease Commitments		Financing Sub-Lease Commitments
2026 (remaining)	$	1,386	$	3,537	$	33,564
2027	1,921		7,208		65,209
2028	2,813		6,470		65,270
2029	1,921		5,743		65,823
2030	2,916		2,436		65,997
2031	2,998		1,876		65,997
Thereafter	14,912		6,804		2,560,798
Total minimum lease commitments	$	28,867	$	34,074	$	2,922,658
Discounting factor	8,112		4,768		2,060,200
Lease liability	$	20,755	$	29,306	$	862,458
Discount rates (1)	5.3% – 7.0%		2.6% – 5.8%		5.6% – 8.3%
Weighted average remaining lease term	10.6 years		6.3 years		50.3 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.