Related Party Transactions |
9 Months Ended |
|---|---|
Sep. 30, 2025 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions | (17) Related Party Transactions One Planet Group In August of 2024, the Company entered into the Termination Agreement in order to terminate certain previously impaired, underperforming leases. Under the Termination Agreement, the Company agreed to pay a termination fee of $6.6 million, subject to certain adjustments, payable in installments from August 2024 to March 2025. As security for the Company’s obligation to pay the termination fee, One Planet Group agreed to guarantee such payment upon the occurrence of any of the following events: (i) the Company’s default in payment or performance of obligations, (ii) the Company’s voluntary petition in bankruptcy or insolvency, or (iii) any proceeding filed or brought against the Company. In exchange for One Planet Group’s guarantee of the termination fee payment, the Company agreed to pay One Planet Group $0.6 million ratably over six months beginning January 2025. On December 11, 2024, the Board of Directors approved an amendment to the payment terms for One Planet Group's guarantee pursuant to which the Company issued to One Planet Group 177,515 shares of Class A Common Stock in lieu of the cash payments. The issuance of the shares satisfied the Company’s obligations with respect to the payments owed in exchange for One Planet Group's guarantee and the settlement was reflected within the Consolidated Statement of Equity (Deficit) for the year ended December 31, 2024. Subsequent to the Investment Agreement with One Planet Group, the Company entered into various arrangements for expense reimbursements between One Planet Group and the Company relating to executive travel reimbursement and management consulting fees and may enter into other arrangements in the future. Total expenses under these arrangements were $0.1 million and $0.3 million during the three and nine months ended September 30, 2025, respectively. Total expenses under these arrangements were less than $0.1 million for both the three and nine months ended September 30, 2024. In March of 2025, the Company entered into an agreement with Buyerlink to provide digital marketing services to the Company in exchange for compensation for each sale closed. There was no expense recognized during either the three or nine months ended September 30, 2025 as no services were performed under the terms of the agreement. Exclusive Resorts The Company has several agreements with Exclusive Resorts where several of the Company’s significant shareholders and former board members also held a significant investment as of December 31, 2024. The companies have entered into several different license or property usage agreements whereas each company may use and operate certain homes from the other company’s portfolio for their own members’ travel. The Company recognized related party revenue from these arrangements of $0.1 million and $0.2 million, respectively, during the three and nine months ended September 30, 2024. The Company did not recognize related party expense from these arrangements during the three and nine months ended September 30, 2025 or 2024. On January 15, 2025, the common owner between the Company and Exclusive Resorts sold their ownership in the Company. On February 11, 2025, the Company and Exclusive Resorts agreed to terminate all license and property usage agreements with an effective end date of February 28, 2025. As of September 30, 2025, Exclusive Resorts is no longer a related party, however, the total value due from Exclusive Resorts is $0.9 million and is recorded to accounts receivable, net on the Condensed Consolidated Balance Sheet. As of December 31, 2024, the total value due from Exclusive Resorts was $0.9 million and is recorded to accounts receivable, net – related parties on the Condensed Consolidated Balance Sheet.
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