DEBT (Tables)

6 Months Ended

Jun. 30, 2024

DEBT

Summary of Debt and Finance Lease Obligations

The Company’s debt and finance lease obligations at June 30, 2024 and December 31, 2023 consisted of (in thousands):

	June 30,		December 31,
	2024		2023
$700M Revolving Credit Facility, interest at SOFR plus 1.50%, maturing May 18, 2027	$	—	$	—
Term Loan B, interest at SOFR plus 2.25%, maturing May 18, 2030		294,263		496,250
Senior Notes, interest at 7.25%, maturing July 15, 2028		400,000		400,000
Senior Notes, interest at 4.50%, maturing February 15, 2029		600,000		600,000
Senior Notes, interest at 4.75%, maturing October 15, 2027		700,000		700,000
Senior Notes, interest at 6.50%, maturing April 1, 2032		1,000,000		—
Gaylord Rockies Term Loan, interest at SOFR plus 2.50%, original maturity July 2, 2024		—		800,000
OEG Term Loan, interest at SOFR plus 3.50%, maturing June 28, 2031		300,000		296,250
$80M OEG Revolver, interest at SOFR plus 3.50%, maturing June 28, 2029		17,000		5,000
Block 21 CMBS Loan, interest at 5.58%, maturing January 5, 2026		130,439		131,871
Finance lease obligations		95		138
Unamortized deferred financing costs		(55,141)		(38,309)
Unamortized discounts and premiums, net		(13,273)		(14,172)
Total debt	$	3,373,383	$	3,377,028

Schedule of Fair Value of the Company's Derivative Financial Instruments

The estimated fair value of the Company’s derivative financial instruments at June 30, 2024 and December 31, 2023 is as follows (in thousands):

							Estimated Fair Value
							Asset (Liability) Balance
		Strike			Notional		June 30,		December 31,
Hedged Debt	Type	Rate	Index	Maturity Date	Amount		2024		2023
Gaylord Rockies Term Loan	Interest Rate Swap	5.2105%	Daily SOFR	July 2, 2024		800,000		-		(474)
OEG Term Loan	Interest Rate Swap	4.5330%	3-month SOFR	December 18, 2025		100,000		255		(848)
							$	255	$	(1,322)

Summary of Effect of Derivative Financial Instruments on the Accompanying Consolidated Statements of Operations

The effect of the Company’s derivative financial instruments on the accompanying condensed consolidated statements of operations for the respective periods is as follows (in thousands):

	Amount of Gain (Loss)					Amount of Gain (Loss)
	Recognized in OCI					Reclassified from Accumulated
	on Derivatives				Location of Gain (Loss)	OCI into Income (Expense)
	Three Months Ended				Reclassified from	Three Months Ended
	June 30,				Accumulated OCI	June 30,
	2024		2023		into Income (Expense)	2024		2023
Derivatives in Cash Flow Hedging Relationships:
Interest rate swaps	$	351	$	2,477	Interest expense	$	202	$	4,888
Total derivatives	$	351	$	2,477		$	202	$	4,888

	Amount of Gain (Loss)					Amount of Gain (Loss)
	Recognized in OCI on					Reclassified from Accumulated
	Derivatives				Location of Gain (Loss)	OCI into Income (Expense)
	Six Months Ended				Reclassified from	Six Months Ended
	June 30,				Accumulated OCI	June 30,
	2024		2023		into Income (Expense)	2024		2023
Derivatives in Cash Flow Hedging Relationships:
Interest rate swaps	$	2,326	$	1,467	Interest expense	$	749	$	10,156
Total derivatives	$	2,326	$	1,467		$	749	$	10,156