June 30, 2021

December 31, 2020

Unamortized

Discount and

Debt Issuance

Principal

Costs

Net

Principal

Costs

Net

PPN JV Loan, due November 2025, bearing interest at 4.1%

$

44,080

$

281

$

43,799

$

44,568

$

314

$

44,254

PPC JV Loan, insured by HUD, due June 2060, bearing interest at 4.0%

35,895

1,065

34,830

36,084

1,079

35,005

Watersound Origins Crossings JV Loan, due May 2024, bearing interest at 5.0%

34,596

300

34,296

27,179

351

26,828

Watercrest JV Loan, due June 2047, bearing interest at LIBOR plus 2.2% and swapped to a fixed rate of 4.4%

19,292

334

18,958

18,066

284

17,782

PPC II JV Loan, due October 2024, bearing interest at LIBOR plus 2.1% (effective rate of 2.2% at June 30, 2021)

17,390

173

17,217

15,921

198

15,723

Airport Hotel Loan, due March 2025, bearing interest at LIBOR plus 2.0%, with a floor rate of 3.0% (effective rate of 3.0% at June 30, 2021)

12,629

148

12,481

3,548

168

3,380

Community Development District debt, secured by certain real estate or other collateral, due May 2023 through May 2039, bearing interest at 3.6% to 6.0%

5,349

—

5,349

6,294

—

6,294

Beckrich Building III Loan, due August 2029, bearing interest at LIBOR plus 1.7% (effective rate of 1.8% at June 30, 2021)

5,305

56

5,249

5,421

59

5,362

Self-Storage Facility Loan, due November 2025, bearing interest at LIBOR plus 2.5%, with a floor rate of 3.0% (effective rate of 3.0% at June 30, 2021)

3,129

79

3,050

—

Breakfast Point Hotel Loan, due November 2042, bearing interest at LIBOR plus 2.8%, with a floor rate of 3.8% (effective rate of 3.8% at June 30, 2021)

2,705

196

2,509

—

Beach Homes Loan, due May 2029, bearing interest at LIBOR plus 1.7% (effective rate of 1.8% at June 30, 2021)

1,518

16

1,502

1,545

17

1,528

Pier Park Outparcel Construction Loan, due March 2027, bearing interest at LIBOR plus 1.7% (effective rate of 1.8% at June 30, 2021)

1,414

11

1,403

1,458

12

1,446

WaterColor Crossings Construction Loan, due February 2029, bearing interest at LIBOR plus 1.7% (effective rate of 1.8% at June 30, 2021)

1,302

19

1,283

1,334

21

1,313

The Lodge 30A JV Loan, due January 2028, bearing interest at 3.8%

1,353

193

1,160

—

Total debt

$

185,957

$

2,871

$

183,086

$

161,418

$

2,503

$

158,915