As Chad discussed, our free cash flow for the year has significantly improved, which is due to a reduction in capex to a more normal level following several years of significant reinvestment in our hotel business. It is also due to our revenue earnings growth. We continue to look for opportunities to deploy capital to grow both of our businesses with value of creative investments.

Jul 30, 2026 / CEO / receipt, needs a key / Greg Marcus, CEO | earnings call 2026-07-30 | transcript 12b2d636-c880-4eff-b4f7-876c41cc3aa4 | chars 19283-19666 | segment 19

As our hotel division heads into the busier spring and summer travel months, we believe we are well positioned to win in our markets.

Apr 30, 2026 / CEO / receipt, needs a key / Greg Marcus, CEO | earnings call 2026-04-30 | transcript df0b455a-569f-4009-93ae-64546d1aaadc | chars 21952-22085 | segment 22

While some industry surveys have seen a pullback in consumer spending on travel nationally, and some markets have seen more significant leisure softening, our own portfolio has generally performed well. We believe our upper upscale positioning and drive-to market locations and a broad segmentation lessening our exposure to any one type of customer will see less volatility if further economic softening occurs.

Aug 1, 2025 / CEO / receipt, needs a key / Greg Marcus, CEO | earnings call 2025-08-01 | transcript 5f8ce298-d3aa-439b-b122-fec04cb27c4c | chars 21287-21699 | segment 20