OWNERSHIP INTERESTS IN ALBQUERQUE AND TUCSON SUBSIDIARIES	6 Months Ended
Jul. 31, 2025
Noncontrolling Interest [Abstract]
OWNERSHIP INTERESTS IN ALBQUERQUE AND TUCSON SUBSIDIARIES	3. OWNERSHIP INTERESTS IN ALBQUERQUE AND TUCSON SUBSIDIARIES The Trust has sold non-controlling interests in certain subsidiaries, including Albuquerque Suite Hospitality, LLC (the “Albuquerque entity”) and Tucson Hospitality Properties, LLLP (the “Tucson entity, which sales are described in detail in our Annual Report on Form 10-K filed on April 30, 2025, with the Securities and Exchange Commissions. Generally, interests have sold for $10,000 per unit with a two-unit minimum subscription. The Trust maintains at least 50.1% of the units in one of the entities and intends to maintain this minimum ownership percentage. Generally, the units in the each of the entities are allocated to three classes with differing cumulative discretionary priority distribution rights through a certain time period. Class A units are owned by unrelated third parties and have priority for distributions. Class B units are owned by the Trust and have second priority for distributions. Class C units are owned by Rare Earth or other affiliates of Mr. Wirth and have the lowest priority for distributions. Priority distributions of $700 per unit per year were cumulative until a certain date. The Trust does not accrue for these distributions as the preference periods have expired. On February 15, 2017, the Trust and Partnership entered into a restructuring agreement with Rare Earth Financial, LLC (“REF”) to allow for the sale of non-controlling partnership units in Albuquerque Suite Hospitality LLC (“Albuquerque”) for $10,000 per unit, which operates the Best Western InnSuites Albuquerque Hotel and Suites Airport hotel property, a 112 unit hotel in Albuquerque, New Mexico (the “Property”). For the six months ending July 31, 2025 and 2024, the Trust sold 0 units for $10,000 per unit, respectively. On October 1, 2013, the Partnership entered into an updated restructured limited partnership agreement with Rare Earth to allow for the sale of additional interest units in the Tucson entity for $10,000 per unit. Under the agreement, Rare Earth agreed to either purchase or bring in other investors to purchase up to 160 (and potentially up to 200 if the overallotment is exercised) units. Under the terms of the updated restructuring agreement, the Partnership agreed to hold at least 50.1% of the outstanding limited partnership units in the Tucson entity, on a post-transaction basis. The Board of Trustees approved this restructuring on September 14, 2013. The limited partnership interests in the Tucson entity are allocated to three classes with differing cumulative discretionary priority distribution rights through June 30, 2017. Class A units are owned by unrelated third parties and had priority for distributions. Class B units are owned by the Partnership and had second priority for distributions. Class C units are owned by Rare Earth or other affiliates of Mr. Wirth and had the lowest priority for distributions from the Tucson entity. Priority distributions of $700 per unit per year were cumulative until June 30, 2016. The Trust does not accrue for these distributions as the preference periods have expired. For the six months ending July 31, 2025 and 2024, the Trust purchased 1 and 0 units for $10,000 per unit, respectively. For the Albuquerque entity, 0 Class A units were purchased back by the Trust during the six months ended July 31, 2025. As of July 31, 2025 and January 31, 2025, respectively, the Trust held a 21.90% ownership interest, or 132.5 Class B units, in the Albuquerque entity, Mr. Wirth and his affiliates held a 0.17% interest, or 1 Class C unit, and other parties held a 77.93% interest, or 471.5 Class A units. For the six months ended July 31, 2025, the Albuquerque entity made no quarterly Priority Return payments. For the Tucson entity, as of July 31, 2025 and January 31, 2025, respectively, the Partnership held a 51.75% and 51.62% ownership interest, or 414.5 and 413.5 Class B units, in the Tucson, Mr. Wirth and his affiliates held a 0.25% interest, or 2 Class C units, and other parties held a 48.00% and 48.13% interest, or 384.5 and 385.5 Class A units. For the six months ended July 31, 2025, the Tucson entity made no quarterly Priority Return payments.

OWNERSHIP INTERESTS IN ALBQUERQUE AND TUCSON SUBSIDIARIES

6 Months Ended

Jul. 31, 2025

OWNERSHIP INTERESTS IN ALBQUERQUE AND TUCSON SUBSIDIARIES

3. OWNERSHIP INTERESTS IN ALBQUERQUE AND TUCSON SUBSIDIARIES

The Trust has sold non-controlling interests in certain subsidiaries, including Albuquerque Suite Hospitality, LLC (the “Albuquerque entity”) and Tucson Hospitality Properties, LLLP (the “Tucson entity, which sales are described in detail in our Annual Report on Form 10-K filed on April 30, 2025, with the Securities and Exchange Commissions. Generally, interests have sold for $10,000 per unit with a two-unit minimum subscription. The Trust maintains at least 50.1% of the units in one of the entities and intends to maintain this minimum ownership percentage. Generally, the units in the each of the entities are allocated to three classes with differing cumulative discretionary priority distribution rights through a certain time period. Class A units are owned by unrelated third parties and have priority for distributions. Class B units are owned by the Trust and have second priority for distributions. Class C units are owned by Rare Earth or other affiliates of Mr. Wirth and have the lowest priority for distributions. Priority distributions of $700 per unit per year were cumulative until a certain date. The Trust does not accrue for these distributions as the preference periods have expired.

On February 15, 2017, the Trust and Partnership entered into a restructuring agreement with Rare Earth Financial, LLC (“REF”) to allow for the sale of non-controlling partnership units in Albuquerque Suite Hospitality LLC (“Albuquerque”) for $10,000 per unit, which operates the Best Western InnSuites Albuquerque Hotel and Suites Airport hotel property, a 112 unit hotel in Albuquerque, New Mexico (the “Property”). For the six months ending July 31, 2025 and 2024, the Trust sold 0 units for $10,000 per unit, respectively.

On October 1, 2013, the Partnership entered into an updated restructured limited partnership agreement with Rare Earth to allow for the sale of additional interest units in the Tucson entity for $10,000 per unit. Under the agreement, Rare Earth agreed to either purchase or bring in other investors to purchase up to 160 (and potentially up to 200 if the overallotment is exercised) units. Under the terms of the updated restructuring agreement, the Partnership agreed to hold at least 50.1% of the outstanding limited partnership units in the Tucson entity, on a post-transaction basis. The Board of Trustees approved this restructuring on September 14, 2013. The limited partnership interests in the Tucson entity are allocated to three classes with differing cumulative discretionary priority distribution rights through June 30, 2017. Class A units are owned by unrelated third parties and had priority for distributions. Class B units are owned by the Partnership and had second priority for distributions. Class C units are owned by Rare Earth or other affiliates of Mr. Wirth and had the lowest priority for distributions from the Tucson entity. Priority distributions of $700 per unit per year were cumulative until June 30, 2016. The Trust does not accrue for these distributions as the preference periods have expired. For the six months ending July 31, 2025 and 2024, the Trust purchased 1 and 0 units for $10,000 per unit, respectively.

For the Albuquerque entity, 0 Class A units were purchased back by the Trust during the six months ended July 31, 2025. As of July 31, 2025 and January 31, 2025, respectively, the Trust held a 21.90% ownership interest, or 132.5 Class B units, in the Albuquerque entity, Mr. Wirth and his affiliates held a 0.17% interest, or 1 Class C unit, and other parties held a 77.93% interest, or 471.5 Class A units. For the six months ended July 31, 2025, the Albuquerque entity made no quarterly Priority Return payments.

For the Tucson entity, as of July 31, 2025 and January 31, 2025, respectively, the Partnership held a 51.75% and 51.62% ownership interest, or 414.5 and 413.5 Class B units, in the Tucson, Mr. Wirth and his affiliates held a 0.25% interest, or 2 Class C units, and other parties held a 48.00% and 48.13% interest, or 384.5 and 385.5 Class A units. For the six months ended July 31, 2025, the Tucson entity made no quarterly Priority Return payments.