Debt, Net (Tables)

12 Months Ended

Dec. 31, 2025

Debt, Net

Schedule of debt

			Effective Rate
			December 31,		December 31,		December 31,
	Maturity Date	Interest Rate Terms	2025		2025		2024
Watersound Origins Crossings JV Loan (insured by HUD)	April 2058	Fixed	5.0	%	$	51,328	$	51,953
Pier Park Resort Hotel JV Loan	April 2027	SOFR plus 2.1% (a)	3.7	%		49,817		50,882
Mexico Beach Crossings JV Loan (insured by HUD)	March 2064	Fixed	3.0	%		42,510		43,069
PPN JV Loan (b)	October 2035	Fixed	6.1	%		39,922		40,370
PPC JV Loan (insured by HUD)	June 2060	Fixed	3.1	%		33,616		34,153
Pearl Hotel Loan	December 2032	Fixed	6.3	%		32,560		34,040
North Bay Landing Loan (insured by HUD) (c)	March 2060	Fixed	5.9	%		27,619		22,746
Watersound Camp Creek Loan	December 2047	SOFR plus 2.1%, floor 2.6%	5.8	%		26,843		27,377
PPC II JV Loan (insured by HUD)	May 2057	Fixed	2.7	%		21,365		21,796
Hotel Indigo Loan	October 2028	SOFR plus 2.5%, floor 2.5%	6.1	%		19,024		19,857
Breakfast Point Hotel Loan	November 2042	Fixed (d)	6.0	%		14,978		15,473
Lodge 30A JV Loan	January 2028	Fixed	3.8	%		13,587		14,130
Topsail Hotel Loan	July 2027	SOFR plus 2.1%, floor 3.0%	5.8	%		11,215		12,307
Watersound Town Center Grocery Loan	August 2031	SOFR plus 2.1%, floor 2.3%	5.8	%		4,682		8,086
Airport Hotel Loan	February 2030 (e)	SOFR plus 2.1%, floor 3.0%	5.8	%		3,227		11,717
Community Development District debt	May 2028-May 2039	Fixed	3.6 to 6.0	%		2,604		3,151
Beckrich Building III Loan	August 2029	SOFR plus 1.8%	5.5	%		1,111		5,014
Watercrest JV Loan (f)	N/A	N/A	N/A			—		19,555
Self-Storage Facility Loan (f)	N/A	N/A	N/A			—		3,360
Beach Homes Loan (f)	N/A	N/A	N/A			—		1,385
Pier Park Outparcel Loan (f)	N/A	N/A	N/A			—		1,252
WaterColor Crossings Loan (f)	N/A	N/A	N/A			—		1,043
Total principal outstanding						396,008		442,716
Unamortized discount and debt issuance costs						(4,849)		(4,962)
Total debt, net					$	391,159	$	437,754

(a) The Pier Park Resort Hotel JV entered into an interest rate swap that matures in April 2027 and fixed the variable rate on the notional amount of related debt, initially at $42.0 million, amortizing to $38.7 million at swap maturity, to a rate of 3.2%. See Note 5. Financial Instruments and Fair Value Measurements for additional information.

(b) In September 2025, the PPN JV Loan was refinanced. The previous loan had an interest rate of 4.1% and a maturity date of November 2025.

(c) In February 2025, the North Bay Landing Loan was refinanced. The previous loan had an interest rate of SOFR plus 2.5%, with a floor of 3.2% and a maturity date of March 2026.

(d) The Breakfast Point Hotel Loan interest rate is fixed through November 2027 and in December 2027 the rate will adjust to the 1-year constant maturity Treasury rate plus 3.3% from December 2027 through November 2042, with a minimum rate of 6.0% throughout the term of the loan.

(e) In February 2025, the Airport Hotel Loan maturity date was extended to February 2030.

(f) During 2025, the loan was paid in full.

Schedule of aggregate maturities of debt

The aggregate maturities of debt subsequent to December 31, 2025 are:

2026	$	9,844
2027		68,108
2028		36,987
2029		7,479
2030		8,083
Thereafter		265,507
	$	396,008