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Commitments and Contingent Liabilities | 9 Months Ended
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Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingent Liabilities | Commitments and Contingent Liabilities Litigation In the ordinary course of business, from time to time, we may be subject to legal claims and administrative proceedings. As of September 30, 2025, we are not subject to any litigation that we believe could have, individually or in the aggregate, a material adverse effect on our business, financial condition or results of operations, liquidity or cash flows. Lease Commitments •Operating Lease Commitments. We are liable under operating leases for: (i) land at the Cascata golf course, which expires in 2038 and has three 10-year extension options, and (ii) our corporate headquarters in New York, NY, which expires in 2035 and has one five-year renewal option. •Sub-Lease Commitments. Certain of our acquisitions necessitate that we assume, as the lessee, ground and use leases that in certain cases are or may be integral to the operations of the property, the cost of which is passed to our tenants through our lease agreements, which require the tenants to pay all costs associated with such ground and use leases and provide for their direct payment to the landlord. We have determined we are the primary obligor of certain of such ground and use leases and, accordingly, have presented these leases on a gross basis on our Balance Sheet and Statement of Operations. For the ground and use leases determined to be operating leases, we recorded a sub-lease right-of-use assets in Other assets and sub-lease liabilities in Other liabilities. For ground and lease uses determined to be finance leases, we recorded a sales-type sub-lease in Other assets and finance sub-lease liability in Other liabilities. The following table details the balance and location in our Balance Sheet of the ground and use sub-leases as of September 30, 2025 and December 31, 2024:
(In thousands) | September 30, 2025 |  | December 31, 2024
Other assets (operating lease and sub-leases right-of-use assets) | $ | 55,326 |  |  | $ | 54,144 |
Other liabilities (operating lease and sub-lease liabilities) | 55,028 |  |  | 53,822 |
Other assets (sales-type sub-leases, net) (1) | 842,097 |  |  | 842,776 |
Other liabilities (finance sub-lease liabilities) | 862,469 |  |  | 863,374 |
___________________ (1) As of September 30, 2025 and December 31, 2024, sales-type sub-leases are net of $20.4 million and $20.6 million of allowance for credit losses, respectively. Refer to Note 5 – Allowance for Credit Losses for further details. 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 September 30, |  | Nine Months Ended September 30,
(In thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Operating leases |  |  |  |  |  |  |
Rental expense (1) | $ | 632 |  |  | $ | 631 |  |  | $ | 1,890 |  |  | $ | 1,705 |
Contractual rent | 260 |  |  | 254 |  |  | 846 |  |  | 1,109 |
Operating sub-leases |  |  |  |  |  |  |
Rental income and expense (2) | 1,801 |  |  | 1,712 |  |  | 5,363 |  |  | 5,137 |
Contractual rent | 1,704 |  |  | 1,699 |  |  | 5,033 |  |  | 5,064 |
Finance sub-leases |  |  |  |  |  |  |
Rental income and expense (2) | 15,968 |  |  | 16,003 |  |  | 47,908 |  |  | 48,026 |
Contractual rent | 17,751 |  |  | 17,757 |  |  | 49,400 |  |  | 49,266 |
___________________ (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. The future minimum lease commitments relating to the base lease rent portion of noncancelable operating leases and ground and use sub-leases at September 30, 2025 are as follows:
($ In thousands) |  | Operating Lease Commitments |  | Operating Sub-Lease Commitments |  | Financing Sub-Lease Commitments
2025 (remaining) |  | $ | 254 |  |  | $ | 1,719 |  |  | $ | 15,829 |
2026 |  | 2,772 |  |  | 7,014 |  |  | 65,233 |
2027 |  | 1,921 |  |  | 7,208 |  |  | 65,233 |
2028 |  | 2,813 |  |  | 6,470 |  |  | 65,295 |
2029 |  | 1,921 |  |  | 5,743 |  |  | 65,854 |
2030 |  | 2,916 |  |  | 2,436 |  |  | 66,028 |
Thereafter |  | 17,909 |  |  | 8,679 |  |  | 2,627,864 |
Total minimum lease commitments |  | $ | 30,506 |  |  | $ | 39,269 |  |  | $ | 2,971,336 |
Discounting factor |  | 9,076 |  |  | 5,671 |  |  | 2,108,867 |
Lease liability |  | $ | 21,430 |  |  | $ | 33,598 |  |  | $ | 862,469 |
Discount rates (1) |  | 5.3% – 7.0% |  | 2.6% – 5.8% |  | 5.6% – 8.3%
Weighted average remaining lease term |  | 11.4 years |  | 6.8 years |  | 51.0 years
____________________ (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.

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